/raid1/www/Hosts/bankrupt/TCR_Public/210909.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, September 9, 2021, Vol. 25, No. 251

                            Headlines

ABAB CORP: Seeks Court Nod on Cash Collateral Deal With Firstbank
ALI BABA'S TERRACE: Seeks to Hire Wayne Greenwald as Legal Counsel
ALPHA LATAM: Seeks to Hire Rothschild & Co as Investment Banker
ALPHA LATAM: Taps Skadden as Legal Counsel for Special Committee
AULT GLOBAL: Acquires 5.6% Stake in Medalist Diversified

B & M REALTY: Plan and Disclosures Due Nov. 30
BERGIO INTERNATIONAL: Incurs $1.9-Mil. Net Loss in Second Quarter
BESTHOST INN: Seeks to Hire Michael Jay Berger as Legal Counsel
BRIGHT MOUNTAIN: Amends Credit Pact to Provide New $1.1M Loan
BUCKINGHAM HEIGHTS: Case Summary & 11 Unsecured Creditors

BULLFROG LOGISTICS: Taps Craig Dill as Financial Advisor
BUTCHER SHOP OF CORDOVA: Taps Sarasota CFO as Accountant
CARNIVAL CORP: S&P Withdraws 'B' Short-Term Ratings
CCS ASSET MANAGEMENT: Taps Gray & Associates as Accountant
CITIUS PHARMACEUTICALS: To Acquire License for Lymphoma Treatment

CLEAN HARBORS: Moody's Confirms Ba2 CFR & Rates New Term Loan Ba1
CLEAN HARBORS: S&P Affirms 'BB+' ICR, Outlook Stable
COMMUNITY ECO: May Use Cash Collateral Thru Sept 15
CONCRETE PAVERS: Seeks to Hire De Leo Law Firm as Legal Counsel
CORP GROUP BANKING: Committee Taps Robinson & Cole as Del. Counsel

CORP GROUP: Committee Taps FTI as Financial Advisor
CORP GROUP: Committee Taps Morgan Lewis & Bockius as Legal Counsel
CP IRIS II: Moody's Assigns First Time 'B2' Corp. Family Rating
CPI INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B-' ICR
CRECHALE PROPERTIES: Unsecureds to Get Share of Income in 60 Months

ELLSWORTH HANSEN: Court Confirms 62-Month Plan
EMPIRE TODAY: S&P Alters Outlook to Negative, Affirms 'B' ICR
FITLETIC SPORTS: Seeks to Hire AM Law as Bankruptcy Counsel
FRS GROUP: Gets OK to Hire Neeleman Law Group as Legal Counsel
G.D.S. EXPRESS: Seeks to Expand Scope of Barnes Wendling's Services

GATEWAY FOUR: Trustee Taps Berkeley Research as Financial Advisor
GATEWAY KENSINGTON: May Use Cash Collateral Pending Final Hearing
HERITAGE CHRISTIAN: May Use Cash Collateral Through Oct. 21
INVO BIOSCIENCE: Closes Acquisition of Effortless IVF Canada
IPS CORP: S&P Assigns 'B-' ICR on Acquisition by Centerbridge

J.J.W. METAL: Unsecured Claims to Recover Up to 100% in Plan
JAB ENERGY: Case Summary & 20 Largest Unsecured Creditors
KAFKA CONSTRUCTION: Unsecureds to Receive $30,000 in Plan
KATERRA INC: Unsecureds to Recover 1.1% to 7.4% Under Plan
LONJ LLC: Gets OK to Hire Coldwell Banker as Real Estate Broker

MAGELLAN HOME-GOODS: Gets OK to Hire Neeleman Law Group as Counsel
MALLINCKRODT PLC: Chapter 11 Releases Should Be Opt-In, Says SEC
MALLINCKRODT PLC: Willkie, et al. 4th Update on Attestor Claimants
MI TELEGRAPH II: Gets OK to Hire Osipov Bigelman as Legal Counsel
MIDTOWN CAMPUS: U.S. Bank Seeks Additional Adequate Protection

MISSION ACHIEVEMENT: S&P Assigns 'BB' ICR, Outlook Stable
MODA INGLESIDE: Moody's Puts Ba3 CFR Under Review for Upgrade
MOON GROUP INC: Seeks to Hire SC&H Group as Investment Banker
MORE AUTOMOTIVE: Seeks OK on Cash Collateral Deal with Firstbank
NATIONAL MUSEUM: Expects to Exit Chapter 11 on Sept. 15

NEPHROS INC: Registers 123,981 Common Shares for Resale
NS8 INC: Ex-Executive Settles Fraud Claims for $11 Million
NYNY & D3: Seeks to Hire Bruner Wright as Bankruptcy Counsel
OLYMPUS WATER: Moody's Assigns B3 CFR, Outlook Stable
OLYMPUS WATER: S&P Assigns 'B-' ICR, Outlook Stable

PACIFIC ANDES: Voluntary Chapter 11 Case Summary
PACIFIC LINKS: Unsecureds to Recover Up to 80% Under Plan
PAPA JOHN'S: Moody's Assigns First Time 'Ba3' Corp. Family Rating
PAPA JOHN'S: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
PATH MEDICAL: Wins Access to Medley's Cash Collateral

PERATON CORP: Debt Funded Acquisition No Impact on Moody's B2 CFR
PERATON HOLDING: Fitch Affirms 'B' IDR, Outlook Stable
POST OAK: Hilton Houston Files for Chapter 11 Bankruptcy
PRECISION DRILLING: Moody's Affirms B2 CFR & Alters Outlook to Pos.
PROSPECT-WOODWARD: Gets Cash Collateral Access

RECESS HOLDINGS: S&P Alters Outlook to Positive, Affirms 'B-' ICR
REXNORD LLC: S&P Affirms 'BB' ICR on Spin-Off of PMC
RIDGETOP AG: Court Conditionally Approves Disclosure Statement
RWB INTERNATIONAL: Seeks to Hire Swindell Law Firm as Legal Counsel
RWB INTERNATIONAL: Seeks to Hire Weycer Kaplan as Co-Counsel

S-TEK 1 LLC: May Use Cash Collateral Through Dec. 31
SAMURAI MARTIAL: Seeks to Hire Norris & Associates as Accountant
SEADRILL LIMITED: To Seek Plan Confirmation on Oct. 26
SEAGATE TECHNOLOGY: Fitch Alters Outlook on 'BB+' Rating to Stable
SEBSEN ELECTRIC: May Continue to Use Cash Collateral

SENIOR HEALTHCARE: Seeks OK on Cash Access Deal with C Store
SHE FLIPS TOO: Gets OK to Hire Rountree Leitman & Klein as Counsel
SNL BALDWIN: Says 2nd Am. Disclosures Resolves Schneider Issues
STOHNE RENTALS: Taps Snyder Strategy as Real Estate Broker
STREAM TV: Fires Back Creditors by Seeking Ch. 7 Appeal Sanctions

STV GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable
SVXR INC: $2MM DIP Loan, Cash Collateral Access OK'd
TREASURES AND GEMS: Seeks to Hire Genova Burns as Legal Counsel
UBIOME INC: Co-Founder Jessica Richman Sued for Lab-Testing Fraud
VI GROUP INVESTMENT: Taps Westfall LLC as Special Counsel

WATER MARBLE: Taps Smith Hulsey as Special Counsel in GBR Suit
WSCE CORP: Seeks to Hire J. Zac Christman as Bankruptcy Attorney
ZACHAIR LTD: Updates PD Hyde Claim Pay Details; Files Amended Plan
[*] Bankruptcy Attorney Chance M. McGhee Named Elite Lawyer 2021
[*] New Bankruptcy Filings Level Flat in August 2021, Epiq Says

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

                            *********

ABAB CORP: Seeks Court Nod on Cash Collateral Deal With Firstbank
-----------------------------------------------------------------
Abab Corporation, More Automotive Products, Inc. and their secured
creditor, Firstbank Puerto Rico, entered into a stipulation on the
Debtors' use of cash collateral -- consisting of income from the
rental of vehicles and collection of receivables -- to pay certain
operating expenses.  

The parties, accordingly, asked the U.S. Bankruptcy Court for the
District of Puerto Rico to approve the stipulation, which provides
that:

   a. the Debtors shall be authorized to use the Cash Collateral
solely to satisfy operational expenses and costs of the Debtors,
including all due payments under the Line of Credit Agreements and
the Loan Documents for the period from the Petition Date through
the earlier of December 31, 2021, the entry of an order confirming
a plan, or upon the occurrence of an event of default under the
current Stipulation;

   b. Firstbank's consent to use of the Cash Collateral and
Debtor's right to use the Cash Collateral shall terminate
automatically on the Stipulation End Date, provided, however, that
the adequate protection provisions shall continue in full force and
effect until all the Obligations under the Loan Documents have been
satisfied in full;

   c. as adequate protection, the Debtors grant to Firstbank a
replacement lien and a post-petition security interest on all
assets and Collateral acquired by the Debtors on and after the
Petition Date;

   d. the Debtors agree to continue making the applicable payments
to Firstbank in the ordinary course of business; and

   e. as additional adequate protection:

     * Firstbank is granted a super-priority claim in an amount
equal to any diminution in value of the pre-petition Collateral,
including Firstbank's interest in the Cash Collateral;

     * the Debtors agree that on the consummation of any sale of
substantially all or any of the Debtors' assets that are part of
the Collateral, the proceeds of such sale shall be paid immediately
and indefeasibly to Firstbank at the closing of such sale;

     * the Debtors agree to waive all rights under Section 506(c)
of the Bankruptcy Code as to any of Firstbank's Collateral;

     * the post-petition collateral under the Replacement Liens and
the pre-petition collateral shall all serve as cross-collateral for
the amounts owed under the Lines of Credit; and

     * Firstbank shall have the right to credit bid the
indebtedness owed under the Loan Documents in connection with any
sale or disposition of Debtors' assets.

As of the Petition Date, Abab owed approximately $5,143,510, and
More Automotive owed approximately $8,073,226 under each Debtor's
respective Line of Credit Agreement with Banco Santander Puerto
Rico, Firstbank's predecessor in interest.

As of September 1, 2020, Firstbank acquired certain assets of
Santander and Santander BancCorp. and pursuant to such acquisition
Santander assigned to Firstbank all rights, title and interests of
Santander in and to the Lines of Credit.  Under the Loan Documents,
Firstbank holds security interests over Debtors' personal property,
including Accounts Receivable, Equipment, Inventory, including,
Vehicles, and the proceeds of all Collateral specified in the
Security Agreements.

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

Counsel for Firstbank Puerto Rico, secured creditor:

   Luis C. Marini-Biaggi
   Ignacio J. Labarca-Morales
   Marini Pietrantoni Muniz, LLC
   250 Ponce de Leon Ave, Suite 900
   San Juan, PR 00918
   Telephone: (787) 705-2171
   E-mail: lmarini@mpmlawpr.com
           ilabarca@mpmlawpr.com

                      About ABAB Corporation

ABAB Corporation, doing business as Payless Car Rental, filed a
Chapter 11 petition (Bankr. D. P.R. Case No. 21-02140) on July 15,
2021.  At the time of the filing, the Debtor had between $1 million
and $10 million in both assets and liabilities. Alberic Colon
Solis, president, signed the petition.

Judge Enrique S. Lamouttee Inclan oversees the case.

Charles A. Cuprill P.S.C. Law Offices serves as the bankruptcy
counsel while Saldana, Carvajal & Velez-Rive, P.S.C. serves as the
special counsel. The Debtor's financial consultant is Luis R.
Carrasquillo & CO., P.S.C.

Marini Pietrantoni Muniz, LLC represents Firstbank Puerto Rico,
secured creditor.



ALI BABA'S TERRACE: Seeks to Hire Wayne Greenwald as Legal Counsel
------------------------------------------------------------------
Ali Baba's Terrace, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Wayne
Greenwald, PC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) assisting the Debtor in administering its Chapter 11
case;

     (b) filing motions or taking necessary actions under the
Bankruptcy Code;

     (c) representing the Debtor in prosecuting adversary
proceedings to collect assets of the estate and such other actions
as the Debtor deems appropriate;

     (d) taking such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;

     (e) negotiating with the Debtor's creditors in formulating a
plan of reorganization;

     (f) drafting a plan of reorganization and seeking confirmation
of the plan; and

     (g) rendering such additional services as the Debtor may
require in this case.

The hourly rates of Wayne Greenwald's attorneys and staff are as
follows:

     Partners                            $500 per hour
     Counsel                             $550 per hour
     Associates                      $150 - $400 per hour
     Clerks and Paraprofessionals    $75 - $150 per hour

In addition, the firm will seek reimbursement for all expenses
incurred.

The initial retainer fee is $23,717.

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

The firm can be reached at:

     Wayne M. Greenwald, Esq.
     Wayne Greenwald, PC
     475 Park Avenue South - 18th Floor
     New York, NY 10016
     Tel: (212) 983-1922/(212) 739-7599
     Fax: (212) 983-1965
     Email: grimlawyers@aol.com

                     About Ali Baba's Terrace

Ali Baba's Terrace Inc., a New York-based company that operates a
restaurant providing Turkish cuisine, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
21-11550) on Aug. 31, 2021.  At the time of the filing, the Debtor
listed as much as $500,000 in both assets and liabilities.  The
Debtor tapped Wayne Greenwald, PC as its legal counsel.


ALPHA LATAM: Seeks to Hire Rothschild & Co as Investment Banker
---------------------------------------------------------------
Alpha Latam Management, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Rothschild & Co US, Inc. and Rothschild & Co Mexico S.A. de C.V. as
investment bankers.

The firms will provide these services:

   (a) identify and initiate potential transactions;

   (b) review and analyze the Debtors' assets and the operating and
financial strategies of the Debtors;

   (c) review and analyze the business plans and financial
projections prepared by the Debtors including, but not limited to,
testing assumptions and comparing those assumptions to historical
and industry trends;

   (d) evaluate the Debtors' debt capacity in light of their
projected cash flows and assist in the determination of an
appropriate capital structure for the Debtors;

   (e) assist the Debtors and their other professionals in
reviewing the terms of any proposed transaction in responding
thereto and, if directed, in evaluating alternative proposals for a
transaction;

   (f) determine a range of values for the Debtors and any
securities that the Debtors offer or propose to offer in connection
with a transaction;

   (g) advise the Debtors on the risks and benefits of considering
a transaction with respect to their intermediate and long-term
business prospects and strategic alternatives to maximize their
business enterprise value;

   (h) review and analyze any proposals the Debtors receive from
third parties in connection with a transaction, including, without
limitation, any proposals for financing;

   (i) assist or participate in negotiations with the parties in
interest, including, without limitation, any current or prospective
creditors of, holders of equity in, or claimants against the
Debtors and their representatives in connection with a
transaction;

   (j) attend meetings of the Debtors' Board of Directors, creditor
groups, official constituencies and other interested parties, as
necessary;

   (k) participate in hearings before the court and provide
relevant testimony with respect to issues arising in connection
with any proposed plan; and

   (l) subject to court approval, render such other financial
advisory and investment banking services as may be agreed upon by
the firm and the Debtors.

The firm will be paid as follows:

   (a) an advisory fee of $62,500 per month;

   (b) a fee equal to $5.6 million, payable upon the earlier of (i)
the confirmation and effectiveness of a plan and (ii) the closing
of a restructuring transaction;

   (c) with respect to any new capital raise, a new capital fee
equal to (i) 1 percent of the face amount of any senior secured
debt raised including, without limitation, any debtor-in-possession
financing raised; (ii) 2 percent of the face amount of any junior
secured or senior or subordinated unsecured debt raised, and (iii)
3 percent of any equity capital, capital convertible into equity or
hybrid capital raised;

   (d) the firm shall credit 50 percent of the monthly fees paid
against the $5.6 million fee, provided that the sum of any monthly
fee credit shall not exceed the $5.6 million fee.

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

During the 90-day period prior to the petition date, non-debtor
Alpha Holding, S.A. de C.V., the Debtors' ultimate holding company,
paid the firms $467,397.47 in fees and expenses while  AlphaDebit,
S.A. de C.V. paid the firms $150,490.73, which includes $25,000
paid on account of anticipated expenses.

Marcelo Messer, managing director at Rothschild & Co US, 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.

Mr. Messer can be reached at:

     Marcelo Messer
     Rothschild & Co US Inc.
     1251 Avenue of the Americas, 33rd floor
     New York, NY 10020
     Tel: (212) 403-3500

                   About Alpha Latam Management

Wilmington, Del.-based Alpha Latam Management, LLC and its
affiliates operate a specialty finance business that offers
consumer and small business lending services to underserved
communities in Mexico and Colombia.

Alpha Latam Management and certain of its affiliates sought Chapter
11 protection (Bankr. D. Del. Case No. 21-11109) on August 1, 2021,
disclosing assets of between $100 million and $500 million and
liabilities of between $500 million and $1 billion.  Judge J. Kate
Stickles oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A. and White &
Case, LLP as legal counsel; Rothschild & Co US Inc. and Rothschild
& Co Mexico S.A. de C.V. as investment bankers; and AlixPartners,
LLP as financial advisor.  Prime Clerk, LLC is the claims and
noticing agent and administrative advisor.

On Aug. 11, 2021, Alpha Holding, S.A. de C.V. and AlphaCredit
Capital, S.A. de C.V. SOFOM, ENR commenced in Mexico City a jointly
administered voluntarily filed proceeding pursuant to the Ley de
Concursos Mercantiles. Through this proceeding, the Mexican Debtors
intend to pursue a controlled restructuring and possible sale of
their assets.


ALPHA LATAM: Taps Skadden as Legal Counsel for Special Committee
----------------------------------------------------------------
Alpha Latam Management, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Skadden Arps Slate
Meagher & Flom, LLP as legal counsel for the board of managers'
special committee.

The firm's services include:

   (a) reviewing and analyzing documents relating to the accounting
practices, corporate governance and debt obligations of the
Debtor's Mexican affiliate, Alpha Holding, S.A. de C.V., and its
subsidiaries;

   (b) conducting interviews of certain employees of Alpha Holding
and its subsidiaries;

   (c) preparing preliminary observations reflecting the results of
the special committee's investigation activities; and

   (d) advising the special committee with respect to strategic
alternatives potentially available to the Debtors in light of the
results of the investigation.

The firm's hourly rates are as follows:

     Partners                   $1,193 to $1,664 per hour
     Associates                 $464 to $1,062 per hour
     Legal Assistants           $234 to $423 per hour

Skadden received retainer fees totaling $5,524,339 from the Debtor.
The firm will also receive reimbursement for out-of-pocket
expenses incurred.

Julie Bedard, Esq., a partner at Skadden, 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:

     Julie Bedard, Esq.
     Skadden Arps Slate Meagher & Flom LLP
     One Manhattan West
     New York, NY 10001-8602
     Tel:1.212.735.3236
     Fax:1.212.735.2000
     Email: julie.bedard@skadden.com

                   About Alpha Latam Management

Wilmington, Del.-based Alpha Latam Management, LLC and its
affiliates operate a specialty finance business that offers
consumer and small business lending services to underserved
communities in Mexico and Colombia.

Alpha Latam Management and certain of its affiliates sought Chapter
11 protection (Bankr. D. Del. Case No. 21-11109) on August 1, 2021,
disclosing assets of between $100 million and $500 million and
liabilities of between $500 million and $1 billion.  Judge J. Kate
Stickles oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A. and White &
Case, LLP as legal counsel; Rothschild & Co US Inc. and Rothschild
& Co Mexico S.A. de C.V. as investment bankers; and AlixPartners,
LLP as financial advisor.  Prime Clerk, LLC is the claims and
noticing agent and administrative advisor.

On Aug. 11, 2021, Alpha Holding, S.A. de C.V. and AlphaCredit
Capital, S.A. de C.V. SOFOM, ENR commenced in Mexico City a jointly
administered voluntarily filed proceeding pursuant to the Ley de
Concursos Mercantiles. Through this proceeding, the Mexican Debtors
intend to pursue a controlled restructuring and possible sale of
their assets.


AULT GLOBAL: Acquires 5.6% Stake in Medalist Diversified
--------------------------------------------------------
Ault Global Holdings, Inc. disclosed in a Schedule 13D filed with
the Securities and Exchange Commission that as of Aug. 25, 2021, it
beneficially owns 915,000 shares of common stock of Medalist
Diversified REIT, Inc., which represents 5.63 percent of the shares
outstanding.  

The aggregate percentage of shares reported owned by AGH is based
upon 16,266,148 shares outstanding, which is the total number of
shares outstanding as of Aug. 9, 2021, as reported in the issuer's
Quarterly Report on Form 10-Q filed with the SEC on Aug. 10, 2021.
The shares purchased by AGH were purchased with working capital in
open market purchases.  AGH expended an aggregate of $1,135,169 for
the purchase of the shares.  

A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/896493/000121465921009350/p93214sc13d.htm

                    About Ault Global Holdings

Ault Global Holdings, Inc. (fka DPW Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles.  In addition, the Company extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.

Ault Global reported a net loss of $32.73 million for the year
ended Dec. 31, 2020, compared to a net loss of $32.94 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$259.10 million in total assets, $27.71 million in total
liabilities, and $231.39 million in total stockholders' equity.


B & M REALTY: Plan and Disclosures Due Nov. 30
----------------------------------------------
Judge David M. Warren has entered an order that the B & M Realty,
LLC, must file a plan and disclosure statement on or before Nov.
30, 2021.

A status conference will be held on Monday, Sep. 27, 2021, at 9:30
a.m. by conference telephone call.

B & M Realty, LLC, filed a Chapter 11 petition (Bankr. E.D.N.C.
Case No. 21-bk-01955) on Sept. 1, 2021.  The Debtor estimated
$500,000 to $1 million in assets and less than $500,000 in debt as
of the bankruptcy filing.  The Hon. David M Warren is the case
judge.  J.M. Cook, P.A., is the Debtor's counsel.



BERGIO INTERNATIONAL: Incurs $1.9-Mil. Net Loss in Second Quarter
-----------------------------------------------------------------
Bergio International, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.92 million on $2.14 million of net sales for the three months
ended June 30, 2021, compared to net income of $908,695 on $77,944
of net sales for the three months ended June 30, 2020.

For the six months ended June 30, 2021, the Company reported a net
loss of $2.40 million on $3.29 million of net sales compared to a
net loss of $562,206 on $153,337 of net sales for the same period
during the prior year.

As of June 30, 2021, the Company had $9.05 million in total assets,
$6.36 million in total liabilities, and $2.69 million in total
stockholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1431074/000121390021041634/f10q0621_bergiointer.htm

                    About Bergio International

Based in Fairfield, New Jersey, Bergio International, Inc. --
www.bergio.com -- is engaged in the exploration of mineral
properties.  On Oct. 21, 2009, the Company entered into an exchange
agreement with Diamond Information Institute, Inc., whereby the
Company acquired all of the issued and outstanding common stock of
Diamond Information Institute and changed the name of the company
to Bergio International, Inc.  On Feb. 19, 2020, the Company
changed its state of incorporation to the State of Wyoming.

The Company reported a net loss of $148,050 in 2020 following a net
loss of $3.03 million in 2019.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 17, 2021, citing that the Company has suffered
recurring losses from operations and has a significant accumulated
deficit.  In addition, the Company continues to experience negative
cash flows from operations.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.


BESTHOST INN: Seeks to Hire Michael Jay Berger as Legal Counsel
---------------------------------------------------------------
Besthost Inn LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire the Law Offices of
Michael Jay Berger to handle its Chapter 11 case.

The hourly rates of the firm's attorneys and staff are as follows:

     Michael Jay Berger                 $595 per hour
     Sofya Davtyan                      $525 per hour
     Debra Reed                         $435 per hour
     Carolyn M. Afari                   $435 per hour
     Samuel Boyamian                    $350 per hour
     Gary Badin                         $275 per hour
     Senior Paralegals and Law Clerks   $225 per hour
     Bankruptcy Paralegals              $200 per hour

The firm received a retainer of $20,000 from the Debtor.  It will
also receive reimbursement for out-of-pocket expenses incurred.

Michael Jay Berger, Esq., 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 may be reached at:

     Michael Jay Berger, Esq.
     Law Offices of Michael Jay Berger
     9454 Wilshire Boulevard, 6th Floor
     Beverly Hills, CA 90212-2929
     Tel: (310) 271-6223
     Fax: (310) 271-9805
     Email: michael.berger@bankruptcypower.com

                      About Besthost Inn LLC

Besthost Inn, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
21-12158) on Sept. 1, 2021, listing up to $50,000 in assets and up
to $10 million in liabilities.  Michael Reazuddin, managing member,
signed the petition.  Judge Erithe A. Smith presides over the case.
The Law Offices of Michael Jay Berger represents the Debtor as
legal counsel.


BRIGHT MOUNTAIN: Amends Credit Pact to Provide New $1.1M Loan
-------------------------------------------------------------
Bright Mountain Media, Inc. and its subsidiaries  entered into a
fourth amendment to the credit agreement dated June 5, 2020, to
provide for an additional loan amount of $1.1 million to be repaid
in monthly installments beginning on Sept. 30 through Dec. 31,
2021.

Bright Mountain Media and its subsidiaries, CL Media Holdings LLC,
Bright Mountain Media, Inc., Bright Mountain LLC, and MediaHouse,
Inc., are parties to the June 5 credit agreement, as amended, with
Centre Lane Partners Master Credit Fund II, L.P., which acts as
administrative agent and collateral agent.

                       About Bright Mountain

Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is an end-to-end digital media and
advertising services platform, efficiently connecting brands with
targeted consumer demographics.  In addition to its corporate
website, the Company owns and/or manages 24 websites which are
customized to provide its niche users, including active, reserve
and retired military, law enforcement, first responders and other
public safety employees with products, information and news that
the Company believes may be of interest to them.  The Company also
owns an ad network which was acquired in September 2017.

Bright Mountain reported a net loss of $3.40 million for the year
ended Dec. 31, 2019, compared to a net loss of $5.22 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $42.77 million in total assets, $29.92 million in total
liabilities, and $12.85 million in total shareholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
May 14, 2020, citing that the Company has experienced recurring net
losses, cash outflows from operating activities, and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


BUCKINGHAM HEIGHTS: Case Summary & 11 Unsecured Creditors
---------------------------------------------------------
Debtor: Buckingham Heights Business Park (a California Limited
        Partnership)
        5731 Slauson Ave.
        Suite 222
        Culver City, CA 90230

Business Description: Buckingham Heights Business Park is a Single
                      Asset Real Estate debtor (as defined in 11
                      U.S.C. Section 101(51B)).

Chapter 11 Petition Date: September 8, 2021

Court: United States Bankruptcy Court
       Central District of California

Case No.: 21-17060

Judge: Hon. Sheri Bluebond

Debtor's Counsel: Jeannie Kim, Esq.
                  SHEPPARD MULLIN RICHTER & HAMPTON, LLP
                  4 Embarcadero Center, Ste 1700
                  San Francisco, CA 94111-4109
                  Tel: 415-434-9100
                  Email: jekim@sheppardmullin.com

                     - and -

                  Michael Lauter, Esq.
                  Shadi Farzan, Esq.
                  SHEPPARD MULLIN RICHTER & HAMPTON LLP
                  333 S. Hope Street, 43rd Floor
                  Los Angeles, CA 90071
                  Tel: (213) 620-1780
                  Email: mlauter@sheppardmullin.com
  
Estimated Assets: $10 million to $50 million

Estimated Liabilities: $100,000 to $500,000

The petition was signed by Matthew Sullivan, president of General
Partner.

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

https://www.pacermonitor.com/view/4OQN6VI/Buckingham_Heights_Business_Park__cacbke-21-17060__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 11 Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Amtech Elevator Services           Trade Debt              $684
3041 Roswell Street,  
Los Angeles, CA 90065
Attn: Eric Palmquist
Tel: (310) 701-8943
Email: Eric.Palmquist
@amtechelevator.com

2. Eco Green Industries               Trade Debt            $1,350
6700 Fallbrook Avenue,
Suite 192B
West Hills, CA 91307
Attn: Normalinda Vizcaino
Tel: (818) 876-0320
Email: accounting@ecogreenind.com

3. Securitas Security Service         Trade Debt            $3,971
Rickey Teems
1055 Wilshire Boulevard
Suite 1600
Los Angeles, CA 90017
Tel: (213) 926-9320
Email: rickey.teems
@securitasinc.com

4. Golden State Water Company         Trade Debt            $1,832
P.O. Box 9016
San Dimas, CA 91773
Tel: (800) 999-4033

5. Landcare USA LLC                   Trade Debt              $884
14100 Kingsley Drive
Suite 2
Attn: Julissa Gomez
Gardena, CA 90249
Tel: (310) 431-1794
Email: julissa.gomez
@landcare.com

6. Cushman & Wakefield               Professional           $6,424
900 Wilshire Boulevard                 Services
Suite 2400
Los Angeles, CA 90017
Attn: Karinna Cassidy
Tel: (310) 779-3248
Email: karinna.cassidy
@cushwake.com

7. Bennetts Plumbing                   Trade Debt           $1,090
3030 S. Fairview Street
Unit B
Santa Ana, CA 92704
Attn: Jennifer Bennett
Tel: (714) 963-6975
Email: jennifer@
bennettsplumbing.com

8. Shlemmer Algaze Associates          Trade Debt          $22,456
1 First American Way
Attn: Erin Miller
Santa Ana, CA 92707
Tel: (310) 743-8974
Email: emiller@saaia.com

9. Barr Engineering Inc.               Trade Debt           $5,790
12512 Clark Street
Santa Fe Springs,
California 90670
Attn: Charlie Hatano
Tel: (949) 292-2588
Email: Charlie@Barrengineering.com

10. ASAP Lock & Key                    Trade Debt             $148
6501 1/2 S. Sepulveda, Los
Angeles, CA 90045
Attn: Bob Hays
Tel: (310) 641-2839

11. Joshua's Sweeping Services         Trade Debt             $750
15543 Delcombre Avenue
Paramount, CA 90723
Tel: (562) 355-3097
Attn: Obdulia Gutierrez
Email: Joshuassweeping@yahoo.com


BULLFROG LOGISTICS: Taps Craig Dill as Financial Advisor
--------------------------------------------------------
Bullfrog Logistics, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Mexico to employ Craig Dill and
Associates, Inc. as financial advisor.

The firm's services include general financial advice, cash flow
advice and planning, capital raising, and corporate turnaround.

Craig Dill and Associates will be paid at the rate of $175 per hour
and reimbursed for out-of-pocket expenses incurred.

Craig Dill, president of Craig Dill and Associates, 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:

     Craig Dill
     Craig Dill and Associates, Inc.
     P.O. Box 7855
     Albuquerque, NM 87194
     Tel: (505) 459-3030

                   About Bullfrog Logistics LLC

Carlsbad, N.M.-based Bullfrog Logistics, LLC sought Chapter 11
bankruptcy protection (Bankr. D. N.M. Case No. 21-10792) on June
26, 2021, listing total assets of $2,847,541 and total liabilities
of $6,111,759.  Judge David T. Thuma oversees the case.  

NM Financial & Family Law, P.C. and Craig Dill and Associates, Inc.
serve as the Debtor's legal counsel and financial advisor,
respectively.


BUTCHER SHOP OF CORDOVA: Taps Sarasota CFO as Accountant
--------------------------------------------------------
Butcher Shop of Cordova, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
Sarasota CFO Consulting Services as its accountant.

The firm's services include:

   a. assisting the Debtor in the preparation of payroll, reporting
and other accounting functions;

   b. preparing monthly operating reports;

   c. preparing budgets for bankruptcy reorganization;

   d. providing periodic reports required by the bankruptcy court;
and

   e. providing consultant review of Form 1065.

The firm will be paid at the rate of $150 per hour and reimbursed
for out-of-pocket expenses incurred.

Yekaterina Chiaro, a partner at Sarasota, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Yekaterina Chiaro
     Sarasota CFO Consulting Services
     5077 Fruitville Rd., Suite 109-212
     Sarasota, FL 34232
     Tel: (941) 685-8987

                 About Butcher Shop of Cordova LLC

Cordova, Tenn.-based Butcher Shop of Cordova, LLC filed a petition
for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 21-22100) on
June 29, 2021, listing as much as $50,000 in assets and as much as
$10 million in liabilities.  Dennis Day, member, signed the
petition.  

Judge Jennie D. Latta oversees the case.

Harris Shelton Hanover Walsh, PLLC and Sarasota CFO Consulting
Services serve as the Debtor's legal counsel and accountant,
respectively.


CARNIVAL CORP: S&P Withdraws 'B' Short-Term Ratings
---------------------------------------------------
S&P Global Ratings withdrew its 'B' short-term and commercial paper
ratings on global cruise operator Carnival Corp. at the company's
request. Carnival does not have any commercial paper outstanding.
All of S&P's other ratings on Carnival and its debt are unchanged.




CCS ASSET MANAGEMENT: Taps Gray & Associates as Accountant
----------------------------------------------------------
CCS Asset Management, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Gray &
Associates, CPA, PC to prepare and file its tax returns.

The firm will be paid a flat fee of $3,000.

Michael Gray, a partner at Gray & Associates, 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:

     Michael Gray
     Gray & Associates, CPA, PC
     7400 Lohman Ford Rd, Largo Vista, TX 78645
     Tel: (512) 267-2272
     Fax: (254) 314-8110
     Email: mike@gray.cpa

                  About CCS Asset Management Inc.

CCS Asset Management, Inc., an Austin, Texas-based company that
operates in the land subdivision industry, filed a voluntary
petition for Chapter 11 protection (Bankr. W.D. Texas Case No.
21-10355) on May 3, 2021, listing as much as $10 million in both
assets and liabilities.  Anthony Sheridan, vice-president, signed
the petition.

Judge Tony M. Davis oversees the case.

Parkins Lee & Rubio, LLP and Gray & Associates, CPA, PC serve as
the Debtor's legal counsel and accountant, respectively.


CITIUS PHARMACEUTICALS: To Acquire License for Lymphoma Treatment
-----------------------------------------------------------------
Citius Pharmaceuticals, Inc. has entered into a definitive
agreement with Dr. Reddy's Laboratories SA, a subsidiary of Dr.
Reddy's Laboratories, Ltd., to acquire its exclusive license of
E7777 (denileukin diftitox), a late-stage oncology immunotherapy
for the treatment of CTCL, a rare form of non-Hodgkin lymphoma.  

E7777, an engineered IL-2-diphtheria toxin fusion protein, is an
improved formulation of oncology agent, ONTAK, which was previously
approved by the U.S. Food and Drug Administration (FDA) for the
treatment of patients with persistent or recurrent CTCL.  The last
patient in a Pivotal trial of E7777 has been enrolled, and a
biologics license application (BLA) for E7777's first indication in
CTCL is expected to be filed with the FDA by the end of 2022.

Under the terms of this agreement, Citius will acquire Dr. Reddy's
exclusive license of E7777 from Eisai Co., Ltd. and other related
assets owned by Dr. Reddy's.  Citius's exclusive license rights
include rights to develop and commercialize E7777 in all markets
except for Japan and certain parts of Asia.  Additionally, Citius
will retain an option on the right to develop and market the
product in India.  Eisai retains exclusive development and
marketing rights for the agent in Japan and Asia.  Dr. Reddy's will
receive a $40 million upfront payment and is entitled to up to $40
million in development milestone payments related to CTCL approvals
in the U.S. and other markets, up to $70 million in development
milestones for additional indications, as well as commercial
milestone payments and low double-digit tiered royalties on net
product sales.  Eisai is to receive a $6 million development
milestone payment upon initial approval and additional commercial
milestone payments related to the achievement of net product sales
thresholds.  Eisai will be responsible for completing the current
CTCL clinical trial, and chemistry, manufacturing and controls
(CMC) activities through the filing of a BLA for E7777 with the
U.S. Food and Drug Administration (FDA).  Citius will be
responsible for development costs associated with potential
additional indications.  As of June 30, 2021, Citius had $115.7
million in cash and cash equivalents on its balance sheet and plans
to fund the upfront payments for the transaction with cash on
hand.

"We are expanding our late-stage pipeline with E7777, a novel
formulation of a well-known and previously FDA-approved
immunotherapy for the treatment of CTCL, a rare and debilitating
cancer that reduces a patient's quality of life.  The addition of
E7777 will allow us to accelerate serving cancer patients with
critical unmet needs and provide us with a substantial near-term
revenue opportunity in CTCL.  There are approximately 3,000 new
cases of CTCL diagnosed in the U.S. annually, resulting in
approximately 30,000 to 40,000 patients suffering from CTCL at any
given time.  The addressable population for E7777 will be later
stage, relapsed and refractory patients who require systemic
therapy.  We estimate that this could be approximately 30% of the
CTCL population.  We also believe E7777 may support substantially
greater upside potential in PTCL and intend to explore additional
immuno-oncology indications," stated Myron Holubiak, president and
chief executive officer of Citius.

"As an oncologist who treated CTCL patients with ONTAK, I
appreciate the great need for effective therapies for CTCL patients
as the disease progresses.  Due to variable response rates and
limited benefits of alternative therapies, we believe many patients
with relapsed or refractory CTCL will have an option to be
prescribed E7777, if approved, at some point during treatment of
their disease. Given E7777's improved purity compared to ONTAK,
unique mechanism of action, and the well-known safety and efficacy
profile of denileukin diftitox, this new biologic could offer CTCL
patients and their physicians an important and effective tool with
which to manage this incurable disease.  We are excited by its
potential as a treatment for CTCL patients for whom first-line
therapies have not worked.  We also believe it may address the
needs of larger populations and plan to explore its potential in
additional clinical indications in PTCL and immuno-oncology.  We
look forward to the planned completion of the Pivotal Phase 3 trial
and submission of the BLA next year," added Dr. Myron Czuczman,
executive vice president and chief medical officer of Citius.

"This opportunity is consistent with our strategy of investing in
assets that have differentiated upside potential and unique
commercial advantages.  With its substantially completed
development work and purified formulation, now is an ideal time to
add this near BLA-ready and, we believe, de-risked asset to the
Citius pipeline. If approved, we intend to leverage the planned
commercial infrastructure being developed for Mino-Lok to launch
E7777, providing Citius with potentially two marketed products in
2024.  Our strong balance sheet will enable us to complete the
transaction and, based on our current projections, continue to
advance our other pipeline programs without requiring additional
financing at this time," concluded Mr. Holubiak.

                           About Citius

Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. --
http://www.citiuspharma.com-- is a specialty pharmaceutical
company dedicated to the development and commercialization of
critical care products targeting unmet needs with a focus on
anti-infectives, cancer care and unique prescription products.

Citius reported a net loss of $17.55 million for the year ended
Sept. 30, 2020, compared to a net loss of $15.56 million for the
year ended Sept. 30, 2019.  As of June 30, 2021, the Company had
$146.59 million in total assets, $9.31 million in total
liabilities, and $137.28 million in total equity.

Boston-based Wolf & Company, P.C., the Company's auditor since
2014, issued a "going concern" qualification in its report dated
Dec. 16, 2020, citing that the Company has suffered recurring
losses and negative cash flows from operations and has a
significant accumulated deficit.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CLEAN HARBORS: Moody's Confirms Ba2 CFR & Rates New Term Loan Ba1
-----------------------------------------------------------------
Moody's Investors Service confirmed the existing ratings of Clean
Harbors, Inc. ("CLH"), including the Ba2 corporate family rating,
Ba2-PD probability of default rating, and the Ba1 senior secured
and Ba3 senior unsecured debt ratings. Concurrently, Moody's
assigned Ba1 to CLH's new term loan (due 2028). The outlook is
stable. The company's SGL-2 speculative grade liquidity rating is
unchanged. This concludes the review for downgrade that was
initiated on August 4, 2021, following CLH's announcement it would
acquire HydroChem PSC ("PSC", rated B3 as PSC Industrial Holdings
Corp.), a provider of industrial and specialty cleaning services to
various end markets.

The proceeds of the new $1 billion term loan B, along with $265
million of cash, will be used to fund the $1.25 billion purchase
price for PSC and pay transaction expenses. Moody's expects all of
PSC's outstanding debt to be extinguished and will withdraw PSC's
ratings upon transaction close. The transaction is subject to
regulatory approval, and management expects it to close by the
fourth calendar quarter of 2021.

Assignments:

Issuer: Clean Harbors, Inc.

Senior Secured Term Loan, Assigned Ba1 (LGD3)

Confirmations:

Issuer: Clean Harbors, Inc.

Corporate Family Rating, Confirmed at Ba2

Probability of Default Rating, Confirmed at Ba2-PD

Senior Secured Term Loan B, Confirmed at Ba1 (LGD3) from (LGD2)

Senior Unsecured Notes, Confirmed at Ba3 (LGD5)

Outlook Actions:

Issuer: Clean Harbors, Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The acquisition of PSC will meaningfully increase CLH's debt burden
and leverage, which Moody's expects to exceed 3.5x in 2021 from
about 2.6x currently, all ratios including Moody's standard
adjustments. The acquisition also poses integration risks amid the
lingering uncertainty around the timing and ongoing economic
effects of COVID-19. The pandemic has had a negative impact on the
businesses of both PSC and CLH, albeit tempered by cost controls,
and will likely drive a protracted economic recovery and slower
return of metrics to pre-acquisition levels. As well, the supply
imbalance for base and blended oil currently driving favorable
pricing in CLH's oil re-refinery business is unlikely to be
sustained longer term. Nevertheless, Moody's expects CLH to
generate an EBITDA margin in the high teens range and healthy free
cash flow, notwithstanding the added cyclicality of PSC and its
dilutive margin and lower cash flow profile. Rising labor and
energy costs will exert pressure on earnings and CLH's efforts to
improve margins, but can be partially offset by the positive
pricing environment, higher value waste streams expected to flow
into CLH's disposal facilities and realization of targeted merger
synergies. Moody's also notes CLH is exposed to volatility in the
energy markets and its Industrial and Field Services operations
(where PSC will be combined), which have experienced wide swings in
results over the past several years.

The ratings also reflect Moody's expectation for CLH to maintain a
leading position across a number of North American hazardous waste
end markets. The company's unique collection of high-value assets
generates a fairly stable recurring revenue stream in several of
its operating sub-segments and provides formidable barriers to
entry in these specialty sectors of the waste industry. The merger
with PSC will increase CLH's scale in its industrial and field
services operations and is expected to bring longstanding customer
relationships, incremental waste volumes to CLH's incinerators and
landfills and automation capabilities, which will likely take time
and costs to integrate. Accordingly, Moody's expects the company to
focus on execution of the integration with PSC and organic growth
initiatives to supplement improving end market conditions
(relatively stable oil prices and increased industrial activity) in
an uncertain operating environment. Maintenance capital spending by
energy sector customers will likely remain cautious amid an uneven
pace of economic recovery.

The stable outlook reflects Moody's expectation that even with
modest organic revenue growth, inflationary pressures and PSC's
dilutive impact on margins and cash flow, CLH will generate metrics
that support the credit profile. This would be anchored by a
well-positioned collection of assets, favorable disposal pricing
environment and steady to growing activity in key industrial end
markets, including the US chemical sector, which should drive more
high value waste streams through CLH's disposal facilities. The
stable outlook also incorporates expectations for CLH to maintain
good liquidity and does not anticipate additional debt-funded
acquisitions in the intermediate term.

Corporate governance risk is highlighted by the company's more
aggressive financial policy signaled by the sizeable, mostly
debt-funded PSC acquisition and higher leverage. Clean Harbors also
actively repurchases shares, with just $164 million remaining under
the $600 million share repurchase program.

Moody's expects Clean Harbors to maintain good liquidity over the
next 12 to 18 months, as reflected by the SGL-2 rating. This is
based on expectations of healthy cash balances, ample revolver
availability and positive free cash flow resulting in free cash
flow to debt in the high single digits, albeit moderating from the
10.5%-12.5% range over the last two fiscal years. However, Moody's
expects integration costs and costs to achieve synergies following
the acquisition of PSC will exert cash flow pressures. Due to cash
used for partial funding of the PSC acquisition, the pro forma cash
balance of approximately $260 million is below the average of over
$350 million over the past three fiscal years. The $400 million
asset-based lending revolving facility had approximately $287
million available to borrow as of June 30, 2021, net of posted
letters of credit. There were no borrowings outstanding and the
facility is not expected to be drawn at transaction close.
Mandatory term loan amortization payments of approximately $18
million annually should be manageable. The nearest debt maturity is
the $750 million senior secured term loan B due in 2024.

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

The ratings could be upgraded with more stability and continued
strength in key industrial sectors - chemical, manufacturing and
energy - such that asset utilization rates increase and landfill
tonnage trends higher. Margin improvement, with the EBIT margin
expected to improve and remain above 10% and/or EBITDA margin above
20%, as well as free cash flow-to-debt sustained above 10% and
debt-to-EBITDA at or below 3x for an extended period could drive a
positive rating action. EBIT-to-interest remaining above 3x as well
as reduced vulnerability to energy sector/oil prices would also be
viewed favorably.

The ratings could be downgraded with unsuccessful integration of
PSC, including inability to achieve targeted synergies. A decline
in base business revenues and earnings, or a materially lower
incinerator utilization rate (typically in high-80% range) could
also result in a downgrade. Additionally, a deterioration in the
liquidity position, aggressive shareholder friendly initiatives or
additional debt financed acquisitions that weaken the metrics could
also pressure the ratings. Deteriorating margins, debt-to-EBITDA
exceeding 4x, free cash flow-to-debt falling towards the mid-single
digits and/or weakening EBIT-to-interest could drive downwards
rating pressure.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

Clean Harbors, Inc. provides environmental, energy and industrial
services throughout North America with services ranging from the
collection, packaging, transportation, recycling, treatment and
disposal of hazardous and non-hazardous waste; emergency spill
response; cleaning/remediation activities and oil re-refining. The
company reported revenue of approximately $3.3 billion for the
latest twelve months ended June 30, 2021. Pro forma for the
acquisition of Hydrochem PSC, revenue approximated $4 billion for
the same period.


CLEAN HARBORS: S&P Affirms 'BB+' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating and
'BBB-' issue-level rating on environmental, energy, and industrial
services provider Clean Harbors Inc.'s secured debt issues.

S&P said, "We lowered our issue-level rating on Clean Harbors'
unsecured debt to 'BB' from 'BB+' and revised the rounded estimate
to '5' from '3' based on the substantial increase in secured debt.
We also assigned a 'BBB-' and recovery rating of '1' to the
proposed incremental term loan.

"The stable outlook reflects our view that economic conditions and
operational execution will allow the company to maintain
appropriate credit measures for the ratings, with adjusted debt to
EBITDA within the 3x-4x range.

"We will discontinue our ratings on PSC Industrial Outsourcing L.P.
(the parent of HPC) once the acquisition closes."

Clean Harbors' credit measures had already improved, providing it a
decent cushion to absorb the debt load from the proposed
acquisition.

Despite experiencing some revenue contraction during the depths of
the pandemic--notably when quarterly sales dipped by 18% and 13%
during June and September 2020, respectively--good operational
execution and cost containment allowed Clean Harbors to expand its
profit margins such that the company's earnings were unaffected.
Adjusted EBITDA from June 2020 through March 2021 was $626 million,
up from $622 million in the similar four-quarter period from June
2019 through March 2020 despite a more than 11% contraction in
sales. In the most recent quarter ended June 2021, the company
enjoyed over 30% year-over-year sales growth (6.7% growth versus
the June 2019 quarter) and adjusted EBITDA margin approaching 22%.
Performance was boosted by high incinerator utilization of 87% with
the average price up 5% in the environmental services segment,
along with favorable re-refining spreads in the Safety-Kleen
Sustainability Solutions (SKSS) segment. SKSS saw second quarter
revenue more than double to $202 million with company-adjusted
EBITDA up by almost $55 million. As such, the company continued its
pace of deleveraging essentially unabated, to 2.3x as of June 30,
2021, from 3.0x two years ago. With the acquisitions of Vertex
Energy Inc. ($140 million purchase price) and HydrochemPSC ($1.25
billion) set to close later this year, S&P estimates that Clean
Harbors will end 2021 with an adjusted debt to EBITDA ratio of
3.9x, which is still within the 3.0x-4.0x run-rate range we expect
at the current ratings.

The acquisition fortifies the company's networks re: areas of
operation, service offerings, and equipment.

S&P said, "We see this acquisition as one of the more notable
combinations in the hazardous environmental services space in quite
some time. While the acquisition increases Clean Harbors' debt
leverage, as the company estimates its purchase multiple at 8.1x
post-synergies, HydrochemPSC provides Clean Harbors with a sizable
operational platform. HPC provides industrial cleaning (i.e.,
hydroblasting, vacuuming, tank cleaning, and other work performed
at processing plant turnarounds), specialty services (i.e.,
emissions monitoring, leak repair, water treatment, and vapor
control), and field services. Its customer base largely consists of
refineries (34% end-market concentration), petrochemical companies
(26%), and utilities (17%). Management expects it to generate $744
million of revenue in 2021 at a 16% EBITDA margin. The deal will
add another 240 service locations, 5,000 employees, 5,600 vehicles,
and 1,000 customers. Management targets run-rate operational
synergies of roughly $40 million, with savings largely related to
administrative costs, along with productivity, leases, and other
items contributing smaller savings. We believe this figure does not
include much in the way of sales synergies, though we believe the
company will have opportunities for those. Some of the high value
waste streams collected by HPC can now be directed to Clean
Harbors' disposal network. Management will seek to deploy HPC's
expertise in using automation and hands-free equipment through
Clean Harbors' operations, which can reduce the recordable incident
rate."

The affirmation envisions management remaining disciplined
regarding debt leverage and financial policies.

The HPC acquisition marks the first major acquisition for Clean
Harbors since it acquired Safety-Kleen Inc. for $1.25 billion in
2012. Management typically exercises prudence regarding financial
policies. S&P said, "Following the acquisitions, we believe
management will abide by a prudent capital allocation strategy in
order to ensure that the company's debt leverage and free operating
cash flow to debt ratios return to more manageable levels. We
recognize the construction of the additional 70,000 tons of
incineration capacity to the Kimball, Neb. facility will cost $180
million over four years, which will temporarily depress free cash
flow. However, given the likelihood of ongoing chemical and
manufacturing expansion coupled with captive incinerators closing,
this build out may be necessary. We are assuming roughly $150
million per year in tuck-in acquisition-related spending, but no
major deals of size. We also assume $50 million per year of share
repurchases." This pace of repurchases would consume the remaining
$164 million under its $600 million authorization in a little over
three years. These outlays may mean that there is little left for
debt reduction over and above normal amortization, but should be
manageable, particularly as earnings grow at a good pace amid a
healthy economic environment.

Greater secured debt reduces recovery prospects for unsecured
lenders.

The revision to the rounded estimate and lower recovery rating on
the unsecured debt reflects the greater proportion of secured
borrowings in the pro forma capital structure. The $1 billion
incremental secured term loan is a marked increase from the
previous level, representing about two-thirds of funded debt
compared with less than 50% previously. In our view, the increase
in secured debt overtakes the increased enterprise value from the
HPC acquisition in our recovery analysis. This leaves lower
recovery prospects for the unsecured lenders in a default
scenario.

S&P said, "The stable outlook reflects our expectations that
despite the initial increase in debt leverage from the HydrochemPSC
acquisition, the combination of healthy service activity,
operational synergies, and disciplined financial policies will
allow Clean Harbors to maintain credit measures that are
appropriate for the ratings. An example of this would be a
weighted-average debt to EBITDA ratio of within 3x-4x.

"We could downgrade the company if we see stagnation or decline in
operating performance, such that leverage exceeds 4x with no
foreseeable improvement within the year or so. This could occur if
sales decline by more than 400 basis points (bps) and operating
margins are also more than 400 bps below our base case scenario. We
could also downgrade the company if it pursues a series of bolt-on
acquisitions or shareholder rewards that result in credit metrics
weakening to the aforementioned levels."

An upgrade is highly unlikely over the next 12 months. Debt
leverage immediately post-acquisition is a bit stretched for the
ratings, likely precluding credit measures from improving rapidly
enough to near the levels we would think of as sufficient to
entertain upside consideration. S&P said, "We have also yet to see
evidence that management is committed to establishing and
maintaining financial policies and credit measures that would be
consistent with an investment-grade rating. The company must
integrate the HydrochemPSC acquisition in a satisfactory manner,
and it will take time for Clean Harbors' free operating cash flow
to debt to improve to--and consistently exceed--20%. Given the
company's market position, operational scale, and debt burden, we
believe maintaining that level of free operating cash flow
(FOCF)/debt would be appropriate for an upgrade. We do not believe
management and ownership are committed to maintaining these levels,
and that they will prioritize acquisitions and shareholder rewards
over improving credit metrics further."


COMMUNITY ECO: May Use Cash Collateral Thru Sept 15
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Western Division, has authorized Community Eco Power, LLC and
affiliates to, among other things, use cash collateral on an
interim basis in accordance with the budget through September 15,
2021.

The Debtors require the use of cash collateral to have adequate
liquidity to provide for, among other things, the orderly
continuation of the operation of their businesses, to maintain
business relationships with vendors, suppliers, and customers, to
make payroll, and to satisfy other working capital and operational,
financial, and general corporate needs.

The Debtors' prepetition secured creditors include Alterna Capital
Solutions, LLC and SDI, Inc.

As of the Petition Date, the Debtors owed Alterna approximately
$1,100,000 under a prepetition Invoice Purchase and Security
Agreement, and SDI approximately $5,395,000 under a Note and
Security Agreement.  The Debtors' obligations under the Alterna
Agreement is secured by interests in, and valid, binding,
perfected, and non-avoidable liens on, all or substantially all of
the Debtors' personal property, including Cash Collateral.  The SDI
Note and Security Agreement is secured by SDI's interests in, and
valid, binding, perfected, non-avoidable liens on all or
substantially all of the Debtors' assets.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition Secured Creditors are granted valid, binding,
continuing, enforceable, unavoidable, and automatically perfected,
security interests in and liens on the Debtors' assets.

To the extent the Adequate Protection Liens are insufficient to
cover the Adequate Protection Obligations in their entirety, the
remaining, unsatisfied Adequate Protection Obligations due to the
Prepetition Secured Creditors will constitute allowed
administrative claims against the Debtors to the extent provided by
section 507(b) of the Bankruptcy Code.

The Adequate Protection Liens will be valid, binding, enforceable,
and fully perfected without the necessity of the execution, filing,
or recording by the Debtors or any Prepetition Secured Creditor of
security agreements, pledge agreements, financing statements, or
other agreements.

A non-evidentiary hearing on the matte is scheduled for September
15 at 10 a.m.

A copy of the order and the Debtor's 26-week budget, through the
week of Dec. 16, 2021, is available at https://bit.ly/3BKlxmA from
PacerMonitor.com.  The Debtor projects $4,637,420 in total receipts
and $4,160,223 in total disbursements for the first 13 weeks,
through Sept. 18.  The Debtor projects $7,813,97 in total receipts
and $7,708,737 in total disbursements for the first 20 weeks,
through Nov. 6.

                     About Community Eco Power

Community Eco Power, LLC and affiliates, Community Eco Pittsfield,
LLC and Community Eco Springfield, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Lead Case
No. 21-30234) on June 25, 2021.  Their cases are jointly
administered under Community Eco Power, LLC.

On the Petition Date, Community Eco Power disclosed up to $50,000
in assets and up to $10 million in liabilities. Affiliates,
Community Eco Pittsfield and Community Eco Springfield each
disclosed $1 million to $10 million in both assets and liabilities.
The petitions were signed by Richard Fish, president and chief
executive officer.

D. Sam Anderson, Esq., Adam R. Prescott, Esq., and Kyle D. Smith,
Esq. at Bernstein, Shur, Sawyer and Nelson, PA, serve as the
Debtor's counsel.



CONCRETE PAVERS: Seeks to Hire De Leo Law Firm as Legal Counsel
---------------------------------------------------------------
Concrete Pavers, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Louisiana to employ The De Leo Law
Firm, LLC to handle its Chapter 11 case.

De Leo Law Firm will be paid at the rate of $350 per hour for
attorneys and $85 per hour for paralegals. The firm received from
the Debtor a retainer of $10,352.90, and will also be reimbursed
for out-of-pocket expenses incurred.

Robin De Leo, Esq., a partner at De Leo Law Firm, 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:

     Robin De Leo, Esq.
     The De Leo Law Firm, LLC
     800 Ramon Street
     Mandeville, LA 70448
     Tel: (985) 727-1664
     Fax: (985) 727-4388
     Email: elaine@northshoreattorney.com
            lisa@northshoreattorney.com

                    About Concrete Pavers Inc.

Concrete Pavers Inc. filed a Chapter 11 bankruptcy petition (Bankr.
E.D. La. Case No. 21-11088) on Aug. 19, 2021, listing as much as $1
million in both assets and liabilities.  Judge Meredith S. Grabill
oversees the case.  The Debtor is represented by The De Leo Law
Firm, LLC.


CORP GROUP BANKING: Committee Taps Robinson & Cole as Del. Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Corp Group Banking
S.A. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Robinson & Cole, LLP
as Delaware counsel.

The firm's services include:

   (a) advising the committee with respect to its powers and duties
under the Bankruptcy Code, the Bankruptcy Rules, and the Local
Rules;

   (b) assisting the committee in evaluating the Debtors' proposed
use of their bank accounts;

   (c) assisting the committee in its discussions with the Debtors
and other parties-in-interest regarding the overall administration
of the Debtors' Chapter 11 cases;

   (d) assisting the committee in its examination and analysis of
the conduct of the Debtors' affairs;

   (e) advising the committee with regard to the evaluation of the
Debtors' assets and liabilities and with regard to any causes of
action belonging to the Debtors' estates;

   (f) assisting the committee in analyzing and investigating the
acts, conduct, assets, liabilities, corporate structure, and
financial conditions of the Debtors;

   (g) reviewing and analyzing pleadings, orders, schedules and
other documents filed and to be filed with the court;

   (h) preparing legal papers;

   (i) representing the committee at hearings to be held before the
bankruptcy court, any appellate courts and the U.S. trustee, and
communicating with the committee regarding the matters heard and
the issues raised as well as the decisions and considerations of
the court;

   (j) conferring with the professionals retained by the Debtors,
any other appointed estate fiduciaries, and other
parties-in-interest;

   (k) coordinating the receipt and dissemination of information
prepared by and received from the Debtors' professionals or other
parties-in-interest;

   (l) participating in the examinations of the Debtors and other
witnesses;

   (m) negotiating and formulating any plan of reorganization; and

   (n) performing other necessary legal services.

The firm's hourly rates are as follows:

     Partners                 $600 to $1,150 per hour
     Counsel                  $410 to $725 per hour
     Associates               $270 to $475 per hour
     Paralegals/Analysts      $200 to $385 per hour

Robinson & Cole will also receive reimbursement for out-of-pocket
expenses incurred.

Jamie Edmonson, Esq., a partner at Robinson & Cole, 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.

Pursuant to paragraph D, section 1 of the U.S. Trustee Guidelines,
Ms. Edmonson also disclosed the following:  

      a. Robinson & Cole did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.

      b. No Robinson & Cole professional included in this
engagement varied his rate based on the geographic location of the

bankruptcy case.

      c. The firm did not represent the committee prior to the
Debtors' Chapter 11 filing.

      d. The firm has developed a budget and staffing plan that was
presented for approval by the committee.

Robinson & Cole can be reached at:

     Jamie L. Edmonson, Esq.
     James F. Lathrop, Esq.
     Robinson & Cole LLP
     1201 N. Market Street, Suite 1406
     Wilmington, DE 19801
     Tel: (302) 295-4800
     Fax: (302) 351-8618
     Email: jedmonson@rc.com
            jlathrop@rc.com

                   About Corp Group Banking S.A.

Corp Group Banking SA, a Chilean financial holding company
controlled by billionaire Alvaro Saieh, and Inversiones CG
Financial Chile Dos SpA filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
21-10969) on June 25, 2021. At the time of the filing, Corp Group
Banking disclosed $500 million to $1 billion in assets and $1
billion to $10 billion in liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Simpson Thacher & Bartlett, LLP and Young
Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC
is the Debtors' claims and noticing agent and administrative
advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on July 20, 2021. The committee tapped Morgan,
Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole
LLP as Delaware counsel, and NLD Abogados as special Chilean
counsel. FTI Consulting, Inc. serves as the committee's financial
advisor.


CORP GROUP: Committee Taps FTI as Financial Advisor
---------------------------------------------------
The official committee of unsecured creditors of Corp Group Banking
S.A. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ FTI Consulting, Inc.
as its financial advisor.

The firm's services include:

   a. review of financial-related disclosures required by the
court, including the Debtors' schedules of assets and Liabilities,
statement of financial affairs and monthly operating reports;

   b. preparation of analyses required to assess any proposed
debtor-in-possession financing or use of cash collateral;

   c. assessment and monitoring of the Debtors' short-term cash
flow, liquidity and operating results;

   d. review of the Debtors' analysis of core business assets and
the potential disposition or liquidation of non-core assets;

   e. review of the Debtors' cost/benefit analysis with respect to
the affirmation or rejection of various executory contracts and
leases;

   f. review of the Debtors' identification of potential cost
savings, including overhead and operating expense reductions and
efficiency improvements;

   g. review and monitoring of any asset sale process, including,
but not limited to an assessment of the adequacy of the marketing
process, completion of any buyer lists, review and quantifications
of any bids;

   h. review of any tax issues associated with, but not limited to,
claims/stock trading, preservation of net operating losses, refunds
due to the Debtors, plans of reorganization, and asset sales;

   i. review of the claims reconciliation and estimation process;

   j. review of other financial information prepared by the
Debtors, including, but not limited to, cash flow projections and
budgets, business plans, cash receipts and disbursement analysis,
asset and liability analysis, and the economic analysis of proposed
transactions for which court approval is sought;

   k. attendance at meetings and assistance in discussions with the
Debtors, potential investors, banks, other secured lenders, the
committee and any other official committees organized in the cases,
the U.S. trustee, other parties in interest and their
professionals, as requested;

   l. review and preparation of information and analysis necessary
for the confirmation of a plan and related disclosure statement;

   m. evaluation and analysis of avoidance actions, including
fraudulent conveyances and preferential transfers;

   n. assistance in the prosecution of committee responses or
objections to the Debtors' motions; and

   o. other general business consulting services.

The firm's hourly rates are as follows:

     Senior Managing Directors            $600 to $1,295 per hour
     Directors                            $400 to $935 per hour
     Consultants                          $275 to $680 per hour
     Administrative/Paraprofessionals     $155 to $290 per hour

The firm will also receive reimbursement for out-of-pocket expenses
incurred.

Conor Tully, a managing director at FTI, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Conor Tully
     FTI Consulting, Inc.
     Three Times Square, 9th Floor
     New York, NY 10036
     Tel: (212) 247-1010
     Email: conor.tully@fticonsulting.com

                   About Corp Group Banking S.A.

Corp Group Banking SA, a Chilean financial holding company
controlled by billionaire Alvaro Saieh, and Inversiones CG
Financial Chile Dos SpA filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
21-10969) on June 25, 2021. At the time of the filing, Corp Group
Banking disclosed $500 million to $1 billion in assets and $1
billion to $10 billion in liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Simpson Thacher & Bartlett, LLP and Young
Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC
is the Debtors' claims and noticing agent and administrative
advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on July 20, 2021. The committee tapped Morgan,
Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole
LLP as Delaware counsel, and NLD Abogados as special Chilean
counsel. FTI Consulting, Inc. serves as the committee's financial
advisor.


CORP GROUP: Committee Taps Morgan Lewis & Bockius as Legal Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Corp Group Banking
S.A. and its affiliates seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Morgan Lewis &
Bockius, 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
relating to the administration of their cases;

   c. attend meetings and negotiating with representatives of the
Debtors and other parties in interest;

   d. assisting the committee in analyzing the claims of creditors
and the Debtors' capital structure, and in negotiating with the
holders of claims and equity interests;

   e. assisting the committee in its investigation of the acts,
conduct, assets, liabilities and financial condition of, and
potential claims and causes of action against, the Debtors and
their insiders, and other parties involved with the Debtors;

   f. assisting the committee in its analysis of, and negotiations
with the Debtors or any other third party concerning matters
related to, among other things, the assumption or rejection of
leases and executory contracts, asset sales or other dispositions,
financing transactions or arrangements, cash collateral
stipulations or proceedings, the valuation of the Debtors'
businesses, the valuation of the non-Debtor entities, and the terms
of a disclosure statement and plan of reorganization or
liquidation;

   g. assisting the committee as to its communications, if any, to
the general creditor body regarding significant matters in these
cases;

   h. representing the committee at all hearings and other court
proceedings;

   i. advising the committee with respect to applications, orders,
statements of operations and bankruptcy schedules filed with the
court;

   j. negotiating with the key constituents in furtherance of the
development of a Chapter 11 plan, either co-sponsored, supported or
not supported by the Debtors;

   k. assisting the committee in preparing legal papers;

   l. advising the committee with respect to any legislative,
regulatory or government activities; and

   m. performing other necessary legal services.

The firm's hourly rates are as follows:

     Partners                 $750 to $1, 350 per hour
     Of Counsel               $885 per hour
     Associates               $585 to $775 per hour
     Paraprofessionals        $355 per hour

Morgan Lewis & Bockius will also be reimbursed for out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, the
following is provided in response to the request for additional
information:

   a. Morgan Lewis & Bockius did not agree to any variation from,
or alternatives to, its standard or customary billing arrangements
for this engagement;

   b. None of the professionals included in this engagement have
varied their rate based on the geographic location of the Chapter
11 cases;

   c. The committee did not exist until it was formed well after
the Debtors' petition filing on July 20, 2021, therefore, Morgan
Lewis & Bockius could not and did not represent the committee prior
to the Debtors' petition filing; and

   d. The committee approved a three-calendar month budget and
staffing plan commencing July 26, 2021.

Glenn Siegel, Esq., a partner at Morgan Lewis & Bockius, 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:

     Glenn E. Siegel, Esq.
     Jason Alderson, Esq.
     Morgan Lewis & Bockius LLP
     101 Park Avenue
     New York, NY 10178
     Tel: (212) 309-6000
     Fax: (212) 309-6001
     Email: glenn.siegel@morganlewis.com
            Jason.alderson@morganlewis.com

                   About Corp Group Banking S.A.

Corp Group Banking SA, a Chilean financial holding company
controlled by billionaire Alvaro Saieh, and Inversiones CG
Financial Chile Dos SpA filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
21-10969) on June 25, 2021. At the time of the filing, Corp Group
Banking disclosed $500 million to $1 billion in assets and $1
billion to $10 billion in liabilities.

Judge J. Kate Stickles oversees the cases.

The Debtors tapped Simpson Thacher & Bartlett, LLP and Young
Conaway Stargatt & Taylor, LLP as legal counsel. Prime Clerk, LLC
is the Debtors' claims and noticing agent and administrative
advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on July 20, 2021. The committee tapped Morgan,
Lewis & Bockius, LLP as lead bankruptcy counsel, Robinson & Cole
LLP as Delaware counsel, and NLD Abogados as special Chilean
counsel. FTI Consulting, Inc. serves as the committee's financial
advisor.


CP IRIS II: Moody's Assigns First Time 'B2' Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service assigned a first-time B2 Corporate Family
Rating and B2-PD Probability of Default Rating to CP Iris Holdco
II, Inc. Moody's also assigned B1 ratings to CP Iris' proposed (i)
$90 million revolving credit facility expiring in 2026, (ii) $525
million senior secured first lien term loan maturing in 2028, and
(iii) $105 million senior secured first lien delayed draw term loan
(DDTL) due in 2028. The DDTL will be available in one or more
drawings for twenty four months from the closing date. In addition,
Moody's assigned a Caa1 rating to the company's $210 million senior
secured second lien term loan due in 2029. The outlook is stable.

The proceeds from the proposed financing will be used to fund
Centerbridge Partners, L.P.'s (Centerbridge) acquisition of IPS
Corporation (a wholly owned subsidiary of Iris CP) from Encapsys,
LLC (B2 stable). Pro forma for the proposed financing, Moody's
projects CP Iris' leverage will be 5.7x at December 31, 2022
(including Moody's adjustments).

The B1 ratings assigned to the to the (i) $90 million revolving
credit facility, (ii) $525 million first lien term loan, and (iii)
$105 million DDTL, are one notch above the Corporate Family Rating
(CFR) reflecting their priority position to the $210 million second
lien secured term loan, and the collateral. The Caa1 rating
assigned to the company's second lien secured term loan is two
notches below the CFR and results from the second lien position in
CP Iris' capital structure.

The senior secured term loan is expected to contain ample covenant
flexibility. Notable terms include the ability to incur incremental
indebtedness so long as (i) the first lien net leverage ratio does
not exceed 5.25x for pari passu indebtedness, (ii) 1.75x interest
coverage ratio or 7.25x senior secured leverage ratio for junior
secured debt, and (iii) 1.75x interest coverage ratio or 7.50x
total leverage ratio for unsecured debt. In addition, the greater
of (i) 200% of the closing date EBITDA and (ii) 200% LTM EBITDA may
be incurred with an earlier maturity date than the initial term
loan.

"Despite CP Iris' initial high leverage, we believe the company
over the next twelve to eighteen months will benefit from strong
operating fundamentals, grow revenue organically, generate higher
earnings, and use free cash to reduce debt leverage." said Emile El
Nems, a Moody's VP-Senior Analyst.

Governance characteristics Moody's consider in IPS' credit profile
include an aggressive financial strategy, evidenced by the initial
high leverage resulting from Centerbridge's leveraged buyout of IPS
from Encapsys, LLC. Although, additional debt for acquisitions and
future dividends to shareholders are an ongoing possibility,
management and Centerbridge have committed to reducing leverage.

Assignments:

Issuer: CP Iris Holdco II, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

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

Senior Secured Revolving Credit Facility, Assigned B1 (LGD3)

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

Senior Secured 2nd Lien Term Loan, Assigned Caa1 (LGD5)

Outlook Actions:

Issuer: CP Iris Holdco II, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

CP Iris' B2 Corporate Family Rating reflects the company's high
leverage, vulnerability to cyclical end markets, and exposure to
rising raw materials costs. At the same time, the rating considers
the company's (i) global market position as the leading
manufacturer and supplier of solvent cements, plumbing and roofing
products, and specialty adhesives in a highly fragmented industry,
(ii) strong brand equity, and (iii) broad customer base. In
addition, Moody's rating is supported by the company's strong
EBITDA margins, highly flexible cost structure, free cash flow and
commitment to reduce leverage.

The stable outlook reflects Moody's expectation that CP Iris will
steadily grow revenue organically, maintain strong operating
performance, generate solid free cash and reduce leverage. This is
largely driven by Moody's view that the US economy will improve
sequentially and remain supportive of the company's underlying
growth drivers.

CP Iris' enjoys good liquidity. Pro forma for the proposed
financing, CP Iris' liquidity is supported by approximately $16
million of cash (at December 31, 2021), a $90 million revolving
credit facility, which Moody's projects will remain mostly undrawn,
a $105 million senior secured first lien delayed draw term loan,
and Moody's expectation that the company will generate more than
$40 million in free cash flow in 2021. The revolving credit
facility, which expires in 2026, is governed by a springing senior
secured first lien leverage ratio of 5.25x, which comes into effect
if availability under the revolving credit facility is less than
65% of the total revolver availability.

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

The ratings could be upgraded if:

Debt-to-EBITDA is below 5.0x for a sustained period of time

EBITA-to-interest expense is above 3.0x for a sustained period of
time

The company improves its strong operating performance and
liquidity

The company demonstrates a commitment towards reducing leverage
below 5.0x and a conservative financial policy

The ratings could be downgraded if:

Debt-to-EBITDA remains above 6.0x for a sustained period of time

EBITA-to-interest expense is below 2.0x for a sustained period of
time

The company's operating performance and liquidity deteriorates

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

Based in Compton, California, CP Iris Holdco II, Inc., is the
parent company of IPS Corporation (IPS), the leading global leading
manufacturer of solvent cements, plumbing and roofing products, and
specialty adhesives. Measured by revenue, the company holds the #1
or #2 positions with more than 30% share in its key categories
across all its operating segments. The company sells its products
in 90 countries and owns 9 manufacturing facilities (6 in the US, 2
In Europe and 1 in Asia).


CPI INTERNATIONAL: S&P Alters Outlook to Pos., Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on CPI International Inc. to
positive from stable and affirmed its 'B-' issuer credit ratings.

S&P said, "At the same time, we affirmed our 'B-' issue-level
rating on the company's proposed upsized first-lien term loan,
while revising the recovery rating to '3' from '4'. We also
affirmed the 'CCC' issue-level rating on CPI's second-lien term
loan while the recovery rating remains '6'.

"The positive outlook reflects our expectation that debt to EBITDA
will likely decline below 7x in 2022 and remain there.

"The affirmation reflects our expectation that leverage will
continue to decline gradually. The pandemic initially led to some
delays in the defense business and a significant slowdown in
commercial satellite and in-flight entertainment and connectivity
(IFEC) products, but revenues are starting to improve. Defense
revenues have remained strong after what was just a short delay,
and business-related to commercial aerospace is nearly back to
prepandemic levels, as retrofits of existing aircraft have picked
up. As a result, we expect significant organic top-line growth for
CPI in fiscal 2021 (ending Sept. 30, 2021), and some gradual EBITDA
margin expansion as the company benefits from cost-reduction
actions that it took in response to the pandemic that should
continue as volumes recover. The two acquisitions will cost about
$120 million and only $45 million will be funded with additional
debt, so leverage will be largely unaffected. We expect debt to
EBITDA to be 7x-7.5x in 2021 before improving to below 7x in 2022.

"The acquisitions of TMD and ESSCO provide opportunities for
revenue growth and potential margin expansion. CPI closed on the
acquisition of TMD in July and we expect the deal to bolster CPI's
defense business through TMD's power supply and military
transmitter components business. On its own, TMD is a small
U.K.-based company, that has a relationship with the U.S.
government but has been somewhat limited by its size and location.
We think there is an opportunity for company to get more business
with the U.S. military now that is owned by a much larger, U.S.
company. ESSCO is being acquired from L3Harris and is a natural fit
given its work with radomes. CPI's antenna business has high fixed
costs, so adding scale is important for improving margins. The
company expected to be able to consolidate facilities with its
existing Radant business, which should result in cost synergies if
executed properly.

"Integration risks and the uncertain path of the pandemic could
limit our expected improvement in credit ratios. While the
acquisitions should be profitable in the near term, there are
always risks associated with integration. Factors such as
consolidating facilities can result in additional costs, delivery
delays, or a failure to realize expected savings if mishandled.
There are also lingering risks related to the coronavirus pandemic.
While business-related to commercial aerospace has started to
return, there is the possibility the segment will see declines
again, or that CPI won't recognize expected growth if air travel
growth stalls or reverses due to new virus variants.

"The positive outlook on CPI reflects our expectation that leverage
will continue to decline as the defense business remains strong,
commercial aerospace continues to rebound, and recent acquisitions
add new revenue and EBITDA. We expect debt to EBITDA to improve to
7x-7.5x in 2021 and 6.3x-6.7x in 2022."

S&P could raise its rating on CPI if debt to EBITDA declines below
7x and we expect it to remain there. This could occur if:

-- The commercial aerospace market rebounds from the impact of the
coronavirus pandemic without further setbacks;

-- The integration of recent acquisitions is successful;

-- CPI's earnings increase as we expect; and

-- The company refrains from large, debt-financed acquisitions
that could increase leverage.

S&P could revise the outlook on CPI to stable if it expects debt to
EBITDA to remain above 7x or if the company experiences
deteriorating free cash flow. This could be caused by:

-- Market improvements coming out of the COVID-19 pandemic are
reversed resulting in a longer and more significant impact on key
markets than we anticipate;

-- Integration issues with new acquisitions resulting in higher
costs; or

-- Large debt-financed acquisitions that increase leverage.



CRECHALE PROPERTIES: Unsecureds to Get Share of Income in 60 Months
-------------------------------------------------------------------
Crechale Properties, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Mississippi a Disclosure Statement
describing Chapter 11 Plan dated September 7, 2021.

The Debtor operated successfully until the economic fallout from
the COVID 19 pandemic began to have an effect. At the time, the
Debtor was in the process of completing construction on an
apartment complex upon which Citizens Bank had a lien. After the
Debtor halted construction, its loan with Citizens Bank matured.
Based on the condition of the property, Citizens elected not to
renew the loan and began foreclosure proceedings.  The Debtor filed
the present Chapter 11 case to stop the foreclosure.

Citizens Bank, First Bank and PriorityOne Bank have all filed
motions for relief from the automatic stay. The Debtor has entered
into agreed orders with all three banks. Citizens Bank has
foreclosed on some of its collateral due to the Debtor's inability
to make improvements to the property as required by its agreed
order. The Debtor is making adequate protection payments to to
First Bank and PriorityOne Bank.

The Plan provides that Administrative Expense Claims will be paid
in full on the Effective Date. The remainder of the plan will be a
mixture of reorganization and liquidation. The Debtor will
liquidate properties that do not generate sufficient income to pay
their own debt service, and restructure the loans on those that do.


Class 3 consists of the allowed secured claim of Citizens Bank. To
the extent the amount realized from the disposition of the Citizens
Sale Property is less than the combined amount of Proofs of Claim
16 and 17, Citizens Bank shall hold an allowed secured claim equal
to the value of the Retained Citizens Collateral ($318,160.00)
which claim shall be amortized over 20 years at the Till rate of
5.25% per annum over 20 years with the Debtor making monthly
payments in the amount of $2,143.90 beginning on the Effective Date
and continuing every month thereafter until paid in full. To the
extent the remaining balance of Citizens Bank's claim exceeds
$318,160.00, Citizens Bank shall have a General Unsecured Claim in
that amount.

Class 4 consists of the secured claim of Community Bank. The
Allowed Secured Claim of Community Bank shall be amortized over 20
years at the Till rate of 5.25% per annum with the Debtor making
monthly payments in the amount of $1,535.76 beginning on the
Effective Date. Community Bank shall retain its liens on its
collateral. Community Bank shall have a general unsecured claim in
the amount of the difference between the total amount of its Proofs
of Claim and its Allowed Secured Claim or $135,483.05.

Class 5 consists of the allowed secured claim of First Bank. To the
extent the amount realized from the disposition of the First Sale
Property is less than the combined amount of Proofs of Claim 5, 6,
7, 8 and 9, First Bank shall hold an allowed secured claim equal to
the value of the Retained First Bank Collateral ($481,570.00) which
claim shall be amortized over 20 years at the Till rate of 5.25%
per annum with the Debtor making monthly payments in the amount of
$3,245.03 beginning on the Effective Date and continuing every
month thereafter until paid in full. To the extent the remaining
balance of First Bank's claim exceeds $481,570.00, First Bank shall
have a General Unsecured Claim in that amount.

Class 6 consists of the allowed secured claim of First Southern
Bank. To the extent the amount realized from the disposition of
First Southern Bank's collateral, exceeds the amount of Proof of
Claim 15-2 after addition of sales costs, Post-Petition attorney's
fees and Post-Petition interest ("Total Pre-Petition and
PostPetition Debt"), First Southern Bank shall remit such surplus
to the Debtor. To the extent the amount realized from the
disposition of the First Sale Property is less than the amount of
Proof of Claim 15-2, First Southern Bank shall hold a general
unsecured claim in the amount of any deficiency.

Class 7 consists of the allowed secured claim of Great Southern
Bank. Except to the extent that Great Southern Bank agrees to
different treatment more favorable to the Debtor, the Allowed
Secured Claim of Great Southern Bank shall be amortized over 20
years at the Till rate of 5.25% per annum with the Debtor making
monthly payments in the amount of $6,239.88 beginning on the
Effective Date. Great Southern Bank shall retain its liens on its
collateral.

Class 8 consists of the allowed secured claim of People's Bank. To
the extent the amount realized from the disposition of People's
Bank's collateral exceeds the amount of Proof of Claim 18 after
addition of sales costs, PostPetition attorney's fees and Post
Petition interest ("Total Pre-Petition and Post-Petition Debt"),
People's Bank shall remit such surplus to the Debtor. To the extent
the amount realized from the disposition of People's Bank's
collateral is less than the amount of Proof of Claim 18, People's
Bank shall hold a general unsecured claim in the amount of any
deficiency.

Class 9 consists of the allowed secured claim of PriorityOne Bank.
Except to the extent PriorityOne Bank agrees to treatment more
favorable to the Debtor, PriorityOne Bank's secured claims shall
receive treatment more particularly described the Agreed Order
Regarding Motion for Abandonment and Request for Relief from § 362
Automatic Stay, or in the Alternative, Request for Adequate
Protection entered by the Court on June 28, 2021. The Debtor shall
execute any and all loan documents required by PriorityOne Bank to
consummate it's treatment under the Plan.

Class 10 consists of Allowed General Unsecured Claims, including
any deficiencies from the result of sales described in treatment of
secured claims. The Allowed General Unsecured Claims shall be paid
the amount of the net disposable income of the Debtor. Any net
disposable income of the Debtor shall be paid at the end of each
month over the life of the Plan to the trust account of Debtor's
counsel who shall make quarterly distribution to holders of Class
10 claims on pro rata basis. The holders of Allowed General
Unsecured Claims are impaired under the Plan.

Class 11 consists of the claims of the Equity Holders of the
Debtor, John Crechale, Paul Crechale, Alex Crechale and Elizabeth
Crechale. No funds shall be distributed to holders of Class 11
Claims under the Plan.

The Debtor, will make payments directly to the holders of Class 1,
2, 3, 4, 5, 6, 7, 8 and 9 Claims. With respect to Class 10 Claims
Debtor will make monthly plan payments of any disposable income
over the 60 month life of the Plan. The Debtor will begin making
Class 10 payments on the first day of the month following the
Effective Date to the trust account for counsel for the Debtor, and
will continue to make such payments on the first date of each month
thereafter until a total of sixty payments have been made, at which
time the Debtor will have completed making the payments.
Disbursements will be made by Debtor's counsel to holders of Class
10 Allowed General Unsecured Claims on the last day of the calendar
quarter after the Effective Date.

A full-text copy of the Disclosure Statement dated September 7,
2021, is available at https://bit.ly/3BUql8T from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     W. Jarrett Little, Esq.
     William J. Little, Jr., Esq.
     Lentz & Little, PA
     2505 14th Street, Suite 500e
     Gulfport, MS 39501
     Tel: (228) 867-6050
     Email: jarrett@lentzlittle.com
            bill@lentzlittle.com

                  About Crechale Properties

Crechale Properties, LLC, is primarily engaged in the operation of
apartment buildings.

Crechale Properties filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
21-50079) on Jan. 21, 2021.  Elizabeth Crechale, the manager,
signed the petition. At the time of filing, the Debtor estimated $1
million to $10 million in assets and $10 million to $50 million in
liabilities.  Judge Katharine M. Samson presides over the case.
Lentz & Little, PA, serves as the Debtor's legal counsel.


ELLSWORTH HANSEN: Court Confirms 62-Month Plan
----------------------------------------------
Judge Michelle M. Harner has entered an order confirming the Plan
of Ellsworth Hansen Associates LLC.

As to Class II and Class III creditors under the Plan, payment
shall begin 30-days after the Effective Date. Classes II and III
will be paid in full at an interest rate of 4.5% through Plan
payments of $500.00 per month.

That after payment of Classes II and III claims, the Debtor will
continue monthly payments of $500.00 in order to make payment in
full of the liquidated amount owed to the Class V creditors.

As reported in the TCR, Ellsworth Hansen Associates LLC submitted a
Second Amended Plan and a corresponding Disclosure Statement on
June 7, 2021.  The Debtor's only source of income is $500 per month
paid to it as rent by the Hansens for the use of Williams Avenue.
The Plan will provide for monthly payments to secured and unsecured
creditors in the amount of $500 for approximately 62-months
($31,000.00 total payout).

The Plan will pay any allowed administrative claims, as approved by
the Court, on a monthly basis following the Effective Date of the
Plan (excepting U.S. Trustee fees which are to be paid on the
Effective Date and then as they come due).

All Plan payments will be paid within approximately 62-months of
the Effective Date of the Plan.

Attorney for Debtor:

     Edward M. Miller
     Miller & Miller, LLP
     39 N. Court St.
     Westminster, MD 21157

                 About Ellsworth Hansen Associates

Ellsworth Hansen Associates LLC owns the real property at 817
William Avenue, Westminster, Maryland 21157, where the Hansens
reside.  The estimated value of Williams Avenue is $300,000 and the
property is unencumbered.  The Company also holds title to a 2007
Hyundai Santa Fe which is valued at $3,500, is unencumbered, and is
used by the Hansens.

Ellsworth Hansen Associates LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Md. Case No. 19-21159) on Aug. 20, 2019,
estimating under $1 million in both assets and liabilities.  The
Debtor is represented by Edward M. Miller, Esq., at Miller &
Miller, LLP.


EMPIRE TODAY: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Northlake, Ill.–based
flooring retailer Empire Today LLC to negative from stable and
affirmed its 'B' issuer credit rating.

S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's term loan and revised our recovery rating to '4'
from '3'. The '4' recovery rating indicates our expectation for
average (30%-50%; rounded estimate: 40%) recovery in the event of a
default.

"The negative outlook reflects the increase in Empire's S&P Global
Ratings-adjusted leverage, which we forecast will remain above 6x
over the next 12 months.

"The negative outlook reflects our expectation for a material
increase in Empire's leverage in 2021 relative to our prior
forecast, offsetting recent good performance. As part of the
transaction, the company will amend its existing $425 million
first-lien term loan and issue an incremental $170 million
first-lien term loan. Empire will also issue a $60 million cash
flow revolver (undrawn at close) for general corporate uses.

"The issuance of the incremental first-lien term loan will expand
Empire's funded debt to $595 million, which is a material 40%
increase from its prior levels and which we believe reflects an
aggressive financial policy. We estimate its S&P Global
Ratings-adjusted leverage will increase above 6x on a pro forma
basis, which compares with our prior expectation for the low-5x
area reflecting the increased debt load somewhat offset by good
performance this year. This has caused us to raise our baseline
sales expectations for the company, which limits capacity for
downside performance at the current rating level.

"We expect strong demand and a continued shift in the company's
product mix to support its positive performance in 2021. We
continue to expect Empire to benefit from favorable trends in the
flooring industry through 2021 and forecast it will raise its
revenue by 13%-15%. We believe the company's EBITDA will grow
roughly 10% this year, given a strong housing market, and rising
home ownership rates as more people move to the suburbs. This is
coupled with a consumer shift in demand toward hard-surface
products, which carry higher average ticket prices and margins than
carpet. The company reported strong performance in the first half
of 2021 and outperformed its results over the same period in 2020
and 2019. During the second quarter (ended June 30, 2021), Empire
increased its sales by 36% year-over-year and by 14% relative to
the second quarter of 2019. The improvement in its sales stemmed
from the increase in its average ticket prices, which were up 13%
in the second quarter.

"While rising installation costs could pressure Empire's earnings,
we believe management's cost-savings initiatives--such as a shift
to digital advertising--will provide some offset. We expect the
company's S&P Global Ratings-adjusted EBITDA margins will remain in
the 11%-12% range over the next 12 months. We believe Empire's
ability to manage its costs will be key to sustaining stable
margins and earnings longer term as operating conditions normalize
in the housing market.

"We expect the company to generate positive free cash flow over the
next 12 months. Empire's asset-lite model, which entails minimal
capital expenditure (capex) supports good cash flow conversion.
Specifically, we expect the company to generate $40 million to $50
million of free operating cash flow, which is more than sufficient
to cover its debt service obligations. Although we forecast its
credit measures will improve over the next two years as it
increases its earnings, Charlesbank sponsor ownership limits our
assessment of its financial risk. We believe that Empire's sponsor
could pursue a more-aggressive financial policy in the future and
use the company's excess cash flow for shareholder returns instead
of prioritizing debt repayment.

"The negative outlook on Empire reflects our expectation that its
S&P Global Ratings-adjusted leverage will be above 6x over the next
12 months."

S&P could lower its rating on Empire if:

-- Profits are weaker than anticipated and we expect S&P Global
Ratings-adjusted leverage will deteriorate to about 6.5x or more.
Such a scenario could occur if there is heightened competition in
its industry or the company pursues a more aggressive financial
policy, including paying dividends to its financial sponsors.

S&P would consider upgrading Empire if:

-- It sustains leverage less than 6.5x and S&P expects the company
will generate free operating cash flow (FOCF) of about $40 million
or more annually.



FITLETIC SPORTS: Seeks to Hire AM Law as Bankruptcy Counsel
-----------------------------------------------------------
Fitletic Sports, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire AM Law, LLC to serve
as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) giving advice to the Debtor with respect to its powers and
duties;

     (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 and initiating adversary
proceedings necessary in the administration of the case;

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

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

The firm received the sum of $10,000 for its services.

Gary Murphree, Esq., at AM Law, disclosed in court filings that his
firm is disinterested as required by Section 327(a) of the
Bankruptcy Code.

The firm can be reached through:

     Gary M Murphree, Esq.
     AM Law, LLC
     7385 SW 87th Avenue, Ste. 100
     Miami, FL 33173
     Phone: 305-441-9530
     Email: gmm@amlaw-miami.com

                       About Fitletic Sports

Fitletic Sports, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-18642) on
Sept. 3, 2021, listing up to $500,000 in assets and up to $1
million in liabilities.  Judge Laurel M. Isicoff presides over the
case.  Gary M. Murphree, Esq., at AM Law, LLC represents the Debtor
as legal counsel.


FRS GROUP: Gets OK to Hire Neeleman Law Group as Legal Counsel
--------------------------------------------------------------
FRS Group, Inc. received approval from the U.S. Bankruptcy Court
for the Western District of Washington to employ Neeleman Law Group
to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. assisting the Debtor in the investigation of the financial
affairs of the estate;

   b. providing legal advice and assistance to the Debtor with
respect to matters relating to the case and creditor distribution;

   c. preparing pleadings; and

   d. performing all other necessary legal services.

The firm's hourly rates are as follows:

     Principals     $450 per hour
     Associates     $275 per hour
     Paralegals     $125 per hour

Neeleman Law Group received a retainer in the amount of $11,717.
The firm will also receive reimbursement for out-of-pocket expenses
incurred.

Thomas Neeleman, Esq., a partner at Neeleman Law Group, 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:

     Thomas D. Neeleman, Esq.
     Neeleman Law Group
     1403 8th Street
     Marysville, WA 98270
     Tel: (425) 212-4800
     Fax: (425) 212-4802
     Email: courtmail@expresslaw.com

                       About FRS Group Inc.

FRS Group, Inc. owns and operates a "Fantastic Sam's" hair salon in
Fountain and Colorado Springs, Colo., with corporate headquarters
located at 3407 H Ave., Anacortes, Wash.  The company is currently
in the process of attempting to sell its business in Colorado
Springs.

FRS Group filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 21-11367) on July 15, 2021, listing as much as
$500,000 in both assets and liabilities.  Autumn Lea Ginnetti,
secretary, signed the petition.  Judge Timothy W. Dore oversees the
case.  Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. is the
Debtor's legal counsel.


G.D.S. EXPRESS: Seeks to Expand Scope of Barnes Wendling's Services
-------------------------------------------------------------------
G.D.S. Express, Inc. and its affiliates filed a supplemental
application seeking authority from the U.S. Bankruptcy Court for
the Northern District of Ohio to expand the scope of services of
their accountant, Barnes Wendling CPAs, Inc.

The additional services to be provided by Barnes Wendling will
include the following:

     (a) preparing all tax returns for year 2020; and

     (b) tracking the gain/loss from all fixed asset dispositions.


The firm's hourly rates are as follows:

     Directors             $330 to $400 per hour
     Managers              $250 per hour
     Supervisors           $175 per hour
     Staff Accountants     $125 per hour

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

Michael Essenmacher, a partner at Barnes Wendling, 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.

Barnes Wendling can be reached at:

     Michael S. Essenmacher
     Barnes Wendling CPAs, Inc.
     1350 Euclid Ave., Suite 1400
     Cleveland, OH 44115
     Tel: (216) 566-9000
     Email: mse@barneswendling.com

                        About G.D.S. Express

G.D.S. Express, Inc. -- http://www.gdsexpress.com/-- is a
family-owned trucking company that provides services in 48 states,
with general freight and garment-on-hangers service in both the
U.S. and Mexico. It operates with 75 owner operators and 60 company
trucks.  Headquartered in Akron, Ohio, G.D.S. Express was founded
in 1990 by Jack Delaney, a former Roadway Express executive.

G.D.S. Express and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 19-53034)
on Dec. 27, 2019, listing up to $50,000 in assets and up to $10
million in liabilities. Judge Alan M. Koschik oversees the cases.

Brouse McDowell, LPA and Barnes Wendling CPAs, Inc. serve as the
Debtors' legal counsel and accountant, respectively.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Jan. 15, 2020.  The committee is represented by
Levinson LLP.


GATEWAY FOUR: Trustee Taps Berkeley Research as Financial Advisor
-----------------------------------------------------------------
David Gottlieb, the Chapter 11 trustee for Gateway Four, LP and its
affiliates, seeks authority from the U.S. Bankruptcy Court for the
Central District of California to retain Berkeley Research Group,
LLC as his financial advisor.

The firm will handle all tax matters, including, without
limitation, preparing tax returns, handling tax compliance matters
and assisting the trustee in assessing the estate's tax
liabilities, estimating and paying taxes, and addressing all tax
matters.

The hourly rates of the professionals who will primarily work on
this case are:

     Vernon L. Calder, Managing Director   $670 per hour
     Leif M. Larsen, Associate Director    $495 per hour
     Victoria Ingle, Executive Assistant   $110 per hour

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

The firm can be reached through:

     Vernon L. Calder, CPA
     Berkeley Research Group, LLC
     201 S. Main, Suite 450
     Salt Lake City, UT 84111
     Phone: 801-321-0076 / 801-321-0053
     Fax: 801-355-9926
     Email: vcalder@thinkbrg.com

                       About Gateway Four LP

Gateway Four LP and its affiliates Gateway Two LP and Gateway Five
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Lead Case No. 20-11581) on Aug. 31, 2020.  In the
petition signed by Gateway Four President James Acevedo, Gateway
Four disclosed total assets of up to $100 million and total
liabilities of up to $50 million.

Judge Martin R. Barash oversees the cases.

Daniel M. Shapiro, Attorney at Law and the Law Office of Sevan
Gorginian serve as the Debtors' legal counsel.

On Oct. 15, 2020, the court entered orders approving the
appointment of David K. Gottlieb as the Chapter 11 trustee in the
Debtors' cases.  Levene, Neale, Bender, Yoo & Brill, LLP and
Berkeley Research Group, LLC serve as the trustee's legal counsel
and financial advisor, respectively.


GATEWAY KENSINGTON: May Use Cash Collateral Pending Final Hearing
-----------------------------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Gateway Kensington LLC to continue
using the cash collateral pending the final hearing on September
22, 2021 at 10 a.m., via Zoom for Government.  Pending the final
hearing, the terms of the second interim order shall remain in full
force and the Debtor shall be authorized to use cash collateral
pursuant to the approved budget.

A copy of the fifth interim (bridge) order is available for free at
https://bit.ly/3DVQ6rx from PacerMonitor.com.

                     About Gateway Kensington

Gateway Kensington LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Case No.
21-22274) on May 14, 2021. At the time of the filing, the Debtor
disclosed total assets of up to $10 million and total liabilities
of up to $50 million.

Judge Robert D. Drain presides over the case.

Kirby Aisner & Curley LLP represents the Debtor as legal counsel.


HERITAGE CHRISTIAN: May Use Cash Collateral Through Oct. 21
-----------------------------------------------------------
Judge Russ Kendig of the U.S. Bankruptcy Court for the Northern
District of Ohio, pursuant to a fifth stipulation between Heritage
Christian Schools of Ohio, Inc. and Heritage Canton LLC, extended
the terms of the interim order authorizing the Debtor to use cash
collateral through October 21, 2021.

The budget filed with the Court provided for $188,000 in total
check and payments for September and $163,000 in total check and
payments for October 2021.

The Court will consider the Debtor's further use of cash collateral
on October 19, 2021 at 2 p.m. Eastern Time.  Objections must be
filed no later than 5 p.m. on October 15.

A copy of the fifth stipulation and order, as well as the budget,
is available for free at https://bit.ly/3hbKJL4 from
PacerMonitor.com.

Counsel for Heritage Canton LLC, creditor:

   Matthew R. Duncan, Esq.
   Brennan, Manna & Diamond
   75 E. Market Street
   Akron, OH 44308
   Telephone: (330) 253-5060
   Facsimile: (330) 253-1977
   Email: mrduncan@bmdllc.com

             About Heritage Christian Schools of Ohio

Heritage Christian Schools of Ohio, Inc. --
https://heritagechristianschool.org -- is a tax-exempt private
Christian school located in Canton, Ohio.

Heritage Christian Schools of Ohio filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio
Case No. 21-60124) on Feb. 2, 2021.  In the petition signed by
Sharla Elton, superintendent, the Debtor disclosed $1,206,968 in
assets and $626,431 in liabilities.  Judge Russ Kendig presides
over the case.

The Debtor tapped Anthony J. DeGirolamo, Esq., as legal counsel and
Carolyn Valentine Co. Inc. as accountant and financial advisor.

Fredric P. Schwieg has been appointed as the Debtor's Subchapter V
Trustee.

Heritage Canton, LLC, creditor, is represented by Brennan, Manna &
Diamond as counsel.



INVO BIOSCIENCE: Closes Acquisition of Effortless IVF Canada
------------------------------------------------------------
Invo Bioscience, Inc. consummated the acquisition of all of the
outstanding stock of Effortless IVF Canada, Inc., pursuant to the
terms of a Share Purchase Agreement dated Sept. 1, 2021 by and
among the Company, Effortless IVF and the shareholders of
Effortless IVF.

The purchase price consisted of: (a) cash in the amount of $25,000;
and (b) 30,000 shares of the Company's common stock.  In addition,
there exists an earn-out provision under which 20,000 shares of the
Company's common stock will be issued to Effortless IVF
shareholders for each clinic that is established and operational
and performing the INVO procedure either directly or as a separate
service offer and in which Effortless IVF shareholders provided
support in the form of an initial clinic introduction, start-up
support, operating procedures, technology education or other
INVO-approved criteria, up to an initial 3 clinics (for a total of
up to 60,000 total shares), within 24 months after the closing
(i.e. Aug. 31, 2023).  The Company also agreed to reimburse
Effortless IVF shareholders for their legal costs in connection
with the Acquisition up to $4,000. The Company relied on the
exemption from registration provided by Regulation S of the
Securities Act of 1933, as amended, for the offer and sale of the
Shares.

Effortless IVF was originally formed by its shareholders to
establish fertility clinics that would offer the INVO procedure.
Effortless IVF developed important procedures and documentation
necessary to establish such clinical operations under Canadian
rules and regulations.  The Company acquired the entity to help
accelerate its own efforts to develop the INVO Center clinic model
within the Canadian marketplace – similar to the approach
recently accomplished by registrant in the U.S. market.  The
Company intends to rename Effortless IVF as "INVO Canada."

                       About INVO Bioscience

Sarasota, Florida-based INVO Bioscience, Inc. --
http://invobioscience.com-- is a medical device company focused on
creating simplified, lower-cost treatments for patients diagnosed
with infertility.  The Company's solution, the INVO Procedure, is a
revolutionary in vivo method of vaginal incubation that offers
patients a more natural and intimate experience.  Its lead product,
the INVOcell, is a patented medical device used in infertility
treatment and is considered an Assisted Reproductive Technology
(ART).

Invo Bioscience reported a net loss of $8.35 million in 2020, a net
loss of $2.16 million on $1.48 million in 2019, a net loss of $3.07
million in 2018, and a net loss of $702,163 in 2017.  As of March
31, 2021, the Company had $10.19 million in total assets, $4.59
million in total liabilities, and $5.60 million in total
stockholders' equity.


IPS CORP: S&P Assigns 'B-' ICR on Acquisition by Centerbridge
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
U.S.-based solvent cements, plumbing and roofing products, and
specialty adhesives producer IPS Corp. Concurrently, S&P assigned
'B-' ratings to the first-lien term loan and delayed draw term loan
and a 'CCC' rating to the second-lien term loan, issued by
co-borrowers CP Iris Holdco I and CP Iris Holdco II.
The stable outlook indicates S&P's expectation that debt leverage
will remain high at about 7x-8x in 2021 and 2022, although it
expects strong business performance and earnings to mitigate some
of this impact from higher debt levels.

IPS' well-recognized brand for solvent cements results in strong
profitability though offset by its small scale and narrow product
focus. The company's solvent cements and adhesives products sold
under the Weld-On brand have a strong loyalty amongst contractors.
IPS' products usually account for a negligible proportion of the
project's overall cost, as well as the high cost associated with
failure of the product provide some customer stickiness and ability
to pass through higher costs. These factors combined with its high
variable cost structure, helps the company produce strong
profitability. Its adjusted EBITDA margins of about 20% over the
past few years compare favorably with its peers and the overall
industry. S&P said, "Nonetheless, we believe some of these
strengths are offset by the risks underlying the company's small
size with annual revenues of about $400 million and its
concentration with a few sub product categories, when compared with
other larger and more diversified building materials peers. We
believe smaller and less diversified companies are more prone to
volatility during periods of economic stress."

S&P said, "We expect business performance will remain strong over
the next 12 months because of tailwinds from residential markets,
but we expect earnings and cash flows to remain prone to
cyclicality. We expect revenues to grow by 10%-15% over the next 12
months and adjusted EBITDA margins to remain between 21%-23%. The
company has benefitted over the last 12 months from strong
tailwinds in residential end markets. Further, we expect this to
continue over the next few quarters as reflected in our
expectations of about 1.5-1.6 million of new housing starts for
2021-2022 and residential construction growth of over 10% during
this period. However, IPS' ability to manage and pass-through
rising costs will be key to future revenue and earnings growth.
Also, we expect the company's earnings and cash flows to be prone
to the inherent volatility from housing and economic cycles, as it
has a high exposure (~70% of revenues) to the cyclical new
construction end markets for residential and non-residential
construction and the relatively stable repair and remodel spending
drives only about 10% of its revenues. We could possibly see higher
volatility in the company's earnings and cash flows in a housing
downturn when compared to many other building products
manufacturers that are generally more R&R exposed.

"Pro forma for the proposed transaction, we expect adjusted
leverage will be at the upper end of the 7x-8x range over the next
12 months, which will tighten credit cushion if profits weaken.
This reflects the company's aggressive financial policies, and we
expect them to remain so, such that it could continue to pursue
debt-financed acquisitions. While we expect earnings to remain
strong at least over the next 12 months, weaker business conditions
and profits could result in sustained deterioration in credit
measures. For instance, if profit growth is about only 15% versus
the expected 30%, adjusted leverage could move toward the 9x-10x
range. Nonetheless, the company's ability to generate free cash
flow of $30 million-$40 million annually and EBITDA interest
coverage of above 2x, provide some offset.

"The stable outlook on IPS reflects our expectation that the high
debt burden will be somewhat offset by strong business performance.
As such we expect adjusted leverage to be 7x-8x and EBITDA interest
coverage to be at least 2x."

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

-- S&P views the capital structure as unsustainable, exhibited by
adjusted leverage deteriorating toward 10x, EBITDA interest
coverage trending lower than 1x, or free cash flow turning
negative. This scenario could materialize if demand slows down
faster than expected or higher-than-expected input prices that
cannot be passed on, compress margins by more than 300 bps;

-- Liquidity weakens because of tighter covenant headroom; or

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

Although unlikely, S&P could raise the rating over the next 12
months if the company outperforms our base-case scenario resulting
in adjusted leverage of below 6x and it believes the financial
sponsors are committed to maintaining it at this level.



J.J.W. METAL: Unsecured Claims to Recover Up to 100% in Plan
------------------------------------------------------------
J.J.W. Metal, Corp., submitted a Second Amended Plan of
Reorganization.

During the course of the Debtor's Chapter 11 proceedings, its main
controversies have been with the Municipality of Carolina.  The
Debtor's management assures, as will be evidenced during the
confirmation hearing, that the Debtor has all licenses and permits
to operate its business.

Class 6 – Holders of Allowed General Unsecured Claims will be
paid in full satisfaction of their claims 100% thereof on the
Effective Date up to a maximum amount of $60,000, which is
sufficient to pay all present claims in full.  In the event that
additional allowable claims arise prior to the confirmation of the
Plan, the $60,000 will be distributed on a pro-rata basis, among
the members of Class 6. Claims of Debtor's Insiders will be
subordinated to the other general unsecured claims.  Class 6 is
impaired.

The Debtor will effect payment of Administrative Expense Claims,
Priority Tax Claims, Allowed Secured and General Unsecured Claims
from the cash flows generated from its operations.

Attorney for the Debtor:

     CHARLES A. CUPRILL P.S.C. LAW OFFICES
     356 Fortaleza Street
     Second Floor
     San Juan, PR 00901
     Tel.: 787-977-0515
     Fax: 787-977-0518
     E-mail: ccuprill@cuprill.com

A copy of the Disclosure Statement dated September 1, 2021, is
available at https://bit.ly/2WJ2MRS from PacerMonitor.com.

                     About J.J.W. Metal Corp.

Palmer, P.R.-based J.J.W. Metal Corp. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-04536)
on Nov. 23, 2020. In the petition signed by Jorge Rodriguez
Quinones, president, the Debtor disclosed total assets of
$1,649,341 and total liabilities of $1,750,865.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Charles A. Cuprill, PSC, Law Offices as
bankruptcy counsel, and Gino Negretti Lavergne, Esq., and Frank
Inserni Milam, Esq., as special counsel.  It also tapped the
consulting services of Luis R. Carrasquillo & Co. PSC, Intelligence
& Investigations Group Inc., Risk Assessment & Management (RAM)
Group Inc., Arturo Vazquez Cancel, and ISFPE LLC.


JAB ENERGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: JAB Energy Solutions II, LLC
        19221 I-45 South
        Suite 324
        Shenandoa, TX 77385

Business Description: JAB Energy Solutions II, LLC --
                      http://jabenergysolutions.com-- is an EPIC
                      (Engineering, Procurement, Installation &
                      Commissioning) specialist providing
                      comprehensive project management services
                      for decommissioning, abandonment,
                      construction and installation of offshore
                      and onshore oil and gas facilities,
                      platforms and pipelines.  Based in Houston,
                      Texas, with offices in Lake Charles,
                      Louisiana, JAB Energy Solutions serves major

                      and independent energy companies worldwide.

Chapter 11 Petition Date: September 7, 2021

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 21-11226

Debtor's Counsel: Laura Davis Jones, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  919 North Market Street
                  17th Floor
                  Wilmington, DE 19801
                  Tel: 302-652-4100
                  Email: ljones@pszjlaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Albert Altro, chief restructuring
officer.

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

https://www.pacermonitor.com/view/6YDDVLQ/JAB_Energy_Solutions_II_LLC__debke-21-11226__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Turnkey Offshore Project            Judgment         $8,279,542

Services, LLC
PO Box 5041
Houma, Louisiana 70361
Kristie Izaguirre
Tel: 985-563-7801
Email: ar@oesinc.com;
george@gnalley.com

2. Offshore Domestic Group            Litigation        $3,558,480
PO BOX 54970
New Orleans, LA 40154
C. Larry Carbo, III (counsel)
Tel: 713-658-1818
Email: larry.carbo@chamberlainlaw.com

3. Texas Parks and Wildlife            Trade Debt         $878,243
Department Artificial Reef Program
4200 Smith School Rd
Austin TX 78744
Dale Shively
Tel: 512-389-4686
Email: Dale.shively@tpwd.tex as.gov

4. HB Rentals, LC                      Trade Debt         $730,415
PO Box 208643
Dallas, TX 75320-8643
Tami Beauex
Tel: 337-839-1641 Ext. 2829
Email: jills@hbrental.com

5. Crosby Tugs, LLC                    Trade Debt         $553,330
P.O. Box 279
Golden Meadow, LA 70357
T. Breaux
Tel: 985-632-7575
Email: tbreaux@crosbytugs.com

6. Offshore Technical                  Litigation         $534,478

Compliance, LLC
1598 Ochsner Blvd
Suite A
Covington, LA 70433
Misty Laviolette
Tel: 985-727-7400
Email: amy@offshoretechnical.com;
martin@bohmanmorse

7. Sparrows Offshore LLC               Trade Debt         $416,025
Dept - 3628
PO Box 123628
Dallas, TX 75312-3628
Guy Mirro
Tel: 713-896-0002
Email: us@sparrowsgroup.com

8. C-Dive, LLC                         Litigation         $352,838
PO Box 2968
Houma, LA 70361
Guy Broussard
Email: stassi@carverdarden.com

9. US Dept. of Commerce - NOAA         Trade Debt         $240,739
Attn: Farron Wallace
4700 Avenue U
Galveston, Texas 77551
Patrick Somers
Tel: 301-444-2144
Email: megan.kesterson@noaa.gov

10. Demex International Inc.           Trade Debt         $219,698
7144 Dummyline Road
Picayune, MS 39466
Gary DeMarsh
Tel: 228-255-7584
Email: gary@demex.us

11. Harvey Gulf International          Trade Debt         $144,949
701 Poydras St.
Ste. 3700
New Orleans, LA 70139
Benjamin Kadden
Tel: (504) 348-2466
Email: patrick.comers@harveygulf.com

12. DLS, LLC                           Trade Debt         $105,933
701 Robley Drive
Suite 104
Lafayette, LA 70503
Scott McPherson
Tel: 337-924-
7444/Billing
Email: misty@dls-energy.com

13. Lugenbuhl, Wheaton, Peck,         Professional         $88,405
Rankin & Hubbard                        Services
601 Poydras St
Suite 2775
New Orleans, LA 70130
Charlette Petkovich
Tel: 504-568-1990
Email: bkadden@lawla.com

14. River Rental Tools Inc.            Trade Debt          $76,589

109 Derrick Road
Belle Chasse, LA 70037
J. Cline
Tel: (504) 392-9775
Email: jcline@rrtmax.com

15. Snow & Green LLP                  Professional         $49,083
PO Box 549                             Services
Hockley, TX 77447
Amy Porche; Martin
Bohman (counsel - 504-930-4022)
Tel: 713-335-4800
Email: ken@snow-green.com

16. Specialty Offshore, Inc.           Trade Debt          $47,366
PO Box 2853
Hammond, LA 70404
Jessica Cline
Tel: 985-542-8770
Email: mletellier@sdive.com

17. Ten-M Marine LLC                   Trade Debt          $45,000
4808 Coulon St
Lafitte, LA 70067
Morgan Perrin
Tel: (504) 416-8392
Email: mike@madmaxmarine.com

18. GOL, LLC                           Trade Debt          $37,765
P.O. Box 309
Raceland, LA 70394
Ken Green
Tel: 985-532-1060
Email: guj@gulf-log.com

19. Blackwater Diving LLC              Trade Debt          $25,718

PO Box 948
Amelia, LA 70340
Kevin Lorio
Tel: 985-631-3770
Email: kristiei@blackwaterdiv.com

20. McDonough Marine Service           Trade Debt           $4,625
PO Box 919227
Dallas, TX 75391
Mike Perrin - 504-908-2800
Tel: 504-780-8100
Email: cpetkovich@mcdonoug
hmarine.com


KAFKA CONSTRUCTION: Unsecureds to Receive $30,000 in Plan
---------------------------------------------------------
Kafka Construction, Inc., submitted a First Amended Disclosure
Statement.

During the pendency of the Debtor's case, the Debtor received cash
from its principals so that the Debtor could continue operating and
providing services on its pending construction projects.  The
debtor-in-possession financing is subordinate to all allowed claims
in the case and the DIP lender(s) do not have an administrative
claim. Accordingly, no distribution will be made to the DIP
lender(s) under the Plan. Certain adequate protection payments have
been made to Alma Bank. Alma Bank was not granted replacement liens
in the Debtor's post-petition collateral.

Over the past 30 years or so, Kafka and the SCA entered into
various contracts with the SCA concerning the construction and
improvement of certain capital improvement projects. The Debtor has
thus far received the sum of $2,400,000 of the SCA Settlement.
There is a $100,000 hold back under the SCA Settlement for the two
projects to be closed out (Curtis HS and PS-369K), dismissal of the
adversary proceedings, and mutual releases. The proceeds of the SCA
Settlement will fund the Plan.

The Debtor is no longer engaged in actual work on projects.  Any
minor work needed to close out PS-369K will be performed by Eagle 1
Mechanical.  The proceeds of the SCA Settlement shall be used to
make the distributions required under the Plan by the Disbursing
Agent.

The proceeds and profits from each Completed Construction Projects,
as detailed in the SCA Settlement Agreement, and any other funds
that come into the Estate, shall be distributed by the Debtor
through the Disbursing Agent, subject to the Plan and any Court
Orders affecting same, as follows:  

   (i) First, payment to any valid, unpaid Article 3A Claims
pertaining to such
Completed Construction Projects, to the extent Article 3A Funds
exist on a given
Completed Construction Project.  This shall include Berkley on
account of any Allowed Article 3A Claims paid by Berkley with
respect to such Completed Construction Projects upon receipt by the
Debtor of a detailed reconciliation of payments made by Berkley on
account of Article 3A Claims with respect to such Completed
Construction Project;

(ii) Second, from the Non-Article 3A Funds, Alma shall receive a
payment of
$195,000 on the Effective Date and, subject to receipt of such
funds on the Effective Date, and agrees to a carve-out of its
secured interest in the balance of Non-Article 3A Funds to allow
for payment of, in order of priority, the Administrative Claims
(including Debtor's Counsel’s Fee Claim), Allowed Priority
Claims, Secured Claim of Meltzer Lippe, and General Unsecured
Claims as set forth herein;

(iii) Third, after the payment of Article 3A Claims set forth in
(i) and Alma Bank in (ii), above, payment to Administrative Claims,
including Debtor's counsel and UST fees, in the Chapter 11 case in
the amount of $250,000 for Debtor's counsel, UST fees, NYS
Administrative Tax Claims, Department of Labor Administrative
Claim;  

(iv) Fourth, after the payments set forth in (i), (ii) and (iii)
above, payment to Allowed Priority Claims;   

  (v) Fifth, after the payments set forth in (i), (ii), (iii), and
(iv) above, payment of $17,500 to satisfy the secured claim of
Meltzer Lippe; and

(vi) Sixth, to the extent any Non-Article 3A Funds remain after
the payments set forth in (i), (ii), (iii), (iv) and (v) above, Pro
Rata to holders of Allowed General Unsecured Claims in the amount
of up to $30,000 (approximately 2% dividend to Allowed Claims); and


(vii) Distribution of any surplus Non-Article 3A Funds after
payment of above, shall
be to Alma Bank.

Allowed General Unsecured Claims in Class 7 will split $30,000.
Pursuant to the Carveout, the Debtor will have up to $30,000 to
distribute pro rata to Class 7 holders of Allowed General Unsecured
Claims in exchange for full and final satisfaction, settlement,
release of Allowed General Unsecured Claims.  Unsecured creditors
are projected to recover 2% under the Plan.

Attorneys for the Debtor:

     SPENCE LAW OFFICE, P.C.
     Robert J. Spence, Esq.
     55 Lumber Road, Ste 5
     Roslyn, New York 11576
     516-336-2060

A copy of the Disclosure Statement dated September 1, 2021, is
available at https://bit.ly/3toO8uZ from PacerMonitor.com.

                      About Kafka Construction

Kafka Construction Inc., a general contractor in Long Island, New
York, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
18-42637) on May 7, 2018.  In the petition signed by Costas
Katsifas, president, the Debtor estimated at least $50,000 in
assets and $1 million to $10 million in liabilities.  The case is
assigned to Judge Elizabeth S. Stong.  The Debtor is represented by
Robert J. Spence, Esq. at Spence Law Office, P.C.


KATERRA INC: Unsecureds to Recover 1.1% to 7.4% Under Plan
----------------------------------------------------------
Katerra Inc., et al., filed an Amended Joint Chapter 11 Plan and a
Disclosure Statement.

In connection with the Debtors' sale efforts, the Debtors in July
2021, selected Blue Varsity LLC to act as the stalking horse bidder
for the Spokane, Washington CLT Facility and related assets for a
purchase price consisting of (a) a cash payment of $50,000,000
minus the Real and Personal Property Tax adjustment and (b) the
assumption of the Assumed Liabilities.  The Debtors also selected
VBC Tracy LLC to act as the stalking horse bidder for the Tracy
Factory and related assets for a purchase price consisting of (a) a
cash payment of $21,250,000 minus the Real and Personal Property
Tax Adjustment, and (b) the assumption of the Assumed Liabilities.
The Debtors did not receive any other qualified bids by the July 29
deadline.  On Aug. 3, 2021, the Bankruptcy Court entered orders
approving the sales of the CLT Assets and Tracy Assets, which
provided an aggregate $70 million in cash proceeds to the Debtors'
estates.  The Debtor selected BMC Corporate Services, LLC, as
stalking horse bidder for the Apollo assets, and on Aug. 26, 2021,
the Court approved the sale to BMC for $4.5 million.

In addition to the marketing process, the Debtors have effectuated
a number of private sales and negotiated settlements related to
projects since the Petition Date.

The Plan contemplates a basic "waterfall" structure whereby the
estate liquidates its assets and all proceeds thereof are
distributed to Holders of Allowed Claims pursuant to the priority
established by the Bankruptcy Code.

To effectuate this, a Plan Administrator will be appointed on the
Effective Date to wind down the Debtors' estates (such process, the
"Wind Down"), monetize any remaining assets, and make distributions
to creditors in accordance with the Plan. The Plan Administrator
will be identified no less than seven days prior to the
Confirmation Hearing as part of the Plan Supplement. Upon
completion of the Wind Down, the Plan Administrator will take steps
to dissolve any remaining Debtor entities.

The Plan contemplates distributions being made pursuant to a
waterfall priority scheme in accordance with the Bankruptcy Code.
Thus, the recoveries for each class listed in this chart depend
entirely on the extent to which classes senior to them are
satisfied.

Allowed general unsecured claims are projected to total $800
million to $1.6 billion.  Each holder of an allowed general
unsecured claim will receive its pro rata share of the "General
Unsecured Claims Recovery."  General Unsecured Claims Recovery
means Distributable Cash, if any, after all senior classes
of claims are paid in full.  Unsecured creditors are projected to
recover 1.1% to 7.4% under the Plan.

The deadline to vote on the Plan and object to the Plan is Sept.
24, 2021, at 4:00 p.m. (prevailing Central Time).

Co-Counsel to the Debtors:

     Matthew D. Cavenaugh
     JACKSON WALKER LLP
     Jennifer F. Wertz
     J. Machir Stull
     1401 McKinney Street, Suite 1900
     Houston, Texas 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     Email: mcavenaugh@jw.com
            jwertz@jw.com
            mstull@jw.com

Co-Counsel to the Debtors:

     Joshua A. Sussberg, P.C.
     Christine A. Okike, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     Email: joshua.sussberg@kirkland.com
            christine.okike@kirkland.com

         - and -

     Joshua M. Altman
     300 North LaSalle Street
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: josh.altman@kirkland.com

A copy of the Disclosure Statement dated Sept. 1, 2021, is
available at https://bit.ly/2WJd6ZA from PacerMonitor.com.

                        About Katerra Inc.

Based in Menlo Park, Calif., Katerra Inc. is a Japanese-funded,
American technology-driven offsite construction company.  Katerra
was founded in 2015 by Michael Marks, former chief executive
officer of Flextronics and former Tesla interim CEO, along with
Fritz Wolff, the executive chairman of The Wolff Co.  It offers
technology-driven design, manufacturing, and assembly solution for
bathroom pods, door and window, furniture, and modular utility
systems.

Katerra and its affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 21-31861) on June 6, 2021.  In its
petition, Katerra disclosed assets of between $500 million and $1
billion and liabilities of between $1 billion and $10 billion.

Judge David R. Jones oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as
bankruptcy counsel; Houlihan Lokey Capital, Inc. as investment
banker; Alvarez & Marsal North America, LLC as financial and
restructuring advisor; and KPMG, LLP as tax consultant. Prime Clerk
LLC is the claims and noticing agent.

The official committee of unsecured creditors tapped Fox
Rothschild, LLP, as counsel; and FTI Consulting, Inc., as financial
advisor.

Weil, Gotshal & Manges LLP is counsel for SB Investment Advisers
(UK) Limited, DIP lender.

                            *    *    *

Katerra in early August 2021 won court approval to sell factories
in Washington state and California for a total of $71 million. Blue
Varsity LLC, a wholly-owned subsidiary of Mercer International
Inc., purchased Katerra's cross-laminated timber factory in
Spokane, Wash.  Volumetric Building Companies, a Philadelphia-based
construction company, agreed to buy Katerra's two-year-old factory
in Tracy, Calif.


LONJ LLC: Gets OK to Hire Coldwell Banker as Real Estate Broker
---------------------------------------------------------------
LONJ, LLC received approval from the U.S. Bankruptcy Court for the
District of New Jersey to employ Coldwell Banker Realty to assist
in the sale of its real property at 422 US Highway 206, Frankford
Township, Banchville, N.J.

The firm will be paid a commission of 5 percent of the sales
price.

Christopher Ohab, a sales associate at Coldwell Banker Realty,
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:

     Christopher Ohab
     Coldwell Banker Realty
     24 White Deer Plaza
     Spart, NJ 07871
     Tel: (973) 729-6111
     Mobile: (862) 219-9168
     Email: chris.ohab@cbmoves.com

                           About LONJ LLC

LONJ, LLC filed a Chapter 11 petition (Bankr. D.N.J. Case No.
21-14247) on May 21, 2021, listing up to $1 million in assets and
up to $500,000 in liabilities.  Judge Stacey L. Meisel oversees the
case.  The Debtor is represented by John F. Bracaglia, Jr., Esq.,
at Savo, Schalk, Gillespie, O'Grodnick & Fisher, P.A.


MAGELLAN HOME-GOODS: Gets OK to Hire Neeleman Law Group as Counsel
------------------------------------------------------------------
Magellan Home-Goods, Ltd received approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Neeleman Law
Group to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. assisting the Debtor in the investigation of the financial
affairs of the estate;

   b. providing legal advice and assistance to the Debtor with
respect to matters relating to the case and creditor distribution;

   c. preparing pleadings; and

   d. performing all other necessary legal services.

The firm's hourly rates are as follows:

     Principals     $450 per hour
     Associates     $275 per hour
     Paralegals     $125 per hour

Neeleman Law Group received a retainer in the amount of $11,738.
The firm will also receive reimbursement for out-of-pocket expenses
incurred.

Thomas Neeleman, Esq., a partner at Neeleman Law Group, 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:

     Thomas D. Neeleman, Esq.
     Neeleman Law Group
     1403 8th Street
     Marysville, WA 98270
     Tel: (425) 212-4800
     Fax: (425) 212-4802
     Email: courtmail@expresslaw.com

              About Magellan Home-Goods Ltd

Magellan Home-Goods Ltd, doing business as Magellan Home Goods,
sells patented home goods and small appliances manufactured
off-shore to retail consumers located in the United States.

Magellan Home-Goods sought protection under Subchapter V of Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 21-11413) on
July 24, 2021, listing $2,324,758 in total assets and $2,063,752 in
total liabilities.  Judge Marc Barreca oversees the Debtor's
bankruptcy case while Geoffrey Groshong is the Subchapter V trustee
appointed in the case.

Neeleman Law Group, P.C. serves as the Debtor's legal counsel.


MALLINCKRODT PLC: Chapter 11 Releases Should Be Opt-In, Says SEC
----------------------------------------------------------------
Law360 reports that the U.S. Securities and Exchange Commission
told a Delaware bankruptcy judge that drugmaker Mallinckrodt PLC's
shareholders should be asked if they want to release their
third-party litigation claims in its Chapter 11 plan, instead of
their consent being assumed.

In a filing Friday, September 3, 2021, the SEC said the law
supports switching the shareholder release provisions on
Mallinckrodt's Chapter 11 plan from "opt-out" to "opt-in," as the
shareholders are getting neither a vote on nor benefits under the
plan.

"[E]ven if this Court were to accept that consent may be implied
from inaction in
cases where shareholders receive consideration, almost all of the
cases cited by the Debtors did not impose "consensual" releases on
non-voting investors who were deemed to reject the plan.  Rather,
the cases cited by the SEC are much more relevant and persuasive
here," the SEC points out.

"Accordingly, the Plan's requirement that Classes 13 and 14
affirmatively opt out of the Release renders the Release
nonconsensual.  It should not be approved by the Court"

The SEC requests that the Court deny confirmation of the Plan
unless the Plan is
amended to provide that Mallinckrodt's public shareholders and
holders of Subordinated Claims be carved out of the Releases, or be
required to "opt in" to the Releases in order to be bound.

                    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 Visit 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.

The Debtors filed their plan of reorganization and disclosure
statement on April 20, 2021.


MALLINCKRODT PLC: Willkie, et al. 4th Update on Attestor Claimants
------------------------------------------------------------------
In the Chapter 11 cases of Mallinckrodt PLC, et al., the law firms
of Willkie, Farr & Gallagher LLP, Morris, Nichols, Arsht & Tunnel
LLP, and Eimer Stahl LLP submitted a fourth amended verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose an updated list of Attestor Claimants.

As of Sept. 3, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

                                           Disclosable
                                       Economic Interests
                                       ------------------

Humana, Inc.                               Unliquidated
500 West Main St.
Louisville, KY 40202

Attestor Limited                           Unliquidated
7 Seymour Street
London
United Kingdom, W1H 7JW

On April 19, 2021, MNAT and Willkie filed the Verified Statement of
Willkie Farr & Gallagher LLP and Morris, Nichols, Arsht & Tunnell
LLP Pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure.

On May 20, 2021, MNAT and Willkie filed the Amended Verified
Statement of Willkie Farr & Gallagher LLP and Morris, Nichols,
Arsht & Tunnell LLP Pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure, amending the Original Verified Statement. As
described in the Amended Verified Statement, on May 14, 2021,
Attestor, through affiliated entities, acquired additional
Acthar-related proofs of claim, listed on Exhibit B to the Amended
Verified Statement, originally filed by United HealthCare Services,
Inc., OptumRx Group Holdings Inc. and OptumRx Holdings, LLC. On the
same day, Attestor filed notices of transfers with respect to such
claims pursuant to Federal Rule of Bankruptcy Procedure 3001.

On June 4, 2021, MNAT, Eimer Stahl, and Willkie filed the Second
Amended Verified Statement of Willkie Farr & Gallagher LLP and
Morris, Nichols, Arsht & Tunnell LLP Pursuant to Rule 2019 of the
Federal Rules of Bankruptcy Procedure amending the Amended Verified
Statement to add Eimer Stahl as additional counsel to Attestor and
Humana.

On July 22, 2021, MNAT and Willkie filed the Third Amended Verified
Statement of Willkie Farr & Gallagher LLP and Morris, Nichols,
Arsht & Tunnell LLP Pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure, amending the Second Amended Verified
Statement. As described in the Third Amended Verified Statement, on
July 7, 2021, Attestor, through subsidiaries of one of the funds of
which the investments are managed by it, acquired additional
Acthar-related proofs of claim, listed on Exhibit B to the Third
Amended Verified Statement, originally filed by CVS Pharmacy, Inc.
On July 15, 2021, Attestor filed notices of transfers with respect
to such claims pursuant to Federal Rule of Civil Procedure
3001(e).

The Law Firms file this Fourth Amended Verified Statement to amend
and supplement the disclosures set forth in the Third Amended
Verified Statement.

The Law Firms were recently made aware that Attestor previously
acquired an indirect interest in certain claims against the Debtors
through MSP Recovery Claims Series 44, LLC, an indirect subsidiary
of one of the funds of which its investments are managed by
Attestor. MSP Series 44 has filed proofs of claim related to such
claims. MSP Series 44 is represented by Kozyak Tropin &
Throckmorton, LLP in these chapter 11 cases and the Law Firms do
not represent Attestor or MSP Series 44 with respect to such
claims.

Counsel to Attestor and Humana can be reached at:

          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          Donna L. Culver, Esq.
          Robert J. Dehney, Esq.
          Matthew B. Harvey, Esq.
          Matthew O. Talmo, Esq.
          Taylor M. Haga, Esq.
          1201 North Market Street, 16th Floor
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Telephone: (302) 658-9200
          Facsimile: (302) 658-3989
          E-mail: dculver@morrisnichols.com
                  rdehney@morrisnichols.com
                  mharvey@morrisnichols.com
                  mtalmo@morrisnichols.com
                  thaga@morrisnichols.com

          Matthew A. Feldman, Esq.
          Paul V. Shalhoub, Esq.
          Matthew Freimuth, Esq.
          Benjamin P. McCallen, Esq.
          Richard Choi, Esq.
          Philip F. DiSanto, Esq.
          WILLKIE FARR & GALLAGHER LLP
          787 Seventh Avenue
          New York, NY 10019
          Telephone: (212) 728-8000
          E-mail: mfeldman@willkie.com
                  pshalhoub@willkie.com
                  mfreimuth@willkie.com
                  bmccallen@willkie.com
                  rchoi1@willkie.com
                  pdisanto@willkie.com

             - and -

          Benjamin E. Waldin, Esq.
          Sarah H. Catalano, Esq.
          James W. Joseph, Esq.
          Sarah H. Catalano, Esq.
          EIMER STAHL LLP
          224 South Michigan Avenue
          Suite 1100
          Chicago, IL 60604
          Telephone: (312) 660-7600
          E-mail: bwaldin@eimerstahl.com
                  ssolberg@eimerstahl.com
                  jjoseph@eimerstahl.com
                  scatalano@eimerstahl.com

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

                    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.

The Debtors filed their plan of reorganization and disclosure
statement on April 20, 2021.


MI TELEGRAPH II: Gets OK to Hire Osipov Bigelman as Legal Counsel
-----------------------------------------------------------------
MI Telegraph II, LLC received approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Osipov
Bigelman, P.C. to handle its Chapter 11 case.

The firm's hourly rates are as follows:

     Jeffrey H. Bigelman, Esq.           $375 per hour
     Yuliy Osipov, Esq.                  $375 per hour
     Anthony Miller, Esq.                $340 per hour
     David Miller, Esq.                  $340 per hour
     Paralegals                          $125 per hour

The Debtor paid the firm a retainer in the amount of $20,653.  The
firm will also receive reimbursement for out-of-pocket expenses
incurred.

Yuliy Osipov, Esq., a partner at Osipov Bigelman, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Yuliy Osipov, Esq.
     Osipov Bigelman, P.C.
     20700 Civic Center Dr., Ste. 420
     Southfield, MI 48076
     Tel: (248) 663-1800
     Email: yo@osbig.com

                     About MI Telegraph II LLC

MI Telegraph II, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Mich. Case No. 21-46522) on Aug. 8, 2021, listing as much as
$1 million in both assets and liabilities.  Osipov Bigelman, P.C.
serves as the Debtor's legal counsel.


MIDTOWN CAMPUS: U.S. Bank Seeks Additional Adequate Protection
--------------------------------------------------------------
U.S. Bank, as Indenture Trustee, asked the U.S. Bankruptcy Court
for the Southern District of Florida for additional adequate
protection with respect to the use of cash collateral by Midtown
Campus Properties, LLC.

Specifically, U.S. Bank asked that:

   a. the Court impose on the Debtor these deadlines:

      * October 15, 2021 -- stalking horse bidder selection with no
diligence out;

      * October 31, 2021 -- Project completion date, inclusive of
amenities;

      * November 5, 2021 -- deadline to enter bid procedures order
and approve the disclosure statement;

      * November 15, 2021 -- TCO deadline for all remaining beds;

      * November 30, 2021 -- deadline to obtain final certificate
of occupancy; and

      * December 31, 2021 -- sale closing date;

   b. payments to the Debtor's insiders from the Second DIP and the
Trustee's cash collateral must stop.  According to the Trustee, the
Debtor diverted to insiders more than $550,000 of postpetition DIP
funds that would have otherwise gone to fund construction;

   c. the Debtor submit to the Trustee (i) information on how the
Trustee's cash collateral is being spent on construction and
operations; (ii) schedules and budget (iii) variances from the
budget; and (iv) progress on
compliance with the completion and sale timelines; and

   d. the Trustee requests confirmation that all estate
professional fees are junior in priority to the Trustee's lien,
such that the Trustee is only primed to the extent of the $7.4
million priming Second DIP authorized by the Court.  

U.S. Bank said the Debtor refuses to disclose what professional
fees it is accruing, or whether those professional fees will exceed
the amount of the professional fee reserve escrow.

U.S. Bank noted that since the December 11, 2020 hearing to
consider the priming Second DIP, the Debtor has missed every
milestone that it committed to achieve. On at least six separate
occasions the Debtor made affirmative commitments to the Court
about the Midtown Apartments Project completion. Each time the
Debtor has failed to deliver. The timeline is slipping again. The
Debtor has also run out of funding under the priming Second DIP and
will require an additional $1.484 million.

"The Debtor inexplicably waited until it ran out of funds before
making its request for funding and disclosing a new budget,
creating another self-made emergency. Meanwhile, the Debtor has not
secured a stalking horse bidder, filed bid procedures or filed a
legitimate disclosure statement and plan," U.S. Bank said.

The Debtor's representative told the Court in December 2020 that
subcontractors and suppliers were "lined up" and ready to complete
the Project by April 2021.

On August 20, U.S. Bank. delivered to the Debtor's counsel an
alternative proposal for funding the completion of the Project
accompanied by requests for adequate protection and other terms and
conditions.  "The Debtor's response -- silence," the bank said.

U.S. Bank and the bondholders said they remain committed to finding
a consensual and workable resolution.

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

                  About Midtown Campus Properties

Midtown Campus Properties, LLC, is a single asset real estate that
owns the Midtown Apartments. The Midtown Apartments is a 310-unit
student housing apartment complex currently under construction at
104 NW 17th St in Gainesville, Florida, just across from the
University of Florida. It consists of a six-story main building, a
parking garage for resident and public use, and a commercial retail
space.

Each unit includes a full-size kitchen, carpet, tile, and hardwood
floors and be fully furnished. It is located near several Midtown
bars and restaurants frequented by students, and just a couple of
minutes' walk from Ben Hill Griffin Stadium.

Midtown Campus Properties sought Chapter 11 protection (Bankr. S.D.
Fla. Case No. 20-15173) on May 8, 2020. The Debtor was estimated to
have $50 million to $100 million in assets and liabilities as of
the bankruptcy filing.

The Honorable Robert A. Mark is the presiding judge.

The Debtor tapped Genovese Joblove & Battista, P.A., as bankruptcy
counsel; and The Bosch Group, Inc., as construction consultants.

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



MISSION ACHIEVEMENT: S&P Assigns 'BB' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings has assigned its 'BB' issuer credit rating to
Mission Achievement and Success Education Foundation, Inc., a New
Mexico not-for-profit education corporation, (the foundation) on
behalf of Mission Achievement and Success Charter School (MAS). The
outlook is stable.

"We assessed MAS' enterprise profile as adequate, characterized by
a healthy enrollment base with expectations of ongoing growth, good
academics, a moderate charter history, and a capable management
team," said S&P Global Ratings credit analyst Peter Murphy. S&P
assessed the organization's financial profile as vulnerable,
reflecting weak coverage of pro forma lease-adjusted MADS, very
high leverage, and modest unrestricted reserves. It believes that
combined, these credit factors lead to an anchor of 'bb' and a
final rating of 'BB'.

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for the charter sector under our
environmental, social, and governance (ESG) factors. We believe
this is a social risk for MAS due to possible impacts on enrollment
and mode of instruction going into fall 2021 prompted by the
pandemic. Despite the elevated social risks, we consider the
school's environmental and governance risks in line with our view
of the sector.

"We could consider a negative rating action if management's planned
enrollment growth does not materialize as expected, such that there
is a weakening of lease-adjusted MADS coverage, or a decline in
liquidity, to a level inconsistent with that of rated peers.

"A positive rating action is unlikely during the one-year outlook
period, given MAS' very high debt leverage, and the uncertainty
related to construction and growth projections. However, we could
consider a higher rating if management executes on its growth
strategy, and produces positive margins and increases coverage and
liquidity."


MODA INGLESIDE: Moody's Puts Ba3 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Moda Ingleside
Energy Center, LLC's on review for upgrade, including its Ba3
Corporate Family Rating, its Ba3-PD Probability of Default Rating
and Ba3 ratings on the company's senior secured credit facilities.

The review of Moda's ratings follows the announcement[1] that Moda
and Enbridge Inc. (Enbridge, Baa1 stable) have reached an agreement
in which Enbridge will acquire Moda in an all cash $3 billion deal
from Encap Flatrock Midstream. The acquisition, which is subject to
regulatory reviews, is expected to close in the fourth quarter
2021.

The following rating actions were taken:

On Review for Upgrade:

Issuer: Moda Ingleside Energy Center, LLC

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba3

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba3-PD

Senior Secured Bank Credit Facility, Placed on Review for Upgrade,
currently Ba3 (LGD3)

Outlook Actions:

Issuer: Moda Ingleside Energy Center, LLC

Outlook, Changed To Rating Under Review From Stable

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

Moda's ratings were placed on review for upgrade based on the
company's potential ownership by Enbridge which has a stronger
credit profile and financial resources. The review will be
concluded following the acquisition. If Moda's secured facilities
are repaid as part of this transaction then the ratings will be
withdrawn. If Moda's debt were to remain outstanding and
unguaranteed by Enbridge post acquisition but the latter provides
separate audited financial statements pertaining to Moda going
forward, then its ratings would likely be upgraded based on
anticipated parental support. However, in that case, the ratings
upgrade would likely be limited to one or two notches unless there
are significant changes to Moda's stand-alone credit profile. If
Moda's debt were guaranteed by Enbridge then Moda's ratings would
be upgraded to Enbridge's rating.

Moda Ingleside Energy Center, LLC, is a wholly owned subsidiary of
Moda Midstream, LLC, a company headquartered in Houston, Texas that
provides storage and export terminalling facility to third-parties.
The company is backed by EnCap Flatrock Midstream, a midstream
private equity firm.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


MOON GROUP INC: Seeks to Hire SC&H Group as Investment Banker
-------------------------------------------------------------
Moon Group, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ SC&H Group,
Inc. as investment banker.

The firm's services include:

   (a) preparing an information memorandum describing the Debtors,
their historical performance and prospects, including existing
contracts, marketing and sales, labor force, management, financial
projections involving starting up the business;

   (b) assisting the Debtors in compiling a data room of any
necessary and appropriate documents related to a sale or financing
transaction;

   (c) assisting the Debtors in developing a list of suitable
potential buyers and lenders who will be contacted on a discreet
and confidential basis after approval by the Debtors, and updating
and reviewing such list with the Debtors on an ongoing basis;

   (d) coordinating the execution of confidentiality agreements for
potential buyers wishing to review the information memorandum;

   (e) assisting the Debtors in coordinating site visits for
interested buyers and working with the management team to develop
appropriate presentations for such visits;

   (f) soliciting competitive offers from potential buyers;

   (g) advising and assisting the Debtors in structuring any sale
or financing transaction and negotiating the applicable sale and
credit agreements; and

   (h) assisting the Debtors and their other professionals, as
necessary.

SC&H will be paid as follows:

   a. Initial Fee. An initial fee equal to $20,000, due upon the
signing of the engagement agreement.

   b. Second Fee. A supplemental fee equal to $20,000, due and
payable upon the earlier of (i) a consummated bulk sale by the
Debtors of certain tree inventory or (ii) the consummation of a
financing transaction.

   c. Transaction Fee. The firm shall be entitled to a fee in
connection with a sale equal to the greater of (i) $400,000 or (ii)
4.25 percent of the total consideration up to and including $12
million and 2 percent of the total consideration in excess of $12
million.

   d. Financing Fee. In connection with a financing transaction,
the firm shall be entitled to a fee equal to the greater of (i)
$200,000 or (ii) 2 percent of the gross credit facility before any
deductions.

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

Kenneth Mann, a partner at SC&H, 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:

     Kenneth W. Mann
     SC&H Group, Inc.
     6011 University Blvd., Suite 490
     Ellicott City, MD 21043
     Tel: (410) 988-1351
     Email: kmann@schgroup.com

                       About Moon Group Inc.

Moon Group, Inc. and its affiliates filed their voluntary petitions
for Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11140)
on Aug. 12, 2021, listing up to $50,000 in assets and up to $50
million in liabilities.  John D. Pursell, Jr., chief executive
officer, signed the petitions.

Judge Christopher S. Sontchi oversees the cases.

The Debtors tapped Sullivan Hazeltine Allinson, LLC and Kurtzman
Steady, LLC as bankruptcy counsel; Silverang Rosenzweig & Haltzman,
LLC as special litigation counsel; and SC&H Group, Inc. as
investment banker.  Stretto is the claims and noticing agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on Aug. 30, 2021.  The committee is represented
by Lucian Borders Murley, Esq.


MORE AUTOMOTIVE: Seeks OK on Cash Collateral Deal with Firstbank
----------------------------------------------------------------
More Automotive Products, Inc., Abab Corporation, and their secured
creditor, Firstbank Puerto Rico, asked the U.S. Bankruptcy Court
for the District of Puerto Rico to approve their stipulation
pertaining to the Debtors' use of certain income arising from the
rental of vehicles and collection of receivables in order to pay
certain operating expenses of the Debtors.

The parties stipulate that:

   a. the Debtors shall be authorized to use the Cash Collateral
solely to satisfy operational expenses and costs of the Debtors,
including all due payments under the Line of Credit Agreements and
the Loan Documents for the period from the Petition Date through
the earlier of December 31, 2021, the entry of an order confirming
a plan, or upon the occurrence of an event of default under the
current Stipulation;

   b. Firstbank's consent to use of the Cash Collateral and
Debtor's right to use the Cash Collateral shall terminate
automatically on the Stipulation End Date, provided, however, that
the adequate protection provisions shall continue in full force and
effect until all the Obligations under the Loan Documents have been
satisfied in full;

   c. as adequate protection, the Debtors grant to Firstbank a
replacement lien and a post-petition security interest on all of
the assets and Collateral acquired by the Debtors on and after the
Petition Date;

   d. the Debtors agree to continue making the applicable payments
to Firstbank in the ordinary course of business; and

   e. as additional adequate protection:

     * Firstbank is granted a super-priority claim in an amount
equal to any diminution in value of the pre-petition Collateral,
including Firstbank's interest in the Cash Collateral;

     * the Debtors agree that upon the consummation of any sale of
substantially any of the Debtors' assets that are part of the
Collateral, the proceeds of such sale shall be paid immediately and
indefeasibly to Firstbank at the closing of such sale;

     * the Debtors agree to waive any and all rights under Section
506(c) of the Bankruptcy Code as to any of Firstbank's Collateral;

     * the post-petition collateral under the Replacement Liens and
the pre-petition collateral shall all serve as cross-collateral for
the amounts owed under the Lines of Credit; and

     * Firstbank shall have the right to credit bid the
indebtedness owed under the Loan Documents in connection with any
sale or disposition of Debtors' assets.

As of the Petition Date, Abab owed approximately $5,143,510, and
More Automotive owed approximately $8,073,226 under each Debtor's
respective Line of Credit Agreement with Banco Santander Puerto
Rico.  Firstbank, as of September 1, 2020, acquired certain assets
of Santander and Santander BancCorp. and pursuant to such
acquisition Santander assigned to Firstbank all rights, title and
interests of Santander in and to the Lines of Credit.  Under the
Loan Documents, Firstbank holds security interests over Debtors'
personal property, including Accounts Receivable, Equipment,
Inventory, including, Vehicles, and the proceeds of all Collateral
specified in the Security Agreements.

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

Counsel for Firstbank Puerto Rico, secured creditor:

   Luis C. Marini-Biaggi
   Ignacio J. Labarca-Morales
   Marini Pietrantoni Muniz, LLC
   250 Ponce de Leon Ave, Suite 900
   San Juan, PR 00918
   Telephone: (787) 705-2171
   E-mail: lmarini@mpmlawpr.com
           ilabarca@mpmlawpr.com

                       About More Automotive

More Automotive Products, Inc., doing business as Dollar Rent a
Car, filed a Chapter 11 petition (Bankr. D. P.R. Case No. 21-02142)
on July 15, 2021. At the time of the filing, the Debtor had between
$10 million and $50 million in both assets and liabilities. Alberic
Colon Zambrana, president, signed the petition.

Judge Enrique S. Lamouttee Inclan oversees the case.

Charles A. Cuprill P.S.C. Law Offices serves as the bankruptcy
counsel while Saldana, Carvajal & Velez-Rive, P.S.C. serves as the
special counsel. The Debtor's financial consultant is Luis R.
Carrasquillo & Co., P.S.C.

Marini Pietrantoni Muniz, LLC serves as counsel for Firstbank
Puerto Rico, secured creditor.



NATIONAL MUSEUM: Expects to Exit Chapter 11 on Sept. 15
-------------------------------------------------------
The National Museum of American Jewish History will emerge from its
Chapter 11 Reorganization on or around September 15th, thanks to a
$10 million commitment by former Trustee Mitchell Morgan and his
family.

The Morgan Family's commitment allows the institution to eliminate
its debt and provides a pathway to stability for the only museum in
the nation dedicated exclusively to exploring and interpreting the
American Jewish experience.

NMAJH initially filed for Reorganization under Chapter 11 of the
U.S. Bankruptcy Code on March 1st, 2020; the Reorganization plan
was confirmed on September 1st by Chief Judge Magdeline D. Coleman,
of the United States Bankruptcy Court for the Eastern District of
Pennsylvania.

"We're living in a time that requires us to reflect on our values,
and a time when our country needs institutions like the National
Museum of American Jewish History that represent freedom and
inclusivity," Mitchell Morgan said. "Our family's commitment is the
gift of time to ensure the Museum can offer all its visitors the
chance to explore American history through the lens of the Jewish
experience. We wish this to be a contribution that will encourage
more people to play a role in the Museum's future by providing
different perspectives on how immigrants and religious minorities
have positively impacted our great nation for centuries."

"Mitch is a mensch and a hero in the Jewish community," said Dr.
Misha Galperin, NMAJH CEO. "The initiative Mitch and his family
have shown brings stability to this Philadelphia institution and
preserves a beautiful treasure for the Jewish community, for the
City of Philadelphia, and for our nation."

Through their commitment, the Morgan Family will purchase the
Museum building on terms that are highly favorable to the Museum,
providing the funds necessary for the Museum to eliminate its
burdensome debt. The facilities will be leased back at a nominal
rate, alleviating the costs of day-to-day operations and instead
giving the Museum time to focus on its important mission, anchored
in the James Polshek -- designed building at the historic corner of
Philadelphia's Market Street and Independence Mall.  The Museum
will have the option to buy back the facilities in full at a later
time.

The Morgan Family is not alone in its generosity to the Museum as
it has worked in earnest to reorganize in the midst of a pandemic.
A number of the Museum's individual bondholders, a list that
includes Morgan, are also contributors who generously forgave debt
totaling $14 million.

Since its galleries closed to the public, the Museum has been
steadfastly focused on a strategic planning process to ensure a
stable, visionary future. Among these initiatives, the Museum is
being promoted for inclusion into the Smithsonian Institution, a
proposal that is earning bipartisan support in Congress.
Thirty-seven members of the U.S. House of Representatives and
twenty-three U.S. senators have championed legislation encouraging
the Smithsonian to explore a plan for acquiring the Museum.

The Museum will continue operating virtually with a robust online
programming schedule while strategizing for reopening.

"We are champing at the bit to carry the NMAJH story into its next
decade," said Galperin, the Museum's CEO. "We stand today energized
for our bright future."

      About The National Museum of American Jewish History

Established in 1976, and situated on Philadelphia's Independence
Mall, the National Museum of American Jewish History --
http://nmajh.org-- is the only museum in the nation dedicated
exclusively to exploring and interpreting the American Jewish
experience. NMAJH presents educational programs and experiences
that preserve, explore, and celebrate the history of Jews in
America. Its purpose is to connect Jews more closely to their
heritage and to inspire in people of all backgrounds a greater
appreciation for the diversity of the American Jewish experience
and the freedoms to which Americans aspire.

                      About Mitchell Morgan

Mitchell Morgan is a former NMAJH Trustee who served for 12 years.
The Mount Airy native worked full-time through business school and
law school at Temple University, where he currently serves as the
Chairman of the Board of Trustees. Since 1985, he has served as
founder and CEO of Morgan Properties, the nation's largest private
multifamily owner. Through the Morgan Family Foundation, Mitchell
and his family have supported NMAJH, Children's Hospital of
Philadelphia, The Barnes Foundation, The Philadelphia Orchestra,
Philadelphia Museum of Art, and many more local institutions.

              About Museum of American Jewish History

The Museum of American Jewish History -- https://www.nmajh.org/ --
is a Pennsylvania non-profit organization which operates the
National Museum of American Jewish History, the only museum in the
nation dedicated exclusively to exploring and interpreting the
American Jewish experience. The museum presents educational and
public programs that preserve, explore and celebrate the history of
Jews in America. The museum was established in 1976 and is housed
in the Philadelphia's Independence Mall.

On March 1, 2020, Museum of American Jewish History sought Chapter
11 protection (Bankr. E.D. Pa. Case No. 20-11285).  The Debtor was
estimated to have $10 million to $50 million in assets and
liabilities.  Judge Magdeline D. Coleman oversees the case. The
Debtor tapped Dilworth Paxson, LLP as its legal counsel and Donlin,
Recano & Company, Inc. as its claims agent.


NEPHROS INC: Registers 123,981 Common Shares for Resale
-------------------------------------------------------
Nephros, Inc. has filed a Form S-3 registration statement with the
Securities and Exchange Commission relating to the offering on a
resale basis a total of 123,981 shares of the Company's common
stock by GenArraytion, Inc.  The selling stockholder may offer such
shares from time to time to or through brokers, dealers or other
agents, or directly to other purchasers, in one or more market
transactions or private transactions at prevailing market or at
negotiated prices.  The Company will not receive any proceeds from
the sale of these shares by the selling stockholder.  The Company's
shares of common stock are listed on the Nasdaq Capital Market
under the ticker symbol "NEPH."  

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

https://www.sec.gov/Archives/edgar/data/1196298/000149315221022100/forms-3.htm#a_005

                           About Nephros

South Orange, New Jersey-based Nephros -- www.nephros.com -- is a
commercial-stage company that develops and sells water solutions to
the medical and commercial markets.

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 June 30, 2021, the Company had $17.99
million in total assets, $3 million in total liabilities, and
$14.99 million in total stockholders' equity.


NS8 INC: Ex-Executive Settles Fraud Claims for $11 Million
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that a former executive of NS8
Inc. agreed to pay about $11 million to the cyber fraud prevention
firm's bankruptcy estate, returning funds that he allegedly earned
from defrauded investors.

Phil Vizzaccaro agreed to pay the estate, known as Cyber Litigation
Inc., $7.6 million in cash and assign over his right to a $3.4
million income tax refund, according to court documents filed Sept.
3, 2021.

The settlement is one of several that Las Vegas-based NS8 has
reached with former employees since it filed for Chapter 11 in
October 2020. The company’s bankruptcy estate previously reached
settlements with employees worth $3.3 million.

                          About NS8 Inc.

Las Vegas-based NS8 Inc. is a developer of a comprehensive fraud
prevention platform that combines behavioral analytics, real-time
scoring, and global monitoring to help businesses minimize risk.
On the Web: https://www.ns8.com/

NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702)
on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the
chief restructuring officer.

The Debtor was estimated to have $10 million to $50 million in
assets and $100 million to $500 million in liabilities at the time
of the filing.

The Hon. Christopher S. Sontchi is the case judge.

The Debtor tapped Blank Rome LLP and Cooley LLP as its legal
counsel, and FTI Consulting Inc. as its financial advisor. Stretto
is the claims agent.

                          *     *     *

The company changed its name to Cyber Litigation after it sold
substantially all of its assets to Codium Software LLC in December
2020.





NYNY & D3: Seeks to Hire Bruner Wright as Bankruptcy Counsel
------------------------------------------------------------
NyNy & D3 Logistics, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Georgia to hire Bruner Wright,
P.A. to handle its Chapter 11 case.

The firm's hourly rates are as follows:

     Robert C. Bruner    $400 per hour
     Byron Wright III    $300 per hour
     Paralegal           $150 per hour

The firm received a retainer in the amount of $7,000.

As disclosed in court filings, Bruner Wright is disinterested
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Robert C. Bruner, Esq.
     Byron Wright III, Esq.
     Bruner Wright, P.A.
     2810 Remington Green Circle
     Tallahassee, FL 32308
     Office: (850) 385-0342
     Email: rbruner@brunerwright.com
            twright@brunerwright.com

                     About NyNy & D3 Logistics

NyNy & D3 Logistics, LLC filed a petition for Chapter 11 protection
(Bankr. M.D. Ga. Case No. 21-10507) on Sept. 1, 2021, listing up to
$50,000 in assets and up to $500,000 in liabilities.  Bruner
Wright. P.A. serves as the Debtor's legal counsel.


OLYMPUS WATER: Moody's Assigns B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B3 Corporate Family Rating
and B3-PD probability of default rating to Olympus Water US Holding
Corporation. Moody's has also assigned B2 ratings to the proposed
$1.4 billion first lien term loan and $1.4 billion senior secured
notes, as well as a Caa2 rating to the proposed $1 billion senior
unsecured notes. The proceeds of the debt issuance, together with
Platinum Equity Advisors' cash equity of about $2 billion and
rolled Sigura equity value of $500 million, will be used to pay for
the acquisition of Solenis by Platinum from CD&R and BASF,
including related fees and expenses. Platinum will combine Solenis
with its existing portfolio company Sigura. The ratings outlook is
stable.

Moody's will withdraw the ratings of Solenis Holdings LLC (B3
stable) and Innovative Water Care Global Corporation (dba Sigura,
Caa1 negative) after all of their existing debt has been repaid.

Ratings Assigned:

Issuer: Olympus Water US Holding Corporation

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured First Lien Term Loan, Assigned B2 (LGD3)

Senior Secured Notes, Assigned B2 (LGD3)

Senior Unsecured notes, Assigned Caa2 (LGD5)

Outlook Assigned:

Issuer: Olympus Water US Holding Corporation

Outlook, Assigned Stable

RATINGS RATIONALE

The B3 CFR of Olympus Water, which comprises the legacy businesses
of Solenis and Sigura, reflects its leading market positions in
water treatment for pulp and paper manufacturers, industrial
customers, municipalities, residential and commercial pools. The
critical nature of water treatment and the company's well
established customer relations contribute to good business
visibility and recurring revenues with minimal disruption caused by
the COVID-19 pandemic. The rating is also supported by Olympus
Water's large business scale with about $3.5 billion pro-forma
revenues, a diverse customer base in many industries and globally
diversified business operations. The combination of Solenis and
Sigura carries relatively low execution risk due to Solenis'
dominant scale in the combined entity, limited restructuring
requirements, limited customer overlap and the economic recovery
from the pandemic. Both Solenis and Sigura have improved their
operating performance in recent quarters. Solenis has increased the
composition of higher margin products and substantially reduced its
selling, general and administrative costs. Sigura 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.

However, Olympus Water's rating is constrained by the large amount
of debt raised to fund its acquisition by Platinum, its exposure to
volatile raw material prices and the competitive nature of the
water treatment business. The rating also factors in Olympus
Water's private equity ownership with the potential of shareholder
friendly actions. The total outstanding debt of approximately $4
billion at the closing of the transaction is about $1 billion
higher than the combined debt of Solenis and Sigura prior to their
merger. Moody's expects Olympus Water's adjusted debt leverage will
likely stay in the high 6 times in the next two years. The profit
margin of its mature water treatment business is likely to reverse
to more normalized levels after recent hikes, given the rising cost
of raw materials, freight and logistics and the absence of pass
through contracts for most of its products. In order to sustain its
improved earnings, Olympus Water will need to achieve earnings
growth in areas such as consumer and food packaging and continue
its shift away from commoditized products. In addition, synergies
from the planned business combination seem to be confined to
back-office consolidation at least in the next 12-18 months,
because Solenis and Sigura have disparate chemistries and serve
different end markets.

The proposed $1.4 billion senior secured first lien term loan and
the $1.4 billion senior secured notes are rated B2, one notch above
the B3 CFR, reflecting their preferential position in the capital
structure and the loss absorption cushion provided by the senior
unsecured notes and other unsecured obligations. Both the first
lien term loan and secured notes share the first priority lien on
substantially all the fixed assets and second priority lien on all
ABL collateral. The proposed $1 billion senior unsecured notes are
rated Caa2, two notch below the B3 CFR, due to the effective
subordination to a substantial amount of secured debt.

Olympus Water's adequate liquidity is supported by its available
cash on hand, expected free cash flows and availability under the
new 5-year $500 million ABL facility. The company plans to draw
down about $175 million from the ABL at transaction close, leaving
about $325 million available for working capital needs and one-off
transaction related expenses. Moody's expects positive free cash
flow will reduce outstanding balance on the ABL and support its
liquidity over time. The ABL contains a springing consolidated
fixed charge coverage covenant set at 1.00x. The covenant springs
into effect if the ABL facility's availability is less than the
greater of 10% of the line cap or $25 million. Moody's expects the
company to remain compliant with this covenant.

ESG CONSIDERATIONS

Moody's also included environmental, social and governance factors
in the rating. The government regulation and critical nature of
water treatment for pulp and paper, and municipalities are positive
for Olympus Water's chemicals and services, which help customers
improve operational efficiencies and minimize environmental impact.
Such benefits offset some of the potential environmental and social
risks associated with the use of toxic chemicals such as
acrylonitrile, chlorine and caustic soda in the production process
and employee health and safety risks.

The stable outlook reflects the supportive operating environment
and the company's recurring business will hold up its earnings and
credit metrics in line with the rating expectation.

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

Moody's could upgrade the rating with expectations for the company
to improve profitability, reduce adjusted leverage to below 6 times
on a sustained basis, and generate strong free cash flows. Moody's
could downgrade the rating with expectations for declining volumes,
declining profitability, or adjusted financial leverage above 8
times, negative free cash flow or diminishing liquidity.

Olympus Water US Holding Corporation (which comprises Solenis and
Sigura) produces chemicals used in the manufacturing process for
pulp and paper products, industrial and municipal water treatment,
pool and spa markets. Its products and service help customers
improve operational efficiency, enhance product quality and reduce
environmental impact. In July 2021, Platinum Equity Advisors, LLC
entered into a definitive agreement to acquire Solenis from
Clayton, Dublier, and Rice and BASF. Platinum will combine Solenis
with its existing portfolio company Sigura to form Olympus Water.
The company has a pro-forma sales of about $3.5 billion.

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


OLYMPUS WATER: S&P Assigns 'B-' ICR, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to Cayman
Islands-based specialty chemicals producer Olympus Water Holdings
IV L.P. with a stable outlook.

S&P said, "We also assigned our 'B-' issue-level ratings to the
company's proposed new $1.4 billion senior secured term loan and
new $1.4 billion senior secured notes. Our '3' recovery rating
indicates our expectation of meaningful (50-70%; rounded estimate:
55%) recovery in the event of a payment default.

"At the same time, we assigned our 'CCC+' issue-level rating to the
proposed new $1 billion unsecured notes. Our '5' recovery rating
indicates our expectation of modest (10-30%; rounded estimate: 15%)
recovery in the event of a payment default.

"The stable outlook reflects our expectation that debt leverage
will be appropriate for the rating over the next 12 months, with
S&P Global Ratings-adjusted debt to EBITDA between 6.5x and 7x in
2021.

"Our ratings reflect our view that recently formed Olympus will be
highly leveraged, with debt to EBITDA expected in the 6.5x-7x range
over the next 12 months. Our rating also reflects the company's
private equity ownership by Platinum Equity, which in our opinion
leads to more aggressive financial policies. Furthermore, we view
the company's expected average EBITDA margins as indicative of its
weak market position and competitive end markets.

"Our assessment of Olympus' chemicals business, which caters to
industries including paper, pulp, packaging, and pool incorporates
the combined operations of the former standalone Solenis and Sigura
businesses. The businesses have previously demonstrated somewhat
weak pricing power due to ongoing competitive pressures within
their markets, resulting in below average EBITDA margins, though
Solenis has been more successful in recent pricing actions in a
strengthening economy that has boosted EBITDA margins. We would
view pricing as less of a weakness if the company were to establish
a longer record of increased margins under a variety of economic
conditions, as a result of strengthened pricing power, despite
Sigura's lower margin profile. Furthermore, we would also like to
see an established record with the newly combined entity because
there are inherent risks associated with all new business
combinations. In addition, we consider organic growth prospects in
some segments of the pulp and paper business, such as graphic and
specialty paper, to be low given the challenges facing the
company's end markets. Olympus is expected to have a large portion
of its raw material costs aligned to oil prices, which in our view
exposes the company to the highly cyclical nature of the oil and
gas industry.

"These credit risks are partially offset by the company's leading
market share in a niche pulp and paper segment, which represents a
large portion of revenue. We incorporate strengths such as diverse
revenue sources, with more than 60% of revenues from outside North
America, and a broad manufacturing footprint representing moderate
manufacturing diversity. Moreover, we expect the newly combined
entity to benefit somewhat from increased scale and end-market
diversification. Sigura's pool and spa treatment business and
industrial segment could be complementary to Solenis' existing
operations if the integration works out as planned. Olympus serves
growing end markets, which benefit from trends such as growth in
e-commerce, increased water usage per capita, and increased
consumption in emerging markets. We anticipate the company will
capture some synergies and operational cost savings with the merger
of Sigura. Based on our expectations, we anticipate Olympus
operating at average EBITDA margins in 2021 and potentially
increasing margins through cost-saving initiatives and some synergy
capture over the next couple years. However, there is no record
performing at these margins, and it's unclear how business
operations would be affected under a stressful environment or
broader economic downturn.

"Our base case views the weighted-average ratio of funds from
operations (FFO) to debt below 10% and debt to adjusted EBITDA
between 6.5x and 7x over the next 12 months. We base this partly on
our expectation of at least some successful synergy capture as part
of the Sigura Water merger. We expect free operating cash flow to
be negative in 2021 as the company focuses on integrating the
businesses. One of our key assumptions is that the company's
financial policy will support credit metrics and liquidity, so they
remain appropriate for the rating. We don't anticipate any changes
to private equity sponsor Platinum Equity's 100% ownership.

"The stable outlook on Olympus Water Holdings IV LP reflects our
belief that its leverage will improve over the coming years while
its liquidity sources remain sufficient to cover its uses. Under
our base-case forecast, we assume the company's S&P Global
Ratings-adjusted weighted average debt to EBITDA remains between
the 6.5x and 7x for the next 12 months before falling slightly
below this range in 2022. Our outlook also reflects Olympus'
average EBITDA margins from the integration of Sigura's pool
business, its ability to pass through price increases in 2021, as
well as ongoing strong demand across its end markets. Under our
base-case scenario, we do not assume that Platinum Equity decreases
its 100% ownership stake in the company.

"We could lower our ratings on Olympus over the next year if its
leverage begins to trend materially higher or its liquidity weakens
significantly. We believe such a scenario could occur if end-market
demand weakens, leading to a drop in its volumes, or if synergies
and cost-reduction strategies don't materialize. Additionally, we
could take a negative rating action if the company pursues
debt-financed acquisitions shareholder rewards that would
materially increase its leverage. We could also lower our ratings
if Olympus' leverage approached double digits, or we believed there
was an increased likelihood of a covenant breach, or its liquidity
materially weakened.

"We could consider raising our rating on Olympus if its performance
exceeds our expectations such that its weighted average adjusted
debt to EBITDA falls below 6.5x on a sustained basis. This could
occur if its demand, particularly in the industrial water business,
increases by more than we expect or if the company continues to
execute its cost-reduction measures such that its EBITDA margins
expand by more than we anticipate. We would also expect Olympus'
liquidity sources to remain above 1.2x its uses. However, a key
consideration in any review for a positive rating action would
incorporate our assessment of management's and the private equity
ownership's commitment to supporting financial policies that would
allow it to sustain these improved credit measures before raising
our ratings."



PACIFIC ANDES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Pacific Andes Enterprises (Hong Kong) Limited
        Room 3312, Hong Kong Plaza
        186 Connaught Road West
        Hong Kong

Chapter 11 Petition Date: September 8, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 21-11588

Judge: Hon. James L Garrity Jr.

Debtor's Counsel: Tracy L. Klestadt, Esq.
                  KLESTADT WINTERS JURELLER SOUTHARD & STEVENS,
                  LLP
                  200 West 41st Street
                  17th Floor
                  New York, NY 10036-7203
                  Tel: (212) 972-3000
                  Fax: (212) 972-2245
                  Email: tklestadt@klestadt.com

Debtor's
Financial
Consultant:       RSR CONSULTING, LLC

Debtor's
Financial
Advisor:          KROLL, LLC

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ng Puay Yee Annie as director.

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

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

https://www.pacermonitor.com/view/G2JYWYY/Pacific_Andes_Enterprises_Hong__nysbke-21-11588__0001.0.pdf?mcid=tGE4TAMA


PACIFIC LINKS: Unsecureds to Recover Up to 80% Under Plan
---------------------------------------------------------
Pacific Links U.S. Holdings, Inc., submitted a Plan and a
Disclosure Statement.

Between 2011 and 2015, the Debtors acquired the 644 acres of
entitled, master-planned development property commonly referred to
as the "Makaha Valley Resort" in the Makaha valley on Oahu for a
total acquisition cost of approximately $35 million.

The Debtors will continue to market the Makaha Property for sale
and attempt to consummate the Sale Transaction prior to the Outside
Closing Date. Notwithstanding anything in the Plan or the
Confirmation Order to the contrary, nothing in the Plan or the
Confirmation Order shall, or shall be deemed to amend modify or
waive any term of any Sale Order entered by the Bankruptcy Court.

If the Makaha Property is not sold by the Outside Closing Date or
such later date as the Bankruptcy Court may order, and provided
that the Debtors have prevailed in the CDH Lawsuit or otherwise
have reached an agreement with CDH, the Makaha Property shall be
auctioned free and clear of all Claims, Liens, charges, or other
encumbrances and Interests through CBRE or another real estate
firm, on such terms as the Bankruptcy Court may approve.
Notwithstanding the foregoing, Towne shall have the right under the
Plan to take back the Towne Collateral, free and clear of all
Claims, Liens, charges or other encumbrances and Interests as of
the Outside Closing Date. If Towne allows the Towne Collateral to
be included in the auction, Towne shall be bound to accept the
Purchase Price

Allocation for the Towne Collateral by the successful bidder. The
Auction Process will generally follow the timeline below:

   * Early July 2022: Auctioneer advises interested parties of a
virtual auction and time period for additional due diligence
through virtual data room.

   * Late August 2022: Deadline to submit bids online.

   * Late September 2022: Auction if necessary. If the auctioneer
receives only one bid from a Qualified Bidder, then no auction. If
the Auctioneer receives two or more Qualified Bids by the deadline,
virtual auction will be conducted. At the conclusion of the
auction, the auctioneer shall review and consider each of the
Qualified Bids and any increased Qualified Bids and shall
determine, which of the Qualified Bid(s) or increased Qualified
Bid(s) constitutes the highest and best offer and which of the
Qualified Bids or increased Qualified Bids constitutes the second
highest and best bid, subject to Bankruptcy Court approval.

   * Early October 2022: Winning Bidder executes Purchase Agreement
for the Makaha Property which Purchase Agreement shall not be
binding upon the Debtors until the Bankruptcy Court enters a Final
Order approving the sale.

The Plan will treat unsecured claims as follows:

   * Class 5 – Rudolph Anderson General Unsecured Claim. The
Holder shall receive, on the Effective Date or as soon thereafter
as reasonably practicable, and only to the extent of the Available
General Unsecured Proceeds, eighty percent (80%) of the Holder's
Allowed Claim in full satisfaction of such Claim, provided,
however, that if the Available General Unsecured Proceeds are not
sufficient to pay the Holders of Allowed Claims in Classes 5, 6 and
7 in accordance with the Plan, the Holders of Allowed Claims in
said Classes shall receive a Pro Rata Share of the Available
General Unsecured Proceeds. Class 5 is impaired.

   * Class 7 – General Unsecured Claims (Other than Rudolph
Anderson, Chinese Investors and Numbers Corporation). The Holder
shall receive, on the Effective Date or as soon thereafter as
reasonably practicable, and only to the extent of the Available
General Unsecured Proceeds, eighty percent (80%) of the Holder's
Allowed Claim in full satisfaction of such Claim, provided,
however, that if the Available General Unsecured Proceeds are not
sufficient to pay Holders of Allowed Claims in Classes 5, 6 and 7
in accordance with the Plan, the Holders of Allowed Claims in these
Classes shall receive a Pro Rata Share of the Available General
Unsecured Proceeds.  Class 7 is impaired.

Attorneys for the Debtors:

     CHUCK C. CHOI
     ALLISON A. ITO
     CHOI & ITO
     700 Bishop Street, Suite 1107
     Honolulu, Hawaii 96813
     Telephone: (808) 533-1877
     Telefacsimile: (808) 566-6900
     E-mail: cchoi@hibklaw.com
             aito@hibklaw.com

A copy of the Disclosure Statement dated September 1, 2021, is
available at https://bit.ly/3tfeU8G from PacerMonitor.com.

                 About Pacific Links US Holdings

Pacific Links US Holdings, Inc., is a golf club that offers global
reciprocal programs to members and participating clubs.  It 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, the Court
authorized the jointly administration of the cases.

At the time of filing, Pacific Links estimated assets of between
$50,000 and $100,000 and liabilities of between $50 million and
$100 million.

Choi & Ito is the Debtors' legal counsel.


PAPA JOHN'S: Moody's Assigns First Time 'Ba3' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Papa
John's International, Inc., including a Ba3 corporate family rating
and a Ba3-PD probability of default rating. In addition, Moody's
assigned a B1 rating to Papa John's' proposed $400 million senior
unsecured notes as well as a SGL-1 speculative grade liquidity
rating. The outlook is stable.

Proceeds from the proposed senior unsecured notes along with
borrowing under a proposed $600 million secured revolving credit
facility (not rated) will be used to refinance approximately $425
million of existing indebtedness and pay related fees and expenses.
The assigned ratings are subject to review of final documentation.

"The Ba3 rating reflects governance considerations, particularly
the company's conservative financial strategy which includes its
measured approach to capital allocation which has resulted in solid
credit metrics with Moody's adjusted debt-to-EBITDA of around 2.6
times for the twelve month period ended June 2021 and its public
equity ownership," stated Mike Zuccaro, Moody's Vice President.
Moody's expects that the company will continue to maintain a
conservative financial profile including any future capital
allocation to shareholders as pandemic-related accelerated earnings
growth moderates, with Moody's-adjusted debt-to-EBITDA remaining
below 3.5 times and interest coverage above 4 times, over the next
12-18 months. While Papa John's benefits from good brand awareness
and market position in terms of system-wide units and solid credit
metrics, it's limited brand and product diversity remain
significant constraining rating factors, as does the need to
demonstrate a sustained recovery from the declines exhibited in
2018 and 2019.

The SGL-1 speculative grade liquidity rating reflects the company's
very good liquidity, supported by Moody's expectation that balance
sheet cash and continued positive free cash flow will more than
support cash flow needs including capital spending and dividends.
Moody's also expects the company to maintain ample availability
under its proposed $600 million revolver, as well as significant
cushion under financial maintenance covenants.

Assignments:

Issuer: Papa John's International, Inc.

Corporate Family Rating, Assigned Ba3

Probability of Default Rating, Assigned Ba3-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD5)

Outlook Actions:

Issuer: Papa John's International, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Papa John's Ba3 CFR reflects governance considerations,
particularly the company's conservative financial profile with
Moody's adjusted debt-to-EBITDA of around 2.6 times for the twelve
month period ended June 2021, as well as good brand awareness,
scale in terms of units, and very good liquidity. Constraining
factors include its relatively smaller revenue scale, its narrow
brand and product offering focusing on Papa John's pizza, which
exposes the company to changes in consumer preferences, as well as
its need to demonstrate sustained revenue and earnings growth
following declines exhibited in 2018 and 2019. Also, while Papa
John's restaurant unit base is predominantly franchised, providing
a base level of earnings stability, reported revenue is largely
derived from company-owned restaurants and commissaries (over 75%)
which increase exposure to operating risks and commodity and labor
costs; although these two segments account for less than one-third
of system-wide revenue.

The B1 rating assigned to the proposed $400 million senior
unsecured notes reflects their junior position to the proposed $600
million secured revolving credit facility (unrated), which is
secured by a first priority perfected security interest in 100% of
the issued and outstanding equity interests of each Loan Party's
wholly-owned domestic subsidiaries and 65% of wholly-owned first
tier foreign subsidiaries. Like the credit facility, the notes will
be guaranteed by all material existing and future direct and
indirect domestic subsidiaries, except Papa John's Marketing Fund,
Inc.

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

The stable outlook reflects Moody's assumption that the company
will continue to maintain a solid credit profile, very good
liquidity, and a conservative financial strategy which includes a
measured approach to future capital allocation to shareholders.
Moody's expects consistent revenue and earnings growth through new
unit additions and positive same store sales despite the risk of
demand for its products normalizing in 2022.

A rating upgrade is unlikely over the near-to-intermediate term
given Papa John's limited revenue scale as well as brand and
product diversification relative to rated peers. Factors that could
result in an upgrade include a material and sustained improvement
in credit metrics driven by consistent positive revenue and
earnings growth, with positive same store sales driven by both
traffic and check, as well as increased scale, brand and product
diversification. Specific metrics include debt to EBITDA sustained
below 2.5 times and EBIT to interest coverage of over 5 times. An
upgrade would also require very good liquidity and a conservative
and clearly articulated financial strategy.

A downgrade could occur if revenue and earnings were to materially
decline or if liquidity were to weaken. Given its limited brand and
product diversification, any material increase in financial
leverage from either operating performance or more aggressive
financial strategies could result in a downgrade. Quantitatively, a
downgrade could occur should debt to EBITDA rise above 3.75 times
or EBIT to interest coverage falls below 4 times.

Papa John's, with headquarters in Louisville, KY., is the world's
third largest pizza delivery company with more than 5,500
restaurants (around 590 are owned) in 49 countries and territories
as of June 2021. Revenue for the latest twelve month period ended
June 2021 were nearly $2 billion; although systemwide sales were
around $4.6 billion.

The principal methodology used in these ratings was Restaurants
published in August 2021.


PAPA JOHN'S: S&P Assigns BB- Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to
Atlanta–based quick-service restaurant (QSR) operator and
franchisor Papa John's International Inc.'s and its 'BB-'
issue-level rating and '4' recovery rating to the proposed
unsecured notes. The '4' recovery rating assumes average recovery
(30%-50%; rounded estimate: 35%) in the event of a payment default
or bankruptcy.

The stable rating outlook reflects S&P's expectation for consistent
performance at Papa John's, supporting credit metrics.

S&P said, "Our ratings reflect Papa John's position as the
third-largest competitor in the pizza-focused QSR industry. Papa
John's position in the intensely competitive market reflects its
established brand image and global presence. This well-recognized
brand perception with consumers has helped maintain average unit
volumes of about $1 million and supports prospects for continued
growth. It continues to sign development agreements domestically
and internationally. Our ratings also reflect the company's
successful execution and franchisee appetite to operate Papa John's
delivery/take-out restaurant model. We expect measured annual
growth of restaurants in the mid-single-digit percentage area with
increasing international exposure.

"We also expect continued same-restaurant sales growth because of
company operating initiatives, including continued investment in
its technology systems, particularly its mobile app and customer
engagement via its website. These investments and initiatives have
helped lead to 20 million members in its loyalty program, which we
believe will support future growth. Moreover, Papa John's position
is bolstered by its continued focus on restaurant efficiency and
improved customer engagement. This includes menu initiatives, new
product introductions, and targeted promotions, which have driven
sales and margins in recent quarters. We believe the company's
socially minded business practices, including giving back to the
community and building sustainability into business practices, have
help strengthen brand awareness. While a return to more normal
consumer habits after the COVID-19 pandemic should lead to more
normalized growth than recent trends, we think Papa John's ongoing
operating initiatives and community engagement will support
improved sales and EBITDA over the coming year.

"We expect the company will maintain a relatively conservative
financial policy, a key aspect to our rating. We believe Papa
John's will target leverage in the 3x area over the long term,
consistent with the company's historical leverage. Our assessment
incorporates the proposed refinancing of Papa John's secured credit
facility, including its revolver and term loan maturing in 2022.
This proposed refinancing includes a new unrated $600 million
revolving credit facility maturing in 2026 and $400 million in
rated unsecured notes due in 2029. Moreover, we think the company's
good free operating cash flow (FOCF; S&P's forecast around $100
million or more in fiscal 2021) provides flexibility for capital
allocation and shareholder returns. While we project adjusted
leverage in the mid-2x area following Papa John's proposed
refinancing, high event risk such as increased debt to fund
shareholder returns could weaken credit metrics versus our
near-term base-case projections. We accordingly apply a negative
financial policy modifier. Still, Papa John's leverage appears
lower than highly franchised QSRs' when comparing either S&P Global
Ratings' base-case projections or the company's leverage target
range (Chart 1).

"We expect continued same-restaurant sales growth over the next 12
months, supported by operating initiatives and a favorable
macroeconomic backdrop. Easing pandemic-related restrictions and
rising confidence will likely increase consumer mobility and drive
higher spending this year, including at restaurants. Papa John's
recently reported healthy sales for the first half of 2021, with
consolidated systemwide sales growth approaching 19% and global
comparable sales growth of 16%. Moreover, comparable-restaurant
sales this year laps gains of about 15% last year. This reflects an
improving economic environment and company operating initiatives,
including menu innovation and new products. For example, Papa
John's recently reintroduced the Shaq-A-Roni pizza, with a portion
of its sales given back to the community. Moreover, we believe the
company's good and seamless digital capabilities have helped engage
its customer base over the last year, a trend we believe will
likely help drive further growth. We also think an improving
operating environment in North America and globally will help
support sustained comparable sales growth of 9% in 2021 and 3% in
2022.

"We anticipate robust restaurant openings and sales leverage to
drive EBTDA growth. After relatively stagnant new restaurant growth
in 2020, largely due to the global impact of the pandemic, we
expect Papa John's to resume its unit expansion over the next 12-18
months. For the first six months of 2021, the company added more
than 120 net restaurants in existing and new markets. We expect new
unit development to accelerate to more than 200 new restaurants
annually, primarily in international markets. Papa John's recently
opened franchised units in Germany and signed development deals to
expand into Latin America, Spain, Portugal, and Cambodia. While the
more mature North American markets still represent most (about 90%
on reported revenue and 75% of systemwide restaurant sales) of
company revenue, we also expect Papa John's revenue base will
further diversify as growth centers internationally. We project new
unit expansion will help expand EBITDA about 25% this year and
about 10% next year.

"In addition to the new unit expansion, we think EBITDA will
increase because of margin expansion. We expect good
same-restaurant sales and the expansion of new franchise operations
to lead to greater sales leveraging. In addition, we expect the
annualization of corporate restructuring costs (about $20 million
this year) to help boost margins over the coming 12 months. Margins
will also benefit from continued restaurant efficiency and
investments in technology and digital capabilities. We believe Papa
John's revenue growth and initiatives will continue to gain
traction with consumers and support profitable growth, all leading
to adjusted EBITDA margins of about 12.5% this year and about 13%
next year. Margin expectations notwithstanding, we project Papa
John's adjusted margins to remain below those of franchisor QSR
peers. In addition to lower margins (about 3% EBITDA margin on a
reported basis) at the company's commissary operations, which
represent more 40% of the revenue, Papa John's has a lower mix of
franchised operations. Franchisees operate about 89% of its
restaurants. Most highly franchised operators strategically target
franchisees operating 95% or more of system restaurants.

"The stable rating outlook reflects our expectation for consistent
performance and FOCF generation over the coming year."

S&P could lower its rating on Papa John's over the next 12 months
if:

-- Credit measures deteriorated, including adjusted leverage to
about 4.5x, due to sustained operating performance setbacks or a
shift to a more aggressive financial policy;

-- It issued meaningful debt to fund an acquisition or fuel
shareholder returns; and

-- An unfavorable economic environment, heightened industry
competition, or food-safety issues lead to sharply lower operating
results.

S&P could consider upgrading its rating on the company if Papa
John's:

-- Sustained operating performance gains and meaningful
improvement in scale, supported by positive comparable sales,
successful new restaurant development, and solid margin expansion.

This could lead to a better business risk assessment; or

-- Demonstrated a clear commitment to a more conservative
financial policy that included publicly stating and maintaining a
lower adjusted leverage.



PATH MEDICAL: Wins Access to Medley's Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, has authorized Path Medical LLC and Path
Medical Center Holdings, Inc. to use the cash collateral of Medley
Capital LLC, the administrative and collateral agent, on an interim
basis in accordance with the budget.

The Debtors require the use of cash collateral to fund the orderly
continuation of their business, pay operating expenses, and
administer the chapter 11 cases.

The Debtors admit that (i) the principal amount owed to the Secured
Lenders is not less than $75,000,000, plus interest, costs and
attorneys' fees, (ii) the liens and security interests the Debtors
granted to the Secured Parties in accordance with the Credit
Agreement, the Guaranty and Security Agreement dated as of October
11, 2016 by and between the Agent, the Borrower, and the Parent,
and all other documents or instruments implementing or relating to
the transactions contemplated by the foregoing are valid, binding,
perfected and enforceable first-priority liens on and security
interests on the Collateral, and (iii) no portion of the
indebtedness due to the Secured Parties or the liens and security
interests granted to the Secured Parties is subject to avoidance,
subordination -- whether equitable, contractual or otherwise),
recharacterization, recovery, counterclaim, cross-claims,
disallowance, recoupment, disgorgement, or claim (as defined in
section 101(5) of the Bankruptcy Code) of any kind pursuant to the
Bankruptcy Code or applicable non-bankruptcy law.

As adequate protection for the Debtor's use of cash collateral, the
Secured Parties are granted valid, binding, continuing,
enforceable, fully-perfected, non-avoidable first priority liens
and/or replacement liens on, and security interests in all of
Prepetition Collateral, and all post-petition assets of the Debtors
of the same type and nature, and the proceeds thereof.

To the extent of the Adequate Protection Obligations, the Secured
Parties are granted an allowed super-priority administrative
expense claim against the Debtors and the Debtors' estate.

The Debtors are directed to pay the reasonable and documented fees
and expenses of the Agent, which for the avoidance of doubt will
include the fees and expenses of Winston & Strawn LLP and Meland
Budwick, P.A., as counsel to the Agent.

The Debtors' right to use Cash Collateral under the Interim Order
will terminate upon the occurrence of any of these events:

     a. the date that is 30 days after the date this Interim Order
is entered if the Final Order has not been entered by the Court on
or before such date;

     b. if the Final Order is timely entered, the date that is 180
after the Petition Date;

     c. the effective date of a chapter 11 plan;

     d. failure of the Debtors to make any payment under the
Interim Order to the Secured Parties when due and such failure
continues for 10 business days;

     e. failure of the Debtors to (i) observe or perform any of the
material terms or material provisions contained herein, which for
the avoidance of doubt will include any failure to comply with the
Minimum Liquidity Covenant, Allowed Variance, or timely delivery of
the Variance Report; or (ii) comply with any other covenant or
agreement specified in this Interim Order in any material respect,
in each case of clause (i) and (ii), and such failure continues for
a period of ten (10) business days after notice to the Debtors'
counsel with an opportunity to cure;

     f. an order will be entered reversing, adversely amending,
adversely supplementing, staying, vacating or otherwise adversely
modifying any material provision of the Interim Order without the
written consent of the Agent;

     g. there will be a breach by any Debtor of any material
provisions of the Interim Order, or the Interim Order will cease to
be in full force and effect;

     h. the Court will have entered an order dismissing any of the
Chapter 11 Cases;

     i. the Court will have entered an order converting any of the
Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code;


     j. the Debtors will file a motion to sell substantially all of
their property pursuant to section 363 of the Bankruptcy Code,
unless the Agent has consented to such order in writing;

     k. the Court will have entered an order authorizing the
appointment or election of a trustee or examiner with expanded
powers or any other representative with expanded powers relating to
the operation of the businesses in the Chapter 11 Cases;

     l. the Court will have entered an order granting relief from
the automatic stay imposed by section 362 of the Bankruptcy Code to
any entity other than the Secured Parties with respect to any
material Prepetition Collateral or Cash Collateral without the
written consent of the Agent, which consent may be withheld in its
sole discretion, so as to allow a third party to proceed with a
foreclosure or other remedy against any asset which has a value in
excess of $100,000;

     m. a filing by any Debtor of any motion, pleading, application
or adversary proceeding challenging the validity, enforceability,
perfection or priority of the liens securing the Prepetition
Indebtedness or asserting any other cause of action against and/or
with respect to the Prepetition Indebtedness;

     n. the Court will have entered an order avoiding or
subordinating any claim, lien, or interest held by any Secured
Party arising under the Credit Agreement at the request or with the
consent of the Debtors;

     o. any independent director of Path Medical Center Holdings,
Inc. ceases to be serving as a director of such entity and such
seat remains unfilled for 30 days after the applicable nominating
party has nominated the replacement of such director; and

     p. except as expressly provided in the Interim Order or in the
Loan Documents, the Court will have entered an order granting or
recognizing another claim or lien pari passu with or senior to the
Prepetition Liens, Adequate Protection Liens, or the 507(b) Claims
granted to the Secured Parties under the Interim Order.

A further hearing on the matter is scheduled for September 14, 2021
at 1:30 p.m.

A copy of the order and the Debtors' 13-week budget is available at
https://bit.ly/38M2ThW from PacerMonitor.com.

The Debtors project $11,646 in total cash collections and $11,623
in total operational disbursements.

                        About Path Medical

Path Medical, LLC and Path Medical Center Holdings, Inc. filed
their voluntary petitions for Chapter 11 protection (Bankr. S.D.
Fla. Lead Case No. 21-18338) on Aug. 28, 2021.  Manual Fernandez,
chief executive officer, signed the petitions.  

At the time of filing, Path Medical listed $30,047,477 in assets
and $86,494,715 in liabilities whiled Path Medical Center listed
$220,060 in assets and $76,988,419 in liabilities.

Judge Scott M. Grossman oversees the case.

Brett Lieberman, Esq., at Edelboim Lieberman Revah Oshinsky, PLLC
represents the Debtors as legal counsel.



PERATON CORP: Debt Funded Acquisition No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service has announced that its ratings of Peraton
Corp. ("Peraton" or the "company") - a B2 Corporate Family Rating,
B2-PD Probability of Default Rating, and B1 rating on the first
lien credit facility - are unaffected by the planned acquisition of
an information technology infrastructure services provider to the
federal government ("Target"). The stable outlook is also
unaffected. The all-debt funded acquisition will increase the first
lien term loan by $240 million to $6.15 billion from $5.91
billion.

RATINGS RATIONALE

The B2 CFR reflects adjusted debt/EBITDA in the low-7x range pro
forma for the pending acquisition. There is elevated integration
risk following Peraton's transformational three-way merger that
closed in May 2021. But Peraton also possesses good revenue
diversity, strong technical qualifications, with organizational
scale to pursue large, long-term federal services programs. Moody's
expects that debt/EBITDA will decline to the low-6x range by the
end of 2022 due to debt reduction and earnings growth. The Target
acquisition will also boost Peraton's qualifications for programs
that feature managed IT services requirements, such as those
commonly found in enterprise-wide network modernization
engagements.

Peraton has a substantial integration initiative underway that
targets about $300 million in gross cost synergies. Evidence of
realization and earnings quality improvement will not develop until
late 2021/early 2022. Moody's expects that Peraton will largely
achieve its cost synergy objectives and EBITDA margins will be high
when compared to other large defense service contractors. Moody's
expects that Peraton will be generating over $500 million in annual
free cash flow, 6-7% of debt.

Beyond integration risk, the company is exposed to risk of lower
government spending, shutdowns and federal debt ceiling limits.
Peraton's appetite for debt funded M&A before achieving stronger
earnings quality reflects an aggressive financial policy, one that
will continue in coming years.

The B1 rating assigned the first lien credit facility benefits from
the presence of effectively subordinated second lien debt and
unsecured non-debt claims.

The stable rating outlook incorporates Moody's expectation that
Peraton's leverage will exceed 6x over the next 12-18 months. It
also incorporates the expectation of an aggressive acquisition
strategy, however, the company's strong technical qualifications
and healthy backlog support a solid earnings growth outlook that
will drive deleveraging.

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

Ratings could be upgraded if Moody's see evidence of a smooth
business integration, as well as compelling revenue and backlog
trends. Additionally, the company would need to reduce financial
leverage with debt to EBITDA approaching 5x.

Ratings could be downgraded if Peraton experiences integration
challenges which result in deteriorating operating performance. In
addition, ratings could be downgraded if the company does not make
meaningful progress in reducing financial leverage close to 6x in
2022.

Peraton Corp., headquartered in Herndon, Virginia, is a provider of
communications networks and systems, enterprise IT and mission
support for federal agencies. The company is owned by Veritas
Capital Trust. Pro forma annual revenues are approximately $7.1
billion.


PERATON HOLDING: Fitch Affirms 'B' IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Peraton Holding Corp. (Peraton), Peraton
Corp. and Peraton Inc.'s 'B' Issuer Default Ratings (IDRs). Fitch
has affirmed the company's first lien credit facility at
'BB-'/'RR2' and second lien loans at 'CCC+'/'RR6'. Fitch has also
affirmed Perspecta Enterprise Solutions LLC's notes, which continue
to benefit from an irrevocable guarantee for any principal and
interest from HP Inc. (BBB+/Stable). The Rating Outlook is Stable.

The affirmation incorporates the announced incremental $240 million
to be borrowed under the first lien facility to finance an
acquisition in the federal IT infrastructure services space. Fitch
views the transaction as relatively neutral to Peraton's credit
profile, as an acquisition would further diversify the company's
contracts and product offerings, while generating EBITDA and FCF to
largely offset the incremental debt issued to fund the
transaction.

Peraton's ratings are supported by its strong and stable FCF
generation, revenue visibility from multiyear contracts, advantages
of scale, and high degree of technology content. These positive
factors are somewhat offset by the company's pro forma leverage,
which Fitch expects to be temporarily high for a 'B' rating.
Execution and acquisition integration remain key watch items and
will be necessary to meet or exceed Fitch's expectations.

KEY RATING DRIVERS

High Leverage for Rating: Fitch forecasts Peraton's pro forma 2021
leverage (debt/EBITDA) will be around 7.0x, including standard cost
synergies and initial debt paydown related to divestitures, high
for the 'B' rating. The company's financial structure weighs
heavily on its IDR, though Fitch expects Peraton will delever
significantly over the next few years due to the expected 50% FCF
sweep in its credit agreements, as well as management's stated
intention to reduce the debt quantum.

Risks to deleveraging include potential changes in either capital
deployment strategy or management structure, increased competition,
additional debt-funded M&A activity beyond a small bolt-on
transaction, or unforeseen issues regarding integrating
acquisitions.

Integration Risk: Fitch views Peraton's roll-up strategy as
achievable, but it carries meaningful and inherent integration
risk. The company is sharply increasing in scale through two major,
transformative acquisitions during a very short period of time. It
will need to execute effectively to delever inline with Fitch's
projections and maintain a competitive position.

Strong Profitability, Financial Flexibility: Peraton's
profitability profile is strong for the 'B' rating and is more
consistent with an investment-grade company. Fitch heavily weights
the company's profitability when considering the overall rating and
views it as a mitigant against its temporarily high leverage. Fitch
forecasts the company will maintain consistent EBITDA margins in
the mid double digits and generate average FCF margins in excess of
4%-5% over the rating horizon. This could support upward rating
momentum over the next several years if the company uses its
substantial financial flexibility to pay down debt.

Nimble Structure: Peraton has an asset-light operating model with
minimal capex and working capital requirements. In addition to
supporting its high margins, this should allow Peraton to manage
most potential downturns or disruptions well compared with
similarly rated companies. The company's operating structure also
supports the ability to execute on day-one cost synergies with each
of the transformative acquisitions.

Advanced Technology Supports Growth: Peraton is almost entirely a
services-based company with highly technological offerings across
the broad spectrum of IT services and cybersecurity. Key focus
areas of the pro forma company include intelligence, space systems
and protection, hypersonics, defensive cyber threat operations,
C5ISR, homeland security and health services. Fitch believes these
will align well with the U.S. Department of Defense's top
objectives over the foreseeable future, while increased spending on
health services technology is also likely over the rating horizon.

These factors support Fitch's expectation that the company will
return mid-single-digit organic revenue growth on average through
2024. Broader pressure for U.S. government budget cuts in the wake
of significant stimulus spending related to the coronavirus
pandemic are possible, but the risk to Peraton is below industry
average given its high degree of technology content and the
increased importance of cybersecurity spending.

Stability and Visibility: Fitch considers many of Peraton's
offerings to be critical and less susceptible to economic downturns
than many peers due to the higher-end capabilities that the company
performs. Peraton does not have a material batch of contracts up
for review in the next 1-2 years, which Fitch believes mitigates
the risk of a potential near-term stress scenario of increased
competition or contract loss. Peraton has overall contract renewal
rates greater than 90%, with a low likelihood of material
cancellations due to the importance of the services the company
provides. The company's meaningful exposure to classified programs
further reduces the risk of cancellations.

High Degree of Competition: Fitch considers competition to be
moderate-to-high across the various industries Peraton operates.
However, the company's diversification, management experience, and
wide range of capabilities provides an advantage when bidding on
projects and puts it in a solid position to win new business.
Following the announced transactions, the company will become one
of the largest independent government IT and services providers.
This increased scale is generally more in line with higher-rated
entities and could provide some advantage over smaller peers.

Experienced Management Team: Fitch views Peraton's management team
as strong and well experienced to handle potential changes within
the industry. Each of its top executives has more than 25 years of
industry experience at current competitors and at the Northrop
Grumman's legacy services business that will be acquired. Peraton
president and CEO Stu Shea is the former president and COO of the
company's largest independent competitor, Leidos, and was involved
in the spin-off of one of the other top competitors in the
industry, Science Applications International Corp. This experience
offers valuable insight and could provide a modest advantage,
particularly in light of the announced M&A activity.

DERIVATION SUMMARY

Peraton's rating is principally derived through the balance of its
high leverage for the rating level against steady and highly
visible growth and profitability. Fitch considers each of these
factors to be heavily weighted when forming the rating. Leverage is
significantly higher than similarly rated companies, as well as
like-sized and modestly larger peers such as Leidos and Science
Applications International, which Fitch expects would be rated
multiple notches higher than Peraton. However, the company has
higher EBITDA margins, similar cash flow margins and similar
financial flexibility as its peers, despite the higher leverage.

KEY ASSUMPTIONS

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

-- Full year pro forma results for all acquisitions are
    incorporated into December year-end 2021 despite staggered
    closing dates;

-- Mid-single digit organic revenue growth per year, supported by
    the company's high renewal rate, likely step-ups within
    certain contracts, and Peraton competing in high priority
    areas of government spending such as space, cybersecurity and
    C5ISR;

-- NGEN contract results excluded from forecast;

-- Company makes certain divestitures from legacy Perspecta
    related to systems engineering contracts; proceeds will be
    used predominantly to repay debt;

-- Mid-teen EBITDA margins throughout the forecasts; Peraton and
    the Northrop assets will likely generate margins in the low
    teens, while Perspecta will likely generate margins in the
    high-teens before financing lease adjustments; new incremental
    acquisition generates significantly stronger EBITDA margins
    than the consolidated business;

-- Minimal working capital cash requirements and capex spending
    over the forecast period;

-- Excess cash is generally deployed to debt paydown over the
    next few years;

-- No material dividends to sponsor over the next few years.

Recovery Analysis

The recovery analysis assumes that Peraton would be considered a
going concern in bankruptcy and that the company would be
reorganized rather than liquidated. A 10% administrative claim is
assumed in the recovery analysis.

Fitch assumes Peraton will receive a going-concern recovery
multiple of 7.0x EBITDA under this scenario. Fitch considers this
multiple to be towards the upper middle range of recovery multiples
assigned to companies in the aerospace & defense sector.

Fitch's recovery assumptions are based on Peraton's pro forma
capital structure for recent acquisitions. Fitch considered the
company's strong cash flow generation, nimble operating structure,
stable margins, revenue visibility, and strong product offerings.
Fitch also took into account the company's contract diversification
and key focus areas, which align well with long-term U.S.
Department of Defense and broader U.S. government initiatives. Each
of these factors supports a medium to high recovery multiple.

Fitch assumes $860 million as the going concern EBITDA in the
analysis. Fitch estimates the hypothetical bankruptcy emergence and
GC EBITDA would be around 20% lower than 2021 pro forma EBITDA
after finance lease adjustments. The assumption incorporates the
proforma EBITDA of Peraton, Northrop Grumman's Federal IT and
Mission Support Services business, Perspecta, Inc., and an
incremental acquisition in the federal IT infrastructure space,
which is the main reason for the increase from the $840 million GC
EBITDA used in previous analysis. Fitch views the company
prospectively in its analysis and derive the going concern EBITDA
under the assumption that the company were to enter bankruptcy more
than a year after combination.

A hypothetical bankruptcy could result from either reputational
damage from poor execution or significant shift in industry
dynamics or competition, which would each result in a material loss
of revenue and deterioration of underlying operations. This decline
would be similar to a scenario if the company were to lose nearly
all of its recompete contracts one or two years following the
combination. Most of the defaulters in the aerospace & defense
sector observed by Fitch in recent bankruptcy case studies were
significantly smaller in scale, had less diversified product lines
or customer bases and were operating with highly leveraged capital
structures.

Fitch generally assumes a fully drawn first lien revolver in its
recovery analyses since credit revolvers are tapped as companies
are under distress. Fitch also assumes the second lien term loan
holders would receive a 4% concession payment from the first lien
debt holders under a bankruptcy scenario. This is supported by the
significant portion of second lien debt, which is in excess of 25%
of total debt.

The 'BB-' rating and Recovery Rating of 'RR2' on the first lien
debt is based on Fitch's recovery analysis under a going concern
scenario, which indicates strong recovery prospects. The 'CCC+'
rating and Recovery Rating of 'RR6' on the company's second lien
term loan would indicate poor recovery prospects.

The Perspecta Enterprise Solutions notes are excluded from the
recovery waterfall due to the irrevocable guarantee for any
principal and interest from HP Inc., which is rated 'BBB+'.

RATING SENSITIVITIES

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

-- Leverage (debt/EBITDA) sustained below 6.0x;

-- Successful integration of the various large acquisitions;

-- FFO Interest Coverage sustained above 2.5x.

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

-- Leverage sustained above 7.0x beyond 12 months to 18 months
    post-transaction;

-- FFO Interest Coverage sustained below 2.0x beyond 12 months to
    18 months post-transaction;

-- Company experiences significant unexpected cash costs related
    to the transaction that hinders liquidity position or cash
    flow;

-- Material loss of major contracts;

-- Change in capital deployment strategy to fund significant
    shareholder actions instead of reducing leverage.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Fitch considers Peraton's pro forma liquidity profile to be
adequate to support the company and expects the company will have
an undrawn revolver at close of $500 million, in addition to an
ample cash balance in excess of $150 million. Peraton should also
generate significant FCF to support operations, as working capital
and capex requirements are low. The company's debt structure is
predominantly comprised of a first lien revolver maturing in 2026,
first lien debt maturing in 2028, and second lien term loan
maturing in 2029.

In addition to this structure, there is approximately $66 million
in principal outstanding of legacy Perspecta Enterprise Solutions
LLC's 7.45% notes due 2029. The notes bear a guarantee of any
principal and interest by HP Inc. (BBB+) as successor to
Hewlett-Packard Company, which provided an irrevocable guarantee in
2008 upon its acquisition of Electronic Data Systems, LLC.

ISSUER PROFILE

Peraton Holding Corp. (Peraton) and its subsidiaries provide highly
differentiated space, intelligence, cyber, defense, homeland
security, and communications solutions, and is a partner on
missions that are critical to the security priorities of the United
States.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

There is approximately $66 million in principal outstanding of
legacy Perspecta Enterprise Solutions LLC's 7.45% notes due 2029.
The notes bear a guarantee of any principal and interest by HP Inc.
(BBB+) as successor to Hewlett-Packard Company, which provided an
irrevocable guarantee in 2008 upon its acquisition of Electronic
Data Systems, LLC.

ESG CONSIDERATIONS

Peraton has an ESG Relevance Score of '4' for Financial
Transparency and disclosure risk due to the its private financials
and intermittent reporting, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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


POST OAK: Hilton Houston Files for Chapter 11 Bankruptcy
--------------------------------------------------------
Jeff Jeffrey of the Houston Business Journal reports that one of
the biggest hotels in Houston, Texas which is located in the
Galleria area, is seeking bankruptcy protection in the wake of the
COVID-19 pandemic.

Hilton Houston Post Oak by the Galleria filed for Chapter 11
bankruptcy protection on Aug. 31, 2021 citing estimated liabilities
between $50 million and $100 million.

The hotel at 2001 Post Oak Blvd. said in the bankruptcy filing that
it has between 50 and 99 creditors and assets between $50 million
and $100 million.

Hilton Houston Post Oak by the Galleria is owned by a subsidiary of
Palm Beach, Florida-based Ecclestone Organization Inc.  Company
President E. Llwyd Ecclestone Jr. signed the bankruptcy filing,
which was filed in the U.S. Bankruptcy Court for the Southern
District of Florida.

The hotel was represented by attorneys from Miami-based León
Cosgrove and Wilmington, Delaware-based Morris, Nichols, Arsht &
Tunnell.

Representatives of the Hilton Houston Post Oak by the Galleria did
not respond to requests for comment.

Hilton Houston Post Oak by the Galleria was once known as
Doubletree Hotel on Post Oak. However, the hotel changed its name,
and branding, in 2004 while it was undergoing a $13 million
renovation.

The hotel is among the largest in Houston, ranking No. 18 on the
Houston Business Journal's 2021 List. According to Houston Business
Journal research, the 448-key hotel reported total room receipts of
$5.48 million between January and October 2020. That was
significantly lower than the $13 million the hotel reported during
the same period of 2019.

Although the hotel's bankruptcy filing did not state why revenue
had taken such a dramatic downturn, many hotels across the country
— including in Houston — have seen their finances slide into
freefall in the wake of the pandemic. Travel bans and social
distancing mandates all but froze business and leisure travel for
over a year, leaving many hotel companies scrambling to find new
revenue streams.

Data from Oxford Economics and the American Hotel & Lodging
Association predicts that the U.S. will lose nearly 486,000 direct
hotel industry jobs by the end of 2021, the San Antonio Business
Journal reported in August 2021. Only five states — California,
Nevada, Florida, New York and Illinois — are expected to suffer
bigger losses than Texas. The Lone Star State had more than 151,400
hotel industry jobs in 2019. That total is now closer to 130,000
— and more losses are expected by the end of the year.

However, as vaccines against Covid-19 became more accessible,
travel began to pick back up, casting a much-needed lifeline to the
beleaguered hospitality industry.

In May 2021, for example, The Howard Hughes Corp. (NYSE: HHC)
reported two of its hotels in The Woodlands saw higher occupancy
rates than in the previous quarter.

Jim Carman, president of the Houston region for Howard Hughes, said
at the time that leisure-traveler demand for hotel rooms started to
recover from the Covid-19 coronavirus pandemic last summer and has
continued to increase throughout the spring.

"In addition, business travel is beginning to return, although far
below 2019 peak numbers," Carman said at the time.

A recent report by San Antonio-based hotel consulting firm Source
Strategies found that after more than a year of unprecedented
revenue losses in the Texas hospitality industry, lodging demand
spiked sharply in the second quarter across the state. Industry
revenue statewide increased 163% compared to second quarter 2020,
which was the lowest point of the pandemic-induced crisis. The Q2
2021 revenue of $3.1 billion was just 5% lower than the same period
in 2019, Source Strategies said.

That said, the Houston-Baytown-Sugar Land metropolitan statistical
area saw room revenue increase 144.7%, trailing many other metro
areas in the state. Austin-Round Rock, with room revenues up
333.1%, Waco (up 287.9%), College Station-Bryan (up 267.9%) and San
Antonio (up 252.4%) saw the biggest increases. Fort Worth-Arlington
(up 201.5%), Dallas-Plano (up 197.5%) and El Paso (up 165.5%) came
in closer to Houston, while Corpus Christi room revenue increased
only 65.8%.

But the delta variant caused Covid-19 cases and hospitalizations to
surge in the third quarter, likely impacting hotel business.

This year's. 2021, Offshore Technology Conference, held Aug. 16-19,
2021, was already expected to be significantly smaller than in past
years even before delta was cause for concern, and the National
Rifle Association canceled its annual meeting — which was slated
to be held in Houston Sept. 3-5, 2021 — due to the Covid-19
numbers in Harris County. The NRA said in December that the event
had already resulted in more than 7,000 hotel rooms being reserved
in 30 hotels across the city.

                   About Hilton Houston Post Oak

Hilton Houston Post Oak is one of the biggest hotel in Houston,
Texas. It is located in Galeria area in Houston.  It is among the
largest in Houston, ranking No. 18 on the Houston Business
Journal's 2021 List.  It is owned by a subsidiary of Palm Beach,
Florida-based Ecclestone Organization Inc.

Post Oak TX, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla.
Case No. 21-18563) on Aug. 31, 2021.  In the petition signed by E.
Llywd Ecclestone, Jr., president of General Partner, Post Oak
estimated $50 million to $100 million in assets and liabilities as
of the bankruptcy filing.  The Hon. Erik P. Kimball is the case
judge.  LEON COSGROVE, LLP, led by Andrew Zaron, and MORRIS NICHOLS
ARSHT & TUNNELL LLP, are serving as counsel to the Debtor.
KAPILAMUKAMAL, LLP, is the financial advisor.


PRECISION DRILLING: Moody's Affirms B2 CFR & Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Precision
Drilling Corporation to positive from negative. Concurrently,
Moody's has affirmed all of Precision's ratings, including its B2
Corporate Family Rating, it's B2-PD probability of default rating
and its B3 senior unsecured instrument rating. Precision's
speculative grade liquidity rating is unchanged at SGL-2.

"The change in outlook to positive reflects our expectation that
Precision will continue to pay down debt, which, combined with
improving market conditions, will lead to better credit metrics
over the next 12-18 months" said Jonathan Reid, a Moody's analyst.

Affirmations:

Issuer: Precision Drilling Corporation

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: Precision Drilling Corporation

Outlook, Changed To Positive From Negative

RATINGS RATIONALE

Precision benefits from: 1) improving oil and gas industry market
conditions; 2) good market position and high quality drilling rig
fleet; 3) good liquidity, including expected positive free cash
flow, which will continue to be allocated towards debt reduction;
and 4) broad North American diversification and presence in Middle
East markets. The company is challenged by: 1) elevated adjusted
leverage (6.1x LTM June21); 2) expected improvement in exploration
and development spending is not assured; and 3) low rig utilization
(around 30%) compared to historical levels and Moody's expectation
that improvement in day rates will be driven and offset by labor
inflation.

The positive outlook is driven by Moody's expectation that
improving market conditions and Precision's focus on debt reduction
will lead to leverage improving towards 3.5x by yearend 2022.

Precision's liquidity is good (SGL-2), with sources of around C$605
million over the next four quarters and no debt maturities over the
same period. The company had C$63 million in cash on its balance
sheet as of June 30, 2021 and the equivalent of about C$383 million
(US$333 million) available under its US$500 million secured
revolving credit facility due June 2025 (with US$53 million
expiring in November 2023). Moody's

Moody's expect Precision to generate positive free cash flow of
about C$160 million over the next four quarters, which is expected
to be used to voluntarily reduce debt. Precision should remain in
compliance with the financial covenants of its credit facility over
the next 12 months. Alternative sources of liquidity are limited
principally to the sale of Precision's existing drilling rigs and
well service rigs, which are largely encumbered.

Precision's senior unsecured notes are rated B3, one notch below
the B2 CFR, reflecting the priority ranking of the various secured
credit facilities in the capital structure.

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

The ratings could be upgraded if Precision's adjusted Debt to
EBITDA is sustained below 5x (6.1x LTM June 2021), EBITDA to
Interest sustained above 3x (2.2x LTM June 2021) or industry
conditions stabilized or improved while maintaining good liquidity
and low refinancing risk.

The ratings could be downgraded if adjusted Debt to EBITDA is
sustained above 6x (6.1x LTM June 2021), if EBITDA to Interest is
sustained below 2x (2.2x LTM June 2021) or if the company generated
sequential negative free cash flow.

The principal methodology used in these ratings was Oilfield
Services published in August 2021.

Precision Drilling Corporation is a Calgary, Alberta-based onshore
driller that also provides well completion and production services
to exploration and production companies in major hydrocarbon basins
across North America and the Middle East.


PROSPECT-WOODWARD: Gets Cash Collateral Access
----------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire has
authorized The Prospect-Woodward Home, dba Hillside Village, to use
cash collateral on an interim basis pursuant to the budget and
provide adequate protection.

The Debtor requires the use of cash collateral to preserve the
value of its business.

The Debtor is obligated to UMB Bank, N.A., the Bond Trustee, for
the benefit of the beneficial holders of the tax-exempt Bonds,
authorized and issued by the New Hampshire Health and Education
Facilities Authority. The Issuer issued its $93,015,000 New
Hampshire Health and Education Facilities Authority Revenue Bonds,
Hillside Village Issue, Series 2017 pursuant to that Bond
Indenture, dated as of June 1, 2017 between the Issuer and the Bond
Trustee.

UMB Bank, N.A., in its capacity as successor trustee for the bonds,
has a first priority security interest in substantially all of the
Debtor's assets, subject only to the pari passu lien of Savings
Bank of Walpole in Gross Receipts.

As of the Petition Date, the amounts due and owing by the Debtor
with respect to the Bonds and the obligations under the Bond
Documents are:

     a. Unpaid principal on the Bonds in the amount of
$60,445,000;

     b. Accrued but unpaid interest on the Bonds in the amount of
$4,197,667.12;; and

     c. unliquidated, accrued and unpaid fees and expenses of the
Bond Trustee and its professionals incurred through the Petition
Date. The amounts, when liquidated, will be added to the aggregate
amount of the Bond Claim.

With the consent of the Bond Trustee, the Debtor and SBW are
parties to a Construction Loan Agreement dated as of April 22, 2019
which provided a line of credit of up to $3,000,000. Proceeds of
the SBW Loan were used to finance certain construction needs at the
Facility. As of the Petition Date, the amounts due and owing by the
Debtor with respect to the SBW Loan and the obligations under the
Construction Loan Agreement are:

     a. Unpaid principal on the SBW Loan in the amount of
$1,727,760;

     b. Accrued but unpaid interest on the SBW Loan in the amount
of $138,277 as of the Petition Date; and

     c. unliquidated, accrued and unpaid fees and expenses of SBW
and its attorneys incurred through the Petition Date. The amounts,
when liquidated, will be added to the aggregate amount of the SBW
Claim.

Pursuant to a Forbearance Agreement, the Bond Trustee has agreed to
make certain advances on behalf of the Debtor in connection with
urgent construction needs up to $570,000. The Postpetition Advances
will be made and otherwise used in a manner consistent with the
terms of the Forbearance Agreement.

As adequate protection for the Debtor's use of cash collateral,
each Secured Party will have a pari passu, valid, perfected, and
enforceable replacement lien and security interest in (i) all
Postpetition Collateral of the same type as such Secured Party's
Prepetition Collateral to the same extent, validity, perfection,
enforceability, and priority of the liens and security interests of
each Secured Party as of the Petition Date.

As additional adequate protection for any diminution, and solely to
the extent of such Diminution, each Secured Party will have
superpriority administrative expense claims pursuant to Bankruptcy
Code section 507(b) with recourse to and payable from any and all
assets of the Debtor's estate.

The Debtor will also make adequate protection payments consistent
with the Cash Collateral Budget in an amount of $75,000 per month
to the Bond Trustee and $8,500 per month to the SBW.

A final hearing on the matter is scheduled for September 24, 2021
at 10 a.m.

A copy of the order is available at https://bit.ly/3neKpz3 from
Donlin Recano, the claims agent.

                 About The Prospect-Woodward Home

The Prospect-Woodward Home owns and operates a licensed continuing
care retirement facility with 222 units, comprised of 141
independent living units, 43 assisted living units, 18 memory care
units, and 20 licensed but not yet opened long term nursing care
units located on or about 95 Wyman Road, Keene, New Hampshire,
comprising approximately 66 acres.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.H. Case No. 21-10523) on August 30,
2021. In the petition signed by Toby Shea, chief restructuring
officer, the Debtor disclosed up to  $50 million in assets and up
to $50 million in liabilities.

Judge Bruce A. Harwood oversees the case.

Jeremy R. Johnson, Esq., and Stephen J. Astringer, Esq., at
Polsinelli PC serve as the Debtor's counsel.



RECESS HOLDINGS: S&P Alters Outlook to Positive, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Recess Holdings Inc.,
which does business as PlayCore, to positive from negative to
reflect its base case that its backlog of orders will likely to
translate into good sales growth in 2021 and at least into the
first half of 2022, which could improve leverage to below the 6.5x
threshold for a one-notch higher rating.

S&P said, "We also affirmed our 'B-' issuer credit rating on
PlayCore, our 'B-' ratings ('3' recovery rating unchanged) on the
company's first-lien debt (consisting of a $370 million term loan
and $50 million delayed-draw term loan due 2024), and our 'CCC'
rating ('6' recovery rating unchanged) on the company's $145
million second-lien term loan due 2025.

"The revision of the outlook to positive reflects our expectation
that the company's current backlog could lead to good sales trends
that will likely continue through at least the first half 2022 and
that the company's leverage could improve to below our 6.5x upgrade
threshold this year. It's our understanding that PlayCore is
experiencing good demand trends this year, and under our base-case
forecast, we expect 2021 revenue to be approximately 20% higher
than 2020s. Our base-case forecast also incorporates our assumption
that even if the current strong backlog stalls in early 2022, sales
could remain flat for the year. The company's current order backlog
might not have the capacity to fulfill completely until the first
half of 2022, largely because of recent and anticipated near-term
supply chain constraints this year and difficulty staffing the
company's plants as a result of a tight labor market. Even if the
company experiences a demand pullback in the latter half of 2022,
we believe its leverage could still be about 6x and that EBITDA
coverage of interest could be in the mid-2x area, which would be in
line with a one-notch higher rating. While we might raise the
credit rating to 'B' over the next year, any further ratings upside
is constrained by PlayCore's financial sponsor ownership, which
could extract cash over time for shareholder returns or sustain
high leverage for debt-financed acquisitions.

"We believe that the current good demand trend for PlayCore's
outdoor recreation products could be due to a combination of
pent-up demand from the pandemic, the equipment replacement cycle,
and higher usage trends in outdoor spaces.We believe that outdoor
recreation equipment replacement and purchasing cycles were likely
delayed during the second and third quarters of 2020 as a result of
pandemic-driven business disruptions, and a portion of the
company's sales trends in the first half of 2021 stemmed from this
pent-up demand. In addition, we believe that outdoor recreation
spaces--including parks and playgrounds--are experiencing higher
usage during the COVID-19 pandemic, which could drive increased
demand for outdoor recreation equipment.

"We expect that increased labor costs, supply-chain disruptions,
and raw material input cost increases could result in modest margin
compression in 2021 and 2022 compared to 2020.It's our
understanding that the company is facing increased raw materials
costs in the form of higher steel, aluminum, and resin prices.
Moreover, we believe that a tight labor market could result in
upward wage pressure for the company and increased labor and other
compensation costs. Because of these factors, we are assuming in
our base case that the company's EBITDA margin could be 12%-13%
through 2022.

"We believe that the company's revenue is susceptible to changes in
municipal and state spending cyclicality, though historical tuck-in
acquisitions have increased revenue diversity and could partially
mitigate revenue volatility if such spending softens.Playground
systems are high-ticket items with long replacement cycles. Such
sales can often be deferred, causing them to be volatile when
municipal budgets contract during a downturn. The company's
acquisitions in recent years of assets that produce smaller-ticket
items with shorter replacement cycles and commercial customer bases
might partially offset municipal spending volatility. However,
commercial clients are also likely to cut spending in a
recessionary environment. In addition, it is our understanding that
PlayCore has added private and foundation funding sources in recent
years that could partially offset its exposure to municipal
budgets. In addition, we believe that if future potential federal
infrastructure spending were to bolster state and municipal
budgets, increased funding could result in higher demand for the
company's playground and other outdoor recreation equipment. This
could result in higher demand and better credit metrics than our
base-case forecast.

"The positive outlook reflects our base case that the company's
backlog of orders will likely translate into good sales growth in
2021 and at least into the first half of 2022, which could improve
leverage to about 6x in 2021 and 2022.

"We could raise our rating if we became confident that the
company's current order backlog and good sales trends could
continue in a manner that allows it to sustain leverage below
6.5x.

"We could revise the outlook to stable if we believed that
declining sales or margin compression could result in
lease-adjusted leverage above 6.5x or adjusted EBITDA coverage of
interest below 2x."



REXNORD LLC: S&P Affirms 'BB' ICR on Spin-Off of PMC
----------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
Wisconsin-based multiplatform industrial company Rexnord LLC and
removed all ratings from CreditWatch, where S&P placed them with
negative implications on Feb. 17, 2021.

S&P said, "Concurrently, we assigned our 'BB' issue-level rating
and '3' recovery rating to the company's proposed $550 million
senior secured term loan B and $200 million revolving credit
facility.

"The stable outlook reflects our expectation that Rexnord will
maintain its S&P Global Ratings-adjusted leverage between 2x and 3x
EBITDA over the next 12 months."

Rexnord is refinancing its capital structure as it nears the merger
of its process and motion control (PMC) business with Regal Beloit
Corp. while retaining the water management (WM) segment as the sole
business.

Rexnord's reduction in scale, scope, and diversity following the
spin-off of PMC will be counterbalanced by reduced leverage
volatility and an asset-lite business structure. After the
transaction, S&P expects a smaller-scale company with annual
revenue below $1 billion compared with over $2 billion before the
PMC spin off, as well as reduced scope and product diversity
because it will be solely focused on its WM business. Rexnord's
presence in international markets will shrink to 2% of sales
because most of its revenue will be generated from North America
due to product specification limitations (different specifications
required for other continents). S&P said, "Rexnord will also have
significant exposure to the new construction market (65% of sales),
which we believe to be cyclical. This risk is partially mitigated
by its moderate exposure to the more stable retrofit and repair
market (35% of sales). We also expect further stability from the
health and education business, which comprises 60% of its
institutional end market."

S&P said, "Despite the loss of the larger revenue contributor, we
anticipate less volatility in credit measures under the WM business
than the legacy business. The WM business has a history of
maintaining somewhat steady earnings in downturns, benefitting from
cost-reduction actions due to its fixed asset-lite business, lower
material prices in downturns, and productivity gains. These
attributes partially offset the unfavorable impact of lower sales.

"Going forward, we expect robust EBITDA margins supported by high
operating efficiency, market leading positions, and continuous
product innovation. We expect moderate expansion in S&P Global
Ratings-adjusted EBITDA margins (which we expect will be in the
range of 23%-24% over the next 12-18 months) following the spin off
of the relatively lower-margin PMC business. The WM business has a
flexible cost structure due to its higher percentage of variable
costs (90% of cost of goods sold). While Rexnord (Zurn) has
significant exposure to raw material cost volatility (60% of cost
of goods sold), the company can shield its margins by passing these
costs through to customers, particularly in periods of favorable
market demand. Zurn has good market share and holds market leading
positions in most of the WM segments served (No. 1 within a niche
water safety and control market, No. 2 in PEX pipe, and No. 2 in
the hygienic and environmental business). We expect the company's
focus on continuous product innovation will help it consolidate and
advance its market share and positions.

"We expect the company's free cash flow generation will fuel an
organic and inorganic growth trajectory. We expect the company to
generate free operating cash flow (FOCF) in excess of $130 million
annually, supported by its asset-lite business model and strong
EBITDA margins. Capital expenditure (capex) is estimated at 1% of
revenue. The company also does not plan to pay dividends in its
initial years given its growth focus. We believe that Zurn's
capital allocation will be directed at business expansion through
organic means and merger and acquisition opportunities that will
broaden its existing product portfolio and make it more competitive
in the market. Though the company may from time to time exceed its
leverage target of 2x-3x due to its acquisitive outlook, we expect
it to rapidly reduce leverage to the target range given its good
FOCF generation.

"The stable outlook on Rexnord reflects our view that the company's
good discretionary cash flow generation will allow it to pursue
acquisitions and sustain S&P Global Ratings adjusted leverage of
2x-3x over the next 12 months."

S&P could lower its rating on Rexnord over the next 12 months if it
anticipated leverage rising above 3x. This could happen if:

-- It undertook large debt-financed acquisitions with little
prospect of a rapid deleveraging; or

-- EBITDA margins fell below 20%, which could occur if the company
faced stiff competition in the market such that it lost its ability
to pass through raw material costs to customers or experienced
reduced demand for its products.

S&P views an upgrade as unlikely given the limited scale. As such,
any upgrade would depend on the company significantly expanding its
size and diversifying the business such that it is more in line
with larger peers while maintaining S&P Global Ratings-adjusted
leverage between 2x and 3x.



RIDGETOP AG: Court Conditionally Approves Disclosure Statement
--------------------------------------------------------------
Judge Catherine J. Furay has entered an order conditionally
approving the Disclosure Statement of Ridgetop Ag LLC.

The final hearing on approval of the Disclosure Statement and
confirmation of the Plan will be held on Oct. 1, 2021, at 10:00
a.m., at the U.S. Bankruptcy Court, Western District of Wisconsin,
120 N Henry St #320, Madison, WI 53703.

Objections to final approval of the Disclosure Statement and/or
confirmation of the Plan must be filed and served no later than
Sept. 24, 2021, at 4:00 p.m.

Sept. 24, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.

                       About Ridgetop Ag

Ridgetop Ag LLC filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 21-11388) on
June 28, 2021, listing under $1 million in both assets and
liabilities.  Alan S. Bark, an authorized member, signed the
petition.  Judge Catherine J. Furay oversees the case.  Krekeler
Strother, SC serves as the Debtor's legal counsel.


RWB INTERNATIONAL: Seeks to Hire Swindell Law Firm as Legal Counsel
-------------------------------------------------------------------
RWB International Family Property Company, LLC seeks approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Swindell Law Firm, P.C. to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     (a) advising the Debtor of its rights, powers, duties and
obligations;

     (b) taking all necessary actions to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor's behalf, the defense of actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections with respect to claims
that are filed against the estate;

     (c) to the extent necessary, assisting in the investigation of
the acts, conduct, assets, and liabilities of the Debtor, and any
other matters relevant to the case;

     (d) investigating and potentially prosecuting preference,
fraudulent transfer and other causes of action arising under the
Debtor's avoidance powers or which are property of the estate;

     (e) preparing legal papers;

     (f) negotiating, drafting and presenting on behalf of the
Debtor a plan for the reorganization of its financial affairs; and

     (g) perform all other necessary legal services.

Patrick Swindell, Esq., a shareholder of Swindell Firm, will bill
$350 per hour for his services.

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

The firm can be reached through:

     Patrick A. Swindell, Esq.
     Swindell Law Firm, P.C.
     1619 S. Kentucky St., Suite B202
     Amarillo, TX 79102
     Tel: (806) 374-7979
     Email: pat@swindellandassociates.com

                  About RWB International Family
                         Property Company

RWB International Family Property Company, LLC filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Texas Case No.
21-20178) on Aug. 2, 2021, listing as much as $10 million in both
assets and liabilities.  Ryan W. Bernard, manager, signed the
petition. Judge Robert L Jones oversees the case.  Swindell Law
Firm, P.C. and Weycer, Kaplan, Pulaski, & Zuber, P.C. represent the
Debtor as legal counsel.


RWB INTERNATIONAL: Seeks to Hire Weycer Kaplan as Co-Counsel
------------------------------------------------------------
RWB International Family Property Company, LLC seeks approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Weycer, Kaplan, Pulaski, & Zuber, P.C. as co-counsel with
Swindell Law Firm, P.C.

The firm's services include:

     (a) advising the Debtor of its rights, powers, duties and
obligations;

     (b) taking all necessary actions to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor's behalf, the defense of actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections with respect to claims
that are filed against the estate;

     (c) to the extent necessary, assisting in the investigation of
the acts, conduct, assets, and liabilities of the Debtor, and any
other matters relevant to the case;

     (d) investigating and potentially prosecuting preference,
fraudulent transfer and other causes of action arising under the
Debtor's avoidance powers or which are property of the estate;

     (e) preparing legal papers;

     (f) negotiating, drafting and presenting on behalf of the
Debtor a plan for the reorganization of its financial affairs; and

     (g) perform all other necessary legal services.

The firm's hourly rates are as follows:

     Jeff Carruth, Shareholder   $485 per hour
     Other Shareholders          $485 per hour or less
     Associates                  $300 per hour or less
     Paralegals                  $150 per hour

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

The firm can be reached through:

     Jeff Carruth, Esq.
     Weycer, Kaplan, Pulaski, & Zuber, P.C.
     3030 Matlock Rd., Suite 201
     Arlington, TX 76015
     Phone: (713) 341-1158
     Fax: (866) 666-5322
     Email: jcarruth@wkpz.com

                  About RWB International Family
                         Property Company

RWB International Family Property Company, LLC filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Texas Case No.
21-20178) on Aug. 2, 2021, listing as much as $10 million in both
assets and liabilities.  Ryan W. Bernard, manager, signed the
petition. Judge Robert L Jones oversees the case.  Swindell Law
Firm, P.C. and Weycer, Kaplan, Pulaski, & Zuber, P.C. represent the
Debtor as legal counsel.


S-TEK 1 LLC: May Use Cash Collateral Through Dec. 31
----------------------------------------------------
Judge Robert H. Jacobvitz of the U.S. Bankruptcy Court for the
District of New Mexico approved the motion of S-Tek 1 LLC to use
cash collateral from September through December 31, 2021, to pay
expenses in the ordinary course of business, pursuant to the
budget.

The Court ruled that Surv-Tek, which objected to the cash
collateral, is granted a replacement lien in property of the same
type in which it held a lien on the Petition Date that the Debtor
acquires postpetition, to the extent that the combined value of the
cash collateral and eligible receivables is less than the value of
such collateral on the Petition Date.

If the amount of cash collateral and eligible receivables is less
than the required cash collateral base amount on the last day of
the calendar month, the Debtor must either pay Surv-Tek the
difference as adequate protection, or file a report with supporting
documentation showing that the combined value of cash collateral
and eligible receivables has been restored by the 21st day of the
following month to at least the required cash collateral base.

If the shortfall in the combined cash collateral and eligible
receivables was not made up by the 21st of the following month, the
Debtor shall pay the unrestored shortfall amount by the last
business day of that month.

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

                           About S-Tek 1   

Based in Albuquerque, N.M., S-Tek 1 LLC, also known as SurvTek --
https://www.survtek.com/ -- is a land surveying and consulting firm
providing services to both the private and public sectors
throughout New Mexico.

S-Tek 1 filed a Chapter 11 petition (Bankr. D.N.M. Case No.
20-12241) on Dec. 2, 2020. In its petition, the Debtor disclosed
$355,177 in assets and $2,251,153 in liabilities. Randy Asselin,
managing member, signed the petition. Judge Robert H. Jacobvitz
presides over the case. The Debtor tapped Nephi D. Hardman Attorney
at Law, LLC as its bankruptcy counsel and FPM & Associates, LLC as
its accountant.



SAMURAI MARTIAL: Seeks to Hire Norris & Associates as Accountant
----------------------------------------------------------------
Samurai Martial Sports, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Norris & Associates as accountant.

The firm's hourly rates are as follows:

     Accountants              $200 per hour
     Associates               $75 per hour

The firm will receive reimbursement for out-of-pocket expenses
incurred.

Robert Norris, a partner at Norris & Associates, 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:

     Robert Norris
     Norris & Associates
     1614 Holland Avenue
     Houston, TX 77029  
     Phone: 713-453-3310

                 About Samurai Martial Sports Inc.

Samurai Martial Sports, Inc. is a Houston-based company that
operates a sports complex, camps, after school care and related
matters.

Samurai Martial Sports filed a petition for Chapter 11 protection
(Bankr. S.D. Texas Case No. 21-32250) on July 2, 2021, listing as
much as $10 million in both assets and liabilities.  Ihab Ahmed,
president of Samurai Martial Sports, signed the petition.  

Judge Eduardo V. Rodriguez oversees the case.

Reese Baker, Esq., at Baker & Associates and Norris & Associates
serve as the Debtor's legal counsel and accountant, respectively.


SEADRILL LIMITED: To Seek Plan Confirmation on Oct. 26
------------------------------------------------------
Seadrill Limited, et al., won approval of the First Amended
Disclosure Statement (as Modified) relating to their Joint Chapter
11 Plan of Reorganization and have scheduled an Oct. 26, 2021
hearing for approval of their Plan.

The Court approved this Confirmation Schedule, subject to
modification as necessary (all times prevailing Central Time):

   * Voting Record Date: Sept. 2, 2021;

   * Voting Deadline: Oct. 7, 2021, at 4:00 p.m.

   * Plan Objection Deadline: Oct. 7, 2021, at 4:00 p.m.

   * 3018 Motion Deadline: Oct. 7, 2021, at 4:00 p.m.

   * Deadline to File Voting Report: Oct. 22, 2021, at 12:00 p.m.

   * Deadline to File Confirmation Brief and 3018 Motion Responses:
Oct. 22, 2021, at 12:00 p.m.

   * Confirmation Hearing Date: Oct. 26, 2021, at 11:00 a.m

                       Reorganization Plan

The Debtors and certain stakeholders, including holders of
approximately 58.7 percent of the Claims arising under the
Prepetition Credit Facilities, support confirmation of the Plan
pursuant to the Plan Support and Lock-Up Agreement.

Despite Seadrill's prepetition efforts to build consensus for a
restructuring transaction, as of the Petition Date, the parties had
not agreed on the terms of a comprehensive, consensual
restructuring. In large part, this was due to the different debt
holdings of the CoCom and the Ad Hoc Group and the disparate views
those groups held about the optimal approach to this restructuring.
Most of Seadrill's secured debt is contained in 12 distinct silos,
each secured by one or more individual rigs as collateral, and
which share pari passu first liens in common collateral consisting
primarily of cash.

Since the Petition Date, the Debtors have been working
constructively with their constituents to reach a consensus on the
terms of a comprehensive restructuring. On April 1, 2021, the
Debtors filed the Notice of Filing of Debtors' Comprehensive
Restructuring Proposal, delivering the Debtors' restructuring
proposal to the CoCom and Ad Hoc Group in advance of the Debtors'
deadline under the Cash Collateral Order. After extensive
negotiations, on July 23, 2021, (i) the Debtors and the Consenting
Lenders executed the Plan Support Agreement, pursuant to which the
Consenting Lenders holding 58.7 percent of the aggregate Credit
Agreement Claims have agreed to support the Plan, and (ii) the
Backstop Parties and the Company entered into the Backstop
Commitment Letter, pursuant to which the Backstop Parties will
backstop a $300 million new money credit facility. The Plan
provides for the reorganization of the Debtors as a going concern
with a deleveraged capital structure and sufficient liquidity to
fund the Debtors' post-emergence business plan.

The Plan, among other things, provides the following:

   * Holders of Allowed Credit Agreement Claims will (a) receive
$750 million of takeback debt, (b) be entitled to participate in a
$300 million new-money raise under the New First Lien Facility, and
(c) receive 83 percent of equity in Reorganized Seadrill, subject
to dilution by the Management Incentive Plan and the Convertible
Bond Equity (if any), on account of their Allowed Credit Agreement
Claims, and 16.75 percent of equity in Reorganized Seadrill if such
holders elect to participate in the Rights Offering (including, for
the avoidance of doubt, the Backstop Parties), in accordance with
the Backstop Commitment Letter and the New First Lien Finance
Documents, subject to dilution by the Management Incentive Plan,
the Convertible Bond Equity (if any);

   * Where applicable, Net Scrap Proceeds from the recycled Rigs
will be paid in cash to the lenders under the applicable
facilities;

   * Holders of the $360 million Asia Offshore Drilling credit
facility will receive the option to elect (a) their pro rata share
of the AOD silo's takeback debt and equity allocation, or (b) their
pro rata share of cash for the full amount of their claim in lieu
of such debt and equity allocations; and

   * If Classes 4 and 6 each vote to accept the Plan, holders of
Interests in Seadrill Limited will receive a Pro Rata share of 0.25
percent of the New Seadrill Common Shares, subject to dilution by
the Management Incentive Plan and the Convertible Bond Equity (if
any).

To capture the full benefit of the compromises embodied in the Plan
and the Plan Support Agreement, and to avoid any default under the
Cash Collateral Order, the Debtors must move through these chapter
11 cases at a steady pace. The Cash Collateral Order has certain
key milestones, including:

   -- Entry of an order confirming the Disclosure Statement and the
Backstop Motion on or before September 6, 2021; and

   -- Entry of an order confirming the Plan on or before November
5, 2021.

Moreover, the Plan Support Agreement contains the following
milestones:

   -- Entry of an order of the Bankruptcy Court approving the
Disclosure Statement within 45 days of the Plan Support Agreement
Effective Date (i.e. by September 6, 2021);

   -- Entry of an order of the Bankruptcy Court confirming the Plan
within 105 days of the Plan Support Agreement Effective Date (i.e.
by November 5, 2021); and

   -- Occurrence of the Effective Date within 165 days of the Plan
Support Agreement Effective Date (i.e. by January 4, 2022).

Under the Plan, Class 4-a - AOD Credit Agreement Claims totaling
$114,783,660 will recover 110.7% of their claims.  This figure
assumes that all holders of the AOD Credit Agreement Claims have
elected to receive the AOD Non-Cash Recovery.  To the extent that
holders of the AOD Credit Agreement Claims elect to receive the AOD

Cash-Out option, such lenders will receive 100% recovery at the
midpoint of the valuation.

Class 4-k - $440MM Credit Agreement Claims in the amount of
$65,571,815  
will recover 104.7% of their claims.  On the Effective Date, each
holder of an Allowed Class 4-k Claim shall receive its Pro Rata
share of: (i) the Subscription Rights for $13.1 million of the New
First Lien Facility; (ii) $32.8 million in principal amount of the
New Second Lien Facility; (iii) 2.4% of the New Seadrill  Common
Shares, subject to dilution by the Management Incentive Plan and
the Convertible Bond Equity (if any); (iv) any AOD Gross-Up
Recovery distributed to this Class in accordance with Article III.C
of the Plan; and (v) Cash equal to the Net Scrap Proceeds
attributable to the Prepetition $440MM Credit Agreement, if any.

Class 6 General Unsecured Claims totaling $1,124,035,708 will each
receive its Pro Rata share of $250,000 in Cash; provided, however,
that holders of Credit Agreement Claims shall be deemed to have
waived their recovery on account of their General Unsecured Claims.
Creditors will recover 0.02% of their claims.

On the Effective Date, the Reorganized Debtors, including
Reorganized Seadrill, shall consummate the Rights Offering in
accordance with the Rights Offering Procedures, the Backstop
Commitment Letter, the Plan, and the New Credit Facility Term
Sheet.  Subscription Rights to participate in the Rights Offering
shall be allocated among the holders of Credit Agreement Claims as
of a specified record date in accordance with the Rights Offering
Procedures, the Backstop Commitment Letter, and the Plan.

Co-Counsel to the Debtors:

     Matthew D. Cavenaugh
     Jennifer F. Wertz
     Vienna F. Anaya
     Victoria Argeroplos
     JACKSON WALKER L.L.P.
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     Email: mcavenaugh@jw.com
            jwertz@jw.com
            vanaya@jw.com
            vargeroplos@jw.com

Co-Counsel to the Debtors:

     Anup Sathy, P.C.
     Ross M. Kwasteniet, P.C.
     Brad Weiland
     Spencer Winters
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     300 North LaSalle Street
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     Email: asathy@kirkland.com
            rkwasteniet@kirkland.com
            bweiland@kirkland.com
            spencer.winters@kirkland.com

            - and -

     Christopher Marcus, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     Email: cmarcus@kirkland.com

A copy of the Disclosure Statement dated September 1, 2021, is
available at https://bit.ly/2WV0Qp8 from PacerMonitor.com.

                       About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May 2021 as
co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel.  Prime
Clerk LLC is the claims agent.

On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board.  Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA Capital
Partners, LLC as financial advisor at the sole direction of
independent directors.


SEAGATE TECHNOLOGY: Fitch Alters Outlook on 'BB+' Rating to Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Seagate Technology Plc
(Seagate) and its wholly-owned subsidiary, Seagate HDD Cayman, at
'BB+' and revised the Rating Outlook to Stable from Negative. The
ratings and Outlook reflect Fitch's expectations that Seagate's
operating results and FCF will strengthen over the next 12-24
months, enabling the company to maintain solid credit metrics even
as it continues to prioritize returning excess cash to
shareholders.

Demand for mass capacity drives will remain strong through the
forecast and more than offset continued declines in legacy disk
drive markets, resulting in positive low- to mid-single digit
average growth. Seagate's product leadership in mass capacity
drives over its competitor Western Digital Corp. (BB+/Stable),
could accelerate revenue growth over at least the nearer-term. The
richer sales mix, operating leverage, and heightened capital
spending discipline should sustain operating EBITDA and FCF margins
above 20% in the mid- to high-single digits through the forecast
period.

KEY RATING DRIVERS

Prioritization of Capital Returns: Fitch expects Seagate prioritize
capital returns through the forecast but that stock buybacks will
be mainly funded with FCF, given that cash is close to Fitch's
estimated operating minimum. Seagate has articulated in its
long-term financial model its intention to use at least 70% of
annual pre-divided FCF for shareholder returns. Fitch estimates
Seagate has modest capacity for debt-funded capital returns under
Fitch's 3.0x negative leverage (total debt to operating EBITDA)
rating sensitivity, given Fitch's forecast solid operating
performance over the next 12-24 months.

Strengthening FCF Profile: Fitch expects Seagate's FCF profile will
strengthen and margins will be in the mid- to high single digits
following three consecutive years with FCF margins in the low- to
mid-4% range. Lower capital spending, as the company absorbs
recently elevated investments levels, in conjunction with stronger
positive revenue growth and a richer profit mix will yield $500
million to $1 billion of annual FCF. Dividends should remain flat
at near $650 million with annual dividend per share growth offset
by ongoing common stock repurchases.

Data proliferation Supports Demand: Fitch believes robust demand
for storage across media types provides a path for modest positive
organic long-term revenue growth. Artificial intelligence (AI) and
5G-enabled applications across computing environments will be a
significant driver of demand. Fitch expects the significant
majority of data creation will be cool/cold storage on lower cost
HDD-based capacity drives in the public cloud, driving the bulk of
Seagate's revenue growth through the forecast period, with
surveillance penetration and gaming markets leading the remainder
of top line growth.

Constructive Supply Conditions: Fitch believes Seagate's market
position, as one of two HDD providers of roughly equal size and
with nearly 100% share of the capacity drive market, supports
constructive supply conditions that should enable profitable growth
and solid FCF margins. Seagate's intensified capital spending in
recent years and the re-purposing of existing capacity as legacy
revenue declines should enable the company to manage capital
spending at structurally lower levels through the forecast, with
upside driven by stronger than expected revenue growth.

Significant Technology Risk: Fitch believes storage technology and
product risks remain meaningful with regular areal density
increases required to offset significant ASP pressure to sustain
HDDs' total cost of ownership (TCO) advantage over SSDs and keep
pace with chief competitor, WDC. More recently proven 'energy
assist'-based drives promise to provide a roughly decade-long
roadmap to drives of more than 50TB (versus 18TB drives shipping
today), reducing Seagate's technology risk. At the same time, the
breakdown of Moore's Law will ultimately constrain SSD-makers'
ability to close the TCO gap.

DERIVATION SUMMARY

Fitch believes Seagate and its chief competitor, WD, are both
appropriately positioned at the lower end of investment grade from
a business model perspective, given industry revenue growth
characteristics for disk drives. This results in a 2.5x total debt
to operating EBITDA cut-off between investment grade and high
yield, versus 3.0x for technology companies with stronger business
models. Fitch believes WD's vertically integrated SSD business
yields higher and more diversified revenue growth but also adds
meaningfully higher operating cyclicality and investment intensity
compared with Seagate. While total debt to operating EBITDA is
above 2.5x for both issuers, WD's publicly articulated focus on the
use of FCF for debt reduction after its leveraging acquisition of
Sandisk Corp. positions WD favorably to Seagate's focus on
shareholder returns from a financial structure perspective.

KEY ASSUMPTIONS

-- Low- to mid-single digit CAGR through forecast, driven by
    strong mass capacity drive demand more than offsetting even
    accelerating legacy markets.

-- Revenue should grow by mid-single digits in FY22 before
    moderating in FY23 and correcting in FY24.

-- Capital discipline, a richer sales mix and adoption of the
    company's aaS offerings should drive gross margin expansion
    through the forecast with operating leverage resulting in
    structurally higher operating EBITDA and margins (more than
    20%) through the cycle.

-- Capital intensity moderates to 4%-6%, which in conjunction
    with higher profitability, will drive FCF margins to the high-
    from mid-single digits.

-- Dividends roughly flat with annual dividend per share growth
    offset by share count reductions from stock buybacks.

-- Seagate uses all of its FCF for stock buybacks, given Fitch's
    expectations for flat to drifting higher debt levels and a
    focus on organic growth rather than acquisitions.

-- Refinance all upcoming debt maturities.

RATING SENSITIVITIES

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

-- Public commitment to manage debt levels for total leverage
    sustained below 2.5x.

-- Expectations for annual FCF margins consistently in the mid-
    to high-single digits while growing revenue, structurally
    higher market share and diversifying end market and product
    exposure.

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

-- Expectations for annual FCF sustained below $500 million or
    FCF margins in the low-single digits from persistently weaker
    than expected revenue trends or profit margins, indicating
    poor execution on its roadmap.

-- Expectations for total leverage sustained above 3.0x, from
    debt issuance to support debt-funded shareholder returns
    persistently in excess of FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Seagate's liquidity will remain
adequate and, as of July 2, 2021, consisted of $1.2 billion of cash
and cash equivalents and an undrawn $1.725 billion senior unsecured
RCF expiring Feb. 20, 2024. Fitch's expectation for more $500
million to $1 billion of annual FCF also supports liquidity.

ESG CONSIDERATIONS

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


SEBSEN ELECTRIC: May Continue to Use Cash Collateral
----------------------------------------------------
Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the
Middle District of Florida authorized Sebsen Electric, LLC, on an
interim basis, to use the cash collateral retroactive to July 12,
2021, to pay for its current and necessary expenses according to
the budget (plus 10% permitted variance per line item) and other
Court-approved payments, including fees to the U.S. Trustee.

The Debtor's secured creditors shall have a perfected postpetition
lien against the cash collateral to the same extent, validity and
priority as their prepetition liens.

The Court will convene a continued hearing on the matter on
December 2, 2021 at 1:30 p.m.  Parties may attend the hearing in
person, by Zoom or by telephone.

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

                    About Sebsen Electric, LLC

Sebsen Electric, LLC filed a petition under Subchapter V of Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-03626) on
July 12, 2021.  On the Petition Date, the Debtor disclosed $545,466
in total assets and $888,950 in total liabilities.  The petition
was signed by Anthony S. Italiano, manager.  Buddy D. Ford, P.A.
represents the Debtor as counsel.  Ruediger Mueller is appointed as
the Debtor's Subchapter V Trustee.



SENIOR HEALTHCARE: Seeks OK on Cash Access Deal with C Store
------------------------------------------------------------
C Store, Inc. and Senior Healthcare, Inc. asked the U.S. Bankruptcy
Court for the District of Maryland to approve an agreement
providing that:

   * C Store will be granted relief from the automatic stay with
respect to the Debtor's real property located at 428 Northwest
Drive, in Silver Spring, Maryland, effective November 2, 2021,
which may be extended to December 31, 2021 if and only if the
Debtor proposes a Chapter 11 plan reasonably susceptible to
confirmation;

   * the Debtor may use C Store's cash collateral, pursuant to the
budget, provided that C Store shall be granted a valid and
perfected replacement lien in all of the Debtor's postpetition
assets, and an allowed administrative claim against the Debtor's
estate, to the extent that the adequate protection lien is
insufficient to protect C Store's interest in the prepetition
collateral as a result of the diminution in value of said
prepetition collateral.

The budget provided for $18,255 in monthly expenses covering the
months of August through October 2021.  A copy of the budget is
available for free at https://bit.ly/2WTo2EB from PacerMonitor.com.


The Debtor owed C Store not less than $467,242 including accrued
and unpaid prepetition interest, fees and costs, pursuant to
various loan documents, secured by deeds of trust and an assignment
of rents and profits.

Judge Thomas J. Catliota had granted the request of C Store to
prohibit Senior Healthcare, Inc. from using the cash collateral
without C Store's consent or a further Court order.  A copy of the
order is available for free at https://bit.ly/3tsLXGz from
PacerMonitor.com.

A copy of the Debtor's motion is available for free at
https://bit.ly/3h8XQwk from PacerMonitor.com.
     
                   About Senior Healthcare Inc.

Senior Healthcare, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Md. Case No. 21-15037) on Aug. 2, 2021, listing as much
as $1 million in assets and as much as $500,000 in liabilities.
Judge Thomas J. Catliota oversees the case.  Cohen Baldinger &
Greenfeld, LLC serves as the Debtor's legal counsel.


SHE FLIPS TOO: Gets OK to Hire Rountree Leitman & Klein as Counsel
------------------------------------------------------------------
She Flips Too, Inc. received approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Rountree
Leitman & Klein, LLC to serve as legal counsel in its Chapter 11
case.

The firm's services will include:

     a. advising the Debtor regarding its powers and duties in the
management of its property;

     b. preparing legal papers;

     c. assisting in the examination of claims of creditors;

     d. assisting in the formulation and preparation of a plan of
reorganization and in seeking confirmation of the plan;

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

The firm's hourly rates are as follows:

     Attorneys            $195 to $495 per hour
     Paralegals           $150 to $195 per hour

Rountree Leitman & Klein will also be reimbursed for out-of-pocket
expenses incurred.  The retainer fee is $10,000.

William Rountree, Esq., a partner at Rountree Leitman & Klein,
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:

          William A. Rountree, Esq.
          Benjamin R. Keck, Esq.
          Taner N. Thurman, Esq.
          Rountree Leitman & Klein, LLC
          2987 Clairmont Road, Suite 350
          Atlanta, GA 30329
          Telephone: (404) 584-1238
          Email: wrountree@rlklawfirm.com
                 bkeck@rlklawfirm.com
                 tthurman@rlklawfirm.com

                     About She Flips Too Inc.

She Flips Too, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ga. Case No. 21-55551) on July 27, 2021, disclosing under $1
million in both assets and liabilities.  Judge Paul W. Bonapfel
oversees the case.  Rountree Leitman & Klein, LLC serves as the
Debtor's legal counsel.


SNL BALDWIN: Says 2nd Am. Disclosures Resolves Schneider Issues
---------------------------------------------------------------
SNL Baldwin Realty, LLC, submitted a reply in further support of
the Debtor's Second Amended Disclosure Statement and the Debtor's
Second Amended Plan of Reorganization and in opposition to the
objection thereto filed by Kenneth Schneider (the "Schneider
Objection").

SNL points out that the Schneider Objection begins with a
representation that Schneider is not a professional lender and has
counted on the income provided by the Debtor's Mortgage to fund his
retirement.  While the Debtor is not sure how that is relevant to
the issue of the adequacy of the disclosure statement, Schneider
should be comforted to know that upon the Effective Date of the
Plan he will receive a lump sum payment in the sum of $152,982.49
(representing a full curing of all of the arrears that are owed to
him) and that going forward he will receive the regular monthly
mortgage payments for which he bargained.

SNL further points out that the Schneider Objection incorrectly
asserts that because Schneider's Mortgage had been accelerated the
Debtor's Plan must pay the obligation in its entirety.

According to SNL, the Second Amended Plan properly provides for the
deacceleration of Schneider's mortgage, the cure of all arrears
thereunder and the reinstatement of the mortgage, all in accordance
with the requirements of the Bankruptcy Code.

SNL asserts that the Schneider Objection raises other issues that
have been fully and satisfactorily answered in the Second Amended
Disclosure Statement, the Primavera Affidavit and the Rizzo
Affidavit.

SNL points out that the Schneider Objection asserts that the
installation of the spray booth is illegal because the expansion of
the Debtor's Subject Property will require a zoning modification
that the Debtor for which the Debtor has not provided. However, as
set forth in the Second Amended Disclosure Statement and the
Primavera Affidavit, the Debtor is not conducting an expansion of
the Subject Property, but rather an installation of a spray booth
into the existing building. As a result, upon information and
belief, no zoning variance will be required, rendering Schneider's
Objection moot.

SNL further points out that the Schneider Objection asserts that
the Debtor has "misled" Schneider and this Court as to its
intentions. As has been fully set forth in the Second Amended
Disclosure Statement and the Primavera Affidavit, the Debtor worked
diligently to arrive at a Plan that would allow it to satisfy its
creditors and maintain Primavera's ability to earn a living. The
Debtor initially attempted to refinance the Subject Property in
order to do so. However, when the appraised value was far less than
anticipated, that became impossible. The Debtor then began the
process of attempting to sell the Subject Property, it being
Primavera's intention to move White Glove's business to a new
space. However, he was unable to locate a viable substitute
property, and as such a sale of the Subject Property became
untenable as it would leave Primavera without a way to support
himself. Finally, Rizzo provided Primavera with the funding
necessary to fully fund the Debtor's Second Amended Plan, make the
necessary additions to the Subject Property and allow Primavera the
ability to sustain himself and White Glove.

Counsel to the Debtor:

     Michael G. Mc Auliffe, Esq.
     LAW OFFICE OF MICHAEL G. MC AULIFFE
     68 South Service Road, Suite 100
     Melville, New York 11747
     Tel: (516) 927-8413

                      About SNL Baldwin Realty

SNL Baldwin Realty, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 20-73348) on Nov. 7, 2020, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by the Law Office of Michael G. Mcauliffe.  Judge Louis
A. Scarcella is assigned to the case.


STOHNE RENTALS: Taps Snyder Strategy as Real Estate Broker
----------------------------------------------------------
Stohne Rentals, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Indiana to employ Snyder Strategy
Realty, Inc. to market for sale its real properties in Frankfort,
Ind.

Snyder will be paid a 6 percent commission from the sale of the
properties located at 7 N. Oneil St. and 751 N. Clay St.,
Frankfort, Ind.

Scott Irons, a broker at Snyder, 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:

     Scott Irons
     Snyder Strategy Realty, Inc.
     8888 Keystone Crossing, Suite 1300,
     Indianapolis, IN, 46240
     Tel: (317) 534-7434/(317) 452-8778

                      About Stohne Rentals LLC

Frankfort, Ind.-based Stohne Rentals, LLC filed a Chapter 11
bankruptcy petition (Bankr. S.D. Ind. Case No. 20-05830) on Oct.
20, 2020, listing as much as $1 million in both assets and
liabilities.   Judge Jeffrey J. Graham oversees the case.  The
Debtor is represented by KC Cohen, Lawyer, PC.


STREAM TV: Fires Back Creditors by Seeking Ch. 7 Appeal Sanctions
-----------------------------------------------------------------
Law360 reports that television technology company Stream TV has
fired back against creditors seeking sanctions for what they claim
are abusive bankruptcy filings, telling a Delaware bankruptcy judge
that it's not to blame for the creditors' expenses.

In a motion filed Friday, September 3, 2021, Stream TV also argued
U.S. Bankruptcy Judge Karen Owens no longer has the jurisdiction to
impose sanctions on the company over a short-lived Chapter 7 case
filed after the dismissal of its Chapter 11 case in May 2021 and
denied creditor SeeCubic Inc.'s claims it is trying to stall the
enforcement of an asset transfer under a pre-bankruptcy contract.

                     About Stream TV Networks

Philadelphia, Pa.-based Stream TV Networks, Inc. develops
technology intended to display three-dimensional content without
the use of 3D glasses.

On Feb. 24, 2021, Stream TV Networks filed a Chapter 11 petition
(Bankr. D. Del. Case No. 21-10433). Stream TV Networks CEO Mathu
Rajan signed the petition. In the petition, the Debtor listed
assets of about $100 million to $500 million and liabilities of
$100 million to $500 million.  Judge Karen B. Owens oversees the
case. Dilworth Paxson, LLP, led by Martin J. Weis, Esq., is the
Debtor's counsel.

The Company's Chapter 11 case was dismissed on May 17, 2021.

Stream TV Networks filed a Chapter 7 bankruptcy petition (Banr. D.
Del. Case No,. 21-bk-10848) on May 23, 2021, which case was
dismissed June 10, 2021.


STV GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on STV
Group Inc., a design, engineering, and architecture services
provider. The outlook is stable.

S&P said, "At the same time, we affirmed our 'B' issue-level rating
on the company's credit facility. The '3' recovery rating is
unchanged, reflecting our expectation for meaningful (50%-70%;
rounded estimate: 50%) recovery in the event of a payment default.

"The stable outlook reflects our expectation that top-line growth
will improve pro forma for the transaction and 2021 EBITDA margins
will be stable compared with 2020 levels, resulting in positive
free operating cash flow (FOCF) over the next year."

STV Group plans to acquire CP&Y Inc. (unrated), a transportation
and water infrastructure design and engineering firm based in
Texas. The acquisition will be partly funded by the issuance of $45
million in incremental debt, fungible with its existing first-lien
term loan.

S&P said, "We expect leverage to remain high pro forma for the
transaction, but we anticipate it will decline over time.
In 2020, customers delayed projects and were slow to commit to new
ones because of the pandemic, resulting in weaker-than-expected
revenue and profitability at the end of STV's fiscal year-end
September 30, 2020. However, some on-hold projects in the backlog
have resumed and profitability has improved, but not to prepandemic
levels. The majority of STV's backlog comprises public sector
contracts, which will likely provide some stability to revenue as
government entities continue the rehabilitation of aging U.S.
infrastructure over the next several years. We expect its
acquisition of CP&Y will provide access to new public sector
clients and aid margin stability, with adjusted EBITDA margins
forecast in the low-teens percent area through 2022. In addition,
its relatively flexible cost structure should result in S&P Global
Ratings-adjusted debt to EBITDA below 6.5x in 2022.

"STV should continue to generate good FOCF to debt in the
mid-single-digit percent area over the next several years. We do
not assume the negative free cash flow in 2020 will recur due to
one-time outflows related to its stock appreciation rights and
transaction costs in that year. In our view, STV has relatively low
capital expenditure requirements. In addition, we do not expect
material swings in working capital over the next year given the
nature of the company's project-based work.

"The stable outlook on STV reflects our expectation that debt to
EBITDA will be about 6.5x pro forma for the transaction. We expect
EBITDA margins to remain stable as work on delayed projects and the
demand for new projects accelerates. We expect good free cash flow
generation resulting in FOCF to debt of about 5% in 2021.

"We could lower our rating on STV in the next 12 months if its
adjusted debt to EBITDA remained above 6.5x and its FOCF to debt
declined below 3%. This could occur if the demand for its services
on new projects rose at a slower-than-expected pace, materially
reducing its revenue and margins relative to our base case
assumptions.

"We could raise our rating on STV if we believed its adjusted debt
to EBITDA would decline and remain below 5x with FOCF to adjusted
debt above 5% on a sustained basis. This could occur if market
conditions improved substantially, increasing the demand for the
company's services and reducing the risk of work cancelations, such
that its margins rose by more than we currently forecast. We would
also need to believe that STV's owner would support these improved
metrics before raising our rating."



SVXR INC: $2MM DIP Loan, Cash Collateral Access OK'd
----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Jose Division, has authorized SVXR, Inc. to obtain postpetition
financing and use cash collateral on a final basis.

The Debtor is authorized to borrow the aggregate maximum amount of
$2,000,000 from certain investment fund(s) managed by Legalist DIP
GP, LLC, the lender, agent, and collateral agent, as provided in
the Debtor-in-Possession Term Loan Credit Agreement among the
Debtor and the DIP Lender and to incur the DIP Obligations
contemplated thereby.

The Debtor is authorized to access and use Cash Collateral to
manage the administration of the Chapter 11 Case and auction sale
process, and support the continuity of the Debtor's operations.

The Debtor needs to obtain funds and liquidity in the amount of the
DIP Commitment to pay the costs and expenses of administering the
Chapter 11 Case, and to administer and preserve the value of its
business and estate.

The Court says all interest, fees, and expenses (expressly
including all DIP Lender Expenses) contemplated by the DIP Loan
Documents are authorized to be incurred by the Debtor as DIP
Obligations and approved for payment as DIP Superpriority Claims,
without application to or further order by the Court.

The proceeds of the DIP Loans will be used by the Debtor
exclusively to (a) pay DIP Lender Expenses, (b) pay all other DIP
Obligations, and (c) pay other amounts permitted under the Budget;
provided that no portion of the DIP Loans will be used for fees,
costs, or expenses incurred by any party in (x) investigating or
pursuing any claim or cause of action against the DIP Lender, any
Affiliate thereof, or any other Indemnified Person or (y)
questioning or challenging, or taking any other action that could
reasonably be expected otherwise to impair, any DIP Loans, DIP
Liens, DIP Superpriority Claims, DIP Obligations, DIP Loan
Documents, or right or remedy of the DIP Lender.

So long as any DIP Obligation remains outstanding, the Debtor will
perform each covenant contained in the DIP Loan Documents.

No adequate protection is necessary in order to protect the
Pre-Petition Secured Parties from the diminution in value of the
DIP Collateral.

A copy of the order is available at https://bit.ly/3h8J60E from
Omni Agent Solutions, the notice and claims agent.

                         About SVXR, Inc.

SVXR, Inc. -- https://svxr.com -- offers high speed inspection and
metrology technology to the semiconductor packaging industry.  The
Debtor filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
21-51050) on August 4, 2021.  

On the Petition Date, the Debtor estimated $1 million to $10
million in assets, and $10 million to $50 million in liabilities.
The petition was signed by Daniel Trepanier, CEO & president.

Judge Stephen L. Johnson oversees the case.

Paul Hastings LLP serves as the Debtor's counsel.  Omni Agent
Solutions is the Debtor's notice, claims and administrative
advisor.



TREASURES AND GEMS: Seeks to Hire Genova Burns as Legal Counsel
---------------------------------------------------------------
Treasures and Gems, Ltd. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Genova Burns,
LLC to serve as legal counsel in its Chapter 11 case.

The firm's hourly rates are as follows:

     Partners                 $450 to $850 per hour
     Associates               $225 to $325 per hour
     Paralegals               $200 per hour

The firm will be paid a retainer in the amount of $25,000 and
reimbursed for out-of-pocket expenses incurred.

Daniel Stolz, Esq., a partner at Genova Burns, 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:

     Daniel M. Stolz, Esq.
     Donald W. Clarke, Esq.
     Genova Burns LLC
     110 Allen Road, Suite 304
     Basking Ridge, NJ 07920
     Email: (973) 467-2700

                   About Treasures and Gems Ltd.

New York-based Treasures and Gems, Ltd. filed a petition for
Chapter 11 protection (Bankr. S.D. N.Y. Case No. 21-11474) on Aug.
18, 2021, listing as much as $10 million in both assets and
liabilities.  Treasures and Gems President Michael E. Crane signed
the petition.  Judge Martin Glenn oversees the case.  Genova Burns,
LLC serves as the Debtor's legal counsel.


UBIOME INC: Co-Founder Jessica Richman Sued for Lab-Testing Fraud
-----------------------------------------------------------------
Becky Yerak of The Wall Street Journal reports that a co-founder of
uBiome Inc. already facing federal fraud charges over the failed
lab-testing company has also been sued for $25 million over
investors' losses.

Jessica Richman, a former co-chief executive of the startup,
breached her fiduciary duties as well as a written contract
prohibiting misconduct that could hurt uBiome, according to a
complaint filed Thursday in the U.S. Bankruptcy Court in
Wilmington, Del., by Alfred Giuliano, the chapter 7 trustee winding
down the defunct company.

Ms. Richman also faces federal fraud charges related to San
Francisco-based startup's billing practices.

                       About uBiome Inc.

uBiome, Inc. -- https://ubiome.com/ -- is a microbial genomics
company founded in 2012. uBiome combines its patented proprietary
precision sequencing with machine learning and artificial
intelligence to develop wellness products, clinical tests, and
therapeutic targets. uBiome has filed for over 250 patents on its
technology, which includes sample preparation, computational
analysis, molecular techniques, as well as diagnostic and
therapeutic applications.  uBiome and its non-debtor foreign
affiliates currently employ approximately 100 individuals, of which
35 are located in the United States, 37 in Chile, and 28 in
Argentina.

On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 19-11938).  The Debtor was estimated to
have assets of $50 million to $100 million and liabilities of $10
million to $50 million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel;
Goldin Associates, LLC, as restructuring advisor; and GLC Advisors
& Co., LLC and GCLA Securities LLC as investment banker.  Donlin
Recano & Company, Inc., is the claims agent.

In October 2019, the Bankruptcy Court converted the Chapter 11
bankruptcy case to a Chapter 7 liquidation.


VI GROUP INVESTMENT: Taps Westfall LLC as Special Counsel
---------------------------------------------------------
Vi Group Investment, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ Westfall, LLC
as special counsel.

The Debtor needs the firm's legal assistance in connection with the
closing of a real estate transaction of its commercial property
located at 127 Perimeter Center W., Atlanta, Ga.

The firm will be paid at hourly rates ranging from $145 to $385 and
reimbursed for out-of-pocket expenses incurred.

M. Todd Westfall, Esq., a partner at Westfall, 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:

     M. Todd Westfall, Esq.
     Westfall, LLC
     4994 Lower Roswell Road, Suite 6
     Marietta, GA 30068
     Tel: (678) 384-7000

                   About Vi Group Investment LLC

Vi Group Investment, LLC, a single asset real estate debtor, filed
a petition for Chapter protection (Bankr. N.D. Ga. Case No.
21-51722) on March 2, 2021, listing up to $50,000 in assets and up
to $10 million in liabilities.  Vi To, the Debtor's sole
member, signed the petition.

Judge Sage M. Sigler oversees the case.

The Debtor tapped Rountree, Leitman & Klein LLC as bankruptcy
counsel, Westfall LLC as special counsel, and Carroll & Company
CPAs PC as accountant.


WATER MARBLE: Taps Smith Hulsey as Special Counsel in GBR Suit
--------------------------------------------------------------
Water Marble Holding, LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ Smith
Hulsey & Busey as special counsel.

The Debtor needs the firm's legal assistance in connection with the
case captioned as GBR Group LTD v. Water Marble Holding, LLC, et
al. (Case No. 2019-CA-913) filed in the Circuit Court, Fourth
Judicial Circuit, Duval County, Fla.

The firm will be paid based upon its normal and usual hourly
billing rates and reimbursed for out-of-pocket expenses incurred.
The retainer fee is $25,000.

James Post, Esq., a partner at Smith Hulsey & Busey, 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:

     James H. Post, Esq.
     Smith Hulsey & Busey
     225 Water St., Suite 1800
     Jacksonville, FL 32202
     Tel: (904) 359-7700/(904) 359-7783
     Email: jpost@smithhulsey.com

                  About Water Marble Holding LLC

Water Marble Holding, LLC filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 21-01034) on April 28, 2021, listing as
much as $10 million in both assets and liabilities.  Judge Jerry A.
Funk oversees the case.

The Law Offices of Jason A. Burgess, LLC and Smith Hulsey & Busey
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.


WSCE CORP: Seeks to Hire J. Zac Christman as Bankruptcy Attorney
----------------------------------------------------------------
WSCE Corp. seeks approval from the U.S. Bankruptcy Court for the
Middle District of Pennsylvania to employ J. Zac Christman, Esq.,
an attorney practicing in Stroudsburg, Pa., to handle its Chapter
11 case.

Mr. Christman will be paid at the rate of $300 per hour and
reimbursed for out-of-pocket expenses incurred.  The attorney
received from the Debtor a retainer in the amount of $2,500.

Mr. Christman 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 attorney can be reached at:

     J. Zac Christman, Esq.
     556 Main Street, Suite 12
     Stroudsburg, PA 18360
     Tel: (570) 234-3960
     Fax: (570) 234-3975
     Email: zac@fisherchristman.com

                         About WSCE Corp.

WSCE Corp. filed a petition for Chapter 11 protection (Bankr. M.D.
Pa. Case No. 21-01873) on Aug. 25, 2021, listing as much as
$500,000 in both assets and liabilities.  Judge Mark J. Conway
oversees the case.  J. Zac Christman, Esq., serves as the Debtor's
bankruptcy attorney.


ZACHAIR LTD: Updates PD Hyde Claim Pay Details; Files Amended Plan
------------------------------------------------------------------
Zachair, Ltd., submitted a First Amended Disclosure Statement with
respect to First Amended Plan of Reorganization dated September 7,
2021.

Since the commencement of the case, the Debtor has focused
intensively on selling its primary asset, the Property, to satisfy
its obligations to creditors and parties in interest. The Stalking
Horse Purchaser is a subsidiary of JEN Partners, LLC ("JEN
Partners"), a New York-based private equity firm that specializes
in homebuilder financing and residential land investment services.

On July 27, 2021, the Bankruptcy Court entered its Amended Order
(A) Approving The Sale Of The Debtor's Property Free And Clear Of
Liens, Claims, Interests And Encumbrances, (B) Approving The Sales
Contract, (C) Approving Bid Procedures, (D) Scheduling Bid
Deadline, Auction And Sale Hearing, (E) Approving Form And Manner
Of Notice Thereof, And (F) Granting Certain Related Relief (the
"Amended Order"). On August 23, 2021, the Debtor served and filed a
Notice of Extension of Bid Deadline. The Bid Deadline was extended
to November 5, 2021.

Under the Amended Sale Order, PD Hyde Field was required to release
the lis pendens. On August 5, 2021, PD Hyde Field released the lis
pendens.

Class 6 consists of the Allowed Secured Claim of PD Hyde Field.
Except to the extent that the Holder of the Allowed Class 6 Claim
agrees in writing to less favorable treatment:

     * PD Hyde Field shall be deemed to have an allowed non
priority unsecured claim in the Bankruptcy Case in the amount of
Three Million Two Hundred Thousand and No/100 Dollars
($3,200,000.00).

     * If the Debtor obtains Exit Financing prior to the Effective
Date, and if the Effective Date occurs on or before December 31,
2021, the Debtor shall pay $1,600,000 to PD concurrently with the
funding of such financing, and shall pay an additional $500,000
(the "Back End Payment") to PD concurrently with the Debtor's
receipt of the second installment payment due under the Purchaser
Note.

     * If the Debtor is not able to arrange or consummate Exit
Financing, the Debtor shall pay the PD Proof of Claim in full pari
passu with the payment of principal to other allowed general
unsecured claims. The PD Proof of Claim shall be paid in full not
later than the due date for the payment of the second installment
under the Purchaser Note (i.e., if extended, i.e., March 1, 2025).

     * In the event that there is a competing bid for the Property
that results in a net increase in the purchase price payable under
the Sales Contract (whether successful purchaser is the Stalking
Horse Purchaser or another party), in addition to the payments
provided, PD Hyde Field shall be paid an amount equal to 10% of the
net increase in the purchase price, capped at $500,000.

     * No interest shall be paid on or with respect to the Class 6
Claim.

Class 9 consists of the Equity Interests in the Debtor. The Holders
of Equity Interests in the Debtor shall retain such interests.
Unless and until the Debtor has paid or reserved funds for the
payment of all Allowed and Disputed Claims and anticipated
post-Effective Date operating expenses, the Debtor shall not make
any distributions or loans to Holders of any Equity Interests.
Notwithstanding the foregoing limitation, but conditioned upon the
payment or reserve for payment of all Claims and expenses required
under law or this Plan to be paid on the Effective Date, on the
Effective Date: (a) the Debtor shall be authorized to pay or
reimburse customary business expenses incurred on behalf of the
Debtor, and consistent with past practices, by Holders of Equity
Interests; and (b) to pay deferred compensation to Dr. Asterbadi at
the rate of $2,000 per month retroactively to the Petition Date.

Subject to satisfaction of the conditions, and the additional
conditions, the Debtor further shall be authorized to make
distributions to Holders of Equity Interests to the extent that:
(i) such distributions do not impair the Debtor's ability to make
any payments required under the Plan in amounts, and at the times,
projected in the exhibits to the Disclosure Statement; and (ii)
after reserving for all projected operating expenses, the Debtor's
cash on deposit is not less than $200,000. Upon payment and
satisfaction of all Allowed Claims and Administrative Expenses, and
repayment and satisfaction of all obligations and indebtedness with
respect to Exit Financing, all restrictions on distributions
imposed by the Plan shall terminate and be of no further force or
effect.

Like in the prior iteration of the Plan, payments to Holders of
Allowed Class 8 General Unsecured Claims shall be made only to the
extent that Net Closing Funds and/or Net Note Funds are available.
Each Holder of an Allowed Class 8 Claim shall be paid its Pro Rata
Share of the Net Closing Funds and Net Note Funds.

On the Closing Date, the Debtor shall transfer the Property to the
Stalking Horse Purchaser, or if applicable, another Prevailing
Bidder, pursuant to the terms of the Sales Contract. If the
Stalking Horse Purchaser is the Prevailing Bidder, the Sales
Contract between the Debtor and the Stalking Horse Purchaser shall
be deemed finally approved pursuant to the Confirmation Order. In
the event that another party is determined to be the Prevailing
Bidder, the Sales Contract between the Debtor and such Prevailing
Bidder shall be approved pursuant to the Confirmation Order. The
Debtor shall continue to market the Retained Parcel for sale.

A full-text copy of the First Amended Disclosure Statement dated
September 7, 2021, is available at https://bit.ly/3BW1D8p from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Bradford F. Englander, Esq.
     Whiteford, Taylor & Preston, LLP
     3190 Fairview Park Drive, Suite 800
     Falls Church, Virginia 22042
     Telephone: (703) 280-9081
     Facsimile: (703) 280-3370
     E-mail: benglander@wtplaw.com

                      About Zachair Ltd.

Clinton, Md.-based Zachair, Ltd. was formed by Dr. Nabil Asterbadi
to acquire Hyde Field, an airport for commercial and general
aviation.  Hyde Field is located near Andrews Air Force Base,
National Harbor, Downtown Washington DC, and nearby Northern
Virginia.  It offers a 3000' lighted runway with a day and night
instrument approach.  For more information, visit
http://www.hydefield.com/     

Zachair filed a Chapter 11 petition (Bankr. D. Md. Case No.
20-10691) on Jan. 17, 2020.  In the petition signed by Zachair
President Nabil J. Asterbadi, the Debtor was estimated to have $10
million to $50 million in assets and $1 million to $10 million in
liabilities.  

Judge Thomas J. Catliota oversees the case.  

Whiteford Taylor & Preston, LLP is the Debtor's legal counsel.  The
Debtor tapped CC Services Corporation and Mendelson & Mendelson,
CPAs, P.C. as its tax accountants.


[*] Bankruptcy Attorney Chance M. McGhee Named Elite Lawyer 2021
----------------------------------------------------------------
Elite Lawyer provides a thorough and credible directory of
attorneys who have been nominated by their peers in the legal
community based on their capability and skill in their practice.

For over 25 years, Attorney McGhee has dedicated himself to helping
Texans get a fresh start financially. Serving the San Antonio area,
Attorney McGhee and the legal team at the Law Offices of Chance M.
McGhee have extensive knowledge in regards to cases concerning
consumer bankruptcy, home foreclosures, credit card debt, and
income taxes owed to the IRS.

Besides three Elite Lawyer nominations, Chance McGhee has received
several other honors throughout his legal career.  Attorney McGhee
has a 10.0 Superb Rating on Avvo, and he has been named one of the
3 Best Bankruptcy Lawyers in San Antonio, TX by Three Best Rated.
Additionally, he was previously named one of the Best Bankruptcy
Lawyers in San Antonio by Expertise.

Attorney Chance McGhee is currently a director/social chairman of
the San Antonio Bankruptcy Bar Association after serving as
treasurer for four years. He also holds a membership with the
Federal Bar Association. A graduate of St. Mary's University School
of Law in 1994 and undergraduate Bachelor of Business
Administration from the University of Texas in Austin in 1987,
Attorney McGhee has gained immense experience helping clients with
Chapter 7 and Chapter 13 bankruptcy cases, among other financial
struggles.

             About the Law Offices of Chance M. McGhee

Founded in 1994, the Law Offices of Chance M. McGhee serves clients
across numerous counties in South Texas, including Atascosa,
Bandera, Bexar, Comal, Dimmit, Frio, Gonzales, Guadalupe, Karnes,
Kendall, Kerr, Medina, Real, and Wilson County. The firm provides
compassionate bankruptcy counsel that is both considerate and
cost-effective.

To learn more about the Law Offices of Chance M. McGhee, visit
https://www.chancemcgheelaw.com/ or call 210-342-3400 for a free
consultation.

To learn more about Elite Lawyer, visit
https://www.elitelawyer.com/ or call 833-403-5483.



[*] New Bankruptcy Filings Level Flat in August 2021, Epiq Says
---------------------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released its August 2021
bankruptcy filing statistics from its AACER bankruptcy information
services business. Overall, August was flat with 32,225 new filings
across all chapters, down slightly from July 2021 with 32,391.
Total commercial filings, across all chapters, was up 1% over July
2021 with 1,724 new cases.

The overall bankruptcy market volume has dropped over 20% since the
beginning of the global COVID-19 pandemic. The number of open cases
in the U.S. Federal Bankruptcy Courts dropped to 786,059 in August,
down from 989,214 in mid-April 2020.

"The programs put in place by the government to bolster personal
cash flow and keep people in their homes during the pandemic has
had a positive impact on businesses and consumers who would
typically file for bankruptcy," said Todd Madsen, senior director
of Epiq Bankruptcy Analytics. "Conversely, the business of
bankruptcy that includes lawyers, judges, trustees and
administrative agents is suffering from a historic slow period.
These businesses are not immune from pandemic market dynamics."

So far this year, there have been 291,863 new cases filed across
all chapters, down from the same period last year that had 396,113
new filings, a 26.3% decline.

                          About Epiq AACER

Epiq AACER is your partner for bankruptcy information and
compliance. Our AACER bankruptcy information services platform is
built with superior data, technology, and expertise to create
insight and mitigate risk for businesses impacted by bankruptcies.
We offer free bankruptcy statistics and monthly email updates for
both commercial and non-commercial consumer bankruptcy filings for
Chapter 7, Chapter 11, and Chapter 13 cases.

                           About Epiq

Epiq -- https://www.epiqglobal.com/ -- is a global
technology-enabled services leader to the legal services industry
and corporations.  It takes on large-scale, increasingly complex
tasks for corporate counsel, law firms, and business professionals
with efficiency, clarity, and confidence. Clients rely on Epiq to
streamline the administration of business operations, class action
and mass tort, court reporting, eDiscovery, regulatory, compliance,
restructuring, and bankruptcy matters. Epiq subject-matter experts
and technologies create efficiency through expertise and deliver
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[^] Recent Small-Dollar & Individual Chapter 11 Filings
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In re Back to Life Properties, Inc.
   Bankr. E.D. Mich. Case No. 21-46901
      Chapter 11 Petition filed August 24, 2021
         See
https://www.pacermonitor.com/view/3T75VDY/Back_to_Life_Properties_Inc__miebke-21-46901__0001.0.pdf?mcid=tGE4TAMA
         represented by: Tamy Salzbrenner, Esq.
                         FRANK & FRANK, PLLC
                         E-mail: tami@frankfirm.com

In re Scott A. Thomas
   Bankr. E.D. Pa. Case No. 21-12333
      Chapter 11 Petition filed August 24, 2021
         See
https://www.pacermonitor.com/view/JCMXPOA/Thomas_Scott_A__paebke-21-12333__0001.0.pdf?mcid=tGE4TAMA
         represented by: John R. K. Solt, Esq.
                         JOHN R. K. SOLT, P.C.
                         E-mail: jsolt.soltlaw@rcn.com

In re Jean Pierre Rwigema
   Bankr. C.D. Cal. Case No. 21-16945
      Chapter 11 Petition filed September 1, 2021
         represented by: Andy Warshaw, Esq.
                         FINANCIAL RELIEF LAW CENTER, APC

In re Roark & Associates LLC
   Bankr. N.D. Cal. Case No. 21-30614
      Chapter 11 Petition filed September 1, 2021
         See
https://www.pacermonitor.com/view/5MMSRKY/Roark__Associates_LLC__canbke-21-30614__0001.0.pdf?mcid=tGE4TAMA
         represented by: Eric J. Gravel, Esq.
                         LAW OFFICES OF ERIC J. GRAVEL
                         E-mail: ctnotices@gmail.com

In re NyNy & D3 Logistics, LLC
   Bankr. M.D. Ga. Case No. 21-10507
      Chapter 11 Petition filed September 1, 2021
         See
https://www.pacermonitor.com/view/6DEUS3I/NyNy__D3_Logistics_LLC__gambke-21-10507__0001.0.pdf?mcid=tGE4TAMA
         represented by: Byron W. Wright III, Esq.
                         BRUNER WRIGHT, P.A.
                         E-mail: twright@brunerwright.com

In re Terra Santa, Inc.
   Bankr. W.D. Ky. Case No. 21-31831
      Chapter 11 Petition filed September 1, 2021
         See
https://www.pacermonitor.com/view/CR4Q75Y/Terra_Santa_Inc__kywbke-21-31831__0001.0.pdf?mcid=tGE4TAMA
         represented by: Charity S. Bird, Esq.
                         KAPLAN JOHNSON ABATE & BIRD LLP
                         E-mail: cbird@kaplanjohnsonlaw.com

In re B & M Realty, LLC
   Bankr. E.D.N.C. Case No. 21-01955
      Chapter 11 Petition filed September 1, 2021
         See
https://www.pacermonitor.com/view/6MZQT7Y/B__M_Realty_LLC__ncebke-21-01955__0001.0.pdf?mcid=tGE4TAMA
         represented by: JM Cook, Esq.
                         J.M. Cook, P.A.
                         E-mail: j.m.cook@jmcookesq.com

In re Movimiento Pentecostal Apostolico Cristiano, Incorporado
   Bankr. D.P.R. Case No. 21-02645
      Chapter 11 Petition filed September 1, 2021
         See
https://www.pacermonitor.com/view/I5AJTKA/MOVIMIENTO_PENTECOSTAL_APOSTOLICO__prbke-21-02645__0001.0.pdf?mcid=tGE4TAMA
         represented by: Enrique Almeida, Esq.
                         Zelma Davila, Esq.
                         ALMEIDA & DAVILA, PSC
                         E-mail: info@almeidadavila.com

In re Sally Cirino Sepideh
   Bankr. C.D. Cal. Case No. 21-12162
      Chapter 11 Petition filed September 2, 2021
         represented by: Vi Nguyen, Esq.

In re Walter C. Smith Company, Inc.
   Bankr. E.D. Cal. Case No. 21-12134
      Chapter 11 Petition filed September 2, 2021
         See
https://www.pacermonitor.com/view/KMCWOVQ/Walter_C_Smith_Company_Inc__caebke-21-12134__0001.0.pdf?mcid=tGE4TAMA
         represented by: Riley C. Walter, Esq.
                         WANGER JONES HELSLEY
                         E-mail: rwalter@wjhattorneys.com

In re Natchez Hotel Management LLC
   Bankr. S.D. Miss. Case No. 21-01438
      Chapter 11 Petition filed September 2, 2021
         See
https://www.pacermonitor.com/view/VJJERVQ/Natchez_Hotel_Management_LLC__mssbke-21-01438__0001.0.pdf?mcid=tGE4TAMA
         represented by: R. Michael Bolen, Esq.
                         HOOD & BOLEN, PLLC
                         E-mail: rmb@hoodbolen.com

In re Mississippi River Hotel Management LLC
   Bankr. S.D. Miss. Case No. 21-01437
      Chapter 11 Petition filed September 2, 2021
         See
https://www.pacermonitor.com/view/UXWBADA/Mississippi_River_Hotel_Management__mssbke-21-01437__0001.0.pdf?mcid=tGE4TAMA
         represented by: R. Michael Bolen, Esq.
                         HOOD & BOLEN, PLLC
                         E-mail: rmb@hoodbolen.com

In re Heilongjiang Barn, LLC
   Bankr. D.N.J. Case No. 21-17007
      Chapter 11 Petition filed September 2, 2021
         See
https://www.pacermonitor.com/view/HHGL7NI/Heilongjiang_Barn_LLC__njbke-21-17007__0001.0.pdf?mcid=tGE4TAMA
         represented by: David L. Stevens, Esq.
                         SCURA, WIGFIELD, HEYER, STEVENS &
                         CAMMAROTA, LLP
                         E-mail: ecfbkfilings@scuramealey.com

In re Specialty Orthopedic Group Tennessee, PLLC
   Bankr. M.D. Tenn. Case No. 21-02698
      Chapter 11 Petition filed September 2, 2021
         See
https://www.pacermonitor.com/view/BDQCHZI/Specialty_Orthopedic_Group_Tennessee__tnmbke-21-02698__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven L. Lefkovitz, Esq.
                         LEFKOVITZ & LEFKOVITZ
                         E-mail: slefkovitz@lefkovitz.com

In re Anthony Narancic
   Bankr. W.D. Wash. Case No. 21-11679
      Chapter 11 Petition filed September 2, 2021
         represented by: Larry Feinstein, Esq.

In re Noel Cayao Rivera and Merly Mesias Rivera
   Bankr. E.D. Cal. Case No. 21-23165
      Chapter 11 Petition filed September 3, 2021
         represented by: Arasto Farsad, Esq.

In re Fitletic Sports, LLC
   Bankr. S.D. Fla. Case No. 21-18642
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/DPMCBTI/Fitletic_Sports_LLC__flsbke-21-18642__0001.0.pdf?mcid=tGE4TAMA
         represented by: Gary M. Murphree, Esq.
                         A.M. LAW, LLC
                         E-mail: pleadings@amlaw-miami.com

In re Majestic Gardens Condominium C Association Inc.
   Bankr. S.D. Fla. Case No. 21-18653
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/LRV6PZA/Majestic_Gardens_Condominium_C__flsbke-21-18653__0001.0.pdf?mcid=tGE4TAMA
         represented by: Chad Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: chad@cvhlawgroup.com

In re CIC Holdings Group Inc.
   Bankr. N.D. Ga. Case No. 21-56623
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/L3OJKHY/CIC_Holdings_Group_INC__ganbke-21-56623__0001.0.pdf?mcid=tGE4TAMA

In re Recon Medical, LLC
   Bankr. D. Nev. Case No. 21-14382
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/7MUIFNQ/RECON_MEDICAL_LLC__nvbke-21-14382__0001.0.pdf?mcid=tGE4TAMA
         represented by: Matthew C. Zirzow, Esq.
                         LARSON & ZIRZOW, LLC
                         E-mail: mzirzow@lzlawnv.com

In re Joseph Smart, Jr.
   Bankr. S.D.N.Y. Case No. 21-22515
      Chapter 11 Petition filed September 3, 2021
         represented by: Linda Tirelli, Esq.

In re Mich's Maccs, LLC
   Bankr. S.D.N.Y. Case No. 21-11567
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/MYZYILQ/Michs_Maccs_LLC__nysbke-21-11567__0001.0.pdf?mcid=tGE4TAMA
         represented by: Dawn Kirby, Esq.
                         KIRBY AISNER & CURLEY LLP
                         E-mail: dkirby@kacllp.com

In re Massood Danesh Pajooh
   Bankr. S.D. Tex. Case No. 21-32932
      Chapter 11 Petition filed September 3, 2021
         represented by: William Haddock, Esq.
                         Leonard H. Simon, Esq.
                         PENDERGRAFT & SIMON, LLP
                         Email: whaddock@pendergraftsimon.com
                                lsimon@pendergraftsimon.com

In re U.S. Capital Investments LLC
   Bankr. S.D. Tex. Case No. 21-32936
      Chapter 11 Petition filed September 3, 2021
         See
https://www.pacermonitor.com/view/IF5NXTI/US_Capital_Investments_LLC__txsbke-21-32936__0001.0.pdf?mcid=tGE4TAMA
         represented by: Leonard Simon, Esq.
                         PENDERGRAFT & SIMON LLP
                         E-mail: lsimon@pendergraftsimon.com

In re James David Theros
   Bankr. W.D. Wash. Case No. 21-11683
      Chapter 11 Petition filed September 3, 2021
         represented by: Jacob DeGraaff, Esq.

In re Streamline Express, Inc.
   Bankr. N.D. Ill. Case No. 21-10365
      Chapter 11 Petition filed September 6, 2021
         See
https://www.pacermonitor.com/view/ADG6PTI/Streamline_Express_Inc__ilnbke-21-10365__0001.0.pdf?mcid=tGE4TAMA
         represented by: David Freydin, Esq.
                         LAW OFFICES OF DAVID FREYDIN
                         E-mail: david.freydin@freydinlaw.com

In re KMVEST Inc.
   Bankr. S.D. Tex. Case No. 21-32978
      Chapter 11 Petition filed September 6, 2021
         See
https://www.pacermonitor.com/view/E55QVUA/KMVEST_Inc__txsbke-21-32978__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jeff Carruth, Esq.
                         WEYCER, KAPLAN, PULASKI & ZUBER, P.C.
                         E-mail: jcarruth@wkpz.com

In re Jose Miguel Ventura Asilis
   Bankr. D.P.R. Case No. 21-02667
      Chapter 11 Petition filed September 6, 2021
         represented by: Maria Lozada Figueroa, Esq.

In re Gyapomaa Kosei Inc.
   Bankr. C.D. Cal. Case No. 21-17035
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/VCB3HSQ/Gyapomaa_Kosei_Inc__cacbke-21-17035__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Daniel Jess Boreen
   Bankr. N.D. Cal. Case No. 21-30626
      Chapter 11 Petition filed September 7, 2021

In re Wonderland, Inc
   Bankr. N.D. Ind. Case No. 21-21293
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/3Y7H72Y/Wonderland_Inc__innbke-21-21293__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Khanzada A Khan
   Bankr. N.D.N.Y. Case No. 21-30706
      Chapter 11 Petition filed September 7, 2021
         represented by: Peter A. Orville, Esq.

In re Victorian Demure Realty LLC
   Bankr. M.D. Pa. Case No. 21-01950
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/MJHCJGQ/Victorian_Demure_Realty_LLC__pambke-21-01950__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Consuelo Nieto Ramirez
   Bankr. N.D. Tex. Case No. 21-31611
      Chapter 11 Petition filed September 7, 2021

In re Grove Enterprises, LLC
   Bankr. S.D. Tex. Case No. 21-60082
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/4YNQ7PQ/Briana_Grove_Enterprises_LLC__txsbke-21-60082__0001.0.pdf?mcid=tGE4TAMA
         represented by: Susan Tran Adams, Esq.
                         TRAN SINGH, LLP
                         E-mail: stran@ts-llp.com

In re 2222 Studewood LLC
   Bankr. S.D. Tex. Case No. 21-32991
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/MAJDDYQ/2222_Studewood_LLC__txsbke-21-32991__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re So Close to Home II LLC
   Bankr. W.D. Wisc. Case No. 21-11869
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/R75ZIAY/So_Close_to_Home_II_LLC_Madison__wiwbke-21-11869__0001.0.pdf?mcid=tGE4TAMA
         represented by: Wade M. Pittman, Esq.
                         PITTMAN & PITTMAN LAW OFFICES, LLC
                         E-mail: Info@PittmanandPittman.com

In re Gerou Properties II LLC
   Bankr. W.D. Wisc. Case No. 21-11868
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/Q5MGAVQ/Gerou_Properties_II_LLC_Madison__wiwbke-21-11868__0001.0.pdf?mcid=tGE4TAMA
         represented by: Wade M. Pittman, Esq.
                         PITTMAN & PITTMAN LAW OFFICES, LLC
                         E-mail: Info@PittmanandPittman.com

In re Gerou Properties LLC
   Bankr. W.D. Wisc. Case No. 21-11867
      Chapter 11 Petition filed September 7, 2021
         See
https://www.pacermonitor.com/view/TR6YIVI/Gerou_Properties_LLC_Madison__wiwbke-21-11867__0001.0.pdf?mcid=tGE4TAMA
         represented by: Wade M. Pittman, Esq.
                         PITTMAN & PITTMAN LAW OFFICES, LLC
                         E-mail: Info@PittmanandPittman.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***