/raid1/www/Hosts/bankrupt/TCR_Public/210922.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, September 22, 2021, Vol. 25, No. 264

                            Headlines

12 UNIVERSITY LLC: Unsecured to Recover 100% in Plan
203-205 NORTH: Court Confirms Secured Creditors' Plan
2136 FULTON: Sale Plan Provides 100% Payout to Creditors
A THUMBS UP INC: Seeks to Hire WBW CPA's as Accountant
ADVANCED CLEANUP: Gregory Jones Named Chapter 11 Trustee

ADVAXIS INC: Adds New Provision to Company Bylaws
AFP 103 CORP: DoubleTree by Hilton Faces Foreclosure Lawsuit
ASHTON WOODS: S&P Upgrades ICR to 'B+', Outlook Stable
ASTROTECH CORP: Reports Fiscal Year 2021 Financial Results
AUSJ-MICH LLC: Taps Hopson Law Group as Bankruptcy Counsel

B&L INTERNATIONAL: Hearing Today on Cash Collateral Access
BIG RIVER STEEL: S&P Raises ICR to 'B' Following Upgrade of Parent
BOY SCOUTS OF AMERICA: Amends Plan for New Hartford Deal
BUCKINGHAM SENIOR: Unsecured Creditors' Recovery "TBD" in Plan
CABLE & WIRELESS: Fitch Rates New $590MM Term Loan 'BB-'

CINCINNATI BELL: Moody's Assigns B1 CFR Amid Macquarie Transaction
CITY LIFT PARKING: Seeks to Hire Eric A. Liepins as Legal Counsel
CONCRETE PAVERS: Seeks to Employ Patrick Gros as Accountant
CORAL-US CO-BORROWER: Moody's Rates New $590MM Term Loan 'Ba3'
CORAL-US CO-BORROWER: S&P Rates New Sr. Sec. Term Loan B-6 'BB-'

COSMOS HOLDINGS: Secures $5.5M Investment From Ault Global Holdings
CYCLE FORCE: Seeks to Employ Ravinia Capital as Investment Banker
CYTODYN INC: Resolves Federal Suit With Rosenbaum Group
CYXTERA DC: Moody's Hikes CFR to B3 & Alters Outlook to Stable
DARREN MARTIN: Seeks to Hire Viking CPA Group as Accountant

DCP MIDSTREAM: Fitch Alters Outlook  on 'BB+' LT IDRs to Positive
DELEK US: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Stable
DOMTAR CORP: Fitch Assigns FirstTime 'BB' IDR, Outlook Positive
DOMTAR CORP: Moody's Assigns Ba2 CFR & Rates New Secured Debt Ba2
EASTERN NIAGARA HOSPITAL: Renegotiates Union Contracts, PCO Says

EASTERN NIAGARA: Direct Admission Policy Revised, Ombudsman Says
EASTERN NIAGARA: To Remove 80 Full Time Posts in Ch. 11, PCO Says
EASTERN UNIVERSITY: S&P Raises 2012 Revenue Bonds Rating to 'BB+'
ECOLIFT CORPORATION: Seeks to Hire RSM Puerto Rico as Accountant
ECOLIFT CORPORATION: Taps C. Conde & Assoc. as Legal Counsel

EVERGREEN GARDENS: To Seek Plan Confirmation on Nov. 1
GCI LLC: Moody's Hikes CFR to B1 on Improved Credit Profile
GOMEZ HEATING: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel
GREENSILL CAPITAL: To Seek Plan Confirmation on Oct. 19
GROM SOCIAL: Closes $4.4 Million Private Placement

IMERYS TALC: Delaware Judge Questions Chapter 11 Vote Change
INGEVITY CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
INNER CITY BUILDERS: Seeks Approval to Hire Real Estate Agent
INPIXON: Files Certificate of Designation of Preferred Stock
INTERNATIONAL AUTO FLEET: Seeks to Hire Riggi Law Firm as Counsel

INVO BIOSCIENCE: All 4 Proposals Passed at Annual Meeting
JTF LLC: Seeks to Hire Chesapeake Tax Advisors as Accountant
KANSAS CITY UNITED: Wanda Crocker Named Patient Care Ombudsman
KDA PROPERTIES: Case Summary & 2 Unsecured Creditors
LAMBRIX CRANE: Seeks to Hire Brown Law Firm as Bankruptcy Counsel

LAROSE HOSPITALITY: Court Confirms Second Amended Plan
LONJ LLC: All Claims Will be Paid in Full in Sale Plan
MADU INC: Seeks to Employ The Clower Company as Real Estate Broker
MJ AUTO CENTER: Seeks to Hire John E. Dunlap PC as Legal Counsel
MOZART BORROWER: Moody's Assigns 'B2' CFR, Outlook Stable

MOZART BORROWER: S&P Assigns 'B+' ICR, Outlook Stable
MOZART DEBT: Fitch Assigns First Time 'B+' LT IDR, Outlook Stable
NATIONAL MUSEUM OF AMERICAN JEWISH: Exits Chapter 11 Reorganization
NORTH AMERICAN REFRACTORIES: Honeywell at Odds w/ Bankruptcy Trust
NORTHSTAR GROUP: Moody's Affirms 'B2' CFR, Outlook Stable

OWENS & MINOR: Fitch Raises Rating on Secured Debt to 'BB+'
PEARL MERGER: S&P Assigns BB Issuer Credit Rating, Outlook Stable
PELICAN FAMILY: Wins Cash Collateral Access
PLUS PRODUCTS: Gets CCAA Initial Stay Order; PwC Is Monitor
POWAY PROPERTY: Seeks to Hire Speckman Law Firm as Legal Counsel

RANCHO CIELO: Unsecureds Will be Paid in Full in Sale Plan
REALOGY GROUP: S&P Raises 2nd-Lien Secured Notes Rating to 'BB'
REGIONAL HOUSING: U.S. Trustee to Appoint Patient Care Ombudsman
REMARK HOLDINGS: To Sell $50 Million Worth of Securities
ROCKDALE MARCELLUS LLC: Case Summary & 20 Top Unsecured Creditors

ROCKDALE MARCELLUS: Case Summary & Unsecured Creditor
RR3 RESOURCES: Unsecureds to Recover 2% Under Plan
RWB INTERNATIONAL: Seeks to Hire Keller Williams as Broker
SABRA HEALTH: Moody's Alters Outlook on Ba1 CFR to Stable
SEMINOLE HARD ROCK: S&P Alters Outlook to Stable, Affirms 'B+' ICR

SILVERSIDE SENIOR: Ombudsman to Seek Termination of Appointment
SKILL CAPITAL: Seeks to Hire CohnReznick as Tax Accountant
SOARING STARS: Seeks to Employ CPA Smith as Accountant
SOTO'S AUTO: Wins Cash Collateral Access Thru Sept 29
STURGEON AQUAFARMS: Voluntary Chapter 11 Case Summary

SYNERGY HDD: Case Summary & 20 Largest Unsecured Creditors
TENRGYS LLC: Seeks to Hire Copeland as Bankruptcy Counsel
TENRGYS LLC: Seeks to Hire FTI Consulting as Financial Advisor
TPT GLOBAL: Increases Authorized Common Shares to 1.25 Billion
TRI-WIRE ENGINEERING: Taps Getzler Henrich as Financial Advisor

TRI-WIRE ENGINEERING: Wins Cash Collateral Access Thru Sept 30
U.S. STEEL: S&P Raises ICR to 'B' on Debt Reduction
VALCOUR PACKAGING: Moody's Gives B3 CFR & Rates New $400MM Loan B2
VALCOUR PACKAGING: S&P Assigns 'B-' ICR, Outlook Stable
VIPER ENERGY: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable

WALTER C. SMITH: Seeks to Hire Bradley Silva as Special Counsel
WALTER C. SMITH: Taps Bolen Fransen Cutts as Special Counsel
WALTER C. SMITH: Taps Sagaser, Watkins & Wieland as Special Counsel
WARDHAM HOTEL: Liquidating Plan Confirmed by Judge
WEATHERFORD INTERNATIONAL: S&P Rates $500MM Secured Notes 'B'

WHITE RIVER: Court Orders Revisions; Confirmation Hearing Oct. 15
WING DINGERS: Seeks to Hire White and Williams as Special Counsel
Z EDGE: $400K Financing to Pay Creditors in Full; Amends Plan
[*] DOJ Bankruptcy Watchdog Declines Second Ch. 11 Fee Hike Review
[*] Katten Bankruptcy Team Wins M&A Advisor Turnaround Awards


                            *********

12 UNIVERSITY LLC: Unsecured to Recover 100% in Plan
----------------------------------------------------
12 University, LLC submitted a Plan of Reorganization and a
Disclosure Statement on Sept. 15, 2021.

The Debtor owns a real property located at 12 University Boulevard
in Tucson, Arizona and believes the current fair market value of
the property is no less than $1,000,000.  In Schedule A, the Debtor
listed a $700,000 value for the property based on 2016 broker's
price opinion of value.  However, the Debtor believes a $1,000,000
valuation is more accurate based on recent appreciation of property
values in the Tucson real estate market and a recent broker price
opinion. In the event of a forced liquidation, however, the Debtor
believes the value of the Real Property would be no more than
$530,000.  The Real Property is located in the Stone/Sixth Area
(SSA) of Tucson's Downtown Area Infill Incentive District (IID).

The Debtor asserts that the best and highest use is to redevelop
the Real Property and thus needs to hire an architect to conduct a
feasibility study.  An architectural feasibility study will help
potential buyers assess the viability of redevelopment of the Real
Property and ensure that the eventual sale or refinancing of
property brings the highest value.  For this reason, the Debtor has
filed an application to employ FORSarchitecture, LLC as architect
in this case.

The Debtor is a counterclaimant in a lawsuit against Auto-Owners
Insurance Company
that is pending in the United States District Court, District of
Arizona.  The Debtor believes the value of the Auto-Owners District
Court Action is no less than $200,000.  The Debtor also has
potential claims or causes of action against various third parties,
including the City of Tucson for "water trespass"; Safeco Insurance
related to theft and water damage; and Ditech Financial for failure
to pay mortgage insurance. In addition, the Debtor believes it has
claims against former counsel, including, but not limited to,
claims for legal malpractice, against attorneys Doug Glasson, Craig
Cline, Philip Nathanson, and Allan NewDelman.

Class 2A consists of the Allowed Secured Claim of NewRez, LLC,
related to a mortgage loan, secured by a second-position lien in
the Debtor's interest in Real Property located at 12 University
Boulevard in Tucson, Arizona.  The Allowed Class 2A Secured
Claimant shall retain its prepetition lien in the Real Property and
receive payment in full no later than the Effective Date.

Under the Plan, Class 3 Allowed General Unsecured Claims of
Creditors of the Debtor total $180,426.  After payment of or
reservation for Administrative Claims and Class 1 Priority Claims,
the Debtor shall distribute a pro rata share of funds to the
Allowed Class 3 Claimants as available.  Class 3 Claims will
receive an initial distribution upon the earlier of the sale of the
Real Property or the Debtor's receipt of net proceeds after
resolution of the Causes of Action.  Class 3 Claims shall not
accrue interest.  No prepayment penalty shall apply to Class 3. If
a Class 3 Claim is not an Allowed Claim prior to the Initial
Payment Date, the holder of the Class 3 Claim shall not receive
payment until its Claim is Allowed. Class 3 Claims will receive
payment of 100% of their Allowed Claims.  Class 3 is impaired and
entitled to vote on the Plan.

The Plan will be funded through contributions from 807 7th, LLC
and/or Snakebridge, LLC; the sale of the Real Property located at
12 University Boulevard in Tucson, Arizona; and the net recovery
received by the Debtor from the Causes of Action.

Attorneys for the Debtor

     Pernell W. McGuire
     M. Preston Gardner
     40 E. Rio Salado Pkwy., Suite 425
     Tempe, AZ 85281
     Telephone: (480) 733-6800
     Fax: (480) 733-3748
     E-mail: efile.dockets@davismiles.com

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/2VM7L3t from PacerMonitor.com.

                     About 12 University LLC

12 University, LLC, filed its voluntary petition for Chapter 11
protection (Bankr. D. Ariz. Case No. 20-11567) on Oct. 19, 2020,
listing as much as $1 million in both assets and liabilities.
Judge Brenda Moody Whinery oversees the case.

Davis Miles McGuire Gardner, PLLC, and Nathanson Law Firm serve as
the Debtor's bankruptcy counsel and special counsel, respectively.
The Debtor also tapped FORSarchitecture, LLC, a Tucson, Ariz.-based
full-service architecture and interior design firm.


203-205 NORTH: Court Confirms Secured Creditors' Plan
-----------------------------------------------------
Judge Nancy Hershey Lord has entered an order confirming the
Secured Creditors' Second Amended Chapter 11 Plan of Liquidation of
203-205 North 8th Street Loft, LLC except that Section 6.5 of the
Plan is not approved and is stricken in its entirety.

As reported in the TCR, secured creditors 203-205 N 8th Street LLC,
North 8th Investor LLC and 3052 Brighton 1st Street LLC for the
estate of debtor 203-205 North 8th Street Loft, LLC, have filed a
proposed plan for the Debtor.

A full-text copy of the Secured Creditors' Second Amended
Liquidating Plan dated Dec. 22, 2020, is available at
https://bit.ly/3aNB8HU from PacerMonitor.com at no charge.

Any objections to confirmation of the Plan, unless previously
withdrawn are overruled.

Notwithstanding anything else in the Plan to the contrary, all
executory contracts and unexpired leases of the Debtor, other than
residential leases, shall be assumed and assigned or rejected by a
notice filed and served by the Proponents and/or the Successful
Bidder on 21 days' notice to the parties affected by such
assumption and assignment or rejection, in accordance with Article
5.1 of the Plan (NHL), with the decision as to assumption and
assignment or rejection being made at the discretion of the
Successful Bidder in accordance with Section 365 of the Bankruptcy
Code.

Holders of claims against the Debtor that are entitled to a first
priority under Section 507(a)(1) of the Bankruptcy Code, other than
applications for an allowance of final compensation or
reimbursement of expenses for professional services rendered to the
Debtor or in relation to this Case pursuant to 11 U.S.C. Secs. 328,
330, 331, or 503(b) ("Applications for Professional Compensation"),
shall be filed within 24 days (the "Administrative Bar Date").  The
failure to file a proof of an Administrative Expense Claim before
expiration of the Administrative Bar Date shall result in the
disallowance of any such Administrative Expense Claim or
professional fees or reimbursement for expenses. Applications for
Professional Compensation shall be filed and served pursuant to
Fed. R. Bankr. P. 2016 and E.D.N.Y. LBR 2016-1, and noticed for a
hearing before this Court on December 7, 2021, at 11:00 a.m. (the
"Fee Application Deadline").

The Proponents shall represent the Debtor's estate with respect to
all Claims and shall assert, litigate and reduce to judgment or
Final Order all objections to Claim, with such objections to be
filed on or before the date that is 60 days following the Effective
Date of the Plan.

Administrative Claims, and Classes of Claims classified in Classes
1, 5 and 7 are unimpaired under the Plan.  The Disclosure Statement
and the Plan specify the treatment provided to the Claims or
Interests, as the case may be, in Classes 2, 3, 4 and 6 under the
Plan.

The Plan has been deemed to have been accepted by three impaired
classes, all comprised by the Proponents' respective Claims (i.e.,
Class 2 (North 8th's Secured Claim), Class 3 (203-205 North's
Secured Claim), and Class 4 (3052 Creditor's Secured Claim)), and
all determined without including any acceptance of the Plan by an
insider.

Notwithstanding the fact that the Plan does not comply with Section
1129(a)(8) of the Bankruptcy Code, the Plan may still be confirmed
because it does not "discriminate unfairly" and is fair and
equitable with respect to Class 6 (General Unsecured Claims), i.e.,
the Class that is impaired and deemed to have rejected the Plan
(the "Deemed Rejecting Class").

             About 203-205 North 8th Street Loft

On Feb. 6, 2020, 203-205 North 8th Street Loft, LLC, filed a
petition for Chapter 11 bankruptcy relief (Bankr. E.D.N.Y. Case No.
20-40793), which was executed by Johnathan Rubin, as president of
the Debtor.  The Debtor was estimated to have less than $1 million
in assets and liabilities.  The Debtor is represented by KRISS &
FEUERSTEIN LLP.


2136 FULTON: Sale Plan Provides 100% Payout to Creditors
--------------------------------------------------------
2136 Fulton Realty LLC submitted a Third Modified Chapter 11 Plan.

According to the Third Modified Disclosure Statement, the Plan
provides for a 100% payout to the Debtor's creditors.  The Plan
will be funded by the sale of the Debtor's real property located at
2136 Fulton Street, Brooklyn, New York. Pursuant to an auction held
by Maltz Auctions Inc., the highest bid for the real property was
for $733,000. The sale was approved following a hearing held on
July 27, 2021 – with the purchaser being Mark Nussbaum (or an
entity to be created thereby). Mr. Nussbaum is the sole member of
one of the Debtor's two owners – owing 49% of the equity. Mr.
Nussbaum through his entity is also the manager of the Debtor.

Each holder of an Allowed General Unsecured Claim shall receive
full payment from the Plan Fund, on the later of the Effective Date
and the date on which such General Unsecured Claim becomes an
Allowed Claim, or as soon as reasonably practical. Class 4 Claims
are Unimpaired, and the holders of General Unsecured Claims are not
entitled to vote to accept or reject the Plan.

The Plan confirmation hearing will be held on Nov. 9, 2021 at 11:00
a.m. (Eastern Time) before the Honorable Nancy H. Lord at the
United States Bankruptcy Court for the Eastern District of New
York, Conrad B. Duberstein U.S. Bankruptcy Courthouse, 271 Cadman
Plaza East, Suite 1595, Brooklyn, New York 11201-1800. The hearing
will be held telephonically and could be accessed as follows: Dial
in Number 888-363-4734; Access Code – 4702754.

Objections and responses to confirmation of the Plan, if any, must
be served and filed as to be received on or before the Plan
Objection Deadline on November 2, 2021 at 5:00 p.m. (prevailing
Eastern Time).

The Plan will be funded by the Cash available in the Plan Fund.

Counsel to the Debtor:

     Eric H. Horn, Esq.
     Heike M. Vogel, Esq.
     A.Y. STRAUSS LLC
     101 Eisenhower Parkway, STE 412
     New York, New York 10018
     Tel. (973) 287-5006
     Fax (646)374-3020

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/3khfiRc from PacerMonitor.com.

                     About 2136 Fulton Realty

2136 Fulton Realty LLC's primary asset is a mixed use property
consisting of a vacant commercial space and two residential
apartments located at 2136 Fulton Street, Brooklyn, New York.  Both
residential apartments are occupied with a monthly rent of $2,100
for each of the units.

2136 Fulton Realty LLC filed a Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 20-42296) on June 10, 2020.  Eric H. Horn, Esq., of A.Y.
STRAUSS LLC, is the Debtor's counsel.


A THUMBS UP INC: Seeks to Hire WBW CPA's as Accountant
------------------------------------------------------
A Thumbs Up Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Maryland to hire WBW CPA's as its accountant.

The Debtor needs an accountant to assist in conducting the monthly
accounting completed in the ordinary course of its business and to
assist in its refinancing or restructuring efforts.

WBW CPA's will be paid a monthly fee of $330.

Joseph Brusak, a certified public accountant at WBW CPA's,
disclosed in a court filing that he is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Joseph Brusak, CPA, MST
     WBW CPA's
     705 Old Fallston Rd., Suite 202-203
     Fallston, MD 21047
     Telephone: 410-877-3870
     Fax: 410-877-3873
     Website: www.maryland-cpa.com
                       
                      About A Thumbs Up Inc.

A Thumbs Up Inc. filed a petition for Chapter 11 protection (Bankr.
D. Md. Case No. 21-15591) on Aug. 31, 2021, disclosing up to
$100,000 in assets and up to $500,000 in liabilities.  Judge Nancy
V. Alquist oversees the case.  Tydings & Rosenberg, LLP and WBW
CPA's serve as the Debtor's legal counsel and accountant,
respectively.


ADVANCED CLEANUP: Gregory Jones Named Chapter 11 Trustee
--------------------------------------------------------
Gregory K. Jones informed the U.S. Bankruptcy Court for the Central
District of California that he has accepted his appointment as
Chapter 11 Trustee for Advanced Cleanup Technologies, Inc.  Mr.
Jones is a shareholder at Stradling Yocca Carlson & Rauth, A
Professional Corporation.  

Mr. Jones may be reached at:

  Gregory K. Jones
  Stradling Yocca Carlson & Rauth
   A Professional Corporation
  10100 Santa Monica Blvd, Suite 1400
  Los Angeles, CA 90067
  Telephone: (424) 214-7000
  Facsimile: (424) 214-7010
  Email: gjones@stradlinglaw.com

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

                About Advanced Cleanup Technologies

A group of creditors of Advanced Cleanup Technologies, Inc. filed
an involuntary Chapter 7 bankruptcy petition (Bankr. C.D. Calif.
Case No. 21-12762) against the company on April 5, 2021.

The petitioning creditors are GOLO LLC, NEAA Inc., ENAA Inc.,
Francesco & Linda Funiciello, Ronnie and Sunny Melendez, Nasser
Nando Ghorchian, Alberto Amiri and Talya Enterprises, Kevin King,
and Michael Funiciello.  The creditors are represented by Winthrop
Golubow Hollander, LLP.

On July 2, 2021, the Court entered an order converting the case to
one under Chapter 11.  Judge Sheri Bluebond oversees the case.
Leslie Cohen Law, PC serves as the Debtor's legal counsel in its
bankruptcy case.



ADVAXIS INC: Adds New Provision to Company Bylaws
-------------------------------------------------
The Board of Directors of Advaxis, Inc. approved by unanimous
written consent Amendment No. 1 to the Second Amended and Restated
By-Laws, which became effective Sept. 20, 2021.

The Board added a new Section 5 to Article VI of the Second Amended
and Restated By-Laws that designates the Court of Chancery of the
State of Delaware, or if the Court of Chancery does not have
jurisdiction, the federal district court for the District of
Delaware, as the sole and exclusive forum for certain legal
actions, unless the Company consents in writing to the selection of
an alternative forum.  Additionally, the By-Laws Amendment assigns
the federal district courts of the United States of America to be
the sole and exclusive forum for the resolution of any complaint
asserting a cause of action arising under the Securities Act of
1933 and requires the consent, in writing, of the Company to the
selection of any alternative forum as it relates to such a claim.

                        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 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.


AFP 103 CORP: DoubleTree by Hilton Faces Foreclosure Lawsuit
------------------------------------------------------------
Francisco Alvarado, writing for The Real Deal, reports that the
owner of the DoubleTree by Hilton Hotel & Miami Airport Convention
Center allegedly hasn't made mortgage payments since April 2020.
So now the lender is looking to collect nearly $33 million in
outstanding debt.

The lender, a commercial mortgage-backed securities trust
represented by an affiliate of Miami-based Rialto Capital Advisors,
filed a foreclosure lawsuit in Miami-Dade Circuit Court against AFP
103 Corp.  The entity is managed by executives of New York-based
real estate investment firm United Capital Corporation.

The DoubleTree Miami Airport hotel is the latest Miami-Dade County
hospitality property to end up in court over financial woes in the
wake of tourism disruption caused by the pandemic. Over the summer,
two hotels in downtown Miami and Brickell filed for bankruptcy
protection to settle with creditors and avoid foreclosure. In March
2020, the DoubleTree Miami Airport hotel furloughed 179 employees,
a state WARN record shows.

Attorneys representing United Capital's affiliate AFP 103 Corp. and
the CMBS Trust did not respond to requests for comment.

According to its website, United Capital owns 150 commercial
properties encompassing more than eight million square feet across
the U.S., including the Marriott Orlando Downtown.

United Capital bought the DoubleTree Miami Airport hotel in 2009
for $11.7 million in a foreclosure auction, records show. The
334-room hotel and 138,198-square-foot conference center at 711
Northwest 72nd Avenue were completed in 1968.

The property is also home to the Miami Merchandise Mart, which is
owned by a different entity and is not a party to the Sept. 9
foreclosure lawsuit.

According to the complaint, United Capital's affiliate took out a
refinancing for $40 million in 2013 from an affiliate of UBS Bank.
The loan was assigned to the CMBS Trust the same year. In April
2020, the CMBS Trust sent United Capital's affiliate a notice of
default after it missed its monthly mortgage payment, and no
payments have been made since then, the lawsuit alleges. As a
result, the outstanding principal, plus interest, of $32.8 million
is now due, according to the complaint.



ASHTON WOODS: S&P Upgrades ICR to 'B+', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Atlanta-based
Ashton Woods USA to 'B+' from 'B'. S&P also raised its rating on
the company's senior unsecured notes one notch to 'B+'; the
recovery rating remains '3'.

The stable outlook reflects S&P's expectation that the company's
EBITDA will stay at about 2x debt, EBITDA will cover interest by
more than 7x, and debt to capital will trend below 50%.

S&P said, "We believe the company will maintain its sharp recent
improvements in profits and leverage beyond the current fiscal
year. Driven largely by higher closing volumes, we expect Ashton
Woods' EBITDA to peak in fiscal 2022 at $410 million, an increase
of more than 25% for the year, before edging down to about $386
million next year. With increases in land and development
investments that are basically self-funded into fiscal 2023, and
after recent re-financings, debt to EBITDA should remain around
last year's level of 2.3x. More importantly, should currently
favorable housing demand unexpectedly reverse, annual EBITDA would
have to decline some 40% from our forecasts (above) before we might
lower our issuer rating back to 'B'."

Ashton Woods' recent debt actions have enhanced its capital
structure and lowered borrowing costs. In adding less than $100
million in incremental debt from its July and September note
offerings, the company reduced its cost of capital by more than 2
percentage points and pushed its earliest maturities to 2028. In
addition, the due date on its (undrawn) revolver was recently
extended by two years to 2025, and the facility converted to
unsecured from secured. Overall liquidity is about $520 million as
of May 2021, with cash accounting for the bulk of this figure.

S&P said, "Our forecasts assume a sizable increase in land and
development spending. Stronger-than-expected homebuying demand and
a COVID-19-related pause in land investment resulted in a more than
20% drop in active selling communities (108) at the start of fiscal
2022. To achieve its growth objectives, we think management aims to
lift its number of communities to pre-pandemic levels of 130-140
over the next 12-24 months. Still, we forecast a resulting free
operating cash flow (FOCF) deficit of less than $50 million for
this year, which ought to be easily absorbed via cash on hand, and
the revolver should be kept undrawn.

The company's relative size and scale remain key hurdles to another
upgrade. Last year's sharp EBITDA margin improvement has made
Ashton Woods' profitability more comparable with that of many
higher-rated homebuilders. Yet most of these ongoing profit gains
are coming from a relatively narrow range of markets in the South
and Southeast U.S. Moreover, while strength among the currently
robust entry-level buyer segment is another key profit driver, it
remains to be determined how these economically sensitive buyers
respond to a turn in the housing cycle.

S&P said, "The stable outlook reflects our view that solid
homebuying demand across Ashton Woods' markets will allow it to
maintain debt to EBITDA at recently improved levels of just under
2.5x. Internally generated cash flows and cash on hand should
support the solid ramp-up in active selling communities that we
forecast to begin next spring and continue into fiscal 2023. Over
the next 12 months, debt to capital should fall below 50% and
EBITDA should cover interest by more than 7x."

S&P could lower the rating back to 'B' if one or more of the
following were to occur:

-- Its increasing focus on entry-level buyers begins to act as a
significant drag on results rather than a key to the solid ongoing
profitability;

-- FOCF remains materially negative beyond this year's expected
dip; and

-- Debt to EBITDA heads back above 4x, most likely driven by a
significant increase in debt (to above $1.6 billion compared to
S&P's estimate of less than $1.0 billion) or a sharp decline in
EBITDA (to less than $250 million compared to our $410 million
estimate).

S&P could raise the rating to 'BB-' amid broader product
diversification led by higher-priced, move-up, and other (such as
active adult) segments proving more resilient to economic swings.
In addition, leverage would need to remain close to the current 2x,
with FOCF close to breakeven.



ASTROTECH CORP: Reports Fiscal Year 2021 Financial Results
----------------------------------------------------------
Astrotech Corporation reported its financial results for the fiscal
year ended June 30, 2021.

During fiscal year 2021, the Company successfully raised a total of
$74.3 million in gross proceeds from equity offerings,
strengthening its balance sheet and sufficiently capitalizing the
company for the foreseeable future.  The Company plans to ramp
sales of its mass spectrometry instrumentation and explore other
strategic opportunities to accelerate growth.  The capital further
provided the opportunity to engage a leading contract manufacturer,
Sanmina, to manufacture its various mass spectrometry products,
adding flexibility and scalability.

As the first and only mass spectrometry-based explosives trace
detector (ETD) certified for air and cargo security, 1st Detect's
TRACER 1000 continues to demonstrate why the Company believes mass
spectrometry is the way of the future for ETDs.  With its near-zero
false alarms and a more reliable analysis than ion mobility
spectrometry (IMS) based ETDs, cargo facilities using the TRACER
1000 are seeing fewer delays to their operations.  In addition,
while the downturn in air travel caused by COVID-19 caused some
delays in its ramping sales in checkpoint security, on Aug. 25,
2021, the Company announced that it has secured its first purchase
order for the TRACER 1000 to be deployed at an international
airport security checkpoint for passenger screening.

Meanwhile, AgLAB continued its development of the AgLAB-1000 series
of instruments and recently hired hemp and cannabis industry
veteran and mass spectrometry expert, Joe Levinthal, as its chief
science officer.  As an authority in distillation of hemp and
cannabis products, Mr. Levinthal is leading AgLAB's product
development team and finalizing a product that is being designed to
optimize yield during the hemp and cannabis oil extraction and
distillation process, and thereby meaningfully increase top line
revenue for hemp and cannabis oil manufacturers.

Finally, BreathTech continues to move forward in its partnership
with Cleveland Clinic to develop the BreathTest-1000 to screen for
volatile organic compound (VOC) metabolites found in a person's
breath that could indicate they may have an infection, including
COVID-19 or pneumonia.  In April 2021, the Company announced that
BreathTech signed an Investigator-Initiated Study Agreement with
Cleveland Clinic to use the BreathTest-1000 to compare exhaled
breath from individuals who have tested positive on a COVID-19
polymerase chain reaction (PCR) test against subjects who have had
a negative COVID-19 PCR test.  The Company is excited to finish its
study and prospectively enter the ongoing battle against COVID-19.

"The continued development of our mass spectrometry technology has
provided new and exciting opportunities," stated Thomas B. Pickens,
III, Chairman and chief executive officer of Astrotech Corporation.
"We now have what we believe to be the most rugged and least
expensive mass spectrometer on the market that can provide an
analysis comparable to laboratory instruments that are much more
expensive.  Further, our instruments have been designed such that a
highly sophisticated operator is not required, unlike many of the
other mass spectrometers on the market.  We continue to look for
opportunities to further exploit our technology and we welcome
discussions with potential industry partners that have applications
where our technology can add value."

Financial Highlights

Management continues efforts to optimize its resources while
reducing cost and adding financial flexibility.

   * During fiscal year 2021, the Company raised $74.3 million in
gross proceeds from equity offerings, bolstering its balance sheet
for future growth.

   * Commercial sales of the TRACER 1000 continued, leading to
revenue of $334,000 in fiscal year 2021.  Additional purchase
orders have been received.

   * In August 2021, the Company received its first purchase order
for the TRACER-1000 to be deployed at an airport security
checkpoint.

   * The Company engaged with a leading contract manufacturer,
Sanmina, to manufacture all of its products.

   * The Company optimized its real estate footprint, now that it
has outsourced manufacturing, by consolidating its operations in
Austin, Texas, leading to an estimated $2.1 million in savings over
the life of its new lease, which terminates in 2024.

                          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.


AUSJ-MICH LLC: Taps Hopson Law Group as Bankruptcy Counsel
----------------------------------------------------------
AUSJ-MICH LLC has filed anew an application to hire Hopson Law
Group as its bankruptcy counsel.

The U.S. Bankruptcy Court for the Northern District of Mississippi
had previously issued an order striking the Debtor's initial
application for failure to serve notice of the scheduled hearing
and objection deadline.

The firm's services include:

     (a) taking all necessary action to protect and preserve the
estate of the Debtor, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the estate;

     (b) providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and
management of its properties;

     (c) negotiating, preparing, and pursuing confirmation of a
Chapter 11 plan and approval of a disclosure statement;

     (d) preparing legal papers;

     (e) appearing in court;

     (f) assisting with any disposition of the Debtor's assets by
sale or otherwise;

     (g) reviewing all pleadings filed in the Debtor's case;

     (h) assisting the Debtor with its insurance recovery
litigation; and

     (i) performing all other legal services.

The firm's hourly rates are as follows:

     Derek Hopson Sr., Esq.          $350 per hour
     D. Dewayne Hopson, Jr., Esq.    $225 per hour
     Paralegals/Assistants           $100 per hour

Hopson Law Group requested a retainer fee of $10,500. Of this
amount, the Debtor paid $3,000 to the firm prior to the filing of
the bankruptcy case.

D. Dewayne Hopson, Jr., Esq., an associate attorney at Hopson Law
Group, disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     D. Dewayne Hopson, Jr., Esq.
     Hopson Law Group
     601 Martin Luther King BLVD
     Clarksdale, MS 38614
     Phone: (662) 624-4100
     Fax: (662) 621-9197
     Email: dewaynehopson@hopsonlawfirm.net

                           AUSJ-MICH LLC

AUSJ-MICH LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Miss. Case No. 21-10832) on April 28, 2021, listing as much as
$500,000 in both assets and liabilities.  Judge Jason D. Woodard
oversees the case.  The Debtor is represented by D. Dewayne Hopson
Jr., Esq., at Hopson Law Group.


B&L INTERNATIONAL: Hearing Today on Cash Collateral Access
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland has
authorized B&L International, Inc. to use cash collateral on an
interim basis in accordance with the budget and provide adequate
protection through September 3, 2021.

The U.S. Small Business Administration asserts a secured claim
against the Debtor pursuant to various judgment liens, and a UCC-1
Financing Statement filed with the Virginia State Corporation
Commission. The SBA asserts an unpaid balance as of the Petition
Date in the amount of approximately $155,532.53.

The SBA asserts a security interest in and lien upon, among other
things, all tangible and intangible personal property.

To the extent the Cash Collateral is used by the Debtor and the use
results in a diminution of the value of the Cash Collateral, the
SBA is entitled, pursuant to sections 361(2) and 363(c)(2) of the
Bankruptcy Code, a replacement lien in and to all postpetition
assets of the Debtor, of any kind or nature whatsoever, real or
personal, whether now existing or hereafter acquired, and the
proceeds of the foregoing, to the same extent and with the same
priority as the SBA’s interest in the Pre-Petition Collateral.

The liens and security interests granted, including the Adequate
Protection Liens, will become and are duly perfected without the
necessity for the execution, filing or recording of financing
statements, security agreements and other documents which might
otherwise be required pursuant to applicable non-bankruptcy law for
the creation or perfection of such liens and security interests.

A final hearing on the matter is scheduled for September 22 at 10
a.m. via videoconference.

A copy of the order and the Debtor's budget for September 9 to 23,
2021 is available at https://bit.ly/3kpWcII from PacerMonitor.com.

The Debtor projects $23,324 in total income and $10,825 in total
expenses for the period.

                      About B&L International

Gaithersburg, Md.-based B&L International Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
21-15728) on Sept. 9, 2021, disclosing up to $1 million in assets
and up to $10 million in liabilities.  Jing Xu, as authorized
representative, signed the petition.  

Judge Maria Ellena Chavez-Ruark oversees the case.

The Debtor tapped McNamee Hosea, P.A. as legal counsel.



BIG RIVER STEEL: S&P Raises ICR to 'B' Following Upgrade of Parent
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Big River
Steel LLC to 'B' from 'B-' following the upgrade of parent U.S.
Steel Corp.

S&P said, "We also raised our issue-level ratings on the company's
secured debt to 'B' from 'B-' and the recovery rating remains '3'.

"The positive outlook reflects our outlook on its parent, U.S.
Steel Corp., as well as our expectation for continued solid
earnings and cash flow from continued improvement in its
production, even if favorable steel demand and prices ease in
2022.

"Big River Steel's credit metrics will improve in 2021 and beyond
and we expect its leverage to be below 3x over the next two years.
This incorporates our projection for greater than $1 billion of
adjusted EBITDA in 2021 and more normalized, albeit still elevated
EBITDA of about $700-900 million in 2022 and 2023. This compares to
our previous forecast for about $500-600 million of adjusted EBITDA
annually. Our forecast assumes Hot Rolled Coil (HRC) prices of
about $1,400 per ton on average in 2021 and declining towards
$1,000 by the end of 2022 and beyond. These price assumptions
compare favorably with the historical average of about $600 per
ton. This improvement comes after Big River ended the previous two
fiscal years with double-digit leverage because of its large
capital expenditure and weaker steel prices."

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

S&P said, "With production ramping up and positive free cash flow
generation, we expect Big River Steel will soon have opportunities
for further investment, debt reduction, or distributions to its
100% owner U.S. Steel based on the availability of baskets under
its debt agreements. Specifically, we assume Big River could return
a small share of its free cash flow to U.S. Steel beginning in 2022
if it satisfies its debt covenants, subject to its continued good
financial performance as well as broader strategic capital
allocation decisions that could take time to confirm. This
distribution could grow in outer years if the company continues its
trend of strong cash flow generation during a time in which U.S.
Steel is investing heavily in a recently announced new $3 billion
mini-mill expansion project. U.S. Steel expects to fund the project
using primarily existing cash and expected free cash flow. We
continue to view Big River as part of U.S. Steel's credit group,
though we maintain stand-alone ratings because there are no
upstream or downstream guarantees in place between the companies.

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

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

"We could revise our outlook on Big River to stable if we revise
our outlook on U.S. Steel to stable. This could occur if we expect
U.S. Steel's leverage to increase above 5x on a sustainable basis,
which would potentially lead to breakeven free cash flow generation
over the next year. Even if Big River outperforms U.S. Steel in
this scenario, we would not raise our rating on the company above
our rating on U.S. Steel as long as its parent retains 100%
ownership.

"Our rating on U.S. Steel constrains the rating on Big River. We
could raise our rating on Big River if both Big River and U.S.
Steel increase their profits and generate positive free cash flow
over the next year. We would expect the company to sustain debt to
EBITDA of about 3x amid the current pricing environment or less
than 5x amid a more normalized pricing environment."



BOY SCOUTS OF AMERICA: Amends Plan for New Hartford Deal
--------------------------------------------------------
Boy Scouts of America And Delaware BSA, LLC, submitted a Fifth
Amended Chapter 11 Plan of Reorganization and a corresponding
Amended Disclosure Statement.

Under the terms of the plan of reorganization contemplated by the
Restructuring Support Agreement, the incorporation of any
settlement with Hartford was required to be on terms and conditions
acceptable to the Debtors and the RSA Supporting Parties.  The
terms and conditions of the Initial Hartford Settlement Agreement
were not acceptable to the RSA Supporting Parties and were required
to be removed from the plan of reorganization. To comply with the
Restructuring Support Agreement, the Debtors sought a determination
from the Bankruptcy Court that they had no obligations under the
Initial Hartford Settlement Agreement.

On September 14, 2021, the Debtors filed the Sixth Mediators'
Report, which stated that the Debtors, Hartford, the Future
Claimants' Representative, the Coalition, and the Ad Hoc Committee
had agreed in principle on settlement terms that will result in an
additional $1.037 billion of cash contributions to the Settlement
Trust, in addition to the contributions of up to approximately $820
million that will be made by the Debtors and the Local Councils.
Specifically, such parties have agreed on: (1) as a result of
negotiations led on behalf of Abuse Survivors by the Coalition, the
Future Claimants' Representative, and their respective
professionals, the terms of a modified settlement with Hartford,
with State Court Counsel supporting and agreeing to be bound by
such terms; and (2) a settlement with TCJC.14 The modified Hartford
settlement, memorialized in the term sheet attached to the Plan as
Exhibit I-1 (the "Hartford Insurance Settlement Agreement"),
supersedes and, upon the Effective Date, renders the Initial
Hartford Settlement Agreement void.  

In exchange for Hartford's $787 million cash contribution to the
Settlement Trust, the Debtors will sell to Hartford, under the
Plan, all liability insurance policies issued by Hartford to the
BSA as the first named insured, free and clear of all interests in
such policies.  

Hartford will be designated as a Settling Insurance Company and a
Protected Party under the Plan and, subject to Bankruptcy Court
approval, will receive the Hartford Administrative Expense Claim in
the amount of $2 million, to be paid in accordance with the terms
of the Hartford Insurance Settlement Agreement. Notably, the
Hartford Settlement Contribution is not subject to reduction based
on the terms of settlements with other insurers.17 Moreover, in
exchange for TCJC's (1) $250 million cash contribution to the
Settlement Trust, (2) rights under applicable insurance policies
owned by the Debtors and the Local Councils, and (3) subordinate
and/or waiver, release and expungement of TCJC's claims against the
Debtors, TCJC will be designated as a Contributing Chartered
Organization and Protected Party under the Plan. As consideration
for such contributions by Hartford and TCJC, both parties will be
entitled to the benefits of the Channeling Injunction and
third-party releases under the Plan with respect to Abuse Claims,
subject to Bankruptcy Court approval.

The Plan provides the framework for global resolution of Abuse
Claims against the Debtors, Related Non-Debtor Entities, and Local
Councils, as well as any Participating Chartered Organizations and
Contributing Chartered Organizations and Settling Insurance
Companies that may make contributions to the Settlement Trust for
the benefit of survivors of Abuse (collectively,"Abuse Survivors").
The Plan has been designed to maximize and expedite recoveries to
Abuse Survivors. The Debtors and the Supporting Parties strongly
encourage all holders of Claims in the Voting Classes, including
Direct Abuse Claims, to vote in favor of the Plan.

To both maximize distributions to holders of Direct Abuse Claims
and continue the BSA's long tradition of Scouting, the Debtors and
Supporting Parties seek approval of a plan of reorganization under
chapter 11 of the Bankruptcy Code that provides a framework for
global resolution, which, if confirmed and consummated, will allow
the Debtors, as Reorganized BSA, to emerge from bankruptcy, having
fulfilled their dual restructuring goals of (a) providing an
equitable, streamlined, and certain process by which Abuse
Survivors may obtain compensation for Abuse and (b) ensuring that
the Reorganized BSA has the ability to continue its vital
charitable mission.

The assets contributed to the Settlement Trust will be administered
by the Settlement Trustee and used to resolve Abuse Claims in
accordance with the Settlement Trust Documents, including the
Settlement Trust Agreement and the Trust Distribution Procedures.
The Trust Distribution Procedures will specify the methodology for
processing, liquidating, and paying Abuse Claims.

Generally, the features of settlements as incorporated in the Plan
are as follows:

   * The BSA will contribute to the Settlement Trust, among other
things, (a) Net Unrestricted Cash and Investments; (b) the BSA's
right, title, and interest in and to (i) the Artwork, (ii) the Oil
and Gas Interests, and (iii) the Warehouse and Distribution Center
(the value of which is subject to the Leaseback Requirement); (c)
the net proceeds of the sale of Scouting University; (d) certain of
the Debtors' rights under applicable insurance; (e) the Settlement
Trust Causes of Action; (f) the assignment of any and all
Perpetrator Indemnification Claims held by the BSA; and (g) the BSA
Settlement Trust Note;

   * The BSA Settlement Trust Note to be issued on the Effective
Date to the Settlement Trust by the Reorganized BSA in the
principal amount of $80 million, which will bear interest from the
Effective Date at a rate of 5.5% per annum and be payable
semi-annually. Principal payments under the BSA Settlement Trust
Note shall be payable in annual installments due on February 15 of
each year during the term of the BSA Settlement Trust Note,
commencing on February 15 with certain minimum payment
requirements. The BSA Settlement Trust Note may be prepaid at any
time without penalty;

   * Local Councils will make a substantial contribution to the
Settlement Trust to resolve the Abuse Claims that may be asserted
against them in exchange for being included as a Protected Party
under the Plan and receiving the benefits of the Channeling
Injunction, consisting of (a) $500 million, comprised of at least
$300 million in Cash with the balance in property, exclusive of
insurance rights, (b) the DST Note, a $100 million interest-bearing
variable-payment obligation note issued by a Delaware statutory
trust on or as soon as practicable after the Effective Date, and
(c) the Local Council Insurance Rights. A list of each Local
Council's total expected contribution, including a specific
break-down between the (i) cash contribution and (ii) property
contribution.

   * Each Local Council's commitment to make its respective
contribution to the Settlement Trust is dependent upon, among other
things, an acceptable resolution of insurance and indemnity issues
with respect to Chartered Organizations. Such commitments are
memorialized in letters of intent.

   * The assignment and transfer to the Settlement Trust of all of
the insurance rights of all of the BSA, Local Councils and
Contributing Chartered Organizations under insurance policies of
the Debtors, Local Councils and such Contributing Chartered
Organizations, thereby providing the potential for substantial
insurance recoveries to holders of Direct Abuse Claims;

   * TCJC will make a cash contribution of $250 million plus
certain insurance rights to the Settlement Trust for payment of
Abuse Claims related to TCJC that arose in connection with their
sponsorship of one or more Scouting units which shall be channeled
to the Settlement Trust; TCJC will be included as a Protected Party
under the Plan, and receive the benefits of the Channeling
Injunction;

   * A mechanism by which other Chartered Organizations can become
Participating Chartered Organizations (unless they elect not to or
are chapter 11 debtors) through the assignment and transfer to the
Settlement Trust of all of the post-1975 insurance rights of such
Participating Chartered Organization in exchange for inclusion as a
Limited Protected Party under the Plan, thereby providing the
potential for substantial recoveries to holders of Abuse Claims.
The mechanism also includes a pathway for other Chartered
Organizations to make further substantial contributions to the
Settlement Trust to resolve Abuse Claims that may be asserted
against them related to Abuse that arose in connection with their
sponsorship of one or more Scouting units, including those that
arose prior to January 1, 1976, in exchange for being included as a
Protected Party under the Plan and receiving the benefits of the
Channeling Injunction, thereby becoming "Contributing Chartered
Organizations" under the Plan. The Debtors shall continue to work
in good faith with other parties involved in these Chapter 11 Cases
to increase participation by Chartered Organizations;

   * A proposed settlement by and among the BSA, JPM (the BSA's
senior Secured lender), and the Creditors' Committee, under which
JPM has agreed that, in full and final satisfaction of its Allowed
Claims and in exchange for the Creditors' Committee's agreement not
to pursue certain alleged estate causes of action, it shall enter
into the Restated Debt and Security Documents as of the Effective
Date. The Restated Debt and Security Documents will contain terms
that are substantially similar to the Prepetition Debt and Security
Documents except that, among certain other modifications, the
maturity dates under the Restated Debt and Security Documents shall
be the date that is ten (10) years after the Effective Date and
principal under the Restated Debt and Security Documents shall be
payable in installments beginning on the date that is two (2) years
after the Effective Date;

   * The proposed JPM / Creditors' Committee Settlement referenced
above provides for the BSA's assumption of its prepetition Pension
Plan and satisfaction of Allowed Convenience Claims, Allowed
General Unsecured Claims, and Allowed Non-Abuse Litigation Claims,
which are held by creditors who are core to the Debtors' charitable
mission or whose Allowed Claims were incurred in furtherance of the
Debtors' charitable mission;

   * The JPM / Creditors' Committee Settlement also contemplates a
term loan from the National Boy Scouts of America Foundation (as
defined in the Plan, the "Foundation"), in the principal amount of
$42.8 million, which will be used by Reorganized BSA for working
capital and general corporate purposes. This Foundation Loan will
permit the Debtors to contribute a substantial amount of
consideration in Cash to the Settlement Trust on the Effective
Date;

   * Hartford will make a contribution of $787 million to the
Settlement Trust for the payment of Abuse Claims in exchange for
the sale of the Hartford Policies to Hartford free and clear of the
interests of all third parties, including any additional insureds
under the Hartford Policies, which interests will be channeled to
the Settlement Trust; Hartford will be included as a Protected
Party under the Plan, and receive the benefits of the Channeling
Injunction; and

   * A mechanism by which other Insurance Companies may enter into
Insurance Settlement Agreements and provide sum-certain
contributions to the Settlement Trust in exchange for being
included as a Protected Party under the Plan and receiving the
benefits of the Channeling Injunction, thereby becoming "Settling
Insurance Companies" under the Plan.

The total estimated BSA Settlement Trust Non-Insurance contribution
is $219 million. Assuming a December 31, 2021 Effective Date, as
reflected in the chart above, the amount of Net Unrestricted Cash
and Investments is estimated to be approximately $58.9 million and
as a result the total BSA Settlement Trust Contribution is valued
at approximately $219 million. The BSA Settlement Trust
Contribution value could be higher or lower than $219 million
depending on (a) timing of emergence, (b) performance of BSA's
underlying business between now and emergence, (c) the level of
professional fees incurred, and (d) the realizable value of the
non-cash components of the BSA Settlement Trust Contribution.

Under the Plan, Class 6 General Unsecured Claims totaling $26.5
million – $33.5 million. Each holder of an Allowed General
Unsecured Claim shall receive, subject to the holder's ability to
elect Convenience Claim treatment on account of the Allowed General
Unsecured Claim, its Pro Rata Share of the Core Value Cash Pool up
to the full amount of such Allowed General Unsecured Claim in the
manner described in Article VII of the Plan. Creditors will recover
75 – 95% of their claims. Class 6 is impaired.

Distributions under the Plan shall be funded from the following
sources:

   1. the Debtors shall fund Distributions on account of and
satisfy Allowed General Unsecured Claims exclusively from the Core
Value Cash Pool;

   2. the Settlement Trust shall fund distributions on account of
and satisfy compensable Abuse Claims in accordance with the Trust
Distribution Procedures from (a) the BSA Settlement Trust
Contribution, (b) the Local Council Settlement Contribution, (c)
the Contributing Chartered Organization Settlement Contribution,
(d) the Participating Chartered Organization Settlement
Contribution, (e) the Hartford Settlement Contribution, and (f) any
and all funds, proceeds or other consideration contributed to the
Settlement Trust under the terms of any Insurance Settlement
Agreement;

   3. the Debtors shall satisfy 2010 Credit Facility Claims, 2019
RCF Claims, 2010 Bond Claims, and 2012 Bond Claims in accordance
with the terms of the Restated 2010 Bond Documents, the Restated
2012 Bond Documents and the Restated Credit Facility Documents, as
applicable; and

   4. the Debtors shall fund Distributions on account of and
satisfy all other Allowed Claims with Unrestricted Cash and
Investments on hand on or after the Effective Date in accordance
with the terms of the Plan and the Confirmation Order.

The Disclosure Statement hearing will be on Sept. 21, 2021 at 10:00
a.m. (Eastern Time).  The voting record date will be on Sept. 21,
2021.  The voting deadline will be on [November 16], 2021.  The
Plan objection deadline will be on [November 23], 2021.  The
confirmation hearing will be on [December 9], 2021 at 10:00 a.m.
(Eastern Time).

Attorneys for the Debtors:

     Jessica C. Lauria
     WHITE & CASE LLP
     1221 Avenue of the Americas
     New York, New York 10020
     Telephone: (212) 819-8200
     Email: jessica.lauria@whitecase.com

           – and –

     Michael C. Andolina
     Matthew E. Linder
     Laura E. Baccash
     Blair M. Warner
     WHITE & CASE LLP
     111 South Wacker Drive
     Chicago, Illinois 60606
     Telephone: (312) 881-5400
     Email: mandolina@whitecase.com
            mlinder@whitecase.com
            laura.baccash@whitecase.com
            blair.warner@whitecase.com

     Derek C. Abbott (No. 3376)
     Andrew R. Remming (No. 5120)
     Paige N. Topper (No. 6470)
     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     1201 North Market Street, 16th Floor
     P.O. Box 1347
     Wilmington, Delaware 19899-1347
     Telephone: (302) 658-9200
     Email: dabbott@morrisnichols.com
            aremming@morrisnichols.com
            ptopper@morrisnichols.com

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/3zjgR5J from Omniagentsolutions, the
claims agent.

                                             About Boy Scouts of
America

The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.

The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.

Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.

The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC as financial advisor. Omni
Agent Solutions is the claims agent.

The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.


BUCKINGHAM SENIOR: Unsecured Creditors' Recovery "TBD" in Plan
--------------------------------------------------------------
Buckingham Senior Living Community, Inc., submitted a First Amended
Disclosure Statement relating to the First Amended Chapter 11 Plan
of Reorganization dated September 19, 2021.

The Debtor filed the Amended Plan to incorporate certain of the
modifications to the Original Plan requested by the Creditors'
Committee. The Creditors' Committee recommends that Residents and
General Unsecured Creditors vote to accept the Amended Plan.

The Amended Plan is also supported by the Consenting Bondholders
who hold approximately 69% of the aggregate amount of the Secured
Bonds. The Debtor urges Holders of Claims whose votes are being
solicited to vote to accept the Amended Plan.

After the Petition Date, to facilitate the Creditors' Committee's
participation in the chapter 11 process, the Debtor devoted time
and resources to provide diligence to the Creditors' Committee. The
Debtor, the Trustee, and the Consenting Holders engaged in
negotiations with the Creditors' Committee regarding the Creditors'
Committee's requested modifications to the Original Plan, resulting
in the Debtor's filing of this Amended Plan, which enjoys the
support of the Consenting Holders and the Creditors' Committee and
could improve the Debtor's liquidity and working capital by as much
as $5 million to $7 million and provides for an initial
distribution (and subsequent distributions) on account of Former
Residents' Allowed Refund Claims.

Under the Plan, the Debtor will implement the Restructuring
Transaction, which provides, among other things, for the Debtor to
restructure its debt obligations and continue to operate as it did
prior to the bankruptcy Case, with the additional oversight and
recommendations of Solutions Advisors Group, a nationally
recognized senior living consultant. In addition, the Debtor will
receive new funding of $28.5 million represented by the Series
2021A Bonds to improve The Buckingham Facility, address immediate
deferred capital needs, provide an initial distribution to the
holders of the Pre-Effective Date Refund Queue and to provide
additional working capital to allow The Buckingham to operate in
the ordinary course.

The Plan will treat claims as follows:

     * Class 1 consists of the Allowed Priority Non-Tax Claims.
Each Holder of an Allowed Claim in Class 1 shall receive, on
account of, and in full and complete settlement, release and
discharge of and in exchange for, such Claim, at the election of
the Reorganized Debtor, (a) Cash equal to the amount of such
Allowed Claims in Class 1, in accordance with Bankruptcy Code
section 1129(a)(9), on the later of (i) the Effective Date; and
(ii) the date such Claim in Class 1 becomes an Allowed Claim in
Class 1; and (b) such other treatment agreed to by the Debtor and
the Bond Trustee required to render such Allowed Claims in Class 1
Unimpaired.

     * Class 2 consists of the Allowed Secured Bond Claims. Each
Holder of Secured Bond Claims shall exchange the then outstanding
Secured Bonds for a pro rata share of the Series 2021B Bonds issued
in the aggregate original principal amount of $140,340,000 as set
out more fully in the 2021 Bond Documents.

     * Class 3 consists of Miscellaneous Secured Claims. Each
holder of such an Allowed Claim, if any, shall receive, on account
of, and in full and complete settlement and release of and in
exchange for such Allowed Class 3 Claim, at the election of the
Reorganized Debtor, (i) such treatment in accordance with
Bankruptcy Code section 1124 as may be determined by the Bankruptcy
Court; (ii) payment in full, in Cash, of such Allowed Class 3
Claim; (iii) satisfaction of any such Allowed Class 3 Claim by
delivering the Collateral securing any such Claims and paying any
interest fees, costs and/or expense required to be paid under
Bankruptcy Code section 506(b); or (iv) providing such Holder with
such treatment in accordance with Bankruptcy Code section 1129(b).

     * Class 4 consists of all Allowed Pre-Effective Date Refund
Queue Claims. Each Holder of an Allowed Pre-Effective Date Refund
Queue Claim in Class 4 shall receive, in full and complete
settlement, satisfaction, release and discharge of and in exchange
for such Claim, (a) its Pro Rata share of the Initial Queue
Payment; (b) its Pro Rata share of the Litigation Trust
Distributable Cash as soon as practicable as determined by the
Litigation Trustee; and (c) Pro Rata cash payments made semi
annually to the extent that on such semi-annual dates the
Reorganized Debtor has Operating Cash in excess of 135 Days Cash on
Hand until such time as the Allowed Pre-Effective Date Refund Queue
Claims are paid in the full.

     * Class 5 consists of all Allowed Current Resident Claims. The
rights of Holders of Allowed Current Resident Claims shall be
unaltered and unaffected by the Plan.

     * Class 6 consists of all Allowed Trade Claims. Each Holder of
an Allowed Trade Claim shall receive payment in full, in Cash, of
such Allowed Class 6 Claim without interest.

     * Class 7 consists of all Allowed General Unsecured Claims,
including, without limitation, (a) the Secured Bonds Deficiency
Claim; and (b) any claim of a Resident (under such Resident's
Residence Agreement or otherwise), except for a Refund Claim. Each
Holder of an Allowed General Unsecured Claim shall receive its Pro
Rata share of Litigation Trust Distributable Cash as soon as
reasonably practicable as determined by the Litigation Trustee;
provided, however, that the Holders of Secured Bond Claims will
receive no distribution on account of their Secured Bonds
Deficiency Claim but shall have the right to vote such claims in
Class 7.

The First Amended Disclosure Statement still has blanks as to the
estimated percentage recovery for holders of unsecured claims.

The Reorganized Debtor shall fund distributions under the Plan and
the Litigation Trust Contribution Amount with (a) Available Cash,
including Cash from operations and the DIP Facility; and (b)
proceeds from the issuance of the Series 2021A Bonds. Distributions
on behalf of Allowed Class 7 General Unsecured Claims shall be made
only from Litigation Trust Distributable Cash.

A full-text copy of the First Amended Disclosure Statement dated
September 19, 2021, is available at https://bit.ly/3CydSbv from
Stretto, the claims agent.

Counsel for the Debtor:

     Cassandra Sepanik Shoemaker
     Demetra Liggins, Esq.
     McGuireWoods LLP
     JPMorgan Chase Tower
     600 Travis Street, Suite 7500
     Houston, TX 77002-290
     Telephone: (713) 571-9191
     Facsimile: (713) 571-9652
     Email: DLiggins@mcguirewoods.com
     Email: CShoemaker@mcguirewoods.com

               About Buckingham Senior Living Community

The Buckingham Senior Living Community, Inc., a Houston-based
continuing care retirement community (CCRC), filed a voluntary
petition for Chapter 11 protection (Bankr. S.D. Texas Case No.
21-32155) on June 25, 2021, disclosing between $100 million and
$500 million in both assets and liabilities.  Michael Wyse, chair
of the board, signed the petition.

The case is handled by Judge Marvin Isgur.

The Debtor tapped McGuireWoods LLP as its lead bankruptcy counsel,
Thompson & Knight, LLP as special counsel, and B. Riley Advisory
Services as financial advisor.  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 Chapter 11 case on July 12,
2021.  The committee is represented by Hunton Andrews Kurth, LLP.

Daniel S. Bleck, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C., represents UMB Bank, N.A., in its capacity as Bond
Trustee and DIP lender.


CABLE & WIRELESS: Fitch Rates New $590MM Term Loan 'BB-'
--------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Cable & Wireless
Communications' (C&W) new USD590 million term loan. The borrower of
the term loan will be Coral-US Co-Borrower LLC (Coral), a financing
vehicle in the corporate structure. The proceeds of the term loan
will be mainly used to prepay the C&W Senior Finance unsecured
notes due 2026.

There have been no additional changes to any of the company's
ratings, including those of its secured and unsecured debts
(BB-/RR4), or its Long-Term (LT) Issuer Default Rating (IDR), which
remains 'BB-'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Instrument Ratings and Recovery: The secured term loan is
guaranteed by other entities in the corporate structure and is
secured by equity pledges in the various subsidiaries. Per Fitch's
Corporates Recovery Ratings and Instrument Ratings Criteria,
category 2 secured debt can be notched up to 'RR1' (+2) from the
IDR; however, the instrument ratings have been capped at 'RR4' due
to Fitch's Country Specific Treatment of Recovery Rating Criteria.
The unsecured notes were originally issued by another SPV that was
collapsed as part a corporate reorganization in early 2020 and also
have a recovery rating of 'RR4'.

Business Profile Drives Stability: The company's business position
and diversification support relatively stable cash flow generation.
Combined with the company's diversification, these dynamics
mitigate concerns about weakness in C&W's operating environments.
2020 performance and LTM2Q201 performance have been in line with
forecasts and management's guidance.

Stable Leverage Forecast: Relatively stable EBITDA margins of
37%-40% and growth in broadband and B2B services should help the
company delever modestly from an organic standpoint. Fitch
forecasts C&W to maintain net leverage of around 4.0x to 4.5x over
the medium term, although M&A or competition in core markets could
temporarily push leverage metrics toward 5.0x. Fitch expects a
slight rebound in capital intensity, of 14% to 16% of revenue over
the rating horizon, up from 13% of revenue in 2020.

LLA Linkages: LLA's financial management involves moderately high
amounts of leverage across its operating subsidiaries. While the
credit pools are legally separate, LLA has a history of moving cash
around the group for investments and acquisitions. This approach
improves financial flexibility; however, it also limits the
prospects for deleveraging. A deterioration of the financial
profile of one of the credit pools or the group more broadly could
potentially place more financial burdens on C&W given LLA's
acquisitive nature.

Strong Market Position: C&W has the no. 1 or no. 2 position in its
major markets, many of which are a duopoly between C&W and Digicel
Limited (B-/Stable). Consolidation in Panama's mobile market,
following C&W's acquisition of Claro Panama (NR) will help C&W's
position and lessen competitive intensity. Investments of greater
than USD1.0 billion over the last three years should ensure that
the company's network remains competitive in the medium term. These
dynamics support robust Fitch-adjusted EBITDA margins, which have
consistently topped 35%.

Diversified Operator: The company's revenue mix per service is well
balanced, with business-to-customer (B2C) mobile accounting for 25%
of total sales in 2020, B2C fixed-line at 28% and B2B at 48%. In
addition, the company's geographic diversification in Central
America and the Caribbean is solid, with a large presence in
countries with dollarized/dollar-linked economies. The company's
largest markets are Panama and Jamaica, which together account for
79% of mobile and 53% of fixed subscribers. The company has grown
its footprint through M&A and consolidated ownership of its
subsidiaries.

Solid Financial Flexibility: C&W has committed and uncommitted
revolving credit facilities totaling approximately USD775 million,
from which it drew USD313 million in 1Q20 (subsequently repaid) to
ensure liquidity during the pandemic and subsequent lockdowns. The
company's amortization profile is long-dated, with the majority of
the debt (USD3.8 billion out of USD4.3 billion) due after 2025.
Fitch expects that the company will maintain cash balances of
around USD350 million-USD400 million over the rating horizon.

DERIVATION SUMMARY

Compared with its sister company, VTR (BB-/Stable), which focuses
on the Chilean broadband and television markets, C&W has larger
scale, better service and geographical diversification. VTR has
historically had the most conservative financial profile of the
group and derives the largest share of its revenue from
subscription-based sources. Compared with its other sister entity,
Liberty Cablevision of Puerto Rico (LCPR; BB-/Stable), C&W has
larger scale and better geographical diversification, although C&W
also operates in weaker operating environments with lower GDP per
capita. Each of the three entities is expected to maintain net
leverage of around 4.0x-4.5x.

Compared with competitor Digicel Limited (B-), C&W has a stronger
financial profile and better service diversification. Digicel is
also concentrated in markets with lower operating environments, per
capita incomes and more foreign exchange (FX) risk.

Compared with WOM S.A. (WOM; BB-/Stable), C&W has greater
diversification and scale and a history of positive FCF generation.
WOM benefits from its status in Chile, a market that is close to a
50/50 postpaid/prepaid mobile. WOM's ratings reflect Fitch's
expectations that the company will be managed to net leverage
around 3.0x-3.5x, or around 1.0x-1.5x lower than those in the LLA
group.

Millicom International Cellular (Millicom; BB+/Stable) has a
similar business profile to LLA, with the number one or two
position in a series of mostly small and medium sized countries
throughout the region with EBITDA margins above 35%. has embarked
on an acquisitive spree over the last two years, buying Cable Onda
(BBB-/Stable) and Telefonica S.A.'s (BBB/Stable) operations in
Panama. Like Cable & Wireless, Millicom's ratings are constrained
by its operating environments. Fitch expects Millicom to maintain
lower net leverage, around 2.5-3.0x over the long term.

KEY ASSUMPTIONS

-- Homes passed (HP) increasing by 3%-5% per year and broadband
    penetration (i.e. RGU/HP) increasing from 37% to 42%,
    telephone penetration staying flat at 32% and video
    penetration improving from 20% to 22%;

-- Fixed-line revenue generating units (RGUs) growing from 1.98
    million to 2.42 million, with overall fixed-line ARPU growing
    from USD24 million per month to USD26 million per month;

-- Mobile RGUs growing from 3.15 million to 3.39 million, with
    postpaid penetration flat at around 8% of the user base and
    overall mobile ARPUs flat around USD14.0 per month;

-- B2B revenues mostly recovering in 2021, growing at a mid
    single-digit percentage thereafter, and subsea revenues
    growing at 4%-5%;

-- Revenues of around USD2.3 billion to USD2.4 billion in 2021,
    growing to USD2.6 billion by YE24;

-- EBITDA margins of around 37%-38%, consistent with recent
    history, or around USD900 million-USD1.0 billion per year;

-- Capex of around 14%-16% of revenue, or USD350 million-USD400
    million per year.

RATING SENSITIVITIES

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

-- Fitch does not anticipate an upgrade in the near term given
    the company's and LLA's leverage profiles;

-- Longer-term positive actions are possible if debt to EBITDA
    and net debt to EBITDA are sustained below 4.50x and 4.25x,
    respectively, for C&W and LLA.

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

-- Total debt to EBITDA and net debt to EBITDA at C&W sustained
    above 5.25x and 5.00x, respectively, due to organic cash flow
    deterioration or M&A;

-- While the three credit pools are legally separate, LLA net
    debt/EBITDA sustained above 5.0x could result in negative
    rating actions for one or more rated entities in the group.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Financial Flexibility: C&W's liquidity, access to internal
financing and long-dated amortization profile all support the
company's solid financial flexibility. As of June 30, 2021, C&W had
cash of USD534 million against short-term debt (including accrued
interest and related party debt) of USD138 million. C&W has
committed and uncommitted revolving credit facilities for
approximately USD775 million. The company's amortization profile is
long-dated, with the majority of the debt due after 2025. Fitch
expects that the company will maintain cash balances of around
USD350 million-USD400 million over the rating horizon, aided by FCF
margins in the mid-single digits.

ISSUER PROFILE

Cable & Wireless Communications Limited is a U.K.-domiciled
telecommunications provider that is owned by Liberty Latin America,
a U.S.-domiciled entity. The company provides B2C mobile, B2C fixed
and B2B services to customers in Central America and the
Caribbean.

SUMMARY OF FINANCIAL ADJUSTMENTS

Standard adjustments made; included accrued interest as part of
debt; reclassified certain operating expenses and working capital
items.

ESG Considerations

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Exposure to Environmental Impacts due to its operations
in a hurricane prone region, which has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

Cable & Wireless Communications Limited has an ESG Relevance Score
of '4' for Financial Transparency due to LLA's relatively opaque
disclosure and financial management strategy, which has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

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


CINCINNATI BELL: Moody's Assigns B1 CFR Amid Macquarie Transaction
------------------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating and
B1-PD Probability of Default Rating to Cincinnati Bell Inc. (New)
(CBB) following the company's acquisition by sponsor Macquarie
Infrastructure Partners (MIP), a fund managed by Macquarie
Infrastructure and Real Assets. Moody's has also assigned a B1
rating to the company's new $150 million term loan B and a B1 to
the $275 million revolving credit facility.

Concurrently, Moody's upgraded the rating on the company's existing
senior notes due 2024 and 2025 to B1 from B3 given the granting of
security to these notes in the connection with the closing of the
acquisition. With the granting of security, these notes now rank
pari-passu with the company's senior secured. Moody's also
downgraded the rating on the $88 million notes held at Cincinnati
Bell Telephone Company (CBT) to B2 from Ba2 and the rating on the
$22 million of 7.25% senior secured notes due 2023 to B2 from Ba3.
The outlook is stable.

The existing B2 CFR and B2-PD PDR assigned to the formerly publicly
listed Cincinnati Bell Inc. will be withdrawn upon the repayment of
the preferred shares expected on Wednesday September 22, 2021.

Assignments:

Issuer: Cincinnati Bell Inc. (New)

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Senior Secured Revolving Credit Facility, Assigned B1 (LGD3)

Senior Secured Term Loan, Assigned B1 (LGD3)

Upgrades:

Issuer: Cincinnati Bell Inc. (New)

Senior Secured Regular Bond/Debenture (Changed from Senior
Unsecured), Upgraded to B1 (LGD3) from B3 (LGD5)

Downgrades:

Issuer: Cincinnati Bell Inc. (New)

Senior Secured Regular Bond/Debenture, Downgraded to B2 (LGD5)
from Ba3 (LGD2)

Issuer: Cincinnati Bell Telephone Company

Senior Secured Regular Bond/Debenture (Changed from Senior
Unsecured), Downgraded to B2 (LGD4) from Ba2 (LGD1)

Outlook Actions:

Issuer: Cincinnati Bell Inc. (New)

Outlook, Assigned Stable

Issuer: Cincinnati Bell Telephone Company

Outlook, Remains Stable

RATINGS RATIONALE

CBB's B1 CFR reflects the company's reduced leverage following the
acquisition by MIP with Moody's adjusted debt/EBITDA expected at
around 3.6x in 2021. A key factor supporting the rating is Moody's
expectation that the company will maintain a prudent financial
policy and operate with leverage, Moody's adjusted, of around 3.5x.
The rating also reflects the company's legacy market position as an
incumbent local telecommunications provider and its fiber-based
business model. CBB has been investing heavily in the expansion of
a fiber network in its Greater Cincinnati and Hawaii footprints and
repositioning itself as a competitive provider of broadband data,
voice and video services to residential, commercial and carrier
customers.

The B1 rating also reflects the structural headwinds faced by the
company with legacy voice and video subscribers continuing to erode
and pressuring top line growth. The recent investments CBB made in
its enterprise-focused IT services business have helped return the
company to growth but they remain prone to intense competition and
much lower margins than the legacy business. Given the need for
fiber deployment, to land-grab homes passed before competition,
CBB's capital expenditure will continue to limit free cash flow
generation. As such, Moody's does not expect material deleveraging
in the coming 24 months. In 2020, CBB generated $1.56 billion in
revenue, a modest increase vs. $1.54 billion in 2019. The company
operates in two segments: Entertainment & Communications (E&C) and
IT Services & Hardware (ITS&H).

In 2020, E&C generated $970 million in revenue, a 3% decline vs.
2019 driven by a 8% decline in legacy products which still
represent around 41% of E&C revenues and more than offset the
growth seen in enterprise (+2%) and consumer (+1%) fiber revenues.
The company's E&C strategy is to continue building out fiber miles
over its existing copper network while also improving penetration,
in particular in Hawaii which lags CBB's penetration rates in
Cincinnati. In 2020, the company added 20,700 fiber customers in
its Cincinnati market where its fiber to the premise (FTTP) product
is available to 60% of homes and 4,400 in Hawaii where it offers
FTTP to 38% of the population.

CBB's ITS&H segment has grown materially over the past few years,
notably through the 2017 acquisition of OnX. In 2020 ITS&H
generated revenue of $617 million or around 40% of total revenue
but only 16% of total EBITDA as a consequence of its much lower
margin compared to E&C's. ITS&H provides a full range of managed IT
solutions, telephony and IT equipment sales and staffing services.
Within ITS&H four main operating hubs, the cloud (14% of ITS&H 2020
revenue) and infrastructure (19%) have experienced declines in
revenue due to the highly competitive nature of their offerings but
these have been more than offset by the company's strong growth in
both its consulting (32%) and its communications (35%) segments.
While Moody's believes that ongoing demand for telecom and network
services will continue to grow, the ITS&H segment is one that is
prone to high cyclicality and low visibility compared to the steady
recurring nature of E&C.

CBB is expected to have a good liquidity profile, supported mostly
by its new $275 million revolving credit facility and its $215
million accounts receivable facility. At closing the company held
only a minimal cash balance and Moody's expects free cash flow to
remain low to neutral as the company continues to expand its FTTP
footprint. The new revolver includes a springing first lien net
leverage covenant to be tested at 35% utilization and set at
5.75x.

The instrument ratings reflect the probability of default of the
company, as reflected in the B1-PD Probability of Default Rating,
an average expected family recovery rate of 50% at default, and the
particular instruments' ranking in the capital structure. The B1
rating on the new senior secured facilities reflects the fact the
credit facilities will benefit from guarantees from all material
operating subsidiaries, and will be secured by substantially all
assets. The newly secured senior notes due 2024 and 2025 will rank
pari-passu with the company's senior secured facilities and are
rated B1.

The $88 million notes held at Cincinnati Bell Telephone LLC (CBT)
will share security over the assets held at CBT (estimated at
55%-60% of consolidated assets) with the secured credit facilities
and notes due 2024/2025 (which have now become secured). These
notes benefit from a guarantee from Cincinnati Bell Inc. and their
recovery over non-CBT assets would be subordinated to that of
secured credit facilities and secured notes due 2024/2025. As a
result, Moody's downgraded the rating on the $88 million notes held
at CBT to B2 from Ba2, one notch below the B1 rating on the secured
credit facility. The $22 million 7.25% senior secured notes due
2023, only benefit from security over Cincinnati Bell Inc's assets,
and their security package excludes the assets held at CBT. As a
result Moody's downgraded the rating on these notes to B2 from
Ba3.

The stable outlook reflects Moody's expectations that CBB's ITS&H
operations will continue to grow and, with fiber demand, offset the
expected continued declines in the high margin legacy business.

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

Moody's could upgrade the rating if leverage (Moody's adjusted)
were to sustainably decrease to below 3x while the company
generates material positive free cash flow.

Moody's could downgrade the rating if leverage (Moody's adjusted)
were to trend towards 4x or if the company were to fail to maintain
stable E&C revenue.

With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. is a
full-service regional provider of broadband data, voice and video
services, a provider of managed information technology services,
and a reseller of IT and telephony equipment. The company acquired
Hawaiian Telcom Communications, Inc., a leading provider of voice,
video, broadband, data center and cloud solutions, on July 2, 2018.
In 2020, CBB generated $1.56 billion in revenue and EBITDA of $436
million.

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


CITY LIFT PARKING: Seeks to Hire Eric A. Liepins as Legal Counsel
-----------------------------------------------------------------
City Lift Parking, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Eric A. Liepins,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's hourly rates are as follows:

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

The firm received a retainer of $15,000, plus the filing fee.

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

The firm can be reached at:

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

                    About City Lift Parking LLC

Dallas, Texas-based City Lift Parking, LLC filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Texas Case No.
21-42201) on Sept. 17, 2021, listing up to $10 million in assets
and up to $50 million in liabilities.  Kasey Hester, chief
executive officer, signed the petition.  Eric A. Liepins, P.C.
represents the Debtor as legal counsel.


CONCRETE PAVERS: Seeks to Employ Patrick Gros as Accountant
-----------------------------------------------------------
Concrete Pavers, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Louisiana to hire Patrick Gros, an
accountant practicing in Covington, La., to prepare operating
reports and review its previous tax returns.

The hourly rates charged by the accountant are as follows:

     Partner         $225 per hour
     Manager         $175 per hour
     Senior          $140 per hour
     Staff           $95 per hour

The Debtor paid $5,000 as a retainer fee.

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

Mr. Gros can be reached at:

     Patrick Gros, CPA APAC
     651 River Highlands Boulevard
     Covington, LA 70433
     Telephone: 985-898-3512
     Email: info@PJGrosCPA.com

                    About Concrete Pavers Inc.

Concrete Pavers, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D. La. Case No. 21-11088) on Aug. 19, 2021, listing as
much as $1 million in both assets and liabilities.  Judge Meredith
S. Grabill oversees the case.  The De Leo Law Firm, LLC and
Patrick Gros, CPA APAC serve as the Debtor's legal counsel and
accountant, respectively.


CORAL-US CO-BORROWER: Moody's Rates New $590MM Term Loan 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to CORAL-US
CO-BORROWER LLC's, an indirect subsidiary of Cable & Wireless
Communications Limited (C&W, Ba3 negative), proposed $590 million
senior secured term loan B-6 due October 2029 and guaranteed by
Sable International Finance Limited (SIFL), C&W Senior Secured
Parent Limited, Sable Holding Limited, CWIGroup Limited, Cable and
Wireless (West Indies) Limited, and Columbus International Inc.
Moody's also assigned a Ba3 to the $580 million tranche of the
senior secured revolving credit facility at SIFL. C&W's existing
ratings remain unchanged. The ratings outlook is negative.

The issuance is part of C&W's liability management with the
objective of extending the company's debt maturity profile while
reducing its cost of debt. The new issuance will not materially
affect the company's leverage metrics since most of the net
proceeds will be used to repay in full C&W Senior Finance
Limited´s 7.5% $500 million in senior unsecured notes due October
2026 and rated B2; to partially redeem SIFL's 5.75% $550 million
senior secured notes due 2027 and pay transaction-related premium,
fees and expenses.

The term loan B-6 will rank pari passu with all other senior
secured and unsubordinated debt obligations of SIFL and ahead the
6.875% $1,220 million senior unsecured notes due 2027 issued by C&W
Senior Finance Limited. The B2 rating on senior unsecured notes
continue to reflect their positioning in the waterfall behind the
$2.6 billion in secured debt, including Coral-US's term loans B-5,
also rated Ba3, the new term loan B-6 and the senior secured notes
at SIFL, all of them rated Ba3. The refinancing will increase the
proportion of senior secured debt to 68% from 55%. The senior
secured debt benefits from the guarantees of SIFL, C&W Senior
Secured Parent Limited, Sable Holding Limited, CWIGroup Limited,
Cable and Wireless (West Indies) Limited, and Columbus
International Inc and share pledges of all the guarantors and
issuer as collateral, while the unsecured debt benefits from a
collateral that comprises the capital stock of the notes' issuer.
The rating of the notes assumes that the final transaction
documents will not be materially different from draft legal
documentation reviewed by Moody's to date and that these agreements
are legally valid, binding and enforceable.

RATINGS RATIONALE

C&W's Ba3 corporate family rating (CFR) reflects its effective
business model, strong profitability and leading market positions
throughout the Caribbean and Panama. At the same time, the rating
also takes into consideration the company's large exposure to
emerging economies, increased competition in some of its largest
markets and its high debt/EBITDA ratio of 5.3x as of June 2021,
including Moody's standard adjustments, for the Ba3 rating
category.

The pandemic hurt C&W's credit metrics as it weakened the operating
environment in the Caribbean, with sharp GDP contractions in most
of its markets, which are dependent on travel and tourism and
continue to struggle in 2021 with social distancing measures and
competition.

On September 15, C&W announced plans to acquire Claro Panama S.A.,
a subsidiary of America Movil, S.A.B. de C.V. (A3 negative) for
$200 million. The transaction will help C&W to consolidate its
competitive position in Panama, C&W's main market. C&W will
generate 27% of its revenue in Panama, up from 22% today, and the
new assets will represent around 6% of C&W's consolidated revenue
and around 4.4% of its EBITDA, as per Moody's own estimates. C&W
plans to finance the acquisition using incremental borrowings and
C&W own cash, which totaled $534 million as of June 2021. While the
additional debt won't be material, C&W's debt/EBITDA ratio remains
high for the rating category.

Proforma for this acquisition and the proposed refinancing, Moody's
adjusted leverage at year-end 2021 will be 5.2x. Moody's expects
the company to gradually return to pre-pandemic levels in 2022-23,
although risks remain high.

Moody's also expects C&W's liquidity to be solid, supported by
about $534 million in cash as of June 2021 and annual FCF
generation of at least $150 million, as per Moody's estimates. SIFL
maintains revolving credit facility agreements ($580 million
currently due January 2026, but Moody's expects this tranche to be
extended to January 2027, and $50 million due June 2023), compared
with its long-term debt of close to $4 billion and no large debt
maturities until 2027 after this proposed refinancing. Most of the
group's cash is at its operating companies and can be repatriated
to the holding company, even though C&W occasionally faces
repatriation constraints (exchange controls, foreign-exchange
limitations) in certain countries. The group has one springing
maintenance covenant in its term loan agreement, under which it has
a large leeway. The covenant is a senior secured proportionate net
leverage ratio with a limit at 5.0x; the ratio stood at about 2.1x
as of June 2021.

The negative outlook reflects C&W's exposure to the breadth and
severity of the credit shock caused by the spread of the
coronavirus, and Moody's expectation that the company's credit
metrics will be indirectly affected by the sharp decline in travel
and tourism in the markets where it operates.

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

A rating upgrade could be considered if more conservative financial
policies help reduce leverage (Moody's-adjusted debt/EBITDA) to
less than 3.0x on a consolidated basis while the company maintains
its adjusted EBITDA margin at least around 40% and generates strong
positive free cash flow (FCF), all on a sustained basis.

C&W's ratings could be downgraded if the effects of the pandemic on
its operating results are greater than expected or the recovery of
its financial profile takes longer. A significant weakening of its
liquidity could also trigger a downgrade. C&W's ratings could also
be downgraded if adjusted debt/EBITDA remains over 4.0x, on a
consolidated basis, or if adjusted EBITDA margin declines toward
35%, both on a sustained basis. If the company's market shares
decline or its liquidity position weakens, the ratings would also
come under pressure.

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

C&W is an integrated telecommunications provider offering mobile,
broadband, video, fixed-line, business, IT and wholesale services
in Panama, Jamaica, The Bahamas, Trinidad and Tobago, Barbados and
other markets in the Caribbean. For the 12 months that ended June
30, 2021, the company generated revenue of $2.2 billion. As of June
30, 2021, C&W served 2.1 million Revenue Generating Units (RGUs)
through its fixed network that passes 2.3 million homes. Buying
Claro Panama effectively gives C&W 760,000 more mobile subscribers
in Panama, on top of its roughly 1.6 million only in Panama, and
3.3 million subscribers, on a consolidated basis, as of June 2021.


CORAL-US CO-BORROWER: S&P Rates New Sr. Sec. Term Loan B-6 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating on
Coral-US Co-Borrower, LLC's new senior secured term loan B-6 of up
to $590 million due 2029. Coral-US Co-Borrower is a subsidiary of
Cable & Wireless Communications Ltd. (CWC; BB-/Negative/B).

S&P views the transaction to be debt neutral, because CWC will use
proceeds to repay C&W Senior Finance Ltd.'s existing $500 million
senior notes due 2026, redeem a 10% notional amount of Sable
International Finance Ltd.'s $550 million senior secured notes due
2027, and pay premiums and fees in connection with the transaction.
The new loan will have the same incurrence covenants as CWC's
existing debt, calculated on a proportionate basis, which require
that the net leverage ratio of maximum of 5.0x and a senior secured
net leverage ratio of maximum of 4.0x.

On a pro forma basis, the refinancing won't have an impact on CWC's
current debt capital structure in terms of notching. C&W Senior
Finance's $1.22 billion senior notes due 2027 will continue to be
structurally subordinated to Coral-US Co-Borrower and Sable
International Finance's obligations, consisting of the $1.51
billion term loan B-5 due 2028, the remaining $495 million senior
secured notes due 2027, and the new $590 million term loan B-6 due
2029. The priority debt ratio is more than 50%, reflecting the
significant amount of senior secured ranking debt in CWC's capital
structure.

S&P believes this transaction is consistent with the company's debt
refinancing strategy, and will improve CWC's debt maturity profile
to 6.4 years from 5.9 and reduce the weighted average cost of debt.




COSMOS HOLDINGS: Secures $5.5M Investment From Ault Global Holdings
-------------------------------------------------------------------
Cosmos Holdings, Inc. has entered into agreements for investments
of approximately $5.5 million from a subsidiary of Ault Global
Holdings, Inc.  The first investment, a convertible promissory
note, resulted in immediate net proceeds of approximately $500,000.
The second investment, for $5 million in Series A Preferred Stock,
is subject to Cosmos Holdings' common stock beginning trading on
the Nasdaq Stock Market, along with the fulfillment of other
closing conditions.

Ault Global's Executive Chairman, Milton "Todd" Ault, III, said,
"We are delighted to make this strategic investment in Cosmos given
their scalable business model and significant market opportunity.
We believe this investment will help accelerate the growth of their
business and support their plans to list on Nasdaq."

Greg Siokas, chief executive officer of the company, stated, "We
appreciate the support of Ault Global and the confidence they have
placed in the management team and in the outlook for the business.
We continue to rapidly expand our distribution network worldwide
and open new markets for our proprietary line of branded
pharmaceuticals, nutraceuticals, and food supplements.  This
financing will allow us to accelerate our organic growth as we add
more distributors worldwide and execute on our new e-commerce and
online global distribution strategy."

                       About Cosmos Holdings

Cosmos Holdings Inc. is a multinational pharmaceutical wholesaler.
The Company imports, exports and distributes pharmaceutical
products of brand-name and generic pharmaceuticals,
over-the-counter (OTC) medicines, and a variety of dietary and
vitamin supplements.  Currently, the Company distributes products
mainly in the EU countries via its two wholly owned subsidiaries
SkyPharm SA and Decahedron Ltd.

Cosmos Holdings reported net income of $820,786 for the year ended
Dec. 31, 2020, compared to a net loss of $3.30 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $45.16
million in total assets, $44.77 million in total liabilities, and
$384,548 in total stockholders' equity.

San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net accumulated deficit
that raises substantial doubt about its ability to continue as a
going concern.


CYCLE FORCE: Seeks to Employ Ravinia Capital as Investment Banker
-----------------------------------------------------------------
Cycle Force Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Iowa to hire Ravinia Capital,
LLC as investment banker.

The firm's services include:

     (a) assisting the Debtor in identifying both financial and
strategic prospective buyers;

     (b) assisting in the development and distribution to approved
prospects of select information, documents and other materials;

     (c) providing cost estimates and recommendations for employing
a third party-provided virtual data room;

     (d) assisting in contacting and emailing a teaser and
non-disclosure agreement to each approved prospect and
participating in preliminary discussions with approved prospects
about potential transactions;

     (e) soliciting from approved prospects, and assisting the
Debtor in evaluating indications of interests and proposals;

     (f) advising the Debtor on the negotiation of any potential
transaction;

     (g) working with the Debtor's bankruptcy counsel on
structuring bid procedures for a sale of the assets and the related
potential auction process (including potential negotiations with a
stalking horse bidder); and

     (h) rendering such other financial advisory and investment
banking services as may be mutually agreed upon by the parties.

Ravinia Capital will receive the sum of $15,000 upon the court's
entry of an order authorizing the firm to serve as the Debtor's
investment banker.  Every 30 days after entry of the order, until
the earlier of termination of the engagement agreement or the
closing of a transaction, the Debtor will make additional payments
of $15,000.  On the date a transaction closes, the Debtor will pay
the firm by wire transfer a fee equal to 5 percent of the total
consideration.

Thomas Goldblatt, a partner at Ravinia Capital, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Thomas C. Goldblatt
     Ravinia Capital, LLC
     125 S. Wacker Dr., Ste. 300
     Chicago, IL 60606
     Telephone: (312) 316 - 4641
     Fax: (662) 621-9197
     Email: tgoldblatt@raviniacapitalllc.com

                      About Cycle Force Group

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

Cycle Force Group filed a petition for Chapter 11 protection
(Bankr. S.D. Iowa Case No. 21-00571) on April 22, 2021, listing
$9,795,675 in total assets and $8,516,707 in total liabilities.
Nyle Nims, president and chief executive officer of Cycle Force
Group, signed the petition.

Judge Anita L. Shodeen oversees the case.

Bradshaw, Fowler, Proctor & Fairgrave PC represents the Debtor as
bankruptcy counsel. The Debtor also tapped CR3 Partners as
financial advisor, Miller & Co. as special counsel, and Ravinia
Capital LLC as investment banker.

The U.S. Trustee for Region 12 appointed an official committee of
unsecured creditors on May 7, 2021.  Frost Brown Todd, LLC and
Cutler Law Firm, P.C. serve as the committee's bankruptcy counsel
and associate counsel, respectively.

Great Western Bank, a secured creditor, is represented by Jeffrey
W. Courter, Esq., at Nyemaster Goode, PC.


CYTODYN INC: Resolves Federal Suit With Rosenbaum Group
-------------------------------------------------------
The Board of Directors of CytoDyn Inc. announced the resolution of
its lawsuit brought in the United States District Court for the
District of Delaware against the activist group led by Paul
Rosenbaum and Bruce Patterson.

In connection with the Federal Lawsuit, the Activist Group issued
more than 30 pages of corrective and new disclosures, including the
corrective disclosures previously made in connection with the
Court's Stipulated Order.  The new disclosures demonstrate that the
Activist Group was not forthcoming with shareholders about its
conflicts of interest, sources of funding and agenda at the outset.
The Company believes there remain numerous open questions about the
Activist Group's disclosures, but the Company has decided it is not
worth further litigation on those issues now that it has become
fully apparent that the Activist Group has been untruthful.

Specifically with respect to the resolution of the Federal Lawsuit,
the Activist Group took the following steps, which were conveyed in
its public filings made after the close of the market on Friday,
Sept. 17, 2021:

   * The Activist Group dissolved its Schedule 13D group and filed
an "exit" Schedule 13D.  This means that the formal Activist Group
has been reduced from 28 members to 7 individuals, now including
only Messrs. Rosenbaum and Patterson, their other three purported
nominees and two other individuals.  The Activist Group's total
CytoDyn share ownership has now been reduced from 7.67% to 0.96%.

   * The Activist Group has now made significant new disclosures
about their financing sources.  These new disclosures demonstrate
the following:

    -- The number and identity of the so-called "Gifting Persons"
keeps shifting.  The Activist Group maintains its narrative that
these individuals and entities decided to "gift" the group with at
least hundreds of thousands of dollars.  In other words,
shareholders are expected to believe that these individuals and
entities financially supported the proxy contest without any
expectation of a quid pro quo.

    -- Originally, the Activist Group claimed there were 71
"Gifting Persons".  In its new disclosures, this number is down to
40 individuals and entities but includes three totally new names.

    -- Moreover, the Activist Group has now created a new category
of financial supporters called the "Contributing Persons." This
group comprises another 41 individuals and entities. Apparently,
these 40 "Contributing Persons" did not "gift" money to the
Activist Group, which means they expect something in return, though
the Activist Group has not disclosed what the consideration for
these contributions is. Among the newly disclosed "Contributing
Persons" are entities such as the E Marshall A&B Combined Trust and
the J&C Shuler Combined 1969 Trust, about which no further
information is provided.

   * The Activist Group had to make corrective disclosures
regarding its conflicts of interest, none of which had been
disclosed in its initial proxy materials.  These include the
following:
  
    -- Contrary to the Activist Group's protestations in their Zoom
calls and on social media, IncellDx indeed submitted a written
proposal to be acquired by CYDY for a total amount of up to $350
million (not $150 million as claimed before by the Activist
Group).

    -- The Activist Group admitted that Messrs. Patterson and Beaty
collectively own 35.3% of IncellDx along with their families,
meaning that they stood to receive approximately $115 million and
$8 million, respectively, pursuant to the $350 million proposal.

    -- Based on the new disclosures, besides Messrs. Patterson and
Beaty, it turns out that at least seven other "Gifting Persons"
have interests in IncellDx, five of which were signatories of the
original Schedule 13D.

    -- The Activist Group now discloses the various patent
proceedings of IncellDx and Dr. Patterson involving the Company's
patents and the U.S. Patent Office's non-final rejection of
IncellDx's patent application.

    -- The Activist Group also has now disclosed the lawsuits by
Anthony D. Carracciolo and Richard G. Pestell, two former directors
and officers of the Company.  Until Friday, these two individuals
were part of the Schedule 13D group. CytoDyn believes that they
were asked to leave the Schedule 13D group because their conflicts
of interest became too obvious to ignore.  Yet they continue to be
"Gifting Persons" who financially back the proxy contest –-
allegedly without any consideration.

    -- None of foregoing had been disclosed in the Activist Group's
initial proxy materials.

   * In their new proxy disclosures, the Activist Group admitted
that votes and proxies for their nominees are at risk.

    -- As previously announced, CytoDyn informed the Group on July
30, 2021 that its notice of the nomination of five director
candidates for the 2021 Annual Meeting was invalid because it
failed to comply with the Company's by-laws.

    -- In August, the Group sued the Company in a different court,
the Delaware Court of Chancery, seeking declaratory judgment that
their nomination notice was valid.  This case remains pending and
the judge has scheduled a hearing for October 6, 2021.  Unless the
judge disagrees with CytoDyn, the Group's director nominations will
be disregarded, and no proxies or votes in favor of its nominees
will be recognized or tabulated at the 2021 Annual Meeting.

CytoDyn urges shareholders to ignore any further emails or mailings
from the Activist Group.  Shareholders do not need to take any
action at this time.  Shareholders will be receiving the Company's
definitive proxy materials once they have been reviewed by the SEC.
To the extent shareholders have voted on the Group's proxy card,
they can vote on the Company's proxy card once it becomes available
to revoke their vote on the Activist Group's card.  Only the
latest-dated proxy card counts.

                        About CytoDyn Inc.

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

Cytodyn reported a net loss of $154.67 million for the year ended
May 31, 2021, compared to a net loss of $124.40 million for the
year ended May 31, 2020.  As of May 31, 2021, the Company had
$132.08 million in total assets, $153.10 million in total
liabilities, and a total stockholder's deficit of $21.02 million.

Birmingham, Alabama-based Warren Averett, LLC, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated July 30, 2021, citing that the Company incurred a net
loss of approximately $154,674,000 for the year ended May 31, 2021
and has an accumulated deficit of approximately $511,294,000
through May 31, 2021, which raises substantial doubt about its
ability to continue as a going concern.


CYXTERA DC: Moody's Hikes CFR to B3 & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded Cyxtera DC Holdings, Inc.'s
corporate family rating to B3 from Caa1 and probability of default
rating to B3-PD from Caa1-PD. The rating on the company's senior
secured first lien credit facility, consisting of approximately
$880.4 million in aggregate term loans and $128.8 million in
aggregate revolvers, is confirmed at B3. Moody's also assigned a
speculative grade liquidity (SGL) rating of SGL-3 reflecting
adequate liquidity due to expectations of revolver drawdowns to
fund prudent facility expansion activity over the next 12-18
months.

This action concludes the review for upgrade initiated on April 1,
2021. The upgrade and change in outlook to stable are the result of
Moody's expectations for solid growth in revenue and EBITDA, steady
and sustained improvement in bookings and churn trends and a
strengthened balance sheet following Cyxtera's recently completed
merger with publicly listed Starboard Value Acquisition Corp.
(SVAC), a publicly traded special purpose acquisition company
(SPAC), on July 30, 2021. Balance sheet cash at SVAC and an
accompanying private investment in public equity (PIPE) transaction
provided Cyxtera with $493 million of aggregate equity capital
which was used to repay existing debt and reduce about $31 million
of annual interest expense.

Upgrades:

Issuer: Cyxtera DC Holdings, Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

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

Confirmations:

Issuer: Cyxtera DC Holdings, Inc.

Senior Secured 1st Lien Revolving Credit Facilities, Confirmed at
B3 (LGD3)

Senior Secured 1st Lien Term Loans Confirmed at B3 (LGD3)

Assignments:

Issuer: Cyxtera DC Holdings, Inc.

Speculative Grade Liquidity Rating, Assigned SGL-3

Outlook Actions:

Issuer: Cyxtera DC Holdings, Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Cyxtera's B3 CFR reflects its historical execution difficulties as
a standalone entity, including weaker than expected bookings growth
and churn mitigation that have only recently begun to reverse over
the last year or so, and high debt leverage (Moody's adjusted).
Cyxtera continues to face significant industry risks, including
intensifying competition and a high level of capital intensity
necessary to drive stronger top line growth. While the company
operates with relatively low capacity utilization across its
aggregated facilities, constrained capacity in certain markets in
the past necessitated capital investments that pressured debt
leverage (Moody's adjusted) higher. These factors are offset by
Cyxtera's relative scale as the third largest publicly traded
global retail colocation provider, market position operating data
centers in major Tier 1 markets providing retail colocation and
interconnection services to large enterprise and global service
provider customers, contracted recurring revenue, continued
productivity growth from a reorganized and regionally-focused sales
force and strengthened channel partner relationships, recent solid
core revenue and EBITDA growth from enhanced cross selling efforts
and slowly rising capacity utilization and steady and sustained
improvement in bookings and churn trends. The company's
strengthened balance sheet following the company's recently
completed merger with SVAC diversifies future capital market access
avenues to fund capacity and market expansion opportunities, as
well as potential strategic M&A.

Prior to its reverse recapitalization merger with SVAC, Cyxtera's
debt leverage (Moody's adjusted) for the last 12 months ending June
30, 2021 stood at over 10.0x. Following debt reductions associated
with its going public merger transaction with SVAC, Moody's expects
the combined company's debt leverage (Moody's adjusted) to fall to
around 7.5x by year-end 2021, and steadily decline towards 7.0x by
year-end 2022.

Moody's has assigned an SGL-3 speculative grade liquidity rating on
Cyxtera based on expectations for internal cash flow generation to
be insufficient to fully fund currently planned growth capital
investing. The company currently operates with a post-merger pro
forma cash balance of around $56 million as of June 30, 2021 and
full availability under a recently extended revolver of
approximately $120 million maturing in November 2023 and a
remaining (non-extended) and undrawn $8.75 million revolver
maturing in May 2022. Moody's anticipates the company will rely on
its cash balances and utilize its aggregate revolvers to finance
demand-driven and largely success-based facility expansions in its
Chicago and Southern California markets, and be opportunistic but
disciplined regarding inorganic growth opportunities. Moody's
expects capital spending on a reported basis as a percentage of
revenue to be around 11% in 2021 and 14% in 2022, respectively. The
more efficient deployment of underutilized capacity could support
more rapid margin expansion with continued top line growth, the
bulk of which continues to come from an existing 2,300-plus
customer base. Moody's expects Cyxtera will generate moderately
negative free cash flow in 2021 and 2022 tied to these
demand-driven facility expansions. Moody's notes that if liquidity
becomes strained, Cyxtera can pull back on current or future
growth-based capital spending and estimates that maintenance
capital spending will range at low single-digit levels as a
percentage of revenue. Moody's does not expect the company to
pursue dividends and believes cash flow will continue to be
reinvested in the business to meet global growth needs.

The stable outlook reflects Moody's expectation that Cyxtera will
continue to improve revenue and EBITDA trends, steadily drive debt
leverage towards 7x (Moody's adjusted) and prudently fund organic
expansion and any M&A-related growth. The outlook further
incorporates consistent forward traction on bookings growth trends
and churn mitigation.

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

Moody's could lower Cyxtera's ratings if the company's debt/EBITDA
(Moody's adjusted) exceeded 7.5x on a sustained basis or if
bookings trends, operating performance and liquidity deteriorates.

Moody's could upgrade Cyxtera's ratings if debt/EBITDA (Moody's
adjusted) falls to 6.5x and free cash flow/debt (Moody's adjusted)
was positive, both on a sustained basis.

The principal methodology used in these ratings was Communications
Infrastructure Methodology published in August 2021.

Headquartered in Coral Gables, FL, Cyxtera consists of 61
carrier-neutral data centers providing colocation services across 3
continents to over 2,300 customers diversified across industries.


DARREN MARTIN: Seeks to Hire Viking CPA Group as Accountant
-----------------------------------------------------------
Darren Martin, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to hire Viking CPA Group as
its accountant.

The firm's services include preparing the Debtor's tax returns and
providing other accounting services during the pendency of the
Debtor's Chapter 11 case.

The Debtor will pay the firm a flat fee per return ranging from
$840 to $1,200 per tax year.

Pamela Balentine, a certified public accountant at Viking CPA
Group, 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:

     Pamela Balentine, CPA
     Viking CPA Group
     1155 Mt. Vernon Hwy, Suite 800
     Atlanta, GA 30338
     Telephone: (404) 850-0326
     Email: info@vikingcpagroup.com

                      About Darren Martin Inc.

Darren Martin, Inc. filed a voluntary petition for Chapter 11
protection (Bankr. N.D. Ga. Case No. 21-55682) on July 30, 2021,
listing as much as $1 million in both assets and liabilities.
Darren Martin, chief executive officer, signed the petition.

Judge Paul Baisier oversees the case.

Jones & Walden, LLC serves as the Debtor's legal counsel while
Viking CPA Group serves as the accountant.


DCP MIDSTREAM: Fitch Alters Outlook  on 'BB+' LT IDRs to Positive
-----------------------------------------------------------------
Fitch Ratings has affirmed DCP Midstream, LP's (DCP) and DCP
Midstream Operating, LP's (DCP Operating) Long-Term Issuer Default
Ratings (IDRs) at 'BB+'. The senior unsecured ratings and junior
subordinated notes for DCP Operating have been affirmed at
'BB+'/'RR4' and 'BB-'/'RR6', respectively. Additionally, Fitch has
affirmed DCP's preferred equity ratings at 'BB-'/'RR6'. The Rating
Outlook has been revised to Positive from Stable.

The Positive Outlook revision reflects DCP's leverage (measured as
total debt with equity credit to operating EBITDA) has improved
faster than previously forecast, and is expected to decline below
Fitch's positive 4.5x leverage sensitivity by YE 2021. Fitch
anticipates FCF will be used for debt reduction over the forecast
period. While leverage sustained below 4.5x is a key trigger for an
Upgrade, given DCP's exposure to NGL price movements, the use of
hedging to reduce DCP's commodity price exposure and management's
capital allocation plans are important triggers.

KEY RATING DRIVERS

Scale and Scope of Operations: DCP's ratings reflect the size and
scale, and diversity of its asset base. DCP's ratings reflect its
position as a large producer of NGLs and processor of natural gas.
The partnership has a robust operating presence in most of the key
production regions within the U.S., specifically within the DJ
Basin and Permian Basin spanning both the Midland and Delaware
Basins. DCP has a diverse set of largely investment-grade producers
with no material customer concentration.

The size and breadth of DCP's operations allow it to offer its
customers end-to-end gathering, processing, storage and
transportation solutions, giving it a competitive advantage within
the regions where they have significant scale. Excess capacity on
several of DCP's systems provide opportunities for volume growth
without excess growth capex investment.

Volumetric and Commodity Price Exposure: DCP's ratings reflect its
exposure to volumetric and commodity price risks associated with
the domestic production and demand for natural gas and NGLs.
Approximately 60% of DCP's gross margin is provided from the
logistics and marketing (L&M) segment, which generally provides
fee-based cash flows with exposure to volumetric-risk.

Gathering and processing (G&P,approximately 40% of gross margin)
contracts are largely backed by dedicated acreage and are a mix of
non-commodity sensitive fee-based contracts and commodity sensitive
percent-of-proceeds (POP) and percent-of-liquids (POL) contracts.
YTD DCP has benefitted from its unhedged commodity-price exposure,
and improving demand and commodity prices have accelerated producer
well completions in the DJ Basin and Permian Basin.

As of 2Q21 approximately 75% of gross margin is fee-based and DCP
has hedged 13% of the remaining margin. DCP has taken advantage of
favorable natural gas prices and added hedges that reduce its
sensitivity to a large drop in natural gas prices. Fitch expects
over 80% of DCP's gross margin to be fee-based or hedged in 2022.
Fitch notes DCP's hedging program contributes to a steady cash flow
profile, but also exposes it to longer-term hedge roll-over and
commodity price risks

Declining Leverage: Leverage is expected to decline to 4.4x by YE
2021 and fall closer to 4.2x by YE 2022. DCP is performing better
than Fitch expected, benefitting from stronger than expected
commodity prices, low operating costs, and remaining disciplined
regarding capital allocation. Management has been vocal about
improving leverage to around 4.0x by YE 2021 and closer to 3.5x by
YE 2022 (DCP's leverage metric includes 100% equity credit on the
preferred units and junior subordinated notes vs. Fitch's 50%
equity credit treatment) to provide DCP with the flexibility to be
a consolidator in the midstream space. Fitch's forecast does not
include any significant acquisitions. Any increase in
distributions, change in capital allocation or material
acquisitions may change the cadence of deleveraging.

Capital Allocation: Fitch has concerns over future capital
allocation plans given the strong FCF profile as volumes increase
and NGL pricing is high. While DCP's system is largely built out,
future capex is limited to smaller growth projects. The pace of
debt reduction may be affected if management decides to return cash
to shareholders by increasing the distribution or instituting a
share repurchase program or undertaking a debt financed
acquisition.

Supportive Ownership: Fitch rates DCP on a stand-alone basis, with
no explicit notching from its parent companies' ratings; however,
DCP's ratings reflect that DCP's owners have been, and are expected
to, remain supportive of the operating and credit profile of DCP.
DCP's ultimate owners of its general partner, Enbridge, Inc. (ENB;
BBB+/Stable) and Phillips 66 (PSX; not rated) have in the past
exhibited a willingness to forgo dividends. This support was most
recently demonstrated by the approval of the March 2020
distribution cut.

Parent Subsidiary Linkage: Fitch considers the consolidated credit
profile of DCP and DCP Operating under its "Parent and Subsidiary
Linkage Criteria" for the ratings of both entities. DCP is the
parent of DCP Operating and DCP Operating is the only source of
cash flow for DCP. The only obligations at DCP are the series A, B,
and C preferred equity units. DCP Operating exhibits a stronger
credit profile as the operating subsidiary where the assets are
located and cash flow is generated. In addition, Fitch believes the
legal and operational ties between the two entities is strong. DCP
Operating's notes are unconditionally guaranteed by DCP.

DERIVATION SUMMARY

DCP's ratings are reflective of its favorable size, scale,
geographic and business line diversity within the NGL production
and transportation and natural gas G&P space. The ratings recognize
that DCP has greater exposure to commodity prices than other
midstream peers, with approximately 75% of gross margin supported
by fixed-fee contracts. This commodity price exposure has been
partially mitigated in the near term through DCP's use of hedges
for its NGL, natural gas and crude oil price exposure, pushing the
percentage of gross margin, either fixed-fee or hedged, up to 88%
as of 2Q21. This helps DCP's cash flow stability, but exposes it to
longer-term hedge roll-over and commodity price risks.

DCP is smaller in terms of EBITDA generation but more
geographically diversified than NGL focused midstream peer Targa
Resources Corp. (BB+/Stable). DCP's assets span across several U.S.
regions in multiple basins with significant footprints in the DJ
Basin, Delaware and Midland Basins in the Permian, and SCOOP/STACK
in the Midcontinent region, with volume growth expected to come
from the DJ and Permian assets. Targa's operations are focused in
the Permian Basin. Targa's gross commodity price exposure is
similar to that of DCP as Targa's gross margin is approximately 85%
supported by fixed-fee or fee-floor contracts and hedges.

Leverage at DCP is expected to be around 4.4x by YE 2021 and
between 4.2x-4.5x by YE 2022. Targa's near-term leverage is
expected to remain higher in the range of 4.6x-4.8x through 2023.
DCP's management has been vocal about continuing to deleverage,
targeting their bank leverage ratio (100% equity credit to
preferred units and junior subordinated notes which differs from
Fitch's 50% equity credit treatment) calculation of 4.0x as of YE
2021 and closer to 3.5x by YE 2022.

ONEOK Inc (BBB/Stable) is significantly larger in terms of size and
scale. ONEOK's NGL transportation network is larger than that of
DCP, comparable basin diversification. DCP generates less than half
the EBITDA than ONEOK. DCP's leverage is expected to be comparable
with ONEOK's leverage expected to be between 4.4x-4.8x in 2021.
ONEOK's limited commodity exposure and larger size and scale
account for the two-notch rating difference.

KEY ASSUMPTIONS

-- Base case WTI oil price deck $52/ bbl in 2022 and $50/ bbl in
    2023 and beyond; and Henry Hub natural gas price of $2.75/mcf
    in 2022 and $2.45/mcf in 2023 and long term. Fitch expects
    ethane to be influenced from the natural gas price deck and
    the other NGL hydrocarbon movements to be influenced from our
    WTI oil price deck;

-- Maintenance capital in the range of $45 million to $85 million
    in 2021. Growth spending of between $25 million and $75
    million in 2021 and growing incrementally in 2022;

-- Fitch's forecast does not assume any significant acquisitions;

-- No equity issuance or change in the dividend policy over the
    forecast period;

-- Upcoming debt maturities repaid using FCF and revolver
    borrowings where necessary.

RATING SENSITIVITIES

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

-- A demonstrated ability to maintain the percentage of fixed-fee
    or hedged gross margin at or above 70% while maintaining
    leverage (total debt with equity credit/operating EBITDA)
    below 4.5x could lead to a positive rating action.

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

-- Leverage expected above 5.5x on a sustained basis and may
    result in at least a one-notch downgrade;

-- A significant decline in fixed-fee or hedged commodity leading
    to gross margin less than 60% fixed fee or hedged without an
    appropriate significant adjustment in capital structure,
    specifically a reduction in leverage, would likely lead to at
    least a one-notch downgrade;

-- A significant change in the ownership support structure from
    GP owners ENB and PSX to the consolidated entity particularly
    with regard to the GP position on commodity price exposure,
    distribution policies and capital structure at DCP, the
    operating partnership.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of June 30, 2021, DCP had total liquidity of
approximately $785 million, which includes $780 million undrawn on
it $1.4 billion senior unsecured revolving credit facility after
accounting for $2 million in LOC. Cash on the balance sheet was $5
million. DCP had approximately $900 million of accounts receivables
securing the $350 million borrowings under the accounts receivable
securitization facility.

DCP's maturities are manageable with $350 million of senior notes
due April 2022, and $500 million of debt due in 2023. The $500
million senior notes due in September 2021 were repaid at par prior
to maturity using a mix of cash and revolver borrowings. DCP's
revolver is not due until December 2024.

DCP's senior unsecured revolving credit facility has a leverage
covenant that requires DCP's consolidated leverage ratio not to
exceed 5.0x for each quarter. The leverage ratio would be stepped
up to 5.5x for three quarters following any qualified acquisition.
Importantly, for covenant calculation purposes, DCP's preferred
equity and junior subordinated notes are given 100% equity
treatment (versus Fitch's 50% equity treatment), so the issuance of
preferred equity will help improve liquidity and leverage as the
proceeds are expected to be used to pay down debt.

ISSUER PROFILE

DCP Midstream, LP is a master limited partnership that owns and
operates a diversified portfolio of midstream energy assets through
its wholly owned subsidiary DCP Midstream Operating, LP. DCP is a
large producer and marketer of natural gas liquids, and processor
of natural gas with operations in the U.S. The G&P assets span
several regions with significant footprints in the DJ Basin,
Delaware and Midland Basins in the Permian, and SCOOP/STACK in the
Midcontinent region. DCP's general partner is owned 50% by Phillips
66 and 50% by Enbridge Inc.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch applies 50% equity credit to DCP's junior subordinated notes
and to its existing preferred equity in Fitch's forecasts. Fitch
typically adjusts master limited partnership EBITDA to exclude
equity interest in earnings from nonconsolidated affiliates but
includes cash distributions from nonconsolidated affiliates.

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.


DELEK US: S&P Lowers Issuer Credit Rating to 'BB-', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Delek US
Holdings Inc. to 'BB-' from 'BB'. S&P also lowered its issue-level
rating on the company's senior secured term loan to 'BB' from
'BB+'. The '2' recovery rating is unchanged. The outlook is
stable.

S&P said, "At the same time, we lowered our issuer credit rating on
Delek Logistics Partners L.P. to 'B+' from 'BB-'. We lowered our
issue-level rating on the partnership's senior unsecured notes to
'B+' from 'BB-'. The '4' recovery rating is unchanged. We also
lowered our senior secured issue-level rating on the partnership's
revolving credit facility to 'BB' from 'BB+'. The '1' recovery
rating is unchanged. The outlook on the partnership is stable. The
stable outlook on Delek US reflects our expectation of a steadily
improving refining margin environment. We forecast the company's
cash balance to improve year-over-year which will result in an S&P
Global Ratings-adjusted leverage ratio between 3.5x-3.75x in 2022."
The stable outlook on Delek Logistics reflects that of Delek US
whose rating serves as a constraint to Delek Logistics.

Delek's refining margins remain weaker than previous expectations
although they have improved from 2020 levels.

Demand for refined products has improved from the previous year
which has also driven crack spreads higher. That said, the higher
crack spreads include the costs related to compliance with
Renewable Fuel Standards (RFS), the price of which remains elevated
and limits the total refining margin captured by Delek and its
peers. Delek's operational performance during the first half of the
year was also constrained by certain one-time items including a
severe winter storm, the Colonial Pipeline shutdown, and a fire and
turnaround at its El Dorado refinery. The persistently weak
refining margin environment results in an S&P Global
Ratings-adjusted leverage ratio well above the previously outlined
2021 downgrade trigger of 5x. That said, S&P forecasts adjusted
consolidated credit metrics to meaningfully improve in 2022 with
the assumption of a steadily improving refining margin environment.
S&P now forecasts a consolidated adjusted debt-to-EBITDA ratio
between 3.5x-3.75x for 2022.

Delek's strong liquidity position supports its stable rating
outlook.

Delek has a multiyear track record of maintaining excess cash which
has supported its credit quality. The cost-cutting initiatives
enacted in 2020 position it to capture higher margins as refining
margins continue to improve. The large cash position which totaled
over $800 million as of June 30, 2021, is expected to continue to
grow through 2022 which positions the company to satisfy its RFS
obligations for the coming year. S&P said, "Without clarity from
the U.S. Environmental Protection Agency regarding waivers to this
program we expect the costs for compliance to this program to limit
the total realized refining margin. We expect the company to
prioritize these obligations and reducing total leverage before
other shareholder-friendly actions including reinstating the
dividend or share repurchases."

S&P forecasts mid-cycle refining margins in 2022.

S&P said, "Under a midcycle commodity price environment, we expect
Delek's refining operations to generate more EBITDA compared to
2020 and 2021 levels. We expect the Big Spring and Tyler refineries
to generate the majority of its EBITDA for this business segment.
The proximity of Delek's Big Spring refinery to Midland, Texas,
allows the company to source lower-cost feedstock, contributing to
its ability to generate stronger gross margin compared with other
refineries. Its other business segments including its growing
midstream business provides a base level of cash flows and has
helped offset some of the cash losses over the last 18 months. The
retail operations also provide a steady source of cash flow and
complements its other assets. This integrated model supports our
view of its business risk profile."

The rating action on Delek Logistics reflects that of its ultimate
parent, Delek US, its most significant customer in terms of
revenues and volumes.

Delek Logistics' continues to improve its scale largely because of
asset dropdowns from its parent. S&P said, "Although the Wink to
Webster pipeline is a likely candidate, our forecast does not
factor in any dropdowns to the partnership. We expect Delek
Logistics will maintain an adjusted debt-to-EBITDA ratio in the
4x-4.5x range through 2022 as it benefits from the minimum volume
commitments with Delek US. We also expect Delek Logistics to
continue paying a stable distribution and forecast a distribution
coverage ratio of at least 1.1x. We consider Delek Logistics to be
strategically important to Delek US, as we believe it could provide
support to Delek Logistics under many scenarios, including if it
could not access the capital markets or if it experiences
operational or liquidity stress. In our view, the partnership's
assets are integral to Delek US' refining operations, and we expect
Delek US to maintain control of the partnership. Even if Delek US
monetized a portion of its 80% interest in the partnership, as long
as it continues to control the general partner it would not change
our assessment of its strategic importance."

Delek US Holdings Inc.

S&P said, "The stable rating outlook reflects our expectation of a
steadily improving margin environment. We forecast the company to
maintain strong liquidity as a growing cash balance will result in
an adjusted leverage ratio between 3.5x-3.75x in 2022.

"We could consider a positive rating action if the margin
environment improves at a quicker-than-anticipated rate such that
its adjusted leverage is sustained below 3.5x and the company uses
excess cash to reduce leverage.

"We could consider a negative rating action if we forecast
consolidated adjusted leverage to be sustained above 4.5x under a
midcycle commodity environment. This could occur if margins are
weaker than expected or if the company pursues a more aggressive
financial policy."

Delek Logistics Partners L.P.

The stable outlook reflects that of its parent and most significant
customer, Delek US. S&P forecasts Delek Logistics to maintain
adjusted debt to EBITDA in the low- to mid-4x area driven by
relatively stable cash flows largely backed by minimum volume
commitments.

S&P said, "We could consider a negative rating action on Delek
Logistics if the partnership pursues a more aggressive financial
policy such that it sustains adjusted debt to EBITDA of more than
5x and a distribution coverage ratio consistently below 1.0x. A
negative rating action on Delek US will not automatically lead to a
lower rating on Delek Logistics unless it was a multi-notch action
which we view as unlikely.

"We could consider a positive rating action if we took a similar
action on Delek US. This could occur if the refining sector
improves quicker than anticipated, resulting in consolidated
adjusted leverage being sustained below 3.5x. We could also
consider a positive rating action if we viewed the partnership's
credit quality on a stand-alone basis to be commensurate with a
'BB-' rated entity. This could occur if it materially improves its
scale while maintaining leverage below 4x."



DOMTAR CORP: Fitch Assigns FirstTime 'BB' IDR, Outlook Positive
---------------------------------------------------------------
Fitch Ratings has assigned Domtar Corporation a first-time
Long-Term Issuer Default Rating (IDR) of 'BB'. The Rating Outlook
is Positive. Fitch has also assigned a 'BBB-'/'RR1' rating to the
company's ABL revolving credit facility, 'BB+'/'RR2' rating to its
proposed first-lien term loan, delayed draw term loan, and secured
notes and 'BB'/'RR4' rating to its existing senior unsecured
notes.

The ratings reflect Domtar's leading position in the North American
paper market and ongoing conversions to more economically
sustainable products. Fitch expects that strong paper business cash
flows will support the paper conversions, and that capital will be
deployed in a way that supports Domtar's leverage target in the
3.0x gross debt / EBITDA range. The Positive Outlook, which Fitch
expects to resolve within the next 18-24 months, reflects the
expectation that the Kingsport mill will be converted by YE 2022,
and will provide a clear line of sight into future cash flow and
leverage metrics within Fitch's forecast range.

KEY RATING DRIVERS

Cash Generative Paper Business: Domtar's paper business represents
the bulk of the company's EBITDA and cash flow generation due to
its established production footprint with limited future capital
requirements. Domtar is the largest uncoated freesheet (UCF)
business in North America, with an approximately 1/3 market share,
and leading positions in specialty and packaging paper.

Domtar's production is favorably positioned in the lower half of
the cost curve. Paper consumption is in secular decline, and Domtar
has seen paper shipments fall by approximately 4% per annum over
the past 20 years, although somewhat offset by modesty increasing
paper pricing as well as productivity improvements. The paper
industry's decline has, to date, been orderly, with major producers
including Domtar regularly reducing capacity to maintain a market
supply/demand balance. Fitch assumes that the paper market will
remain in rough equilibrium throughout the forecast period, but
notes that there is heightened downside demand risk as the extent
of 'work-from-home' in the future remains unclear.

Volatile Pulp Margins: Domtar's pulp business is smaller and has
significantly more variable margins than its paper business.
Long-term pulp market prospects, however, are more favorable than
in paper, with softwood pulp demand expected to grow at a rate of
2%-3% over the next five years, driven by growing global demand in
tissue and hygiene markets. Fitch expects pulp prices to remain
supportive for the next 12-18 months, or until additional global
capacity enters the market, which is expected around 2024.

Ongoing, Favorable Conversion Investments: Domtar has invested over
$400 million during the past five years to convert existing
freesheet paper capacity to more economically sustainable pulp,
specialty paper and containerboard production, and expects to spend
an additional $600 million in the 2021 to 2025 period to continue
with this investment program.

The company's Kingsport, Tennessee facility, which represents about
one quarter of the total pipeline of conversion projects, is
underway and is expected to be completed and in production by the
end of 2022.

Fitch believes Domtar's conversion opportunity is a strategic
necessity to diversify away from paper, and that such investments
will be prioritized in its capital allocation decisions. The
company forecasts it will have cost competitive production capacity
in containerboard, with EBITDA margins ultimately exceeding those
in the paper business. Fitch notes, however, that the
containerboard market is considerably more dynamic than UCF paper,
with growing demand from e-commerce being met with a large number
of conversion projects across the industry, and as such may result
in more unpredictable margins and cash flows beyond the forecast
horizon.

Forecast 3x Near-Term Leverage: Paper Excellence (PE) is
contributing approximately 50% cash equity toward the purchase of
Domtar from public shareholders, for total consideration of $3.13
billion, and resulting in pro-forma total debt/EBITDA of 3.7x as of
June 30, 2021. Cash at June 30 stood at $346 million. Fitch
forecasts that at YE 2021 gross leverage will return to the 3x
range on improved EBITDA generation versus the prior
pandemic-affected year. Leverage is projected to exhibit
improvement in the 2024 timeframe, despite Fitch's expectation for
weaker pulp market conditions, as the Kingsport facility reaches
full utilization and FCF is allocated towards debt reduction.

Balanced Capital Allocation Policies: Fitch expects the company
will adhere to relatively conservative financial policies.
Management has targeted a net debt to EBITDA metric of around 2.5x,
acknowledging there will be some drift as pulp prices cycle, a
policy Fitch believes will be supported by the company's plan to
focus on debt reduction during periods of cash surplus, and to time
further conversion investment around balance sheet constraints.

Fitch also sees as supportive the company's plan to forego dividend
payments (as were previously made to public shareholders) and any
management fees. PE ownership has also stated that they see room to
invest further capital in Domtar should the need arise, to
accelerate conversion investments ahead of balance sheet capacity
within the targeted level.

Standalone Strategy Within PE Group: Fitch assumes that Domtar will
operate on a standalone basis with the PE Group, and that
continuity of Domtar's management will be maintained. Fitch views
Domtar's ratings as sensitive to future material intercompany or
intergroup transactions, which could result in increased complexity
or opacity around Domtar's credit.

DERIVATION SUMMARY

Domtar is among the leading freesheet paper businesses in the
consolidated North American market, and holds market positioning
comparable with that of Berry (BB+/Stable), Sealed Air (not rated)
and Crown (not rated), which compete in the more fragmented
packaging market. Packaging peers' end markets, however, are
significantly more robust, driven by stable consumer
nondiscretionary food and beverage end markets, while Domtar's
freesheet paper business is in secular volume decline, a process
which may accelerate with the work-from-home trend.

Domtar's approximately $500 million in annual EBITDA is
considerably smaller than forest products peers International Paper
(not rated; $3 billion in annual EBITDA) and Packaging Corporation
of America (not rated; $1.3 billion in annual EBITDA), as well as
packaging peers including Berry (EBITDA of $2.4 billion) and Silgan
(BB+/Stable; EBITDA of $750 million).

Domtar's EBITDA margins have historically ranged between 11%-14%,
and are lower than Klabin's (BB+/Stable) 30%-40% typical margins,
due to the latter's leading scale and low-cost position in
commodity pulp products. Domtar's margins are in the same low-mid
teens area as Crown and Sealed Air, and slightly lower than Berry,
although Domtar's margin volatility is somewhat higher than
packaging peers due to its exposure to cyclical pulp prices.

Fitch also notes that Domtar may face additional capital investment
needs over the coming years in the 5%-10% of sales range as it
converts freesheet capacity to containerboard production, which
exceeds that of packaging companies with more discretionary capital
investment requirements below 5% of sales.

Domtar's leverage is expected to remain lower than packaging peers,
in the 3x range near-term, as compared with Berry, which is
expected to maintain total leverage in the 3.5-4x area, Silgan in
the 4.0x total leverage area, and Crown Holdings in the high 4x
area. Domtar's gross leverage is higher than International Paper's
2020 level of 2.5x and Packaging Corporation of America's 2.1x 2020
level.

KEY ASSUMPTIONS

-- Slightly accelerated decline in paper shipments in forecast
    years versus historical periods to reflect potential downward
    shift in paper consumption related to work-from-home trends;

-- Steady uncoated freesheet paper prices reflecting ongoing
    discipline among major producers; cyclical pulp price downturn
    beginning in 2023;

-- Capex of $300 million-$350 million annually until the
    Kingsport facility conversion is completed in 2022, followed
    by maintenance capex levels of $100 million-$150 million
    annually.

-- No further conversion projects during the forecast period;

-- Excess cash flow deployed toward debt reduction;

-- No dividends, management fees or other cash payments to
    shareholders.

RATING SENSITIVITIES

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

-- Establishment of the containerboard business with visibility
    on EBITDA generation at a level that clearly and sustainably
    replaces declining paper EBITDA;

-- Total debt/operating EBITDA consistently below 3.0x;

-- Adherence to credit conscious capital allocation policies.

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

-- An accelerated decline in paper EBITDA not clearly and
    sustainably offset by containerboard business earnings;

-- Total debt/operating EBITDA consistently above 4.0x;

-- Weakening in leverage targeting or credit policies, including
    those involving shareholder payments, or any change in
    policies or actions which erode Domtar's standalone financial
    management.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

As of June 30, 2021, Domtar reported cash on hand of $346 million.
The new $400 million ABL revolving facility maturing in 2026 is
expected to be undrawn at the closing of the Paper Excellence
transaction. Fitch expects Domtar to have adequate liquidity to
meet its financial commitments over the forecast period.

ISSUER PROFILE

Domtar Corporation manufactures and markets uncoated freesheet
paper. The company also manufactures pulp fluff and specialty pulp,
as well as distributes business, printing and publishing papers,
and certain industrial products. The company has operations
throughout the U.S. and Canada, and employs approximately 6,600
full time employees.

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.


DOMTAR CORP: Moody's Assigns Ba2 CFR & Rates New Secured Debt Ba2
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
and Ba2-PD probability of default rating to Domtar Corporation and
rated the proposed senior secured term loan, the delayed draw term
loan, and the new senior secured notes Ba2. Moody's also downgraded
senior unsecured notes to Ba3 from Baa3. Proceeds of the new debt
issuance will be used to fund the acquisition of Domtar Corporation
by an affiliate of Paper Excellence B.V. and to fund redemption of
the senior unsecured notes under the change of control provision.
This rating action concludes the review initiated on May 11, 2021
after the company announced that it agreed to be acquired by an
affiliate of Paper Excellence B.V. in an all cash transaction that
represents enterprise value of approximately $3 billion. The
transaction has been approved by the shareholders and is expected
to close in the fourth quarter of 2021, subject to receiving
clearance from the Canadian regulatory authorities. The rating
outlook is stable.

"The downgrade reflects the tripled debt amount, a reduction in
financial flexibility with most of the assets securing the proposed
credit facilities and notes and increased governance risks with a
new private owner, that operates other paper and pulp assets with
levered balance sheets," said Anastasija Johnson, VP-Senior Credit
Officer at Moody's Corporation. "The downgrade also reflects good
but diminished liquidity just as the company faces higher capital
expenditure requirements."

Downgrades:

Issuer: Domtar Corporation

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 (LGD5)
from Baa3

Assignments:

Issuer: Domtar Corporation

Corporate Family Rating, Assigned Ba2

Probability of Default Rating, Assigned, Ba2-PD

Senior Secured Term Loan, Assigned Ba2 (LGD3)

Senior Secured Delayed Draw Term Loan, Assigned Ba2 (LGD3)

Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD3)

Outlook Actions:

Issuer: Domtar Corporation

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Domtar's Ba2 CFR reflects increased debt and leverage metrics pro
forma for the acquisition by an affiliate of Netherlands-based
Paper Excellence B.V., with Moody's adjusted Debt/EBITDA at roughly
4x in the twelve months ended June 30, 2021. Moody's expects
leverage to decline closer to 3x by the end of 2021 amid higher
graphic paper and pulp prices that will support earnings recovery,
but leverage will remain above the 1.6x level reported in the 12
months ended June 30, 2021 over the next two years. The acquisition
by privately-held Paper Excellence B.V., which is a private company
owned by Jackson Wijaya, increases governance risks, given the
expected changes in financial reporting (assuming all existing
unsecured bonds get redeemed) and changes to governance structures,
though current management is expected to remain in place. Paper
Excellence owns other pulp and paper assets in Canada, Brazil and
France and operates some of them with high leverage, as it has
grown through acquisitions funded with both debt and equity.
Moody's expects Paper Excellence to operate Domtar on a standalone
basis and support its strategy of entering the containerboard
market with the conversion of the Kingsport, TN mill underway.
Moody's expect the company to use cash from operations to fund
conversion of the Kingsport mill and pay down debt over the next
two years, but the credit facilities do allow for unlimited
distributions once leverage falls below a certain threshold. The
lack of a track record by the new owner of operating assets with a
strong balance sheet constrain the rating.

In addition to changes in governance, Domtar's credit quality is
constrained by the long-term secular decline in its primary UFS
business (about 70% of sales) which continues to be replaced by
digital alternatives; volatile pricing for market pulp; low
consolidated operating margins; and leveraging and marketing risk
as the company grows its presence in the consolidated North
American containerboard subsector.

The Ba2 corporate family rating benefits from Domtar's leading
North American market position in uncoated free sheet (UFS) and
strong global position in fluff pulp; growing diversification as it
builds a new containerboard business and good vertical integration
and expected improvement in credit metrics over the next 12
months.

The company has good liquidity, although it will be diminished
following the acquisition by Paper Excellence. The company is
expected to have no cash on hand, as the proceeds from the notes
issuance, in conjunction with a delayed draw term loan, are
expected to be used to redeem $500 million of unsecured notes under
a change of control put provision following the closure of the
acquisition by Paper Excellence. The company is expected to have a
$400 million asset-based revolving facility, which will be undrawn
at close compared to its previous $700 million revolver and a $150
million accounts receivables securitization facility. Moody's
expect the company to have $300 million availability under the ABL
facility after roughly $100 million of letters of credits issuance.
The company has started the $350 million conversion of the
Kingsport mill, which is expected to be completed by the end of
2022, and which will constrain free cash flow generation over the
next 12 months. The company has also started the conversion of the
Ashdown mill to pulp, but will restart its paper production there,
contributing to elevated capex in 2021. Moody's expect the company
to generate minimal free cash flow in 2021 roughly $150 million of
free cash flow in 2022. The revolver is expected to have a
springing fixed charge coverage ratio covenant if availability
falls below a certain level. Moody's do not expect the covenant to
be tested and the term loans will have no maintenance covenants.
All assets are encumbered under the secured credit facilities and
secured notes but proceeds of the asset sales can be reinvested
within an 18-month period providing some alternative liquidity.

As a manufacturing company, Domtar is exposed to environmental
risks, such as air and water emissions, and social risks, such as
labor relations, health and safety issues, and changing consumer
trends (which includes the accelerated preference for digital
alternatives such as electronic readers instead of traditional
paper). The company has established expertise in complying with
these ongoing risks and has incorporated procedures to address them
in their operational planning and business models.

STRUCTURAL CONSIDERATIONS

The proposed senior secured term loan, the delayed draw term loan
and the senior secured notes are rated in line with the corporate
family rating. This reflects Moody's expectation that the new
secured debt will represent the bulk of debt in the capital
structure after the company redeems the $500 million of unsecured
bonds under the change of control put provision following the
acquisition by Paper Excellence B.V The unsecured notes are rated
Ba3, one notch below the corporate family rating, given their
subordination to the new secured debt.

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

The stable outlook reflects Moody's expectation that operating
earnings will continue to improve over the next 12 months with
still strong pulp and paper prices and stronger demand for UFS with
the reopening of schools and offices despite the ongoing
coronavirus pandemic, supporting improvement in credit metrics.

Moody's can upgrade the rating if the company sustains Moody's
adjusted debt/EBITDA below 3x (3.9x pro forma for the acquisition),
improves (RCF-capex)/Debt above 12% (9% pro forma for the
acquisition) and continues to demonstrate operating earnings
improvement. Moody's can also upgrade the rating if the new owner
demonstrates commitment to deleveraging and maintains conservative
financial policies.

Headquartered in Fort Mill, South Carolina, Domtar is North
America's largest producer of uncoated freesheet (UFS) paper (used
primarily for photocopying) and is the third largest global
producer of fluff pulp. Domtar is converting some UFS capacity to
produce light weight recycled containerboard and market pulp. Sales
in the twelve months ended June 30, 2021 were approximately $3.8
billion.

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.


EASTERN NIAGARA HOSPITAL: Renegotiates Union Contracts, PCO Says
----------------------------------------------------------------
Michele McKay, appointed Patient Care Ombudsman for r Eastern
Niagara Hospital, Inc., related in a Fifth Report filed with the
U.S. Bankruptcy Court for the Western District of New York, that
the Debtor has successfully renegotiated union contracts for ENH
staff, including nurses and patient care technicians, and was able
to work with the Nurse's Union (SEIU) to establish a MOU for an
increase in night shift differential.  Three new RNs have been
hired for nights to replenish a turnover of nurses on night shift.

The PCO also made visits to the Transit Road site and noted an
increase in volume of patients in Express Care.  All needed
supplies and equipment for patient treatment and care were
available, according to the staff at the site, the PCO said.  There
are no findings of decline in patient care noted during the period
from April 29 to September 14, 2021.

A copy of the Fifth Report is available for free at
https://bit.ly/2Zf0smn from PacerMonitor.com.

               About Eastern Niagara Hospital, Inc.

Eastern Niagara Hospital -- http://www.enhs.org-- is a
not-for-profit organization, focused on providing general medical
and surgical services. The Hospital offers radiology, surgical
services, rehabilitation services, cardiac services, respiratory
therapy, obstetrics & women's health, emergency services, acute &
intensive care, chemical dependency treatment, occupational
medicine services, DOT medical exams, dialysis, laboratory
services, and express care.

Eastern Niagara Hospital previously sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-12342)
on November 7, 2019.

Eastern Niagara Hospital again sought Chapter 11 protection (Bankr.
W.D. N.Y. Case No. 20-10903) on July 8, 2020. In the petition
signed by Anne E. McCaffrey, president and CEO, the Debtor
disclosed between $10 million to $50 million in both assets and
liabilities.

Judge Michael J. Kaplan oversees the case. The Debtor tapped
Jeffrey Austin Dove, Esq., at Barclay Damon LLP, as its legal
counsel.

The U.S. Trustee for Region 2 appointed creditors to serve on the
official committee of unsecured creditors on November 22, 2019. The
committee is represented by Bond, Schoeneck & King, PLLC.

Michele McKay was appointed as health care ombudsman in the
Debtor's bankruptcy case.

On August 27, 2020, the Court appointed Hunt Commercial Real Estate
as a broker.



EASTERN NIAGARA: Direct Admission Policy Revised, Ombudsman Says
----------------------------------------------------------------
Michele McKay, Patient Care Ombudsman for Eastern Niagara Hospital,
Inc., in a Fourth Report filed with the U.S. Bankruptcy Court for
the Western District of New York, related that the Debtor has
started a COVID antibody clinic, has began administering COVID
vaccines and has initiated a policy change regarding direct
admissions of patients by private physicians.  All of the Debtor's
staff said they have all needed equipment and supplies for the
patient they treat.  The PCO received no patient complaint and
obtained no findings of decline in patient care during this visit.

A copy of the Fourth Ombudsman Report covering the period from
February 18 to April 28, 2021 is available for free at
https://bit.ly/3lFrtXB from PacerMonitor.com.

               About Eastern Niagara Hospital, Inc.

Eastern Niagara Hospital -- http://www.enhs.org-- is a
not-for-profit organization, focused on providing general medical
and surgical services. The Hospital offers radiology, surgical
services, rehabilitation services, cardiac services, respiratory
therapy, obstetrics & women's health, emergency services, acute &
intensive care, chemical dependency treatment, occupational
medicine services, DOT medical exams, dialysis, laboratory
services, and express care.

Eastern Niagara Hospital previously sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-12342)
on November 7, 2019.

Eastern Niagara Hospital again sought Chapter 11 protection (Bankr.
W.D.N.Y. Case No. 20-10903) on July 8, 2020. In the petition signed
by Anne E. McCaffrey, president and CEO, the Debtor disclosed
between $10 million to $50 million in both assets and liabilities.

Judge Michael J. Kaplan oversees the case. The Debtor tapped
Jeffrey Austin Dove, Esq., at Barclay Damon LLP, as its legal
counsel.

The U.S. Trustee for Region 2 appointed creditors to serve on the
official committee of unsecured creditors on November 22, 2019. The
committee is represented by Bond, Schoeneck & King, PLLC.

Michele McKay was appointed as health care ombudsman in the
Debtor's bankruptcy case.

On August 27, 2020, the Court appointed Hunt Commercial Real Estate
as a broker.



EASTERN NIAGARA: To Remove 80 Full Time Posts in Ch. 11, PCO Says
-----------------------------------------------------------------
Michele McKay, Patient Care Ombudsman for Eastern Niagara Hospital,
Inc., disclosed in a Second Report filed with the U.S. Bankruptcy
Court for the Western District of New York that the Debtor has
announced in November 2020 that it would be eliminating 80 full
time positions as part of the restructuring process.  

The PCO said she received positive statements regarding nursing
care and hospital stay from patients.  There were no complaints
about staffing, supplies availability, or about decline in medical
or nursing care, she said.

A copy of the Ombudsman Report for the period from October 3 to
December 4, 2020 is available for free at https://bit.ly/3hOqljk
from PacerMonitor.com.

               About Eastern Niagara Hospital, Inc.

Eastern Niagara Hospital -- http://www.enhs.org-- is a
not-for-profit organization, focused on providing general medical
and surgical services. The Hospital offers radiology, surgical
services, rehabilitation services, cardiac services, respiratory
therapy, obstetrics & women's health, emergency services, acute &
intensive care, chemical dependency treatment, occupational
medicine services, DOT medical exams, dialysis, laboratory
services, and express care.

Eastern Niagara Hospital previously sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-12342)
on November 7, 2019.

Eastern Niagara Hospital again sought Chapter 11 protection (Bankr.
W.D. N.Y. Case No. 20-10903) on July 8, 2020. In the petition
signed by Anne E. McCaffrey, president and CEO, the Debtor
disclosed between $10 million to $50 million in both assets and
liabilities.

Judge Michael J. Kaplan oversees the case. The Debtor tapped
Jeffrey Austin Dove, Esq., at Barclay Damon LLP, as its legal
counsel.

The U.S. Trustee for Region 2 appointed creditors to serve on the
official committee of unsecured creditors on November 22, 2019. The
committee is represented by Bond, Schoeneck & King, PLLC.

Michele McKay was appointed as health care ombudsman in the
Debtor's bankruptcy case.

On August 27, 2020, the Court appointed Hunt Commercial Real Estate
as a broker.



EASTERN UNIVERSITY: S&P Raises 2012 Revenue Bonds Rating to 'BB+'
-----------------------------------------------------------------
S&P Global Ratings raised its long-term rating to 'BB+' from 'BB'
on Delaware County Authority, Pa.'s series 2012 revenue bonds,
issued for Eastern University. The outlook is stable.

"The upgrade reflects our view of the university's significant
full-time-equivalent enrollment growth during fall 2020 and
anticipated for fall 2021, driven primarily by robust growth in
graduate-level programming," said S&P Global Ratings credit analyst
Phillip Pena. "The upgrade also reflects Eastern's improved and
positive full-accrual operating performance during fiscal 2020 and
the anticipation that fiscal 2021 will end with an even stronger
operating result."

S&P said, "The stable outlook reflects our view that enrollment
will grow, driven primarily by graduate programming, and that the
university will maintain solid retention rates as it implements
strategies to continue increasing enrollment. The stable outlook
also reflects our view that the university will continue to produce
positive or break-even full-accrual operating margins while
maintaining or growing its balance sheet metrics.

"We could take a positive rating action if the university sustains
its trend of robust enrollment growth; maintains or improves demand
metrics related to selectivity, matriculation, and retention; and
maintains a stable management team. We could also consider a
positive rating action if the university continues to produce
positive full-accrual results, or should available resources begin
to exhibit a trend of material growth.

"We could take a negative rating action should the university see
precipitous drops in enrollment or other demand-related metrics. We
could also consider a negative rating action if the university
experiences a trend of significant operating deficits or if
available resources weaken materially from current levels. Any
covenant violations, although unlikely, could result in a lower
rating."



ECOLIFT CORPORATION: Seeks to Hire RSM Puerto Rico as Accountant
----------------------------------------------------------------
Ecolift Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire RSM Puerto Rico as its
accountant.

The firm's services include:

   (a) preparation or review of monthly operating reports required
by the bankruptcy court;

   (b) reconciliation of proofs of claim;

   (c) preparation or review of the Debtor's projections;

   (d) analysis of profitability of the Debtor's operations;

   (e) assistance in the development or review of plan of
reorganization or disclosure statement;

   (f) consultation on strategic alternatives and developments of
business plans; and

   (g) any other consulting and expert witness services relating to
various bankruptcy matters such as insolvency, feasibility, and
forensic accounting, as necessary.

The firm will be compensated as follows:

     Doris Barroso-Vicens    $250 per hour
     Partner                 $200 - $300 per hour
     Managers                $145 - $184 per hour
     Seniors                 $75 - $90 per hour
     Staff                   $65 - $75 per hour

The hourly rates increase at approximately 10 percent every June
1.

As disclosed in court filings, RSM Puerto Rico neither represents
nor holds any interest adverse to the Debtor and its bankruptcy
estate.

The firm can be reached through:

   Doris Barroso-Vicens
   RSM Puerto Rico, Certified Public Accountants and Consultants
   Postal Address:
   P.O. Box 10528
   San Juan, PR 00922-0528

                     About Ecolift Corporation

Ecolift Corporation, a San Juan, P.R.-based manufacturer of
aircraft parts and equipment, filed its voluntary petition for
Chapter 11 protection (Bankr. D.P.R. Case No. 21-02751) on Sept.
17, 2021, listing as much as $10 million in both assets and
liabilities.  Ecolift President Ernesto Di Gregorio signed the
petition.  

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. and RSM Puerto
Rico serve as the Debtor's legal counsel and accountant,
respectively.


ECOLIFT CORPORATION: Taps C. Conde & Assoc. as Legal Counsel
------------------------------------------------------------
Ecolift Corporation seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire C. Conde & Assoc. to serve
as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor with respect to its duties, powers and
responsibilities in the bankruptcy case under the laws of the U.S.
and Puerto Rico;

     b. advising the Debtor to determine whether a reorganization
is feasible and, if not, helping the Debtor in the orderly
liquidation of its assets;

     c. assisting the Debtor in negotiations with creditors for the
purpose of arranging the orderly liquidation of assets and
proposing a viable plan of reorganization;

     d. preparing legal papers;

     e. appearing before the bankruptcy court or any court in which
the Debtor asserts a claim interest or defense directly or
indirectly related to the bankruptcy case;

     f. provide all notary services; and

     g. performing other necessary legal services.

The firm's hourly rates are as follows:

     Carmen Conde Torres, Esq.   $350 per hour
     Associates                  $300 per hour
     Junior Attorney             $275 per hour
     Clerical Services           $150 per hour

C. Conde & Assoc. will be paid a retainer in the amount of $25,000.
The firm will also receive reimbursement for out-of-pocket
expenses incurred.

Carmen D. Conde Torres, Esq., a partner at C. Conde & Assoc.,
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.

C. Conde & Assoc. can be reached at:

     Carmen D. Conde Torres, Esq.
     C. Conde & Assoc.
     254 San Jose Street, 5th Floor
     Old San Juan, PR 00901-1523
     Tel: (787) 729-2900
     Fax: (787) 729-2203
     Email: condecarmen@condelaw.com

                     About Ecolift Corporation

Ecolift Corporation, a San Juan, P.R.-based manufacturer of
aircraft parts and equipment, filed its voluntary petition for
Chapter 11 protection (Bankr. D.P.R. Case No. 21-02751) on Sept.
17, 2021, listing as much as $10 million in both assets and
liabilities.  Ecolift President Ernesto Di Gregorio signed the
petition.  

Carmen D. Conde Torres, Esq., at C. Conde & Assoc. and RSM Puerto
Rico serve as the Debtor's legal counsel and accountant,
respectively.


EVERGREEN GARDENS: To Seek Plan Confirmation on Nov. 1
------------------------------------------------------
Judge Martin Glenn has entered an order conditionally approving the
Disclosure Statement of Evergreen Gardens Mezz LLC, et al.

The Combined Hearing (at which time the Bankruptcy Court will
consider, among other things, the adequacy of the Disclosure
Statement and confirmation of the Plan) will be held before the
Honorable Martin Glenn, United States Bankruptcy Judge, in
courtroom 523 of the United States Bankruptcy Court, One Bowling
Green, New York, NY 10004, on Nov. 1, 2021 at 10:00 a.m.
(Prevailing Eastern Time).

Any objections to the approval of the Disclosure Statement, the
Solicitation Procedures and/or confirmation of the Plan must be
filed and served no later than 5:00 p.m. (Prevailing Eastern Time)
on Oct. 18, 2021.

The Debtors shall file their brief in support of confirmation of
the Plan, and their reply to any objections (and replies from any
other parties) no later than 4 days before the Combined Hearing.

                   About Evergreen Gardens

Evergreen Gardens Mezz LLC focuses on the development,
construction, acquisition, leasing and management of residential
and commercial income-producing properties in Brooklyn, N.Y.  It
owns part of the 900-unit Denizen apartment complex, a millennial
haven in Bushwick, Brooklyn, developed on the former site of the
Rheingold Brewery.

Evergreen Gardens is part of All Year Management, a New York-based
real estate development firm, which has owned, managed and
developed dozens in real estate since its founding.

Evergreen Gardens sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-10335) on Feb. 22, 2021.  The Debtor estimated assets
and debt of $50 million to $100 million as of the bankruptcy
filing.  The Hon. Martin Glenn is the case judge.  Weil, Gotshal &
Manges LLP, led by Gary T. Holtzer, and Matthew P. Goren, is the
Debtor's legal counsel.


GCI LLC: Moody's Hikes CFR to B1 on Improved Credit Profile
-----------------------------------------------------------
Moody's Investors Service upgraded GCI, LLC's Corporate Family
Rating to B1 from B2, the Probability of Default Rating to B1-PD
from B2-PD and affirmed the Ba2 on the Senior Secured Credit
Facility and B3 on the Senior Unsecured Notes. The outlook is
stable.

The upgrade reflects an improved credit profile, supported by
better operating performance, higher free cash flows, lower
leverage, and a simplified organizational structure.

Upgrades:

Issuer: GCI, LLC

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Affirmations:

Issuer: GCI, LLC

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: GCI, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The B1 corporate family rating reflects the Company's small scale
and limited geographic diversity and a financial policy that
tolerates moderate leverage of between 3x-4x. Its operations are
concentrated in one state, Alaska, which is highly dependent on
volatile oil markets. The Company also has a significant mix of
revenues governed by regulatory oversight which has historically
slowed collections, created working capital and free cash flow
deficits, and caused material and unfavorable changes in pricing
and revenue. Strong competition in wireless, and a secular decline
in pay-tv video and wireline voice, weigh on operating performance
with flat or marginal revenue growth. GCI Liberty, which was merged
into Liberty Broadband (the Parent, unrated) also has history of
managing assets in complex organizational structures, executing
tax-free asset swaps among separately managed companies, and using
a high degree of financial engineering to optimize investment
returns while balancing credit risk. The merger between GCI Liberty
and Liberty Broadband has since simplified the organizational
structure.

GCI's credit profile is supported by the Company's strong market
position as a communications provider in Alaska delivering quad
services including data, wireless, video and voice. Strong
broadband demand drivers support strong and stable EBITDA margins
in the high 30% range. Liquidity is also good. Its Parent, which is
the largest shareholder of Charter Communications, Inc. (Charter,
Ba2 stable) with common stock worth over $45 billion, also
generates steady cash flows from selling shares in Charter's
repurchase program and is a potential source of liquidity if
necessary.

GCI's SGL-2 speculative grade liquidity rating reflects good
liquidity supported by unrestricted cash balances near $40 million,
positive and rising operating cash flows, and a large revolving
credit facility that Moody's expect may be only partially drawn
over the next 12 months. Moody's expect ample headroom under loan
covenants over the next year.

The senior secured credit facility is rated Ba2 (LGD2), two notches
above the B1 CFR, reflecting the loss absorption provided by the B3
(LGD5) rated unsecured notes which are a junior claim relative to
the senior secured bank facility. The instrument ratings reflect
the probability of default of the Company, as reflected in the
B1-PD Probability of Default Rating, and an average expected family
recovery rate of 50% at default given the mixed capital structure
with both senior and junior claim priorities. Moody's modeled
claims assumes 75% utilization of capacity under the bank's
revolving credit facility, mandatory amortization of terms loans,
and excludes the Company's intercompany revolving credit facility
with the parent.

The stable outlook reflects Moody's expectation for marginal
organic revenue growth to near $930 million over the next year.
Moody's expect EBITDA margins to rise above 40% and leverage in the
range of 3.25x-3.4 on debt of $1.3 billion and EBITDA near $390
million, respectively, over the next 12-18 months. Moody's project
free cash flow up to $100 million, net of capex (averaging 15% of
revenue) and interest expense (near 4% of debt) and assuming
working capital needs consistent with prior periods. Moody's annual
revenue growth projections assume video subscribers will fall
significantly, wireless will grow (by low single-digit percent),
and data will rise (averaging at least mid-single digit percent).
Moody's expect liquidity to remain good.

Note: all figures above are Moody's adjusted unless otherwise
noted.

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

Ratings could be upgraded if gross debt/EBITDA (Moody's adjusted)
is sustained below 3.25x, and free cash flow to debt (Moody's
adjusted) is sustained above 10%. An upgrade could also be
considered if scale or diversity increased and or financial policy
turned more conservative.

The ratings could be downgraded if gross debt/EBITDA (Moody's
adjusted) is sustained above 4.75x, or free cash flow to debt
(Moody's adjusted) is sustained below 5%. A downgrade could also be
considered if liquidity deteriorated, the scale or diversity of the
business declined, financial policy turned less conservative, or
financial performance declined materiality.

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

GCI, LLC's principal operating asset is a leading integrated,
facilities-based communications provider based in Anchorage,
Alaska, offering local and long-distance voice, wireless, video,
and data services to consumer and commercial customers throughout
the state. The Company, wholly owned by Liberty Broadband,
generated approximately $977 million in revenue for the last 12
months ended June 30, 2021.


GOMEZ HEATING: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel
-----------------------------------------------------------------
Gomez Heating & Air Conditioning, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Jeffrey S. Shinbrot, APLC as its legal counsel.

The firm will provide legal advice regarding the Debtor's powers,
duties, rights and obligations under the Bankruptcy Code and will
provide other services necessary to administer its Chapter 11
case.

The firm will be paid at the rate of $675 per hour for attorneys
and $150 per hour for paralegals.  It will also receive
reimbursement for out-of-pocket expenses incurred.

The Debtor paid the firm a pre-bankruptcy retainer in the amount of
$$26,738.  

Jeffrey Shinbrot, Esq., disclosed in a court filing that his firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Jeffrey S. Shinbrot, Esq.
     Jeffrey S. Shinbrot, APLC
     15260 Ventura Blvd., Suite 1200
     Sherman Oaks, CA 91403
     Telephone: (310) 659-5444
     Facsimile: (310) 878-8304
     Email: jeffrey@shinbrotfirm.com

              About Gomez Heating & Air Conditioning

Gomez Heating & Air Conditioning, Inc. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
21-17163) on Sept.  13, 2021, listing under $1 million in both
assets and liabilities.  Judge Sandra R. Klein presides over the
case.  Jeffrey S. Shinbrot, APLC serves as the Debtor's legal
counsel.


GREENSILL CAPITAL: To Seek Plan Confirmation on Oct. 19
-------------------------------------------------------
Judge Michael E. Wiles has entered an order conditionally approving
the Disclosure Statement of Greensill Capital Inc.

The deadline to vote to accept or reject the Plan will be on Oct.
8, 2021 at 5:00 p.m. (prevailing Eastern Time).

The deadline for objection to Disclosure Statement/Plan
confirmation will be on Oct. 12, 2021 at 4:00 p.m. (prevailing
Eastern Time).

The deadline for replies to objections to Disclosure Statement/Plan
confirmation will be on Oct. 17, 2021 at 12:00 p.m. (prevailing
Eastern Time).

The combined Disclosure Statement/ Confirmation hearing will be on
Oct. 19, 2021 at 2:00 p.m. (prevailing Eastern Time).

                      About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021. Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia. Matt Byrnes, Phil Campbell-Wilson, and Michael McCann of
Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021. Jill M. Frizzley,
director, signed the petition. In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.

In the Chapter 11 case, the Debtor tapped Segal & Segal LLP as
bankruptcy counsel, Mayer Brown LLP as special counsel, and GLC
Advisors & Co., LLC and GLCA Securities, LLC as investment bankers
and financial advisors.  Matthew Tocks is the chief restructuring
officer of the Debtor.  The official committee of unsecured
creditors is represented by Arent Fox LLP.

Greensill Capital (UK) Limited filed a Chapter 15 petition (Bankr.
S.D.N.Y. Case No. 21-11473) to seek U.S. recognition of its UK
proceedings on Aug. 18, 2021. ALLEN & OVERY LLP, led by Laura R.
Hall, is the Debtor's counsel in the Chapter 15 case.


GROM SOCIAL: Closes $4.4 Million Private Placement
--------------------------------------------------
Grom Social Enterprises, Inc. has closed a $4.4 million private
placement.  The investment is in the form of a 10% original issue
discount convertible note in the principal amount of $4.4 million
that has an 18-month maturity and a fixed conversion price of $4.20
per share of common stock, subject to adjustment, and warrants to
purchase 813,278 shares of common stock with an exercise price of
$4.20 per share, subject to adjustment.  

Grom is required to make monthly payments in either cash or shares,
commencing 75 days after closing.  The company has agreed to file a
registration statement registering for resale the shares of common
stock issuable upon conversion of the note and upon exercise of the
warrants on or before Oct. 19, 2021.  The warrants are not
exercisable until the company's shareholders approve the issuance
of the warrants and will be exercisable for five years after such
approval.  The company intends to use the net proceeds from the
private placement for working capital, joint ventures, possible
acquisitions, partnerships, and general corporate purposes.

EF Hutton, division of Benchmark Investments, LLC, acted as
exclusive placement agent for the offering.

                        About Grom Social

Boca Raton, Florida-based Grom Social Enterprises, Inc. --
www.gromsocial.com -- is a media, technology and entertainment
company focused on delivering content to children under the age of
13 years in a safe secure Children's Online Privacy Protection Act
("COPPA") compliant platform that can be monitored by parents or
guardians.  The Company operates its business through the following
four wholly-owned subsidiaries: Grom Social, Inc., TD Holdings
Limited, Grom Educational Services, Inc., and Grom Nutritional
Services, Inc.

Grom Social reported a net loss of $5.74 million for the year ended
Dec. 31, 2020, compared to a net loss of $4.59 million for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $17.51
million in total assets, $6.77 million in total liabilities, and
$10.74 million in total stockholders' equity.

BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated April 13, 2021, citing that the Company has incurred
significant operating losses since inception and has a working
capital deficit which raises substantial doubt about its ability to
continue as a going concern.


IMERYS TALC: Delaware Judge Questions Chapter 11 Vote Change
------------------------------------------------------------
Vince Sullivan of Law360 reports that a Delaware bankruptcy judge
questioned attorneys for a group of talc injury claimants Monday
who want to change their votes on the Chapter 11 plan of Imerys
Talc America, seeking to determine if their change request was
submitted in good faith since the claims were only subject to
minimal vetting.

During a lengthy virtual hearing, U.S. Bankruptcy Judge Laurie
Selber Silverstein said the nearly 16,000 talc claimants
represented by Bevan & Associates LPA may not have been eligible to
vote on the plan at all, let alone petition the court for
permission to change their votes after the deadline to now.

                     About Imerys Talc America

Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.

Imerys Talc America and its subsidiaries, Imerys Talc Vermont, Inc.
and Imerys Talc Canada Inc., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The Debtors were
estimated to have $100 million to $500 million in assets and $50
million to $100 million in liabilities as of the bankruptcy
filing.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC, is the claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.


INGEVITY CORP: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Ingevity Corporation's Long-Term Issuer
Default Rating (IDR) at 'BB'. The Rating Outlook remains Stable.

Fitch has applied its updated recovery rating criteria, and has
upgraded Ingevity's senior secured revolving credit facility and
term loan to 'BBB-'/'RR1' from 'BB+'/'RR1', and has affirmed the
senior unsecured notes at 'BB'/'RR4'.

The ratings reflect the company's relatively modest size, strong
margins owing to technological and market leadership in activated
carbon for auto emissions control, elevated exposure to cyclical
end-markets and its generally modest leverage.

The Stable Outlook reflects Fitch's expectations that total
debt/EBITDA will remain between 2.5x-3.0x through 2022. Fitch
believes that Ingevity will continue to allocate capital toward
share repurchases and seek additional growth opportunities to boost
scale and diversification, but that the company will continue to do
so in a balanced manner to remain within its targeted net leverage
metrics of 2.0x-2.5x. Fitch assumes that any leveraging transaction
will be followed up with a prioritization toward gross debt
reduction back within management's targeted range.

The ratings have been removed from Under Criteria Observation
(UCO), where they were placed following the publication of the
updated recovery rating criteria on April 9, 2021.

KEY RATING DRIVERS

Recovery Ratings Criteria Update: The issue and recovery ratings
for Ingevity's debt are based on Fitch's rating grid for issuers
with 'BB' category IDRs. This grid reflects average recovery
characteristics of similar-ranking instruments. Ingevity's senior
secured revolving credit facility and term loan are viewed as
Category 1 first lien, which translates into a two-notch uplift
from the 'BB' IDR to 'BBB-', and a recovery rating of 'RR1'.

More information on the updated Corporates Recovery Ratings and
Instrument Ratings Criteria is available at www.fitchratings.com.

Resiliency Through Pandemic: Ingevity maintained solid performance
through 2020 and 1H21, sustaining Operating EBITDA margins above
30% and generating around $270 million in FCF through LTM 2Q21,
supported by volume growth and favorable pricing and product mix in
the Performance Materials segment. Fitch believes the company's
recent performance highlights Ingevity's competitive strengths of
its strong market positions - particularly in activated carbon
materials - and its ability to reduce costs in an adverse operating
environment.

While uncertainty remains around the timing of full market
recoveries for auto production and oilfield services, Fitch still
forecasts Ingevity maintaining strong FCF generation of around $150
million on average over the forecast horizon.

'Ingevity 2.0' Strategy: In 2020, Ingevity announced its 'Ingevity
2.0' organic growth strategy primarily focused on improving
operational scale through entering new markets (i.e. human health
and renewable natural gas) and broadening feedstock exposure (i.e.
tallow, soy, biofuels), and increasing operational efficiencies
through digital transformation and supply chain initiatives.

Fitch views these growth initiatives as potential catalysts for an
enhanced business profile more consistent with 'BB+' rated peers,
to the extent they increase Ingevity's size and scale and reduce
cash flow risk through lowering its exposure to CTO and autos while
increasing customer stickiness. While Fitch projects capex spending
to be elevated over the forecast horizon, the company is expected
to maintain sufficient FCF generation and liquidity levels to
provide financial flexibility through the period of capital
projects.

Shifting Capital Deployment: As the company is within its 2.0x-2.5x
net leverage target, Fitch expects FCF to be allocated toward
growth projects, both organic and inorganic, and measured share
repurchases over the forecast horizon. Ingevity has repurchased
$156 million in shares through June 30, 2021 under its $500 million
board-authorized share repurchase program, leaving $344 million
remaining available for repurchase.

Fitch believes Ingevity may seek bolt-on acquisitions to bolster
its Performance Chemicals segment, particularly the Engineered
Polymers and Pavement Technologies product lines, to further build
out its product applications, regional exposures, or technical
capabilities. Fitch assumes that any leveraging transaction will be
followed up with a prioritization toward gross debt reduction back
within management's targeted range.

Emissions Standards Benefit Materials: Gasoline vapor emissions
regulation drives volume in the Performance Materials segment.
Ingevity's high market share and technological leadership should
enable the segment to sustain EBITDA margins over 40%.

Recent U.S. and Canadian regulations will phase in control systems
that better utilize higher margin activated carbon. Other regions
are implementing increasingly stringent emission regulations,
including Euro 6D and China 6, which are now fully implemented,
with Europe's Euro 7 and China's China 7 regulations expected to be
implemented by mid-decade. Fitch believes the increase in global
emission regulations more than offsets reduced auto sales and the
long-term threat of continued electric vehicle use.

Ingevity's '844 patent', which covers certain canister systems
designed to achieve gasoline vapor emissions levels that comply
with the most stringent emission regulations, is set to expire in
March 2022. The company intends to defend its market position
through short and long-term supply agreements and leveraging its
global position and existing reputation with customers for
reliability and driving innovation within emission control. This is
highlighted by a newer family of patents that Ingevity holds, which
are designed to reduce emissions in new, emerging "low purge"
engines.

Performance Chemicals Segment: Some of Ingevity's Performance
Chemical (PC) segment products compete with petroleum and gum rosin
products. However, the company has become more insulated from
substitutes as it has continued to push toward more specialized
product offerings through innovation and acquisitions, which is
highlighted by improving segment EBITDA margins to 21% in 2020 from
13% in 2016.

Longer term, Fitch believes the segment maintains the potential for
strong growth prospects, given the global shift toward
sustainability and the renewable sources of Ingevity's products
versus those based from petroleum, which could help deliver the
sustainability initiatives of customers.

DERIVATION SUMMARY

Ingevity is smaller than specialty chemical peers with operational
and financial profiles generally consistent with the 'BB' category,
such as Axalta Coatings Systems Ltd., H.B. Fuller Company
(BB/Positive) and W. R. Grace & Co. (BB+/Negative Watch). Ingevity
generally maintains a conservative capital structure with total
debt/EBITDA generally around 3.0x compared with around 3.0x-4.0x
for H.B. Fuller and Axalta, and around 3.5x for W. R. Grace. Fitch
expects Ingevity's total debt/EBITDA will continue to trend below
3.0x, consistent with management's pre-acquisition leverage
target.

Ingevity's EBITDA margins are forecast to be approximately 30%
throughout the forecast, which compares with margins for Grace in
the mid-high-20% range and Fuller and Axalta in the low-mid teens
range. This is primarily due to Ingevity's market position in its
Performance Materials segment, which consistently sees margins
above 40%.

However, Fitch believes the company's PM segment has a higher
degree of exposure to cyclical end markets compared with peers. The
company is strategically shifting towards higher value product
offerings within its PC segment to reduce earnings volatility, as
exemplified by recent acquisitions and product developments.

KEY ASSUMPTIONS

-- Low double-digit organic revenue growth in 2021 followed by
    around 5% annual organic growth on average thereafter,
    supported by strong CTO pricing and steady volume improvements
    across segments, partially offset by auto production impacts
    from the global microchip shortage and muted oilfield services
    demand;

-- Operating EBITDA margins around 30%-31% on average, supported
    by continued shifts towards higher value applications but
    partially offset by modest near-term cost inflation;

-- Elevated capex throughout the forecast as the company
    progresses through 'Ingevity 2.0' growth initiatives, coupled
    with anticipated capacity additions and debottlenecking;

-- Acquisitions ranging from $75 million to $175 million
    annually, bolstering Performance Chemicals product lines;

-- Excess cash flow applied to share repurchases with net
    leverage remaining within management targets.

RATING SENSITIVITIES

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

-- Adherence to a financial policy demonstrating a clear
    commitment to deleveraging to a total debt/EBITDA sustained
    below 2.5x;

-- Increase in size and scale through organic and inorganic
    investments that further enhance the business profile and
    reduce cash flow risk through increased customer stickiness
    and end market diversification.

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

-- Deviation from financial policy resulting in total debt/EBITDA
    sustained above 3.5x;

-- Capital allocation prioritization toward additional
    acquisitions or stock repurchases in favor of debt repayments;

-- Substantial sustained EBITDA margin deterioration signaling
    increased cash flow risk or integration risk associated with
    future investments.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of June 30, 2021, the company had
approximately $233 million of cash and equivalents with full
availability under its $500 million revolving credit facility due
2025. Additionally, Fitch projects annual FCF generation to average
around $150 million throughout the forecast, which should provide
the company with adequate liquidity over the ratings horizon.

ISSUER PROFILE

Ingevity Corporation is a leading global manufacturer of specialty
chemicals and high-performance activated carbon materials. It
produces chemicals through refining crude tall oil and carbon
materials from burning sawdust necessary to control gasoline
emissions in automobiles. The company was spun-off from WestRock
Company in May 2016 and reports in two business segments,
Performance Materials and Performance Chemicals.

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.


INNER CITY BUILDERS: Seeks Approval to Hire Real Estate Agent
-------------------------------------------------------------
Inner City Builders and Developers, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Sophia Pickens-Graves, a real estate agent at Better Homes and
Garden Gary Greene Real Estate.

The Debtor needs the services of a real estate agent to market for
sale its commercial property located at 2408 Pierce St., Houston,
Texas.  

Better Homes will receive a fee equal to 4 percent of the sales
price.  

As disclosed in court filings, Better Homes is a "disinterested
person" as that term is defined in Bankruptcy Code Section
101(14).

The real estate agent can be reached at:

     Sophia Pickens-Graves
     Better Homes and Gardens Gary Greene Real Estate
     1705 West Gray Street, Suite 200
     Houston, TX 77019
     Phone: 713-961-1722/713-835-7805
     Email: sophiaygraves@gmail.com

                     About Inner City Builders

Inner City Builders and Developers, LLC filed a voluntary petition
for Chapter 11 protection (Bankr. S.D. Texas Case No. 21-60061) on
July 5, 2021, listing as much as $1 million in both assets and
liabilities.  Creg Thompson, manager, signed the petition.  Judge
Christopher M. Lopez oversees the case. The Debtor tapped Tran
Singh, LLP as legal counsel.


INPIXON: Files Certificate of Designation of Preferred Stock
------------------------------------------------------------
Inpixon filed a Certificate of Designation establishing the
preferences, rights, and limitations of Series 7 Convertible
Preferred Stock with the Secretary of State of the State of Nevada.
The Certificate of Designation was filed in connection with the
Purchase Agreement.

The Series 7 Preferred Stock ranks, with respect to the payment of
dividends, redemption or distribution of assets upon a Liquidation
(as defined in the Certificate of Designation): (i) senior to the
Company's common stock, Series 4 Convertible Preferred Stock and
Series 5 Convertible Preferred Stock and to any class of stock it
may issue in the future that is not expressly stated to be on
parity with or senior to the Series 7 Preferred Stock with respect
to such dividends, redemption or distributions; (ii) on parity with
any class of stock it has issued and may issue in the future that
is expressly stated to be on parity with the Series 7 Preferred
Stock with respect to such dividends, redemption and distributions;
and (iii) junior to any class of stock the Company may issue in the
future that is expressly stated to be senior to the Series 7
Preferred Stock with respect to such dividends, redemption or
distributions, if the issuance is approved by the affirmative vote
of the holders of a majority of the then outstanding shares of
Series 7 Preferred Stock.

Under the terms of the Series 7 Preferred Stock, until the earlier
of the date on which no Series 7 Preferred Stock remains
outstanding or the end of the Redemption Period (as defined in the
Certificate of Designation), unless the holders of at least 51% in
Stated Value (as defined in the Certificate of Designation) of the
then outstanding shares of Series 7 Preferred Stock shall have
otherwise given prior written consent, the Company cannot pay cash
dividends or distributions on the common stock and all other common
stock equivalents other than those securities which are explicitly
senior or pari passu to the Series 7 Preferred Stock in dividend
rights or liquidation preference.

On Sept. 13, 2021, the Company filed the Certificate of Designation
with the Secretary of State of the State of Nevada, amending the
Company's Articles of Incorporation, as amended, by establishing
the Series 7 Preferred Stock, consisting of 58,750 authorized
shares, $0.001 par value per share and $1,000 stated value per
share.

The holders of the Series 7 Preferred Stock have full voting rights
and powers, except as otherwise required by the Articles of
Incorporation, as amended, or applicable law.  The holders of
Series 7 Preferred Stock shall vote together with all other classes
and series of stock of the Company as a single class on all actions
to be taken by the stockholders of the Company.  Each holder of the
Series 7 Preferred Stock shall be entitled to the number of votes
equal to the number of shares of common stock into which the Series
7 Preferred Stock then held by such holder could be converted on
the record date for the vote which is being taken, provided,
however, that the voting power of a holder together with its
Attribution Parties (as defined in the Certificate of Designation),
may not exceed 19.99% (or such greater percentage allowed by the
Nasdaq Listing Rules without any shareholder approval
requirements).  The Series 7 Preferred Stock is convertible into
the number of shares of common stock, determined by dividing the
aggregate stated value of the Series 7 Preferred of $1,000 per
share to be converted by $1.25.
  
                   Securities Purchase Agreement

On Sept. 13, 2021, the Company entered into a Securities Purchase
Agreement with certain institutional investors, pursuant to which
the Company agreed to issue and sell in a registered direct
offering (i) up to 58,750 shares of Series 7 Preferred Stock and
(ii) related warrants to purchase up to an aggregate of 47,000,000
shares of common stock.  Each share of Series 7 Preferred Stock and
the related Warrants were sold at a subscription amount of $920.00,
representing an original issue discount of 8% of the Stated Value
for an aggregate subscription amount of $54,050,000.

The Shares, the Warrants and the shares of Common Stock issuable
upon conversion of the Shares were offered by the Company pursuant
to an effective shelf registration statement on Form S-3 (File No.
333-256827), which was declared effective on June 17, 2021 and
prospectus supplement, dated Sept. 13, 2021.

                           About Inpixon

Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an
indoor data company and specializes in indoor intelligence.  The
Company's indoor location data platform and patented technologies
ingest and integrate data with indoor maps enabling users to
harness the power of indoor data to create actionable
intelligence.

Inpixon reported a net loss of $29.21 million for the year ended
Dec. 31, 2020, compared to a net loss of $33.98 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$174.41 million in total assets, $28.93 million in total
liabilities, and $145.49 million in total stockholders' equity.


INTERNATIONAL AUTO FLEET: Seeks to Hire Riggi Law Firm as Counsel
-----------------------------------------------------------------
International Auto Fleet Corp. seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to hire Riggi Law Firm
to serve as legal counsel in its Chapter 11 case.

The firm will provide these services:

     1. institute, prosecute or defend any contested matters
arising out of the Debtor's bankruptcy proceeding in which the
Debtor may be a party;

     2. assist in obtaining court approval to recover and liquidate
estate assets;

     3. assist in determining the priorities and status of claims
and in filing objections thereto where necessary;

     4. assist in the preparation of a Chapter 11 plan of
reorganization;

     5. perform all other legal services.

The firm's hourly rates are as follows:

     Partners                   $450 per hour
     Paralegals or Law Clerks   $195 per hour

David Riggi, Esq., at Riggi Law Firm, disclosed in a court filing
that he and his firm are disinterested within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     David A. Riggi, Esq.
     Riggi Law Firm
     5550 Painted Mirage Rd. Suite 320
     Las Vegas, NV 89149
     Phone: (702) 463-7777
     Fax: (888) 306-7157
     Email: RiggiLaw@gmail.com

              About International Auto Fleet Corp.

International Auto Fleet Corp., a car dealer in Las Vegas, filed
its voluntary petition for Chapter 11 protection (Bankr. D. Nev.
Case No. 21-13166) on June 24, 2021, listing up to $10 million in
assets and up to $1 million in liabilities.  Martin Reyes,
secretary, signed the petition.  David Riggi, Esq., at Riggi Law
Firm represents the Debtor as legal counsel.


INVO BIOSCIENCE: All 4 Proposals Passed at Annual Meeting
---------------------------------------------------------
Invo Bioscience, Inc. held its annual meeting of stockholders at
which the stockholders:

   (1) elected Steven Shum, Kevin Doody, Trent Davis, Barbara Ryan,
Jeffrey Segal, Matthew Szot, and Rebecca Messina to the board of
directors of the company until the next annual meeting of
stockholders;

   (2) approved, by non-binding advisory vote, the resolution
approving named executive officer compensation;

   (3) approved, by non-binding advisory vote, the trinneal
frequency of future non-binding advisory votes on resolutions
approving future named executive officer compensation;

   (4) ratified the selection of M&K CPAS, PLLC as the company's
independent registered public accounting firm, for the fiscal year
ending Dec. 31, 2021.

                       About INVO Bioscience

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

Invo Bioscience reported a net loss of $8.35 million in 2020, a net
loss of $2.16 million on $1.48 million in 2019, a net loss of $3.07
million in 2018, and a net loss of $702,163 in 2017.  As of June
30, 2021, the Company had $9.93 million in total assets, $5.57
million in total liabilities, and $4.36 million in total
stockholders' equity.


JTF LLC: Seeks to Hire Chesapeake Tax Advisors as Accountant
------------------------------------------------------------
JTF, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Maryland to employ Chesapeake Tax Advisors, LLC as its
accountant.

The firm's services include:

     a. preparing the Debtor's necessary tax returns and supporting
bankruptcy schedules;

     b. providing bookkeeping services necessary to complete tax
returns and prepare financial statements; and

     c. assisting in the preparation of forms and reports required
to be filed with various regulatory authorities.

The firm will bill the Debtor at the rate of $175 per hour.

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

The firm can be reached through:

     James D. Burgess, CPA
     Chesapeake Tax Advisors, LLC
     306 W Joppa Road
     Towson, MD 21204
     Phone: +1 410-296-1154

                           About JTF LLC

JTF LLC, a Joppa, Md.-based company engaged in renting and leasing
real estate properties, filed its voluntary Chapter 11 petition
(Bankr. D. Md. Case No. 21-15103) on Aug. 5, 2021, disclosing up to
$50,000 in assets and up to $10 million in liabilities.  Brian J.
Miller, owner and member, signed the petition.  

Judge Michelle M. Harner oversees the case.

Joseph M. Selba, Esq., at Tydings & Rosenberg LLP and Chesapeake
Tax Advisors, LLC serve as the Debtor's legal counsel and
accountant, respectively.


KANSAS CITY UNITED: Wanda Crocker Named Patient Care Ombudsman
--------------------------------------------------------------
Daniel J. Casamatta, Acting United States Trustee for Region 13,
appointed Wanda L. Crocker as Patient Care Ombudsman for Kansas
City United Methodist Retirement Home, Inc., d/b/a Kingswood Senior
Living Community.  

Ms. Crocker is connected with the Missouri Department of Mental
Health, Division of Developmental Disabilities, in Rolla,
Missouri.

Ms. Crocker may be reached at:

Wanda L. Crocker
Missouri Department of Mental Health
Division of Developmental Disabilities
105 Fairground Road
Rolla, MO 65401
Telephone: (573) 368-2524

A copy of her appointment is available for free at
https://bit.ly/3lWAwUr from PacerMonitor.com.

                About Kansas City United Methodist
                       Retirement Home Inc.

Kansas City United Methodist Retirement Home, Inc., doing business
as Kingswood Senior Living Community, operates a continuing care
retirement community and assisted living facility for the elderly
in Kansas City, Mo.  

Kansas City United Methodist Retirement Home sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. Case No.
21-41049) on Aug. 18, 2021, disclosing up to $50 million in assets
and up to $100 million in liabilities.  Judge Cynthia A. Norton
oversees the case.  

McDowell, Rice, Smith & Buchanan, PC serves as the Debtor's
bankruptcy counsel while Gilmore & Bell, P.C. serves as special
counsel.

UMB Bank, N.A., the bond trustee, is represented by Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C.

Wanda L. Crocker is appointed as Patient Care Ombudsman for the
Debtor.



KDA PROPERTIES: Case Summary & 2 Unsecured Creditors
----------------------------------------------------
Debtor: KDA Properties, LLC
        1612 Wazee Street
        Denver, CO 80202

Business Description: KDA Properties, LLC is Single Asset Real
                      Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: September 21, 2021

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 21-14821

Judge: Hon. Elizabeth E. Brown

Debtor's Counsel: Jeffrey A. Weinman, Esq.
                  WEINMAN & ASSOCIATES, P.C.
                  730 17TH Street
                  Suite 240
                  Denver, CO 80202
                  Tel: 303-572-1010
                  E-mail: jweinman@weinmanpc.com

Total Assets: $11,610,138

Total Liabilities: $9,609,712

The petition was signed by Amin Suliaman as managing member.

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

https://www.pacermonitor.com/view/V7IQ5AA/KDA_PROPERTIES_LLC__cobke-21-14821__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Two Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Betty Campbell Trust          Loan for Operating       $250,000
Kenneth Ware, Trustee                  Expenses
7225 S. Xanthia St.
Centennial, CO 80112

2. Bouwen Group                       Operating            $36,000
16806 W. 74th Place                    Expense
Arvada, CO 80007                         Loan



LAMBRIX CRANE: Seeks to Hire Brown Law Firm as Bankruptcy Counsel
-----------------------------------------------------------------
Lambrix Crane Service, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Oklahoma to hire Brown Law Firm,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) negotiating allowed claims and treatment of creditors;

     (b) rendering legal advice and preparation of legal documents
and pleadings concerning claims of creditors, post-petition
financing, executing contracts, sale of assets, and insurance;

     (c) representing the Debtor in hearings and other contested
matters;

     (d) formulating a disclosure statement and plan of
reorganization; and

     (e) providing legal services on all other matters needed for
reorganization.

The firm's hourly rates are as follows:

     Ron D. Brown, Esq.     $300 per hour
     Associate              $225 per hour
     Paralegal              $75 per hour

The Debtor paid $14,729.25 retainer fee to the law firm.

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

The firm can be reached at:

     Ron D. Brown, Esq.
     Brown Law Firm, P.C.
     715 S. Elgin Ave
     Tulsa, OK 74120
     Telephone: (918) 585-9500
     Fax: (866) 552-4874
     Email: ron@ronbrownlaw.com

                           Lambrix Crane

Broken Arrow, Okla.-based Lambrix Crane Service, Inc. filed a
Chapter 11 bankruptcy petition (Bankr. N.D. Okla. Case No.
21-11056) on Sept. 16, 2021, listing $8,508,909 in assets and
$4,787,668 in liabilities.  Judge Terrence L. Michael oversees the
case.  The Debtor is represented by Ron D. Brown, Esq., at Brown
Law Firm, PC.


LAROSE HOSPITALITY: Court Confirms Second Amended Plan
------------------------------------------------------
Judge Joshua P. Searcy has entered an order confirming the Second
Amended Plan of Reorganization Under Subchapter V of Chapter 11 of
Larose Hospitality, LLC.

At least one class of impaired creditors has voted to accept the
Plan.  The Plan has been proposed in good faith and not by any
means forbidden by law.  The requisite number of impaired classes
of claims or interests voting have voted to accept the Plan.

Except as provided in the Plan (including the agreement on the
amount of Red Oak Capital Fund II's Claim), the Debtor reserves the
right to object to the amount and allowance of all claims after
Confirmation.  All such objections shall be filed within 60 days of
the Effective Date, as defined in the Plan.

Attorneys for the Debtor:

     Joyce W. Lindauer
     State Bar No. 21555700
     Joyce W. Lindauer Attorney, PLLC
     1412 Main Street, Suite 500
     Dallas, Texas 75202
     Telephone: (972) 503-4033

                     About Larose Hospitality

Larose Hospitality, LLC, operates the Holiday Inn Express & Suites
in Livingston, Texas.

Larose Hospitality filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No.
21-90034) on Feb. 24, 2021.  At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities.  The Debtor is represented by Joyce W. Lindauer
Attorney, PLLC.   

Henry Thomas Moran is the Subchapter V trustee appointed in the
Debtor's Chapter 11 case.


LONJ LLC: All Claims Will be Paid in Full in Sale Plan
------------------------------------------------------
LONJ, LLC submitted a First Modified Combined Plan of
Reorganization and Disclosure Statement.

The Debtor's plan of reorganization proposes to satisfy their debt
to the Township of Frankford through the sale of the Debtor's
property.  All creditors with allowed claims will be paid in full
from the proceeds of the transaction.

The Debtor's single asset is the real property.  In the petition,
the debtor valued it at $500,000.  This valuation was based upon a
contract the Debtor had previously entered into in 2018 for the
sale of the property.  The Debtor is in the process of obtaining a
current appraisal of the property.

Attorney for the Debtor:

     John F. Bracaglia, Jr.
     SAVO, SCHALK, CORSINI, GILLESPIE, O'GRODNICK & FISHER, P.A.
     Counsellors at Law
     56 East Main Street, Suite 301
     Somerville, NJ 08876
     Tel: 908-526-0707

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/3Ep7tRJ from PacerMonitor.com.

                         About LONJ LLC

LONJ, LLC's sole activity is ownership of 3.81 acres of undeveloped
land at 422 US Highway 206, in Frankford Township, New Jersey.

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


MADU INC: Seeks to Employ The Clower Company as Real Estate Broker
------------------------------------------------------------------
Madu, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire The Clower Company as real
estate broker.

The Debtor requires a real estate broker to sell its real property
at 415 S. Austin St., Rockport, Texas, and the adjoining vacant lot
at 412 Magnolia St., Rockport, Texas.

The firm will be paid a commission of 6 percent of the total sale
price.

George Clower, a principal at The Clower Company, disclosed in a
court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     George Clower
     The Clower Company
     P.O. Box 2525
     Corpus Christi, TX 78403-2525
     Telephone: 361-880-4111
     Fax: 361-880-4118
     Email:info@clowerco.com

                          About Madu Inc.

Corpus Christi, Texas-based Madu, Inc. filed a Chapter 11
bankruptcy petition (Bankr. S.D. Texas Case No. 21-21226) on Sept.
6, 2021, listing as much as $10 million in both assets and
liabilities.  Judge David R. Jones oversees the case.  The Debtor
is represented by Todd Headden, Esq., at Hayward, PLLC.


MJ AUTO CENTER: Seeks to Hire John E. Dunlap PC as Legal Counsel
----------------------------------------------------------------
MJ Auto Center, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Tennessee to employ The Law Office of
John E. Dunlap to serve as legal counsel in its Chapter 11 case.

The firm will render these services:

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

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

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

     d. prepare legal papers;

     e. negotiate and prepare a plan of reorganization, disclosure
statement and all related documents and take all necessary actions
to obtain confirmation of the plan;

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

     g. appear before the bankruptcy court, any appellate courts,
and the U.S. trustee; and

     h. perform all other necessary legal services.

The firm received a retainer in the amount of $2,000.

John Dunlap, a principal at the Law Office of John E. Dunlap,
disclosed in a court filing that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     John E. Dunlap, Esq.
     Law Office of John E. Dunlap PC
     3340 Polar Avenue, Suite 320
     Memphis, TN 38111
     Phone: (901) 320-1603
     Fax: (901) 320-6914
     Email: jdunlap00@gmail.com

                      About MJ Auto Center LLC

MJ Auto Center, LLC filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Tenn. Case No. 21-23000) on Sept. 15, 2021,
listing as much as $500,000 in both assets and liabilities.  Judge
M. Ruthie Hagan presides over the case.  The Law Office of John E.
Dunlap serves as the Debtor's legal counsel.


MOZART BORROWER: Moody's Assigns 'B2' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Mozart Borrower, LP (d/b/a
"Medline") the acquirer of Medline Industries, Inc. Moody's also
assigned a B1 rating to the company's $1 billion senior secured
revolving credit facility, $6 billion senior secured USD term loan
B and the $1 billion (equivalent in euro) senior secured euro term
loan B. The outlook is stable.

The Blackstone Group, The Carlyle Group and Hellman & Friedman LLC
(the Sponsors) are acquiring Medline in a transaction that values
Medline at approximately $34 billion. Proceeds from the rated term
loans, secured mortgage debt of $2.2 billion, and future debt
issuances of around $7.8 billion will be used to fund the cash
portion of the purchase price. Total equity of approximately $16.7
billion, including a rollover of equity from the Mills family
(current owners of Medline) will be used to fund a portion of the
purchase price. The Sponsors and other investors will own a
significant majority of the company with the balance held by the
Mills family. Moody's expects that leverage will remain elevated at
around 7 times over the next 12 to 18 months.

ESG factors are material to the ratings assignment. Governance
considerations include Moody's expectations that financial policies
are likely to remain aggressive because of the control of the
company by the Sponsors. Social considerations include Demographic
factors which Moody's believes will drive continued demand over
time due to the aging of the US population.

The stable outlook reflects Medline's significant scale with more
than $19 billion of revenue in the most recent LTM period and its
market position as a leader in a highly concentrated segment.

The following ratings were assigned:

Assignments:

Issuer: Mozart Borrower, LP

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured Revolving Credit Facility, Assigned B1 (LGD3)

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

Outlook Actions:

Issuer: Mozart Borrower, LP

Outlook, Assigned Stable

RATINGS RATIONALE

Medline's B2 CFR reflects the company's strong qualitative profile
as a leading manufacturer and distributor of medical and surgical
products across a broad range of end users, primarily in the US.
Moody's believes Medline's business profile is comparable to many
similar peers in the medical device and distribution segment many
of which are investment grade. The company generates the majority
of revenue and significant majority of its gross profits from the
sale of Medline branded products. The products sold and distributed
by Medline focus on single-use consumable products which have low
levels of technological obsolescence risk, but are essential to the
provision of healthcare in a wide range of settings. Medline has
significant scale with more than $19 billion of revenue in the most
recent LTM period and is among the market leaders in a highly
concentrated segment. Aside from the coronavirus pandemic and the
associated positive impact on revenues, Medline has a solid track
record of growth driven by market share gains which Moody's expects
the company will sustain.

Despite the company's strong qualitative profile, Medline's high
debt is a significant constraint on its ratings. Moody's estimates
debt/EBITDA is around 7.4 times for the recent last 12 months
period, excluding the temporary impact of elevated demand because
of the coronavirus pandemic. Moody's expects that leverage will
remain elevated at around 7 times over the next 12 to 18 months.
The ratings also reflect Moody's expectations the company will
generate significant levels of free cash flow, exceeding $1 billion
per annum. While free cash flow is moderate relative to the initial
debt burden of around $17 billion, the absolute level of free cash
flow provides the company with capacity to reinvest in its business
as needed to defend its competitive position and to execute growth
opportunities despite its high leverage.

Moody's notes that the company intends to replace an initial
secured mortgage facility with more permanent secured mortgage debt
that will be issued by a special-purpose vehicle (SPV) and the term
loan lenders will not have access to this collateral. The SPV will
own the substantial majority of Medline's manufacturing and
distribution facilities and will be 'bankruptcy remote' from the
operating company. Despite the bankruptcy-remote nature of the
transaction, for analytical purposes, Moody's will include the
secured mortgage debt in debt calculations.

The outlook is stable. Moody's expects the company will sustain
market share evidenced by new prime vendor relationship wins over
the past few years. At the same time Moody's expects Medline will
continue to increase penetration of its lower cost, but higher
margin, private label brands. However, there is a high degree of
variability in performance because of the impact of the coronavirus
pandemic which will create volatility in reported performance over
the next few quarters, depending on the trajectory of the
pandemic.

Social and governance factors are material for Medline's credit
profile. Moody's expects Medline will be able to grow volumes,
largely because of demographic trends including the overall aging
of the US population. While Medline is not exposed to direct
reimbursement risk, its customers, the majority of which are acute
care hospitals, face significant pressure from public and private
payors to lower the overall cost of healthcare, and the regulatory
environment may evolve. Moody's expects pricing pressure from
payors will persist for the foreseeable future and in turn will
casus pricing pressure to persist for suppliers to hospitals. From
a governance perspective Moody's expects financial policies will
remain aggressive, as the company will be majority owned by the
Sponsors giving them effective control.

The B1 ratings assigned to the company's senior secured credit
facilities are one notch higher than the B2 Corporate Family
Rating. The secured credit facilities will benefit from loss
absorption provided by $ 4 billion of unsecured debt in the
company's capital structure which may be funded by a potential
future offering of notes or a $ 4 billion unsecured bridge loan
facility that is available to the company.

As proposed, the new senior secured first lien credit facilities
are expected to provide covenant flexibility that could adversely
affect creditors. The facilities include incremental first lien
debt capacity up to the greater of (i) $2,375 million and (ii) 1.0x
Consolidated EBITDA, plus unused capacity under the general debt
basket, plus unlimited amounts up to 4.75x consolidated first lien
net leverage (if pari passu secured). Amounts up to the greater of
$2,375 million and 1.0x Consolidated EBITDA may be incurred with an
earlier maturity date than the initial term loans.

There are no express 'blocker' provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries.
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. The above are proposed terms and the final
terms of the credit agreement may be materially different.

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

Upward rating pressure would be evidenced by the company
maintaining moderate financial policies including by way of using a
significant portion of free cash flow for debt repayment. Further
geographic diversification would also be credit positive, as the
company currently relies on the US for the significant majority of
revenue. Quantitatively, ratings could be upgraded if debt/EBITDA
was sustained below 6.5 times.

Downward rating pressure would build if the company were to
experience market share erosion, likely evidenced by competitors
winning a greater portion of Prime Vendor contracts, or if
financial policies became more aggressive. A moderation in
liquidity would also be credit negative. Quantitatively ratings
could be downgraded if debt/EBITDA was sustained above 7.5 times.

Headquartered in Northfield, IL, Medline Industries, Inc. is a
leading manufacturer and distributor of healthcare supplies to
hospitals, post-acute settings, physicians' offices and surgery
centers. Upon closing of the LBO, The Blackstone Group, The Carlyle
Group, Hellman & Friedman LLC, and other investors will own a
significant majority of Medline with the balance held by the Mills
family. LTM June 30, 2021 revenues were approximately $19 billion.

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.


MOZART BORROWER: S&P Assigns 'B+' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned a 'B+' issuer credit rating on Mozart
Borrower L.P. (d/b/a Medline Industries). At the same time, S&P
assigned a 'B+' senior secured debt rating on the company's
proposed revolver and term loans with a '3' recovery rating.

The stable outlook reflects S&P's expectation for steady growth,
notwithstanding a slowdown in 2022 due to difficult year-over-year
comparisons.

Medline plans to place $16 billion in debt, including a $1 billion
revolver as part of a leveraged buyout by The Blackstone Group, The
Carlyle Group, and Hellman & Friedman LLC.

S&P said, "The rating reflects Medline's scale and strong
competitive position in medical distribution.These attributes are
offset by its high leverage and a financial policy that we expect
will remain aggressive under financial sponsor ownership. Medline's
scale and strong position in a highly consolidated medical
distribution business in the U.S. provides it with significant
competitive advantages. The company provides distribution services
to hospitals, post-acute settings, physician offices, and
outpatient facilities, and along with Cardinal Health and Owens &
Minor, dominate the acute-care market. However, we expect the
company to be highly leveraged, at above 6.5x. Cash flow to debt is
also projected to be relatively low, though we expect free cash
flow generation to be comfortably positive.

"The company has a sizable manufacturing arm, and we consider the
medical supplies business and medical distribution business to be
highly complementary.We believe Medline's medical supplies
manufacturing ability is a competitive advantage for its medical
distribution franchise. The company's larger scale in medical
supplies manufacturing compared with other distributors enables it
to offer customers lower-cost private-label options and may help
the company continue to gain share. We also believe the
distribution business helps the company understand its customers
preferences with respect to its medical supplies business. However,
both the medical supplies manufacturing and medical distribution
franchises compete with sizable players and continued vertical
integration could lead to increasing competition with suppliers.
Both Cardinal Health and Owens & Minor have been building their
manufacturing business over the last several years.

"We expect demand for medical supplies and distribution to be
stable and insulated from economic cycles.While the pandemic
disrupted demand, it is generally stable, given the essential
nature of medical supplies. We expect the physician office, surgery
center, and home health end markets to be growth areas. Medline's
primary customers, hospitals, are also acquiring and expanding
outpatient services. However, this is an area of high and
increasing competition. Although McKesson does not provide medical
distribution services to hospitals, it is a leading and
well-capitalized competitor in these markets. Furthermore, Amazon
has started operating in the outpatient marketplace.

"The outlook is stable and reflects our expectation for steady
growth, notwithstanding a slowdown in 2022 due to difficult
comparisons.

"We could lower the rating if the company sustains leverage above
8x. This could occur from a sizable debt-financed acquisition, a
debt-financed dividend, or intensifying competition.

"We could upgrade the company if it continues to generate solid
growth and we believe it will sustain leverage below 6.5x. This
would require a strong commitment to maintain leverage at lower
levels, which we view as unlikely given financial sponsor
ownership."



MOZART DEBT: Fitch Assigns First Time 'B+' LT IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (LT IDR) of 'B+' to the new, indirect parent of Medline
Industries, Inc. (Medline) known as Mozart Debt Merger Sub Inc. The
Rating Outlook is Stable. Fitch has also assigned a new 'B+' LT IDR
rating to Mozart RE Debt Merger Sub Inc, which is a subsidiary of
Mozart Debt Merger Sub Inc.

Fitch has also assigned expected ratings of 'BB-(EXP)'/'RR3' to new
long-term secured credit facilities that apply to Mozart Debt
Merger Sub Inc. The new secured long-term credit facilities will
comprise a five-year $1,000 million revolving credit facility, a
seven-year $6,000 million term loan B and a seven-year $1,000
million EUR equivalent term loan B.

The proceeds of the new secured credit facilities, along with the
proceeds from the expected sale of other senior secured debt,
senior unsecured debt, the issuance of new common equity and the
rollover of existing common equity are expected to be used to fund
the purchase of Medline Industries, Inc. by a group of new
investors and the existing owners of Medline.

The expected ratings on the proposed new secured credit facilities
will be converted to final ratings after confirmation that the
acquisition of Medline has been completed in accordance with terms
of the final acquisition and lending agreements.

KEY RATING DRIVERS

Leading Market Position for Medical/Surgical Products: Medline is a
market leader in the manufacturing and distribution of
medical/surgical products in the U.S. The company's vertical
integration of manufacturing and distribution capabilities and
global sourcing relationships helps to differentiate it from
leading competitors, such as Cardinal Health, Inc. and Owens &
Minor, Inc. Medline's profitability is enhanced by its ability to
maintain and grow relationships across a significant number of the
largest integrated delivery networks across the U.S. with Medline
branded products.

Consistently Solid Cash Flow: A combination of strong persistency
of existing customers and the ability to effectively penetrate both
the acute care and post-acute care health care market with private
label products produces a high level of profitability and cash
flow. Investments in new and existing capacity is expected to help
Medline maintain FCF/debt of 5%-10% over the near to medium term.

Leverage Profile is High: Pro forma for the acquisition of Medline
by Blackstone, Carlyle and Hellman & Friedman (the Sponsors), gross
leverage (gross debt/EBITDA) is expected to be above 7.0x.
Thereafter, gross debt is expected to be reduced by more than
$2.5-$3.0 billion over the next three fiscal years resulting in
gross debt/EBITDA between 5.0x-5.5x. Medline's consistent and solid
cash flow is expected to be applied principally to debt reduction
during this period with limited amounts used for "tuck-in"
acquisitions. Fitch's calculation of gross leverage includes an
amount of mortgage debt secured principally by Medline's
manufacturing and distribution facilities. Such debt is treated as
a having a higher priority of claim than all other senior secured
and senior unsecured debt.

Governance and Financial Policy: Following the acquisition of
Medline, the Mills family will remain the single largest
shareholder in the company. However, the Mills family will no
longer control the company, but will need to work with the Sponsors
with respect to undertaking significant actions, such as entering
into material M&A transactions, issuance of debt or equity, or
paying of material dividends. Fitch believes the two most critical
assumptions underpinning its forecast for Medline is the ability of
the Mills family and the Sponsors to work together effectively and
to reduce debt over the near to medium term.

DERIVATION SUMMARY

Medline's 'B+' LT IDR reflects its strong position in the large and
stable market for medical-surgical products. The company has
established a wide array of branded products for sale to acute
care, post-acute care, physician office and surgery center markets.
The company's vertical integration of manufacturing capabilities,
distribution network and global sourcing relationships
differentiates Medline from its principal competition -- Cardinal
Health, Inc. (CAH; BBB/Stable), Owens & Minor, Inc. (OMI;
BB-/Stable) and McKesson Corporation (MCK; BBB+/Stable). Medline's
strategy of leading with manufactured products helps to subsidize
and win prime-vendor relationships with large integrated delivery
networks.

Private label products comprise a majority of Medline's revenue and
gross profits compared to significantly lower amounts for CAH and
OMI. While each of OMI, CAH and MCK focus on parts of the Acute
care, Post-acute care, physician office and surgery center markets,
only CAH has a comparable segment focus and level of price
competitiveness. The company's EBITDA margins are significantly
higher than other distributors (including AmerisourceBergen)
because of the amount of branded products that it sells. Fitch
believes that private label products offer higher margins, albeit
at lower price points.

KEY ASSUMPTIONS

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

-- Revenue increases at a CAGR of approximately 7% over the
    period 2021-2024 (the forecast period);

-- EBITDA margins are maintained at approximately 12% over the
    forecast period;

-- Working capital changes represent a use of cash of
    approximately $200 million each year over the forecast period;

-- Capital expenditures peak in 2021 at approximately $550
    million and decline thereafter to about $300-$350 million per
    year;

-- Acquisitions of "tuck-in" businesses adding $300 million of
    revenue per year at a 10% EBITDA margin contribution;

-- Cash distributions made for equity investors' tax liabilities;
    cash taxes of the corporation estimated at ~5%-7% of pre-tax
    income;

-- FCF is used principally to reduce debt and tuck-in
    acquisitions; and

-- Secured mortgage debt of $2,230 million is assumed to be
    senior to all other senior secured and senior unsecured debt.

RATING SENSITIVITIES

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

-- Expectation of sustaining gross debt/EBITDA (including secured
    mortgage debt) at or below 5.0x by the end of fiscal 2023;

-- FCF of approximately $750 million-$1.0 billion/year is applied
    to the reduction of debt over the next three years;

-- Operational strength demonstrated by customer retention and
    market share growth leading to increasing CFO;

-- Expectation of EBITDA margins remaining above 13% and FCF/debt
    remains consistently above 10%.

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

-- Expectation of sustaining gross debt/EBITDA (including secured
    mortgage debt) at or above 6.0x by the end of fiscal 2023;

-- FCF is not used principally for debt reduction;

-- Total revenue growth rate declines to low-to-mid-single digits
    as a result of customer turnover and price concessions;

-- Expectation of EBITDA margins falling below 10% and FCF/debt
    remaining consistently below 5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity -- Fitch expects Medline cash flow from operations
together with its revolving credit facility will be sufficient to
fund its long-term and short-term capital expenditures, working
capital and debt service requirements. The company's revolving
credit facility has a financial covenant that provides ample room
to borrow in the event of liquidity stress.

Cash and cash equivalents are expected to remain above $300 million
over the forecast period and interest coverage (operating
EBITDA/interest paid) is expected to remain above 3.0x.

Debt Maturities -- The amortization of the term loan B is expected
to be approximately $60 million/year through maturity in 2028 and
all debt maturities are at least five years or longer; hence,
refinancing risk remains low over the forecast period (through
2024). Fitch expects that Medline will apply substantially all of
its FCF to the repayment of debt over the forecast period, except
for the application for "tuck-in" acquisitions.

Rating Recovery Assumptions

-- Fitch estimates an enterprise value (EV) on a going-concern
    basis of approximately $10.125 billion for Mozart, after
    deduction of 10% for administrative claims. The EV assumption
    is based on a post-reorganization EBITDA of $1.5 billion and a
    7.5x multiple.

-- The post-reorganization EBITDA estimate is approximately 36%
    lower than Fitch's 2021 pro forma EBITDA estimate. Fitch's
    estimate of the post-reorganization EBITDA is premised on an
    EBITDA approximating pre-pandemic levels.

-- The 7.5x multiple employed for Mozart reflects acquisition
    multiples of healthcare distributors and trading ranges of
    Mozart's peer group (CAH, OMI, MCK), which have fluctuated
    between 6x-12x in the recent past.

-- Instrument ratings and RRs for Mozart's debt instruments are
    based on Fitch's Corporates Recovery Ratings and Instruments
    Ratings Criteria. Fitch has assumed that there will be secured
    mortgage debt in the capital structure of Mozart
    (approximately $2.2 billion) that will occupy a super-senior
    position. Therefore, such debt is treated as a having a higher
    priority of claim than the secured credit facilities, which
    will include: 1) Cash flow revolving credit facility ($1.0
    billion), secured term loans (approximately $7 billion
    equivalent U.S. debt; and 2) other secured debt (approximately
    $3.8 billion).

-- Fitch has assumed that Mozart will have senior unsecured debt
    of approximately $4.0 billion, which is ranked below other
    secured debt and is estimated to have a modest recovery;
    therefore, it is rated 'RR6'. Fitch has assumed 2% of the
    recovery value available to senior creditors is allocated to
    the senior unsecured debt.

-- The secured mortgage debt is assumed to be fully recovered
    before the other senior secured and senior unsecured debt in
    the capital structure. Fitch assumes that Mozart will draw
    approximately 80% of the full amount available on the cash
    flow revolving credit facility in a bankruptcy scenario and
    includes such amount in the waterfall.

ISSUER PROFILE

Medline Industries, Inc. (Medline) is the largest U.S.-based
privately held manufacturer and distributor of health care supplies
to hospitals, post-acute settings, physician offices and surgery
centers. The Company manufactures or sources over 180,000
Medline-branded products that are used in millions of procedures in
the U.S. per year, and distributes over 150,000 additional
externally sourced items from other national health care brands.

SUMMARY OF FINANCIAL ADJUSTMENTS

Adjustments were made to reported EBITDA to remove gains on sales
of investments and property & equipment and to adjust cost of goods
sold from a LIFO basis to a FIFO basis. In addition, for the
forecast periods, Fitch has included debt related to an anticipated
secured mortgage financing expected to be completed simultaneously
with the buyout of Medline in the consolidated capital structure.


NATIONAL MUSEUM OF AMERICAN JEWISH: Exits Chapter 11 Reorganization
-------------------------------------------------------------------
On Sept. 20, 2021,the National Museum of American Jewish History
(NMAJH) officially exited Chapter 11 Reorganization ­­on Friday,
September 17, 2021 in accordance with the Reorganization plan
confirmed on September 2, 2021 by Chief Judge Magdeline D. Coleman
of the United States Bankruptcy Court for the Eastern District of
Pennsylvania.

The conclusion of the Reorganization proceedings was made possible
thanks to a $10 million commitment by former NMAJH Trustee Mitchell
Morgan and his family. The Morgan Family concluded their purchase
of the Museum's building on Friday, September 17, 2021 through
their business entity, PHL Masada LLC.

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

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

Galperin added, "We stand today energized for our bright future."

              About Museum of American Jewish History

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

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



NORTH AMERICAN REFRACTORIES: Honeywell at Odds w/ Bankruptcy Trust
------------------------------------------------------------------
Alexander Gladstone of The Wall Street Journal reports that
Honeywell International Inc. is locked in a standoff over asbestos
payments with a bankruptcy trust that has accused the industrial
conglomerate of "bullying and extortionate tactics" to settle
injury liabilities for less than full value.

The dispute concerns the deal Honeywell signed to resolve asbestos
liabilities stemming from its former subsidiary North American
Refractories Co., or NARCO, which set up a compensation trust in
chapter 11 bankruptcy to handle injury claims.

             About North American Refractories Co.

Based in Pittsburgh, Pennsylvania, North American Refractories
Company manufactured and sold refractory products.

The Company and its affiliates sought Chapter 11 protection on Jan.
4, 2002 (Bankr. W.D. Pa. Case No. 02-20198) after suffering a slump
in the domestic economy and encountering an overwhelming number of
claims from individuals asserting injuries or illnesses caused by
exposure to asbestos containing products it manufactured. The
Company reported $27.5 billion in assets and $18.6 billion in
liabilities at the time of the filing.

The Hon. Judith K. Fitzgerald confirmed a Third Amended Plan of
Reorganization filed by North American Refractories Company and its
debtor-affiliates, I-Tec Holding Corp., Intertec Company, and
Tri-Star Refractories, Inc., on Sept. 24, 2007. That plan estimated
that unsecured non-asbestos creditors would recover about 90
cents-on-the-dollar. Asbestos claims were channeled
to a 524(g) trust funded by Honeywell International Inc. and 79% of
the stock of the Reorganized Debtor.

James J. Restivo, Jr., Esq., Robert P. Simmons, Esq., and David
Ziegler, Esq., at Reed Smith LLP represents the Debtor. Kroll Zolfo
Cooper LLC is the Debtors' bankruptcy consultants and special
financial advisors.  The Official Committee of Unsecured Creditors
is represented by McGuire Woods, LLP. KPMG, LLP, is the Creditors
Committee's financial advisor.  The Asbestos Claimants Committee is
represented by attorneys at Caplin & Drysdale, Chartered and
Campbell & Levine, LLC. L. Tersigni Consulting, PC was the Asbestos
Committee's financial advisor.

Lawrence Fitzpatrick was appointed as the Future Asbestos Claimants
Representative. Mr. Fitzpatrick is represented by attorneys at
Young Conaway Stargatt & Taylor LLP and Meyer, Unkovic & Scott
LLP.

                 About Honeywell International

Honeywell is a diversified technology and manufacturing leader,
serving customers worldwide with aerospace products and services;
control technologies for buildings, homes and industry;
turbochargers; automotive products; specialty chemicals; fibers;
plastics; and electronic and advanced materials. Based in Morris
Township, N.J., Honeywell is one of 30 stocks that make up the Dow
Jones Industrial Average and is a component of the Standard &
Poor's 500 Index. Its shares are wwwtraded on the New York Stock
Exchange under the symbol HON, as well as on the London, Chicago
and Pacific Stock Exchanges.  On the Web http://www.honeywell.com/

In 1979, Honeywell purchased North American Refractories Company,
known as NARCO, which made asbestos refractory materials.

Honeywell Inc. merged with Allied Signal Inc. in 1999 to form a
company with interests in aerospace, chemical products, automotive
parts and building controls.
After the merger, the combined company was renamed Honeywell
International.  

By 2010, Honeywell found itself a defendant in thousands of
asbestos lawsuits resulting from the operations of its former
subsidiaries.  At the time, Honeywell estimated its potential
liability from asbestos litigation at $1.1 billion.

On Oct. 1, 2019, Honeywell spun off a subsidiary known as Garrett
Motion Inc. and shouldered the company with its estimated $1
billion in asbestos liability.

Honeywell's other asbestos subsidiary, North American Refractories
Company, filed for bankruptcy and established a trust fund in 2013
with $6.32 billion to handle asbestos claims stemming from its
refractory products.  The bankruptcy plan assigned certain asbestos
liabilities to Honeywell so that claims arising from bankrupt
companies supplied by NARC must file a claim with Honeywell.


NORTHSTAR GROUP: Moody's Affirms 'B2' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed NorthStar Group Services, Inc.'s
ratings, including the B2 corporate family rating, B2-PD
probability of default rating and B2 rating on the company's senior
secured (term loan) credit facility in conjunction with its
proposed incremental term loan. The outlook is stable.

Proceeds of the $200 million term loan add-on, along with cash of
$115 million and equity from new and existing shareholders, will be
used to finance NorthStar's acquisition by new fund affiliates of
(and controlled by) J.F. Lehman & Company, the current private
equity owner. The amounts will also cover equity payouts to
existing shareholders who do not retain their investment in the
company. The transaction, which is expected to close by October 31,
2021, includes an amendment to permit the incremental debt and the
equity distribution, and modify the financial covenant. Moody's
views the transaction as credit negative given the high debt burden
for the risk profile (funded at $632.4 million pro forma), which
includes heightened event risk with private equity ownership and an
active history of debt-funded shareholder distributions.

Nevertheless, the ratings affirmation reflects Moody's expectation
that a ramp up in activity from contracted large projects,
including recent wins, will progressively drive higher earnings and
improve credit metrics. This includes debt-to-EBITDA moderating
towards a mid-3x to 4x range (with Moody's standard adjustments)
over the next couple of years, from the estimated pro forma level
at close of approximately 4.7x, absent meaningful debt-funded
transactions.

Moody's took the following actions:

Affirmations:

Issuer: NorthStar Group Services, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Term Loan, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: NorthStar Group Services, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The ratings, including the B2 CFR, reflect NorthStar's diverse
operating model, good technical capabilities in its specialty
areas, including the handling and disposal of hazardous waste, and
unique high-value disposal facility that enables vertical
integration. The expertise makes the company well-positioned to
benefit from future nuclear plant deconstruction and
decommissioning ("D&D") projects and to capture meaningful
contracts in its other business segments, particularly commercial
and industrial deconstruction. Services are driven in part by the
compliance needs of customers to meet increasingly stringent
environmental regulations. The contractual nature of services,
particularly for large multi-year projects that are underpinned by
longstanding customer relationships, provides revenue visibility
and should support solid cash flow generation over the next year.

However, revenue and cash flows will fluctuate given the volatility
of project work, including the variable timing of the company's
large volume of small projects, although often tied to master
service agreements. As well, NorthStar is exposed to the
irregularity of large-scale weather events in its emergency
response and restoration business and to the event-driven nature of
nuclear D&D projects, which also take long to plan and are
vulnerable to delays or disruptions. This places importance on
having multiple projects going simultaneously and maintaining good
liquidity. There is considerable operating risk given the nature of
the business with sizeable projects in a headline risk industry.
The operating landscape is competitive, including the bidding for
D&D projects, which benefit from large trust funds. Customer
concentration is high but often changes over time as contracted
projects are completed and new contracts begin.

Moody's expects NorthStar to maintain adequate liquidity over the
next 12-18 months, with modest unrestricted cash ($10 million pro
forma at close) balanced by Moody's expectation of adequate
availability on the ABL revolver and positive free cash flow. This
should adequately cover mandatory term loan amortization payments,
which have an aggressive schedule of 2.5% annually through 2023,
stepping up to 5% in 2024 and subsequently to 7.5%. The $100
million ABL revolving credit facility due 2025 had a borrowing base
of $64 million with approximately $41 million available, net of
posted letters of credit, as of June 30, 2021. Moody's expects the
facility to be modestly used beyond letters of credit, which are
likely needed to support future D&D awards and the company's surety
bonds and insurance programs. Near-term debt maturities are the
expected term loan amortization payments of approximately $16
million annually. The transaction amendment seeks to loosen the
term loan's maximum net leverage ratio to 5.5x (from 4.5x
currently), with a step down to 5x in June 2023 from 4.25x
currently set for December 2022.

Governance risk is highlighted by an aggressive pace of debt funded
dividends over the past two years, including nearly $300 million in
2020, reflecting an elevated risk of aggressive financial policies,
which constrains the ratings. In terms of environmental risks,
NorthStar is exposed to potential headline risk and remediation
costs for pollution tied to its nuclear D&D and disposal services.
This is tempered by the company's insurance coverage and positive
safety record. Social risks are reflected by the company's exposure
to workforce disruptions from union labor, representing
approximately 50% of the employee base, although the union
relations are deemed satisfactory.

The stable outlook reflects Moody's expectation of solid organic
revenue growth and greater free cash flow from the contracted book
of business, with the company well-positioned to capitalize on
potential upcoming D&D projects and future large projects in its
commercial/industrial deconstruction business. This should support
debt reduction and de-leveraging from the pro forma level. The
stable outlook incorporates Moody's expectation of adequate
liquidity.

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

The ratings could be downgraded with deteriorating liquidity,
including expectations of weaker than expected free cash flow or
diminishing revolver availability. A meaningful disruption in the
performance on any major contract or delay in the company's large
contracted projects, or failure to capture a good portion of
upcoming D&D or commercial/industrial deconstruction awards could
also drive a negative rating action. The ratings could also be
downgraded with expectations of weakening performance, including
sustained EBIT margin erosion, debt-to-EBITDA expected to remain
above 5x and/or EBIT-to-interest below 2.5x. A major accident
related to radioactive or hazardous material handling could also
lead to a downgrade, as could additional dividends or debt funded
acquisitions that increase leverage.

The ratings could be upgraded with accelerated and consistent
growth in margins and free cash flow, driven by an increase in
contract wins on upcoming nuclear plant D&D projects and commercial
deconstruction projects, such that debt-to-EBITDA is expected to
remain below 4x. A more conservative financial policy and
maintenance of good liquidity would also be prerequisites to an
upgrade.

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

NorthStar Group Services Inc. provides a range of services,
including commercial and industrial deconstruction; nuclear
decommissioning, deconstruction and waste disposal; property damage
response and restoration; and environmental coal ash remediation
and soil stabilization services. Revenue approximated $828 million
for the trailing twelve months ended June 30, 2021. The company was
combined with Waste Control Specialists, LLC, a disposal facility
in West Texas that processes, treats, stores and disposes of
radioactive and hazardous waste in 2020.

NorthStar has been majority-owned (since June 2017) by J.F. Lehman
& Company, which will remain in control of the Board of Directors
following close of the transaction.


OWENS & MINOR: Fitch Raises Rating on Secured Debt to 'BB+'
-----------------------------------------------------------
Fitch Ratings has taken the following rating actions on Owens &
Minor, Inc. (OMI) and its subsidiaries based on Fitch's revised
"Corporates Recovery Ratings and Instrument Ratings Criteria,"
dated April 9, 2021:

-- Senior secured debt upgraded to 'BB+' from BB;

-- Recovery Ratings (RR) on the senior secured debt revised to
    'RR2' from 'RR1'.

Fitch has removed Owens & Minor, Inc.'s and its subsidiaries
ratings from Under Criteria Observation (UCO).

OMI's and its subsidiaries current Long-Term Issuer Default Ratings
(IDRs) are 'BB-'/Stable, reflecting Fitch's expectation that
operating performance and cash flow generation will improve beyond
2021 because of improved productivity, sustained demand for
personal protective equipment, and steady resumption of elective
procedures to pre-pandemic levels. The same IDR is applied across
the entire capital structure to reflect the cross-default
provisions between the company's credit agreement, 2024 notes, 2029
notes and an accounts receivable securitization facility. The
ratings apply to $275 million senior secured notes due 2024, a $300
million first lien secured revolving credit facility due 2026, and
$500 million of senior unsecured notes due 2029.

KEY RATING DRIVERS

Recovery Ratings Criteria Update: Instrument ratings and RRs for
OMI's debt instruments are based on Fitch's newly introduced
notching grid for issuers with 'BB' category Long-Term IDRs.
Category 1 first liens, which are assigned 'RR1' ratings are
reserved for first liens of U.S.-based borrowers, which do not have
any of the limitations in Category 2 on a current or projected
basis.

OMI's first lien debt is deemed contractually junior to its
accounts receivable securitization facility. Therefore, the secured
debt is considered Category 2 and receives an 'RR2' rating
(recovery of 71%-90%). In addition, the grid reflects average
recovery characteristics of senior unsecured debt, which is capped
at 'RR4'. The 'RR4' denotes average recovery (31%-50%) in the event
of default.

Improved Capital Structure: OMI has reduced its debt by
approximately $500 million or one-third between YE 2019 and June
2021 through a combination of the sale of assets, common stock and
stronger FCF. The reduced debt will enhance FCF over the near term
by as much as $35 million-$40 million compared with the past couple
years. In turn, this is expected to enhance the company's financial
flexibility to meet growth opportunities and to continue improving
its service and product offerings.

Operating Performance Pandemic Tailwinds: Fitch anticipates the
increased demand for personal protective equipment (PPE) driven by
the coronavirus pandemic will benefit OMI over the near to medium
term. Through the first six months ended June 30, 2021, its appears
OMI will significantly outperform Fitch's estimated EBITDA
forecast, and will meet or exceed Fitch's quantitative leverage
sensitivities for a positive rating action.

Future positive rating actions will depend on, among other things,
continued reduced dependence on short-term borrowing for working
capital needs and sustained top-line growth of 4% or higher,
balanced across segments and geographies, supported by consistent
service levels and customer persistency.

Ample Liquidity: OMI's refinancing of its term loan B with proceeds
from the sale of new notes, the establishment of a new revolving
credit facility and the increase in its accounts receivable
securitization facility, provide good liquidity over the near term.
As a result of these changes to the capital structure, OMI is
expected to have no maturities to meet until 2024. Fitch believes
that CFO and external sources of funding will be sufficient to meet
working capital and capital expenditure needs over the near term.

Favorable Outlook for Home Healthcare: The outlook for increased
demand of products and services in the home healthcare market
represents an opportunity for continued growth. The combination of
an aging population in the U.S., rising levels of chronic
conditions and an increasing preference for home care bode well for
growth of Byram Healthcare Centers, Inc.

Competitive Environment: The med-surg supply distribution industry
in the U.S. is highly competitive and characterized by pricing
pressure. Fitch expects margin pressure to continue over the coming
years. OMI competes with other national distributors (e.g. Cardinal
Health, Inc. and Medline Industries, Inc.) and a number of regional
and local distributors, as well as customer self-distribution
models, and to a lesser extent, certain third-party logistics
companies.

OMI's success depends on its ability to compete on price, product
availability, delivery times and ease of doing business, while
managing internal costs and expenses. OMI's focus on customer
service has helped it improve retention levels and prevent
additional contract losses, as seen in prior years.

Customer Concentration: OMI's 2020 10-K stated that its top-10
customers in the U.S. represented approximately 21% of its
consolidated net revenue. Additionally, in 2020, approximately 72%
of its consolidated net revenue was from sales to member hospitals
under contract with its largest Group Purchasing Organizations
(GPOs): Vizient, Inc.; Premier, Inc. and Healthcare Performance
Group. As a result of this concentration, OMI could lose a
significant amount of revenue due to the termination of a key
customer or GPO relationship.

The termination of a relationship with a given GPO would not
necessarily result in the loss of all of the member hospitals as
customers, but the termination of a GPO relationship, or a
significant individual healthcare provider customer relationship,
could adversely affect OMI's debt-servicing capabilities

DERIVATION SUMMARY

OMI's 'BB-' Long-Term IDR reflects its competitive position, gross
debt/EBITDA, which is generally expected to remain between 3x and
4x over the medium term. Fitch estimates the gross debt/EBITDA for
the TTM ended June 30, 2021 well below this range at approximately
2x. The ratings also reflect improved funds from operations (FFO)
resulting from improved efficiency and enhanced FCF as a result of
lower interest expense. The material reduction in debt leverage,
improving cash generation and liquidity profile afford OMI much
better flexibility compared to its recent past.

OMI's smaller scale in an industry with high fixed costs, where
scale influences leverage with suppliers and customers and
pre-pandemic financial difficulties all lead Fitch to rate the
company below AmerisourceBergen Corp. (A-/ Stable), Cardinal
Health, Inc. (BBB/Stable) and McKesson Corp (BBB+/Stable). OMI
competes with other regional and local distributors, as well as
customer self-distribution models, and to a lesser extent, certain
third-party logistics companies. In contrast to other larger
distributors, Fitch considers OMI less diversified in terms of
customers, revenues and suppliers.

KEY ASSUMPTIONS

-- Total revenues increase at a 3% CAGR over the forecast period
    through 2024 driven by solid demand for PPE products among
    healthcare systems and home health; no significant
    contributions for distribution business expected, but no
    contract losses either;

-- Operating EBITDA margins are expected to decline somewhat
    compared to fiscal 2020, but remain comparable in terms of
    absolute earnings. Margins greater than 3.0% are expected to
    be attainable as as a result of continued benefits from higher
    product demand, better absorption of overhead and customer
    stability, as well as a growth in revenues;

-- Debt balances remain relatively stable; FCF is assumed to be
    adequate to fund internal growth and some modest external
    growth (acquisitions);

-- Working capital investment creates a demand on cash in order
    to meet increased product demand, but is manageable without a
    sustained increase in borrowing;

-- Fitch's estimates sustainable FCF/Debt will fluctuate between
    7%-10%; common stock dividends are not assumed to increase and
    there is no assumption for share repurchases;

-- Fitch assumes OMI increases its capital expenditures to
    approximately $80 million per year through the forecast
    period.

RATING SENSITIVITIES

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

-- Continued reduced dependence on short-term borrowing for
    working capital needs;

-- Top line growth sustained at 4% or higher balanced across
    segments and geographies, supported by consistent service
    levels and customer persistency;

-- Debt/EBITDA sustained below 3.0x and FCF/Debt above 12.5%.

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

-- Substantial dependence on revolving credit facility or
    accounts receivable securitization for working capital needs;

-- Increased level of debt for shareholder returns (dividend or
    share repurchases) or highly leveraged acquisitions that are
    expected to raise business and financial risks without
    sufficient returns;

-- Loss of healthcare provider customers or Group Purchasing
    Organizations that cause a material loss of revenues and
    EBITDA;

-- Debt/EBITDA sustained above 4.0x and FCF/Debt sustained below
    5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Good Liquidity: OMI has good sources of liquidity that are derived
from cash flow from operations, an accounts receivable
securitization program (up to $450 million) and a revolving credit
facility (up to $300 million). Fitch anticipates that CFO and FCF
from operations will trend between $150 million-$175 million and
$70 million-$90 million, respectively, over the next four years,
enhanced by modest growth and reduced interest expense. These
estimates are subject to potential changes in working capital,
which can vary significantly depending on the last day of the
fiscal year. Fitch estimates that the peak of the A/R
securitization draw will be $250 million, with the average closer
to approximately $200 million.

Favorable Maturity Profile: Following the company's sale of $500
million of new senior unsecured notes in the first half of 2021,
OMI will have no debt amortization requirements over Fitch's
forecast period until 2024.

ISSUER PROFILE

Owens & Minor, Inc. and subsidiaries, a Fortune 500 company
headquartered in Richmond, Virginia, is a global healthcare
solutions company with integrated technologies, products and
services created to serve healthcare providers, manufacturers and
directly to patients across the continuum of care in over 70
countries.

SUMMARY OF FINANCIAL ADJUSTMENTS

Historical and projected EBITDA is adjusted principally for
nonrecurring expenses, including acquisition related and exit and
realignment costs.

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.


PEARL MERGER: S&P Assigns BB Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating to Pearl
Merger Sub Inc., and its 'BB+' preliminary issue-level rating and
'2' recovery rating to Pearl's proposed secured notes, term loan B,
and delayed draw term loan.

Pearl Merger Sub Inc. is a wholly-owned holding company subsidiary
of Karta Halten B.V. (KH), the intermediate company between KH and
Domtar Inc. (BBB-/Watch Neg/--), and the borrowing entity that will
facilitate the debt financing transaction associated with KH's
acquisition of Domtar.

S&P said, "We expect higher incremental debt at Pearl/Domtar will
result in weaker forecast credit measures consistent with our
previous downside rating threshold. We estimate Domtar will become
a more highly leveraged company following its planned acquisition
by KH. KH will fund the acquisition in part with proposed US$775
million of secured notes, US$525 million secured term loan B, and a
US$250 million delayed draw term loan. Its wholly-owned holding
company, Pearl, will initially be the borrowing/issuing entity. At
close of the acquisition, we expect Domtar will assume Pearl's
debt. At that point, we will remove Domtar from CreditWatch with
negative implications, align the Domtar ratings with those on Pearl
and its debt, and then withdraw the rating on Pearl.

"We expect the planned increase in Pearl/Domtar's debt levels will
result in adjusted debt to EBITDA (leverage) of about 3x at
year-end 2021 and the mid-2x area in the following two years, which
is well above our previous assumptions. We believe the company's
credit measures will gradually decline beyond this year mainly from
free cash flow generation and remain commensurate with the rating.

"In our view, the expected increase in Pearl/Domtar's debt load
will also result in credit measures that are more sensitive to
future commodity price fluctuations. We estimate Pearl/Domtar will
carry gross debt of a little more than US$1.5 billion compared with
our previous estimate of about US$500 million for Domtar, which had
incorporated material repayments from the proceeds realized from
the company's personal care business divestiture earlier this year.
At that time, we had assumed Domtar's leverage would approach 1x in
2021 and 2022; this low level of leverage was sufficient to
mitigate our view of the prospective increase in the volatility of
its business from increased exposure to future demand declines in
uncoated free sheet (UFS) and pulp price swings.

"KH's acquisition of Domtar adds uncertainty to Pearl/Domtar's
future strategic priorities. KH is a holding company that owns
Paper Excellence Canada Investments Corp. (PECI, not rated) and
will own Pearl/Domtar (via an intermediate holding company) on
close of its acquisition, with no additional assets or liabilities.
KH operates independently from affiliates that together comprise
the Paper Excellence group of companies owned by Jackson Wajaya. We
expect Pearl/Domtar will operate on a stand-alone basis, with no
near-term changes in its executive leadership.

"Once under new ownership, we assume Pearl/Domtar will target
leverage of about 2.5x through a commodity cycle. We do not
anticipate future acquisitions, and the lack of mandated dividends
or continuation of its share repurchase program (US$233 million in
first-quarter 2021) should provide increased financial flexibility.
The conversion of its Kingsport, Tenn. facility to lightweight
linerboard production (by late-2022)--a US$350 million project that
we assume will be funded with internally generated cash flow (more
than US$80 million has been spent to date)--is likely to remain a
core strategic focus.

"However, there is uncertainty regarding KH's governance structure
and the influence the Paper Excellence group will have on
Pearl/Domtar, in addition to limited visibility on long-term
financial policies. Hence, we view Pearl/Domtar as more speculative
and reflect this view in our assumptions. For example, we have not
assumed any cash distributions to KH from Pearl/Domtar, which are
possible, and this could limit (or cease) the extent of future
deleveraging assumed in our base-case scenario. Moreover, we assess
Pearl/Domtar as part of the KH group that also includes PECI.
Pearl/Domtar accounts for the vast majority of our group credit
profile (GCP) assessment, but we believe PECI has a much weaker
credit profile mainly owing to its small scale (it operates of two
pulp mills in Canada, in the provinces of British Columbia and
Saskatchewan). Therefore, our rating on Pearl/Domtar is directly
linked to our assessment of the KH group, which could be affected
by potential operating or financial issues PECI might face.

"Domtar has a long track record as a leading UFS producer, with
positive free cash flow amid the steady structural decline in paper
demand. Our rating on Pearl incorporates Domtar's leadership
position in the North American UFS industry, accounting for
approximately 30% of shipments in North America. The company has
generated relatively steady cash flows from this business over the
past several years despite the structural decline in demand that
has persisted mainly due to electronic substitution of paper. The
company has large and modern paper mills, with integrated pulp and
cogeneration facilities that contribute to its low cost profile
(the bulk of the energy used to manufacture products is
self-generated). Domtar effectively managed its capacity through
curtailment and conversions, which are likely to continue. We view
its cost position and relative scale as key competitive advantages
that more than offset its limited geographic diversification (the
bulk of sales are generated in the U.S.)." The company has
generated average annual free cash flow of about US$250 million
over the past six years that provides financial flexibility.

S&P Global Ratings estimates a strong rebound in Pearl/Domtar's
earnings and cash flow in 2021 from weak 2020 levels, with further
improvement in 2022. Increased demand from the reopening of
businesses and schools that facilitates higher advertising and
commercial printing as well as government spending increases are
key drivers. This is clearly evidenced by the company's plan to
restart paper capacity (185,000 metric tons per year at its Ashdown
(Arkansas) mill) in 2022 to accommodate customer requests. In
tandem with higher shipments, announced price increases bode well
for its paper earnings through next year. Incremental paper
production will reduce Pearl/Domtar's pulp shipments, but we also
expect pulp prices will remain above 2020 lows and contribute to
our favorable outlook for the company's operating results in the
next two years. In addition, cost-saving initiatives and the
production of lightweight linerboard (beyond 2022) should affect
margins positively.

S&P believes the structural decline in UFS demand will resume
beyond this year, likely in the low-single-digit area beyond 2022,
and pulp sales are notoriously volatile. Mainly for these reasons,
we do not anticipate a sustained upward trend in earnings and cash
flow beyond the next two years. However, the company will continue
to effectively manage its paper capacity, as it has demonstrated
for several years. Linerboard production should also meaningfully
contribute to a more stable source of higher-margin earnings once
its Kingsport conversion is completed, and future conversions could
follow.

The stable outlook reflects S&P Global Ratings' expectation that
Pearl/Domtar will sustain an adjusted debt-to-EBITDA (leverage)
ratio in the 2x-3x range over the next few years following its
acquisition by KH. We expect the company will generate much
stronger year-over-year earnings and cash flow in 2021, led by
higher paper and pulp prices and shipments. Further improvement in
2022, in tandem with continued free cash flow generation, will
likely facilitate gradual de-leveraging to the mid-2x area.

S&P said, "We could downgrade the company if, over the next 12 to
24 months, we expect Pearl/Domtar to sustain adjusted debt to
EBITDA approaching 4x. This could occur from weaker-than-expected
paper and pulp prices and shipments, most likely related to
weaker-than-expected macroeconomic conditions that lead to
sustained pressure on earnings and cash flow. A downgrade could
also result from higher adjusted debt, most likely from free cash
flow deficits that could follow heightened growth investments or
shareholder distributions. A weaker assessment of Pearl/Domtar's
GCP could also lead to a downgrade.

"We could raise the rating in the next couple of years if we expect
the company will sustain an adjusted debt-to-EBITDA ratio near 2x.
In this scenario, we would expect a material reduction in the
company's debt levels that reduces our view of the prospective
volatility of Pearl/Domtar's earnings and cash flow. We believe
this would likely follow consistent positive free cash flow
generation and the company's demonstrated commitment to maintain
lower future leverage. A corresponding improvement in our view of
Pearl/Domtar's GCP would also be required for an upgrade."



PELICAN FAMILY: Wins Cash Collateral Access
-------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina authorized Pelican Family Medicine, P.A. to use cash
collateral on an interim basis, pursuant to the budget, with a 10%
variance.

The Debtor requires the use of cash collateral for payment of its
ongoing operating expenses and approved, allowed administrative
claims incurred during the pendency of the case.

The Debtor represents that on the Petition Date it had accounts
receivable with an estimated collectible value of $159,582.67.

As adequate protection for the Debtor's use of the Cash Collateral,
First Citizens Bank & Trust Company and the other creditors -- (i)
Banker's Healthcare Group, LLC; (ii) Green Capital Funding, LLC;
(iii) U.S. Small Business Administration; and (iv) Business Capital
Providers, Inc. -- are granted post-petition replacement liens on
the same assets to which their liens attached pre-petition, to the
same extent, and with the same validity and priority as existed on
the Petition Date.

The Debtor will pay First Citizens the budgeted amount of $1,000 as
adequate protection to be applied to the balance of First Citizen's
Claim 5 by June 20, 2021.

The Debtor will maintain one or more DIP bank accounts into which
all proceeds from its business activities will be deposited.  To
the extent required, such funds will be segregated and separately
maintained by the Debtor apart from any funds that do not
constitute Cash Collateral or form part of the Collateral securing
First Citizens' Claim 5.

These events constitute an "Event of Default:"

     a. The Debtor fails to comply with any of the terms or
conditions of the Order;

     b. The Debtor fails to maintain insurance on the Collateral or
fails to cause its insurance carrier to name First Citizens as a
loss payee on such insurance policy;

     c. The Debtor uses Cash Collateral other than as agreed in the
Order unless agreed to by First Citizens; or

     d. Appointment of a trustee or examiner in the proceeding, or
the conversion of the case to a proceeding under Chapter 7 of the
Bankruptcy Code.

Unless additional agreement for the use of Cash Collateral is
reached by the parties prior to October 12, 2021, a final hearing
on the Motion will be held in U.S. Bankruptcy Court 1003 S. 17th
Street, Room 118, Wilmington, NC at 11 a.m. on October 12.

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

The Debtor projects $180,919 in gross revenue and $180,893 in total
expenses for the period from September 15 to October 14.

                About Pelican Family Medicine, P.A.

Pelican Family Medicine, P.A. is a family practice physician in
Wilmington, North Carolina. It sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 21-00582) on
March 15, 2021. In the petition signed by Mark Thomas Armitage,
president, the Debtor disclosed $242,677 in assets and $1,545,287
in liabilities.

Judge Stephani W. Humrickhouse oversees the case.

Algernon L. Butler, III, Esq., at Butler & Butler, LLP is the
Debtor's counsel.



PLUS PRODUCTS: Gets CCAA Initial Stay Order; PwC Is Monitor
-----------------------------------------------------------
Plus Products Inc., the Vancouver-based holding company for
entities that sell cannabis edibles in California and Nevada, has
filed for protection from creditors in Canada pursuant to the
Companies' Creditors Arrangement Act.

The Company has obtained from the the Supreme Court of British
Columbia an initial order providing for a stay of proceedings and
approving the appointment of PricewaterhouseCoopers Inc. LIT
("PwC") as the monitor.

As a result of the CCAA filing, there is a stay of proceedings in
place until Sept. 22 2021, subject to any extensions that the Court
might grant upon application by Plus.

A Court hearing is scheduled for Sept. 22, 2021.  At the hearing,
Plus Products will seek the Court's approval for the following:

   1) An extension of the stay of proceedings until Oct. 22, 2021,

   2) Approval of the proposed "intercompany charge" on all Plus
Products' assets in favor of its operating subsidiaries by securing
the amounts to be paid, and

   3) Approval of the proposed claims process in accordance with
the Claims Process Order.

According to Company co-founder and CEO Jake Heimark, over the last
year, the Company has continued to build PLUS into one of the
strongest brands in cannabis.  However, the slow rollout of legal
dispensary license in California, and the structure of the
California market have made it difficult for independent brands to
remain competitive in this state.  

"The Company continues to believe the strongest brands will come
out of California, and I am confident that the outcome of these
proceedings will result in a business that matches the strength of
our brand for our employees, debtholders and shareholders, Mr.
Heimark noted.

Only Plus Products has filed for protection from its creditors
under the CCAA.  The Plus Group's Operating Subsidiaries have not
filed for protection under the CCAA and will continue to operate in
the ordinary course.  Plus Group's Operating Subsidiaries are:

   -- Plus Products Holdings Inc,
   -- Carberry LLC,
   -- Josiah Distribution,
   -- Uplift Services LLC,
   -- Plus Products Nevada LLC,
   -- Plus Products Wonders LLC, and
   -- Plus Products Services LLC

Material documents pertaining to the CCAA proceedings are available
on the monitor's Web site at https://www.pwc.com/ca/plusproducts

Counsel to Plus Products Inc.:

   Fasken Martineau DuMoulin LLP
   Attn: Kibben Jackson
         Mike M. Stephens
         Glen Nesbitt
         Mishaal Gill
         Suzanne Volkow
   Suite 2900, 550 Burrard Street
   Vancouver, BC V6C 0A3
   Email: kjackson@fasken.com
          mstephens@fasken.com
          gnesbitt@fasken.com
          mgill@fasken.com svolkow@fasken.com

Court Appointed Monitor:

   PricewaterhouseCoopers Inc.
   Attn: Michelle Grant
         Claire Wheldon
   Suite 1400, 250 Howe Street
   Vancouver, BC V6C 3S7
   Email: michelle.grant@pwc.com
          claire.l.wheldon@pwc.com

Counsel to Monitor PricewaterhouseCoopers Inc:

   Blake Cassels & Graydon LLP
   Attn: Peter Rubin
         Peter Bychawski
   Suite 2600, 595 Burrard Street
   Vancouver, BC V7X 1L3
   Email: peter.rubin@blakes.com
          peter.bychawski@blakes.com

Headquartered in San Mateo, California, Plus Products Inc. is a
cannabis and hemp food company focused on using nature to bring
balance to consumers' lives.


POWAY PROPERTY: Seeks to Hire Speckman Law Firm as Legal Counsel
----------------------------------------------------------------
Poway Property, LP seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire Speckman Law Firm
to serve as legal counsel in its Chapter 11 case.

The firm's services include legal advice concerning the Debtor's
rights and duties under the Bankruptcy Code and the preparation of
a plan of reorganization.

The firm's hourly rates are as follows:

     David Speckman, Esq.     $395 per hour
     Bankruptcy Paralegal     $250 per hour

Speckman received from the Debtor the sum of $17,000, of which
$12,000 was used to pay the firm's attorney's fees incurred in the
preparation of the Debtor's bankruptcy case.

As disclosed in court filings, Speckman does not represent any
interest adverse to the Debtor and its bankruptcy estate.

The firm can be reached through:

     David L. Speckman, Esq.
     Speckman Law Firm
     1350 Columbia Street, Suite 503
     San Diego, CA 92101
     Tel: (619) 696-5151
     Email: speckmanandassociates@gmail.com

                      About Poway Property LP

Poway, Calif.-based Poway Property, LP filed its voluntary petition
for Chapter 11 protection (Bankr. S.D. Calif. Case No. 21-03654) on
Sept. 13, 2021, listing up to $50,000 in assets and up to $50
million in liabilities.  David Hall, director, signed the petition.
Judge Christopher B. Latham oversees the case.  David L. Speckman,
Esq., at Speckman Law Firm represents the Debtor as legal counsel.


RANCHO CIELO: Unsecureds Will be Paid in Full in Sale Plan
----------------------------------------------------------
Rancho Cielo Estates, LTD., submitted a Plan and a Disclosure
Statement.

The Effective Date of the proposed Plan is 14 days after the close
of the sale of substantially all of the Debtor's assets to Avanti
Acquisition Company, LLC or its affiliated assignee.

Class 5 - General unsecured claims will be paid from the sale to
Avanti on a prorata basis after payment of the secured claims and
closing costs which is estimated to result in $1,888,171 due to the
Debtor and of which $1,800,000 is paid to SurTec.  Since $50,000
will have been released to the Debtor prior to the close of sale,
there shall be $38,171 of unencumbered funds as result of the
closing of the sale.  In addition to the $38,171 on closing of the
sale to Avanti, SureTec's bond obligations will be reduced to
$2,400,000, resulting in an additional $580,000 available to fund
the Plan.  Therefore, approximately $618,171 of unencumbered cash
will be available to fund the Plan.

If the allowed administrative claims total 200,000, then
approximately $418,171 shall be available for distribution to
unsecured creditors less the priority tax claim payable to the FTB
in the amount of $1,641.  Unsecured claims currently total
approximately $355,000.  Based on a distribution of $416,530,
unsecured claims will be paid in full.  Payment shall be made to
this class 90 days after the Effective Date with no interest.

The class 5 total amount does not include contingent claims of
Cielo HOA and the County of San Diego in excess of $4,000,000
related to the completion of Via Ambiente and the stockpile, which
the Debtor contends will be resolved via the sale to Avanti, to the
extent necessary, the Debtor shall file objections to these
claims.

Attorneys for the Debtor:

     JEFFREY S. SHINBROT, ESQ.
     JEFFREY S. SHINBROT, APLC
     15260 Ventura Blvd., Suite 1200
     Sherman Oaks, CA 91403
     Tel: (310) 659-5444
     Fax: (310) 878-8304
     E-mail: jeffrey@shinbrotfirm.com

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/3lx7gDo from PacerMonitor.com.

                    About Rancho Cielo Estates

Rancho Cielo Estates, LTD, based in Gardena, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-12306) on Feb. 29, 2020.  In
the petition signed by Peter Fagrell, president, the Debtor
disclosed $3,207,977 in assets and $142,576,987 in liabilities. The
Hon. Sheri Bluebond oversees the case.  Jeffrey S. Shinbrot, Esq.,
at Jeffrey S. Shinbrot, APLC, serves as bankruptcy counsel to the
Debtor.


REALOGY GROUP: S&P Raises 2nd-Lien Secured Notes Rating to 'BB'
---------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on Madison,
N.J.-based real-estate services provider Realogy Group LLC's
second-lien secured notes due 2025 to 'BB' from 'BB-' and revised
the recovery rating to '1' from '2'. The '1' recovery rating
indicates its expectation for very high (90%-100%; rounded
estimate: 95%) recovery for noteholders in the event of a payment
default. S&P also raised its issue-level rating on Realogy's senior
unsecured notes 'B' from 'B-', and it revised the recovery rating
to '5' from '6'. The '5' recovery rating indicates its expectation
for modest (10%-30%; rounded estimate: 20%) recovery in the event
of a payment default. S&P's 'B+' issuer credit rating and positive
outlook are unchanged.

The rating action follows $435 million of voluntary first-lien term
loan repayments and the improved recovery prospects for junior
ranking noteholders.

S&P said, "Despite our expectation that real estate transaction
volumes will trend down in the second-half of 2021 as the market
cools, our positive outlook reflects the potential that we could
raise our 'B+' issuer credit rating if Realogy sustains adjusted
leverage in the low-4x area and generates free operating cash flow
(FOCF) to debt of more than 10%." This could occur if:

-- Economic and industry conditions support a favorable U.S.
residential housing market, such that the company demonstrates
stable volumes and price;

-- Agent retention rates are stable;

-- Prudent expense management results in margin and FOCF growth;

-- The company maintains prudent capital allocation policies; and

-- The company repays or extends the notes due 2023.

Issue Ratings--Recovery Analysis

Key analytical factors

S&P said, "Our simulated default scenario contemplates a payment
default occurring in 2025 because of a steep decline in EBITDA and
market share combined with an inability to refinance a significant
portion of the company's capital structure. Contributing factors
are persistent declines in transaction volumes due to a prolonged
U.S. recession and increasing competitive pressures, particularly
from new entrants that disrupt the traditional home-buying model.

"In a hypothetical default, we would expect the company to
reorganize rather than liquidate. We apply a 6.5x multiple to our
emergence EBITDA, and our emergence valuation is supported by
Realogy's diverse and well-regarded brand portfolio and its
extensive agent network."

Simulated default assumptions

-- Simulated year of default: 2025

-- EBITDA at emergence: $387 million

-- EBITDA multiple: 6.5x

-- The revolving credit facility due 2023 is not refinanced at
maturity.

-- The revolving credit facility due 2025 is 85% drawn at
default.

Simplified waterfall

-- Net enterprise value (after 5% administrative expenses): $2.39
billion

-- Obligor/nonobligor valuation split: 88%/12%

-- Priority securitization claims: $208 million

-- Estimated first-lien secured debt: $1.03 billion

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

-- Estimated second-lien secured debt: $571 million

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

-- Estimated senior unsecured debt claims (includes deficiency
claims): $2.3 billion

-- Value available to unsecured claims: $575 million

    -–Recovery expectations: 10%-30% (rounded estimate: 20%)

Note: All debt amounts include six months of prepetition interest.



REGIONAL HOUSING: U.S. Trustee to Appoint Patient Care Ombudsman
----------------------------------------------------------------
Judge Paul W. Bonapfel of the U.S. Bankruptcy Court for the
Northern District of Georgia directed the United States Trustee to
appoint a patient care ombudsman in each of the following cases of
debtors affiliated with Regional Housing & Community Services
Corp.:

   * RHCSC Rome AL Holdings LLC;

   * RHCSC Columbus AL Holdings;

   * RHCSC Douglas AL Holdings LLC;

   * RHCSC Savannah AL Holdings LLC;

   * RHCSC Social Circle AL Holdings LLC;

   * RHCSC Gainesville AL Holdings LLC; and

   * RHCSC Montgomery I AL Holdings LLC.

A copy of the order is available for free at https://bit.ly/3klVD2M
from Kurtzman Carson Consultants, claims agent.

            About Regional Housing & Community Services

Regional Housing & Community Services Corp. and its affiliates
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-41034) on Aug. 26,
2021, listing as much as $100,000 in both assets and liabilities.

Judge Paul W. Bonapfel oversees the cases.

The Debtor tapped Scroggins & Williamson, P.C. as legal counsel and
GGG Partners, LLC as interim management services provider. Kurtzman
Carson Consultants, LLC is the claims, noticing and balloting
agent.

Greenberg Traurig, LLP serves as counsel for UMB Bank, N.A., as
indenture trustee.



REMARK HOLDINGS: To Sell $50 Million Worth of Securities
--------------------------------------------------------
Remark Holdings, Inc. filed a Form S-3 registration statement with
the Securities and Exchange Commission relating to the offer and
sale from time to time, in one or more offerings, of any
combination of common stock, preferred stock, warrants, debt
securities, and units, having an aggregate initial offering price
of up to $50,000,000.

The Company will provide specific terms of any offering in a
supplement to the prospectus.  Any prospectus supplement may also
add, update, or change information contained in the prospectus.
These securities may be sold directly by the Company, through
dealers or agents designated from time to time, to or through
underwriters or dealers or through a combination of these methods
on a continuous or delayed basis.  The names of any underwriters,
dealers, or agents involved in the sale of the Company's securities
and their compensation and the nature of its arrangements with them
will be described in a prospectus supplement.

The Company's common stock is traded on the Nasdaq Capital Market
under the symbol "MARK."  The last reported sales price of the
Company's common stock on the Nasdaq Capital Market on Sept. 14,
2021 was $1.19 per share.

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

https://www.sec.gov/Archives/edgar/data/1368365/000136836521000059/forms3-shelfregistrationse.htm

                       About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

Remark Holdings reported a net loss of $13.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $25.61 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$13.73 million in total assets, $28.94 million in total
liabilities, and a total stockholders' deficit of $15.21 million.

Los Angeles, California-based Weinberg & Company, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities and has a negative working capital and a
stockholders' deficit that raise substantial doubt about its
ability to continue as a going concern.


ROCKDALE MARCELLUS LLC: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Rockdale Marcellus, LLC
        4600 J. Barry Ct., Suite 220
        Canonsburg, PA 15317

Business Description: Rockdale Marcellus, LLC is part of the
                      utility system construction industry.

Chapter 11 Petition Date: September 21, 2021

Court: United States Bankruptcy Court
       Western District of Pennsylvania

Case No.: 21-22080

Judge: Hon. Gregory L. Taddonio

Debtor's Counsel: Luke A. Sizemore, Esq.
                  REED SMITH LLP
                  225 Fifth Avenue, Suite 1200
                  Pittsburgh, PA 15222
                  Tel: 412-288-3131
                  Email: lsizemore@reedsmith.com

Debtor's
Restructuring
Advisor:          HURON CONSULTING SERVICES LLC

Debtor's
Investment
Banker and
Strategic
Advisory
Firm:              HOULIHAN LOKEY CAPITAL, INC.

Estimated Assets: $100 million to $500 milion

Estimated Liabilities: $100 million to $500 million

The petition was signed by John C. DiDonato as chief restructuring
officer.

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

https://www.pacermonitor.com/view/NOW3J7I/Rockdale_Marcellus_LLC__pawbke-21-22080__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. White Oak Global Advisors            Loan           $50,542,962
3 Embarcadero Ctr, 5th Floor
San Francisco, CA 94111
Contact: Craig Fuller
Tel: 415-644-4149
Email: cfuller@whiteoaksf.com

2. Aqua - ETC Water                  Trade Debt         $2,041,666
Solutions, LLC
8020 Park Lane, Suite 200
Dallas, TX 75321
Contact: Mabel Zee
Tel: 214-469-1681
Email: mabel.zee@energytransfer.com

3. Profrac Services, LLC             Trade Debt         $1,285,380
777 Main Street, Suite 3900
Fort Worth, TX 76102
Contact: Jennifer Lake
Tel: 817-212-3328
Email: jennifer.lake@profrac.com

4. Chemstream Inc.                   Trade Debt           $465,020
511 Railroad Ave
Homer City, PA 15748
Contact: Maryann Kobal
Tel: 724-915-8388
Email: maryann.kobal@chemstream.com

5. CUDD Pressure Control, Inc.        Trade Debt          $244,250
2828 Technology Forest Blvd.
Houston, TX 77032
Contact: Terry Thomas
Tel: 205-414-8100
Email: tthomas3717@cudd.com

6. Chesapeake Operating, LLC          Trade Debt          $201,415
6100 N Western Ave
Oklahoma City, OK 73118-1044
Tel: 877-245-1427
Email: contact@chk.com

7. Ally Consulting, LLC               Trade Debt          $152,897
445 Union Blvd, Ste 208
Lakewood, CO 80228
Contact: Paula Wren
Tel: 720-619-4826
Email: accounting@allyenergyservices.com

8. Express Energy Services         Litigation Claim       $135,000
         
Operating, L.P.
c/o Jasckson Walker LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Contact: Kathrine M. Silver,
Harris J. Huguenard
Tel: 713-752-4340
Email: ksilver@jw.com;
hhuguenard@jw.com

9. Peak Oilfield Services             Trade Debt          $129,961
1820 I-35 Frontage Rd
Gainesville, TX 76240
Tel: 940-668-1818

10. Moore Trucking LLC                Trade Debt          $120,279
2784 Route 414
Canton, PA 17724
Contact: Jessica Moore
Tel: 570-916-8870
Email: mooretrucking08@yahoo.com

11. UMB Bank N.A.                     Trade Debt          $106,437
1010 Grand Boulevard
Kansas City, MO 64106
Contact: Chris Frantz
(Eureka Resources)
Tel: 570-323-2535
Email: c.frantz@eureka-resources.com

12. Vestal Asphalt                    Trade Debt           $82,476
201 Stage Road
Vestal, NY 13850
Contact: Jim Unkel
Tel: 607-785-3393

13. Ziegenfuss Drilling, Inc.         Trade Debt           $80,875
2 Frotage Road
Ringoes, NJ 08551
Contact: Allison Tripus
Tel: 908-788-5100
Email: allison@ziegenfussdrilling.com

14. RWLS, LLC                         Trade Debt           $78,720
DBA Renegade Services
1937 West Ave
Levelland, TX 79336
Contact: Patricia Breeden
Tel: 361-526-7039
Email: pbreeden@renegadewls.com

15. Deljanovan Trucking LLC           Trade Debt           $76,189
259 McCracken Road
Roaring Branch, PA 17765
Contact: Diane Deljanovan
Tel: 570-337-5513
Email: ddeljanovan@deljanovantrucking.com

16. Peloton Computer Enterprises      Trade Debt           $69,528
23501 Cinco Ranch Blvd, Suite C220
Katy, TX 77949
Contact: Claudia Oquendo
Tel: 832-420-9974
Email: claudia.oquendo@peloton.com

17. SWN Production Company, LLC       Trade Debt           $75,305
10000 Energy Drive
Spring, TX 77389-4954
Contact: Michael Bishop
Tel: 866-322-0801
Email: michaelbishop@swn.com

18. Speyside Partners                 Trade Debt           $60,000
1910 Pacific Ave., Suite 14183
Dallas, TX 75201
Contact: Steve Pully
Tel: 214-587-6133
Email: spully@speysidepartners.com

19. Southeast Land Services, LLC      Trade Debt           $51,888
1200 Lake Haven Drive
Little, TX 75068
Contact: Eric Jenevein
Tel: 985-320-4116
Email: eric@southeastland.net

20. McGuireWoods LLP                  Trade Debt           $43,455
800 E. Canal Street
Richmond, VA 23219-3916
Contact: Greg Krock
Tel: 412-667-6042
Email: gkrock@mcguirewoods.com


ROCKDALE MARCELLUS: Case Summary & Unsecured Creditor
-----------------------------------------------------
Debtor: Rockdale Marcellus Holdings, LLC
        4600 J. Barry Ct., Suite 220
        Canonsburg, PA 15317

Business Description: Rockdale Marcellus Holdings, LLC is part of
                      the oil and gas extraction industry.

Chapter 11 Petition Date: September 21, 2021

Court: United States Bankruptcy Court
       Western District of Pennsylvania

Case No.: 21-22079

Debtor's Counsel: Luke A. Sizemore, Esq.
                  REED SMITH LLP
                  225 Fifth Avenue, Suite 1200
                  Pittsburgh, PA 15222
                  Tel: 412-288-3131
                  Email: lsizemore@reedsmith.com

Debtor's
Restructuring
Advisor:          HURON CONSULTING SERVICES LLC

Debtor's
Investment
Banker and
Strategic
Advisory Firm:    HOULIHAN LOKEY CAPITAL, INC.

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by John C. DiDonato as chief restructuring
officer.

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

https://www.pacermonitor.com/view/3RFN2LQ/Rockdale_Marcellus_Holdings_LLC__pawbke-21-22079__0001.0.pdf?mcid=tGE4TAMA

Debtor's Sole Unsecured Creditor:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
White Oak Global Advisors               Loan           $50,542,962

3 Embarcadero Ctr, 5th Floor
San Francisco, CA 94111
Contact: Craig Fuller
Tel: 415-644-4149
Email: cfuller@whiteoaksf.com


RR3 RESOURCES: Unsecureds to Recover 2% Under Plan
--------------------------------------------------
RR3 Resources, LLC and Recycling Revolution, LLC submitted an
Amended Disclosure Statement.

The Debtors have ongoing operational liabilities, including tax
obligations, insurance premiums, and maintenance.  The primary
pre-petition liabilities of the Debtors are to the SBA secured loan
holder, Gabrielle MHT who hold a judgment against Recycling
Revolution in the amount of $7,105,356 and Benjamin MHT in the
amount of $1,277,138 and the claim of Timber Point Advisors in the
amount of $389,406.  The Debtors' collectively have approximately
$8.3 million in unsecured debt.  The potential distribution to
unsecured creditors on a pro rata basis will be approximately 2%.


Class 3 General Unsecured Claims will receive, pro rata and pari
passu participation, a proportionate share of $150,000 paid in
equal monthly payments of $1,786 for a period of 7 years.  Class 3
is impaired.

All payments necessary to achieve confirmation of the Plan and to
fund payment to creditors required by the Plan shall be funded from
the cash flow of the Debtors' operations as supplemented with an
infusion of cash by the Debtors' principals, Robin Seskin and Slake
Industries.

Counsel for the Debtor:

     Joe M. Grant, Esquire
     Lorium PLLC
     197 S. Federal Highway, Suite 200
     Boca Raton, Florida 33432
     Tel: (561) 361-1000
     Fax: (561) 672-7581

A copy of the Disclosure Statement dated September 15, 2021, is
available at https://bit.ly/2Z0WopD from PacerMonitor.com.

                     About Recycling Revolution

Recycling Revolution, LLC -- http://www.RecyclingRevolution.net/ -
is a recycling company specializing in low end, contaminated, and
hard to handle materials. Recycling Revolution purchases all types
of plastic, metal and electronic waste, including HDPE bottles, PET
bottles, commingled bottles, and HDPE mixed rigid bottles.

Recycling Revolution sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-25063) on Nov. 7,
2019.  Judge Mindy A. Mora is assigned to the case.  In the
petition signed by its member/president, Robin Seskin, the Debtor
disclosed $365,896 in assets and $9,318,956 in debt.

RR3 Resources LLC filed a voluntary Chapter 11 Petition (Bankr.
S.D. Fla. Case No. 19-25063) on Nov. 7, 2019.  In its petition, the
Debtor disclosed under $1 million in both assets and liabilities.

The cases are jointly administered with Recycling Revolution's as
the lead case.

Joe M. Grant, Esq., at Marshall Grant, PLLC, serves as the Debtors'
counsel.


RWB INTERNATIONAL: Seeks to Hire Keller Williams as Broker
----------------------------------------------------------
RWB International Family Property Company, LLC seeks approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Keller Williams Realty Amarillo as its broker.

The Debtor requires the services of a broker to market for sale or
lease its residential rental properties in Potter, Randall, and
Swisher Counties.

The firm's compensation will be 6 percent of the sales price.

As disclosed in court filings, Keller Williams does not hold
interest adverse to the Debtor and its bankruptcy estate.

The firm can be reached through:

     Bobby Tyler
     Keller Williams Realty Amarillo
     3955 S. Soncy Road
     Amarillo, TX 79119
     Phone: (806)359-4000
     Email: bobby.tyler14@gmail.com

                  About RWB International Family
                         Property Company

Amarillo, Texas-based RWB International Family Property Company,
LLC filed its voluntary petition for Chapter 11 protection (Bankr.
N.D. Texas Case No. 21-20178) on Aug. 2, 2021, listing as much as
$10 million in both assets and liabilities.  Ryan W. Bernard,
manager, signed the petition.

Judge Robert L. Jones oversees the case.  

Swindell Law Firm, P.C. and Weycer, Kaplan, Pulaski, & Zuber, P.C.
represent the Debtor as legal counsel.


SABRA HEALTH: Moody's Alters Outlook on Ba1 CFR to Stable
---------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Sabra Health
Care REIT, Inc., including its Ba1 corporate family rating and
Sabra Health Care Limited Partnership's senior unsecured debt
ratings. The ratings outlook has been revised to stable from
negative.

The outlook revision to stable reflects the REIT's strong financial
results through the pandemic versus expectations. The stable
outlook reflects Moody's expectation that Sabra will continue to
operate and grow with a conservative capital strategy, while
maintaining strong and stable cash flows.

Affirmations:

Issuer: Sabra Health Care REIT, Inc.

Corporate family rating, Affirmed at Ba1

Issuer: Sabra Health Care Limited Partnership

Backed senior unsecured debt, Affirmed at Ba1

Backed senior unsecured debt shelf, Affirmed at (P)Ba1

Rating Unchanged:

Issuer: Sabra Health Care REIT, Inc.

Speculative grade liquidity rating, Maintained at SGL-2

Outlook Actions:

Issuer: Sabra Health Care REIT, Inc.

Outlook, Revised to Stable from Negative

Issuer: Sabra Health Care Limited Partnership

Outlook, Revised to Stable from Negative

RATINGS RATIONALE

Sabra's Ba1 rating reflects its resilient operational and financial
performance amid the current environment with minimal cash flow
disruption having collected substantially all of its forecasted
cash rents to date. Sabra's commitment to a strong balance sheet
and sound liquidity has provided the company with ample cushion to
absorb declines in operating cash flow caused by the pandemic.
Furthermore, the numerous statutory relief measures at the federal
and state levels have provided meaningful support to health care
operators through the pandemic, and the recently announced $25
billion in additional federal relief funding expected in the fourth
quarter of 2021 for post-acute and long-term care operators should
help Sabra's more challenged operators further bridge the gap to
recovery.

The REIT's prudent approach to capital management is reflected in
its solid leverage, as measured by Net Debt to EBITDA of 5.3x for
the last twelve month period ended June 30, 2021, unchanged from
2019 pre-pandemic levels and in line with the company's long-term
committed leverage target of 5x. Furthermore, Moody's note that the
company has announced plans to exit its joint venture investment
with Enlivant in the near-term, using proceeds from the sale of its
interest to deleverage the balance sheet and to drive earnings
growth through future acquisitions.

The REIT's direct exposure to skilled nursing facilities and
moderate property level rent coverage excluding federal relief
funding remain key credit challenges. Additionally, increased
restrictions on admissions and elective surgeries due to the Delta
variant have caused a slowdown in near-term growth and renewed cash
flow constraints for certain operators, notwithstanding improvement
in investment activity and occupancy from a low point in early
2021. Additionally, key social considerations include tenant
operator's exposure to reimbursement, regulatory changes that could
strain profitability, and increasing labor costs related to the
pandemic.

Sabra's SGL-2 speculative grade liquidity rating reflects Moody's
view over the next twelve months that the REIT will maintain a good
liquidity profile considering near-term funding needs. As of June
30, 2021, the REIT had $1.1 billion of liquidity, consisting of
cash on hand of $69 million and full availability under its $1.0
billion revolving credit facility. Moody's note that the company
has no substantial debt maturities until 2023, when amounts
outstanding on the credit facility and its $350 million term loan
come due. Additionally, the company established a new, fully
available $500 million ATM equity program in August 2021. Moody's
expect the company to opportunistically access the debt and equity
capital markets in the near-term to fund growth and refinance
maturities.

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

A ratings upgrade would require continued profitable growth while
reducing tenant concentration such that the top three operators
represent closer to 20% of total cash NOI, and maintenance of Net
Debt/EBITDA below 5.0x and fixed charge coverage closer to 4.0x on
a sustained basis. Additionally, improvement in tenant operating
performance closer to 1.40x EBITDAR coverage would be needed for an
upgrade.

A ratings downgrade could occur should Net Debt/EBITDA increase
above 6.0x and fixed charge coverage fall below 2.5x on a sustained
basis. Significant operating challenges, as demonstrated by
sustained deterioration in property level coverage ratios,
particularly from major tenants or a failure to maintain adequate
liquidity could also lead to downward ratings pressure.

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

Sabra Health Care REIT, Inc. [Nasdaq: SBRA] owns and invests in
triple-net leased senior housing facilities throughout the US and
Canada. As of June 30, 2021, Sabra's portfolio included 283 skilled
nursing/transitional care facilities, 62 leased senior housing
communities, 49 third-party managed senior housing communities, and
29 specialty hospitals and other facilities. The company's gross
asset value as of June 30, 2021 was $6.6 billion.


SEMINOLE HARD ROCK: S&P Alters Outlook to Stable, Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed all ratings, including its 'B+' issuer-credit rating on
international restaurant, casino, and hotel owner, manager and
franchisor Seminole Hard Rock Entertainment Inc. and Seminole Hard
Rock International LLC's.

S&P said, "The stable outlook reflects our forecast for Hard Rock
to generate enough EBITDA to cover fixed charges by at least 1x,
maintain some excess cash, and delever over the next year.

"Hard Rock's liquidity position has improved over the past few
quarters and we forecast it can maintain EBITDA at a level that
supports ongoing liquidity needs. Hard Rock's EBITDA has increased
sequentially through the first half of 2021, following materially
negative EBITDA in 2020 because of property closures due to the
virus and subsequent operating restrictions. In the second quarter
of 2021, Hard Rock's EBITDA recovered to a level that covers
quarterly cash fixed charges (interest expense, maintenance capital
expenditures [capex], and term loan amortization payments) by
around 1x, and led to an increase in excess cash balances as of
June 30, 2021, compared to minimal excess cash in 2020. We believe
that Hard Rock will sustain at least modest levels of excess cash
through EBITDA generation and managing investment spending and
dividends to the Seminole Tribe of Florida (the Tribe). This will
provide the company a liquidity cushion given it does not have a
revolver that it can use to fund cash needs in a scenario where
operating performance is weaker than anticipated.

"Our forecast for EBITDA reflects our view that an improved public
health environment and easing of travel and operating restrictions,
relative to 2020, across Hard Rock's various operating markets will
support ongoing recovery in the company's café segment--which
historically represented just under 50% of the company's EBITDA
before corporate overhead--and the company's hotel segment, which
is a modest contributor to EBITDA. Furthermore, we believe Hard
Rock's gaming segment will continue to benefit from good demand for
gaming as a leisure alternative and the benefit of incremental
revenue from properties that opened over the past year.

"Nevertheless, and notwithstanding our base-case EBITDA forecast,
given virus variants that may lead to additional travel and
operating restrictions and increase consumers' concerns about
travel and being in public places, before considering raising the
rating, we would want to be certain Hard Rock could sustain EBITDA
at least at current levels over the next few quarters and adjusted
leverage would improve closer to 8x.

"We believe Hard Rock is strategically important to the Tribe and
would receive some support from the Tribe if needed. The Tribe's
willingness to guarantee Hard Rock's debt, provide a commitment of
liquidity support through 2021 if needed, and incur additional
leverage at its gaming operations to fund distributions to Hard
Rock entities for development projects demonstrates Hard Rock's
strategic importance. We believe the Tribe is unlikely to sell Hard
Rock because it is reasonably successful and important to the
group's long-term strategy. The Hard Rock business diversifies the
Tribe beyond gaming and serves as a growth vehicle in the casino
and hotel industry through joint ventures, development projects,
management contracts, and licensing agreements in other gaming and
lodging markets outside of Florida. Additionally, the Tribe owns
and operates two Hard Rock-branded hotels and casinos in Tampa,
Fla., and Hollywood that constitute more than two-thirds of its
gaming EBITDA and benefit from Hard Rock's good brand recognition.
Furthermore, it establishes an expanding network of Hard
Rock-branded properties that the Tribe could use to market to
customers across the network.

"The stable outlook reflects our forecast for Hard Rock to generate
a level of EBITDA that supports coverage of fixed charges by at
least 1x, maintain some excess cash, and delever over the next
year.

"We could raise the rating once we are more certain Hard Rock can
improve adjusted leverage closer to 8x, sustain EBITDA coverage of
fixed charges above 1x, and maintain excess cash balances.

"We could consider lower ratings if Hard Rock's EBITDA coverage of
cash fixed charges fell below 1x, it began to deplete its excess
cash balances, or we no longer believed the Tribe would or could
provide support."



SILVERSIDE SENIOR: Ombudsman to Seek Termination of Appointment
---------------------------------------------------------------
Patient Care Ombudsman Deborah L. Fish, in a final report submitted
to the U.S. Bankruptcy Court for the Eastern District of Michigan
on Graceway South Haven, LLC, told the Court that her duties as PCO
have been accomplished, noting that all of the patients at the
Debtor's facility have been transferred to other local facilities.

Accordingly, Ms. Fish said she will seek termination of her role as
Patient Care Ombudsman for Graceway South Haven.

A copy of the final report is available for free at
https://bit.ly/2VSarwu from PacerMonitor.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
Anthony Fischer, Jr., chief executive officer, the Debtors
disclosed total assets of up to $50,000 and liabilities of up to
$10 million.

Judge Lisa S. Gretchko oversees the 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.



SKILL CAPITAL: Seeks to Hire CohnReznick as Tax Accountant
----------------------------------------------------------
Skill Capital, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ CohnReznick, LLP as
its tax accountant.

The firm's services include:

     (a) preparation of federal, state and local tax returns for
the 2020 and 2021 tax years;

     (b) analysis of proofs of claim filed by various taxing
authorities;

     (c) advice regarding the availability of net operating loss
carrybacks; and

     (d) other general accounting services.

The firm will be compensated as follows:

  -- a flat fee of $14,000 for the preparation of the Debtor's 2020
tax returns;

  -- an estimated fee of  $13,000 to $15,000 for the preparation of
the 2021 tax returns, exclusive of out-of-pocket expenses;

  -- an estimated fee of $1,000 to $1,500 for the preparation of
Form 1099s, upon request of the Debtor;

  -- a 2 percent administrative fee.

Christina Lee, a partner at CohnReznick, 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.

CohnReznick can be reached at:

      Christina Lee
      CohnReznick LLP
      1301 Avenue of the Americas
      New York, NY 10019
      Phone: 212-297-0400

                      About Skill Capital LLC

Founded in 1998, New York-based Skill Capital, LLC specializes in
finding and assessing board-level management teams for portfolio
companies, facilitating due diligence on upcoming deals and working
with executives and founders to raise private capital.

Skill Capital filed its voluntary petition for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 21-11275) on July 8, 2021,
listing up to $100,000 in assets and up to $10 million in
liabilities.  Judge David S. Jones oversees the case.  

DLA Piper LLP (US) and CohnReznick, LLP serve as the Debtor's legal
counsel and tax accountant, respectively.


SOARING STARS: Seeks to Employ CPA Smith as Accountant
------------------------------------------------------
Soaring Stars Therapy & Learning Center, Inc. seeks approval from
the U.S. Bankruptcy Court for the District of Maryland to hire CPA
Smith, LLC as its accountant.

The firm's services include:

     (a) giving the Debtor accounting advice with respect to its
obligation to the Internal Revenue Service;

     (b) preparing, as necessary, accounting and tax filings,
monthly reports and other cash flow statements required by the
Debtor; and

     (c) performing all other accounting and tax services for the
Debtor, which may be necessary in its Chapter 11 case.

Lenford Smith, the firm's accountant who will be providing the
services, will be paid at an hourly rate of $275.

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

The firm can be reached at:

     Lenford A. Smith, CPA
     CPA Smith, LLC
     14711 Main Street
     Upper Marlboro, MD 20872
     Telephone: (307) 627-8997   

                        About Soaring Stars

Soaring Stars Therapy & Learning Center, Inc. sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case
No. 21-14195) on June 25, 2021, listing under $1 million in both
assets and liabilities.  Judge David E. Rice oversees the case.
The Debtor tapped The Law Offices of Tilman Dunbar, Jr. and CPA
Smith, LLC as legal counsel and accountant, respectively.


SOTO'S AUTO: Wins Cash Collateral Access Thru Sept 29
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Soto's Auto & Truck Repairs Service, Inc. to
use cash collateral to fund its operating expenses and the costs of
administering the Chapter 11 case in accordance with the budget,
pending a further hearing scheduled for September 29, 2021, at 1:30
p.m.

The Debtor is authorized to use cash collateral including, without
limitation, cash, deposit accounts, accounts receivable, and
proceeds from its business operations in accordance with the
budget, so long as the aggregate of all expenses for each week do
not exceed the amount in the Budget by more than 10% for any such
week on a cumulative basis.

As adequate protection for the Debtor's use of cash collateral, the
lenders are granted a replacement lien in and upon all of the
categories and types of collateral in which they held a security
interest and lien as of the Petition Date to the same extent,
validity and priority that they held as of the Petition Date.

The Debtor will maintain insurance coverage for the Collateral in
accordance with the obligations under the loan and security
documents.

It will be an event of default if the Debtor exceeds the Variance
without the prior written consent of the Lenders, which consent
will not be unreasonably withheld; provided, however, in the event
of a default, the Debtor's authority to use Cash Collateral will
continue unless the Lenders obtain an order by appropriate motion
after notice and hearing requiring the Debtor to cease using Cash
Collateral.

A copy of the order and the Debtor's budget for the period from
September 20 to October 15 is available at https://bit.ly/39rmN1X
from PacerMonitor.com.

The Debtor projects $25,000 in cash receipts and $20,275 in total
operating expenses for the week of September 27, 2021.

          About Soto's Auto & Truck Repairs Service, Inc.

Soto's Auto & Truck Repairs Service, Inc. is a family-owned diesel
truck repair company founded in March 2004.  The Company provides
heavy-duty truck repair and maintenance services, including engine
repairs, overhauls, and replacements, as well as mobile truck
repair and maintenance services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-04131) on August 6,
2021. In the petition filed by John Soto, president, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.

Judge Roberta A. Colton oversees the case.

Emily S. Clendenon, Esq., at Stichter, Riedel, Blain & Postler,
P.A. is the Debtor's counsel.



STURGEON AQUAFARMS: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Sturgeon Aquafarms, LLC
        1000 NW 159 Drive 12 Avenue
        Miami, FL 33169

Business Description: Sturgeon Aquafarms, LLC was founded in 2001
                      with the intent to protect and preserve
                      endangered sturgeon species.

Chapter 11 Petition Date: September 21, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-19143

Debtor's Counsel: Frank Eaton, Esq.
                  LINDA LEALI, P.A.
                  2525 Ponce De Leon Blvd. Suite 300
                  Miami FL 33134
                  Tel: 305-341-0671
                  E-mail: featon@lealilaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mark Gelman 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/NIMHBNY/Sturgeon_Aquafarms_LLC__flsbke-21-19143__0001.0.pdf?mcid=tGE4TAMA


SYNERGY HDD: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Synergy HDD, Inc.
        110 South Walbaum Road
        Calumet, OK 73014

Business Description: Synergy HDD, Inc. is part of the utility
                      system construction industry.

Chapter 11 Petition Date: September 21, 2021

Court: United States Bankruptcy Court
       Western District of Oklahoma

Case No.: 21-12518

Debtor's Counsel: Stephen J. Moriarty, Esq.
                  FELLERS, SNIDER ET AL
                  100 N. Broadway, Ste 1700
                  Oklahoma City, OK 73102-8820
                  Tel: 405-232-0621
                  Fax: 405-232-9659
                  Email: smoriarty@fellerssnider.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Dustin Wheeler as president.

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

https://www.pacermonitor.com/view/QXLQFAA/Synergy_HDD_Inc__okwbke-21-12518__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. A&E Construction                                        $65,491
Supply, Inc.
54090 Loren Drive
Mankato, MN 56001

2. American Express                                       $300,000
PO Box 650448
Dallas, TX 75265

3. Big Chief                                              $312,800
Construction
31487 State
Highway 37
Hinton, OK 73047

4. CNA Insurance                                           $89,660
151 N Franklin Street
Chicago, IL 60606

5. Cross Country                                          $341,204
Infrastructure
Services US
15800 Export Plaza Drive
Houston, TX 77032

6. Ditch Witch of Oklahoma                                $370,871
9000 North I-35 Service
Oklahoma Cirty, OK 73131

7. EnviroCon Systems, Inc.                                 $64,466
1910 Rankin Road
Houston, TX 77073

8. Evolution Drilling                                     $113,236
Tools, Inc.
1724 FM
Quanah, TX 79252

9. Kirby Smith Machinery                                  $852,073
6715 W Reno Ave
Oklahoma City, OK 73127

10. Komatsu Financial                                      $86,808
8770 W Bryn Mawr Ave
Suite 1000
Chicago, IL 60631

11. Ozzies, Inc.                                          $359,035
7102 West Sherman Street
Phoenix, AZ 85043

12. Phillips 66 Fleet                                      $64,417
PO Box 639
Portland, ME 04104

13. Primo's Group                                         $127,005
Transportation LLC
17901 SE 95th St
Newalla, OK 74857

14. RES America                                           $420,473
Construction, Inc.
11101 W 120th Ave
Suite 400
Broomfield, CO 80021

15. Right Turn Supply, LLC                                 $71,449
PO Box 840
Pella, IA 50219

16. Specialty Drilling Tools                              $150,832
P.O. Box 96273
Oklahoma City, OK 73143

17. SPS Energy                                            $271,571
Services, LLC
PO Box 664
Houston, TX 78023

18. US Small Business                                     $500,000
Administration
14925 Kinsport Road
Forth Worth, TX 76155

19. Vermeer Great                                         $618,786
Plains, Inc.
8300 N I 35 Service Rd
Oklahoma City, OK 73131

20. Wheeler Chevrolet                                     $179,857
of Hinton Inc
5415 N Broadway Ave
Hinton, OK 73047


TENRGYS LLC: Seeks to Hire Copeland as Bankruptcy Counsel
---------------------------------------------------------
Tenrgys, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Copeland, Cook, Taylor & Bush, P.A. to serve as legal counsel in
their Chapter 11 cases.

The firm's services include:

     a. taking all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against any
of the Debtors, the negotiation of disputes in which any of the
Debtors is involved, and the preparation of objections to claims
filed against the estates;

     b. preparing legal papers in connection with the
administration of the Debtors' estates;

     c. negotiating and preparing a Chapter 11 plan of
reorganization and related documents; and

     d. performing all other necessary legal services.

The firm's hourly rates are as follows:

     Shareholders                       $230 - $300 per hour
     Associates                         $180 - $220 per hour
     Administrative/Paraprofessionals   $90 - $130 per hour

Copeland received advance payments totaling $250,000.

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

The firm can be reached through:

     Christopher H. Meredith, Esq.
     Copeland, Cook, Taylor & Bush, P.A.
     P.O. Box 6020
     Ridgeland, MS 39158
     Telephone: (601) 856-7200
     Facsimile: (601) 856-7626
     Email: cmeredith@cctb.com

                         About Tenrgys LLC

Tenrgys, LLC operates as an oil and gas exploration and production
company.  It is headquartered in Ridgeland, Miss.

Tenrgys and its affiliates filed their voluntary petitions for
Chapter 11 protection (Bankr. S.D. Missi. Lead Case No. 21-01515)
on Sept. 17, 2021, listing as much as $500 million in both assets
and liabilities.  Richard H. Mills, Jr., manager, signed the
petitions.  

Judge Jamie A. Wilson oversees the cases.

Copeland, Cook, Taylor & Bush, P.A. and FTI Consulting, Inc. serve
as the Debtors' legal counsel and financial advisor, respectively.


TENRGYS LLC: Seeks to Hire FTI Consulting as Financial Advisor
--------------------------------------------------------------
Tenrgys, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
FTI Consulting, Inc. as their financial advisor.

The firm's services include:

     a. assisting with bankruptcy reporting requirements, including
the filing of statements of financial affairs, schedules of assets
and liabilities, and monthly operating reports;

     b. rendering general financial advice, financial analytics and
modeling as directed by the Debtors' management;

     c. assisting in the development and analysis of various
strategic alternatives available to the Debtors;

     d. assisting in the development of a disclosure statement and
plan of reorganization;

     e. assisting in determining potential creditor recoveries
under alternative scenarios;

     f. assisting in analyzing and developing strategies to address
the Debtors' existing obligations;

     g. assisting in sizing and securing debtor-in-possession
financing;

     h. assisting in evaluating the Debtors' cash flows under
various scenarios;

     i. attending meetings, presentations and negotiations if
requested by the Debtors;

     j. assisting with claims reconciliation and objections;

     k. providing court testimony; and

     l. providing other services as requested by the Debtors.

The firm's hourly rates are as follows:

     Senior Managing Directors         $950 - $1,295 per hour
     Managing Directors/Senior
      Directors/Directors              $715 - $935 per hour
     Senior Consultants/Consultants    $385 - $680 per hour
     Administrative/Paraprofessionals  $155 - $290 per hour

FTI received advance payments totaling $150,000.

In addition, the firm will seek reimbursement for work-related
expenses incurred.

Charles Carroll, a senior managing director at FTI, disclosed in
court filings that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Charles W. Carroll
     FTI Consulting, Inc.
     2001 Ross Avenue, Suite 650
     Dallas, TX 75201
     Telephone: (214) 397-1600
     Facsimile: (214) 397-1790
     Email: charles.carroll@fticonsulting.com

                         About Tenrgys LLC

Tenrgys, LLC operates as an oil and gas exploration and production
company.  It is headquartered in Ridgeland, Miss.

Tenrgys and its affiliates filed their voluntary petitions for
Chapter 11 protection (Bankr. S.D. Missi. Lead Case No. 21-01515)
on Sept. 17, 2021, listing as much as $500 million in both assets
and liabilities.  Richard H. Mills, Jr., manager, signed the
petitions.  

Judge Jamie A. Wilson oversees the cases.

Copeland, Cook, Taylor & Bush, P.A. and FTI Consulting, Inc. serve
as the Debtors' legal counsel and financial advisor, respectively.


TPT GLOBAL: Increases Authorized Common Shares to 1.25 Billion
--------------------------------------------------------------
The Board of Directors of TPT Global Tech, Inc. in accordance with
the provisions of the Certificate of Incorporation, as amended, and
by-laws of the Company amended the Certificate of Incorporation
around the voluntary and involuntary conversion features of the
Series D Preferred Stock.  Those voluntary and involuntary
conversion features, as well as other features of the Series D
Preferred Stock include the following, as amended:

     (i) 6% Cumulative Annual Dividends payable on the purchase
value in cash or common stock of the Company at the discretion of
the Board and payment is also at the discretion of the Board, which
may decide to cumulate to future years; (ii) Any time after 12
months from issuance an option to convert to common stock at the
election of the holder @ 75% of the 30 day average market closing
price (for previous 30 business days) divided into $5.00; (iii)
Automatic conversion of the Series D Preferred Stock shall occur
without consent of holders upon any national exchange listing
approval and the registration effectiveness of common stock
underlying the conversion rights.  The automatic conversion to
common from Series D Preferred shall be @75% of the 30 day average
market closing price (for previous 30 business days) divided into
$5.00, which shall be post-reverse split as may be necessary for
any Exchange listing (iv) Registration Rights -- the Company has
granted Piggyback Registration Rights for common stock underlying
conversion rights in the event it files any other Registration
Statement (other than an S-1 that the Company may file for certain
conversion common shares for the convertible note financing that
was arranged and funded in 2019).  Further, the Company will file
and pursue to effectiveness a Registration Statement or offering
statement for common stock underlying the Automatic Conversion
event triggered by an exchange listing. (v) Liquidation Rights -
$5.00 per share plus any accrued unpaid dividends – subordinate
to Series A, B, and C Preferred Stock receiving full liquidation
under the terms of such series.  The Company has redemption rights
for the first year following the Issuance Date to redeem all or
part of the principal amount of the Series D Preferred Stock at
between 115% and 140%.

On Sept. 16, 2021, the Board of Directors of the Company also in
accordance with the provisions of the Certificate of Incorporation,
as amended, and by-laws of the Company amended the Certificate of
Incorporation to increase the authorized number of common shares by
250,000,000 which increase will then make the total authorized
common shares to be 1,250,000,000 with all common shares having the
then existing rights powers and privileges as per the existing
amended Certificate of Incorporate and By laws of the Company.

                       About TPT Global Tech

TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is
a technology-based company with divisions providing
telecommunications, medical technology and product distribution,
media content for domestic and international syndication as well as
echnology solutions.  TPT Global Tech offers Software as a Service
(SaaS), Technology Platform as a Service (PAAS), Cloud-based
Unified Communication as a Service (UCaaS).  It offers
carrier-grade performance and support for businesses over its
private IP MPLS fiber and wireless network in the United States.
TPT's cloud-based UCaaS services allow businesses of any size to
enjoy all the latest voice, data, media and collaboration features
in today's global technology markets.  TPT Global Tech also
operates as a Master Distributor for Nationwide Mobile Virtual
Network Operators (MVNO) and Independent Sales Organization (ISO)
as a Master Distributor for Pre-Paid Cell phone services, Mobile
phones Cell phone Accessories and Global Roaming Cell phones.

TPT Global reported a net loss attributable to the Company's
shareholders of $8.07 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to the company's shareholders
of $14.03 million for the year ended Dec. 31, 2019.  As of June 30,
2021, the Company had $12.49 million in total assets, $39.36
million in total liabilities, $5.03 million in total mezzanine
equity, and a total stockholders' deficit of $31.90 million.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has insufficient cash flows
from operations to support working capital requirements.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


TRI-WIRE ENGINEERING: Taps Getzler Henrich as Financial Advisor
---------------------------------------------------------------
Tri-Wire Engineering Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire Getzler
Henrich & Associates, LLC as its financial advisor.

The firm's services include:

     (a) assisting in the preparation of financial projections and
analysis of alternative operating scenarios;

     (b) assessing and monitoring operations and recommending and
implementing the restructuring of operations and contractual
commitments as appropriate;

     (c) supporting the Debtor's sale process efforts;

     (d) assisting in the analysis and reconciliation of claims
against the Debtor and potential bankruptcy avoidance actions;

     (e) assisting in the preparation of court motions as requested
by the Debtor's legal counsel;

     (f) assisting in the preparation of a management retention
plan, if appropriate;

     (g) assisting, as requested, in complying with the reporting
requirements of the Bankruptcy Code, Bankruptcy Rules, and local
rules, including monthly operating reports, statements of financial
affairs and bankruptcy schedules;

     (h) consulting with other interested parties including the
Debtor's secured creditors and any creditors' committee;

     (i) participating in court hearings and, if necessary,
providing testimony; and

     (j) performing other tasks requested by the Debtor's
management or legal counsel.

The firm's hourly rates are as follows:

     Principal/Managing Director     $575 - $725 per hour
     Director/Specialist             $475 - $695 per hour
     Associate Professionals         $175 - $475 per hour

The Debtor paid the firm a retainer fee in the amount of $60,247.

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

The firm can be reached at:

     Robert A. Kuhn
     Getzler Henrich & Associates LLC
     295 Madison Ave., 22nd Floor
     New York, NY 10017
     Telephone: (212) 697-2400
     Fax: (212) 697-4812
     Email: rkuhn@getzlerhenrich.com

                About Tri-Wire Engineering Solutions

Tri-Wire Engineering Solutions, Inc. -- https://www.triwire.net/ --
provides installation, construction, maintenance and other
technical support services to cable and telecommunications
companies throughout North America. It was formed in 1999 and is
headquartered in Tewksbury, Mass.

Tri-Wire filed a petition for Chapter 11 protection (Bankr. D.
Mass. Case No. 21-11322) on Sept. 13, 2021, disclosing up to $10
million in assets and up to $50 million in liabilities. Ruben V.
Klein, president of Tri-Wire, signed the petition.

The Debtor tapped Casner & Edwards LLP as legal counsel, SSG
Advisors LLC as investment banker, and Gentzler Henrich &
Associates, LLC as financial advisor.


TRI-WIRE ENGINEERING: Wins Cash Collateral Access Thru Sept 30
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Eastern Division, has entered an order authorizing Tri-Wire
Engineering Solutions, Inc. to use the cash collateral of JP Morgan
Chase Bank, N.A., the senior secured lender, on an interim basis in
accordance with the budget through September 30, 2021.

The Debtor requires immediate authority to use cash collateral to
fund its ongoing, ordinary course business obligations.

As of the Petition Date, the Debtor was indebted and liable to JPM
under the parties' prepetition Credit Agreement dated December 30,
2016, in the aggregate amount of at least $10,714,135.40.

JPM holds a first lien against all of the assets of the Debtor,
pursuant to a UCC Financing Statement filed on December 30, 2016.
JPM and the Debtor entered into a forbearance agreement dated as of
June 11, 2019, pursuant to which the JPM agreed, among other
things, to forbear from exercising its rights and remedies under
the Prepetition Loan Documents. The Debtor and JPM amended the
Forbearance Agreement seven times, with the Seventh Amendment to
the Forbearance Agreement executed on September 9, 2021, which JPM
agreed to loan up to $250,000 in excess of the revolving commitment
defined in the Prepetition Loan Documents.

As security for the payment of the Prepetition Secured Obligations,
the Debtor granted to JPM security interests in and liens upon all
or substantially all of Debtor's tangible and intangible personal
property and assets.

As adequate protection for the Debtor's use of Cash Collateral, JPM
is granted post-petition replacement liens in all of the Debtor's
assets generated in the post-petition period that would have,
absent the Chapter 11 filing, constituted collateral subject to
JPM's perfected, prepetition liens and security interests that are
not subject to avoidance pursuant to the Debtor's estate's
avoidance rights and powers under Chapter 5 of the Bankruptcy Code,
which Adequate Protection Liens will have the same priority as the
Prepetition Liens.

JPM will also have an allowed superpriority adequate protection
claim under Section 507(b) of the Bankruptcy Code to the extent the
Adequate Protection Liens are shown to be inadequate to protect JPM
against the diminution in value of the Prepetition Collateral.

A telephonic hearing on the Debtor's continued use of cash
collateral and obtaining approval of DIP financing is scheduled for
September 30 at 11 a.m.

Among other things, access to Cash Collateral may be terminated if
the Debtor fails to obtain court approval by October 20 of the sale
of substantially all of the Debtor's assets.  The sale must close
by October 27.

A copy of the order and the Debtor's nine-week budget is available
at https://bit.ly/2XxhbR8 from PacerMonitor.com.

The Debtor projects $7,413 in total receivables and $8,428 in total
operating disbursements for the nine weeks ending November 13,
2021.

            About Tri-Wire Engineering Solutions, Inc.

Tri-Wire Engineering Solutions, Inc. -- https://www.triwire.net/ --
provides installation, construction, maintenance and other
technical support services to cable and telecommunications
companies throughout North America.  Tri-Wire Engineering was
formed in 1999 and is headquartered in Tewksbury, Mass.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-11322 on September 13,
2021. In the petition filed by Ruben V. Klein, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Casner & Edwards, LLP is the Debtor's counsel. Gentzler Henrich &
Associates LLC is the financial advisor and turnaround consultant.
SSG Advisors, LLC serves as investment banker.



U.S. STEEL: S&P Raises ICR to 'B' on Debt Reduction
---------------------------------------------------
S&P Global Ratings raised the issuer credit rating to 'B' from 'B-'
because of United States Steel Corp.'s lower debt levels in 2021
while operations hit run-rate profits at its recent Big River Steel
LLC acquisition. S&P also raised its issue-level rating on U.S.
Steel's unsecured debt to 'B' from 'B-'; its '3' recovery rating is
unchanged.

The positive outlook reflects the potential for continued robust
earnings and credit measures if steel demand and pricing remain
supportive in 2022, which could add to cash reserves as the company
builds a new minimill.

U.S. Steel is using windfall profits and cash flow in 2021 to
reduce debt and to bolster its competitive footprint. U.S. Steel
has begun reducing debt after investing $6 billion in its
operations and for acquisitions in the last three years, and the
company's long-standing pension deficit has turned to a surplus for
the first time in decades. Overall debt levels remain elevated
after closing the acquisition of Big River Steel LLC in January
2021, but S&P expects the company to repay more than $500 million
of unsecured debt in 2021, its Big River subsidiary will repay some
debt, and the company eliminated its secured debt earlier this
year. Along with $2.5 billion higher debt in the last three years,
U.S. Steel has added $5.5 billion of assets with the modernization
of some facilities and the acquisition of Big River.

Record prices help reverse three years of negative free cash flow
and higher debt. S&P estimates the company could generate more than
$1 billion of free cash flow in 2021, which should enable it to
reduce absolute debt levels while boosting liquidity, extending
maturities, and solidifying operations ahead of $3 billion of
planned minimill capital expenditures by 2024. Even with lower debt
and low prospective leverage measures, U.S. Steel faces a large
free cash drain in the next two to three years, which constrains
the recent improvement in its financial risk. Continued strong cash
flow will be important in boosting credit quality, however, taking
into account that reported debt more than doubled to $5 billion
2018-20. The company invested almost $3 billion in its operations
since 2018 and acquired the highly leveraged Big River's equity for
about $1.5 billion with its $1.88 billion debt load, all while
market conditions softened in 2019 and 2020. U.S. Steel has since
reduced its capital budget to about $675 million for 2021 and has
closed some older mills and has idled some capacity indefinitely,
which should improve its cash flow breakeven point.

Environmental factors accelerate a strategic shift away from blast
furnaces. Lower capital expenditures for U.S. Steel assets in 2021
helps boost cash flow and highlights the company's strategic
repositioning from carbon-emitting, coal-fired blast furnaces to
electric arc furnaces. The company in 2019 introduced a target to
reduce its GHG intensity by 20% by 2030. The ownership of an
efficient, modern asset like Big River offsets somewhat the
long-term trend of deteriorating viability of some aged assets. We
expect Big River will produce 2.5 million to 3 million tons in
2021, compared to a 4 million to 5 million ton decline in U.S.
Steel's blast furnace volumes since 2014. Assuming output from its
blast furnaces in the U.S. of 9 million to 10 million tons in 2021
and 2022, the company's flat-rolled steel output from all assets
will have declined from 13.9 million tons since 2014. One blast
furnace at the company's Granite City Works and two furnaces at
Great Lakes are idled indefinitely.

Even with lower capital expenditures in 2021 and a smaller
footprint, the company's blast furnaces remain far more
capital-intensive than its electric arc furnace (EAF) operations by
their size, nature, and age. These high carbon-emitting assets
expose U.S. Steel to potential changes in carbon pricing or the
changing demands from customers for greener products. In
rebalancing its footprint, we expect that U.S. Steel will
prioritize investment in EAFs, which are more cost-efficient and
environmentally friendly than its older blast furnaces. The company
has idled 2 million to 3 million tons of capacity over the past
year (or about a third of its U.S. output). Even if conditions in
steel markets remain favorable, we believe that U.S. Steel will
constrain capex growth for blast furnaces to support free cash flow
in 2021 and 2022.

The Big River Steel acquisition is proving pivotal. U.S. Steel's
acquisition of Big River Steel is helping to improve its credit
quality as it potentially benefits from cash distributions if the
subsidiary meets the covenants and restrictions under its credit
agreements. S&P aid, "After a period of heavy capital spending on
its Phase II capacity expansion, which added a second EAF to Big
River's assets, we believe the subsidiary will generate strong
positive free cash. We continue to view Big River as part of U.S.
Steel's credit group but maintain separate ratings, partly because
there are no upstream or downstream guarantees between the two. The
assets of the two companies are not integrated operationally thus
U.S. Steel's ownership of Big River provides it with some financial
flexibility, though this would mostly be useful if the company was
in deep financial stress and needed to sell the asset to generate
cash. Moreover, we expect that $3 billion of capital spending for a
new minimill will occur at the parent level."

U.S. Steel began consolidating Big River into its financial
accounts in the first quarter of 2021, so that the subsidiary's
performance obscures ratio inputs and movements at the U.S. Steel
level. S&P said, "We keep separate ratings on U.S. Steel and Big
River, even though U.S. Steel owns 100% of Big River. This
departure from direct ratings consolidation is partly a function of
Big River's large debt financings, which we believe could constrain
group support under extraordinary circumstances. We view Big River
as strategically important to U.S. Steel, so that the rest of the
group is likely to provide support in most foreseeable
circumstances. As such, we expect the ratings on U.S. Steel and Big
River to be tightly linked under almost all conditions,
particularly as credit quality improves, but we could envision the
ratings delinking from one another in a stress scenario if U.S.
Steel ever liquidated some of its Big River holdings to defend the
parent's credit." Assuming this ownership and debt structure, the
rating on Big River should always be capped by the rating on 100%
owner U.S. Steel in accordance with principles of our Group Rating
Methodology.

S&P said, "Our positive outlook on U.S. Steel Corp. reflects its
expected continued debt repayment and extraordinary cash flow amid
a period of record steel prices. We believe that U.S. Steel's
leverage could stabilize around 2x-3x the next few years amid
record profitability, but a higher rating hinges on bolstering cash
resources during a phase of elevated capital expenditures. We
calculate U.S. Steel's last-12-months (LTM) debt to EBITDA as 3.1x,
which is its first quarter below 10x since September 2019.

"We could raise our rating on U.S. Steel if it and Big River both
continue generating solid profits and cash flow over the next year,
even if market conditions moderate from record conditions.
Specifically, we would expect the company to sustain debt to EBITDA
of 2x-3x amid the current pricing environment and less than 5x in a
more normalized pricing environment. In addition, we estimate that
leverage sustained around 2x-3x should enable the company to
generate enough cash flow to preserve adequate liquidity through
the construction of its second minimill. We expect that U.S. Steel
will exceed most ratio thresholds in 2021, adding buffer for an
unexpected downturn after generating negative EBITDA and cash flow
in 2020.

"We could revise our outlook on U.S. Steel to stable if we expect
its leverage to increase toward 5x, which would potentially cause
it to generate substantial negative free cash flow at current debt
levels. We believe that such a scenario appears unlikely, but we
estimate it could occur if average steel prices decline more than
40% in 2022, dropping EBITDA below $1 billion. In such a scenario,
we expect that elevated strategic capital expenditures could
accelerate the deterioration in cash flow."



VALCOUR PACKAGING: Moody's Gives B3 CFR & Rates New $400MM Loan B2
------------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
B3-PD Probability of Default Rating to Valcour Packaging LLC, d/b/a
"Mold-Rite". Moody's also assigned a B2 rating to the company's
proposed $400 million first lien senior secured term loan and a
Caa2 rating to the proposed $160 million second lien senior secured
term loan. The outlook is stable.

Proceeds from the proposed term loans, along with common and
preferred equity will be used to finance the acquisition of Valcour
by Clearlake Capital Group from Irving Place Capital and a pay fees
and expenses associated with the transaction.

"Mold-Rite's product innovation capabilities and specialized
product mix, serving stable end markets, are expected to enable the
company to maintain good liquidity and EBITDA margins above 25%,
which is reflected in our stable outlook," said Scott Manduca, Vice
President at Moody's.

Assignments:

Issuer: Valcour Packaging LLC

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

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

Senior Secured Second Lien Term Loan, Assigned Caa2 (LGD5)

Outlook Actions:

Issuer: Valcour Packaging LLC

Outlook, Assigned Stable

RATINGS RATIONALE

Mold-Rites's B3 CFR reflects the company's small scale in a
competitive, fragmented industry. The rating also reflects the
company's high initial leverage of 8.5x pro forma for the last
twelve months ending June 30, 2021, although expected to decline to
7.5x and 6.4x in 2021 and 2022, respectively. Furthermore, the B3
rating considers customer concentration risk, given 31% of revenue
is generated from its number one customer and greater than 50% of
revenue is generated from the company's top ten customers.

Mold-Rite benefits from a specialized product mix serving fast
growing, stable end markets, such as health and wellness. The
rating also encompasses the company's longstanding customer
relationships and innovation capabilities, which enhances
Mold-Rite's product offering and enables the company to generate
healthy EBITDA margins above 25%.

Moody's expects liquidity to be good over the next 12 to 18 months
stemming from modest free cash flow and availability under the
company's new $35 million asset-based revolving credit facility
(unrated) expiring in 2026. Availability on the revolver is subject
to a borrowing base, and the revolver has a springing fixed charge
covenant of 1.0x, if availability falls below the greater of i)
$2.5 million, or ii) 10% of the lesser of the ABL Commitment amount
or the Borrowing Base. Most of the assets are encumbered by the
secured facilities.

The B2 rating on the first lien senior secured term loan is one
notch above the CFR reflecting its superior position in the capital
structure. Despite its subordination to the revolver, it is well
protected in a distressed scenario and benefits from loss
absorption provided by the second lien debt. The Caa2 rating
assigned to the second lien senior secured term loan reflects its
effective subordination to both the first lien term loan and the
revolver.

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

An upgrade in ratings would require sustained improvement in credit
metrics, specifically adjusted debt-to-EBITDA sustained below 5.5x,
free cash flow-to-debt sustained above 5%, an alleviation in
customer concentration, and maintenance of good liquidity.

The ratings may be downgraded if there is a deterioration in
liquidity, adjusted debt-to-EBITDA is sustained above 6.5x, free
cash flow-to-debt is sustained below 2%, and there is an
acceleration of aggressive financial policy actions including debt
funded dividends or acquisitions.

The preliminary first lien term loan facility documentation allows
for incremental first lien facilities not to exceed the sum of the
greater of $80 million and 100% of consolidated EBITDA for the most
recently ended four quarters including appropriate pro forma
adjustment events; plus the unused amount of the general debt
basket and the available restricted payments capacity at time of
implementation; minus any amounts incurred under the equivalent
"free and clear" basket under the second lien facility. An
unlimited amount can be incurred so long as first lien leverage is
equal to or less than 5.0x. With respect to indebtedness secured by
the collateral on a junior lien basis to the first lien term loans,
either the senior secured leverage ratio is equal to or less than
7.5x or if incurred in connection with a permitted acquisition or
investment, the senior secured leverage ratio does not increase or
the interest coverage ratio is not less than 1.75x. Total leverage
will need to be equal to or less than 7.5x and interest coverage
not less than 1.75x. The terms also include a most favored nation
clause if incremental first lien term loans are issued within six
months of the original first lien term loan, which are pari passu
and have an all-in-yield of 100bps or higher than the original
first lien term loan. Subject to terms and conditions, the
preliminary first lien document has mandatory prepayment
requirements with excess cash flow that step down at certain
leverage ratios. All of net after tax cash proceeds from specified
asset sales, subject to certain conditions, are to be directed
toward debt payment. If proceeds are reinvested within 24 months of
receipt, the amount directed toward debt reduction steps down at
certain leverage ratio thresholds. If a repricing event occurs
prior to six months after the closing date, a 1.00% prepayment
premium shall be paid on the principal amount prepaid. There is no
financial maintenance covenant in the preliminary first lien term
loan facility document.

The preliminary second lien term loan facility documentation
includes similar covenants as the first lien, including no
financial maintenance covenants.

Headquartered in Plattsburgh, NY, Valcour Packaging LLC, d/b/a
"Mold-Rite", is a manufacturer of specialty caps, closures, and
jars. The product portfolio includes child-resistant closures,
continuous thread caps, dispensing closures, jars, and liner
options.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September  2020.


VALCOUR PACKAGING: S&P Assigns 'B-' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
Valcour Packaging LLC. At the same time, S&P assigned its 'B-'
issue-level rating and '3' recovery rating to the company's
proposed first-lien term loan as well as its 'CCC' issue-level
rating and '6' recovery rating to the proposed second-lien term
loan.

The stable outlook reflects S&P's view that the company will
continue to expand its business through organic initiatives and
acquisitions while generating modest free operating cash flow,
enabling it to reduce its S&P Global Ratings-adjusted debt leverage
toward the mid-7x range over the next 12 months.

Clearlake Capital Group L.P. is acquiring Valcour Packaging LLC,
the parent of rigid plastic lid and closure manufacturer Mold-Rite
Plastics LLC.

The company is issuing debt to fund the transaction, and the
capital structure will consist of a new undrawn $35 million
asset-based lending facility (unrated) due 2026, a $400 million
first-lien term loan due 2028, a $160 million second-lien term loan
due 2029, and $100 million of perpetual preferred equity that S&P
considers as debt.

Mold-Rite participates within the highly fragmented and competitive
North American rigid plastic packaging market. With revenues of
$214 million in 2020, Mold-Rite is one of the smallest packaging
companies we rate. The company has a niche position, focusing
primarily on specialty closures for a variety of applications
across a number of end-markets, including nutrition (37% of 2020
revenues), pharmaceutical (20%), specialty food (17%), personal
care (9%), and household (5%).

The company's scale and scope of operations is limited with
relatively low product diversity, and customer concentration is
high with more than 50% of revenues coming from its top 10
customers. S&P notes the company has a high proportion of sales
through distribution, which comprises more than half of the top 10
list, and it maintains a strong, long-tenured relationships with
many of them. Mold-Rite has a small share in its overall
addressable market, which is dominated by several large companies
like Berry Global, Aptargroup, and Silgan that offer full-scale
packaging solutions as well as many other regional players.
However, Mold-Rite focuses on short-run closures that generates
above-average margins. As customers move toward specialized,
differentiated products, the company has invested in the ability to
change its manufacturing lines quickly to meet continued
stock-keeping unit (SKU) proliferation, allowing them to manage
costs while meeting many short-run product demands. Additionally,
Mold-Rite has been able to pass through most raw material cost
increases within only 60 days, minimizing impacts of material cost
inflation, including unprecedented resin cost increases this year.
S&P expects the company to continue to focus on its short-run
product capabilities to enhance growth and margins, which we
believe are above average as compared with the rated packaging peer
group.

S&P said, "We expect modest deleveraging over the next 12 months
given favorable demand trends and growth initiatives that focus on
increasing the top line. We project elevated leverage of about 9.0x
for the period ending Dec. 31, 2021. We expect sales increase in
the mid-double-digit percentage area for 2021 driven by a strong
order pipeline and several new large business wins. This will be
further supported by favorable demand trends in nutrition and
pharmaceuticals such as rising popularity in supplemental vitamins.
We anticipate the company will focus on topline growth through
increased market penetration and increased machine count in its
existing factories. In our view these factors will enable the
company to reduce its debt leverage to the mid-7x range in 2022. In
addition, our assessment of the company's financial risk
incorporates its financial sponsor ownership and the potential that
leverage could remain high. Specifically, while we do not expect
Clearlake to pursue debt-funded dividends within the next year, we
expect it will opportunistically pursue acquisitions over time that
could keep leverage elevated. Our calculation of debt includes $100
million of payment-in-kind (PIK) preferred shares from third party
investors. Given the terms of the shares, we treat the preferred
equity as debt for analytical purposes because it is callable and
the relatively high PIK coupon creates an incentive for redemption,
potentially with proceeds from new debt."

Mold-Rite will continue to generate positive free operating cash
flow as well as demonstrate adequate liquidity and covenant
headroom. S&P said, "We anticipate the company will generate
positive free operating cash flow in the $20 million to $30 million
range supported by stronger earnings from operations, partially
offset by modest working capital outflows. We anticipate the
company will maintain higher levels of capital spending as it
supports initiatives to organically grow the business. We expect
the company to remain acquisitive, using excess cash, and if
necessary, use debt to fund opportunities that support both its
existing customer base and new channel growth. With modest cash on
the balance sheet and full availability on its credit facilities
post-transaction, the company should have adequate liquidity and
covenant headroom to manage its operating needs over the next 12
months."

The stable outlook on Valcour indicates S&P's expectations that it
will generate positive free operating cash flow (FOCF) and maintain
adjusted leverage in the mid-7x range over the next 12 months
supported by favorable demand trends, recent customer wins, and
expanded manufacturing capabilities.

S&P could lower its rating on Valcour if:

-- The company experiences a significant reduction in demand for
its products over the next 12 months that drastically reduces
earnings and causes its adjusted debt to EBITDA to meaningfully
deteriorate, such that we believe the capital structure becomes
unsustainable; or

-- The company's working capital or operating trends deteriorate
materially leading to negative FOCF, constrains liquidity, and
heightens risk of a covenant violation.

Although unlikely over the next 12 months given the additional debt
load as a result of the buyout transaction, S&P could raise its
rating on Valcour if:

-- S&P expects the company's adjusted debt to EBITDA to remain
consistently below 6.5x and anticipate its financial policies will
support this improved level of leverage over the long term,
inclusive of potential future acquisitions and shareholder returns;
and

-- The company maintains positive FOCF and adequate liquidity.



VIPER ENERGY: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Viper Energy Partners LP and Viper Energy Partners LLC at
'BB-'. Fitch also affirmed Viper Energy Partners LLC's senior
secured revolving credit facility at 'BB+'/'RR1' and Viper Energy
Partners LP's senior unsecured notes at 'BB-'/'RR4'. The Rating
Outlook is Stable.

Viper's ratings reflect its non-operated status, which Fitch
believes is mitigated by its strategic relationship with
Diamondback Energy, Inc. (BBB/Stable), providing unique visibility
into development plans, and the company's differentiated
third-party strategy. Other supporting factors include Viper's
organic growth opportunities, high-margin cost structure,
through-the-cycle positive FCF after dividends, and strong credit
metrics with debt/EBITDA in the 1.5x-2.0x range in the base case.
Another consideration is Diamondback Energy Inc.'s near-term
drilling focus on Viper and Swallowtail acreage, increasing the
company's production 'floor' and providing organic growth, which
helps reduce volumetric and cash flow uncertainty.

Offsetting factors include the company's relatively small asset
base (production, reserves and net royalty acres), its variable
payout MLP structure, volume risk from the non-operated part of the
portfolio, and potential dilution of Diamondback's ownership in
Viper in the future due to third-party expansion opportunities,
which could weaken the linkage to the parent.

KEY RATING DRIVERS

Unique Asset Base: Viper's asset base is unique relative to
growth-oriented independent E&Ps; the company is the leading public
consolidator of royalty mineral ownership across the Permian.
Viper's net royalty acreage is highly contiguous and largely
undeveloped (less than 30% developed in the Midland and less than
15% developed in the Delaware). Given the royalty structure, the
asset requires no operating expenses and provides organic growth
opportunities without capital costs, resulting in higher margins
than operating peers in the Permian.

Credit Friendly, Accretive Acquisition: Fitch views the company's
announced acquisition of Swallowtail Royalties LLC positively given
the equity-focused funding characteristics and Swallowtail's
complementary acreage position which is largely operated by
Diamondback. Approximately 65% of Swallowtail's acreage is operated
by Diamondback, similar to Viper, and management currently plans to
complete over 400 gross wells on the acreage in the next five years
which supports Viper's already robust margin and FCF profiles in
the medium term.

Viper is expected to issue approximately 15.25 million common units
to fund the acquisition in addition to approximately $225 million
of cash and revolver borrowings. Fitch believes management will
allocate almost all post-distribution FCF to reduce revolver
borrowings in the near-term and expects the balance will be
materially paid down by YE 2022.

Distribution Policy Provides Flexibility: Management's variable
distribution rate of 70% of free cash flow rewards shareholders,
but the remaining 30% provides Viper additional financial
flexibility and capital optionality. The company's high margin
profile and lack of capital costs supports robust FCF generation at
Fitch's price deck. Fitch expects FCF to be allocated toward
repayment of the revolver in the near term, but believes a portion
could be used for M&A funding in the medium term, reducing the
company's dependency on capital markets. Fitch does not expect the
distribution rate to reach its previous level of 100%, but
recognizes a payout increase could have negative implications for
future M&A growth and funding.

FANG-Linked Production: Viper's net royalty production attributed
to Diamondback operating activity is forecast to be maintained at
approximately 60%-65%. FANG's highest return wells are on Viper's
net royalty acres in the Northern Midland Basin and management
expects FANG will continue to target this acreage, in addition to
the Swallowtail acreage, in the near and medium-term. Additionally,
approximately 65% of FANG's drilled uncompleted wells are on Viper
royalty acres, which should provide near-term production tailwinds.
Fitch believes this linkage provides a production floor and drives
Viper's production growth through the forecast. Fitch expects
Viper's production from third party operators to remain relatively
flat through the forecast.

In general, Viper has strong insight into Diamondback's volumes and
drilling plans, reducing volumetric and cash flow risks, and
considerably less visibility and certainty around volumes from
third party non-operated interests. Consolidation of mineral
interests on third party acreage could result in additional cash
flow risk in the longer-term. Viper attempts to offset this risk by
targeting royalty interests on acreage that is highly contiguous
and core to targeted third party operators.

Equity Weighted M&A: Viper has conservatively funded its M&A
activity, approximately 75% equity-linked since its IPO in 2014.
Fitch believes Viper will continue to fund M&A, over the
longer-term, through revolver borrowings, positive free cash flow,
and equity issuances. Near-to-medium term M&A will likely be
focused on Diamondback acreage, but Fitch recognizes the number of
sizeable transactions could be limited given increased basin
consolidation since 2020. Fitch believes continued equity offerings
will likely reduce Diamondback's ownership stake, which may weaken
the Diamondback/Viper linkage.

Near-Term Hedging Program: Fitch expects Viper to maintain a
near-term focused hedge program which provides protection from
sudden downward price movements. The company's current hedges
include collars for 10,000boepd at a weighted average floor of
$30.00/bbl and a ceiling of $43.05/bbl for 2H21 and management has
started increasing its hedge coverage for 1H22, primarily through
puts. Management also added 20,000 mmbtu/d of natural gas hedges
for FY 2022 through costless collars (average floor of $2.50/mmbtu
and ceiling of $4.62/mmbtu) given strong natural gas pricing. Fitch
does expect modest cash outflows from hedges in 2H21 given
currently strong commodity prices, but believes the maintenance of
hedging activity will benefit the company's cash flow, liquidity
and leverage profiles over the longer-term.

Sub-2.0x Leverage Metrics: Fitch expects Viper's debt/EBITDA ratio
to reach 2.0x in 2022. Fitch expects leverage to trend toward 1.5x
in the outer years of the forecast following repayment of the
revolver borrowings and production growth.

Uplift from Linkage with Parent: Under Fitch's parent-subsidiary
linkage criteria, Fitch has notched Viper's IDR up one notch due to
the moderate linkage between the company and its higher rated
parent, Diamondback. The moderate linkage reflects the lack of
strong legal ties (debt guarantees, cross defaults) but the
significant current operational and strategic ties between the two
entities.

DERIVATION SUMMARY

Viper is an independent E&P focused on owning the mineral interests
of the liquids-oriented Delaware and Midland basins with 2Q21 net
production of 27.4 mboe/d. Production size, as of June 30, 2021,
due to the nature of the royalties business, is substantially
smaller than its 'BB' category E&P peers, Murphy Oil Corporation
(BB+/Stable), Endeavor Energy Resources, L.P. (BB+/Positive) and
Vermilion Energy Inc. (BB-/Negative), all of whom produce at least
100 mboe/d.

As a minerals owner, Viper has minimal operating costs and resulted
in a Fitch calculated unhedged cash netback of $38.3/boe (84%
margin) for 2Q21, better than the entire peer group. Viper's parent
and largest counterparty had daily production of over 400 mboepd
with a cash netback of $34.5/boe (76% margin).

Viper's high unhedged cash netbacks and no capital expenditures
result in a best in class FFO margin albeit at a much smaller
amount. Viper's MLP-linked distributions historically resulted in a
neutral FCF profile, but the current 70% distribution rate should
facilitate positive FCF going forward.

On a debt/EBITDA basis, Fitch expects Viper's pro forma leverage
will be sub-2.0x on average with leverage trending towards 1.5x in
the outer years of the base case as revolver borrowings are
reduced. Debt/EBITDA metrics are in line with the 'BB' category
thresholds and Permian-focused E&P peer group.

KEY ASSUMPTIONS

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

-- WTI Oil price of $60/bbl in 2021, $52/bbl in 2022 and $50/bbl
    in 2023 and thereafter;

-- Henry Hub natural gas price of $3.40/mcf in 2021, $2.75/mcf in
    2022 and $2.45/mcf in 2023 and thereafter;

-- Low single-digit production growth in 2021 followed by modest
    increases thereafter;

-- Distribution rate of 70% in 2021 and thereafter;

-- Free cash flow after dividends used to repay revolver
    borrowings;

-- No M&A activity through the forecast.

RATING SENSITIVITIES

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

-- Increased size and scale resulting in FFO at or above $500
    million while maintaining strong relationship with
    Diamondback;

-- Mid-cycle debt/EBITDA maintained below 2.0x on a sustained
    basis;

-- Debt/flowing barrel sustained below $20,000/bbl;

-- Leverage sensitivities are consistent with higher-rated peers
    and are unlikely to change upon future rating upgrades.

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

-- Production trending below 15mboe/d-20mboe/d and/or increased
    volumetric risk;

-- Erosion in Diamondback's credit profile, or material reduction
    in parent support for Viper (on an ownership, acreage and/or
    production basis);

-- Change in financial policy, particularly publicly stated
    leverage targets and M&A funding appetite;

-- Mid-cycle debt/EBITDA above 3.0x on a sustained basis;

-- Debt/flowing barrel sustained above $25,000/bbl.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At June 30, 2021, Viper had cash of $42 million
and availability under the revolving credit facility of $438
million ($62 million outstanding; $500 million of elected
commitments under the $580 million borrowing base). Fitch believes
management's financial policy decisions will continue to prioritize
revolver repayment and balance sheet strength post-close and
expects the revolver will be materially paid down by YE 2022.

Simple Debt Structure: Viper's senior secured revolver matures in
June 2025 and the company's 5.375% senior unsecured notes are due
in November 2027.

Distribution Limitations: Viper's distributions are limited by the
indenture under the company's 5.375% senior unsecured notes due
2027. Outside of the builder basket, Viper is able to make
restricted payments as long as leverage is under 3.0x.
Additionally, to the extent the company is above 3.0x, Viper has a
general basket up to the greater of $50 million or 4% of ACNTA.

ISSUER PROFILE

Viper Energy Partners, LP and its subsidiary Viper Energy Partners
LLC own the oil and gas mineral, royalty, overriding royalty, and
similar interests operated by its parent company Diamondback
Energy, Inc. and third parties in the Permian and Eagle Ford
basins. Given the royalty structure, the asset requires no
operating expenses and provides organic growth opportunities
without capital costs, resulting in higher margins than operating
peers in the Permian.

ESG CONSIDERATIONS

Viper has an ESG Relevance Score of '4' for Group Structure, as the
company has a complex group structure. This has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

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


WALTER C. SMITH: Seeks to Hire Bradley Silva as Special Counsel
---------------------------------------------------------------
Walter C. Smith Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
Bradley Silva, Esq., an attorney practicing in Fresno, Calif., to
provide legal services on matters relating to a collections action
pending in superior court.

The attorney will be compensated for his services at his standard
hourly rate.

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

Mr. Silva can be reached at:

     Bradley A. Silva, Esq.
     8050 N. Palm Ave., Ste. 300
     Fresno, CA 93711

                About Walter C. Smith Company Inc.

Walter C. Smith Company, Inc. filed a petition for Chapter 11
protection (Bankr. E.D. Calif. Case No. 21-12134) on Sept. 2,
2021,
listing up to $50,000 in assets and up to $1 million in
liabilities. Judge Rene Lastreto II oversees the case.

Riley C. Walter, Esq., at Wanger Jones Helsley represents the
Debtor as bankruptcy counsel while Bolen Fransen Cutts, LLP,
Sagaser, Watkins & Wieland PC, and Bradley A. Silva, Esq., serve as
the Debtor's special counsel.


WALTER C. SMITH: Taps Bolen Fransen Cutts as Special Counsel
------------------------------------------------------------
Walter C. Smith Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
Bolen Fransen Cutts, LLP to provide legal assistance in matters
concerning stock redemption.

The firm will be compensated for its services at its standard
hourly rates.

Hal Bolen, Esq., a partner at Bolen Fransen Cutts, disclosed in a
court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Hal Bolen, Esq.
     Bolen Fransen Cutts, LLP
     5088 N. Fruit Avenue, Suite 101
     Fresno, CA 93711

                About Walter C. Smith Company Inc.

Walter C. Smith Company, Inc. filed a petition for Chapter 11
protection (Bankr. E.D. Calif. Case No. 21-12134) on Sept. 2,
2021,
listing up to $50,000 in assets and up to $1 million in
liabilities. Judge Rene Lastreto II oversees the case.

Riley C. Walter, Esq., at Wanger Jones Helsley represents the
Debtor as bankruptcy counsel while Bolen Fransen Cutts, LLP,
Sagaser, Watkins & Wieland PC, and Bradley A. Silva, Esq., serve as
the Debtor's special counsel.


WALTER C. SMITH: Taps Sagaser, Watkins & Wieland as Special Counsel
-------------------------------------------------------------------
Walter C. Smith Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to hire
Sagaser, Watkins & Wieland, PC as special counsel.

The Debtor needs legal assistance in the ongoing pension plan
litigation involving Operating Engineers' Health and Welfare Trust
Fund for Northern California.

The firm will be compensated for its services at its standard
hourly rates.

Howard Sagaser, Esq., a partner at Sagaser, Watkins & Wieland,
disclosed in a court filing that he is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Howard Sagaser, Esq.
     Sagaser, Watkins & Wieland PC
     5260 N. Palm Ave., Suite 400
     Fresno, CA 93704
     Phone: (559) 421-7000
     Fax: (559) 473-1483

                About Walter C. Smith Company Inc.

Walter C. Smith Company, Inc. filed a petition for Chapter 11
protection (Bankr. E.D. Calif. Case No. 21-12134) on Sept. 2,
2021,
listing up to $50,000 in assets and up to $1 million in
liabilities. Judge Rene Lastreto II oversees the case.

Riley C. Walter, Esq., at Wanger Jones Helsley represents the
Debtor as bankruptcy counsel while Bolen Fransen Cutts, LLP,
Sagaser, Watkins & Wieland PC, and Bradley A. Silva, Esq., serve as
the Debtor's special counsel.


WARDHAM HOTEL: Liquidating Plan Confirmed by Judge
--------------------------------------------------
Judge John T. Dorsey has entered findings of fact, conclusions of
law and order confirming the Plan of Liquidation of Wardman Hotel
Owner, L.L.C.

The Plan and the Liquidating Trust Agreement set forth in the Plan
Supplement provide adequate and proper means for the Plan's
implementation. The Plan, therefore, satisfies the requirements of
section 1123(a)(5) of the Bankruptcy Code.

The Plan has been proposed by the Debtor in good faith and in the
belief that the proposed liquidation and establishment of the
Liquidating Trust will maximize value for the Debtor's creditors.
The Plan accomplishes the goals promoted by section 1129(a)(3) of
the Bankruptcy Code by enabling the Liquidating Trustee to make
distributions to creditors on a fair and equitable basis, in
accordance with the priorities established by the Bankruptcy Code.

In addition to the findings of fact and conclusions of law set
forth in the Marriott Settlement Order, the Court finds that the
settlement of claims and causes of action set forth in the Marriott
Settlement Motion resolves complex and burdensome litigation,
relieves the estate of certain potential liabilities, and
facilitates the efficient resolution of the Chapter 11 Case,
including the presentment of this Plan, while maximizing value to
unsecured creditors in this case.

A copy of the Plan Confirmation Order dated September 20, 2021, is
available at https://bit.ly/3tYDI5m from PacerMonitor.com at no
charge.

Counsel for the Debtor:

     Laura Davis Jones
     David M. Bertenthal
     Timothy P. Cairns
     PACHULSKI STANG ZIEHL & JONES LLP
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, Delaware 19899-8705 (Courier 19801)
     Telephone: 302-652-4100
     Facsimile: 302-652-4400
     E-mail: ljones@pszjlaw.com
             dbertenthal@pszjlaw.com
             tcairns@pszjlaw.com

                    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.


WEATHERFORD INTERNATIONAL: S&P Rates $500MM Secured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' rating to Weatherford
International Ltd.'s proposed $500 million senior secured
first-lien notes due 2028. The recovery is '1', indicating our
expectation of very high (90%-100%; rounded estimate: 95%) recovery
in the event of a payment default.

The company expects to use the proceeds to redeem all of its $500
million 8.75% senior secured notes due 2024. The notes will be
guaranteed by parent Weatherford International plc. In addition, if
the offering is successful, Weatherford plans to use cash on hand
to redeem $200 million of its 11% senior unsecured notes due 2024.

S&P said, "The ratings on Weatherford reflect our expectation for
better market conditions in the oilfield services sector and
increased cash flows that should lead to improving financial
performance and liquidity. The recovery in crude oil and natural
gas prices from 2020's very low level has helped support increased
demand for oilfield equipment and services, particularly in the
U.S. However, the pace of near-term growth will be limited by an
excess supply of equipment and restrained drilling activity by the
exploration and production industry relative to past cycles. In
addition, we expect offshore and international markets--which
typically react more slowly to changes in commodity prices--to
remain challenging in 2021, with modest improvement in 2022."



WHITE RIVER: Court Orders Revisions; Confirmation Hearing Oct. 15
-----------------------------------------------------------------
On September 2, 2021, the U.S. Bankruptcy Court for the District of
Montana conducted a hearing on approval of the Amended Disclosure
Statement filed by Debtor White River Contracting LLC.

At the hearing, counsel for the IRS and Debtor confirmed that
approval of the Stipulation would resolve the IRS' Objection to the
Disclosure Statement. The parties in interest appearing at the
hearing, including the United States Trustee, had no objection to
Debtor's request to amend the Disclosure Statement at the hearing
or to the amendment itself. Debtor also notified the Court of a
forthcoming amendment to Debtor's Chapter 11 Plan, which is
intended to resolve an additional issue with creditor ETPC LLC.

On September 20, 2021, Judge Benjamin P. Hursh ordered that:

     * The Stipulation between Debtor and the IRS is approved.

     * Debtor's Disclosure Statement is approved, consistent with
the amendments.

     * Oct. 15, 2021, at 09:00 a.m. is the hearing on confirmation
of Debtor's forthcoming amended Plan.

     * Oct. 8, 2021, is fixed as the last day for filing and
serving written objections to confirmation of Debtor's forthcoming
amended Plan and for filing written acceptances or rejections
(completing the ballot) of Debtor's forthcoming amended Plan.

A copy of the order dated Sept. 20, 2021, is available at
https://bit.ly/3zyi5dg from PacerMonitor.com at no charge.

Counsel for the Debtor:

   Matt Shimanek, Esq.
   Shimanek Law PLLC
   317 East Spruce St.
   Missoula, MT 59802
   Telephone: (406) 544-8049
   Email: matt@shimaneklaw.com

                   About White River Contracting

White River Contracting LLC is a privately held company in the
residential building construction industry that specializes in
custom-tailored homes.

White River Contracting, based in Hamilton, MT, filed a Chapter 11
petition (Bankr. D. Mont. Case No. 20-90251) on Nov. 3, 2020.  In
the petition signed by Craig Rostad, managing member, the Debtor
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.  The Hon. Benjamin P. Hursh
presides over the case.  Shimanek Law PLLC serves as bankruptcy
counsel to the Debtor.


WING DINGERS: Seeks to Hire White and Williams as Special Counsel
-----------------------------------------------------------------
Wing Dingers Texas, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire White and Williams,
LLP as special counsel.

The Debtor needs legal assistance to pursue litigation against
merchant advance companies, including Reserve Capital Management,
Hi Bar Capital and Merchant Capital.

The firm's hourly rates are as follows:

     Partner       $440 - $750 per hour
     Of Counsel    $325 - $415 per hour
     Associates    $325 - $415 per hour

The Debtor will pay $5,000 to the law firm as a retainer fee.

Shane Heskin, Esq., a partner at White and Williams, 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:

     Shane R. Heskin, Esq.
     White and Williams, LLP
     1650 Market Street
     One Liberty Place, Suite 1800
     Philadelphia, PA 19103-7395
     Telephone: 215.864.6329
     Fax: 215.864.7123
     Email: heskins@whiteandwilliams.com

                   About Wing Dingers Texas LLC

Wing Dingers Texas, LLC, a Mineola, Texas-based owner and operator
of restaurants, filed a Chapter 11 petition (Bankr. E.D. Texas Case
No. 21-60327) on Aug. 5, 2021, listing up to $50,000 in assets and
up to $10 million in liabilities. Christopher Fischer, sole member,
signed the petition.

Judge Joshua P. Searcy oversees the case.

Eric A. Liepins, P.C. is the Debtor's bankruptcy counsel while
White and Williams, LLP serves as the Debtor's special counsel.


Z EDGE: $400K Financing to Pay Creditors in Full; Amends Plan
-------------------------------------------------------------
Z Edge of All Trades, LLC submitted an Amended Disclosure Statement
in Support of the Amended Chapter 11 Plan of Reorganization dated
September 19, 2021.

This is a reorganizing plan. The Proponent seeks to pay in full all
creditors of the Debtor in a lump sum payment on or before November
1, 2021. The effective date is October 1, 2021.

The Debtor is in the business of renting out residential properties
and doing contracting work. The property on Sandpiper is rented to
the Debtor's sister; the property on Monte Vista has four units,
one rented by the Debtor's daughter, plus three tenants. The
Sheridan property has one tenant. None of the tenants have written
leases. The income from these properties will not be used to fund
the Plan. The sister and the daughter benefit from free rent.

Evans is the creditor who holds a first position deed of trust
recorded against the Sheridan property. Debtor stopped making loan
payments to Evans in April 2020. The loan matured on June 30, 2020,
and when foreclosure was imminent, Debtor filed for bankruptcy on
August 19, 2020, in case number 2:20-bk-09480. Debtor failed to
appear at the meeting of creditors and the case was dismissed. The
instance Petition was filed on October 30, 2020, and Debtor is
currently paying adequate assurance payments to Evans.

The Debtor has obtained financing to assist in paying off all
creditors, and dismissal of the case when the claims are paid off.

Class 4 consists of the Secured Claims of Evans, Sandcastle HOA and
Lakes Community HOA. Creditors in these Classes shall retain their
interest in the collateral until paid in full. These Secured Claims
are not Impaired and are not entitled to votes.

The Plan will be funded by the $400,000.00 of cash available on the
Effective Date.

The Proponent contends that Debtor's financial projections are
feasible because the Debtor was approved for a loan of $360,000.00,
in addition to approximately $40,000.00 in the bank, which exceeds
all amounts claimed by all creditors, approximately $392,655.00.

A full-text copy of the Amended Disclosure Statement dated
September 19, 2021, is available at https://bit.ly/2W4GzNK from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     LAWRENCE B. SLATER, PLLC
     16444 E. PECOS RD.
     GILBERT, AZ 85295
     Tele. No.: (480) 835-6000
     Fax No.: 480 281-9952
     Email: lawrence@slater.net

                   About Z Edge of All Trades

Z Edge of All Trades, LLC, is in the business of renting out
residential properties and doing contracting work.

Z Edge of All Trades sought Chapter 11 protection (Bankr. D. Ariz.
Case No. 20-09480) on Aug. 19, 2020, which case was dismissed on
Oct. 9, 2020.  The U.S. Trustee sought dismissal due to the
Debtor's failure to appear and file schedules.

Z Edge of All Trades again sought Chapter 11 protection (Bankr. D.
Ariz. Case No. 20-12008) on Oct. 30, 2020.  

LAWRENCE B. SLATER, PLLC, is the Debtor's counsel.


[*] DOJ Bankruptcy Watchdog Declines Second Ch. 11 Fee Hike Review
------------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that the Justice Department's
bankruptcy watchdog lost its bid for the full Second Circuit to
review a three-judge panel's ruling that a fee hike for Chapter 11
debtors was unconstitutional.

The court's Sept. 17, 2021 order leaves intact a May decision
striking down a 2017 law implementing a quarterly fee of up to
$250,000 that bankrupt debtors must pay to the U.S. Trustee's
Office. The fee increase -- up from a previous maximum of $30,000
per quarter -- only applied in states the U.S. Trustee oversees,
and not in two states governed by judicially appointed bankruptcy
administrators.



[*] Katten Bankruptcy Team Wins M&A Advisor Turnaround Awards
-------------------------------------------------------------
Katten on Sept. 20 disclosed that its Insolvency and Restructuring
practice was honored by The M&A Advisor in five categories of the
15th annual Turnaround Awards, known as one of the restructuring
and distressed investing industry's benchmarks for excellence.

"Ours is a group of exceptionally talented attorneys with a wealth
of skills and experience, and it is quite satisfying when others
acknowledge these successes we've had for our clients," said Steven
J. Reisman, co-chair of Katten's Insolvency and Restructuring
practice. "The engagements that earned these latest distinctions
are some of the largest, most sophisticated and highest-profile
Chapter 11 cases of the past year."

Katten Chairman Roger P. Furey added, "There can be no doubt that
the Katten Insolvency and Restructuring group is a leader in
representing independent directors in Chapter 11 cases and
out-of-court restructurings.  Moreover, the Katten team has broad
experience in handling Chapter 15 cases, acquisitions of distressed
assets, and representing creditors' committees.  They set the bar
high in taking the best approach to guide clients out of financial
turmoil and toward a positive outcome."

Katten's Insolvency and Restructuring practice was recognized for
its work in the following categories:

1. Restructuring of the Year (Over $5B). Katten represented the
independent directors of J.C. Penney Corporation, Inc. in its
Chapter 11 cases. As a result of the pandemic, one of the most
iconic department store chains in the country was forced to shut
down virtually all of its operations and market the sale of
substantially all of its assets.  In the face of these immense
operational and financial challenges, Katten advised the
independent directors in connection with the company's successful
sale and restructuring strategy, which saved more than 85,000 jobs
at J.C. Penney.  The Katten team was led by Steven J. Reisman and
included Insolvency and Restructuring partners Jerry L. Hall, Cindi
M. Giglio and Stephanie Hor-Chen, Real Estate partner Michael S.
McBride, and Litigation partner Eric T. Werlinger.

2. Consumer Staples Deal of the Year.  Katten represented
hospitality company Aurify Brands in connection with its
acquisition of the assets of Le Pain Quotidien (LPQ) in its Chapter
11 case.  Katten devised a process whereby Aurify provided a
prepetition bridge loan to stave off a Chapter 7 filing while
Aurify successfully negotiated a new franchise agreement.  Katten
then advised Aurify to roll the prepetition loan into DIP financing
and effectuate a purchase of LPQ's US assets through a credit bid
of its debt.  The plan was successful and Aurify emerged with the
US assets and saved the LPQ business in the US and more than 1,000
jobs.  The Katten team was led by Steven J. Reisman and included
Insolvency and Restructuring partners Cindi M. Giglio and Jerry L.
Hall, Corporate partners Wade A. Glover and Paul Rosen, and Private
Credit partner Brian S. Stern.

3. Distressed M&A Deal of the Year (Over $1B).  Katten represented
Ernst & Young Inc. in its capacity as the court-appointed monitor
for Cirque du Soleil Canada Inc. in its Companies' Creditors
Arrangement Act proceedings in Canada and its Chapter 15 case in
the US. Katten advised Ernst & Young, which oversaw the successful
sale of substantially all of Cirque du Soleil's assets to a group
of first lien and second lien lenders.  The sale preserved the
company's business as a going concern and saved hundreds of jobs
during the pandemic that had forced the company to cease
operations.  The Katten team was led by Steven J. Reisman and
included Insolvency and Restructuring partners Jerry L. Hall and
Shaya Rochester, Transactional Tax Planning partner Todd Hatcher,
and Corporate partner Michelle A. Gyves.

4. Distressed M&A Deal of the Year ($500MM to $1B).  Katten
represented the Official Committee of Unsecured Creditors in the
Chapter 11 cases of High Ridge Brands Co., a seller of skin, hair,
and oral care products. Katten struck quickly to negotiate a
settlement among the Committee, the Debtors, and their secured
lenders that carved out significant value for unsecured creditors
and avoided litigation regarding the validity and scope of
purported liens on the Debtors' assets. This settlement smoothed
the way for two value-maximizing section 363 asset sales that
preserved jobs and the Debtors' ongoing business, and yielded cash
proceeds in excess of US $120 million for the Debtors.  Katten's
efforts resulted in an extraordinary outcome for its "out of the
money" constituents. The Katten team was led by Steven J. Reisman
and included Insolvency and Restructuring partners Jerry L. Hall,
James V. Drew, and Cindi M. Giglio, and Litigation partner Robert
T. Smith.

5. Chapter 11 Reorganization of the Year (Over $1B).  Katten
represented the disinterested manager of Mariposa Intermediate
Holdings LLC in the company's Chapter 11 cases.  Mariposa
Intermediate Holdings LLC is a subsidiary of Neiman Marcus Group,
Inc.  Katten's multidisciplinary team conducted an investigation of
potential claims and causes of action to determine whether the
releases proposed under the company's Chapter 11 plan were
appropriate.  The investigation focused on a set of prepetition
transactions involving the company's Mytheresa brand and potential
claims against the company's officers and directors. The Debtors
and the Official Committee of Unsecured Creditors (which sought to
pursue the claims being investigated) reached a settlement
providing additional value to unsecured creditors, in exchange for
consent to the Plan releases. The Chapter 11 plan was approved by
the Bankruptcy Court, and the Debtors emerged from Chapter 11
having deleveraged approximately $4 billion. The Katten team was
led by Steven J. Reisman and included Insolvency and Restructuring
partner Geoffrey King and Litigation partner Robert T. Smith.

The annual Turnaround Awards recognize the leading distressed
transactions, restructuring, refinancing, products and services,
firms, and professionals in the United States and international
markets.

Katten -- http://katten.com-- is a full-service law firm with
nearly 650 attorneys in locations across the United States and in
London and Shanghai. Clients seeking sophisticated, high-value
legal services turn to Katten for counsel locally, nationally and
internationally. The firm's core areas of practice include
corporate, financial markets and funds, insolvency and
restructuring, intellectual property, litigation, real estate,
structured finance and securitization, transactional tax planning,
private credit and private wealth. Katten represents public and
private companies in numerous industries, as well as a number of
government and nonprofit organizations and individuals.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***