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

              Monday, September 27, 2021, Vol. 25, No. 269

                            Headlines

37 VENTURES: Files Amendment to Disclosure Statement
511 GROUP: Unsecured Creditors to Recover 100% in Plan
5AAB TRANSPORT: Unsecured Creditors to be Paid in Full in 5 Years
893 4TH AVE: Unsec. Creditors to Recover 100% in Liquidating Plan
A & S ENTERTAINMENT: Unsecureds Get At Least $1K Per Month

A&E ADVENTURES: Case Summary & 20 Largest Unsecured Creditors
ABAB CORP: Unsecureds Owed $10K+ to Recover 100% in 84 Months
AHERN RENTALS: Moody's Ups CFR to B3 & Rates New $550MM Notes Caa1
ALEX AND ANI: Court Confirms Debt-for-Equity Plan
AMERICAN TIRE: S&P Rates $1.0BB Senior Secured Term Loan 'B-'

APACHE CORP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
ASTON CUSTOM: Plan is Not Fair and Equitable, TVC IV says
AURORA READYMIX: Unsec. Creditors to be Paid in Full over 5 Years
AUTO MASTER EXPRESS: Taps Carlos Alberto Ruiz as Legal Counsel
B&L INTERNATIONAL: Seeks to Hire McNamee Hosea as Counsel

B&L INTERNATIONAL: Wins Cash Collateral Access Thru Oct 15
BARTLEY INDUSTRIES: Case Summary & 6 Unsecured Creditors
BEAR COMMUNICATIONS: Seeks Cash Collateral Access Thru Oct 29
BL SANTA FE: Loan Approval Deferred Amid Rival Proposals
BLACK FORGE: Seeks to Hire Stenger Bies as Accountant

BLACK OAK GROUP: Seeks to Hire Red Hill Law as Counsel
BLACK SQUARE: Seeks to Hire Shapiro Blasi as Counsel
BLACKSTONE DEVELOPERS: Wins Cash Collateral Access
BLACKSTONE MORTGAGE: Moody's Rates New $400MM Secured Notes 'Ba2'
BLACKSTONE MORTGAGE: S&P Rates New $400MM Sr. Secured Notes 'B+'

BOART LONGYEAR: S&P Upgrades ICR to 'B-' on Recapitalization
BOY SCOUTS: Bankruptcy Creates Rift With Religious Partners
BOY SCOUTS: Judge OKs Use of Master Ballots in Plan Voting
BRAIN ENERGY: Oct. 7 Hearing on Disclosures, Settlement
BROOKLYN IMMUNOTHERAPEUTICS: Appoints New Chief Medical Officer

BROOKLYN IMMUNOTHERAPEUTICS: Provides Shareholder Call Highlights
CATALENT PHARMA: Moody's Rates New $450MM Sr. Unsecured Notes 'B1'
CATALENT PHARMA: S&P Rates New Senior Unsecured Notes 'BB-'
CERTA DOSE: Wins Court Nod to Use Cash Until Oct. 15
CHRISTIE-SCOTT LLC: Unsecureds to Get Share of Income for 3 Years

COMMUNITY ECO POWER: Hires Deltaway as Environmental Consultant
CONDOR HOSPITALITY: To Dissolve After Sale of Hotels to Blackstone
CONDOR HOSPITALITY: To Sell All Hotels to Blackstone for $305M
CONSENSUS CLOUD: Moody's Gives B2 CFR & Rates New $300MM Notes B2
CORNERSTONE ONDEMAND: Amends Indenture to Finance Merger

CUSTOM TRUCK: Registers 59.1 Million Shares for Possible Resale
DENARDO CAPITAL: Claims Will be Paid from Property Sale/Refinance
DESERT VALLEY: Seeks to Use Cash Collateral for Repairs, Upgrades
DIOCESE OF ROCKVILLE: Insurers Can Get Abuse Claims Info
EASTERN NIAGARA: Hospital Property Listed for Sale for $3.5 Million

ELECTRONIC DATA MAGNETICS: Business Bought by Paragon ID
ENDICOTT MEATS: Files Amendment to Disclosure Statement
ENTERGY NEW ORLEANS: Moody's Alters Outlook on 'Ba1' Rating to Neg.
FABMETALS INC: Sept. 28 Hearing on Continued Cash Collateral Use
FIGUEROA MOUNTAIN: Right to Credit Bid Not Absolute

FIGUEROA MOUNTAIN: Seeks to Continue White Winston Cash Deal
FLEXIBLE FUNDING: Obtains Interim OK to Use Cash Collateral
GATEWAY FOUR: Seeks Additional Funding from Romspen Mortgage
GDC TECHNICS: Court Confirms Amended Plan
GENERAL CANNABIS: Extends Expiration of Warrants Until 2024

GIRARDI & KEESE: Lawsuit Will Be Affected by Tom's Shady Dealings
GOLDEN ENTERTAINMENT: Moody's Ups CFR to B2 & 1st Lien Loan to Ba3
GTT COMMUNICATIONS: Starts Soliciting Votes on Prepack Plan
GUARDION HEALTH: Terminates Industrial Lease With Cal-Sorrento
GULFPORT ENERGY: Explores Possible Sale After Bankruptcy Exit

HARBOR VENTURES: Nov. 2 Plan & Disclosure Hearing Set
HOLLY ENERGY: Fitch Affirms 'BB+' LT IDR & Alters Outlook to Stable
HOOT THE DOG: Files Emergency Bid to Use Cash Collateral
HOUSE N BOX: Seeks Cash Collateral Access
IMERYS TALC: J&J Fights Back in Suit Over Asbestos Claims

KDA PROPERTIES: Taps Weinman & Associates as Bankruptcy Counsel
KINGSLEY CLINIC: Seeks to Hire Tittle Law Group as Legal Counsel
LATAM AIRLINES: Court OKs Bankruptcy Exit Plan Filing Extension
LITTLE DRUG: Wins Cash Collateral Access Thru Dec 15
LRGHEALTHCARE: May Use Cash Collateral Through Oct 31

LSB INDUSTRIES: S&P Upgrades ICR to 'B-', Outlook Stable
LSB INDUSTRIES: Stockholders OK'd All Proposals at Special Meeting
LSF11 A5 HOLDCO: Moody's Assigns First Time B2 Corp. Family Rating
MADU INC: Seeks Court Approval to Hire Real Estate Agent
MALLINCKRODT PLC: Spars w/ Insurers Over Antitrust Claims Seniority

MASSOOD DANESH: Wins Cash Collateral Access Thru Oct 18
MATCH GROUP II: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
MEDICAL SOLUTIONS: S&P Affirms 'B' ICR on Proposed Acquisition
MEDIQUIP INC: Updates Equity Holders; Confirmation Hearing Oct. 26
MIKEN OIL: Taps Coghlan Crowson as Special Counsel in MJR Suit

MIRION TECHNOLOGIES: Moody's Assigns 'B1' CFR, Outlook Stable
MORE AUTOMOTIVE: Unsecureds Owed $10K+ to Recover 100% in 84 Months
NATIONAL RIFLE: Board Acted as Rubber Stamp, Says Director
NEW WORLD STAINLESS: Seeks to Use Cash to Meet Production Orders
NFP CORP: $225MM Incremental Notes No Impact on Moody's B3 CFR

NORTHWEST BAY: Resolves Disputes w/ HOA & BPS Lot; Amends Plan
PACIFIC BELLS: Moody's Assigns First Time 'B3' Corp. Family Rating
PALACE THEATER: Hires HMP Advisory as Financial Advisor
PAR 5 PROPERTY: Trustee Hires Mathews as Real Estate Broker
PEAK PROPERTY: Hires David Dufresne as Real Estate Broker

PG&E CORP: Charged for Manslaughter for Zogg Fire
PIZZINI AND HANSEN: Unsecured Creditors to Get $30K in 5 Years
PLUS THERAPEUTICS: Eliminates Series A Preferred Stock
POLYMER ADDITIVES: Moody's Hikes CFR to 'B3', Outlook Stable
POTOMAC CONSTRUCTION: Hires Greysteel as Real Estate Broker

PREMIER SERVICES: Case Summary & 20 Largest Unsecured Creditors
PRIMARIS HOLDINGS: Hearing Today on Bid to Use Cash Collateral
PSG MORTGAGE: Seeks to Hire Julian Bach as Counsel
PURDUE PHARMA: California AG Appeals Chapter 11 Plan Approval
QUARTERNORTH ENERGY: Moody's Assigns First Time 'B3' CFR

RITORI LLC: Nov. 17 Plan & Disclosure Hearing Set
RIVERROCK RECYCLING: Hires Fry & Associates as Accountant
ROCHELLE HOLDINGS: Plan Fails Liquidation Test, Nicholson Says
ROLLER BEARING: Moody's Assigns 'Ba3' CFR, Outlook Stable
RUNNER BUYER: Moody's Assigns First Time 'B2' Corp. Family Rating

S & N PROPERTY: Seeks Access to Receiver-Controlled Cash
SIMPLY FIT LLC: Seeks to Hire Stichter Riedel as Counsel
SKW LOGISTICS: Wins Cash Collateral Access
SONOMA PHARMACEUTICALS: All Proposals Approved at Annual Meeting
TIX CORPORATION: Hires Rock Creek as Financial Advisor

TIX CORPORATION: Seeks to Hire Schwartz Law as Nevada Counsel
TIX CORPORATION: Taps Griffin Hamersky as Bankruptcy Counsel
TORNANTE - MDP JOE: S&P Withdraws 'B-' Issuer Credit Rating
TOWN & COUNTRY: Hearing Tuesday on Bid to Use Cash Collateral
TRI-WIRE ENGINEERING: Seeks to Hire 'Ordinary Course Professionals

TUFAIL & ASSOCIATES: Unsecureds to Recover 1% in Subchapter V Plan
VASCULAR ACCESS: Trustee Hires Bayard as Special Counsel
VIAVI SOLUTIONS: Fitch Assigns First Time 'BB' IDR, Outlook Stable
VIAVI SOLUTIONS: S&P Assigns 'BB+' Rating; Outlook Stable
WABASH NATIONAL: Moody's Rates New $400MM Unsecured Notes 'B2'

WATERBRIDGE MIDSTREAM: Fitch Affirms 'B-' LT IDR, Outlook Stable
WILLIAMS SCOTSMAN: Moody's Puts B1 CFR Under Review for Upgrade
ZELIS PAYMENTS: Moody's Rates First Lien Loans 'B2', Outlook Stable
[*] Cornyn, Warren File Bill to Stop Judge Shopping in Bankruptcy
[*] S&P Takes Various Actions on 12 Business and IT Services

[*] Supreme Court Urged to Decide on Trustee Fees Fight
[^] BOND PRICING: For the Week from September 20 to 24, 2021

                            *********

37 VENTURES: Files Amendment to Disclosure Statement
----------------------------------------------------
37 Ventures, LLC and Larada Sciences, Inc., submitted a First
Amended Disclosure Statement to accompany First Amended Joint Plan
of Reorganization dated September 21, 2021.

Larada's has two officers, Claire Roberts, who serves as its Chief
Executive Officer, and Yuri Pikover, who has no formal title but
serves as co-Chief Executive Officer together with Claire Roberts.
At the August 31, 2021 hearing, the Court authorized Larada to
compensate Mr. Pikover for his services at the annual salary of
$120,000. Larada is governed by a three-person board of directors,
comprised of Claire Roberts, Yuri Pikover, and Brent Sloan. Larada
has issued common stock, and also Series A preferred stock. It has
approximately 85 shareholders, the largest of which by far is 37
Ventures, which holds approximately 43% of Larada's issued and
outstanding shares on an undiluted basis.

Larada borrowed money from the Secured Lender in May 2018 in the
original principal amount of $7,500,000 (the "Alignment Loan"). The
Alignment Loan is supported by a guaranty signed by 37 Ventures.
The Alignment Loan was one piece of a larger recapitalization to
improve Larada's balance sheet. Although Alignment has questioned
whether Larada could have claims against Mr. Pikover for the
improper receipt of loan proceeds, in actuality, Alignment was well
aware that Mr. Pikover would and did receive a portion of the loan
proceeds as part of the entire recapitalization, which Aligment
approved. Larada has no claims against Mr. Pikover or anyone else
related to this recapitalization.

Alignment Loan and recapitalization improved Larada's financial
condition in the following respects: Total assets increased by
$1,700,000 (from $4,100,000 to $5,800,000), total liabilities
decreased by $1,800,000 (from $11,700,000 to $9,900,000) and stock
and paid-in capital increased by $5,000,000 (from $9,400,000 to
$14,400,000). Without 37 Ventures' participation, the other
investors would not have approved the Alignment Loan, nor would
they have followed 37 Ventures' lead in converting a sufficient
amount of their PreRecapitalization Debt to equity that was a
condition of closing the Alignment Loan.

The financial support that 37 Ventures has and can provide to
Larada's business, and in particular 37 Ventures' ability to pay in
full the Alignment debt over time, is critical to the success of
Larada's business. Furthermore, if 37 Ventures were to be
dismembered by state court litigation processes, the survival of
Larada's business would be doubtful. As a result, in order to
preserve the value of its business as an ongoing concern for all
creditor constituencies, including the Alignment Loan, and also
Larada's obligations to franchisees, subordinated debt holders,
trade creditors, and others, Larada concluded in the exercise of
its business judgment that this bankruptcy filing and a reasonable
restructuring of its obligations going forward was the most prudent
path.

Secured claims are claims secured by liens on property of the
Estates. Both Alignment and Knight & Bishop have asserted secured
claims. Knight & Bishop's alleged secured claim against 37 Ventures
is disputed and unless the dispute is resolved consensually, 37
Ventures will commence an adversary proceeding for a determination
that Knight & Bishop's alleged lien is invalid, unenforceable
and/or subject to avoidance under Code section 547. The only
secured claim against Larada is asserted by Alignment.

Larada has proposed to pay the Larada Quarterly Amount to its
creditors, which essentially represents its net available cash to
distribute to its creditors after payment of its operating expenses
and maintaining a reasonable cash reserve on hand. Larada has
proposed to divide the Larada Quarterly Amount, with 70% being paid
to Alignment and 30% to its unsecured creditors. Larada submits
that this 70/30 split is reasonable under the circumstances.

Furthermore, according to Larada's Liquidation Analysis, on
liquidation, Alignment would receive $625,000 (the result of a
piecemeal asset sale) or $5,189,000 (if Larada could be sold for
its going concern value). In contrast, the Plan proposes to
maintain the Debtor's going concern value, and proposes to pay the
Larada Quarterly Amount to its creditors (which through 2028,
Larada projects to total $6,957,000), and then by 2028 creditors
can realize the value of Larada as a going concern at that time
(which Larada's experts project to be $15,659,000). Given the large
difference between the result of a liquidation now versus the
proposed reorganization, and the commensurate benefits to
Alignment, it is fair for Larada's unsecured creditors to receive a
relatively small proportion of the Larada Quarterly Amount, which
value would evaporate in a foreclosure.

Class 2 consists of the General Unsecured Claims against 37
Ventures in the amount of $3.7 million. In full and final
satisfaction, settlement, release, and discharge of Knight and
Bishop's Allowed Class 2 Claims, Knight and Bishop shall receive
distributions under one of the two options depending on whether
Hawk timely pays the Hawk Contribution. The unpaid balance, if any,
of the Allowed Class 2 Claims, including accrued but unpaid
interest thereon, shall be fully due and payable on December 31,
2025, unless paid prior to that date from a Company Liquidity
Event.

Class 6 consists of the General Unsecured Claims against Larada in
the amount of $5.13 million. In full and final satisfaction,
settlement, release, and discharge of all Class 6 Claims, Larada
shall make Quarterly Pro Rata payments to holders of Class 5 and
Class 6 Claims, in the Remaining Larada Monthly Amount until such
Claims are paid in full with interest, but not later than December
31, 2028.

If necessary to ensure timely payment of all amounts it owes under
the Plan, Reorganized Larada shall, on or before December 31, 2028:
(1) obtain a loan in an amount necessary to pay its creditor claims
in full ("Plan Loan"), or if such a Plan Loan cannot be obtained,
(2) sell all or substantially all of the assets used by Larada in
the conduct of its business operations (upon consummation of such a
transaction, a "Larada Asset Sale Liquidity Event").

The proceeds of a Plan Loan or a Larada Asset Sale Liquidity Event
shall be paid (a) to Alignment, for credit to the remaining balance
of its secured claim, for credit to the secured portion thereof,
(b) next to Class 5 and Class 6 General Unsecured Creditors of
Larada on a Pro Rata Basis, including Alignment on account of its
Unsecured Claim (or if applicable to Reorganized 37 Ventures on
account of the unsecured portion of the 37 Ventures Subrogation
Claim), (c) next to Subdebt Holders, on a Pro Rata basis unless
their claims have been Desubordinated, in which case, they shall
share Pro Rata with Class 5 and Class 6 General Unsecured
Creditors, and (d) finally to holders of Interests in Larada
pursuant to their respective rights and interests.

Larada shall obtain this Court's advance approval of any
transaction that would result in a Plan Loan or a Larada Asset Sale
Liquidity Event; with notice and an opportunity to be heard on any
application for such approval being first given to the then holders
of Claims against Larada.

A full-text copy of the First Amended Disclosure Statement dated
September 21, 2021, is available at https://bit.ly/2XRMyWM from
PacerMonitor.com at no charge.

Counsel for Debtor 37 Ventures, LLC:

   Gary E. Klausner, Esq.
   Eve H. Karasik, Esq.
   Jeffrey S. Kwong, Esq.
   Levene, Neale, Bender,
     Yoo & Brill L.L.P.
   10250 Constellation Blvd., Ste. 1700
   Los Angeles, CA 90067
   Telephone: (310) 229-1234
   Facsimile: (310) 229-1244
   Email: gek@lnbyb.com
          ehk@lnbyb.com
          jsk@lnbyb.com

Counsel for Debtor Larada Sciences, Inc.:

   George Hofmann, Esq.
   Cohne Kinghorn, P.C.
   111 East Broadway, 11th Floor
   Salt Lake City, UT 84111
   Telephone: (801) 363-4300

         - and -

   Derrick Talerico, Esq.
   David B. Zolkin, Esq.
   Zolkin Talerico LLP
   12121 Wilshire Blvd., Suite 1120
   Los Angeles, CA 90025
   Telephone: (424) 500-8551
   Facsimile: (424) 500-8951
   Email: dtalerico@ztlegal.com
          dzolkin@ztlegal.com

                         About 37 Ventures

37 Ventures, LLC, a company based in Thousand Oaks, Calif., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 21-10261) on March 18, 2021. Its affiliate, Larada
Sciences, Inc., a Utah-based company that owns and operates clinics
dedicated to head lice prevention and treatment, filed a Chapter 11
petition (Bankr. C.D. Calif. Case No. 21-10269) on March 19, 2021.
The cases are jointly administered under Case No. 21-10261. Judge
Deborah J. Saltzman oversees the cases.

In their petitions, 37 Ventures and Larada Sciences disclosed
assets of between $1 million and $10 million and liabilities of
between $10 million and $50 million.

Levene Neale Bender Yoo & Brill, LLP serves as 37 Ventures' legal
counsel.  Larada Sciences tapped Cohne Kinghorn, PC as bankruptcy
counsel, Zolkin Talerico LLP as local counsel, and Rocky Mountain
Advisory, LLC as financial advisor.


511 GROUP: Unsecured Creditors to Recover 100% in Plan
------------------------------------------------------
511 Group LLC filed with the U.S. Bankruptcy Court for the Southern
District of Florida a Disclosure Statement and Plan of
Reorganization dated September 21, 2021.

The Debtor is a Limited Liability Corporation owned by Laurent
Benzaquen which owns a residential condo at 1749 NE Miami Court
#511 Miami, FL 33132.

The Debtor was involved in three pieces of litigation: Patricia
Laret, Parc Loft Condo, and New Rez mortgage.  All three are
reconciled in this case.  Ms. Laret failed to file a claim in this
case after Debtor disputed her claim in the schedules and has no
claim in this case.  The condo and the lender are reinstated by
monthly payments going forward, and the condo is paid its current
fees.

This chapter 11 was filed September 10, 2021 so that Debtor could
reconcile the debt with the creditors.

This Plan provides for 1 class priority claims, 3 classes of
secured claims; 1 class of unsecured claims; and 1 class of equity
security holders. Unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 100 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims by payment in
full.

Class 2 consists of the Secured Claim Wilmington Savings Fund
Society, FSB, not in its individual capacity, but solely as owner
trustee for CSMC 2018-RPL6 Trust. NewRez, LLC d/b/a Shellpoint
Mortgage Servicing, as servicing agent. Debtor pays full allowed
unpaid claim principal balance plus post petition.

Class 3 consists of the Secured Claim Parc Lofts Condominium Inc.
This Class retains lien plus post-petition payments to remain
current.

Class 4 consists of the Secured Claim Miami Dade Tax Collector.
Debtor will pay 2020 and 2021 taxes outside the plan.

Class 5 consists of the Unsecured Claim of IRS and Patricia Leret.
IRS claim is for unfiled taxes which are proposed to be reconciled.
Patricia Leret disputed scheduled claim: no claim filed and
therefore disallowed and no claim allowed.

Class 6 consists of Equity Security Holders of the Debtor. Equity
Holders will forfeit their membership interests and be issued new
memberships for new value paid in this case, or retain their
interests.

Debtor has contributed new value including $10,000 attorneys' fees,
substantial costs of repairs, and will be funding plan payments,
along with US Trustee fees, and payments to unsecured and
administrative creditors, adding up to a significant sum. New value
is counted as a credit against the absolute priority rule.

Payments and distributions under the Plan will be funded by Lauren
Benzaquen and affiliates and rent income.

A full-text copy of the Disclosure Statement dated September 21,
2021, is available at https://bit.ly/3lQOrLm from PacerMonitor.com
at no charge.

Attorney for the Plan Proponent:

     Joel M. Aresty, Esq.
     JOEL M. ARESTY, P.A.
     309 1st Ave S
     Tierra Verde FL 33715
     Telephone: (305) 904-1903
     Facsimile: (800) 559-1870
     Email: Aresty@Mac.com

                      About 511 Group LLC

511 Group LLC, a Miami Beach, Fla.-based limited liability company,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 20-21098) on Oct. 12, 2020.  In its petition,
the Debtor estimated both assets and liabilities to be between
$100,001 and $500,000.  Judge A. Jay Cristol presides over the
case.  Joel M. Aresty P.A. is the Debtor's legal counsel.


5AAB TRANSPORT: Unsecured Creditors to be Paid in Full in 5 Years
-----------------------------------------------------------------
5AAB Transport, LLC ("Transport"), SJS Transport, LLC ("SJS") and
Heavy Diesel Service, LLC ("HDS") filed a Joint Plan of
Reorganization for Subchapter V dated September 20, 2021.

The Subchapter V Debtors' hardships leading to the filings were
mainly caused by the loss of a large customer and the onset of the
worldwide COVID-19 pandemic.  A few months prior to the onset of
the COVID-19 pandemic, SJS lost the business of Dean Foods, one of
their largest customers.  At the time Dean Foods filed for
bankruptcy, it owed approximately $190,000 on receivables that had
already been factored by the Subchapter V Debtors.  Those
receivables were not paid in the Dean Foods' bankruptcy which
forced the Subchapter V Debtors to work with its factoring company
in an attempt to repay all prior advances received against those
receivables.

The Subchapter V Debtors are operating and deriving revenue from
their respective businesses.  Revenue derived from Transport and
SJS's activities is approximately $260,000 per month.  HDS
generates approximately $30,000 per month. Of the revenue generated
by Transport, SJS and HDS, the largest expenditure is payroll and
associated overhead, including the employment of the various
drivers for the fleet.  The remaining expenses of the Subchapter V
Debtors relate to outlays for utilities, leases, financing, fuel,
maintenance, and insurance.

The Subchapter V Debtors intend to continue with their operations
on a post-confirmation manner as they have for the pre-petition
period but without the business lines involving the Westbelt Drive
warehouse and California locations. The Subchapter V Debtors
believe that their ongoing revenue generation will be sufficient to
make the payments required by this Subchapter V Plan.

Class 2 is the Secured Claim of First Financial Bank.  FFB will be
treated as fully secured.  Its Claims as to each of the Subchapter
V Debtors will be paid on a consolidated basis, including
consolidation with Holding. The Claims will be amortized and paid
in full over 10 years at 5.25%. Class 2 is impaired and entitled to
vote.

Class 3 is the Secured Claim of CarrierNet Group Financial, Inc. It
is anticipated that through the process of collecting receivables
in the ordinary course of business, CarrierNet's claim will be paid
in full. Therefore, the Subchapter V Debtors do not propose any
modification to the CarrierNet claim and will continue to maintain
the contractual relationship they had with CarrierNet on a pre
petition basis. Confirmation of the Subchapter V Plan will
constitute Transport's reaffirmation of the pre-petition agreements
with CarrierNet.

Class 4 Secured Claim of De Lage Landen Financial Services, Inc.
DLL will be treated as fully secured. Its claim will be amortized
and paid in full over 5 years at 5.25% interest. The obligations to
DLL may be prepaid in full or in part by the Subchapter V Debtors
without penalty. The Subchapter V Debtors will be permitted to
refinance the DLL position at any time.

Class 5 consists of the Claim of U.S. Small Business
Administration. The SBA will be treated under the Holding Plan as
fully secured. Its claim will be amortized and paid by the
Subchapter V Debtors in full over 20 years at 3.60% interest. The
obligations to the SBA may be prepaid in full or in part by the
Subchapter V Debtors without penalty. The Subchapter V Debtors and
Holding will be permitted to refinance the SBA position at any
time.

Class 6 is the class for general unsecured allowed Claims.  The
Subchapter V Debtors calculate that there are $359,298 in Class 6
Claims.  The treatment of Class 6 will be the same regardless of
whether the Subchapter V Plan is confirmed on a consensual or
nonconsensual basis.  The Subchapter V Debtors have calculated
their projected disposable income and have determined that the
projected disposable income will be in excess of the total of the
Class 6 Claims. As a result, the Subchapter V Debtors will pay the
Class 6 Claims in full over five years by making quarterly
payments. Interest will be paid on Class 6 Claims at the federal
judgment rate of 0.07%. Class 6 is impaired.

Class 7 contains the membership interests of Mr. Singh and Mr.
Sidhu.  They will retain their membership interest.  Class 7 is
unimpaired and is deemed to have accepted the Subchapter V Plan.

Payments to be made under this Subchapter V Plan will be made from
the funds of the Subchapter V Debtors existing as of the Effective
Date, as well as funds generated after the Effective Date from
operations of the Subchapter V Debtors' businesses.

A full-text copy of the Subchapter V Plan dated September 20, 2021,
is available at https://bit.ly/39zgFoh from PacerMonitor.com at no
charge.

Counsel for the Debtors:

     Richard K. Stovall, Esq.
     James A. Coutinho, Esq.
     Matthew M. Zofchak, Esq.
     Allen Stovall Neuman & Ashton LLP
     17 South High Street, Suite 1220
     Columbus, OH 43215
     Telephone: (614) 221-8500
     Facsimile: (614) 221-5988
     Email: stovall@ASNAlaw.com
            coutinho@ASNAlaw.com
            zofchak@ASNAlaw.com

                       About 5AAB Transport

5AAB Transport, LLC, is a Columbus, Ohio-based company operating in
the general freight trucking industry.

5AAB Transport and its three affiliates, SJS Transport, LLC, Heavy
Diesel Service, LLC, and 5AAB Holding, LLC filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Ohio Case Lead Case No. 21-52150).  Judge John E.
Hoffman, Jr. oversees the cases.

In its petition, 5AAB Transport disclosed total assets of up to
$50,000 and total liabilities of up to $10 million.  Each of its
affiliates reported total assets of up to $500,000 and total debt
of up to $10 million at the time of the filing.  Navdeep Sidhu,
member, signed the petitions.
   
Allen Stovall Neuman & Ashton, LLP serves as the Debtors'
bankruptcy counsel.


893 4TH AVE: Unsec. Creditors to Recover 100% in Liquidating Plan
-----------------------------------------------------------------
893 4th Ave Lofts LLC (the "Debtor") and 5 AIF Sycamore 2, LLC (the
"Secured Lender"), a secured creditor, submitted a Disclosure
Statement concerning Chapter 11 Liquidating Plan dated September
21, 2021.

The Plan provides for an auction sale of the Property on January
31, 2022. The proceeds of the Sale will be distributed to creditors
pursuant to their relative priorities under the Bankruptcy Code and
applicable state law. To the extent there are insufficient sale
proceeds to pay creditors, the Secured Lender has agreed to fund
certain reserves to ensure: (i) the payment of Administrative
Claims and Priority Claims in full; (ii) the payment of 90% of
Mechanic's Lien Claims; and (iii) that $25,000 will be distributed
pro-rata to holders of Allowed General Unsecured Claims.

The Plan will treat claims as follows:

     * Class 1 consists of the Allowed Secured Tax Claim. The
Disbursing Agent shall pay the proceeds from the sale of the
Property to the holder of the Allowed Class 1 Claim up to 100% of
the Allowed Class 1 Claim; provided, however that if the Secured
Lender is the purchaser of the Property at the Sale, then the
Secured Lender shall pay 100% of the Allowed Class 1 Claim at the
Closing of the Sale of the Property.

     * Class 2 consists of the Allowed ECB Judgment Lien Claim. The
Disbursing Agent shall pay the proceeds from the sale of the
Property to the holder of the Allowed Class 2 Claim up to 100% of
the Allowed Class 2 Claim; provided, however that if the Secured
Lender is the purchaser of the Property at the Sale, then the
Secured Lender shall pay 100% of the Allowed Class 2 Claim at the
Closing of the Sale of the Property.

     * Class 3 consists of the Allowed Secured Lender Claim, which
is secured by the first and second priority Mortgage on the
Property. The Disbursing Agent shall pay the proceeds from the sale
of the Property, if any, remaining after the payment of the Allowed
Administrative Claims, Allowed Priority Claims, Allowed Class 1
Claim and Allowed Class 2 Claim to the holder of the Allowed Class
3 Claim up to 100% of its Allowed Secured Claim. If the Secured
Lender is the purchaser of the Property at the Sale, then the
Allowed Class 3 Claim shall be deemed paid to the extent of any
credit bid made by the Secured Lender.

     * Class 4 consists of all Allowed 5 AIF Nutmeg LLC Claim. The
Disbursing Agent shall pay the proceeds from the sale of the
Property, if any, remaining after the payment of the Allowed
Administrative Claims, Allowed Priority Claims, Allowed Class 1
Claim, Allowed Class 2 Claim and Allowed Class 3 Claim to the
holder of the Allowed Class 4 Claim up to 100% of its Allowed
Secured Claim. If 5 AIF Nutmeg, LLC is the purchaser of the
Property at the Sale, then the Allowed Class 4 Claim shall be
deemed paid to the extent of any credit bid made by 5 AIF Nutmeg,
LLC.

     * Class 5 consists of the Allowed Home Core Inc. Mechanics
Lien Claim.  On the Effective Date, and after the payment of the
Allowed Administrative Claims, Allowed Priority Claims, Allowed
Class 1 Claim, Allowed Class 2 Claim, Allowed Class 3 Claim and
Allowed Class 4 Claim in full, the Disbursing Agent shall pay the
remaining proceeds, if any, from the Sale of the Property to the
holder of the Allowed Class 5 Claim up to 100% of its Allowed
Claim; provided however, that if the amount of proceeds from the
Sale of the Property are insufficient to pay 90% of the Allowed
Class 5 Claim, then on the Effective Date, the Disbursing Agent
shall pay to the holder of the Allowed Class 5 Claim from the
Mechanics Lien Reserve, such amount as is necessary to result in
the holder of the Class 5 Claim receiving a 90% distribution on its
Allowed Claim.

     * Class 6 consists of the Allowed Best Super Cleaning LLC
Mechanics Lien Claim.  On the Effective Date, and after the payment
of the Allowed Administrative Claims, Allowed Priority Claims,
Allowed Class 1 Claim, Allowed Class 2 Claim, Allowed Class 3
Claim, Allowed Class 4 Claim and Allowed Class 5 Claim in full, the
Disbursing Agent shall pay the remaining proceeds, if any, from the
sale of the Property to the holder of the Allowed Class 6 Claim up
to 100% of its Allowed Claim; provided however, that if the amount
of proceeds from the sale of the Property are insufficient to pay
90% of the Allowed Class 6 Claim, then on the Effective Date, the
Disbursing Agent shall pay to the holder of the Allowed Class 6
Claim from the Mechanics Lien Reserve, such amount as is necessary
to result in the holder of the Class 5 Claim receiving a 90%
distribution on its Allowed Claim.

     * Class 7 consists of the Allowed Silvercup Scaffolding LLC
Mechanic's Lien Claim. On the Effective Date, and after the payment
of the Allowed Administrative Claims, Allowed Priority Claims,
Allowed Class 1 Claim, Allowed Class 2 Claim, Allowed Class 3
Claim, Allowed Class 4 Claim, Allowed Class 5 Claim, and Allowed
Class 6 Claim in full, the Disbursing Agent shall pay the remaining
proceeds, if any, from the sale of the Property to the holder of
the Allowed Class 7 Claim up to 100% of its Allowed Claim; provided
however, that if the amount of proceeds from the sale of the
Property are insufficient to pay 90% of the Allowed Class 7 Claim,
then on the Effective Date, the Disbursing Agent shall pay to the
holder of the Allowed Class 7 Claim from the Mechanics Lien
Reserve, such amount as is necessary to result in the holder of the
Class 7 Claim receiving a 90% distribution on its Allowed Claim.

     * Class 8 Claims consist of the Allowed General Unsecured
Claims. On the Claim Resolution Date, and after the payment of the
Allowed Administrative Claims, Allowed Priority Claims, Allowed
Class 1 Claim, Allowed Class 2 Claim, Allowed Class 3 Claim,
Allowed Class 4 Claim, Allowed Class 5 Claims, Allowed Class 6
Claims, and Allowed Class 7 Claims in full, the Disbursing Agent
shall pay the remaining proceeds, if any, from the sale of the
Property to the holders of the Allowed Class 8 Claims on a pro rata
basis up to 100% of their Allowed Claims; provided however, that if
the amount of proceeds from the sale of the Property are
insufficient to pay the Allowed Class 8 Claims in full, then 10
Business Days after the Claim Resolution Date, the Disbursing Agent
shall pay a pro-rata share of the funds in the Unsecured Claims
Reserve to the holders of the Allowed Class 8 Claims, provided that
the total amount of distribution to holders of Allowed Class 8
Claims shall not exceed 100% of their Allowed Claims. The Debtor
estimates that the amount of Class 8 Claims is approximately
$32,799.66.

     * Class 9 consist of the Interests in the Debtor. The holder
of the Class 9 Interest shall retain its Interest in the Debtor. On
the Effective Date, and after the payment of the Allowed
Administrative Claims, Allowed Priority Claims, Allowed Class 1
Claim, Allowed Class 2 Claim, Allowed Class 3 Claim, Allowed Class
4 Claim, Allowed Class 5 Claim, Allowed Class 6 Claim, Allowed
Class 7 Claim, and Allowed Class 8 Claims in full, the Disbursing
Agent shall pay the remaining proceeds, if any, from the sale of
the Property to the holder of the Allowed Class 9 Interest.

The funds required for the confirmation and performance of this
Plan shall be provided from: (i) the proceeds from the Sale of the
Property; and (ii) moneys to be contributed by the Secured Lender
to the Administrative/Priority Reserve, the Mechanics Lien Reserve,
and the Unsecured Claims Reserve.

The Disbursing Agent will cause the Property to be sold at a public
auction to be held at 10:00 a.m. on January 31, 2022 either at the
United States Bankruptcy Court for the Eastern District New York,
Federal Courthouse, Courtroom 3529, Federal Plaza, 271-C Cadman
Plaza East, Brooklyn, New York 11201-1800, or if the Courthouse is
not open to the public on such date, or at the option of the
Debtor, by webex, Zoom or other streaming video service.

A full-text copy of the Disclosure Statement dated September 21,
2021, is available at https://bit.ly/3oespF8 from PacerMonitor.com
at no charge.

Attorneys for the Debtor:

     Law Offices of Vincent M. Lentini
     1129 Northern Blvd., Suite 404
     Vincent M. Lentini
     Manhasset, New York 11030
     (516) 228-3214
     vincentmlentini@gmail.com

Attorneys for 4 AIF Sycamore 2:

     HOLLAND & KNIGHT LLP
     Bruce J. Zabarauskas (BZ-7085)
     900 Third Avenue
     New York, New York 10022
     (212) 751-3001
     bruce.zabarauskas@hklaw.com

                        About 893 4th Ave

893 4th Ave Lofts LLC filed Chapter 11 Petition (Bankr. E.D.N.Y.
Case No. 21-41367) on May 24, 2021.  The Debtor's sole asset is a
vacant multi-family residential property and improvements thereon
located at 893 4th Avenue, Brooklyn, New York (the "Property").


A & S ENTERTAINMENT: Unsecureds Get At Least $1K Per Month
----------------------------------------------------------
A & S Entertainment, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Florida a Small Business Plan of
Reorganization under Subchapter V.

The Debtor is a Limited Liability Company which operates a
gentlemen's entertainment facility in Miami, Florida.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $35,000.  The final Plan
payment is expected to be paid on October 31, 2026.

Class 1 consists of Priority claims.  Priority claims will be paid
in full with interest at 3.25% in equal monthly payments over 60
months at $33,992.40 per month.

Class 2 consists of the Landlord's Cure Claim.  The cure amount is
subject to liquidation and the amount determined will be cured by
agreement, if possible. The cure amount, once determined will be
paid in full over 6 months or as agreed between the parties.

Class 3 consists of Non-priority unsecured creditors.  All General
Unsecured Creditors other than Class 2 Claim will share, pro-rata
in a fund of money of $1,000 per month for 36 months Plus 15% of
the savings, if any, from the Debtor's appeal of the priority of
the Class 1 creditor, Florida Department of Revenue.  No payments
will be made until all unliquidated claims are liquidated or waived
and the appeal of the FLDOR Priority is subject to a final order.
The funds will accrue in the trust account of the Debtor's attorney
until all claims and appeals are determined.  At such time, the
funds will be disbursed in full, if the 36 month accrual period has
occurred, in in part with monthly payments thereafter until the 36
month period has expired.

Class 4 consists of Equity security holders of the Debtor.  Member
interests will be retained in the current amounts and interests.

The Debtor will make the payments under the Plan from the income
generated by the operation of its business.

A full-text copy of the Small Business Plan of Reorganization dated
Sept. 20, 2021, is available at https://bit.ly/2XN9x4X from
PacerMonitor.com at no charge.

Attorney for the Plan Proponent:

     John A. Moffa, Esq.
     Moffa & Breuer, PLLC
     1776 N Pine Island Rd #102
     Plantation, FL 33322
     Tel: 954-634-4733
     Fax: 954-337-0637
     Email: john@moffa.law

                    About A & S Entertainment

A & S Entertainment, LLC, filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-14020) on April 27, 2021. The petition was signed by Ciara
Latrice Jones, Claudette M. Pierre, manager. At the time of filing,
the Debtor estimated $50,000 to $100,000 in assets and $1 million
to $10 million in liabilities.  Judge Robert A. Mark presides over
the case. John A. Moffa, Esq. at MOFFA & BIERMAN represents the
Debtor as counsel.


A&E ADVENTURES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: A&E Adventures LLC
          d/b/a GameTime
        5701 Sunset Dr., Suite 330
        Miami, FL 33143

Business Description: GameTime is a family entertainment
                      destination with indoor amusements offering
                      a full-service dining experience and full
                      liquor sports bar in Daytona, Fort Myers,
                      Miami, Ocoee, Tampa and Kissimmee.

Chapter 11 Petition Date: September 24, 2021

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-19272

Debtor's Counsel: James C. Moon, Esq.
                  MELAND BUDWICK, P.A.
                  200 South Biscayne Boulevard
                  Suite 3200
                  Miami, FL 33131
                  Tel: (305) 358-6363
                  Email: jmoon@melandbudwick.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Michael Abecassis as managing member.

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

https://www.pacermonitor.com/view/KJ7RT4I/AE_Adventures_LLC__flsbke-21-19272__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. 1huddle                            Trade Debt           $18,000

1 Washington St.
7 FL
Newark, NJ 07102

2. American Express                   Trade Debt          $222,712
PO Box 650448
Dallas, TX 75265

3. CBI                                Trade Debt            $9,817
One Cheney Way
Riviera Beach, FL
33404

4. CBI                                Trade Debt            $9,293
2801 W. Silver
Springs Blvd
Ocala, FL 34475

5. CBI                                Trade Debt            $6,289
2801 W. Silver
Springs Blvd
Ocala, FL 34475

6. CBI                                Trade Debt            $4,916
One Cheney Way
Punta Gorda, FL
33982

7. CMJ-FEE, LLC                       Landlord             $33,899
200 South Michigan Ave.
Ste 400
Chicago, IL 60604

8. Duke                               Utilities             $9,837
PO Box 1004
Charlotte, NC 28201

9. Florida Department                 Sales Tax            $55,112
of Revenue
Bankruptcy Section
PO Box 6668
Tallahassee, FL
32314-6668

10. FPL                               Utilities             $7,850
FPL General Mail Facility
Miami, FL 33188

11. FPL                               Utilities             $7,300
FPL General Mail Facility
Miami, FL 33188

12. Fun Express                      Trade Debt            $17,108
PO Box 14463
Des Moines, IA
50306

13. GCTC Holdings LLC                 Landlord             $19,332
9903 Gulf Coast
Main St
Ste 120
Fort Myers, FL 33913

14. Humana                             Health              $17,659
PO Box 4615                          Insurance
Carol Stream, IL
60197

15. Innovative Concepts              Trade Debt             $4,618
in Entertainment Inc
10123 Main Street
Clarence, NY 14031

16. Intercard Inc.                   Trade Debt           $155,000
884 Lackland Hill Pkwy
Ste 1
St. Louis, MO 63146

17. MV Rolling Oaks                   Landlord            $635,000
Retail LLC
Bank OZK Lockbox Acct
8300 Douglas Ave
Ste 810
Dallas, TX 75225

18. Rhode Island                     Trade Debt             $8,228
Novelty
PO Box 9278
Fall River, MA 02720

19. Sunset                            Lawsuit           $1,427,849
Opportunities B2 LLC
c/o David W. Black, Esq.
Frank, Weinberg &
Black, P.L.
7805 SW 6 Court
Fort Lauderdale, FL
33324

20. Teco Electric                    Utilities              $4,977
PO Box 31318
Tampa, FL 33631


ABAB CORP: Unsecureds Owed $10K+ to Recover 100% in 84 Months
-------------------------------------------------------------
ABAB Corporation filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Disclosure Statement describing Plan of
Reorganization dated September 21, 2021.

The Debtor was incorporated under the laws of the Commonwealth of
Puerto Rico on Sept. 11, 2006, and is principally engaged in the
daily car rental business through a franchise agreement with
Payless Car Rental, Inc.

As a result of Debtor's difficulties in accessing Luis Munoz Marín
International Airport due to a partial final judgment entered by
the Court of First Instance of Puerto Rico, Carolina Section in the
case styled Aerostar Airport Holdings, LLC v. Debtor, Case No. FPE
2016-0189, with its adverse effect on Debtor's cash flows, coupled
with Debtor's loss of income during 2020 due to the COVID 19
Pandemic.

In order to protect its assets and operations and financially
reorganize itself, on July 15, 2021, Debtor filed its voluntary
petition for relief under 11 U.S.C. Chapter 11 and as of that date
has been managing its affairs and operating its business as a
debtor-in-possession.

The Plan will treat claims as follows:

     * Class 1 consists of the Secured Claim of Firstbank. Class 1
will continue to be paid in accordance with the pre-petition
contractual terms of Debtor's credit facility with Firstbank. The
arrears, existing on the Petition Date, will be paid at the
maturity date of the credit facility. Firstbank will retain the
lien encumbering Debtor's assets under the security agreement with
Debtor until full payment of Firstbank's allowed secured claim.

     * Class 2 consists of the Holders of Allowed General Unsecured
Claims of $10,000.00 or less. Holders of Allowed General Unsecured
Claims of $10,000 or less, will receive in full satisfaction of
their claims 100%, on the Effective Date. Class 2 is unimpaired
under the Plan.

     * Class 3 consists of the Holders of Allowed General Unsecured
Claims in excess of $10,000.  Holders of Allowed General Unsecured
Claims in excess of $10,000.00, will be paid in full satisfaction
of their claims 100% thereof through 84 equal consecutive monthly
installments, commencing on the Effective Date, with interest at
3.25% per annum or in the alternative Holders of Allowed General
Unsecured Claims that elect to reduced their claim to 50%, shall be
paid this reduced amount through 60 equal consecutive monthly
installment, commencing on the Effective Date, without interest.
Class 3 is impaired under the Plan.

     * Class 4 consists of the Holders of Allowed Cure Claims.
Holders of Allowed Cure Claims arising from Assumed Executory
Contracts, will be paid in full satisfaction of their claims 100%
thereof, through 6 equal consecutive monthly installments of
$40,743.50 each until full payment, commencing on the Effective
Date and continuing on the last day of each of the following five 5
months.

     * Class 5 consists of Interest Holders in the Debtor.  Class 5
Equity Holders will not receive any distributions under the Plan
but will retain their interests in Debtor unaltered. Class 5 is
unimpaired under the Plan.

The Debtor will effect payment of Administrative Expense Claims and
Priority Tax Claims on the Effective Date.  Firstbank Secured
Claim, Allowed General Unsecured Claims and Allowed Cure Claims
will be paid from the cash flows generated from Debtor's operations
and the cash accumulated by Debtor during Debtor's Chapter 11 case.


A full-text copy of the Disclosure Statement dated September 21,
2021, is available at https://bit.ly/3u8ZCD0 from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Charles A. Curpill-Hernandez, Esq.
     Charles A. Cuprill, P.S.C., Law Office
     356 Fortaleza St., Second Florr
     San Juan, PR 00901
     Tel.: 787-977-0515
     Fax: 787-977-0518
     Email: ccuprill@cuprill.com

                     About ABAB Corporation

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

Judge Enrique S. Lamouttee Inclan oversees the case.

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

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


AHERN RENTALS: Moody's Ups CFR to B3 & Rates New $550MM Notes Caa1
------------------------------------------------------------------
Moody's Investors Service upgraded Ahern Rentals Inc.'s ratings,
including its corporate family rating to B3 from Caa1 and
probability of default rating to B3-PD from Caa1-PD. Moody's also
assigned a Caa1 rating to Ahern's proposed $550 million senior
secured second lien notes. There is no change to Ahern's other
existing debt ratings. The outlook has been changed to stable from
negative.

The rating action follows the company's announcement that it would
issue $550 million of new senior secured second lien notes.
Proceeds from the proposed notes will be used to refinance the
company's existing $550 million senior secured second lien notes.
Concurrent with the transaction, majority owner and CEO Don Ahern
will also put $50 million of cash into Ahern affiliated companies
that will be used to reduce amounts Ahern is owed by these
entities. Moody's expects that Ahern will in turn use these
proceeds to reduce ABL borrowings by approximately $42 million. The
rating on the existing notes will be withdrawn at the close of the
transaction.

"This transaction strengthens investor protections and will
increase Ahern's ABL availability such that we expect liquidity to
be adequate following the refinancing," said Brian Silver, Moody's
Vice President-Senior Analyst. "However, we view Ahern's pro forma
debt-to-EBITDA of more than five times as high given the potential
for volatility in the equipment rental industry," continued
Silver.

Upgrades:

Issuer: Ahern Rentals Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

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

Assignments:

Issuer: Ahern Rentals Inc.

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

Outlook Actions:

Issuer: Ahern Rentals Inc.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The upgrade of Ahern's ratings is prospective in nature and largely
reflects the expected improvement in the company's liquidity and
corporate governance that will result from the transaction. Moody's
expects Ahern will have adequate liquidity owing primarily to
increased ABL availability following the $42 million reduction in
amounts outstanding. The refinancing pushes Ahern's notes maturity
out to 2026 from 2023. The new notes will also contain more
restrictive covenant limitations relative to the existing notes.
The new notes will include a prohibition on future affiliated
company loans and investments, as well as mandated repayment of any
affiliate debt obligations that remain after the refinancing as
they mature. In addition, Ahern will have limitations on new store
openings and more restrictive conditions around dividends.

Ahern has high pro forma debt-to-LTM EBITDA of about 5.2 times at
June 30, 2021. The company also has pro forma ABL availability of
approximately $53.5 million before springing ABL covenants would be
tested, under which Ahern would not be in compliance. However,
Moody's expects ABL reliance to gradually decline and does not
expect covenants to be tested over the next 12-18 months.

Ahern has exposure to cyclical end market demand for equipment as
well as the asset intensive nature of the equipment rental
industry. Ahern also has regional revenue concentration with
roughly 44% of its revenue coming from California, Nevada, and
Texas. However, Ahern benefits from its growing footprint in the US
equipment rental market, now spanning 33 states on the heels of the
company's accelerated geographic expansion efforts. The company has
opened 28 new branches from January 2020 to August 2021.

Moody's views the use of leases to fund a portion of its rental
fleet favorably, because it preserves liquidity and flexibility to
manage its overall investment in its rental fleet. The lease
financing is in addition to the more traditional purchase model to
capitalize on strong demand for equipment.

The stable outlook reflects Moody's expectation that Ahern's
revenue will increase 5% in 2021 and 7% in 2022 from a rebound in
construction activity, while profit margin will benefit as new
branch startup costs ease. Further, Moody's expects liquidity to
remain at least adequate over the next 12-18 months.

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

Although unlikely in the near term, the ratings could be upgraded
if the company is able to strengthen its liquidity such that it
increases ABL availability and reduce the likelihood of breaching a
financial covenant. Moody's would also expect debt-to-EBITDA be
sustained below 4 times and for the company to have positive free
cash flow.

The ratings could be downgraded if reliance on the ABL increases
and the company moves nearer to triggering a springing financial
covenant on the ABL. Also, if debt-to-EBITDA approaches 6 times or
it fails to be more conservative in its financial policy with
respect to dividends and other capital allocation decisions the
ratings could be downgraded.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Ahern Rentals Inc., (Ahern) headquartered in Las Vegas, NV, is an
equipment rental company with a network of 117 branches across 33
states, as well as a small international presence accounting for
roughly 6% of total revenue. The company generates approximately
70-75% of its rental revenue from the largest portion of its rental
fleet, high reach equipment, which consists of boom lifts,
forklifts, and scissor lifts. Ahern's majority shareholder is the
company's Chairman and Chief Executive Officer, Don Ahern. Ahern
reported revenue of approximately $848 million for the twelve
months ended June 30, 2021.


ALEX AND ANI: Court Confirms Debt-for-Equity Plan
-------------------------------------------------
Judge Craig T. Goldblatt has entered an order confirming and
approving the Plan of Alex and Ani, LLC, et al.

All but one objection to confirmation of the Plan have been
withdrawn, waived, or otherwise resolved by the Debtors.

Briggs Drive Associates, LLC, and Alex and Ani, LLC, are parties to
a Lease Agreement, dated Sept. 1, 2014, for the warehouse,
headquarters office, manufacturing, and cafeteria space located at
10 Briggs Drive, East Greenwich, Rhode Island 02818 (together with
all related exhibits and amendments, the "Briggs HQ Lease"). Briggs
and Alex and Ani have negotiated a Third Amendment to the Briggs HQ
Lease (the "Briggs Amendment").  The Briggs Amendment resolves
Briggs' objections to (a) the proposed cure of defaults under the
Briggs HQ Lease, (b) the provision of adequate assurance of future
performance under the Briggs HQ Lease, and (c) the confirmation of
the Plan.  The Briggs Amendment is approved, and Alex and Ani is
authorized to perform its obligations thereunder. Upon the
Effective Date, the Briggs Amendment shall become effective, and
the Briggs HQ Lease shall be assumed as amended by the Briggs
Amendment.  The assumption of the amended Briggs HQ Lease is
expressly approved.

Notwithstanding anything to the contrary in the Plan, this
Confirmation Order, or in any notice related thereto, the Policies
(as defined in the Protective Objection of Life Insurance Company
of North America to Notice to Contract Parties to Potentially
Assumed Executory Contracts and Unexpired Leases [Docket No. 294]
(the "LINA Objection")) through which Life Insurance Company of
North America provides insurance, and insurance-related services
for Debtors' employee benefits plan, shall be assumed under the
Plan, and, in lieu of cure, all obligations due and unpaid under
the Policies accruing prior to the Effective Date shall be
unimpaired and reinstated and paid in the ordinary course of
business, and nothing in this Confirmation Order or section 365 of
the Bankruptcy Code shall affect such obligations.

As to the United States, liens securing Claims of the United States
shall be retained until the Claim, with interest, is paid in full.
Any claims or liabilities arising under the Coronavirus, Aid,
Relief and Economic Security Act ("CARES Act Claims") shall be paid
in full in accordance with applicable non-bankruptcy law when due.
Administrative expense Claims of the United States allowed pursuant
to the Plan or the Bankruptcy Code shall accrue interest and
penalties as provided by non-bankruptcy law until paid in full.
Priority Tax Claims of the United States, other than CARES Act
Claims, allowed pursuant to the Plan or the Bankruptcy  Code will
be paid in accordance with Section 1129(a)(9)(C) of the Bankruptcy
Code.

As set forth in the Plan, holders of Claims in Classes 3, 4, and 5
(collectively, the "Voting Classes") for each of the Debtors were
eligible to vote on the Plan pursuant to the Solicitation
Procedures.  In addition, holders of Claims in Classes 1 and 2 are
Unimpaired and conclusively deemed to accept the Plan and,
therefore, are not entitled to vote to accept or reject the Plan.
Holders of Claims in Classes 6 and 7 either are unimpaired, in
which case they are conclusively presumed to accept the Plan, or
impaired, in which case they are deemed to reject the Plan, and
therefore, are not entitled to vote to accept or reject the Plan.
Holders of Interests in Class 8 (together with holders of Claims in
Classes 6 and 7, to the extent Impaired under the Plan, the "Deemed
Rejecting Classes") are impaired under the Plan, are entitled to no
recovery under the Plan, and are therefore deemed to have rejected
the Plan.

Classes 3, 4, and 5 voted to accept the Plan in both number and
amount.  The Plan, therefore, satisfies the requirements of Section
1129(a)(10) of the Bankruptcy Code.

                    Plan of Reorganization

Alex and Ani, LLC, et al., submitted a Second Amended Joint Plan of
Reorganization.

Each holder of an Allowed Secured Credit Facility Secured Claim in
Class 3 will receive its Pro Rata share of 100 percent of the New
Common Equity.

Each holder of an Allowed Go-Forward Vendor Claim in Class 4 will
receive its Pro Rata share of the Go-Forward Vendor Claim Recovery.
"Go-Forward Vendor Claim Recovery" means Cash in an aggregate
amount of $250,000.

Each holder of an Allowed General Unsecured Claim in Class 5 will
receive the General Unsecured Claims Treatment.  Class 5 is
impaired.  "General Unsecured Claims Treatment" means a complete
waiver and release of any and all claims, Causes of Action, and
other rights against the holders of Allowed Class 5 Claims based on
claims pursuant to chapter 5 of the Bankruptcy Code or under
similar or related state or federal statutes and common law
including fraudulent transfer laws from the Debtors, the
Reorganized Debtors, and their Estates, in each case on behalf of
themselves and their respective successors, assigns, and
representatives, and any and all other entities who may purport to
assert any Cause of Action, directly or derivatively, by, through,
for, or because of the foregoing entities, subject to and in
accordance with Article VIII of this Plan.

The Reorganized Debtors will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or Reorganized Debtors, including Cash from operations, the
Exit Facility, proceeds from all Causes of Action not settled,
released, discharged, enjoined, or exculpated under the Plan or
otherwise on or prior to the Effective Date, and the New Common
Equity.

Co-Counsel to the Debtors:

       Joshua A. Sussberg, P.C.
       Allyson B. Smith
       KIRKLAND & ELLIS LLP
       KIRKLAND & ELLIS INTERNATIONAL LLP
       601 Lexington Avenue
       New York, New York 10022
       Telephone: (212) 446-4800
       Facsimile: (212) 446-4900

             - and –

       Alexandra Schwarzman
       KIRKLAND & ELLIS LLP
       KIRKLAND & ELLIS INTERNATIONAL LLP
       300 North LaSalle Street
       Chicago, Illinois 60654
       Telephone: (312) 862-2000
       Facsimile: (312) 862-2200

       Domenic E. Pacitti
       Michael W. Yurkewicz
       KLEHR HARRISON HARVEY BRANZBURG LLP
       919 North Market Street, Suite 1000
       Wilmington, Delaware 19801
       Telephone: (302) 426-1189
       Facsimile: (302) 426-9193

           - and -

       Morton R. Branzburg
       KLEHR HARRISON HARVEY BRANZBURG LLP
       1835 Market Street, Suite 1400
       Philadelphia, Pennsylvania 19103
       Telephone: (215) 569-3007
       Facsimile: (215) 568-6603

A copy of the Order dated September 22, 2021, is available at
https://bit.ly/2XX25ov from PacerMonitor.com.

A copy of the Plan dated September 22, 2021, is available at
https://bit.ly/2XMYzgx from PacerMonitor.com.

                 About Alex and Ani LLC

Founded in 2004 by Carolyn Rafaelian, Alex and Ani has become a
premier jewelry brand, quickly gaining popularity because of the
novel and customizable nature of its signature expandable wire
bracelet.  Alex and Ani has been headquartered in East Greenwich,
Rhode Island since 2014. Since opening its first retail store in
Newport, Rhode Island in 2009, Alex and Ani has expanded to over
100 retail store locations across the United States, Canada, and
Puerto Rico. On the Web: HTTP://www.alexandani.com/

Alex and Ani LLC and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-10918) on June 9, 2021.  In its
petition, Alex and Ani listed assets and liabilities of $100
million to $500 million each.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Klehr Harrison Harvey Branzburg LLP as local bankruptcy
counsel; and Portage Point Partners, LLC, as financial advisors and
investment bankers.  Kurtzman Carson Consultants LLC is the notice
and claims agent.



AMERICAN TIRE: S&P Rates $1.0BB Senior Secured Term Loan 'B-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '4'
recovery rating to American Tire Distributors Inc.'s (ATD) $1.0
billion senior secured term loan. The company will use the proceeds
from this term loan to refinance all of its existing senior secured
debt. In addition, it intends to amend and extend its existing
asset-based lending (ABL) facilities to increase their aggregate
size to $1.2 billion from $1.0 billion. The '4' recovery rating
indicates its expectation for average (30%-50%; rounded estimate:
30%) recovery, which is affected by the sizable ABL revolver claims
on the company's working capital assets. All of ATD's wholly-owned
domestic subsidiaries will guarantee the credit facility.

This proposed transaction will save the company $15 million-$20
million on interest annually, which represents a slight upside to
our forecast from August 2021 but is consistent with our positive
outlook.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P has assumed that each of ATD's ABL facilities are 60% drawn
at default, with a portion borrowed at Canada (60% of the $180
million line cap for the Canadian ABL credit sublimit).

-- S&P's hypothetical default occurs in 2023 stemming from a
continued realignment of the tire retailing landscape. It would
expect ATD to file for reorganization in the event of a default.

Simulated default assumptions

-- Simulated year of default: 2023
-- EBITDA at emergence: $207 million
-- EBITDA multiple: 5.5x
-- Gross enterprise value: $1,137 million

Simplified waterfall

-- Enterprise value (net of 5% admin. cost): $1,080 million
-- Valuation split (obligor/nonobligor): 85%/15%
-- Nonobligor (foreign) subsidiary value: $162 million
-- ABL claims at nonobligor subsidiaries: $110 million
-- Nonobligor value available to obligors (collateral+unpledged):
$52 million ($34 million+$18 million)
-- ABL claims at obligor: $625 million
-- Value available to for first priority claims: $327 million
-- Secured first priority claims: $1,027 million
    --Recovery expectations: 30%-50% (rounded estimate: 30%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.



APACHE CORP: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
------------------------------------------------------------
S&P Global Ratings affirmed its ratings on U.S.-based exploration
and production (E&P) company Apache Corp., including its 'BB+'
issuer credit and unsecured issue-level ratings. S&P's '3' recovery
rating (50%-70%; rounded estimate: 65% capped) on the company's
unsecured debt is unchanged. S&P also withdrew the short-term
commercial paper ratings.

S&P revised the outlook to stable from negative on the expectation
of improving credit measures due to its recent tender offer of
unsecured notes and the expectation of continued strong free cash
flow to reduce overall debt outstanding.

The stable outlook reflects improving financial measures due to
improved cash flows and debt repayment.

Apache has repaid approximately $1.87 billion of its outstanding
unsecured notes since year-end 2019, including its most recent $1.7
billion tender offer. The company funded its recent tender offer
with cash and borrowings under its revolving credit facility. S&P
said, "We expect Apache to pay down its borrowings on its credit
facility by the end of the first quarter of 2022. Additionally, we
expect the company to redeem its unsecured notes maturing in 2022
and 2023 at maturity, totaling another $337 million of future debt
reduction."

S&P's expectation of significant free cash flow over the next 12
months supports its view that Apache has ample liquidity.

Pro forma for the tender offer, Apache has about $2.5 billion of
availability on its $4.0 billion unsecured credit facility,
including about $789 million of letters of credit. S&P said,
"Thanks to favorable prices, we expect Apache to generate
significant free cash flow in 2021, with discretionary cash flow to
debt of almost 20% after being negative in 2020. Although Apache
has announced a dividend increase, an incremental $57 million
annually, it is more than offset by interest expense savings from
its recent tender offer. Additionally, we don't expect Apache to
increase absolute debt levels to support additional shareholder
returns, and that debt repayment will remain a priority."

Apache's geographical and commodity diversification support the
rating.

Apache's operations in the North Sea and Egypt, where they are
exposed to Brent oil prices, are strong cash generators for the
company even at lower commodity prices. Additionally, the company's
progress in its Egypt modernization plan could allow for lower
costs, as well as additional production and reserves in the future.
Further diversifying the company is its large acreage position in
the Permian basin, providing good cash flow especially as natural
gas prices have meaningfully improved. S&P expects Apache's
production to be about 45%-50% oil, 30%-35% natural gas, and
15%-20% natural gas liquids. Finally, Apache also holds a claim to
assets in the emerging Suriname development, which continues to
have successful exploration and appraisal wells that should provide
long-term growth. S&P notes that the Suriname assets are held in
another APA Corp. subsidiary.

S&P said, "The stable outlook reflects our view that the company's
financial measures will improve with FFO to debt averaging higher
than 20% over the next two years with support from strong cash
flows, lower capital spending, and debt repayment. We expect debt
repayment to remain a priority and that any shareholder returns
will be within cash flows and not impede continued debt reduction.

"We could lower the rating if we project leverage will weaken
beyond our current projections, such that FFO to debt remains below
20% on a sustained basis, likely as a result of drilling or project
costs exceeding expectations, larger-than-expected production
declines on U.S. properties, or weaker-than-expected commodity
prices.

"We could raise the rating if Apache increases FFO/debt to around
60% for a sustained period driven by additional debt repayment,
which would most likely occur if average commodity prices are
higher than our current assumptions and the company uses the
majority of any incremental cash flow to reduce absolute debt."



ASTON CUSTOM: Plan is Not Fair and Equitable, TVC IV says
---------------------------------------------------------
Secured creditor TVC Funding IV, LLC ("TVC IV"), filed an objection
to Aston Custom Homes & Design, Inc.'s First Amended Combined Plan
of Reorganization and Disclosure Statement.

TVC IV points out that the Plan does not correctly refer to TVC IV.
Though the Plan in section 4.3 recognizes that it was TVC IV that
filed the motions for relief from stay, TVC IV is mentioned nowhere
else in the Plan. Instead, Debtor refers to the subject debt as
being held by DLJ Mortgage Capital, Inc. TVC IV is the owner and
holder of the debt concerning the Properties. The Plan should be
amended to correctly refer to TVC IV as the creditor concerning the
Properties.

TVC IV further points out that the Plan is not fair and equitable
to TVC IV and is not feasible:

   * The Plan fails to satisfy several applicable provisions of the
Bankruptcy Code and therefore cannot be confirmed.  Specifically,
the Plan is not "fair and equitable" as to TVC IV under Sec.
1129(b) and the Plan is not feasible as required by Sec.
1129(a)(11).  

   * Assuming arguendo that the Plan satisfies the explicit
requirements of Section 1129(b)(2), the Plan still fails the
implicit requirements of fair and equitable.  The Plan's treatment
is not fair and equitable. Under the Plan, TVC IV's Claims (though
the Plan refers to the creditor as being DLJ Mortgage Capital,
Inc.) are to be paid in full in equal monthly installments of
principal and interest over 60 months from the Effective Date, and
interest shall accrue at the rate of 5% per annum from and after
the Effective Date.

   * Further, just the interest only payments for these loans that
were due monthly before the bankruptcy was filed are more than 2.5
times what Debtor shows will be paid to TVC IV in its Projections.
Debtor proposed to pay $4,638.15 per month to TVC IV under its
Projections.1 Doc. No. 120, at pp. 53-59. The sum of $6,162.19 was
required monthly for interest with regard to Unit 1441, and
$6,322.50 in monthly interest was required for Unit 1442,
for a total of $12,484.69.

   * The Plan does not accomplish its stated intent to pay TVC IV's
Claims in full over a period of 5 years. Pursuant to Debtor's
Schedules, TVC IV is over-secured based on the values of the
Properties. TVC IV's Claim as to Unit 1441 is for $830,829.  This
does not include post-petition legal fees, costs, and interest as
allowed under 11 U.S.C. Sec. 506(b). Payment of just the base claim
amount equally over a 5-year period requires monthly payments of
$13,847, not including the proposed 5% interest rate, post-petition
legal fees, costs, and interest. TVC IV's claim as to Unit 1442 is
for $864,002.  Payment of just base claim amount equally over a
5-year period requires monthly payments of $14,400, not including
the proposed 5% interest rate, post-petition legal fees, costs, and
interest. Adding these two numbers together, payments to TVC IV of
$28,247 per month plus interest, post-petition legal fees, and
costs would be required.

Moreover, TVC IV asserts that the Plan is inconsistent with the
relief already given to creditor. The Court already gave TVC IV
relief from the automatic stay to non-judicially foreclose the
Properties and to pursue any other available remedies it may have.
This relief was agreed to by the Debtor. The Plan tries to rope TVC
IV back into the bankruptcy estate and force it to accept payments
of $4,638.15 total per month for both loans and prevent it from
pursuing its statutory and other remedies. Such a Plan is wholly
inconsistent with the prior relief from the automatic stay given to
TVC Funding IV, and the Court should deny the Plan for this
reason.

According to TVC IV, there should be no injunctive relief imposed
against any guarantor of debt owed by Debtor:

   * The Plan improperly purports to impose a temporary injunction
against not just creditors and persons who have held or may hold a
claim or interest against the Debtor, but also as to: any action or
proceeding against any third-party guarantor on account of claims
against Debtor, the enforcement, attachment, collection, or
recovery by any manner or means of any judgment, award, decree, or
order against any third-party guarantor of any assets or property
of the guarantor; and any perfection, enforcement, or encumbrance
of any against any third-party guarantor arising from a claim.

   * The Court should deny the Plan because it attempts to modify
contractual rights between a TVC IV and a non-debtor individual
third-party guarantor and doing so is not within the Court's
authority and frustrates the purpose of section 524(e) of the
Bankruptcy Code.

Attorneys for TVC Funding IV, LLC:

     Michael P. Menton
     Charles R. Curran
     SettlePou
     3333 Lee Parkway, 8th Floor
     Dallas, TX 75219
     Tel: (214) 520-3300
     Fax: (214) 526-4145

               About Aston Custom Homes & Design

Aston Custom Homes & Design, Inc. --
http://www.astoncustomhome.com/-- is a home design and
construction company based in Dallas, Texas. It specializes in the
reconstruction of historic homes.

Aston Custom Homes & Design sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-30208) on Feb. 1,
2021.  At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Stacey G. Jernigan oversees the Debtor's case.  The
Debtor is represented by Joyce W. Lindauer Attorney, PLLC.


AURORA READYMIX: Unsec. Creditors to be Paid in Full over 5 Years
-----------------------------------------------------------------
Aurora ReadyMix Concrete, LLC, filed with the U.S. Bankruptcy Court
for the Southern District of Texas a Plan of Reorganization for
Small Business dated September 21, 2021.

The Debtor was formed by Juan A. Sierra as a Texas single member
limited liability company in 2015 to buy and sell concrete to
jobsites in the Houston metropolitan region.  The Debtor was an
operating entity until approximately October 2020.

Aurora was prompted to file its Chapter 11 case when Gulf Coast
Concrete & Shell, Inc. and Lehigh Hanson, Inc./Campbell Concrete
and Materials, LLC attempted to enforce their judgments against
Aurora and Mr. Sierra. Both creditors recorded abstracts of their
judgment liens against Mr. Sierra's home located at 9027 Peach
Stone Court, Richmond, Texas 77407, and Gulf Coast Concrete and
Shell, Inc. noticed a sheriff's execution sale of such home for
August 3, 2021.

In January, 2020, Aurora's sole member, Juan A. Sierra, other
members of his family, and unrelated investors formed a new Texas
limited liability company known as Rockcrete Readymix LLC.
Rockcrete has agreed to fund Debtor's plan by entering into a lease
with an option to purchase the trucks. The lease will provide
Debtor, which has no other source of funds, with the funds to
consummate its plan.

The key terms of the Plan are as follows:

     * Rockcrete will pay Debtor for rental of the trucks an amount
that will equal the amount of the allowed claims against Debtor.

     * Gulf Coast Concrete & Shell, Inc.'s secured claim paid in
full with interest over 5 years;

     * Lehigh Hanson, Inc. and Campbell Concrete, Inc.'s secured
claim paid in full with interest over 5 years;

     * Fort Bend County Tax Assessor Collector's secured claim paid
in full with interest over 5 years;

     * Fort Bend Independent School District's secured claim paid
in full with interest over 5 years;

     * IRS priority claim for income taxes will be paid by Juan
Adolfo Sierra in his Chapter 13 case because Debtor is a Subchapter
S corporation for tax purposes and all tax attributes flow through
to Mr. Sierra as sole member;

     * IRS priority claim for payroll taxes and federal
unemployment taxes is a disputed claim because Debtor did not have
employees during the periods in question and did not owe such
taxes; and

     * Creditors holding allowed unsecured nonpriority claims will
be paid in full without interest over 5 years.

Class 5 is comprised of the approximately $218,760.93 in unsecured
nonpriority claims. Rockcrete has agreed to reduce its general
unsecured claim to $28,800.00 which is the amount of the receivable
that Rockcrete owes Aurora in exchange for Aurora's agreement to
allow Rockcrete to offset its claim of $28,800.00 against the
receivable. This agreement will reduce the allowed unsecured
nonpriority claims to $56,583.45. The allowed unsecured claims will
be paid in full without interest in quarterly installments. Each
quarterly payment to an unsecured nonpriority creditor shall be
determined by multiplying $3,000.00 by a fraction in which the
allowed claim is the numerator and the total of the allowed
nonpriority unsecured claims is the denominator. This class is
impaired.

Aurora and Rockcrete intend to enter into a written lease purchase
agreement for the trucks with a term coincident with the term of
the Plan. The ultimate amount to be paid by Rockcrete as rent to
Aurora will be determined by the total claims allowed by the
Bankruptcy Court against Aurora plus interest on the secured
claims. For purposes of the projected distributions under the Plan,
Aurora has used a monthly payment by Rockcrete of $4,875.00. The
lease purchase agreement provides that Rockcrete is obligated to
pay all licensing fees for the trucks, all taxes assessed against
the trucks, all insurance for the trucks, and all maintenance for
the trucks.

Upon payment of the allowed claims pursuant to the Plan and
Rockcrete's payment of the purchase price set forth in the lease
purchase agreement to Aurora, Aurora will transfer ownership of the
nine trucks to Rockcrete by executing appropriate entries on the
certificates of title for the trucks.

A full-text copy of the Plan of Reorganization dated September 21,
2021, is available at https://bit.ly/2XSIiX2 from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     Adrian S. Baer, Esq.
     Law Offices of Adrian S. Baer
     3306 Sul Ross St.
     Houston, TX 77098-1808
     Telephone: (713) 630-0600
     Facsimile: (713) 630-0017

                 About Aurora ReadyMix Concrete

Aurora was formed by Juan A. Sierra as a Texas single member
limited liability company in 2015.  Aurora was engaged in the
business of purchasing concrete from concrete manufacturers and
supplying concrete to various construction jobs throughout the
Houston metropolitan area.

Aurora Readymix Concrete LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Tex. Case No. 21-32098) on June 21, 2021, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by the LAW OFFICES OF ADRIAN S. BAER.


AUTO MASTER EXPRESS: Taps Carlos Alberto Ruiz as Legal Counsel
--------------------------------------------------------------
Auto Master Express, Inc., seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to retain the legal services
of Carlos Alberto Ruiz, CSP in connection with a foreclosure case
filed against the company by Banco Popular de Puerto Rico in the
Puerto Rico Court of First Instance, Superior Court of Caguas.

The firm will charge an hourly fee of $200 for its services.  It
received a retainer of $2,000 from Auto Master Express.

Carlos Alberto Ruiz Rodriguez, Esq., the attorney who will be
handling the case, disclosed in a court filing that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Carlos Alberto Ruiz Rodriguez, Esq.
     Lcdo. Carlos Alberto Ruiz, CSP
     P.O. Box 1298
     Caguas, PR 00726-1298
     Tel: (787) 286-9775
     Fax: (787) 747-2174
     Email: carlosalbertoruizquiebras@gmail.com

                     About Auto Master Express

Auto Master Express Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 18-01464) on March 19,
2018, listing up to $500,000 in assets and up to $1 million in
liabilities.  Judge Enrique S. Lamoutte Inclan oversees the case.

Lcdo. Carlos Alberto Ruiz, CSP and Tamarez CPA, LLC serve as the
Debtor's bankruptcy counsel and accountant, respectively.

The court on Dec. 8, 2020 approved the Second Amended Small
Business Disclosure Statement and the Second Amended Small Business
Plan dated October 9, 2020.


B&L INTERNATIONAL: Seeks to Hire McNamee Hosea as Counsel
---------------------------------------------------------
B&L International, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Maryland to employ McNamee Hosea, P.A. as
counsel.

The firm will provide these services:

   a) prepare and file the petition, schedules, statement of
affairs and other documents required by the court;

   b) represent the debtor at the initial debtor interview and
meeting of creditors;

   c) counsel the Debtor in connection with the formulation,
negotiation and promulgation of plans of reorganization and related
documents;

   d) advise the Debtor concerning, and assisting in the
negotiation and documentation of financing agreements, debt
restructurings and related transactions;

   e) review the validity of liens asserted against the property of
the Debtor and advising the Debtor concerning the enforceability of
such liens;

   f) prepare all necessary and appropriate applications, motions,
pleadings, draft orders, notices, and other documents, and
reviewing all financial and other reports to be filed in this
Chapter 11 case; and

   g) perform all other legal services that the Law Firm is
qualified to handle for or on behalf of the Debtor that may be
necessary or desirable in this Chapter 11case and the Debtor's
business.

The firm will be paid at these rates:

     Partners               $350 per hour
     Associates             $325 per hour
     Paralegals             $105 per hour

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

Steven L. Goldberg, Esq. a principal at Mcnamee, Hosea, P.A.
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Steven L. Goldberg, Esq.
     Mcnamee, Hosea, P.A.
     6411 Ivy Lane, Suite 200
     Greenbelt, MD 20770
     Tel: (301) 441-2420
     Fax: (301) 982-9450
     E-mail: sgoldberg@mhlawyers.com

                   About B&L International Inc.

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


B&L INTERNATIONAL: Wins Cash Collateral Access Thru Oct 15
----------------------------------------------------------
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 October 15, 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.

The Debtor is directed to make adequate protection payments to the
SBA in the amount of $1,500 on or before October 5, 2021.

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 October 13 at 3 p.m.
via videoconference.

A copy of the order and the Debtor's budget for September 23 to
October 15, 2021 is available at  from PacerMonitor.com.

The Debtor projects $29,000 in total income and $74,233 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.



BARTLEY INDUSTRIES: Case Summary & 6 Unsecured Creditors
--------------------------------------------------------
Debtor: Bartley Industries Inc.
        3305 SE 44th St
        Norman OK 73072

Business Description: Bartley Industries offers electrical
                      maintenance, repair and installation
                      services.

Chapter 11 Petition Date: September 25, 2021

Court: United States Bankruptcy Court
       Western District of Oklahoma

Case No.: 21-12565

Debtor's Counsel: David B. Sisson, Esq.
                  LAW OFFICES OF B DAVID SISSON
                  305 E. Comanche St.
                  PO Box 534
                  Norman, OK 73070
                  Tel: 405-447-2521
                  E-mail: sisson@sissonlawoffice.com

Total Assets: $1,733,842

Total Liabilities: $2,003,791

The petition was signed by Donna Bartley as president.

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

https://www.pacermonitor.com/view/VO3ZPMY/Bartley_Industries_Inc__okwbke-21-12565__0001.0.pdf?mcid=tGE4TAMA


BEAR COMMUNICATIONS: Seeks Cash Collateral Access Thru Oct 29
-------------------------------------------------------------
Bear Communications, LLC asks the U.S. Bankruptcy Court for the
District of Kansas for authority to use cash collateral and provide
adequate protection.

Bear Communications also asks the Court to extend the automatic
stay under 11 U.S.C. section 362.

The Debtor says it needs the continued authority to use Cash
Collateral in order to effectuate the sale terms of contemplated by
the 5th Interim Order and the Sale and Marketing Plan.

The Debtor is requesting that its authorization to use Cash
Collateral be reinstated under the terms and conditions of the
Fifth Interim Order as if the Events of Default identified in the
Termination Declaration did not occur and the Termination
Declaration never issued, except that the Budget be the operable
budget for any order granting the Motion.  

On September 16, 2021, the Bank of the Midwest issued a Termination
Declaration to the Debtor, citing several Events of Default,
including expenditures not included in the Budget; material
misrepresentation of a material fact; and the sale of assets
outside the ordinary course of business. The Bank also mentioned
the Debtor's failure to achieve projected income plus or minus the
variance established by Cash Collateral Motion.

As a result of the Termination Declaration, the Debtors' use Cash
Collateral terminated on September 23 and the Bank and the Small
Business Administration could begin repossession of their
collateral on September 30.

According to the Debtor, the Bank's issuance of the Termination
Declaration and restriction on the Debtor's use of Cash Collateral
places the Debtor's ability to wind down its operations in an
orderly fashion and liquidate its assets based on the Sale and
Marketing Plan in jeopardy.

The Debtor requests authorization to use Cash Collateral in
accordance with the Budget, with a 20% variance and the conditions
set forth in the motion through October 29.

Only the Bank and the SBA have an interest in Cash Collateral. The
Bank filed a proof of claim on August 30, 2021, for $5,899,295.15.
The Bank claims a lien in all assets owned by the Debtor.

The SBA filed a proof of claim asserting a secured debt of
$155,424.66. The SBA has a UCC‐1 Financing Statement filed on all
assets owned by the Debtor. The Bank's security interest appears to
be higher priority than the SBA's.

The Debtor proposes to continue the adequate protection provided
for in the 5th Interim Order, including the weekly payments and the
adequate protection liens as those are defined in the 5th Interim
Order.

The Debtor has provided and will continue to provide weekly reports
comparing its actual performance to the Budget, which will allow
the Bank and the SBA to continue to monitor the Debtor's financial
performance as it winds down.   

A copy of the motion is available at https://bit.ly/3o3VQcY from
PacerMonitor.com.

                     About Bear Communications

Lawrence, Kan.-based Bear Communications, LLC --
http://www.bearcommunications.net-- is a communications contractor
offering aerial construction, underground construction, splicing,
subscriber drop placement, residential and commercial
installations, residential and commercial wiring, consulting, and
testing services.

Bear Communications filed its voluntary petition for Chapter 11
protection (Bankr. D. Kan. Case No. 21-10495) on May 28, 2021,
disclosing total assets of up to $50 million and total liabilities
of up to $100 million.  Judge Dale L. Somers presides over the
case.  W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents
the Debtor as legal counsel.

The U.S. Trustee for Region 20 appointed an official committee of
unsecured creditors in the Debtor's case on June 29, 2021.  The
committee is represented by Robert Hammeke, Esq., at Dentons US
LLP.



BL SANTA FE: Loan Approval Deferred Amid Rival Proposals
--------------------------------------------------------
Andrew Scurria and Alexander Gladstone of The Wall Street Journal
report that a bankruptcy judge refused to approve a proposed loan
package for the Bishop's Lodge hotel in Santa Fe, N.M., sending the
luxury resort back to the negotiating table with lenders and
shareholders.  

Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington,
Del., granted a two-week continuance in the chapter 11 case on
Thursday, September 23, 2021, agreeing to postpone until Oct. 7,
2021 the hotel's request to finalize a bankruptcy loan to keep
itself afloat.

                     Alternative Proposal Presented

The Debtors have claimed that an alternative financing proposal by
the Holland parties is "illusory, incomplete, and inadequate."

On the Petition Date, the Debtors filed a Chapter 11 Plan of
Reorganization.  The Plan generally provides  for MBL Santa Fe
(Mezz), LLC ("Mezzanine Borrower") to convey 100% of the membership
interests in BL Santa Fe, LLC ("Senior Borrower") to Juniper BL
HoldCo, LLC ("JBL HoldCo"), which is a wholly owned subsidiary of
Juniper  Bishops, LLC ("Mezzanine Lender").  In return: (i) the
Mezzanine Loan will be satisfied in full; (ii) JBL HoldCo will
finance the completion of the Resort renovations and its
operations; (iii) Mezzanine Borrower will receive the economic
entitlement to receive from JBL HoldCo certain back-end
distributions from Resort operations and/or disposition; and (iv)
the Senior Loan will be restructured.

The Mezzanine Lender has agreed to provide the Mezzanine Borrower
with postpetition financing in the form of protective advances
under the Mezzanine Loan Documents in the aggregate amount of up to
$5,858,670 to fund the Debtors' operations during, and the
administrative costs of, the Bankruptcy Case.  The exit fee for the
DIP Facility is currently 10% of the outstanding principal balance
of the Mezzanine Loan and DIP Loan (the "Exit Fee").  The DIP
Facility is currently accruing interest at 22.40113% per annum.
However, under the existing Plan, the DIP Loan (including accrued
interest) will be capitalized and converted to equity on the
Effective Date.  As of Sept. 20, 2021, Mezzanine Lender has already
funded $2.7 million under the DIP Facility.

Richard F. Holland, HRV Santa Fe, LLC, and HRV Hotel Partners, LLC
(the "Holland Parties" have proposed an alternative DIP facility.
The Holland Proposal calls for replacing the current DIP Facility
with a purported 0% interest loan provided by Andrew Blank and an
eventual post-confirmation repayment of the Senior Borrower's loans
with a $55 million loan with an interest rate of 6.5% per annum and
a 1% upfront fee payable at closing procured by Mr. Blank.

Under the Holland Proposal, the funding of the Holland DIP is
premised on the same milestones as the DIP facility.  The Holland
Proposal is also premised on the assumption that the Debtors will
be able to successfully negotiate with the Holland Parties and Mr.
Blank and file an amended plan to be substantially similar to the
current Plan.

Juniper Bishops argues, "Under the Holland Proposal, the Debtors
with Holland Parties and Mr. Blank will be required to negotiate
and prepare, among other  restructuring related documents, a
disclosure statement and new plan.  The  disclosure statement would
need to be approved and then votes would need  to  be solicited
before the plan could be confirmed.  As such, the Holland  Proposal
could cause a delay of at least seventy (70) days to confirm a new
plan.  It is highly unlikely that a new plan could be solicited and
confirmed by the October 29, 2021 milestone."

The Debtors aver that moving forward with the proposed DIP facility
will be the prudent path forward as the Alternative DIP is not a
stand-alone post-petition financing proposal.

"Approval of the Proposed DIP will not prohibit the Debtors, in
their business judgment, from considering or pursuing the Holland
Parties' alternative  restructuring proposal in connection with
confirmation and the Debtors' efforts to emerge from chapter 11 in
a timely and efficient manner.  Nothing in the Final DIP Order
prevents the Debtors from appropriately exercising their business
judgment or fiduciary duties.  On the other hand, pursuit of
themselves to Mr. Blank's restructuring transaction now which, at
least at this time, is fraught with significant costs, risks and
unknowns, and would jeopardize the Debtors' restructuring  efforts.
Thus, after careful consideration, the Debtors have determined, in
their business judgment, that the Proposed DIP is the most prudent
path forward for the Debtors’ chapter 11 cases and restructuring
efforts," the Debtors said in court filings.

                      About BL Santa Fe LLC

BL Santa Fe, LLC, and BL Santa Fe (MEZZ), LLC own and operate
Bishop's Lodge, a luxury resort located at 1297 Bishops Lodge Road,
Santa Fe, N.M.

The Debtors filed a petition for Chapter 11 protection (Bankr. D.
Del. Lead Case No. 21-11190) on Aug. 30, 2021, listing $50 million
to $100 million in both assets and liabilities.  Judge Craig T.
Goldblatt oversees the cases.  

The Law Offices of Frank J. Wright, PLLC and Young Conaway Stargatt
& Taylor, LLP represent the Debtors as legal counsel.  Stretto
serves as the Debtors' claims and noticing agent and administrative
advisor.


BLACK FORGE: Seeks to Hire Stenger Bies as Accountant
-----------------------------------------------------
Black Forge Coffee House McKees Rocks LLC seeks approval from the
U.S. Bankruptcy Court for the Western District of Pennsylvania to
employ Stenger Bies & Company, Inc. as accountant.

The firm will provide accounting and financial services to the
Debtor in the Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates.

The retainer is $1,250.

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

Harriet Escott a partner at Stenger Bies & Company, Inc. disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Harriet Escott
     Stenger Bies & Company, Inc.
     1910 Cochran Rd, Suite 726
     Pittsburgh, PA 15220
     Tel: (412) 341-7788

                   About Black Forge Coffee House
                         McKees Rocks LLC

Black Forge Coffee McKees Rocks, LLC filed a Chapter 11 petition
(Bankr. W.D. Pa. Case No. 21-21595) on July 12, 2021. At the time
of the filing, the Debtor disclosed total assets of up to $50,000
and total liabilities of up to $100,000. Ashley Corts, member,
signed the petition. Bernstein-Burkley, P.C. serves as the Debtor's
legal counsel.


BLACK OAK GROUP: Seeks to Hire Red Hill Law as Counsel
------------------------------------------------------
Black Oak Group, LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Red Hill Law Group
as counsel.

The firm will provide these services:

   a. advise the Debtor with respect to the requirements and
provisions of Bankruptcy Code. Federal Rules of Bankruptcy
Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and
other applicable requirements with which may affect the Debtor;

   b. assist the Debtor in preparing and filing Schedules and
Statement of Financial Affairs, complying with and fulfilling U.S.
Trustee Compliance requirements, and preparing such other documents
as may be required after the commencement of the Chapter 11 case;

   c. assist the Debtor in the preparation of a Disclosure
Statement and formulation of a Chapter 11 Plan of Reorganization;

   d. conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of reports,
accounts, applications, motions, complaints, and orders;

   e. file any motions, applications, or other pleadings
appropriate to effectuate the reorganization of Debtor;

   f. advise the Debtor concerning the rights and remedies of the
estate and of the Debtor in regard to adversary proceedings which
may be removed to, or initiated in, the Bankruptcy Court;

   g. represent the Debtor in any proceeding or hearing in the
Bankruptcy Court in any action where the rights of the estate or
the Debtor may be affected or litigated. and

   h. perform any and all other legal services necessary to aid in
Debtor's reorganization.

The firm will be paid at these rates:

     Partners            $300 to $420 per hour
     Paralegals          $150 per hour

The firm will be paid a retainer in the amount of $5,000.

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

Bert Briones, Esq. a partner at Red Hill Law Group disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Bert Briones, Esq.
     Red Hill Law Group
     15615 Alton Parkway, Suite 210
     Irvine, CA 92618
     Tel: (888) 733-4455
     Fax: (714) 733-4450
     E-mail: bb@redhilllawgroup.com

                       About Black Oak Group

Black Oak Group, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-12190) on September
7, 2021. The petition was signed by Eric Cunningham as managing
member.  At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of between
$500,000 and $1 million.  Judge Erithe A. Smith oversees the case.
RED HILL LAW GROUP, is the Debtor's legal counsel.


BLACK SQUARE: Seeks to Hire Shapiro Blasi as Counsel
----------------------------------------------------
Black Square Financial, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Shapiro Blasi
Wasserman & Hermann, P.A. as counsel.

On September 21, 2018, the Court entered an order denying U.S.
Trustee's Motion to Convert Chapter 11 Case to Chapter 7, or in the
Alternative Motion to Dismiss Case. The Order directed the Debtor
to pay the U.S. Trustee a quarterly fee based solely upon payments
that are derived or traceable from estate property.

The case was dismissed via Court Order on December 14, 2018, and
subsequently on January 8, 2019. On September 9, 2019, the Debtor
received notice from the Office of the U.S. Trustee indicating
there were unpaid quarterly fees and impending collection actions.

The U.S. Trustee has continued to pursue collection of Trustee Fee
amounts following the dismissal. These amounts were calculated
based upon Monthly Operating Reports filed within the case.

The firm will assist the Debtor to prepare and file the Amended
Monthly Operating Reports.

The firm will be paid at these rates:

     Attorneys                $350 per hour
     Paralegals               $160 per hour

The firm received from the Debtor a retainer in the amount of
$2,500.

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

Angelo A. Gasparri II, Esq. a partner at Shapiro Blasi Wasserman &
Hermann, P.A disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Angelo A. Gasparri II, Esq.
     Shapiro Blasi Wasserman & Hermann, P.A.
     7777 Glades Road, Suite 400
     Boca Raton, FL 33434
     Tel: (561) 477-7800
     Fax: (561) 477-7722
     E-mail: agasparri@sbwh.law

                   About Black Square Financial

Headquartered in Coral Springs, Florida, Black Square Financial,
LLC, is a structured settlement firm that provides liquidity to its
clients by purchasing their right to receive future installment
payments awarded pursuant to a settlement agreement, or in the case
of clients that have previously purchased an annuity plan, the
right to receive future annual disbursements paid to the clients
pursuant to the annuity plan.

Black Square Financial filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Fla. Case No. 17-23562) on Nov. 8, 2017, estimating
assets of less than $500,000 and liabilities of less than $1
million.

Judge John K. Olson presides over the case.

Philip J. Landau, Esq., at Shraiberg Landau & Page PA, is the
Debtor's bankruptcy counsel. The Debtor hired The Mack Law Group,
P.C., Eason and Tambornini ALC, Crawford & Von Keller LLC, and
Beaugureau, Hancock, Stoll & Schwartz, P.C., as special counsel.

On Jan. 4, 2018, the Debtor filed its proposed Chapter 11 plan of
reorganization.


BLACKSTONE DEVELOPERS: Wins Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, has authorized Blackstone Developers, LLC to use
the cash collateral of ABLP, LLC on a final basis in accordance
with the budget, with a 20% variance.

The Debtor requires the continued use of Cash Collateral for its
ordinary course of business operations and to maintain the value of
its bankruptcy estate.

The Debtor is authorized to collect Cash Collateral in the form of
rents from the tenants of the Debtor's property beginning June 2021
and each month thereafter.

Any rental income collected by ABLP, LLC for the months of May
and/or June 2021 will, to the extent not already done, be forwarded
to the Debtor and deposited into the Debtor's Debtor-in-Possession
account. The rental income may be used only pursuant to the terms
of the Order.

The Court says Cash Collateral collected in excess of the amount
required to pay operating expenses will be paid to ABLP REIT, LLC
on a monthly basis.

The Order will be sufficient and conclusive evidence of the
priority and validity of the security interest in and liens,
including replacement liens, on the Debtor's assets granted to
ABLP, LLC without the necessity of filing, recording, or serving
any documents which may otherwise be required under federal or
state law in any jurisdiction or the taking of any action to
validate or perfect the security interest and liens granted to the
secured creditor.

A copy of the order is available at https://bit.ly/3hZG2V2 from
PacerMonitor.com.

              About Blackstone Developers

Blackstone Developers, LLC is a privately held Texas corporation
that operates a one-asset commercial real estate property located
at 205 S. Main, Red Oak, Texas. The Property is occupied by several
tenants. As part of its operations, Blackstone, among other things:
(i) manages the Property; (ii) collects rents; and (iii) maintains
the common areas of the Property.

Blackstone sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-41055) on April 30,
2021. In the petition signed by Randy R. Shelly,  agent, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge Mark X. Mullin oversees the case.

The Law Office of Marilyn D. Garner serves as the Debtor's
counsel.



BLACKSTONE MORTGAGE: Moody's Rates New $400MM Secured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to Blackstone
Mortgage Trust, Inc.'s (BXMT) proposed senior secured notes. BXMT's
Ba2 corporate family rating, Ba2 senior secured Term Loan B rating
and stable outlook were unaffected by the company's decision to
issue $400 million of senior secured notes.

Assignments:

Issuer:, Blackstone Mortgage Trust, Inc.

$400 Million Senior Secured Notes, Assigned Ba2

RATINGS RATIONALE

The Ba2 rating assigned to BXMT's senior secured notes reflects its
senior secured position in the company's capital hierarchy and
strong collateral coverage, and is at the same level as BXMT's
existing Ba2-rated senior secured Term Loan B. BXMT intends to use
the net proceeds from its proposed senior secured notes issuance to
pay down a portion of existing secured debt.

BXMT's Ba2 CFR is derived from its ba2 standalone assessment, which
reflects the company's strong asset quality, stable profitability
and moderate leverage, as well as the strength of the company's
competitive positioning in the commercial real estate (CRE) lending
sector resulting from its affiliation with the Blackstone Group
L.P. (Blackstone). BXMT also has a longer operating history than
most rated non-bank US CRE lenders that spans industry cycles.
Credit challenges include the company's CRE loan concentration
inherent in its business model and its high reliance on secured
funding that encumbers its earning assets, limiting its access to
the unsecured debt markets.

The stable outlook is based on the resilience of the company's loan
portfolio during the coronavirus pandemic-induced CRE downturn, and
Moody's expectations that asset quality, profitability and leverage
will remain stable over the next 12-18 months.

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

BXMT's ratings could be upgraded if the company: 1) reduces its
ratio of secured debt to total assets to 45%, increases
unencumbered assets and establishes unsecured revolving borrowing
capacity; 2) increases business diversification; and 3) continues
to demonstrate predictable earnings, profitability and asset
quality that compare favorably with peers.

BXMT's ratings could be downgraded if the company: 1) shrinks the
amount of its availability under secured borrowing facilities, its
primary liquidity source; 2) sustains an increase in leverage
(debt/total equity) above 3.5x given the current portfolio mix; 3)
experiences a material deterioration in asset quality; or 4)
experiences a material weakening of profitability.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.


BLACKSTONE MORTGAGE: S&P Rates New $400MM Sr. Secured Notes 'B+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' rating to Blackstone Mortgage
Trust's (BXMT) proposed $400 million senior secured notes. S&P
believe the issuance will increase liquidity while adding only
minimal incremental leverage. Pro forma outstanding term loan and
senior secured debt will rise to $1.8 billion from $1.4 billion
currently, though impact to leverage will be mostly offset by the
company's approximately $315 million equity issuance earlier this
month. The company will have almost $2.1 billion of total liquidity
pro forma for the issuance, consisting mostly of availability under
credit facilities. S&P's 'B+' issuer credit and debt ratings on
BXMT are not affected by the proposed senior secured issuance.

The senior secured notes include a clause that allows collateral
securing the notes to be released at the issuer's option so long as
the issuer is in pro forma compliance with the postcollateral
release covenant of unencumbered assets of not less than 1.2x
unsecured debt and the ratings on the notes are no worse than the
ratings on the issue date. Since the term loan has a blanket lien
on all assets, the company would not be able to unencumber assets
to satisfy the unencumbered asset covenant unless the term loan is
redeemed or the credit agreement is amended, in S&P's view. If the
collateral is released from the new senior secured notes, it may
rate the notes a notch or two lower than the issuer credit rating,
based on the amount of priority debt as a percentage of adjusted
assets at the time the collateral is released and the amount of
unencumbered assets the company has relative to the amount of
outstanding unsecured notes.

S&P said, "Our ratings on BXMT reflect our expectation that over
the next year BXMT--helped by the rebounding economy--will report
mostly stable asset quality trends while maintaining adequate
liquidity and leverage of around 3.0x-4.0x, as measured by debt to
adjusted total equity. Pandemic-related changes and pressures in
commercial real estate, such as in the office market, may still
create challenges for the company and other lenders in the next few
years, but we expect it to work through those over time while
maintaining leverage, funding, and liquidity around current
levels."



BOART LONGYEAR: S&P Upgrades ICR to 'B-' on Recapitalization
------------------------------------------------------------
S&P Global Ratings raised its rating on Boart Longyear Ltd. to 'B-'
from 'D'. At the same time, S&P withdrew its issue-level ratings on
Boart's senior secured and senior unsecured notes.

The stable outlook reflects S&P's expectation that Boart should
sustain debt to EBITDA of 2x-3x over the coming 12 months because
mining exploration spending is experiencing a boost due to strong
commodity prices and global ore reserves of metals such as copper
and gold declining steadily.

Boart Longyear has completed a recapitalization, materially
reducing debt. As part of this transaction, Boart has equitized
approximately $796 million of debt, which is substantially all of
its capital structure. This included about $348 million of senior
secured notes, $354 million of term loan debt, and $94 million of
senior unsecured notes. Upon close of the transaction, Boart's
capital structure comprises a $115 million term loan (unrated), a
$75 million asset-based lending facility (also unrated), and about
$40 million of lease liabilities. Following several years of an
unsustainable capital structure, with the debt burden increasing
annually due to a large portion of interest paid as pay in kind,
this resolution will result in a material reduction of leverage,
with debt to EBITDA of about 2x this year compared with almost 20x
in 2020 and about 10x in 2019.

The resolution of Boart's capital structure is coinciding with an
upswing in commodity prices and a potential cyclical upswing in
exploration spending to bolster declining reserves. S&P Global
Market Intelligence expects mining exploration growth of 25%-35%
for 2021. This demand has translated into improving utilization
rates in Boart's drilling fleet and a growing backlog in the Global
Products segment, averaging $60 million in the first half of 2021
compared with $33 million a year ago. The recovery in mining
exploration spending this year and potentially beyond as mining
companies increase spending to address declining global reserve
bases, should result in a material improvement in EBITDA generation
in 2021 and 2022. S&P said, "We anticipate EBITDA generation of
about $80 million in 2021, which includes fees related to the
recapitalization of $45 million, and improving to about $80
million-$100 million, based on our expectation of demand remaining
robust in 2022 and those one-time fees roll off."

Boart's now more manageable debt burden means the company is better
positioned to focus on reinvesting free cash flow into the business
to meet this demand. Several years of limited financial flexibility
have resulted in underinvestment in some parts of the business. S&P
anticipates substantially all of Boart's cash flow generation will
require reinvestment into the business. As such, S&P expects
negative free cash flow of about $40 million in 2021 and slightly
negative to break-even free cash flow in the following 12-24
months.

While gold and copper prices are at multiyear highs, mineral
exploration is highly cyclical. Boart's lower debt burden of about
$150 million-$200 million (depending on its ABL usage) supports a
more sustainable through-the-cycle leverage profile. Exploration
spending can fluctuate as commodity prices move and is often an
early layer of spending that is cut in a downturn. As a result of
this inherent volatility, S&P anticipates leverage could
potentially reach 5x should EBITDA decline 60%-65% to about $35
million-$45 million, as experienced in 2017 and 2018. Demand for
Boart's products and services can decline sharply, and the
company's ability to lower its cost structure to meet demand levels
is important to mitigate margin deterioration. Before the recent
demand resurgence, low drilling levels and substantial declines in
exploration spending since 2014 contributed to declining global
reserve bases. As a result, over the past five years, Boart's
earnings have been weak, with EBITDA averaging $43 million, and the
company generated negative free cash flow in four of those years.

The stable outlook reflects S&P's expectation that Boart should
sustain debt to EBITDA of 2x-3x over the coming 12 months because
mining exploration spending is experiencing a boost due to strong
commodity prices and global ore reserves of metals such as copper
and gold declining steadily.

S&P could lower its rating on Boart if debt leverage increased
above 7x and the company sustained negative free cash flow. This
could be as a result of:

-- A sustained decline in mining exploration demand; and

-- Fixed costs remaining elevated under a weaker demand scenario,
leading to EBITDA levels seen in 2015 and 2016.

S&P could raise its rating on Boart if debt leverage were sustained
below 3x even during a weaker point in the mining exploration
cycle. This could result if:

-- Cash flow were strong enough to maintain this lower debt
balance while increasing capex levels over the coming 12-24 months;
or

-- Improvements were made to the cost profile of the company to
better withstand a downturn in exploration spending.


BOY SCOUTS: Bankruptcy Creates Rift With Religious Partners
-----------------------------------------------------------
David Crary of The Associated Press reports that amid the Boy
Scouts of America's complex bankruptcy case, there is worsening
friction between the BSA and the major religious groups that help
it run thousands of scout units.  At issue: the churches' fears
that an eventual settlement -- while protecting the BSA from future
sex-abuse lawsuits -- could leave many churches unprotected.

The Boy Scouts sought bankruptcy protection in February 2020 in an
effort to halt individual lawsuits and create a huge compensation
fund for thousands of men who say they were molested as youngsters
by scoutmasters or other leaders. At the time, the national
organization estimated it might face 5,000 cases; it now faces
82,500.

In July 2021, the BSA proposed an $850 million deal that would bar
further lawsuits against it and its local councils. The deal did
not cover the more than 40,000 organizations that have charters
with the BSA to sponsor scout units, including many churches from
major religious denominations that are now questioning their future
involvement in scouting.

The United Methodist Church -- which says up to 5,000 of its U.S.
congregations could be affected by future lawsuits -- recently
advised those churches not to extend their charters with the BSA
beyond the end of this 2021. The UMC said these congregations were
"disappointed and very concerned" that they weren't included in the
July deal.

Everett Cygal, a lawyer for Catholic churches monitoring the case,
said it is unfair that parishes now face liability "solely as a
result of misconduct by Boy Scout troop leaders who frequently had
no connection to the parish."

"Scouting can only be delivered with help of their chartered
organizations," Cygal told The Associated Press. "It's shortsighted
not to be protecting the people they absolutely need to ensure that
scouting is viable in the future.'

Officials of several other denominations — including the Southern
Baptist Convention, the Evangelical Lutheran Church in America and
the Presbyterian Church (U.S.A.) — have advised their churches to
hire their own legal counsel if they fear possible sex-abuse
litigation.

The Presbyterian Church said its national leadership can't act on
behalf of member churches because they are separate corporations.
The leadership of the Evangelical Lutheran church also said its
congregations were on their own, legally speaking, and must decide
for themselves whether to continue any relationship with the BSA.

"As a result of the bankruptcy, the congregation cannot confidently
rely on the BSA, the local council, or their insurers to defend
it," the Lutheran church warned. "The congregation needs to make
sure that it has sufficient insurance and that its own insurance
will cover them."

The Boy Scouts, in a statement provided to the AP, said its
partnership with chartered organizations, including churches, "has
been critical to delivering the Scouting program to millions of
youth in our country for generations." It said negotiations with
those organizations are continuing, and it hopes to conclude the
bankruptcy proceedings around the end of this 2021.

Negotiators face a challenging situation.

According to lawyers representing different parties in the
bankruptcy case, the Boy Scouts have suggested chartered
organizations have some protection from liability for abuse cases
that occurred after 1975, due to an insurance arrangement that took
effect in 1976. The BSA has said there’s little or no protection,
however, for the many pre-1976 cases, and the best way for
organizations to gain protection for that era would be to make a
substantial financial contribution to a settlement fund.

The Church of Jesus Christ of Latter-day Saints took such a step
last week, agreeing to contribute $250 million to a compensation
fund in exchange for a release from further liability. The
denomination, widely known as the Mormon church, pulled its units
out of the BSA on Jan. 1, 2020, after decades as the biggest
sponsor.

One key distinction: The Latter-day Saints have a centralized
governing structure, making possible a contribution covering its
vast former network of scout units. The remaining faith-based
charter organizations are more decentralized, complicating the
question of how contributions to the compensation fund would be
mandated and organized.

Jeremy Ryan, a lawyer representing United Methodist churches, said
his clients believe there is some pre-1976 insurance available to
them under policies the BSA and its local councils held at the
time.

Cygal, the lawyer representing Catholic churches, made a similar
argument but said some chartered organizations eventually may have
to make an appropriate financial contribution "to put an end to
this dispute once and for all."

Another complication in the negotiations: differing views on how
much blame lies with the churches.

Some of the churches argue that they merely provided a venue for a
local scout unit to meet, while scout leaders were responsible for
hiring decisions that might have led to sexual abuse. Some lawyers
for the plaintiffs disagree, saying church leaders were often
actively involved in those decisions.

"The Scouts had plenty of fault due to their negligence, but the
local institutions had plenty of fault also," said Christopher
Hurley, whose Chicago law firm says it represents about 4,000 men
who filed claims in the bankruptcy.

"It's just not OK to pass the buck on this," Hurley added.
"Everybody's got to suck it up and make a fair contribution to get
justice for these guys."

Stephen Crew, whose Oregon-based law firm represents about 400
plaintiffs, said he sympathizes with faith-based chartered
organizations who "worry about being hung out to dry."

"But survivors also have a lot of anxiety," said Crew. "And the
problem now is that the insurance companies are balking at
everybody."

A third lawyer for plaintiffs, California-based Paul Mones, blamed
the churches' predicament on the BSA, saying its initial bankruptcy
strategy failed to properly anticipate the impact on chartered
organizations.

"For decades, the religious organizations have been the backbone of
the BSA," Mones said. "They did not sign up thinking they'd have
any kind of liability … and all of a sudden they're being told,
'You're going to get sued.' It's a hot mess."

                  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.


BOY SCOUTS: Judge OKs Use of Master Ballots in Plan Voting
----------------------------------------------------------
Rick Archer of Law360 reports that a Delaware bankruptcy judge on
Thursday, September 23, 2021, told law firms representing sexual
abuse claimants in the Boy Scouts of America's Chapter 11 case that
they can file collective ballots on behalf of their clients on the
organization's bankruptcy plan.

At a five-hour hearing held virtually, U.S. Bankruptcy Judge Laurie
Selber Silverstein approved the use of the so-called master
ballots, rejecting arguments that they would be used to include
invalid claims in the vote tally on the BSA's proposed Chapter 11
plan. "I'm not going to stop the master ballots from going out."

                   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.


BRAIN ENERGY: Oct. 7 Hearing on Disclosures, Settlement
-------------------------------------------------------
On Sept. 16, 2021, debtor Brain Energy Holdings LLC filed a motion
for entry of an order scheduling a hearing on shortened notice with
respect to the Debtor's Motion for Entry of an Order Approving
Settlement of All Claims Between and Among the Debtor, Anthony
Spartalis and 153 Clinton Street Lender LLC (the "Settlement
Approval Motion"); and the adequacy of the Disclosure Statement.

On Sept. 21, 2021, Judge Nancy Hershey Lord ordered that:

     * the Motion is granted; and

     * Oct. 7, 2021, at 10:00 a.m., is the hearings on the
Settlement Approval Motion and to consider the adequacy of the
Disclosure Statement.

A copy of the order dated Sept. 21, 2021, is available at
https://bit.ly/3EPHF1d from PacerMonitor.com at no charge.

Counsel to the Debtor:

     PICK & ZABICKI LLP
     369 Lexington Avenue, 12th Floor
     New York, New York 10017
     Tel: (212) 695-6000
     Douglas J. Pick, Esq.
     Eric C. Zabicki, Esq.

                    About Brain Energy Holdings

Brain Energy Holdings LLC is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The Company is the fee
simple owner of a 6 floor mixed use brownstone located at 153
Clinton Street, Brooklyn, NY having a current value of $4.5
million.

The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y.
Case No. 21-42150) on Aug. 24, 2021.  The Hon. Nancy Hershey Lord
oversees the case.  Douglas Pick of PICK & ZABICKI LLP is the
Debtor's counsel.

In the petition signed by Anthony Spartalis, managing member, the
Debtor disclosed up to $4,501,100 in assets and up to $4,411,145 in
liabilities.


BROOKLYN IMMUNOTHERAPEUTICS: Appoints New Chief Medical Officer
---------------------------------------------------------------
Brooklyn ImmunoTherapeutics, Inc. has appointed Roger Sidhu, M.D.
as its chief medical officer, effective Sept. 20, 2021.

"Roger's extensive R&D experience, including many years in
late-stage clinical development involving a wide array of treatment
modalities for hematologic malignancies and solid turmors, brings
him to Brooklyn at an inflection point where his insight and
understanding will help guide us to the next stage of our company's
development," commented Howard J. Federoff, M.D., Ph.D., Brooklyn's
CEO and president.  "We welcome Roger and look forward to
collaborating with him in working to transform the way our targeted
diseases are treated."

"Brooklyn Immunotherapeutics' cutting-edge mRNA-based gene editing
and cellular reprogramming platform positions the company at the
forefront of an emerging personalized medicine revolution, and I
look forward to having a guiding hand in driving the company
forward as a leader in the field," added Dr. Sidhu.

Prior to joining Brooklyn, Dr. Sidhu served as vice president,
Clinical Development at Kite Pharma, a subsidiary of Gilead
Sciences.  Previously, he held key positions at Roivant Sciences,
where he was chief medical officer and executive vice president and
Head of Research and Development, Cell Design Labs, where he served
as chief medical officer, and Amgen, where he served as Global
Product General Manager, Translational Sciences.  Dr. Sidhu is a
Fellow of the Royal College of Physicians and Surgeons of Canada in
both internal medicine and medical oncology.  He earned a Bachelor
of Science (Biochemistry) from University of Alberta, and his M.D.
from Queen's University, Kingston, Ontario, where he also did his
residency.

               Employment Agreement with Roger Sidhu

The Company has entered into an employment agreement, effective as
of Sept. 20, 2021, with Roger Sidhu with respect to terms of his
employment as its chief medical officer.  The compensatory terms of
the employment agreement relating to equity awards were approved by
the compensation committee of the board of directors, which
consists of two disinterested directors.  Dr. Sidhu's hiring, and
his employment agreement (including compensatory terms other than
his equity awards), were approved by the board.

The employment agreement provides for the Company at-will
employment of Dr. Sidhu as its chief medical officer for a term
commencing on Sept. 20, 2021 and continuing until terminated by the
Company or Dr. Sidhu.

Under the terms of the employment agreement, the Company will pay
Dr. Sidhu an annual base salary of $447,200, which amount is
subject to annual review by the board or the compensation committee
and subject to adjustment to reflect market practices among the
Company's peers in the sole discretion of the board or the
compensation committee.

Dr. Sidhu will be eligible to receive an annual cash bonus award in
an amount up to 40% of his base salary upon achievement of
reasonable performance targets set by the board or the compensation
committee, each in its sole discretion.  The bonus will be
determined by the board or the compensation committee and paid
annually in March in the year following the performance year on
which such bonus is based.

                 About Brooklyn ImmunoTherapeutics

Brooklyn (formerly NTN Buzztime, Inc.) is a clinical-stage
biopharmaceutical company focused on exploring the role that
cytokine-based therapy can have on the immune system in treating
patients with cancer, both as a single agent and in combination
with other anti-cancer therapies.  The Company is seeking to
develop IRX-2, a novel cytokine-based therapy, to treat patients
with cancer.

NTN Buzztime reported a net loss of $4.41 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.05 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$64.71 million in total assets, $29.53 million in total
liabilities, and $35.18 million in total stockholders' and members'
equity.

San Diego, California-based Baker Tilly US, LLP, the Company's
auditor since 2013, issued a "going concern" qualification in its
report dated March 11, 2021, citing that the Company incurred a
significant net loss for the year ended Dec. 31, 2020 and as of
Dec. 31, 2020 had a negative working capital balance, and does not
expect to have sufficient cash or working capital resources to
fund operations for the twelve-month period subsequent to the
issuance date of these financial statements.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


BROOKLYN IMMUNOTHERAPEUTICS: Provides Shareholder Call Highlights
-----------------------------------------------------------------
Brooklyn ImmunoTherapeutics, Inc. provided highlights from a
Shareholder Update Call conducted on Sept. 20, 2021 by President
and Chief Executive Officer Howard J. Federoff, M.D., Ph.D., with
guest contributor Matt Angel, Ph.D., Factor Bioscience's Co-founder
and Chief Executive Officer.

Highlights of the call included:

   * Brooklyn is building on its license from Factor Bioscience,
its acquisition of Novellus Therapeutics and its placement of its
R&D facility at 1035 Cambridge Street alongside Factor Bioscience

   * Brooklyn plans to use iMSCs - mesenchymal stem cells derived
from induced pluripotent stem cells (iPSCs) - to address allogeneic
bone marrow transplants that have functioned poorly or have failed
to address the cancer associated with the procedure

   * Brooklyn plans to apply its gene editing products to solid
tumors

   * Brooklyn outlined its proposed approach for gene editing
products to treat monogenic disorders by targeting the liver, brain
and eye

   * Dr. Federoff described Brooklyn's expected approach to
autologous iPSCs with gene editing to address problems such as
sickle cell disease

   * Based on intellectual property licensed from Factor
Bioscience, Brooklyn's highly efficient mRNA strategy is designed
to preclude cellular innate immune responses and, when coupled with
a tunable nanolipid delivery system such as the ToRNAdo system,
could allow Brooklyn to address clinical problems that have not
been addressable before

                 About Brooklyn ImmunoTherapeutics

Brooklyn (formerly NTN Buzztime, Inc.) is a clinical-stage
biopharmaceutical company focused on exploring the role that
cytokine-based therapy can have on the immune system in treating
patients with cancer, both as a single agent and in combination
with other anti-cancer therapies.  The Company is seeking to
develop IRX-2, a novel cytokine-based therapy, to treat patients
with cancer.

NTN Buzztime reported a net loss of $4.41 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.05 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$64.71 million in total assets, $29.53 million in total
liabilities, and $35.18 million in total stockholders' and members'
equity.

San Diego, California-based Baker Tilly US, LLP, the Company's
auditor since 2013, issued a "going concern" qualification in its
report dated March 11, 2021, citing that the Company incurred a
significant net loss for the year ended Dec. 31, 2020 and as of
Dec. 31, 2020 had a negative working capital balance, and does not
expect to have sufficient cash or working capital resources to
fund operations for the twelve-month period subsequent to the
issuance date of these financial statements.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


CATALENT PHARMA: Moody's Rates New $450MM Sr. Unsecured Notes 'B1'
------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Catalent Pharma
Solutions, Inc. proposed $450 million senior unsecured notes due
2030. There are no changes to Catalent's existing ratings including
the Ba3 Corporate Family Rating, Ba3-PD Probability of Default
Rating, Ba1 senior secured bank credit facility and SGL-1
Speculative Grade Liquidity rating. The outlook remains stable.

Proceeds of the offering together with the recent $450 million term
loan will be primarily used to finance the $1 billion acquisition
of Bettera Holdings, LLC (announced on August 30, 2021) and pay
fees and expenses. While the acquisition will increase Catalent's
financial leverage -- a credit negative -- the addition of Bettera
will raise the growth and margin profile of Catalent's Softgel and
Oral Technologies ("SOT") business, which has faced headwinds since
2020. Further, Moody's expect Catalent's financial leverage to
improve from around 4.5x (pro forma for Bettera) to below 4x within
12-18 months based on earnings growth and debt repayment. This
incorporates earnings contribution from Bettera.

Assignments:

Issuer: Catalent Pharma Solutions, Inc.

Gtd Senior Unsecured Global Notes, Assigned B1 (LGD5)

RATINGS RATIONALE

Catalent's Ba3 Corporate Family Rating is supported by its track
record of delivering strong revenue and earnings growth. It also
reflects its good size and scale, breadth of service offerings and
position as one of the largest contract development and
manufacturing organizations (CDMOs) globally. The company also
maintains a diversified customer base and commands a large library
of patents, know-how, and other intellectual property that raise
barriers to entry and enhance margins. Increased outsourcing among
its pharma clients and rapid growth in biologics support Moody's
expectation for at least high-single digit earnings growth over the
next several years. Near term, the COVID-19 pandemic has presented
opportunities to Catalent; the company is involved in over 50
programs to develop treatments and vaccines, including with
AstraZeneca and Moderna. Catalent is meeting growing demand for its
services by expanding capacity. This is supported by a significant
increase in capex and an active M&A policy geared towards building
positions in the nascent cell and gene therapy industry. However,
this strategy will weigh on free cash flow. Further, Moody's
expects Catalent to remain acquisitive which could lead to a
temporary increase in leverage. The rating also reflects the risks
inherent in the contract manufacturing industry, which is highly
competitive, and has high reliance on the pharmaceutical industry.

The stable outlook reflects Moody's expectation that leverage will
improve over the next 12 to 18 months, and that adjusted
debt/EBITDA will generally be maintained in the 3.5x to 4.0x
range.

The Speculative Grade Liquidity Rating of SGL-1 reflects Moody's
expectation that Catalent's liquidity will remain very good over
the next 12 to 18 months. Catalent's liquidity will be supported by
a strong cash balance ($953 million as of June 30, 2021) and access
to a substantially undrawn $725 million revolving credit facility
that expires in May 2024.

Social and governance considerations are material to Catalent's
credit profile. Like other providers of services for the
pharmaceutical industry, Catalent faces - albeit indirectly -
rising exposure to regulatory and legislative efforts aimed at
reducing healthcare costs and in particular drug prices and
reimbursement rates. These are fueled in part by demographic and
societal trends that are pressuring government budgets because of
rising healthcare spending. Turning to governance, Catalent has
pursued a financial policy and capital allocation policies that
balance both creditor and shareholder interests since its IPO in
2014. While it has increased debt to fund acquisitions, it has also
issued equity to repay debt, which is credit positive. For example,
Catalent issued equity to repay debt in 2018 several months after
the Cook acquisition, and more recently funded the acquisition of
MaSTherCell through equity.

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

The ratings could be upgraded if Catalent reduces financial
leverage such that its debt to EBITDA is sustained below 3.5 times.
Successful integration of acquisitions and organic growth that
results in increased scale and improved business line diversity,
would also support an upgrade. Improved free cash flow would also
support a higher rating.

The ratings could be downgraded if Moody's expects Catalent's
financial leverage to be sustained above 4.5 times. The ratings
could also be downgraded if Catalent's earnings deteriorate, or if
the current elevated capex strategy fails to generate very strong
organic revenue growth. The ratings could be downgraded if the
company adopts a more aggressive acquisition or shareholder
strategy.

Catalent Pharma Solutions, Inc. is a leading contract development
and manufacturing organization (CDMO) company and a global provider
of advanced delivery technologies and development and manufacturing
solutions for drugs; protein, cell, and gene therapy biologics; and
consumer health products. These include the company's formulation,
development and manufacturing of softgels and other products for
the prescription drug and consumer health industries. The company
reported revenue of approximately $4.0 billion in its fiscal year
ended June 30, 2021.

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


CATALENT PHARMA: S&P Rates New Senior Unsecured Notes 'BB-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '5'
recovery rating to Catalent Pharma Solutions Inc.'s proposed
dollar-denominated senior unsecured notes due 2030. The '5'
recovery rating indicates its expectation for modest (10%-30%;
rounded estimate: 10%) recovery in the event of a payment default.
The company intends to use the net proceeds from these notes, along
with the proceeds from its previously announced $450 million term
loan B add-on, to partially fund its acquisition of Bettera
Holdings, LLC.

S&P said, "Our long-term 'BB' issuer credit rating and stable
outlook on Catalent Pharma Solutions' parent, Catalent Inc., remain
unchanged and reflect our view that the company has a top-tier
reputation and material scale in the contract development and
manufacturing organization (CDMO) industry. Catalent Inc. also has
strong revenue visibility due to its long-term contracts and
diverse customer base. These positive factors are somewhat offset
by its small size relative to its large pharmaceutical customers
and its narrow focus on outsourced manufacturing for pharmaceutical
companies.

"Furthermore, our rating on Catalent Inc. reflects our expectation
that its S&P Global Ratings-adjusted debt to EBITDA will generally
remain in the 3x-4x range. If it increases its leverage above that
range, potentially due to an acquisition, we believe it would be
temporary."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Catalent's pro forma capital structure comprises a $725 million
revolving credit facility (assumed 85% drawn), about $1.45 billion
of first-lien term loans, about $1 billion of unsecured
euro-denominated notes, and $1.5 billion of unsecured
dollar-denominated notes.

-- S&P's simulated default scenario contemplates a default
occurring in 2026 precipitated by regulatory suspensions, increased
competition, and lower capacity utilization, which significantly
reduce the company's EBITDA.

-- S&P believes Catalent would likely reorganize in the event of
default and value the company on a going-concern basis using a 6x
multiple of its projected default-level EBITDA. This multiple is
similar to the multiples it uses for other CDMOs based on their
scientific expertise and specialized facilities.

-- The senior secured credit facilities benefit from a downstream
guarantee from Catalent's holding company parent, an upstream
guarantee from its wholly owned U.S. restricted subsidiaries, and a
pledge of 65% of the equity interests in its foreign subsidiaries.

-- S&P assumes Catalent's U.S. operations, which provide a secured
guarantee on the facilities, contribute approximately 60% of its
revenue and value at the time of default. The company's foreign
operations, which are nonguarantors, contribute the remainder.

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA at emergence: $413 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.356
billion

-- Valuation split (obligors/nonobligors): 60%/40%

-- Value available to first-lien creditors: $2.026 billion

-- Secured first-lien debt claims: $2.062 billion

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

-- Total value available to unsecured claims: $330 million

-- Senior unsecured debt claims: $2.524 billion

    --Recovery expectations: 10%-30% (rounded estimate: 10%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals the asset pledge from obligors after
priority claims plus the equity pledge from nonobligors after
nonobligor debt.



CERTA DOSE: Wins Court Nod to Use Cash Until Oct. 15
----------------------------------------------------
Judge Lisa G. Beckerman of the U.S. Bankruptcy Court for the
Southern District of New York authorized Certa Dose, Inc. to use
cash collateral and all other accounts of the Debtor for ordinary
and necessary expenditures, pursuant to the budget, until October
15, 2021.  The Debtor estimated to incur expenses aggregating
$41,903 during the period from September 21 through October 15,
2021.

The Court ruled that Dr. Caleb Hernandez, the Debtor's founder and
inventor, is granted valid and automatically perfected liens and
security interests in all assets of the Debtor and the proceeds
thereof, to the same extent, validity and priority as existed
prepetition up to the extent permitted under Section 361 and 363 of
the Bankruptcy Code.  As further adequate protection, the Inventor
is granted superpriority administrative expense claims to the
extent the adequate protection liens prove inadequate.  The
replacement liens, adequate protection liens and superpriority
claims are subject to any fees payable to the Clerk of the
Bankruptcy Court; the fees up to $10,000 of a hypothetical Chapter
7 trustee; and the fees and expenses up to $50,000 of Ortiz & Ortiz
LLP, the Debtor's counsel.

The Debtor owed the Inventor $77,000,000 under the Inventor
Settlement Agreement to the extent that the liens under the
Agreement encumbers all of the Debtor's property, subject to the
lien of the U.S. Small Business Administration.  The U.S. Small
Business Administration, however, has assigned its interest in the
Loan to the Inventor.

A copy of the sixth interim is available for free at
https://bit.ly/3kBEVN2 from PacerMonitor.com.

                      About Certa Dose, Inc.

Certa Dose Inc. develops, sells and licenses pharmaceutical
products and technology. Its principal business is developing,
selling and licensing its pharmaceutical products and technology.
The Company was designated as an innovation company by Johnson &
Johnson and has received a grant and mentorship from J & J.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 21-11045) on May 30,
2021. In the petition signed by Caleb S. Hernandez, president, the
Debtor disclosed up to $50 million in assets and up to $100 million
in liabilities.

Judge Lisa G. Beckerman presides over the case.

Norma Ortiz, Esq., at Ortis & Ortiz, LLP is the Debtor's counsel.



CHRISTIE-SCOTT LLC: Unsecureds to Get Share of Income for 3 Years
-----------------------------------------------------------------
Christie-Scott, LLC, filed with the U.S. Bankruptcy Court for the
District of Maryland a Chapter 11 Plan dated Sept. 20, 2021.

Christie-Scott, LLC was formed in 2005 to own and operate a hair
salon. It operates under the trade name Victoria & Albert Hair
Studio at 12239 Clarksville Pike, Suite J, Clarksville, Maryland
21029.

In 2017, the Debtor was considering a renovation of its original
leased space or relocating to a new location. After deciding to
relocate, the landlord locked it out of the leased space without
warning. Following years of the litigation and winning a
substantial damages award in the Howard County Circuit Court, the
landlord appealed and won. Covid shutdowns, restrictions, and
limitations also significantly damaged business. As a result, the
Debtor consulted with counsel to discuss the possibility of filing
for relief under Chapter 11 of the Bankruptcy Code and filed the
within case on June 21, 2021, under the provisions of the Small
Business Reorganization Act (SBRA).

The Plan provides for payment of administrative expenses, priority
claims, and secured creditors in full or in part, either in cash or
in deferred cash payments, and provides for payments to unsecured
creditors in an amount greater than they would receive in the event
of a Chapter 7 liquidation. Funds for implementation of the Plan
will be derived from the Debtor's income from the operations of its
business.

The Plan will treat claims as follows:

     * Class B-1 consists of the secured prepetition claim of
Howard Bank (Proof of Claim No. 5) in the amount of $296,784.41 as
of the petition date, secured by a blanket lien on all estate
assets. The holder of the Class B-1 claim shall retain its lien and
this claim shall be paid in full, pursuant to its existing loan
terms. This class is not impaired.

     * Class B-2 consists of the secured prepetition claim of the
U.S. Small Business Administration (Claim No. 1), filed in the
amount of $156,133.56 as of the petition date, secured by a UCC-1
granting a blanket lien on the Debtor's assets. As the claim of
Howard Bank for its prior UCC-1 reflects a Principal Balance of
$296,784.41, which is greater than the value of the collateral, the
Class B-2 claim is wholly unsecured and shall be treated for all
purposes as a Class C claim. The lien securing the Class B-2 Claim
shall be deemed void upon confirmation, and the Class B-2 creditor
shall, within 30 days thereafter, file a notice that the lien has
been avoided in the applicable state and/or county records.

     * Class B-4 consists of the Navitas Credit Corporation (Proof
of Claim No. 3) in the amount of $19,471.64 as of the petition
date, secured by a PMSI on shampoo chairs and signage. The holder
of the Class B-4 claim shall retain its lien and this claim shall
be paid in full, pursuant to its existing loan terms. This class is
not impaired.

     * Class C consists of all allowed general unsecured claims
against the Debtor. In accordance with the provisions of Code §
1191(d), this class shall be paid, pro rata, all of the Debtor's
Disposable Income in calendar years 2022, 2023, and 2024. Such
Disposable Income, if any, shall be paid pro rata, to all allowed
general unsecured claims within 30 days after the filing of such
Statement. This class is impaired.

Funds for implementation of the Plan will be derived from income
from the Debtor's business and cash on hand.

A full-text copy of the Chapter 11 Plan dated Sept. 20, 2021, is
available at https://bit.ly/3u6TzyX from PacerMonitor.com at no
charge.

Counsel to the Debtor:
   
     Brett Weiss, Esq.
     The Weiss Law Group, LLC
     6404 Ivy Lane, Suite 650
     Greenbelt, MD 20770
     Telephone: (301) 924-4400
     Facsimile: (240) 627-4186
     Email: brett@BankruptcyLawMaryland.com

                   About Christie-Scott LLC

Christie-Scott, LLC was formed in 2005 to own and operate a hair
salon. Christie-Scott, LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21
14092) on June 21, 2021, disclosing total assets of up to $500,000
and total liabilities of up to $1 million.  Judge Nancy V. Alquist
oversees the case.  The Weiss Law Group, LLC, serves as the
Debtor's legal counsel.


COMMUNITY ECO POWER: Hires Deltaway as Environmental Consultant
---------------------------------------------------------------
Community Eco Power, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Massachusetts to employ
Deltaway Energy International, Inc. as environmental consultant.

The firm will perform a plant assessment at the Pittsfield facility
and Springfield Facility. It will review and validate the Debtors'
existing remediation analysis, communicate with Mass DEP, and
assess a remediation plan for the mitigation of smoke and causal
factors.

The firm will be paid $40,000 for the Pittsfield facility and
$32,000 for the Springfield Facility.

Peter M. Kendrigan a president at Deltaway Energy International,
Inc.  disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Peter M. Kendrigan
     Deltaway Energy International, Inc.
     270 W Pearl, Ste. 103
     P.O. Box 2554
     Jackson, WY 83001

                     About Community Eco Power

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

On the Petition Date, Community Eco Power disclosed up to $50,000
in assets and up to $10 million in liabilities. Affiliates,
Community Eco Pittsfield and Community Eco Springfield each
disclosed $1 million to $10 million in both assets and
liabilities.

The petitions were signed by Richard Fish, president and chief
executive officer.

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


CONDOR HOSPITALITY: To Dissolve After Sale of Hotels to Blackstone
------------------------------------------------------------------
Condor Hospitality Trust, Inc., and B9 Cowboy Mezz A LLC, an
affiliate of Blackstone Real Estate Partners, on Sept. 22, 2021,
entered into a Hotel Purchase and Sale Agreement, according to a
regulatory filing.

The Purchase Agreement provides that, upon the terms and subject to
the conditions set forth therein, the Blackstone unit will acquire
the Company's portfolio of 15 hotels for a cash purchase price of
$305,000,000.  The Portfolio Sale and the other transactions
contemplated by the Purchase Agreement were unanimously approved by
the Company's board of directors.  The Buyer will deposit
$15,000,000 of the purchase price in escrow within one business day
of signing the Purchase Agreement.

The Purchase Agreement contains customary representations,
warranties and covenants, including, among others, covenants by the
Company to in all material respects carry on its business in the
ordinary course of business consistent with past practice, subject
to certain exceptions, during the period between the execution of
the Purchase Agreement and the consummation of the Portfolio Sale.

The consummation of the Portfolio Sale is subject to certain
customary closing conditions, including, among others, approval of
the Portfolio Sale by the affirmative vote of the holders of at
least 50% of the outstanding shares of Company common stock, par
value $0.01 per share, entitled to vote on the matter.  The
Purchase Agreement requires the Company to convene a shareholders'
meeting for purposes of obtaining Shareholder Approval.

The Company has agreed not to solicit or enter into an agreement
regarding an acquisition proposal (as defined in the Purchase
Agreement), and, subject to certain exceptions, is not permitted to
enter into discussions or negotiations concerning, or provide
non-public information to a third party in connection with, any
Acquisition Proposal. However, the Company may, prior to obtaining
the Company Shareholder Approval, engage in discussions or
negotiations and provide non-public information to a third party
which has made an unsolicited written bona fide Acquisition
Proposal if the Company Board determines in good faith, after
consultation with outside legal counsel and financial advisors,
that the Acquisition Proposal constitutes, or could reasonably be
expected to lead to, a superior proposal.

Prior to obtaining the Company Shareholder Approval, the Company
Board may, in certain circumstances, effect a Seller Adverse
Recommendation Change (as defined in the Purchase Agreement),
subject to complying with specified notice and other conditions set
forth in the Purchase Agreement.

The Purchase Agreement may be terminated under certain
circumstances by the Company, including prior to obtaining the
Company Shareholder Approval and after following certain procedures
and adhering to certain restrictions, if the Company concurrently
enters into a definitive agreement providing for the implementation
of a Superior Proposal and pays a termination fee to the Buyer.

Upon a termination of the Purchase Agreement, under certain
circumstances, the Company will be required to pay a termination
fee to the Buyer of $5,000,000.  In certain other circumstances,
the Company may terminate the Purchase Agreement and receive the
Deposit from escrow.

A copy of the Purchase Agreement is available at
https://bit.ly/2Y0cVKe

                       Voting Agreements

Each of the Principal Shareholders -- J. William Blackham, Real
Estate Strategies L.P., Efanur S.A., Real Estate Investment Group
VII L.P., SREP III Flight-Investco, L.P., Stepstone Group Real
Estate LP, Stepstone REP II (GP), LLC and Stepstone Group Real
Estate Holdings LLC -- have entered into a voting agreement with
the Buyer, dated as of September 22, 2021, pursuant to which, among
other things, each agreed to vote Company Common Shares
beneficially owned by them in favor of the Portfolio Sale. The
Principal Shareholders collectively hold approximately 60.7% of the
outstanding Common Shares. However, upon the occurrence of a Seller
Adverse Recommendation Change by the Company Board in compliance
with the Purchase Agreement, the aggregate number of shares covered
by the voting obligations set forth in the Voting Agreements shall
automatically be reduced (on a pro rata basis with each other
Principal Stockholder) to the extent necessary so that the
aggregate number of Common Shares subject to the Voting Agreements
represents no more than 35% of the Common Shares outstanding and
entitled to vote.

Each Voting Agreement terminates upon the earlier of:

     (i) the closing of the Portfolio Sale,

    (ii) the date and time as the Purchase Agreement shall be
terminated in accordance with its terms,

   (iii) the date and time as there occurs any amendment,
modification, waiver by the Company or other change to any
provision of the Purchase Agreement as in effect on the date of the
Voting Agreement which is effected without the consent of the
shareholder that (A) expressly reduces the amount or changes the
form of consideration payable to the Company, (B) extends the End
Date (as defined in the Purchase Agreement) or (C) imposes any
material restriction or additional material condition on the
consummation of the Portfolio Sale or payment of the purchase price
or otherwise, in each case, in a manner material and adverse to the
shareholder, or

    (iv) the termination of the Voting Agreement upon written
notice of termination from the Buyer to the shareholder.

                     Plan of Liquidation

On September 20, 2021, the Company Board unanimously approved a
plan of complete liquidation and dissolution pursuant to which the
Company would be liquidated and dissolved, subject to approval of
the Plan of Liquidation, including the liquidation and dissolution
of the Company pursuant thereto, by the Company's shareholders at
the Shareholder Meeting.  Shareholder approval of the Plan of
Liquidation gives to the Company Board the power to direct the sale
of (or, in certain cases, otherwise dispose of) all of the Company
assets on such terms and in such manner as determined by the
Company Board in its discretion.  The Company will not be required
to obtain any further shareholder approval with respect to specific
terms of any particular sales or other dispositions of assets
approved by the Company Board.

The Company anticipates making a distribution of a portion of the
net proceeds of the Portfolio Sale and certain of its other cash on
hand after the consummation and, depending on the timing of, the
Portfolio Sale and expects the final liquidating distribution, if
any, to be made on or before a date that is within 24 months after
shareholder approval of the Plan of Liquidation.

The Company estimates that if the Plan of Liquidation is approved
by shareholders and if it is able to successfully implement the
Portfolio Sale and the Plan of Liquidation, then after the sale of
all or substantially all of the Company's assets and the payment of
all of the Company's outstanding liabilities, the Company will have
total distributions to shareholders of approximately $7.35 to $7.85
per share of Company Common Shares. These estimates are based upon
market, economic, financial and other circumstances and conditions
existing as of the date of the SEC report, and any changes in such
circumstances and conditions during the period under which the
Company implements the Plan of Liquidation could have a material
effect on the ultimate amount of proceeds received by
shareholders.

Pursuant to the Plan of Liquidation, and as required by the
Maryland General Corporation Law, the Company expects to commence a
formal process whereby it would give notice of its dissolution and
allow its creditors an opportunity to come forward to make claims
for amounts owed to them.  Once the Company has complied with the
applicable statutory requirements and either repaid its creditors
or reserved amounts for payment to its creditors, including amounts
required to cover as-yet unknown or contingent liabilities, the
Company expects to distribute any remaining cash, less any reserved
amounts for the payment of its ongoing expenses, to its
shareholders.

Pursuant to the MGCL and the Company's articles of incorporation,
the proposed dissolution must be approved by the affirmative vote
of the holders of not less than a majority of the Company Common
Shares then outstanding and entitled to vote thereon.

Under the Plan of Liquidation, the Company Board may modify, amend
or abandon the Plan of Liquidation, notwithstanding shareholder
approval, to the extent permitted by the MGCL.

A copy of the Plan of Liquidation is available at
https://bit.ly/3zDN2wA

                About Condor Hospitality Trust

Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a
self-administered real estate investment trust that specializes in
the investment and ownership of upper midscale and upscale,
premium-branded, select-service, extended-stay, and limited-service
hotels in the top 100 Metropolitan Statistical Areas ("MSAs") with
a particular focus on the top 20 to 60 MSAs.  The Company currently
owns 15 hotels in 8 states.  Condor's hotels are franchised by a
number of the industry's most well-regarded brand families
including Hilton, Marriott, and InterContinental Hotels.



CONDOR HOSPITALITY: To Sell All Hotels to Blackstone for $305M
--------------------------------------------------------------
Condor Hospitality Trust, Inc. (NYSE American: CDOR) announced
Sept. 23, 2021, it has entered into an agreement with affiliates of
Blackstone Real Estate Partners to sell its entire portfolio of
hotels in a $305 million transaction. This is an all cash
transaction without the assumption of any existing debt. Completion
of the transaction, which is expected to occur in the fourth
quarter of 2021, is subject to customary closing conditions,
including the approval of the Company's shareholders.

Bill Blackham C.E.O. stated "We believe that this is an extremely
attractive transaction for Company's shareholders with a highly
credible and very experienced buyer.  Both Blackstone Real Estate
Partners and the Company have teams that have been working and will
continue to work towards a timely and successful consummation of
the transaction.  The Company portfolio is highly attractive as
evidenced by the strong buyer interest that surfaced during the
marketing process and appears to fit very well into the investment
profile of our buyer."

The buyer has entered into voting agreements with certain
shareholders of the Company that hold approximately 60% of the
outstanding common shares pursuant to which such holders have
agreed to vote their shares in favor of the transaction.

Scott Trebilco, Managing Director of Blackstone Real Estate
Partners, said, "We are pleased to have reached agreements with
Condor and a majority of its shareholders.  The portfolio is
complementary to our existing select service hotels and is
demonstrating strong performance, which we look forward to building
on as travel continues to recover."

The Company also announced that the Company's Board of Directors
has unanimously adopted a Plan of Liquidation and Dissolution (the
"Plan of Liquidation"). The Plan of Liquidation contemplates an
orderly wind down of the Company's business affairs. Following the
closing of the sale of the hotel portfolio and the payment of
outstanding liabilities, along with the taking of other actions
specified in the Plan of Liquidation, including reserving for
certain contingent liabilities and claims, the Company intends to
distribute certain net proceeds from the sale of the hotel
portfolio to the Company's shareholders in one or more liquidating
distribution installments.  The implementation of the Plan of
Liquidation is conditioned on obtaining approval of the Company's
shareholders.

Additional information regarding the transaction and the Plan of
Liquidation will be included in a Form 8-K that the Company will
file shortly with the Securities and Exchange Commission ("SEC")
and in a proxy statement the Company intends to file with the SEC
and distribute to its shareholders.  The Company's proxy statement
will include information regarding the timing of the special
meeting of the Company's shareholders to approve the transaction
and the Plan of Liquidation.

                About Condor Hospitality Trust

Condor Hospitality Trust, Inc. (NYSE American: CDOR) is a
self-administered real estate investment trust that specializes in
the investment and ownership of upper midscale and upscale,
premium-branded, select-service, extended-stay, and limited-service
hotels in the top 100 Metropolitan Statistical Areas ("MSAs") with
a particular focus on the top 20 to 60 MSAs. The Company currently
owns 15 hotels in 8 states.  Condor's hotels are franchised by a
number of the industry's most well-regarded brand families
including Hilton, Marriott, and InterContinental Hotels.

                  About Blackstone Real Estate

Blackstone is a global leader in real estate investing.
Blackstone's real estate business was founded in 1991 and has $208
billion of investor capital under management.  Blackstone is one of
the largest property owners in the world, owning and operating
assets across every major geography and sector, including
logistics, multifamily and single family housing, office,
hospitality and retail.  Its opportunistic funds seek to acquire
undermanaged, well-located assets across the world.  Blackstone's
Core+ strategy invests in substantially stabilized real estate
globally through regional open-ended funds focused on high-quality
assets and Blackstone Real Estate Income Trust, Inc. (BREIT), a
non-listed REIT that invests in U.S. income-generating assets.
Blackstone Real Estate also operates one of the leading global real
estate debt businesses, providing comprehensive financing solutions
across the capital structure and risk spectrum, including
management of Blackstone Mortgage Trust (NYSE: BXMT).


CONSENSUS CLOUD: Moody's Gives B2 CFR & Rates New $300MM Notes B2
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
B2-PD probability of default rating to Consensus Cloud Solutions,
Inc. Concurrently, Moody's assigned a B2 rating to the company's
proposed $300 million of senior unsecured notes due 2026 and $500
million senior unsecured notes due 2028. Moody's also assigned
Consensus a speculative grade liquidity rating of SGL-2. The
outlook is stable.

The assignment of the rating takes into account the company's
corporate governance as publicly listed spin-off of J2 Global, Inc.
(B1, stable) as well as its stated financial strategy.

Assignments:

Issuer: Consensus Cloud Solutions, Inc.

Probability of Default Rating, Assigned B2-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned B2

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

Outlook Actions:

Issuer: Consensus Cloud Solutions, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Consensus' B2 rating reflects the company's small scale relative
other healthcare software as a service (SaaS) players as well as
the concentration around its cloud fax offering which, in Moody's
view, bears obsolescence and technological risks. The B2 rating
also reflects Moody's concerns that Consensus' revenue growth
strategy hinges heavily on the healthcare sector where large
players who handle software, information flow and Electronic Health
Record management already exist.

The B2 rating also reflects Consensus' moderate leverage post
spin-off with Moody's adjusted debt to EBITDA expected around 4x in
2021. In addition, the company's SoHo business, while expected to
be stable at best, offers a base of stable and visible revenue.
This has translated in the past in strong free cash flow generation
which Moody's expects to continue.

Consensus is a company being created from the spin-off of J2
Global's Cloud Fax business, which used to be part of J2 Global's
Historical Cloud Services. All other businesses that used to be
part of J2 Global's Historical Cloud Services (i.e. B2B backup,
cybersecurity and SMB enablement) will remain under the J2 Global
business. At spin-off, J2 Global will be renamed Ziff Davis and
retain 19.9% of Consensus, which it expects to divest over time.

Consensus is a provider of online fax solutions and the company
estimates it is the largest players in this SaaS subsegment with a
17.5% market share. The company's customers can be categorized into
two main segments small office/home office (SoHo) business and
corporate business, which includes both medium sized companies and
larger "enterprise" business. Historically SoHo subscribers (who
mostly pay a monthly recurring fee for usage) have been in a steady
decline of between 1 and 4% historically, but they have recently
grown as a result of the COVID pandemic which led to large numbers
people working from home as well as successful broad based
marketing efforts, in particular social media. Moody's expects that
long term trends for SoHo cloud fax will mean a stabilization, at
best, of the current subscriber base but given the large base (more
than a million customers) Moody's does not expect material shifts
in the short term.

On its corporate business, Consensus has recently been generating
very strong growth of low double digit. This has been driven in
great part by the healthcare sector which represents around two
thirds of the corporate segment's revenue with the remainder coming
from legal, compliance, insurance clients for most. Fax remains
widely used in healthcare as it is both HIPAA compliant and secure.
In addition, faxed documents are legally binding, and offer
efficiency over back and forth physical mailing of contracts/forms
to sign. This said, new technologies such as e-signature are being
launched by large software companies which could put some pressure
in the long term on the attractiveness of cloud fax for some
subscribers.

In 2020, the corporate segment represented 44.4% of Consensus'
revenue and is expected to overtake the SoHo segment by 2022.

The company sees growth from its corporate business that it expects
will continue to gain share from on-premises fax communications,
which still represent the majority of fax transfers. The company
believes that demand for online fax will grow at 6-8% annually
driven mostly by the digitization of key industry verticals,
especially healthcare, and a move away from email or traditional
fax as people become more aware of the security issues around these
types of communication modes.

In the longer term, the company is investing in ancillary products
targeted at healthcare interoperability, which is the ability of
different information systems/devices to communicate adequately.
This is an ambitious goal for the healthcare industry and while
Moody's views Consensus' foray into ancillary products as positive
from a diversification perspective, material capex spend or large
M&A away from Consensus' core business is not currently reflected
in the B2 rating. Given the scale and reach of existing SaaS
healthcare players, competition to grow revenue through healthcare
interoperability solutions is likely to be fierce.

The stable outlook reflects Moody's expectations that Consensus'
growth will continue to be driven by the healthcare sector in the
coming 18 months with low attrition in the company's SoHo
subscribers allowing gross leverage to remain between 3-4x.

Consensus' liquidity is good. While the company does not currently
have a revolving credit facility in place, the senior unsecured
notes' indenture include a carveout for one to be raised. In
addition, the company is expected to exit the spin-off with around
$30 million of cash and to continue generating solid free cash flow
of around $90-100 million a year. Capital expenditures are expected
to be around $25 million in the coming year although further M&A is
possible, given both the historical acquisitive track record and
appetite for ancillary products development.

Consensus debt instrument ratings reflect the probability of
default of the company, as reflected in the B2-PD probability of
default rating, and a 50% average expected family recovery rate
given the potential for a secured revolver as part of the long term
capital structure.

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

An upgrade to Consensus' ratings would require the company to
sustain revenue and EBITDA growth including from new products and
maintain a gross leverage (Moody's adjusted) below 3x.

Ratings could be downgraded should the company's operating
performance weaken or its financial policy change such that
leverage (Moody's adjusted) were to sustainably increase above 4x.

Headquartered in Los Angeles, California, Consensus is a provider
of cloud fax services. On a pro forma basis, Consensus generated
$174 million of revenue, $60 million of net income and $101 million
of pro forma Adjusted EBITDA for the six months ended June 30, 2021
and $331 million of revenue, $122 million of net income and $193
million of pro forma Adjusted EBITDA for the year ended December
31, 2020.

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


CORNERSTONE ONDEMAND: Amends Indenture to Finance Merger
--------------------------------------------------------
Cornerstone OnDemand, Inc. entered into a second supplemental
indenture with U.S. Bank National Association, as the trustee,
under that certain indenture dated as of Dec. 8, 2017 in connection
with the merger of the company with and into Sunshine Software
Merger Sub, Inc., with the company surviving as an indirect
wholly-owned subsidiary of Sunshine Software Holdings, Inc.,
pursuant to that certain Agreement and Plan of Merger dated as of
Aug. 5, 2021.  

The second supplemental indenture provides, among other things, for
the amendment of Section 4.07 of the indenture to permit the
financing for the merger and for the mechanics regarding the
automatic conversion of certain outstanding convertible notes into
cash upon closing of the merger.  

                         About Cornerstone

Headquartered in Santa Monica, California, Cornerstone --
www.cornerstoneondemand.com -- is a provider of learning and people
development solutions, delivered as software-as-a-service.

Cornerstone reported a net loss of $39.98 million for the year
ended Dec. 31, 2020, a net loss of $4.05 million for the year ended
Dec. 31, 2019, and a net loss of $33.84 million for the year ended
Dec. 31, 2018.  As of June 30, 2021, the Company had $1.99 billion
in total assets, $1.68 billion in total liabilities, and $308.57
million in total stockholders' equity.


CUSTOM TRUCK: Registers 59.1 Million Shares for Possible Resale
---------------------------------------------------------------
Custom Truck One Source, Inc. filed a Form S-3 registration
statement with the Securities and Exchange Commission relating to
the resale of 59,145,626 shares of common stock of the Company, par
value $0.0001 per share, in connection with the (i) Common Stock
issued to existing investors in Custom Truck One Source, L.P. in
connection with the rollover of such entity, (ii) Common Stock held
by certain qualified institutional buyers and accredited investors
following the acquisition of NESCO Holdings, LP, a Delaware limited
partnership, and NESCO Holdings I, Inc. by Capitol Investment Corp.
IV and (iii) Common Stock issued by certain qualified institutional
buyers and accredited investors in connection with the closing of
the Acquisition by certain the selling securityholders named in
this prospectus from time to time in amounts, at prices and terms
that will be determined at the time of the offering.  The
registration of Common Stock pursuant to this prospectus does not
necessarily indicate a willingness on the part of the selling
securityholders to sell their shares.

On April 1, 2021 Custom Truck One Source, Inc., a Delaware
corporation formerly known as Nesco Holdings, Inc., completed the
acquisition of Custom Truck One Source, L.P. and its general
partner pursuant to a Purchase and Sale Agreement entered into on
Dec. 3, 2020 by and among NESCO Holdings II, Inc., certain
affiliates of the Blackstone Group and other direct and indirect
equity holders of CTOS, Blackstone Capital Partners VI-NQ L.P. and,
solely with respect to Section 9.04 of the Purchase Agreement, PE
One Source Holdings, LLC, an affiliate of Platinum Equity.  In
connection with the Closing of the Acquisition, certain of the
selling stockholders received Common Stock of Custom Truck One
Source Inc. in exchange for existing equity of Custom Truck One
Source, L.P.  In addition, on Dec. 3, 2020, in connection with the
entry into of the Purchase Agreement, the Company entered into a
common stock purchase agreement with PE One Source Holdings, LLC,
one of the selling stockholders, to finance, in part, the
acquisition of CTOS. Additionally, certain of the selling
stockholders received shares in connection with the Company's
initial formation transactions.

The Company will not receive any proceeds from the resale of the
Common Stock by the selling securityholders.  The Company will bear
all costs, expenses and fees in connection with the registration of
the Common Stock.  The Company ls registering the offering and sale
of Common Stock by selling securityholders to satisfy registration
rights the Company has granted the selling securityholders in
connection with the Amended and Restated Stockholders' Agreement
dated April 1, 2021.

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

https://www.sec.gov/Archives/edgar/data/1709682/000121390021049382/ea147799-s3_customtruck.htm

                      About Custom One Truck

Custom Truck One Source, Inc. (formerly known as Nesco Holdings,
Inc.) is a provider of specialty equipment, parts, tools,
accessories and services to the electric utility transmission and
distribution, telecommunications and rail markets in North America.
CTOS offers its specialized equipment to a diverse customer base
for the maintenance, repair, upgrade and installation of critical
infrastructure assets, including electric lines, telecommunications
networks and rail systems.  The Company's coast-to-coast rental
fleet of more than 8,800 units includes aerial devices, boom
trucks, cranes, digger derricks, pressure drills, stringing gear,
hi-rail equipment, repair parts, tools and accessories. For more
information, please visit investors.customtruck.com.

The Company reported net losses of $21.28 million in 2020, $27.05
million in 2019, and $15.53 million in 2018.  As of June 30, 2021,
Custom Truck had $2.70 billion in total assets, $437.08 million in
total current liabilities, $1.39 billion in total long-term
liabilities, and $873.88 million in total stockholders' equity.


DENARDO CAPITAL: Claims Will be Paid from Property Sale/Refinance
-----------------------------------------------------------------
DeNardo Capital Management LLC ("DCM") and DeNardo Capital II LLC,
("DCII," together with DCM, the "Debtors") filed with the U.S.
Bankruptcy Court for the Southern District of New York a Disclosure
Statement with respect to its Joint Chapter 11 Plan dated September
21, 2021.

The Plan provides for an auction sale of the Property in accordance
with the bidding procedures to the Plan or the refinance of the
Debt. In furtherance of the sale of the Property, DCII has retained
Rosewood Realty Group ("Rosewood") as real estate broker.  There is
no assurance that a sale of the Property will generate net proceeds
in excess of the aggregate amount of allowed secured claims against
the Debtors.

After consulting with the Bankruptcy Court during the hearing on
June 10, 2021, and after negotiation and discussion amongst
themselves and with their advisors, the Debtors and the Secured
Creditors determined to globally resolve any and all issues in the
Bankruptcy Cases (and, as a result, in the State Court Actions and
UCC Sale Action) by establishing the parameters and certain
procedures for a dual path exit strategy for the Debtors and a
resolution of the Secured Creditors' Claims.

Pursuant to the Global Stipulation, the Debtors will simultaneously
pursue the Bankruptcy Sale Path and Refinance Path subject to, at
all relevant times, the Lender Parties' right to credit bid all or
any portion of the indebtedness then due and owing to the Lender
Parties as of the Sale Date (the "Credit Bid Rights").

Pursuant to the Global Stipulation, upon the successful closing of
any LIC Sale and transfer of ownership of the LIC Property, whether
to the Xu Buyer or otherwise (including, without limitation, the
foreclosure sale of the LIC Property in accordance with Section
5(C)(ii) of the Global Stipulation, the Secured Creditors are
required to credit such portion of the Debt then due and owing
under the Acquisition Loan equal to the greater of: (i) LIC Net
Sale Proceeds received by the Secured Creditors, and (ii)
$7,000,000.  On July 29, 2021, the LIC Property was sold for
$7,600,000 and the net sale proceeds was less than $7,000,000.
Accordingly, the Secured Creditors will credit $7,000,000 against
the balance of the Debt.

The Debtors believe that confirmation of the Plan provides the best
opportunity for maximizing recoveries for the Debtors' creditors.
The Plan provides that creditors will be paid from refinance
proceeds if the Debtors successfully navigate the Refinance Path,
and, if necessary, in the event of a sale to the Secured Creditors
pursuant to their Credit Bid Rights, the GUC Contribution
contributed by the Secured Creditors, in the priority established
under the Bankruptcy Code.  Under the Plan, counsel for the
Debtors, as disbursing agent, will make distributions to
creditors.

Class 3 consists of Secured Creditors' Secured Claim Against DC II.
The holder of such Claim shall receive the following treatment: on
the Effective Date, the holder of the Class 3 Secured Creditors
Secured Claim shall receive payment from the Disbursing Agent, at
Secured Creditors' election: (i) in Cash, in an amount agreed by
the Debtors pursuant to the Refinance Path; (ii) from the cash
proceeds of the Sale transaction if the Property is sold to a
third-party; or (iii) shall receive title to the Property on
account of credit bidding all or a portion of its lien.

Class 4 consists of General Unsecured Claims Against DC II. The
holder of such Claims shall receive the following treatment: on the
Effective Date, or as soon as possible after such Claims become
Allowed Claims, each holder of a Class 4 General Unsecured Claim
shall receive from the Disbursing Agent, its Pro Rata payment of
the remaining Cash from the Sale Proceeds after payment of
Administrative Claims, Professional Fee Claims, Priority Tax
Claims, Class 1 Claims, Class 2 Claims, Class 3 Claims and Class 4
Claims; provided, however, if the amount of such remaining Cash
from the Sale Proceeds available to pay Allowed Class 4 Claims is
less than $15,000.00, Secured Creditors will fund the GUC
Contribution for the Pro Rata distribution to Class 4 General
Unsecured Claims. This Class shall receive 100% if Refinance Path
or pro rata share of $15,000 if Sale Path.

Class 5 consists of Equity Interests in DC II. On the Effective
Date, if the Property is sold to a third-party or to the Secured
Creditors pursuant to a credit bid, all Interest Holders shall
retain the value of their Interests that may exist as to any
remaining balance of Cash, if any, after payment in full of all
Allowed Claims and Classes of Claims against the Debtors. The
Debtors shall remain responsible for either managing or winding
down their own affairs, without interfering with the Disbursing
Agent's performance under the Plan. In the event that the Debtors
successfully pursue the Refinance Path the Class 5 Holders of
Equity Interests shall retain their Interests.

Class 7 consists of Secured Creditors' Secured Claims Against DCM.
The holder of the Class 7 Secured Creditors Secured Claims shall
receive payment from the Disbursing Agent (i) in Cash, at the
election of the Secured Creditors, from proceeds of a sale of the
Property, to a third-party of from refinance proceeds from the
Debtors or will credit bid their lien in exchange for the
Property.

Class 8 consists of General Unsecured Claims Against DCM. The
holder of such Claims shall receive the following treatment: on the
Effective Date, each holder of a Class 8 General Unsecured Claim
shall receive from the Disbursing Agent, unless otherwise agreed in
writing between the Plan Proponent and the holder of such Claim,
its Pro Rata payment of the remaining Cash from the Sale Proceeds
after payment of unclassified claims and claims in Classes 1
through 7. This Class shall receive 100% if Refinance Path; or if
Sale Path then some pro rata portion if there are excess proceeds
after payment in full of Class 7 Claims.

Class 9 consists of Equity Interests in DCM. If the Party is sold
to a third-party or sold to the Secured Creditors pursuant to a
credit bid, on the Effective Date, all Interest Holders shall not
retain their Interests that may exist but shall be entitled to any
remaining balance of Cash, if any, after payment in full of all
other claims against DC II and DCM. Interests of Equity shall not
be extinguished, and the Debtors shall remain responsible for
either managing or winding down its own affairs, without
interfering with the Disbursing Agent's performance under the Plan.
In the event that the Debtors are successful in pursuing the
Refinance Path, the Class 9 Equity Interests shall retain such
Interests. Class 9 Equity Interests are not receiving any
distribution under the Plan, and Interest Holders are deemed to
reject the Plan.

Payments under the Plan will be paid from either the Sale Proceeds,
Cash to be contributed by Secured Creditors, Cash to be contributed
by the Debtors, and Carve-outs to be provided by the Secured
Creditors.

A full-text copy of the Disclosure Statement dated September 21,
2021, is available at https://bit.ly/3o8gsB8 from PacerMonitor.com
at no charge.

Counsel for the Debtors:

     Dawn Kirb
     KIRBY AISNER & CURLEY LLP
     700 Post Road, Suite 237
     Scarsdale, New York 10583
     Tel. No.: (914) 401-9500
     E-mail: dkirby@kacllp.com

                      About DeNardo Capital

DeNardo Capital II LLC owns a residential development project
located in Irvington, N.Y.  DeNardo Capital Management LLC is its
sole member.

DeNardo Capital Management LLC and affiliate DeNardo Capital II LLC
sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case Nos.
21-22098) on Feb. 16, 2021.  DCM estimated at least $10 million in
assets and liabilities as of the bankruptcy filing.  Kirby Aisner &
Curley LLP, led by Dawn Kirby, Esq., serves as counsel to the
Debtors.


DESERT VALLEY: Seeks to Use Cash Collateral for Repairs, Upgrades
-----------------------------------------------------------------
Desert Valley Steam Carpet Cleaning LLC asks the U.S. Bankruptcy
Court for the District of Arizona for authority to use cash
collateral for general roofing repairs and upgrades to Unit 8 of
its multi-family housing property, located at 607 North D Street,
Eloy, Arizona 85131, which is currently unoccupied.

The Debtor requires the use of cash collateral to continue to
service and maintain the Property and pay other necessary upkeep
expenses to preserve the going concern value of the Debtor while
the Debtor formulates and implements a plan of reorganization.

Atlas Residential, LLC asserts liens on the Property and an
interest in the revenue (rents) generated by the Debtor's operation
of the Property.  The parties currently dispute the nature and
extent of any security interest pursuant to the Deed of Trust and
separate Assignment of Rents.

On April 10, 2020, the Debtor paid Atlas $1,120.65 for adequate
protection payments. This represents the amount due pursuant to 11
U.S.C. section 362(d)(3), which was calculated by taking the
maximum lien amount under the Deed of Trust ($275,000) multiplying
it times the non-default interest rate for the loan (4.89% per
annum) and dividing by 12 months.

The Debtor has paid Atlas a total of $21,292.35 in adequate
protection payments since April 2020. Post-petition,
pre-confirmation payments will be applied to reduce the principal
amount of the loan.

At the hearing on September 1, 2021, the Court authorized the
Debtor to turn over and pay to Atlas the insurance proceeds of
$236,895.08.

The Debtor recently had a water leak in Unit 8 which the tenant did
not advise the Debtor of until it was discovered by Victor Granado.
The Debtor was forced to evict the tenant to perform repairs to fix
the leak. The Debtor's August 2021 Monthly Operating Report
reflects water damage expenses of $1,589.42. This contained the
water leak but additional upgrades are necessary in order to re-let
the unit.

The Debtor has obtained a quote from Bingham Restoration for water
remediation services including drywall work and repair work. The
total quote is for $5,380.29. The Debtor seeks authority to engage
Bingham Restoration for these repairs as well as an additional
$4,619.71 (for a total of $10,000) to restore the property and make
it marketable.

The Debtor has further seen periodic roof leaks during this wet
monsoon season. Likewise, the roof appears to be sagging in certain
places, mostly where Atlas installed the new AC units. This work
was done by the same unlicensed subcontractor who collapsed the
southern structure after the fire. The Debtor is concerned for the
tenant's safety and wants the roof completed and inspected by
licensed subcontractors and/or structural engineers.

The Deed of Trust states in unequivocal terms that Atlas' maximum
lien against the Property cannot exceed $275,000 at any one time.
The Debtor has paid to Atlas the insurance proceeds of $236,895.08
leaving a balance of $38,104.92. If adequate protection payments
are further deducted, this would leave a balance on the Deed of
Trust of $16,812.57.1

Atlas is also asserting a separate security interest under the
Assignment of Rents. Atlas contends there is no cap on the
Assignment of Rents. The Debtor disputes this and contends the
Assignment of Rents has to be read in harmony with the Deed of
Trust. Regardless of whether there is a cap on the Assignment of
Rents, it is unclear what additional amounts can be subject to a
higher security interest.

The Debtor asserts Atlas is more than adequately protected. The
parties recently stipulated to a valuation of $475,000. The
Debtor's August Monthly Operating Report reflects balances of
$23,241.25 in the checking account for rents, $5,627.03 in the
separate checking account (for security deposits), and there is now
a balance of $12,808.36 in the savings account which is for the
checks from State Farm for the roof damage.  There are adequate
funds to secure Atlas' interest to the extent the Court rules in
the future that Atlas has an additional secured claim above and
beyond the capped Deed of Trust, the Debtor contends.

The Debtor and Atlas attempted to negotiate the terms for cash
collateral, but the parties were unable to reach an agreement.

The Debtor seeks Court authority to use the $12,808.36 balance in
the savings account and an additional $9,000 from the rental income
checking account to complete any necessary roofing repairs.

Atlas contends they repaired the roof -- which is part of their
proof of claim. However, the roof repair was done by an unlicensed
subcontractor whose work led to the collapse of the south structure
previously damaged by fire. This unlicensed subcontractor did
substandard work on the roof as it continues to leak and it appears
to be sagging in certain places.

State Farm paid the balance of $12,808.36 for roofing repair after
the deductible and other offsets. The State Farm estimate was that
the roofing damage would cost $21,500. The Debtor seeks authority
to repair and replace for up to $21,500 by a licensed roofer.

The Debtor also requests an order vacating a prior Minute Entry
approving $1,120 in monthly adequate protection payments. The
adequate protection amount was based upon the total amount of the
Deed of Trust which has now been paid down considerably with the
insurance proceeds and 19 months of payments (as well as prior
insurance amounts that have not been accounted for). In the
alternative, the Debtor requests the adequate protection amount be
reduced significantly given the recent paydown to Atlas.

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

              About Desert Valley Steam Carpet Cleaning

Desert Valley Steam Carpet Cleaning, LLC, was formed on Aug. 12,
2005, for the purpose of owning and operating a multi-family
housing property located at 603 and 607 North D. Street, Eloy,
Arizona.  Desert Valley Steam Carpet Cleaning sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-00570) on Jan. 16, 2020.  Judge Brenda K. Martin oversees the
case.  Wright Law Offices, led by Benjamin Wright and Shawn A.
McCabe, is serving as counsel to the Debtor.  Wright replaced Keery
McCue, PLLC, the original bankruptcy counsel of the Debtor.



DIOCESE OF ROCKVILLE: Insurers Can Get Abuse Claims Info
--------------------------------------------------------
Vince Sullivan, writing for Law360, reports that a New York
bankruptcy judge said insurers that provided historical liability
coverage to the Roman Catholic Diocese of Rockville Centre will be
able to access information provided by sexual abuse victims,
finding that the materials are relevant to upcoming mediation
discussions.

During a virtual hearing, U.S. Bankruptcy Judge Shelley C. Chapman
said she was mostly concerned about the mediation process that will
be commencing shortly to facilitate a potential settlement among
the diocese, its insurers and the hundreds of claimants alleging
they were sexually abused by people connected to the church.

               About The Roman Catholic Diocese of
                     Rockville Centre, New York

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

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

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

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

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


EASTERN NIAGARA: Hospital Property Listed for Sale for $3.5 Million
-------------------------------------------------------------------
Thomas J. Prohaska of Buffalo News reports that Eastern Niagara
Hospital in Lockport, which is to close in 2023 when Catholic
Health builds a new hospital in Lockport, is listed for sale by
Hunt Commercial Real Estate with a $3.5 million asking price.

In a statement, CEO Anne E. McCaffrey said the East Avenue property
was used as collateral many years ago for bank loans that have yet
to be repaid, so the sale price will be applied to that debt.  The
hospital is going through a Chapter 11 bankruptcy proceeding.

                   About Eastern Niagara Hospital

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.


ELECTRONIC DATA MAGNETICS: Business Bought by Paragon ID
--------------------------------------------------------
Paragon ID, leading provider of identification solutions for
Transport & Smart Cities, e-ID, Traceability, Brand Protection and
Payment, announces its acquisition of the business and assets of
Electronic Data Magnetics, Inc., (EDM) in US.

Founded in 1983 by the Hallman family, EDM grew to become America's
biggest manufacturer of tickets for the Mass Transit market.

EDM manufactures and markets cards and tickets, both magnetic and
RFID, as well as ticket pre-encoding and personalization services
from its facility in High Point, North Carolina. EDM supplies major
mass transit operators in the United States, as well as airlines,
parking operators, etc.

EDM's customers include nearly two-thirds of the U.S. transit
operators and authorities, including major cities in the US such as
Boston, Chicago, New York, Philadelphia, Portland, etc.

Prior to the Covid-19 pandemic, EDM was a profitable business with
annual revenues in excess of $15 million, but its recent revenues
have declined by approximately 75% as a result of mass lockdowns
and subsequent decline in ridership of public transport.  This
decline in revenue led the company to file for Chapter 11
bankruptcy procedures in April 2021.

Paragon ID anticipates a gradual return in the company's revenue
over the next two years to a more normal trading level - this will
require significant investment in working capital and capex in
addition to the initial purchase price.

Strengthening Paragon ID's position as the leading provider of
public transport tickets in the world

As a result of this acquisition, Paragon ID will further strengthen
its position as the leading supplier of transport tickets for the
world's largest cities.

Under the terms of the court-approved purchase, Paragon ID will
also acquire EDM's manufacturing facility. This provides Paragon ID
with a second manufacturing facility in the US, a capability to
produce cards and tickets locally and potential industrial
synergies (through reduced shipping costs, customs duties, etc.).

Acquisition of the EDM facility will also enable further
development of industrial activity for other RFiD markets in the
US, such as RFID tags for the track and trace sectors including
retail and RFID baggage tags for the airline industry.

From a commercial perspective, EDM's established positions with the
main American public transport equipment manufacturers and
operators also provides an opportunity to promote Paragon ID's full
range of solutions for the Mass Transit market. These include its
mobile ticketing platform, account- based ticketing platform and
software-and-hardware-as-a-service solutions, including readers,
asset tracking solutions and payment solutions in North America.

                     Terms of the transaction

Under the terms of the North Carolina court-approved purchase,
Paragon ID has acquired the business and business-related assets of
EDM, including its manufacturing facility for production and
adjacent buildings for material storage.

The Hallman family and existing EDM senior management will continue
to run these operations, along with Paragon ID's senior U.S.
management, through a newly created subsidiary (EDM Technology
Inc.), which will be consolidated into Paragon ID's accounts as of
October 1st, 2021.

The acquisition was financed entirely in cash, from equity and from
specific credit lines granted by Paragon ID's shareholder Paragon
Group.

Clem Garvey, CEO, Paragon ID comments:

We are all very pleased to welcome the Hallman family and all the
EDM teams to Paragon ID. EDM has been a respected competitor for
many years and enjoys strong, long-term relationships with its
customers and key stakeholders in the Mass Transit market. It is
for this reason that we decided to create EDM Technology Inc. to
preserve these relationships and to ensure that the company
benefits fully from the post-pandemic revival in mass transit
usage. We look forward to working with the Hallman family to make
the combination of EDM and Paragon ID the undisputed industry
leader."

Russell Hallman, President & CEO of EDM, adds:

The Hallman family has always enjoyed a good relationship with
Paragon ID. We share the same values of providing our customers
with high quality products and services, building strong
partnerships with our suppliers, and enabling the growth of our
employees. The past eighteen months have been very challenging for
all of these stakeholders and for our family and we are pleased
that the Chapter 11 process is resulting in the integration of EDM
into Paragon ID. We look forward to working with the Group and its
US teams."

                  About Electronic Data Magnetics

Electronic Data Magnetics manufactures and reproduces magnetic and
optical media.  The Company is a manufacturer of technically
advanced printed products used in a variety of markets including,
airlines, mass transit agencies, toll roads, parking institutions,
betting slips, printing for US GPO, tabulating cards, and RFID
tags.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D.N.C. Case No. 21-10222) on April 22,
2021.  In the petition signed by R. Richard Hallman, president and
CEO, the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Lena M. James oversees the case.

James C. Lanik, Esq. at WALDREP WALL BABCOCK & BAILEY PLLC is the
Debtor's counsel.

Truist Bank, as lender, is represented by:

     Daniel Bruton, Esq.
     Walter W. Pitt, Jr., Esq.
     BELL, DAVIS & PITT, P.A.
     P.O. Box 21029
     Winston-Salem, NC 27120-1029
     Tel: (336) 722-3700


ENDICOTT MEATS: Files Amendment to Disclosure Statement
-------------------------------------------------------
Endicott Meats Inc., ("Meats") and Endicott Realty Inc., ("Realty")
(collectively the "Debtors") submitted a First Amended Disclosure
Statement in connection with Chapter 11 Plan of Liquidation dated
September 21, 2021.

An auction between Japan Premium Beef Inc. ("JPB") and Westside was
conducted by the Court on Oct. 19, 2020.  JPB was the highest
bidder at the auction on its bid for the all of the assets in the
amount of $575,000.  A closing on the sale of the Debtor's assets
pursuant to the aforementioned Orders was held on Feb. 26, 2021.
The net proceeds paid at closing from the sale in the amount of
$547,632 are being held by the Debtor's attorneys Reich, Reich &
Reich, P.C.

The Plan will treat claims as follows:

     * Class 1 consists of Priority Tax Claims. Class 1 claims will
be paid in full, in cash, together with statutory interest pursuant
to 11 U.S.C. § 1129 (a)(9)(C) on the Effective Date or as soon
thereafter as reasonably practicable.

     * Class 2 consists of the Allowed General Unsecured Claims.
Class 2 General Unsecured Claims will be paid, in pari passu, from
the funds remaining on hand following payment of Statutory Fees,
Administrative Claims and Priority Tax Claims. Class 2 is impaired
under the Plan and, is entitled to vote on the Plan.

     * Class 3 consists of the unsecured claim on Endicott Meats
against Endicott Realty in the amount of $101,266.00, on account of
an intra-company loan from Meats to Realty. To the extent that
there is any Available Cash after full payment of all Statutory
Fees, Administrative Claims, Priority Tax Claims in Class 1 and
General Unsecured claims in Class 2, Class 3 shall receive the
entirety of the available amount.

     * Class 4 consists of the Interests of the shareholders in the
Debtor. To the extent that there is any Available Cash after full
payment of all Statutory Fees, Administrative Claims, Priority Tax
Claims in Class 1, General Unsecured claims in Class 2 and
Intra-Company Loan Claims in Class 3, the shareholder shall receive
the entirety of the available amount.

All proceeds of the sale, including the net proceeds currently held
in escrow by the Reich Firm pursuant to the Sale Order, and any and
all payments made to the Debtor under the Note shall be paid to
Creditors and Interests Holders in order of priority in accordance
with the Plan. Except as set forth elsewhere in the Plan, all
Distributions required to be made under the Plan shall be made by
the Reich Firm, as Disbursing Agent, in accordance with the terms
of the Plan from the Sale Proceeds and any cash on hand.

A full-text copy of the First Amended Disclosure Statement dated
September 21, 2021, is available at https://bit.ly/2Wg2aCW from
PacerMonitor.com at no charge.

Attorneys for the Debtors:

     Nicholas A. Pasalides, Esq.
     Reich Reich & Reich, P.C.
     235 Main Street, Suite 450
     White Plains, NY 10601
     Tel: 914-949-2126
     Fax: 914-949-1604
     Email: reichlaw@reichpc.com

                    About Endicott Meats Inc.

Endicott Meats, Inc., is a meat wholesaler located at Hunts Point
Cooperative Market, Unit B-23 Bronx, N.Y.  It offers a large
selection of veal, beef, lamb, pork and poultry products.

Endicott Meats filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-23966) on
Nov. 7, 2019. In the petition signed by Frederic Braunshweiger,
president, the Debtor disclosed $202,472 in assets and $1,202,425
in liabilities.

Judge Robert D. Drain oversees the case.

Reich Reich & Reich, P.C. and J.H. Williams & Co., LLP serve as the
Debtor's legal counsel and accountant, respectively.


ENTERGY NEW ORLEANS: Moody's Alters Outlook on 'Ba1' Rating to Neg.
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Entergy
Corporation (Entergy, including its Baa2 senior unsecured rating
and P-2 short-term rating for commercial paper) and its two
Louisiana-based utilities Entergy Louisiana, LLC (ELL, including
its Baa1 Issuer rating) and Entergy New Orleans, LLC (ENOL,
including its Ba1 Issuer rating). The outlooks of all three
entities were changed to negative from stable.

The negative outlooks follow a September 21, 2021 8-K filing [1]
which indicated that restoration costs for the repair and/or
replacement of the electrical facilities damaged by Hurricane Ida
are estimated to be in the range of $2.1 billion to $2.6 billion,
higher than Moody's had originally anticipated.

RATINGS RATIONALE

"The physical effects of climate change continue to cause
significant damage to Entergy's Louisiana service territory, with
over $4.5 billion of total storm costs for Entergy Louisiana and
Entergy New Orleans combined over the past 13 months" said Ryan
Wobbrock, Vice President - Senior Credit Officer. "These added
costs will place incremental pressure on customer bills --
increasing risks related to customer relations and potential
political intervention into rate making - and could keep Entergy's
financial performance lower for longer" added Wobbrock.

While Entergy's current liquidity profile is adequate to address
these costs over the near term and storm cost securitization has a
proven track record for both of its Louisiana utilities, successive
years with $2.0 billion storm events is unprecedented and could
result in social and political push-back preventing full, timely
and ongoing cost recovery.

The frequency and severity of storms could also cause Entergy's
currently weakened financial profile (e.g., CFO pre-WC to debt of
about 10% through LTM 2Q21) to persist, should securitization be
delayed, political intervention surface for other incremental rate
increases or additional storms cause further damage.

ELL has taken the brunt of these costs, with about $2.0 billion
incurred in 2020 and preliminary estimates indicating that
Hurricane Ida has caused another $2.0 - $2.4 billion. The roughly
$4.0 billion of costs represent nearly 30% of ELL's approximately
$14 billion total rate base.

ENOL's Ba1 Issuer rating already incorporates the utility's storm
exposure to some degree and the likelihood of costly repairs that
may be needed in any given year. However, a high degree of
contentiousness and politicization has already begun in New
Orleans, with various calls for an investigation into ENOL's
performance during Hurricane Ida, a management audit, consideration
of the potential sale or municipalization of the utility and market
reforms introducing retail competition. These various and unique
social pressures around stakeholder and customer relations have
arisen largely as a result of customer outages experienced during
the storm.

From a cost perspective, ENOL has been less affected by recent
storms than ELL, with 2020 and 2021 combined storm costs expected
to be under $200 million (i.e., about $40 million from Hurricane
Zeta in 2020 and an estimated $120-$150 million for Hurricane Ida),
which is about 20% of total electric and gas rate base.

The combination of these headwinds creates higher-risk political,
regulatory and operating environments for both the utilities and
Entergy. Should financial improvements not materialize over the
next 12-18 months as a result of securitization or other measures,
negative rating action could ensue.

Outlooks

The negative outlooks for Entergy, ELL and ENOL reflect the added
cost burden imposed by recent storm activity and the potential for
impaired customer relations, increased political or regulatory
challenges to full and timely cost recovery, and prolonged
financial metric weakness.

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

Factors that could lead to a downgrade

Entergy could be downgraded if there are challenges affecting the
company's ability to achieve a 14% cash flow to debt ratio by 2023,
if one or more of its key subsidiaries are downgraded or if there
is a decline in regulatory support for its utilities.

ELL and ENOL could be downgraded if storm costs are not recovered
on a timely basis, if regulatory support declines or if the ratio
of CFO pre-WC to debt declines (below 18% for ELL or below the
mid-teens percent range for ENOL) for an extended period of time.

Additional material and destructive storms could also apply
downward pressure the ratings of Entergy, ELL and ENOL.

Factors that could lead to an upgrade

Given the negative outlook for all three companies, it is unlikely
that any of them will be upgraded over the next 12-18 months.
However, the outlooks could stabilize if regulatory support remains
consistent with recent historical practices, storm costs are
recovered on a timely basis and if each company can recover to
appropriate CFO pre-WC to debt levels by year-end 2023.

Affirmations:

Issuer: Entergy Corporation

Issuer Rating, Affirmed Baa2

Senior Unsecured Shelf, Affirmed (P)Baa2

Senior Unsecured Commercial Paper, Affirmed P-2

Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

Issuer: Entergy Louisiana, LLC

Issuer Rating, Affirmed Baa1

Senior Secured First Mortgage Bonds, Affirmed A2

Senior Secured Shelf, Affirmed (P)A2

Issuer: Entergy New Orleans, LLC.

Issuer Rating, Affirmed Ba1

Senior Secured First Mortgage Bonds, Affirmed Baa2

Issuer: Louisiana Loc. Govt. Env. Fac.& Comm.Dev.Auth

Senior Secured Revenue Bonds, Affirmed A2

Issuer: Louisiana Public Facilities Authority

Senior Secured Revenue Bonds, Affirmed A2

Outlook Actions:

Issuer: Entergy Corporation

Outlook, Changed To Negative From Stable

Issuer: Entergy Louisiana, LLC

Outlook, Changed To Negative From Stable

Issuer: Entergy New Orleans, LLC.

Outlook, Changed To Negative From Stable

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.


FABMETALS INC: Sept. 28 Hearing on Continued Cash Collateral Use
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Ohio,
Western Division, has authorized Fabmetals, Inc. to, among other
things, use cash collateral on an interim basis in accordance with
the budget until the earlier of September 29, 2021 and the
occurrence of a Termination Event.

The Debtor requires the use of cash collateral to continue funding
its necessary business expenses and the costs associated with the
administration of the Chapter 11 Case.

The Debtor entered into a loan wherein Park National Bank is the
current first-position lender of record.  PNB holds a first
priority interest in Cash Collateral with a value of $664,240 and
Prepetition Collateral excluding Cash Collateral with a value of
$705,000.

The loan evidenced by the Senior Secured Loan Documents is a line
of credit loan that requires interest only payments until demand by
PNB. The security agreement provides for all debts owed by the
Debtor to PNB to be secured by the collateral. The total principal
indebted ness owed to PNB under the Senior Secured Loan Documents,
as of the Petition Date is roughly $702,222.40.

As adequate protection for the Debtor's use of cash collateral, PNB
is granted valid, binding, enforceable and perfected first priority
liens and security interests, superior to the liens and security
interests or other interests or rights of all other creditors of
the Debtor's estate on property owned or leased by the Debtor, in
and upon (i) all of the Cash Collateral and all proceeds thereof,
and (ii) all of the Debtor's property and assets.

The Debtor is directed to make monthly adequate protection payments
to PNB in the amount equal to the applicable interest only payments
as and when the monthly payments are due under the Senior Secured
Loan Documents. PNB may allocate payments for the Senior Secured
Obligations to interest, principal, legal fees and costs due in
such manner as PNB deems appropriate in accordance with its Senior
Secured Loan Documents.

As adequate protection for any post-petition diminution in value of
the PNB's interests in the Cash Collateral, including without
limitation for any diminution in value resulting from the use of
Cash Collateral, the use, sale or lease of any other Pre-Petition
Collateral or the imposition of the automatic stay, PNB is granted
an administrative expense claim against the Debtor's estate.

These events constitute a "Termination Event:"

     a. The Case is either dismissed or converted to a case under
        chapter 7 of the Bankruptcy Code;
     
     b. An examiner with expanded powers is appointed in the
        Case;

     c. The Debtor ceases operation of its business or takes any
        material action for the purposes of effecting such
        cessation without the prior written consent of PNB;

     d. The Interim Order is reversed, vacated, stayed, amended,
        supplemented or otherwise modified in a manner which
        shall materially and adversely affect the rights of PNB
        or will materially and adversely affect the priority of
        any or all of PNB's claims, liens or security interests
        and which is not acceptable to PNB;

     e. The Court will not have entered a further interim order
        on the Motion or a Final Order before the expiration of
        the Order;

     f. The Debtor's failure to comply with or perform the terms
        and provisions of the Interim Order in strict adherence
        to the time period set forth, including, without
        limitation, making the payments required by Paragraph 5
        of the Interim Order and/or using Cash Collateral other
        than in accordance with the provisions of the Interim
        Order;

     g. The Debtor incurs or causes to be incurred any obligation
        that causes a Budget variance that is not a Permitted
        Variance;

     h. A representation or warranty made in any Weekly Report,
        or any other report, expense statement, financial
        statement, or other document delivered to PNB after the
        Petition Date proves to have been false in any material
        respect as of the time when made or given;

     i. Any sale or other disposition of Collateral or Cash
        Collateral is undertaken without consent of PNB or Court
        Order;

     j. The automatic stay of Bankruptcy Code section 362 is
        lifted so as to allow a party other than PNB to proceed
        against any material asset of the Debtor.

A further hearing on the matter is scheduled for September 28 at
10:30 a.m. The Final Hearing on the Motion is scheduled for October
7 at 2 p.m.

A copy of the order and the Debtor's budget is available at
https://bit.ly/2ZiHawk from PacerMonitor.com.

The Debtor projects $244,967.58 in total all bi-weekly expenses.

Security National Bank, a Division of The Park National Bank, as
lender, is represented by:

     Kari B. Coniglio, Esq.
     Vorys, Sater, Seymour and Pease LLP
     200 Public Square, Suite 1400
     Cleveland OH 44114
     Tel: (216) 479-6179
     Fax: (216) 937-3766
     E-Mail: kbconiglio@vorys.com

                       About FabMetals, Inc.

FabMetals, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 3:21-bk-31583) on
September 17, 2021. In the petition signed by Tommy Hensley,
president, the Debtor disclosed up to $10 million in both assets
and liabilities.

Judge Guy R. Humphrey oversees the case.

Patricia J. Friesinger, Esq., at Coolidge Wall Co., L.P.A. is the
Debtor's counsel.

Security National Bank, a Division of The Park National Bank, as
lender, is represented by Vorys, Sater, Seymour and Pease LLP.



FIGUEROA MOUNTAIN: Right to Credit Bid Not Absolute
---------------------------------------------------
Jane Rue Wittstein and Mark Douglas of Jones Day wrote an article
on Mondaq titled "United States: Secured Lender's Credit Bid Right
In Bankruptcy Sale Denied."

A secured creditor's right to "credit bid" the amount of its
allowed claim in a bankruptcy sale of its collateral is an
important creditor protection codified in section 363(k) of the
Bankruptcy Code.  Even so, a ruling recently issued by the U.S.
Bankruptcy Court for the Central District of California reaffirms
the principle that the right to credit bid a claim is not absolute
and may be limited or denied altogether "for cause."  Because the
determination of whether (and to what extent) a secured claim
should be allowed often "cannot be adjudicated before there is a
sale of the Debtor's assets," the court in In re Figueroa Mountain
Brewing, LLC, 2021 WL 2787880 (Bankr. C.D. Cal. July 2, 2021),
ruled in an unpublished decision that it "would be unfair to limit
or deny [a lender] a credit bid simply because the Debtor has filed
an objection." However, without adjudicating the claim objection,
the court found that "cause" existed to deny a secured lender the
right to credit bid its disputed claim in a bankruptcy sale of its
collateral because there was a sufficient objective basis to
support the debtor's allegations that, among other things, its loan
agreement and all payments made by the debtor under it were
fraudulent transfers and the lender had dominated and controlled
the debtor in an effort to take control of its assets.

                          Credit Bidding

Section 363(k) of the Bankruptcy Code provides that a creditor with
a lien on assets to be sold outside the ordinary course of business
under section 363(b) may credit bid its "allowed claim" at the
sale, "unless the court for cause orders otherwise." A credit bid
is an offset of a secured claim against the collateral's purchase
price. The U.S. Supreme Court explained in RadLAX Gateway Hotel,
LLC v. Amalgamated Bank, 566 U.S. 639, 644 n.2 (2012), that "[t]he
ability to credit-bid helps to protect a creditor against the risk
that its collateral will be sold at a depressed price" and "enables
the creditor to purchase the collateral for what it considers the
fair market price (up to the amount of its security interest)
without committing additional cash to protect the loan."

The Supreme Court ruled in RadLAX that, although the right to
credit bid is not absolute, a nonconsensual, or "cram down,"
chapter 11 plan providing for the sale of encumbered property free
and clear of a creditor's lien cannot be confirmed without
affording the creditor the right to credit bid for the property.

In the aftermath of RadLAX, the debate shifted largely to the
circumstances that constitute "cause" under section 363(k) to
prohibit or limit a secured creditor's right to credit bid its
claim. Because "cause" is not defined in the Bankruptcy Code,
whether it exists has been left for the courts to determine. See In
re Olde Prairie Block, LLC, 464 B.R. 337, 348 (Bankr. N.D. Ill.
2011) (citing cases).

In In re Fisker Automotive Holdings, Inc., 510 B.R. 55 (Bankr. D.
Del. 2014), the court limited the amount of a credit bid to the
discounted purchase price actually paid by the credit bidder to
purchase the secured debt it was credit bidding. The court held
that limiting the amount of the credit bid was warranted because an
unrestricted credit bid would chill bidding and because the full
scope of the underlying lien was as yet undetermined. The court
also expressed concern as to the expedited nature of the proposed
sale under section 363(b), which in the court's view was never
satisfactorily explained.

Since Fisker, a handful of courts have addressed the issue, with
mixed outcomes. Some courts have denied motions to limit credit
bidding rights. See, e.g., In re Empire Generating Co, LLC, 2020 WL
1330285 (S.D.N.Y. Mar. 23, 2020) (denying certain minority lenders'
motion for leave to appeal a bankruptcy court order approving bid
procedures and finding no cause to limit a collateral agent's
right, in accordance with the terms of an intercreditor agreement,
to credit bid the full amount of an undersecured claim in a
bankruptcy sale despite allegations that the credit bid was
tantamount to a sub rosa chapter 11 plan, the collateral agent had
no "claim" against the debtors, and the credit bid would contravene
the duty of the collateral agent under the intercreditor agreement
to act in the best interest of all secured lenders); In re
Aéropostale, Inc., 555 B.R. 369 (Bankr. S.D.N.Y. 2016) (denying a
motion to limit lenders' ability to credit bid their secured claim
in a bankruptcy sale of the company in the absence of inequitable
conduct, such as collusion, undisclosed agreements, or any other
actions designed to chill bidding or unfairly distort the sale
process and where no party challenged the validity or extent of the
lenders' liens); In re Tempnology, LLC, 542 B.R. 50, 69 (Bankr.
D.N.H. 2015) (denying a challenge to a secured creditor's right to
credit bid its claim in the absence of any evidence of inequitable
conduct or that the secured claim was subject to bona fide
dispute), aff'd, 558 B.R. 500 (B.A.P. 1st Cir. 2016), aff'd, 879
F.3d 376 (1st Cir. 2018); In re Charles Street African Methodist
Episcopal Church of Boston, 510 B.R. 453 (Bankr. D. Mass. 2014)
(denying in part a motion to limit a credit bid where the debtor's
counterclaims did not relate to the validity of the secured
creditor's claims or liens, but requiring the secured creditor to
include in its bid cash in an amount equal to a breakup fee payable
to the stalking-horse bidder); see also In re Aerogroup Int'l,
Inc., 620 B.R. 517 (D. Del. 2020) (a secured creditor does not cap
its secured claim in amount of its credit bid by making a credit
bid at auction sale of its collateral, unless its credit bid is the
winning bid at auction); In re Murray Metallurgical Coal Holdings,
LLC, 614 B.R. 819, 835 (Bankr. S.D. Ohio 2020) (noting in dicta
that "cause exists to reduce the amount of a credit bid only if
there is 'specific evidence' demonstrating the allegation of bid
chilling 'to be true in th[e] [particular] case'" (citations
omitted)).

Other courts have found "cause" to limit or deny such rights. SEC
v. Capital Cove Bancorp LLC, 2015 BL 449611 (C.D. Cal. Oct. 13,
2015) (finding cause to deny a creditor's request to credit bid at
a sale due to, among other things, the existence of a prima facie
case against the creditor for securities fraud, evidence of a Ponzi
scheme involving the creditor, the creditor's other fraudulent
acts, and the existence of a bona fide dispute regarding the
validity of the creditor's liens); In re Family Christian, LLC, 533
B.R. 600 (Bankr. W.D. Mich. 2015) (refusing to approve a credit-bid
sale to a party that, as a "consultation party" to the auction, had
been privy to certain information that allowed it to gain an unfair
advantage over other bidders, tantamount to insider trading); In re
The Free Lance-Star Publishing Co., 512 B.R. 798 (Bankr. E.D. Va.)
(finding cause to limit a credit bid by an entity that purchased
$39 million in face amount of debt at a discount where: (i) some of
the creditor's liens had been improperly perfected; (ii) the
creditor engaged in inequitable conduct by forcing the debtor into
bankruptcy and an expedited section 363 sale process in pursuing a
clearly identified loan-to-own strategy; and (iii) the creditor
actively frustrated the competitive bidding process and attempted
to depress the sale price of the debtors' assets); In re RML Dev.,
Inc., 528 B.R. 150, 155-56 (Bankr. W.D. Tenn. 2014) (limiting the
amount of a secured creditor's credit bid to the undisputed portion
of its claim and noting that "a modification or denial of credit
bid rights should be the extraordinary exception and not the
norm").

                        Figueroa Mountain

Buellton, California-based craft beer maker Figueroa Mountain
Brewing LLC ("FMB") filed for chapter 11 protection in the Central
District of California in October 2020. At the time of the filing,
White Winston Select Asset Funds, LLC ("Winston") claimed that FMB
owed approximately $9.5 million to Winston under a 2019 bridge
loan. The original principal amount of the loan was $750,000, but
the loan agreement was subsequently modified several times during
2019 and 2020 to increase the availability to $10.5 million. The
loan was structured and treated as a revolving loan, under which
FMB's revenues were generally collected by Winston through a
lockbox account and then readvanced to FMB.

The Winston loan was secured by liens on substantially all of FMB's
assets. However, with one exception, Winston's liens were junior to
a lien granted to Montecito Bank and Trust ("MBT") securing MBT's
claim in the amount of approximately $4.3 million. Pursuant to a
subordination agreement, Winston held a first priority lien in FMB
inventory and proceeds up to the amount of $1.5 million.

In January 2021, Winston commenced an adversary proceeding in the
bankruptcy court seeking declaratory relief regarding the validity,
extent, and priority of its liens and allowance of its claim. FMB
asserted various affirmative defenses, counterclaims, and
cross-claims in response, including: (i) the loan was unenforceable
because Winston was not validly doing business in California due to
its failure to register as a foreign limited liability company;
(ii) Winston dominated and controlled FMB in an effort to seize
control of FMB's assets; (iii) the loan was usurious; (iv) Winston
would be unjustly enriched if its loan were repaid; and (v)
recovery of the loan proceeds was barred by the doctrine of unclean
hands.

The relief sought by FMB included a judgment disallowing Winston's
claim under section 502(b)(1) of the Bankruptcy Code,
recharacterizing the Winston debt as equity, equitably
subordinating Winston's claim under section 510(c) of the
Bankruptcy Code, avoiding the Winston loan and all payments made to
Winston as preferential and fraudulent transfers under federal
bankruptcy law and California law, and awarding FMB compensatory,
statutory, and punitive damages due to Winston's conduct.

In March 2021 (and again in June), FMB sought court approval of
bidding procedures governing an anticipated auction of
substantially all of its assets under section 363(b) of the
Bankruptcy Code. It also filed a motion seeking an order depriving
Winston of the right to credit bid its claim under section 363(k),
asserting, among other things, that the claim was subject to bona
fide dispute and should be disallowed due to Winston's inequitable
and domineering conduct.

                  The Bankruptcy Court's Ruling

Initially, U.S. Bankruptcy Judge Martin R. Barash noted that even
though section 363(k) expressly endows the holder of an allowed
secured claim with the right to credit bid, "[t]he filing of an
objection [to the claim] containing allegations—without more—is
not enough to limit or deny a credit bid." In this case, he
explained, FMB's request for relief was "part of a complicated
adversary proceeding that has not been adjudicated and cannot be
adjudicated before there is a sale of [FMB's] assets." Figueroa
Mountain, 2021 WL 2787880, at *6.

Judge Barash next rejected FMB's argument that Winston should not
be permitted to credit bid its claim because the credit bid would
chill the bidding at the anticipated auction. According to the
judge, "the risk of chilling bids is [not] an independently
adequate basis to limit or deny a credit bid." Instead, he noted,
there must be "other reasons" why permitting a secured creditor to
credit bid the entirety of its claim is inequitable.

Judge Barash also rejected FMB's argument that Winston should not
be permitted to credit bid because it allegedly engaged in
inequitable conduct, including using its contractual rights and
position of power to exercise financial and operational control
over FMB, exacerbating FMB's financial difficulties, and increasing
FMB's debt to Winston by adding millions of dollars of fraudulent,
unreasonable, and/or unnecessary amounts to the loan, with the
ultimate objective of acquiring ownership of FMB's assets.
According to Judge Barash, although these allegations might be
proven at trial, "the evidentiary record presently is not adequate
to establish definitively that ... Winston is responsible for the
inequitable conduct of which it has been accused." Id. at *7.

However, Judge Barash concluded that Winston's right to credit bid
should be denied because its claim was subject to genuine dispute
based on an objective evidentiary record. He explained that other
courts that have limited credit bidding rights where the allowance
of a disputed secured claim has not been adjudicated have required
a showing that a "sufficient dispute exists regarding the lien
forming the basis for a credit bid," rather than demonstration that
the party seeking to limit or deny credit bidding "is likely to
succeed on its challenges." Id. at *8 (citing cases).

Judge Barash then applied the test for whether a dispute is a "bona
fide dispute" under section 363(f)(4) of the Bankruptcy Code, which
permits a sale of estate property free and clear of an interest in
the property if the "interest is in bona fide dispute." Under that
test, he explained, the court must "determine whether there is an
objective basis for either a factual or a legal dispute as to the
validity of the claim." Id. (citations and internal quotation marks
omitted).

Judge Barash found that there was an objective basis in fact and
law to conclude that Winston's claim was subject to a genuine
dispute. He accordingly ruled that "cause" existed under section
363(k) to deny Winston the right to credit bid its disputed claim
"in any amount."

Specifically, Judge Barash determined that a genuine dispute
existed as to whether the Winston loan and all payments made under
it by FMB should be avoided as constructive fraudulent transfers
under section 548(a) of the Bankruptcy Code because "[t]he evidence
presented provide[d] an objective basis for [FMB's] cause of action
to avoid the Bridge Loan and related transactions." Id. at *11.
Among other things, he found that the evidence supported the
conclusion that FMB was insolvent at the time the loan agreement
was signed and amended and that FMB did not receive reasonably
equivalent value in exchange for the obligations it assumed due to
exorbitant interest, fees, and other charges. He also found that
Winston had not established that any value it conferred on FMB was
given in good faith.

Finally, Judge Barash noted that "the evidence suggest[s] an
ulterior motive on the part of" Winston and its representative who
handled the relationship with FMB because there was "an objective
basis to conclude that [Winston and its representative] were using
their roles as a lender and 'consultant' to exacerbate the [FMB's]
distress and position [Winston] to acquire [FMB's] assets." Id. at
*12 n.5.

                            Outlook

Figueroa Mountain is an unusual case because it involved the
outright denial, rather than limitation, of a secured creditor's
right to credit bid in a bankruptcy sale. The outcome appears to
have been influenced significantly by the court's perception that
allegations of the lender's egregious misconduct, even though not
yet adjudicated in a pending adversary proceeding, were
sufficiently colorable to rise to the level of "cause" under
section 363(k). Other cases might present a more nuanced fact
pattern. The ruling, however, reinforces the rubric that
credit-bidding rights in bankruptcy are not absolute, but
qualified.


FIGUEROA MOUNTAIN: Seeks to Continue White Winston Cash Deal
------------------------------------------------------------
Figueroa Mountain Brewing, LLC asked the U.S. Bankruptcy Court for
the Central District of California to approve a tenth stipulation
it entered into with secured parties, White Winston Select Asset
Funds, LLC and SCS Acquisition LLC, successor-in-interest to
Montecito Bank & Trust.

The stipulation provides for the Debtor's use of cash collateral,
on a final basis, from September 20, 2021 through the earlier of
(i) December 19, 2021, or (b) the date on which the Debtor's cash
on hand falls below the Cash Floor of $698,865.

The budget provided for the following total weekly expenses:

   $186,561 for the week beginning September 20, 2021;

   $178,263 for the week beginning September 27, 2021;

   $202,891 for the week beginning October 4, 2021;

    $99,630 for the week beginning October 11, 2021;

   $204,357 for the week beginning October 18, 2021;

   $105,502 for the week beginning October 25, 2021;

   $268,193 for the week beginning November 1, 2021;

   $114,512 for the week beginning November 8, 2021;

   $197,733 for the week beginning November 15, 2021;

    $99,379 for the week beginning November 22, 2021;

   $226,492 for the week beginning November 29, 2021;

   $157,917 for the week beginning December 6, 2021; and

   $197,240 for the week beginning December 13, 2021.

The parties agree that the Debtor may use cash collateral solely to
pay the budgeted expenses during the authorization period.  The
parties further agree that the Cash Floor shall not be transferred
to a third party, including the Secured Parties or Creekstone
Mountain LLC, other than payments of approved budget expenses so
long as they are not payments to the Secured Parties or Creekstone,
subject to Court order.

Under the stipulation, the Secured Parties shall continue to
receive, as adequate protection, replacement liens in post-petition
collateral for any diminution in their collateral as of the
Petition Date, to the same extent, applicability and validity as
the prepetition liens held by the Secured Parties.

A copy of the stipulation is available for free at
https://bit.ly/3u9fGF2 from PacerMonitor.com.

Counsel for White Winston Select Asset Funds, LLC:

   Eve H. Karasik, Esq.
   Levene, Neale, Bender, Yoo & Brill, L.L.P.
   10250 Constellation Blvd., Ste. 1700
   Los Angeles, CA 90067
   Telephone: (310) 229 -1234
   Facsimile: (310) 229 -1244
   Email: ehk@lnbyb.com

Counsel for SCS Acquisition LLC:

   Marc A. Lieberman, Esq.
   Fredman Lieberman Pearl LLP
   1875 Century Park East, Ste. 2230
   Los Angeles, CA 90067-2523
   Telephone: (310) 284-7350 ext. 1103
   Email: marc.lieberman@flpllp.com

                About Figueroa Mountain Brewing LLC

Founded in 2020, Figueroa Mountain Brewing, LLC --
https://www.figmtnbrew.com/ -- is in the business of manufacturing
beer with principal place of business in Buellton, Calif.

Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020.  Jaime Dietenhofer, the company's manager, signed the
petition.

At the time of the filing, the Debtor had estimated assets of
between $1 million and $10 million and liabilities of the same
range.

Judge Martin R. Barash oversees the case.  

Lesnick Prince & Pappas LLP is the Debtor's legal counsel.


FLEXIBLE FUNDING: Obtains Interim OK to Use Cash Collateral
-----------------------------------------------------------
Judge Edward L. Morris authorized Flexible Funding Ltd. Liability
Co. and Instapay Flexible, LLC to use Cash Collateral in an amount
not to exceed $15,000,000 during the period from September 20 to
22, 2021 for the sole purpose of funding borrower accounts.

Judge Mark X. Mullin, who later took over from Judge Morris,
entered a second interim order authorizing the Debtors to use cash
collateral to fund borrower accounts, pursuant to a budget, during
the period from September 23 through October 9, 2021.  The
three-week budget provided for $942,241 in total operating.

As adequate protection, the Court ruled that the Debtors' Lenders
are granted a replacement lien in the Debtors' assets that serve as
collateral under each Lender's applicable loan documents in the
same order of priority that existed as of the Petition Date, to the
extent that the Debtors' use of cash collateral results in a
diminution in value of the Lenders' interest in such Lender's
Prepetition Collateral as of the Petition Date.

The Lenders are also granted an allowed superpriority
administrative expense claim, as additional partial adequate
protection, to the extent of any diminution in value and a failure
of the other adequate protection provided by the Court order.  The
Replacement Lien and Superproirity Administrative Claim are
subordinate to a carve-out of funds for all fees payable to the
Clerk of the Bankruptcy Court and to the Office of the United
States Trustee pursuant to 28 U.S.C. Section 1930(a).

As previously reported by the Troubled Company Reporter, the
Debtors are indebted to Umpqua Bank, as administrative agent, and
Umpqua Bank, CIT Bank, N.A., and Horizon Bank, as lenders, under a
Credit Agreement dated as of December 19, 2019.

Flexible is obligated to Bison Investors, LLC pursuant to a
prepetition Secured Promissory Note, and to Medalist Partners
Opportunity Master fund IIA, L.P. pursuant to a prepetition
Subordinated Financing Agreement, guaranteed by Affiliate Instapay.
Medalist's security interest in the Prepetition Collateral is
subordinated to those of the Umpqua Lenders pursuant to an
intercreditor agreement.    

The Debtors estimate that their secured obligations to the Lenders
as of the Petition Date total approximately $95,904,000.

Lender Umpqua Bank is entitled to conduct a collateral audit
pursuant to applicable loan documents, provided that such
collateral audit will not unduly interfere with the Debtors'
operations and efforts to conduct a section 363 sale of their
assets, the Court further ruled.

A copy of the first interim order is available for free at
https://bit.ly/2W5kA9c from PacerMonitor.com.

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

           About Flexible Funding and Instapay Flexible

Flexible Funding Ltd. Liability Co. provides temp agency financing,
accounts receivable financing, accounts receivable funding, payroll
financing, payroll processing and back office support for staffing
agencies and construction companies.  Affiliate, Instapay Flexible,
LLC offers factoring solutions, also called "accounts receivable
financing," to trucking companies and brokers of all sizes across
the United States.  

The companies sought Chapter 11 protection on September 21, 2021.
Their cases are jointly administered under Flexible Funding (Bankr.
N.D. Tex. Lead Case No. 21-42215).  
    
On the Petition Date, Flexible Funding disclosed up to $500 million
in both assets and liabilities while Instapay disclosed up to $50
million in both assets and liabilities.  The petitions were signed
by Paula DeLuca and Steve Capper as managers of Instapay Flexible
and managing members of Flexible
Funding.

Judge Edward L. Morris presided over the case before Judge Mark X.
Mullin took over.  

Forshey Prostok is the Debtors' counsel.



GATEWAY FOUR: Seeks Additional Funding from Romspen Mortgage
------------------------------------------------------------
David K. Gottlieb, Chapter 11 Trustee for Gateway Four, LP, sought
approval of the U.S. Bankruptcy Court for the Central District of
California to obtain $58,130 in additional postpetition financing
from Romspen Mortgage Limited Partnership, pursuant to the parties'
stipulation, and to continue to using cash collateral.  The
Trustee's authority to use cash collateral and the post-petition
financing expires September 30, 2021.

The Trustee and Romspen have stipulated for the Debtor to obtain
$58,130 in additional postpetition financing and to allow the
Trustee to use $5,862,345 of available cash to be borrowed under
the Postpetition Documents, in order to pay the expenses as set
forth in the proposed budget.

As of the date of the filing of the Stipulation, the Trustee has
been authorized to borrow up to $13,946,500 from Romspen (excluding
fees and interest, under the Postpetition Documents) and Romspen
has advanced to the Trustee a total of $8,084,155, leaving
$5,862,345 of available balance to be borrowed by the Trustee under
the Postpetition Documents.

The parties have agreed that all of the rights and protections
afforded to Romspen, KPRS, Largo and all other parties who assert
an interest in the assets of the Gateway Four estate shall continue
in effect.  The parties have also agreed to modify the Postpetition
Credit Agreement to reflect that as of September 30, 2021, the
maturity date of the Gateway Four Loan shall be the first to occur
of:

  (a) November 30, 2021,

  (b) the effective date of an Approved Plan of Reorganization,
      or

  (c) the date of acceleration of the Gateway Four Loan pursuant
      to the Postpetition Credit Agreement.

A copy of the Tenth Stipulation is available for free at
https://bit.ly/2XMNHiI from PacerMonitor.com.

By the motion, the Trustee further asked the Court to grant Romspen
allowed superpriority administrative claims in respect of all
postpetition obligations, and valid, automatically perfected liens
and priming liens on all property of the Gateway Four bankruptcy
estate and all proceeds thereof.  The Trustee also asked the Court
to allow it to provide adequate protection to Romspen for any
diminution in value of its interest in the Gateway Four bankruptcy
estate.

The Trustee said he has presented Romspen with a proposed budget
which would enable him to continue to administer the Gateway Four
bankruptcy estate through October 31 using the additional
$5,862,345 of funding available, plus the $58,130 of additional
post-petition financing.

A copy of the motion is available for free at
https://bit.ly/39wLF8i from PacerMonitor.com.

The Court will consider the motion on October 12, 2021 at 1:30
p.m.

                       About Gateway Four LP

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

Judge Martin R. Barash oversees the cases.

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

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



GDC TECHNICS: Court Confirms Amended Plan
-----------------------------------------
Judge Craig A. Gargotta has entered an order confirming the Amended
Plan of Reorganization of GDC Technics, LLC.

All objections to the Plan not otherwise withdrawn or resolved at
or prior to the confirmation Hearing are overruled for the reasons
articulated by the Court on the record at the confirmation
hearing.

Articles III and IV of the Plan specify that Class 3 is unimpaired
under the Plan, thereby satisfying Section 1123(a)(2) of the
Bankruptcy Code.

Articles III and IV of the Plan specify that Classes 1, 2, 4, 5, 6,
7, 8, 9, 10 and 11 are impaired and set forth the treatment of such
impaired Classes, thereby satisfying Section 1123(a)(3).

Pursuant to the Plan, Class 3 is unimpaired and Classes 1, 2, 4, 5,
6, 7, 8, 9, 10, and 11 are impaired, as contemplated by Section
1123(b)(1).

Classes 1, 2, 4, 5, 6, 7, 8, 9, 10, and 11 are impaired by the Plan
and were entitled to vote to accept or reject the Plan.  Class 3
and holders of Claims in such Class, if any, are deemed to have
accepted the Plan.  Classes 10 and 11 and holders of Claims in such
Classes are deemed to reject the Plan.

Classes 1, 2, 4, 7, 8, and 11 voted to accept the Plan.  

Holders of claims and interests in Classes 10 and 11 are deemed to
reject the Plan.  However, the Plan does not discriminate unfairly
and is fair and equitable with respect to Classes 10 and 11 as
required by Sections 1129(b)(2) of the Bankruptcy Code.  Thus, the
Plan may be confirmed notwithstanding Section 1129(a)(8).  

                        Reorganization Plan

GDC Technics, LLC, submitted an Amended Plan of Reorganization.

On the Effective Date, the Debtor will enter into the senior
secured exit credit facility.  The exit facility will be in the
amount of $13 million in new money term loans.

Under the Plan, on the Effective Date, the entire allowed amount of
the MAZAV  DIP Lender Claims will be converted into (i) 100% of the
Series B Preferred  Equity and (ii) 25% of the New Equity
Interests.  And on the Effective Date, the entire allowed amount of
Mammoth DIP Lender Claims will be converted into (i) 100% of the
Series A Preferred Equity and (ii) 50% of the New Equity
Interests.

On the Effective Date, the entire allowed amount of the Prepetition
Secured Lender Claims in Class 2 will be converted into 25% of the
New Equity Interests.

Convenience Claims in Class 7 (unsecured claims each in the amount
not more than $1,000) will receive payment in full of the Allowed
Convenience Claim in two equal installments, one 60 days after the
Effective Date and the other 120 days after the Effective Date.

Class 8 general unsecured claims will receive distributions made
from the Liquidating Trust.  The Plan will establish a Liquidating
Trust.  On or before the Effective Date, the Committee shall
appoint the Liquidating Trustee.  "Liquidating Trust Assets" shall
mean and include only the following:

   (i) Certain proceeds of liquidation by the Debtor or Reorganized
Debtor of excess inventory and certain fixed assets, with the
Liquidating Trust receiving the first $1,500,000 of such proceeds,
and one-half of such proceeds that exceed $3,000,000.

  (ii) Payment by the Debtor, on the Effective Date, of the sum of
$5,000,000 (the "Effective Date Payment").

(iii) Payments by the Reorganized Debtor as follows:

       (A) June 30, 2022 -- $1,250,000
       (B) December 31, 2022 -- $1,250,000
       (C) June 30, 2023 -- $1,250,000
       (D) December 31, 2023 -- $1,250,000

The Allowed Boeing Company Claim shall be partially subordinated,
solely for purposes of distributions under this Plan, as follows:
$14,674,851 of the Allowed Boeing Company Claim shall share pro
rata in distributions made from the Liquidating Trust to holders of
Class 8 General Unsecured Claims.  The remainder of the Allowed
Boeing Company Claim shall be subordinated in right of payment to
the payment in full of all other Allowed Class 8 General Unsecured
Claims and senior to Class 9 Subordinated Claims.

Counsel to the Debtor:

     Jason M. Rudd
     Scott D. Lawrence
     WICK PHILLIPS GOULD & MARTIN, LLP
     3131 McKinney Avenue, Suite 500
     Dallas, TX 75204
     Phone: (214) 692-6200
     Fax: (214) 692-6255
     Email: jason.rudd@wickphillips.com
     scott.lawrence@wickphillips.com

          - and -

     Lauren K. Drawhorn
     WICK PHILLIPS GOULD & MARTIN, LLP
     100 Throckmorton Street, Suite 1500
     Fort Worth, Texas 76102
     Telephone: (817) 332-7788
     Email: lauren.drawhorn@wickphillips.com

A copy of the Disclosure Statement dated September 22, 2021, is
available at https://bit.ly/3EJybop from PacerMonitor.com.

                       About GDC Technics

Headquartered in Fort Worth, Texas, GDC Technics LLC --
https://www.gdctechnics.com/ -- is a global aerospace company with
expertise in engineering and technical services, modifications,
electronic systems, R&D, and MRO services.

GDC Technics sought Chapter 11 bankruptcy protection (Bankr. W.D.
Texas Lead Case No. 21-50484) on April 26, 2021.  CEO Brad Foreman
signed the petition. At the time of the filing, the Debtor had
between $10 million and $50 million in both assets and liabilities.
The case is handled by Judge Craig A. Gargotta.

The Debtor tapped Wick Phillips Gould & Martin, LLP and
SierraConstellation Partners, LLC as its bankruptcy counsel and
restructuring advisor, respectively. Carl Moore, managing director
at SierraConstellation, serves as the Debtor's chief restructuring
officer.

Oliver Zeltner of Jones Day is representing Boeing Co. Gabe Morgan
of Weil, Gotshal & Manges is representing the pre-bankruptcy
lenders.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of GDC
Technics, LLC. The committee tapped Troutman Pepper Hamilton
Sanders LLP as bankruptcy counsel, Kane Russell Coleman Logan PC as
local counsel, and Berkeley Research Group, LLC as financial
advisor.


GENERAL CANNABIS: Extends Expiration of Warrants Until 2024
-----------------------------------------------------------
General Cannabis Corp entered into Warrant Amendments with respect
to 'A' and 'B' warrants to purchase the company's common stock
originally granted to warrant holders on Feb. 21 and 28, 2020.
Pursuant to the Warrant Amendments, the expiration date was
extended until Dec. 31, 2024 and the exercise price thereof was
increased to $1.00 per warrant share.  

Warrant Amendments were entered into with warrant holders
representing an aggregate of 400,000 A Warrants and 1,211,000 B
Warrants.

                    About General Cannabis Corp

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

General Cannabis reported a net loss of $7.68 million for the year
ended Dec. 31, 2020, compared to a net loss of $15.48 for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $9.43
million in total assets, $7.91 million in total liabilities, and
$1.51 million in total stockholders' equity.


GIRARDI & KEESE: Lawsuit Will Be Affected by Tom's Shady Dealings
-----------------------------------------------------------------
Katy Forrester of The U.S. Sun reports that Erika's lawyer reveals
that her $25 million lawsuit will be affected by ex-husband Tom
Girardi's claim that she knew about his 'shady' dealings.

ERIKA Jayne's $25 million lawsuit will be unaffected by ex Tom
Girardi's comment that she may have known he was stealing millions
of dollars from clients, The Sun can reveal.

The Real Housewives of Beverly Hills star's ex, who has been
diagnosed with late-onset Alzheimer's and dementia, was confronted
up by paps leaving a two-hour lunch with a friend on Thursday,
September 23. 2021.

In a video obtained by Page Six, one of the photographers asked
Tom: "Did Erika know anything?"

The 82-year-old former lawyer appeared stunned and confused, as he
paused before stating: "I think she does."

                          LAWYER SPEAKS

But despite rumors his comment could land Erika in hot water,
attorney Ronald Richards, who is representing the trustee in his
legal firm's bankruptcy case, says it would not stand up in court.

He told The Sun exclusively: "He's not even competent to testify,
that statement is inadmissible believe it or not.

"It doesn't matter, she doesn't need to have knowledge - she spent
the money and she booked it as expenses and it is a receivable, all
this other stuff is noise."

Despite claims Tom was faking his illnesses, Ronald believes his
health has deteriorated and fears he will live out his days in an
assisted-living facility, having moved out of his
multi-million-dollar home in Pasadena.

Tom is also under a conservatorship headed by his brother Robert.

Erika slammed Tom's family for their dementia facility plans during
Wednesday's episode of the Bravo show.

While sitting down with Kyle Richards, 52, and Lisa Rinna, 58,
Erika revealed Tom's brother had been appointed his conservator.

After sharing his family's plans to put him in a senior home, Erika
made it clear that she did not support the idea.

She said: "I'm ready to have a nervous breakdown because regardless
of what is going on with him legally, this is someone I was married
to for 22 years."

Erika said she "doesn’t agree" that Tom needs to be put in a
home, explaining: "My grandmother was put into a home. She had very
bad dementia."

After noting that her grandmother was the "most beloved" person in
her life, the RHOBH star continued: "This is a very difficult thing
because I watched my grandmother die and to see this happen here
again."

Erika continued: "I think he needs a caretaker, for sure.

"But I don't think that he needs to be in a home like I saw my
grandmother in. I know what they do to you in there.

"It's supposed to be great care but if you lash out then they
medicate you. The only way is down."

Erika is being sued for allegedly knowing that her ex's law firm
was paying for her expenses for the past 12 years - amounting to
more than $25million.

According to legal documents seen by The Sun, the trustee in the
bankruptcy case wants the Bravo star to pay the firm back.

                         ERIKA'S SHAM

Erika used the money to pay for her American Express bill, glam
team and other expenses, according to documents.

The lawsuit alleged: "She attempts to create a distinction between
handing her money directly versus paying all of her bills
directly.

"The distinction, like her prior motion for reconsideration is
meritless. Any payments made for her benefit are her
responsibility."

The trustee said the RHOBH star's claims she wasn't aware of Tom
wrongdoings is not an excuse, arguing "it would be a miscarriage of
justice if [she] was allowed to simply walk completely free of
owing over $25,000,000 to the Estate."

"Erika signed all of her tax returns, numerous credit card slips,
and was well aware of the money she spent on the Debtor's credit
cards and the Debtor’s payment of her personal expenses," the
trustee alleged.

"Her feigned wilful blindness and ostrich approach to these
expenditures will do absolutely nothing to limit her liability."

The trustee also stated that "the glam cannot be supported by a
sham."

Tom and Erika are accused of allegedly embezzling millions from the
families of plane crash victims.

A report filed by an independent trustee investigating his firm's
assets claimed Tom's company is in major debt and still owes $26
million to "anywhere from dozens to hundreds of clients."

A portion of these unpaid settlement funds -- about $2million --
are meant for the clients involved in the Lion Air Flight 610 crash
case.

                      About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

The Chapter 7 trustee can be reached at:

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


GOLDEN ENTERTAINMENT: Moody's Ups CFR to B2 & 1st Lien Loan to Ba3
------------------------------------------------------------------
Moody's Investors Service upgraded Golden Entertainment Inc.'s
Corporate Family Rating to B2 from B3 and Probability of Default
Rating to B2-PD from B3-PD. The company's existing senior secured
revolving credit facility and first lien term loan were upgraded to
Ba3 from B1, and the company's existing senior unsecured notes due
2026 were upgraded to Caa1 from Caa2. The company's Speculative
Grade Liquidity rating remains SGL-2 and the outlook is stable.

The upgrade of Golden's CFR to B2 considers the improvement in
operating performance since the company's casinos and taverns
(distributed gaming business) have reopened following the 2020
closures. The company's improved EBITDA margin since reopening
including performance year to date in 2021, strong positive free
cash flow and good liquidity, coupled with debt reduction, have
reduced leverage levels from the peaks hit during the coronavirus.
Moody's expects leverage will be sustained well below 5x. The
upgrade to the revolver and term loan additionally reflect Moody's
expectation that the company will adhere to its publicly-stated
intention to make voluntary term loan prepayment in 2021. Such
payment will lessen the amount of secured debt in the structure and
modestly improve recovery prospects for the remaining secured
debt.

The following ratings/assessments are affected by the action:

Ratings Upgraded:

Issuer: Golden Entertainment, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

GTD Senior Secured 1st Lien Term Loan, Upgraded to Ba3 (LGD3) from
B1 (LGD3)

GTD Senior Secured 1st Lien Revolving Credit Facility, Upgraded to
Ba3 (LGD3) from B1 (LGD3)

GTD Senior Unsecured Global Notes, Upgraded to Caa1 (LGD5) from
Caa2 (LGD5)

Outlook Actions:

Issuer: Golden Entertainment, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Golden's B2 CFR reflects the company's good market position in
multiple properties in Nevada, the diversification provided by the
large number of distributed gaming sites in Nevada and Montana,
ability to generate positive free cash flow during normal operating
conditions, and good liquidity. Golden's strong operating
performance and EBITDA margin improvement as properties and taverns
have reopened and restrictions related to the coronavirus become
less of a constraint reflect good cost discipline and consumer
appeal of the company's properties. Like other US gaming companies,
Golden remains exposed to longer-term challenges facing regional
gaming companies related to consumer entertainment preferences that
do not necessarily favor traditional casino-style gaming. The
company is reliant on cyclical discretionary consumer spending, and
reinvestment in facilities and marketing is necessary to maintain
market position. Golden remains vulnerable to travel disruptions
and unfavorable sudden shifts in consumer spending and the
uncertainty regarding the sustainable EBITDA margin and the pace at
which consumer spending at gaming properties will continue.

Golden's speculative-grade liquidity rating of SGL-2 reflects good
liquidity, with solid cash levels and positive free cash flow
generation now that gaming facilities and taverns are reopened,
with loosening restrictions. As of the recent quarter ended June
30, 2021, Golden had cash of approximately $153 million, and an
undrawn and fully available $200 million revolving credit facility.
Moody's estimates the company could maintain sufficient internal
cash sources after maintenance capital expenditures to meet
required near term finance lease and term loan amortization of
approximately $11 million and interest requirements over the next
twelve-month period. The expiration of the company's revolving
credit facility in October 2022 is a liquidity weakness that is
partially mitigated by the sizable cash position and non-reliance
of the facility. The maturity profile is otherwise good with the
term loan maturing in October 2024. The revolver has a springing
5.85x net leverage financial covenant if borrowings under the
facility exceed 30% of the total revolving commitment. However,
there are no current borrowings on the revolver and Moody's does
not expect the covenant to be triggered. Golden's net leverage is
currently below the covenant level, with the expectation for
increasing cushion. There are no financial maintenance covenants
tied to the term loan or the senior unsecured notes. The company
has discrete assets that it can sell to raise cash should the need
arise.

The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, the recovery is tenuous, and continuation will be closely
tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, Golden remains vulnerable to a
renewed spread of the outbreak. Golden also remains exposed to
discretionary consumer spending that leave it vulnerable to shifts
in market sentiment in these unprecedented operating conditions.

Additional social risk for gaming companies includes evolving
consumer preferences related to entertainment choices and
population demographics that may drive a change in demand away from
traditional casino-style gaming. Younger generations may not spend
as much time playing casino-style games (particularly slot
machines) as previous generations. Data security and customer
privacy risk is elevated given the large amount of data collected
on customer behavior. In the event of data breaches, the company
could face higher operational costs to secure processes and limit
reputational damage.

Governance risk is considered balanced given public ownership,
absence of a common stock dividend, and minimal $25 million share
repurchase authorization. From a leverage and financial policy
perspective, given the impact from efforts to contain the
coronavirus as well as the company's debt balance, Golden's
leverage is expected to continue to decline as the business
continues to recover and as a result of debt reduction in 2021.
Longer-term event risk includes high potential for debt-funded
acquisitions.

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

The stable outlook considers the recovery in the company's business
and margin improvement exhibited since reopening, and the
expectation for sustained improvement over the next 12 months. The
stable outlook also reflects the company's good liquidity which
incorporates approximately $153 million in cash, $200 million
undrawn revolver, and for debt-to-EBITDA leverage to decline over
the next twelve months as the business continues to recover and as
cash flow is prioritized for debt reduction, with meaningful debt
repayment expected in 2021.

Ratings could be downgraded if there is a decline in EBITDA
performance from factors such as volume pressures or higher
operating costs, a deterioration in liquidity, or an inability to
sustain debt-to-EBITDA below 5.75x.

Ratings could be upgraded if the company generates consistent and
comfortably positive free cash flow, debt-to-EBITDA is sustained
below 4.0x, and the company's adheres to financial policies that
maintain low leverage.

The principal methodology used in these ratings was Gaming
published in June 2021.

Golden Entertainment, Inc. owns and operates a portfolio of 10
casino gaming assets, including 9 casinos throughout Nevada and one
casino in Maryland. The company also owns and operates distributed
gaming assets in Las Vegas and Montana. The company conducts its
business through two reportable operating segments: Casinos and
Distributed Gaming. The company is publicly traded with the
Chairman and CEO Blake Sartini holding a roughly 25% stake. Net
revenue for the latest 12-months ended June 30, 2021 was $943
million.


GTT COMMUNICATIONS: Starts Soliciting Votes on Prepack Plan
-----------------------------------------------------------
GTT Communications said in a regulatory filing that it has started
soliciting stakeholder support for a pre-arranged bankruptcy plan.

The Plan would cut $2.8 billion of its $3 billion debt load in
court, according to a Sept. 24, 2021 regulatory filing with the
SEC.

According to Bloomberg, GTT previously said it will file for
bankruptcy after the sale of its infrastructure unit, which it
completed on Sept. 17, 2021.

                 Prepackaged Plan Sent to Creditors

On Sept. 1, 2021 the Company entered into that certain
Restructuring Support Agreement, by and among the Company and
certain of its subsidiaries (the "Company Parties"), and certain
other consenting stakeholders parties thereto as described in the
Company's Current Report on Form 8-K filed with the SEC on
September 2, 2021 (the "RSA"), to support a restructuring of the
indebtedness and capitalization (the "Restructuring") of the
Company and certain of its direct and indirect subsidiaries
pursuant to the terms of a contemplated prepackaged chapter 11 plan
of reorganization (the "Plan") as described in the RSA.  The RSA
provides that, following the closing of the I Squared
Infrastructure Sale (as defined in the RSA) and the I Squared
Infrastructure Sale Proceeds Paydown (as defined in the RSA) and
the commencement of the solicitation of votes on the Plan from
certain classes of existing creditors, the Company Parties will
file (the date of such filing, the "Petition Date") for voluntary
relief (the "Chapter 11 Cases") under chapter 11 of title 11 of the
United States Code, 11 U.S.C. Secs. 101-1532 in the United States
Bankruptcy Court for the Southern District of New York in
accordance with the RSA.

As contemplated by the RSA, on September 24, 2021, the Company
commenced solicitation for the Plan by causing the Plan, a related
disclosure statement and ballots to be distributed to lenders under
that certain Credit Agreement, dated as of May 31, 2018, by and
among the Company and GTT Communications B.V., as borrowers,
KeyBank National Association, as administrative agent and letter of
credit issuer, and the lenders and other financial institutions
party thereto from time to time (as amended, restated, amended and
restated, supplemented or otherwise modified, the "Credit
Agreement") and beneficial owners (or nominees, investment
managers, advisors or subadvisors for the beneficial owners) of the
Company's outstanding 7.875% Senior Notes due 2024 (the "Notes")
that are "accredited investors" (as that term is defined in Rule
501 under the Securities Act of 1933, as amended). Information
related to the solicitation is available at
http://cases.primeclerk.com/GTTBallots.

                         Notice of Default

On Sept. 16, 2021 (the "Notice Date"), the Company received a
notice of default from the Trustee under the Indenture, dated as of
December 22, 2016, by and between the Company, as successor by
merger to GTT Escrow Corporation, and Wilmington Trust, National
Association, as Trustee (the "Trustee").  Under Section 4.15 of the
Indenture, the Company was required to file with the SEC quarterly
financial information for the quarter ended June 30, 2021 (the "Q2
2021 Form 10-Q") within 15 days of the time periods specified in
the SEC's rules and regulations (including any grace periods).  The
Company did not file the Q2 2021 Form 10-Q within 15 days of August
16, 2021, which was the last day of the extension period provided
for the filing under Rule 12b-25(b) of the Exchange Act, and the
Company has therefore failed to comply with such reporting
covenant.  Under the Indenture, the failure of the Company to
comply with the reporting covenant, if it continues for a period of
60 days after the Notice Date (the "Cure Period") (which 60 day
Cure Period ends on November 15, 2021), would constitute an Event
of Default, as that term is defined in the Indenture. As previously
disclosed in the Company’s Current Report on Form 8-K filed with
the SEC on September 2, 2021, pursuant to the terms of the Amended
and Restated Noteholder Forbearance Agreement, dated as of
September 1, 2021, by and among the Company, the guarantors party
thereto and each of the beneficial owners (or nominees, investment
managers, advisors or subadvisors for the beneficial owners) of the
Notes party thereto (the "A&R Second Notes Forbearance Agreement"),
entered into in connection with the RSA, the Forbearing Noteholders
(as defined in the A&R Second Notes Forbearance Agreement) have
agreed to, among other things, forbear from exercising any and all
rights and remedies under the Indenture, the Notes and applicable
law, including not directing the Trustee to take any such action,
with respect to any defaults and events of default that have
occurred, or that may occur during the forbearance period,
including with respect to the filing of the Q2 2021 Form 10-Q.

                       Terms of Prepack Plan

According to a Sept. 2 filing with the SEC, the Plan will be based
on the restructuring term sheet (the "Term Sheet") attached to the
RSA which, among other things, contemplates that:

   * the sale of the business and activities of GTT and/or certain
of its subsidiaries providing Pan-European, North American,
sub-sea, and trans-Atlantic fiber network and data center
infrastructure services to customers to the Buyer (the
"Infrastructure Sale") pursuant to that certain Sale and Purchase
Agreement, dated as of October 16, 2020 (as amended, the
"Infrastructure SPA"), among the Company, its subsidiaries GTT
Holdings Limited, Global Telecom and Technology Holdings Ireland
Limited, Hibernia NGS Limited and GTT Americas, LLC (collectively,
the "Sellers") and the Buyer, will be consummated prior to the
commencement of the Chapter 11 Cases, subject to the terms of the
RSA;

   * the Credit Agreement will be amended by the Fifth Lender
Forbearance Agreement and Consent (as defined below) to provide
that the proceeds from the closing of the Infrastructure Sale will
be applied to the claims in respect of the Revolving Loans (the
"Revolving Loan Claims"), claims in respect of Hedging Obligations
(as defined in the Credit Agreement) (the "Hedging Claims"), claims
in respect of the U.S. Term Loans (the "U.S. Term Loan Claims"),
claims in respect of the Original EMEA Term Loans (the "Original
EMEA Term Loan Claims"), claims in respect of the 2020 EMEA Term
Loans (the "2020 EMEA Term Loan Claims", and collectively with the
Revolving Loan Claims, the Hedging Claims, the U.S. Term Loan
Claims and the Original EMEA Term Loan Claims, the "2018 Credit
Facility Claims") on a pro rata basis;

   * contemporaneously with the execution of the RSA, (i) the
Consenting U.S. Term Loan Lenders, Consenting Revolving Lenders,
Consenting Original EMEA Term Loan Lenders and Consenting 2020 EMEA
Term Loan Lenders have executed the Fifth Lender Forbearance
Agreement and Consent, and the Agent will commence a consent
solicitation to obtain additional signatures to the Fifth Lender
Forbearance Agreement and Consent, and joinders to the RSA, (ii)
the Consenting Noteholders have executed the A&R Second Notes
Forbearance Agreement (as defined below) and (iii) the
Infrastructure SPA has been amended by the SPA Letter Amendment (as
defined below);

   * prior to the closing of the Infrastructure Sale, the RSA
Holdings Condition (as defined below) will be satisfied;

   * the proceeds from the closing of the Infrastructure Sale will
be applied as set forth in the Term Sheet prior to the commencement
of the Chapter 11 Cases (the "Infrastructure Sale Proceeds
Paydown"), including the payment in full of all claims in respect
of the Priming Facility Term Loans (the "Priming Facility Term Loan
Claims") and in accordance with the Fifth Lender Forbearance
Agreement and Consent (the U.S. Term Loan Claims, the Revolving
Loan Claims, the Hedging Claims, the Original EMEA Term Loan Claims
and the 2020 EMEA Term Loan Claims that remain outstanding
following the Infrastructure Sale Proceeds Paydown are hereinafter
referred to as the "Remaining U.S. Term Loan Claims", the
"Remaining Revolving Loan Claims", the "Remaining Hedging Claims",
the "Remaining Original EMEA Term Loan Claims" and the "Remaining
2020 EMEA Term Loan Claims", respectively); provided that the
Company Parties will retain $35 million of such proceeds (the
"Retained Cash Proceeds") to fund the Chapter 11 Cases and for
working capital purposes in accordance with the Approved Budget (as
defined in the RSA), which proceeds will be the cash collateral of
KeyBank National Association, as administrative agent and letter of
credit issuer (the "Agent") and the holders of the 2018 Credit
Facility Claims;

   * following the Infrastructure Sale Proceeds Paydown, the
Company Parties will commence the solicitation of votes on the Plan
from holders of impaired claims who are entitled to vote on the
Plan, and, thereafter, each of the Company Parties will commence
the Chapter 11 Cases in the Bankruptcy Court to pursue confirmation
and consummation of the Plan in accordance with the terms of the
RSA and the Term Sheet, including the solicitation of votes from
beneficial owners of, or nominees, investment advisors,
sub-advisors, or managers of accounts that beneficially own equity
interests in GTT if required by the Bankruptcy Court;

   * the Chapter 11 Cases will be financed through the consensual
use of cash collateral, including the Retained Cash Proceeds;

   * notwithstanding the terms of the Infrastructure Sale Proceeds
Paydown detailed above, if Required Lenders (as defined below),
Required Revolving Lenders (as defined below) and holders of at
least a majority of the outstanding principal amounts of each of
the U.S. Term Loans, the Original EMEA Term Loans and the 2020 EMEA
Term Loans execute the Fifth Lender Forbearance Agreement and
Consent (the "Consent Conditions"), then, in accordance with the
amended collection allocation mechanism agreement attached to the
Fifth Lender Forbearance Agreement and Consent (the "CAM
Amendment"), on the date on which the proceeds of any sale of all
or substantially all of the Infrastructure Business (as defined in
the Term Sheet) (including, without limitation, the Infrastructure
Sale) that occurs on or prior to the Plan Effective Date are
applied to repay the 2018 Credit Facility Claims, the holders of
U.S. Term Loan Claims, Revolving Claims, and Hedging Claims (the
"U.S. Claims") shall turn over to the Agent $32.5 million of net
cash proceeds that would otherwise be payable pro rata to the
holders of U.S. Secured Claims in connection with such paydown (the
"Original EMEA Cash Turnover Amount"), and the Agent shall hold the
Original EMEA Cash Turnover Amount in escrow in accordance with the
CAM Amendment. Subject to the occurrence of and on the Plan
Effective Date (as defined below), the Original EMEA Cash Turnover
Amount shall be distributed on a pro rata basis to holders of
Original EMEA Term Loan Claims who have executed each of the Fifth
Lender Forbearance Agreement and Consent and the RSA by five (5)
business days after the RSA effective date (such Original EMEA Term
Loan Lenders, the "Original EMEA Cash Turnover Recipients"). In
exchange, on the Plan Effective Date, the Original EMEA Cash
Turnover Recipients shall turn over their pro rata share of $32.5
million of New Equity Interests (calculated based on an assumed
$1.3 billion total enterprise value for the reorganized Company
Parties and their direct and indirect non-debtor subsidiaries, on a
consolidated basis (the "Equity Turnover Valuation")) to holders of
U.S. Term Loan Claims, Revolving Claims, and Hedging Claims on a
pro rata basis (the "Original EMEA Equity Turnover" and, together
with the Original EMEA Cash Turnover Amount, the "Original EMEA
Settlement Reallocations"). Notwithstanding the foregoing, 2020
EMEA Cash Turnover Recipients (as defined below) may elect not to
participate in the Original EMEA Settlement Reallocations with
respect to any Original EMEA Term Loan Claims they hold;

   * notwithstanding the terms of the Infrastructure Sale Proceeds
Paydown, if the Consent Conditions are satisfied, then, in
accordance with the CAM Amendment, on the date on which the
proceeds of any sale of all or substantially all of the
Infrastructure Business (including, without limitation, the
Infrastructure Sale) that occurs on or prior to the effective date
of any chapter 11 plan for one or more Company Parties are applied
to repay the 2018 Credit Facility Claims, the holders of U.S.
Secured Claims and Original EMEA Term Loan Claims shall turn over
to the Agent $2.4 million of net cash proceeds that would otherwise
be payable pro rata to such holders in connection with such paydown
(the "2020 EMEA Cash Turnover Amount"), and the Agent shall
distribute such amount to holders of 2020 EMEA Term Loan Claims who
have executed each of the Fifth Lender Forbearance Agreement and
Consent and the RSA within three (3) business days of the RSA
effective date (such 2020 EMEA Term Loan Lenders, together with
their successors and assigns, the "2020 EMEA Cash Turnover
Recipients") (such turnover, the "2020 EMEA Settlement
Reallocation");

   * on the effective date of the Plan (the "Plan Effective Date"),
each holder of a 2018 Credit Facility Claim remaining after the
Infrastructure Sale Proceeds Paydown (the "Remaining 2018 Credit
Facility Claims") shall receive, in full and final satisfaction of
all such allowed claims (pro rata to mean the same pro rata split
among 2018 Credit Agreement Claims that was used to effectuate the
Infrastructure Sale Proceeds Paydown):

    -- its pro rata share of the approximately $854 million
principal amount of New GTT Term Loans (as defined in the Term
Sheet and as further described in Annex 2 to the Term Sheet);

    -- subject to the Original EMEA Equity Turnover, its pro rata
share of 88% of the equity interests in GTT, as reorganized
pursuant to and under the Plan (the "New Equity Interests"), which
New Equity Interests shall be (1) subject to reduction on account
of New Equity Interests purchased pursuant to the Noteholder New
Common Equity Investment (as defined below) and (2) subject to
dilution by (a) the post-emergence management incentive plan (the
"MIP"), (b) New Equity Interests issuable upon exercise of the
Noteholder Warrants (as defined below) and (c) New Equity Interests
issuable upon exercise of the Equityholder Warrants (as defined
below) (the foregoing interests, collectively, the "Secured Claims
New Equity Interests");

    -- its pro rata share of the Noteholder New Common Equity
Investment Cash (as defined below), if any;

    -- its pro rata share of cash (if any) in the amount of the
lesser of (A) the amount by which Effective Date Liquidity (as
defined in the Term Sheet) exceeds $100 million and (B) the amount
by which the aggregate amount of cash and cash equivalents
(including any Retained Cash Proceeds and excluding restricted
cash) of the reorganized Company Parties and their direct and
indirect non-debtor subsidiaries on the Plan Effective Date exceeds
$25 million; and

    -- its pro rata share of the Deferred Consideration (as defined
below) to be made by the Buyer pursuant to SPA Letter Amendment.

   * letters of credit, to the extent undrawn, shall remain
outstanding and shall each be cash collateralized by the Company by
the RSA effective date, and (a) in the case of any letters of
credit which support the Company’s Infrastructure Business, shall
be replaced or backstopped by the issuance of new letters of credit
obtained by I Squared in accordance with the Infrastructure SPA, or
(b) in the case of any letters of credit which do not support the
Infrastructure Business, shall, on the Plan Effective Date, be
replaced or backstopped by the issuance of new letters of credit
obtained under the Exit Revolving Credit Facility (as defined
below) (or other letter of credit facility established for the
account of the reorganized Company Parties, as determined by the
Company, with the consent of at least a majority of the outstanding
principal amounts of each of the Original EMEA Term Loan Claims,
the 2020 EMEA Term Loan Claims and the U.S. Term Loan Claims, which
consent shall not be unreasonably withheld, conditioned, or
delayed). In the event that a letter of credit issued under the
Credit Agreement is drawn during the pendency of the Chapter 11
Cases and funded by the issuing bank under the Credit Agreement,
the issuing bank shall be entitled to reimbursement from such cash
collateral;

   * on the Plan Effective Date, each holder of claims in respect
of the Notes (the "Notes Claims") shall receive, in full and final
satisfaction of all such allowed claims:

    -- its pro rata share of 12% of the New Equity Interests, which
New Equity Interests shall be subject to dilution by (a) the MIP,
(b) New Equity Interests issuable upon exercise of the Noteholder
Warrants (as defined below) and (c) New Equity Interests issuable
upon exercise of the Equityholder Warrants (as defined below) (the
foregoing interests, the "Noteholder New Equity Interests");

    -- its pro rata share of the warrants for 30% of the New Equity
Interests (calculated on a fully-diluted basis but excluding and
subject to dilution on account of the New Equity Interests issuable
pursuant to the MIP and the Equityholder Warrants) that will be
distributed to holders of Notes Claims on account of such claims
pursuant to and in accordance with the Plan and the agreement
governing such warrants (the "Noteholder Warrants"). The Noteholder
Warrants shall have a five (5) year term (subject to early
acceleration upon certain events), customary anti-dilution
protections and information rights similar to the rights of holders
of New Equity Interests, and the Noteholder Warrants shall have an
initial aggregate exercise price equal to the equity value implied
by a par plus accrued and unpaid interest recovery on the Remaining
2018 Credit Facility Claims as of the Plan Effective Date (subject
to certain adjustments as set forth in the Term Sheet); and

    -- the right to participate in the Noteholder New Common Equity
Investment (as defined below);

   * in connection with the Restructuring, holders of Notes Claims
will be entitled to purchase up to $50 million of the New Equity
Interests issued and outstanding on the Plan Effective Date at a
per share price that implies an enterprise value that would result
in a par plus accrued interest recovery for holders of Remaining
2018 Credit Facility Claims (the "Noteholder New Common Equity
Investment" and the aggregate amount of cash received by the
Companies from participating holders of Notes (the "Noteholders")
for such investment referred to as the "Noteholder New Common
Equity Investment Cash"), which will reduce the Secured Claims New
Equity Interests as described above and which will be structured as
a rights offering through which eligible holders of Notes Claims
will receive subscription rights to participate in the Noteholder
New Common Equity Investment on a pro rata basis;

   * except to the extent otherwise agreed to, holders of all
administrative expense claims, priority tax claims, other priority
claims, and other secured claims shall receive, in full and final
satisfaction of such claim, cash payment in an amount equal to such
allowed claim;

   * each holder of an allowed "General Unsecured Claim", defined
as any prepetition claim against the Company Parties that is not a
(x) Priming Facility Term Loan Claim, 2020 EMEA Term Loan Claim,
Original EMEA Term Loan Claim, U.S. Term Loan Claim, Revolving
Claim, Hedging Claim, Notes Claim, or Intercompany Claim (as
defined below) or (y) a claim that is secured by collateral,
subordinated, or entitled to priority under the Bankruptcy Code,
that has not been satisfied in the ordinary course of business
shall receive, in full and final satisfaction of such allowed
General Unsecured Claim, payment in full in cash on the date such
claim becomes an allowed claim as if the Chapter 11 Cases had not
been commenced; provided that claims for rejection damages in
connection with any rejected non-residential real property lease
shall be subject to the limitations of section 502(b)(6) of the
Bankruptcy Code;

   * on the Plan Effective Date, all claims against a Company
entity held by another Company entity ("Intercompany Claims") or
interests in a Company entity held by another Company entity
("Intercompany interests") will be adjusted, reinstated, or
cancelled, as determined by (i) the Company, with the consent of
Consenting Creditors holding a majority of each of the Priming
Facility Term Loan Claims, the Original EMEA Term Loan Claims, the
2020 EMEA Term Loan Claims, the U.S. Term Loan Claims and Notes
Claims held by the Consenting Creditors, respectively (the
"Required Consenting Creditors") (which consent shall not be
unreasonably withheld, conditioned, or delayed) or (ii) the
reorganized Company Parties, in their reasonable discretion;

   * on the Plan Effective Date, each holder of an existing GTT
equity interest shall receive, in full and final satisfaction of
such interest, its pro rata share of the warrants for 4.9% of the
New Equity Interests (calculated on a fully-diluted basis but
excluding and subject to dilution on account of the New Equity
Interests issuable pursuant to the MIP) that will be distributed to
holders of existing GTT equity interests on account of such
interest pursuant to and in accordance with the Plan and the
agreement governing such warrants (the "Equityholder Warrants").
The Equityholder Warrants shall have a five (5) year term (subject
to early acceleration upon certain events), customary anti-dilution
protections and information rights similar to the rights of holders
of New Equity Interests, and the Equityholder Warrants shall have
an initial aggregate exercise price equal to the price implied by a
$2.8 billion total enterprise value for the reorganized Company as
of the Plan Effective Date;

   * the existing GTT equity interests beneficially owned by The
Spruce House Partnership, LLC and its affiliates ("Spruce House")
shall be transferred to the Company for no consideration and Spruce
House shall receive no Equityholder Warrants;

   * the applicable Company Parties or reorganized Company Parties,
as applicable, shall assume all I Squared Infrastructure Sale
Transaction Documents (as defined in the RSA) to which a Company
Party is a party; and

   * in advance of the Plan Effective Date, the Company Parties
may, with the consent of the Required Consenting Creditors (which
consent shall not be unreasonably withheld, conditioned, or
delayed), seek to obtain a new cash flow/asset-backed revolving
credit facility of up to $75 million in the aggregate on terms
acceptable to Required Consenting Creditors (the "Exit Revolving
Credit Facility").

                     About GTT Communications

Headquartered in McLean, Virginia, GTT Communications, Inc. --
http://www.gtt.net/-- owns and operates a global Tier 1 internet
network and provides a comprehensive suite of cloud networking
services.  GTT connects people across organizations, around the
world, and to every application in the cloud.


GUARDION HEALTH: Terminates Industrial Lease With Cal-Sorrento
--------------------------------------------------------------
Guardion Health Sciences, Inc. entered into a Lease Termination
Agreement with Cal-Sorrento, Ltd. pursuant to which, effective as
of Oct. 31, 2021, the Industrial Lease originally dated Oct. 24,
2012, as amended, by and between the Company and Cal-Sorrento with
respect to leased premises located at 15150 Avenue of Science,
Suite 200, San Diego, California 92128, shall terminate.  

Pursuant to the Agreement and in consideration for the early
termination of the Lease, (i) the Company shall forfeit the
security deposit paid to Cal-Sorrento, (ii) the Company shall pay
Cal-Sorrento an early termination fee of $108,527, and (iii) the
Company shall vacate the premises on or before Oct. 31, 2021.
Effective upon the Termination Date and provided that the Company
has satisfied all of its obligations pursuant to the Agreement, the
Company and Cal-Sorrento shall release each other and their
respective agents, employees, partners, officers, directors,
stockholders and members from all obligations under the Lease.

                   About Guardion Health Sciences

Headquartered in San Diego, California, Guardion --
http://www.guardionhealth.com-- is a specialty health sciences
company that develops clinically supported nutrition, medical foods
and medical devices, with a focus in the ocular health marketplace.
Located in San Diego, California, the Company combines targeted
nutrition with innovative, evidence-based diagnostic technology.

Guardion Health reported a net loss of $8.57 million for the year
ended Dec. 31, 2020, compared to a net loss of $10.88 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$41.28 million in total assets, $1.99 million in total liabilities,
and $39.29 million in total stockholders' equity.


GULFPORT ENERGY: Explores Possible Sale After Bankruptcy Exit
-------------------------------------------------------------
David French of Reuters reports that Gulfport Energy Corp, a U.S.
natural gas exploration and production company which emerged from
bankruptcy earlier this year, is exploring strategic options
including a possible sale, according to people familiar with the
matter.

The Oklahoma City-headquartered company, which has a market value
of about $1.6 billion, is working with an investment bank on its
options and to help solicit potential acquisition interest, the
sources said.

No deal is certain, the sources added, asking not to be identified
because the matter is confidential.

Gulfport declined to comment.

Gulfport was pushed into bankruptcy last year after the COVID-19
pandemic temporarily eviscerated demand for energy and left it
unable to pay its debts.

Control of Gulfport was handed in May to its creditors, many of
them hedge funds, upon completion of a Chapter 11 bankruptcy
process which swapped around $1.2 billion of debt for shares in the
company.

U.S. natural gas prices spiked to a seven-year high earlier this
month, tempting the gas producer to explore a sale.

Gulfport owns 266,000 net acres across the Utica shale basin of
Ohio and Oklahoma’s SCOOP formation.  It estimated in a
presentation to investors in August that 90% of its 2021 production
will be natural gas, with a further 7% natural gas liquids.

Gulfport is currently seeking to renegotiate two contracts with
pipeline companies. Scrapping them could help it save money.  The
company estimated in the August presentation that annual gross
transportation fees could drop 55% to $131 million if both
contracts are replaced by cheaper arrangements.

                        About Gulfport Energy

Gulfport Energy Corporation (NYSE:GPOR) --
http://www.gulfportenergy.com/-- is an independent natural gas and
oil company focused on the exploration and development of natural
gas and oil properties in North America and a producer of natural
gas in the contiguous United States. Headquartered in Oklahoma
City, Gulfport holds significant acreage positions in the Utica
Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer
plays in Oklahoma.  In addition, Gulfport holds non-core assets
that include an approximately 22% equity interest in Mammoth Energy
Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil
Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Gulfport and its subsidiaries sought Chapter 11 protection (Bankr.
S.D. Tex. Lead Case No. 20-35562) on Nov. 13, 2020.  As of Sept.
30, 2020, Gulfport had $2,375,559,000 in assets and $2,520,336,000
in liabilities.

The Honorable David R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis LLP as their bankruptcy
counsel; Jackson Walker L.L.P. as local bankruptcy counsel; Alvarez
& Marsal North America, LLC as restructuring advisor; and Perella
Weinberg Partners L.P. and Tudor, Pickering, Holt & Co. as
financial advisor; and PricewaterhouseCoopers LLP as tax services
provider.  Epiq Corporate Restructuring LLC is the claims agent.

Wachtell, Lipton, Rosen & Katz is counsel for the special committee
of Gulfport's Board of Directors while Chilmark Partners is the
financial advisor.

Katten Muchin Rosenman LLP is counsel for the special committee of
the governing body of each Debtor other than Gulfport while M III
Partners, LP, is the financial advisor.

The U.S. Trustee for Region 7 formed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee is represented by Norton Rose Fulbright US LLP and Kramer
Levin Naftalis & Frankel, LLP and Jefferies LLC as its investment
banker.



HARBOR VENTURES: Nov. 2 Plan & Disclosure Hearing Set
-----------------------------------------------------
On Sept. 20, 2021, debtor Harbor Ventures, LLC, filed with the U.S.
Bankruptcy Court for the District of New Jersey a Small Business
Plan and Disclosure Statement.

On Sept. 21, 2021, Judge Christine M. Gravelle conditionally
approved the Disclosure Statement and ordered that:

     * Oct. 26, 2021, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

     * Oct. 26, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.

     * Nov. 2, 2021, at 2:00 p.m., at 402 East State Street Trenton
NJ 08608, in Courtroom 3 is the hearing for final approval of the
Disclosure Statement (if a written objection has been timely filed)
and for confirmation of the Plan.

A copy of the order dated Sept. 21, 2021, is available at
https://bit.ly/3CKAKV8 from PacerMonitor.com at no charge.

Attorney for the Debtor:

     EUGENE D. ROTH, ESQUIRE – 4239
     VALLEY PARK EAST
     2520 HIGHWAY 35, SUITE 307
     MANASQUAN, NEW JERSEY 08736
     Tel: (732) 292-9288

                      About Harbor Ventures

Harbor Ventures was formed on December 14, 2017 for the purpose of
acquisition, renovation and resale of distressed properties in
Central New Jersey.  Harbor Ventures filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 21-13091) on April 15, 2021.  The
Debtor is represented by Eugene D. Roth, Esq. of LAW OFFICE OF
EUGENE D. ROTH.


HOLLY ENERGY: Fitch Affirms 'BB+' LT IDR & Alters Outlook to Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Holly Energy Partners, L.P.'s (HEP)
Long-Term Issuer Default Rating (IDR) at 'BB+' and senior unsecured
notes at 'BB+'/'RR4'. HEP's senior unsecured notes are co-issued by
Holly Energy Finance Corp, and Fitch has affirmed its senior
unsecured rating at 'BB+'/'RR4'.

The Rating Outlook has been revised to Stable from Negative.

The Outlook revision reflects a similar Outlook revision at HEP's
sponsor and largest counterparty, HollyFrontier Corporation (HFC;
IDR BBB-/Stable) to Stable from Negative. HEP's rating is supported
by fairly stable cash flows underpinned by long-term minimum volume
commitment (MVC) contracts, predominantly with HFC and the
partnership's modest leverage. Although the recently announced
Sinclair transaction will enhance HEP's go-forward EBITDA, Fitch,
however, believes that the transaction will not meaningfully
improve the partnership's scale and credit metrics in the near
term. Credit concerns include HEP's limited size/scale, lack of
customer diversity and geographic concentration.

KEY RATING DRIVERS

Sinclair Transaction Impacts: HFC and HEP recently announced
transactions with privately held Sinclair companies whereby HEP
will acquire Sinclair Transportation Company's crude and refined
products pipeline and terminal assets, together with interests in
joint ventures. HEP is expected to fund the acquisition with 21
million HEP units and $325 million cash (to be funded via senior
unsecured notes issuance). Sinclair's integrated network will help
HEP gain additional scale with increased connectivity to Guernsey
as well as Casper refineries, together with enhanced earnings,
adding roughly $70 million-$80 million of annual EBITDA based on
management estimates. Fitch, however, believes the transaction is
not leverage accretive in the near term and does not significantly
improve size/scale.

Plans to Lower Leverage: HEP remains committed to its deleveraging
strategy, in Fitch's view. Leverage as of YE 2020 was 4.1x, in line
with Fitch's expectation. Fitch forecasts leverage to remain near
4.0x as of YE 2021 before ticking up by YE 2022 due to the
anticipated closing of the Sinclair acquisition. YE 2022 leverage
will include the full debt burden of this acquisition with only a
portion of the incremental EBITDA. Sustained expected FCF
generation is seen reducing leverage to below 4.0x by 2023, barring
any further acquisitions or increased capital spending. Leverage,
compared to Fitch's pre-acquisition forecast is roughly 0.2x higher
in 2023, modestly slowing the pace of expected deleveraging. Fitch
continues to assume management's near-term focus is on leverage
reduction.

Cash Flow Assurances: HEP's revenues are nearly 100% fee-based,
insulating the partnership from commodity price risk and providing
stability to cash flows. The weighted average remaining contract
life is six years and there are no significant contract renewals
until 2022 when $22 million of revenues are up for renewal with HFC
and $12 million with a third party. Fitch expects these contracts
to be renewed for a majority of the expiring contract value.
Approximately 80% of the MVCs expire in 2024 or later. Importantly,
HEP received approximately 80% of its revenues from HFC and Fitch
notes that HEP's assets are integral to the refiner. Proforma the
Sinclair transaction, about 75% of incremental revenues will be
underpinned by MVC's, consistent with the existing business
structure.

HFC Relationship Implications: Fitch recognizes that in the past,
HFC has been a reasonably supportive sponsor of HEP by waiving
incentive distribution rights. Fitch expects HFC will continue to
provide support to HEP in the near to intermediate term. However,
Fitch rates HEP on a standalone basis under Fitch's
Parent-Subsidiary Linkage (PSL) criteria rather than notching down
from the stronger parent, based on weak legal ties, the lack of
cross defaults or guarantees between HFC and HEP's debt, HEP's
separate financing function, and a limited overlap between boards.
Operational and strategic ties are viewed as weak to moderate.
Outside of the PSL relationship, as HEP's largest counterparty,
HFC's rating and Outlook have credit implications for HEP.

HEP has an Environmental, Social and Governance (ESG) Relevance
Score of '4' for Group Structure due to somewhat complex group
structure. Group structure considerations have an elevated scope
for HEP given inter-family/related party transactions with HFC.

DERIVATION SUMMARY

HEP's rating reflects its modest leverage and strong cash flow
protections with approximately 75% of 2020 revenues from MVCs and
about 80% of its cash flows from its sponsor, HFC. The rating also
reflects the partnership's lack of customer diversification,
geographic concentration and limited size/scale.

The partnership is rated two notches above NuStar Energy LP (NS;
BB-/Stable), which has significantly higher leverage. Fitch expects
NuStar to have YE 2021 leverage in the range of 5.6x-6.1x, compared
to 4.0x at HEP. NuStar benefits from its larger size, with EBITDA
being nearly twice that of HEP, however, this consideration is does
not outweigh NuStar's elevated leverage.

HEP is also rated two notches above Delek Logistics Partners, LP
(DKL; BB-/Negative). Like HEP, DKL's rating is supported by stable
cash flows from a sponsor that is also its largest counterparty,
Delek US Holdings Inc (DK; BB-/Negative). However, DK is rated
three notches below HEP's sponsor and largest counterparty HFC.
Fitch expects DKL's YE 2021 leverage to be around 3.4x-3.6x,
trending lower in outer years. DKL's slightly better leverage is
more than offset by its smaller scale and exposure to a weaker
counterparty, leading to the two-notch separation between the
IDRs.

MPLX LP (BBB/Stable) is rated two notches above HEP despite Fitch's
expectations for its leverage to be in the range of 4.0x-4.5x for
YE 2021. MPLX's significant counterparty exposure is from its
sponsor, Marathon Petroleum Corporation (MPC; BBB/Stable). MPLX is
also a very large MLP with substantial asset diversity, geographic
diversity and more customer diversity than HEP. These factors
provide MPLX with more favorable access to capital markets even
when capital markets have proven to be difficult. These factors
combined account for the two-notch difference between the IDRs.

KEY ASSUMPTIONS

-- Fitch price deck for West Texas Intermediate oil price of
    $60/bbl in 2021, $52/bbl in 2022 and $50/bbl thereafter;

-- The acquisition of Sinclair assets is complete by YE 2022 and
    is funded by balance of debt and equity per management
    guidance;

-- No further acquisitions during the forecast period;

-- Capex and distributions for 2021 in line with management
    guidance;

-- No share buybacks over the forecast period.

RATING SENSITIVITIES

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

-- An upgrade is not viewed as likely in the near-term. However,
    Fitch may take positive rating action should HEP increase the
    size/scale of its operations, including annual EBITDA
    sustained at or above $500 million, and have leverage (defined
    as total debt with equity credit to operating EBITDA) that is
    expected to be sustained below 4.0x.

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

-- As HEP's largest counterparty, a negative rating action at HFC
    may negatively impact the rating at HEP. Should HFC be
    downgraded by one notch, it is less likely to impact HEP's
    rating but only if its credit profile looked similar to
    current profile;

-- If leverage (as previously defined) was expected to be at or
    above 4.5x on a sustained basis;

-- Material change to contractual arrangement or operating
    practices with HFC that negatively impacts HEP's cash flow or
    earnings profile;

-- Impairments to liquidity.

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, HEP had approximately $350
million in available liquidity. Cash on the balance sheet was $20
million, in addition to $330 million available under the $1.2
billion senior secured revolver. The revolver includes a $50
million sub-limit for letters of credit. As of June 30, 2021, there
were no outstanding letters of credit. The revolver may be
increased by an additional $500 million, subject to lenders'
consent. The revolver is secured by substantially all HEP assets
and is guaranteed by material, wholly owned subsidiaries.

The revolver provides for three financial covenants: total leverage
ratio which cannot exceed 5.25x (or following certain acquisitions,
5.5x for two consecutive quarters), senior secured leverage cannot
exceed 3.75x (or following certain acquisitions, 4.0x) and the
minimum interest coverage ratio is 2.5x. As of June 30, 2021, HEP
was in compliance with its covenants. Fitch expects HEP to remain
covenant compliant.

Debt Maturity Profile: HEP does not have maturities until 2025. The
revolver matures in July 2025. HEP also has $500 million senior
unsecured notes due 2028.

ISSUER PROFILE

HEP owns and operates crude and petroleum product pipelines,
storage tanks, distribution terminals and refinery processing units
that primarily support the refining and marketing operations of HFC
in Texas, New Mexico, Utah, Oklahoma, Nevada, Wyoming, Kansas,
Arizona, Idaho and Washington.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of adjusted EBITDA excludes equity in earnings
from unconsolidated affiliates and includes cash distributions from
those unconsolidated affiliates. A standard multiple of 8.0x is
applied to operating lease expense to derive lease equivalent debt.
Following HEP's adoption of ASC 842 for sales-type lease
accounting, adjustment has been/will be made to include
investment/interest income as normal recurring component of
operating income in the computation of adjusted EBITDA. Gain/loss
from such sales-type lease will be excluded for purposes of
adjusted EBITDA.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HEP's rating and Outlook can be influenced by its sponsor and
largest counterparty, HFC.

ESG CONSIDERATIONS

Holly Energy Partners L.P has an ESG Relevance Score of '4' for
Group Structure due to somewhat complex group structure as an MLP
where the general partner is owned by HFC and also has significant
related party transactions, 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.


HOOT THE DOG: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Hoot the Dog, LLC, d/b/a The Brown Boxer Pub and Grille, asks the
U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, for authority to:

     -- use cash collateral to fund its operating expenses and
costs of administration in the Chapter 11 case; and

     -- provide replacement liens as adequate protection for the
interests in its cash collateral.

HTD operates under the fictitious name The Brown Boxer Pub and
Grille and there is a related Debtor, Hoot the Dog Five, LLC, which
owns and operates a smaller location under the same fictitious name
at a different location. Both entities operate in the Clearwater
Beach, Florida area. HTD5 filed for Chapter 11 bankruptcy
protection on the same day, September 20, 2021, as HTD, Case No.
8:21- bk-04803-CED.

HTD occupies approximately 15,000 square feet of restaurant bar and
grille. HTD is currently doing business as The Brown Boxer Pub &
Grille, North Beach Location. Related entity HTD5 operates as The
Brown Boxer Pub & Grille, South Beach Location. HTD5 occupies a
space encompassing approximately 3,500 square feet. Both Debtors
are current on rent payments to their respective landlords.

In January 2019, the Debtors initially borrowed $600,000 from East
Harbor and in exchange granted East Harbor a first priority lien on
receivables, proceeds and substantially all the Debtors' assets. As
of the Petition Date, it is believed East Harbor will allege a
balance due of approximately $660,000 with regard to its secured
claim. Other creditors may make alleged secured claims, but the
value of the Debtor's assets does not exceed the amount of East
Harbor's first priority lien. Replacement value of the HTD's assets
is estimated at approximately $200,000 and the replacement value of
HTD5's assets is estimated at approximately $100,000.

HTD proposes to use the Cash Collateral for purposes which include
the the care, maintenance and preservation of the Debtor's assets
and payment  of necessary payroll and other business expenses.

HTD asserts there is insufficient time for a full hearing pursuant
to Fed.R.Bankr.P. 4001(b) to be held before the Debtor must use the
Cash Collateral. If the request is not considered on an expedited
basis and if the Debtor is denied the ability to immediately use
the Cash Collateral, there will be direct and immediate material
and adverse impact on the continuing operations of the Debtor's
business and on the value of its assets.

As adequate protection for the use of cash collateral, HTD offers:

    a. Creditors will have a post-petition lien on the Collateral
to the same extent,  validity and priority as existed pre-petition;
and

    b. Debtor will pay adequate protection in an amount of $14,000
per month or as determined by the Court and provide a replacement
lien on the post-petition funds to the same extent, validity, and
priority as existed pre-petition.

A copy of the motion and HTD's budget is available for free at
https://bit.ly/3lU9Rau from PacerMonitor.com.

The Debtor projects $484,000 in total net sales and $26,538.46 in
total direct management payroll for the period from September 29 to
October 26, 2021.

                      About Hoot The Dog, LLC

Hoot The Dog, LLC is part of the restaurants industry. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 21-04799) on September 20, 2021. In the
petition signed by Jay Thomas, managing member, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's
counsel.



HOUSE N BOX: Seeks Cash Collateral Access
-----------------------------------------
House N Box Movers, LLC asks the U.S. Bankruptcy Court for the
Western District of Texas, Austin Division, for authority to use
cash collateral in accordance with the budget.

The Debtor depends on the use of cash collateral for payroll and
general operating expenses. Revenue is generated through the
Debtor's moving and storage business.

Specifically, the Debtor requests authority to use the cash
collateral to pay up to 110% of each expense in the budget, so long
as the total of cash collateral spent during the month does not
exceed by more than 5% of that month's total.

A search in the Texas Secretary of State shows that allegedly
secured positions are held by Capital Advance Services LLC;
Syndimate 2017 LP; and Bitty Advance 2, LLC.

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

A copy of the Debtor's budget is available at
https://bit.ly/3lUeX6z from PacerMonitor.com.

The Debtor projects $50,000 in cash receipts and $$39,506 in total
cash disbursements for a 30-day period.

                   About House N Box Movers, LLC

House N Box Movers, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-10726) on
September 21, 2021. In the petition signed by Andrew Van Hecke,
director, the Debtor disclosed up to $50,000 in assets and up to
$500,000 in liabilities.

Robert Chamless Lane, Esq., at The Lane Law Firm is the Debtor's
counsel.



IMERYS TALC: J&J Fights Back in Suit Over Asbestos Claims
---------------------------------------------------------
Daniel Gill of Bloomberg Law reports that Johnson & Johnson is
fighting back against Imerys Talc America Inc.'s bankruptcy court
lawsuit to have the health product giant pay for consumers'
asbestos injury claims.

The indemnity contracts between J&J and its talc supplier, Imerys,
don't cover the type of asbestos claims that Imerys is facing in
its Chapter 11 case, J&J said Tuesday in its motion to dismiss the
suit.

One of the contracts covers handling talc materials "at the point
of delivery," while another addresses claims arising from J&J's
"internal use of talc," Johnson & Johnson said.

                    About Johnson & Johnson

Based in Skillman, New Jersey, Johnson & Johnson Consumer Companies
Inc. engages in the research and development of products. The
Company provides products for newborns, babies, toddlers, and
mothers, including cleansers, skin care, moisturizers, hair care,
diaper care, sun protection, and nursing products.

                           *    *    *

Johnson & Johnson has chosen law firm Jones Day to advise it as it
explores placing a subsidiary in bankruptcy to settle thousands of
personal injury claims linking talcum-based baby powder to cancer,
Dow Jones reported.

Faced with more than 34,000 ovarian cancer lawsuits, J&J has told
attorneys for the victims that the company is actively exploring
options to transfer its potential talc-related liabilities --
valued at approximately $24 billion -- to a stand-alone subsidiary
and seek bankruptcy protection for that business entity.

Under a scheme known in legal circles as the "Texas Two-Step,"
economically viable companies can incorporate in Texas and then
transfer liabilities to another entity with limited assets.
Attorneys for ovarian cancer claimants have sought a TRO, arguing
that the bankruptcy strategy violates fraudulent conveyance laws in
New Jersey and most other states.

                    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.


KDA PROPERTIES: Taps Weinman & Associates as Bankruptcy Counsel
---------------------------------------------------------------
KDA Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to hire Weinman & Associates, P.C. as
its bankruptcy counsel.

The firm will provide services in connection with its Chapter 11
case, which include the preparation of a plan of reorganization.

The firm's hourly rates are as follows:

     Jeffrey A. Weinman, Esq.            $495 per hour
     William A. Richey, Paralegal        $300 per hour
     Lisa Barenberg, Paralegal           $250 per hour

Weinman & Associates received a $14,979 retainer.

Jeffrey Weinman, Esq., president of Weinman & Associates, 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:

     Jeffrey A. Weinman, Esq.
     Weinman & Associates, P.C.
     730 17th Street, Suite 240
     Denver, CO 80202
     Telephone: (303) 572-1010
     Facsimile: (303) 572-1011
     Email: jweinman@weinmanpc.com

                     About KDA Properties LLC

Denver-based KDA Properties filed its voluntary petition for
Chapter 11 protection (Bankr. D. Colo. Case No. 21-14821) on Sept.
21, 2021, listing $11,610,138 in assets and $9,609,712 in
liabilities.  Amin Suliaman, managing member of KDA Properties,
signed the petition.  

Judge Elizabeth E. Brown oversees the case.

Jeffrey A. Weinman, Esq., at Weinman & Associates, P.C. represents
the Debtor as legal counsel.


KINGSLEY CLINIC: Seeks to Hire Tittle Law Group as Legal Counsel
----------------------------------------------------------------
The Kingsley Clinic, PLLC and The Lilly Project, Inc. seek approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to hire Tittle Law Group, PLLC to serve as legal counsel in their
Chapter 11 cases.

The firm will render these services:

     (a) providing legal advice with respect to the Debtors' powers
and duties in the continued operation of their business and the
management of their property;

     (b) taking all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on behalf of
the Debtors, the defense of any actions commenced against the
Debtors, negotiations concerning litigation in which the Debtors
are involved, and objections to claims filed against the Debtors'
estates;

     (c) preparing legal papers;

     (d) assisting the Debtors in preparing and filing a plan of
reorganization;

     (e) if requested, performing legal assistance in matters
relating to corporate finance and governance, contracts, antitrust,
labor, and tax; and

     (f) performing other necessary legal services.

The firm's hourly rates are as follows:

     Brandon J. Tittle     $525 per hour
     Associates            $325 per hour
     Paralegals            $195 per hour

Brandon Tittle, Esq., an attorney at Tittle Law Group, disclosed in
court filings that the firm does not hold or represent any interest
adverse to the Debtors' estate.

The firm can be reached through:
   
     Brandon J. Tittle, Esq.
     Tittle Law Group, PLLC
     5550 Granite Pkwy, Suite 220
     Plano, Texas 75024
     Tel: 972-987-5052
     Email: btittle@tittlelawgroup.com

              About Kingsley Clinic and Lilly Project

The Kingsley Clinic, PLLC  is a virtual, urgent care clinic with
three doctors that welcomes pediatric, adult and geriatric
patients. Their board-certified doctors see and treat patients with
both new symptoms and chronic medical conditions. They also refill
medication prescriptions.

The Lilly Project, Inc. is a software platform for urgent care
centers that acts as a clinical assistant.

On June 12, 2021, the Debtors each commenced a case by filing a
petition for relief under chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Case No. 21-31100).  In the petition signed by James
Kingsley, M.D., founder and chief executive officer, the Debtors
disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Stacey G. Jernigan oversees the cases.

Brandon J. Tittle, Esq., at Tittle Law Group, PLLC represents the
Debtors as legal counsel.


LATAM AIRLINES: Court OKs Bankruptcy Exit Plan Filing Extension
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that U.S. Bankruptcy Judge
James Garrity extended a deadline for Latam Airlines Group SA to
file its bankruptcy exit plan, giving the Chilean carrier more time
to negotiate with creditors.

Latam now has until Oct. 15, 2021 to file its plan.

Judge Garrity approved the request in a Thursday court hearing.
Latam's request was uncontested, but lawyers for two creditor
groups both said they reserve the right to oppose future extensions
if further progress on a plan isn't made by Oct. 15, 2021.

A lawyer for Columbus Hill Capital Management said in the hearing
any plan will need to comply with Chilean securities law.

                   About LATAM Airlines Group

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

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

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

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

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

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

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

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

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


LITTLE DRUG: Wins Cash Collateral Access Thru Dec 15
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, has authorized Little Drug Co., Inc. to use cash
collateral on an interim basis in accordance with the budget, with
a 5% variance through December 15, 2021.

The Court says each secured creditor with a security interest in
cash collateral will have a perfected post-petition lien against
cash collateral to the same extent and with the same validity and
priority as the pre-petition lien, without the need to file or
execute any document as may otherwise be required under applicable
non-bankruptcy law.

A continued hearing on the matter is scheduled for December 15 at 2
p.m.

A copy of the order is available at https://bit.ly/3lT5bBJ from
PacerMonitor.com.

                      About Little Drug Co.

Little Drug Co., Inc., d/b/a Little Drug Healthmart, d/b/a Little
Drug Co., owns and operates a pharmacy, soda fountain, and
restaurant in New Smyrna Beach, Florida.  On May 20, 2021, the
Debtor filed a petition under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02332).

As of the Petition Date, the Debtor estimated between $100,001 and
$500,000 in assets and between $500,001 and $1,000,000 in
liabilities.  Justin Sikes, president, signed the petition.

Judge Lori V. Vaughan oversees the case.

Melissa Youngman, P.A. represents the Debtor as counsel.  



LRGHEALTHCARE: May Use Cash Collateral Through Oct 31
-----------------------------------------------------
Judge Michael A. Fagone of the U.S. Bankruptcy Court for the
District of New Hampshire authorized HGRL, formerly known as
LRGHealthcare, to use cash collateral, on an interim basis, to fund
all allowable wind-down expenses of its Chapter 11 case from
October 1 through October 31, 2021, pursuant to the approved
budget.

The Debtor's authority to use cash collateral shall expire on the
earliest to occur of:

   * the date on which a Termination Event shall occur;

   * the entry of any order modifying Debtor's authority to use
cash collateral; and

   * the close of business on October 31, 2021.

As adequate protection, the U.S. Department of Housing and Urban
Development Federal Housing Administration (HUD) is granted a
continuing replacement security interest in, and lien on (i) all
pre-petition Collateral of HUD, including all proceeds thereof; and
(ii) Property acquired by the Debtor after the Petition Date, which
is of the same nature, kind, and character as the pre-petition
Collateral, and all proceeds thereof, subject to the Carve-Out and
not sold pursuant to the Sale Order.  HUD's claim shall have
priority, subject to the Carve-Out, to the extent that the adequate
protection provided proves to be inadequate.

As of the Petition Date, the Debtor owed Lender, KeyBank National
Association $110,761,260, plus pre-petition interest, fees,
expenses, and other amounts, secured by first priority liens on and
security interests in substantially all prepetition assets of the
Debtor.  Effective June 24, 2021, the Lender transferred and
assigned its interest under the Loan Documents to HUD.

A copy of the 12th interim order is available for free at
https://bit.ly/3uk4xB9 from Epiq, claims agent.

The Court will consider the motion at a hearing on October 21, 2021
at 10 a.m.

                        About LRGHealthcare

LRGHealthcare -- http://www.lrgh.org-- was a not-for-profit
healthcare charitable trust operating Lakes Region General Hospital
(LRGH), Franklin Regional Hospital, and numerous other affiliated
medical practices and service programs.

LRGH was a community-based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.
LRGHealthcare offered a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.

LRGHealthcare filed a Chapter 11 petition (Bankr. D. N.H. Case No.
20-10892) on Oct. 19, 2020. The petition was signed by Kevin W.
Donovan, president and chief executive officer. At the time of the
filing, the Debtor estimated to have $100 million to $500 million
in both assets and liabilities.

Judge Bruce A. Harwood was assigned to the case before Judge
Michael A. Fagone took over.

The Debtor tapped Nixon Peabody LLP as legal counsel; Baker Newman
Noyes as accountant; and Deloitte Transactions and Business
Analytics, LLP and Kaufman, Hall & Associates, LLC as financial
advisors. Epiq Corporate Restructuring, LLC is the claims,
noticing, solicitation, and administrative agent.

The U.S. Trustee for Region 1 appointed a committee of unsecured
creditors on Oct. 23, 2020.  The committee is represented by the
law firms of Sills Cummis & Gross P.C. and Drummond Woodsum.  CBIZ
Accounting, Tax and Advisory of New York, LLC serves as the
committee's financial advisor.

In December 2020, the U.S. Bankruptcy Court, District of New
Hampshire issued a final order approving Concord Hospital's
acquisition of Lakes Region General Hospital, Franklin Hospital and
their ambulatory sites from LRGHealthcare.  The healthcare system
and its two hospitals were sold to Concord Hospital for $30
million.

On May 5, 2021, the Debtor filed its change of name from
LRGHealthcare to HGRL with the Secretary of State for the State of
New Hampshire and the Laconia Town Clerk.



LSB INDUSTRIES: S&P Upgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on LSB
Industries Inc. to 'B-' from 'CCC+'. S&P also raised its
issue-level rating on the company's senior secured debt one-notch
to 'B-'.

S&P said, "The stable outlook reflects our expectation that S&P
Global Ratings-adjusted leverage metrics will continue to improve
on a quarter-over-quarter basis through the remainder of 2021 and
will remain appropriate for the 'B-' rating over the next 12
months.

"The upgrade reflects our view that the preferred stock conversion
will lead to a significant improvement in LSB's credit metrics and
provide the company with additional financial flexibility.

"Following the exchange, we expect the company's credit metrics to
improve significantly, from what we previously considered to be
unsustainable levels. We now project that weighted-average adjusted
debt to EBITDA will improve to the 4x-5x range in 2021, from the
low-double digits at the end of 2020. We believe the reduced debt
burden will provide LSB with the opportunity, and flexibility, to
pursue both short- term and long-term initiatives, including the
potential refinancing of their senior secured notes, organic growth
opportunities, and potential acquisitions. We expect the company
will continue to use cash from operations to fund projects aimed at
improving storage, utilization, and capacity at its existing
facilities, similar to projects completed in the recent past.
However, we also believe the exchange transaction increases the
probability that LSB could undertake a more transformative
transaction, such as the commencement of a blue/green ammonia
project currently under evaluation, or a larger acquisition.
Management has set a long-term leverage target of 4x net debt to
EBITDA and has made substantial progress toward this goal in 2021;
however, we believe the company would be willing to increase
leverage incrementally above this level to fund what they deemed to
be an attractive acquisition or growth initiative. We would expect
any large project or acquisition to be funded through a combination
of debt, cash, and common equity."

Market fundamentals for the company's agricultural, industrial, and
mining products remain supportive of strong year-over-year EBITDA
growth and further deleveraging in the second half of 2021.

After weak performance in 2020, when pricing for the company's
agricultural products fell, and the economic downturn weakened
demand in industrial and mining end-markets, LSB has seen rapid
quarter-over-quarter EBITDA growth through the first half of 2021.
Earnings have been supported by strong commodity pricing in the
company's core fertilizer products, with prices remaining at
multiyear highs into the third quarter, and the U.S. economic
recovery, which has underpinned a demand rebound in the
construction and automotive industries. Tightness in fertilizer
markets has propelled prices for agricultural ammonia,
urea-ammonium nitrate (UAN), and high-density ammonium nitrate
(HDAN) higher in 2021. On the supply side, weather related
disruptions have caused unplanned outages across the industry and
demand has remained strong as a result of higher farmer income,
corn prices, and U.S. acres planted. S&P said, "We believe a
continued rise in U.S. natural gas prices, the potential for plant
shutdowns and/or disruptions in the U.K. and other European
countries, and possible U.S. duties on international producers
could further exacerbate the current market supply/demand imbalance
and support pricing in the short-term. As a result of the rapid
price increases across the company's portfolio, earnings and credit
metrics have improved well beyond our previous expectations.
However, we continue to expect volatility in nitrogen fertilizer
pricing and in LSB's earnings over the next several years. In order
for us to reassess our view of the company's financial risk, we
would need to see a more prolonged period of higher commodity
prices and end-market demand, coupled with improving credit metrics
and free cash flow generation. We would also need to view these
supportive macroeconomic factors as sustainable and not one-off in
nature."

Management initiatives to increase production flexibility,
utilization, and efficiency have improved production mix and
on-stream rates.

S&P said, "In the past, our assessment of LSB's business risk was
hindered by persistent operational issues at its production
facilities. We believe LSB has taken positive steps over the past
few years to improve operational performance and avoid unplanned
outages. Management has implemented improved maintenance
procedures, training programs, and other initiatives focused on
operating performance, which has helped to steadily increase
ammonia on-stream rates. The company realized record ammonia and
UAN production in 2020, and we now expect operating rates in the
low-90% area, an improvement from past years when rates were as low
as 70%-80%. LSB has also completed storage projects to further aid
production flexibility and increase capacity utilization, and at
the end of 2020, the company was awarded a seven-year contract to
supply between 70,000-100,000 tons of nitric acid per year. These
developments have incrementally improved our view of the company's
business; however, our assessment continues to be constrained by
the company's small scale compared to larger, more diversified,
fertilizer producers, its geographic concentration in the U.S.,
which leaves the company vulnerable to weather-related disruptions,
and its exposure to the volatile nitrogen-based chemical industry,
natural gas prices, and cyclical end markets. The company derives
just over half (58% on a last 12-months [LTM] basis) of its revenue
from the mining and industrial sectors, with the balance of sales
attributable to agricultural fertilizers (ammonia, UAN, HDAN).
While industrial and mining exposure provides end-market and
product diversification, both are cyclical end-markets, which
limits our view of the diversification benefit provided in a
prospective downturn. Additionally, only about 35% of the company's
sales are covered by cost-plus arrangements, which provide for
raw-material and manufacturing cost pass-through, with the
remainder of sales subject to greater volatility from raw material
feedstock (natural gas) cost fluctuations. We consider the
company's business as relatively weaker than similarly rated peers,
such as Momentive Performance Materials Inc., due to the volatile
nature of LSB's raw material feedstock costs, output pricing, and
profitability, as well as its relatively small scale, geographic
concentration, and history of operational disruptions.

"The stable outlook on LSB reflects our expectation the exchange
transaction will significantly improve credit metrics, with debt to
EBITDA assumed to improve to about 5x on an S&P Global Ratings
weighted-average basis, from levels that we previously viewed as
unsustainable. We expect a continued improvement in credit metrics
on a year-over-year basis throughout the remainder of 2021, as the
company benefits from strong nitrogen fertilizer pricing, which has
remained elevated throughout the summer following the spring
planting season. Market pricing for the company's key commodity
products such as ammonia, UAN, and HDAN are at or near multiyear
highs, and LSB has already locked in a portion of its second half
volumes at favorable pricing. While short-term market fundamentals
remain favorable, we continue to factor in potential future
commodity price volatility."

S&P could take a negative rating action on the company within the
next 12 months if:

-- Significant unplanned operating disruptions or outages occur at
any of the company's facilities leading to lost production/sales
and potentially impacting liquidity.

-- Tampa ammonia prices, urea-ammonium nitrate (UAN), and
high-density ammonium nitrate (HDAN) prices revert to levels
realized over the past few years or fall below historical levels.
In this scenario, S&P envisions the company would generate negative
free cash flow, which would weaken liquidity.

-- The company consistently generates negative free cash flow.

-- Management pursues more aggressive financial policies than
expected in S&P's base case. This could include large, primarily
debt-funded, shareholder rewards or transformational acquisitions.
Credit metrics deteriorate to what it believes to be an
unsustainable level, with debt to EBITDA approaching double
digits.

S&P could take a positive rating action on LSB within the next 12
months if:

-- The company improves leverage, either through further debt
reduction, or stronger-than-expected operating performance, which
would most likely result from a prolonged period of higher
commodity prices and sustained demand in key end-markets. In such a
scenario, S&P would expect debt to EBITDA to improve modestly and
approach 4x on an S&P Global Ratings' weighted average basis.

-- S&P believes the improvement in EBITDA and free cash flow is
sustainable even when factoring in volatile commodity pricing and a
future demand/pricing downturn in markets for the company's
products.

-- S&P expects no significant increase in debt used to fund growth
initiatives or returns to shareholders.

The company were to develop a longer record of improved operational
performance, including higher operating rates and minimal plant
disruptions, and/or it were to improve its competitive advantage
through inorganic or organic expansion and growth initiatives.



LSB INDUSTRIES: Stockholders OK'd All Proposals at Special Meeting
------------------------------------------------------------------
LSB Industries, Inc. held a Special Meeting of Stockholders at
which the stockholders:

  (1) approved the issuance and sale of up to 60,422,776 shares of
common stock of the company upon the exchange of all of the
outstanding shares of Series E-1 Cumulative Redeemable Class C
Preferred Stock and Series F-1 Redeemable Class C Preferred Stock
of the company;

  (2) approved a proposal to amend the company's restated
certificate of incorporation to increase the number of authorized
shares of the company's common stock to 150,000,000 shares of
common stock;

  (3) approved a proposal to amend the Certificate of Designations
of the Series E-1 Preferred to revise the preferential rights of
holders of shares of Series E-1 Preferred to eliminate the right to
participate in connection with the declaration of the proposed
common stock dividend with respect to the company's common stock;
and

  (4) approved the adjournment of the special meeting, if
necessary, to permit further solicitation of proxies if there were
not sufficient votes at the time of the special meeting to approve
and adopt Proposals Nos. 1, 2 and 3.  Although Proposal 4 was
approved, the adjournment of the special meeting was not necessary
because the company's stockholders approved Proposals 1, 2 and 3.

                        About LSB Industries

Headquartered in Oklahoma City, Oklahoma, LSB Industries, Inc. --
http://www.lsbindustries.com-- manufactures and sells chemical
products for the agricultural, mining, and industrial markets.  The
Company owns and operates facilities in Cherokee, Alabama, El
Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a
global chemical company in Baytown, Texas.  LSB's products are sold
through distributors and directly to end customers throughout the
United States.

As of June 30, 2021, the Company had $1.05 billion in total assets,
$95.32 million in total current liabilities, $461.46 million in
long-term debt, $20.28 million in noncurrent operating lease
liabilities, $7.37 million in other noncurrent accrued and other
liabilities, $31.2 million in deferred income taxes, $292.85
million in redeemable preferred stocks, and $141.02 million in
total stockholders' equity.

                           *     *     *

As reported by the TCR on July 22, 2021, S&P Global Ratings placed
all of its ratings on LSB Industries--including the 'CCC+' issuer
credit rating, on CreditWatch with positive implications.  S&P
said, "We expect to resolve the CreditWatch placement in the next
few months if the company receives the necessary shareholder
approval and the exchange transaction is consummated as proposed.

As reported by the TCR on July 23, 2021, Moody's Investors Service
placed the Caa1 corporate family rating, the Caa1-PD probability
rating of default rating of LSB Industries, Inc. and the Caa1
senior secured instrument rating under review for upgrade following
the company's announcement that it reached an agreement to convert
its redeemable preferred shares into common stock.  Moody's also
upgraded the speculative grade liquidity rating to SGL-2 from
SGL-3.


LSF11 A5 HOLDCO: Moody's Assigns First Time B2 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to LSF11 A5 HoldCo LLC (dba
AOC). Concurrently, Moody's has assigned a B1 rating to the
proposed $1.26 billion senior secured term loan and $200 million
senior secured revolving credit facility. The outlook is stable.

The proceeds from the term loan, a $40 million draw on the revolver
and $350 million of other indebtedness, along with $955 million of
equity will be applied towards the purchase of AOC by Lone Star
Funds to repay existing indebtedness, transaction related fees and
expenses.

The ratings on Composite Resins Holding BV (B1 CFR and B1-PD), and
Composite Resins Subholding BV (B1 senior secured term loan and
senior secured revolving credit facility) will be withdrawn upon
repayment of the outstanding debt.

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

"The assigned ratings reflect the additional debt to finance the
acquisition by Lone Star Funds and weaker credit metrics relative
to that under its previous owner, which is partially mitigated by
AOC's top industry position in the global composite resins market
benefitting from tailwinds in a number of end markets," said
Domenick R. Fumai, Moody's Vice President and lead analyst for
LSF11 A5 HoldCo LLC.

Assignments:

Issuer: LSF11 A5 HoldCo LLC

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

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

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

Outlook Actions:

Issuer: LSF11 A5 HoldCo LLC

Outlook, Assigned Stable

RATINGS RATIONALE

AOC's B2 Corporate Family Rating (CFR) is constrained by its
leveraged capital structure and weaker credit metrics following the
increase of approximately $1 billion in debt to finance Lone Star's
acquisition of the company. Moody's projects Debt/EBITDA of
approximately 6.0x, including standard adjustments, and anticipates
leverage will remain elevated through 2022. Moody's estimates that
Det/EBITDA will decline slightly towards 5.5x primarily through
further revenue and EBITDA growth with only modest debt reduction.
AOC's rating is also affected by its limited product diversity with
significant exposure to unsaturated polyester resins (UPR) and
vinyl ester resins (VER). The rating is further tempered by
exposure to cyclical end markets such as infrastructure,
construction and transportation, which can lead to depressed
volumes and volatile operating performance during recessions as
evidenced during the pandemic in FY 2020. Customer concentration is
another risk, with the top 10 customers accounting for about 28% of
sales; however, high customer retention and long-term relationships
offset some of this risk. Although AOC has a good geographic
footprint, sales are highly concentrated in more mature markets,
especially North America. Exposure to raw material price volatility
is another negative factor. Moody's also considers risks related to
private equity ownership, including more aggressive financial
policies compared to public companies, as limiting factors to the
rating.

The B2 CFR reflects AOC's strong industry positions with a top-3
position in the highly consolidated UPR and VER markets. Moody's
believes that the company has been able to improve its margins by
working directly with its customers to create products that are
tailored to specific applications and has reduced its exposure to
the more commoditized part of this market. The rating is further
underpinned by well-balanced end market diversity, with significant
exposure to the growth in a broad range of CASE (coatings,
adhesives, sealants and elastomers) and Colorants applications. AOC
benefits from its technical capabilities and innovation that allows
product customization, which often command higher margins and help
maintain customer loyalty. Management has also taken a number of
initiatives to expand EBITDA margins including improving product
mix by deemphasizing low profitability business and optimizing
procurement. AOC has good operational diversity with 12
manufacturing sites mainly in the US and Europe that enable close
geographic proximity to customers as transportation costs can have
a material impact on the delivered cost of the products.
Additionally, many of its products have a limited shelf life, which
increases the importance of timely deliveries. Moderate capex
requirements and increased capacity utilization should allow
positive free cash flow generation.

ESG CONDISERTATIONS

Moody's considers environmental, social and governance factors in
the rating. As a company that utilizes many commodity chemicals in
its operations, environmental risks are categorized as very high.
AOC's main raw material, styrene, is classified as a possible human
carcinogen and the US Occupational Safety and Health Administration
(OSHA) and Environmental Protection Agency (EPA) cite a number of
potential health risks to humans following chronic exposure to
styrene. AOC's present environmental reserves are immaterial with
provisions of about $806,000 for remediating past soil pollution.
Moreover, AOC is focused on sustainability through the development
of green products that contain low VOC resins, no styrene or high
recycled content. AOC's resins are also important contributors to
advanced composite materials that are used in light-weighting to
reduce fuel emissions. Governance risks are above-average, however,
due to the risks associated with private equity ownership which
include a minority representation of independent directors on the
board, limited financial disclosure requirements as a private
company and more aggressive financial policies including higher
leverage compared to most public companies.

STRUCTURAL CONDISERTATIONS

As proposed, the new first lien term loan facility is expected to
provide covenant flexibility that if utilized could negatively
impact creditors. Notable terms include the following: Incremental
first lien debt capacity up to (i) the greater of $310 million and
1.0.x of consolidated EBITDA; plus (ii) unused amounts under the
General Debt Basket, plus unlimited amounts subject to a first lien
net leverage ratio of 4.5x. Amounts up to the greater of $310
million and 1.0.x of consolidated EBITDA may be incurred with an
earlier maturity date than the initial first lien term loan. There
are no express "blocker" provisions which prohibit the transfer of
specified assets to unrestricted subsidiaries; such transfers are
permitted subject to carve-out capacity and other conditions.
Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, with no
explicit protective provisions limiting such guarantee releases.
There are no express protective provisions prohibiting an
up-tiering transaction. The above are proposed terms and the final
terms of the credit agreement may be materially different.

The B1 ratings assigned to the proposed $1.26 billion 7-year first
lien term loan and $200 million 5-year revolving credit facility
are one notch above the B2 CFR reflecting their first lien claim on
substantially all assets. The revolver has a springing first lien
net leverage ratio covenant of 7.25x which is tested if the
facility is 35% drawn at the end of the quarter commencing the
first two fiscal quarters following the close. The covenant is not
expected to be tested over the next 12 to 18 months.

Moody's expects AOC to maintain good liquidity including cash on
the balance of at least $70 million, access to its revolving credit
facility and positive free cash flow generation of around $100
million over the next 12 months.

The stable outlook reflects Moody's expectations that AOC's
financial performance will continue to be supported by a favorable
UPR market environment, that the company will sustain credit
metrics commensurate with the B2 rating with adjusted leverage
between 5.5x to 6.0x and maintain good liquidity during the rating
horizon.

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

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

Moody's could upgrade the rating on operating performance that
results in sustained adjusted Debt/EBITDA below 4.5x, consistent
positive free cash flow generation and the sponsor's commitment to
a more conservative financial policy. A potential upgrade would
also require market conditions to be supportive given some of the
company's exposure to cyclical end markets.

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



MADU INC: Seeks Court Approval to Hire Real Estate Agent
--------------------------------------------------------
Madu, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Cathy Harper, a real estate
agent at Life is Good Real Estate, to sell its real property at 100
Oakland Hills in Portland, Texas.

The firm will receive a 6 percent commission to be shared with any
buyer's broker.  

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

The firm can be reached through:

     Cathy Harper
     Life is Good Real Estate
     505 S. Water St. 521A
     Corpus Christi, TX 78401
     Phone: (361) 288-2144

                          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.


MALLINCKRODT PLC: Spars w/ Insurers Over Antitrust Claims Seniority
-------------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that lawyers for Mallinckrodt
Plc squared off with major insurers and an investment firm
Wednesday, September 22, 2021, over whether some alleged
price-gouging damages deserve high repayment priority in the
drugmaker's bankruptcy.  Since Mallinckrodt filed for bankruptcy
last 2020, Humana and Aetna have had to keep reimbursing their
customers for the drugmaker's Acthar Gel at what the insurers
allege are illegally high prices.  Investment firm Attestor Ltd.
purchased Acthar Gel claims from Humana and Aetna, per court
papers.

                      About Mallinckrodt PLC

Mallinckrodt is a global business consisting of multiple
wholly-owned subsidiaries that develop, manufacture, market and
distribute specialty pharmaceutical products and therapies.  The
company's Specialty Brands reportable segment's areas of focus
include autoimmune and rare diseases in specialty areas like
neurology, rheumatology, nephrology, pulmonology and ophthalmology;
immunotherapy and neonatal respiratory critical care therapies;
analgesics; and gastrointestinal products. Its Specialty Generics
reportable segment includes specialty generic drugs and active
pharmaceutical ingredients.  Visit http://www.mallinckrodt.com/  

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware in the U.S. (Bankr. D.
Del. Lead Case No. 20-12522) to seek approval of a restructuring
that would reduce total debt by $1.3 billion and resolve
opioid-related claims against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor.  Prime Clerk, LLC, is the claims agent.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants.  The OCC tapped
Akin Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz
as Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.

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


MASSOOD DANESH: Wins Cash Collateral Access Thru Oct 18
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has authorized Massood Danesh Pajooh, County
Investment L.P., and U.S. Capital Investments LLC to use cash
collateral on an interim basis in accordance with the budget.

As of the Petition Date, Pajooh and CILP were indebted to the
CommunityBank of Texas, N.A. under no less than four separate
prepetition credit agreements. The Debtors' obligations under the
Prepetition Loans are evidenced by the certain loan and security
documents.

The Court says CBT and the Debtors may agree to other terms of use
of Cash Collateral in writing filed with the Court. CBT and the
Debtors may also stipulate and agree to extend the terms and/or
duration of this Interim Order in writing filed with the Court. Any
legal and professional fees set forth in the Budget remain subject
to interim and final allowance by this Court and remain subject to
all applicable provisions of the Bankruptcy Code and the Bankruptcy
Local Rules, including, but not limited to Sections 327 and 330 of
the Bankruptcy Code.

As partial adequate protection and in the same priority and to the
same extent and validity as existed prepetition, CBT is granted:
(a) automatic perfected replacement liens on all Rental Proceeds,
accounts, and receivables related to the use or occupancy of the
Real Properties that are now owned or hereafter acquired by Pajooh
or CILP; and, (b) superpriority administrative claims, subordinate
only to: (i) quarterly fees due to the United States Trustee
pursuant to 28 U.S.C. section 1930(a)(6); and, (ii) reasonable and
necessary fees and expenses incurred by the Subchapter V Trustee
and professionals retained by the Debtors and/or any statutory
committee(s) appointed under Section 1102 of the Bankruptcy Code,
but only insofar as such Estate Professional Fees have been allowed
pursuant to a final order entered by the Bankruptcy Court, and
provided further that the Superpriority Claims will only be
subordinated to the first $100,000 of Allowed Estate Professional
Fees.

As additional partial adequate protection for use of the
Prepetition Collateral and the Collateral, CILP will make monthly
payments to CBT in the aggregate amount of $13,992.78, which will
be applied to post-petition, contract-rate interest on the
Prepetition Loans pursuant to the terms of the applicable
Prepetition Loan Documents.

However, within 10 days after the entry of the Interim Order, the
Debtors will also make a payment to CBT in the amount $13,541.40,
which will be applied to September 2021 contract-rate interest on
the Prepetition Loans pursuant to the terms of the applicable
Prepetition Loan Documents. The first Payment of post-September
interest will be due and payable on or before October 15, 2021, and
each subsequent Payment will be due and payable on the 15th day of
every month thereafter.

CBT consents to the Debtors' use of Cash Collateral to pay the U.S.
Trustee's quarterly fees as they become due.

The Replacement Liens are valid, perfected, enforceable and
effective as of the Petition Date without the need for any further
action by the Debtors or CBT, or the necessity of execution or
filing of any instruments or agreements.

The Debtors' right to use Cash Collateral will expire and the
Debtors will immediately cease using Cash Collateral upon the
earlier of: (a) the occurrence of an uncured or incurable
Termination Event that is not otherwise timely cured by the Debtors
or waived in writing by CBT; or, (b) 11:59 p.m. on October 18,
2021, in the event the Court has failed to enter a final order on
the Motion.

A final hearing on the matter is scheduled for October 15 at 1
p.m.

A copy of the order, the monthly budget for CILP, and Pajooh's
individual budget expenses is available at https://bit.ly/3u9zsjB
from PacerMonitor.com.

CILP projects $32,025 in total income and $27,661.78 in total
expenses and debt service.

Pajooh projects $7,292 in total expenses.

CommunityBank of Texas, N.A., as lender, is represented by:

     Sean B. Davis, Esq.
     Steffen R. Sowell, Esq.
     WINSTEAD PC
     600 Travis Street, Suite 5200
     Houston, TX 77002
     Tel: (713) 650-8400
     Fax: (713) 650-2400

                    About Massood Danesh Pajooh

Massood Danesh Pajooh and affiliates each filed a voluntary
petition for relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-32932) on September
3, 2021.  Judge Christopher Lopez oversees the jointly administered
cases.

Pendergraft and Simon, LLP represents the Debtors as counsel.

CommunityBank of Texas, N.A., as lender, is represented by Winstead
PC.



MATCH GROUP II: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the proposed
10-year senior unsecured notes offering totaling $500 million to be
issued by Match Group Holdings II, LLC's ("Holdings II"), a
wholly-owned second-tier holding company of Match Group, Inc.
("Match" or the "company"). Concurrent with this rating action,
Moody's withdrew the rating on the $400 million Incremental Delayed
Draw Term Loan A due 2022 residing at Holdings II, which was
terminated on June 18, 2021. The Ba1 ratings on the senior secured
bank credit facilities and Ba3 ratings on the senior unsecured
notes issued by Holdings II, together with Match's Ba2 Corporate
Family Rating, Ba2-PD Probability of Default Rating and stable
outlook remain unchanged.

Net proceeds together with a concurrent registered direct offering
and the unwinding of certain note hedge and warrant transactions
will be used to repurchase a portion of the $517.5 million
outstanding 0.875% Exchangeable Senior Notes due October 1, 2022
and pay the associated premium and accrued and unpaid interest,
which totals an estimated $1.4 billion. The new senior notes will
rank pari passu with Holdings II's existing senior notes.

Assignments:

Issuer: Match Group Holdings II, LLC

$500 Million Senior Unsecured Notes due 2031, Assigned Ba3 (LGD4)

Adjustments:

Issuer: Match Group Holdings II, LLC

LGD Senior Unsecured Regular Bond/Debenture, Adjusted to (LGD4)
from a (LGD5)

Withdrawals:

Issuer: Match Group Holdings II, LLC

$400 Million Incremental Delayed Draw Term Loan A due March 2022,
Withdrawn, previously rated Ba1 (LGD2)

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

RATINGS RATIONALE

Moody's expects that the refinancing transaction will be leverage
neutral since Match's total debt quantum and financial leverage
will remain unchanged with pro forma total debt to EBITDA staying
at roughly 4.6x (as calculated by Moody's at June 30, 2021).
Moody's views the transaction favorably given the expected
extension of the 2022 debt maturity.

Match's Ba2 CFR is supported by the company's: (ii) market position
as the leading global provider in the online dating category; (ii)
high growth profile evidenced by share gains and strong secular
adoption of its online dating applications ("apps"); and (iii)
Tinder brand, which is the number one grossing global dating app
positioned in the faster growth "freemium app" segment of the
market. The company has a track record of deleveraging under its
as-reported leverage target of 3x net debt to EBITDA (equivalent to
around 4x total debt to EBITDA as calculated by Moody's) via strong
EBITDA growth, which Moody's expects to transpire over the next six
months.

Following last year's spin-off from former parent
IAC/InterActiveCorp, free cash flow (FCF) conversion has improved
compared to prior years due to the absence of dividends since the
separation, which Moody's projects to continue as the company
allocates excess cash to growth investments. There is good revenue
diversification across geographies and products with a broad
portfolio of non-Tinder dating brands comprising around 40% of
revenue. Moody's expects that Match will effectively manage
potential customer acquisition volatility that could arise as a
result of Google's pending phase-out of third-party cookie data and
Apple's implementation of privacy-focused changes that require all
app developers to ask users' permissions to collect tracking data.

The rating is constrained by Match's moderately high financial
leverage and narrow business focus in a highly competitive industry
with revenue concentration in the Tinder brand. Given minimal entry
barriers, Match faces significant competition from a multitude of
smaller players, such as Meet Group and Bumble, as well as larger
players like Facebook. Despite Match's strong historical and future
growth trends, there may be periods when the company could
experience weaker-than-expected revenue growth due to economic
shocks, heightened competition, lower ARPU, reduced user traffic or
higher customer churn. Additionally, margins could experience
pressure as Match invests in new geographies, product development,
customer acquisition, marketing and data analytics to retain and
attract subscribers to its dating apps. The online dating market is
susceptible to sudden changes in consumer engagement and rapidly
evolving technology that could lead to declines in user activity
and impact payer conversion and monetization. Moody's expects Match
will continue to invest in technology, including machine learning
and data science, as well as new product features to sustain high
user engagement.

The stable outlook reflects Moody's view that Match's business
model and operating profitability will continue to remain resilient
during the economic recovery. Moody's expects consumers will
continue to spend more time on dining out, travel and other
out-of-home activities, which rose significantly in H1 2021 amid
reopening of bars, restaurants and other social gathering venues
globally. This will support growth in user activity and engagement
on Match's online dating apps, which will facilitate strong EBITDA
expansion and de-leveraging at a faster-than-expected pace
approaching the 4x level (as calculated by Moody's) by year end
2021 with further decreases thereafter (barring sizable
debt-financed M&A) and strong FCF generation.

Over the next 12-15 months, Moody's expects Match to maintain very
good liquidity (SGL-1 Speculative Grade Liquidity rating) supported
by the company's "asset-lite" operating model that facilitates
meaningful FCF conversion in the 80%-90% range and solid cash
balances (cash and cash equivalents totaled roughly $250 million at
June 30, 2021). Moody's projects FCF over the next twelve months in
the $800-$900 million range. External liquidity is supported by a
$750 million revolving credit facility (RCF), which provides ample
external liquidity for M&A and growth opportunities.

Though Moody's captures the $1.15 billion of remaining exchangeable
senior notes (pro forma for the planned redemption of the 0.875%
Exchangeable Senior Notes due 2022) in Moody's debt calculations,
Moody's LGD model excludes them given their equity-like feature and
potential redemption via stock in the future. However, if the
exchangeable notes were included in the LGD model, they would be
ranked behind the senior unsecured notes because they are
structurally subordinated to all of Match's debt and other
liabilities. Moody's LGD model also applied a -1 notch override on
the credit facilities' ratings and assumed a higher amount of
secured debt obligations (including RCF borrowings) given the
potential for a greater mix of secured debt in the future capital
structure to support debt refinancing and/or M&A. This is evidenced
by the $400 million incremental delayed draw term loan (DDTL) that
Match raised in March 2021 that could have been used to finance a
portion of the Hyperconnect acquisition. The DDTL was subsequently
terminated.

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

An upgrade could occur if Match exhibits revenue growth and EBITDA
margin expansion leading to consistent retained cash flow to net
debt of at least 23% and leverage sustained near 3x total debt to
EBITDA (all metrics are Moody's adjusted).

Ratings could be downgraded if a decline in revenue or higher
operating expenses led to EBITDA margin contraction or total debt
to EBITDA sustained above 4x. There would be downward pressure on
ratings if EBITDA were to weaken resulting in retained cash flow to
net debt sustained below 15% (all metrics are Moody's adjusted).

Headquartered in Dallas, Texas, Match Group, Inc. is a leading
global online dating provider via its major brands across 40
languages. Revenue totaled approximately $2.7 billion for the
twelve months ended June 30, 2021.

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


MEDICAL SOLUTIONS: S&P Affirms 'B' ICR on Proposed Acquisition
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Omaha-based Medical Solutions Parent Holdings Inc.

S&P said, "At the same time, we assigned our 'B' issue-level and
'3' recovery ratings to the proposed revolving credit facility and
first-lien senior secured debt. The '3' recovery rating indicates
our expectation for meaningful (50%-70%; rounded estimate: 55%)
recovery in the event of default. We also assigned our 'CCC+'
issue-level and '6' recovery ratings to the second-lien term loan.
The '6' recovery rating reflects our expectation of negligible
(0%-10%; rounded estimate: 0%) recovery in the event of default.
The stable rating outlook on Medical Solutions reflects our
expectation that strong demand for nurses and continued focus on
its managed service provider (MSP) offerings will fuel growth,
resulting in growth in EBITDA and steady cash flow generation."

Strong demand for travel nurses and the company's variable cost
structure continues to fuel growth in top line and EBITDA margin.
The bill rates and wages for nurses increased significantly as the
pandemic hit, due to significant demand, the urgent need to quickly
fill positions, and hazard pay requirements to attract nurses to
higher-risk positions. Though bill rates and wages have fluctuated
significantly over the past 12 months, they remain elevated. Bill
rates peaked in the first quarter of 2021 but remain elevated as
the demand of nurses remains high due to COVID-19-related
hospitalizations and the return in elective procedures. S&P said,
"We expect rates to decline from current levels, as COVID-19
hospitalization rates subside, but to remain higher than
pre-COVID-19 rates in 2019 due to general wage inflation and a
continued imbalance in supply/demand of credentialed nurses that is
exacerbated by early retirements and a gap between educating new
talent and nurse burnouts. Thus, we expect the higher-than-usual
compensation packages for nurses and other clinicians supporting
the COVID-19 surges to begin to only subside slightly in 2022. The
company's ability to recruit nurses and pass on wage increases to
clients will be critical in preserving margins."

S&P said, "We expect demand for the company's nurse and allied
solutions to remain high because the workforce shortages, already
severe before the pandemic, continue to be severe during the
pandemic. We expect the nursing segment to see a larger than usual
number of retirements, greater than usual turnover among permanent
staff, and some changes in work environments as the industry
grapples with an unusually high level of burnout among nurses."

Medical Solutions' good market position is partially mitigated by
the fragmented and narrow nature of the travel nursing market.
Medical Solutions is the second-largest player in the travel nurse
staffing industry, with a roughly 12% market share. However, the
industry remains fragmented, with a substantial number of small
regional and local players. The market also remains competitive and
somewhat cyclical.

S&P said, "Despite the increase in debt due to recapitalization, we
expect adjusted leverage to remain above 5x in 2022, with strong
free cash flow due to strong business dynamics. We expect Medical
Solutions' adjusted leverage to be above 5x in 2022, considering
the full impact of the leveraged buyout (LBO) transaction. We
project strong revenue growth and margin improvement, which should
enable the company to steadily deleverage after the
recapitalization. We expect the company to draw down on its $200
million delayed draw term loan (DDTL) by 2023 and use the proceeds
to pursue an acquisition. We expect free cash flow of about $110
million-$120 million in 2021 and more than $100 million in 2022,
including the full year interest expense of new debt. We expect the
financial sponsor to prioritize acquisitions or
shareholder-friendly activities over repaying debt.

"The stable outlook on Medical Solutions reflects our expectation
that strong demand for nurses and continued focus on its MSP
offerings will fuel growth, resulting in growth in EBITDA and
steady cash flow generation. However, we also believe that the
company's adjusted debt leverage will remain above 5x given its
aggressive financial policies and the investment objectives of its
private-equity sponsor.

"We could lower our rating on Medical Solutions if it sustained
adjusted leverage of above 8x due to deterioration in business
prospects or if it faced extended operational challenges. This
might also result in a decline in free cash flow with free
operating cash flow to debt declining to below 3%. A drop in margin
due to increased payments to nurses or an adverse pricing
environment could trigger a downgrade. We could also lower the
rating if Medical Solutions experienced unforeseen challenges that
led to meaningful customer losses and weakened business, resulting
in a sharp contraction in EBITDA margins by more than 500 basis
points (bps).

"Although unlikely over the next one to two years, we could raise
our rating on Medical Solutions if we expected it to sustain
leverage below 5x and a funds from operations (FFO)-to-total debt
ratio of more than 12%. However, we would likely view any
improvement in the company's credit metrics as temporary given our
belief that its financial sponsor's financial policies will be
toward debt-financed acquisitions or shareholder-friendly
activities instead of deleveraging."



MEDIQUIP INC: Updates Equity Holders; Confirmation Hearing Oct. 26
------------------------------------------------------------------
Mediquip, LLC, submitted an Amended Disclosure Statement for the
Plan of Reorganization dated September 21, 2021.

The Bankruptcy Court has scheduled October 26, 2021 at 11:00 a.m.
as the date and time for Confirmation of the Plan and objections.

Class 4 consists of Equity Security Holders.  Each shareholder
shall contribute $150,000 to the Company in exchange for 50% equity
interest.  Upon confirmation of the Plan, all of the Debtor's
prepetition equity shares will be cancelled.  The Reorganized
Debtor shall immediately issue 100 new shares to each of those
prepetition shareholders who have made the required new value
contribution of $150,000.  If only one shareholder contributes
their portion, then that individual will receive 100% of the new
shares.

Like in the prior iteration of the Plan, Class 3 consist of 18
holders of Allowed General Unsecured Claims.  This class totals
approximately $367,936. This class will be paid 100% of its Allowed
Claims, if William Hill makes his new value cash contribution.
They will then receive $150,000.00 to be distributed pro rata
within 30 days of the Effective Date of the Plan, and the balance
will be paid in 20 equal quarterly payments of $10,896.50
commencing 30 days after the Effective Date of the Plan.

If Mr. Hill does not make his new cash contribution, then each
member of this class will be paid 59.23% of their Allowed Claim in
twenty equal quarterly payments of $10,896.50 commencing within 30
days of the Effective Date of the Plan and continuing 120 days
thereafter for 19 additional quarterly payments. In the event claim
no. 11 filed by Integrated Medical Systems, Inc. is found to be a
general unsecured claim, the percentage paid to this class will be
reduced.

The Plan shall be effectuated from a new value contribution from
Sonia Carrero and William Hill of $150,000 each for a total of
$300,000.  To the extent a prepetition shareholder fails to make
the new value cash contribution, the shareholder will forfeit its
right to receive equity in the Reorganized Debtor.  Pro forma
projections of the Debtor's income and expenses from August 2021
until July 2026 indicate the Debtor will have sufficient income to
meet its monthly secured creditor and quarterly unsecured creditor
payment obligations under the Plan.  The total monthly payments to
be paid under the Plan will be approximately $10,896 per quarter
for twenty quarters (equal to $3,632.00 per month) for Class 3
Claims and approximately $3,481 for 20 months for Class 2 claims.

The Debtor will require initially $150,000, either $300,000 or
$150,000) for confirmation depending on whether Mr. Hill makes his
contribution.  This will be deposited by Sonia Carrero in escrow
with Berger, Fischoff, Shumer, Wexler & Goodman, LLP, attorneys for
the Debtor, prior to the confirmation hearing. The balance of Plan
will be paid from the cash flow generated by the Debtor's
operations.

A full-text copy of the Amended Disclosure Statement dated
September 21, 2021, is available at https://bit.ly/3lV1ITn from
PacerMonitor.com at no charge.

Counsel to Debtor:

     Heath S. Berger, Esq.
     Berger, Fischoff, Shumer, Wexler, Goodman, LLP
     6901 Jericho Turnpike, Suite 230
     Syosset, NY 11791
     Telephone: (516) 747-1136
     Email: hberger@bfslawfirm.com

                        About Mediquip Inc.

Mediquip, Inc., a Bethpage, N.Y.-based provider of home health care
services, filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-70615) on April 2,
2021.  Sonia Carrero, chief executive officer, signed the
petition.

At the time of filing, the Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
Judge Robert E. Grossman oversees the case.  Berger, Fischoff,
Shumer, Wexler, Goodman, LLP serves as the Debtor's legal counsel.


MIKEN OIL: Taps Coghlan Crowson as Special Counsel in MJR Suit
--------------------------------------------------------------
Miken Oil, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to hire Coghlan Crowson, LLP as its
special counsel.

The Debtor needs legal assistance in a litigation with MJR Oil &
Gas 2001, LLC, which asserts a secured claim of more than $8
million.

The firm's hourly rates are as follows:

     Michael Starr     $350 per hour
     Paralegals        $125 per hour

As disclosed in court filings, Coghlan Crowson does not hold or
represent any interest adverse to the Debtor or its estate.

The firm can be reached through:

     Michael Starr, Esq.
     Coghlan Crowson, LLP
     1127 Judson Rd # 211
     Longview, TX 75601
     Phone: +1 903-326-7672

                        About Miken Oil Inc.

Miken Oil, Inc.'s business consists of the ownership and operation
of an oil services company.  It is based in Kilgore, Texas.

Miken Oil filed a petition for Chapter 11 protection (Bankr. E.D.
Texas Case No. 21-60115) on March 26, 2021, listing total assets of
up to $50,000 and total liabilities of up to $10 million.  Mike
Tate, president of Miken Oil, signed the petition.

Judge Brenda T. Rhoades oversees the case.

Eric A. Liepins, P.C. is the Debtor's bankruptcy counsel while
Patrick Kelley, PLLC and Coghlan Crowson, LLP serve as special
counsel.


MIRION TECHNOLOGIES: Moody's Assigns 'B1' CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service assigned ratings to Mirion Technologies,
Inc. ((New), "Mirion"), including a B1 corporate family rating,
B1-PD probability of default rating and B1 senior secured rating on
its proposed first-lien credit facilities ($90 million revolving
credit and $830 million term loan). The outlook is stable. Moody's
also assigned Mirion an SGL-2 speculative-grade liquidity rating.

The rating action follows Mirion's agreement to enter into a
business combination with GS Acquisition Holdings Corp II ("GSAH"),
a special purpose acquisition company ("SPAC"), to become a
publicly-traded company. GSAH's approximate $2.6 billion purchase
of Mirion is anticipated to be funded by the $830 million term
loan, $750 million in cash from SPAC investors, $900 million from
private investment in public equity (PIPE) investors and $101
million in available cash. The proceeds will also be used to repay
all of the outstanding debt at Mirion Technologies (Luxembourg)
S.a.r.l., add cash to the balance sheet and pay transaction
expenses. Upon close of the transaction, Moody's will withdraw all
of the existing ratings of Mirion Technologies (Luxembourg)
S.a.r.l.

To the extent that cash from SPAC investors decreases due to member
redemptions, the initial amount - up to $365 million (49%) - would
reduce pro forma balance sheet cash and be funded by a $125 million
equity backstop from affiliates of The Goldman Sachs Group, Inc.
The funding of any additional redemptions is expected to be borne
primarily by Charterhouse, the current private equity owner, via
rolling more equity and receiving less cash consideration. Moody's
ratings assume up to 49% in SPAC redemptions and a minimum pro
forma cash balance of about $50 million. The transaction is
expected to close in October 2021.

Moody's took the following actions:

Assignments:

Issuer: Mirion Technologies, Inc. (New)

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

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

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

Outlook Actions:

Issuer: Mirion Technologies, Inc. (New)

Outlook, Assigned Stable

RATINGS RATIONALE

The ratings reflect Moody's expectation of improving financial
performance and good liquidity, as well as Mirion's transition to a
public company. Access to public equity markets provides an
incremental source of liquidity and SEC disclosure requirements
will enhance reporting transparency. While the transaction will
reduce debt by roughly $80 million (net), Moody's estimates
debt-to-EBITDA (with Moody's standard adjustments) to approach 6.9x
pro forma, a high level for the risk profile. However, this should
improve progressively with EBITDA accretion from completed
acquisitions and organic growth. Considering two planned
acquisitions and up to $365 million in SPAC redemptions, Moody's
anticipates pro forma leverage to approach 6x into calendar 2022.
As well, Moody's believes Mirion will work towards its committed
net leverage target of about 3x as a public company. Mirion is well
positioned in niche markets with positive longer-term fundamentals
and a leading player within the specialized and highly regulated
nuclear power generation industry, which provides high barriers to
entry. The company also benefits from a sizable recurring revenue
stream and good geographic diversity with about 55% of non-US
revenues.

Constraining the ratings are Mirion's high leverage, modest scale
with a niche market focus on radiation detection and measurement,
and sizeable (albeit declining) concentration to the low-volume and
headline risk-exposed nuclear power market at approximately 40% of
revenue. Growth opportunities are expected to be increasingly
derived from non-nuclear power plant end markets, led by medical
and military & homeland security, adding top-line resilience and
diversification. Moody's expects revenue growth of about 5% over
the next couple of years, supplemented by small bolt-on
acquisitions amid a competitive landscape. The acquisitive nature
poses integration and execution risks. Governance factors also
include concentrated shareholder ownership post-closing of the
merger, with 44% owned by the PIPE investors, 37% by SPAC investors
and 19% by existing Mirion shareholders, depending on the level of
redemptions.

The B1 rating on the proposed first lien credit facilities, at the
same level as the CFR, reflects the preponderance of this class of
debt in the pro forma capital structure.

The stable outlook reflects Mirion's leading market positions in
its niche areas, enhanced by a high percentage of recurring
revenues that provide good top-line visibility. Moody's expects the
company's margins and free cash flow to strengthen over the next 12
to 18 months, benefiting from improving end market fundamentals in
nuclear power and several non-nuclear power markets, namely medical
and military. This would support debt reduction and could
accelerate de-levering of the balance sheet.

The SGL-2 speculative grade liquidity rating reflects Moody's
expectation of good liquidity, supported by positive free cash flow
and access to an undrawn $90 million revolving credit facility (due
2026) to be issued as part of the transaction. These sources should
provide sufficient liquidity to manage through periodic quarterly
revenue swings driven by customer capital spending cycles,
project-based end markets and seasonal nuclear reactor maintenance
programs. Free cash flow should benefit from Mirion's relatively
high margins (with a gradual shift to higher margin products),
continued focus on working capital efficiency and modest capital
expenditures, resulting in free cash flow to debt in the 4% to 8%
range over the next 12 to 18 months. Moody's expects the revolver
to remain largely undrawn. The facility is subject to a springing
financial covenant -- a maximum first lien net leverage ratio (to
be defined) providing a 40% cushion to consolidated EBITDA - tested
only if borrowings exceed 40% of the facility. The term loan does
not have any financial maintenance covenants.

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

Ratings could be downgraded if margins deteriorate or liquidity
weakens for any reason. A lack of progress with steady de-levering
from the pro forma level such that Moody's expects debt-to-EBITDA
to remain above 5x could also lead to a downgrade, as could free
cash flow to debt expected to remain below 5%. The loss of a major
customer and or increasingly aggressive financial policies,
including meaningful debt-financed acquisitions would also exert
negative ratings pressure.

The ratings could be upgraded with meaningful improvement in scale,
particularly the non-nuclear power plant end markets. An uptick in
nuclear decontamination and dismantling project revenues could also
support an upgrade. Quantitatively, ratings could be upgraded with
EBITDA margins expected to remain around 25% or higher, materially
positive and consistent free cash flow such that free cash flow to
debt exceeds 10%, and debt-to-EBITDA is expected to be below 3.5x
on a sustained basis.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

Following are some of the preliminary terms in the marketing term
sheet that are subject to change during syndication:

The senior credit facility is expected to contain flexible
covenants for transactions that, if undertaken, could adversely
affect creditors. This includes (but is not limited to) incremental
facility capacity up to the sum of: (a) the greater of $172 million
and 100% of consolidated EBITDA (to be defined); (b) amounts
replacing any terminated commitments or repaid term loans under the
credit agreement; (c) amounts incurred to extend the maturities of
any credit facility; (d) amounts replacing reductions in revolver
commitments and any voluntary prepayments or permanent commitment
reductions on the initial or incremental term loans. An unlimited
additional amount is permitted so long as the First Lien Net
Leverage Ratio ("FLNLR") does not exceed the greater of (i) the
FLNLR on the closing date, in the case of pari passu indebtedness
and (ii) in the case of permitted acquisitions or other
investments, the FLNLR immediately prior to incurring such
indebtedness. For junior incremental debt, the Secured Net Leverage
Ratio does not exceed the greater of (i) a level that is 0.75x
above the ratio on closing date and (ii) if incurred due to a
permitted acquisition or other investment, the ratio immediately
prior to incurring such indebtedness. In addition, the requirement
for asset-sale proceeds prepayments has leverage-based step-downs
to 50% and 0% if the FLNR is respectively 0.5x and 1.0x below the
closing date ratio. Mandatory repayments on the term loan have a
50% excess cash flow sweep, with step-downs to 25% and 0% also at
leverage ratios 0.5x and 1.0x, respectively, below the closing date
ratio.

There are no express "blocker" provisions that prohibit the
transfer of specified assets to unrestricted subsidiaries. Only
wholly-owned subsidiaries are required to provide subsidiary
guarantees, posing risks of potential guarantee release if there
were a partial change in ownership. There is also no explicit
protective language limiting such releases.

Mirion Technologies, Inc. (New) provides radiation detection,
measurement, analysis and monitoring products and services to the
nuclear, homeland security and defense, and medical end markets.
Key products and services include dosimeters, contamination and
clearance monitors, detection and identification instruments and
radiation monitoring systems. Mirion's revenue was $612 million for
the fiscal year ended June 30, 2021.


MORE AUTOMOTIVE: Unsecureds Owed $10K+ to Recover 100% in 84 Months
-------------------------------------------------------------------
More Automotive Products, Inc., filed with the U.S. Bankruptcy
Court for the District of Puerto Rico a Disclosure Statement and
Plan of Reorganization dated September 21, 2021.

The Debtor was incorporated under the laws of the Commonwealth of
Puerto Rico on June 25, 1995.  As a result of Debtor's difficulties
in accessing Luis Munoz Marin International Airport due to a
partial final judgment entered by the Court of First Instance
ofPuerto Rico, Carolina Section in the case styled Aerostar Airport
Holdings, LLC v. Debtor, Case No. FPE 2016-0189, with its adverse
effect on Debtor's cash flows, coupled with Debtor's loss of income
during 2020 due to the COVID-19 Pandemic.

In order to protect its assets and operations and financially
reorganize itself, on July 15, 2021, Debtor filed its voluntary
petition for relief under 11 U.S.C. Chapter 11 and as of that date
has been managing its affairs and operating its business as a
debtor-in-possession.

The Debtor reached an agreement with its secured creditor Firstbank
for the consensual use of the Cash Collateral during Debtor's
Chapter 11 case the case.

The Plan will treat claims as follows:

     * Class 1 consists of Secured Claim of Firstbank. Class 1 will
continue to be paid in accordance with the pre-petition contractual
terms of Debtor's credit facility with Firstbank. The arrears
thereunder, existing on the Petition Date, will be paid at the
maturity date of the credit facility. Firstbank will retain the
liens encumbering Debtor's assets under the security agreement with
Debtor until full payment of Firstbank's allowed secured claim.

     * Class 2 consists of Holders of Allowed General Unsecured
Claims of $10,000.00 or less. Holders of Allowed General Unsecured
Claims of $10,000.00 or less, will receive in full satisfaction of
their claims 100%, on the Effective Date. Class 2 is unimpaired
under the Plan and is not entitled to vote to accept or reject the
Plan.

     * Class 3 consists of Holders of Allowed General Unsecured
Claims in excess of $10,000.  Holders of Allowed General Unsecured
Claims in excess of $10,000, will be paid in full satisfaction of
their claims 100% through 84 equal consecutive monthly
installments, commencing on the Effective Date, with interest at
3.25% per annum or in the alternative Holders of Allowed General
Unsecured Claims that elect to reduced their claim to 50%, shall be
paid this reduced amount through 60 equal consecutive monthly
installment, commencing on the Effective Date, without interest.
Class 3 is impaired under the Plan and is entitled to vote to
accept or reject the Plan.

     * Class 4 consists of Holders of Allowed Cure Claims.  Holders
of Allowed Cure Claims arising from Assumed Executory Contracts,
will be paid in full satisfaction of their claims 100%, through 6
equal consecutive monthly installments of $40,743.50 each until
full payment, commencing on the Effective Date and continuing on
the last day of each of the following 5 months.  Class 3 is
impaired under the Plan and is entitled to vote to accept or reject
the Plan.

     * Class 5 consists of Interest Holders in the Debtor.  Class 5
Equity Holder will not receive any distribution under the Plan but
will retain their interests in Debtor unaltered. Class 5 is
unimpaired under the Plan.

Debtor will effect payment of Administrative Expense Claims and
Priority Tax Claims on the Effective Date.  Firstbank Secured
Claim, Allowed General Unsecured Claims and Allowed Cure Claims
will be paid from the cash flows generated from Debtor's operations
and the cash accumulated by Debtor during Debtor's Chapter 11 case.


A full-text copy of the Disclosure Statement dated September 21,
2021, is available at https://bit.ly/3lQu7de from PacerMonitor.com
at no charge.

Debtor's Counsel:

     Charles A. Cuprill-Hernandez, Esq.
     Charles A. Cuprill, P.S.C., Law Office
     356 Fortaleza St., Second Floor
     San Juan, PR 00901
     Tel.: 787-977-0515
     Fax: 787-977-0518
     Email: ccuprill@cuprill.com

                     About More Automotive

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

Judge Enrique S. Lamouttee Inclan oversees the case.

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


NATIONAL RIFLE: Board Acted as Rubber Stamp, Says Director
----------------------------------------------------------
Neil Weinberg, writing for Bloomberg News, reports that the
National Rifle Association's board acted as a rubber stamp for
longtime leader Wayne LaPierre, ignoring calls to independently
probe allegations that he and other executives misused gun-rights
group funds, one of its directors said.

In a Friday, September 24, 2021, court filing seeking permission to
intervene in New York Attorney General Letitia James's 2020 lawsuit
against the group, NRA board member Roscoe "Rocky" Marshall called
the official's corruption allegations against Mr. LaPierre and
other executives highly credible and described how he called on the
board to conduct its own investigation.

But Mr. Marshall also said he opposes James's push to have the NRA
dissolved based on those allegations.  He argued in his filing that
dissolution would harm the group's 5 million members and isn't
supported by state law.  He said the court should instead appoint a
temporary receiver to run the NRA and potentially recover "looted
and wasted" assets.

"The NRA is a well-managed, actively engaged membership
organization," NRA Second Vice President Willes K. Lee said in a
written statement.  "We will continue on our current course of
action -- in the interests of our five million members and their
Second Amendment freedoms."

Attorney General James said she's "glad to hear that Mr. Marshall
agrees that Wayne LaPierre and his top lieutenants must be removed
from the NRA."

"Our fight for transparency and accountability from the NRA and its
leadership will continue because no organization is above the law,"
she said in a written statement.

Mr. Marshall said he urged the NRA board in July 2021 to
investigate credible evidence of wrongdoing by LaPierre and other
leaders but was ignored.

                       'Ignored Completely'

"Failing to act is a breach of fiduciary duties," Marshall wrote to
fellow directors, according to his court filing. "The harshest
critics of the NRA are the members. It is well past time we take
heed to their voices."

Mr. Marshall told Bloomberg on Friday, September 24, 2021, that
most of his fellow directors did not respond.  "Either they've
ignored me completely or in some cases sent pretty harsh rebukes,"
he said.  "Keep in mind, some of these people are Wayne LaPierre
supporters and respond to any criticism by defending Wayne."

A former Baker Hughes division president who now runs Frontier
Truck Gear in Center Point, Texas, Marshall joined the board in
January 2021.  His term is scheduled to expire at the board's next
meeting, currently set for Oct. 2. 2021.

The judge in the case previously rejected a motion to intervene by
two NRA members, saying state law required that at least 5% of the
group's membership need to participate to qualify for standing.
But he said he would find other ways to include members' views.

The case is People of the State of New York v. The National Rifle
Association of America, 451625/2020, Supreme Court of the State of
New York, County of New York.

                  About National Rifle Association

Founded in 1871 in New York, the National Rifle Association of
America is a gun rights advocacy group.  The NRA claims to be the
longest-standing civil rights organization and has more than five
million members.

Seeking to move its domicile and principal place of business to
Texas amid lawsuits in New York, the National Rifle Association of
America sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
21-30085) on Jan. 15, 2021. Affiliate Sea Girt LLC simultaneously
sought Chapter 11 protection (Case No. 21-30080).

The NRA was estimated to have assets and liabilities of $100
million to $500 million as of the bankruptcy filing.

Judge Harlin Dewayne Hale oversees the cases.

The Debtors tapped Neligan LLP and Garman Turner Gordon LLP as
their bankruptcy counsel, and Brewer, Attorneys & Counselors as
their special counsel.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors on Feb. 4, 2021. Norton Rose Fulbright US, LLP
and AlixPartners, LLP serve as the committee's legal counsel and
financial advisor, respectively.

                          *     *     *

Following a 12-day trial, U.S. Bankruptcy Judge Harlin D. Hale
dismissed the National Rifle Association's Chapter 11 case Tuesday,
May 11, 2021, after finding the group filed its petition in bad
faith in order to gain advantage in litigation brought by New
York's attorney general.  New York Attorney General Letitia James
sought the dismissal of the case.  Judge condemned the NRA's
attempts to avoid accountability, making clear that the
organization's actions were "not an appropriate use of bankruptcy."


NEW WORLD STAINLESS: Seeks to Use Cash to Meet Production Orders
----------------------------------------------------------------
New World Stainless LLC asked the U.S. Bankruptcy Court for the
District of New Jersey to grant interim access to cash collateral
of its secured claimant, Firstrust Bank, pursuant to a budget.

The budget filed in Court provided for (i) $292,086 in total cost
of goods sold and (ii) $141,023 in total expense and loan payment
for the period from September 10 to 30, 2021, a copy of which is
available for free at https://bit.ly/2XT8sco from PacerMonitor.com.


The Debtor disclosed that it has $3,895,043 in pending, unfulfilled
production orders, and has halted operations, having been denied
occupancy of the premises where it operates its business.  The
Debtor said it is not likely to survive further interruption in its
operations.  Accordingly, the Debtor also asked the Court to
enforce the automatic stay to require the landlord to allow the
Debtor to maintain its occupancy of the premises and thus continue
operations.

As adequate protection, the Debtor proposed to pay $27,162 monthly
and grant a replacement lien to the Secured Claimant to the extent
of diminution of value of the cash collateral.

A copy of the motion is available for free at
https://bit.ly/3i4H4Pt from PacerMonitor.com.

                   About New World Stainless LLC

New World Stainless LLC manufactures small diameter stainless
Steel, titanium, and nickel alloy pressure tubing.  The company
filed a Chapter 11 petition (Bankr. D.N.J. Case No. 21-17153) on
September 10, 2021.

On the Petition Date, the Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in liabilities.
The petition was signed by Joseph Zielinskie as managing member.

K&L Gates LLP represents the Debtor, as counsel, and Bramnick,
Rodriguez, Grabas, Arnond & Mangan, LLP, as special litigation
counsel.



NFP CORP: $225MM Incremental Notes No Impact on Moody's B3 CFR
--------------------------------------------------------------
Moody's Investors Service is maintaining the B3 corporate family
rating and B3-PD probability of default rating of NFP Corp.
following the company's announcement that it plans to issue an
incremental $225 million of senior secured notes (rated B1) and an
incremental $75 million term loan (rated B1). The company has also
added $40 million to its revolving credit facility (rated B1). The
company will use net proceeds to fund acquisitions and pay related
fees and expenses. The rating outlook for NFP is unchanged at
negative.

RATINGS RATIONALE

According to Moody's, NFP's ratings reflect its expertise and solid
market position in insurance brokerage, particularly providing
employee benefits and property & casualty products and services to
mid-sized firms. The company also offers insurance and wealth
management services to high net worth individuals. NFP ranks among
the 15 largest US insurance brokers, and its business is well
diversified across products, clients and regions, primarily in the
US. NFP generates healthy EBITDA margins and maintains good
liquidity, including cash on hand and revolving credit capacity, to
help fund its acquisition pipeline.

Offsetting these strengths are NFP's persistently high financial
leverage and limited interest coverage, leaving the company little
room for error in managing its existing and acquired operations.
Given its acquisition strategy, NFP also has contingent earnout
liabilities that consume a significant portion of its free cash
flow. Moody's expects that NFP will continue to pursue a
combination of organic growth and acquisitions, the latter giving
rise to integration and contingent risks (e.g., exposure to errors
and omissions), although NFP has a favorable track record of
absorbing small and mid-sized brokers.

The negative rating outlook reflects the company's continued
elevated financial leverage and uncertainty over the pace at which
it might reduce leverage toward historical levels. Giving effect to
the incremental borrowings, NFP has pro forma debt-to-EBITDA of
over 8x per Moody's calculations, with (EBITDA - capex) interest
coverage in the low single digits, and a free-cash-flow-to-debt
ratio in the low single digits. These metrics incorporate Moody's
adjustments for operating leases, contingent earnout obligations,
certain unusual/non-recurring items, and run-rate EBITDA from
acquisitions.

Giving effect to the add-on senior secured notes and the
incremental term loan, NFP's ratings include:

Corporate family rating at B3;

Probability of default rating at B3-PD;

$440 million (including $40 million increase) backed first-lien
senior secured revolving credit facility maturing in February 2025
at B1 (LGD2);

$1,925 million (including pending $75 million increase, $1,902
million outstanding) backed senior secured first-lien term loan
maturing in February 2027 at B1 (LGD2);

$550 million (including $225 million increase) backed senior
secured notes maturing in August 2028 at B1 (LGD2);

$1,775 million senior unsecured notes maturing in August 2028 at
Caa2 (LGD5).

The rating outlook for NFP is unchanged at negative.

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

Based in New York City, NFP provides a range of insurance
brokerage, consulting and advisory services, including corporate
benefits, retirement, property & casualty and individual solutions,
largely in the US. The company generated revenue of $1.7 billion
for the 12 months through June 2021.


NORTHWEST BAY: Resolves Disputes w/ HOA & BPS Lot; Amends Plan
--------------------------------------------------------------
Northwest Bay Partners, Ltd., submitted a First Amended Disclosure
Statement for First Amended Plan of Reorganization dated September
21, 2021.

All litigation with the HOA has been resolved pursuant to an
Ordered Stipulation and Settlement dated August 3, 2021. All
litigation with BPS Lot 3, LLC has been resolved pursuant to the
Court's Sale Order entered August 3, 2021.

Aside from the real estate, the Debtor has few, if any, assets. The
Debtor is selling the lots pursuant to the Court's Sale Order of
August 3, 2021 and in accordance with the Plan.

Debtor attempted to sell and build on the lots, however, the
litigation from the Panella Trust and HOA precluded meaningful
business activities. The debtor's efforts to resolve these disputes
proved to be unfruitful. These disputes caused the company to
suffer significant financial difficulties. The bankruptcy filing
was necessary to take a global and comprehensive approach to
maximizing the value of desirable real estate lots. The bankruptcy
plan proposed has settled all differences with all creditors.

Before the bankruptcy filing, the Debtor and its professionals
focused their efforts on obtaining purchasers for the Debtor's
business, obtaining a resolution of its disputes with the HOA and
the Panella Trust, and obtaining a purchaser for the Debtor's lots
pursuant to a lengthy but successful outcome which culminated in a
sale authorized by the Court on August 3, 2021 ("Sale Order").

Class 1 consists of the Allowed Secured Claim of BPL Lot 3, LLC in
a sum of approximately $2,100,000.00; Warren County Treasurer in a
sum of approximately $61,306.85; Lake George Park Commission in the
sum of $81,750.00; and Bell Point Shores Homeowners Association in
the sum of $240,000.00. Class 1 shall be paid from the sale of
Debtor's lots upon closing pursuant to the Court's Sale Order.

Class 2 consists of the Allowed Tax Priority Classes. Each Allowed
Priority Non-Tax Claim shall be paid by the Debtor in full from the
sale of Debtor's lots upon closing pursuant to the Court's Sale
Order.

Class 3 consists of the Allowed General Unsecured Claims. On the
Distribution Date, the holders of Allowed General Unsecured Claims
shall receive payment in full of their scheduled or filed claims or
an amount as agreed upon between the Debtor and each creditor.
Payment to Class 3 shall be generated from the proceeds of the sale
of Debtor's lots.

Class 4 consists of all Equity Interests. The holders of Equity
Interests are not impaired and shall retain only remaining cash.

The Plan and the Sale Order contemplate an orderly and efficient
liquidation of the Debtor's assets and distribution of the proceeds
to holders of Allowed Claims in accordance with the priority
scheme. Debtor will take responsibility for collecting the cash
generated by the sale of the 11 building lots ("Estate Assets") and
making distributions to holders of Allowed Claims.

A full-text copy of the First Amended Disclosure Statement dated
September 21, 2021, is available at https://bit.ly/3i3IxWs from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     O'CONNELL AND ARONOWITZ, P.C.
     Peter A. Pastore, Esq.
     54 State Street
     Albany NY 12207-2501
     Tel: (518) 462-5601

               About Northwest Bay Partners

Northwest Bay Partners Ltd., a real estate holding company in
Albany, N.Y., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D.N.Y. Case No. 19-10615) on April 4, 2019.  At the
time of the filing, the Debtor estimated assets of between $1
million and $10 million and liabilities of between $1 million and
$10 million.  The case is assigned to Judge Robert E. Littlefield
Jr.  The Debtor hired McNamee Lochner P.C. as its legal counsel,
and Walsh & Walsh, LLP, as special counsel.


PACIFIC BELLS: Moody's Assigns First Time 'B3' Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Pacific
Bells, LLC including a B3 corporate family rating, B3-PD
probability of default rating and B3 senior secured credit facility
rating. The outlook is stable. Ratings are subject to final review
of documentation.

Pacific Bells is planning on raising $883 million of debt and
equity, both common and preferred, to fund the purchase of the
company from its existing private equity owner by Orangewood
Partners LLC and management. The acquisition will be funded with a
$460 million 7-year term loan, about $120 million of preferred
equity and $313 million of common equity (including $97 million of
management rollover). The planned bank credit facility also
includes an undrawn $50 million 5-year revolver and unused $75
million delayed draw term loan. Pro forma for this transaction,
trailing 12 month debt/EBITDA is 6.7x -- which includes Moody's
standard adjustments but does not include preferred equity or the
$75 million delayed draw term loan which could be used to fund
additional growth.

The B3 corporate family rating reflects Moody's forecast that
Pacific Bells' leverage will improve over the next year but remain
high at approximately 6.5x at the end of 2022. The assigned ratings
also include governance considerations particularly that Pacific
Bells financial strategies will be dictacted by its private equity
owners. Moody's expects that under the company's new private equity
owners, free cash flow will primarily be used to fund new unit
growth, remodels and potential acquisitions rather than voluntary
debt repayment. In addition, given the $75 million delayed draw
term loan, Moody's expects that Pacific Bells is also likely to use
debt to finance a portion of its future acquisitions.

Assignments:

Issuer: Pacific Bells, LLC

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured Term Loan, Assigned B3 (LGD3)

Senior Secured Delayed Draw Term Loan, Assigned B3 (LGD3)

Senior Secured Revolving Credit Facility, Assigned B3 (LGD3)

Outlook Actions:

Issuer: Pacific Bells, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

Pacific Bells credit profile is constrained by its aforementioned
high leverage, small scale relative to rated restaurant peers and
the potential for future debt-funded acquisitions as the company
continues to grow. Pacific Bells total locations will be 256 at the
end of 2021 (including planned new unit openings) and Moody's
estimates its revenue will approximate less than $450 million,
which is small relative to other quick service restaurant operators
in Moody's coverage universe. The company's credit profile benefits
from the strength of the Taco Bell brand, its good liquidity and
the company's history of good comparable restaurant sales, which
have been positive in each of the past nine years except for 2020.
Taco Bell restaurants, owned by Yum! Brands Inc. (Ba2 stable),
enjoy a high level of brand awareness throughout the United States,
as reflected in the brand's track record of positive operating
trends driven by both positive traffic and average check.

The stable outlook reflects Moody's expectations that the company
will maintain good liquidity and maintain leverage around 6.5x.

The company's good liquidity reflects its good free cash flow
which, along with about $13 million of cash on hand, is expected to
fund the company's cash needs over the next 12 months. Pacific
Bells also has access to an undrawn $50 million revolver and a $75
million delayed draw term loan. The company's credit agreement is
expected to require 1% annual mandatory amortization on the term
loans and includes a free cash flow sweep. Moody's does not expect
a material amount of debt reduction from the cash flow sweep as
this is typically calculated after growth capex. The company is
expected to be subject to a springing first lien net leverage
covenant on the revolver only. Alternate sources of liquidity are
modest at this point given the company's minimal owned property.

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

Factors that could result in an upgrade include sustained
improvement in credit metrics, and increased size, scale, and
geographic diversification. A higher rating would require
debt/EBITDA sustained under 5.5x and EBIT/interest expense near
1.75x. A downgrade could occur if operating performance sustainably
weakens or if financial strategies become more aggressive, such as
debt financed dividends, were instituted. Specific metrics include
debt/EBITDA sustained above 6.75x or EBIT/interest falls below
1.25x.

As proposed, the new senior secured credit facility is expected to
provide covenant flexibility that could adversely affect creditors.
Notable terms include the following:

Incremental debt capacity not to exceed the sum of (i) the greater
of (x) $84.7 million and (y) 100% of Consolidated EBITDA, plus
unlimited amounts subject to 5.40x First Lien Net Leverage Ratio
(if pari passu secured) or, if incurred in connection with a
permitted acquisition or other investment, a First Lien Net
Leverage Ratio no greater than the higher of (A) 5.40x and (B) the
pro forma First Lien Net Leverage Ratio immediately prior to such
incremental debt and related acquisition or other investment.

Incremental debt may be incurred with an earlier maturity date
than the initial term loans in an amount not to exceed the greater
of (x) $84.7 million and (y) 100% of Consolidated EBITDA.

Subsidiaries must provide guarantees whether or not wholly-owned,
eliminating the risk that guarantees will be released because they
cease to be wholly-owned.

The credit agreement permits the transfer of assets to
unrestricted subsidiaries, up to the carve-out capacities, subject
to "blocker" provisions which prohibit the ownership by any
unrestricted subsidiary of material intellectual property or other
assets material to the operation of the business.

The credit agreement provides some limitations on up-tiering
transactions, including the requirement that all lenders consent to
releases or subordination of liens on a material portion of the
collateral or guarantees.

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

Headquartered in Vancouver, WA, Worldwide Bells Holdings and its
subsidiaries, including Pacific Bells, LLC, operate 256 Taco Bell
restaurants in nine states (as of year-end 2021). Following the
closing of the proposed transaction, the company will be owned by
management and Orangewood Partners.

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


PALACE THEATER: Hires HMP Advisory as Financial Advisor
-------------------------------------------------------
Palace Theater, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Wisconsin to employ HMP Advisory
Holdings, LLC as financial advisor.

The firm will provide these services:

   a. compile monthly reports, perform projection and financial
analysis, work on financial aspects of the reorganization;

   b. assist the Debtor and Debtor's counsel in evaluating
strategies for the reorganization;

   c. negotiate with various stakeholders of the Debtor, including
but not limited to, secured and unsecured creditors, regarding the
possible financial restructuring of such stakeholders' claims or
interests in the Debtor; and

   d. undertake such other activities as are approved by the Debtor
or Debtor's counsel and agreed to by the firm.

The firm will be paid at these rates:

   President/Executive Vice President/COO   $500 to $600 per hour
   Managing Director                        $400 to $500 per hour
   Senior Manager/Director                  $300 to $400 per hour
   Manager                                  $250 to $350 per hour
   Senior Consultant                        $175 to $300 per hour
   Support Staff                            $80 to $200

The firm received from the Debtor a retainer of $35,000.

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

James G. Keane a chief operating officer at HMP Advisory Holdings,
LLC dba Harney Partners disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     James G. Keane
     HMP Advisory Holdings, LLC
     dba Harney Partners
     2810 Crossroads Drive, Suite 4000
     Madison, WS 53718
     Tel: (608) 234-5232

                     About Palace Theater LLC

Wisconsin-based Palace Theater, LLC is a privately held company in
the performing arts business. The Palace Theater is a theatre
destination, producing classic broadway productions, children's
theatre shows, comedy and concerts, with both original artists and
tribute concerts.

Palace Theater filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No.
21-11714) on Aug. 16, 2021, disclosing total assets of $9,086,225
and total liabilities of $6,449,452. Anthony J. Tomaska, managing
member, signed the petition.

The Debtor tapped Steinhilber Swanson, LLP as legal counsel and
Martin J. Cowie as accountant.


PAR 5 PROPERTY: Trustee Hires Mathews as Real Estate Broker
-----------------------------------------------------------
Walter R. Dahl, the Subchapter Trustee for Par 5 Property
Investments, LLC, seeks approval from the U.S. Bankruptcy Court for
the Southern District of West Virginia to employ Kidder Mathews of
California, Inc. as real estate broker.

The firm will market and sell the Debtor's golf course and event
center in rural Placer County, California which does business as
Auburn Valley Golf Course and Event Center, with the street address
of 8800 Auburn Valley Road, Auburn, CA 95602.

The firm will be paid a commission of 6 per cent of the total sales
price.

Peter D. Beauchamp a partner at Kidder Mathews of California, Inc.
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Peter D. Beauchamp
     Kidder Mathews of California, Inc.
     5927 Priestly Dr. Suite 101
     Carlsbad, CA 92008
     Tel: (949) 557-5010

                  About Par 5 Property Investments

Auburn, Calif.-based Par 5 Property Investments, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Calif. Case No. 21-22404) on June 29, 2021. Joseph Francis Prach,
president and managing member, signed the petition. At the time of
the filing, the Debtor disclosed assets of $3,847,515 and
liabilities of $5,096,824. Judge Fredrick E. Clement oversees the
case. Macdonald Fernandez, LLP is the Debtor's legal counsel.


PEAK PROPERTY: Hires David Dufresne as Real Estate Broker
---------------------------------------------------------
Peak Property Group, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ David Dufresne as real
estate broker.

The firm will assist the Debtor with the sale to Madeline Nava and
the closing of the Debtor's real property located at 52355 Avenida
Rubio, La Quinta, California 92253-3291.

The firm will be paid a flat fee of $5,000.

David Dufresne disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David Dufresne
     2551 San Ramon Valley Blvd. Suite 236
     San Ramon, CA 94583
     Tel: (925) 855-8444

                     About Peak Property Group

Peak Property Group LLC owns four properties in Denver, Colo., and
La Quinta, Calif., having an aggregate comparable sale value of
$1.09 million.

Peak Property Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 20-16088) on Sept. 12,
2020. Kip Korthuis, sole member, signed the petition. At the time
of the filing, the Debtor disclosed $1,102,686 in assets and
$1,685,781 in liabilities. Judge Kimberley H. Tyson oversees the
case. Shilliday Law, PC is the Debtor's legal counsel.


PG&E CORP: Charged for Manslaughter for Zogg Fire
-------------------------------------------------
Mark Chediak, writing for Bloomberg News, reports that PG&E Corp.,
the California utility that went bankrupt after its equipment
sparked deadly wildfires, has been charged with multiple crimes,
including involuntary manslaughter, in connection with a 2020 blaze
that killed four people.

Shasta County District Attorney Stephanie Bridgett on Friday,
September 24, 2021, filed 31 charges against the utility related to
the Zogg Fire in northern California, about 100 miles from the
Oregon border. Eleven were felonies, including four involuntary
manslaughter charges. PG&E disputed the allegations.

"PG&E has a history of repeatably causing wildfires that is not
getting better -- it's getting worse," Bridgett said during a press
briefing broadcast online. "Those who lost loved ones need justice.
They need to have those who are responsible for killing their loved
ones to be held criminally responsible, especially since this fire
was completely preventable."

The criminal case in Shasta County is the latest blow for the
utility, which emerged from bankruptcy last year after its
equipment was blamed for starting some of the worst blazes in
California history. If PG&E is found to have been negligent in
starting a fire, the company would likely need to pay back any
money it taps from a state fund to help utilities pay for damages
from blazes caused by their power lines.

PG&E remains on criminal probation tied to a deadly natural-gas
explosion in 2010.

The Zogg blaze burned more than 56,000 acres (23,000 hectares) and
destroyed 204 buildings.

PG&E has accepted the conclusion from California investigators that
a tree contacted one of its power lines and started the Zogg fire,
PG&E Chief Executive Officer Patti Poppe said in a statement
Friday. The utility has resolved many victim claims related to the
blaze, she said.

Read More: Why California Wildfires Put Heat on Power Companies

"We're putting everything we’ve got into preventing wildfires and
reducing the risk," Poppe said. "Though it may feel satisfying for
the company of PG&E to be charged with a crime, what I know is the
company of PG&E is people, 40,000 people who get up every day to
make it safe and to end catastrophic wildfire and tragedies like
this. Let’s be clear, my coworkers are not criminals."

Bridgett also said Shasta County and four others have opened a
joint investigation to determine PG&E’s possible criminal
liability for starting the Dixie Fire, which began in July and has
grown to become the second-largest wildfire in California history.

"It's time that they change," Bridgett said of PG&E, "and change
does not come by doing nothing. We can not afford to do nothing."

PG&E shares fell 0.3% Friday.

Evidence suggests the Zogg Fire was caused by a tree falling on the
utility's power line, according to the judge overseeing PG&E's
criminal probation and federal prosecutors.

Bridgett said PG&E contractors had marked the tree for removal
because it was deemed hazardous, but it was never cut down. Poppe
said two trained arborists had determined independently that the
tree in question could remain.

The company estimates total liability from the blaze at $375
million, according to a government filing in July 2021. That figure
that could increase substantially with the costs of defending
another criminal case.

                      About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical
Workers;(ii) the Engineers and Scientists of California; and (iii)
the Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities.  Morrison &
Foerster LLP serves as special regulatory counsel. Munger Tolles &
Olson LLP is also special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants. The tort claimants' committee is represented by
Baker & Hostetler LLP.


PIZZINI AND HANSEN: Unsecured Creditors to Get $30K in 5 Years
--------------------------------------------------------------
Pizzini and Hansen, Inc., filed with the U.S. Bankruptcy Court for
the District of Kansas a Plan of Reorganization dated September 20,
2021.

The Debtor began its business in December 2018 after it purchased
the assets from BWC.  The business is a wholesale bakery business.
It sells to restaurants, grocery stores, and Worlds of Fun. Due to
the actions of BWC, Debtor has had difficulty profitably operating
its business. The need for the reorganization was due, in part, to
the claims of BWC and the unsecured creditors.

Class One includes the claim of The Bagel Works Cafe, Inc. ("BWC").
The Proof of Claim filed by BWC on August 9, 2021 (Claim #3)
reflected a balance of $163,584.74. Depending upon the ultimate
resolution of the BWC's Proof of Claim and the Debtor's Objections,
Debtor shall agree to pay BWC the secured portion of any claim that
is allowed based upon the value of the Debtor's assets, which were
pledged as collateral to BWC. If the Court concludes that BWC has a
claim in excess of $40,000, the first $40,000 will be treated as a
secured claim under Class One as that is the maximum value of the
Debtor's assets or BWC's collateral. Any remaining claim that is
allowed by the Court shall be treated as a Class Three unsecured
non-priority claim. If the Court concludes that BWC has a claim in
excess of $40,000, the first $40,000 which is to be paid as a
secured claim in Class One will be paid bearing 5% interest
(starting as of the Effective Date), with monthly payments of
$754.85 for 60 months (5 years), commencing 30 days after the
Effective Date.

Class Two includes the claim of Itria Ventures. Should BWC's claim
be allowed by the Court for an amount in excess of $40,000 (or the
ultimate value determined of the Debtor's assets which are
collateral for both BWC's and Itria’s loans), the full claim of
Itria shall be treated as an unsecured non-priority claim in Class
Three. Should BWC's claim be allowed by the Court for an amount
that is less that the value of the Debtor's assets, Itria shall
have a secured claim for the difference of the value of the
Debtor's assets less the allowed amount of BWC's claim. If Itria
has any claim in Class Two, the Debtor shall pay Itria its secured
claim at 5% interest and payable over 60 months (5 years) upon the
same terms as set out for BWC. If the balance owed to Itria is
approximately $22,000, the monthly payments would be $415.17.
Similarly, Itria shall retain its liens on the Debtor's assets
until the full balance of principal and interest on the Allowed
Secured Claim is paid in full.

Class Three includes unsecured non-priority claims. Allowed General
Unsecured Non-priority Claims shall be paid prorata the sum of
$30,000 (which represents funds well in excess of the value of
Debtor's assets which would be reduced by the asserted liens of
Class One and Class Two creditors.  This sum of $30,000 shall be
paid in installments of $500 per month, starting with March 15,
2022 and payable for the 5 years.  Class 3 is impaired.

Class Four includes the unsecured claims of its Members Anthony
Hansen and Robert Pizzini. Debtor shall not pay these claims as
they will be subordinated to the claims of Classes One, Two, Three
and Five. Class Four is impaired.

Class Five includes all Allowed Administrative Claims. Class Five
Claims are the administrative claims. These are the Allowed
Administrative Claims, whether incurred before or after the
Confirmation Date. The Claims of this Class include Chapter 11
Trustee fees, attorneys' fees and accounting fees for post-petition
services rendered to the Debtor on and after the Filing Date. These
claims shall be paid upon confirmation unless other arrangements
are made with the individual creditors in this Class. Class Five is
not impaired.

The Debtor shall continue in possession of its assets and shall
continue the operation of its business. The Debtor shall make all
distributions as proposed in the Plan.

A full-text copy of the Plan of Reorganization dated September 20,
2021, is available at https://bit.ly/3CCT7eA from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     KRIGEL & KRIGEL, P.C.
     Erlene W. Krigel, KS No. 70425
     4520 Main Suite 700
     Kansas City, Missouri 64111
     Telephone: (816) 756-5800
     Facsimile: (816) 756-1999

               About Pizzini and Hansen

Pizzini and Hansen, Inc., filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No.
21-20528) on May 12, 2021, reporting up to $1 million in both
assets and liabilities. Judge Dale L. Somers oversees the case.
Krigel & Krigel, PC, led by Erlene W. Krigel, Esq., serves as the
Debtor's legal counsel.


PLUS THERAPEUTICS: Eliminates Series A Preferred Stock
------------------------------------------------------
Plus Therapeutics, Inc. eliminated its Series A Preferred Stock,
par value $0.001 per share, through the filing of a Certificate of
Elimination of the Series A Preferred Stock with the Secretary of
State of the State of Delaware.  The effect of the Certificate of
Elimination under the Delaware General Corporation Law is to
eliminate from the Company's Amended and Restated Certificate of
Incorporation all matters set forth in the Certificates of
Designation related to the Series A Preferred Stock.  None of the
authorized shares of the Series A Preferred Stock were outstanding
as of Sept. 20, 2021.

                    Amended and Restated Bylaws

On Sept. 15, 2021, the Company's board of directors approved the
Company's Amended and Restated Bylaws, effective Sept. 15, 2021.
The Amended and Restated Bylaws include updates to various
provisions of the Company's previous bylaws including, but not
limited to, the following material updates:

   * Stockholder Proposals: Under Section 2.2 of the Prior Bylaws,
stockholders could only bring business before the Company's annual
meeting of stockholders if properly brought before the meeting.
For a stockholder to properly bring business before an annual
meeting, the stockholder must give timely notice to the Secretary
of the Corporation.  The Amended and Restated Bylaws do not change
the requirement that business be properly brought before an annual
meeting but Sections 2.3-2.5 of the Amended and Restated Bylaws do
expand and specify the requirements to be properly brought before
an annual meeting, including how to give timely notice.

   * Director Resignation: Section 3.2 of the Amended and Restated
Bylaws provides that incumbent directors that are up for
re-election must submit their resignation to the Board if a
majority of the votes cast are against his reelection.  Under the
Prior Bylaws, there was no such requirement.

   * Director Removal: Section 3.4 of the Amended and Restated
Bylaws provides that directors may be removed for cause by the
holders of not less than sixty-six and two-thirds percent (66-2/3%)
of the voting power of the capital stock issued and outstanding
then entitled to vote at an election of directors.  This updates
Section 3.3 of the Prior Bylaws which provided that directors may
be removed, with or without cause, by the holders of at least a
majority of the shares entitled to vote at an election of
directors.

   * Indemnification: Article 6 of the Amended and Restated Bylaws
expand and clarify the scope and procedures of the indemnification
provision that was provided under Article 6 of the Prior Bylaws.
Under Article 6 of the Amended and Restated Bylaws, the Company's
directors and officers of the Company shall be indemnified and held
harmless by the Company to the fullest extent permitted by Delaware
law against all expense, liability, and loss reasonably incurred or
suffered by such individual in any action, suit, or proceeding to
which such person is a party.  Further, under such provision, an
indemnitee shall have the right to be paid by the corporation, the
expenses (including attorney's fees) incurred in defending any such
proceeding in advance of its final disposition.

   * Exclusive Forum: Article 9 of the Amended and Restated Bylaws
to provide that the federal district courts of the United States
are designated as the exclusive jurisdiction for any litigation
arising under the Securities Act of 1933, as amended.  Under the
Prior Bylaws, there was no such provision establishing a federal
forum for the Company.

   * Amendments: Article 10 of the Amended and Restated Bylaws
provides the holders of at least sixty-six and two-thirds percent
(66-2/3%) of the voting power of the shares of the capital stock of
the corporation entitled to vote in the election of directors,
voting as one class may adopt, amend or repeal the Amended and
Restated Bylaws.  Under the Prior Bylaws, there was no such
requirement.

                      About Plus Therapeutics

Headquartered in Austin, Texas, Plus Therapeutics, Inc. --
http://www.plustherapeutics.com-- is a clinical-stage
pharmaceutical company focused on the discovery, development, and
manufacturing scale up of complex and innovative treatments for
patients battling cancer and other life-threatening diseases.

Plus Therapeutics reported a net loss of $8.24 million for the year
ended Dec. 31, 2020, compared to a net loss of $10.89 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$20.83 million in total assets, $8.89 million in total liabilities,
and $11.94 million in total stockholders' equity.

BDO USA, LLP, in San Diego, Calif., the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Feb. 22, 2021, citing that the Company has suffered recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.



POLYMER ADDITIVES: Moody's Hikes CFR to 'B3', Outlook Stable
------------------------------------------------------------
Moody's Investors Service has upgraded Polymer Additives, Inc.'s
(d/b/a Valtris Specialty Chemicals) Corporate Family Rating to B3
from Caa1, its Probability of Default Rating to B3-PD from Caa1-PD,
as well as the company's senior secured first lien revolver and
term loan to B3 from Caa1. The outlook remains stable.

"Valtris' rating upgrade is supported by its improved credit
metrics after recent earnings rebound, as well as the expected free
cash flow generation given continued robust demand for polymer
additives," says Jiming Zou, a Moody's Vice President and Senior
Analyst for Valtris.

Rating Upgrades:

Upgrades:

Issuer: Polymer Additives, Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

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

Senior Secured First Lien Revolving Credit Facility, Upgraded to
B3 (LGD4) from Caa1 (LGD4)

Senior Secured First Lien Term Loan, Upgraded to B3 (LGD4) from
Caa1 (LGD4)

Outlook Actions:

Issuer: Polymer Additives, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Rebound in sales volume, price increases and favorable product mix
have boosted Valtris' sales and earnings to multiyear high, despite
inflationary raw material and freight costs. Its EBITDA almost
doubled in the first half of 2021 from the same period a year ago
and even exceeded pre-pandemic level. Demand for polymer additives
such as plasticizers, stabilizers and lubricants has been improving
thanks to strong end markets and customers restocking. In
particular, building, transport, packaging, consumer and healthcare
sectors are driving demand for PVC, polyolefin and coatings
products that require polymer additives.

Valtris' strong earnings resulted in a significant improvement in
adjusted debt leverage to about 5 times at the end of June 2021
from 7.0x at the end of December 2020. Although market tailwind
will eventually fade and Valtris' earnings will revert to more
normalized level likely in the next 12-18 months, Moody's expect
the company to sustain its debt leverage below 7.0x, as prior to
the pandemic. Such debt leverage supports its B3 CFR.

The upgrade also reflected the company's improved financial
flexibility and reduced covenant compliance risk. Moody's expect
its free cash flow will become positive in the next 12-18 months.
As of June 30, 2021, Valtris' liquidity sources included $9 million
cash on hand and $40 million availability under its $60 million
revolving credit facility. The company has a springing first-lien
net leverage covenant of not exceeding 7.85x, which will only be
tested if more than 35% (or $21 million) of the revolver is drawn.
Moody's expect Valtris to remain in compliance with the covenant.

Valtris' rating is supported by its leadership in niche
applications such as bio-based plasticizers and specialty
fast-fusing plasticizers. Its business profile is also backed by a
broad customer base, geographic diversification, and entrenched
customer relations. The acquisition of INEOS' businesses, including
esters, chlorotoluenes and derivatives, in 2018 expanded the
company's revenues base and its product offerings with
environmentally friendly esters plasticizers and offer growth
opportunities in benzyl alcohol and derivatives.

Valtris' rating is constrained by its relatively small business
scale, exposure to commoditized products and regulatory risks that
accelerate product substitutions. Despite its leadership positions
in niche applications, Valtris competes in a largely commoditized
polymer additives market with sufficient capacity, supply and
substitutes.

The company's rating has also factored in environmental, social and
governance considerations. Government regulations on phthalate
plasticizers due to their perceived health hazards continue to
impact the sales of certain Valtris products such as butyl benzyl
phthalate plasticizers (BBP), while offering growth opportunities
in environmentally friendly plasticizers. The ownership by a
private equity firm has constrained Valtris' credit profile given
the aggressive debt leverage and debt-funded acquisitions.

The stable outlook reflects Moody's expectation that demand for
polymer additives will remain robust and Valtris' credit metrics
will remain adequate for the rating in the next 12-18 months.

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

Moody's would consider upgrading the ratings if the company reduces
its debt leverage below 6.0x by repaying debt or increasing
earnings, achieves Retained Cash Flow/Debt sustainably above 10%
and improves its liquidity profile through consistent free cash
flow generation. Conversely, the ratings could be lowered if
profitability or liquidity deteriorates, resulting in negative free
cash flow, lower margins, or debt leverage exceeding 7.5x.

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

Polymer Additives, Inc., d/b/a Valtris Specialty Chemicals, is a
manufacturer of a diverse set of polymer modifiers, lubricants, and
stabilizers primarily used as additives in the production of
plastics. Valtris is owned by H.I.G. Capital LLC, which purchased
Valtris as the majority of the assets associated with Ferro
Corporation's Polymer Additives Division in December 2014. In 2018,
Valtris acquired certain businesses from Ineos Group Holdings S.A.
Valtris generated about $600 million in sales in 2020.


POTOMAC CONSTRUCTION: Hires Greysteel as Real Estate Broker
-----------------------------------------------------------
Potomac Construction 1522 Rhode Island, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Columbia to employ
Benjamin W. Wilson of Greysteel, as real estate broker.

The firm will market and sell the Debtor's real property located at
1522 Rhode Island Avenue, NE, Washington, DC 20018.

At the request of the Debtor, the firm has procured a potential
purchaser for the Property. The sale of the Property is intended to
provide the funding to pay creditors under the proposed Chapter 11
Plan. The firm will receive no compensation from the Debtor or its
estate. All costs and commissions are to be paid by the purchaser
and the Debtor has no formal agreement with the firm.

Benjamin W. Wilson a managing director of Greysteel disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Benjamin W. Wilson
     Greysteel
     7735 Old Georgetown Road Suite 301
     Bethesda, MD 20814
     Tel: (202) 499-4077
     E-mail: bwilson@greysteel.com

                    About Potomac Construction

Washington, DC-based Potomac Construction 1522 Rhode Island, LLC
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D.D.C. Case No. 21-00153) on May 30, 2021.
Eric Hirshfield, the managing member, signed the petition. In the
petition, the Debtor disclosed $1 million to $10 million in both
assets and liabilities. Judge Elizabeth L. Gunn oversees the case.
The Diamond Law Group, LLC, led by Seth W. Diamond, Esq., serves as
the Debtor's counsel.


PREMIER SERVICES: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Premier Services, Inc.
        11689 Progress Ln
        Parker, CO 80134-9205

Business Description: Premier Services, Inc. is part of the
                      Water, Sewage and Other Systems industry.

Chapter 11 Petition Date: September 24, 2021

Court: United States Bankruptcy Court
       District of Colorado

Case No.: 21-14900

Debtor's Counsel: Jessica Hoff, Esq.
                  HOFF LAW OFFICES, P.C.
                  6400 S Fiddlers Green Cir Ste 250
                  Greenwood Village, CO 80111-5075
                  Tel: (720) 739-3599
                  Email: jhoff@hofflawoffices.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James F. Bauer, Jr. as president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/NGEHX5I/Premier_Services_Inc__cobke-21-14900__0011.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/DZ3HAFQ/Premier_Services_Inc__cobke-21-14900__0001.0.pdf?mcid=tGE4TAMA


PRIMARIS HOLDINGS: Hearing Today on Bid to Use Cash Collateral
--------------------------------------------------------------
Primaris Holdings, Inc. asked the U.S. Bankruptcy Court for the
Western District of Missouri to (a) authorize the use cash
collateral, in which The Bank of Missouri may assert an interest,
in order to maintain the ongoing operations of its business, and
avoid immediate and irreparable harm to the estates and all
parties-in-interest; and (b) allow the Debtor to provide adequate
protection to The Bank of Missouri for up to $10,000 per month
starting September 30, 2021.

The Bank has a senior lien on the Debtor's depository accounts and
receivables. The Debtor said it has engaged in discussions with the
Bank regarding the continuing use of Cash Collateral but has not
been able to obtain consent.  The Creditor said it has been harmed
by the Debtor's use of the accounts receivable, which as of
September 21, 2021 amounted to $319,000.  The Creditor complained
that it did not receive anything from the Debtor's use of the
receivables.

The Bankruptcy Court on September 21 partially granted the Bank of
Missouri's motion to prohibit Primaris Holdings from using its cash
collateral.  The Court ruled that the Debtor is prohibited from
using the Bank's cash collateral unless the Bank consents or the
Debtor requests, and the Court, after notice and hearing,
authorizes such use.  The Debtor is directed to account to the Bank
for all of the Debtor's unauthorized use of the Bank's cash
collateral since June 1, 2021.

The Court said it will continue hearing on other requests in the
Bank's motion on October 21, 2021 at 1:30 p.m. via Zoom video
conference.

An expedited hearing on the Debtor's Motion will be held September
27 at 10 a.m. via Zoom video conference.

Following the Court's decision, the Debtor filed the Motion for
Authority to Use Cash Collateral.  The Debtor explained that if it
had shut its doors on the Petition Date and ceased operations,
there was almost zero chance any of those accounts receivable would
have been collected, as the Debtor would have been in breach of its
client contracts.  The Debtor asserted that the Bank's only true
Cash Collateral on the Petition Date, which the Debtor sought and
obtained permission to use, was the cash in the bank accounts
aggregating $57,875.

The total balance in the four DIP accounts on June 1, 2021 was
$4,461.  As of September 21, the balance in the four DIP accounts
totals $163,997, less $34,903 in outstanding checks.  The Debtor
said it will be providing the Bank and the Court an accounting for
the cash collateral utilized since June 1, as the Court ordered.

The Debtor further disclosed there are administrative expenses --
for attorney's fees, Subchapter V trustee fees, accountant's fees,
taxes, and costs of 401K windup -- that need to be from the cash
collateral, all of which would be paid from the funds in the DIP
accounts if the case is converted to Chapter 7.

A Proforma Projection to Close provided for the following:

                       Direct         Corp.
      Month            Costs          Costs
   -----------       ------------    ---------
   August 2021         $90,644        $47,076

   September 2021      $97,951        $34,616

   October 2021        $95,663        $21,963

   November 2021      $102,551        $50,963

   December 2021       $97,163        $88,963

A copy of the projection is available for free at
https://bit.ly/3i3kjvd from PacerMonitor.com.

A copy of the Debtor's motion is available for free at
https://bit.ly/3lS2XT9 from PacerMonitor.com.

                      About Primaris Holdings

Primaris Holdings, Inc. is a Columbia, Mo.-based privately held
company in the healthcare consulting business.  It leads and
supports systems and clinicians in implementing solutions that
improve healthcare quality and reduce costs.

Primaris Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mo. Case No. 20-20773) on Nov. 19,
2020.  Richard A. Royer, chief executive officer, signed the
petition.

At the time of filing, the Debtor had total assets of $3,170,289
and liabilities of $5,203,068.

The Olsen Law Firm, LLC and Foley Law serve as the Debtor's legal
counsel.  Mueller Prost LC is the Debtor's accountant.

Bank of Missouri, as lender, is represented by Bradshaw, Steele,
Cochrane, Berens and Billmeyer, LC.



PSG MORTGAGE: Seeks to Hire Julian Bach as Counsel
--------------------------------------------------
PSG Mortgage Lending Corp. seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ the Law
Office of Julian Bach, as counsel.

The firm's services include:

   a. legal advice with respect to the rights, powers and duties of
the Debtor in the Chapter 11 case;

   b. preparation of all necessary pleadings, reports and other
documents on the Debtor's behalf;

   c. negotiation, formulation, drafting and confirmation of a plan
of reorganization, including modifications and amendments as deemed
necessary;

   d. participation in any proceedings or hearing in the Bankruptcy
Court, the District Court, the Bankruptcy Appellate Panel, the
Circuit Court of Appeals, the U.S. States Supreme Court, or any
other judicial or administrative forum in which any action or
proceeding may be pending which may affect the Debtor, its assets,
or the claims of its creditors;

   e. assistance in the conduct of any examinations or
investigations, together with advising the Debtor concerning
administration of the bankruptcy case and commencement and
prosecution on the Debtor's behalf of any avoidance actions or
claims objections as may be appropriate; and

   f. performance of all other legal services for the Debtor which
may be necessary in connection with the Chapter 11 case.

The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

The retainer is $20,000.

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

The firm can be reached at:

     Julian Bach, Esq.
     Law Office of Julian Bach
     7911 Warner Avenue
     Huntington Beach, CA 92647
     Tel: (714) 848-5085
     Fax: (714) 596-6331

                 About PSG Mortgage Lending Corp.

PSG Mortgage Lending Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 21-30592) on August
25, 2021. The petition was signed by Philip Fusco as chief
executive officer.  At the time of the filing, the Debtor disclosed
assets of between $10 million and $50 million and liabilities of
the same range.  LAW OFFICE OF JULIAN BACH, is the Debtor's legal
counsel.


PURDUE PHARMA: California AG Appeals Chapter 11 Plan Approval
-------------------------------------------------------------
Rick Archer of Law360 reports that California Attorney General Rob
Bonta on Friday, September 24, 2021, became the latest attorney
general to announce an appeal of the approval of Purdue Pharma's
Chapter 11 plan, saying the OxyContin maker's former owners in the
Sackler family must be held accountable for their part in the
opioid crisis.

Bonta's announcement and the state's filing of a notice of appeal
will make California the fourth state to say it will seek to
overturn the confirmation of Purdue's restructuring plan based on
the opioid liability releases for Sackler family members that it
incorporates.

                       About Purdue Pharma

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.   

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant.  Prime Clerk LLC is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.


QUARTERNORTH ENERGY: Moody's Assigns First Time 'B3' CFR
--------------------------------------------------------
Moody's Investors Service assigned first-time ratings to
QuarterNorth Energy Holding Inc., including a B3 Corporate Family
Rating, a B3-PD Probability of Default Rating, and a B3 rating to
the company's $185 million senior secured second-lien term loan due
2026. The rating outlook is stable.

QuarterNorth was formed to own the deepwater and higher quality
shelf assets of Fieldwood Energy LLC, which had filed for
bankruptcy in August 2020, completed a comprehensive restructuring,
and formally emerged from the Chapter-11 process on August 27,
2021. QuarterNorth is expected to produce about 31,000 barrels of
oil equivalent per day (Mboe/d, 82% liquids) for the balance of
2021 from a proved reserve base of about 70 million boe (58% proved
developed). The new company started with $304 million of debt and
$208 million of balance sheet cash.

Assignments:

Issuer: QuarterNorth Energy Holding Inc.

Probability of Default Rating, Assigned B3-PD

Corporate Family Rating, Assigned B3

Senior Secured 2nd Lien Term Loan, Assigned B3 (LGD4)

Outlook Actions:

Issuer: QuarterNorth Energy Holding Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The B3 CFR reflects QuarterNorth's limited production relative to
higher rated E&P companies, short reserve life, high concentration
in deepwater Gulf of Mexico (GoM), and the inherent storm and
geological risks of US GoM operations. The rating also reflects the
execution risk the company will face to sustain production and grow
reserves following a period of underinvestment and recalibrated
spending, a capital structure that will evolve over time as the
company generates free cash flow, amortizes debt and drills more
deepwater wells, and the need to establish a credible track record
following a history of poor governance and operational problems.
QuarterNorth's ratings are supported by its low debt level,
oil-weighted production platform, strong asset coverage, and
multi-year low-cost and low-risk organic growth opportunities.
QuarterNorth's deepwater-focused assets should have a relatively
moderate base decline rate and more manageable capital requirements
relative to the pre-bankruptcy entity enabling more reliable cash
flow generation. Moody's estimates the company's new asset base has
a full-cycle cash breakeven cost of about $35/bbl.

The stable outlook reflects Moody's view that QuarterNorth will
maintain low leverage, generate free cash flow and have adequate
cash liquidity through 2022.

The $185 million second lien term loan is rated B3 and ranks behind
the company's $119 million first lien term loan facility, which has
a priority claim to substantially all of QuarterNorth's assets.
While Moody's Loss Given Default for Speculative-Grade Companies
rating methodology indicates a Caa1 rating for the second lien term
loan, Moody's believe a B3 rating is more appropriate given the
strong overall asset coverage and the material reduction in the
first-lien debt balance projected through 2022. Both term loans
have the same subsidiary guarantee and collateral package.

QuarterNorth should have adequate liquidity based on Moody's
expectation of over $150 million of free cash flow and a growing
cash balance through 2022. Although the company does not have any
revolving credit facility, it had $208 million of cash upon
emergence from bankruptcy. The company is also expecting $50
million of asset sale proceeds by first quarter 2022 after entering
into an agreement to sell its 10% interest in Fieldwood Mexico.
Cash proceeds from this sale will be applied to partially repay the
first-lien term loan. Capital expenditures and plugging and
abandonment expenditure will continue at a modest level totaling
$100-$120 million through 2022. The first lien credit agreement
requires the outstanding balance to be reduced below $100 million
by the end of 2021, followed by $15 million in annual principal
amortization through maturity. The company should be able to cover
these payments with available cash and cash flow. The first lien
facility matures in August 2025 and the second lien non-amortizing
facility matures in August 2026. The company should be able to
comfortably comply with the two first lien term loan financial
covenants, (i) a net debt/EBITDA ratio not greater than 2.25x, and
(ii) an asset coverage ratio of not less than 2.25x. The second
lien facility does not have any maintenance covenants. The
company's alternate liquidity is limited given substantially all of
its oil and gas assets are pledged to the secured term loan
lenders.

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

QuarterNorth's ratings could be upgraded if the company can
establish a track record of consistent production and reserve
growth while generating competitive returns and sustaining low
leverage. More specifically, if the company can sustain production
above 40,000 boe/d, maintain a leveraged full-cycle ratio above
1.5x and consistently generate free cash flow, an upgrade could be
considered. The CFR could be downgraded if production declines
materially, the company generates negative free cash flow or
liquidity becomes weak.

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

QuarterNorth Energy Holding Inc. is Delaware incorporated
exploration and production company with offshore operations in the
Gulf of Mexico.


RITORI LLC: Nov. 17 Plan & Disclosure Hearing Set
-------------------------------------------------
On Aug. 30, 2021, debtor Ritori, LLC, filed with the U.S.
Bankruptcy Court for the District of Maryland a Disclosure
Statement referring to a Plan of Liquidation.

On Sept. 21, 2021, Judge Lori S. Simpson conditionally approved the
Disclosure Statement and ordered that:

     * Nov. 17, 2021, at 10;00 a.m. via Video Conference is the
hearing to consider the final approval of the Disclosure Statement
and confirmation of the Plan.

     * Oct. 15, 2021, is fixed as the last day for filing and
serving written objections to the conditionally approved Disclosure
Statement or confirmation of the Plan.

     * Oct. 15, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.  Acceptances and rejections
should be filed with the attorney for the Plan Sponsor.

A copy of the order dated September 21, 2021, is available at
https://bit.ly/3lTnwi5 from PacerMonitor.com at no charge.

Counsel to Ritori, LLC:

     McNamee Hosea, P.A.
     Steven L. Goldberg
     6411 Ivy Lane, Suite 200
     Greenbelt, Maryland 20770
     T: 301-441-2420

                        About Ritori LLC

Ritori LLC and its affiliates, Marsalret LLC and Triplet LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Md. Lead Case No. 19-24473) on Oct. 29, 2019.  Lori S. Simpson
oversees the cases.

At the time of the filing, Ritori had between $1 million and $10
million in both assets and liabilities.  Marsalret and Triplet
disclosed total assets of up to $50,000 and total liabilities of up
to $10 million.

The Debtors are represented by Steven L. Goldberg, Esq., at
McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, P.A.


RIVERROCK RECYCLING: Hires Fry & Associates as Accountant
---------------------------------------------------------
Riverrock Recycling & Crushing LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ Fry &
Associates, CPAS, Inc. as accountant.

The firm will provide accounting services to the Debtor in the
Chapter 11 case.

The firm will be paid at these rates of $250 per hour for
consulting and tax preparation, and $50 per hour for bookkeeping.

The firm received from the Debtor a retainer of $10,000.

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

Nicholas M. Fry a partner at Fry & Associates, CPAS, Inc. disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Nicholas M. Fry
     Fry & Associates, CPAS, Inc.
     323 Regency Ridge Drive
     Centerville, OH 45459
     Tel: (937) 428-0784
     Fax: (866) 428-0277

               About Riverrock Recycling & Crushing

Riverrock Recycling & Crushing, LLC, d/b/a River Rock, is a
privately held company in the portable crushing business operating
in Dayton, Ohio. The company filed a Chapter 11 petition (Bankr.
S.D. Ohio Case No. 21-31385) on August 13, 2021.

On the Petition Date, the Debtor estimated $500,000 to $1,000,000
in assets and $1,000,000 to $10,000,000 in liabilities. The
petition was signed by Orville E. Lykins, operations manager.

Judge Guy R. Humphrey is assigned to the case. James A. Coutinho
has been appointed as Subchapter V Trustee for the Debtor.

The Law Offices of Ira H. Thomsen serves as the Debtor's counsel.


ROCHELLE HOLDINGS: Plan Fails Liquidation Test, Nicholson Says
--------------------------------------------------------------
Secured Creditor, Nicholson Investments, LLC, asks the Court to
deny approval of the Disclosure Statement and confirmation of the
Amended Plan of Reorganization filed on September 17, 2021 by the
Rochelle Holdings XIII, LLC.

Nicholson says the Plan is patently unconfirmable because it fails
the liquidation test under Sec. 1129(a)(7)(A), is not feasible
under Sec. 1129(a)(11), and, to the extent Debtor relies upon the
cramdown provisions of 1129(b), the plan is not fair and equitable
to Nicholson.

According to Nicholson, the Plan's most significant defect, and the
primary source of each of the foregoing objections, is its
provision requiring the Debtor to execute a deed to an undisclosed
number of acres of its valuable real property in favor of the
Rissers (the Class 1 Holder), which deed the Rissers are allowed to
hold in escrow and to remove from escrow immediately on April 5,
2022, if Rissers' claim is not paid in full by April 4, 2022. The
Plan therefore all but ensures that, in the event the Debtor cannot
sell sufficient property to pay the Rissers in full by the
deadline, the Rissers are the only beneficiaries of this Plan, and,
conversely, nearly guarantees that Nicholson—the holder of an
undisputed $4.3 million second mortgage—will receive nothing on
account of its allowed secured claim.

Attorneys for Nicholson Investments:

     Christopher R. Thompson
     BURR & FORMAN LLP
     200 S. Orange Avenue, Suite 800
     Orlando, Florida 32801
     Phone: (407) 540-6600
     Facsimile: (407) 540-6601
     E-mail: crthompson@burr.com

                 About Rochelle Holdings XIII

Longwood, Fla.-based Rochelle Holdings XIII, LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
21-03216) on July 15, 2021, disclosing total assets of $85 million
and total liabilities of $29.06 million.  Matthew R. Hill, managing
member of Rochelle Holdings, signed the petition.  Judge Lori V.
Vaughan oversees the case.  Kosto & Rotella, PA serves as the
Debtor's legal counsel.


ROLLER BEARING: Moody's Assigns 'Ba3' CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned initial ratings to Roller
Bearing Company of America, Inc. (dba "RBC Bearings"), including a
corporate family rating of Ba3 and a probability of default rating
of Ba3-PD. Concurrently, Moody's assigned a B2 rating to the
company's proposed senior unsecured notes and speculative grade
liquidity rating of SGL-2. The ratings outlook is stable.

Proceeds from proposed bank debt facilities (comprised of a $500
million undrawn revolver and $1.3 billion term loan, both unrated)
together with $1.1 billion of new equity and cash on hand will be
used to fund the $2.9 billion pending acquisition of the mechanical
power transmission business of ABB Ltd (A3, stable) known as
DODGE.

Assignments:

Issuer: Roller Bearing Company of America, Inc.

Probability of Default Rating, Assigned Ba3-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Corporate Family Rating, Assigned Ba3

Senior Unsecured Notes, Assigned B2 (LGD5)

Outlook Actions:

Issuer: Roller Bearing Company of America, Inc.

Outlook, Assigned To Stable

RATINGS RATIONALE

RBC Bearings' Ba3 CFR reflects its leading position in the highly
engineered precision bearings and components market, serving both
the aerospace & defense and industrial end markets. DODGE's strong
presence in the mechanical bearings and power transmission
components markets will significantly enhance the company's
competitive position in the bearings market. RBC Bearings' solid
EBITDA margins and strong cash generation reflect the company's
brand strength along with the highly engineered nature of its
products. Moreover, RBC Bearings' revenue will more than double
with the DODGE acquisition and will be further strengthened by an
increase in aftermarket sales.

Nonetheless, the DODGE acquisition will result in high financial
leverage, with pro forma debt/EBITDA (including Moody's standard
debt adjustments) of 5.1x including $35 million of synergies (5.6x
excluding synergies). Moody's expects that debt/EBITDA will
approach 4.0x over the next 18 months as earnings grow and strong
cash generation is used to meaningfully repay elevated debt levels.
The ratings also incorporate potential risks associate with the
integration of DODGE, along with uncertainty regarding the pace and
magnitude of recovery in the company's cyclical end markets. Also,
although Moody's expects relatively strong revenue growth over the
next few years, RBC Bearings' earnings will be vulnerable to near
term operational disruptions caused by supply chain constraints, as
well as inflationary pressures brought on by elevated commodity,
transportation and labor costs. Nonetheless, Moody's expects the
company will continue to prudently manage these headwinds through
pricing actions and operational efficiencies.

Corporate governance was a key driver in this rating action as
Moody's expects the company will maintain a well-balanced financial
policy including actively prepaying debt with excess cash flow post
the DODGE acquisition.

The company's SGL-2 speculative grade liquidity rating reflects
Moody's expectation that the company will maintain good liquidity
over the next twelve to eighteen months. The company's liquidity is
supported by Moody's expectation that the company will generate
healthy free cash flow, while maintaining cash balances exceeding
$50 million and full availability under its $500 million revolving
credit facility with good covenant headroom.

The B2 rating on the $500 million proposed senior unsecured notes
issuance is two notches below the CFR. The notch differential
reflects the higher expected loss of the unsecured notes compared
to the company's proposed $1.8 billion of senior secured debt
(inclusive of $500 million undrawn revolving credit facility).

The stable outlook is based on Moody's expectation that the
combined company's revenue and earnings will grow over the next 12
to 18 months. The outlook also reflects Moody's expectation that
the company will proactively utilize excess cash flow to repay debt
while maintaining a good liquidity profile.

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

Moody's would consider a ratings upgrade if the company were to
profitably and meaningfully increase its revenue scale while
growing revenue organically. Maintaining strong EBITDA margins and
a conservative financial policy resulting in debt/EBITDA sustained
at or below 3.0 times would also support a ratings upgrade.

Conversely, ratings could be downgraded if operating performance
weakens or the company experiences operational disruptions during
acquisition integration such that financial leverage does not
decline towards 4.0x within the next 18 months. A weakened
liquidity profile such as meaningfully lower free cash generation
could also pressure ratings. A more aggressive financial policy
including debt-financed acquisitions or shareholder remunerations
could also result in a downgrade.

Headquartered in Oxford, Connecticut, RBC Bearings Incorporated,
the parent company of Roller Bearing Company of America, Inc., is a
publicly-traded (NASDAQ: ROLL) global manufacturer of highly
engineered precision bearings and component products serving the
industrial, defense and aerospace industries. For the last twelve
months ended June 30, 2021, the company generated revenues of
approximately $609 million. Including DODGE, pro forma revenue is
approximately $1.2 billion.

The principal methodology used in these ratings was Manufacturing
published in September 2021.


RUNNER BUYER: Moody's Assigns First Time 'B2' Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Runner
Buyer, Inc. (dba "RugsUSA"), including a B2 corporate family rating
and a B2-PD probability of default rating. In addition, Moody's
assigned a B2 rating to RugsUSA's proposed first lien senior
secured $75 million revolving credit facility and $500 million term
loan. The outlook is stable.

Proceeds from the proposed term loan and equity from Francisco
Partners will be used to finance the acquisition of RugsUSA by
Francisco Partners and pay for transaction fees and expenses.

"RugsUSA has executed well in the online rug space, achieving solid
and profitable growth," said Moody's analyst Raya Sokolyanska.
"While debt/EBITDA is relatively high pro-forma for the
transaction, RugsUSA generates solid free cash flow, and we expect
favorable near-term demand to support deleveraging." The rating
assignment also incorporates governance considerations notably the
financial strategy risks associated with private equity control.

Moody's took the following actions for Runner Buyer, Inc.:

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Proposed Senior Secured First Lien $75 million Revolving Credit
Facility due 2026, Assigned B2 (LGD3)

Proposed $500 million Senior Secured First Lien Term Loan due
2028, Assigned B2 (LGD3)

Outlook, Assigned Stable

RATINGS RATIONALE

RugsUSA's B2 CFR is constrained by the company's small scale and
short history of operating at current levels of revenue and
profits. In addition, the credit profile is limited by RugsUSA's
narrow focus primarily in the discretionary, cyclical and highly
fragmented rug market. While Moody's expects favorable conditions
for home-related spending to remain in place over the next 1-2
years, there is a risk that demand will moderate following its
recent above-average growth. In addition, the ratings incorporate
RugsUSA's high leverage of 6x Moody's-adjusted debt/EBITDA pro
forma for the transaction. The rating also reflects financial
strategy risks associated with private equity ownership, such as
debt-financed shareholder distributions. In addition, as a retailer
the company is subject to social and environmental factors,
including responsible sourcing, product and supply sustainability,
privacy and data protection.

At the same time, the ratings are supported by RugsUSA's high
growth rates, with revenues that have more than quadrupled over the
past 5 years driven by both good execution and increasing online
penetration particularly in the value rugs market. In addition,
Moody's expects the company's value price points and the continued
secular shift to ecommerce to mitigate any potential revenue
declines in a scenario of a broader contraction in rug market
demand. Further, despite ramping up spending in key areas of
technology, people and supply chain over the past several years,
RugsUSA has maintained solid operating margins, which benefit from
the industry's favorable gross margin structure, the company's high
repeat customer purchase rate and the asset-light nature of the
business. As a result, pro-forma interest coverage will be
relatively strong compared to similarly rated peers, at an
estimated 3.1x Moody's-adjusted EBITA/interest expense. In
addition, Moody's expects the company to have good liquidity over
the next 12-18 months, including solid positive free cash flow,
full availability under the proposed $75 million revolving credit
facility and a springing covenant-only capital structure.

The stable outlook reflects Moody's expectations for modest
deleveraging and good liquidity over the next 12-18 months.

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

A ratings upgrade is unlikely in the near to medium term due to the
company's small scale, private equity ownership and niche product
focus. An upgrade would require greater scale and business
diversification, very good liquidity, and a commitment to more
conservative financial policies, such that debt/EBITDA is
maintained below 4.5x.

The ratings could be downgraded if revenues or earnings
deterioration or company's free cash flow weakens. Market share
losses, the loss of a material marketplace relationship, or
aggressive financial strategy actions could also result in a
downgrade. Quantitatively, the ratings could be downgraded if the
company maintains debt/EBITDA above 6x, EBITA/interest expense
below 2x, and FCF/debt below 5%.

As proposed, the new first lien revolver and term loan are expected
to provide covenant flexibility that if utilized could negatively
impact creditors. Notable terms include the following:

Incremental debt capacity up to the greater of 100% consolidated
EBITDA at close and pro-forma LTM EBITDA, plus unused amounts
reallocated from the General Debt Basket, plus unlimited amounts
subject to 5.6x pro-forma first lien net leverage. Amounts up to
the greater of 200% of assumed EBITDA and 200% of TTM EBITDA may be
incurred with an earlier maturity date than the initial term
loans.

There are no express "blocker" provisions that prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions.

Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, with no
explicit protective provisions limiting such guarantee releases.

There are no express protective provisions prohibiting an
up-tiering transaction.

Headquartered in New York, NY, RugsUSA is an e-commerce provider of
rugs and home décor products through its website rugsausa.com and
e-commerce marketplaces. Revenue for the twelve months ended June
2021 was roughly $321 million.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


S & N PROPERTY: Seeks Access to Receiver-Controlled Cash
--------------------------------------------------------
S & N Property, L.L.C. asked the U.S. Bankruptcy Court for the
District of Colorado to authorize the use of cash collateral which
is in the control of M. Shapiro Management Company, LLC, appointed
receiver to the Debtor's Villa Manor, a 78-unit home complex on a
13.5-acre real property in Dodge City, Kansas.

Pursuant to the Receiver-maintained Flagstar Bank Business Account
Statement and related Bank Reconciliation Report, the Receiver
controlled cash funds of $17,941 as of August 31, 2021.

Lender, Wilmington Trust, N.A., assignee of the promissory note
secured against Villa Manor and the rights to current and future
rents, asserts to hold a secured claim for $1,474,657.  The Lender,
on or about June 1, 2021, initiated a civil action before the Ford
County, Kansas District Court, seeking for the appointment of a
Receiver on an ex parte basis. On or about June 17, 2021, the State
Court appointed M. Shapiro Management as Receiver and authorized it
to take possession of Villa Manor and manage its operations.

On the Chapter 11 petition date, the Debtor asked the Bankruptcy
Court to remove the Receiver, which the Lender objected.  The
matter is currently pending before the Bankruptcy Court.

The Debtor is seeking to use Cash Collateral for ordinary business
expenses, including payment of independent contractor invoices;
monthly utility charges; repair and maintenance of Villa Manor;
allowed administrative expenses upon Court approval thereof; and
fees incurred under 28 U.S.C. sec. 1930.

In return for the use of cash collateral, the Debtor proposed,
among other things, to:

   a. make monthly payments to the Lender in the amount of $8,043
for principal, interest, taxes, insurance, and escrow reserves,
commencing on the first business day of the first month following
the entry of an interim order on the current Motion;

   b. grant the Lender a replacement lien on all property of the
Debtor and the bankruptcy estate, with the same priority and
validity as the Lender's pre-petition security interest to the
extent of the Debtor's post-petition use of the proceeds of the
Cash Collateral; and

   c. deposit all tenant rents into DIP account with Bank of the
West, and requesting an automatic deduction of said bank to tender
monthly payments of $8,043 to the Lender.

Projected weekly revenues, expenses and cash flow for the period
from September 19 through October 16, 2021, provided for $11,379 in
total expenses (for administration and property management); and
$7,003 in total other expenses (for debt servicing).  A copy of the
projection is available for free at https://bit.ly/3hYRD6Q from
PacerMonitor.com.

The Court will convene an in-person hearing on the cash collateral
motion, and an evidentiary hearing on the Debtor's motion to
terminate Receiver, on October 4, 2021 at 1:30 p.m.  Objections to
the cash collateral motion are due by October 1.

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

                   About S & N Property, L.L.C.

S & N Property, L.L.C. is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The company filed a
Chapter 11 petition (Bankr. D. Col. Case No. 21-14180) on August
11, 2021.

On the Petition Date, the Debtor disclosed $1,719,500 in total
assets and $1,529,549 in total liabilities.  The petition was
signed by Sam Wen, member/manager.

Berken Cloyes, PC represents the Debtor as counsel.



SIMPLY FIT LLC: Seeks to Hire Stichter Riedel as Counsel
--------------------------------------------------------
Simply Fit, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Stichter Riedel Blain &
Postler, P.A. as counsel.

The firm's services include:

   a. rendering legal advice with respect to the Debtor's powers
and duties as debtor in possession, the continued operation of the
Debtor's business, and the management of its property;

   b. preparing on behalf of the Debtor necessary motions,
applications, orders, reports, pleadings, and other legal papers;

   c. appearing before the Court and the United States Trustee to
represent and protect the interests of the Debtor;

   d. assisting with and participating in negotiations with
creditors and other parties in interest in formulating a plan of
reorganization, drafting such a plan, and taking necessary legal
steps to confirm such a plan;

   e. representing the Debtor in all adversary proceedings,
contested matters, and matters involving administration of this
case;

   f. representing the Debtor in negotiations with potential
financing sources, and preparing contracts, security instruments,
and other documents necessary to obtain financing; and

   g. performing all other legal services that may be necessary for
the proper preservation and administration of this Chapter 11
case.

Stichter will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

The firm received from Joy Enterprises, Inc., a non-debtor entity,
a retainer of $10,000.

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

The firm can be reached at:

     Amy Denton Harris, Esq.
     Stichter Riedel Blain & Postler, P.A.
     110 East Madison Street, Suite 200
     Tampa, FL 33602
     Tel: (813) 229-0144
     Email: aharris@srbp.com

                       About Simply Fit LLC

Simply Fit, LLC, filed a Chapter 11 bankruptcy petition (Bankr.
M.D. Fla. Case No. 21-04636) on September 8, 2021, disclosing under
$1 million in both assets and liabilities. The Debtor is
represented by STICHTER, RIEDEL, BLAIN & POSTLER, P.A.


SKW LOGISTICS: Wins Cash Collateral Access
------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia has
authorized SKW Logistics, Inc. to use cash collateral on a final
basis.

A final hearing on the matter was held on September 21, 2021.  The
Court held that any objection to the Debtor's Motion to Authorize
the Use of Cash Collateral has been resolved.

As previously reported by the Trouble Company Reporter, the Debtor
requires immediate use of cash collateral to continue operations
and preserve the value of its assets. Specifically, the Debtor
seeks to use cash collateral to maintain its operations to enhance
the prospects of a viable plan of reorganization.

The parties with a lien upon the Debtor's accounts receivables are
On Deck Capital, Inc. and Georgia Department of Revenue.

A copy of the final order is available at https://bit.ly/3nZRwM5
from PacerMonitor.com.

                     About SKW Logistics Inc.

SKW Logistics, Inc. is a trucking company specialized in hauling
wood chips and agricultural products. SKW moves wood chips from
different sawmills located in South Georgia and North Florida. The
agricultural products are delivered from farm to buyers.

The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 21-70514) on Aug.
2, 2021, listing as much as $1 million in both assets and
liabilities. William Orson Woodall, Esq., at Woodall and Woodall,
represents the Debtor as legal counsel.



SONOMA PHARMACEUTICALS: All Proposals Approved at Annual Meeting
----------------------------------------------------------------
Sonoma Pharmaceuticals, Inc. held its annual meeting of
stockholders at which the stockholders:

   (1) elected Philippe Weigerstorfer as Class I director;

   (2) approved, by non-binding advisory vote, the compensation of
the company's named executive officers for the year ended March 31,
2021, as described in the company's proxy statement dated July 29,
2021;

   (3) ratified the appointment of Frazier & Deeter LLC as the
company's independent registered public accounting firm for the
fiscal year ending March 31, 2022; and

   (4) approved the adoption of the company's 2021 Equity Incentive
Plan.

As previously disclosed, Sharon Barbari retired as a member of the
Company's board and committees effective with the conclusion of the
annual stockholders' meeting.  As a result of Ms. Barbari's
retirement, the Company's board realigned the committee structure
as follows:

  Name of                 Audit     Compensation   Nominating
  Committee                                        & Corporate
  Member                                           Governance
  ---------             ---------   ------------   ------------
  Jerry McLaughlin        Chair       Chair
  Philippe Weigerstorfer  Member                      Chair
  Jay Birnbaum            Member       Member         Member

                   About Sonoma Pharmaceuticals

Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com-- is a
global healthcare company that develops and produces stabilized
hypochlorous acid, or HOCl, products for a wide range of
applications, including wound care, animal health care, eye care,
oral care and dermatological conditions.  The Company's products
reduce infections, itch, pain, scarring and harmful inflammatory
responses in a safe and effective manner.  In-vitro and clinical
studies of HOCl show it to have impressive antipruritic,
antimicrobial, antiviral and anti-inflammatory properties.  Its
stabilized HOCl immediately relieves itch and pain, kills pathogens
and breaks down biofilm, does not sting or irritate skin and
oxygenates the cells in the area treated assisting the body in its
natural healing process.  The Company sells its products either
directly or via partners in 54 countries worldwide.

Sonoma Pharmaceuticals reported a net loss of $3.95 million for the
year ended March 31, 2021, compared to a net loss of $3.31 million
for the year ended March 31, 2020.  As of June 30, 2021, the
Company had $14.12 million in total assets, $9.50 million in total
liabilities, and $4.62 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since at least
2006, issued a "going concern" qualification in its report dated
July 14, 2021, citing that the Company has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


TIX CORPORATION: Hires Rock Creek as Financial Advisor
------------------------------------------------------
Tix Corporation and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Rock Creek
Advisors, LLC as financial advisor.

The firm will provide these services:

   a. assist the Debtors in building potential DIP financing
13-week cash models and forecasting by analyzing business trends
and their impact on cash and the Debtors' ability to meet short
term creditor obligations;

   b. assist the Debtors in obtaining DIP financing;

   c. assist the Debtors in formulating and implementing a
court-supervised sale of substantially all of the Debtors' assets;

   d. provide guidance to the Debtors in completing the necessary
information (APA schedules) to consummate such sale;

   e. assist the Debtors and counsel to provide the court any
necessary information necessary to approve a Plan of
Reorganization; and

   f. support the Debtors in such matters as the board of directors
of the Debtors shall request or require from time to time,
including, but not limited to, performing such duties as are
necessary for the administration of the Debtors' Chapter 11 Cases.

The firm will be paid at these rates:

     Managing Directors               $450 to $595 per hour
     Managers and Senior Managers     $325 to $450 per hour
     Associates and Staff             $200 to $325 per hour

The firm will be paid a retainer in the amount of $20,000.

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

Heidi Lipton a managing director and Founding Partner of Rock Creek
Advisors, LLC disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Heidi Lipton
     Rock Creek Advisors, LLC
     1738 Belmar Blvd.
     Belmar, NJ 07719
     Tel: (201) 315-2521

                       About Tix Corporation

Tix Corporation and its affiliates, filed a Chapter 11 bankruptcy
petition (Bankr. D. Nev. Case No. 21-14170) on August 24, 2021. The
Debtor tapped Griffin Hamersky LLP as bankruptcy counsel, Schwartz
Law, PLLC as Nevada counsel, and Rock Creek Advisors, LLC as
financial advisor.


TIX CORPORATION: Seeks to Hire Schwartz Law as Nevada Counsel
-------------------------------------------------------------
Tix Corporation and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Schwartz Law,
PLLC as Nevada counsel.

The firm will provide these services:

   a. advise lead counsel and the Debtors in generally bankruptcy
issues and procedures unique to the District of Nevada;

   b. advise the Debtors with respect to their powers and duties as
debtors and debtors-in-possession in the continued management and
operation of its
business and property;

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

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

   e. prepare on behalf of the Debtors all motions, applications,
answers, orders, reports and papers necessary to the administration
of the estate;

   f. negotiate and prepare on the Debtors' behalf plan(s) of
reorganization, disclosure statement(s) and all related agreements
and documents and take any necessary action on behalf of the
Debtors to obtain confirmation of such plan(s);

   g. advise the Debtors in connection with any sale of assets;

   h. appear before this Court, any appellate courts, and the U.S.
Trustee, and protect the interests of the Debtors' estate before
such courts and the U.S. Trustee; and

   i. perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with this
Chapter 11 Case.

The firm will be paid at these rates:

     Attorneys               $365 to $825 per hour
     Paraprofessionals       $150 to $250 per hour

The firm received from the Debtors the amount of $20,000 as
retainer.

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

Samuel A. Schwartz, Esq. a partner at Schwartz Law, PLLC disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Samuel A. Schwartz, Esq.
     Schwartz Law, PLLC
     601 East Bridger Avenue
     Las Vegas, NV 89101
     Tel: (702) 385-5544
     Fax: (702) 201-1330
     Email: saschwartz@nvfirm.com

                       About Tix Corporation

Tix Corporation and its affiliates, filed a Chapter 11 bankruptcy
petition (Bankr. D. Nev. Case No. 21-14170) on August 24, 2021. The
Debtor tapped Griffin Hamersky LLP as bankruptcy counsel, Schwartz
Law, PLLC as Nevada counsel, and Rock Creek Advisors, LLC as
financial advisor.


TIX CORPORATION: Taps Griffin Hamersky as Bankruptcy Counsel
------------------------------------------------------------
Tix Corporation and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Griffin
Hamersky LLP as counsel.

The firm will provide these services:

   a. advise the Debtors regarding their powers and duties as
debtors-in-possession in the continued management, administration,
sale and eventual wind down of their business operations;

   b. attend meetings and negotiate with representatives of
creditors and other parties in interest;

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

   d. prepare on behalf of the Debtors all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estates;

   e. advise the Debtors in conjunction with a sale of their assets
under the Bankruptcy Code and prepare on behalf of the Debtors all
motions, orders, and other related documents and pleadings in
connection with such sale;

   f. negotiate and prepare on the Debtors' behalf a chapter 11
plan and all related agreements and/or documents and take any
necessary action on behalf of the Debtors to obtain confirmation of
such plan;

   g. appear before this Court, any appellate courts, and protect
the interests of the Debtors' estates before such courts; and

   h. perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with
these Chapter 11 Cases.

The firm will be paid at these rates:

     Partners                   $630 to $770 per hour
     Associates                 $295 to $435 per hour
     Paraprofessionals          $295 per hour

The Debtor paid the firm a retainer of $100,000.

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

Scott A. Griffin, Esq. a partner at Griffin Hamersky LLP disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Scott A. Griffin, Esq.
     Michael D. Hamersky, Esq.
     Griffin Hamersky LLP
     420 Lexington Avenue, Suite 400
     New York, NY 10170
     Tel: (646) 998-5580
     Fax: (646) 998-8284
     Email: sgriffin@grifflegal.com
            mhamersky@grifflegal.com

                       About Tix Corporation

Tix Corporation and its affiliates, filed a Chapter 11 bankruptcy
petition (Bankr. D. Nev. Case No. 21-14170) on August 24, 2021. The
Debtor tapped Griffin Hamersky LLP as bankruptcy counsel, Schwartz
Law, PLLC as Nevada counsel, and Rock Creek Advisors, LLC as
financial advisor.


TORNANTE - MDP JOE: S&P Withdraws 'B-' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings withdrew its 'B-' issuer credit rating on
Tornante - MDP Joe Holding LLC and its 'B-' issue-level rating on
The Topps Co. Inc.'s senior secured debt at the issuer's request.
At the time of the withdrawal, S&P's outlook on the company was
negative.



TOWN & COUNTRY: Hearing Tuesday on Bid to Use Cash Collateral
-------------------------------------------------------------
Town & Country Partners, LLC asked the U.S. Bankruptcy Court for
the Northern District of Illinois to use the cash collateral of
Toorak Capital Partners, LLC for a period of 30 days to pay utility
expenses; insurance premiums; repairs and maintenance parts
purchases; and usual and customary salaries and wages of property
managers and maintenance persons.

The budget provided for $44,820 in total expenses for September,
and $46,920 in total expenses for October 2021.  A copy of the
budget is available for free at https://bit.ly/3CHWmSg from
PacerMonitor.com.

As protection for its interest in the Cash Collateral, Toorak will
receive replacement liens in revenues received during the interim
period.  The Debtor owed Toorak approximately $7,200,000 on the
Petition Date.

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

The Court will consider the request at a hearing on September 28,
2021 at 1 p.m. via Zoom.  Objections are due no later than two
business days before the hearing.

Counsel for Toorak Capital Partners, LLC:

   Jerry L Switzer, Esq.
   Polsinelli PC
   150 N. Riverside Plaza, Ste. 3000
   Chicago, IL 60606
   Telephone: (312) 873-3626 (direct)
   Facsimile: (312) 893-2005
   Email: jswitzer@polsinelli.com

                 About Town & Country Partners LLC

Town & Country Partners, LLC filed a petition for Chapter 11
protection (Bankr. N.D. Ill. Case No. 21-08430) on July 14, 2021,
listing up to $50 million in assets and up to $10 million in
liabilities.  Judge Jacqueline P. Cox oversees the case.  Benjamin
Legal Services, PLC, led by Kevin Benjamin, Esq., is the Debtor's
legal counsel.


TRI-WIRE ENGINEERING: Seeks to Hire 'Ordinary Course Professionals
------------------------------------------------------------------
Tri-Wire Engineering Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Massachusetts to hire
professionals who provide services in the ordinary course of
business. .

The "ordinary course" professionals are:

     OCPs                               Services
     ----                               --------
     Donnelly, Conroy & Gelhaar LLP     Litigation services    
     Morgan, Brown & Joy LLP            Litigation services      
     TerraStrata LLC                    Consulting services        
    

TerraStrata is needed only to provide advice with respect to a
narrowly focused clean-up project. Following completion of the
project, the Debtor does not anticipate requiring significant
services from the firm.  

The Debtor has budgeted $15,000 for TerraStrata's services per
three-month payment period while it has budgeted $7,500 each for
the litigation services of Donnelly, Conroy & Gelhaar and Morgan,
Brown & Joy per three-month payment period.  

As disclosed in court filings, the firms are "disinterested
persons" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firms can be reached at:

     Donnelly Conroy & Gelhaar LLP
     260 Franklin St #1600
     Boston, MA 02110
     Phone: +1 617-720-2880

     -- and --

     Morgan Brown & Joy, LLP
     200 State St S11
     Boston, MA 02109
     Phone: +1 844-830-7052

     -- and --

     Terrastrata LLC
     20199 Cole Ln
     Loxahatchee, FL 33470

                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.


TUFAIL & ASSOCIATES: Unsecureds to Recover 1% in Subchapter V Plan
------------------------------------------------------------------
Tufail & Associates, LLC, filed with the U.S. Bankruptcy Court for
the District of Maryland a Subchapter V Plan dated September 21,
2021.

The Debtor is a Virginia LLC which has been registered to do
business in Maryland since Oct. 1, 2018.  The Debtor is engaged in
the business of owning and renting real property throughout
Baltimore, MD.

The Debtor had anticipated using some of the funds from the rented
buildings to improve some of the unrented buildings, making those
buildings more attractive in the market.  However, when the COVID
19 pandemic began, many of Debtor's renters became unable to pay
their rent.  Income dropped significantly, but due to several
moratoria, the Debtor was unable to evict the non-paying tenants.
The properties began to deteriorate, and Debtor has been unable to
meet its obligations as they have come due.

The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtor's projected
disposable income for that same period. Unsecured creditors holding
allowed claims will receive distributions, which the Debtor has
valued at approximately 1 cent on the dollar. The Plan also
provides for the payment of secured, administrative, and priority
claims in accordance with the Bankruptcy Code.

The Plan will treat claims as follows:

     * Class 1 consists of Administrative claims in the amount of
$20,000.00. This class shall be paid through income of the Debtor.
This Class has an estimated recovery of 100%.

     * Class 2 consists of Secured debts in the amount of
$1,590,037.33. This Class is impaired and will receive a pro rata
share of Debtor's income (after payment of administrative expenses
and priority unsecured debt) until a maximum of 1 year after
confirmation of the Plan, and to be satisfied, to the extent
possible, through short sales of the relevant properties. This
Class has an estimated recovery of 60%.

     * Class 3 consists of Priority unsecured debt in the amount of
$8,691.  Property tax, to be paid through sale of relevant
properties.  This Class has an estimated recovery of 100%.

     * Class 4 consists of General unsecured debt in the amount of
$170,000. This Class is impaired and will only be paid in the event
there are sufficient funds resulting from the sale of Debtor's real
property. This Class has an estimated recovery for 1%.

The Debtor is in the business of holding and maintaining real
property. Debtor intends to short sale all of its real property and
cease operations.

During the term of this Plan, the Debtor shall submit the
disposable income (or value of such disposable income) necessary
for the performance of this plan to the Subchapter V Trust and
shall pay the Trustee the sums set forth. In addition, Debtor shall
endeavor to divest itself of all real property it currently holds
for sums acceptable to the relevant secured debt holders. Ownership
of any such real property that is not so sold within the term of
this Plan shall be transferred to the secured note holders for said
property without need for any further court action.  

The term of this Plan begins on the date of confirmation of this
Plan and ends on the 365th day subsequent to that date.

A full-text copy of the Subchapter V Plan dated September 21, 2021,
is available at https://bit.ly/3AHqPzl from PacerMonitor.com at no
charge.

Debtor's Counsel:
   
     David J. Kaminow, Esq.
     Inman Kaminow, P.C.
     9200 Corporate Boulevard, Suite 480
     Rockville, MD 20850
     Tel: (301) 315-9400
     Fax: (301) 340-0130
     E-mail: dkaminow@kamlaw.net

                     About Tufail & Associates

Tufail & Associates, LLC, a Gaithersburg, Md.-based company, filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 21-14153) on June 23, 2021.
Nasir Khattak, manager, signed the petition.  At the time of the
filing, the Debtor disclosed total assets of up to $50,000 and
total liabilities of up to $10 million.  David J. Kaminow, Esq., at
Inman Kaminow, P.C., is serving as the Debtor's legal counsel.


VASCULAR ACCESS: Trustee Hires Bayard as Special Counsel
--------------------------------------------------------
Stephen V. Falanga, the Chapter 11 trustee for Vascular Access
Centers, LP, seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Pennsylvania to employ Bayard, P.A. as special
avoidance action counsel.

The firm will assist the Trustee in commencing, prosecuting,
compromising and settling certain avoidance action claims of the
Debtor in the Chapter 11 case.

The firm will be paid a contingency fee of 33 per cent of all
recoveries received, after deducting expenses incurred in
connection with the Avoidance Action.

Evan T. Miller, Esq. a partner at Bayard, P.A. disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Evan T. Miller, Esq.
     Bayard, P.A.
     600 N. King Street, Suite 400
     Wilmington, DE 19899
     Tel: (302) 429-4227

                   About Vascular Access Centers

Vascular Access Centers -- https://www.vascularaccesscenters.com/
-- provides comprehensive dialysis access maintenance including
thrombectomy and thrombolysis, fistulagrams, fistula maturation
procedures, vessel mapping, central venous occlusion treatment and
complete catheter services. Its centers offer an alternative
setting for a wide spectrum of vascular interventional procedures,
including central venous access for oncology, nutritional and
medication delivery, venous insufficiency (including venous ulcer
and non-healing ulcer treatments), peripheral arterial disease
(PAD), limb salvage, uterine fibroid embolization and pain
management.

On Nov. 12, 2019, an involuntary Chapter 11 petition was filed
against Vascular Access Centers (Bankr. E.D. Pa. Case Number
19-17117).  The petition was filed by creditors Philadelphia
Vascular Institute, LLC, Metter & Company and Crestwood Associates,
LLC. David Smith, Esq., at Smith Kane Holman, LLC, is the
petitioners' counsel.  On Nov. 13, 2019, the Debtor consented to
the relief sought under Chapter 11.

Judge Ashely M. Chan is the presiding judge.

The Debtor tapped Dilworth Paxson LLP as its legal counsel.


VIAVI SOLUTIONS: Fitch Assigns First Time 'BB' IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating of 'BB' to Viavi Solutions Inc. (VIAVI). Fitch has also
rated VIAVI's proposed senior unsecured notes 'BB' with a Recovery
Rating of 'RR4'. VIAVI's note offering follows it exchanging a $275
million principal amount of senior convertible notes due 2023 and
2024 with certain holders for $197 million in cash and 10.6 million
shares of common stock. The Rating Outlook is Stable.

The rating and Outlook reflect VIAVI's market position, with
established leadership in key wireless and wireline test and
measurement sub-sectors. These markets are set to benefit from key
secular trends, including increased fiber penetration, 5G network
deployment, and increased 3D sensing applications in mobile phones
and automotive, which will support growth in the low- to mid-single
digit range. Corresponding operating leverage should help maintain
a 25%+ operating EBITDA margin and high-single digit FCF generation
that is more consistent with a higher rating.

VIAVI is among the top players in its market, but its scale
relative to other technology providers is fairly small. However,
relative to other larger technology issuers, the company's ability
to withstand cyclical downturns is bolstered by its
anti-counterfeiting pigments business, which primarily relies on
one customer; 16% of FY21 (ended July 3, 2021) revenue with a 14%
average in the previous three fiscal years. Under Fitch's base case
assumptions, VIAVI's leverage profile and thus credit protection
metrics may test Fitch's positive rating sensitivities. However,
the company states that it will keep its gross leverage ratio below
3.5x (consistent with Fitch's negative threshold) with potential to
exceed the level in support of acquisitions.

KEY RATING DRIVERS

Strong Market Position: VIAVI is a top five provider in the test
and measurement space and enjoys leading market positions in
wireline cable, access, metro and transport, fiber, wireless
RAN-to-core, as well as land-mobile and military radio, navigation,
communication and transponders. Additionally, VIAVI is a leader in
anti-counterfeiting pigment materials as well as 3D sensing optical
filters and diffusers used in mobile phones.

Industry Trends Spur Demand: Increased fiber penetration to homes,
within data centers and for 5G base-station connectivity increases
demand for VIAVI's test and measurement for manufacturing, system
and module development, field and network management solutions.
Transition to 5G wireless has benefited VIAVI through relationships
with key equipment developers and will continue to provide demand
growth from service providers that build out their networks and in
the case of proprietary networks in certain geographies, unbundle
those networks. Finally, 3D sensing mobile phone application has
grown in the iOS ecosystem and Fitch expects it to expand
significantly with increased adoption of android-based phones.
Growth from ADAS automotive applications should also support demand
for VIAVI's optical filters and diffusers.

Diversification Outweighs Customer Concentration: VIAVI's revenue
composition includes about 70% from the network and service
enablement segment (NSE), inclusive of core test and measurement
and network optimization, and a bit more than half of the remaining
30% attributed to optical security and performance products (OSP)
and primarily anti-counterfeiting pigments that are highly
entrenched. This balance of revenue helped to offset demand
declines in the NSE segment brought about by the Covid-19 pandemic.
For FY21 NSE segment revenue declined by 1.4%, while the OSP
segment increased by 25.8%, resulting in overall VIAVI revenue
rising by 5.5%. The counter cyclicality of the anti-counterfeiting
business is driven by fiscal and monetary stimulus support programs
that drive bank note growth.

While the government's large stimulus response to the pandemic
cannot be assumed for typical economic downturns, the fundamental
countercyclical nature of the anti-counterfeiting business can be
relied upon to provide some offset to any economic driven demand
fall off in wireless and wireline end-markets. Fitch views this
diversification benefit as partially offsetting the customer
concentration associated with the anti-counterfeiting business.
SICPA Holding SA Company (SICPA) generated 16% of VIAVI's net
revenue in FY21 and averaged 14% in the preceding three fiscal
years. VIAVI maintains a strategic alliance with SICPA, which
markets the anti-counterfeiting pigments developed and manufactured
by VIAVI to monetary authorities globally.

Improved Operating Profile Boosts Operating Leverage: Since VIAVI
(formerly JDS Uniphase) separated from Lumentum Holdings, Inc. in
2015, the company has made meaningful progress in driving operating
leverage in its business, increasing its non-GAAP operating margin
from 13% in FY16 to 21% in FY21. Management achieved this through
focused investments in growth areas (fiber, 5G and 3D sensing),
divestitures of non-core businesses, increased operating efficiency
through significant restructuring, and leveraging service provider
networks and channel partners for distribution.

Additionally, increased scale (FY16 revenue of $900 million has
grown to $1.2 billion in FY21) has yielded meaningful operating
leverage. Under Fitch's growth and margin assumptions, which are
conservative relative to management's, VIAVI's operating EBITDA
margin is expected to be sustained over 25%, versus an average of
about 20% over the last five years.

Conservative Financial Policy Supports Rating: With the proposed
offering, VIAVI's gross leverage will be approximately 2.8x pro
forma to the twelve months (TTM) ending July 3, 2021. This is well
below the company's stated gross leverage upper threshold of 3.5x
and Fitch's negative sensitivity, providing meaningful headroom to
accommodate investment, end market cyclicality, and acquisitions,
of which VIAVI has completed $640 million tuck-ins since 2017.
Fitich expects VIAVI to reduce leverage within 18 months following
a temporary increase for sizable acquisitions.

Absent leveraging transactions and under conservative growth and
margin assumptions, Fitch sees VIAVI's credit metrics approaching
its positive rating sensitivities over the medium term. Positive
rating momentum could be warranted as the company completes its
capital structure transition from convertible notes to traditional
high-yield unsecured debt and commits to a firmer leverage target.

DERIVATION SUMMARY

VIAVI's ratings reflect its market leadership as a test and
measurement provider in certain segments of the communications end
market as well as complimentary positions in anti-counterfeiting
pigment materials as well as 3D sensing optical filters. The
company is a competitor of peer Keysight Technologies, Inc.
(BBB/Stable), which enjoys larger overall revenue scale ($4.8
billion for the TTM period ending July 31, 2021 versus $1.2 billion
for the TTM period ending July 3, 2021) and higher operating EBITDA
margins (31.3% versus 24.1%).

Additionally, VIAVI, pro forma to the proposed note offering,
maintains fairly conservative capitalization, as evidenced by 2.8x
total debt with equity credit to operating EBITDA for the TTM
period ending July 3, 2021. Peer Keysight's leverage for the TTM
period ending July 31, 2021 was 1.2x. VIAVI targets gross leverage
not to exceed 3.5x, while Keysight targets 2.0x on average. Peer,
II-VI Incorporated (BB/Rating Watch Negative), is a competitor of
VIAVI's optical security and performance products segment, which
produces optical filters used in 3D sensing.

Beyond optical filters, II-VI's product portfolio bears less in
common with VIAVI. II-VI also enjoys greater revenue scale than
VIAVI ($3.1 billion for the TTM period ending June 30, 2021) and a
slightly higher operating EBITDA margin (25.0%). II-VI's gross
leverage was 1.8x at June 30, 2021 although Fitch expects leverage
to rise to above 4.0x in conjunction with the company's planned
acquisition of Coherent Inc., which will further increase II-VI's
revenue scale to in excess of $5.0 billion, with the opportunity to
improve the combined entity's margin to more than 26%.

KEY ASSUMPTIONS

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

-- Low- to mid-single digit revenue growth, reflecting a FY22
    rebound in the NSE and non-anticounterfeiting business lines
    and a contraction of the latter, reflecting post-pandemic
    normalization and modest growth across all segments in the
    medium term, reflecting good demand drivers across markets;

-- Maintenance of a 25% margin, with modest improvement over the
    next two to three years, reflecting fairly stable NSE gross
    margins, modestly declining OSP margins and improved operating
    leverage with growth;

-- Capex of 6% to 7% of revenue in FY22, reflecting investment in
    its Arizona facility, normalizing to around 4% thereafter;

-- Repurchase of remaining convertible notes outstanding,
    financed with additional note issuance in FY22 or FY23;

-- M&A incremental to the rating case and any corresponding
    leverage to be considered within the context of a financial
    policy that gross leverage shall not exceed 3.5x and will be
    brought back to 3.5x or below within 12-18 months of a
    leveraging transaction.

RATING SENSITIVITIES

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

-- Total debt with equity credit to operating EBITDA sustained
    below 2.5x;

-- Sustained organic growth approaching mid-single digits;

-- Adoption of a more conservative leverage target.

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

-- Total debt with equity credit to operating EBITDA sustained
    above 3.5x;

-- FCF margin approaching neutral;

-- Organic growth approaching breakeven;

-- Shift to a more aggressive financial policy.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

VIAVI had $698 million in cash and cash equivalents, excluding $2
million of short-term investments and $4 million of restricted cash
at July 3, 2021. Pro forma for the proposed note offering, VIAVI
will have $895 million in cash and cash equivalents, excluding
restricted cash. The company also had access to an undrawn $300
million senior secured revolving credit facility at July 3, 2021,
which matures on March 1, 2023. Liquidity is also supported by
Fitch's expectation that VIAVI will generate in excess of
approximately $125 million in free cash flow in FY22.

Prior to the proposed note offering, VIAVI repurchased $93.8
million of the $225 million principal outstanding 1.75% senior
convertible notes due 2023, which were not convertible as of July
3, 2021. Additionally, VIAVI repurchased $181.2 million of the $460
million 1.00% notes due 2024, which met their 130% pricing trigger
and were convertible as of fiscal year end 2021.

ISSUER PROFILE

VIAVI is a global provider of network test, monitoring and
assurance solutions for communications service providers,
enterprises, network equipment manufacturers, government and
avionics. It is also a leader in optical solutions for 3D sensing,
anti-counterfeiting, consumer electronics, industrial, government,
automotive and defense applications. In August 2015 the company
completed the separation of its Lumentum Holdings Inc.

ESG CONSIDERATIONS

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


VIAVI SOLUTIONS: S&P Assigns 'BB+' Rating; Outlook Stable
---------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating to Viavi
Solutions Inc., a global provider of network test.

S&P also assigned its 'BB+' issue-level and '3' recovery ratings to
the company's proposed senior unsecured notes.

S&P said, "The stable outlook reflects our expectation that a
favorable macroeconomic environment, fiber network upgrades, and 5G
network investments will drive demand for VIAVI's products,
resulting in mid-single-digit percent revenue growth in fiscal
2022. We also expect sustained cost improvements and business
growth to support adjusted EBITDA margins in the 26%-28% range,
adjusted leverage below 3x, and free operating cash flow (FOCF) to
debt above 20%."

VIAVI's concentrated communications end market may lead to
meaningful revenue volatility. VIAVI has established market
positions in core areas, with somewhat modest scale relative to
larger players such as Keysight Technologies Inc. (BBB/Stable/--)
and a niche industry position. But S&P believes cyclical
communications service provider spending can cause greater business
volatility that may suppress the company's key testing and
monitoring areas. Its core networking and service enablement
segment accounts for 70% of revenues as of the fiscal year ended in
June, with softer growth trends historically. Communications
service provider investments are highly correlated with
macroeconomic conditions, and technology and communications
standard transitions can lead to periods of slower growth.
Additionally, customers may deprioritize next-generation network
investments as upgrades to increase bandwidth capacity and faster
transmission speeds become more important in the near term. This is
somewhat offset by the company's geographic expansion that helps
balance uneven 5G investments in North America. Growth in
Asia-Pacific and Europe, the Middle East, and Africa is robust
because of earlier deployment of 5G and increasing investment into
networking infrastructure.

S&P said, "We expect noncommunications segments and customers' long
product cycles provide more stable revenue streams. VIAVI provides
testing products for both lab and field applications used during
network buildouts and maintenance tasks. While the overall industry
remains exposed to the risk of slower hardware revenue growth
stemming from the increasing disintermediation of hardware-based
functionalities by software, VIAVI's specialized hardware
emphasizes testing of deeper layers of the network, which will
continue to implement extensive hardware. Additionally, the very
long design life cycle of wireless and fiber networks also
increases client stickiness given the need for testing at each step
of the network buildout.

"Additionally, we believe VIAVI's Optical Security Performance and
Products segment provides exposure to the anticounterfeiting, 3D
sensing, automotive, military, and aerospace end markets that have
low correlation to its core communications testing and measurement
segment. We believe VIAVI's unique technologies in these areas
enable it to build good market positions and customer
relationships. We expect these characteristics to support steady
growth over the next couple of years while also enhancing margins
as this segment contributes profitability higher than the corporate
average.

"We expect prevailing industry trends to support improved growth
prospects over the next few years.Consecutive years of sluggish
revenue for its testing and monitoring segment came from delays in
spending across the company's core end markets. We expect a more
stable operating environment and accelerating 5G network spending
to support robust growth. We expect strong demand for fiber and 5G
testing to support revenue growth in the mid-single-digit percent
area through fiscal 2022, slightly offset by a decline in
anticounterfeiting amid a cyclical demand correction.

"Additionally, we expect EBITDA margins to rise to the high-20%
area in fiscal 2022 from about 25% in fiscal 2021, mainly stemming
from continual improvements to its cost structure. EBITDA expansion
will support deleveraging to the mid-2x range at the end of fiscal
2022 from about 3x pro forma for the proposed notes offering.
Accordingly, we expect solid adjusted free cash flow of $175
million-$180 million as working capital outflows and increasing
capital expenditure (capex) due to the buildout of its new
headquarters offset revenue growth. FOCF provides some operational
flexibility and shareholder returns. We expect VIAVI to take a
balanced approach to capital allocation and maintain a healthy cash
balance. Tuck-in acquisitions will help bolster the scope of its
products. We also expect share repurchases to be consistent with
VIAVI's practice in the last couple of years, countering the
dilutive impact of employee equity plan.

"The stable outlook reflects our expectation that a favorable
macroeconomic environment, fiber network upgrades, and 5G network
investments will drive demand for VIAVI's products, resulting in
mid-single-digit percent revenue growth in fiscal 2022. We also
expect sustained cost improvements and business growth to support
EBITDA margins in the 26%-28% range, adjusted leverage below 3x,
and FOCF to debt above 20% over the next 12 months."

S&P could lower its rating if:

-- Delayed customer spending, competitive pressures, or heightened
investments sustain EBITDA and FOCF declines such that leverage
remains above 3x or FOCF to debt decreases to below 15%; or

-- It adopts a more aggressive financial policy including
debt-funded acquisitions or increasing shareholder returns without
a credible path to deleveraging.

While unlikely over the coming year, S&P could consider an upgrade
if:

-- S&P believes the company strengthens its competitive position,
characterized by market standing and acceptance of new products and
technologies by top customers, leading to a track record of
business growth and consistent operating performance; and

-- It maintains a more conservative financial policy, including
leverage below 2x even when accounting for shareholder returns and
strategic acquisitions.



WABASH NATIONAL: Moody's Rates New $400MM Unsecured Notes 'B2'
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
and B1-PD probability of default rating of Wabash National
Corporation. Concurrently, Moody's assigned a B2 rating to Wabash's
new $400 million senior unsecured notes. The outlook remains
stable.

Proceeds from the proposed notes offering due 2028 are expected to
refinance Wabash's outstanding $315 million senior unsecured notes
due 2025, repay the $109 million term loan B and pay fees and
expenses. Upon closing of the transaction, the ratings on the
existing senior unsecured notes and senior secured term loan B will
be withdrawn.

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

Moody's took the following rating action:

Assignments:

Issuer: Wabash National Corporation

Gtd. Senior Unsecured Notes, Assigned B2 (LGD4)

Affirmations:

Issuer: Wabash National Corporation

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Outlook Actions:

Issuer: Wabash National Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Wabash's B1 CFR reflects the company's leading market position in
the truck trailer manufacturing market, primarily heavy duty
trailers (Class 8), and its exposure to cyclical industrial end
markets. Debt-to-LTM EBITDA at June 30, 2021 was 4.2x, which
remains elevated given the impact of the pandemic. Moody's
anticipates strong growth in demand for truck trailers and other
equipment provided by Wabash over the next few years, tracking the
improving trucking freight environment in the U.S. This is
evidenced by a growing backlog (estimated to be about $1.3 billion)
for equipment that provides revenue visibility. As such, Moody's
expects that the company will be able to lower leverage while also
improving operating profits and a modest amount of debt repayment.

At the same time, Wabash's earnings will remain pressured amidst
labor, freight and commodity price headwinds, which has negatively
impacted the company's cost structure by about $120 million YTD.
Moody's anticipates these headwinds will likely continue for some
time. The company has been successful offsetting some of the
material cost inflation with price increases and repricing of its
growing backlog in the short term. However, Moody's expects that
EBITDA margin will be about 7.3% for 2021 and only achieve greater
than 10% in about 12 to 18 months. Lastly, the company should
benefit from ongoing lean initiatives and the shift in
manufacturing capacity towards expanding its dry trailer
production, which should ultimately help meet demand constraints
and add to margin expansion. These factors, along with Wabash's
leadership in truck trailer manufacturing and expectations of good
liquidity, support the credit profile.

From a corporate governance perspective, Wabash is publicly-traded
with a primarily independent board of directors. Wabash pays a
dividend and has a $151 million share repurchase program
outstanding. Given the company's business risk and modest margin
profile, progress towards a lower level of financial leverage would
strengthen its flexibility to contend with severe down cycles or
sudden declines in demand. Moody's notes that despite efforts to
diversify the business, the majority of products still relate to
truck trailers.

The stable outlook reflects Moody's expectation that near term
demand for new trailers and good growth prospects for the trucking
sector will remain strong over the next year, aided by efficiency
gains, procurement initiatives and pricing actions to help offset
labor and commodity price headwinds. Moody's also expect the
company to maintain a financial policy and capital structure that
supports the credit profile.

Moody's considers the liquidity profile of Wabash as reflected in
the SGL-2 Speculative Grade Liquidity rating. The company had a
sizeable cash balance of $134 million (excluding restricted cash)
at June 30, 2021 and has an undrawn $175 million revolving credit
facility due 2023. Moody's expects free cash flow to moderate in
2021, with free cash flow to debt (including Moody's standard
adjustments) falling towards 5% from about 18%. Free cash flow is
expect to be positive in the 2H2021 as working capital needs taper
off and the pick-up in demand and economic recovery continues into
2022.

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

The ratings could be upgraded with the maintenance of very good
liquidity and stronger credit metrics, such that debt-to-EBITDA is
expected to remain below 3x, adjusted operating margin is sustained
at high single digit levels and retained cash flow-to-debt above
20%. This would be accompanied by successful execution of the
company's diversification strategy, with a business profile that is
able to withstand severe cyclical downturns in trailer demand.

The ratings could be downgraded with deteriorating liquidity,
including expectations of sustained negative free cash flow or a
reliance on revolver borrowings to fund cash needs. The ratings
could also be downgraded with a lack of progress in meaningfully
reducing financial leverage, such that debt-to-EBITDA is expected
to remain above 4x, or with EBITA-to-interest sustained below 2.5x.
Shareholder friendly actions that increase leverage or weaken
liquidity would also drive downward ratings momentum.

The principal methodology used in this rating was Manufacturing
published in September 2021.

Wabash National Corporation, based in Lafayette, Indiana, is a
leading designer and manufacturer of truck and tank trailers, as
well as related transportation equipment. The company also
manufactures truck bodies. Revenue for the last 12 months ended
June 30, 2021 was approximately $1.6 billion.


WATERBRIDGE MIDSTREAM: Fitch Affirms 'B-' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed WaterBridge Midstream Operating LLC's
(WATOPE) Long-Term (LT) Issuer Default Rating (IDR) at 'B-'. The
senior secured rating has been affirmed at 'B'/'RR3'. Fitch also
removed the Rating Watch Negative (RWN) and assigned a Stable
Rating Outlook.

The removal of the RWN and assignment of Stable Outlook reflect a
2Q21 EBITDA figure that exceeded Fitch's expectations, and,
furthermore, reflected durable produced water volumes from the
Delaware basin, in Fitch's judgment. Fitch had previously stated
that Funds Flow from Operations Fixed Charge Coverage (FFO Fixed
Charge Coverage) meaningfully above 1.5x would justify a Stable
Outlook at the 'B-' IDR level. LTM 2Q21 FFO was almost 2.0x. In
3Q21, quarter-to-date, Delaware basin volumes are tracking above
the 2Q21 level. In Fitch's revised forecast, Fitch expects FY 2022
FFO FCC to be approximately 2.2x.

KEY RATING DRIVERS

Coverage Improved: 2Q21 volumes and cost performance exceeded
Fitch's expectation. LTM June 30, 2021 Funds Flow from Operations
Fixed Charge Coverage was approximately 2.0x, up significantly from
both FY20 and LTM 1Q21. This restoration of interest coverage is
important in the perspective that the company used much of its June
30, 2021 cash balance in order to acquire assets from Colgate
Energy LLC (NR). Like WaterBridge's existing business model, the
acquired assets are supported with contracts containing terms for
fixed fees and acreage dedications. With the improvement in the
company's coverage of financial obligations, Fitch now looks to
other liquidity matters as WATOPE makes plans for 2022 and 2023
financial performance.

Large Customers Potentially Fixate on Long-Term: WATOPE has a large
number of customers, and Fitch regards the company has having a
good measure of customer diversification compared to pure-play
gathering peers. Yet, two large companies are represented in
WATOPE's list of major customers for 2020 (at or over 10% of
revenues; three companies cleared the 10% mark). WATOPE in recent
times in its Oklahoma operation, cut for a period its contractual
rates for a large customer in order craft a win-win outcome for
itself and its customer.

Considered in a general fashion, when hydrocarbon prices are
somewhat below the Fitch price deck (not the case now), large
producers may opt to let volumes decline in a certain territory,
for a variety of motivations. At the current time, almost all
hydrocarbon prices are very good, and, accordingly, Fitch's 2H21
forecast is based in rising volumes and steady fee rates. Yet, when
and if hydrocarbon prices decline such that near-term forwards are
close to the values of the 2023 Fitch price deck (e.g., WTI at
$50/barrel), Fitch will monitor large customer volumes to see if
the Fitch forecast needs to be adjusted.

No Acreage Dedication Near-Term Expirations: WATOPE gains
protection in its business by including in its customer contracts
dedications of acreage, such that if a certain identified acre is
drilled by a customer, WATOPE has the right to gather the water
coming out of the well at the agreed-upon fee. Over the course of
many years, any given gathering network can become a natural
monopoly (i.e., one that is cost-prohibitive for a competitor to
over-build).

Given that the third-party water gathering/disposal business is
relatively new, and also given the fast growth of WATOPE's
commercial activity, Fitch looks more to contract years than
looking to a reliance on a natural monopoly evolution. Positively,
WATOPE has no material contract expirations over the next six
years, approximately. Further, WATOPE's track record is signing up
a mix of 10- and 15-year contracts (with couple of life-of-lease
contracts providing even more protection).

Early Days, Yet Less Upside in Water Midstream versus Traditional:
In terms of financial results, WATOPE's two years since its
transformative merger has been more difficult than that period has
been for its peers in the Permian. Oil-focused Peers have some
storage assets which stood them in good stead at the start of the
Covid stay-at-home orders. Natural gas-focused peers have benefited
by the long-awaited de-bottlenecking of east-bound transport
service.

All peers operating in the Permian have to contend with large
customers who have flexibility in where they employ drilling rigs,
and when they complete drilled-but-uncompleted wells. Yet
WaterBridge's peers who gather hydrocarbons have benefited from the
"wins" mentioned above. Fitch's projection for WATOPE incorporates
a view that the company will be challenged to significantly
increase its profitability in the short-term. Fitch acknowledges
that the pure-play water services midstream universe is young, and,
among other things, produced water volumes may provide an upside
surprise.

ESG: WATOPE has an ESG Relevance Score of '4' for the Governance
component of ESG, and the score is '4' because of the item Group
Structure. Group Structure is flagged due to related party
transactions with affiliate companies. 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.

DERIVATION SUMMARY

WATOPE is somewhat unique in the midstream sector in that it is a
pure play water solutions business. The only other Fitch rated
midstream company with a significant water solutions focus is
Rattler Midstream, LP (Rattler; BB+/Stable). Rattler's standalone
credit profile is stronger than WBR due to its more robust credit
metrics, its larger size and its integration with its
investment-grade controlling equity-holder (Diamondback;
BBB/Stable). Fitch expects Rattler to post approximately 2.3x total
debt to adjusted EBITDA in 2022. Comparing geographies, Fitch
regards Rattler to have a superior profile. Both companies operate
in the Delaware sub-basin of the Permian. Rattler operates in the
Midland sub-basin of the Permian, while WATOPE operates in
Oklahoma. Fitch takes a more constructive view on long-term volumes
in the Midland than in Oklahoma.

KEY ASSUMPTIONS

-- Fitch price deck (e.g., 2022 prices of West Texas Intermediate
    of $52 per barrel, and Henry Hub of $2.75 per thousand cubic
    feet);

-- Delaware basin produced water annual volume growth (over the
    run-rate, i.e., excluding 2Q20 and 1Q21) is in the high single
    digits;

-- Capex spending in line with management's expectations;

-- Libor does not exceed the 1.0% floor.

-- The recovery analysis uses assumptions that cause WaterBridge
    to be considered a going-concern in bankruptcy. Fitch has
    assumed a 10% administrative claim (standard). The going
    concern EBITDA estimate of $130 million reflects Fitch's view
    of a sustainable, post-reorganization EBITDA level upon which
    Fitch bases the valuation of the company. The going concern
    EBITDA is approximately $9 million higher than Fitch's
    previous going concern estimate which reflects better company
    results since the last forecast, as well as steady industry-
    wide West Texas oil volumes. As per criteria, the going
    concern EBITDA reflects some residual portion of the distress
    that caused the default;

-- Fitch used a 6.0x EBITDA multiple, which is in line with
    reorganization multiples for the energy sector. There have
    been limited bankruptcy and reorganizations within the
    midstream space. Two bankruptcies, Azure Midstream and
    Southcross Holdings LP (2016) had multiples between 5.0x and
    7.0x, ascertained by Fitch's best efforts attempts at devising
    estimates. More recently, yet away from the midstream sub
    sector of Energy, in its recent Bankruptcy Case Study Report,
    "Energy, Power and Commodities Bankruptcies Enterprise Value
    and Creditor Recoveries" published in September 2021, the
    median enterprise valuation exit multiplies for 51 energy
    cases for which this data was available was 5.3x, with a wide
    range of multiples observed.

RATING SENSITIVITIES

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

-- FFO fixed charge coverage is above 2.0x and is forecast to be
    sustained above 2.0x;

-- Leverage (total debt with equity credit/operating EBITDA)
    expected to be below 7.0x on a sustained basis;

-- In addition to the coverage metrics, improved circumstances
    concerning liquidity.

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

-- A forecast by Fitch that the 1.1x debt service coverage ratio
    covenant will be breached;

-- FFO fixed charge coverage below 1.5x;

-- Lack of pro-active management of liquidity, including but not
    limited to the repayment and/or extension of the revolving
    credit facility that may expire as early as 4Q23;

-- Volume declines (trailing quarterly) in WATOPE's Delaware
    basin system, except if caused by one-off events;

-- A significant event at a major customer that will probably
    impair WATOPE's cash flow.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Limited: As of June 30, 2021, WATOPE had approximately
$28.7 million of liquidity consisting entirely of cash on hand. The
Colgate acquisition was funded by cash on hand, and the company
reports that as of September 14, 2021, cash on hand was
approximately $35 million. The company has a super-senior revolving
credit facility (which Fitch expects will mature in the fall of
2023) which is currently utilized for a loan for $45 million (as it
was at June 30, 2021).

The revolving credit facility has a springing net leverage covenant
of 5.0x upon any incremental draw above $45 million, which
effectively eliminates the company's ability to draw on it in the
near term. Fitch expects that WATOPE will be able to fund its cash
needs through a combination of operating cash flow and cash on hand
yet would likely require sponsor support to maintain adequate
liquidity while undertaking a significant growth project or
acquisition.

The term loan requires a standard mandatory amortization of 1% of
original loan amount per annum and compliance with a debt service
coverage ratio covenant threshold of 1.1x. The company was in
compliance with its financial covenants as of June 30, 2021. Fitch
expects WATOPE to maintain compliance with its covenants through
the forecast period.

ISSUER PROFILE

WaterBridge Midstream Operating, LLC provides water services to oil
& gas producers in Texas and Oklahoma.

SUMMARY OF FINANCIAL ADJUSTMENTS

Preferred units. Owing to the change of control provision in the
preferred units, the preferred units receive zero equity credit
(i.e., are treated like debt for purposes of calculating leverage).
As to calculations of coverage metrics, PIK distributions are
excluded.


WILLIAMS SCOTSMAN: Moody's Puts B1 CFR Under Review for Upgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B1
corporate family rating and B3 senior secured rating of Williams
Scotsman International Inc.

On Review for Upgrade:

Issuer: Williams Scotsman International Inc.

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

Senior Secured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B3

Outlook Actions:

Issuer: Williams Scotsman International Inc.

Outlook, Changed To Rating Under Review From Stable

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

The review for upgrade reflects Williams Scotsman's improved
financial profile, including stronger profitability and lower
leverage. It also reflects the company's strong franchise position
as the largest lessor for modular space and portable solutions in
North America.

Williams Scotsman's profitability and leverage have improved over
the last three years as acquisition transaction-related and
integration charges abated, and the company realized related cost
synergies. The company's profitability, as measured by net income
to average managed assets (NI/AMA), increased to 4.3% for 2020 and
1.8% in the first half of 2021, from a 3.9% loss for 2019. The
company's debt/EBITDA leverage improved to 4.8x as of year-end 2020
and 4.2x as of June 30, 2021 from 5.1x as of year-end 2019. Moody's
expects profitability for the company to remain solid, while
leverage is likely to improve over the next 12-18 months as the
company pays down debt and increases its EBITDA.

Moody's also expects asset quality to remain solid as the company's
fleet of modular space and portable storage units are long-lived
assets with transparent contractual cash flows, and with limited
technological obsolescence over time.

The company's liquidity profile benefits from the absence of
near-term maturities, including for its asset-backed lending (ABL)
credit facility and senior secured notes.

Moody's said its review for upgrade would focus on the
sustainability of Williams Scotsman's improved financial profile
and would include an assessment of the company's key financial and
strategic objectives, including the governance aspects pertaining
to these matters.

Williams Scotsman's B3 senior secured notes' rating is two notches
below its B1 CFR, because the preponderance and capacity of the
company's borrowings is derived from its ABL credit facility, and
this credit facility has first lien priority on the company's
assets.

The ratings could be upgraded if Moody's concludes its review by
assessing that the firm is likely to consistently maintain
profitability at a level corresponding to net income to average
managed assets (NI/AMA) above 2.0%, will reduce and maintain its
debt/EBITDA to below 3.5x, and that the firm's ongoing financial
and strategic policies are likely to be consistent with a higher
rating level.

Given the review for upgrade, a downgrade of Williams Scotsman's
ratings is unlikely. However, Williams Scotsman's ratings outlook
may return to stable or the ratings could be downgraded if its
financial performance substantially deteriorates or if it increases
leverage from current levels, for example due to additional
borrowings to fund a large acquisition.

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


ZELIS PAYMENTS: Moody's Rates First Lien Loans 'B2', Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Zelis Payments
Buyer, Inc., including the B2 Corporate Family Rating, B2-PD
Probability of Default Rating, and the B2 senior secured rating. At
the same time, Moody's assigned B2 ratings to the proposed $550
million new first lien senior secured term loan, the proposed $300
million Senior Secured 1st Lien Delayed Draw Term Loan ("DDTL") and
the $200 million senior secured 1st lien revolver due June 2026.
The DDTL will be available in one drawing for twenty-four months
from the closing date. The outlook remains stable.

The rating actions follow the announcement that Zelis will acquire
Sapphire Digital, a leading provider of consumer services including
directory, transparency and navigation solutions to Blue Cross Blue
Shield health plans. Proceeds from the $550 million term loan will
be used to finance the acquisition and to pay transaction related
fees and expenses. The companies expect the deal to close by the
end of 2021. The ratings affirmation reflects Moody's expectations
the company will deleverage even in the event the DDTL is used to
fund future acquisitions. The affirmation also reflects Zelis'
track record of robust operating performance, including improved
profitability and positive cash flow generation, notwithstanding
the headwinds generated by the coronavirus pandemic over the past
18 months. The rating affirmation also reflects Zelis' very good
liquidity profile with cash on hand of $293 million as of June 30,
2021 and full access to the expanded $200 million revolving credit
facility.

The acquisition of Sapphire is strategically sensible, as it will
broaden Zelis' offering into the consumer facing healthcare market,
bring a relationship with Blue Cross Blue Shield health plans, and
enable significant cross-selling opportunities of the combined
firms' products. Moody's expects pro forma adjusted debt to EBITDA
will rise from 5.1 times as of June 30, 2021 to around 7 times.
Moody's expects Zelis will deleverage such that debt/EBITDA will
decline below 6 times within 12-18 months from closing even
assuming a full draw under the DDTL. The entirely debt-funded
acquisition of Sapphire indicates an aggressive financial policy,
and there is limited cushion for the company's operating
performance to weaken and slow down the pace of deleveraging.

Assignments:

Issuer: Zelis Payments Buyer, Inc.

Gtd Senior Secured First Lien Term Loan B, Assigned B2 (LGD4)

Gtd Senior Secured First Lien Delayed Draw Term Loan, Assigned B2
(LGD4)

Gtd Senior Secured First Lien Revolving Credit Facility,Assigned
B2 (LGD4)

Affirmations:

Issuer: Zelis Payments Buyer, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Gtd Senior Secured First Lien Bank Credit Facility, Affirmed B2
(LGD4)

Outlook Actions:

Issuer: Zelis Payments Buyer, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Zelis' B2 CFR reflects the company's high financial leverage,
modest but improving scale, and moderate customer concentration.
The company's adjusted debt/EBITDA - at close to 7x - is high pro
forma for the debt-financed acquisition of Sapphire. Moody's expect
earnings growth to be the main driver of leverage improvement over
the next 12-18 months reflecting robust demand for medical
procedures and increasing demand for healthcare cost containment
services and payment solutions. While not a material risk
near-term, the company's rating is also constrained by social risks
related to changes to the US healthcare system that could reduce
the demand for some of Zelis' services.

The B2 CFR is supported by Zelis' track record of strong revenue
and earnings growth. Given the company's profit margins and modest
capital requirements (mostly IT and systems investments), Moody's
expects the company to generate solid free cash flow in excess of
$160 million per year. The rating is supported by Moody's
expectation for very good liquidity given solid cash flow and
available capacity on its revolver that expires in June 2026.

The stable outlook reflects Moody's expectation that Zelis will
reduce its currently high leverage to below 6 times over the next
12-18 months.

Social risks incorporate current efforts to curb growing healthcare
costs present some risks for cost containment companies. While
Moody's do not expect the new surprise medical bills legislation
adopted by Congress in December 2020 to have a negative impact on
Zelis' business, any legislation that over time reduces insurer's
incentives to be in-network with providers or reduces the number of
out-of-network bills that need to be managed, would reduce the
demand for some of Zelis' services.

Further afield, the adoption of a single payor system - whilst a
remote possibility at present - could make some of Zelis' claim
cost solutions business obsolete. However, the adoption of a single
payor system will be very challenging, and its implementation would
likely span over many years, leaving cost containment companies
time to adjust their business model and financial structure in
Moody's opinion. As Zelis derives an increasing proportion of
revenue from its payment services business, its exposure to these
kinds of risks, which mostly impact the cost containment business,
will decline.

With respect to governance, Zelis has an aggressive financial
policy as evidenced by high leverage, private equity ownership and
financial policies that tend to favor shareholders over creditors.

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

Ratings could be downgraded if the company's operating performance
suffers due to customer losses, new competitive entrants, failure
to effectively manage its rapid growth or combination disruption.
The rating could also be downgraded if the company undertakes a
significant shareholder dividend or another debt-financed
acquisition while leverage is elevated. Specifically, the ratings
could be downgraded if adjusted debt to EBITDA is sustained over 6
times or if liquidity were to erode.

Ratings could be upgraded if Zelis successfully increases scale and
diversity of its service offerings. An upgrade would also be
supported by demonstration of conservative financial policies
including debt reduction. Specifically, the ratings could be
upgraded if adjusted debt to EBITDA was sustained below 5 times.

Zelis provides health care cost management and payment services via
contract arrangements between health insurance companies, national
and regional health plans and third-party administrators. The
company offers cost management, pricing guidelines and payment
services. Zelis is owned by Parthenon Capital, Bain Capital,
founders and management. Zelis generates revenue of roughly $780
million. As a privately-owned company, limited financial
information is publicly disclosed.

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


[*] Cornyn, Warren File Bill to Stop Judge Shopping in Bankruptcy
-----------------------------------------------------------------
United States Senators Elizabeth Warren (D-Mass.) and John Cornyn
(R-Texas) on Sept. 23, 2021, introduced the Bankruptcy Venue Reform
Act of 2021 which would require large corporations and wealthy
individuals to file for bankruptcy in their home states or where
significant assets are located.  In the last 20 years, more than
70% of public companies with at least $100 million in assets filed
for bankruptcy in a district outside of the one closest to their
headquarters.  The legislation would prevent corporations from
"shopping" for favorable bankruptcy judges and ensure that small
businesses, employees, retirees, creditors, and other stakeholders
can fully participate in cases that will have tremendous impacts on
their lives.

"Wealthy corporations should not be able to run across the country
to find a favorable court to file bankruptcy.  While they
manipulate the system to file for bankruptcy wherever they please,
affected communities -- like workers, creditors, and consumers —
lose," said Senator Warren.  "This bipartisan bill will prevent big
companies from cherry-picking courts that they think will rule in
their favor and to crack down on this corporate abuse of our
nation's bankruptcy laws."

"Corporations seeking courts sympathetic to their interests often
'forum shop,' tilting the playing field away from small
businesses," said Senator Cornyn. "I urge my colleagues to support
this bipartisan, common-sense solution to close this loophole and
help restore public trust in our bankruptcy system."

"The Commercial Law League of America ("CLLA"), the nation's oldest
organization of attorneys and experts in the field of commercial
law and bankruptcy, welcomes and strongly endorses the introduction
of a companion bankruptcy venue reform bill in the Senate (to HR
4193), to address the runaway forum and judge shopping of
commercial Chapter 11 cases to bankruptcy courts located far away
from where the corporation was headquartered and operated.  Such a
reform would ensure that important bankruptcy cases would remain in
their home states so that the distinct needs of each community are
addressed and not overlooked or, worse, ignored by a remote court,"
said Peter C Califano, Esq., Past President of the CLLA (2017) and
current Chair of its Government Affairs Committee.

The Bankruptcy Venue Reform Act of 2021 would prevent the practice
of forum shopping in Chapter 11 bankruptcy cases and ensure
fairness in the bankruptcy system by:

   * Requiring individual debtors to file for bankruptcy in the
district where their domicile, residence, or principal assets in
the United States is located;

   * Requiring corporate debtors to file for bankruptcy in the
district where their principal assets or principal place of
business in the United States is located;

   * Corporate debtors would no longer be permitted to file simply
on the basis of their state of incorporation.

   * Stopping debtors from filing for bankruptcy in another
district simply because an affiliate of the debtor has filed there;
and

   * Requiring that courts transfer or dismiss cases filed in the
wrong district.

The senators first introduced the legislation in 2018.

The legislation is supported by Commercial Law League of America
(CLLA) and the Boston Bar Association. The senators first
introduced the legislation in 2018.


[*] S&P Takes Various Actions on 12 Business and IT Services
------------------------------------------------------------
S&P Global Ratings took various rating actions on 12 business and
information technology (IT) services.

S&P said, "The outlook for the U.S. business and information
technology (IT) services sector has improved materially because
many of the issuers we rate are benefiting from the reopening of
businesses, robust economic growth, and increased demand as the
coronavirus pandemic subsides. While there are substantial
variations in the pace of recovery in diverse industry segments,
positive rating actions sharply outpace downgrades. Despite ongoing
concerns around tight U.S. labor markets, wage inflation,
supply-chain disruptions, and the spread of COVID-19 variants, the
issuers we rate are increasingly confident that these issues are
transitory." In addition, many issuers are using their improving
cash flows or access to capital to fund capital spending,
acquisitions, or shareholder distributions.

"The U.S. business and IT services sector benefits from the ongoing
trend toward the outsourcing of non-core functions to improve
speed, agility, quality, productivity, decision making, and profit.
S&P said, "In our opinion, the COVID-19 pandemic has accelerated
this trend because companies are increasingly adopting digital
transformation solutions. We believe this will likely provide a
steady tailwind and support industry expansion at or above our
forecast for U.S. GDP growth of 6.7% in 2021 and 3.7% in 2022."

S&P said, "We took rating actions on 10 issuers that generally
reflect their improving trends and credit measures. We also
downgraded one issuer to reflect its near-term liquidity pressure
because the operating conditions in the lubricant distribution
industry remain challenged. We expect to publish our rationales for
each of the affected issuers shortly following this release."

  List of Rating Actions

  ISSUER                     TO              FROM

  CDK Global Inc.        BB+/Stable/--     BB+/Negative/--

  SIRVA Inc.             CCC+/Negative/--  CCC+/Negative/--

  Genuine Financial
    Holdings LLC         B-/Stable/--      B-/Negative/--

  RGIS Holdings LLC      B-/Stable/--      B-/Negative/--

  DTI Holdco Inc.        CCC+/Positive/--  CCC+/Negative/--

  The Brink's Co.        BB/Positive/--    BB/Stable/--

  S&S Holdings LLC       B-/Positive/--    B-/Stable/--

  Newport Group
    Holdings II Inc.     B/Stable/--       B/Negative/--

  Nexus Buyer LLC        B-/Positive/--    B-/Stable/--

  PetroChoice
    Holdings Inc.        CCC/Negative/--   CCC+/Watch Neg/--

  The Knot WorldWide Inc. B/Stable/--      B/Negative/--

  Brightstar Corp.       B-/Positive/--    B-/Stable/--


[*] Supreme Court Urged to Decide on Trustee Fees Fight
-------------------------------------------------------
Vince Sullivan of Law360 reports an ongoing battle over the
constitutionality of a 2017 law that increased the fees owed by
Chapter 11 debtors in some jurisdictions has made its way to the
nation's highest court, with the liquidating trustee in Circuit
City's bankruptcy case asking the U.S. Supreme Court to decide the
issue.

In a petition for a writ of certiorari filed earlier this fourth
week of September 2021, Alfred H. Siegel said the question over the
increase in fees owed to the Office of the United States Trustee
was ripe for consideration by the justices because appellate panels
in three different circuit courts could not agree.

As earlier reported in the TCR, the Justice Department's bankruptcy
watchdog in April 2021 convinced an appellate court to affirm a
sharp 2017 congressional hike of Chapter 11 quarterly fees,
overcoming a liquidating trustee's argument that the failure to
apply the fees uniformly across the country makes them
unconstitutional.  The amended fee law didn't violate the U.S.
Constitution's Uniformity Clause because the requirement "forbids
only arbitrary regional differences in the provisions of the
Bankruptcy Code," the U.S. Court of Appeals for the Fourth Circuit
ruled in April 2021, citing another, similar appellate decision.

Alfred H. Siegel, Trustee of the Circuit City Stores, Inc.,
Liquidating Trust (the "Circuit City Trustee"), sought a ruling in
2019 on his liability for quarterly fees assessed under a 2017
Amendment to the bankruptcy fees provisions of the United States
Code (the "2017 Amendment").  In response, the Bankruptcy Court for
the Eastern District of Virginia ruled that the fees aspect of the
2017 Amendment is unconstitutional.

A copy of the 4th Circuit Opinion is available at
https://www.ca4.uscourts.gov/opinions/192240.P.pdf


[^] BOND PRICING: For the Week from September 20 to 24, 2021
------------------------------------------------------------

  Company                   Ticker   Coupon Bid Price   Maturity
  -------                   ------   ------ ---------   --------
BPZ Resources Inc           BPZR      6.500     3.017   3/1/2049
Basic Energy Services       BASX     10.750     7.250 10/15/2023
Basic Energy Services       BASX     10.750    15.125 10/15/2023
Buffalo Thunder
  Development Authority     BUFLO    11.000    50.000  12/9/2022
Carlson Travel Inc          CARLTV   11.500    49.100 12/15/2026
Carlson Travel Inc          CARLTV   11.500    34.500 12/15/2026
Endo Finance LLC            ENDP      5.750    92.875  1/15/2022
Endo Finance LLC            ENDP      5.750    89.364  1/15/2022
Endo Finance LLC / Endo
  Finco Inc                 ENDP      5.375    67.000  1/15/2023
Endo Finance LLC / Endo
  Finco Inc                 ENDP      5.375    66.000  1/15/2023
Energy Conversion Devices   ENER      3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC           TXU       0.932     0.072  1/30/2037
Federal Home Loan Banks     FHLB      1.125    99.434  3/30/2026
Federal Home Loan Banks     FHLB      0.500    99.277  6/28/2024
Federal Home Loan Banks     FHLB      1.320    99.716  3/29/2027
Federal Home Loan Banks     FHLB      1.040    99.206  3/30/2026
Federal Home Loan Banks     FHLB      0.700    99.433  3/25/2025
Federal Home Loan Banks     FHLB      1.100    99.336  6/30/2026
Federal Home Loan Banks     FHLB      0.400    99.865  3/28/2024
Federal Home Loan Banks     FHLB      1.100    99.294  6/30/2026
Federal Home Loan Banks     FHLB      1.050    99.254  6/30/2026
Federal Home Loan Banks     FHLB      1.000    99.216 12/30/2025
Federal Home Loan Banks     FHLB      1.070    99.894  5/28/2026
Federal Home Loan Banks     FHLB      1.020    99.281  3/30/2026
Federal Home Loan Banks     FHLB      1.500    99.426  3/30/2028
Federal Home Loan Banks     FHLB      1.375    99.402 12/30/2027
Federal Home Loan Banks     FHLB      0.875    99.164  3/30/2026
Federal Home Loan Banks     FHLB      1.000    99.322 12/30/2025
Federal Home Loan Banks     FHLB      1.000    99.369  6/30/2026
Federal Home Loan Banks     FHLB      1.050    99.347  6/30/2026
Federal Home Loan Banks     FHLB      0.800    99.162  6/30/2025
Federal Home Loan Banks     FHLB      0.600    99.403  9/30/2024
Federal Home Loan Banks     FHLB      1.070    99.319  3/30/2026
Federal Home Loan Banks     FHLB      1.030    99.419  3/30/2026
Federal Home Loan Banks     FHLB      1.070    99.689  3/30/2026
Federal Home Loan Banks     FHLB      1.100    99.691  3/30/2026
Federal Home Loan
  Mortgage Corp             FHLMC     0.200    99.298 12/30/2022
Federal Home Loan
  Mortgage Corp             FHLMC     0.220    99.779  3/28/2023
GNC Holdings Inc            GNC       1.500     1.250  8/15/2020
GTT Communications Inc      GTTN      7.875    10.918 12/31/2024
GTT Communications Inc      GTTN      7.875    10.875 12/31/2024
Goodman Networks Inc        GOODNT    8.000    40.000  5/11/2022
MAI Holdings Inc            MAIHLD    9.500    16.792   6/1/2023
MAI Holdings Inc            MAIHLD    9.500    16.792   6/1/2023
MAI Holdings Inc            MAIHLD    9.500    16.792   6/1/2023
MF Global Holdings Ltd      MF        9.000    15.625  6/20/2038
MF Global Holdings Ltd      MF        6.750    15.625   8/8/2016
Metropolitan Opera
  Association Inc           THEMET    2.928    99.467  10/1/2021
Navajo Transitional
  Energy Co LLC             NVJOTE    9.000    65.000 10/24/2024
Nine Energy Service Inc     NINE      8.750    47.971  11/1/2023
Nine Energy Service Inc     NINE      8.750    48.859  11/1/2023
Nine Energy Service Inc     NINE      8.750    48.688  11/1/2023
OMX Timber Finance
  Investments II LLC        OMX       5.540     0.350  1/29/2020
Renco Metals Inc            RENCO    11.500    24.875   7/1/2003
Revlon Consumer
  Products Corp             REV       6.250    44.743   8/1/2024
Riverbed Technology Inc     RVBD      8.875    67.396   3/1/2023
Riverbed Technology Inc     RVBD      8.875    67.396   3/1/2023
Sabra Health Care LP        SBRA      4.800   109.003   6/1/2024
Sears Holdings Corp         SHLD      6.625     0.770 10/15/2018
Sears Holdings Corp         SHLD      6.625     2.000 10/15/2018
Sears Roebuck Acceptance    SHLD      7.500     1.179 10/15/2027
Sears Roebuck Acceptance    SHLD      7.000     1.013   6/1/2032
Sears Roebuck Acceptance    SHLD      6.500     1.104  12/1/2028
Sears Roebuck Acceptance    SHLD      6.750     1.057  1/15/2028
Sempra Texas Holdings Corp  TXU       5.550    13.500 11/15/2014
Talen Energy Supply LLC     TLN       4.600    88.619 12/15/2021
Talen Energy Supply LLC     TLN       9.500    77.183  7/15/2022
Talen Energy Supply LLC     TLN       9.500    77.687  7/15/2022
Tech Data Corp              TECD      6.950   122.380  2/15/2027
Tech Data Corp              TECD      5.700   101.058  2/15/2022
TerraVia Holdings Inc       TVIA      5.000     4.644  10/1/2019
US Concrete Inc             USCR      5.125   110.619   3/1/2029
Washington Prime Group LP   WPG       6.450    39.250  8/15/2024



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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 ***