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

              Monday, September 13, 2021, Vol. 25, No. 255

                            Headlines

6446MB LLC: Case Summary & 3 Unsecured Creditors
A.B.C. CARPET: Plans for Fast-Track Bankruptcy Sale
ACASTI PHARMA: Gets Confirmation of Replacement Amended Certificate
ADVANCED TISSUE: Deal with Bell Bank on Cash Collateral Use OK'd
ADVAXIS INC: Incurs $3.3 Million Net Loss in Third Quarter

AGSPRING MISSISSIPPI: Case Summary & 20 Top Unsecured Creditors
AIP MC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
ALTRA INDUSTRIAL: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3
AMERICAN SLEEP: Hearing Today on Emergency Cash Collateral Bid
APACHE CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-

ARBOR PHARMACEUTICALS: Moody's Puts B3 CFR on Review for Upgrade
ARC FALCON I: Moody's Assigns First Time 'B2' Corp. Family Rating
ARCHDIOCESE OF SANTA FE: Bankruptcy Case Legal Fees Exceed $2.3M
ASHTON WOODS: Moody's Gives B1 Rating on New $300MM Notes Due 2030
ASHTON WOODS: S&P Rates New $300MM Senior Unsecured Notes 'B'

ASTOR EB-5 LLC: Hotel Astor Sold to Victory Investments
ASTROTECH CORP: Pays in Full 2020 'Pickens' Note
AUTOKINITON US: Moody's Affirms B2 CFR, Outlook Remains Positive
AVERY ASPHALT: Wins Access to Cash Collateral Thru Sept 30
AVIANCA HOLDINGS: Shares Drop as Hearing for Ch.11 Exit Nears

AVIANCA HOLDINGS: U.S. Trustee Criticizes 'Death Trap' Provision
AVIANCA HOLDINGS: US Trustee Wants Opt-In Forms in Ballots
BALL CORP: Moody's Rates New $750MM Unsecured Notes Due 2031 'Ba1'
BALL CORP: S&P Rates New $750MM Sr. Unsecured Notes Due 2031 'BB+'
BEAZER HOMES: Egan-Jones Keeps B Senior Unsecured Ratings

BED BATH: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
BILL STARKS: Unsecured Creditors to Recover 100% in 56 Months
BONNIE TILE: Sept. 14 Hearing on Cash Collateral Access
BOTTOMLINE TECHNOLOGIES: Egan-Jones Keeps B- Sr. Unsecured Ratings
BRAZOS ELECTRIC: Hires Citigroup for Possible Securitization

BRINKER INTERNATIONAL: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
BROSTER JD LLC: Seeks to Hire Latham Luna as Legal Counsel
BROWNIE'S MARINE: Completes Acquisition of Submersible Systems
CARRIAGE PURCHASER: S&P Assigns 'B' ICR on Acquisition
CATALENT INC: S&P Affirms 'BB' Long-Term ICR Announced Bettera Deal

CHENIERE ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to B
CINCINNATI BELL: S&P Upgrades ICR to 'B', Outlook Stable
CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CNX RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B
CONSOLIDATED COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsec. Ratings

CPI HOLDCO: Avantor Transaction No Impact on Moody's B3 Rating
DATA AXLE: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
DAVITA INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
DEVON ENERGY: Egan-Jones Cuts Senior Unsecured Ratings to BB-
DIAMOND HOLDING: Oct. 26 Hearing on Continued Cash Collateral Use

DIAMONDBACK ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
DIOCESE OF BUFFALO: Faces 900 Abuse Claims in Bankruptcy Court
DIOCESE OF ROCKVILLE: Must Fight Lloyd's Dispute Outside Bankruptcy
DIRECTV HOLDINGS: S&P Withdraws 'B' Rating on Lagacy Unsec. Debt
DURRIDGE COMPANY: Wins Cash Collateral Access

E.L. SERVICES INC: Seeks to Hire Kornfield Nyberg as Legal Counsel
EAGLE HOSPITALITY: Crowne Plaza Scheduled for Sept. 13 Auction
ECHOSTAR CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
ENERGY ENTERPRISES: Seeks to Hire Michael Jay Berger as Counsel

EQT CORP: Egan-Jones Hikes Senior Unsecured Ratings to B
EVERGREEN DEVELOPMENT: Seeks Cash Collateral Access Thru Dec. 31
FLIX BREWHOUSE: Case Summary & 20 Largest Unsecured Creditors
FMC TECHNOLOGIES: Egan-Jones Cuts Senior Unsecured Ratings to BB
FOREVER 21: Asks Court to Dismiss Ch. 11 Case After Failed Plan

FORTRESS TRANSPORTATION: Fitch Affirms 'BB-' IDR, Outlook Stable
FORUM ENERGY: Extends Wells Fargo Loan Maturity to 2026
FOSSIL GROUP: Egan-Jones Cuts Senior Unsecured Ratings to CCC-
G & J TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors
GAMESTOP CORP: Incurs $61.6 Million Net Loss in Second Quarter

GAP INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
GATEWAY VENTURES: Unsecureds Other Than Westar Will be Paid in Full
GENERAL CANNABIS: Completes Acquisition of TDM LLC
GIRARDI & KEESE: Erika Files Appeal in Court Days After $25M Suit
GIRARDI & KEESE: Shows Reasons Why CA Attorneys Don't 'Snitch'

GLP CAPITAL: Moody's Affirms Ba1 Rating on Senior Unsecured Debt
GOLDEN HOTEL: Court OKs Deal on Cash Collateral Access Thru Oct 3
GREEN PLAINS: Egan-Jones Keeps B- Senior Unsecured Ratings
GRINDING MEDIA: Moody's Rates New $875MM First Lien Loan 'B2'
HESS CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB

HOVNANIAN ENTERPRISES: Posts $47.7M Net Income in Third Quarter
HYTERA COMMUNICATIONS: Appeals $543.7 Mil. Motorola Court Judgment
INCOME COLLECTING: Chapter 15 Case Summary
IOTA COMMUNICATIONS: Unit Granted Full Forgiveness of $763,600 Loan
JOHN DAUGHERTY: Deer Point & JAD Say Disclosures Inadequate

KATERRA INC: Asks Court for Extension in Preparing Chapter 11 Plan
KEN GARFF: S&P Upgrades ICR to 'BB-' on Declining Leverage
KENNAMETAL INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
KITE REALTY: Egan-Jones Keeps BB Senior Unsecured Ratings
KOHL'S CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB

KOSSOFF PLLC: Faces $4.5 Million Escrow Case Default
KUMTOR GOLD: Chapter 11 Sanction Bid Barred, Says Kyrgyz Govt.
LAREDO PETROLEUM: Egan-Jones Hikes Senior Unsecured Ratings to CCC
LATAM AIRLINES: Intends to Recover Pre-Crisis Profitability by 2024
LECLAIRRYAN PLLC: Trustee Files Lawsuits vs. Former Partners

LOCAL MOTION: Case Summary & 20 Largest Unsecured Creditors
LOUISIANA CRANE: Mack Says Liquidation Analysis Inaccurate
LOUISIANA CRANE: US Trustee Opposes Disclosure Statement
LOUISIANA CRANE: Wells Fargo Wants Treatment of Its Claim Clarified
LTPB LLC: Case Summary & 2 Unsecured Creditors

MACK-CALI REALTY: Egan-Jones Keeps BB- Senior Unsecured Ratings
MACY'S INC: Egan-Jones Hikes Senior Unsecured Ratings to B
MAINSTREET PIER: Case Summary & 12 Unsecured Creditors
MAINSTREET PIER: Seeks Cash Collateral Access
MALLINCKRODT PLC: Attestor Acquires Add'l Acthar Claims

MALLINCKRODT PLC: Moves Back Plan Voting After $583M Deal
MERCER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
MIDCOAST EAST TEXAS LLC: Moody's Withdraws B2 Corp. Family Rating
MIND TECHNOLOGY: Incurs $2.7 Million Net Loss in Second Quarter
MOHEGAN GAMING: Appoints Jody Madigan as Chief Operating Officer

MOLSON COORS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
MOSAIC CO: Egan-Jones Hikes Senior Unsecured Ratings to BB+
MOUNTAIN PROVINCE: Tom Peregoodoff Quits as Director
MURPHY OIL: Egan-Jones Hikes Senior Unsecured Ratings to B
NATIONAL RIFLE: AG Touts Denial of NRA Members' Intervention Bid

NETSCOUT SYSTEMS: Egan-Jones Keeps BB Senior Unsecured Ratings
NEW WORLD STAINLESS: Voluntary Chapter 11 Case Summary
NEWELL BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
NEWSTREAM HOTEL ABQ: Wins Cash Collateral Access
NEWSTREAM HOTEL LIT: Wins Cash Collateral Access Thru Dec 3

NORDSTROM INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
OLIN CORP: Egan-Jones Hikes Senior Unsecured Ratings to B
OMNIQ CORP: To Participate in Lake Street's Annual BIG5 Conference
ONSITE TRUCK & TRAILER: Files for Chapter 7 Bankruptcy
OPTION CARE: Closes Underwritten Offering of 9.2M Common Shares

OWENS CORNING: Egan-Jones Keeps BB+ Senior Unsecured Ratings
P8H INC: Wins Cash Collateral Access Thru Oct 17
PBF ENERGY: Egan-Jones Keeps CCC Senior Unsecured Ratings
PG&E CORP: Egan-Jones Hikes Senior Unsecured Ratings to B-
PHILIPPINE AIRLINES: Has Interim OK to Tap $20MM DIP Loan

PITNEY BOWES: Egan-Jones Hikes Senior Unsecured Ratings to B
POSEIDON INVESTMENT: S&P Downgrades ICR to 'B-', Outlook Stable
PRETIUM PKG: Moody's Affirms B3 CFR & Rates 1st Lien Term Loan B2
PVH CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
RAMBUS INC: Egan-Jones Keeps CCC- Senior Unsecured Ratings

RANGE RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to CCC
RAPID AMERICAN: Ends 8-Year Chapter 11 Case With Asbestos Plan
RED HOOK SOLAR: Seeks Cash Collateral Access
REDWOOD TRUST: Egan-Jones Withdraws B+ Senior Unsecured Ratings
RENOVATE AMERICA: Court Approves Wind Down Plan in Bankruptcy

RENOVATE AMERICA: Tells Judge It Reached Consensus on Ch. 11 Plan
RLJ LODGING: Moody's Rates New $500MM Secured Notes Due 2029 'Ba3'
RLJ LODGING: S&P Rates New 500MM Senior Secured Notes 'BB-'
RYAN 1000: Gets Cash Collateral Access Thru Nov. 10
SAN DIEGO TACO: Gets Cash Collateral Access Thru Oct 20

SEAHAWK HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable
SHURWEST LLC: Stinson Represents Howard Claimants
SILVERSIDE SENIOR: Unsecureds Out of Money in Liquidating Plan
SIMPLY FIT: Seeks Cash Collateral Access
SKS CONSTRUCTION: Unsecured Creditors Will Get 11% Over 20 Quarters

SKY STEEL: Unsecured Creditors to Get $3K Per Quarter over 3 Years
SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
SNL BALDWIN: Unsecured Claims to Get 100% Plus Interest
SONIC AUTOMOTIVE: Egan-Jones Hikes Senior Unsecured Ratings to BB-
SOUTHWESTERN ENERGY: Egan-Jones Keeps B- Senior Unsecured Ratings

SPANISH HEIGHTS: Court Approves Disclosure Statement
SPECTRUM BRANDS: Moody's Puts B1 CFR Under Review for Upgrade
SPHERATURE INVESTMENTS: Wins Cash Collateral Access Thru Oct 11
SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
SS&C TECHNOLOGIES: Egan-Jones Keeps B+ Senior Unsecured Ratings

SUPERCONDUCTOR TECHNOLOGIES: Completes Merger With Allied Integral
SYCAMORE BUYER: Moody's Assigns First Time Ba3 Corp. Family Rating
T-MOBILE US: Egan-Jones Keeps BB Senior Unsecured Ratings
TD HOLDINGS: Receives Noncompliance Notice From Nasdaq
TEAM SERVICES: Moody's Affirms B3 CFR & B2 Rating on Upsized Loan

TECT AEROSPACE: It Is Liquidation Time, Say Creditors
TEREX CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
THAI STK INC: Seeks to Hire Belvedere Legal as Counsel
TRIVICITI HEALTH: Taps Cunningham & Associates as Auctioneer
TUESDAY MORNING: Taps CFO Jennifer Robinson After Bankruptcy Exit

URGENT CARE: Final Cash Collateral Order Entered
VERTIV GROUP: E&I Engineering Deal No Impact on Moody's B1 Rating
VIRTUS INVESTMENT: Moody's Rates New Senior Secured Loans 'Ba1'
WARDMAN HOTEL: Slated to Seek Plan Confirmation on Sept. 20
WASHINGTON PRIME: Winstead Represents Non-RSA Bondholders

WESTERN DIGITAL: Egan-Jones Hikes Senior Unsecured Ratings to BB-
WILLIAMS TRANSPORTATION: Must Produce Docs to Bank
WORLD SYSTEMS: Taps Douglas Elliman as Real Estate Broker
WOW BAR: Wins Cash Collateral Access Thru Feb 2022
[*] Commercial Ch.11 Filings Drop 50% in August Y/Y

[*] New Hampshire Bankruptcies Remain Low in August 2021
[^] BOND PRICING: For the Week from September 6 to 10, 2021

                            *********

6446MB LLC: Case Summary & 3 Unsecured Creditors
------------------------------------------------
Debtor: 6446MB LLC
        644 6th St.
        Miami Beach, FL 33139

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-18777

Judge: Hon. Laurel M. Isicoff

Debtor's Counsel: Joel M. Aresty, Esq.
                  JOEL M. ARESTY P.A.
                  309 1st Ave S
                  Tierra Verde, FL 33715
                  Tel: 305-904-1903
                  Email: aresty@icloud.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Laurent Benzaquen, manager.

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

https://www.pacermonitor.com/view/RUNHUCI/6446MB_LLC__flsbke-21-18777__0001.0.pdf?mcid=tGE4TAMA


A.B.C. CARPET: Plans for Fast-Track Bankruptcy Sale
---------------------------------------------------
Jeremy Hill, writing for Bloomberg News, reports that ABC Carpet &
Home kicked off its Chapter 11 bankruptcy in earnest on Friday,
September 10, 2021, winning interim approval to access part of a
roughly $6 million financing package while it looks to sell
itself.

Given the retailer's lack of cash, it's a "small miracle" that ABC
managed to enter bankruptcy with a stalking-horse bidder in place,
Oscar Pinkas of Greenberg Traurig said on behalf of the company in
its first-day hearing Friday, September 10, 2021.

The debtor-in-possession financing, provided by 888 Capital
Partners, will allow ABC to continue paying employees and vendors
while it looks to wrap up a sale of the enterprise.

                       About ABC Carpet & Home

A.B.C. Carpet & Home, Inc., is a New York-based seller of luxury
home goods.  The company traces its roots to the late 1800s, when
Austrian immigrant Samuel Weinrib started the business from a
pushcart on Manhattan's Lower East Side.  His great-granddaughter
Paulette Cole helped build its red-brick building on Broadway into
a high-end destination for designers and decorators and their
affluent clients.

A.B.C. Carpet Co. Inc., along with two affiliates, sought Chapter
11 protection (Bankr. S.D.N.Y. Lead Case No. 21-11591) on Sept. 8,
2021.  It listed assets of up to $50 million and as much as $100
million of liabilities in its petition.

The Debtors tapped GREENBERG TRAURIG, LLP as counsel; and B. RILEY
SECURITIES, INC., as financial advisor.  BANKRUPTCY MANAGEMENT
SOLUTIONS, INC. (STRETTO) is the claims agent.


ACASTI PHARMA: Gets Confirmation of Replacement Amended Certificate
-------------------------------------------------------------------
Acasti Pharma Inc. received confirmation of filing of replacement
Articles of Amendment with the Registraire des entreprises du
Quebec pursuant to the Business Corporations Act (Quebec).  

The Replacement Amended Certificate, which is effective as of Aug.
27, 2021, confirms that in connection with Acasti's recently
completed 1-8 reverse stock split, any fractional shares were
rounded to the nearest whole number.  

                        About Acasti Pharma

Acasti -- http://www.acastipharma.com-- is a late-stage specialty
pharma company with drug delivery capability and technologies
addressing rare and orphan diseases.  Acasti's novel drug delivery
technologies have the potential to improve the performance of
currently marketed drugs by achieving faster onset of action,
enhanced efficacy, reduced side effects, and more convenient drug
delivery—all which could help to increase treatment compliance
and improve patient outcomes.

Acasti reported net loss and comprehensive loss of $19.68 million
for the year ended March 31, 2021, compared to a net loss and
comprehensive loss of $25.51 million for the year ended March 31,
2020.  As of June 30, 2021, the Company had $60.45 million in total
assets, $6.99 million in total liabilities, and $53.46 milion in
total shareholders' equity.


ADVANCED TISSUE: Deal with Bell Bank on Cash Collateral Use OK'd
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Arkansas has
approved a stipulation entered into between Advanced Tissue, LLC
and Bell Bank on the Debtor's use of cash collateral.

The Debtor is authorized, on an interim basis and in accordance
with the budget, to use Cash Collateral subject to the interest of
Bell Bank through and including the date of the final cash
collateral hearing.

As adequate protection for the Debtor's use of cash collateral,
Bell is granted a replacement lien in all of the Debtor's assets,
which replacement lien (i) will have the same priority, dignity and
effect as the pre-petition lien held by Bell, (ii) will be deemed
granted, valid, and perfected as of the Petition Date without
further act or deed of any party, and notwithstanding the
requirements of applicable  on bankruptcy law regarding perfection,
(iii) will be in addition to, and not in substitution for, Bell's
other liens and interests, and will include assets of the Debtor in
which Bell does not hold a prepetition lien or interest; provided,
however, that Chapter 5 causes of action are excluded from the
replacement lien.

The Lender is also granted a super-priority claim under section
507(b) of the Bankruptcy Code to the extent the grant of adequate
protection proves inadequate to compensate Bell for the difference
between the adequate protection provided by the Debtor and any
actual decrease in the value of the Collateral occurring during the
pendency of the Case.

Upon Bell's request and as otherwise required under the Loan
Documents, the Debtor will provide Bell all financial reports,
budgets, forecasts, evidence of insurance, balance sheets, income
statements, and all other legal or financial documentation required
to be provided under the agreements.

The Debtor's right to use the cash collateral will terminate on the
earliest to occur of:

     a. the failure of the Debtor to comply with any term of the
Stipulation;

     b. September 22, 2021, without the Bankruptcy Court having
held a hearing on the Debtor's continued use of Cash Collateral;

     c. the dismissal of the Debtor's Chapter 11 case, the
conversion of the Debtor's Chapter 11 case to a case under chapter
7 of the Bankruptcy Code, or appointment of a chapter 11 trustee
with expanded powers in the Debtor's Chapter 11 case; or

     d. any stay, reversal, vacatur, rescission or other
modification of the terms of the Stipulated Order not consented to
by Bell.

A copy of the Stipulated Order and the Debtor's two-week budget for
the weeks of September 12 and 19, is available for free at
https://bit.ly/3hqQAfy from PacerMonitor.com.

The Debtor projects $133,600 in total cash collections and $22,680
in total expenses for the two-week period.

                    About  Advanced Tissue, LLC

Advanced Tissue, LLC is a distributor of wound care products. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Ark. Case No. 21-12261) on August 23, 2021. In
the petition signed by Robert Betchley, chief executive officer,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.

Judge Phyllis M. Jones oversees the case.

Kevin P. Keech, Esq., at Keech Law Firm, PA is the Debtor's
counsel.



ADVAXIS INC: Incurs $3.3 Million Net Loss in Third Quarter
----------------------------------------------------------
Advaxis, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $3.33
million on $250,000 of revenue for the three months ended July 31,
2021, compared to a net loss of $5.83 million on zero revenue for
the three months ended July 31, 2020.

For the nine months ended July 31, 2021, the Company reported a net
loss of $12.42 million on $3.24 million of revenue compared to a
net loss of $20.01 million on $253,000 of revenue for the nine
months ended July 31, 2020.

As of July 31, 2021, the Company had $51.02 million in total
assets, $6.75 million in total liabilities, and $44.28 million in
total stockholders' equity.

Research and development expenses for the third quarter of fiscal
year 2021 were $1.70 million, compared with $3.46 million for the
third quarter of fiscal year 2020.  The decrease of $1.76 million
was primarily attributable to the substantial reduction in costs
associated with the winding down of clinical studies that have been
discontinued.

General and administrative expenses for the three months ended July
31, 2021 were at $2.68 million, compared to $2.38 million in the
same three-month period in fiscal 2020.  The increase of $0.3
million primarily relates to increases in legal and consulting
fees, and were partially offset by decreases in rent and utilities,
personnel costs, and charges related to the abandonment of
non-strategic intellectual property.

As of July 31, 2021, the Company had approximately $45.3 million in
cash and cash equivalents.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1100397/000149315221022350/form10-q.htm

                        About Advaxis Inc.

Advaxis, Inc. -- http://www.advaxis.com-- is a clinical-stage
biotechnology company focused on the development and
commercialization of proprietary Lm-based antigen delivery
products.  These immunotherapies are based on a platform technology
that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins.  These
Lm-based strains are believed to be a significant advancement in
immunotherapy as they integrate multiple functions into a single
immunotherapy and are designed to access and direct antigen
presenting cells to stimulate anti-tumor T cell immunity, activate
the immune system with the equivalent of multiple adjuvants, and
simultaneously reduce tumor protection in the tumor
microenvironment to enable T cells to eliminate tumors.

Advaxis reported a net loss of $26.47 million for the year ended
Oct. 31, 2020, a net loss of $16.61 million for the year ended Oct.
31, 2019, and a net loss of $66.51 million for the year ended Oct.
31, 2018.  As of April 30, 2021, the Company had $55.77 million in
total assets, $8.22 million in total liabilities, and $47.55
million in total stockholders' equity.


AGSPRING MISSISSIPPI: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Five affiliates that concurrently filed voluntary petitions under
Chapter 11 of the Bankruptcy Code:

    Debtor                                              Case No.
    ------                                              --------
    Agspring Mississippi Region, LLC                    21-11238
    5101 College Boulevard
    Leawood, KS 66211
    
    Agspring MS 1, LLC                                  21-11239
    Agspring MS, LLC                                    21-11240
    Lake Providence Grain and Rice LLC                  21-11241
    Bayou Grain & Chemical Corporation                  21-11242

Business Description: Operating as a holding company, Agspring
                     (https://agspring.com/) focuses on grain,
                      oilseed and specialty crop handling,
                      processing and logistics operations.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       District of Delaware

Judge: Hon. Craig T. Goldblatt

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

Agspring Mississippi's
Estimated Assets: $10 million to $50 million

Agspring Mississippi's
Estimated Liabilities: $100 million to $500 million

Agspring MS 1's
Estimated Assets: $10 million to $50 million

Agspring MS 1's
Estimated Liabilities: $100 million to $500 million

Agspring MS's
Estimated Assets: $10 million to $50 million

Agspring MS's
Estimated Liabilities: $1 million to $10 million

Lake Providence's
Estimated Assets: $10 million to $50 million

Lake Providence's
Estimated Liabilities: $1 million to $10 million

Bayou Grain's
Estimated Assets: $1 million to $10 million

Bayou Grain's
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Kyle Sturgeon, chief restructuring
officer.

Full-text copies of the petitions are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/CM3EQTI/Agspring_Mississippi_Region_LLC__debke-21-11238__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/MYXUAKQ/Agspring_MS_1_LLC__debke-21-11239__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NDAKYXA/Agspring_MS_LLC__debke-21-11240__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NKM3WXI/Lake_Providence_Grain_and_Rice__debke-21-11241__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NSUOOVI/Bayou_Grain__Chemical_Corporation__debke-21-11242__0001.0.pdf?mcid=tGE4TAMA

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                           Nature of Claim   Claim Amount
   ------                           ---------------   ------------
1. J&L Farms Partnership              Trade Debt           $25,202
c/o John Ross
1424 Hwy 138E
Tillar, AR 71670
Tel: (870) 918-2002

2. Brad Bruce                         Trade Debt           $22,676

3. Donald and Dawn Myers              Trade Debt           $16,946

4. Ann Johnson                        Trade Debt           $16,721

5. Ty and Laura Rogers                Trade Debt           $11,815
c/o Lindy

6. Gabriel Swarek                     Trade Debt           $10,712

7. George Allen Robinson              Trade Debt            $5,891

8. Niki Johnson                       Trade Debt            $5,580

9. Betty Ogden Marital                Trade Debt            $2,081
Deduction Trust
1021 Towhee Dr.
Shreveport, LA 71106

10. Stewart & Jamie Machen            Trade Debt            $2,035

11. Costello Farms LLC                Trade Debt            $1,924
3063 Hwy 586
Oak Grove, LA 71236
Tel: (318) 428-9560

12. Harris Law Firm PPLC-             Trade Debt            $1,860
Trust Account
P.O. Box 266
Greenville, MS 38702
Tel: (662) 430-2413

13. Maslon LLP                        Trade Debt            $1,045
3300 Wells Fargo Center
90 South Seventh St.
Minneapolis, MN 55402
Tel: (612) 672-8200

14. Dora Dean Sowell                  Trade Debt              $720

15. Kurt Jones                        Trade Debt              $573

16. Howie Farms Trucking LLC          Trade Debt              $508
2690 Highway 139
Monroe, LA 71203

17. Larry Tubbs                      Secured Debt              TBD
c/o Larry G. Tubbs
P.O. Box 38
Pioneer, LA 71266
Tel: (318) 428-2439

18. Tubbs Rice Dryers, Inc.          Secured Debt              TBD
c/o Larry G. Tubbs
P.O. Box 38
Pioneer, LA 71266
Tel: (318) 647-3730

19. Chief Venturs, LLC               Secured Debt              TBD
c/o Larry G. Tubbs
P.O. Box 38
Pioneer, LA 71266
Tel: (318) 428-2439

20. Big River Grain                  Secured Debt              TBD
c/o Larry G. Tubbs
P.O. Box 38
Pioneer, LA 71266
Tel: (318)428-2439


AIP MC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on grinding media
producer AIP MC Holdings LLC (doing business as Molycop). S&P also
assigned its 'B' issue-level rating with '3' recovery rating to
Molycop's proposed $875 million first-lien term loan due 2028. The
$225 million second-lien term loan due 2029 is not rated.

The stable outlook reflects S&P's expectation that pro forma for
the debt refinancing, Molycop's adjusted leverage for fiscal
year-end 2022 will be about 6x, driven by higher adjusted debt
balance that is partially offset by stronger EBITDA growth.

Rating Action Rationale

S&P said, "We expect improving operating performance driven by
higher volumes and margin expansion. We assume sales volumes will
grow 4%-5% in 2022, underpinned by the restart of copper and gold
mines globally, as well as high contracted volumes at the beginning
of the fiscal year. This compares to our assumption of about an 8%
decline in sales volumes in 2021 because of the temporary mine
closures during the COVID-19 pandemic and the full-year impact from
the sale of the AltaSteel business in first-quarter 2020. We also
project stronger EBITDA margin of 13%-14% over the next 12-24
months, compared to 12% historically, driven by the company's focus
on operational efficiencies, raw materials procurement, and the
introduction of higher-value-added products such as the high
performance semi-autogenous (SAG) ball line.

"Good cash flow visibility and moderate capital intensity support
Molycop's higher debt load although the credit cushion has
diminished. We project Molycop's S&P Global Ratings-adjusted debt
leverage will increase to 6.0x from 4.8x pro forma for the
transaction. EBITDA growth of $10 million-$20 million over the next
12 months will partially offset the leverage impact from the $280
million in incremental debt.We also anticipate the debt service
cost in the next 12 months will be close to the current dollar
interest cost, keeping fixed charges relatively stable. However,
additional debt financed dividends over the next 12 months could
put the company very close to our downgrade trigger. Assuming no
further dividend distributions and leveraging transactions, we
estimate Molycop could reduce leverage by about 0.5x per year after
2022, resulting in debt to EBITDA declining below 6x by 2023. Our
assumptions include moderate capital expenditure (capex) of 2%-3%
of revenues.

"Molycop's private equity ownership by American Industrial Partners
limits our rating. We generally view companies owned by financial
sponsors as having more aggressive financial policies, given the
possibility of large debt-financed distributions, such as the
proposed transaction. The $400 million dividend distribution is in
excess of Molycop's S&P Global Ratings-adjusted cumulative free
operating cash flows generated by over the past four years.
Although we do not forecast additional dividend distributions to
the sponsor in the next 12 months, more aggressive financial policy
could deteriorate Molycop's credit quality. We expect Molycop will
generate $50 million-$60 million of discretionary cash flow after
2022, which it could use for debt repayment or acquisitions.
Molycop has funded prior acquisitions with asset-based lending
(ABL) borrowings and cash on hand.

"The stable outlook reflects our expectation that pro forma for the
debt refinancing, Molycop's fiscal year-end 2022 adjusted leverage
will increase to about 6.0x from 4.8x in 2021. We expect favorable
demand conditions for copper and gold, stable volume contracts, and
efficiency improvements should result in EBITDA growth over the
next 12 months."

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

-- Adjusted debt leverage exceeded 7x because the financial
sponsor applies more aggressive financial policy including debt
financed dividends;

-- EBITDA per ton dropped below $136 per ton and volumes declined
below 1.2 million causing us to view profitability and overall
business risk as weaker; or

-- Estimated liquidity sources no longer cover estimated uses by
at least 1.2x, causing us to view liquidity as less than adequate.

These scenarios could occur if steel material costs increase
materially and Molycop cannot pass higher costs on to its
customers, causing operating cash flow to nearly break even. This
could also happen if grinding media competition from lower-priced
Chinese imports intensifies, especially in South America and
Australia.

Although unlikely, S&P could upgrade Molycop in the next 12 months
if:

-- Adjusted leverage falls to less than 4x; and

-- Its financial sponsor commits to keeping leverage at that
level.

-- This could happen if EBITDA per ton increases above $160 and
volumes sold increases above 1.6 million.



ALTRA INDUSTRIAL: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service upgraded Altra Industrial Motion Corp.'s
ratings, including its Corporate Family Rating and Probability of
Default ratings to Ba2 and Ba2-PD from Ba3 and Ba3-PD,
respectively. Concurrently, Moody's upgraded Altra's first-lien
senior secured bank facilities one notch to Ba1 from Ba2 and senior
unsecured notes two notches to Ba3 from B2. The company's
Speculative Grade Liquidity (SGL) rating was upgraded to SGL-1 from
SGL-2, reflecting the company's very good liquidity. The ratings
outlook is stable.

The upgrade of the CFR to Ba2 is based on Moody's expectation that
Altra will maintain a well-balanced financial policy including
financial leverage around 3.0x debt/EBITDA accompanied by EBITDA
margins in the 20% range. The company is demonstrating good
operating performance and solid liquidity amid the coronavirus
pandemic, despite supply chain and inflationary cost pressures. The
company's track record of debt repayment, and Moody's expectation
that the company will continue to generate strong annual free cash
flow also support the upgrades.

The upgrade of the SGL reflects Moody's expectations for continued
healthy free cash flow, growing cash balances and increased cushion
under the company's financial maintenance covenants. Liquidity is
also supported by an undrawn $300 million revolving credit
facility.

The two notch upgrade of the unsecured notes reflects, not only the
improvement in the CFR, but the reduction in secured debt in the
capital structure that ranks ahead of the unsecured notes.

The following rating actions were taken:

Altra Industrial Motion Corp.:

Corporate Family Rating, Upgraded to Ba2 from Ba3

Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

GTD senior secured first-lien bank credit facilities, Upgraded to
Ba1 (LGD3) from Ba2 (LGD3)

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Outlook, Stable

Stevens Holding Company, Inc.:

GTD senior unsecured notes, Upgraded to Ba3 (LGD 5) from B2 (LGD5)

Outlook, Stable

RATINGS RATIONALE

Altra's Ba2 CFR reflects its strong market position and brand
strength in the design and manufacture of electro-mechanical power
transmission and motion control products. The company also
possesses a global reach into diverse end-markets spanning
transportation and factory automation to turf & garden, medical and
material handling, among others. Consistent and healthy annual free
cash flow combined with Moody's expectation that debt/EBITDA will
be maintained around 3.0x are factors supporting the company's
credit profile. The ratings are constrained by the company's modest
size relative to higher rated peers and the cyclical nature of
certain of its end-markets. Risk factors include those related to
the industrial sector's supply chain constraints and inflationary
cost pressures ranging from elevated commodity costs to higher
logistics and labor costs. Macroeconomic uncertainty related to the
new coronavirus variants is also a consideration. However, Moody's
expects the company to continue to prudently manage through these
headwinds through pricing actions and supply chain/operational
efficiencies.

The stable outlook is based on Moody's expectation that the company
will maintain debt/EBITDA around 3.0x while generating healthy
annual cash flow, which will be deployed largely for bolt-on
acquisitions.

From a corporate governance perspective, the company has a
well-balanced financial policy. The company has demonstrated a
strong track record of debt repayment and maintenance of solid
liquidity. Free cash flow during the last twelve months ended June
30, 2021 totaled $242 million (after $13 million of dividends). Of
note, the company expects to repay an additional $100 million of
debt during the remainder of 2021 and has already repaid $360
million of debt since the 2018 Fortive A&S acquisition.

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

Moody's would consider a ratings upgrade if the company were to
profitably and meaningfully increase its revenue scale. Ratings
could also be upgraded if the company's top line grows organically
through positive end-market fundamentals. Sustaining EBITDA margins
at the 20% level with strong free cash flow conversion are also
important considerations to a prospective ratings upgrade. In
addition, debt/EBITDA sustained below 2.5 times could support an
upgrade.

Conversely, ratings could be downgraded if the company's operating
performance weakens such that EBITDA margins erode to below 15% or
debt/EBITDA is expected to exceed 4.0x on a sustained basis. Free
cash flow falling below $100 million annually and/or a more
aggressive financial policy including debt-financed acquisitions or
shareholder remunerations could also result in a downgrade.

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

Headquartered in Braintree, Massachusetts, Altra Industrial Motion
Corp. is a leading global designer, producer, and marketer of a
wide range of electromechanical power transmission and
motion-control products. Key products include clutches, brakes,
couplings and gearing. Annual revenues for the publicly-traded
company approximates $1.9 billion.


AMERICAN SLEEP: Hearing Today on Emergency Cash Collateral Bid
--------------------------------------------------------------
American Sleep Medicine, LLC asks the U.S. Bankruptcy Court for the
Middle District of Tennessee, Nashville Division, for authority to
use cash collateral nunc pro tunc to the Petition Date and provide
adequate protection.

The Debtor requires the use of cash collateral to fully honor all
their ongoing obligations to employees, vendors, and clients, and
allow Debtor to proceed toward proposal of a confirmable plan of
reorganization.

ServisFirst Bank assert an interest in the Debtor's cash
collateral.

The Debtor is an operating business with numerous vendors,
employees and clients that depend on the Debtor's continuing
performance of its ongoing business obligations. The Debtor's
business prospects also rely, especially as the event industry
begins to emerge from COVID, on marketing and sales efforts to
attract new clients.

The Debtor says it has an urgent and immediate need for authority
to use cash collateral subject to the terms of the motion in order
to, among other things: (a) continue to operate the business in an
orderly manner; (b) maintain their valuable relationships with
employees, vendors and clients, (c) pay various administrative
professionals' fees to be incurred in these Chapter 11 cases; (d)
support the Debtor's working capital and overall operational needs;
and (e) maintain the Debtor's goodwill.

The Debtor asserts its request must be considered on an expedited
basis as the Debtor's business operations and reorganization
efforts will suffer immediate and irreparable harm if the Debtor is
not allowed to use cash collateral. In particular, the requested
relief must be approved by September 13, 2021.

As for adequate protection for the limited use of cash collateral,
the Debtor intends to provide the Secured Creditors a replacement
lien in accordance with 11 U.S.C. section 361(2) and 552(b) to the
extent of cash collateral expended, and on the same assets and in
the same order of priority as currently exists. Any such
replacement lien will be to the same extent and with the same
validity and priority as the Secured Creditor's pre-petition lien,
without the need to file or execute any document as may otherwise
be required under applicable nonbankruptcy law.

Further, the Debtor proposes that it will make monthly payments of
interest only to ServisFirst, beginning September 15,, and on the
first of each month thereafter, which payments are approximately
equal to interest only. The limitation of interest accrual for
Debtor's Secured Creditor, ServisFirst will benefit Debtor's
remaining priority and unsecured creditors during the pendency of
the case.

The Debtor requests a telephonic hearing on or before September 13
at either 11 am or 1 pm.

A copy of the motion and the Debtor's four-week budget is available
at https://bit.ly/3z12xhV from PacerMonitor.com.

The Debtor projects $800 in total revenue and $1,002,855.44 in
total operational costs per month.

                About American Sleep Medicine, LLC

American Sleep Medicine, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 21-02741) on
September 8, 2021. In the petition signed by Jerry Lauch,
president, the Debtor disclosed up to $50,000 in assets and up to
$500,000 in liabilities.

Steven L. Lefkovitz, Esq. at Lefkovitz and Lefkovitz is the
Debtor's counsel.



APACHE CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Apache Corporation to BB- from B.

Headquartered in Houston, Texas, Apache Corporation is an
independent energy company.



ARBOR PHARMACEUTICALS: Moody's Puts B3 CFR on Review for Upgrade
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Arbor
Pharmaceuticals, LLC on review for upgrade following an
announcement that it entered into a definitive agreement to be
acquired by Azurity Pharmaceuticals, Inc. (B2 stable, "Azurity").
The ratings placed under review for upgrade include the B3
Corporate Family Rating, B3-PD Probability of Default Rating, and
B3 senior secured credit facility. The outlook was revised to
Ratings Under Review from Negative.

On August 24th, Arbor announced that it entered into a definitive
agreement to be acquired by Azurity. Azurity will use a combination
of new debt and equity to fund the transaction. NovaQuest Private
Equity is the sponsor. The transaction was approved by both Boards
of Directors and is still subject to regulatory approvals. The deal
is expected to close in September 2021.

Moody's took the following action on Arbor Pharmaceuticals, LLC:

On Review for Upgrade:

Corporate Family Rating, Placed on Review for Upgrade, currently
B3

Probability of Default Rating, Placed on Review for Upgrade,
currently B3-PD

Senior secured credit facility, Placed on Review for Upgrade,
currently B3 (LGD3)

Outlook Action:

Outlook, changed to Rating Under Review from Negative.

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

Excluding the ratings review, the B3 Corporate Family Rating
reflects Arbor's modest size with revenues of less than $300
million. Arbor's standalone pipeline is weak with few opportunities
that have the potential to meaningfully contribute to revenue in
the next couple of years. Arbor's ratings continue to be supported
by high gross margins and minimal capital expenditures as well as
cash balances in excess of $100 million.

The review for upgrade will primarily focus on Arbor becoming part
of a higher-rated organization, as well as the treatment of Arbor's
debt by the acquirer. If Arbor's debt will be fully repaid as part
of the transaction, then its ratings will be withdrawn.

Within ESG, Social risks include exposure to payor reimbursement
pressure and concerns over high drug pricing in the US. These
dynamics contribute to the company's challenges with commercial
coverage and price and volume declines (primarily on legacy Arbor
products). Governance considerations include private equity
ownership, which creates risk of financial policies that raise
leverage.

Arbor is a US-based specialty pharmaceutical company that sells a
portfolio of branded drugs in the cardiology, hospital, and
pediatric areas. Arbor also sells antibiotic products and has a
small generic drug division. The company is owned primarily by KKR,
Chairman Jason Wild and his funds, management, and ARCH Healthcare
Fund. The company's financials are not publicly disclosed.

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


ARC FALCON I: Moody's Assigns First Time 'B2' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned ARC Falcon I Inc. (dba Arclin,
Inc.) a first-time B2 Corporate Family Rating, B2-PD Probability of
Default Rating, B2 rating to the company's proposed first lien
senior secured bank credit facilities and Caa1 rating to the
company's second lien term loan. The outlook is stable.

Proceeds from the proposed $675 million first lien senior secured
term loan, $155 million second lien term loan and $365 million of
contributed equity will be used to fund the purchase of Arclin by
The Jordan Company, L.P. from Lone Star Funds.

The assigned ratings are subject to the transaction closing as
proposed and final review of the documentation.

"The rating incorporates the substantial debt to finance the
acquisition of Arclin offset by tailwinds in the company's products
serving the residential building products and non-residential
construction markets that are expected to continue into 2022," said
Domenick R. Fumai, Moody's Vice President and lead analyst for ARC
Falcon I Inc.

Assignments:

Issuer: ARC Falcon I, Inc.

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Senior Secured First Lien Revolving Credit Facility, Assigned B2
(LGD3)

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

Senior Secured First Lien Delayed Draw Loan, Assigned B2 (LGD3)

Senior Secured Secon Lien Term Loan, Assigned Caa1 (LGD6)

Outlook Actions:

Issuer: ARC Falcon I, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

ARC Falcon I Inc.'s B2 Corporate Family Rating (CFR) is constrained
by its leveraged capital structure. Moody's projects Debt/EBITDA of
approximately 6.0x, including standard adjustments, and anticipates
leverage will remain elevated through 2022. Moody's also factors in
strategic tuck-in acquisitions financed by drawing on the DDTL. The
rating is further tempered by exposure to the cyclical US housing
and non-residential construction markets. Approximately half of
sales come from resins used in manufacturing of engineered wood
products (e.g. oriented strand board (OSB), medium density
fiberboard (MDF) and plywood while the remainder is in
higher-margin engineered building solutions. However, Moody's
expects Arclin to benefit from a robust US housing market, modest
growth in repair and remodeling activity and continued economic
growth in 2021. Arclin's credit profile is additionally limited by
lack of scale given its relatively small asset base and high
customer concentration with its top 10 customers accounting for
approximately 69% of sales and the top three representing nearly
39% of sales. Moody's also considers risks related to private
equity ownership as limiting factors to the rating.

Arclin's rating is supported by the company's significant market
position in North America, which provides a competitive advantage
in servicing customers due to the proximity to its customer base
because of the limited range over which the resins it manufactures
can be economically transported. This limits competition and
fosters long-term relationships with its customers. Arclin is often
the sole supplier to the customer's closest facility. Furthermore,
the company has long-term contracts with an average relationship
that extends more than 20 years with its major customers. Arclin
also benefits from a significant portion of contracts in both
Performance Products (PP) and Engineered Building Solutions (EBS)
segments that allow for the pass-through of raw material cost
increases and helps achieve margin stability.

ESG CONDISERTATIONS

Moody's considers environmental, social and governance factors in
the rating. As a specialty chemicals company, environmental risks
are categorized as high. In addition, one of the main components of
Arclin's products is formaldehyde, which has been designated as a
probable human carcinogen with concentrations as low as 0.1 ppm
causing adverse reactions in some people. Worker exposure to
formaldehyde is tightly regulated in the US and Canada. Arclin is
in compliance with all regulatory exposure limits across its entire
product categories. Moreover, the company has had no meaningful
environmental or safety accidents at its facilities. Social risks
appear to be below-average for the industry as the end markets that
Arclin's serves have not been a target of social activists.
Governance risks are above-average, however, due to the risks
associated with private equity ownership which include a minority
representation of independent directors on the board, limited
financial disclosure requirements as a private company and more
aggressive financial policies including higher leverage compared to
most public companies

STRUCTURAL CONDISERTATIONS

As proposed, the new first lien term loan facility is expected to
provide covenant flexibility that if utilized could negatively
impact creditors. Notable terms include the following: Incremental
first lien debt capacity up to (i) the greater of 100% of closing
date EBITDA and 1.0.x of consolidated EBITDA; plus (ii) the
Available Amount basket (which includes a starter up to the greater
of 50% of closing date EBITDA and 50% of consolidated EBITDA), plus
(iii) the general debt basket (up to the greater of 60% of closing
date EBITDA and 60% of consolidated EBITDA), plus (iv) the general
RP basket (up to the greater of 40% of closing date EBITDA and 40%
of consolidated EBITDA); plus unlimited amounts subject to first
lien net leverage ratio of 5.0x (second lien incremental capacity
shared with above, but with ratio threshold of 6.0x secured net
leverage ratio if pari passu with the second lien debt).

Amounts (1) up to the greater of 100% of closing date EBITDA and an
amount equal to 1.0.x of consolidated EBITDA or (2) incurred in
connection with a permitted acquisition or investments, may be
incurred with an earlier maturity date than the initial first lien
term loan.

There are no express "blocker" provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions. Non-wholly-owned subsidiaries are not required to
provide guarantees; dividends or transfers resulting in partial
ownership of subsidiary guarantors could jeopardize guarantees,
with no explicit protective provisions limiting such guarantee
releases. There are no express protective provisions prohibiting an
up-tiering transaction. Call protection is not triggered for any
transaction that would result in an increase in the aggregate
amount of the initial first lien term loans. The above are proposed
terms and the final terms of the credit agreement may be materially
different.

The B2 ratings assigned to the proposed $675 million 7-year first
lien term loan, $100 million delayed draw first lien term loan
(DDTL), and $100 million 5-year revolving credit facility are in
line with the B2 CFR reflecting the pari passu ranking of the
collateral. The Caa1 rating assigned to the proposed $155 million
second lien term loan is two notches below the CFR because of the
preponderance of secured debt with a priority claim.

Moody's expects Arclin to maintain good liquidity supported by cash
on the balance sheet of roughly $20 million, availability under its
$100 million revolving credit facility, which is expected to be
undrawn at close, and positive free cash flow generation. The
revolver has a springing first lien net leverage ratio covenant of
8.75x which is tested if the facility has the greater of $40
million and 40% drawn at the end of the quarter. The covenant is
not expected to be tested over the next 12 to 18 months.

The stable outlook reflects expectations that the company will
benefit from a continued favorable outlook for the US housing
market and repair and remodel activity, that Arclin will sustain
adjusted leverage between 5.5x to 6.0x and maintain good
liquidity.

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

Moody's could downgrade the rating if Debt/EBITDA remains above
6.5x on a sustained basis, operational performance and liquidity
significantly deteriorates, or annual free cash flow is expected to
remain negative on a sustained basis. A substantial debt-financed
dividend or acquisition could also result in a rating downgrade.

Moody's could upgrade the rating on operating performance that
results in sustained adjusted Debt/EBITDA below 4.5x, consistent
positive free cash flow generation and the sponsor's commitment to
a more conservative financial policy.

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

Headquartered in Roswell, GA., Arclin is a North American producer
of resins and surface overlay products used in building products,
specialty engineered materials, and industrial applications. The
company operates in two main business segments: 1) Engineered
Building Solutions and 2) Performance Products. On August 16, 2021,
Arclin announced it had signed a definitive agreement to be
acquired by an affiliate of The Jordan Company, L.P. from Lone Star
Funds. Arclin reported sales of $674 million for the 12 months
ended June 30, 2021.


ARCHDIOCESE OF SANTA FE: Bankruptcy Case Legal Fees Exceed $2.3M
----------------------------------------------------------------
Rick Ruggles of Santa Fe New Mexican reports that a nearly
3-year-old bankruptcy case filed amid hundreds of child sexual
abuse allegations has cost the Archdiocese of Santa Fe more than
$2.3 million in legal fees alone.

Federal court records show the Roman Catholic institution has used
the services of at least four law firms with expertise in cases
involving clergy sexual abuse and bankruptcy.  The archdiocese
seeks to reach a settlement with 385 claimants in its December 2018
Chapter 11 filing with the U.S. Bankruptcy Court in Albuquerque.

This archdiocese and many dioceses across the nation, including the
one in Gallup, have claimed bankruptcy in the Catholic Church
scandal that began to receive attention in the early 1990s.

U.S. Bankruptcy Court records show the Albuquerque firm Walker &
Associates this week billed the Archdiocese of Santa Fe $374,999
for work done over 13 months ending in July. Including bills for
two previous periods, Walker's billings have totaled about
$907,200.

Walker & Associates meticulously detailed its phone calls,
meetings, projects, time spent and amount billed in a 165-page
court document. Depending on which attorney or staffer worked on a
matter, the firm's fees ranged from $75 to $295 an hour.

The court reviews the charges and has final say on whether they are
reasonable.

The lead attorney for the archdiocese, Idaho-based Ford Elsaesser,
argued the fees are appropriate and necessary for lengthy, complex
cases like these.

"And we wish it wouldn't be this long, but there's a large number
of claims," Elsaesser said.

"I've been involved in cases of this type beginning with the
Diocese of Spokane in 2004," he added. "I would suggest to you that
the fees in this case are very much lower than in a number of
them."

Attorneys haven't disclosed the amount of money needed to settle
the sexual abuse claims, some of which date back decades. A federal
judge wrote in a February ruling that more than $150 million could
be involved, and that was only for a portion of the assets victims
might receive.

The archdiocese hopes to gather enough money for a settlement
through insurance, donations, the sale of properties and an auction
of small, vacant parcels. It aims to avoid the sale of churches,
schools, assembly halls and other properties it considers
essential.

Elsaesser's firm hasn't submitted its bill yet for 2020-21, but its
total from two previous periods was about $737,425.

Two other firms haven't filed their bills this year, either. The
Blank Rome firm, with offices around the country, submitted one in
2020, totaling $442,830. The Stelzner firm of Albuquerque submitted
bills in the previous two years, totaling about $258,875.

Other professional fees the institution has incurred in the
bankruptcy case involve real estate, surveying, accounting and
appraising. It hired an auctioneer this year to conduct two online
auctions of hundreds of small parcels from Sept. 21-28 and in
November.

"The bankruptcy process is expensive, and this case has taken a
long time," said James Stang , a California attorney who represents
some of the claimants who have alleged abuse by priests and other
clergy. "The trade-off on time is hopefully a better result for
survivors. … Our goal is to get the most money possible for
survivors."

The case is on its second mediator. The first was dismissed for not
making adequate progress.

Insurance companies are expected to cover a large portion of the
payouts, and Stang said attorneys are struggling with them.

But the archdiocese is "working on getting certain assets sold,
which is good and we're glad it's finally happening," he said.

Merit Bennett, a Santa Fe attorney who represents four victims,
said all efforts now should be aimed at compensating those with
claims.

"It's not a quick fix, unfortunately. It never was," Bennett said.
"And money will never fix it totally."

Elsaesser said there is less contention and litigation between the
two sides at this point and that the property sales are evidence of
progress. The goal, he said, is to achieve a resolution with the
victims while the archdiocese, its schools and its parishes can
move on.

"I have a good degree of optimism that we're getting there," he
said.

                 About the Archdiocese of Santa Fe

The Roman Catholic Church of the Archdiocese of Santa Fe --
https://www.archdiosf.org/ -- is an ecclesiastical territory or
diocese of the southwestern region of the United States in the
state of New Mexico.  At present, the Archdiocese of Santa Fe
covers an area of 61,142 square miles.  There are 93 parish seats
and 226 active missions throughout this area.

The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr.
D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse
claims. It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing. Judge David
T. Thuma oversees the case.

The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel, Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel, and
REDW LLC as accountant.


ASHTON WOODS: Moody's Gives B1 Rating on New $300MM Notes Due 2030
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Ashton Woods USA,
LLC proposed $300 million notes due 2030. Ashton Woods' other
ratings and stable outlook remain unchanged.

The proceeds of the new notes will be used to refinance the
company's $255 million senior unsecured notes due 2027, as well as
for general corporate purposes. As a result of the new notes, pro
forma adjusted homebuilding debt to capitalization will increase to
about 58% from 54%, as of 5/31/21.

"Despite the increase in debt, we still expect debt-to-book
capitalization to decline to below 50% by fiscal year-end 2023",
says Griselda Bisono, Moody's Vice President-Senior Analyst. "We
expect Ashton Woods to close about 8,500 homes in fiscal 2022, of
which close to 40% were already closed as of 5/31/21, which
supports deleveraging through earnings growth", added Bisono.
Strong demand fundamentals within the homebuilding sector,
including record low interest rates and scarce single-family home
inventory, will further support Ashton Woods' growth strategy.

Assignments:

Issuer: Ashton Woods USA, LLC

Senior Unsecured Notes, Assigned B1 (LGD4)

RATINGS RATIONALE

The B1 Corporate Family Rating reflects Ashton Woods' diversified
product portfolio and mix of entry-level homes, a category
currently experiencing outsized demand. Moreover, the rating
considers the company's high levels of optioned land and highly
developed inventory position, which helps to reduce land impairment
risk. These factors are offset by geographic concentration in
Texas, which made up 43% of fiscal 2021 revenue. Finally, the
rating reflects industry cost pressures, including land, labor and
materials that could negatively impact gross margin, as well as the
cyclical nature of the homebuilding industry that could lead to
protracted revenue declines.

Ashton Woods' proposed and existing senior notes are unsecured and
have the same priority of claim as Ashton Woods' unsecured
revolving credit facility. The B1 ratings assigned to the senior
unsecured notes, at the same level with the CFR, reflects that this
class of debt represents the preponderance of debt in the capital
structure.

Despite Moody's expectation of negative free cash flow in fiscal
2022 because of increased land investment to support growth,
Moody's expect Ashton Woods to maintain good liquidity over the
same time period. In addition to over $277 million of unrestricted
cash at May 31, 2021, the company had $243 million of availability
on its $250 million senior unsecured revolver and is expected to
maintain ample cushion on its maintenance covenants.

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

The ratings could be upgraded if Ashton Woods continues to expand
its scale while improving geographic diversity. In addition, an
upgrade would require maintenance of debt to total capitalization
below 45%, EBIT interest coverage maintained above 4.5x and gross
margin sustained at or above 20%. A ratings upgrade would also
reflect maintenance of good liquidity and sustained positive free
cash flow to fund growth.

The ratings could be downgraded if debt to total capitalization
approaches 55%, EBIT interest coverage drops below 3.0x or if the
company's liquidity weakens. Also, a downgrade could result from
weakening industry conditions causing meaningful revenue and gross
margin declines.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Headquartered in Atlanta, Georgia and established in 1989, Ashton
Woods USA, LLC constructs single-family detached and attached homes
in Texas, Arizona, North Carolina, South Carolina, Georgia, and
Florida. The company is majority-owned by an affiliate of the Great
Gulf Group Limited of Canada.


ASHTON WOODS: S&P Rates New $300MM Senior Unsecured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to homebuilder Ashton Woods USA LLC's proposed $300
million senior unsecured notes due in 2030. Ashton Woods Finance
Co. will be an issuer of the notes. The company intends to use a
portion of the net proceeds from the sale of the notes offered to
fully redeem its 9.875% senior notes due in 2027, of which $255
million was outstanding as of August 31, 2021. S&P considers the
planned transaction neutral for credit quality. The '3' recovery
rating indicates its expectation of meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of payment default.



ASTOR EB-5 LLC: Hotel Astor Sold to Victory Investments
-------------------------------------------------------
Katherine Kallergis of The Real Deal reports that Hotel Astor, an
iconic Art Deco property in Miami Beach that has been at the center
of an alleged EB-5 fraud and two bankruptcy filings, has a new
owner.

Victory Investments Group, which records show is led by Anil Monga,
paid $12.8 million for the shuttered 42-room hotel at 956
Washington Avenue in South Beach. Monga is CEO of Victory
International USA, which manufactures and distributes name brand
fragrances and cosmetics, according to Monga's LinkedIn. Monga is
also a hotel investor.

Property records show 1651 Astor LLC sold the building, which
features a swimming pool and more than 4,000 square feet of
restaurant space. It was built in 1936 on a 14,900-square-foot lot.
The storied hotel was designed by T. Hunter Henderson.

The sale price equates to about $304,000 per room.

Susan Gale of One Sotheby's International Realty represented the
buyer and selller.

1651 Astor LLC, a Florida company that lists a Switzerland address,
previously tried to sell the property's ground lease for $12
million. Astor EB-5 LLC was the lessee that filed for bankruptcy
two times, according to the filings. The lessor and fee simple
owner, 1651 Astor LLC, acquired the ground lease and the building
at a bankruptcy auction earlier this 2021, court records show.

Before it shut down in 2018, the lessee was the subject of a number
of lawsuits. Astor EB-5 LLC was previously controlled by attorney
David J. Hart, who raised $9 million from EB-5 investors in Brazil,
China and Venezuela. Hart was accused of "commingling" personal
funds with business funds and using the hotel "as his own personal
piggy bank," according to court filings.

Stearns Weaver Miller attorney Eric Silver, who represented trustee
Drew Dillworth in the bankruptcy case, said the property fell into
disrepair that was "readily apparent from a layman's eyes," prior
to the trustee's involvement.

"It was a tough case because there were mounting liabilities, a ton
of money owed to the landlord. The utilities haven't been paid,"
Silver said. "It was an attractive nuisance when it fell into the
trustee's hands."

Once the property was sold back to the ground lessor, the Chapter
11 bankruptcy was converted to a Chapter 7 case, Silver said.

Hotel sales have increased in recent months. The Chetrit Group
recently sold the Fairwind Miami Beach hotel for $42 million; and
in a separate deal, the Como Metropolitan Miami Beach hotel traded
for $70 million.

Gale, who declined to identify the buyer of Hotel Astor, said her
client paid all cash for the property and plans to invest "a
substantial amount of money" into renovations and repairs. She said
the deal has been in the works for about three months.

She said the buyer plans to bring a New York-based restaurant to
the property and hire a management company to operate the hotel,
both of which are intended to increase the value.

"He wants to bring it back to the days of the grand dame that it
was," Gale said.

                       About Astor EB-5 LLC

Astor EB-5, LLC is a Florida limited liability company that
operates Hotel Astor, in Miami, Florida.  Located a few blocks from
the beach, this art deco boutique hotel with original 1930s
terrazzo floors offers modern rooms, private terraces with
courtyard, and on-site pools, among other amenities.

Based in Miami, Florida, Astor EB-5 filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 18-24170) on Nov. 14, 2018.  In the
petition signed by David J. Hart, manager, the Debtor was estimated
to have $1 million to $10 million in both assets and liabilities.
The Hon. Jay A. Cristol presided over the case.  Paul L. Orshan,
Esq., at Orshan, P.A., served as bankruptcy counsel to the Debtor.

Astor EB-5 sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 20-16595) on June 17, 2020.  At the
time of the filing, the Debtor Was estimated to have assets of $10
million to $50 million and liabilities of $1 million to $10
million.  Judge A. Jay Cristol oversees the case.  Joel M. Aresty,
P.A. is the Debtor's bankruptcy counsel in the present case.


ASTROTECH CORP: Pays in Full 2020 'Pickens' Note
------------------------------------------------
Astrotech Corporation entered into (1) the Omnibus Amendment to the
Secured Promissory Notes with Thomas B. Pickens III in connection
with the Company's Secured Promissory Note, dated Sept. 5, 2019, in
the original aggregate principal amount of $1,500,000 and the
Company's Secured Promissory Note, dated Feb. 13, 2020, in the
original aggregate principal amount of $1,000,000 and (2) the
Omnibus Amendment to the Security Agreements with certain
subsidiaries of the Company signatory thereto and the holder of the
Original Notes, in connection with the Security Agreements between
the Company, certain subsidiaries of the Company signatory thereto
and the holder of the Original Notes, dated as of Sept. 5, 2019 and
Feb. 13, 2020, respectively.

Pursuant to the Original Notes and the Original Security
Agreements, as amended by that certain Omnibus Amendment to the
Secured Promissory Notes between Mr. Pickens and the Company dated
Aug. 24, 2020, and that certain Omnibus Amendment to the Security
Agreements among the Company, certain of its subsidiaries and Mr.
Pickens and dated Aug. 24, 2020, respectively, the principal amount
and accrued interest on the Original Notes were due and payable on
Sept. 5, 2021.  Pursuant to the Amendments, (a) the principal
amount and accrued interest on the 2020 Note was paid in full and
the 2020 Note was cancelled, and (b) $1,000,000 of the principal
amount and all accrued interest on the 2019 Note was paid and the
maturity date on the remaining balance of the 2019 Note was
extended to Sept. 5, 2022.

In addition, the Subsidiaries (as defined in the Subsidiary
Guarantee) jointly and severally agreed to guarantee and act as
surety for the Company's obligation to repay the remaining balance
on the 2019 Note pursuant to subsidiary guarantees, dated Sept. 5,
2019 and Feb. 13, 2020, respectively, as amended by the Omnibus
Amendments to Subsidiary Guarantees, dated Aug. 24, 2020 and Sept.
3, 2021, respectively.  The Subsidiary Guaranty with respect to the
2020 Note was also cancelled by the Amended Subsidiary Guarantee
due to the 2020 Note being repaid in full.

The transaction was approved by the Company's board of directors
and its audit committee.  Each of the Amended Notes, Amended
Security Agreements and Amended Subsidiary Guarantees were approved
by all of the disinterested directors of each of the Subsidiaries.


                          About Astrotech

Astrotech (NASDAQ: ASTC) -- http://www.astrotechcorp.com-- is a
science and technology development and commercialization company
that launches, manages, and builds scalable companies based on
innovative technology in order to maximize shareholder value.  1st
Detect develops, manufactures, and sells trace detectors for use in
the security and detection market.  AgLAB is developing chemical
analyzers for use in the agriculture market.  BreathTech is
developing a breath analysis tool to provide early detection of
lung diseases.  Astrotech is headquartered in Austin, Texas.

Astrotech reported a net loss of $8.31 million for the year ended
June 30, 2020, compared to a net loss of $7.53 million for the year
ended June 30, 2019.  As of March 31, 2021, the Company had $33.78
million in total assets, $5.45 million in total liabilities, and
$28.33 million in total stockholders' equity.

Armanino LLP, in San Francisco, California, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Sept. 8, 2020, citing that the Company has suffered recurring
losses from operations and has net cash flows deficiencies that
raise substantial doubt about its ability to continue as a going
concern.


AUTOKINITON US: Moody's Affirms B2 CFR, Outlook Remains Positive
----------------------------------------------------------------
Moody's Investors Service affirmed Autokiniton US Holdings, Inc.'s
B2 corporate family rating, B2-PD Probability of Default Rating and
B2 senior secured rating. The rating outlook was maintained at
positive.

The action follows the company's plan to upsize its term loan by
$300 million to fund a distribution to shareholders. The debt
funded dividend offsets what was good progress in strengthening key
credit metrics since earlier this year and indicates a shift in
financial policy in the midst of an uneven automotive industry
rebound. However, the company is expected to maintain solid
operating momentum through 2022, resulting in improving margins and
solid free cash flow for accelerated debt reduction that could put
metric progression back on track towards the second half of next
year.

Moody's took the following actions on Autokiniton US Holdings,
Inc.:

Corporate Family Rating, affirmed at B2

Probability of Default Rating, affirmed at B2-PD

Senior Secured Bank Credit Facility, affirmed at B2 (LGD4)

Outlook, maintained at Positive

RATINGS RATIONALE

Autokiniton's ratings reflect a strong competitive position as a
Tier 1 supplier of structural components/assemblies and
chassis/frame components that results in favorable exposure to
current industry drivers of vehicle lightweighting and higher
safety standards. Positively, over 85% of revenues are generated
from the sale of light trucks/SUVs/CUVs, and the company has
growing penetration into alternative fuel and battery electric
vehicle platforms. Low capital expenditures and a flexible, largely
variable cost structure should boost returns over the next several
years, resulting in improved financial flexibility and stronger
liquidity. While customer concentration is high, with about 70% of
2020 revenues derived from the top three customers, product focus
on more profitable, top selling light trucks/SUVs/CUVs helps offset
this concern.

Moody's adjusted debt-to-EBITDA will approach 4.5x following the
term loan add-on but is expected to fall towards 4x by year-end
2022 largely due to stronger earnings supplemented with periodic
debt repayment. Increasing free cash flow should provide
opportunities for accelerated de-levering and/or strengthening the
cash position as management focuses on organic growth. However, the
sizable distribution to shareholders demonstrates a more aggressive
financial policy that deviates from Moody's expectation for
available cash flow to be used for debt reduction. Given the
cyclical nature of the automotive industry, governance supporting a
balance between strategic growth/reinvestment considering the
evolution to electrification, debt repayment and equity returns
will be important to supporting operating flexibility.

The positive outlook reflects Moody's expectation for the
continuation of strong free cash flow for accelerated debt
repayment as light vehicle production volumes continue to recover,
although unevenly, through 2022. The outlook also considers the
company's favorable market position to capture growing
lightweighting and electrification opportunities across all
platforms, including electric vehicles, as they steadily gain
market share.

Autokiniton is expected to maintain good liquidity, supported by
increasing cash on hand and near full availability under the $250
million asset based revolving credit facility (ABL). Moody's
expects free cash flow to remain solid in 2021 despite production
disruptions from the industry's lingering microchip shortage. With
the expectation that the chip issues steadily dissipate during the
second half of 2021, Moody's projects 2022 free cash flow to
eclipse the 2021 level as new vehicle demand remains robust. The
ABL is subject to a springing fixed charge covenant of 1x when
excess availability falls below the greater of approximately $13
million or 10% of the facility or borrowing base in effect. This
test is not expected to trigger in 2021 or 2022 given the good
liquidity and improving cash generation prospects.

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

Ratings could be upgraded if margin expansion accelerates on the
expected but protracted rebound in new vehicle production, leading
to stronger than expected free cash flow with debt-to-EBITDA
falling below 3.5x on a sustained basis. EBITA-to-interest over 3x
and a strengthening liquidity position, especially a more robust
cash position, would also be important factors to upward rating
actions. Ratings could be downgraded if margins decline,
debt-to-EBITDA is expected to exceed 5.5x or EBITA-to-interest
falls below 1.5x. A deteriorating liquidity profile, including
increased reliance on the ABL, large debt funded acquisitions or
additional shareholder returns could also warrant a ratings
downgrade.

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

Autokiniton Global Group is a North American Tier 1 supplier of
powertrain-agnostic, safety-critical metal-formed structural
automotive components and complex assemblies. The company
manufactures body structures, interiors, closures, thermal
management components and chassis components that position it to
capitalize on trends toward lightweighting and electrification.
Revenue for the latest twelve months ended June 30, 2021 was
approximately $2 billion. The company has been owned by affiliates
of KPS Capital Partners, L.P. since May 2018.


AVERY ASPHALT: Wins Access to Cash Collateral Thru Sept 30
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has
authorized Avery Asphalt, Inc. and affiliates to use cash
collateral for the month of September pursuant to the budget.

The Debtors are permitted to use cash collateral pursuant to the
Budget with a line-item variance of no more than 15% per month and
an overall budget variance of no more than 15% in the aggregate per
month. The estimated expenses may exceed these limits with prior
written approval from Sunflower Bank.

The Debtors are directed to pay the September swap payment to
Sunflower within three business days after the entry of the Order.


The Court says each of the Secured Parties -- Sunflower Bank;
Greenline CDF Subfund XXIII LLC; the Colorado Department of Revenue
(CODOR); and Nationwide Mutual Insurance Company -- are granted
replacement liens and security interest on the Debtor's
post-petition assets with the same priority and validity as the
secured parties' pre-petition liens and security interests to the
extent of the Debtor's post-petition use of cash on hand and the
proceeds of Prepetition Personal Property, if any.

To the extent that the Adequate Protection Liens prove to be
insufficient, each of the Secured Parties, as applicable, will be
granted superpriority administrative expense claims under Section
507(b) of the Bankruptcy Code to the extent that such Secured
Party has a valid allowed secured claim under Section 506(a) in the
Cash Collateral used.  

To the extent the Debtor receives any proceeds for contracts on
projects bonded by Nationwide, such funds will be segregated, held
in trust, and may only be used with the written consent of the
Secured Parties or pursuant to further Court order.

The Debtor and its debtor-affiliates are directed to maintain
insurance coverage on the Prepetition Personal Property and any
real property for the full replacement value of any such assets and
will cause Sunflower to be named as a loss payee for the insurance
policies.

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

                     About Avery Asphalt, Inc.

Avery Asphalt, Inc. is the main operating company and installs,
maintains, and improves roadways, parking lots, and other outdoor
surfaces. Avery Equipment, LLC owns the equipment used in Avery
Asphalt's business. Avery Holdings, LLC owns the real estate used
in Avery Asphalt's business. LBLA Ventures, Inc. is the holding
company for a non-operating Arizona asphalt company and 1401 S.
22nd Ave., LLC owns the real estate that was formerly used by
Regional Pavement Maintenance of Arizona, Inc. in its business.

Avery Asphalt and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Colo. Lead Case No.
21-10799) on February 19, 2021. The bankruptcy was filed after a
receiver was appointed for all the Debtors in one state court case.
The receivership hampered Avery Asphalt's ability to operate
profitably. The Debtors believe this reorganization proceeding will
facilitate a better return to creditors than a receivership or
liquidation. The Debtors intend to streamline operations and sell
equipment and real estate that is no longer used by Avery Asphalt
in connection with a plan of reorganization.

In the petition signed by CEO Aaron Avery, the Debtors disclosed up
to $50,000 in assets and up to $10 million in liabilities.

Judge Michael E. Romero oversees the case.

David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, P.C. is
the Debtor's counsel.



AVIANCA HOLDINGS: Shares Drop as Hearing for Ch.11 Exit Nears
-------------------------------------------------------------
Loren Moss of Finance Colombia reports that shares in Colombian
airliner Avianca have lost almost half their remaining value in the
first week of September 2021 as the bankrupt company prepares a
Chapter 11 exit plan that would probably wipe out the rest of their
worth. The company that once traded over $15 USD per share on the
New York Stock Exchange (NYSE:AVH) was delisted last 2020 after the
company filed bankruptcy, and shares traded on Colombia's BVC
(BVC:PFAVH) were trading at 112 pesos (2.9 cents US) at the end of
Monday's, September 6, 2021, trading.

In a plan that Avianca has proposed to exit bankruptcy, current
company debt, including debtor-in-possession financing would be
converted to equity shares in a reorganized holding company, taking
precedence over, and thus wiping out any residual value in shares
of the bankrupt holding company. In other words, the new lenders
would become the shareholders and existing shareholders would get
nothing.

A US federal judge has a hearing scheduled to assess the proposal
on September 14, 2021. Avianca's 6K filing dated September 1
follows below.

In the context of Avianca Holdings S.A.'s ("Avianca" or the
"Company") Chapter 11 proceedings, on September 1, 2021, the
Company, as debtor-in-possession ("DIP"), intends to file a motion
with the Bankruptcy Court (the "Court") seeking approval of the
terms of, and the Company's entry into and performance under, an
Equity Conversion and Commitment Agreement (the "ECCA"), dated
September 1, 2021, by and among the Company, certain of its
subsidiaries and a majority of Avianca's "Tranche B" Lenders under
the Company's outstanding DIP Credit Agreement (the "Supporting
Tranche B Lenders"). The terms of the ECCA provide for the
potential conversion of approximately $900 million in Tranche B DIP
obligations into equity in a reorganized new holding entity of the
Companies (as defined below) and the contribution by the Supporting
Tranche B Lenders of $200 million of additional capital in exchange
for equity in such reorganized entity upon the satisfaction of
certain conditions.

Following a competitive marketing process for exit financing, the
Company's management decided (in consultation with certain
stakeholders) to refinance Tranche A of its previously outstanding
DIP facility with New Tranche A-1 DIP/Exit Loans and New Tranche
A-2 DIP/Exit Loans (as disclosed to the market on July 22, 2021)
and to move forward in its negotiations with its Tranche B lenders.
The ECCA, which remains subject to final approval by the Court,
evidences Avianca's decision to elect the conversion option under
its DIP credit agreement and is the result of such negotiations
with the Supporting Tranche B Lenders.

Further to our disclosures to the market on May 20, 2020, April 14,
2021 and July 22, 2021, although the Supporting Tranche B Lenders
have executed the ECCA, the ECCA remains subject to approval by the
Court and to the satisfaction of certain other conditions.
Accordingly, at this stage of the process, it is still not possible
to know (i) if third parties, creditors or shareholders will
contribute new capital, or if the value of the shares of the
Company (ordinary and/or preferred) will be diluted and, to the
extent such is the case, the extent of such dilution; or (ii) if
the Company or any of its affiliated debtors in the Chapter 11
proceedings (the “Debtors”) will be liquidated. In any event,
U.S. law imposes upon the Debtors a priority order (known as the
"absolute priority rule") to pay claims existing before the
restructuring proceeding filing date. Generally, the value of the
Debtors must be directed (i) first, to satisfy secured claims, up
to the value of the collateral securing such claims; (ii) second,
to satisfy unsecured priority claims; (iii) third, to satisfy
non-priority unsecured claims; and (iv) fourth, to shareholders of
the Debtors. Generally, a particular class of claims may not
receive any distribution until all claims senior to such class have
been paid in full. If the Court confirms a plan of reorganization
on terms consistent with the ECCA, the Company's shareholders
(including ordinary shareholders and preferred shareholders) will
not receive any distribution. As a result of the foregoing, under
the Chapter 11 plan, the value of the shares of the Company would
be reduced to zero, due to the decrease in equity of the Company
attributable to the Debtors’ liabilities to third parties and
creditors, as well as the injection of capital by new investors
pursuant to the Chapter 11 plan.

In addition to the filing described above, on August 31, 2021, the
Company filed with the Court two additional exhibits to the
disclosure statement that the Company has proposed to distribute to
voting creditors in connection with its Chapter 11 plan of
reorganization (the "Disclosure Statement"). These exhibits,
customary for reorganization proceedings under Chapter 11, are
Exhibit C and Exhibit D. The proposed Disclosure Statement was
previously filed at Docket No. 1983. All filings in the Chapter 11
proceedings are available at
http://www.kccllc.net/avianca/document/list/5155.

The next step in the Chapter 11 process will be a hearing for the
Court to consider the approval of the Disclosure Statement and the
solicitation of the Company’s Plan of Reorganization. This
hearing is currently scheduled for September 14, 2021.

The Company is currently not soliciting votes on its Plan of
Reorganization and will not solicit votes on its Plan of
Reorganization until the Court approves the Disclosure Statement
and the solicitation of the Company’s Plan of Reorganization. Any
relevant information in the Chapter 11 process will be disclosed to
the market in a timely manner.

                           About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020. The
committee is represented by Willkie Farr & Gallagher, LLP.


AVIANCA HOLDINGS: U.S. Trustee Criticizes 'Death Trap' Provision
----------------------------------------------------------------
Law360 reports that the U.S. Trustee's Office is asking a Delaware
bankruptcy judge to reject Colombian airline Avianca's disclosure
of its debt-swap Chapter 11 plan, saying it fails to explain why it
is imposing a $6 million "death trap" clause on its unsecured
creditors.

In an objection filed Tuesday, September 7, 2021, U.S. Trustee
William Harrington argued the disclosure statement Avianca Holdings
has filed on its Chapter 11 plan fails to justify plan clauses that
give unsecured creditors an additional $6 million recovery if the
class approves the plan and require creditors to act to avoid
releasing their legal claims.

"Here the Debtors seek to bind creditors who abstain from voting,
and do not Opt-Out of the releases, with third-party releases.
There is no basis, however, to conclude that such inaction
constitutes consent to the releases.  Id.  Accordingly, unless
these third-party releases are severed from the Plan, the
Disclosure Statement should not be approved, as it does not explain
why creditors that abstain from voting may have their rights
against third-parties stripped away," the U.S. Trustee said.  

To the extent the Plan seeks to furnish an opportunity for a
creditor who either rejects the Plan or abstains from voting on the
Plan to consent to the third-party releases, such consent should be
demonstrated through an unequivocal opt-in procedure.  

                          About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020. The
committee is represented by Willkie Farr & Gallagher, LLP.


AVIANCA HOLDINGS: US Trustee Wants Opt-In Forms in Ballots
----------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
objects to the Disclosure Statement for the Chapter 11 Plan of
Avianca Holdings S.A. and Its Affiliated Debtors.

The United States Trustee claims that the Disclosure Statement
fails to provide adequate information about the non-consensual
non-debtor releases that will be imposed under the Plan. Five out
of twenty-three Classes are entitled to vote, while all remaining
non-voting classes will be subject to the Plan's non-consensual
releases.

The United States Trustee points out that the Plan does not provide
for a creditor or interest holder to affirmatively consent to a
third party release. Affirmative consent through an Opt-In Form,
however, would be the clearest and most transparent procedure with
respect to third party releases. The Disclosure Statement should
also affirmatively state that Opt-Out designations will be honored,
or, if not, why not.

The United States Trustee asserts that if, in fact, the Debtors
seek to impose releases upon holders of non-voting claims or
interests, the Plan must make that intent clear, and provide for a
means of allowing the affected party to affirmatively consent to
such releases. Accordingly, these classes should be provided with a
Notice of Non-voting status with an optional Release Opt-In Form.

Next, the Disclosure Statement should provide adequate information
regarding what the Debtors consider to be the rare and exceptional
circumstances that would justify this Court imposing a third-party
release on an impaired non-consenting creditor. The Disclosure
Statement provides no information concerning any unique
circumstances that would justify such extraordinary relief.

Finally, the Disclosure Statement should explain the basis for the
imposition of the Death Trap provision on holders of Class 11 –
General Unsecured Avianca Claims, providing for an increased $6
million recovery if Class 11 accepts the Plan.

A full-text copy of the United States Trustee's objection dated
September 7, 2021, is available at https://bit.ly/2VBfWje from
Kurtzman Carson Consultants LLC, claims agent.

                    About Avianca Holdings SA

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A. Bogota, Colombia-based
Avianca has been flying uninterrupted for 100 years. With a fleet
of 158 aircraft, Avianca serves 76 destinations in 27 countries
within the Americas and Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, the Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020. The
committee is represented by Willkie Farr & Gallagher, LLP.


BALL CORP: Moody's Rates New $750MM Unsecured Notes Due 2031 'Ba1'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Ball
Corporation's proposed $750 million senior unsecured notes due
2031. The Ba1 Corporate Family Rating, Ba1-PD Probability of
Default, and SGL-2 Speculative Grade Liquidity Ratings are
unchanged. The outlook remains stable.

Moody's views this transaction as credit neutral. Proceeds of this
proposed debt offering are to be used to repay the outstanding 5%
senior unsecured notes of March 2022. Ratings on these notes will
be withdrawn upon repayment. The terms and conditions of the bonds
are expected to be substantially similar with the existing senior
unsecured notes.

Adjustments:

Issuer: Ball Corporation

Senior Secured Bank Credit Facility, Adjusted to (LGD2) from
(LGD3)

Assignments:

Issuer: Ball Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)

RATINGS RATIONALE

Moody's expects Ball to benefit from an increase in volume from the
company's ongoing global beverage can capacity expansion efforts
through 2024. Production from the additional operating lines are
already sold out. Therefore, Moody's expect Ball's EBITDA to
improve with this increase in volume and result in lower leverage
(inclusive of Moody's adjustments) that approaches a level
sustained below 4.0x in 2023. The company's scale in the
consolidated metal can industry is beneficial in sourcing supply
inputs and its high percentage of long-term customer contracts
raise switching costs, allowing for efficient pass through of raw
material inflation. Ball benefits from its innovation capabilities
and strong position in the fast-growing custom can market, where
the company generates around 45% of its annual revenue.
Furthermore, the company generates roughly 15% of its revenue for
its Aerospace segment, which is expected to benefit from a strong
backlog.

Ball's credit profile is constrained by a shareholder friendly
financial policy that includes share repurchases and dividends,
although the company is expected to balance shareholder friendly
activity with maintaining consistent credit metrics. In the past,
Ball has also taken on large, debt-financed acquisitions that have
temporarily stretched credit metrics and the company has not
expressed a commitment to an investment grade capital structure.
While Ball has a very strong position in the mature, consolidated
aluminum can industry, the company has customer concentration with
around 36% of revenue generated from its top three customers.

The stable outlook reflects Moody's expectation Ball will
successfully execute its beverage can capacity expansion
initiative, resulting in increased sales volume and improvement in
credit metrics.

The Ba1 ratings on the senior unsecured notes reflect the
subordination to the company's secured credit facilities and
guarantees from only the domestic subsidiaries.

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

An upgrade in ratings would require sustained improvement in credit
metrics, as well as, less aggressive financial policies and an
investment grade capital structure. Specifically, the rating could
be upgraded if credit metrics are to consistently clear the
following guideposts: Adjusted total debt-to-EBITDA is sustained
below 3.5x, free cash flow-to-total debt is above 10%, and
EBTDA-to-interest is sustained above 6.0x.

The ratings could be downgraded if there is a deterioration in
liquidity or credit metrics, specifically if adjusted total
debt-to-EBITDA is sustained above 4.0x without a reasonable path to
fall below this threshold, free cash flow-to-debt falls below 7%,
and EBITDA-to-interest is sustained below 5.5x.

The methodology used in this rating was Packaging Manufacturers:
Metal, Glass and Plastic Containers Methodology published in
September 2020.

Broomfield, Colorado based Ball Corporation is a manufacturer of
metal packaging, primarily for beverages, and a supplier of
aerospace and other technologies and services to government and
commercial customers. The packaging business generates
approximately 85% of revenue, with the aerospace business
contributing the balance. The company reports in five segments
including Beverage Packaging North and Central America, Beverage
Packaging South America, Beverage Packaging Europe, Aerospace, and
Other (aluminum aerosol and slugs for packaging, non-reportable
segments in beverage packaging, corporate). Revenue for the twelve
months ended June 30, 2021 totaled approximately $12.8 billion.


BALL CORP: S&P Rates New $750MM Sr. Unsecured Notes Due 2031 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level and '3' recovery
ratings to Ball Corp.'s proposed $750 million senior unsecured
notes due 2031. The '3' recovery rating indicates its expectation
for meaningful (50%-70%; rounded estimate: 50%) recovery in the
event of a default. The company intends to use the net proceeds
from this offering to redeem its 5.0% senior unsecured notes due
March 2022 and any remaining proceeds for general corporate
purposes. The new notes will rank pari passu with the company's
existing senior unsecured notes.

S&P said, "We view the proposed refinancing as leverage neutral and
forecast Ball's credit measures will remain appropriate for the
current rating. Ball is a global supplier of aluminum packaging for
customers in the beverage, food, and household products markets,
and also provides aerospace and other technologies and services,
primarily for the U.S. government. Our rating incorporates the
company's strong competitive position, with a market-leading
position in metal beverage containers, diversified global
manufacturing footprint, favorable long-term growth prospects
driving investments in additional capacity, and consistent positive
free cash flow generation. The rating also considers management's
financial policies, which includes returning significant value to
shareholders. Ball recently announced its plans to return
approximately $1.0 billion to shareholders through dividends and
share repurchases in 2021, and it intends to double that total
return in 2022."

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P recognizes the collateral package for the stock-secured
facility is somewhat weak because lenders only have a lien on
subsidiary stock while all domestic entities are borrowers or
guarantors for the company's secured and unsecured debt. Therefore,
domestic borrowings under the credit facility do not have a
priority claim on the value of the U.S. operations relative to
unsecured creditors in the U.S.

-- Despite this weakness in the collateral package, domestic
borrowings under the credit facility have a priority claim on 65%
of the equity value in the foreign subsidiaries and direct
borrowings by foreign subsidiaries are structurally senior to the
foreign enterprise value and also benefit from a 100% pledge of the
stock in the foreign subsidiaries.

-- S&P assumes revolver borrowings by foreign subsidiaries of $441
million. A collection allocation mechanism would equalize recovery
rates for all bank borrowings, despite the better guarantor and
collateral terms for non-U.S. borrowings.

-- Using these assumptions, S&P estimates collateral covers 99% of
the secured facility. The large proportion of unpledged value would
be sufficient to provide 52% coverage of the unsecured claims,
including the notes and deficiency claim on the secured loan. The
secured lenders' share of the unpledged value (from the deficiency
claim) would push their total recovery to 99%.

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA multiple: 6x
-- EBITDA at emergence: $1.200 billion
-- Jurisdiction: U.S.

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $6.840 billion

-- Valuation split (obligors/nonobligors): 50%/50%

-- Priority claims (domestic receivables factoring program): $444
million

-- Priority claims (foreign receivables factoring program): $605
million

-- Value available to secured debt (collateral/noncollateral):
$1.984 billion/$3.807 billion

-- Secured debt claims: $1.996 billion

   --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available to unsecured debt (collateral/noncollateral):
$0/$3.807 billion

-- Pari passu secured deficiency claims: $12 million

-- Senior unsecured debt claims: $7.292 billion

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

Note: Debt amounts include six months of accrued interest that S&P
assumes will be owed at default. Collateral value includes equity
pledges in nonobligors (after priority claims). S&P generally
assume usage of 85% for cash flow revolvers at default.



BEAZER HOMES: Egan-Jones Keeps B Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Beazer Homes USA, Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. designs,
builds and sells single-family homes in the Southeast, Southwest,
and South Central regions of the United States.



BED BATH: Egan-Jones Cuts Senior Unsecured Ratings to CCC+
----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Bed Bath & Beyond Inc. to CCC+ from B. EJR also
upgraded the rating on commercial paper issued by the Company to B
from C.

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



BILL STARKS: Unsecured Creditors to Recover 100% in 56 Months
-------------------------------------------------------------
Bill Starks Construction Company filed with the U.S. Bankruptcy
Court for the Northern District of Texas a Plan of Reorganization
dated September 7, 2021.

The Debtor is a commercial building contractor specializing in
underground utilities. Debtor's principal place of business is 8013
U.S. Highway 277, Abilene, Texas 79601. Debtor's principal, William
(Bill) Starks ("Bill Starks") owns the real property upon which
Debtor's operations are located and has allowed and intends to
continue to allow his real property to be used for such purposes.

Tom Moran was the duly appointed Subchapter V Trustee in this case
until September 1, 2021 when Katherine B. Clark was substituted for
Moran as Subchapter V Trustee in this case. Clark remains the
Subchapter V Trustee in this case. The Debtor is continuing in
possession of its property and is operating its business, as
Debtor-in-Possession, pursuant to Section 1184 of the Bankruptcy
Code.

The Plan provides for a reorganization and restructuring of the
Debtor's financial obligations. The Plan provides for a
distribution to Creditors in accordance with the terms of the Plan
from the Debtors over the course of 5 years from the Debtor's
continued business operations.

Subject to forgiveness of Debtor's PPP loan kit is Debtor's intent
and plan to pay all Allowed Claims 100% through the Plan.

The Plan will treat claims as follows:

     * Class 1B consists of the Secured Claim of First Bank Texas.
The principal balance of the Secured Claim shall be paid in
consecutive monthly installments of principal and interest in the
amount based on a ten-year amortization with a balloon payment at
the end of year 7, commencing the 1st day of the first full
calendar month following the Effective Date and continuing the same
day each month thereafter until the Allowed Class 1B Claim is paid
in full or Maturity, whichever comes first.

     * Class 1C consists of the Secured Claim of Caterpillar
Financial Services Corporation. The Allowed Class 1C Claim, plus
interest thereon, shall be paid by Reorganized Debtor in
consecutive monthly installments of principal and interest in the
amount of $2,939.00 and $2,682.00 commencing the 1st day of the
first full calendar month following the Effective Date, and
continuing the same day each month thereafter until the Allowed
Class 1C Claim is paid in full or Maturity, whichever comes first.

     * Class 1D consists of the Secured Claim of Warren CAT. The
Allowed Class 1D Claim shall be paid in consecutive monthly
installments of principal and interest in the amount of $6,426.37
commencing the 1st day of the first calendar month following the
Effective Date and continuing the same day each month thereafter
until the Allowed Class 1D Claim is paid in full or maturity,
whichever comes first.

     * Class 1F consists of the Secured Claim of Chase Auto. The
Allowed Class 1F Claim shall be paid in consecutive monthly
installments of principal and interest in the amount of $718.26
commencing the 1st day of the first calendar month following the
Effective Date and continuing the same day each month thereafter
until the Allowed Class 1F Claim is paid in full or maturity,
whichever comes first.

     * Class 1G(i) consists of the Secured Claim of Ford Credit.
The Allowed Class 1G(i) Claim shall be paid in consecutive monthly
installments of principal and interest in the amount of $746.08
commencing the 1st day of the first calendar month following the
Effective Date and continuing the same day each month thereafter
until the Allowed Class 1G(i) Claim is paid in full or maturity,
whichever comes first.

     * Class 1G(ii) consists of the Secured Claim of Ford Credit.
The Allowed Class 1G(ii) Claim shall be paid in consecutive monthly
installments of principal and interest in the amount of $834.99
commencing the 1st day of the first calendar month following the
Effective Date and continuing the same day each month thereafter
until the Allowed Class 1G(ii) Claim is paid in full or maturity,
whichever comes first.

     * Class 1G(iii) consists of the Secured Claim of Ford Credit.
The Allowed Class 1G(iii) Claim shall be paid in consecutive
monthly installments of principal and interest in the amount of
$834.52 commencing the 1st day of the first calendar month
following the Effective Date and continuing the same day each month
thereafter until the Allowed Class 1G(iii) Claim is paid in full or
maturity, whichever comes first.

     * Class 2 consists of all Allowed Priority Claims against
Debtor. Except to the extent that the holder of such Claim agrees
to a different treatment, the Reorganized Debtor shall pay Cash on
the Effective Date to each holder of any Allowed Claim in Class 2
the amount of such Allowed Claim against such Reorganized Debtor.

     * Class 3A consists of Non-Priority Unsecured Claims
(excluding insider claims). Each holder of an Allowed Unsecured
Claim in Class 3A shall be paid by Reorganized Debtor as follows in
full satisfaction of such creditor's claim: holders of an allowed
Class 3A shall receive their pro-rata share of the Unsecured
Creditor Payment of $20,000.00 monthly which sum approximates 100%
payment to this class in 56 monthly installments beginning the
first day of the first full month after all Administrative Expense
Claims have been paid in full. This is estimated to be a payment
stream commencing February 1, 2022. If any amounts remain unpaid at
maturity, such sums shall be paid in full at that time.

     * Class 3B consists of Non-Priority Unsecured Administrative
Convenience Claims. Each holder of an Allowed Unsecured Claim in
Class 3B shall be paid the amount of their Allowed Claim, in full,
by Reorganized Debtor in full on the 20th day of the fourth full
calendar month following the last day of the month of the Effective
Date.

     * Class 3C consists of Allowed Claims against Debtor held by
insiders as that term is defined in 11 U.S.C. § 101. Insiders,
specifically Bill Starks and Robin Starks, have agreed to defer
payment of their claims until Classes 1, 2 and 3 and their
respective sub-classes, are paid according to the terms of this
Plan.

     * Class 4 consists of the holder of Allowed Interests of
Debtor. The holder of an Allowed Class 4 Interest shall retain his
interest in Reorganized Debtor.

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

Attorney for the Debtor:

     Weldon L. Moore, III, Esq.
     Sussman & Moore, LLP
     2911 Turtle Creek Blvd., Suite 1100
     Dallas, TX 75219
     Tel.: 214-378-8270
     Fax: 214-378-8290

              About Bill Starks Construction

Bill Starks Construction Co., Inc., an Abilene, Texas-based company
operating in the utility system construction industry, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Tex. Case No. 21-10081) on June 9, 2021.  In the petition signed by
William Starks, president, the Debtor disclosed up to $10 million
in both assets and liabilities.  Judge Robert L. Jones oversees the
case.  The Debtor tapped Weldon L. Moore, III, Esq., at Sussman and
Moore, LLP as legal counsel and Kohutek, PC as accountant.


BONNIE TILE: Sept. 14 Hearing on Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, has authorized Bonnie Tile II, LLC to use
cash collateral on an interim basis in accordance with the budget
through September 14, 2021.

The Debtor requires the use of cash collateral to pay its regular
business operating expenses and administrative expenses and other
ordinary expenses as they become due.

The Debtor's authorization to use cash collateral is limited to a
variance not to exceed 10% of any particular line-item expense on
the budget, unless otherwise agreed in writing between the parties
or by Court order. In the event the Debtor finds that the payroll
tax expense is higher than contained in the budget, the Debtor is
authorized to pay the payroll tax expense from the professional
fees expense item.

The Debtor is a party to a UCC-1 with Knight Capital Funding in
which Knight may purport to have a security interest in accounts
receivable and other assets of the Debtor. In support of the
foregoing Agreement and as perfection of the purported lien
thereunder, the Court finds that a UCC-1 Financing Statement was
filed on August 5, 2019 in which Knight claims a security interest
in the collateral.

The Debtor is a party to a UCC-1 with Wellen Capital, LLC in which
WELLEN may purport to have a security interest in all assets of the
Debtor. In support of the foregoing Agreement and as perfection of
the purported lien thereunder, the Court finds that a UCC-1
Financing Statement was filed on April 5, 2021 in which WELLEN
claims a security interest in the collateral.

The Debtor is a party to a UCC-1 with Caymus Funding, Inc. in which
Caymus may purport to have a security interest in accounts
receivable and other assets of the Debtor. In support of the
foregoing Agreement and as perfection of the purported lien
thereunder, the Court finds that a UCC-1 Financing Statement was
filed on December 5, 2018 in which Caymus claims a security
interest in the collateral. The Court accepts the Debtors proffer
that this obligation has been paid although a UCC-3 Termination
Statement has not been filed.

The post-petition liens granted in connection with the use of
Collateral and Cash Collateral will at all times be subject and
junior to any Court costs and administrative fees and costs awarded
by the Court in the proceeding.

A further hearing on the matter is scheduled for September 14 at
1:30 p.m. via Zoom for Government.

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

                     About Bonnie Tile II, LLC

Bonnie Tile II, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-16210) on June 25,
2021. In the petition signed by Dennis R. Hughes, managing member,
the Debtor disclosed up to $50,000 in assets and up to $1 million
in liabilities.

Judge Mindy A. Mora oversees the case.

Craig I. Kelley, Esq., at Kelley, Fulton & Kaplan, P.L is the
Debtor's counsel.



BOTTOMLINE TECHNOLOGIES: Egan-Jones Keeps B- Sr. Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 24, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Bottomline Technologies (DE), Inc. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.
  
Headquartered in Portsmouth, New Hampshire, Bottomline Technologies
(DE), Inc. provides collaborative payment, invoice, and document
automation solutions to corporations, financial institutions, and
banks worldwide.



BRAZOS ELECTRIC: Hires Citigroup for Possible Securitization
------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that bankrupt utility Brazos
Electric Power Cooperative is finalizing the engagement of
Citigroup Global Markets to help size and structure a potential
securitization of billions owed to Texas' electric grid operator.

A securitization of the kind being considered for Brazos has "never
specifically been done" before, so Citi will spend a lot of time
initially figuring out "what it's going to look like," Louis
Strubeck of O'Melveny & Myers said on behalf of the utility in a
Thursday, September 9, 2021, bankruptcy hearing.

In a worst-case scenario, Brazos may securitize more than $2
billion of claims asserted by the Electric Reliability Council of
Texas.

                About Brazos Electric Power Cooperative

Brazos Electric Power Cooperative Inc. is a 3,994-megawatt
transmission and generation cooperative which members' service
territory covers 68 counties from the Texas Panhandle to Houston.
It was organized in 1941 and the first cooperative formed in the
Lone Star state with the primary intent of generating and supplying
electrical power. At present, Brazos Electric is the largest
generation and transmission cooperative in the state and is the
wholesale power supplier for its 16 member-owner distribution
cooperatives and one municipal system.

Brazos Electric filed a voluntary petition for relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-30725)
on March 1, 2021. At the time of the filing, the Debtor disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.

Judge David R. Jones oversees the case.

The Debtor tapped Norton Rose Fulbright US, LLP and O'Melveny &
Myers LLP as bankruptcy counsel; Foley & Lardner LLP and Eversheds
Sutherland US LLP as special counsel; Collet & Associates LLC as
investment banker; and Berkeley Research Group, LLC as financial
advisor. Ted B. Lyon & Associates, The Gallagher Law Firm, West &
Associates LLP, Butch Boyd Law Firm and Boyd Smith Law Firm, PLLC
serve as special litigation counsel. Stretto is the claims and
noticing agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtor's case on March 15, 2021. The
committee is represented by the law firms of Porter Hedges, LLP and
Kramer, Levin, Naftalis & Frankel, LLP. FTI Consulting, Inc. and
Lazard Freres & Co. LLC serve as the committee's financial advisor
and investment banker, respectively.



BRINKER INTERNATIONAL: Egan-Jones Hikes Sr. Unsec. Ratings to CCC+
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Brinker International, Inc. to CCC+ from CCC.

Headquartered in Coppell, Texas, Brinker International, Inc. is a
restaurant operator who owns, operates, or franchises
establishments in the United States and Internationally.



BROSTER JD LLC: Seeks to Hire Latham Luna as Legal Counsel
----------------------------------------------------------
Broster JD, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Latham Luna Eden &
Beaudine, LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   (a) advising the Debtor regarding its rights and duties in its
bankruptcy case;

   (b) preparing pleadings related to the case, including a plan of
reorganization; and

   (c) taking all other necessary actions incident to the proper
preservation and administration of the estate.

The firm's hourly rates are as follows:

     Attorneys                $300 to $575 per hour
     Paraprofessionals        $105 per hour

Prior to the petition date, the Debtor paid the firm the sum of
$26,738.  The firm will also be reimbursed for out-of-pocket
expenses incurred.

Justin M. Luna, Esq., a partner at Latham Luna, 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:

     Justin M. Luna, Esq.
     Latham Luna Eden & Beaudine, LLP
     201 S. Orange Avenue, Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     Email: jluna@lathlamluna.com

                        About Broster JD LLC

Broster JD LLC, doing businees as Hunter Vision, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
21-03801) on Aug. 20, 2021, listing as much as $10 million in both
assets and liabilities.  Latham Luna Eden & Beaudine, LLP is the
Debtor's legal counsel.


BROWNIE'S MARINE: Completes Acquisition of Submersible Systems
--------------------------------------------------------------
Brownie's Marine Group, Inc. has completed the acquisition of
Submersible Systems, Inc., a manufacturer of lifesaving breathing
systems based in Huntington Beach, California.

Submersible Systems produces Spare Air, a redundant air system that
is currently being sold by BWMG with its multiple diver surface
supplied air diving systems and currently anticipated to be sold in
the near future with the recently launched BLU3 Nomad systems as
good safety diving practice.  BWMG estimates that most Nomad units
will eventually be sold with a Spare Air system, BWMG believes may
result in an increase in sales of Spare Air.

"We are excited to partner with the management team of Submersible
Systems, which has a long history of providing life-saving
equipment and is the perfect addition to our portfolio of
companies.  This is the first acquisition we have made since we
began a strategic initiative to find companies that have unique
technologies and manufacturing know-how in the industrial and
recreational aquatic industries, and is the perfect size for a
first transaction," said Chris Constable, CEO of Brownie's Marine
Group, Inc.  "Submersible Systems had revenue of approximately
$1.8M in 2019 reduced by the effects of COVID on their customer
base in 2020 to $1.4M.  We believe that their balance sheet is
strong, and they have excess capacity that will provide a
warehousing or production advantage on the west coast."

"Among the many things we liked about Submersible Systems was that
they have been in business for approximately 40 years making
quality products in the United States, just like we do here at
Brownie's," said Robert Carmichael, Chairman of Brownie's Marine
Group, Inc. "They are also a U.S. government approved contractor,
making life-saving devices that are relied upon by many militaries
around the world, which will allow the combined entities to
leverage combined technologies and expand the US government
footprint of product offerings."

Christeen Buban, CEO of Submersible Systems said, "the entire
Submersible Systems team is excited about the merger with Brownies
Marine Group.  We look forward to creating synergy between our
brands, and the opportunity to expand Spare Air's reach to even
more divers worldwide."

BWMG's acquisition of Submersible Systems is being done through a
combination of equity and the assumption of debt.  Newbridge
Securities Corporation is acting as the exclusive M&A Advisor to
Brownie's Marine Group, Inc. and The Crone Law Group is acting as
the Company's legal counsel.

                      About Brownie's Marine

Headquartered in Pompano Beach, Florida, Brownie's Marine Group,
Inc., is the parent company to a family of innovative brands with a
unique concentration in the industrial, and recreational diving
industry.  The Company, together with its subsidiaries, designs,
tests, manufactures, and distributes recreational hookah diving,
yacht-based scuba air compressors and nitrox generation systems,
and scuba and water safety products in the United States and
internationally.  The Company has three subsidiaries: Trebor
Industries, Inc., founded in 1981, dba as "Brownie's Third Lung";
BLU3, Inc.; and Brownie's High-Pressure Services, Inc., dba LW
Americas. The Company is headquartered in Pompano Beach, Florida.

Brownie's Marine reported a net loss of $1.35 million for the year
ended Dec. 31, 2020, compared to a net loss of $1.42 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$2.51 million in total assets, $1.50 million in total liabilities,
and $1 million in total stockholders' equity.

Boynton Beach, Florida-based Liggett & Webb, P.A., the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has
experienced net losses and has an accumulated deficit.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


CARRIAGE PURCHASER: S&P Assigns 'B' ICR on Acquisition
------------------------------------------------------
On Sept. 9, 2021, S&P Global Ratings assigned its 'B' issuer credit
rating to Birmingham, Ala.-based flatbed transportation and
logistics services provider Carriage Purchaser Inc. (d/b/a PS
Logistics).

S&P said, "At the same time, we assigned our 'B' issue-level rating
to the proposed first-lien senior secured term loan. Our '3'
recovery rating indicates our expectation for meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of a payment default.
We also assigned our 'CCC+' issue-level rating to the proposed
senior unsecured notes with a '6' recovery rating, indicating
negligible recovery (0%-10%; rounded estimate: 0%).

"The stable outlook reflects our expectation the company's
profitability will remain relatively stable, driven by demand for
its freight and logistics services as well as an improved freight
rate environment in 2021, resulting in debt to EBITDA of about 5x
pro forma for the transaction."

Gamut Capital Management L.P. is acquiring Carriage Purchaser in
partnership with British Columbia Investment Management Corp.

S&P said, "Our rating on Carriage Purchaser reflects our view of
its position as a leading North American flatbed transportation and
logistics provider in this niche subsegment of the broader trucking
industry. Its mix of asset-based (company-owned equipment operated
by company drivers), asset-light, and non-asset solutions should
enable Carriage Purchaser to adjust to cyclical shifts in demand
and provide solutions for its diversified customer base. However,
we view the trucking industry as highly fragmented, cyclical, and
capital-intensive, resulting in earnings volatility over time.
While Carriage Purchaser is a larger open-deck trucking player,
benefitting from stronger purchasing power than many of its smaller
peers, the industry is marked by high competition and fragmentation
(it has less than 1% market share). Carriage Purchaser maintains an
extensive network of terminals across the U.S., allowing the
company to optimize freight routes and minimize dead-haul miles.
While the company has a good North America presence, we view
overall geographic diversity as limited compared with larger
transportation providers.

"Pro forma for the transaction, we anticipate leverage will
increase compared to leverage at year-end 2020, with debt to EBITDA
of about 5x.

"Over time, we anticipate leverage will improve as demand for
freight capacity bolsters contract and spot rates in the near term.
The company consistently maintains low- to mid-teens percent EBITDA
margins, supported by its variable cost structure that provides for
modest absolute profitability gains with increasing scale of
operations. In addition, its lower-than-average driver turnover
rate should contribute to lower overall recruitment costs. Our view
of Carriage Purchaser's financial risk incorporates its financial
sponsor ownership, which may preclude meaningful debt reduction
over time."

S&P expects good free cash flow generation through 2022.

Asset-light and non-asset-based solutions account for roughly 65%
of the company's pro forma 2021 revenue and help mitigate capital
intensity. S&P notes the company uses original equipment
manufacturer (OEM) financing to fund the acquisition of some new
trucks and trailers. S&P does not anticipate material working
capital swings over the next year.

The stable outlook reflects S&P's assumption that Carriage
Purchaser will continue to benefit from earnings growth from prior
and future acquisitions. It expects credit measures to remain
relatively stable over the next year.

S&P could raise its ratings if:

-- The company demonstrates commitment to maintaining debt to
EBITDA of about 4x and funds from operations (FFO) to debt of about
20%; and

-- S&P believes the risk of adjusted debt to EBITDA increasing
above 5x is low. However, it believes Carriage Purchaser's
financial policies will remain aggressive over the medium term
under its financial sponsor owners.

Although unlikely, S&P could lower its ratings in the next 12
months if it believes:

-- Adjusted debt to EBITDA would increase above 6x; or

-- FFO to debt would decline below 6%. This could occur if the
flatbed market weakens beyond its expectations or the company's
financial sponsor owners conduct large debt-financed transactions.



CATALENT INC: S&P Affirms 'BB' Long-Term ICR Announced Bettera Deal
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Somerset, N.J.-based contract pharmaceutical development and
manufacturing organization (CDMO) Catalent Inc., its 'BBB-' senior
secured issue-level rating, and its 'BB-' senior unsecured
issue-level rating.

The stable outlook reflects S&P's expectation that adjusted
leverage will remain below 4x over the next 12 months and generally
remain in the 3x-4x range, occasionally rising above 4x for
acquisitions.

The $1 billion acquisition of Bettera is consistent with Catalent's
financial policy and in line with the current ratings. Catalent
continues to benefit from strong credit metrics because of past
investments in biologics, cell, and gene therapy, as well as
favorable trends from the COVID-19 pandemic. As a result, the
company's financial cushion at its current rating has increased,
allowing it to pursue a more aggressive acquisition strategy and
further invest in new capacity. Catalent's past investments have
also matured into strong free cash flow generating businesses,
further adding to its capacity to pursue further mergers and
acquisitions.

Catalent has a successful track record of acquiring businesses and
investing heavily to scale up capabilities to expand its potential
customer base. S&P views CDMOs as having predictable revenue
streams given the longer-term contracts and high switching costs.
Customers prefer outsourcing to well-established CDMOs with a suite
of service offerings to limit time and investment required when
launching products.

S&P said, "We view Bettera's nutraceuticals business as promising
and see its innovative drug delivery methods, which are currently
in the over-the-counter market, potentially expanding into other
therapeutic areas and attracting new customers. The acquisition,
which we expect to close by the end of the year, will likely have a
marginal impact on Catalent's fiscal 2022 metrics, but we expect
the company to accelerate Bettera's growth, complementing
Catalent's market leading position in softgel technologies, which
remains a relatively stable business. We expect Bettera's sales to
continue to steadily increase over the next couple of years,
potentially becoming a significant growth driver for Catalent and
expanding its customer base. We believe the acquisition is a credit
positive for Catalent from a competitive position perspective
because it looks to supplement its fast-growing biologics business,
which currently represents 48% of revenues.

"We expect adjusted debt to EBITDA of about 3.5x in 2022 following
the acquisition. We expect leverage to improve from 3.5x over the
longer term, stemming primarily from the company's commitment to
deleverage following material acquisitions. We believe Catalent
will deploy most of the next several years' free cash flows to fund
growth capital expenditures (capex) as well as modest-sized
acquisitions as it looks to strengthen its services and geographic
footprint. However, we expect the company to maintain its financial
policy strategy such that further acquisitions would result in only
a temporary rise in leverage above 4x.

"Our stable outlook on Catalent's rating reflects favorable
business trends, improving diversification and scale, and expected
leverage generally in the 3x-4x area in the next 12 months."

S&P could raise the rating if:

-- Catalent outperformed our expectations, with adjusted debt to
EBITDA remaining in the 3.5x area;

-- Free operating cash flow to debt improved to about 10%; and

-- The remaining preferred shares were converted to common
equity.

S&P could lower the rating if:

-- S&P expected debt to EBITDA to remain above 4x for longer than
12-18 months, and

-- The company were unable to generate significant free cash flows
due to underperformance or high capex.



CHENIERE ENERGY: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cheniere Energy, Inc. to B from B-.

Headquartered in Houston, Texas, Cheniere Energy, Inc. is an energy
company focused on LNG-related businesses.



CINCINNATI BELL: S&P Upgrades ICR to 'B', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on U.S.-based
telecommunications provider Cincinnati Bell Inc. to 'B' from 'B-'.

S&P said, "We also assigned a 'B+' issue-level rating and '2'
recovery rating to its new $150 million first-lien term loan due
2028. The '2' recovery rating indicates our expectation of
substantial (70%-90%; rounded estimate: 70%) recovery in the event
of a payment default.

"Furthermore, we raised the issue-level rating on Cincinnati Bell's
senior unsecured debt to 'B+' from 'CCC+' as this debt will now be
secured by the same security package as the company's first-lien
debt.

"The stable outlook reflects our expectation that S&P Global
Ratings-adjusted leverage will decline to the low- to mid-5x area
over the next year from higher EBITDA due to improving revenue
trends, lower transaction and restructuring costs and reduced
debt.

"The upgrade reflects our expectation for improved operating and
financial performance with adjusted leverage remaining comfortably
below our 5.75x downgrade threshold this year. Despite risks to
Cincinnati Bell's IT services and hardware segment because of the
pandemic and U.S. recession in 2020, the company's performance
exceeded our expectations. Furthermore, we expect economic
conditions to recover in 2021, which should support improving top
line trends. Therefore, we have revised our base-case forecast for
the company's operating and financial performance in 2021 and 2022
and now expect adjusted debt to EBITDA in the low- to mid-5x area
over the next year. Our adjusted leverage includes certain equity
instruments at the parent entity that we treat as debt-like based
on our methodology.

"Cincinnati Bell performed reasonably well in 2020, with
better-than-expected results in its IT services and hardware
segment. Our previous rating incorporated the expectation that
results in this segment would be hurt by financial pressure on
small and mid-sized business (SMB) customers and delays or
cancellations of IT projects from larger business customers amid
the pandemic. However, strong growth in managed services drove a 9%
increase in this segment in 2020. We expect continued healthy
demand for managed services, including UCaaS and SD-WAN, as
businesses shift applications to the cloud and IT systems become
increasingly complex. This, coupled with increasing demand for
high-speed broadband and lower transaction and restructuring costs,
should enable the company to grow EBITDA in the high-single-digit
percent area in 2021."

Cincinnati Bell's investments in fiber have enabled it to increase
broadband penetration, despite top line pressure from legacy data
services. Cincinnati Bell primarily competes with Charter
Communications, which overlaps with nearly all of its footprint in
both Cincinnati and Hawaii and can offer download speeds of 1
gigabit per second (Gbps) over DOCSIS 3.1. However, Cincinnati
Bell's investments in fiber have enabled it to compete and maintain
more stable revenue trends relative to peers such as Consolidated,
Windstream, and Frontier, which have only recently prioritized
fiber upgrades. Cincinnati Bell's fiber to the home (FTTH)
penetration in the Cincinnati market is high at around 50%,
although FTTH in the Hawaii market is lower at around 30%,
providing some growth opportunities in this service area. While
legacy voice and data services will continue to constrain growth,
S&P believes revenue from high-speed broadband could outpace these
declines within a few years, resulting in solid top line growth
over time.

Its acquisition by Macquarie Infrastructure Partners (MIP) is
likely to enhance its financial flexibility. S&P said, "We expect
the transaction will allow Cincinnati Bell to significantly reduce
its cash interest requirements through debt repayment, which will
lead to better free cash flow generation. This would give it more
capacity to invest in fiber and accelerate its FTTH expansion.
Given its success in Cincinnati, we believe the company will focus
its resources on expanding its FTTH coverage in the greater
Cincinnati area and adjacent markets. Despite network investment
consuming the lion share of its free cash flow, we believe these
investments are necessary to compete with incumbent cable operators
and improve revenue trends and profitability longer term."

S&P said, "The stable outlook reflects our expectation that
adjusted leverage will decline to the low- to mid-5x area over the
next year from higher EBITDA due to improving revenue trends lower
transaction and restructuring costs, and reduced debt.

"We could lower the rating on Cincinnati Bell if more intense
competition results in price compression or subscriber losses,
leading to lower revenue and EBITDA such that leverage rises above
5.75x on a sustained basis. We could also lower the rating if the
company pursues a more aggressive financial policy, including
debt-financed dividends to shareholders.

"Although unlikely in the near term, we could raise the rating if
the company captures meaningful residential and commercial
broadband penetration in the Hawaii markets, resulting in revenue
growth and EBITDA margin expansion. However, even under that
scenario, an upgrade is contingent on Cincinnati Bell improving
leverage to below 4x and FOCF to debt rising above 5% on a
sustained basis."



CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 24, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by CMS Energy Corporation.

Headquartered in Jackson, Michigan, CMS Energy Corporation is an
energy company.



CNX RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to B
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CNX Resources Corporation to B from CCC+.

Headquartered in Canonsburg, Pennsylvania, CNX Resources
Corporation operates as a natural gas exploration and production
company.



CONSOLIDATED COMMUNICATIONS: Egan-Jones Keeps B- Sr. Unsec. Ratings
-------------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Consolidated Communications Holdings, Inc. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Mattoon, Illinois, Consolidated Communications
Holdings, Inc. offers telecommunications services.



CPI HOLDCO: Avantor Transaction No Impact on Moody's B3 Rating
--------------------------------------------------------------
Moody's Investors Service said that CPI Holdco, LLC's (dba "Antylia
Scientific"; B3 stable) September 7th announcement that it had
entered into an agreement to sell its Masterflex Bioprocessing
business -- a leading provider of peristaltic and single-use
bioprocessing solutions -- to Avantor Funding, Inc. ("Avantor"; Ba3
stable) for approximately $2.9 billion in cash is credit positive
but does not impact the company's current ratings or outlook. The
company is selling the asset at a favorable valuation, according to
Moody's, and also incorporates assumption that the net cash
proceeds will be used to meaningful reduce company's outstanding
debt. The transaction is expected to close in the fourth quarter of
2021.

Headquartered in Vernon Hills, Illinois, CPI Holdco, LLC (dba
"Antylia Scientific") is a global distributor and manufacturer of
specialty lab products that control, measure, transfer and test
fluids, solids and gases. The company was acquired by GTCR LLC in
October 2019. Pro forma revenue (prior to asset divestiture) for
the twelve months ended June 30, 2021 was approximately $571
million.



DATA AXLE: Moody's Affirms Caa1 CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Data Axle, Inc.'s Caa1 corporate
family rating and Caa1-PD probability of default rating. Moody's
also affirmed the B3 instrument rating for the first-lien senior
secured credit facilities. The outlook was changed to stable from
negative. The change in outlook is based on the expectation that
the company will be able to maintain or grow revenue on an annual
basis based on recovering demand for data in the Enterprise segment
and contribution from the recent acquisitions of Exact Data and
Lake Group that will lead to a larger earnings base. The cash flow
profile of the company is expected to improve as well and
free-cash-flow to debt (Moody's adjusted) is expected to be in the
low single digits. Moody's believes the company will be able to
maintain adequate liquidity levels with modest cash flow
generation. Governance is a factor in the ratings since the company
is expected to operate with very limited cash balances after
financing the recent acquisitions with cash on hand, and a
revolving credit facility that matures in April 2022. This is an
aggressive financial policy in Moody's view.

Affirmations:

Issuer: Data Axle, Inc.

Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Gtd Senior Secured First Lien Term Loan, Affirmed B3 (LGD3)

Gtd Senior Secured First Lien Revolving Credit Facility, Affirmed
B3 (LGD3)

Outlook Actions:

Issuer: Data Axle, Inc.

Outlook, Changed to Stable from Negative

RATINGS RATIONALE

Data Axle's rating broadly reflects the company's: 1) high leverage
with LTM June 2021 Moody's adjusted debt-to-EBITDA of about 10.3x
(after deducting capitalized cash software and database development
costs); 2) competitive and rapidly evolving industry driven by
technology developments and the shift to digital marketing, which
although is recognized by management, will take some time to
translate into meaningful revenue growth; 3) continued earnings
decline in the low single digits since its LBO transaction in March
2017 that indicates challenges maintaining a competitive service
offerings; 4) modest scale as measured by revenue; 5) exposure to
cyclical trends in marketing expenditures; 6) event and financial
policy risk due to private equity ownership. However, the credit
profile is supported by: 1) the recurring nature of its multi-year
data contacts that accounts for about 60% of revenue; 2) broad
proprietary business and consumer database capabilities and
real-time data marketing solutions; 3) diversified customer base
with no client accounting for more than 3% of total revenue and 4)
expectations for modest revenue growth as the recent acquisitions
are folded into the business.

Liquidity is expected to be adequate over the next 12 to 18 months.
Moody's expects free cash flow to be around $24 million over the
next 12 months. The company has a minimal amount of cash on balance
sheet after completing the acquisitions of Lake Group and Exact
Data. However, cash flow generation is sufficient for the required
annual debt amortization ($2.5 million) for its first lien term
loan. Data Axle's $30 million revolving credit facility expires in
April 2022 and provides additional liquidity in the near term.
Moody's outlook assumes that that the company will be able to
maintain at least adequate liquidity through refinancing or
extending the maturity of the revolver or by other means.

The first-lien credit facilities, composed of a $250 million term
loan due April 2023 and a $30 million revolver expiring in April
2022, have a first priority security interest in substantially all
assets of the company and its domestic subsidiaries, and are
guaranteed by the parent company Infogroup Parent Holdings, Inc.
and domestic subsidiaries. The B3 rating on the first-lien credit
facility, one notch above the CFR, reflects the priority lien on
the collateral relative to the second lien term loan that would
provide better relative recovery in a debt restructuring. The $75
million second-lien term loan due 2024 (unrated) has a subordinated
lien on the collateral and provides loss absorption cushion to the
first lien debt.

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

The stable outlook reflects the view that revenue is expected to
improve as marketing spend by the company's customers stabilize and
as revenue declines caused by the legacy Yesmail platform, which
was a highly capital intensive and low margin product, is phased
out. The stable outlook also takes into account the large part
(60%) of revenue that is recurring due to the multi-year contracts
with customers. Moody's macroeconomic outlook calls for economic
growth of 6.2% in 2021 and 4.5% in 2022 for G-20 economies. The
general economic climate will thus be stable and lead to stable
consumer spending and transactional demand for marketing data will
recover. The stable outlook is also based on the necessity of data
by companies for their digital marketing efforts, which is slowly
replacing many of the traditional marketing channels. The outlook
assumes that that the company will be able to refinance or extend
the maturities of the revolver and term loan facilities within a
reasonable period and under commercially viable terms.

The ratings could be upgraded if Moody's expects 1) Sustained
revenue and earnings growth, 2) Moody's adjusted debt-to-EBITDA
sustained below 6.0x and 3) good liquidity level and cash flow
improves to 5% FCF/ debt and is sustained at that level

The ratings could be downgraded if Moody's expects 1) Continued
revenue and earnings decline; if 2) there is deterioration in
liquidity including increasing revolver usage or elevated risk of a
violation of its financial maintenance covenant and 3) the company
will be unable to timely address the upcoming maturities of its
credit facilities.

Data Axle is a provider of data and data driven marketing services
using its proprietary business and consumer data assets as well as
client and 3rd party data. The company helps its clients to acquire
new customers and retain existing customers through a wide range of
traditional and digital marketing solutions including data
processing, digital display, data and database services. Since
April 2017, Data Axle has been owned by private equity sponsor
Court Square Capital Partners. Prior to that the company was a
public company. Revenue for the LTM June 30, 2021 was about $287
million.

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


DAVITA INC: S&P Alters Outlook to Stable, Affirms 'BB' ICR
----------------------------------------------------------
S&P Global Ratings revised the rating outlook to stable from
negative and affirmed its 'BB' issuer credit rating on Davita Inc.

The stable outlook reflects S&P's expectation that the company's
adjusted leverage will stay in the upper end of 3.5x-4.0x range
over the long term.

S&P said, "We believe that DaVita will be able to maintain S&P
Global Ratings-adjusted leverage at about 4x over the long-term.
When we revised the outlook to negative from stable in July 2019,
the company expressed its willingness to operate toward the upper
end of its traditional leverage range of 3.0x-3.5x (which
translates into S&P Global Ratings-adjusted leverage of 3.5-4.0x).
In addition, the tolerance for higher leverage came at a time when
the company, as well as the dialysis industry, was facing multiple
regulatory scrutiny that could have reduced the company's
profitability."

Since then, the company has maintained its S&P Global
Ratings-adjusted leverage at about 4x. This is despite numerous
headwinds, including:

-- Costs related to fighting union-backed ballot initiatives in
California in 2018 and 2020;

-- Higher costs related to the COVID-19 pandemic;

-- Negative non-acquired volume growth from COVID-19 pandemic
mortality; and

-- Continued aggressive share repurchases ($2.4 billion in 2019,
$1.4 billion in 2020, and $563 million in first half of 2021).

In addition, the company generated solid free cash flow (over $1.1
billion per year in 2019 and 2020). Its commercial treatment mix,
which drives overall profitability, has also been stable at about
10%.

S&P said, "The aforementioned factors lead us to believe that
DaVita 's S&P Global Ratings-adjusted leverage should hover near
the high end of 3.5x-4.0x range over the long term. It is a
deterioration compared with historical periods when the leverage
mostly stayed at the low end of 3.5x-4.0x range, but it is still
within the 'BB' rating category. Specifically, we model the
adjusted leverage to be between 3.8x and 4.0x over the next few
years while building in $1.1 billion of share repurchases per
year.

"We also think the regulatory risks have become modestly less
severe and the dialysis industry has shown its ability to fend off
multiple attempts at legislation that would've significantly hurt
the industry.The regulatory/legislative threats have decreased
somewhat since reaching their peak in 2016/2017. The Centers for
Medicare and Medicaid Services (CMS) issued an interim final rule
that would have severely constrained the use of the charitable
premium assistance (CPA) program, but was subsequently blocked by a
judge in early 2017. In June 2019, CMS proposed a new rule related
to the use of CPA--the full details are unknown--but it is pending
review by the Office of Management and Budget. The dialysis
industry also defeated several union-backed ballot initiatives in
California, but spent a significant amount on lobbying (e.g.,
DaVita spent over $60 million to defeat Proposition 23 in 2020).

"In our base case, we expect the company to continue to incur
lobbying costs in election years to contend with any potential
ballot initiatives. We will reassess the rating implications if any
of the ballot initiatives become successful.

DaVita's scale should help offset payor pressure. The company's
good market position and large operating scale support its business
risk because it helps the company procure drugs and other supplies
at lower costs. The U.S. dialysis industry is highly consolidated.
The top two players, DaVita and Fresenius, provide dialysis
services to nearly 75% of patients in the U.S., which increases
their bargaining power against commercial insurers, but this power
has been somewhat diminished by consolidation among commercial
payers. S&P believes that given their scale and the life-saving
nature of dialysis treatments, both companies will have a seat at
the table before any major legislative proposals become law.

Integrated kidney care strategy is a near-term negative, but could
represent a long-term opportunity. DaVita recently outlined its
plan to expand the integrated kidney care value-based model. The
company will manage total kidney care costs for some dialysis
patients and participate in the cost savings it can deliver. The
company expects an operating loss of $130 million in 2022 due to
additional investments; however, management believes that over the
next five years, DaVita could manage the total cost of care for
more than half of its dialysis patients (and some other CKD
patients) at low-single-digit margin (i.e., a few hundred million
dollars in operating income).

S&P said, "We view the integrated kidney care strategy as sound
because the company has extensive experience treating the dialysis
patients. Deeper engagement with value-based care also puts the
company more in line with payors. Near-term investments could be
more than offset by long-term profits, if successful. However, it
is a new business for DaVita and the timing of realizing material
profits is highly uncertain. It's also unclear how it may affect
the traditional fee-for-service dialysis business, particularly
with regard to "revenue per treatment" as the company signs more
value-based contracts with payors.

"The stable outlook reflects our expectation that DaVita's adjusted
leverage will stay in the upper end of 3.5x-4.0x range over the
long term.

"We could consider a lower rating if we think the company's
adjusted leverage will be materially above 4x for over 12 months,
without prospect for near-term deleveraging. The most likely
scenario that could lead to this outcome is if the company adopts a
more aggressive financial policy (e.g., higher-than-expected share
repurchases).

"While unlikely over the next 12 months, we could consider a higher
rating if the company can maintain its adjusted leverage below 3x
on a sustained basis."



DEVON ENERGY: Egan-Jones Cuts Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Devon Energy Corporation to BB- from B-.

Headquartered in Oklahoma City, Oklahoma, Devon Energy Corporation
operates as an independent energy company that is involved
primarily in oil and gas exploration, development and production,
the transportation of oil, gas, and NGLs and the processing of
natural gas.



DIAMOND HOLDING: Oct. 26 Hearing on Continued Cash Collateral Use
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
entered a Second Interim Order on September 8, 2021, authorizing
Diamond Holding LLC to use cash collateral and provide adequate
protection in accordance with the Second Cash Collateral
Stipulation.

Judge Nancy Hershey Lord held that the Debtor's authority to use
Cash Collateral "shall terminate on August 31, 2021, or on such
earlier date as provided in the Cash Collateral Stipulation, unless
extended by a further order of this Court."

A further hearing on the Debtor's Cash Collateral Motion is set for
October 26, 2021 at 3:00 p.m.

Prior to the Petition Date, Investors Bank made loans and extended
mortgages encumbering the Debtor's real property located at 255-257
Evergreen Avenue, Brooklyn, NY 11221.  As of the Petition Date, the
aggregate principal amount of $885,873 was outstanding under the
Prepetition Debt, in addition to accrued interest thereon and fees
and expenses owed in connection therewith.

The Court said the Debtor may use Cash Collateral subject to the
terms and conditions of the Cash Collateral Stipulation and the
Second Interim Order. In the event of any conflict between the Cash
Collateral Stipulation and the Order, the Order will govern.

Inclusion of professional fees within any budget will not (i)
excuse any professional person from the requirements set forth in
Bankruptcy Code sections 327 through 331, or (ii) imply the
Lender's consent to the allowance of any such professional fees or
prejudice the Lender's right to object to any interim or final fee
application.

Any objections to the Cash Collateral Motion relating to interim
use of Cash Collateral, adequate protection, or the other matters
addressed in Cash Collateral Stipulation or the Second Interim
Order are overruled.

The adequate protection and the terms and conditions governing the
Debtor's use of Cash Collateral set forth in the Cash Collateral
Stipulation are also approved and ordered.

A copy of the order is available for free at https://bit.ly/2Vw6GNh
from PacerMonitor.com.

                   About Diamond Holding, LLC

Diamond Holding, LLC is a single asset real estate rental company
with its principal place of business at 255-257 Evergreen Avenue,
Brooklyn, NY 11221. It sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 20-44219) on
December 9, 2020. In the petition signed by Martin Perl, member,
the Debtor disclosed up to $1 million in asset and up to $10
million in liabilities.

Judge Nancy Hershey Lord oversees the case.

Morris Fateha, Esq. is the Debtor's counsel.

Michelle McMahon is counsel for Investors Bank.


DIAMONDBACK ENERGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamondback Energy Inc. to BB- from B+.

Headquartered in Midland, Texas, Diamondback Energy Inc operates as
an independent oil and natural gas company currently focused on the
acquisition, development, exploration, and exploitation of
unconventional, onshore oil, and natural gas reserves in the
Permian Basin in West Texas.



DIOCESE OF BUFFALO: Faces 900 Abuse Claims in Bankruptcy Court
--------------------------------------------------------------
Jay Tokasz of The Buffalo News reports that more than 900 child sex
abuse claims were filed against the Buffalo Diocese in federal
bankruptcy court by Saturday, September 4, 2021, the deadline for
abuse victims to come forward if they want part of a potential
settlement that could cost the diocese tens of millions of dollars.


The number of claims was double the largest number ever filed in
the more than 20 prior diocese bankruptcies in the U.S. since 2004.


"The total count right now is 924," said Ilan D. Scharf, attorney
for the committee of unsecured creditors in the diocese bankruptcy
case. "There are sometimes duplicate claims or amended claims and
we’re still working through that, but 924 were filed."

"Unfortunately, and sadly, they are consistent and describe just
some horrific abuse that occurred here," he added.

Scharf also said that some claims may still be in the mail or have
otherwise not been processed yet.

The passing of the deadline Saturday clears the way for the pace of
negotiations among the diocese, its insurers and abuse victims to
pick up.

The claims will be analyzed and assessed, along with the
diocese’s insurance, to determine which insurance policies cover
which claims, said Scharf.

"It's going to take some time to digest the data we just received,"
he said.

The diocese filed for Chapter 11 bankruptcy protection in February
2020 after it was named as a defendant in 260 Child Victims Act
lawsuits. Diocese officials said there was no way the diocese could
afford to continue its operations, while litigating or settling the
lawsuits.

At the time of the filing, diocese officials said they anticipated
more than 400 potential claimants.

"The Diocese is fully focused on fulfilling what this process
initiated by the Child Victims Act is all about, namely, bringing
about a sense of restitution, closure and healing for those who
were abused by members of the clergy. This is a tragedy of truly
epic proportions and as I have maintained since day one as bishop
of the Diocese of Buffalo, it is of paramount importance to deal
with these allegations forthrightly and to work to repair the
enormous damage that has been done not only to the reputation of
the Church here in Western New York, but most importantly to the
lives of those affected," Bishop Michael W. Fisher said in a
statement to The News on Monday, September 6, 2021.

"The process now continues and will be a protracted one as we work
through the legal requirements with the court-appointed creditors'
committee, which of course includes abuse survivors. We will also
be working with the various insurance carriers of the Diocese as we
address the financial implications of these many claims. It is my
hope and fervent prayer – and I know the hope of many of the
Faithful across our Diocese – that we can move forward and
ultimately bring a close to this very painful and sordid chapter
which in no way obscures the tremendous good accomplished each and
every day by our Church and those who live faithfully the Gospel of
Jesus Christ."

If all 924 claims move forward, it would amount to the largest
number of claimants ever in a diocese bankruptcy. The largest
number of claimants to date in a settled bankruptcy is 450 in the
Archdiocese of St. Paul and Minneapolis, according to Marie T.
Reilly, professor of law at Pennsylvania State University who
tracks Catholic Church related bankruptcy cases. The Diocese of
Rochester, which also is in a bankruptcy reorganization, received
about 465 claims.

Bankruptcy settlement figures for abuse claims range from $9.8
million in the Diocese of Fairbanks in 2008 to $210 million in the
Archdiocese of St. Paul and Minneapolis in 2018, according to
Reilly.

The Buffalo Diocese bankruptcy claims do not include 106 clergy sex
abuse survivors who settled with the diocese in 2019 through a
voluntary compensation program that paid out $17.5 million. Those
claimants agreed not to sue the diocese in exchange for cash
settlements.

The Buffalo Diocese bankruptcy filing put on hold the Child Victims
Act lawsuits that accuse Catholic priests and other employees of
sexually abusing children, in most cases decades ago.

Last December, Chief Judge Carl L. Bucki of the U.S. Bankruptcy
Court in the Western District of New York set Saturday as the
deadline for abuse victims to submit claims.

The diocese's lawyers had sought an earlier date, Jan. 15, 2021.
Bucki agreed with the committee of unsecured creditors that the
date should coincide with the deadline for filing a Child Victims
Act lawsuit, so that any victims who come forward with claims are
not confused by differing deadlines. A two-year window for filing
Child Victims Act lawsuits also expired on Saturday.

"The fact that we did not truncate the bar date in this case I
think gave everybody as much time as necessary to get their claim
in," said Scharf.

Kevin Brun, who is part of the committee of unsecured creditors and
has a claim for alleged abuse by a priest in 1976, said he was
ready to begin negotiations in good faith with the diocese.

"I'm hoping that finally, once and for all, that they do the right
thing," he said.

                     About The Diocese of Buffalo, N.Y.

The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York.  The territory of the
diocese is co-extensive with the counties of Erie, Niagara,
Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in
New York State, comprising 161 parishes. There are 144 diocesan
priests and 84 religious priests who reside in the Diocese.

The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.

Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020.  The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Honorable Carl L. Bucki is the case judge.

Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor. Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.


DIOCESE OF ROCKVILLE: Must Fight Lloyd's Dispute Outside Bankruptcy
-------------------------------------------------------------------
Eliza Ronalds-Hannon of Bloomberg News reports that a federal judge
ruled that Roman Catholic Diocese of Rockville Centre's dispute
with Lloyd's of London over insurance coverage for clergy sexual
abuse claims will be litigated outside of bankruptcy court, a
federal judge ruled.

Rockville Centre's claims against the insurer are "non-core" to the
diocese's Chapter 11 case, Judge John P. Cronan of the U.S.
District Court for the Southern District of New York ruled.

Those claims stem from a decades-old contract that non-bankruptcy
courts can interpret, he said in a decision filed Tuesday,
September 7, 2021, with the U.S. Bankruptcy Court for Southern
District of New York.

               About The Roman Catholic Diocese of
                     Rockville Centre, New York

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

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

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

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

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Chapter 11 case.  The committee retained
Pachulski Stang Ziehl & Jones LLP as its legal counsel and Ruskin
Moscou Faltischek, PC as special real estate counsel.


DIRECTV HOLDINGS: S&P Withdraws 'B' Rating on Lagacy Unsec. Debt
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' issue-level ratings on DirecTV
Holdings LLC's legacy unsecured debt at the company's request.



DURRIDGE COMPANY: Wins Cash Collateral Access
---------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
authorized Durridge Company Inc. to use cash collateral as there
were no objections filed.

The Court says a separate order will be entered.

As previously reported by the Troubled Company Reporter, the Debtor
sought authority to use cash and non-cash collateral on an interim
and emergency basis as is necessary for the continuation of its
business operations during the course of these Chapter 11
proceedings.

The Debtor's financial distress commenced on the acquisition of the
company which was formerly known as Durridge Company Inc. and now
known as Smith Air Inc. The Debtor acquired the assets of Smith Air
on April 6, 2016, for the purchase price of $2,000,000. At the
closing on the sale, Smith Air was paid $1,000,000 and Durridge
executed a promissory note for the balance of the purchase price in
the sum of $1,000,000. The obligation was secured by a security
agreement granting Smith Air a lien that is junior to Enterprise
Bank and Trust Company's.

Initially, Durridge was able to pay Smith Air but due to cash flow
constraints, it became unable to continue to do so in or about
March 2018. At that time, a restructured payment agreement was
entered, and the payment recommenced.

At the time of the acquisition, Durridge obtained a secured loan
from Enterprise Bank, which obligations are secured by a first
priority security interest in the assets of Durridge.

Thereafter, Durridge operated and made payments to Smith Air
through January 2020, when it lacked sufficient cash flow to
continue to make the payments and began to fall behind on payments
to its vendors. Durridge commenced discussions with Smith Air in an
effort to further restructure the purchase money financing
obligation in an effort to avoid a chapter 11 filing.

Notwithstanding multiple efforts and proposals with restructured
payment terms, Smith Air declined to enter into a further
modification and commenced litigation in the Middlesex Superior
Court in February 2020.

Efforts continued to be expended seeking a non-bankruptcy solution,
but again were unsuccessful and on or about August 11, 2020, Smith
Air requested entry of a Default Judgment in connection with
recovery upon the obligation and in February 2021, Judgement
entered. After the entry of the Judgement, Durridge again sought to
reach a restructuring arrangement but was unsuccessful.

The hearing scheduled for September 9 was cancelled.

A copy of the order is available for free at https://bit.ly/3yYZM0K
from PacerMonitor.com.

                     About Durridge Company Inc.

Durridge Company Inc. is a Delaware corporation organized on April
11, 2016 under the name of Sensory Acquisition Company. The name
was changed on that date to Durridge Company Inc. and is registered
to do business in Massachusetts. The location of the principal
office is 900 Technology Park, Billerica, Massachusetts 01821.

Durridge is a provider of professional radon detection equipment
and provides services including radon detection solutions for
businesses, universities, and governments worldwide. Durridge also
provides a wide range of accessories for their proprietary
technology known as RAD7, as well as software for performing
sophisticated radon data analysis, and expert calibration and
maintenance services.

Durridge sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Mass. Case No. 21-40187) on March 15, 2021. In the
petition signed by Wendell Clough, president, the Debtor disclosed
$354,112 in assets and $2,182,277 in liabilities.

The Honorable Christopher J. Panos is the case judge.

Nina M. Parker, Esq., at Parker & Associates LLC represents the
Debtor as counsel.



E.L. SERVICES INC: Seeks to Hire Kornfield Nyberg as Legal Counsel
------------------------------------------------------------------
E.L. Services, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of California to employ Kornfield Nyberg
Bendes Kuhner & Little, P.C. to serve as legal counsel in its
Chapter 11 case.

The firm will provide these services:

   a. give the Debtor legal advice with respect to its powers and
duties and the continued operation of its business;

   b. prepare the necessary applications, answers, orders, reports
and other legal papers; and

   c. perform all other legal services for the Debtor which may be
necessary in this case.

The firm's hourly rates are as follows:

     Attorneys             $415 to $475 per hour
     Paralegals            $90 per hour

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

Chris Kuhner, Esq., a partner at Kornfield, 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:

     Chris D. Kuhner, Esq.
     Kornfield Nyberg Bendes
     Kuhner & Little, P.C.
     1970 Broadway, Suite 600
     Oakland, CA 94612
     Tel: (510) 763-1000
     Fax: (510) 273-8669
     Email: c.kuhner@kornfieldlaw.com

                     About E.L. Services Inc.

E.L. Services, Inc., a landscape and maintenance company in Dublin,
Calif., filed a Chapter 11 petition (Bankr. N.D. Calif. Case No.
21-41087) on Aug. 25, 2021, disclosing up to $100,000 in assets and
up to $10 million in liabilities.  Steven P. Baca, general manager,
signed the petition.  Judge William J. Lafferty oversees the case.
The Debtor tapped Kornfield, Nyberg, Bendes, Kuhner & Little P.C.
as its legal counsel.


EAGLE HOSPITALITY: Crowne Plaza Scheduled for Sept. 13 Auction
--------------------------------------------------------------
Bill Trotta of The Wolf reports that the Crowne Plaza, in Danbury,
Connecticut, is scheduled for bankruptcy auction starting on Sept.
13, 2021.

According to bizbuysell.com, the auction will take place September
13th through the 15th and bidding will start at $3 million, which
is a far cry from the venue's most recent appraisal of $10 million
dollars by the city of Danbury and its $13 million dollar appraisal
back in 2017.

It's been kind of a double whammy for the property, between the
pandemic and Governor Ned Lamont shutting down hotels statewide
last year, the Crowne Plaza has been struggling to stay above
water. Now the time has come to offer this hotel up to the highest
bidder.

The Crowne Plaza is one of 14 hotels put on the block this 2021 by
Eagle Hospitality Trust after the real estate investment trust
filed for chapter 11 bankruptcy protection.  Since its completion
in 1980, the hotel has gone through a number of different owners
and has changed names many times. From the Danbury Hilton, to the
Danbury Sheraton, to the Danbury Plaza, then back in 2012 the hotel
became the Crowne Plaza.

As far as the Danbury property is concerned, HREC Investment
Advisors is overseeing the auction and the bids for the Crowne
Plaza. One thing to remember is that just because it's been a hotel
since it's inception, new owners would have many options including
residential multi-family units, or even a senior living facility.

                  About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker.  COLE SCHOTZ P.C. is the Delaware
counsel.  RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is
the claims agent.


ECHOSTAR CORPORATION: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by EchoStar Corporation.

Headquartered in Englewood, Colorado, EchoStar Corporation operates
satellite communication infrastructures.



EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Edgewell Personal Care Company. EJR also maintained
its 'C' rating on commercial paper issued by the Company.

Headquartered in Shelton, Connecticut, Edgewell Personal Care
Company operates as a personal care company.



ENERGY ENTERPRISES: Seeks to Hire Michael Jay Berger as Counsel
---------------------------------------------------------------
Energy Enterprises USA Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ the Law
Offices of Michael Jay Berger to serve as legal counsel in its
Chapter 11 case.

The firm's hourly rates are as follows:

     Attorneys              $225 to $595 per hour
     Paralegals             $200 per hour

The firm will be paid a retainer in the amount of $20,000 and
reimbursed for out-of-pocket expenses incurred.

Michael Jay Berger, Esq., a partner at the Law Offices of Michael
Jay Berger, 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 Energy Enterprises USA Inc.

Energy Enterprises USA Inc. -- https://www.canopyenergy.com/ -- is
a residential solar energy developer in California.

Energy Enterprises, doing business as Canopy Energy, filed a
Chapter 11 petition (Bankr. C.D. Calif. Case No. 21-11374) on Aug.
12, 2021, disclosing up to $500,000 in assets and up to $10 million
in liabilities.  Judge Maureen Tighe presides over the case.

The Law Offices of Michael Jay Berger serves as the Debtor's legal
counsel.


EQT CORP: Egan-Jones Hikes Senior Unsecured Ratings to B
--------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EQT Corporation to B from B-.

Headquartered in Pittsburgh, Pennsylvania, EQT Corporation is an
integrated energy company with emphasis on Appalachian area
natural-gas supply, transmission, and distribution.



EVERGREEN DEVELOPMENT: Seeks Cash Collateral Access Thru Dec. 31
----------------------------------------------------------------
Evergreen Development Group asks the U.S. Bankruptcy Court for the
District of Minnesota for authority to use cash collateral from
September 30 through December 31, 2021, and to make adequate
protection payments and grant replacement liens.

The Debtor's operations have suffered in recent years due to
several factors, including the downturn in the real estate markets
over the last year. However, over the last several months the
business has operated on a positive cash flow basis.

In response to the Debtor's financial difficulties, the Debtor's
management spent a substantial period of time evaluating
alternatives for maximizing value for all of the Debtor's
constituencies. After careful consideration and the exercise of
sound business judgment, the Debtor concluded that a Chapter 11
filing was the only viable option.

The Debtor requires the use of cash collateral to preserve the
value of its business enterprise pending confirmation of a Plan of
Reorganization or consummation of a sale of the Debtor's business
operations.

The Debtor has filed a Plan of Reorganization and Disclosure
Statement and believes it can move forward with a confirmation
hearing by December 31, 2021.

Minnesota Bank and Trust holds a combination mortgage, security
agreement and fixture financing statement executed by the
Borrowers, in favor of the Lender, dated November 30, 2005, and
recorded on January 13, 2006, as Document No. 1182373, in the
Office of the County Recorder in and for Stearns County, Minnesota.
The Lender filed a Proof of Claim for $3,978,482.88 as of the
Petition Date. The Lender claims a secured first-priority lien in
substantially all of the Debtor's assets, real property and rental
proceeds of the Debtor's operations.

Keith A. Franklin, d/b/a Franklin Outdoor Advertising Co., asserts
an interest in the Property pursuant to a Franklin Outdoor
Advertising Lease Agreement dated August 29, 2004, and recorded on
April 24, 2007, as Document No. 1225358, in the Office of the
County Recorder in and for Stearns County, Minnesota.

The John Duke Trust has an interest in the Property pursuant to a
Mortgage dated February 15, 2008, and recorded on March 4, 2008, as
Document No. 1251927, in the Office of the County Recorder in and
for Stearns County, Minnesota.

Paul Williams and Vickie Williams assert an interest in the
Property pursuant to a Mortgage dated February 15, 2008, and
recorded on March 4, 2008, as Document No. 1251928, in the Office
of the County Recorder in and for Stearns County, Minnesota.

Lisa J. Hadley has an interest in the Property pursuant to a
Mortgage dated February 15, 2008, and recorded on March 4, 2008, as
Document No. 1251929, in the Office of the County Recorder in and
for Stearns County, Minnesota.

Edward H. Fish claims an interest in the Property pursuant to a
Mortgage dated February 28, 2008, and recorded on April 8, 2008, as
Document No. 1254750, in the Office of the County Recorder in and
for Stearns County, Minnesota.

As adequate protection for the use of cash collateral, the  Debtor
proposes to grant MBT replacement liens in any new post-petition
assets generated by the Debtor having the same dignity, priority
and extent as existed on the Petition Date. The Debtor also
proposes to report and account for the use of any cash proceeds.

The Debtor projects that it can operate profitably in the ordinary
course with use of cash collateral.

A copy of the motion and the Debtor's budget from October to
December 2021 is available for free at https://bit.ly/3k0qxh6 from
PacerMonitor.com.

The Debtor projects $444,616.43 in total income and $292,570.94 in
total expenses for the period.

The Court will hold a hearing on the matter on September 28 at
10:30 a.m. before Judge Michael E. Ridgeway, Courtroom 2 at the
U.S. Courthouse, 118 South Mill Street, Fergus Falls, Minnesota.

                  About Evergreen Development Group

Evergreen Development Group is a single asset real estate company
which owns and leases commercial real estate in Waite Park,
Minnesota.  Its principal place of business and corporate offices
are located at 95 10th Ave. South, Waite Park, Minnesota, 56387. It
merged with The Evergreens of Apple Valley, L.L.P. in 2015.

Evergreen Development Group and The Evergreens of Apple Valley,
L.L.P., sought protection under Chapter 11 of the U.S. Bankruptcy
Court (Bankr. D. Minn. Case Nos. 21-60066 and 21-40334) on February
26, 2021. In the petition signed by Robert A. Hopman, general
partner, Evergreen Development disclosed up to $10 million in
assets and up to $50,000 in liabilities.

Judge Michael E. Ridgeway oversees the case.

Foley & Mansfield, P.L.L.P., represents the Debtors as counsel.



FLIX BREWHOUSE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Flix Brewhouse NM LLC  
          d/b/a Flix Brewhouse
        3236 La Orilla Rd NW
        Unit B1
        Albuquerque, NM 87120

Business Description: Flix Bewhouse NM LLC is part of the motion
                      picture and video industry.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 21-30676

Debtor's Counsel: Rachel L. Smiley, Esq.
                  FERGUSON BRASWELL FRASER KUBASTA PC
                  2500 Dallas Parkway
                  Suite 600
                  Plano, TX 75214
                  Tel: 972-378-9111
                  Email: rsmiley@fbfk.law

                    - and -

                  SUGAR FELSENTHAL GRAIS & HELSINGER LLP

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Alan L. Reagan, president, Hospitality
Investors, Inc., Debtor's manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/HLCLPDY/Flix_Bewhouse_NM_LLC__txwbke-21-30676__0001.0.pdf?mcid=tGE4TAMA


FMC TECHNOLOGIES: Egan-Jones Cuts Senior Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by FMC Technologies, Inc. to BB from B+.

Headquartered in Houston, Texas, FMC Technologies, Inc. provides
oilfield services and equipment.




FOREVER 21: Asks Court to Dismiss Ch. 11 Case After Failed Plan
---------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Forever 21, the bankrupt
clothing retailer that sold most of its assets, asked a court to
dismiss its Chapter 11 case after failing to get court approval of
its reorganization plan.

But the U.S. Trustee, the Justice Department's bankruptcy watchdog,
filed a request with the U.S. Bankruptcy Court for the District of
Delaware to instead convert the case to Chapter 7. The conversion
would tap an independent trustee to take charge of all remaining
property and make payments to creditors.

                        About Forever 21 Inc.

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

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

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

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

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

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

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

                          *     *     *

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


FORTRESS TRANSPORTATION: Fitch Affirms 'BB-' IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) and unsecured debt rating of Fortress Transportation and
Infrastructure Investors LLC (FTAI) at 'BB-'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

IDR, SENIOR DEBT and PREFFERED SHARES

The rating affirmation reflects FTAI's adequate scale in the
aircraft engine leasing industry, a diverse aviation fleet profile
with limited residual value risk, solid historical cash flow
generation by the aviation segment, a predominantly unsecured
funding profile and appropriate leverage relative to the risk
profile of the portfolio.

Rating constraints include the firm's relatively short operating
history; concentrated exposures in the infrastructure segment; weak
profitability in the infrastructure segment as the majority of
projects are still in their development stage and have demonstrated
highly variable EBITDA; vulnerability to exogenous shocks in the
aircraft and engine leasing segment; short-term engine leases that
limit the magnitude of contractual cash flows; and the company's
high dividend payout ratio.

In the aviation business segment, FTAI is focused on end-of-life
engines and seeks to maintain a utilization rate in the 50%-75%
range to ensure sufficient inventory for customers looking for
flexibility and short-term leases. FTAI's engine portfolio has a
historical weighted average remaining lease term of approximately
11 months, which exposes the firm to placement risk and reduces the
magnitude of contractual cash flows.

At end-1H21, FTAI had 77 aircraft and 186 engines with a net book
value (NBV) of $1.8 billion, consisting largely of tier 2 and 3
aircraft and engines. Despite adequate geographical
diversification, Fitch believes that FTAI has high exposure to more
volatile markets compared to other lessors. The utilization rate of
company's engine portfolio has benefited from the post-pandemic
market recovery and improved to 56% in 1H21 from 40% a year before.
The aircraft portfolio utilization (87% at end 1H21) remained close
to the historical average of 90%.

Fitch views FTAI's infrastructure assets as having longer-term
investment horizons as they are primarily brownfield investments
with higher uncertainty regarding the timing of development or
expansion. Fitch believes that FTAI's infrastructure assets have
adequate future cash flow potential to sustain related debt. Still,
the infrastructure portfolio also exposes the company to large
concentration risks.

FTAI recorded impairments on its aviation assets of 0.5% of NBV in
1H21 (annualized) but a notably higher impairment rate of 3.4% of
aviation assets in 2020. FTAI has reported annual gains on aviation
asset disposals over the past five years, indicating prudent
residual value management and risk controls.

The operating losses in 1H21 and 2020 (amounting to 5% and 13% of
tangible equity, respectively) were driven by weaker performance in
the aviation segment, namely a decrease in utilization. Fitch
expects asset quality to improve upon easing of travel restrictions
but that FTAI will remain at a loss in 2021 before returning to
profitability in 2022.

The company's tangible leverage (defined as gross debt to tangible
equity) was 3.1x at end-2Q21. Fitch expects the company's leverage
will decline to 2.9x proforma of Transtar, LLC acquisition in the
third quarter of 2021. Fitch believes this leverage profile is
appropriate relative to the current ratings, given the risk profile
of the assets and the improving cash flow generation associated
with the infrastructure portfolio. FTAI's dividend policy remains
aggressive, with distributions often exceeding operating cash
flows.

Fitch believes FTAI has a favorable funding profile with 82%
unsecured debt at end-2Q21. The company has an adequate liquidity
profile without significant capital commitments as it does not have
an aviation order book and infrastructure project development is
funded with borrowings on secured credit facilities and
construction loans. The company had $105 million of unrestricted
cash and $100 million unused capacity on its revolving credit
facility at 2Q21. The liquidity profile is also augmented by the
generation of operating cash.

The company's liquidity sources (revolver capacity, unrestricted
cash and next 12 months of operating cash flow) covered uses (next
12 months of debt maturities, expected dividends and capital
expenditures of $140 million) by approximately 1.2x as of end-2Q21,
which is adequate for the ratings.

The Stable Outlook reflects Fitch's expectations that the company's
aviation assets will continue to generate strong yields and
operating cash flows and capital expenditures on infrastructure
development projects will be driven by non-speculative demand and
firm contractual obligations. The Outlook also reflects the
expectation that FTAI will maintain an adequate liquidity position
and leverage (gross debt to tangible equity) at-or-below 3x.

The unsecured debt ratings are equalized with FTAI's Long-term IDR
reflecting the unsecured funding mix and Fitch's expectation for
average recovery prospects in a stressed scenario.

FTAI's preferred shares are rated two notches below the company's
long-term IDR reflecting the subordination and heightened risk of
non-performance of the instrument relative to other obligations.

RATING SENSITIVITIES

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

-- An improvement in the level and consistency of FTAI's overall
    probability, with infrastructure assets contributing more
    meaningfully to earnings, sustained leverage below 2.0x,
    assuming a consistent aviation asset risk profile and
    improving diversity and performance of the infrastructure
    portfolio, as well as record of stable credit performance
    through a cycle could positively affect ratings.

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

-- A sustained increase in leverage above 3.0x, as a result of an
    increased risk appetite, sizable investments in infrastructure
    assets under development, or asset underperformance could have
    negative rating implications. Additionally, the recognition of
    sizable aircraft and/or engine impairments, a sustained
    deterioration in performance and/or operating cash flows as a
    result of weaker utilization or a reduction in available
    liquidity could adversely impact ratings.

-- The unsecured debt ratings are primarily sensitive to changes
    in FTAI's Long-Term IDR and secondarily to the level of
    unencumbered balance sheet assets in a stressed scenario,
    relative to outstanding debt. A decline in the level of
    unencumbered asset coverage, combined with a material increase
    in the use of secured debt, could result in the notching of
    the unsecured debt down from the Long-Term IDR.

-- The rating on the preferred shares is primarily sensitive to
    changes in FTAI's Long-Term IDR and is expected to move in
    tandem. However, the preferred share rating could be
    downgraded by an additional notch to reflect further
    structural subordination should the firm consider other hybrid
    issuances.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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.


FORUM ENERGY: Extends Wells Fargo Loan Maturity to 2026
-------------------------------------------------------
Forum Energy Technologies, Inc. entered into an amendment to the
Third Amended and Restated Credit Agreement, dated as of Oct. 30,
2017, among the company as borrower, the other borrowers party
thereto, the guarantors party thereto, the lenders party thereto,
Wells Fargo Bank, National Association as administrative agent, and
other parties.

Pursuant to the amendment, the credit agreement was modified to,
among other things, (i) change the maturity date to Sept. 8, 2026,
subject to certain exceptions, (ii) reduce the aggregate amount of
the commitments thereunder to $179.0 million, and (iii) change the
interest rate applicable to outstanding loans to, at the option of
Forum Energy, LIBOR plus a margin of 2.25% to 2.75% or a base rate
plus a margin of 1.25% to 1.75%, in each case, based upon the
company's quarterly total net leverage ratio, with a LIBOR floor
equal to 0.00%.

                         About Forum Energy

Forum Energy Technologies is a global oilfield products company,
serving the drilling, downhole, subsea, completions and production
sectors of the oil and natural gas industry.  The Company's
products include highly engineered capital equipment as well as
products that are consumed in the drilling, well construction,
production and transportation of oil and natural gas.  Forum is
headquartered in Houston, TX with manufacturing and distribution
facilities strategically located around the globe.  For more
information, please visit www.f-e-t.com

Forum Energy reported a net loss of $96.89 million for the year
ended Dec. 31, 2020, compared to a net loss of $567.06 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$804.16 million in total assets, $442.45 million in total
liabilities, and $361.17 million in total equity.

                             *   *   *

As reported by the TCR on July 15, 2021, Moody's Investors Service
upgraded Forum Energy Technologies, Inc.'s Corporate Family Rating
to Caa1 from Caa2. "The upgrade of Forum's ratings reflects reduced
risk of default and our expectation that Forum will grow revenue
and EBITDA through 2022 driving reduced leverage and better
interest coverage," commented Jonathan Teitel, a Moody's analyst.

As reported by the TCR on Aug. 25, 2021, S&P Global Ratings revised
its outlook on Forum Energy Technologies Inc. to stable from
negative and affirmed its 'CCC+' issuer credit rating.  The stable
outlook reflects S&P's view that despite expecting leverage to
remain at unsustainable levels over the next 12 months, including
funds from operations (FFO) to debt of about 5%, S&P expects Forum
will maintain adequate liquidity and generate a small amount of
FOCF.


FOSSIL GROUP: Egan-Jones Cuts Senior Unsecured Ratings to CCC-
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Fossil Group, Inc. to CCC- from CC.

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



G & J TRANSPORTATION: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: G & J Transportation, LLC
        18 Rowell Road
        East Kingston, NH 03827

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       District of New Hampshire

Case No: 21-10544

Debtor's Counsel: Eleanor Wm. Dahar,  Esq.
                  VICTOR W. DAHAR PROFESSIONAL ASSOCIATION
                  20 Merrimack Street
                  Manchester, NH 03101
                  Tel: (603) 622-6595
                  Fax: (603) 647-8054
                  Email: vdaharpa@att.net

Total Assets: $773,364

Total Liabilities: $1,219,603

The petition was signed by George G. Whiteman, Jr. as owner.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/KHDMGJA/G__J_Transportation_LLC__nhbke-21-10544__0001.0.pdf?mcid=tGE4TAMA


GAMESTOP CORP: Incurs $61.6 Million Net Loss in Second Quarter
--------------------------------------------------------------
GameStop Corp. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $61.6
million on $1.18 billion of net sales for the three months ended
July 31, 2021, compared to a net loss of $111.3 million on $942
million of net sales for the three months ended Aug. 1, 2020.

For the six months ended July 31, 2021, the Company reported a net
loss of $128.4 million on $2.46 billion of net sales compared to a
net loss of $277 million on $1.96 billion of net sales for the six
months ended Aug. 1, 2020.

As of July 31, 2021, the Company had $3.55 billion in total assets,
$1.69 billion in total liabilities, and $1.85 billion in total
stockholders' equity.

COVID-19 Impacts

"Throughout 2020, we temporarily closed stores or limited store
operations at various times across our four operating segments.
During the first quarter of 2021, temporary store closures were
limited to certain jurisdictions in Europe and Canada.  During the
second quarter of 2021, most of our stores in all jurisdictions
returned to normal operations.  However, with the resurgence of
COVID-19 cases due to variants, we experienced some temporary
closures in our Australian segment prior to the end of the second
quarter of 2021.  As certain of our stores experienced temporary
closures during the six months ended July 31, 2021, some of our
stores offered and continue to offer curbside pick-up.  We remain
vigilant in our compliance with COVID-19 regulations across our
operating regions," GameStop said.

While the gaming industry has not been as severely impacted by the
COVID-19 pandemic as certain other consumer businesses, store
closures during the stay-at-home orders in certain countries
continue to adversely impact GameStop's results of operations
during the six months ended July 31, 2021.  In light of its
strengthened balance sheet, GameStop projects that it will have
adequate liquidity for the next 12 months and the foreseeable
future to maintain normal operations.

"During the second quarter of 2021, we continued to evaluate the
impact of the COVID-19 pandemic on our assets, including accounts
receivable, inventory, and long-lived assets.  In addition, during
the second quarter of 2021, we continued to assess the likelihood
of realizing the benefits of our deferred tax assets.  As a result
of our assessment, we continue to maintain a full valuation
allowance on all of our net deferred tax assets," GameStop said.

"The COVID-19 pandemic remains an evolving situation and its future
impact on all areas of our business remain unknown.  The COVID-19
pandemic and the related responses of governments, customers,
suppliers and other third parties may materially adversely impact
our business, financial condition, results of operations and cash
flows," the Company said.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638021000090/gme-20210731.htm

                          About GameStop

Grapevine, Texas-based GameStop Corp. is a specialty retailer
offering games and entertainment products through its E-Commerce
properties and thousands of stores.

GameStop reported a net loss of $215.3 million for fiscal year
2020, a net loss of $470.9 million for fiscal year 2019, and a net
loss of $673 million for fiscal year 2018.  As of May 1, 2021, the
Company had $2.56 billion in total assets, $1.68 billion in total
liabilities, and $879.5 million in total stockholders' equity.


GAP INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Gap, Inc. to B+ from CCC+.

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



GATEWAY VENTURES: Unsecureds Other Than Westar Will be Paid in Full
-------------------------------------------------------------------
The Gateway Ventures LLC submitted a First Amended Disclosure
Statement.

TGV owns and is the developer of a 19+ tract of real property El
Paso, El Paso County, Texas, commonly referred to as 6767 W.
Gateway Blvd., El Paso, Texas 79925 and 1122 Airway Blvd., El Paso,
TX 79925

TGV believes that the Subject Property as of the Petition Date
possessed a stabilized value of $15,000,000.  TGV believes
sufficient value exists to pay the legitimate and/or allowed claims
of all creditors in full.

Certain investment fund(s) for which Legalist DIP GP, LLC serves as
general partner holds a first consensual lien against the subject
property in the amount of original principal amount of $10,000,000
as of June 24, 2021 under the DIP Credit Agreement approved by the
Court on June 23, 2021.

Secured claims will be paid in full according to the claim(s) filed
or pursuant to the agreement of the parties.  General unsecured
creditors other than the Westar Litigation Parties will receive
payment in full.

Payments and distributions under the Plan will be funded by the
sale of and/or development of the Subject Property according to the
development plan of the Debtor.

The Debtor recounts that previous efforts to develop and/or sell
the Subject Property were thwarted in 2019–2020 prior to the
Petition Date as a result of various litigation commenced against
TGV by the Westar Investors Group, LLC, Saleem Makani, and Suhail
Bawa (collectively, the "Westar Parties") and/or the Noorani
Parties.  

On or about May 2, 2021, the Westar Parties removed Cause No.
2020DCV0914, Westar Investors Group, LLC, Suhail Bawa and Saleem
Makani vs.  The Gateway Ventures, LLC, PDG  Prestige, Inc., Michael
Dixson, Suresh  Kumar, and Bankim Bhatt to the Bankruptcy Court
where it was assigned Adversary Proceeding No. 21, 03009 (the
"Westar Lawsuit").  In short, the Westar Lawsuit involves a dispute
over the characterization and use of certain funds provided by
Westar Investors Group, LLC to TGV and then internal disputes among
the individuals who contributed the funds to  Westar.

TGV has filed objections to claims of the Westar Litigation Parties
concurrently with the filing of the Disclosure Statement and the
Plan.

Attorneys for the Debtor:

     Jeff Carruth
     WEYCER, KAPLAN, PULASKI & ZUBER, P.C.
     3030 Matlock Rd., Suite 201
     Arlington, TX 76015
     Tel: (713) 341-1158
     Fax: (866) 666-5322
     E-mail: jcarruth@wkpz.com

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

                     About The Gateway Ventures

The Gateway Ventures, LLC, owns and is the developer of a 19+ tract
of real property El Paso, El Paso County, Texas, commonly referred
to as 6767 W. Gateway Blvd., El Paso, Texas  79925 and 1122 Airway
Blvd., El Paso, TX 79925.

The Gateway Ventures, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
21-30071) on Feb. 2, 2021, listing under $1 million in both assets
and liabilities. Judge H. Christopher Mott oversees the case.
Weycer, Kaplan, Pulaski & Zuber, PC, serves as the Debtor's
counsel.


GENERAL CANNABIS: Completes Acquisition of TDM LLC
--------------------------------------------------
General Cannabis Corp. completed the acquisition of substantially
all of the assets of TDM, LLC, representing a portion of the
overall Trees transaction previously disclosed pursuant to that
certain First Amended and Restated Agreement and Plan of
Reorganization and Liquidation dated May 28, 2021 by and among the
company, TDM and certain other sellers party thereto, that consists
of the assets relating to the Trees dispensary located in
Englewood, Colorado.  

The cash paid by General Cannabis in connection with the Englewood
closing consisted of $1,155,256.09 and the stock consideration will
be 22,380,310 shares of the company's Common Stock.  Further, cash
equal to $1,732,884.14 will be paid to TDM in equal monthly
installments over a period of 24 months from the Englewood
closing.

               Timothy Brown Appointed as Director

Effective Sept. 7, 2021, Timothy Brown was elected to serve on
General Cannabis' Board of Directors until the next annual meeting
of stockholders of the company and until his successor is duly
elected and qualified.  He was appointed by the Board to fill an
existing vacancy.  Mr. Brown is the sole owner of TDM.  As
previously disclosed, General Cannabis agreed to appoint a designee
of the sellers in the Trees transaction to the Board following the
closing.  Mr. Brown is such designee.

On Sept. 7, 2021, Mr. Brown was also appointed to the Nominating
Committee of the Board.

                    About General Cannabis Corp

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

General Cannabis reported a net loss of $7.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $15.48 for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $8.09
million in total assets, $6.71 million in total liabilities, and
$1.38 million in total stockholders' equity.


GIRARDI & KEESE: Erika Files Appeal in Court Days After $25M Suit
-----------------------------------------------------------------
Ryan Naumann of Radar Online reports that 'Real Housewives of
Beverly Hills' star Erika Jayne, days after being hit with $25
million lawsuit, asked the court to consider once again removing
the lawyer investigating her as part of Thomas Girardi's
bankruptcy.

According to court documents obtained by Radar, the Bravo star has
officially informed the court she is appealing the decision to shut
down her motion.  Jayne's motion for reconsideration pleaded with
the judge to look again at his decision to keep attorney Ronald
Richards on the case.  At the moment, the RHOBH star is facing
numerous legal actions stemming from her estranged husband's
financial dealings.

Girardi, the once-respected lawyer, is accused of embezzling his
former clients' settlement money to held fund his lavish lifestyle
with Jayne.

Earlier this 2021, Girardi and his law firm were forced into
Chapter 7 bankruptcy. The court appointed a trustee to take over
control of his finances and determine the best strategy to pay back
his creditors.

In recent documents, the trustee revealed the firm owed a total of
$101 million. He also slapped Jayne with a $25 million lawsuit
demanding she pays back the money the law firm used to pay her
company EJ Global's bills for over a decade.

The documents reveal EJ Global spent over $14 million on American
Express purchases from 2008 until 2020. The trustee is trying to
determine what Girardi transferred to Jayne in terms of luxury
gifts and designer clothes.

He believes the property was purchased with the former clients'
money and he wants her to hand it over. Jayne has refused to return
a dime so far. She did throw a fit about Richards being hired to
investigate her.

The judge was harsh with Jayne writing, "It appears to be nothing
more than a blatant attempt by Ms. Girardi to impede Mr. Richards'
efforts on behalf of the trustee to investigate allegedly
fraudulent transfers of the debtor's assets to Ms. Girardi and to
prosecute an action against her to recover those transfers for the
benefit of the estate."

Now, Jayne is appealing the decision to deny her motion.  She filed
documents this week letting the court know she is taking the issue
to the higher court. As a result, the investigation could be put on
pause until a final decision on Richards is reached.

                       About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

The Chapter 7 trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com


GIRARDI & KEESE: Shows Reasons Why CA Attorneys Don't 'Snitch'
--------------------------------------------------------------
Law360 reports that Perkins Coie LLP attorneys posed a curious
question during a presentation at a California legal conference in
2019: If the lawyer across the negotiation table is drunk and
bragging about double-billing her clients, should you report her to
the state bar?

The answer, they said, was "arguably no. "Unlike every other state
and the District of Columbia, California does not require, or even
strongly encourage, lawyers to report other lawyers for violations
of the Rules of Professional Conduct to state licensing
authorities. California has repeatedly rejected an American Bar
Association model rule that other states adopted, with some
officials dubbing it.

                       About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

The Chapter 7 trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com


GLP CAPITAL: Moody's Affirms Ba1 Rating on Senior Unsecured Debt
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 senior unsecured
debt rating of GLP Capital L.P., the main operating subsidiary of
Gaming & Leisure Properties, Inc. Additionally, Moody's upgraded
the gaming REIT's speculative grade liquidity rating to SGL-1 from
SGL-3. The outlook has been revised to stable from negative.

The ratings affirmation reflects Moody's view that the REIT will
maintain steady cash flow from its existing leases, as its tenants'
regional gaming operations have demonstrated a strong pace of
recovery following coronavirus-related disruptions in 2020 despite
lingering effects of the pandemic.

The stable outlook reflects Moody's expectation that GLP Capital
will fund its growth using a prudent mix of long-term debt and
equity capital that will preserve its sound capital structure and
liquidity position.

The upgrade of GLP Capital's Speculative Grade Liquidity rating to
SGL-1 reflects Moody's expectation that it will maintain good
liquidity over the next 12-18 months. This is supported by GLP
Capital's consistent generation of free cash flow, revolver
availability, and comfortable cushion under its financial
covenants. As the REIT executes on its acquisition-oriented growth
strategy, larger transactions will necessitate external capital
raises.

The following ratings were affirmed:

GLP Capital L.P. -- Senior Unsecured Bank Credit Facility at Ba1;
Backed Senior Unsecured Debt at Ba1; Backed Senior Unsecured Shelf
at (P)Ba1; Corporate Family Rating at Ba1

The following ratings were upgraded:

GLP Capital L.P. -- Speculative Grade Liquidity Rating to SGL-1
from SGL-3

Outlook Actions:

GLP Capital L.P. -- Outlook, changed to Stable from Negative

RATINGS RATIONALE

GLP Capital's Ba1 rating reflects its contractual cash flows
derived from long-term triple-net leases, with good property level
coverage and structural protections that help insulate it from the
volatility of the underlying gaming operations. GLP Capital also
benefits from its large size and geographic diversification. Fixed
charge coverage is strong and it maintains an entirely unsecured
capital structure and reasonable leverage for the rating category.
The ratings are also supported by governance considerations, as GLP
Capital maintains a consistent financial policy including Net
Debt/EBITDA below 5.5x as it executes accretive growth.

Key credit challenges are GLP Capital's tenant concentration with
Penn National Gaming (PENN, about 78% of 2Q21 cash revenues), as
well as the disruption to its tenants' casino operations stemming
from the coronavirus outbreak. Regional casinos have generally
generated strong operating performance upon reopening, but the
potential for renewed restrictions as a result of the ongoing
pandemic remains a risk. Moreover, as a broader array of leisure
and entertainment options become more widely available to
consumers, casinos could experience a decline in volumes and
increased marketing costs. Longer term, Moody's notes social risk
related to consumer entertainment preferences and US population
demographics that Moody's believe will move in a direction that do
not favor traditional casino gaming.

GLP Capital's SGL-1 rating reflects its good financial flexibility
with no debt maturities until May 2023 and a fully available $1.175
billion credit revolver. It also maintained $148 million of cash as
of 2Q21. This liquidity provides flexibility for pending investment
activity under contract (-$150 million for the sale-leaseback of
two casinos with Bally's). GLPI's property portfolio is fully
unencumbered, although casino assets are not as liquid as other
real estate property types.

The stable outlook reflects Moody's expectation that GLP Capital
will fund its growth using a prudent mix of long-term debt and
equity capital that will preserve its sound capital structure and
liquidity position.

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

A ratings upgrade would reflect Moody's Adjusted Net Debt/EBITDA in
the low 5x range and maintenance of fixed charge coverage above
3.5x on a sustained basis. Property type diversification outside of
gaming investments (comprising at least 20% of income) and
increasing rent coverage for each of its largest tenants would also
support a ratings upgrade.

Ratings could be downgraded if Net Debt/EBITDA were expected to
remain above 6.0x and fixed charge coverage below 3.0x on a
sustained basis. Deterioration in tenant credit quality or property
rent coverage metrics would also put pressure on the ratings.

GLP Capital L.P. is the main operating subsidiary of Gaming &
Leisure Properties, Inc. (GLPI), a REIT engaged in the business of
acquiring, financing, and owning real estate property to be leased
to gaming operators in triple net lease arrangements. As of June
30, 2021 the REIT owned 50 assets across 17 states.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.


GOLDEN HOTEL: Court OKs Deal on Cash Collateral Access Thru Oct 3
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Santa Ana Division, has approved the Stipulation For Seventh
Interim Order Granting Emergency Motion For Order Authorizing Use
Of Cash Collateral filed by Golden Hotel LLC and Wells Fargo Bank,
National Association, as Trustee, for the Benefit of the Holders of
Morgan Stanley Capital I Trust 2015-UBS8, Commercial Mortgage
Pass-Through Certificates Series 2015-UBS8, the secured creditor.

The Debtor and Golden Capital Venture LLC collectively own and
operate the Radisson Hotel Anaheim-Buena Park, a 200-room hotel
with a restaurant, lounge, ballroom, and an outdoor pool, located
at 7762 Beach Boulevard, Buena Park, California.

On September 21, 2020, the Debtors each filed voluntary petitions
under chapter 11 of the Bankruptcy Code. Their cases are jointly
administered.

The Debtors and the Secured Creditor dispute certain issues in
these cases including the amount of the Secured Creditor's secured
claim against the Debtors. However, the parties have reached a
settlement in principle that, if approved and consummated, will
resolve these disputes and the Debtors' cases through a sale of the
Property and the assumption of the Debtors' existing loan by the
proposed buyer. The parties' settlement agreement (which remains
pending Court approval) allows the Debtors to use cash on hand
pending the sale closing only to pay ordinary course operating
expenses consistent with Debtors' practices during the pendency of
these cases.

In order to minimize the parties' respective attorneys' fees
pending the parties documenting, obtaining approval of, and
consummating the settlement, the parties have agreed to extend the
Debtor's authority to use cash collateral on the same terms as the
Prior Interim Orders.

The parties agree that the Debtor may use cash collateral on an
interim basis from September 6 through October 3, in accordance
with the budget.

The expenditures during the period covered by the Budget are not to
exceed 115% per budget line item set forth in the Budget.

During the Cash Collateral Period, any unused amount for any given
line item in the Budget for a particular week will carry forward
and can be used in later weeks, and any amounts budgeted for a
given line item in particular week may be spent at an earlier time
provided the total amount spent for such line time does not exceed
the total amount budgeted for that line item with the 15%
variance.

The Secured Creditor will receive a replacement lien in the
Debtor's post-petition revenues, in and to the same extent,
validity, and priority as any duly perfected and unavoidable lien
in the Debtor's cash held by Secured Creditor as of the Petition
Date, limited to the amount of any cash collateral as of the
Petition Date and to the extent cash collateral is actually used by
the Debtor.

A continued hearing on the Cash Collateral Motion is scheduled for
September 29 at 11 a.m. or such other date as is convenient for the
Court.

A copy of the Stipulation and the Debtors' six-week budget through
October 3, 2021 is available at https://bit.ly/3jYol9w from
PacerMonitor.com.

The Debtors project $117,500 in total cash receipts and $209,865 in
total operating disbursements for the period.

               About Golden Hotel LLC

Golden Hotel is a privately held company in the traveler
accommodation industry.  Golden Capital is primarily engaged in
renting and leasing real estate properties.

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

Judge Scott C. Clarkson oversees the case.

Lei Lei wang Ekvall, Esq. at SMILEY WANG-EKVALL, LLP represents the
Debtor as counsel.

On December 21, 2020, the Debtors filed their Joint Chapter 11 Plan
of Reorganization and explanatory Disclosure Statement.

Wells Fargo Bank, National Association, as Trustee, for the Benefit
of the Holders of Morgan Stanley Capital I Trust 2015-UBS8,
Commercial Mortgage Pass-Through Certificates Series 2015-UBS8, as
lender, is represented by Duane Morris LLP.



GREEN PLAINS: Egan-Jones Keeps B- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Green Plains Inc. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Omaha, Nebraska, Green Plains Inc. owns and
operates ethanol plants located in the Midwest U.S.



GRINDING MEDIA: Moody's Rates New $875MM First Lien Loan 'B2'
-------------------------------------------------------------
Moody's Investors Service affirmed Grinding Media Inc.'s (Moly-Cop)
ratings including its B3 corporate family rating and B3-PD
probability of default rating. The rating outlook remains stable.
At the same time, Moody's assigned a B2 rating to the company's
proposed $875 million first lien term loan. The proceeds from the
first lien term loan and a $225 million second lien term loan along
with a portion of the company's cash balance will be used to fund a
$400 million shareholder dividend, repay its $814 million of senior
secured notes due in 2023 and to pay call premiums and other fees.
The rating on the existing notes will be withdrawn when they are
redeemed.

"The affirmation of Grinding Media's ratings reflects our
expectation that its operating performance will continue to
strengthen and it will use its free cash flow to pay down debt and
maintain credit metrics that are commensurate with its B3 corporate
family rating." said Michael Corelli, Moody's Senior Vice President
and lead analyst for Grinding Media Inc.

Assignments:

Issuer: Grinding Media Inc.

Senior Secured First Lien Term Loan, Assigned B2 (LGD3)
(Co-Issuer: Molycop ltd)

Affirmations:

Issuer: Grinding Media Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Outlook Actions:

Issuer: Grinding Media Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Grinding Media's B3 corporate family rating reflects its high
financial leverage and relatively small size versus other worldwide
manufacturers of steel products, lack of end-market diversification
and moderate customer concentration. The company is dependent on
the highly cyclical mining sector with grinding media sales to this
sector accounting for about 80% - 90% of its revenues, and is
particularly exposed to copper and gold mining which account for
around 85% of its grinding media sales. The lack of end market
diversity reduces the company's operational flexibility and limits
its ability to reduce the volatility of earnings through various
mining cycles, especially if there is weakness in copper or gold
demand and mining activity.

Grinding Media's rating is supported by its long-term relationship
with well-established blue-chip customers, its good geographic
diversity, large industry scale with forged grinding media capacity
that is more than 3 times greater than its next largest competitor,
and its high market share which it estimates at about 50% - 60% in
each of its core regions. It also benefits from the recurring
nature of its revenues since it sells products that wear down over
time, require continuous replenishment and are critical in the
processing of minerals. Its rating is also supported by its
relatively low capital spending requirements, expectations for
positive free cash flow excluding its planned $400 million one-time
dividend and its good liquidity profile.

Grinding Media's operating performance began to recover in the
second half of fiscal 2021 (ended June 2021) after being negatively
impacted by COVID-19 related mine disruptions during the first half
of the company's fiscal year. This enabled it to produce adjusted
EBITDA which was only moderately lower than fiscal 2020 despite the
loss of EBITDA from the AltaSteel Group which was sold in March
2020. Moody's expect these trends to persist and for the company to
continue to benefit from its cost reduction and efficiency
improvement initiatives and for it to produce moderately improved
operating results in fiscal 2022. The company is expected to
generate consistent free cash flow excluding its $400 million
one-time dividend as it has limited capital spending needs since it
has ample capacity to support volume growth. Moody's anticipate the
company will use its free cash to pay down debt and that its
leverage ratio (debt/EBITDA) will be about 5.7x and its interest
coverage (EBIT/Interest) around 1.8x as of the end of its fiscal
2022. These metrics will be commensurate with its B3 corporate
family rating.

Grinding Media is expected to maintain a good liquidity profile.
The company plans to amend and extend the maturity of its $125
million asset based revolving credit facility to September 2026
from January 2022 as part of this refinancing. It expects to
maintain about $100 million of cash and full availability on the
ABL facility post refinancing and had $263 million of cash and $122
million of borrowing availability with no outstanding borrowings as
of June 2021.

The B2 rating assigned to the $875 million first lien term loan
incorporates its first priority security interest in all assets not
securing the ABL credit facility and its second priority lien on
the ABL collateral, as well as the loss absorbing buffer provided
by the $225 million second lien term loan in the event of a
bankruptcy or liquidation.

The stable ratings outlook reflects Moody's expectation the
company's operating results will moderately improve over the next
12 to 18 months and it will use its free cash flow to pay down debt
and maintain credit metrics that are commensurate with its rating.

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

The ratings are not likely to be upgraded in the near term
considering the material increase in its outstanding debt related
to its dividend recapitalization. However, an upgrade would be
considered if the company maintains a leverage ratio below 5.0x, an
interest coverage ratio of at least 2.0x and (CFO-dividends)/debt
of at least 12%.

Negative rating pressure could develop if the leverage ratio is
sustained above 6.0x, interest coverage below 1.5x and
(CFO-dividends)/debt below 10%. A significant reduction in
borrowing availability or liquidity could also result in a
downgrade.

Grinding Media Inc., (Moly-Cop), headquartered in Omaha, Nebraska,
is a global manufacturer and supplier of forged steel grinding
media used extensively in the processing of copper, gold and other
minerals. Its products include steel balls and grinding rods, which
are primarily sold to customers located in North and South America
and Australasia. The company also produces railway wheels and other
steel products that are used mostly in the mining sector. The
company generated revenues of approximately $1.3 billion for the
trailing 12-month period ended June 30, 2021. American Industrial
Partners is the majority owner of Grinding Media Inc.

The principal methodology used in these ratings was Steel Industry
published in September 2017.


HESS CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hess Corporation to BB from B+.

Headquartered in New York, New York, Hess Corporation operates as a
global independent energy company.



HOVNANIAN ENTERPRISES: Posts $47.7M Net Income in Third Quarter
---------------------------------------------------------------
Hovnanian Enterprises, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $47.70 million on $690.68 million of total revenues for the
three months ended July 31, 2021, compared to net income of $15.36
million on $628.14 million of total revenues for the three months
ended July 31, 2020.

For the nine months ended July 31, 2021, the Company reported net
income of $555.34 million on $1.97 billion of total revenues
compared to net income of $10.29 million on $1.66 billion of total
revenues for the same period last year.

As of July 31, 2021, the Company had $2.31 billion in total assets,
$2.19 billion in total liabilities, and $120.69 million in total
equity.

LIQUIDITY AND INVENTORY AS OF JULY 31, 2021:

  * During the third quarter of fiscal 2021, land and land
development spending was $177.6 million, an increase of 9.2%
compared with $162.6 million in last year's third quarter.  For the
first nine months of fiscal 2021, land and land development
spending was $531.2 million, an increase of 34.5% compared with
$394.9 million in the same period one year ago.

  * After paying off in full with cash on hand the remaining
balance of $111 million of its 10.0% senior secured notes due July
2022, the total liquidity at the end of the third quarter of fiscal
2021 was $307.7 million, well above its targeted liquidity range of
$170 million to $245 million.

  * On Aug. 2, 2021, the Company paid off in full with cash on hand
the remaining $70 million principal amount of its 10.5% senior
secured notes due July 2024 at a purchase price of 102.625% of the
principal amount thereof plus accrued and unpaid interest to, but
excluding, the redemption date.  Other than the Company's undrawn
senior secured revolving credit facility, the Company does not have
any bond issuances maturing before the first quarter of fiscal
2026.

  * In the third quarter of fiscal 2021, approximately 4,900 lots
were put under option or acquired in 35 consolidated communities.

  * As of July 31, 2021, the total controlled consolidated lots
increased 20.4% to 31,002 compared with 25,748 lots at the end of
the previous year's third quarter.  Based on trailing twelve-month
deliveries, the current position equaled a 5.1 years' supply.

FINANCIAL GUIDANCE:

Financial guidance for both the fourth quarter and full year for
fiscal 2021 assumes no adverse changes in current market conditions
and excludes further impact to SG&A expenses from phantom stock
expense related solely to stock price movements from the closing
price of $104.39 at July 30, 2021.  Every $4 increase or decrease
in common stock price from the end of the third quarter, results in
an approximate $1 million increase or decrease, respectively, of
phantom stock expense.

   * For the fourth quarter of fiscal 2021, total revenues are
expected to be between $830 million and $880 million, adjusted
pretax income is expected to be between $60 million and $75 million
and adjusted EBITDA is expected to be between $100 million and $115
million.

   * For all of fiscal 2021, the Company is increasing its
guidance. Total revenues are expected to be between $2.80 billion
and $2.85 billion, adjusted pretax income to be between $175
million and $190 million and adjusted EBITDA to be between $345
million and $360 million.

   * On Oct. 31, 2021, the Company expects its community count,
including domestic unconsolidated joint ventures, to grow from 120
as of the end of the Company's third quarter to roughly the same
level of 135 communities open at the end of the fourth quarter last
year.  Community count is expected to continue to grow in fiscal
2022.

COMMENTS FROM MANAGEMENT:

"Given the significant COVID-19 supply chain disruptions and labor
challenges our industry has been experiencing, we are very pleased
with our strong performance during the third quarter of fiscal
2021. We exceeded our third quarter guidance on almost every
financial metric," stated Ara K. Hovnanian, Chairman of the Board,
president and chief executive officer.  "As expected, sales have
slowed to a more historically typical sales pace following our
efforts to meter homes available for sale and through significant
home price increases.  The average price in our deliveries went
from $390,000 in last year's third quarter, to $443,000 in this
year's third quarter.  Our third quarter average price for new
contracts increased even further to $503,000.  Those efforts,
combined with a slowdown in demand from the white-hot sales pace we
experienced last year, have allowed us to better align starting
home construction with our sales pace.  Last year's COVID-19 sales
frenzy has given way to a more rational sales pace, which we
believe is more sustainable."

"On a positive note, lumber prices have begun to decline
substantially.  We expect the recent decrease in lumber costs to
benefit gross margins on homes we are starting now for future
deliveries, including many of the homes that are currently in
backlog for 2022 deliveries.  Due to a strong economy, positive
long-term demographic trends and our strong cash flow, we continue
to invest in land and are making strong progress on acquiring
additional land parcels which bodes well for future community count
growth.  We believe that we are well positioned to take advantage
of these positive long-term trends.  We continue to expect fiscal
2021 to be an outstanding year.  As we look forward, we believe
that today's more rational, healthy contract pace, which has higher
home prices and gross margins, along with an increase in community
count, should lead to further growth in both total revenues and
adjusted pretax income in fiscal 2022," concluded Mr. Hovnanian.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/357294/000143774921021800/hov20210731_10q.htm

                    About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian
and headquartered in Matawan, New Jersey, designs, constructs,
markets, and sells single-family detached homes, attached townhomes
and condominiums, urban infill, and active lifestyle homes in
planned residential developments.  The Company is a homebuilder
with operations in Arizona, California, Delaware, Florida, Georgia,
Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina,
Texas, Virginia, Washington, D.C. and West Virginia.  The Company's
homes are marketed and sold under the trade names K. Hovnanian
Homes, Brighton Homes.

Hovnanian Enterprises reported net income of $50.93 million for the
year ended Oct. 31, 2020, compared to a net loss of $42.12 million
for the year ended Oct. 31, 2019. As of Oct. 31, 2020, the Company
had $1.82 billion in total assets, $2.26 billion in total
liabilities, and a total deficit of $436.09 million.

                            *    *    *

In August 2021, Moody's Investors Service upgraded Hovnanian
Enterprises, Inc.'s Corporate Family Rating to Caa1 from Caa2.
Moody's said the Corporate Family Rating upgrade to Caa1 reflects
the reduced risk of restructuring activity given the improvement in
Hovnanian's operating and financial performance and the extension
of the company's debt maturity profile given the recent debt
redemptions.

As reported by the TCR on July 28, 2021, S&P Global Ratings
affirmed its ratings on U.S.-based homebuilder Hovnanian
Enterprises Inc., including its 'CCC+' issuer credit rating, and
S&P revised its outlook to positive.  The positive outlook
indicates that S&P could raise the rating to 'B-' if the company
reduces debt and EBITDA to interest coverage is sustained above 2x
over the next 12 months, amid further profit improvements.


HYTERA COMMUNICATIONS: Appeals $543.7 Mil. Motorola Court Judgment
------------------------------------------------------------------
Donny Jackson of Urgent Communications reports that Hytera
Communications filed its appeal of a U.S. district court's judgment
that the China-based LMR manufacturer should pay $543.7 million to
Motorola Solutions as compensation for the use of stolen DMR trade
secrets and copyrighted software, as well as numerous other rulings
in the case.

In its notice of appeal with the Illinois federal district court of
Judge Charles Norgle, Hytera stated that it is appealing to the
U.S. Court of Appeals for the Seventh Circuit -- the Chicago-based
appeals court serving Illinois, Wisconsin and Indiana -- "all
rulings, proceedings, orders, findings and decisions (whether oral
or written" associated with Norgle's March 5, 2020, judgment
against Hytera.

In the March 2020 judgment, Norgle affirmed a unanimous jury
finding that Hytera should pay $764.6 million for its use of DMR
trade secrets and copyrighted software developed by Motorola.
Norgle reduced this initial award amount to $543.7 million in
January 2021, noting that collecting $220.9 million of the original
ruling "would constitute a double recovery."

Hytera's appeal also contests other findings in the lengthy case,
including Norgle's ruling last month that Hytera must pay Motorola
Solutions $51.13 million in pre-judgment interest.  The appeal
contests some rulings that have not been quantified yet, including
a ruling that Hytera must pay Motorola Solutions post-judgment
interest payments and ongoing royalties on DMR sales that are still
to be determined.

Norgle already has issued rulings that Hytera should pay Motorola
Solutions more than $590 million in the case, but Motorola
Solutions attorneys have submitted multiple legal filings during
the past year that no payments toward the award amount have been
made to date and that Hytera attorneys have indicated that the
China-based LMR manufacturer does not intend to make any payments.

With this in mind, Motorola Solutions asked Norgle for a permanent
injunction that would have prevented Hytera from selling many of
its most profitable DMR offerings anywhere in the world. Norgle
denied the injunction request in December 2020, but that ruling
also required Hytera to compensate Motorola Solutions with a
"reasonable royalty."

Norgle initially ordered the companies to negotiate the terms of
royalty payments, but those talks failed to produce an agreement.
Norgle will decide what the ongoing royalty payments would be, but
that ruling has not been issued yet.

Although the royalty payment has not yet been determined, Hytera is
appealing Norgle's ruling that a royalty-payment scheme is
necessary, as well as a similar ruling regarding Hytera paying
Motorola Solutions' attorney fees in the case, which was first
filed in March 2017.

Many industry sources have been monitoring the royalty decision
closely, noting that high royalty payments to Motorola Solutions
could make it difficult for Hytera DMR products to compete in the
marketplace while still generating the kind of profit margins that
Hytera has enjoyed from such sales for roughly the past decade.

Meanwhile, it is unclear exactly how the district court can ensure
that the money Hytera owes via the court ruling would be paid to
Motorola Solutions. Hytera's U.S.-based entities that were subject
to the initial lawsuit—Hytera America and Hytera Communications
America (West)—filed for Chapter 11 bankruptcy in May 2020. The
new Hytera US entity—established during the Chapter 11
bankruptcy—is not a party to the lawsuit and will not be
responsible for royalty payments.

As a result, both Hytera and Motorola Solutions agree that Hytera
Commmunications—the Hytera parent company based in China—will
be responsible for all royalty payments, when that payment scheme
is determined.

During the federal-court trial that began in November 2019, Hytera
attorneys acknowledged that three former Motorola (the company had
not yet changed its name to Motorola Solutions at the time)
employees—Samuel Chia, Y.T. Kok and G.S. Kok—accessed more than
7,000 Motorola documents prior to each of them leaving and joining
Hytera shortly in 2008. However, Hytera attorneys described the
three engineers as "bad apples" who did not share with anyone else
at Hytera that the DMR trade secrets and software were taken from
Motorola.

                   About Hytera Communications America

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

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

Judge Erithe A. Smith oversees the cases.

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

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


INCOME COLLECTING: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor:  Income Collecting 1-3 Months
                    T-Bills Mutual Fund
                    (In Voluntary Liquidation)
                    80 Shedden Road
                    George Town KY1-1044
                    Cayman Islands

Foreign Proceeding: Voluntary Liquidation Shareholder Resolution
                    Section 116(c) Cayman Isl. Com. A

Chapter 15
Petition Date:      September 10, 2021

Court:              United States Bankruptcy Court
                    Southern District of New York

Case No.:           21-11601

Judge:              Hon. David S. Jones

Foreign
Representatives:    Russel S. Homer and Karen Scott
                    80 Shedden Road
                    George Town KY1-1044
                    Cayman Islands

Foreign
Representatives'
Counsel:            John E. Jureller, Jr., Esq.
                    KLESTADT WINTERS JURELLER SOUTHARD &
                    STEVENS, LLP
                    200 West 41st Street, 17th Floor
                    New York, NY 10036
                    Tel: (212) 972-3000
                    Email: jjureller@klestadt.com

Estimated Assets:   Unknown

Estimated Debt:     Unknown

A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/N5CV7TQ/Income_Collecting_1-3_Months_T-Bills__nysbke-21-11601__0001.0.pdf?mcid=tGE4TAMA


IOTA COMMUNICATIONS: Unit Granted Full Forgiveness of $763,600 Loan
-------------------------------------------------------------------
Iota Communications, Inc. received notification from Western
Alliance Bank that the U.S. Small Business Administration approved
Iota Networks, LLC's PPP Loan forgiveness application for the
entire $763,600, effective Aug. 30, 2021.  The forgiveness of the
loan will be recognized during the company's fiscal quarter ended
Aug. 31, 2021.

Iota Networks, a wholly owned subsidiary of Iota Communications,
was granted a loan from Western Alliance Bank pursuant to the
Paycheck Protection Program as administered by the SBA under
Division A, Title I of the CARES Act, which was enacted on March
27, 2020.

The loan was evidenced by a promissory note, dated May 4, 2020
between Iota Networks and Western Alliance Bank.  The interest rate
on the note was 1.00% per annum, with interest accruing on the
unpaid principal balance computed on the basis of the actual number
of days elapsed in a year of 360 days.

Under the terms of the CARES Act, PPP loan recipients can apply
for, and the SBA can grant forgiveness of, all or a portion of
loans made under the PPP, plus any accrued interest, if the
recipients have used the PPP loan proceeds for eligible purposes.

                             About Iota

Newark, New Jersey-based Iota Communications, Inc., formerly known
as Solbright Group, Inc. -- https://www.iotacommunications.com --
is a wireless network carrier and an energy-as-a-service (EaaS)
company dedicated to IoT.  The Company intends to expand the
application of Software-as-a-Service model into the energy
management sector.

Iota reported a net loss of $56.78 million for the year ended May
31, 2019, compared to a net loss of $16.48 million for the year
ended May 31, 2018.  As of Feb. 29, 2020, the Company had $31.89
million in total assets, $111.09 million in total liabilities, and
a total deficit of $79.20 million.

Marlton, NJ-based Friedman LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated Sept.
13, 2019, citing that the Company has an accumulated deficit and a
working capital deficiency as of May 31, 2019, generated recurring
net losses, and negative cash flows from operating activities that
raise substantial doubt about its ability to continue as a going
concern.


JOHN DAUGHERTY: Deer Point & JAD Say Disclosures Inadequate
-----------------------------------------------------------
Deer Point Acres, Ltd. ("Deer Point") and John A. Daugherty, Jr.
("JAD") object to approval of the Disclosure Statement and to
confirmation of the Plan of Liquidation proposed by John Daugherty
Real Estate, Inc. (the "Debtor") and the Official Committee of
Unsecured Creditors (the "Committee") (the Debtor and Committee are
collectively the "Plan Proponents") and would show as follows:

     * The Plan, although it proposes to require Prosperity Bank to
pursue Deer Point's property and JAD's property first, ignores the
rights of Deer Point and JAD to seek subrogation and right of set
off.

     * Exhibits 7 and 7a contemplate as assets receivables the full
amount allegedly due from Deer Point and JAD, and do not
contemplate either having an unsecured claim (that claim being the
subrogated Prosperity Bank claim). In other words, the Disclosure
Statement overstates its assets and grossly under estimates the
Debtor's Liabilities.

     * The Disclosure Statement contains inadequate information and
is deceptive due to the Plan Proponents ignoring Deer Point and
JAD's statutory and common law rights.

     * Prosperity Bank's claim as to the Debtor is believed to be
an unsecured claim; however, Prosperity Bank asserts that it has a
lien on certain real property owned by a) Deer Point; and b) JAD.
JAD has guaranteed the Debtor's debt due Prosperity Bank and has
pledged real property to secure the guaranty. Deer Point has
allegedly pledged real property to secure the Debtor's debt due
Prosperity Bank.

     * The Disclosure Statement fails to satisfy 11 U.S.C. § 1125
as the Disclosure Statement does not contain adequate information.
The Disclosure Statement fails a) to provide an accurate
description of available assets and their value (criteria #2); b)
to provide adequate information regarding claims against the estate
(criteria #6); c) the collectability of receivables (criteria #12);
and to provide appropriate valuations (criteria #13).

A full-text copy of Deer Point and JAD's objection dated September
7, 2021, is available at https://bit.ly/3ldFwDG from
PacerMonitor.com at no charge.

Attorneys for John Daugherty:

     HIRSCH & WESTHEIMER P.C.
     Michael J. Durrschmidt
     Texas Bar No. 06287650
     Kim Lewinski
     Texas Bar No. 24097994
     1415 Louisiana, 36th Floor
     Houston, Texas 77002
     Telephone: 713-220-9165
     Facsimile: 713-223-9319
     E-mail: mdurrschmidt@hirschwest.com
     E-mail: klewinski@hirschwest.com

                  About John Daugherty Real Estate

John Daugherty Real Estate, Inc. -- https://www.johndaugherty.com/
-- is a licensed real estate broker in Houston, Texas.  It sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Case No. 20-31293) on February 27, 2020. The petition was
signed by John A. Daugherty, Jr., its chief executive officer. At
the time of the filing, the Debtor was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range.

Hon. Christopher M. Lopez oversees the case.

The Debtor hired Nathan Sommers Jacobs, a professional corporation,
as its counsel.


KATERRA INC: Asks Court for Extension in Preparing Chapter 11 Plan
------------------------------------------------------------------
Law360 reports that bankrupt construction technology firm Katerra
Inc. asked a Texas judge for an extension of the period during
which it has the exclusive right to file and solicit creditor votes
on a Chapter 11 plan, saying it has made significant progress
already and needs a bit more time to wrap up its plan process.

In its motion filed late Tuesday, September 7, 2021, Katerra said
allowing the exclusivity period to lapse while the debtor has
already received conditional approval of its plan disclosure
statement would imperil its restructuring efforts at a time when it
has sold most of its assets.

                        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.




KEN GARFF: S&P Upgrades ICR to 'BB-' on Declining Leverage
----------------------------------------------------------
S&P Global Ratings raised its rating on Ken Garff Automotive LLC to
'BB-' from 'B+' and its rating on its senior unsecured notes to
'BB-' from 'B'. S&P also revised its recovery rating on the notes
to '4', indicating expectations of average (30%-50%; rounded
estimate: 35%) recovery in a default, from '5'.

The stable outlook reflects S&P's expectation that Ken Garff will
maintain more moderate leverage, even as it invests in growing its
dealership network.

S&P said, "The upgrade reflects Ken Garff's declining leverage,
strong free cash flow generation, and our expectation that it will
continue to maintain more moderate credit metrics even as new- and
used-car prices return closerto historical levels. Along with other
auto dealerships, Ken Garff is earning very strong margins on
elevated prices of new and used cars because of the global
semiconductor shortage. While we don't expect the company to
sustain these margins long term, we now expect the strong pricing
environment will likely last longer, albeit declining, well into
2022. For this reason, we now expect debt to EBITDA to remain below
3x in 2021 and 2022, almost a turn better compared to our prior
expectations.

"We expect the company will use a significant portion of free cash
flow to acquire other dealerships to expand Ken Garff without
reliance on large debt issuances. This strong pricing environment
allowed the company to generate more than $135 million in free cash
flow in the first half of 2021 and we expect the company will use a
significant portion of this cash flow to acquire other dealerships.
We expect the additional growth from acquisitions, in addition to
some synergies from integrating dealerships into a larger network
with a common enterprise resource planning (ERP) system, will lead
to lower leverage even as car prices and margins return closer to
historical levels, likely in 2023. We now forecast leverage to
remain below 4x in 2023, and that the company's free cash flow to
debt will remain at least 10% longer term."

The company is exposed to near-term risks of new car shortages and
longer-term risks from technological disruption. For at least the
next several quarters, inventories at Ken Garff and other
dealerships are likely to be extremely low. The chip shortage has
grown worse and the rise in the COVID Delta variant in Southeast
Asia continues to reduce parts needed to manufacture new cars. A
longer or more severe shortage of cars could hurt Ken Garff's
topline revenues and ability to efficiently operate its fixed
dealership assets. In the longer term, companies like Carvana Co.,
Vroom (not rated)and Lithia Motors Inc. with its Driveway platform
continue to invest in ways to bring a seamless online car-buying
experience to consumers, and they are slowly increasing market
share. S&P thinks Ken Garff has done an admirable job of rolling
out technology to allow consumers to start the car-buying process
online and schedule appointments. However, it may be hard for them
to compete with larger and better capitalized companies over time.

S&P said, "The stable outlook reflects our expectation that Ken
Garff will maintain more moderate levels of leverage, even as it
invests in expanding its dealership network. We expect the company
to sustainably keep its FOCF-to-debt ratio above 10% and leverage
below 4x.

"We could raise the company's ratings if it could achieve a
FOCF-to-debt ratio of 15% or higher when margins return closer to
historical levels, likely in 2023. Alternatively, we could raise
the ratings if the company were to improve its competitive position
by significantly increasing its scale through acquisitions,
improving geographic and product diversification, or increasing its
margins to levels similar to peers.

"Though unlikely over the next 12 months, we could lower the rating
if the company's FOCF-to-debt ratio falls below 10% or if its debt
to EBITDA rises above 4x on a sustained basis. This could occur
because macroeconomic conditions begin to deteriorate leading to a
sharp decline in the demand for new- and used-light vehicles as
well as parts and services. Credit metrics could worsen due to a
rise in debt to fund an aggressive program of acquisitions."



KENNAMETAL INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Kennametal Inc.

Headquartered in Pittsburgh, Pennsylvania, Kennametal Inc.
manufactures, purchases, and distributes tools, tooling systems,
and solutions to the metalworking, mining, oil, and energy
industries.



KITE REALTY: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Kite Realty Group Trust.

Headquartered in Indianapolis, Indiana, Kite Realty Group Trust is
a full-service, vertically integrated real estate company focused
primarily on the development, construction, acquisition, ownership,
and operation of neighborhood and community shopping centers.



KOHL'S CORP: Egan-Jones Hikes Senior Unsecured Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kohl's Corporation to BB from BB-.

Headquartered in Menomonee Falls, Wisconsin, Kohl's Corporation
operates a chain of family-oriented department stores.



KOSSOFF PLLC: Faces $4.5 Million Escrow Case Default
----------------------------------------------------
Emma Whitford of Law360 reports that the New York City real estate
attorney Mitchell Kossoff has one week to respond to claims that he
misappropriated $4.5 million in client funds or will face default,
U.S. Magistrate Judge Robert Lehrburger said Thursday, September 9,
2021, during a brief status conference.

Kossoff, of the now-defunct Manhattan firm Kossoff PLLC, missed an
initial June 30 answer deadline in the current suit, brought by
Miami real estate company Gran Sabana Corp. His lawyers instead
tried to stay the case, claiming their client is under criminal
investigation and must preserve his Fifth Amendment privilege.
Kossoff now has a final chance to answer, by Sept. 16, 2021.

                           About Kossoff PLLC

Kossoff PLLC is a real estate law firm based in New York City. It
operated as a law firm with offices located at 217 Broadway in New
York City. The firm held itself out as a law firm that provided
full-service real estate legal services specializing in litigation
and transactional matters, including leasing, sale and acquisition
of real property, commercial landlord tenant matters, real estate
litigation, and city, state and federal agency regulatory matters

Mitchell H. Kossoff, the firm's founder and only known managing
member, is alleged to have failed to and/or refused to return
millions of dollars of client funds when requested by clients.
Since on or about April 1, 2021, Kossoff's whereabouts have been
unknown, and Kossoffhas ceased all communications with the Debtor's
clients and with the attorneys and staff who were employed by the
Debtor.

Kossoff PLLC is subject to an involuntary petition for Chapter 7
bankruptcy (Bankr. S.D.N.Y. Case No. 21-10699) by creditors on
April 13, 2021.  The case is handled by Honorable Judge David S.
Jones.  

Gran Sabana Corp NV, Louis & Jeanmarie Giordano, and other former
clients of the Debtor signed the involuntary petition. Carter
Ledyard & Milburn LLP, led by Aaron R. Cahn, represents the
petitioners.

Veteran restructuring lawyer Albert Togut of Togut, Segal & Segal
LLP, was named as Chapter 7 Trustee.  He tapped his own firm as
counsel in the case.


KUMTOR GOLD: Chapter 11 Sanction Bid Barred, Says Kyrgyz Govt.
--------------------------------------------------------------
Vince Sullivan of Law360 reports that the government of the
Republic of Kyrgyzstan told a New York bankruptcy judge Friday,
Sept. 10, 2021, that the demand for Chapter 11 sanctions against it
from debtor Kumtor Gold Co. was part of the company's ongoing
efforts to strip the nation's government of its sovereign powers.

In its opposition to Kumtor's motion seeking $1 million per day in
sanctions against the Kyrgyz Republic, the government said that the
debtor did not file its bankruptcy case to effectuate any kind of
restructuring but to have the bankruptcy court serve as a "world
court" to police the day-to-day operations of the foreign
government.

                      About Kumtor Gold Inc.

Centerra Gold Inc. is a Canadian mining company that owns and
operates the Kumtor Gold Mine in the Kyrgyz Republic.

Centerra placed subsidiaries, Kumtor Gold Co and Kumtor Operating
Co., into Chapter 11 bankruptcy in the U.S. following
nationalization of the miner's Kumtor gold mine by the Kyrgyz
Republic, a former Soviet republic.

Kumtor Gold Company CSJC and Kumtor Operating Company CSJC sought
Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case Nos.
21-11051 to 21-11052) on May 31, 2021.  Kumtor Gold was estimated
to have $1 billion to $10 billion in assets and $100 million to
$500 million in liabilities as of the bankruptcy filing. The Hon.
Lisa G. Beckerman is the case judge.  SULLIVAN & CROMWELL LLP, led
by James L. Bromley, is the Debtor's counsel.  STIKEMAN ELLIOT LLP
is the co-counsel.



LAREDO PETROLEUM: Egan-Jones Hikes Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Laredo Petroleum, Inc. to CCC from CCC-. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Tulsa, Oklahoma, Laredo Petroleum, Inc. is an
independent oil and gas company.




LATAM AIRLINES: Intends to Recover Pre-Crisis Profitability by 2024
-------------------------------------------------------------------
Market Research Telecast reports that Latam Airlines plans to
recover pre-crisis profitability by 2024.

The airline Latam Airlines, the most important in Latin America,
presented its five-year business plan on Thursday within the
framework of its reorganization plan and projected the recovery of
its profitability to levels prior to the coronavirus pandemic to
the year 2024.

The presentation of the company, together with its subsidiaries in
Brazil, Chile, Colombia, Ecuador, the United States and Peru, also
considers an increase in operating income of 78% by 2026, compared
to the pre-ndemic period, thanks to the recovery of the demand, the
fleet plan and the operational and financial projections until
2026, among other aspects.

The airline's plan was well received by its majority shareholders
and main creditors, who presented various offers -– the specific
number was not specified -- for financing in the order of more than
5,000 million dollars each.

Each proposal contemplates raising those more than 5,000 million
dollars through the issuance of new debt and capital in the Latam
Group, which would be supported by the parties that make the
proposal.

All this within the framework of the exit plan of Chapter 11 of the
United States Bankruptcy Law, which the company took advantage of
last year in the face of the economic blow that the pandemic hit
and that allows a company that cannot pay its Debts restructure and
continue to function without pressure from creditors.

"Despite the dramatic crisis we have faced, we have made the most
of our restructuring, not only becoming substantially more
efficient but also consolidating a better value proposition for
clients, which has been reaffirmed by the great interest we have
received in providing exit financing," said the CEO of Latam
Airlines, Roberto Alvo, according to the statement.

The company also reported that it filed a motion that seeks to
extend the exclusivity period to present its reorganization plan
under Chapter 11 of the US bankruptcy law until October 15, 2021
and request approvals of the same plan until December 15 of 2021.

Latam, born in 2012 from the merger between the Chilean Lan and the
Brazilian Tam, flew before the pandemic to 145 destinations in 26
countries and operated approximately 1,400 daily flights,
transporting more than 74 million passengers annually.

With the pandemic, it reduced its operation by up to 95% and ended
2020 with a drop in its operating income to 58.4% and a net loss of
$ 4,545.9 million.

                     About LATAM Airlines Group

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

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

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

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

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

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

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

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

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


LECLAIRRYAN PLLC: Trustee Files Lawsuits vs. Former Partners
------------------------------------------------------------
Michael Schwartz of Richmond BizSense reports that Lynn Tavenner,
the trustee overseeing the estate of the collapsed Richmond law
firm LeClairRyan, in the first week of September 2021, filed a wave
of lawsuits against dozens of former LeClairRyan partners in a bid
to recoup potentially tens of millions of dollars for creditors.

The complaints, which total nearly four dozen, make similar claims
against the various defendants depending on their prior stature at
the firm. From each of the shareholding partners, Tavenner seeks to
claw back certain compensation they were paid in the years leading
up to LeClairRyan's demise. For the defendants who were partners
and had served on the firm’s board of directors, Tavenner alleges
they breached their fiduciary duty to the firm as directors and
their decisions helped contribute to its financial losses.

From most of the shareholder defendants Tavenner wants five to six
figures worth of compensation to be returned.  For many of the
former directors the suits seek tens of millions in damages.

Among the higher ranking defendants on Tavenner's hit list is Erik
Gustafson, who served as CEO of LeClairRyan from 2016 until its
dissolution in 2019.

Tavenner's 69-page complaint against Gustafson seeks to recoup
$786,000 in allegedly improper compensation and $41 million in
damages.

Also being sued is Lori Thompson, who was the firm's general
counsel in its final days and served on its dissolution committee.
Tavenner wants $386,000 in claw backs and $34 million in damages
from Thompson.

Thompson took over the role of general counsel from Bruce Matson,
who is facing his own separate legal troubles dating back to his
days at LeClairRyan.

Tavenner had previously indicated her intent to fight for funds
from the firm's former shareholders. Those efforts first came in
the form of demand letters offering to settle through mediation.
For those who refused to go to mediation, Tavenner took the next
step and sued in this latest round of lawsuits all filed Sept. 2,
2021.

Among the common threads in the 40-plus lawsuits are Tavenner’s
assertions that LeClairRyan was insolvent beginning in 2014 and
until its ultimate demise into bankruptcy in the summer of 2019.
She claims the firm was profitable only during one year since
2011.

Its annual losses peaked in 2018 at $16 million, while annual
revenues dropped from $200 million in 2013 to $110 million in 2018,
when it didn’t have liquidity to pay many basic expenses.

The lawsuits also show the rapid decline in attorney headcount at
the firm. It had peaked at 156 at the end of 2015 and was down to
44 by the time of the bankruptcy filing less than four years
later.

As is typical in big corporate bankruptcies, Tavenner's lawsuits
also could trigger an insurance policy that would have been in
place to cover any of the defendants who were members of the firm's
board of directors at any point after 2014.

She has said in previous court filings that the value of that
policy was $10 million.

The Sept. 2, 2021 filings come on the heels of Tavenner amending
her complaint against legal services technology company UnitedLex
by adding LeClairRyan cofounder and namesake Gary LeClair as a
defendant.

UnitedLex and LeClairRyan struck an ill-fated joint venture in the
law firm’s final months known as ULX Partners. That partnership,
designed to cut costs by outsourcing back-office jobs from
LeClairRyan to ULX, is seen as having had a hand in the law
firm’s undoing.

Tavenner first sued UnitedLex in 2020, seeking $128 million in
damages by alleging that the ULX plan was a conspiracy to siphon
millions out of the 30-year-old law firm as it was teetering toward
collapse.

In adding LeClair as a defendant along with UnitedLex, the case
paints a picture of a "deceitful law firm 'entrepreneur' conspiring
with an opportunistic 'global enterprise legal services
provider...,'" Tavenner alleged on Aug. 25.

"Indeed, LeClairRyan's operations had aspects of a Ponzi scheme,"
Tavenner claims. "LeClairRyan funded payments to legacy
shareholders with capital contributions from new lateral hires,
even though the firm was insolvent at the time and slowly falling
to its death. For those left unpaid when the music stopped, it was
no different than a 'money in, money out' con game."

UnitedLex, which is among LeClairRyan's largest creditors, has
continued to fight for the case to be dismissed.

LeClair, who is now a partner at Williams Mullen in Richmond, has
yet to file his response to the allegations.

                      About LeClairRyan PLLC

Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak. The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.

Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.

LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.

In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million.  The firm
claims assets of $10 million to $50 million.

The Hon. Kevin R Huennekens is the case judge.

Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth are representing LeClairRyan in the case.  Protiviti is its
financial adviser for the liquidation.


LOCAL MOTION: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Local Motion MN, LLC
        2500 Walnut Street Ste 200
        Roseville, MN 55113

Business Description: The Debtor is a full-service moving &
                      storage company based in Roseville, MN.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 21-31539

Judge: Hon. Katherine A. Constantine

Debtor's Counsel: John D. Lamey III, Esq.
                  LAMEY LAW FIRM, P.A.
                  Oakdale, MN 55128-7094
                  Tel: 651-209-3550
                  Fax: 651-789-2179
                  Email: jlamey@lameylaw.com

Total Assets: $415,142

Total Liabilities: $3,591,884

The petition was signed by Mitchel Rittenhouse, CFO.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/OAMXF2Y/LOCAL_MOTION_MN_LLC__mnbke-21-31539__0001.0.pdf?mcid=tGE4TAMA


LOUISIANA CRANE: Mack Says Liquidation Analysis Inaccurate
----------------------------------------------------------
Mack Financial Services, a division of VFS US LLC, objects to the
Disclosure Statement filed by Louisiana Crane & Construction, LLC.

Mack Financial claims that the Disclosure Statement fails to
provide adequate information by which Mack Financial can make an
informed judgment regarding the Plan and whether to vote in favor
of or against the Plan.

Mack Financial points out that in the Plan, the Debtor proposes to
pay only a portion of Mack Financial's Allowed Claim in full.
Therefore, the term Allowed Claim should be changed to Secured
Claim, which is the only portion of Mack Financial's Allowed Claim
proposed to be paid through Class 6.

Mack Financial asserts that the Plan provides Mack Financial's
unsecured claim "shall be treated as Class 17 claims." However, the
Plan and Disclosure Statement describe Class 16 as including
general unsecured claims and Class 17 consisting of equity members.
Therefore, the last sentence of Section II.B.4 of the Plan should
be revised to read: "The balance of the Mack claims shall be
treated as Class 16 claims."

Mack Financial further asserts that although the Plan injunction is
proposed to apply to only creditors being "paid in full," the
Disclosure Statement and Plan should clarify that guarantors of the
Debtor's obligations are unaffected by the Plan and creditors like
Mack Financial are not enjoined from pursuing those guarantors.

Mack Financial contends that the Disclosure Statement states the
incorrect amount of Mack Financial's claim and both the Disclosure
Statement and the Plan contain inadequate statements concerning the
value used to calculate Mack Financial's secured claim.

Mack Financial states that the Plan is vague as it uses defined
terms to state the amount any secured creditor will receive on
account of its secured claim, while the Disclosure Statement places
a value amount on secured creditors' collateral. Upon information
and belief, with respect to the value placed on Mack Financial's
Collateral, the Debtor is using an incorrect forced liquidation
value even though the Debtor's Plan proposes to retain the Mack
Financial Collateral for use in its post-confirmation operations.

Mack Financial says that the Disclosure Statement utilizes an
incorrect forced liquidation value for the Mack Financial
Collateral and, therefore, provides inadequate information
regarding how Mack Financial's secured claim will be paid
notwithstanding the Debtor's stated intentions to maintain
possession of the Mack Financial Collateral.

Mack Financial claims that the Debtor's use of an incorrect
methodology that undervalues collateral affects the feasibility of
the Plan and renders the Debtor's financial projections and
liquidation analysis inaccurate because Plan payments will be
higher when the correct methodology is applied.

A full-text copy of Mack Financial's objection dated September 7,
2021, is available at https://bit.ly/3BTXq4W from PacerMonitor.com
at no charge.  

Attorneys for Mack Financial Services:

     ADAMS AND REESE LLP
     SCOTT R. CHEATHAM, Bar # 31658
     701 Poydras Street, Suite 4500
     New Orleans, LA 70139
     T (504) 581-3234
     F (504) 566-0210
     scott.cheatham@arlaw.com

                      About Louisiana Crane

Louisiana Crane & Construction, LLC is a Eunice, La.-based supplier
of traditional crane services and general oilfield construction,
pipeline, plant maintenance, rotating equipment, and millwright
services.

Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  Judge John
W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the
Debtor's legal counsel while Darnall Sikes & Frederick serves as
its accountant.


LOUISIANA CRANE: US Trustee Opposes Disclosure Statement
--------------------------------------------------------
David W. Asbach, Acting United States Trustee for Region 5, objects
to approval of the Chapter 11 Disclosure Statement of Louisiana
Crane & Construction, L.L.C.

The UST objects to the proposed Disclosure Statement for the
following reason:

     * While the Disclosure Statement sets forth a methodology for
computing the payments to Class 3 through Class 14, the Disclosure
Statement should include an estimate of monthly payments to each
class that is to receive payments under the plan;

     * The description of the Class 16 treatment provides that
claimants will receive their pro-rata share of a "Fund," but does
not state the amount of the "Fund," and it is not clear when or how
it will be funded;

     * Class 18 Secured Taxing Authorities – While the Disclosure
Statement sets forth a methodology for computing the payments to
the Secured Taxing Authorities, the Disclosure Statement should
include an estimate of quarterly payments to this class; and

     * Class 19 (Toups) - While the Disclosure Statement sets forth
a methodology for computing the payments to Toups, the Disclosure
Statement should include an estimate of monthly payments that will
be paid.

A full-text copy of the United States Trustee's objection dated
September 7, 2021, is available at https://bit.ly/3l9jcuY from
PacerMonitor.com at no charge.  

                      About Louisiana Crane

Louisiana Crane & Construction, LLC, is a Eunice, La.-based
supplier of traditional crane services and general oilfield
construction, pipeline, plant maintenance, rotating equipment, and
millwright services.

Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  Judge John
W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the
Debtor's legal counsel while Darnall Sikes & Frederick serves as
its accountant.


LOUISIANA CRANE: Wells Fargo Wants Treatment of Its Claim Clarified
-------------------------------------------------------------------
Wells Fargo Equipment Finance, Inc. ("WFEFI") is a creditor of
Louisiana Crane & Construction, L.L.C. (the "Debtor") objects to
the Disclosure Statement filed by the Debtor.

WFEFI objects to the Disclosure Statement because neither the
Disclosure Statement nor the proposed plan provide any information
regarding how WFEFI's claim or the Remaining Collateral will be
treated.

The Disclosure Statement and the Plan each classify certain secured
creditors' claims each as a distinct class and provides information
regarding how the claim amounts will be classified and paid
pursuant to the plan. Neither the Disclosure Statement nor the
proposed Plan provide any information regarding the treatment of
secured claims other than the secured claims specifically
identified in the individual claim classes.

Because the Disclosure Statement does not provide any information
regarding the proposed treatment of WFEFI's claim or the Remaining
Collateral, WFEFI cannot evaluate its rights and possible
objections in connection with the proposed Plan. WFEFI requests
that the Debtor file an amended Disclosure Statement and an amended
Plan that provide information sufficient for WFEFI to evaluate how
its rights, claims, and collateral will be affected and treated by
the proposed Plan.

A full-text copy of Wells Fargo's objection dated September 7,
2021, is available at https://bit.ly/3hkonqI from PacerMonitor.com
at no charge.

Attorneys for Wells Fargo:

     RICHARD A. AGUILAR (#17439)
     MARK J. CHANEY, III (#35704)
     ADAMS AND REESE LLP
     701 Poydras Street, Suite 4500
     New Orleans, LA 70130
     Telephone: (504) 581-3234
     Facsimile: (504) 566-0210
     E-mail: Richard.Aguilar@arlaw.com
             Mark.Chaney@arlaw.com

                        About Louisiana Crane

Louisiana Crane & Construction, LLC is a Eunice, La.-based supplier
of traditional crane services and general oilfield construction,
pipeline, plant maintenance, rotating equipment, and millwright
services.

Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  Judge John
W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the
Debtor's legal counsel while Darnall Sikes & Frederick serves as
its accountant.


LTPB LLC: Case Summary & 2 Unsecured Creditors
----------------------------------------------
Debtor: LTPB, LLC
        617 St John Street
        Lafayette, LA 70501

Business Description: LTPB, LLC owns two real properties in
                      Lafayette, Louisiana, valued at $3 million
                      in the aggregate.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       Western District of Louisiana

Case No.: 21-50561

Debtor's Counsel: Tom St. Germain, Esq.
                  WEINSTEIN & ST. GERMAIN
                  1103 West University Ave
                  Lafayette, LA 70506
                  Tel: (337) 235-4001
                  Fax: (337) 235-4020

Total Assets: $3,000,000

Total Liabilities: $5,280,010

The petition was signed by Jeffery Speer as member.

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

https://www.pacermonitor.com/view/TUFQD6Q/LTPB_LLC__lawbke-21-50561__0001.0.pdf?mcid=tGE4TAMA


MACK-CALI REALTY: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Mack-Cali Realty Corporation.

Headquartered in Jersey City, New Jersey, Mack-Cali Realty
Corporation is a fully integrated, self-administered, and
self-managed real estate investment trust (REIT) providing
management, leasing, development, construction, and other
tenant-related services for its class A real estate portfolio.



MACY'S INC: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Macy's, Inc. to B from CCC+. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Cincinnati, Ohio, Macy's, Inc. operates department
stores in the United States.



MAINSTREET PIER: Case Summary & 12 Unsecured Creditors
------------------------------------------------------
Debtor: Mainstreet Pier, LLC
        18595 Mainstreet
        Parker, CO 80134

Business Description: Mainstreet Pier, LLC is part of the hotel
                      and motel industry.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 21-14682

Judge: Hon. Elizabeth E. Brown

Debtor's Counsel: Jonathan M. Dickey, Esq.
                  KUTNER BRINEN DICKEY RILEY, P.C.
                  1660 Lincoln Street, Suite 1720
                  Denver, CO 80264
                  Tel: 303-832-2400
                  Email: jmd@kutnerlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Rick Hill as manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 12 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/N5AI53Q/Mainstreet_Pier_LLC__cobke-21-14682__0001.0.pdf?mcid=tGE4TAMA


MAINSTREET PIER: Seeks Cash Collateral Access
---------------------------------------------
Mainstreet Pier, LLC asks the U.S. Bankruptcy Court for the
District of Colorado for authority to use cash collateral, set a
final hearing on the matter, and provide adequate protection to
properly perfected secured creditors.

The Debtor requires the use of cash collateral, in which
Independent Bank or FirstBank may have an interest, to continue its
business operations post-petition and maintain its inventory.

The Debtor is replacing its accounts, cash, and inventory in the
ordinary course of its operations on a daily basis.

On July 26, 2018, the Debtor entered into a Promissory Note with
Independent Bank in the principal amount $12,380,000. The
Promissory Note matured on July 26, 2021.

The Debtor gave Independent Bank a Deed of Trust, Security
Agreement and Fixture Filing to secured the Promissory Note. The
Security Instrument was recorded with the Clerk and Recorder for
Douglas County, Colorado on July 27, 2018 at Reception Number
2018045507. Independent Bank also perfected the Security Instrument
by filing a UCC Financing Statement with the Colorado Secretary of
Statement on July 27, 2018, Document No. 20182067969. Independent
Bank holds a first secured position in all assets of the Debtor,
including The Ascent boutique hotel.

After the Debtor defaulted under the terms of the Promissory Note
with Independent Bank, Independent Bank agreed to two forbearance
agreements -- first on September 30, 2020, which expired on October
26, 2020; and again on November 30, 2020, which expired on April
26, 2021.

As part of the forbearance agreements, the Debtor created certain
reserve accounts with Independent Bank. On September 3, 2021,
Independent Bank swept $630,711.21 out of the Debtor's reserve
accounts.

According to the Debtor's books and records, Independent Bank is
owed $11,731,503.88 as of the Petition Date.

In addition to Independent Bank, a UCC search of the Debtor turns
up a UCC Financing Statement filed by FirstBank on November 20,
2019, at Document No. 20192107283, which asserts a security
interest in all assets of the Debtor. The Debtor acknowledges
taking out a line of credit from FirstBank in November 2019. The
line of credit was paid off, however, and closed in early 2020.
Notwithstanding the existence of the UCC Financing Statement, the
Debtor states nothing is owed to FirstBank.

The Debtor's primary asset is The Ascent itself. According to a
recent appraisal, the value of The Ascent as an "as-is" going
concern is $23,500,000.

As adequate protection for the Debtor's cash collateral, the Debtor
proposes to provide the Secured Creditors with a post-petition lien
on all postpetition accounts receivable and income derived from the
operation of the business and assets, to the extent that the use of
the cash results in a decrease in the value of the Secured
Creditors' interest in the collateral.

The Debtor will only use cash collateral in accordance with the
Budget subject to a deviation on line item expenses not to exceed
10% without the prior agreement of the Secured Creditors or an
order of the Court.

A copy of the motion is available at https://bit.ly/2X6A9h6 from
PacerMonitor.com.

                    About Mainstreet Pier, LLC

Mainstreet Pier, LLC is a Colorado limited liability company which
owns and operates a boutique hotel, commonly known at The Ascent on
Main Street. The Ascent has 51 hotel rooms, operates two
restaurants and an event center, and leases out another two
restaurants and a jewelry store.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Col. Case No. 21-14682) on September 10,
2021. In the petition signed by Rick Hill, manager, the Debtor
disclosed up to $50,000 in assets and up to $50 million in
liabilities.

Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. is
the Debtor's counsel.



MALLINCKRODT PLC: Attestor Acquires Add'l Acthar Claims
-------------------------------------------------------
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 fifth amended verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose an updated list of Attestor Claimants.

As of Sept. 10, 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).

On September 3, 2021, MNAT and Willkie filed the Fourth 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 Third Amended Verified
Statement. As described in the Fourth Amended Verified Statement,
the Law Firms were recently made aware that Attestor, through an
affiliate called MSP Recovery Claims Series 44, LLC, previously
acquired an indirect interest in certain other claims against the
Debtors. 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.

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

On September 10, 2021, Attestor, through subsidiaries of one of its
managed funds, acquired additional Acthar-related claims through
proof of claim number 6136, originally filed by Aetna, Inc., on
behalf of itself and its subsidiaries and affiliates. Attestor will
promptly file a notice of transfer with respect to such claim
pursuant to Federal Rule of Bankruptcy Procedure 3001(e).

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, downloaded from PacerMonitor.com,
is available at https://bit.ly/2VxSd3c

                     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.


MALLINCKRODT PLC: Moves Back Plan Voting After $583M Deal
---------------------------------------------------------
Law360 reports that drugmaker Mallinckrodt has told a Delaware
bankruptcy judge it is pushing back the voting deadline for its
Chapter 11 plan by two weeks to give stakeholders time to digest
$583 million in settlements it has struck with secured lenders,
unsecured creditors and opioid claimants.

At a virtual hearing before U.S. Bankruptcy Judge John Dorsey on
Wednesday, September 8, 2021, the drugmaker said it had reached the
deals with its unsecured creditors committee, opioid claimants
committee and second-lien bondholders on Friday, September 10,
2021, and as a result would roll back the voting deadline for its
Chapter 11 plan to Sept. 17, 2021.

                       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.


MERCER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Mercer International, Inc.

Headquartered IN Vancouver, Canada, Mercer International, Inc. owns
and operates three modern pulp mills.



MIDCOAST EAST TEXAS LLC: Moody's Withdraws B2 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all assigned ratings for
Midcoast (East Texas) LLC (Midcoast ETX), including the B2
Corporate Family Rating, as Midcoast ETX did not issue its proposed
$400 million senior secured term loan or $25 million super-senior
secured revolver.

Withdrawals:

Issuer: Midcoast (East Texas) LLC

Probability of Default Rating, Withdrawn, previously rated B2-PD

Corporate Family Rating, Withdrawn, previously rated B2

Senior Secured Term Loan, Withdrawn, previously rated B2 (LGD3)

Senior Secured Revolving Credit Facility, Withdrawn , previously
rated Ba2 (LGD1)

Outlook Actions:

Issuer: Midcoast (East Texas) LLC

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

The ratings were withdrawn because Midcoast ETX did not issue its
proposed $400 million senior secured term loan or $25 million
super-senior secured revolver.

Midcoast (East Texas) LLC, wholly-owned and controlled by Midcoast
Energy, LLC, is a midstream company headquartered in Houston, Texas
with gathering, processing, and transportation operations in
Haynesville/Cotton Valley in East Texas.


MIND TECHNOLOGY: Incurs $2.7 Million Net Loss in Second Quarter
---------------------------------------------------------------
Mind Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.66 million on $6.81 million of total revenues for the three
months ended July 31, 2021, compared to a net loss of $6.60 million
on $5.09 million of total revenues for the three months ended July
31, 2020.

For the six months ended July 31, 2021, the Company reported a net
loss of $6.64 million on $11 million of total revenues compared to
a net loss of $13.25 million on $8.27 million of total revenues for
the same period a year ago.

As of July 31, 2021, the Company had $36.05 million in total
assets, $8.73 million in total liabilities, and $27.32 million in
total stockholders' equity.

Rob Capps, MIND's president and chief executive officer, stated,
"We saw notable improvement in the second quarter, with our results
being primarily top-line driven.  Total revenues increased 62%
sequentially and were approximately 34% higher than the same period
last year, and we expect to see further improvement during the
remainder of this year as we complete our scheduled and expected
orders.  Inquiry and bidding activity continues to increase,
including for our sonar products for use in military applications.
As noted above, our backlog remains solid, roughly even with the
first quarter backlog.  Essentially all orders are expected to be
delivered in the current fiscal year."

"We continue to experience effects of the global supply chain
disruptions that began earlier this year.  Although this has not
been a significant issue for us so far, we are beginning to
experience shortages or extended lead times for some components and
materials, as well as increased costs in some cases.  As we
discussed last quarter, we are taking steps to mitigate the supply
chain issues and are prepared for future challenges, should they
arise," Mr. Capps said.

Subsequent to the end of the second quarter, the Company reached an
agreement for the sale of a significant portion of its remaining
land leasing assets which it expects will provide over $4.0 million
of additional liquidity.  The Company expects to generate further
liquidity through the sale of remaining equipment and collection of
certain outstanding obligations.  Its balance sheet remains strong
with zero debt, and it is actively managing its expenses.

"Our long-term picture remains positive as we are progressing with
our strategic initiatives to expand our product offerings to meet
the increasing needs of the maritime market which will underpin our
future growth.  Some of these efforts include providing sensor
packages to the growing USV and AUV markets developing
cost-effective solutions for the anti-submarine and maritime
security markets.  Also, we are proceeding with the development of
new synthetic aperture sonar systems under our partnership with a
European defense contractor.  We expect that these efforts will
enable us to achieve our long-term goal of generating annual
revenues of $140 million with an EBITDA margin of over 20% within
the next five years," Mr. Capps said.

"As we move into the second half of this year, we believe the
positive trend for order flow will continue for the next two
quarters and beyond fiscal 2022.  While we do not know the
magnitude or duration of the global supply chain issues and related
challenges, we plan to continue to execute on our strategic
initiatives.  We believe these initiatives well-position the
Company to become a leading provider of innovative marine
technology and products," concluded Capps.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/926423/000162828021018340/mind-20210731.htm

                       About Mind Technology

Mind Technology, Inc. -- http://mind-technology.com-- provides
technology and solutions for exploration, survey and defense
applications in oceanographic, hydrographic, defense, seismic and
security industries.  Headquartered in The Woodlands, Texas, MIND
Technology has a global presence with key operating locations in
the United States, Singapore, Malaysia and the United Kingdom.  Its
Klein and Seamap units design, manufacture and sell specialized,
high performance sonar and seismic equipment.

Mind Technology reported a net loss of $20.31 million for the year
ended Jan. 31, 2021, compared to a net loss of $11.29 million for
the year ended Jan. 31, 2020.  As of April 30, 2021, the Company
had $35.52 million in total assets, $8.95 million in total
liabilities, and $26.57 million in total stockholders' equity.

Houston, Texas-based Moss Adams LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
April 16, 2021, citing that "The Company has a history of losses
and has had negative cash flows from operating activities in the
last two years.  The Company may not have access to sources of
capital that were available in prior periods.  In addition, the
COVID-19 pandemic and the decline in oil prices during fiscal 2021
caused a disruption to the Company's business and delays in some
orders.  Currently management's forecasts and related assumptions
support their assertion that they have the ability to meet their
obligations as they become due through the management of
expenditures and, if necessary, accessing additional funding from
the at-the-market program or other equity financing.  Should there
be constraints on the ability to access capital under the
at-the-market program or other equity financing, the Company has
asserted that it can manage cash outflows to meet the obligations
through reductions in capital expenditures and other operating
expenditures."


MOHEGAN GAMING: Appoints Jody Madigan as Chief Operating Officer
----------------------------------------------------------------
Mohegan Gaming & Entertainment has appointed Jody Madigan as chief
operating officer to oversee the development and execution of short
and long-term strategic business plans across all MGE properties.

"We are pleased to welcome Jody Madigan to our executive leadership
team to ensure business strategy alignment and continuity across
all of our properties," said Ray Pineault, president and chief
executive officer of Mohegan Gaming & Entertainment.  "With more
than 20 years of experience in the hospitality and casino gaming
industry, Jody's leadership and expertise will contribute to MGE's
continued growth and success."

In his new role, Madigan will report directly to Pineault and will
be responsible for the development and implementation of strategic
competitive positioning plans, ensure marketing and operational
plans drive profitability, and evaluate success in meeting
organizational strategies and financial performance targets.  He
will also lead the general managers of MGE's properties and ensure
that all strategic planning is in alignment with the executive
leadership group and the Mohegan Tribe.

Prior to becoming chief operating officer, Madigan served as the
general manager of the Paragon Casino and Resort.  In that role, he
led a very successful turnaround of the business, including
tripling EBITDA, increasing team member satisfaction scores,
remodeling the hotel, opening the first sportsbook in Louisiana,
and establishing an extensive management training program for
tribal and non-tribal team members.

Madigan also served as the vice president of Strategic Execution
and Business Development for Seneca Gaming, where he led vital
initiatives involving operations and expansion.  Earlier in his
career, he spent two years as the assistant general manager for
Mountaineer Casino, and a year as the president and general manager
for Casino Miami, a Silver Entertainment property.

In connection with Mr. Madigan's appointment as chief operating
officer of the Company, the parties entered into an employment
agreement, effective Aug. 30, 2021.  The agreement provides for a
base annual salary of $600,000 and a sign-on payment in the amount
of $50,000, and Mr. Madigan will be entitled to participate in the
Company's incentive compensation program, payable at the discretion
of the Management Board of the Company.  Mr. Madigan will also be
eligible for an additional bonus for the Company's 2022 fiscal year
in an amount between $50,000 and $100,000 based on a sliding-scale
EBITDA achievement target.  The agreement is subject to automatic
renewals for additional one-year terms unless either party provides
notice, at least six months prior to the end of the initial term of
March 31, 2025 or any renewal terms, of an intention not to renew
or otherwise terminate the agreement.  The agreement provides that
if Mr. Madigan is terminated for cause, as defined under his
agreement, or if Mr. Madigan voluntarily terminates his employment,
he will not be entitled to any further compensation from and after
the termination date.  If Mr. Madigan is terminated other than for
cause, he will be entitled, among other things, to receive his base
annual salary from the termination date through 12 months from the
termination date.

                       About Mohegan Gaming

Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming &
Entertainment is a master developer and operator of premier global
integrated entertainment resorts, including Mohegan Sun in
Uncasville, Connecticut, Inspire in Incheon, South Korea and
Niagara Casinos in Niagara, Canada.  MGE is owner, developer,
and/or manager of integrated entertainment resorts throughout the
United States, including Connecticut, New Jersey, Washington,
Pennsylvania, Louisiana, as well as Northern Asia and Niagara
Falls, Canada, and coming soon pending regulatory approval, Las
Vegas, Nevada. MGE is owner and operator of Connecticut Sun, a
professional basketball team in the WNBA and New England Black
Wolves, a professional lacrosse team in the National Lacrosse
League.  For more information on MGE and its properties, visit
www.mohegangaming.com.

Mohegan Gaming reported a net loss of $162.02 million for the year
ended Sept. 30, 2020, compared to a net loss of $2.37 million for
the year ended Sept. 30, 2019.

                             *   *   *

As reported by the TCR on Feb. 4, 2021, Moody's Investors Service
upgraded Mohegan Tribal Gaming Authority's ("MTGA") Corporate
Family Rating to Caa1 from Caa2 and Probability of Default Rating
to Caa1-PD from Caa2-PD.  The upgrade considers that on January 26,
MTGA closed on a refinancing that had a meaningful positive impact
on the company's liquidity.


MOLSON COORS: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Molson Coors Beverage Company. EJR also
maintained its 'B' rating on commercial paper issued by the
Company.

Headquartered in Chicago, Illinois, Molson Coors Beverage Company
operates as a brewing company.



MOSAIC CO: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mosaic Company to BB+ from BB-.

Headquartered in Tampa, Florida, Mosaic Company produces and
distributes crop nutrients to the agricultural communities.




MOUNTAIN PROVINCE: Tom Peregoodoff Quits as Director
----------------------------------------------------
Mountain Province Diamonds Inc. announced changes to its Board of
Directors.  Additionally, the company reminded shareholders of its
upcoming virtual Annual General Meeting.

Mr. Tom Peregoodoff has tendered his resignation from the Board of
Directors with immediate effect.  He joined the board in 2019 and
served on the Corporate Governance and Nominating Committee, as
well as the Audit and Risk Committee.  In addition to these formal
roles, Mr. Peregoodoff made valuable contributions to the company
in the areas of exploration, operations and business development.

Jonathan Comerford, the company's chairman commented: "On behalf of
all of us, I would like to thank Tom for his service to Mountain
Province Diamonds and wish him well as he turns his focus to a
leadership role in the precious metals industry.  His many years of
practical experience in the mining industry, which he brought to
the Board, served the company well."

Reminder of 2021 Annual General Meeting of Shareholders

The company wishes to remind shareholders of the upcoming virtual
Annual General Meeting being held at 11:00AM EDT on Tuesday
Sept. 14, 2021.  Shareholders of record as of the close of business
on August 5, 2021, being the record date, are eligible to vote at
the meeting.  Details on how to attend the AGM are available on the
company's website at https://www.mountainprovince.com/agm.  Further
details of the AGM are contained in the Company's 2021 Management
Information Circular, which is available on SEDAR at
www.sedar.com.

                      About Mountain Province

Mountain Province is a Canadian-based resource company listed on
the Toronto Stock Exchange under the symbol 'MPVD'.  The Company's
registered office and its principal place of business is 161 Bay
Street, Suite 1410, P.O. Box 216, Toronto, ON, Canada, M5J 2S1.
The Company, through its wholly owned subsidiaries 2435572 Ontario
Inc. and 2435386 Ontario Inc., holds a 49% interest in the Gahcho
Kue diamond mine, located in the Northwest Territories of Canada.
De Beers Canada Inc. holds the remaining 51% interest.  The Joint
Arrangement between the Company and De Beers is governed by the
2009 amended and restated Joint Venture Agreement.  The Company's
primary assets are its aforementioned 49% interest in the GK Mine
and 100% owned Kennady North Project.

Mountain Province reported a net loss of C$263.43 million for the
year ended Dec. 31, 2020, compared to a net loss of C$128.76
million for the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the
Company had C$595.33 million in total assets, C$75.73 million
in current liabilities, C$374.71 million in secured notes payable,
C$750,000 in lease liabilities, C$70.44 million in decommissioning
and restoration liability, and C$73.70 million in total
shareholders' equity.

Toronto, Canada-based KPMG LLP, the Company's auditor since 1999,
issued a "going concern" qualification in its report dated March
29, 2021, citing that the Company has suffered recurring losses
from operations that raises substantial doubt about its ability to
continue as a going concern.


MURPHY OIL: Egan-Jones Hikes Senior Unsecured Ratings to B
----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Murphy Oil Corporation to B from CCC.

Headquartered in El Dorado, Arkansas, Murphy Oil Corporation is an
independent exploration and production company that conducts its
business through various operating subsidiaries.



NATIONAL RIFLE: AG Touts Denial of NRA Members' Intervention Bid
----------------------------------------------------------------
On Sept. 9, 2021, New York Attorney General Letitia James released
the following statement after Justice Joel Cohen of the New York
State Supreme Court rejected efforts by two members of the National
Rifle Association (NRA) to intervene in the countersuit the NRA
brought against Attorney General James following the lawsuit she
filed to dissolve the organization in August 2020:

"No matter who argues on its behalf, the fact remains that the
National Rifle Association is fraught with fraud and abuse.  Over a
year ago, we laid out how the NRA went unchecked for more than a
decade while top executives funneled millions into their own
pockets. We are grateful that the court denied today's motion and
look forward to our case moving forward expeditiously without
further delay. Our fight for transparency and accountability will
continue undeterred because no organization is above the law."

In August 2020, Attorney General James filed a lawsuit against the
NRA and four of the organization's current or former top executives
for failing to manage the NRA's funds; failing to follow numerous
state and federal laws, as well as the NRA’s own bylaws and
policies; and contributing to the loss of more than $64 million in
just three years. The suit was filed against the NRA as a whole, as
well as Executive Vice-President Wayne LaPierre, former Treasurer
and Chief Financial Officer Wilson "Woody" Phillips, former Chief
of Staff and Executive Director of General Operations Joshua
Powell, and Corporate Secretary and General Counsel John Frazer.

That same day, the NRA filed a countersuit against Attorney General
James. This past June 2021, the NRA dropped that countersuit in an
implicit admission that their strategy would never prevail.

That action came after, this past January, in an effort to avoid
accountability altogether, the NRA filed for chapter 11 bankruptcy
even though the organization still claimed to have healthy
financial reserves. Over the course of the bankruptcy trial,
LaPierre and other senior leaders admitted that the bankruptcy was
simply a way of avoiding New York's enforcement action, yet still
stated that they believed that New York courts and judges could be
trusted to fairly and impartially oversee the case. In May 2021, a
federal bankruptcy court in Texas rejected the organization's
claims of bankruptcy after the NRA sought to reorganize in Texas,
stating, “that the NRA did not file the bankruptcy petition in
good faith."

Then, this past June 2021, the NRA filed new counterclaims, which
Attorney General James moved to dismiss. The two NRA members today
sought to bring claims against the four individual defendants
Attorney General James named in her action — LaPierre, Phillips,
Powell, and Frazer — and claims against non-parties, as well as
counterclaims against Attorney General James.

Attorney General James took no position on whether intervention by
the two members was appropriate for the purpose of asserting cross-
or non-party claims.

                          About National Rifle Association

Founded in 1871 in New York, the National Rifle Association of
America is a gun rights advocacy group. The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.

Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, the National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Texas Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).

The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.

Judge Harlin Dewayne Hale oversees the cases.

The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021. Norton Rose Fulbright US, LLP
and AlixPartners, LLP serve as the committee's legal counsel and
financial advisor, respectively.


NETSCOUT SYSTEMS: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by NetScout Systems, Inc.

Headquartered in Westford, Massachusetts, NetScout Systems, Inc.
designs, develops, manufactures, markets, and supports a family of
products that enable businesses and service providers to manage the
performance of computer networks and business software
applications.



NEW WORLD STAINLESS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: New World Stainless LLC
        100 Randolph Road
        Somerset, NJ 08873

Business Description: New World Stainless LLC manufactures
                      small diameter stainless Steel, titanium,
                      and nickel alloy pressure tubing.

Chapter 11 Petition Date: September 10, 2021

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 21-17153

Debtor's Counsel: David S. Catuogno, Esq.
                  K&L GATES LLP
                  One Newark Center
                  10th Floor
                  Newark, NJ 07102
                  Tel: 973-848-4023
                  Fax: 973-848-4001
                  E-mail: david.catuogno@klgates.com

Debtor's
Special
Litigation
Counsel:          BRAMNICK, RODRIGUEZ, GRABAS, ARNOND &
                  MANGAN, LLP

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Joseph Zielinskie as managing member.

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

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

https://www.pacermonitor.com/view/G57VJJA/New_World_Stainless_LLC__njbke-21-17153__0001.0.pdf?mcid=tGE4TAMA


NEWELL BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Newell Brands, Inc.

Headquartered in Atlanta, Georgia, Newell Brands, Inc. retails
consumer products.



NEWSTREAM HOTEL ABQ: Wins Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, has authorized Newstream Hotel Partners - ABQ,
L.P. to, among other things, use cash collateral on an interim
basis in accordance with the budget, with a 10% variance.

The Debtor requires the use of cash collateral for working capital,
general corporate purposes, and costs of administering the Case.

Prior to the Petition Date, the Debtor entered into two separate
loan agreements with Access Point Financial, LLC f/k/a Access Point
Financial, Inc. The Prepetition Secured Lender asserts -- and the
Debtor acknowledges and agrees -- that:

     1. The Prepetition Secured Lender is the only secured creditor
of the Debtor having an interest in the Cash Collateral;

     2. Prior to the initiation of the above-captioned case, the
Debtor became indebted to, and granted certain security interests
to, the Prepetition Secured Lender pursuant to certain loan and
security agreements, including without limitation the following:

        a. Equipment Loan and Security Agreement, dated January 31,
2018, in the amount of $1,000,000, by and between the Debtor and
Prepetition Secured Lender;
     
        b. Promissory Note, dated January 31, 2018, in the amount
of $1,000,000, executed by the Debtor in favor of the Prepetition
Secured Lender;
     
        c. Deed of Trust, Security Agreement, and Fixture Filing,
dated January 3, 2018, by and between the Debtor and Prepetition
Secured Lender, which was recorded on January 31, 2018 as Doc.
2018009709 with the Bernalillo County, New Mexico Recorder;
     
        d. Promissory Note, dated January 31, 2018, in the amount
of $3,750,000, executed by the Debtor in favor of the Prepetition
Secured Lender;
     
        e. COVID-19 Forbearance Agreement, dated March 1, 2020, by
and between Debtor and Rob Lawson, Carrie Genualdi, Tim Nystrom,
Donna Nystrom, Scott Tarwater, and Donna Tarwater and the
Prepetition Secured Lender, as loan servicer for APF – CPX II,
LLC, whereby Debtor acknowledged the debt under the Equipment Loan
Documents as of February 29, 2020 in the total amount of
$881,035.36;
     
        f. COVID-19 Forbearance Agreement, dated March 1, 2020, by
and between Debtor, Guarantors, and the Prepetition Secured Lender,
as loan servicer for APF – CRE I, LLC, whereby Debtor
acknowledged the debt under the Mortgage Loan Documents as of
February 29, 2020 in the total amount of $3,757,642.46;
    
        g. First Amendment to COVID-19 Forbearance Agreement, dated
June 1, 2020, between Debtor, Guarantors, and the Prepetition
Secured Lender, as loan servicer for APF – CPX I, LLC;

        h. First Amendment to COVID-19 Forbearance Agreement, dated
June 1, 2020, between Debtor, Guarantors, and the Prepetition
Secured Lender, as loan servicer for APF – CRE I, LLC.

The Prepetition Secured Lender asserts that as of the Petition Date
it is owed not less than $5,469,774.88.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition Secured Lender is granted continuing, valid, binding,
enforceable, fully perfected, replacement liens and first priority
security interests in the Debtor's presently owned or hereafter
acquired property and assets, junior only to the Carve-Out, but
excluding any causes of action that could be brought under sections
544-548 of the Bankruptcy Code or any applicable state
fraudulent-transfer statute or similar statute.

The Carve-Out means unpaid post-petition fees and expenses of the
Clerk of the Court and statutory fees payable to the U.S. Trustee
pursuant to 28 U.S.C. section 1930 and unpaid post-petition fees
and expenses of Professionals of the Debtor and any Statutory
Committee (if appointed) but only to the extent such fees and
expenses are within the amounts set forth in the Budget approved by
Access Point.

As additional adequate protection, the Prepetition Secured Lender
is granted an allowed superpriority administrative expense claim
under 507(b) of the Bankruptcy Code.

The final hearing on the matter is scheduled for September 21, 2021
at 1:30 p.m.

A copy of the order and the Debtor's 13-week budget through the
week starting November 22, 2021, is available at
https://bit.ly/3C2URxz from PacerMonitor.com.

The Debtor projects $28,500 in total receipts and $49,266 in total
expenditures for the week starting September 13.

              About Newstream Hotel Partners-ABQ, LP

Newstream Hotel Partners-ABQ, LP owns a full-service hotel, the
SureStay Plus Hotel by Best Western Albuquerque I40 Eubanks,
located at 10330 Hotel Avenue NE Albuquerque, New Mexico 87123,
conveniently located near I40, and within walking distance of
numerous restaurants & shopping.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 21-41212) on August 30,
2021. In the petition signed by Timothy C. Nystrom, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.

Jason P. Kathman, Esq., at Spencer Fane is the Debtor's counsel.

Access Point Financial, LLC f/k/a Access Point Financial, Inc. , as
prepetition lender, is represented by:

     Sean A. Gordon, Esq.
     Austin B. Alexander, Esq.
     Thompson Hine LLP
     Two Alliance Center
     3560 Lenox Road, Suite 1600
     Atlanta, GA 30326-4266
     Tel: (404) 541-2900
     Fax: (404) 541-2905



NEWSTREAM HOTEL LIT: Wins Cash Collateral Access Thru Dec 3
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas has
authorized Newstream Hotel Partners-LIT, LLC to use the cash
collateral of UC Four Points Little Rock Holder, LLC for the period
starting September 7 and ending December 3, 2021, to pay for
approved expenses set forth in the budget, with a 10% variance.

UC Four Points Little Rock Holder, LLC is the successor in interest
to UC Funding, LLC with respect to a Loan Agreement the Debtor
contracted with UC Funding before the Petition Date.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition Secured Lender is granted continuing, valid, binding,
enforceable, fully perfected, replacement liens and first priority
security interests in the Debtor's property and assets and the
proceeds and products thereof, junior only to the Carve-Out. The
Adequate Protection Liens will be granted only to the extent the
prepetition liens of UC Four Points are valid, enforceable,
non-avoidable liens and security interests that were perfected
prior to the Petition Date, which are not subject to avoidance,
reduction, disallowance, impairment, or subordination.

UC Four Points' Adequate Protection Liens will be deemed duly and
automatically perfected under all applicable laws, and no further
notice, filing, recordation or order will be required to effectuate
such perfection.

The use of Cash Collateral and replacement liens will be subject to
right of payment of the following expense:

     (a) unpaid post-petition fees and expenses of the Clerk of the
Court and statutory fees payable to the U.S. Trustee pursuant to 28
U.S.C. section 1930; and

     (b) unpaid post-petition fees and expenses of Professionals of
the Debtor and any Statutory Committee (if appointed) but only to
the extent such  fees and expenses are within the amounts set forth
in the Budget.

The Debtor's right to use the cash collateral pursuant to the Final
Order will terminate upon the earlier of (i) the entry of an order
confirming a Chapter 11 Plan in the case; or (ii) the occurrence of
any of the Termination Events; and (iii) five  business days
following the delivery of a written notice by the Prepetition
Secured Lender to the Debtor, counsel to the Debtor, and the United
States Trustee, of a Default Notice of the occurrence and
continuance of a Termination Event.

The Order provides for the following Termination Events:

   a. The Debtor violates any term of the Final Cash Collateral
Order;

   b. The Debtor's actual expenditures exceed the amounts set forth
in the line items to an approved budget by more than the permitted
variance, and the Prepetition Secured Lender did not previously
consent in writing to such variation from the approved budget;

   c. The consummation of the sale or other disposition of all or
substantially all of the Debtor's assets; and

   d. The entry of an order (i) converting the Chapter 11 Case to a
case under Chapter 7 of the Bankruptcy Code; or (ii) dismissing the
Chapter 11 Case.

A copy of the order and the Debtor's 13-week budget through the
week starting November 29, 2021, is available for free at
https://bit.ly/3A0l2UR from PacerMonitor.com.

The Debtor projects $65,428 in total receipts and $191,792 in total
expenditures for the week starting September 13.

              About Newstream Hotel Partners-Lit LLC

Newstream Hotel Partners-LIT, LLC filed a Chapter 11 petition
(Bankr. E.D. Tex. Case No. 21-40561) on April 16, 2021, with the
U.S. Bankruptcy Court for the Eastern District of Texas.

In the petition signed by Timothy Nystrom, manager, the Debtor
estimated assets between $1 million and $10 million, and
liabilities between $10 million and $50 million.
  
Judge Brenda T. Rhoades oversees the case.

Spencer Fane represents the Debtor as counsel.

UC Four Points Little Rock Holder LLC, as Prepetition Secured
Lender, is represented by:

     Mark Stromberg, Esq.
     Stromberg Stock, PLLC
     8350 N Central Expy, Ste 1225
     Dallas, TX 75206
     Tel: (972) 458-5353
     Fax: (972) 861-5339
     Email: mark@stromberstock.com

Marriott International Inc., as franchisor, is represented by:

     Michael T. Driscoll, Esq.
     SheppardMullin
     30 Rockefeller Plaza
     New York, NY 10112-0015
     Tel: 212-653-8700
     Email: MDriscoll@sheppardmullin.com



NORDSTROM INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nordstrom, Inc. to B+ from CCC+.

Headquartered in Seattle, Washington, Nordstrom, Inc. is a fashion
retailer of apparel, shoes, and accessories for men, women, and
children.



OLIN CORP: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Olin Corporation to B from B-.

Headquartered in Clayton, Missouri, Olin Corporation manufactures
chemicals and ammunition products.



OMNIQ CORP: To Participate in Lake Street's Annual BIG5 Conference
------------------------------------------------------------------
omniQ Corp. will participate in Lake Street Capital Markets' 5th
Annual Best Ideas Growth (BIG5) Conference on Sept. 14, 2021.

To learn more about the event or to schedule a one-on-one meeting
with management, please contact your conference representative or
james@haydenir.com

                         About omniQ Corp.

Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic & parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq Corp. reported a net loss attributable to common stockholders
of $11.31 million for the year ended Dec. 31, 2020, compared to a
net loss attributable to common stockholders of $5.31 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$35.86 million in total assets, $44.50 million in total
liabilities, and a total stockholders' deficit of $8.64 million.

Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ONSITE TRUCK & TRAILER: Files for Chapter 7 Bankruptcy
------------------------------------------------------
Haley Cawthon, writing for Louisville Business First, reports that
Louisville truck and trailer services company, Onsite Truck &
Trailer Service LLC, has filed for Chapter 7 bankruptcy.

Onsite Truck & Trailer Service, based at 3433 S. Seventh St., was
founded in 2006. According to the company's website, it employs 25
people that serve customers with 24/7 roadside assistance through
20 mobile service units and a full-service shop in Louisville.

The mobile units covered Louisville and nearby cities, including
Lexington, Kentucky, Cincinnati, Indianapolis, Indiana, Nashville,
Tennessee, and Knoxville, Tennessee.

According to the bankruptcy filing, Onsite has more than 50
creditors and liabilities ranging between $100,000 and $500,000.
The company's estimated assets also are between $100,000 and
$500,000.

Onsite is being represented in the bankruptcy by Prospect,
Kentucky, firm Goldberg Simpson LLC.

This isn't the first Chapter 7 filing we've seen from a truck and
trailer services company this year. In May 2021, All Around Truck &
Trailer LLC of Shepherdsville, Kentucky, filed for Chapter 7
bankruptcy.

                     About Onsite Truck & Trailer

Onsite Truck & Trailer Services LLC is a Louisville-based truck and
trailer services provider.  Onsite Truck & Trailer Services LLC
sought Chapter 7 protection (Bankr. W.D. Ky. Case No. 21- 31834) on
Sept. 2, 2021.  In its bankruptcy petition, Onsite Trucki estimated
assets of between $100,000 and $500,000 and estimated liabilities
of between $100,000 and $500,000.  The case is handled by Honorable
Judge Charles R. Merrill.  Michael W. McClain, of Goldberg Simpson
LLC, is the Debtor's counsel.


OPTION CARE: Closes Underwritten Offering of 9.2M Common Shares
---------------------------------------------------------------
Option Care Health, Inc. entered into an underwriting agreement
with Goldman Sachs & Co. LLC and HC Group Holdings I, LLC relating
to an underwritten public offering of 9,200,000 shares of the
company's common stock, par value $0.0001 per share, sold by HC
Group at a price to the public of $26.90 per share.  The offering
closed on Sept. 9, 2021.

The securities were sold pursuant to a registration statement on
Form S-3 (File No. 333-239504) that was filed by Option Care Health
with the Securities and Exchange Commission on June 26, 2020 and
became effective on July 8, 2020, a prospectus included in the
Registration Statement and a prospectus supplement, dated Sept. 7,
2021 and filed with the Commission on Sept. 9, 2021.

Option Care Health will not receive any of the proceeds from the
sale of the securities by HC Group.

The Underwriting Agreement contains customary representations,
warranties, covenants and indemnification obligations of Option
Care Health, HC Group and Goldman, including for liabilities under
the Securities Act of 1933, as amended, and other obligations of
the parties.

In addition, pursuant to the terms of the Underwriting Agreement,
(i) Option Care Health's executive officers and certain of the
company's directors affiliated with HC Group have entered into
"lock-up" agreements with Goldman, which generally prohibit the
sale, transfer or other disposition of securities of the company
for a 30-day period, subject to certain exceptions, and (ii) HC
Group has entered into substantially the same "lock-up" agreement
with Goldman, which generally prohibits the sale, transfer or other
disposition of securities for a 30-day period, subject to certain
exceptions.

                     About Option Care Health

Option Care Health -- OptionCareHealth.com -- is an independent
provider of home and alternate site infusion services.  With over
5,000 teammates, including approximately 2,900 clinicians, the
Comopany works to elevate standards of care for patients with acute
and chronic conditions in all 50 states.

Option Care reported a net loss of $8.07 million for the year ended
Dec. 31, 2020, compared to a net loss of $75.92 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$2.72 billion in total assets, $1.66 billion in total liabilities,
and $1.06 billion in total stockholders' equity.


OWENS CORNING: Egan-Jones Keeps BB+ Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Owens Corning.

Headquartered in Toledo, Ohio, Owens Corning produces residential
and commercial building materials, glass-fiber reinforcements, and
engineered materials for composite systems.



P8H INC: Wins Cash Collateral Access Thru Oct 17
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Megan E. Noh, Chapter 11 Trustee for P8H, Inc., d/b/a
Paddle8, to use cash collateral on an interim basis up to an
aggregate amount of $32,060.

The amount will be used for budgeted expenses to be incurred during
the period from and including August 23 to and including October
17, 2021, pending a further interim hearing on the motion to be
held on October 14.  

FBNK Finance S.a.r.l., as assignee of Stockaccess Holdings SAS,
asserts a prepetition lien on the cash collateral.

Judge David S. Jones ruled that, for the purpose of adequately
protecting the Lender from Collateral Diminution, the Lender is
granted:

   a. Replacement liens in all of the Debtor's post-petition assets
to the extent that the Lender's alleged lien in the Cash Collateral
was valid, perfected and enforceable as of the Petition Date in the
continuing order of priority of its pre-petition liens to the
extent Collateral Diminution occurs during the Chapter 11 case,
subject to the carve out; and

   b. A first priority post-petition lien in the proceeds of any
litigation that may be commenced including (i) avoidance claims
that may be asserted by or on behalf of the Debtor's estate, and
(ii) any other litigated matters, but only to the extent that the
Lender's alleged lien in the Cash Collateral was valid, perfected
and enforceable as of the Petition Date in the continuing order of
priority of its pre-petition liens to the extent Collateral
Diminution occurs during the Chapter 11 case; and

  c. A superpriority administrative expense claim pursuant to
Section 507(b) of the Bankruptcy Code, subject to the Carve-Out, to
the extent that the adequate protection granted is inadequate.

The Carve-Out consists of (i) the claims of Chapter 11
professionals duly retained in the Chapter 11 case and to the
extent awarded; (ii) United States Trustee fees and any Clerk's
filing fees; (iii) fees and expenses incurred in connection with
any investigation of the nature, extent and validity of the
Lender's liens and security interests in an amount up to $10,000;
and (iv) the fees and commissions of a hypothetical Chapter 7
trustee for up to $10,000.

Moreover, the Trustee is directed to segregate and continue to hold
from the Debtor's estate's cash on hand the amount of $213,261
related to claims alleged by Rema Hort Mann Foundation, Penumbra
Foundation, The New American Cinema Group, Inc., The Shawn Carter
Foundation, the UN Women National Committee UK, and Counseling In
Schools, Inc. that certain funds held by the Debtor belong to these
entities pursuant to New York's Art and Cultural Affairs Law.

A copy of the interim order and the Debtor's eight-week budget is
available for free at https://bit.ly/3959ROR from
PacerMonitor.com.

The Debtor projects $258,132 in total expenses for the period.
   
                  About P8H, Inc. d/b/a Paddle8

Paddle8 was founded in 2011 by Alexander Gilkes, Aditya Julka, and
Osman Khan.  It is one of the first online auction house that
specialized in the art world's "middle market."  It announced a
high-profile merger with the Berlin-based online auction house
Auctionata in 2016, but the partnership was dissolved in 2017 when
Auctionata filed for insolvency.

P8H, Inc., doing business as Paddle 8, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-10809) on March 16, 2020.  At the time of filing, the Debtor was
estimated to have assets of less than $50,000 and liabilities of
between $50,001 and $100,000.

Judge Stuart M. Bernstein oversees the case.

The Debtor is represented by Kirby Aisner & Curley, LLP.

Megan E. Noh is the Debtor's Chapter 11 trustee.  The Trustee is
represented by Pryor Cashman, LLP.

FBNK Finance S.a.r.l., as lender, is represented by Jonathan I.
Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC.



PBF ENERGY: Egan-Jones Keeps CCC Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, maintained its
'CCC' foreign currency and local currency senior unsecured ratings
on debt issued by PBF Energy Inc. EJR also maintained its 'C'
rating on commercial paper issued by the Company.

Headquartered in Parsippany-Troy Hills, New Jersey, PBF Energy Inc.
operates as an independent petroleum refiner and supplier.



PG&E CORP: Egan-Jones Hikes Senior Unsecured Ratings to B-
----------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PG&E Corporation to B- from CCC.

Headquartered in San Francisco, California, PG&E Corporation is a
holding company that holds interests in energy based businesses.



PHILIPPINE AIRLINES: Has Interim OK to Tap $20MM DIP Loan
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized Philippine Airlines, Inc. to among other things, borrow
under the DIP Loan Documents and the Interim Order up to an interim
aggregate principal amount of $20 million.

The Debtor previously requested the Court for authority to obtain
postpetition financing in an aggregate principal amount of up to
$505 million.

The DIP Facility consists of:

     * $250 million first lien secured Tranche A multi-draw term
loan facility

        Of this amount, $20 million will be available in a single
draw upon entry of the Interim DIP financing order.  The remainder
will be available in a single draw upon entry of the Final Order.
Buona Sorte Holdings, Inc. is the Initial Tranche A DIP Lender.

     * $255 million second lien secured Tranche B multi-draw term
loan facility

       The loan will be available in no more than two draws upon
entry of the Final Order, from PAL Holdings Inc., as Tranche B DIP
Lender.

Buona Sorte serves as administrative and collateral agent for the
DIP loans.  The Initial Tranche A DIP Lender directly owns
approximately 60% of the equity of non-Debtor Trustmark Holdings
Corporation, which in turn directly owns approximately 76.9% of the
equity of the Initial Tranche B DIP Lender, which in turn directly
owns approximately 98.57% of the equity of the Debtor. Buona Sorte
also served as prepetition Bridge Lender.

Buona Sorte provided term loans to the Debtor pursuant to Loan
Agreements, dated as of February 10, 2021 (the "First Bridge Loan
Agreement"), May 27, 2021 (the "Second Bridge Loan Agreement"), and
August 19, 2021 (the "Third Bridge Loan Agreement").  Pursuant to
the Bridge Loan Agreements, the Bridge Lender provided credit
facilities to the Debtor in an aggregate principal amount of $100
million, comprised of (a) $60 million pursuant to the First Bridge
Loan Agreement, (b) $25 million pursuant to the Second Bridge Loan
Agreement, and (c) $15 million pursuant to the Third Bridge Loan
Agreement. The Bridge Loan Facilities provided the Debtor with the
necessary liquidity and runway to prepare for an organized
bankruptcy filing and negotiate Restructuring Support Agreements
with numerous lenders and lessors regarding the Debtor's go-forward
aircraft leases, long-term loans, and optimized fleet leasing
strategy in accordance with the Debtor's revised business plan.

The Debtor granted to the Bridge Lender a first priority security
interest in and a continuing lien on each of the Aircraft, Engines,
and Spare Engines, subject only to any Permitted Liens. The Bridge
Loan Collateral includes all of the DIP Collateral, except the
Mabuhay Miles frequent flyer program.

As adequate protection for the Debtor's use of cash collateral, the
Bridge Lender is granted:

     a. Adequate Protection Liens, which are junior to Permitted
Senior Liens, the Tranche A DIP Liens, and the Bridge Loan Liens
and senior to the Tranche B DIP Liens;

     b. Adequate Protection Superpriority Claims, which are junior
to the Carve Out, the DIP Superpriority Claims arising under the
Tranche A DIP Facility, and the Bridge Loan Obligations and senior
to the DIP Superpriority Claims arising under the Tranche B DIP
Facility; and

     c. Adequate Protection Payments, consisting of periodic cash
interest and reasonable, out-of-pocket fees and expenses.

The DIP Lenders require the Borrower to meet these milestones:

     a. No more than 20 days after the Petition Date, the Borrower
will have filed a motion seeking entry of (A) the DIP Order and (B)
one or more final orders authorizing the Borrower to assume all
executed Restructuring Support Agreements, in each case, in form
and substance acceptable to the Lenders;

     b. No later than 60 days after the Petition Date, (A) the
Final DIP Order, and (B) the RSA Assumption Order each will have
been entered by the Bankruptcy Court;

     c. No later than 60 days after the Petition Date, the Borrower
will have filed a plan of reorganization materially consistent with
the Restructuring Support Agreements, a related disclosure
statement, and a motion for a hearing on the Acceptable Plan and
the Disclosure Statement, in each case reasonably acceptable to the
Lenders;

     d. No later than 120 days after the Petition Date,
solicitation on the Acceptable Plan will have been completed;

     e. No later than 150 days after the Petition Date, the
Bankruptcy Court will have entered a final order confirming the
Acceptable Plan and a final order approving the Disclosure
Statement, in each case in form and substance acceptable to the
Lenders; and

     f. No later than 180 days after the Petition Date, the
effective date of the confirmed Acceptable Plan will have
occurred.

The final hearing on the matter is scheduled for September 30, 2021
at 10 a.m.

A copy of the order and the Debtor's 14-week cash flow forecast
through the week of November 29, 2021, is available at
https://bit.ly/2VDLbKw from PacerMonitor.com.

The Debtor projects $23.54 million in total receipts and $23.70
million in total operating disbursements for the each of week of
September 3 and the week of September 13.

                     About Philippine Airlines

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world
On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 21-11569).

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as aircraft counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines.  Kurtzman Carson Consultants LLC is the claims agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.


PITNEY BOWES: Egan-Jones Hikes Senior Unsecured Ratings to B
------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pitney Bowes Inc. to B from B-.

Headquartered in Stamford, Connecticut, Pitney Bowes Inc. sells,
finances, rents, and services integrated mail and document
management systems.



POSEIDON INVESTMENT: S&P Downgrades ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Poseidon
Investment Intermediate L.P. (dba Pretium Packaging LLC) to 'B-'
from 'B'.

S&P said, "We assigned our 'B-' issue-level and '3' recovery
ratings to the company's proposed $1.215 billion first-lien term
loan due 2028. We also assigned our 'CCC' issue-level and '6'
recovery ratings to the company's proposed $365 million second-lien
term loan due 2029.

"Our stable outlook on Poseidon reflects our expectation that S&P
Global Ratings-adjusted debt to EBITDA will remain elevated above
7.5x following the acquisition. Our forecast assumes operating
performance will improve as the company continues to benefit from
demand tailwinds related to consumer preferences and earnings
growth from previous strategic initiatives and acquisition-related
cost synergies."

Poseidon intends to issue $1.58 billion in new senior secured
credit facilities to fund an acquisition and refinance its existing
capital structure.

The downgrade reflects the increase in the company's debt leverage
under its new capital structure. Poseidon intends to fund the
proposed acquisition with a new $1.215 billion senior secured
first-lien term loan, $365 million senior secured second-lien term
loan, and new common equity. Poseidon will also have a new $100
million asset-based lending (ABL) facility that will be undrawn at
close. S&P said, "Although the acquisition target enhances
Poseidon's scale by contributing a significant amount of pro forma
revenue, we believe the incremental debt will result in S&P Global
Ratings-adjusted debt to EBITDA sustained above 7.5x during the 12
months following the close of the acquisition. Included in our
forecast is earnings growth driven by identified cost synergies
related to procurement savings, automation investments, headcount
reductions, and facility consolidation to be realized over 12-18
months. However, projected cost savings are partially offset by
integration and acquisition costs in fiscal 2022. Pro forma for
these acquisitions, we project Poseidon's revenues will exceed $900
million, S&P Global adjusted EBITDA will be about $210 million, and
adjusted leverage will be 7.5x-8x."

S&P said, "We believe the acquisition will improve Poseidon's
competitive position. Our view of the combined company's business
risk incorporates its improved scale, geographic expansion, and
considerable opportunity for cost savings. The target company's end
markets and product lines are complementary to Poseidon's and
increase its exposure to high-growth categories. Like Poseidon, the
target company generates revenue from defensive and
recession-resistant end markets that have proven resilient through
the COVID-19 pandemic. Both companies focus on customers with small
to medium production volumes. Poseidon competes with both smaller
regional competitors and larger, though less agile, competitors.
Its product innovation, automation expertise, customized packaging
solutions, and national scale provide a competitive advantage over
small regional competitors, while its differentiated packaging
solutions and short changeover times appeal to lower-volume
customers that may be underserved by Poseidon's larger competitors.
As a full-service designer and manufacturer of rigid packaging
solutions for niche private-label and independent brands, the
company can generate above-average margins compared to other rated
packaging peers. We believe its targeted focus on smaller customers
will support growth, given an increase in contract manufacturing
and consumer shift away from national brands toward either premium
independent brands or affordable private-label products. We also
expect Poseidon will continue to benefit from secular tailwinds,
such as an increased focus on health and hygiene and greater
purchasing through e-commerce channels, both of which have been
magnified by the COVID-19 pandemic.

"We expect Poseidon will maintain adequate liquidity and generate
positive free cash flow over the next 12 months. Despite the
increased interest costs, we believe the company's improved
earnings will support solid free operating cash flow (FOCF) in
fiscal 2022. We estimate the company will generate operating cash
flow of $100 million-$125 million after working capital
requirements. We forecast capital expenditure (capex) will increase
to nearly $50 million. As such, we expect the company will generate
sufficient positive FOCF of about $50 million-$75 million over the
next 12 months.

"The stable outlook on Poseidon reflects our expectation that S&P
Global Ratings-adjusted debt to EBITDA will remain elevated above
7.5x following the acquisition. Our forecast assumes operating
performance will improve as the company continues to benefit from
demand tailwinds related to consumer preferences and earnings
growth from previous strategic initiatives and acquisition-related
cost synergies."

S&P could lower its rating on Poseidon if:

-- Negative FOCF diminishes liquidity; and

-- Operating performance deteriorates such that credit metrics
significantly weaken, causing us to view its capital structure as
unsustainable.

This could occur if the company faces unanticipated integration
challenges or cannot offset significant cost headwinds and
increased investment in productivity initiatives through pricing
actions and improved operating efficiency.

S&P could raise its rating on Poseidon if:

-- The company successfully integrates the acquisition and
achieves forecast revenue growth and substantial cost synergies;
and

-- The company demonstrates a commitment to reducing leverage by
using its positive cash flow to repay debt and sustain debt to
EBITDA below 7x.



PRETIUM PKG: Moody's Affirms B3 CFR & Rates 1st Lien Term Loan B2
-----------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Pretium PKG Holdings,
Inc. upon the company's announcement to take on a total of $1.58
billion new loans to acquire a target in the packaging industry and
refinance existing debt on Wednesday, September 8, 2021 [1]. The
outlook remains stable.

At the same time, Moody's assigned B2 on the new 1st lien senior
secured term loan and Caa2 on the 2nd lien senior secured term
loan. These loans will be used to finance the proposed acquisition,
repay all of the existing 1st and 2nd lien senior secured loans,
and pay fees and expenses. The revolver commitment will be
increased to $100 million from current $60 million. The ratings on
the existing debt instruments will be withdrawn upon close of the
transaction.

"The affirmation of Pretium's corporate family rating considers
elevated financial leverage after the proposed acquisition, which
we expect to improve supported by additional earnings from the
target and progress in passing through resin costs via its
contracts," said Motoki Yanase, VP - Senior Credit Officer at
Moody's.

Ratings affirmed:

Issuer: Pretium PKG Holdings, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

New ratings assigned:

Issuer: Pretium PKG Holdings, Inc.

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

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

Outlook Actions:

Issuer: Pretium PKG Holdings, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Affirmation of B3 corporate family rating considers a rise in
Pretium's leverage as a result of the announced debt-funded
acquisition, which more than doubles the company's total debt to
$1.58 billion. There will be new cash equity injected from the
sponsor, Clearlake Capital Group, which mitigates the impact of the
increased debt burden to some extent.

As a result of the acquisition, Moody's expects Pretium's pro forma
leverage to rise close to 11x from 7.9x, as of the last twelve
months ended June 2021, after incorporating Moody's standard
adjustments.

However, Moody's still expects the leverage to improve and clear
the current down-grade guidance of 6.5x within 12-18 months after
the acquisition closes. This will be supported by added earnings
from the target, further profit improvement with the progress in
cost pass-through to clients, and moderation in resin prices, which
currently adds some negative impact on Pretium's margins.

The rating affirmation also reflects Moody's expectation that
profit improvement after the acquisition will help Pretium raise
its EBITDA/interest coverage above 2.0x and generate positive cash
flow, which will help pay down its elevated debt load.

Moody's expects Pretium to have good liquidity over the next 12 to
18 months, supported by availability on the new $100 million
five-year asset-based revolver and positive free cash flow expected
over the course of next 12-18 months. The asset-based revolver
expires in 2025. Amortization of the first lien term loan is 1% per
year. The revolver is expected to have a springing 1.0x fixed
charge covenant if availability is less than the greater of $7.5
million and 10%. Moody's does not project the company to trigger
the covenant. All assets are substantially encumbered by the
secured facilities, limiting alternative liquidity sources.

The $1,215 million first lien term loan is rated B2, one notch
higher than the B3 corporate family rating. The higher rating
reflects the priority lien on the collateral (1st lien on tangible
and intangible assets except for accounts receivable and inventory
that secure the $100 million asset-based revolver) and the loss
absorption provided by the second lien term loan.

The $365 million second lien term loan is rated Caa2 and reflects
subordinated lien on the collateral pledged to the first lien
facility. These loans are guaranteed by US and Canadian operating
subsidiaries, which generate about 95% of consolidated EBITDA.

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

The stable rating outlook reflects Moody's expectation that
Pretium's margin will continue to improve, and stay higher than
other similarly rated peers in the packaging industry. This would
be supported by the progress in cost pass-through to the contracted
customers, steady demand improvement from the influence of the
pandemic, and additional support from the growing private label and
e-commerce sectors. The outlook also reflects the company's
enhanced end-market diversification and its growing scale, which
helps realize various cost savings over the years.

Moody's could upgrade the rating if the company maintains strong
EBITDA margins and improves its credit metrics. Specifically, an
upgrade could occur if debt/EBITDA falls below 5.75 times,
EBITDA/Interest improves above 3.0x and FCF/Debt improves to 3%.

Moody's could downgrade the rating if the company fails to realize
projected volume and earnings growth. Specifically, Moody's could
downgrade the rating if debt/EBITDA remains above 6.5x,
EBITDA/Interest falls below 2x and FCF/Debt remains negative.

Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. is
a manufacturer of rigid plastic containers for variety of end
markets, including food and beverage, chemicals, healthcare,
wellness and personal care. Pretium PKG Holdings, Inc. is a
portfolio company of Clearlake since January 2020. The company had
sales of about $500 million in the 12 months ended June 30, 2021.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.



PVH CORP: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PVH Corp. to B+ from CCC+.

Headquartered in New York, New York, PVH Corp. designs, sources,
manufactures, and markets men's, women's, and children's apparel
and footwear.



RAMBUS INC: Egan-Jones Keeps CCC- Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its
'CCC-' foreign currency and local currency senior unsecured ratings
on debt issued by Rambus Inc. EJR also maintained its 'C' rating on
commercial paper issued by the Company.

Headquartered in Sunnyvale, California, Rambus Inc. designs,
develops, licenses, and markets high-speed chip-to-chip interface
technology to enhance the performance and cost-effectiveness of
consumer electronics, computer systems, and other electronic
products.



RANGE RESOURCES: Egan-Jones Hikes Senior Unsecured Ratings to CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Range Resources Corporation to CCC from CCC-.

Headquartered in Fort Worth, Texas, Range Resources Corporation is
an independent oil and gas company that explores, develops, and
acquires oil and gas properties.



RAPID AMERICAN: Ends 8-Year Chapter 11 Case With Asbestos Plan
--------------------------------------------------------------
Rick Archer, writing for Law360, reports that the former retail and
consumer holding company Rapid-American Corp.'s 8-year Chapter 11
case came to a close Thursday, September 9, 2021, with a New York
bankruptcy judge approving its plan to use $12.3 million in
insurance settlements to pay asbestos injury claims.

At a brief virtual hearing, U.S. Bankruptcy Judge David Jones
approved Rapid-American's Chapter 11 plan, which will use what the
company said were its last significant assets to establish an
asbestos injury trust fund before dissolving after 64 years of
corporate existence. "This is effectively the last chapter of the
debtor's long and interesting history," Rapid-American counsel
Andrew Muha said.

                      About Rapid-American Corp.

New York-based Rapid-American Corp. was formerly a holding company
with subsidiaries primarily engaged in retail sales and consumer
products and was never engaged in an asbestos business of any kind.
Through a series of merger transactions going back more than 45
years, Rapid has nevertheless incurred successor liability for
personal injury claims arising from plaintiffs' exposure to
asbestos-containing products sold by The Philip Carey Manufacturing
Company -- Old Carey -- as that entity existed prior to June 1,
1967.

Rapid-American filed for Chapter 11 bankruptcy protection in
Manhattan (Bankr. S.D. N.Y. Case No. 13-10687) on March 8, 2013, to
deal with debt related to asbestos personal-injury claims.
Attorneys at Reed Smith LLP serve as counsel to the Debtor. Logan
and Company, Inc. serves as the Debtor's claims and balloting
agent.

The Debtor disclosed assets in excess of $4,446,261 and unknown
liabilities.

On March 28, 2013, the United States Trustee appointed the Official
Committee of Unsecured Creditors. The Committee retained Caplin
Drysdale, Chartered, as counsel.

Young Conaway Stargatt & Taylor, LLP, is counsel to Lawrence
Fitzpatrick, the Future Claimants' Representative.




RED HOOK SOLAR: Seeks Cash Collateral Access
--------------------------------------------
Red Hook Solar Corp. asks the U.S. Bankruptcy Court for the
Northern District of New York for authority to use cash
collateral.

The Debtor seeks authorization to use Cash Collateral in order to
expand its insurance coverage so as to qualify to enter into a
contract by and between the Debtor and RBI Solar Inc.

The Prepetition Secured Creditors with an interest in the Cash
Collateral are NYBDC Local Development Corp. and Tempay, LLC.

At the time of filing, the Debtor had very little cash in its
coffers with the majority of it being held by Tempay, LLC.

At the outset of thes case, the Debtor was offered a contract with
RBI Solar Inc. Due to the Debtor's lack of cash, the Debtor did not
have adequate funding to "ramp up" and enter into the contract.

The Debtor conservatively projected a $45,000 profit on the RBI
Contract.

The Debtor asserts if it cannot obtain sufficient operating
liquidity to enter into these postpetition contracts on a timely
basis, it will be forced to discontinue operations resulting in a
permanent and irreplaceable loss of business, and therefore value,
to the detriment of the Debtor, its estate, its creditors and other
parties in interest.

In order to adequately protect the prepetition secured lenders'
interest in the Cash Collateral, the Debtor proposes to grant the
secured creditors, effective as of the Petition Date and in
accordance with their relative priority, perfected replacement
security interests in and valid, binding, enforceable and perfected
liens on the net proceeds of the RBI Contract, up to the amount of
the corpus of Debtor's prepetition cash collateral.

The secured lenders will be additionally protected as a result of
the continued operation of the Debtor's business operations.
Without the use of the Cash Collateral, the Debtor would forego
business opportunities and the business will be irreparably
harmed.

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

                    About Red Hook Solar Corp.

Red Hook Solar Corp. is in the solar construction industry with a
principal place of business located at 160 Nevis Rd. Tivoli, NY
12583, Columbia County, New York. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case
No. 21-10759 on August 9, 2021. In the petition signed by Chad
Dickason, president, the Debtor disclosed $1,302,866 in total
assets and $363,146 in total liabilities.

Michael L. Boyle, Esq., at Boyle Legal, LLC is the Debtor's
counsel.




REDWOOD TRUST: Egan-Jones Withdraws B+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, withdrew its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Redwood Trust, Inc.

Headquartered in Mill Valley, California, Redwood Trust, Inc. is an
internally-managed specialty finance company focused on making
credit-sensitive investments in residential loans and other
mortgage-related assets, as well as residential mortgage banking
activities.



RENOVATE AMERICA: Court Approves Wind Down Plan in Bankruptcy
-------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that home improvement loan
provider Renovate America Inc. won court approval to wind down in
bankruptcy after an earlier sale of a business unit.

The companies' Chapter 11 plan, approved during a hearing Friday,
September 10, 2021, creates a liquidating trust that will sell the
remaining assets. Personal Energy Finance Inc., a Renovate America
affiliate that's also a debtor in the bankruptcy case, already sold
its "Benji" home improvement financing business to Finance of
America Mortgage LLC for $5.35 million in March 2021.

The trust will oversee distribution of the sale proceeds to the
company's creditors.

                      About Renovate America

Renovate America is one of the nation's preeminent providers of
home improvement financing through its industry-leading home
financing product, Benji. The Company offers a proprietary
technology platform that helps Americans improve their homes while
giving contractors the tools they need to grow their business.  In
addition to offering intuitive financing options, Renovate America
offers industry-leading education, training and mentoring to
contractor teams in the field. On the Web:
http://www.renovateamerica.com/        

Renovate America, Inc. and affiliate, Personal Energy Finance,
Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-13173) on Dec. 21, 2020. Renovate America was estimated to have
$50 million to $100 million in assets and $100 million to $500
million in liabilities as of the bankruptcy filing. Judge Laurie
Selber Silverstein oversees the cases.

Bryan Cave Leighton Paisner LLP is acting as the Company's legal
counsel.  Stretto is the claims agent. Culhane Meadows, PLLC, is
the bankruptcy co-counsel. Armanino LLP is the financial advisor.
GlassRatner Advisory & Capital Group, LLC, is the restructuring
advisor.




RENOVATE AMERICA: Tells Judge It Reached Consensus on Ch. 11 Plan
-----------------------------------------------------------------
Law360 reports that home improvement project lender Renovate
America told a Delaware bankruptcy judge Wednesday, September 8,
2021, that it was prepared to seek confirmation of its Chapter 11
plan on a consensual basis after reaching deals with all of its
major stakeholders ahead of a Friday hearing on the plan.

In a brief supporting plan confirmation, Renovate America said the
opening months of its bankruptcy case were focused on stabilizing
its business and finding a going-concern buyer for its loan
origination unit before the company pivoted to preparing a plan
through negotiations with creditors.

                        About Renovate America

Renovate America is one of the nation's preeminent providers of
home improvement financing through its industry-leading home
financing product, Benji. The Company offers a proprietary
technology platform that helps Americans improve their homes while
giving contractors the tools they need to grow their business. In
addition to offering intuitive financing options, Renovate America
offers industry-leading education, training and mentoring to
contractor teams in the field. On the Web:
http://www.renovateamerica.com/       

Renovate America, Inc. and affiliate, Personal Energy Finance,
Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-13173) on Dec. 21, 2020. Renovate America was estimated to have
$50 million to $100 million in assets and $100 million to $500
million in liabilities as of the bankruptcy filing. Judge Laurie
Selber Silverstein oversees the cases.

Bryan Cave Leighton Paisner LLP is acting as the Company's legal
counsel. Stretto is the claims agent. Culhane Meadows, PLLC, is the
bankruptcy co-counsel. Armanino LLP is the financial advisor.
GlassRatner Advisory & Capital Group, LLC, is the restructuring
advisor.



RLJ LODGING: Moody's Rates New $500MM Secured Notes Due 2029 'Ba3'
------------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior secured rating
to the offering of US$500 million of eight-year, senior secured
notes due 2029 issued by RLJ Lodging Trust, L.P., the operating
subsidiary of RLJ Lodging Trust. The outlook is unchanged at
stable.

The following rating was assigned:

Issuer: RLJ Lodging Trust, L.P.

$500 million Backed Senior Secured Debt, Assigned Ba3

RATINGS RATIONALE

As part of its active liability management strategy, the company
intends to use the net proceeds from the debt-for-debt transaction
to redeem all of the outstanding 6.0% coupon, $475 million Senior
Notes due 2025 of its subsidiary, FelCor Lodging Limited
Partnership. The new notes will be guaranteed by the Company and
certain subsidiaries of the Operating Partnership that guarantee
the Company's senior credit facilities Following the redemption of
all of the outstanding FelCor Senior Notes, FelCor LP and certain
other FelCor Subsidiaries will become guarantors under the RLJ
Credit Agreements, the 2026 Indenture and the indenture governing
the notes offered in the new transaction. Pro forma for the full
redemption, the issuer and its subsidiary guarantors will own 84
hotels, up from 61, with a gross asset value of approximately $5.9
billion and total debt of $2.0 billion. This is up from $3.8
billion of gross assets and $1.5 billion of total debt at second
quarter-end 2021. Overall, Moody's consider the transaction as
credit positive, allowing the company to simplify its capital
structure, opportunistically reduce its financing costs and extend
its debt duration while also further broadening its access to the
public debt capital markets.

RLJ's Ba3 credit profile benefits from its platform as one of the
largest US hotel REITs with a high-quality portfolio of
premium-branded, focused-service and compact full-service hotels,
comprising approximately 22,400 rooms, as of second quarter-end
2021. The REIT owns and invests in smaller,
upper-scale/upscale-designated hotels that cater to leisure and
transient-oriented demand. Management considers these types of
hotels to be less operating and capital intensive compared to the
bigger, large group-oriented, traditional full-service hotels. The
portfolio benefits from its granularity and geographical
diversification across the major high demand/high barrier-to-entry,
urban and dense suburban markets that attract demand from business,
group and leisure travelers. Despite the COVID-19 heavy impact on
the lodging sector, the REIT's operating performance has been
improving on a quarterly sequential basis since the second quarter
of 2020. Although still materially below 2019 operating/financial
levels, RLJ's occupancy rates and revenue per available room
(RevPAR) have risen significantly, producing positive hotel EBITDA
growth in the first half of 2021. Despite the inherent seasonality
of the business, compounded by the lingering concerns of the Delta
variant and new infection cases, Moody's expects that the U.S.
leisure/transient-oriented lodging segment will experience a
quicker and stronger recovery in 2021, compared to traditional
full-service hotels.

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

Upward rating momentum would be predicated upon the following
criteria on a sustained basis: 1) total debt to gross assets
approaching 35%; 2) net debt to EBITDA below 5.0x; 2) secured debt
below 15% of gross assets; 3) fixed charge coverage ratio greater
than 3.25x. Additionally, any upward rating pressure would also
require RLJ to maintain ample liquidity through industry and
economic cycles.

Downward rating momentum would entail the following: 1) weakened
operating performance or inadequate liquidity over the next 12-18
month period; 2) failure to generate positive free cash flow by the
end of 2021; and 3) failure to improve leverage levels closer to
pre-COVID levels could also lead to downward ratings pressure.

RLJ Lodging Trust [NYSE: RLJ] is an internally-managed lodging REIT
that owns, acquires and invests primarily in compact full-service
and focused service hotels. The portfolio caters to the
transient/leisure traveler and some small groups. As one the
leading hoteliers in the United States, the company owns 100 hotel
properties with approximately 22,400 rooms, located in the major
leisure and drive-to lodging markets in 23 states and the District
of Columbia. As of June 30, 2021, the company had approximately
$5.30 billion in total assets and $2.56 billion in book equity.
Subsequent to second quarter-end 2021, the company acquired the
186-room Hampton Inn & Suites Atlanta Midtown and sold three
non-core hotel properties with a total of 257 rooms.

The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.


RLJ LODGING: S&P Rates New 500MM Senior Secured Notes 'BB-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '2' recovery
ratings (rounded estimate: 80%) to RLJ Lodging Trust's proposed
$500 million of senior secured notes due 2029. The company plans to
use the proceeds from these notes to repay $475 million of
outstanding FelCor Lodging L.P. notes due 2025. The existing 'B+'
issuer credit rating, negative outlook, and senior secured
issue-level rating are unchanged.

Despite the incremental senior secured debt, recovery prospects for
existing senior secured lenders are not materially different.
Following the planned redemption of the FelCor notes, senior
secured lenders will benefit from restricted subsidiary guarantees
on 23 properties that previously were available to FelCor senior
unsecured noteholders.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P said, "We assigned our 'BB-' issue-level and '2' recovery
ratings to RLJ's proposed $500 million senior secured notes due
2029. The '2' recovery rating indicates our expectation of
substantial (70%-90%; rounded estimate: 80%) recovery for
noteholders in the event of a default. The proposed notes will be
pari passu with the company's existing $600 million revolving
credit facility due 2024, $500 million of existing senior secured
notes due 2026, and $819 million of aggregate term loans due
through 2025. The proposed notes, as well as the existing revolver,
senior secured notes, and term loans, will have subsidiary
guarantees from 84 hotel properties (pro forma for the planned
repayment of the FelCor notes), and 49 of these guarantor
subsidiaries provide a first-priority lien on the equity interests
of the property-owning subsidiaries (additional subsidiaries are
expected to provide equity pledges after the planned repayment). We
have assumed that the value from pledged and guarantor hotels--and
the pro rata share of residual value (after mortgage debt), if
there is any, from encumbered hotel properties--would flow to the
lenders of the revolver, term loans, and senior secured notes in
the event of a default."

-- S&P said, "Our simulated default scenario contemplates a
payment default occurring in 2025 and assumes a severe economic
downturn that hurts hotel demand, increased competition, external
shocks (such as the COVID-19 pandemic) that discourage travel
potentially for the medium term, and cyclical overbuilding in the
hotel industry. If this occurs for an extended period, we
anticipate RLJ could run out of liquidity and eventually default."

-- S&P assumes the company's assets would be sold to other hotel
investors. As a result, it uses a discrete asset approach to value
the company on a property-by-property basis.

-- S&P applies a 35% stress to net operating income and use a
9.78% capitalization rate for the portfolio to arrive at its gross
recovery value.

-- S&P said, "We believe that there would be substantial (70%-90%;
rounded estimate: 80%) recovery prospects for the new senior
secured notes. The '2' recovery rating reflects that even with a
35% stress on the company's 2019 net operating income, there would
be substantial recovery value available for lenders. Recovery value
comes primarily from RLJ's 84 unencumbered guarantor subsidiary
properties (pro forma for the planned repayment of the FelCor
notes), 49 of which will also provide collateral equity pledges
(additional subsidiaries are expected to provide equity pledges
after the planned repayment). Senior lenders also benefit from some
residual value from certain mortgaged properties after their
respective nonrecourse mortgage debts are considered. In addition,
we believe the maintenance financial covenants provide lenders with
protection from the loss of asset coverage."

Simplified waterfall

-- Net enterprise value available to lenders after 5% bankruptcy
administrative costs and 5% property-level sales and marketing
expenses, and after about $400 million in priority mortgage debt at
encumbered subsidiaries: $1.98 billion

-- Total secured debt (senior secured notes and credit
facilities): $2.38 billion

    --Recovery expectations: 70%-90% (rounded estimate: 80%)

All debt amounts include six months of prepetition interest.



RYAN 1000: Gets Cash Collateral Access Thru Nov. 10
---------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin has
authorized Ryan 1000, LLC and Ryan 8641, LLC to continue using cash
collateral on an interim basis through November 10, 2021.

The Court extended its previous orders approving use of cash
collateral on an interim basis until September 8, and provided that
the date may be extended through mutual agreement of the Debtors
and Waterstone Bank.

The Court said the Order is without prejudice to Waterstone's right
to seek immediate relief from the Court and to argue that it is not
adequately protected and is entitled (a) to relief from the
automatic stay, and (b) the payment of any rents and any other
amounts relating to the use or occupancy of properties subject to
liens held by Waterstone.

A copy of the order is available at https://bit.ly/3nlEc4o from
PacerMonitor.com.

                        About Ryan 1000 LLC

Ryan 1000, LLC, a single asset real estate company based in
Milwaukee, Wisc., filed a petition under Subchapter V of Chapter 11
of the Bankruptcy Code (Bankr. E.D. Wisc. Case No. 21-21326) on
March 15, 2021.  David Ryan, sole shareholder, signed the petition.
At the time of filing, the Debtor disclosed up to $50,000 in both
assets and liabilities.  

Judge Beth E. Hanan oversees the case.  

Strouse Law Offices represents the Debtor as legal counsel.



SAN DIEGO TACO: Gets Cash Collateral Access Thru Oct 20
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
has authorized San Diego Taco Company, Inc. to use cash collateral
on an interim basis through October 20, 2021.

The Debtor is permitted to use cash collateral in which Pacific
Premier Bank claims or may claim to have a lien, for Debtor's
ordinary and necessary operating expenses and administrative
expenses, in conformity with the Budget.

A further hearing on the matter is scheduled for October 18 at 2
pm.

A copy of the order is available at https://bit.ly/3yVpV09 from
PacerMonitor.com.

                About San Diego Taco Company, Inc.

San Diego Taco Company, Inc. operates restaurants that specialize
in Mexican cuisine. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 21-03594) on
September 2, 2021. In the petition signed by Ernie Becerra III,
president, the Debtor disclosed $615,570 in total assets and
$1,597,598 in total liabilities.

Judge Christopher B. Latham oversees the case.

Jason E. Turner, Esq., at J. Turner Law Group, APC is the Debtor's
counsel.



SEAHAWK HOLDINGS: S&P Affirms 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Seahawk
Holdings Ltd. The outlook is stable.

A greater share of first-lien debt in the firm's capital structure
would diminish recovery prospects on Seahawk's senior-most debt in
the event of default, however.

S&P said, "Therefore, we lowered the rating on the firm's
first-lien debt to 'B' from 'B+' with a recovery prospect of '3'
(60% recovery). Our issue-level and recovery ratings of 'B-' and
'5' (15%) on the second-lien debt are unchanged.

"The stable outlook reflects our expectation that debt to EBITDA
will be in 5.5x-6x range by fiscal 2023, based on a full year of
earnings from the acquisition and realization of synergies."

Seahawk has agreed to acquire OneLogin Inc. for $468 million
(including fees and related expenses), and will finance the
acquisition with a combination of $330 million add-on to its
existing $1.4 billion first-lien debt and cash on its balance
sheet.

S&P said, "Our corporate rating affirmation reflects modest impact
to credit metrics from Seahawk's debt issuance and acquisition of
OneLogin. The debt- and cash-financed acquisition of OneLogin Inc.
will result in a modest impairment to our forecast of the firm's
credit metrics. We now expect leverage to settle in the high-6x
area in fiscal 2022, compared to previous expectations for 5.5x-6x,
however below our downgrade threshold of 7.5x. We believe the
acquisition will add over $60 million in revenues, which along with
related synergies from headcount reduction, salesforce
optimization, and rationalization of several other cost overruns
will support further leverage reduction to the mid- to high-5x
range by fiscal 2023.

"The stable outlook on Seahawk Holdings Ltd. reflects our view that
the company's leverage will decline to below 6x over the next 12-18
months, based on a full year of revenue and synergies gained from
recent acquisitions. While we expect credit ratios to improve on
revenue growth and operating leverage, we believe the financial
sponsor will continue to pursue acquisitions and possibly dividends
if leverage declines significantly."

S&P could lower its rating on Seahawk if:

-- It does not sustain the increase in bookings, leading to
persistent revenue declines;

-- It fails to achieve targeted synergies and ongoing cost
restructuring plans, leading to lower-than-expected EBITDA margins
that raise its leverage above 7.5x on a sustained basis; or

-- Its free operating cash flow to debt declines to the
low-single-digit-percent area.

S&P views an upgrade as unlikely over the next 12 months. However,
it would consider raising its rating over the longer term on
Seahawk if:

-- Its EBITDA margins remain in the 30% area;

-- Its leverage falls below 5x; and

-- It commits credibly to maintain leverage of less than 5x.

Assumptions

-- Global GDP expands by 5.9% and 4.3% in 2021 and 2022,
respectively;

-- U.S. GDP improves by 6.7% and 3.7% in 2021 and 2022,
respectively;

-- Global IT spending rises by 6%;

-- Revenue increases supported by a strong performance in
Seahawk's One Identity products and Quest Software's Microsoft
Platform Management and Information Management products, which is
partly offset by weakness in its Endpoint Management and Data
Protection segments;

-- OneLogin's revenue will grow by double-digit percentages over
the next 24 months, based on strong IAM market growth and
cross-selling opportunities to Seahawk's existing clienteles;

-- EBITDA margins in the low-30% area in fiscal 2022, potentially
expanding in fiscal 2023 as Seahawk realizes the benefits from its
restructuring initiative, offset by modest dilution from
integration of OneLogin's business;

-- Cash flow from operations of over $155 million annually;

-- Capital expenditure of about 1%-2% of revenue; and

-- Debt amortization of approximately $18 million annually.

Key metrics

-- S&P Global Ratings-adjusted leverage in the 6.5x-7x range at
the end of fiscal 2022, declining to below 6x by 2023; and

-- Funds from operations to debt in the 5%-10% range over the next
24 months.

Seahawk is a holding company that owns two operating subsidiaries:
Quest Software and One Identity. Quest provides software tools for
managing systems, data, and applications and represents
approximately 78% of the company's consolidated revenue. Quest's
main business units are Platform Management, Information
Management, Endpoint Management, and Data Protection (noncore). One
Identity provides identity governance, privileged access
management, and access management solutions and accounts for
approximately 22% of Seahawk's consolidated revenue. For the 12
months ended July 31, 2021, the company reported approximately $1
billion in total revenues.

S&P said, "In our view, Seahawk has adequate liquidity. Although
the company would meet our quantitative criteria for a stronger
assessment, given our belief that its sources of cash will be more
than 2x its uses over the next 12 months and its net sources will
remain positive in the near term even if its EBITDA declines by
50%, we constrain our assessment due to qualitative factors.
Specifically, we view Seahawk's standing in the credit markets as
insufficient to qualify for a stronger-than-adequate liquidity
score (under S&P methodology) and believe it would be unable to
absorb a high-impact, low-probability event without needing to
refinance."

-- Cash and equivalents of about $88 million at transaction
close;

-- $100 million of availability under the revolving credit
facility; and

-- Over $155 million of operating cash flow annually.

-- Capital expenditures of about $10 million-$12 million in the
next 12 months; and

-- Approximately $18 million of annual amortization payments on
the first-lien term loan.

-- S&P lowered its recovery rating on Seahawk's first-lien debt to
'3' from '2' and affirmed its recovery rating on the firm's
second-lien credit facilities at '5'.

-- The change in recovery ratings is primarily due to the
increasing share of first-lien debt in the firm's capital
structure, which diminishes the level of support provided to senior
creditors by second-lien debt.

-- S&P continues to value the company on a going-concern basis
using a 6x multiple of its projected distressed EBITDA. This
multiple reflects its low growth prospect relative to those of its
industry peers.

-- S&P's simulated default scenario contemplates a default
occurring in 2024 due to a significant decline in Seahawk's revenue
stemming from increasing competition and a failure to maintain
technological leadership.

-- S&P estimates that approximately 40% of Seahawk's recovery
value would lie in its unrestricted foreign subsidiaries in a
default scenario.

-- Emergence EBITDA: About $239 million

-- Valuation multiple: 6x

-- Gross enterprise value (EV) at default: About $1.43 billion

-- Administrative costs: 5%

-- Net value available to creditors: About $1.36 billion

-- First-lien debt claims: Approximately $1.9 billion

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

-- Second-lien claims: Approximately $348 million

    --Recovery expectations: 10%-30% (rounded estimate: 15%)

Note: All debt amounts include six months of prepetition interest.
S&P assumes the revolving credit facility is 85% drawn on the path
to default.

Issuer Credit Rating: B/Stable/--

Business risk: Weak

-- Country risk: Low
-- Industry risk: Intermediate
-- Competitive position: Weak

Financial risk: Highly leveraged

-- Cash flow/leverage: Highly leveraged

Anchor: b

Modifiers

-- Diversification/portfolio effect: Neutral (no impact)
-- Capital structure: Neutral (no impact)
-- Financial policy: FS-6 (no additional impact)
-- Liquidity: Adequate (no impact)
-- Management and governance: Fair (no impact)
-- Comparable rating analysis: Neutral (no impact)



SHURWEST LLC: Stinson Represents Howard Claimants
-------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Stinson LLP submitted a verified statement to
disclose that it is representing the Ad Hoc Committee of Plaintiffs
in the Chapter 11 cases of Stinson LLP.

The AHC Group is comprised of 142 Plaintiffs in twenty-six (26)
lawsuits pending in twenty (20) different jurisdictions.

On or about September 1, 2021, the AHC Group engaged Stinson to
represent it in connection with the Debtor's restructuring.

The AHC Group is chaired by Joe Peiffer, of Peiffer Wolf Carr Kane
& Conway, LLP., and Robert Rikard of Rikard & Protopapas, LLC.

Stinson represents only the AHC Group. Stinson does not represent
or purport to represent any other entities in connection with the
Debtor's chapter 11 cases. Each member of the AHC Group is aware
of, and has consented to, Stinson's "group representation" of the
AHC Group and each of the ACH Group and counsel.

As of Sept. 10, 2021, the AHC Group and their disclosable economic
interests are:

                                             Damages
                                             -------

Darby Howard                               $309,513.59
626 Mt Olive Ct.
Clayton, CA 94517

Michael Mandell                            $889,737.57
1801 Chapel
Northbrook, IL60062

Susanna Freeman                             $88,618.40
1766 Firth Rd.
Inverness, IL 60067

Scott Milford                               $24,071.41
3900 Jay Lane
Rolling Meadows, IL 60008

Mara Metzner                               $586,972.87
273 Park Ave.
Highland Park, IL 60035

Virginia Howard                            $339,907.83
104 Old Mill Rd
Taylors, SC 29687

Samuel Chaney                              $275,554.56
663 Batesvill
Greer, SC 29651

Florence and Mike Lince                    $69,302.68
3715 Twilight St
Caldwell, Idaho 83605

Gloria Bennett                             $204,818.71
1303 Ravenswood Drive
Anderson, SC 29625

Elizabeth Billings                         $369,520.98
707 Tall Oak Trail
Seneca, SC 29678

Kurt Blaettler                             $299,419.20
1512 Natures Trail
Anderson, SC 29625

Janice and Walter Blohm                    $234,524.42
18006 Mallard Bend Rd
Seneca, SC 29672

Stinson has no claims against or interest in the Debtor.

Nothing contained in this Verified Statement should be construed as
a limitation upon, or waiver of, any rights of any member of the
AHC Group to assert, file and/or amend their claims in accordance
with applicable law and any orders entered in these chapter 11
cases.

Stinson reserves the right to amend and/or supplement this Verified
Statement in accordance with the requirements set forth in
Bankruptcy Rule 2019.

Counsel for Ad Hoc Committee of Plaintiffs can be reached at:

          STINSON LLP
          Thomas J. Salerno, Esq.
          Alisa Lacey, Esq.
          Anthony P. Cali, Esq.
          Clarissa C. Brady, Esq.
          1850 N. Central Avenue, Suite 2100
          Phoenix, AZ 85004-4584
          Tel: (602) 279-1600
          Fax: (602) 240-6925
          E-mail: thomas.salerno@stinson.com
                  alisa.lacey@stinson.com
                  anthony.cali@stinson.com
                  clarissa.brady@stinson.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/2Xhh8ZQ

                       About Shurwest LLC

Shurwest, LLC, a Scottsdale, Ariz.-based company that specializes
in fixed indexed annuities and life insurance, filed its voluntary
petition for Chapter 11 protection (Bankr. D. Ariz. Case No.
21-06723) on Aug. 31, 2021, listing as much as $10 million in both
assets and liabilities.  Shurwest President James Maschek signed
the petition.  Judge Daniel P. Collins oversees the case.  Isaac D.
Rothschild, Esq., at Mesch Clark Rothschild serves as the Debtor's
legal counsel.


SILVERSIDE SENIOR: Unsecureds Out of Money in Liquidating Plan
--------------------------------------------------------------
Silverside Senior Living, LLC ("Silverside") and Graceway South
Haven, LLC ("Graceway"), as Debtors and Debtors in Possession
(collectively, the "Debtors"), filed with the U.S. Bankruptcy Court
for the Eastern District of Michigan a Plan of Liquidation dated
September 7, 2021.

This Plan of Liquidation proposes to pay the Debtors' creditors
from the remaining collection of Graceway's accounts receivable,
the recovery from the Avoidance Actions and proceeds from the ERC.
The Plan establishes 3 groups and 6 classes of claims. The Plan
provides for full payment in cash of (a) the administrative
expenses for Debtors' professionals, the Subchapter V Trustee and
the Health Care Ombudsman, (b) the priority wage claims; and (c)
the allowed administrative claims of Chippewa Valley ((a), (b) and
(c), collectively "Group Claims").

The Debtors' unsecured creditors, including the deficiency claims
of the Debtors' secured creditors, shall receive a distribution of
the proceeds that are available after payment in cash and in full
of the Group Claims. The Debtors do not anticipate that there will
be funds available for a distribution to the unsecured creditors.
The Debtors' Insiders and equity security holders will receive no
recovery under this Plan and shall, upon confirmation of the Plan,
surrender their equity interests.

Class I shall consist of the secured claim of McKesson Corporation.
The Class I claim of McKesson shall be paid in full from the
Debtors' collection on its accounts receivable after the payment of
the Group I and Group II claims. Class I is impaired.

Class II shall consist of the secured claim of High Speed Capital
LLC. The Class II claim of High Speed Capital LLC shall be paid in
full from the collection of the Debtors' accounts receivable after
the payment of the McKesson Class I claim in full. Class II is
impaired.

Class III shall consist of the secured claim of Chippewa Valley,
LLC. The Class III claim of Chippewa will be paid in full from the
proceeds of the ERC after the satisfaction of the carveout for the
Group I professional fees and the Group II priority wage claims, to
the extent the carveout is necessary to satisfy such claims, and
from the Debtors' accounts receivable after the Class I McKesson
claim and the Class II High Speed claim are paid in full. Class III
is impaired.

Class IV shall consist of the priority tax claims of the Internal
Revenue Service, the State of Michigan, Department of Treasury, the
State of Michigan, Unemployment Insurance Agency and the State of
Michigan, Department of Health and Human Services. The priority tax
claims shall be paid on a pro-rata basis from the Debtors' accounts
receivables, the preference funds, and the ERC funds to the extent
available after the payment and satisfaction of Group I and II and
Class I, II and III. Class IV is impaired.

Class V shall consist of the allowed general Unsecured Claims of
Creditors of the Debtors. On the Petition Date, the Debtors'
combined non-insider general unsecured trade debt totaled
approximately $1,940,823.93.

In the event there are excess proceeds available from the
collection of accounts receivable, the recovery of the ERC and the
resolution of the Avoidance Action, after the payment of all Group
I, Group II and Group III Claims, if any, in full and in cash, the
satisfaction of the Class I, Class II, Class III secured claims,
and the payment of the Class IV priority tax claims and payment of
the final wind down expense, such proceeds will be distributed to
the Class V Creditors on a pro rata basis when funds become
available. The Debtors do not anticipate that there will be any
funds available for distribution to the Class V creditors. The
Class V is impaired.

Class VI shall consist of the claims of the Debtors' insiders. The
Class VI debts interests shall be deemed cancelled as of the
Effective Date of this Plan. The Class VI interests will receive no
distribution under this Plan. The Class VI is impaired.

The Debtors shall continue to exist as Michigan limited liability
companies, as Liquidating Debtors, for the limited purposes of
completing the obligations under this Plan.

The Debtors are in the process of collecting on the outstanding
accounts receivable and all such collections shall be deposited
into the Graceway DIP account for disbursement under this Plan. On
the Petition Date, the Debtors had no personal property that could
be liquidated for the benefit of creditors. The Debtors have
identified an ERC that they anticipate will generate revenue for
the benefit of creditors and have pursued all available Avoidance
Actions under the Bankruptcy Code. This Plan shall be funded
through the proceeds of the collection of Graceway's accounts
receivable, the recovery of an ERC and resolution of the Avoidance
Actions.

A full-text copy of the Liquidating Plan dated September 7, 2021,
is available at https://bit.ly/3BX7Q3R from PacerMonitor.com at no
charge.

Attorneys for the Debtors:

     Lynn M. Brimer, Esq.
     Pamela S. Ritter, Esq.
     Strobl Sharp PLLC
     300 East Long Lake Road, Suite 200
     Bloomfield Hills, MI 48304-2376
     Phone: (248) 540-2300
     Fax: (248) 205-2786
     Email: lbrimer@strobllaw.com
            pritter@strobllaw.com

                  About Silverside Senior Living

Silverside Senior Living, LLC and its affiliate, Graceway South
Haven, LLC, sought Chapter 11 protection (Bankr. E.D. Mich. Lead
Case No. 21-44887) on June 7, 2021. In the petitions signed by CEO
Anthony Fischer, Jr., the Debtors disclosed total assets of up to
$50,000 and liabilities of up to $10 million.

Judge Lisa S. Gretchko oversees the cases.

The Debtors tapped Strobl Sharp PLLC as bankruptcy counsel and CND
Law as special healthcare counsel.  Cole, Newton & Duran serves as
the Debtors' accountant.


SIMPLY FIT: Seeks Cash Collateral Access
----------------------------------------
Simply Fit, LLC asks the U.S. Bankruptcy Court for the Middle
District of Florida, Tampa Division, for authority to use cash
collateral to immediately fund its operating expenses and the costs
of administering its Chapter 11 case in accordance with a proposed
budget.

The Debtor's primary secured creditor is United Community Bank,
which is owed approximately $584,000 in connection with a
prepetition SBA loan in the original principal amount of $640,000.
Prior to the Petition Date, the Debtor executed loan documents in
favor of UCB pursuant to which it was granted liens on, among other
things, all the Debtor's assets, including accounts and inventory.

The Debtor asserts there is insufficient time for a full hearing
pursuant to Rule 4001(b)(2) of the Federal Rules of Bankruptcy
Procedure to be held before the Debtor must use Cash Collateral. If
the request is not considered on an expedited basis and if the
Debtor is denied the ability to immediately use Cash Collateral,
there will be a direct and immediate material and adverse impact on
the continuing operations of the Debtor's business and on the value
of its assets.

In exchange for the Debtor's ability to use Cash Collateral in the
operation of its business, the Debtor proposes to grant to the
Lender, as adequate protection, a replacement lien to the same
extent, validity, and priority as existed on the Petition Date.

If allowed to use Cash Collateral, the Debtor believes it can
stabilize its business operations and maintain going concern
value.

A copy of the motion and the Debtor's budget for September 2021 is
available at https://bit.ly/3jYVFxt from PacerMonitor.com.

The Debtor projects $25,260 in cash receipts and $10,907 in total
expenses for the month.

                  About Simply Fit, LLC

Simply Fit, LLC owns and operates an Anytime Fitness franchise gym
in Largo, Florida. Simply Fit provides its members with 24-hour
access to its state-of-the-art fitness facilities and more than
4,700 additional locations worldwide, as well as optional fitness
consultants, team workouts, and personal training.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Md. Fla. Case No. 8:21-bk-04636) on
September 8, 2021. In the petition signed by Tyrone Joy, authorized
member, the Debtor disclosed up to $100,000 in assets and up to $1
million in liabilities.

Amy Denton Harris, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtor's counsel.



SKS CONSTRUCTION: Unsecured Creditors Will Get 11% Over 20 Quarters
-------------------------------------------------------------------
SKS Construction, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of Virginia a Plan of Reorganization dated
September 7, 2021.

SKS Construction is a Virginia corporation with its principal
office located in Spotsylvania County, Virginia. Founded in 1993,
SKS is a privately owned construction company and its main lines of
business include excavation, site development, underground
utilities, and general construction.

The Debtor maintains that it will have enough Cash over the life of
the Plan to make the required Plan payments. The financial
projections show that the Reorganized Debtor will have projected
Available Cash of approximately $3,660.52. The final Plan payment
is expected to be paid 60 months following the effective date of
the plan.

This Plan proposes to pay the Debtor's Creditors through Available
Cash and Disposable Income through August 31, 2026.

Claims and Equity Interests shall be treated as follows under this
Plan:

     * Class 1 shall consist of the outstanding balance of the
Secured Claim of Blue Ridge Bank. Beginning in November of 2021,
the Debtor shall make interest only payments at the default rate
for 6 consecutive months, of approximately $5,000 per month, with
subsequent payments of principal and interest at the contract rate
through October 25, 2026, at which the entire note balance shall be
due in full.

     * Class 2 consists of the outstanding balance as of the
confirmation date of the S.B.A. S.B.A. shall maintain its lien
until the loan is paid in full. Debtor will re-amortize the loan
over 30 years, at 3% interest, with monthly payments in the amount
of $655.54 to start in the month following the Effective Date.

     * Class 3 consists of the outstanding balance as of the
confirmation date of the Allowed Secured Claim of CAT. The Debtor
and CAT, through CAT's counsel, agreed that the Debtor would begin
making monthly payments to CAT of $1,500.00, commencing in
September 2021, at an interest rate of $5.25%, until the debt is
paid in full.

     * Class 4 consists of the outstanding balances of the Allowed
4 Secured Claims of FMC. The Debtor and FMC agreed that with
respect to each loan, regular monthly payments would resume in
August of 2021, in accordance with the loan terms. The parties
further agreed that arrearages on each of the 4 loans would be paid
over 6 months, pro rata, beginning in the month following
confirmation of the Plan.

     * Class 5 consists of the outstanding balance of the secured
claim of Komatsu. The Debtor will pay the claim in full, amortized
over 45 months at 5.5%, with monthly payments of $349.27, to begin
in the month following the Effective Date.

     * Class 6 consists of the outstanding balance as of the
confirmation date of the Allowed Secured Claim of M&T. The Debtor
will pay the claim in full, amortized over 55 months at 4.5%, with
monthly payments of $617.17, to begin in the month following the
Effective Date.

     * Class 8 consists of the outstanding balance as of the
confirmation date of the Allowed Secured Claim of Wells Fargo. The
Debtor and Wells Fargo have agreed that the regular monthly
payments of $602.23 would resume in August of 2021, in accordance
with the loan terms. The parties further agreed that arrearages
would be paid over 6 months, pro rata, beginning in the month
following confirmation of the plan, at the rate of $802.98 per
month.

     * Class 9 consist of non-priority general unsecured claims.
Class 9 claimants shall receive a pro rata distribution of no less
than 11% of the total claims ($1,220,967.65) in the class, or
$6,715.33 over 20 quarters.

     * Class 10 consists of Equity Security Interests. John and
Steven Zuchowski shall retain their Equity Interests (51% and 49%,
respectively) in the Debtor.

Payments under the Plan will be made with Available Cash and
Debtor's Disposable Income. On the Effective Date, all other Estate
property shall revest in the Reorganized Debtor.

A full-text copy of the Plan of Reorganization dated September 7,
2021, is available at https://bit.ly/2X73cSe from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     David K. Spiro, Esq.
     SPIRO & BROWNE, PLLC
     6802 Paragon Place, Suite 410
     Richmond, VA 23230
     Tel: 804-441-6080
     Fax: 804-836-1855
     E-mail: dspiro@sblawva.com

                    About SKS Construction

SKS Construction, Inc., filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
21-31862) on June 9, 2021.  The petition was signed by Steven J.
Zuchowski, vice-president.  At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
David K. Spiro, Esq. at SPIRO & BROWNE, PLLC, is the Debtor's
counsel.


SKY STEEL: Unsecured Creditors to Get $3K Per Quarter over 3 Years
------------------------------------------------------------------
Sky Steel, Inc., filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Plan of Reorganization dated September
7, 2021.

Debtor was converted to a Florida profit corporation on or around
November 14, 2019, from a Tennessee corporation formed on or around
December 29, 1995. The Debtor operates a business that provides
structural steel erecting or iron work construction and structural
steel erection. On the Petition Date, the Debtor had 2 active
employees. The Debtor's annual gross receipts were as follows: (i)
2020 - $201,192.15; (ii) 2019 - $782,490.86.

Class 1 consists of the Secured Claim of Huntington. The Class 1
Secured Claim is approximately $26,015.92. The Reorganized Debtor
shall make sixty equal monthly payments of principal and interest
of $485.02, which payment amount is calculated based upon
amortizing the amount of the Huntington Secured Claim over a five
year period at the Till Rate. This claim shall be paid directly by
the Debtor. Nothing is intended to restrict or limit Swift's
ability to proceed against any guarantors or co-obligors on the
debt.

Class 2 consists of the Allowed Unsecured Claims against the
Debtor. This Class is Impaired.

     * Consensual Plan Treatment: The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00. Accordingly, the Debtor proposes to
pay unsecured creditors a pro rata portion of $36,000.00. Payments
will be made in equal quarterly payments totaling $3,000.00.
Payments shall commence on the fifteenth day of the month, on the
first month that begins after the Effective Date and shall continue
quarterly for eleven additional quarters. The value to be
distributed to unsecured creditors is greater than the Debtor's
projected disposable income to be received in the 3-year period
beginning on the date that the first payment is due under the
plan.

     * Nonconsensual Plan Treatment: The liquidation value or
amount that unsecured creditors would receive in a hypothetical
chapter 7 case is approximately $0.00. Accordingly, the Debtor
proposes to pay unsecured creditors a pro rata portion of its
Disposable Income. If the Debtor remains in possession, plan
payments shall include the Subchapter V Trustee's administrative
fee which will be billed hourly at the Subchapter V Trustee's then
current allowable blended rate, which shall not exceed the
Disposable Income. Plan Payments shall commence on the fifteenth
day of the month, on the first month that is after the Effective
Date and shall continue quarterly for eleven additional quarters.
The initial estimated quarterly payment shall be $0.00.

Class 3 consists of any and all equity interests and warrants
currently issued or authorized in the Debtor. This Class is
Unimpaired. Holders of a Class 3 interests shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the Petition Date.

The Debtor shall continue to exist as the Reorganized Debtor, doing
business under the name Sky Steel, Inc. The administrative
structure will continue to operate the Reorganized Debtor and will
supervise the business operations of the Debtor.

The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business. Except as explicitly set forth in
this Plan, all cash in excess of operating expenses generated from
operation until the Effective Date will be used for Plan Payments
or Plan implementation, cash on hand as of Confirmation shall be
available for Administrative Expenses.

A full-text copy of the Plan of Reorganization dated September 7,
2021, is available at https://bit.ly/3lelZ5U from PacerMonitor.com
at no charge.

Counsel for Debtor:

     Jeffrey S. Ainsworth, Esq.
     Jacob D. Flentke, Esq.
     BransonLaw, PLLC
     1501 E. Concord St.
     Orlando, FL 32803
     Tel: (407) 894-6834
     Fax: (407) 894-8559
     E-mail: jeff@bransonlaw.com
             jacob@bransonlaw.com

                       About Sky Steel Inc.

Sky Steel, Inc., a Casselberry, Fla.-based company in the
structural steel erection business, sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 21 02638)
on June 9, 2021. In the petition signed by Stephen P. Collins,
authorized representative, the Debtor disclosed $75,908 in assets
and $1,689,320 in liabilities.  Judge Lori V. Vaughan oversees the
case.  Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC is the
Debtor's legal counsel.


SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by SkyWest, Inc.

Headquartered in St. George, Utah, SkyWest, Inc. operates regional
airlines that offer scheduled passenger service to destinations in
the United States, Canada, Mexico, and the Caribbean.




SNL BALDWIN: Unsecured Claims to Get 100% Plus Interest
-------------------------------------------------------
SNL Baldwin Realty, LLC, submitted a Second Amended Disclosure
Statement under Plan.

Class 2 designated under and by the Plan consists of the Allowed
Secured Claim of Kenneth Schneider ("Schneider") which is secured
by a mortgage against the Subject Property. The Debtor's Plan
provides that upon Schneider's receipt of the pre-petition and
post-petition arrears paid on the Effective Date, Schneider shall
immediately cause the Foreclosure Action to be discontinued without
prejudice and the lis pendens against the Subject Property to be
canceled, and the receiver to be discharged. Class 2 is
unimpaired.

Class 3 designated under and by the Plan consists of all Persons or
Entities who hold Allowed General Unsecured Claims against the
Debtor.  Under the Plan, on the later of (A) the Effective Date or
(B) the date on which such Claim becomes an Allowed General
Unsecured Claim, the Debtor shall pay each holder of an Allowed
Unsecured Claim 100% of their Allowed General Unsecured Claims plus
9% interest in one lump-sum payment. The total outstanding amount
of claims which shall be includable in this class is $1,000.00.
Class 3 is unimpaired.

All monies which shall be used to make the payments to all holders
of Administrative claims, Priority Tax claims, Class 1 Claims,
Class 2 Claims and Class 3 Claims shall be derived from the
Debtor's available cash and capital infusions made by Primavera.

As of the date hereof, the Debtor has on deposit in its
Debtor-In-Possession account the sum of $23,134.  As the Debtor
deposits $5,500 each month and its only expense is the U.S. Trustee
fees, it is anticipated that on the anticipated Effective Date of
October 27, 2021, the Debtor will have available cash in the
approximate sum of $39,000.00.

Primavera has amassed funds for his capital infusion into the
Debtor from several sources.  Primavera has entered into an
agreement with his girlfriend Rizzo pursuant to which Rizzo agreed
to refinance the Rizzo Property and provide Primavera with the
proceeds of said refinance (the "Rizzo Refinance") to fund the
Debtor's Plan and to build the spray booth at the Subject Property.
Rizzo did not start the refinancing process earlier as Primavera
had been assured by his mortgage broker friend that financing was
imminent.  The closing on the Rizzo Refinance occurred on August
23, 2021 and funded, in the net sum of $273,710, on Aug. 30, 2021.
Upon clearance of the funds, Rizzo will pay the full amount of
$273,710 to Primavera who will then deposit same into the escrow
account maintained by the Mc Auliffe Firm. Primavera and the Mc
Auliffe Firm have executed an Escrow Agreement pursuant to which
Primavera directed that the deposited funds could only be used for
the explicit purpose of: (a) paying the administrative expenses of
the Debtor's Chapter 11 case; (b) funding the payments required by
the Debtor's Plan; (c) funding the building of the spray booth to
be built on the Debtor's real property and any costs and expenses
related thereto and (d) making up any and all shortfalls in the
monthly expenses of the Debtor during the course of the Plan.

Counsel for the Debtor:

     Michael G. Mc Auliffe, Esq.
     THE LAW OFFICE OF MICHAEL G. Mc AULIFFE
     68 South Service Road, Suite 100,
     Melville, New York 11747
     Tel: (516) 927-8413
     Fax: (516) 927-8414

A copy of the Disclosure Statement dated September 1, 2021, is
available at https://bit.ly/2YpQr5p from PacerMonitor.com.

                    About SNL Baldwin Realty

SNL Baldwin Realty, LLC, is engaged in the business of owning and
operating the parcel of real property located at 821 Atlantic
Avenue, Baldwin, NY 11510 (the "Subject Property").  Louis
Primavera has a 100% ownership interest in the Debtor.

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.


SONIC AUTOMOTIVE: Egan-Jones Hikes Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sonic Automotive, Inc. to BB- from B.

Headquartered in Charlotte, North Carolina, Sonic Automotive, Inc.
is an automotive retailer.



SOUTHWESTERN ENERGY: Egan-Jones Keeps B- Senior Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Southwestern Energy Company. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Houston, Texas, Southwestern Energy Company is an
independent energy company.



SPANISH HEIGHTS: Court Approves Disclosure Statement
----------------------------------------------------
Judge Natalie M. Cox has entered an order approving the Disclosure
Statement explaining the Plan of Spanish Heights Acquisition
Company, LLC.

The Plan confirmation hearing will be held on Oct. 27, 2021, at
9:30 a.m.

The objections, if any, to confirmation of the Plan shall be filed
and served no later than Oct. 13, 2021.

The replies to any objections to the Plan, along with the Debtor's
voting tabulation and brief in support of confirmation shall be due
on October 20, 2021.

Oct. 18, 2021, shall be the last date to vote to accept or reject
the Plan.

That pursuant to Bankruptcy Rules 3017(c) and 3018(a), the holders
of claims in Classes 1 through 4 and 6 of the Plan may vote to
accept or reject the Plan by indicating their acceptance or
rejection of the Plan on the ballots provided.

Attorneys for the Debtor:

     James D. Greene, Esq.
     GREENE INFUSO, LLP
     3030 South Jones Boulevard, Suite 101
     Las Vegas, Nevada 89146
     Telephone: (702) 570-6000
     Facsimile: (702) 463-8401
     E-mail: jgreene@greeneinfusolaw.com

                             About SHAC

Spanish Heights Acquisition Company, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D. Nev. Case No. 21-10501) on Feb. 3, 2021.  Jay Bloom, manager and
owner of SJC Ventures Holdings, LLC, signed the petition.

At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of less than
$50,000.

Greene Infuso, LLP and Maier Gutierrez & Associates serve as the
Debtor's bankruptcy counsel and special counsel, respectively.


SPECTRUM BRANDS: Moody's Puts B1 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Spectrum Brands,
Inc. under review for upgrade, including the company's Corporate
Family Rating of B1, the Probability of Default Rating of B1-PD,
the senior unsecured notes rating of B2 and the senior secured
revolving credit facility and term loan ratings of Ba1.

On September 8, 2021, Spectrum announced [1] plans to sell its
Hardware & Home Improvement segment (HHI) for $4.3 billion in cash
to ASSA ABLOY subject to various regulatory approvals and customary
closing conditions. The company plans to use a portion of net
proceeds estimated at $3.5 billion to repay existing debt with a
target gross leverage ratio of 2.5x compared to 3.7x as of June
2021 (company calculated). In conjunction with the transaction,
Spectrum is reducing its long-term net debt to adjusted EBITDA
target to 2.0-2.5x from a prior range of 3.0-4.0x and Moody's views
this as a reduction in governance risk. Additionally, the company
plans to invest for organic growth, fund complimentary
acquisitions, and return capital to shareholders.

In the review, Moody's will focus on assessing (1) strategic
operating focus including the trajectory of Spectrum's earnings for
the remaining business segments following the loss of scale and
diversity, (2) the company's new capital structure and free cash
flow outlook following the completion of sale and debt repayment,
as well as (3) the planned deployment of proceeds including the
business risk associated with potential future acquisitions.

Moody's believes that a material reduction in indebtedness and
financial leverage will better position the company to pursue
complementary acquisitions focused on more consumable products
though in the interim creates a smaller and less diversified
company. However, the loss of diversity and scale, as well as lower
earnings on an unchanged dividend payout of $0.42 per share may
constrict free cash flows going forward.

The following ratings/assessments are affected by the action:

On Review for Upgrade:

Issuer: Spectrum Brands, Inc.

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

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

Senior Secured Bank Credit Facility, Placed on Review for Upgrade,
currently Ba1 (LGD2)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B2 (LGD4)

Outlook Actions:

Issuer: Spectrum Brands, Inc.

Outlook, Changed To Rating Under Review From Stable

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

Spectrum's existing B1 CFR reflects the company's high financial
leverage, and its exposure to the competitive consumer durables and
packaged goods industries with varying levels of cyclicality during
economic downturns. Spectrum's financial policy has been somewhat
aggressive with high financial leverage and modest share
repurchases. Acquisitions are also a part of Spectrum's strategy
and are core to its long-term growth. Spectrum's credit profile
benefits from its very good liquidity and lack of near-term debt
maturities. Furthermore, Spectrum's broad portfolio of affordable
consumer-oriented brands, and track record of product development
offers some counter-cyclical properties to support the credit
profile during periods of economic weakness. Governance risks are
partially mitigated by Spectrum's leverage target that provides
comfort the company will focus on reducing leverage following
acquisitions and will maintain financial flexibility to pursue
acquisitions and manage through economically weak periods.

An upgrade would require sustained organic revenue and EBITDA
growth supported by strong reinvestment. The company would also
need to maintain a more conservative financial policy. Debt to
EBITDA would also need to be sustained below 4.0x before Moody's
would consider an upgrade.

Ratings could be downgraded if Spectrum's revenue or earnings
persistently decline, the company loses market share, or liquidity
deteriorates. Debt-funded acquisitions or shareholder distributions
could also lead to a downgrade. Ratings could also be downgraded if
debt to EBITDA is sustained above 5.0x.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Headquartered in Middleton, Wisconsin, Spectrum Brands, Inc. is a
global consumer product company with a diverse portfolio including
small appliances, lawn and garden, electric shaving and grooming,
pet supplies, household insect control and residential locksets.
Pro-forma for the sale of HHI, revenue approximates $3.0 billion as
of last 12 months ending June 2021.


SPHERATURE INVESTMENTS: Wins Cash Collateral Access Thru Oct 11
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas has
authorized Spherature Investments LLC and its debtor-affiliates to
use cash collateral on an interim basis in accordance with the
budget, with a variance of 10%.

The Debtors are permitted to use cash collateral to fund working
capital, operating expenses, fixed charges, payroll, administrative
expenses of the Debtors' Chapter 11 cases, and all other general
corporate purposes arising in the Debtors' ordinary course of
business.  

The Debtors' right to use cash collateral will commence on the
Petition Date and expire at 11:59 p.m. (CST) on October 11, 2021.

As reported by the Troubled Company Reporter, Montgomery Capital
Advisers, LLC serves as collateral agent on behalf of secured
parties and asserts a claim of at least $5,500,101 in aggregate
principal amount against the Debtors.

As adequate protection to the Lender:

   a. The Debtors will pay to the Lender accrued interest (at the
non-default rate of 16%) amounting to $73,335.  Any Adequate
Protection Payments paid to Lender under the Interim Order are
subject to claw back and repayment to the Estates upon the Court's
entry of a non-appealable final order, directing the Lender to
return said Adequate Protection Payments to the Estates;

   b. The Debtors will pay all fees and expenses payable to the
Lender under the Loan Documents, including the reasonable attorney
fees and expenses and any other professional fees and expenses
incurred on or after the Petition Date;

   c. The Lender is granted, subject to the Carve-Out, replacement
liens and security interests in all assets acquired by the Debtors
after the Petition Date of the same kind, category and character
that Lender held a perfected lien against as of the Petition Date,
specifically including all cash proceeds arising from such property
acquired by the Debtors after the Petition Date, in the same
nature, extent, priority, and validity that such liens, if any,
existed on the Petition Date, to the extent of the aggregate
diminution in value of the Collateral; and

   d. The Lender will be entitled to an allowed superpriority
administrative expense claim under Sections 503 and 507 of the
Bankruptcy Code to the extent that the adequate protection provided
under the interim order proves inadequate to cover any diminution
in value of the Collateral; provided that the Adequate Protection
Superpriority Claim  will be junior only to the Carve-Out.

The Carve-Out consists of (i) fees pursuant to 28 U.S.C. sec.
1930(a)(6), if any; (ii) fees payable to the clerk of the
Bankruptcy Court and any agent thereof; and (iii) to the extent
allowed at any time, whether by interim order, procedural order, or
otherwise, all allowed, unpaid fees and expenses incurred by
persons or firms retained by the Debtors and the Creditors'
Committee pursuant to section 328 or 1103 of the Bankruptcy Code.

A further hearing on the matter is scheduled for October 5 at 2
p.m.

A copy of the interim order and the Debtor's seven-week budget
through the week ending October 10 is available for free at
https://bit.ly/3tx2QQh from Stretto, claims agent.

The Debtor projects $337,706 in total operating cash receipts and
$623,781 in total operating cash disbursements for the week ending
September 19.

The Debtor projects $487,381 in total operating cash receipts and
$816,506 in total operating cash disbursements for the week ending
September 26.

The Debtor projects $393,904 in total operating cash receipts and
$592,015 in total operating cash disbursements for the week ending
October 3.

The Debtor projects $538,405 in total operating cash receipts and
$520,004 in total operating cash disbursements for the week ending
October 10.

                 About Spherature Investments LLC  

Spherature Investments LLC and its affiliates, including
WorldVentures Marketing, LLC, sought Chapter 11 protection (Bankr.
E.D. Tex. Lead Case No. 20-42492) on Dec. 21, 2020. In the petition
signed by Michael Poates, chief operating officer, the Debtors
disclosed up to $10 million in both assets and liabilities.

WorldVentures Marketing -- http://worldventures.com-- sells travel
and lifestyle community memberships providing a diverse set of
products and experiences.  At the time of filing, Spherature
Investments estimated $50 million to $100 million in assets and
liabilities.

The Hon. Brenda T. Rhoades is the case judge.

The Debtors tapped Foley & Lardner, LLP as counsel and Larx
Advisors, Inc. as restructuring advisor.  Stretto is the claims
agent.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Jan. 22, 2021.



SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Spirit Airlines, Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Miramar, Florida, Spirit Airlines, Inc. owns and
operates airlines.



SS&C TECHNOLOGIES: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company, on August 24, 2021, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by SS&C Technologies, Inc.

Headquartered in Windsor, Connecticut, SS&C Technologies, Inc.
develops financial software solutions.



SUPERCONDUCTOR TECHNOLOGIES: Completes Merger With Allied Integral
------------------------------------------------------------------
Superconductor Technologies Inc. completed its previously announced
acquisition and merger with Allied Integral United, Inc. and the
name of the Company has been changed to Clearday, Inc.

Moving forward, Clearday will focus on its mission to provide
transformative, new non-acute care service models that extend the
ability for those with Alzheimer's, dementia, or other chronic,
lifestyle-limiting conditions to live at home and delay the need
for residential care.  The access to public markets made possible
by the completed merger provides Clearday with a platform to
accelerate the expansion of key service offerings and strategic B2B
partnership initiatives.

"With the closing of the merger, we have arrived at a major
milestone for Clearday on our journey to make non-acute longevity
care solutions more affordable, accessible, and convenient, not
only for aging Americans who require care, but also for those who
support them at home," said Clearday's Chairman and CEO Jim Walesa.
"We believe the market visibility and capitalization options we
now may enjoy as a public company will significantly strengthen our
ability to achieve this mission."

Jim Walesa added "We believe that approximately 90% of US seniors
now indicate their desire to age at home over the next decade,
while roughly 42 million Americans provide unpaid care to a loved
one over 50 years old.  The challenge of accessing affordable,
high-quality care is compounded by the shortage of experienced care
professionals in the workforce, which increases pressures on
families caring for loved ones."

Clearday offers a spectrum of innovative services designed to help
families successfully support the care of their loved ones in the
home environment, as well as B2B partnership programs that enable
traditional home care and home health services businesses to
elevate and enhance their services with Clearday offerings.
  
Clearday's next-generation service offerings and programs were
designed and built upon a foundation of care excellence established
at Memory Care America, Clearday's network of residential living
centers for those with cognitive deficit conditions, and include:

  * Clearday at Home -- a breakthrough digital service that
provides families with resources and content they need to provide
superior care at home for loved ones with Alzheimer's, dementia, or
other lifestyle limiting conditions;

  * The Clearday Network -- a B2B alliance program that empowers
third party, non-acute home care agencies, home health services
businesses, and other aligned partners to offer innovative premium
care services based on the Clearday at Home platform; and

  * Clearday Clubs -- inspiring, membership-based, daily care
destinations that enrich the lives of those with dementia,
Alzheimer's, or other lifestyle-limiting chronic health
conditions.

Clearday is also focused on building a multi-channel distribution
system for products that complement its mission of improving the
quality and safety of the care experience for older Americans.  One
of these proprietary products incorporates STI's Sapphire
Cryocooler as an enabling technology for enhancing air quality and
removing harmful particulates in internal atmospheres, to mitigate
aerosol transmission of viruses and pathogens, including COVID-19,
influenza, and other diseases and pollutants that pose a
significant health threat.

The closing of the merger, combined with previously announced
strategic partnerships - including an advisory and development
agreement with Sterling Select Group - positions Clearday to
accelerate the market development of these products.

"Today represents the dawn of the new Clearday," added Walesa.  "We
welcome all STI and AIU stockholders as Clearday stockholders and
look forward to the journey ahead."

                          About Clearday

Clearday (fka Superconductor Technologies, Inc.) is an innovative
non-acute longevity health care services company with a modern,
hopeful vision for making high quality care options more
accessible, affordable, and empowering for older Americans and
those who love and care for them.  Clearday has decade-long
experience in non-acute longevity care through its subsidiary
Memory Care America, which operates highly rated residential memory
care communities in four U.S. states.  Clearday at Home – its
digital service – brings Clearday to the intersection of
telehealth, Software-as-a-Service (SaaS), and subscription-based
content.

Superconductor reported a net loss of $2.96 million in 2020
following a net loss of $9.23 million in 2019.  As of July 3, 2021,
the Company had $2.36 million in total assets, $668,000 in total
liabilities, and $1.69 million in total stockholders' equity.

Los Angeles, CA-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
31, 2021, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain is operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


SYCAMORE BUYER: Moody's Assigns First Time Ba3 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Sycamore
Buyer LLC including a Ba3 Corporate Family Rating, a Ba3-PD
Probability of Default Rating, Ba3 ratings on a proposed $750
million first lien revolver due 2026, a $1 billion first lien term
loan A1 due 2026, a $750 million first lien Farm Credit Term Loan
A2 due 2028, and a $750 million first lien term loan B due 2028.
The rating outlook is stable.

Proceeds from the facilities noted above combined with a $2.2
billion cash equity investment from Cargill, Incorporated (A2
stable) and a material equity rollover from Continental Grain and
Healthcare of Ontario Pension Plan of their investment in Wayne
Farms ("Wayne"), will be used to finance the acquisition of
Sanderson Farms ("Sanderson"). Proceeds will also be used to pay
transaction fees.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Sycamore Buyer LLC

Corporate Family Rating, Assigned Ba3

Probability of Default Rating, Assigned Ba3-PD

Senior Secured 1st Lien Term Loan A1, Assigned Ba3 (LGD4)

Senior Secured 1st Lien Term Loan A2, Assigned Ba3 (LGD4)

Senior Secured 1st Lien Term Loan B, Assigned Ba3 (LGD4)

Senior Secured 1st Lien Revolving Credit Facility, Assigned Ba3
(LGD4)

Outlook Actions:

Issuer: Sycamore Buyer LLC

Outlook, Assigned Stable

RATINGS RATIONALE

Sycamore Buyer, LLC's Ba3 Corporate Family Rating reflects the
combination of Wayne Farms and Sanderson Farms which will create
the 3rd largest poultry producer in the US with pro forma LTM
revenues of nearly $7 billion as of June 30, 2021. Wayne Farms is
currently the 7th largest poultry producer in the US and Sanderson
is the 3rd largest; however, by combining, they will form a much
stronger competitor behind Tyson Foods, Inc. (Baa2 stable) and
Pilgrim's Pride Corporation (Ba3 stable), the #1 and #2 poultry
producers in the US, respectively. The new entity, Sycamore, will
be able to realize a number of synergies through combined
procurement, purchasing, logistics, product mix improvement, and
streamlining of management and operational functions. Although
Moody's see most of these costs synergies as achievable, there will
be some execution risk. These risks will be in addition to the
volatility risk of the poultry industry.

Currently, poultry producers are operating at the peak of a poultry
cycle and as a result, revenues and EBITDA are likely to decline
from LTM pro-forma financials when the transaction closes toward
the end of calendar 2021. Sycamore's Ba3 CFR assumes that Moody's
are nearing the peak of the cycle and revenues and EBITDA (prior to
synergies) will likely decline from LTM pro-forma levels.

In addition to synergy realization, Sycamore will also benefit from
its equity owners, Cargill and Continental Grain, who each have
vast experience and knowledge in commodity businesses and trading.
By establishing a risk management committee, comprised of members
from Sycamore's management team, Cargill, and Continental Grain,
Sycamore will be able to use derivatives and insurance-based
hedging products to minimize the impact of feed volatility.
Managing feed volatility is very important for poultry producers,
as corn, soybean meal, and other feed ingredients can represent
50-60% of the costs of growing a chicken and about 40% of costs of
goods sold for most poultry producers.

Sycamore will also benefit by leveraging Wayne's product mix to
enhance Sanderson's operating margins. Historically, Sanderson has
had a large tray pack business for its medium birds, representing
about 46% of its sales. The tray pack business tends to be lower
margin and is currently not benefitting from higher poultry prices
because of longer-term pricing contracts that Sanderson put in
place prior to the rise in poultry prices. Wayne on the other hand
doesn't trade pack its smaller birds and instead sells them into
food service. By utilizing Wayne's QSR and food service
relationships, Sanderson should be able to expand its operating
margins.

Moody's expects Sycamore to operate with good liquidity based on a
cash balance of about $50 million pro-forma for incremental cash
from the proposed financing, annual free cash flow generation
greater than $100 million, an undrawn $750 million senior secured
revolving credit facility, and no meaningful debt maturities
through 2026 aside from approximately $40 million of required term
loan amortization in year 1 and $65 million thereafter.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak US economic activity and a
gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous, and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around Moody's forecasts is unusually high.
Notwithstanding, Sycamore and many other protein companies are
likely to be more resilient than companies in other sectors,
although some volatility can be expected through 2021 due to
uncertain demand characteristics, channel shifting, and the
potential for supply chain disruptions and difficult comparisons
following these shifts. Moody's regard the coronavirus outbreak as
a social risk under its ESG framework, given the substantial
implications for public health and safety.

Governance risks include Sycamore's financial strategies. Sycamore
plans to prioritize near-term cash flow to reduce debt and is
targeting a long-term leverage target of 2x.

Environmental considerations are not material considerations in the
rating.

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

The stable outlook reflects Moody's expectations of modest
integration risk in the merger of Wayne and Sanderson, consistently
positive free cash flow generation, and balanced financial policies
which would result in cash preservation through cost reductions,
disciplined capital spending and potentially a reduced dividend
payout if necessary to sustain liquidity and positive free cash
flow in poultry cycle downturns.

Sycamore's ratings could be upgraded if the company diversifies the
product profile, debt to EBITDA is sustained below 1.5x, and
liquidity sources (cash plus unused revolver commitment capacity)
of at least $1 billion. Ratings could be downgraded if revenues
decline, operating performance weakens, free cash flow is low or
deteriorates, debt to EBITDA is sustained above 2.5x, or
deteriorating liquidity such as cash plus unused revolver
commitment below $400 million.

The new credit facilities are expected to provide covenant
flexibility that if utilized could negatively impact creditors,
including the following:

The proposed incremental first lien debt capacity up to the greater
of $875 million and Corresponding Percentage of Consolidated Total
Assets, plus unlimited amount of debt up the Closing Date First
Lien Net Leverage Ratio. Amounts up to the greater of $100 million
and the Corresponding Percentage of Consolidated Total Assets may
be incurred with an earlier maturity date than the initial term
loans. The credit agreement permits the transfer of assets to
unrestricted subsidiaries, up to the carve-out capacities, subject
to "blocker" provisions which prohibit: (i) the transfer of any
material intellectual property to an unrestricted subsidiary, (ii)
any designation of a restricted subsidiary that owns material
intellectual property into an unrestricted subsidiary and (iii)
unrestricted subsidiaries owning material intellectual property.
Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees subject to
protective provisions which only permit guarantee releases if such
transaction is entered into for a bona fide business purpose and
not for the primary purpose of causing such release. The credit
agreement provides some limitations on up-tiering transactions,
including the requirement that each lender directly affected
consents to the subordination of the obligations or the
subordination of all or substantially all of the liens on the
collateral securing the senior secured credit facilities.

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

Sycamore Buyer, LLC ("Sycamore") headquartered in Oakwood, Georgia
will be the 3rd largest poultry producer in the US with pro-forma
revenues of nearly $7 billion in the LTM period ended July 31,
2021. The company will be formed by the merger of Wayne Farms and
Sanderson Farms and will be owned by Cargill Inc., Continental
Grains, and the Healthcare of Ontario Pension Plan.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.


T-MOBILE US: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 27, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by T-Mobile US, Inc.

Headquartered in Bellevue, Washington, T-Mobile US, Inc. is a
national wireless carrier in the United States.




TD HOLDINGS: Receives Noncompliance Notice From Nasdaq
------------------------------------------------------
TD Holdings, Inc. received a notification letter from the Nasdaq
Listing Qualifications Staff of The NASDAQ Stock Market LLC on
Sept. 1, 2021, notifying the company that the minimum bid price per
share for its common shares has been below $1.00 for a period of 30
consecutive business days and the company therefore no longer meets
the minimum bid price requirements set forth in Nasdaq Listing Rule
5550(a)(2).

The notification received has no immediate effect on the listing of
TD Holdings' common stock on Nasdaq.  Under the Nasdaq Listing
Rules, the company has until Feb. 28, 2022 to regain compliance.
If at any time during such 180-day period the closing bid price of
TD Holdings' common shares is at least $1 for a minimum of 10
consecutive business days, Nasdaq will provide the company written
confirmation of compliance.

If TD Holdings does not regain compliance during such 180-day
period, the company may be eligible for an additional 180 calendar
days, provided that the company meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for Nasdaq except for Nasdaq Listing Rule
5550(a)(2), and provide a written notice of its intention to cure
this deficiency during the second compliance period, by effecting a
reverse stock split, if necessary.

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.


TEAM SERVICES: Moody's Affirms B3 CFR & B2 Rating on Upsized Loan
-----------------------------------------------------------------
Moody's Investors Service affirmed TEAM Services Group, LLC's B3
Corporate Family Rating and B3-PD Probability of Default Rating.
Moody's affirmed the B2 ratings on TEAM's senior secured first lien
revolving credit facility and upsized term loan, and also affirmed
the Caa2 rating on the company's upsized senior secured second lien
term loan. The outlook is stable.

Proceeds from the incremental $90 million of first lien term loan
debt and additional $20 million of second lien term loan debt will
be used in conjunction with $123 million of equity to acquire 24Hr
Home Care, LLC for approximately $225 million.

Ratings affirmations:

TEAM Services Group, LLC

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

Senior secured first lien revolving credit facility due 2025 at B2
(LGD3)

Upsized senior secured first lien term loan due 2027 at B2 (LGD3)

Upsized senior secured second lien term loan due 2028 at Caa2
(LGD5)

The outlook is stable.

RATINGS RATIONALE

The B3 CFR reflects Moody's expectation that TEAM will continue to
operate with high adjusted debt/EBITDA over the next 12-18 months.
Pro forma for the 24Hr Home Care acquisition, Moody's estimates
TEAM's adjusted debt/EBITDA to be roughly 6.5 times at June 30,
2021. Further, the rating is constrained by the company's moderate
scale and geographic concentration in four states -- California,
Colorado, Georgia, and Pennsylvania. The rating also reflects
Moody's expectation that TEAM will aggressively pursue tuck-in
acquisitions going forward. Moody's further anticipates that the
company will operate with aggressive financial policies typical of
private equity-backed firms.

The B3 CFR is supported by the company's diversification by
services and payors. Despite having a large exposure to Medicaid
reimbursement rates, TEAM benefits from insulation given the
state-by-state nature of reimbursement changes. This exposure may
also be mitigated as TEAM expands into additional states. The
rating is supported by growing demand for home-based long-term
care, the preference of the BYOC (bring your own caregiver) model,
and long-term contractual relationships. Revenues are derived from
administrative fees in the Risk Management Strategies (RMS)
business and from either a spread between state Medicaid
reimbursement rates and caregiver compensation or an administrative
fee in the Team Public Choices (TPC) business. Over the next 12-18
months, Moody's expects consistently positive free cash flow in the
amount of $25-40 million per annum.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Relative to many other rated healthcare
companies, TEAM faces below average social risk. That said, state
Medicaid rate increases that benefit the TPC segment have been
slower to materialize during the COVID-19 pandemic. In terms of
governance, TEAM's historical acquisitions have generally been
debt-funded, which poses future risk to creditors, though its
sponsors have shown a willingness to fund larger transactions such
as 24Hr Home Care partly with equity. Environmental considerations
are not considered material to TEAM's overall rating.

The stable outlook reflects Moody's view that the company will
continue to grow both organically and through acquisitions, but
that leverage will remain elevated.

Moody's expects the company's liquidity to be good over the next
12-18 months given the company's access to the $30 million revolver
(undrawn at close), and good free cash flow. Liquidity is also
supported by the company's $30 million cash balance as well as
significant flexibility within the credit agreement, including the
absence of financial maintenance covenants in the term loans.

THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if TEAM's revenue or profitability
weakens or if the company fails to effectively manage its rapid
growth. A downgrade could also occur with negative changes to
Medicaid reimbursement rates or if the company's financial policies
become more aggressive. The ratings could also be downgraded if
liquidity erodes.

The ratings could be upgraded if TEAM continues to successfully
execute its acquisition growth strategy leading to improved scale,
generates a track record of consistent positive free cash flow, and
debt/EBITDA is sustained below 6.0 times.

TEAM Services Group is a leading provider of employment
administration and risk management solutions that facilitate
self-directed home care for seniors and people with long-term
disabilities. TEAM is owned by a continuation fund managed by
private equity firm Alpine Investors. Pro forma contract revenues
for the LTM 6/30/2021 period are approximately $439 million.

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


TECT AEROSPACE: It Is Liquidation Time, Say Creditors
-----------------------------------------------------
Rick Archer of Law360 reports that the unsecured creditors of TECT
Aerospace on Friday, September 10, 2021, asked the Delaware
bankruptcy court to convert the aviation parts supplier's Chapter
11 to a Chapter 7 liquidation, saying few assets are left and
accusing customer and creditor Boeing Co. of delaying the case for
its own benefit. In its motion, the unsecured creditors' committee
claimed no progress is being made toward resolving the case, and
since the company's primary assets were sold months ago, the only
reason to remain in Chapter 11 is to allow Boeing to benefit from a
provision in its agreement to buy TECT's Kansas manufacturing
plant.

                      About TECT Aerospace

TECT Aerospace Group Holdings, Inc., and its affiliates manufacture
high precision components and assemblies for the aerospace
industry, specializing in complex structural and mechanical
assemblies and machined components for various aerospace
applications.  TECT produces assemblies and parts used in flight
controls, fuselage/interior structures, doors, wings, landing gear,
and cockpits.

TECT operates manufacturing facilities in Everett, Washington, and
Park City, and Wellington, Kansas, and their corporate headquarters
are located in Wichita, Kansas. TECT currently employs
approximately 400 individuals nationwide.

TECT and its affiliates are privately held companies owned by Glass
Holdings, LLC and related Glass-owned or Glass-controlled
entities.

TECT Aerospace Group Holdings, Inc. and six affiliates sought
Chapter 11 protection (Bankr. D. Del. Case No. 21-10670) on April
6, 2021.

TECT Aerospace estimated assets of $50 million to $100 million and
liabilities of $100 million to $500 million as of the bankruptcy
filing.

The Debtors tapped RICHARDS, LAYTON & FINGER, P.A., as counsel;
WINTER HARBOR, LLC, as restructuring advisor; and IMPERIAL CAPITAL,
LLC, as an investment banker. KURTZMAN CARSON CONSULTANTS LLC is
the claims agent.

The Boeing Company, as DIP Agent, is represented by Alan D. Smith,
Esq. and Kenneth J. Enos, Esq.

As reported by Troubled Company Reporter on June 2, 2021, Judge
Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the bidding procedures proposed by
TECT Aerospace Group Holdings Inc. and affiliates in connection
with the auction sale of their Everett, Washington assets.


TEREX CORP: Egan-Jones Cuts Senior Unsecured Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 25, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Terex Corporation to BB- from B.

Headquartered in Westport, Connecticut, Terex Corporation is a
global manufacturer of lifting and material processing products and
services that deliver lifecycle solutions.



THAI STK INC: Seeks to Hire Belvedere Legal as Counsel
------------------------------------------------------
Thai STK, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to employ Belvedere Legal, a
Professional Corporation to serve as legal counsel in its Chapter
11 case.

The firm's services include:

   a. advising and representing the Debtor in all matters and
proceedings within this Chapter 11 case other than those particular
areas that may be assigned to special counsel;

   b. representing the Debtor in any manner relevant to a review of
its debts, obligations, maximization of its assets and where
appropriate, disposition thereof;

   c. assisting the Debtor in the operation, reorganization or
liquidation of its business, if appropriate;

   d. assisting the Debtor in the performance of all of its duties
and powers under the Bankruptcy Code and Bankruptcy Rules; and

   e. assisting the Debtor in dealing with its creditors and other
constituencies, analyzing claims, and formulating and seeking
approval of a plan of reorganization.

Belvedere will be paid at the rate of $495 per hour and reimbursed
for out-of-pocket expenses incurred. The retainer fee is $20,000.

Matthew Metzger, Esq., a partner at Belvedere, 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:

     Matthew D. Metzger, Esq.
     Belvedere Legal, PC
     1777 Borel Place, Suite 314
     San Mateo, CA 94402
     Tel: (415) 513-5980
     Fax: (415) 513-5985
     Email: mmetzger@belvederelegal.com

                       About Thai STK Inc.

Thai Stk, Inc. filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 21-30613) on Aug. 31, 2021, disclosing up to
$50,000 in assets and up to $500,000 in liabilities.  Judge William
J. Lafferty oversees the case.  The Debtor is represented by
Belvedere Legal, PC.


TRIVICITI HEALTH: Taps Cunningham & Associates as Auctioneer
------------------------------------------------------------
Michael Carmel, the Subchapter V trustee appointed in Triviciti
Health Corp.'s Chapter 11 case, received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Cunningham &
Associates, Inc. to conduct an auction of its personal properties.

The firm will be paid a commission of 10 percent of the gross sales
price, plus actual and necessary expenses.

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

The firm can be reached at:

     Cunningham & Associates, Inc.
     4753 E. Falcon Dr., Suite 1
     Mesa, AZ 85215
     Toll Free: 888-777-9888
     Local: 602-595-6714
     Fax: 602-595-6813

                    About Triviciti Health Corp.

Triviciti Health Corp. filed its voluntary petition for Chapter 11
protection (Bankr. D. Ariz. Case No. 21-04565) on June 10, 2021.
Judge Eddward P Ballinger Jr. presides over the case.  Chris
Barski, Esq., at Barski Law Firm, PLC serves as the Debtor's legal
counsel.

Michael W. Carmel is the Chapter 11 trustee appointed in the
Debtor's case.  The trustee is represented by the Law Offices of
Michael Carmel, Ltd.


TUESDAY MORNING: Taps CFO Jennifer Robinson After Bankruptcy Exit
-----------------------------------------------------------------
Dave Sebastian of MarketWatch reports that Tuesday Morning Corp.
said it has tapped Jennifer Robinson as finance chief, effective
Sept. 14, 2021, after the company emerged from bankruptcy.

Ms. Robinson was most recently the treasurer of the Michaels Cos.
Inc. Marc Katz, the former Burlington Stores Inc. executive who has
been serving as interim CFO since May, has been appointed to the
newly created position of principal and chief operating office,
effective Thursday, September 9, 2021, the company said.

Tuesday Morning, a discount home-goods retailer, filed for
bankruptcy protection in May 2020 as the Covid-19 pandemic hampered
retail amid government-mandated closures and social-distancing
regulations.

The company also tapped Bill Baumann as information chief, which
was effective in August 2021. He joined the company from Torrid
Inc., where he held the same role.

On Thursday, September 9, 2021, Tuesday Morning posted a net loss
of $18.86 million for the fourth quarter ended June 30, compared
with a loss of $136.6 million in the year-ago period. It reported a
loss of 22 cents a share, compared with $3.01 a share in 2020. Net
sales rose to $177.3 million from $160.3 million.

"Despite near-term challenges related to elevated supply chain
costs as well as the uncertainty with respect to the ongoing
pandemic, we are focused on the long-term, and I am confident in
our ability to position Tuesday Morning for future profitable
growth," Chief Executive Fred Hand said.

The company said it expects comparable store sales for the fiscal
first quarter to rise low single digits quarter-to-date, compared
with the similar period last year. It sees a loss in adjusted
earnings before interest, taxes, depreciation and amortization for
fiscal 2022, slightly improved from fiscal 2021, given continued
effects from supply-chain dislocation, it said.

                        About Tuesday Morning Corp.

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items. It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values. Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020. On the Web:
http://www.tuesdaymorning.com/      

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476). Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel; Alixpartners LLP as financial advisor; Stifel, Nicolaus &
Co., Inc. as investment banker; A&G Realty Partners, LLC as real
estate consultant; and Great American Group, LLC as liquidation
consultant. Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020. The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


URGENT CARE: Final Cash Collateral Order Entered
------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin,
authorized Urgent Care Physicians, Ltd. to use, on a final basis,
the cash collateral of Bank of America, N.A. and the Small Business
Administration, which secures the balance due the creditors.  

The Court says the claims of BOA and SBA will continue to be
secured by the Debtor's assets on a post-petition basis, to the
same extent and priority that the claims were secured prepetition,
with BOA having a first priority lien on all business assets of the
Debtor.

The Debtor will continue to make contractually due payments to both
creditors on the current debt terms (i.e., $4,588.21 per month to
BOA, and $0.00 per month to SBA -- payments to SBA are scheduled to
commence in May 2022).

The Debtor will maintain all existing casualty, professional
liability insurance and business personal property coverage, naming
BOA and SBA as loss payees to the extent required pursuant to the
underlying loan documents.

The Debtor will maintain its Debtor-in-Possession bank account(s)
with BOA.

A copy of the final order is available for free at
https://bit.ly/38UeWcT from PacerMonitor.com.

                   About Urgent Care Physicians

Appleton, Wis.-based Urgent Care Physicians, Ltd. filed a Chapter
11 petition (Bankr. E.D. Wis. Case No. 21-24000) on July 15, 2021.
At the time of filing, the Debtor had $268,370 in total assets and
$1,341,830 in total liabilities. Bobby B. Yun, president, signed
the petition.  

Judge Beth E. Hanan oversees the case.

Steinhilber Swanson LLP serves as the Debtor's bankruptcy counsel.



VERTIV GROUP: E&I Engineering Deal No Impact on Moody's B1 Rating
-----------------------------------------------------------------
Moody's Investors Service said that it views Vertiv Group
Corporation's (B1 Stable - NYSE: VRT) acquisition of E&I
Engineering as credit negative. However, it does not affect
Vertiv's ratings or outlook at this time. E&I is an Ireland based
provider of switchgear, busway and modular power units. E&I has
more than 2,100 employees globally and sells into Europe (-55% of
sales), North America (-35%), and the Middle East (-15%).

Vertiv Group Corporation ("Vertiv" NYSE: VRT), headquartered in
Columbus, Ohio, provides various infrastructure technologies and
equipment including power and thermal management and infrastructure
monitoring services used in data centers, communication networks,
and commercial and industrial environments. The company executed a
reverse merger in 2020 and is a publicly traded entity that is
owned in part by public shareholders, private investment in a
public entity investors (PIPE), prior majority PE sponsor Platinum
Equity, and the founders of Goldman Sachs Acquisition Holdings Corp
("GSAH").



VIRTUS INVESTMENT: Moody's Rates New Senior Secured Loans 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to Virtus
Investment Partners, Inc.'s new $170 million senior secured
revolving credit facility due 2026 and $275 million senior secured
Term Loan B due 2028. The net proceeds of the new Term Loan B
issuance will be used to repay the outstanding balance ($194
million) on the company's existing senior secured Term Loan B and
for general corporate purposes. The ratings on the existing Term
Loan B and revolving credit facility will be withdrawn upon closing
of the transaction. There are no changes to Virtus' existing
ratings, including the Ba1 corporate family rating ("CFR") and
Ba1-PD probability of default rating.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Virtus Investment Partners, Inc.

$170 million senior secured revolving credit facility due 2026,
assigned at Ba1

$275 million senior secured Term Loan B due 2028, assigned at Ba1

RATINGS RATIONALE

The refinancing transaction is credit positive because it will
reduce interest costs and extend Virtus' debt maturity profile
without adding significant risk to the company's balance sheet. The
maturity on the revolver and term loan will be extended by 5 and 7
years, respectively. Pro forma financial leverage (Debt/EBITDA as
calculated by Moody's) for the last twelve months ended June 30,
2021 will rise to 1.2x from 0.6x. While the company's leverage
ratio will increase as a result of this transaction, the company's
leverage ratio will remain well below that of other Ba-rated
companies and adds strength to Virtus' credit profile.

Despite a recent increase in its quarterly common share dividend,
Virtus strikes a solid balance between distribution to shareholders
and debt paydown. Strong momentum in the company's operating
performance, supported by improving organic AUM growth, fee revenue
and profit margin expansion supports a balanced capital management
strategy that will result in steady deleveraging over time.

Virtus' Ba1 CFR reflects its modest use of leverage, solid
profitability and diverse suite of investment product offerings.
Constraining the company's ratings is its concentrated exposure in
US equities, modest size relative to the broader financial services
sector and limited geographic footprint.

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

Virtus' ratings could be upgraded if: 1) scale as measured by the
company's revenues net of distribution and sub-advisory expenses
expand to over $750 million; or 2) there is a meaningful
improvement to the company's geographic footprint such that its
overall client base is diverse and global in nature; or 3) there is
greater equity coverage of risk-adjusted balance sheet investments;
or 4) average pre-tax income margins are sustained above 25%.

Conversely, factors that could lead to a downgrade of Virtus'
ratings include: 1) upsizing of the company's seeding program or
leverage is elevated above 2.0x, as computed by Moody's, for a
sustained period; 2) net client redemptions are in excess of 2% per
year; or 3) profitability as measured by the five-year pretax
income margin falls below the high single digits.

Virtus is a publicly traded multi-boutique asset manager
headquartered in Hartford, CT. At June 30, 2021, the company
managed about $180 billion of assets and earned $690 million in net
revenues for the previous twelve months.

The principal methodology used in these ratings was Asset Managers
Methodology published in November 2019.


WARDMAN HOTEL: Slated to Seek Plan Confirmation on Sept. 20
-----------------------------------------------------------
Judge John T. Dorsey has entered an order granting interim approval
the Disclosure Statement of Wardman Hotel Owner, LLC.

A hearing shall be held before this Court on Sept. 20, 2021, at
1:00 p.m. (prevailing Eastern Time) or as soon thereafter as
counsel can be heard, to consider confirmation of the Plan at the
United States Bankruptcy Court for the District of Delaware, before
the Honorable Judge John T. Dorsey in the United States Bankruptcy
Court for the District of Delaware, 824 North Market Street, 5th
Floor, Courtroom No. 5, Wilmington, DE 19801.

The objections to the adequacy of the Disclosure Statement or
confirmation of the Plan must be filed and served on or before
September 15, 2021, at 4:00 p.m. (Eastern Time).

Any party supporting the Plan may file a reply to any objection to
confirmation of the Plan by September 17, 2021.

Sept. 2, 2021, is established as the Voting Record Date for the
purposes of determining the creditors and equity Interest Holders
entitled to receive the Solicitation Package or the Non-Voting
Notices and to vote on the Plan.

The Solicitation Packages and Non-Voting Notices shall be sent for
distribution by email or overnight mail not later than Sept. 2,
2021.

Any Plan Supplement must be filed with this Court not later than
Sept. 2, 2021.

The ballots must be received by the Voting Agent on or before Sept.
13, 2021, at 4:00 p.m. (Eastern Time).

The deadline for any party in interest to object to any 3018 Motion
is Sept. 15, 2021.

The Plan voting certification shall be filed by Sept. 17, 2021.

                      About Wardman Hotel Owner

Wardman Hotel Owner, L.L.C., owns Marriott Wardman Park Hotel, a
convention hotel located at 2600 Woodley Road NW, in the Woodley
Park neighborhood of Washington, D.C.

Wardman Hotel Owner, L.L.C., filed a Chapter 11 bankruptcy petition
(Bankr. D. Del. Case No. 21-10023) on Jan. 11, 2021.  In the
petition signed by James D. Decker, manager, the Debtor estimated
$100 million to $500 million in assets and liabilities.  The Hon.
John T. Dorsey is the case judge.  PACHULSKI STANG ZIEHL & JONES
LLP, led by Laura Davis Jones, is the Debtor's counsel.


WASHINGTON PRIME: Winstead Represents Non-RSA Bondholders
---------------------------------------------------------
In the Chapter 11 cases of Washington Prime Group Inc., et al., the
law firm of Winstead PC submitted a verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure, to disclose that
it is representing the Non-RSA Bondholders.

On June 13, 2021, Washington Prime Group Inc., and its debtor
affiliates filed a voluntary petition for relief under chapter 11
of title 11 of the United States Code. Subsequently, on or about
August 27, 2021, Winstead was engaged by the Non-RSA Bondholders as
counsel in connection with the Debtors' ongoing restructuring.

Winstead is the only law firm which has been retained to represent
the Non-RSA Bondholders in connection with the Debtors' chapter 11
cases. In addition, Winstead does not represent the Non-RSA
Bondholders as a "committee"; and, as of the date of this Verified
Statement, does not represent, among other things, the interests
of, and is not a fiduciary for, any creditor, party in interest, or
entity other than the Non-RSA Bondholders.

As of Sept. 2, 2021, members of the Non-RSA Bondholders and their
disclosable economic interests are:

                                          Senior Notes due 2024
                                          ---------------------

Invictus Global Management, LLC                $414,000
310 Comal Building A, Suite 229
Austin, Texas 78702

Mountain Special Situations Fund, LLC         $1,829,000
196 Upper Mountain Avenue
Montclair, NJ 07042

Clear Harbor Asset Management, LLC            $2,085,000
5345 Towne Square Drive, Suite 140
Plano, TX 75024

Counsel for Mountain Special Situations Fund, LLC, and Invictus
Global Management, LLC can be reached at:

          WINSTEAD PC
          Rakhee V. Patel, Esq.
          Phillip Lamberson, Esq.
          Jason Enright, Esq.
          Annmarie Chiarello, Esq.
          500 Winstead Building
          2728 N. Harwood Street
          Dallas, TX 75201
          Telephone: (214) 745-5400
          Facsimile: (214) 745-5390
          E-mail: achiarello@winstead.com

             - and -

          Yasmin Atasi, Esq.
          Sean B. Davis, Esq.
          Steffen Sowell, Esq.
          600 Travis Street
          Suite 5200
          Houston, TX 77002
          Telephone: (713) 650-8400
          Facsimile: (713) 650-2400
          E-mail: yatasi@winstead.com
                  sbdavis@winstead.com
                  ssowell@winstead.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3z3V4id

                    About Washington Prime Group

Washington Prime Group Inc. (NYSE: WPG) --
http://www.washingtonprime.com/-- is a retail REIT and a
recognized leader in the ownership, management, acquisition and
development of retail properties.  It combines a national real
estate portfolio with its expertise across the entire shopping
center sector to increase cash flow through rigorous management of
assets and provide new opportunities to retailers looking for
growth throughout the U.S.

Washington Prime Group and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 21-31948) on June 13,
2021.  At the time of the filing, Washington Prime Group's property
portfolio consists of material interests in 102 shopping centers in
the United States totaling approximately 52 million square feet of
gross leasable area.  The company operates 97 of the 102
properties.

As of March 31, 2021, Washington Prime Group had total assets of
$4.029 billion against total liabilities of $3.471 billion.  Judge
Marvin Isgur oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as lead bankruptcy counsel; Jackson Walker, LLP
as co-counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; Guggenheim Securities, LLC as investment banker; Deloitte
Tax, LLP as tax services provider; and Ernst & Young, LLP, as
auditor. Prime Clerk LLC is the claims agent, maintaining the page
http://cases.primeclerk.com/washingtonprime             

SVPGlobal, the Debtors' lender, tapped Davis Polk & Wardwell, LLP
and Evercore Group, LLC as its legal counsel and investment banker,
respectively.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors in the Debtors' cases on June 25, 2021.
Greenberg Traurig, LLP and FTI Consulting, Inc. serve as the
committee's legal counsel and financial advisor, respectively.

On July 15, 2021, the U.S. Trustee appointed an official committee
of equity security holders.  The equity committee tapped Porter
Hedges, LLP and Brown Rudnick, LLP as legal counsel; Province, LLC
as financial advisor; and Newmark Knight Frank Valuation &
Advisory, LLC as real estate appraiser and valuation advisor.


WESTERN DIGITAL: Egan-Jones Hikes Senior Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 26, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Western Digital Corporation to BB- from B+.

Headquartered in San Jose, California, Western Digital Corporation
is a global provider of solutions for the collection, storage,
management, protection and use of digital content, including audio
and video.



WILLIAMS TRANSPORTATION: Must Produce Docs to Bank
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Mississippi
on September 8 entered an interim order regarding the motion filed
by Bank of Montgomery seeking to prohibit Williams Transportation
Co. LLC from using its cash collateral.

The Court directed William Transportation to provide BOM proof of
insurance with respect to all of its collateral by September 3.

William Transportation was also directed to provide BOM by
September 10 with a list of all BOM's collateral that is being
leased to and used by any affiliated company of Williams
Transportation, including but not limited to Williams Energy Group,
LLC, Southern Trans Services, LLC, and/or McLeod Logistics, LLC. By
that same deadline, Williams Transportation will provide BOM with
all documents, including bank statements, invoices or any other
documents which show all the post-petition revenue generated by the
use of any such collateral as well as any expenses paid from the
use of the revenue generated by the use of BOM's collateral.

Upon receipt of the information, the parties will have 14 days to
agree on the amount of adequate protection for the use of BOM's
cash collateral, and other collateral. If the parties cannot agree,
the Court will set a hearing on BOM's motion.

A copy of the order is available at https://bit.ly/3hkgG3S from
PacerMonitor.com.

                About Williams Transportation Co.

Williams Transportation Co, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 21-50539) on
April 30, 2021. Scott A. Williams, member and manager, signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

Judge Katharine M. Samson oversees the case.  

The Law Offices of Douglas M. Engell, Inc. is the Debtor's legal
counsel.



WORLD SYSTEMS: Taps Douglas Elliman as Real Estate Broker
---------------------------------------------------------
World Systems, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Douglas Elliman to
market and sell its residential property located at 27009 Sea Vista
Dr., Malibu, Calif.

The firm will be paid a commission of 5.5% of the sales price.

Shirley Sherman, a broker at Douglas Elliman, 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:

     Shirley Sherman
     Douglas Elliman
     22333 Pacific Coast Highway #100
     Malibu, CA 90265
     Tel: (310) 975-3870
     Email: shirley.sherman@elliman.com

                     About World Systems Inc.

World Systems, Inc., is a privately held company in Calabasas,
Calif., that is engaged in activities related to real estate.

World Systems filed a Chapter 11 petition (Bankr. C.D. Calif. Case
No. 19-10282) on Feb. 6, 2019, listing as much as $10 million in
both assets and liabilities. World Systems President Iris Martin
signed the petition. Judge Martin R. Barash oversees the case.  G&B
Law, LLP serves as the Debtor's legal counsel.


WOW BAR: Wins Cash Collateral Access Thru Feb 2022
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Minnesota authorized
the WOW Bar, LLC to use cash collateral on a final basis to the
extent the actual expenditures are reasonable, necessary, and
incurred in the ordinary course of the Debtor's business or
otherwise approved by the Court through February 28, 2022.

The Court says all banks, lenders or depository institutions used
by the Debtor are authorized to release and return to the Debtor
all the Debtor's cash collateral and deposits, including credit
card payments, accounts receivable and all checks received prior to
the filing date but which have not yet cleared, and all other cash
collateral received on or after the filing date; and allow the
Debtor access to its cash and receivables so the Debtor may use its
funds in the normal course of business.

As adequate protection for the Debtor's use of cash collateral, it
is authorized to grant any creditor having an interest in cash
collateral a replacement lien in the Debtor's post-petition assets
of the same type and nature as subject to the pre-petition liens.
The liens will have the same priority and affect as such lien
creditors held on the pre-petition property of the Debtor and are
granted only to the extent of the diminution in value of the
creditors' interest in pre-petition collateral.

As additional adequate protection, the Debtor is authorized to (a)
maintain insurance on all the property in which all secured
creditors claim a security interest; (b) pay all post-petition
federal and state taxes, including timely deposit of payroll taxes;
(c) provide all secured creditors, upon reasonable notice, access
during normal business hours for inspection of their collateral and
the Debtor's business records; and (d) deposit all cash proceeds
and income into a Debtor-in-Possession Account.

The replacement liens of the secured creditors are deemed properly
perfected without any further act or deed on the part of the Debtor
or the creditor.

A copy of the order is available at https://bit.ly/3E5eiaH from
PacerMonitor.com.

                       About The WOW Bar, LLC

The WOW Bar, LLC, d/b/a The Wow Bar, Blow Dry & Style Bar, provides
professional hair beauty services.  The company filed a Chapter 11
petition (Bankr. D. Minn. Case No. 21-41457) on August 17, 2021.

On the Petition Date, the Debtor estimated $100,000 to $500,000 in
assets and $1,000,000 to $10,000,000 in liabilities.  The petition
was signed by Parrel Caplan as CEO.

Judge Kathleen H. Sanberg oversees the case.

Larkin Hoffman Daly & Lindgren Ltd. is the Debtor's counsel.



[*] Commercial Ch.11 Filings Drop 50% in August Y/Y
---------------------------------------------------
ABL Advisor reports that the commercial chapter 11 filings
decreased 50 percent in August 2021 from last 2020, according to
data provided by Epiq Systems. The 264 commercial chapter 11
filings in August 2021 fell by exactly half from the 528 filings
registered in August 2020. The 32,257 total U.S. bankruptcy filings
for August 2021 represented an 18 percent decrease from the August
2020 total of 39,361 filings. Likewise, the 30,533 consumer filings
in August 2021 decreased 17 percent from last year’s consumer
total of 36,873. Overall commercial filings in August 2021 totaled
1,724, down 31 percent from the 2,488 filings in August 2020.

"Struggling families and businesses are seeing government
stabilization programs expire, lender forbearance programs recede,
and challenges to the supply chain wrought by the pandemic
resurface," said ABI Executive Director Amy Quackenboss. "Amid
uncertain economic times, bankruptcy remains a dependable shield to
help keep companies and consumers from being financially
overwhelmed."

The 264 commercial chapter 11 filings recorded in August 2021
represented an 8 percent increase from the 245 commercial chapter
11 filings in July. August 2021 business filings increased 1
percent to 1,724 from July’s business total of 1,709. Total
bankruptcy filings in August 2021 registered only a slight decrease
(0.41%) from the 32,391 total filings in July. The 30,533 consumer
filings in August also represented a slight decrease (0.49%) from
July’s consumer total of 30,682.

The average nationwide per capita bankruptcy filing rate in August
was 1.36 (total filings per 1,000 population), a slight decrease
from the filing rate of 1.38 during the first seven months of 2021.
Average total filings per day in August 2021 were 1,466, a decrease
of 22 percent from the 1,874 total daily filings in August 2020.
States with the highest per capita filing rates (total filings per
1,000 population) in August 2021 were:

  * Alabama (3.13)
  * Nevada (2.82)
  * Tennessee (2.47)
  * Indiana (2.30)
  * Kentucky (2.15)

ABI has partnered with Epiq in order to provide the most current
bankruptcy filing data for analysts, researchers and members of the
news media. Epiq is a leading provider of managed technology for
the global legal profession.


[*] New Hampshire Bankruptcies Remain Low in August 2021
--------------------------------------------------------
Bob Sanders, writing for NH Business Review, reports that the
bankruptcies in New Hampshire remain at historic lows.

Bankruptcy filings in New Hampshire ticked up in August 2021 from
July 2021, but total filings this year are lower than they were
2020 at this point, and 2020 was the lowest they've been in a
generation.

Some 63 individuals and businesses filed for protection in August,
nine more than in July 2021, and 12 more than the modern record
monthly low in June, but still 13 fewer than Aug. 2020.

So far this 2021, filings are averaging 66 per month, a 25 percent
drop. For comparison purposes, in Aug. 2009, there were 447
bankruptcy filings.

Filings by businesses are also down.  There were four filings by
individuals that included business-related debt, compared to none
in July 2021.  Two businesses did file directly, the same number as
July 2021, but they were larger businesses — a defense contractor
and an assisted living facility.




[^] BOND PRICING: For the Week from September 6 to 10, 2021
-----------------------------------------------------------

  Company                    Ticker  Coupon Bid Price   Maturity
  -------                    ------  ------ ---------   --------
BPZ Resources Inc            BPZR     6.500     3.017   3/1/2049
Basic Energy Services Inc    BASX    10.750     7.250 10/15/2023
Basic Energy Services Inc    BASX    10.750     9.750 10/15/2023
Buffalo Thunder
  Development Authority      BUFLO   11.000    50.000  12/9/2022
Caterpillar Financial
  Services Corp              CAT      1.700    99.769  9/15/2021
Clovis Oncology Inc          CLVS     2.500    96.655  9/15/2021
Endo Finance LLC             ENDP     5.750    95.214  1/15/2022
Endo Finance LLC             ENDP     5.750    96.888  1/15/2022
Endo Finance LLC / Endo
  Finco Inc                  ENDP     5.375    67.000  1/15/2023
Endo Finance LLC / Endo
  Finco Inc                  ENDP     5.375    66.506  1/15/2023
Energy Conversion Devices    ENER     3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC            TXU      0.916     0.072  1/30/2037
Federal Farm Credit Banks
  Funding Corp               FFCB     1.720    99.227 12/10/2029
Federal Home Loan Banks      FHLB     1.050    99.175  6/16/2026
Federal Home Loan Banks      FHLB     1.000    99.384  3/17/2026
Federal Home Loan Banks      FHLB     1.000    99.462  3/17/2026
Federal Home Loan Banks      FHLB     1.050    99.282  6/16/2026
Federal Home Loan Banks      FHLB     1.460    99.446  3/15/2028
Federal Home Loan Banks      FHLB     0.920    99.453  3/17/2026
GNC Holdings Inc             GNC      1.500     1.250  8/15/2020
GTT Communications Inc       GTTN     7.875    11.704 12/31/2024
GTT Communications Inc       GTTN     7.875    12.666 12/31/2024
Goodman Networks Inc         GOODNT   8.000    40.000  5/11/2022
JPMorgan Chase & Co          JPM      1.619   100.000  9/14/2021
MAI Holdings Inc             MAIHLD   9.500    16.792   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    16.792   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    19.750   6/1/2023
MF Global Holdings Ltd       MF       9.000    15.625  6/20/2038
MF Global Holdings Ltd       MF       6.750    15.625   8/8/2016
Metropolitan Life Global
  Funding I                  MET      1.950    99.849  9/15/2021
Nabors Industries Inc        NBR      4.625    99.062  9/15/2021
National Rural Utilities
  Cooperative Finance Corp   NRUC     2.500    99.779  9/15/2021
National Rural Utilities
  Cooperative Finance Corp   NRUC     3.150    99.781  9/15/2021
National Rural Utilities
  Cooperative Finance Corp   NRUC     3.150    99.777  9/15/2021
Navajo Transitional
  Energy Co LLC              NVJOTE   9.000    65.000 10/24/2024
Nine Energy Service Inc      NINE     8.750    49.188  11/1/2023
Nine Energy Service Inc      NINE     8.750    48.732  11/1/2023
Nine Energy Service Inc      NINE     8.750    48.770  11/1/2023
OMX Timber Finance
  Investments II LLC         OMX      5.540     0.350  1/29/2020
PDC Energy Inc               PDCE     1.125    99.970  9/15/2021
QualityTech LP / QTS
  Finance Corp               QTS      3.875   107.347  10/1/2028
QualityTech LP / QTS
  Finance Corp               QTS      3.875   107.319  10/1/2028
Renco Metals Inc             RENCO   11.500    24.875   7/1/2003
Revlon Consumer Products     REV      6.250    45.734   8/1/2024
Riverbed Technology Inc      RVBD     8.875    67.396   3/1/2023
Riverbed Technology Inc      RVBD     8.875    67.396   3/1/2023
Rolta LLC                    RLTAIN  10.750     1.169  5/16/2018
Sears Holdings Corp          SHLD     8.000     2.356 12/15/2019
Sears Holdings Corp          SHLD     6.625     0.774 10/15/2018
Sears Holdings Corp          SHLD     6.625     2.273 10/15/2018
Sears Roebuck Acceptance     SHLD     7.500     1.113 10/15/2027
Sears Roebuck Acceptance     SHLD     6.750     0.654  1/15/2028
Sears Roebuck Acceptance     SHLD     7.000     0.648   6/1/2032
Sears Roebuck Acceptance     SHLD     6.500     1.063  12/1/2028
Sempra Texas Holdings Corp   TXU      5.550    13.500 11/15/2014
Talen Energy Supply LLC      TLN      4.600    83.457 12/15/2021
Talen Energy Supply LLC      TLN      6.500    44.403  9/15/2024
Talen Energy Supply LLC      TLN      9.500    78.781  7/15/2022
Talen Energy Supply LLC      TLN      9.500    77.062  7/15/2022
Talen Energy Supply LLC      TLN      6.500    44.403  9/15/2024
TerraVia Holdings Inc        TVIA     5.000     4.644  10/1/2019
Washington Prime Group LP    WPG      6.450    43.000  8/15/2024



                            *********

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
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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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