/raid1/www/Hosts/bankrupt/TCR_Public/211015.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, October 15, 2021, Vol. 25, No. 287

                            Headlines

AGM GROUP: Gets First Order of 30K Digital Currency Mining Machines
ALLEGIANT TRAVEL: Fitch Assigns FirstTime 'BB-' IDR, Outlook Pos.
ARKO CORP: Moody's Assigns First Time 'B2' Corporate Family Rating
AULT GLOBAL: Ault & Company Holds 8.06% of Class A Common Shares
AVANTOR FUNDING: Fitch Assigns BB+ Rating on Incremental Term Loan

BALLY'S CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
BASIC ENERGY: Closes Asset Sales, Small Payout for Unsecureds Seen
BASIC ENERGY: Nov. 10 Claims Filing Deadline Set
BCP RENAISSANCE: Moody's Affirms B2 CFR & Alters Outlook to Stable
BLACKROCK INTERNATIONAL: Reaches Rental Agreement with Gregory Red

BLUELINX HOLDINGS: Moody's Assigns First Time 'Ba3' CFR
BRINKS SECURITY: Faces Difficulty in Selling 10% Junk Bonds
CAMBER ENERGY: Unit Assigns Membership Interests in Ichor Energy
CEN BIOTECH: Closes LED Patent Acquisition
CHINA FISHERY: Deadline to File Claims Set for Nov. 15

CINCINNATI TERRACE: Seeks to Hire Rosewood as Real Estate Agent
COALSON ENTERPRISES: Seeks to Hire Joe Lamb as Special Counsel
COALSON ENTERPRISES: Seeks to Tap Silver & Brown as Special Counsel
COALSON ENTERPRISES: Taps Advisor Financial Services as Accountant
COLLEGE OF SAINT ROSE: Fitch Rates $47MM Revenue Bonds 'BB'

CORNERSTONE ONDEMAND: Stockholders Approve Merger With Sunshine
CYTODYN INC: Incurs $30.9 Million Net Loss in First Quarter
DIOCESE OF CAMDEN: Sex Abuse Victims Aim at Trust, Parish Funds
ELDERHOME LAND: Taps CL Group as Real Estate Appraiser
EMPIRE RESORTS: Fitch Raises IDR to 'B+(EXP)', Outlook Stable

ENTRAVISION COMMUNICATIONS: Moody's Affirms B2 Corp. Family Rating
FLUSHING AIRPORT: Oppedisano Agrees to Pledge Additional Collateral
GIRARDI & KEESE: Bankruptcy Trustee Wants to Probe Legal Lenders
GLATFELTER CORP: Moody's Rates New $500MM Sr Unsecured Notes 'Ba2'
GULF COAST HEALTH: Case Summary & 40 Largest Unsecured Creditors

IDERA INC: Project GForce Transaction No Impact on Moody's B3 CFR
IMERYS TALC AMERICA: Court Tosses 16,000 Talc Claimant Votes
INSPIREMD INC: Receives Reimbursement Approval for CGuard
INSPIREMD INC: Registers 1.5M Shares Under 2021 Equity Plan
INSTRUCTURE HOLDINGS: Fitch Assigns FirstTime 'BB-' LongTerm IDR

INSTRUCTURE HOLDINGS: Moody's Assigns First Time 'B1' CFR
JAB ENERGY: Seeks to Hire Traverse LLC as Restructuring Advisor
JAB ENERGY: Seeks to Tap Pachulski as Bankruptcy Counsel
LABL INC: Moody's Affirms 'B3' CFR & Rates New Secured Debt 'B2'
LIFE TIME: Moody's Ups CFR to B3 & First Lien Secured Notes to B2

LMMS INC: Seeks to Employ Cox Law Group as Bankruptcy Counsel
LTL MANAGEMENT: Johnson & Johnson Talc Unit Files for Chapter 11
LTL MANAGEMENT: Voluntary Chapter 11 Case Summary
MALLINCKRODT PLC: Rhode Island Objects at CEO Releases
MANNY'S MEXICAN: Seeks to Hire Pittman & Pittman as Legal Counsel

MAPLE TREE: Seeks to Hire Scott Law Group as Bankruptcy Counsel
MATREIYA TRANS: Plan Approval Deadline Moved to Oct. 27 for Now
MCGRAW-HILL EDUCATION: Fitch Assigns 'B+' LT IDR, Outlook Stable
MCGRAW-HILL EDUCATION: New Loan Upsize No Impact on Moody's B3 CFR
MCK USA 1: Seeks Approval to Hire Dilson Caputo as Broker

MEDIFOCUS INC: Pursues Restructuring Under CCAA
MUSCLEPHARM CORP: Closes $7.0 Million Senior Secured Notes Offering
NEUMEDICINES INC: Unsecureds to Recover 100% in Liquidating Plan
NEW HOLLAND: Unsecureds to Get 100% from Property Sale/Refinance
NIDA ALSHAIKH: Seeks to Tap Calderone Advisory as Financial Advisor

NORTHLAND POWER: Fitch Assigns BB+ Rating on Preferred Shares
NUTRIBAND INC: Signs Manufacturing Agreement With Diomics
OLD JACK: Claims Will be Paid from Property Sale Proceeds
OMNIQ CORP: Partners With 911inform to Expand Sales Channels
ORYX MIDSTREAM: Fitch Affirms and Withdraws Ratings

P8H INC: Trustee to Seek Plan Confirmation Nov. 10
PANOP CAB: Plan Approval Deadline Extended to Oct. 27 for Now
PATHWAY VET: $250MM Term Loan Add-on No Impact on Moody's B3 CFR
PHI GROUP: Incurs $7 Million Net Loss in Fiscal Year Ended June 30
PHUNWARE INC: Appoints Two Directors to Board Committees

PSG MORTGAGE: Seeks to Employ Compass as Real Estate Broker
RADIATE HOLDCO: Moody's Confirms B2 CFR & Alters Outlook to Stable
RIVER MILL: Voluntary Chapter 11 Case Summary
RIVERBED PARENT: S&P Downgrades ICR to 'CC', Outlook Negative
RIVERBED TECHNOLOGIES: Apollo to Take Over in Restructuring

SAI GLOBAL II: Moody's Withdraws Caa1 CFR Following Debt Repayment
SAN ISABEL TELECOM: Taps Bell Gould Linder & Scott as New Counsel
SEADRILL LIMITED: SVP Parties Say Plan Not Filed in Good Faith
SEQUENTIAL BRANDS: Jessica Simpson Has OK to Bid for Fashion Line
SHARITY MINISTRIES: Gets Court Okay to Solicit Votes on Plan

SIZZLING PLATER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
SKYPATROL LLC: Court Approves Disclosure Statement
SONIC AUTOMOTIVE: Fitch Assigns First Time 'BB' IDR, Outlook Stable
SONIC AUTOMOTIVE: S&P Raises ICR to 'BB' on Improved Credit Metrics
SOO HOTELS: To Seek Plan Confirmation on Nov. 18

STREAMLINE EXPRESS: Seeks to Hire Gutnicki as Bankruptcy Counsel
STREAMLINE EXPRESS: Seeks to Tap David Freydin as Corporate Counsel
SUMMIT MIDSTREAM: Fitch Assigns 'B-(EXP)' LT IDR, Outlook Stable
SUMMIT MIDSTREAM: Offering $700M Senior Secured Second Lien Notes
SUMMIT MIDSTREAM: S&P Upgrades ICR to 'B' on Refinancing

TELIGENT INC: Case Summary & 30 Largest Unsecured Creditors
TELIGENT INC: Files for Chapter 11 to Pursue Sale
TEX-GAS HOLDINGS: To Seek Plan Confirmation on Nov. 19
TRAVERSE MIDSTREAM: Moody's Alters Outlook on B3 CFR to Stable
VALLEY FARM: Seeks Approval to Hire Sencer Appraisal Associates

VENUS CONCEPT: Appoints Ross Portaro as President of Global Sales
VERACODE PARTNER: Fitch Affirms 'B+' LT IDRs, Outlook Stable
VERTIV GROUP: S&P Rated $850MM Senior Secured Notes 'BB-'
VISTRA CORP: Fitch Affirms 'BB+' LT IDR & Alters Outlook to Neg.
VISTRA CORP: Moody's Rates $1BB Series A Preferred Stock 'Ba3'

WATER MARBLE: Court Approves Amended Disclosure Statement
WATERLOO AFFORDABLE: NEF Parties Say Disclosures Inadequate
WESTJET AIRLINES: S&P Affirms 'B-' ICR, Outlook Negative
WHOA NETWORKS: Platinum Unsecureds to Recover 15% in Plan
WNJ24K LLC: Unsecureds to Get At Least $50K in Sale Plan

WORLD SERVICE: Seeks to Tap Hahn Fife & Co. as Financial Advisor
WYNN RESORTS: S&P Lowers ICR to 'B+', Outlook Negative
YOUNGEVITY INTERNATIONAL: Declares Q4 Monthly Dividend
YOURELO YOUR: Devyap Realty Updates Reorganization Plan
[^] BOOK REVIEW: TAKING CHARGE: Management Guide to Troubled


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AGM GROUP: Gets First Order of 30K Digital Currency Mining Machines
-------------------------------------------------------------------
GM Group Holdings Inc. has received a purchase order from Nowlit
Solutions Corp, a digital currency equipment supply chain services
and consultancy company in North America with strong relationship
and resource within the Fintech and Blockchain ecosystems having
supplied leading global players including Lake Parime USA Inc. and
StrongHold Digital Mining.  Pursuant to the terms of the Order, the
Company shall deliver 30,000 units of 100 TH/S ASIC crypto miners
with an aggregate operating hash power of 3000 PH/S to Nowlit
Solutions within the fourth quarter of 2021.

Mr. Chenjun Li, co-chief executive officer of AGMH, commented, "We
are excited to announce this first purchase order from Nowlit
Solutions, which is another remarkable progress we had made since
the announcement of the Company's new growth strategy and the
strategic partnership with HighSharp Electronic Technology Co.  The
fulfillment of the order in the next couple of months will
accelerate our completion of the target USD 100m of orders which
will bring forward the formation of the Joint Venture with
HighSharp and our goal to position the Company as a cutting edge
player in the next generation product research and development in
the industry.  We look forward to cooperating with more technology
companies to seize the enormous business opportunities from this
dynamic and fast-growing industry."

                     About AGM Group Holdings

Headquartered in Wanchai, Hong Kong, AGM Group Holdings Inc. is a
software company, currently providing fintech software and trading
education software and website service.

AGM Group reported a net loss of $1.07 million for the year ended
Dec. 31, 2020, a net loss of $1.56 million for the year ended Dec.
31, 2019, and a net loss of $8.41 million for the year ended Dec.
31, 2018.  As of June 30, 2021, the Company had $5.98 million in
total assets, $2.88 million in total liabilities, and $3.09 million
in total shareholders' equity.

Flushing, New York-based JLKZ CPA LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
April 22, 2021, citing that the Company has incurred substantial
losses during the year, which raises substantial doubt about its
ability to continue as a going concern.


ALLEGIANT TRAVEL: Fitch Assigns FirstTime 'BB-' IDR, Outlook Pos.
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Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB-' to Allegiant Travel Company (ALGT). The
Rating Outlook is Positive. Fitch has also assigned a 'BB+'/'RR2'
rating to the company's first lien term loan, revolver and notes.

The ratings are supported by the company's consistently strong
profitability and the flexibility of its business model. Allegiant
is solely focused on the U.S. leisure market, which has allowed it
to bounce back quickly from pandemic lows. The company maintains a
low-cost structure, which allows it to stimulate demand with low
ticket prices while maintaining profitability, supported by
ancillary revenues such as bag fees and sales of third-party travel
products. The company's route network focuses on serving vacation
travelers in smaller markets, and the routes often face no direct
competition, which Fitch views as a key strategic advantage.
Fitch's primary credit concerns include continued uncertainty
around air travel volumes related to COVID. The rise in Delta
variant cases and possibility of other variants heightens this
concern. The company's investment in its Sunseeker resort also
represents a near-term risk.

KEY RATING DRIVERS

Resilient Business Model: Allegiant's business model as an
ultra-low-cost carrier focusing on niche, underserved markets, has
proven to be advantageous. The success of the model is evidenced
through the company's performance in both the last business cycle,
as well as during the COVID-19 pandemic, in which Allegiant led
airline recovery in both revenues and profitability. The company
reported July 2021 traffic that was 7.3% above July 2019
performance. The airline's strong rebound is due to a combination
of the company's focus on leisure traffic, geographic concentration
in Florida, and the success of the COVID vaccination rollout.
Barring an event leading to the return of mass travel restrictions,
Fitch believes that leisure traffic will remain solid even in the
midst of a rise in cases, as customers who are vaccinated hold
lower chances of hospitalization and those who choose not to
receive the vaccine may continue to travel regardless of the health
environment. Fitch expects capacity to grow by 40% in 2021 over
2020 levels and continue to grow at an average rate of 13% from
2022-2024.

Strong Profitability: Fitch believes Allegiant is well positioned
to achieve an EBITDA margins in the mid to upper teens in 2021,
trending in the high 20s over the forecast. Fitch expects ALGT's
margins to lead the North American industry, driven by its leisure
focus and its low-cost structure. ALGT's passenger traffic relative
to 2019 levels is well ahead of most airline competitors, driving a
solid rebound in top-line revenues. On the cost side, the company
maintained CASM-ex fuel and special charges of under 7 cents coming
out of the pandemic, nearly 60% less than its larger peers. ALGT
has historically generated margins among the highest of any airline
globally. Fitch expects solid margin performance to remain a
differentiating factor that supports the rating.

Low Cost Advantage: ALGT's low cost structure is a key strategic
advantage that allows the company to stimulate traffic with low
fares while remaining profitable. This differentiating factor is
driven by the company's "no frills" product offering, low overhead,
direct marketing approach and low-cost fleet. The company's non-
traditional approach to attracting customers without the use of
third-party sales channel drives a strong reoccurring customer
base. The company also operates a single fleet type consisting
A320s and A319s, reducing costs related to pilot training,
maintenance, etc. The company keeps capital costs low by sourcing
used aircraft, which also facilitates it's low-utilization model,
which differentiates ALGT from other low cost carriers (LCCs).
Capital cost advantages of relying on used aircraft are partly
offset by maintenance costs and eventual need to replace aging
planes. The average age of ALGT's fleet is 14.8 years.

Improving Leverage: Fitch expects Allegiant to return to normalized
Adjusted Debt to EBITDAR levels of around 2.8x by YE 2022,
following the robust rebound in leisure and domestic travel. As of
July 2021, the company held a total of $1.57 billion in secure and
unsecured debt on its balance sheet. Notably, ALGT's gross debt
increased by only $164 million, or 11.5% from YE 2019 despite
pressures from the pandemic. ALGT's balance sheet includes $855
million of debt secured by aircraft and engines, a $500 million
senior secured term loan B, $150 million senior secured notes due
2024, and $25 million unsecured PSP notes. Future aircraft
deliveries are expected to be funded through a blend of finance
leases, cash on hand and incremental debt. Financing related to
fleet growth is expected to push debt levels higher, however, as
profitability returns, leverage should return to historical
levels.

Sunseeker Resort: The decision to restart construction on the
Sunseeker resort is a near-term risk that weighs on ALGT's credit
profile. Construction risks including cost overruns and delays are
potential issues at least through the project's scheduled
completion in late 2022 or early 2023. After completion, the
potential for a slower-than projected ramp-up in the property's
performance could drag on ALGT's overall margin performance. Once
the resort ramps up, Fitch believes that it may be a solid
contributor to ALGT's overall EBITDA performance. Based on
comparable property margin profiles and potential competitive
advantages related to the newness of the resort and plans to offer
rooms at below market rates, Fitch believes that the property may
be solidly profitable. ALGT's plans to save costs by avoiding
on-line travel agencies and solely selling through Allegiant.com
are novel, and may prove advantageous given the airline's strong
presence in the area. However, the company's targeted 85% occupancy
rate and limited ramp-up period may be aggressive. Average
occupancy for properties in the area is around 68%.

ALGT plans to guarantee $350 million in new debt to be issued by
the Sunseeker subsidiary. Funds will be used to complete
construction of the project. The new debt will be secured solely by
the Sunseeker assets. Fitch includes the proposed debt in its
leverage calculations due to the guarantee. Fitch does not view the
incremental debt as being overly burdensome on the company's credit
metrics given the profitability of the airline. ALGT has stated
that it does not intend to contribute any more airline equity to
the resort. Prior to COVID-19, the $510 million project was slated
to be completed in late 2021, however, due to the pandemic the
project was delayed 17 months and is now expected to be completed
in late 2022 or early 2023.

Industry Update: Domestic and leisure travel experienced a solid
rebound subsequent to a weaker than expected recovery in the first
half of the year. The combination of the COVID vaccination rollout
and the loosening of pandemic-era restrictions encouraged a surge
in leisure demand throughout the second and early part of the third
quarter. Passenger counts have greatly improved relative to 2020
levels; however, Fitch has observed moderate pullback driven by the
surge in Delta variant cases. The uncertainty around the impact of
Delta and future variants of the coronavirus represent material
risks to the recovery in air travel. Fitch's current view is that
the effectiveness of vaccines along with the desire to travel and a
certain amount of comfort in "living with COVID" may prevent
another sharp downturn in leisure travel. This view may change
depending on future developments with the virus.

DERIVATION SUMMARY

Allegiant compares well to other LCCs such as Spirit Airlines
(BB-/Stable) and JetBlue Airways Corp. (BB-/Stable), which also
focus heavily on domestic leisure travel. Although Spirit is a
larger low-cost provider with similar profitability and leverage
metrics, its rebound from COVID is expected to lag Allegiant, as
international travel is not expected to recover as quickly as
domestic travel. Although Allegiant has lower route diversification
and is a smaller sized airline in comparison to JetBlue, the
company's focus on 100% leisure in underserved niche markets
insulates it from pricing pressures that both JetBlue and Spirit
may encounter from larger competitors.

KEY ASSUMPTIONS

-- Fitch's base case assumes that there will be no prolonged mass
    travel restrictions over the rating horizon;

-- ASMs climb to 17.9k in 2021, and 21.5k in 2022, as the company
    continues to grow its fleet;

-- Passenger yields rebound to pre-COVID levels in 2022;

-- Jet fuel is assumed at around $2.00/gallon through the
    forecast;

-- Sunseeker Resort is forecasted to be completed late 2022/early
    2023, however, due to the uncertainty in the project revenues,
    Fitch has conservatively left out any incremental revenues.

RATING SENSITIVITIES

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

-- Total adjusted debt/operating EBITDAR sustained below 3.5x;

-- FCF positive through the cycle;

-- Successful completion of the Sunseeker resort and execution on
    growth strategy;

-- Increased confidence in a sustainable recovery for leisure
    travel.

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

-- Total adjusted debt/operating EBITDAR sustained above 4.00x;

-- EBIT Margins falling in the mid-high single digits;

-- FCF Margins neutral or negative across the cycle;

-- Total liquidity falling below 15% of LTM revenue.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity and FCF: As of June 30, 2021, the company held
$1.25 billion of liquidity, including $1.2 billion in cash and cash
equivalents and full availability on its $50 million revolver.
Liquidity over 2020 and 2021 was bolstered via $381 million in
payroll support, $535 million in debt issuance, and $335 million in
stock issuance. As the company returns to its historical
profitability, Fitch expects FCF to improve in 2021. However, FCF
may be volatile over the rating horizon as the company finishes
construction on the Sunseeker resort and continues to grow its
fleet. Capex is expected to fluctuate as the company capitalizes on
opportunistic used aircraft pricing, along with an additional
non-capex spend of $350 million to complete the Sunseeker resort.

The company has $1.57 billion of fixed and variable debt, with the
inclusion of financing lease arrangements for certain aircraft
purchases. As of July 2021, 34 A320s, 26 A319s, and 16 engines
secured $854 million in first lien debt and finance lease
obligations. Additional material debt includes the company's $538
million balance on its senior secured term loan and $150 million
senior secured notes, both due 2024. Furthermore, the company
issued $24.7 million of unsecured notes provided by PSP, which
mature in 2030.

ISSUER PROFILE

Allegiant Travel Company (ALGT) is an ultra-low cost airline
primarily focused on providing service to vacation destinations to
under-served small and medium-sized markets throughout the United
States.

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.


ARKO CORP: Moody's Assigns First Time 'B2' Corporate Family Rating
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Moody's Investors Service assigned first time ratings to ARKO
Corp., including a B2 corporate family rating, B2-PD probability of
default rating and a B3 senior unsecured rating. The outlook is
stable. Ratings are dependent upon final review of documentation.

Proceeds from the proposed $450 million of senior unsecured notes
will be used to permanently reduce existing term loan debt and
refinance outstandings under a secured revolving credit facility.

"ARKO's B2 corporate family rating reflects the company's high
leverage and modest interest coverage -- Moody's forecasts ARKO's
debt/EBITDA will approximate 7.0x and EBIT/interest expense will be
about 1.0x at the end of 2022 (all metrics include Moody's standard
adjustments)," stated Pete Trombetta, Moody's VP-Senior Analyst.
Despite metrics that are more indicative of a lower rating, ARKO's
credit profile benefits from several qualitative factors including
its position as the sixth largest convenience store operator in the
US (by number of stores), tailwinds for the convenience store
industry, expectations for further growth in fuel gross profit and
its very good liquidity. The assigned ratings also include
governance considerations particularly that ARKO is a publicly
traded company with an acquisitive history using both cash and debt
to fund its growth.

Assignments:

Issuer: ARKO Corp.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

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

Outlook Actions:

Issuer: ARKO Corp.

Outlook, Assigned Stable

RATINGS RATIONALE

ARKO's credit profile is constrained by its aforementioned high
leverage, modest interest coverage and its growth strategy which
could hinder de-leveraging as the company pursues additional
acquisitions and uses its excess cash flow to fund its remodeling
plans as opposed to voluntary debt repayment. Moody's forecast
includes lower fuel margins in 2022 following strong growth in 2020
and 2021. ARKO's fuel gross profit accounts for about 45% of its
total gross profit, so weakness in that segment will have an impact
on its overall metrics. ARKO's credit profile benefits from its
large scale and good geographic diversification, with just under
1,400 self-operated stores located in 28 states, and the related
economies of scale in terms of procurement and merchandising as
well as a centralized loyalty program across its 19 different
brands. The company also benefits from its gross profit mix which
is more heavily weighted to merchandise sales and less on more
volatile fuel sales, the added stability of the long-term contracts
in its wholesale segment which accounts for just under 25% of
operating income and its good free cash flow before growth capital
expenditures.

The stable outlook reflects ARKO's very good liquidity given
Moody's view that leverage will be high at above 6.5x in 2022.

ARKO's liquidity is very good, reflected by its June 30, 2021 cash
balance pro forma for the proposed transaction of just under $300
million, which is more than sufficient to cover the company's cash
needs over the next 12 to 18 months. Moody's expects all of the
company's free cash flow will be used to fund its remodeling
program and opportunistic tuck-in acquisitions. The company has
stated its plans to remodel approximately 360 stores over the next
three to five years. While the spend associated with this is
considered growth capex and can be curtailed, Moody's views the
remodels as necessary given the competitive state of the
convenience store industry. The company has access to two committed
asset-based revolving credit facilities: a $140 million facility
that matures in December 2022 and a $500 million facility that
expires in 2024. The $500 million facility contains leverage and
interest coverage maintenance covenants that Moody's expect will
have adequate cushion over the next year. Moody's views the
company's ability to raise alternate forms of liquidity as modest,
including its owned store base of 285 locations.

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

Factors that could lead to an upgrade include leverage maintained
below 5.25x on a sustained basis with EBIT/interest expense above
1.75x. Higher ratings would also require the company to maintain at
least good liquidity. Factors that could lead to a downgrade
include debt/EBITDA remaining above 6.5x or EBIT/interest sustained
below 1.25x.

Based in Richmond, VA, ARKO is the sixth largest convenience store
operator in the US by store count. ARKO is a public company that
trades on the Nasdaq (ARKO). The company's subsidiary, GPM
Investments, LLC self-operates just under 1,400 locations and
distributes fuel to just over 1,600 dealer-operated gas stations,
operating overall in 33 states and the District of Columbia. For
the trailing 12 month period ended June 30, 2021, ARKO's revenues
were about $5.6 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.



AULT GLOBAL: Ault & Company Holds 8.06% of Class A Common Shares
----------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of Class A common stock, par value $0.001 per share, of Ault Global
Holdings, Inc. as of Sept. 29, 2021:

                                         Shares         Percent
                                      Beneficially        of
  Reporting Person                        Owned          Class
  ----------------                    ------------      --------
  Milton C. Ault, III                  5,570,024          8.42%
  William B. Horne                       252,806      Less Than 1%
  Henry C.W. Nisser                      255,078      Less Than 1%
  Kenneth S. Cragun                      101,042      Less Than 1%
  Ault Alpha LP                        2,650,000          4.08%
  Ault Alpha GP LLC                    2,650,000          4.08%
  Ault Capital Management LLC          2,650,000          4.08%
  Philou Ventures, LLC                     7,872      Less Than 1%
  Ault & Company, Inc.                 5,316,882          8.06%

The aggregate percentage of shares owned by each reporting person
is based upon 64,952,600 shares outstanding, which is the total
number of shares outstanding as of Oct. 8, 2021, as reported by
Ault Global Holdings to the reporting persons.

On Oct. 12, 2021, the reporting persons agreed to the joint filing
on behalf of each of them of statements on Schedule 13D with
respect to the securities of the issuer.

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

https://www.sec.gov/Archives/edgar/data/896493/000121465921010421/d1012211sc13d.htm

                     About Ault Global Holdings

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

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


AVANTOR FUNDING: Fitch Assigns BB+ Rating on Incremental Term Loan
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Fitch Ratings has assigned a 'BB+'/'RR2' rating Avantor Funding,
Inc.'s incremental term loan. The net proceeds from the issuance
will be used partly finance the acquisition of Masterflex for
roughly $2.9 billion cash.

The Stable Outlook reflects Fitch's expectation that the company
will deleverage to below 4.5x gross debt/EBITDA over the 18-24
months following the close of the acquisition. Fitch's assumptions
reflect that Masterflex will be accretive to Avantor's EBITDA
margins. In addition, debt repayment far above required term loan
amortization will be necessary for deleveraging over the course of
the forecast.

KEY RATING DRIVERS

Acquisition Makes Strategic Sense: Fitch believes the Masterflex
acquisition is strategically sound. Masterflex is a bioprocessing
carve-out of Antylia. It is a bioprocessing business that makes
pumps and fluid-transfer technologies. Masterflex's products are
used in bioproduction for medical therapies and vaccines,
contributing to the creation of monoclonal antibodies, cell and
gene therapies and messenger RNA.

Fitch expects Avantor will deleverage to below 4.5x in the 18-24
months following its announced acquisition of Masterflex. This
expectation is driven by Masterflex's higher EBITDA margins and the
expectation for significant debt reduction above annual term loan
amortization.

Avantor's gross debt/EBITDA was 4.3x at June 30, 2021, and Fitch
views leverage of 4.0x-4.5x in line with the 'BB' IDR. The Stable
Outlook reflects Fitch's expectation that continued deleveraging
below 4.5x following the Masterflex acquisition is likely, given
management's long-term public net leverage target of 2x-4x and
Fitch's view that the company has the financial flexibility
necessary to achieve this goal. The company has successfully
reduced debt since the merger with VWR, from a Fitch-calculated,
nearly 10x following the close of the transaction. This was the
result of the combined effects of EBITDA growth and debt reduction,
which was partly funded through the proceeds of an initial public
offering.

Acquisitive Posture Likely to Persist: Fitch expects Avantor to
maintain an acquisitive posture given the fragmented nature of the
industry, which may forestall when, and how long, the company
operates with lower leverage. The company will likely focus on
targets that fill in potential gaps in its product portfolio and/or
strengthen its existing product platforms. Targets that offer
adjacencies will also likely be considered.

Fitch expects that Avantor will deleverage to below 4.5x within
18-24 months following acquisitions, but that meaningful
improvements beyond that may be temporary given the strategic
rationale for additional transactions. The company has demonstrated
its ability to successfully integrate large and targeted
acquisitions.

Manageable Coronavirus Effects: Avantor's business profile is
relatively resilient because of good end market diversification and
non-cyclical demand for healthcare products. Avantor's biopharma
end markets have held up well and have benefited from
COVID-19-related testing demand and vaccine-related production,
which is expected to continue into 2021. The industrials end
markets have seen more significant business disruption effects from
the pandemic.

However, because of the diversity of the customers served in the
advanced technologies and applied materials businesses, demand for
the company's products has remained relatively stable. EBITDA
sustainably grew in 2020 due to positive operating leverage effects
with higher sales volumes and mix shift to higher margin
proprietary products.

Sufficient Liquidity: Fitch expects Avantor to maintain a
comfortable liquidity cushion going forward. Fitch expects cash on
hand, ongoing cash generation and committed lines of revolving
credit will ensure the company has adequate liquidity to support
operations, capital spending needs, preferred dividends and
required term loan amortization during 2021. A highly recurring
revenue model, with a shift to higher margin proprietary products,
and Avantor's ability to refinance outstanding debt at lower coupon
rates during 2020 supports FCF generation exceeding $600 million
annually and the 'BB' IDR.

Strong Competitive Position and Good Diversification: Avantor is
well diversified through end markets and product categories, with
biopharma representing over 50% of total sales. Advanced
technologies and applied materials end markets represent roughly
25% of sales and includes a mix of more cyclical end markets that
benefit from highly recurring consumable sales.

Consistent cash generation is supported through highly diversified
consumables and service-focused revenues representing roughly 85%
of sales, and more limited exposure to equipment and
instrumentation (15% of sales) versus peers. Strength and
diversification in high-growth end markets should offset slower
growth and cyclical end markets, resulting in single-digit revenue
growth above the average life sciences industry.

DERIVATION SUMMARY

Avantor's strongest competitors are significantly larger, with
leading positions in the broader life sciences industry and greater
financial flexibility. Thermo Fisher (BBB+/Stable) is Avantor's
closest peer within the lab products industry. Thermo Fisher, a
direct distribution competitor, is materially larger than Avantor,
has an industry-leading manufacturing business and is much more
conservatively capitalized. Other low- to mid-'BB' rated healthcare
companies operating in different industry subsectors typically have
leverage sensitivities in the 4.0x-5.0x range.

KEY ASSUMPTIONS

-- Pandemic-related tailwinds help to support biopharma end
    market growth;

-- Organic revenue growth in the low- to mid-single-digits;

-- EBITDA margins moderately increase, driven by improved sales
    mix of Avantor's proprietary products and the added higher
    margin products of recent acquisitions;

-- Capex is forecasted to be around 1.0% of revenues;

-- FCF $750 million to $930 million annually during the forecast
    period, aided by reduced cost of capital after 2020
    refinancing activity;

-- Gross debt/EBITDA declines to or below 4.5x in 2023.

RATING SENSITIVITIES

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

-- Operating with gross debt/EBITDA sustained below 4.0x;

-- Continued operational strength that results in (cash flow from
    operations - capex)/total debt around or above 9%.

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

-- Operating with gross debt/EBITDA sustained above 4.5x;

-- Pressures to profitability, increased expenses or missteps
    with M&A-related integration that result in (cash flow from
    operations - capex)/total debt sustained below 7.5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Standalone liquidity was supported by cash on
hand of $223 million and full availability its $515 million
first-lien, secured revolver due 2025 as of June 30, 2021. The
revolver was upsized to $515 million in July 2020. Avantor's senior
secured credit facility does not include financial maintenance
covenants aside from a springing first-lien, net leverage covenant
of 7.35x if 35% of the revolver is drawn. Additionally, working
capital needs are supported by a $300 million accounts receivable
securitization facility, which was unused at June 30, 2021.

Debt Maturities Manageable: The company's standalone debt
maturities and amortization requirements are manageable. The 2020
refinancing transactions pushed out maturities, leaving the nearest
maturity the receivables facility maturing in March 2023 and a
portion of the term loans due in October 2024. Fitch expects the
company will refinance most maturities but pay down some debt to
reduces leverage to or below 4.5x.

ISSUER PROFILE

Avantor, Inc. is a leading global provider of mission critical
products and services to customers in the biopharma, healthcare,
education & government, and advanced technologies & applied
materials industries. Offerings include materials & consumables,
equipment & instrumentation and services & specialty procurement.

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.


BALLY'S CORP: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Bally's Long-Term Issuer Default Rating
(IDR) of 'B+' and has assigned a 'BB+'/'RR1' final rating to its
senior secured credit facility and a 'B-'/'RR6' final rating to its
senior unsecured notes. The Rating Outlook is Stable.

The ratings reflect Bally's moderate pro forma adjusted leverage
for the closing of the Gamesys acquisition, as well as Fitch's
expectation of adjusted leverage to trend towards Bally's stated
net leverage target of 4.0x-4.5x. The IDR also reflects improved
diversification within both land-based and digital businesses,
adequate liquidity and good free cash flow, which will support
investments within the businesses, planned M&A and project capex.
The Stable Outlook reflects current healthy operating trends,
specifically in Bally's regional, land-based portfolio.

KEY RATING DRIVERS

Moderate Pro Forma Leverage: Fitch expects Bally's gross adjusted
leverage to decline to 5.2x by 2022 following the primarily
debt-funded acquisition of Gamesys, mostly through EBITDAR growth.
Leverage is currently in the high 5.0x range when capitalizing the
roughly $70 million of lease expense with GLPI at 8.0x, though the
company still owns a majority of its casinos' real estate.
Management has a 4.0x-4.5x net leverage target, which equates to
approximately 5.0x-5.5x gross adjusted debt per Fitch's
calculations. Fitch expects Bally's to reach that target by YE
2022, though this could be achieved sooner should some FCF be
allocated toward voluntary debt paydown.

Improving Diversification: Bally's operates 16 properties in 14
states (pro forma for Tropicana Las Vegas), an improvement from a
single property in 2013 and four in 2019. The M&A strategy has
diversified cash flows away from the Northeast and has primarily
centered around buying underperforming properties at discounted
valuations. Bally's properties are typically not market leaders and
the company has over $200 million of growth capex planned to
support competitiveness. The addition of Gamesys further adds to
Bally's total size, gaming offering and geographic presence. Pro
forma for the acquisition, Rhode Island will account for an
estimated 17% of total EBITDAR. Bally's Interactive will also help
diversify the business, offering sports wagering and online gaming
later this year.

Gamesys Acquisition: The addition of Gamesys provides some
geographic and platform diversification to Bally's predominately
U.S. land-based operating profile, as well as strong FCF
generation. Gamesys has a bingo and online casino presence in the
U.K. (about 58% of total Gamesys revenue), while also realizing
growth in the unregulated Japan market. The acquisition provides
the in-house technology tools needed for Bally's U.S. Interactive
strategy. These benefits are balanced against medium-term
regulatory concerns from the U.K.'s Gambling Act Review, whose
eventual outcome could weigh more negatively on online casino
operators relative to betting-focused operators.

An additional concern is the fact that about 30% of Gamesys revenue
is generated in unregulated jurisdictions (mainly Japan). The main
risk surrounding unregulated markets is they may develop more
stringent regulations, which can adversely affect Gamesys' margins
or may force Gamesys out of the market. Synergy benefits from the
two companies combining are limited and primarily related to
providing online capabilities to Bally's U.S. Interactive division.
The combined company will be managed out the U.S., which could
present integration challenges, though Gamesys has grown over the
years through M&A and its headquarters has changed multiple times.

Favorable Regional Gaming Outlook: Bally's legacy land-based
properties are performing well through the pandemic's recovery, in
some cases already surpassing 2019 gaming revenue levels. This
performance is consistent with broader U.S. regional gaming, which
is being supported by pent-up demand, widespread vaccinations, a
strong consumer, and greater reliance on local visitation. As a
whole, Fitch expects U.S. regional gaming demand to continue on its
current growth trajectory over pre-pandemic levels, supported by
strong GGR performance seen through August.

Regional gaming EBITDAR margins remain strong, thanks to more
efficient operating models, primarily in lower marketing and
amenity expenses. Fitch expects margins to normalize as broader
competition ramps back up, albeit still above historical margins.
For Bally's, Fitch expects 300bps-400bps increases at most
properties due to permanent changes made during the pandemic.

Uncertainty Around Interactive Strategy: The momentum in U.S.
sports betting and online gaming has led to multiple land-based and
digital operators entering the market, including Bally's. Despite
its benefit to Bally's product diversification, Fitch does not
expect the company's U.S. interactive presence to be a material
credit driver in the near-to-intermediate term. Bally's is
currently developing its mobile platform that will roll out to
multiple states during 2022. The market is extremely competitive,
loss leading, and currently dominated by three large players
(DraftKings, Fanduel and BetMGM). These operators have enjoyed
first mover advantages and/or invested heavily in marketing and
promotions. Other well-capitalized operators also plan to increase
investment in the space.

Bally's partnership with Sinclair provides some competitive
advantage with regional sports network (RSN) exposure, and Fitch
expects total EBITDA contribution for Bally's from this segment to
exceed $100 million at maturity. There could be upside if Bally's
is able to achieve low double-digit market share or its RSN
strategy proves successful without spending significant investments
in marketing.

DERIVATION SUMMARY

The 'B+' rating reflects Bally's diversified regional gaming
footprint and its pending acquisition of Gamesys, as well as its
moderate pro forma gross adjusted leverage. The rating also
considers Bally's good discretionary FCF and liquidity position.
The rating is similar to other regional gaming operators with
comparable credit metrics, though Bally's has higher execution risk
(related to Gamesys acquisition) and certain peers have slightly
better land-based portfolios. MGM Resorts (BB-/Rating Watch
Negative) has higher quality properties, better diversification
with a solid presence on the Las Vegas Strip and in Macau SAR,
strong liquidity and a greater normalized FCF profile.

The Gamesys business has smaller scale and weaker diversification
than peers Flutter Entertainment (BBB-/Stable) and Entain plc
(BB/Positive), which are more focused on fixed-odds betting (online
and retail) and poker. Flutter has a strong existing footprint in
the growing U.S. sports betting market given its ownership of
Fanduel. Gamesys potentially has more risk exposure to the U.K.
Gambling Act Review as online casino operators face more headwinds
comparatively than fixed-odds betting operators (potential max
betting limits and/or loss limits). Positively, Gamesys has no
meaningful physical footprint so capex is relatively less and the
company has benefited from the pandemic's impact on customers
adopting more digital platforms.

KEY ASSUMPTIONS

-- Land-based U.S. revenues in 2021 roughly in-line with pre
    pandemic revenues, though some Bally's properties exhibit
    weaker performance (i.e., Las Vegas and Atlantic City); the
    majority of land-based properties grow low-single digits going
    forward backed by healthy operating trends in regional gaming;

-- Aggregate land-based EBITDAR margins grow 300bps-400bps over
    historical levels due to achieved cost savings from the
    pandemic;

-- Bally's Interactive business operates at a low-to-mid single
    digit market share, with 2022 primarily the ramp up year.
    Fitch expects the segment to be cash flow neutral in the near
    term, with long-term margins around 20% achievable;

-- Gamesys segment grows mid-teens in 2021, driven by growth in
    Asia and the pandemic's lingering benefit to online gaming
    channels in the U.K. Fitch expects some normalization in 2022
    in the U.K. and mid-single digit growth thereafter. For Asia,
    growth continues in the double-digit range but at a
    decelerating rate. Segment EBITDA margins (after allocated
    administrative expense) remains in the mid-20% range;

-- Total FCF margin in the high-single to low-double digit range
    annually. Fitch expects FCF allocation to primarily focus on
    tuck-in M&A and growth capex, though some degree of debt-
    paydown is possible as management looks to achieve its net
    leverage target in the medium-term.

RECOVERY ASSUMPTIONS

The recovery analysis assumes that Bally's would be reorganized as
a going concern in a default scenario. Fitch assume Bally's leases
with gaming REITs are not rejected in bankruptcy and Fitch also
assumes the rent is not reset by the landlords. Fitch has assumed a
10% administrative claim and full draw on Bally's approximately
$620 million revolver. The current recovery ratings contemplate
roughly $2.6 billion of secured debt claims and $1.5 billion of
unsecured debt claims.

Fitch utilizes an aggregate going-concern EBITDA of about $460
million, which includes roughly $240 million from the U.S.
land-based business, $210 million from Gamesys, and $15 million
attributable to Bally's U.S. Interactive business. This is a
forward estimate from a default scenario such that cash flows
decline and are insufficient to cover Bally's fixed costs (debt
service, cash taxes, maintenance capex). With a blended Enterprise
Value (EV) multiple of roughly 5.75x, this equates to $2.7 billion
of enterprise value.

The U.S. land-based going-concern EBITDA reflects a moderate
recessionary environment, characterized by 50% flow-through to
EBITDAR less master lease rent. Flow-through was less during the
pandemic; however, the material cost cuts to the business were
idiosyncratic to the pandemic and Bally's (like other regional
gaming operators) benefitted from limited alternative
entertainment.

The Gamesys going-concern EBITDA reflects reduced economics in the
U.K. as a result of medium-term regulatory headwinds and/or the
loss of its Asian business (about 30% of revenues) given its
unregulated nature. This level of EBITDA is roughly 30% below
Fitch's 2022 forecast, which is after the pandemic's boost to
online gaming partially subsides.

Fitch includes a small amount of Bally's Interactive EBITDA which
is Fitch's 2022 estimate discounted by 33% to reflect more
aggressive marketing spend by Bally's. The U.S. sports betting and
iGaming markets have limited operating history given their more
recent legalization. Bally's Interactive will be a wholly-owned
unrestricted subsidiary but Fitch expects the restricted group's
debt documentation to include a specific asset sale carve-out for
the Interactive business such that any asset sale proceeds must be
distributed into the restricted group.

Fitch's recovery analysis for Bally's is based on blended EV
multiples for its three segments that are slightly below historical
market and M&A implied multiples. This is to account for the
difficulty of estimating multiples at the time of default, which
could be several years out for healthier issuers. Fitch assigns a
6.0x multiple to Bally's land-based segment given they primarily
operate in competitive markets, are not market leaders, and have
some degree of fixed costs related to their lease agreements.

This is higher than the 5.5x multiple used for pure gaming OpCos
(higher fixed costs) and lower than peers in more advantageous
markets or that have higher property. The 6.0x multiple is a
discount to traditional gaming assets' M&A and trading multiples of
around 8.0x. As the Interactive business grows and becomes a more
meaningful piece of overall cash flow, this could support a higher
EV multiple. Fitch applies a 5.5x EV multiple to the Gamesys
segment, which is lower than the recovery multiple previously used
for The Stars Group given its geographic exposure outside of the
U.S., regulatory headwinds in the U.K., smaller scale, and risks
associated with operating in grey regulatory markets in Asian. In
2021, Bally's purchased Gamesys for about 11.0x 2020 EBITDA.

RATING SENSITIVITIES

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

-- Gross adjusted leverage sustaining below 4.5x;

-- Greater long-term certainty around regulatory environments in
    key non-U.S. jurisdictions;

-- Successful development of Bally's U.S. interactive business
    and profitability or market share exceeding Fitch's
    expectation.

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

-- Gross adjusted leverage sustaining above 5.5x;

-- Discretionary FCF margins sustained below 10% of revenues;

-- Evidence of integration challenges with company's M&A strategy
    (e.g. Gamesys);

-- Adverse regulatory actions that significantly impact
    profitability, market access, or the company's ability to
    maintain gaming licenses globally.

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

Bally's has full availability on its $620 million revolver and over
$400 million of cash on hand at the close of the Gamesys
transaction. Fitch expects excess cash to continue to build during
the forecast, primarily due to FCF generation from Gamesys. Despite
meaningful near-term cash needs related to planned growth capex and
closing of pending casino acquisitions, Fitch expects liquidity to
be sufficient. Total FCF margins are expected to be in the
high-single digit range consistently.

Bally's new capital structure includes a new senior secured
revolver, senior secured term loan B, eight-year unsecured bonds,
and 10-year unsecured bonds. The nearest maturity is not until
2028.

ISSUER PROFILE

Bally's is a U.S. regional gaming operator with 16 properties
across 14 states. The company is in the process of acquiring
Gamesys, a digital gaming operator with meaningful operations in
the U.K. and Asia.

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.


BASIC ENERGY: Closes Asset Sales, Small Payout for Unsecureds Seen
------------------------------------------------------------------
Basic Energy Services, Inc. and certain of its subsidiaries on
October 1, 2021, consummated the sale of substantially all of their
assets on a going concern basis pursuant to separate purchase
agreements between certain of the Debtors and Berry Corporation,
Ranger Energy Acquisition, LLC, and Select Energy Services, LLC:

     Buyer        Purchase Price
     -----        --------------
     Berry           $43,000,000
     Ranger          $36,650,000
     Select          $20,000,000

The Asset Purchase Agreements contemplate:

     (A) Berry:  A sale to Berry of substantially all of the
Debtors' assets associated with their California business for total
consideration of $43 million -- increased from $27 million under
the Stalking Horse Bid for such assets -- plus other valuable
consideration, including (i) the commitment to employ at least 95%
of the Debtors' employees associated with the California Assets and
(ii) the purchase of all Acquired Accounts Receivable related to
the California Assets of approximately $15 million and assumption
of certain Assumed Prepetition Accounts Payable of approximately $4
million;

     (B) Ranger: A sale to Ranger of substantially all of the
Debtors' assets associated with their well servicing and completion
and remedial segment located outside of California for total
consideration of $36.65 million (increased from $25 million under
the Stalking Horse Bid for such assets); and

     (C) Select:  A sale to Select of substantially all of the
Debtors' assets associated with their water logistics segment
located outside of California for total consideration of $20
million, plus other valuable consideration, including the purchase
of Accounts Receivable of approximately $6 million and the
assumption of certain Customer Lienable Prepetition Accounts
Payable and Assumed Postpetition Accounts Payable of approximately
$1 million.

Based on the consideration to be received from the Sale
Transactions, the Company expects that, after paying off the
administrative, secured, and priority creditors, and providing for
winding down Company operations, there will be limited proceeds
available for distribution for unsecured claims and no proceeds to
distribute to the Company's shareholders.

President and CEO Steps Down

On October 5, 2021, in connection with the consummation of the Sale
Transactions: Keith L. Schilling resigned as the Company's
President, and Chief Executive Officer; Adam Hurley resigned as the
Company's Executive Vice President, Chief Financial Officer,
Treasurer and Secretary; and James F. Newman resigned as the
Company's Executive Vice President - Operations.

On October 1, 2021, Messrs. Schilling, Hurley and Newman each
entered into consulting agreements with the Company to provide
certain transition services in connection with the Sales
Transactions and to oversee the wind-down of the Company and its
subsidiaries.

On October 7, Robert Reeb, the Company's General Counsel, was
appointed President, Secretary, Chief Executive Officer, and
Treasurer of the Company effective immediately. Mr. Reeb's
appointment was consistent with the Company's by-laws. Mr. Reeb
shall serve in his roles until his successor is duly elected and
qualified, or until his earlier death, resignation or removal.

A copy of the sale agreement with Berry is available at
https://bit.ly/3mUGvJA

A copy of the sale agreement with Ranger is available at
https://bit.ly/3aCwew8

A copy of the sale agreement with Select is available at
https://bit.ly/3DGH7t4

                  About Basic Energy Services

Basic Energy Services, Inc. -- http://www.basices.com/-- provides
wellsite services essential to maintaining production from the oil
and gas wells within its operating areas.  Its operations are
managed regionally and are concentrated in major United States
onshore oil-producing regions located in Texas, California, New
Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota,
Colorado and Montana.  Specifically, Basic Energy Services has a
significant presence in the Permian Basin, Bakken, Los Angeles and
San Joaquin Basins, Eagle Ford, Haynesville and Powder River
Basin.

Basic Energy Services and 12 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 21-90002) on Aug. 17,
2021. As of March 31, 2021, Basic Energy disclosed total assets of
$331 million and debt of $549 million.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
AlixPartners LLP as restructuring advisor, and Lazard Freres &
Company as financial advisor.  Prime Clerk is the claims agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  Snow &
Green, LLP and Brown Rudnick, LLP serve as the committee's legal
counsel.  Riveron RTS, LLC, formerly known as Conway MacKenzie,
LLC, is the financial advisor.


BASIC ENERGY: Nov. 10 Claims Filing Deadline Set
------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
established Nov. 10, 2021, at 5:00 p.m. (Prevailing Central Time)
as last date and time for general creditors of Basic Energy
Services Inc. and its debtor-affiliates to file their claims
against the Debtors.  The Court also set Feb. 13, 2022, at 5:00
p.m. (Prevailing Central Time) as the deadline for governmental
units to file their claims against the Debtors.

Proofs of claim must be filed electronically through (i) Prime
Clerk at https://cases.primeclerk.com/basicenergy; (ii) PACER
(Public Access Court Electronic Records) at
https://ecf.uscourts.gov; or (ii) delivering the original proofs of
claim to Prime Clerk by first class mail, overnight mail or hand
delivery, at:

   Basic Energy Services Inc.
   Claim Processing Center
   c/o Prime Clerk LLC
   850 3rd Avenue, Suite 412
   Brooklyn, NY 11232

Proof of claim forms and a copy of the bar date order may be
obtained by visiting https://cases.primeclerk.com/basicenergy,
maintained by the Debtors' claims and noticing agent, Prime Clerk.
Questions concerning the contents of the notice and requests for
copies of filed proofs of claim should be directed to Prime Clerk
either (i) by email at basicenergyinfo@primeclerk.com or (ii) phone
at (877) 329-2031 (toll-free) or +1 (917) 994-8420
(international).

                   About Basic Energy Services

Basic Energy Services, Inc. -- http://www.basices.com/-- provides
wellsite services essential to maintaining production from the oil
and gas wells within its operating areas. Its operations are
managed regionally and are concentrated in major United States
onshore oil-producing regions located in Texas, California, New
Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota,
Colorado and Montana. Specifically, Basic Energy Services has a
significant presence in the Permian Basin, Bakken, Los Angeles and
San Joaquin Basins, Eagle Ford, Haynesville and Powder River
Basin.

Basic Energy Services and 12 affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 21-90002) on Aug. 17,
2021. As of March 31, 2021, Basic Energy disclosed total assets of
$331 million and debt of $549 million.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel,
AlixPartners LLP as restructuring advisor, and Lazard Freres &
Company as financial advisor.  Prime Clerk is the claims agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  Snow &
Green, LLP and Brown Rudnick, LLP, serve as the committee's legal
counsel.  Riveron RTS, LLC, formerly known as Conway MacKenzie,
LLC, is the financial advisor.


BCP RENAISSANCE: Moody's Affirms B2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service changed BCP Renaissance Parent L.L.C's
outlook to stable. Concurrently, Moody's also affirmed BCP
Renaissance's B2 Corporate Family Rating, its B2-PD Probability of
Default Rating and its B2 senior secured term loan rating.

Affirmations:

Issuer: BCP Renaissance Parent L.L.C.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Term Loan, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: BCP Renaissance Parent L.L.C.

Outlook, Changed to Stable from Negative

Through BCP Renaissance, Blackstone Energy Partners II L.P. and
Blackstone Capital Partners VII L.P. (collectively "Blackstone")
hold a 49.9% non-operated interest (32.4% net) in ET Rover Pipeline
LLC (ET Rover), the intermediate holding company that owns a 65%
interest in Rover Pipeline LLC (Rover). Energy Transfer LP (ET,
Baa3 stable) holds the remaining 50.1% interest in ET Rover, and is
Rover's operator. Traverse Midstream Partners LLC holds the
remaining 35% non-operating interest in the Rover pipeline.

RATINGS RATIONALE

BCP Renaissance's outlook change to stable reflects the fundamental
improvement in the credit strength of the Rover pipeline in light
of improved natural gas fundamentals and counterparty credit
strength. Additionally, with the company's focus on debt reduction
through excess cash flow sweeps will improve the company's debt
leverage.

BCP Renaissance's B2 CFR is supported by the stable cash flow
generated by its ownership interest in ET Rover. Fully in-service
since September 2018, the 713-mile pipeline connects natural gas
production from the Marcellus and Utica Shale with Midwest, Gulf
Coast and Canadian markets. Notwithstanding the strategic value of
Rover, BCP Renaissance carries a heavy debt load, with debt/EBITDA
approximating 7x, and Funds from Operations (FFO)/debt below 10%.

BCP Renaissance's investment in Rover is essentially a highly
leveraged holding company loan. Leverage is likely to decline, the
function of a cash flow sweep of 100% of available cash to the
extent leverage exceeds 6x. Under the joint venture agreement
governing Rover, it is required to distribute all free cash flow to
its partners. The Rover pipeline itself is unlevered.

Current contracted firm transportation volumes on Rover account for
approximately 90% of Rover's 3.425 billion cubic feet per day
(Bcfd) authorized capacity, and are buttressed by long-dated,
take-or-pay shipper contracts with initial terms of 15-20 years.
However, the weighted average rating of Rover's contracted
shippers, although improved from earlier in 2021 at around Ba3, is
a constraint in BCP Renaissance's rating. BCP Renaissance's ratings
are notched from Rover's credit profile which incorporates the
credit quality of its shipper counterparties. BCP Renaissance
benefits from strong governance and risk mitigation mechanisms. It
has no obligation to fund beyond the $1.58 billion fixed dollar
amount of its October 2017 investment in Rover, and the funding of
any incremental costs incurred to complete the project will not
dilute its interest. With board membership, BCP Renaissance has
voting protection with all critical decisions that could adversely
affect BCP Renaissance requiring unanimous consent.

The ratings also reflect the incorporation of the Minority Holding
Companies Methodology as a secondary methodology into the analysis
of Traverse Midstream. The methodology describes the general
principles for assessing entities such as Traverse Midstream whose
activities are limited to owning non-controlling interests in
non-financial corporate entities. Considerations discussed in the
methodology include subordination risk between the non-controlling
owner and the underlying operating company, the stability of the
operating company's distributions and coverage, and the extent of
the non-controlling owner's influence on the governance of the
operating company.

With Rover fully in service, BCP Renaissance's liquidity needs are
limited; its liquidity position is regarded as adequate. BCP
Renaissance is entirely dependent on cash distributions from Rover
for any liquidity needs that should arise. Excess liquidity is
swept into mandatory Term Loan B debt prepayments. The Term Loan B
requires the maintenance of a 1.05x minimum debt service coverage
ratio covenant, which Moody's sees being met by an acceptable
margin.

The Term Loan B is rated B2, equivalent to the B2 CFR, reflecting
its singular position in BCP Renaissance's capital structure.

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

If debt/EBITDA declines towards 6x with FFO/debt approaching 10%, a
rating upgrade could be considered. A downgrade could occur should
the credit quality of Rover's contracted shippers deteriorate, or
if debt/EBITDA and FFO/debt do not show steady improvement as
expected.

The principal methodology used in these ratings was Natural Gas
Pipelines published in July 2018.


BLACKROCK INTERNATIONAL: Reaches Rental Agreement with Gregory Red
------------------------------------------------------------------
Blackrock International, Inc., submitted a Second Amended
Disclosure Statement and Second Amended Plan dated October 11,
2021.

The Debtor's sole asset is residential real property located at 305
Kensington Drive, Lafayette, Louisiana.  This property is a
single-family home and was acquired on January 8, 2018.  Visio
Financial Services (now Wilmington Savings Trust) was the original
lender.  The note secured by the property was in the original sum
of $269,500 and payments were $2,062.68 per month. Blackrock agreed
to lease the property to Gregory Red for the sum of $2,200.00 per
month beginning April 1, 2018.

Gregory Red initially paid his rent timely and payments were made
to the mortgage holder. The COVID-19 moratorium on residential
evictions expired on July 31, 2021, without renewal by Congress,
however, the Center for Disease Control ("CDC") has issued a
temporary moratorium on residential evictions until Oct. 3, 2021.
While this action by the CDC may be unconstitutional, the
moratorium has, nonetheless been extended, therefore, it appears
there may be an impediment until October 3, 2021 to an eviction
proceeding should Red become delinquent in the future.

The Debtor's sole income comes from the rent collected on the
rental property located at 305 Kensington Drive. After this
bankruptcy filing the Debtor and Red began negotiations regarding
the post-petition rental payments due. Red agreed to pay $2,750 per
month retroactive to May 1, 2021, if the Debtor would perform
certain specific repairs to the leased premises. The repairs were
completed in late July 2021.

On July 30, 2021, Red made a $2,000 payment and on Aug. 2, 2021,
Red made payments of $8,000, $2,560 and $2,000 representing past
due rental payments and the August 2021 rent. Red has committed to
making all future rental payments timely, however, if he does not,
the Debtor will act quickly to seek an eviction, when allowed to do
so, and rent the property to another tenant.

Since Wilmington Savings Trust has agreed to refinance its entire
secured debt and has agreed not to pursue any past due payments,
the Debtor has agreed not to pursue any past due rental payments
from Red.  Red has stated that he cannot and would not pay all the
past due rent.  If the Debtor chose to attempt to collect the past
due rent, Red would not have paid the $10,000 rental payment and
Red could remain in the leased premises without paying rent pending
an eviction.

Red appears to be committed to making all future rental payments
timely, however, if he does not, the Debtor will act quickly to
seek an eviction, when allowed to do so, and rent the property to
another tenant.

The Debtor reached an agreement with the Wilmington Savings Fund,
the current holder of the note secured by 305 Kensington Drive,
Lafayette, Louisiana, as to a loan modification whereby Debtor
agreed to repay the balance due at 4.50% interest amortized over
240 months with a maturity at 84 months, recapitalizing any unpaid
prior payments. This treatment was approved by the Court on July
14, 2021 and payments in the sum of $2,548.38 are to begin as
adequate protection payments retroactive to July 1, 2021. Payments
were made on August 4, 2021, in the sum of $2,560 and on Oct. 5,
2021 in the sum of $2,549.

Debtor reached an agreement with Gregory Red to resume monthly
rental payments retroactive to May 1, 2021, in the sum of $2,750
per month if the Debtor would perform certain specific repairs to
the leased premises. The repairs were completed in late July 2021.
On July 30, 2021, Red made a $2,000 payment and on August 2, 2021,
Red made payments of $8,000 and $2,010 toward the delinquent rental
payments due.

The COVID-19 moratorium on residential evictions expired on July
31, 2021, without renewal by Congress, however, the Center for
Disease Control ("CDC") has issued a temporary moratorium on
residential evictions until Oct. 3, 2021.  While this action by the
CDC may be unconstitutional, the moratorium has, nonetheless been
extended, therefore, it appears there may be an impediment until
Oct. 3, 2021, to an eviction proceeding should Red become
delinquent in the future.

            Classes of Priority Unsecured Claims

Class 2 consists of all Priority tax claims. Priority tax claims
are unsecured income, employment, and other taxes. The State of
Louisiana has filed a priority tax proof of claim in the sum of
$2,308.00 for estimated corporate taxes due for the years 2017,
2018 and 2019, including an estimate of $2,000 for 2019. The Debtor
is preparing and will file all appropriate tax returns for the tax
years 2017, 2018, 2019 and 2020 on or before August 31, 2021, in
order to establish what corporate taxes, if any, are owed.

To the extent it is determined the Debtor owes a priority tax claim
to the State of Louisiana, the holder of such claim must receive
the present value of such claim, in regular installments paid over
a period not exceeding 5 years from the order for relief, unless
the holder of such priority tax claim agrees otherwise.

The Debtor elects to make deferred payments to all holders of
claims in this class. The payments will include interest at the
rate provided by 26 USC Sections 6621 and 6622 and will be made in
60 equal and consecutive monthly installments computed from
December 15, 2020. The first payment will be on the first day of
the first month subsequent to the Effective Date of the Plan with
each succeeding payment being due on the first day of each month
thereafter, until paid in full with the final payment due and
payable on or before December 15, 2025.

              Classes of General Unsecured Claims

Allowed Unsecured Creditors are treated in Class 4. The State of
Louisiana has filed a general unsecured claim in the sum of
$1,000.62 for estimated corporate taxes due for the years 2016,
2017, 2018 and 2019.  The Debtor is preparing and will file all
appropriate tax returns for the tax years 2017, 2018, 2019 and 2020
on or before August 31, 2021, in order to establish what general
unsecured claims, if any, are owed.  The Debtor does not believe
that the State of Louisiana has a valid general unsecured claim. If
necessary, the Debtor will file and objection to the claim of the
State of Louisiana.

To the extent it is determined the Debtor owes an allowed general
unsecured claim to anyone, then beginning on the first day of the
second month following the Effective Date the Debtor shall deposit
the sum of at least $150 per month into an account to be known as
the Creditors Pool.  The Debtor may pay more at it is the goal to
pay 100% of the Allowed Unsecured Claims as soon as possible.
These contributions shall continue for 36 consecutive months or
until all Allowed Unsecured Claims have been paid in full.
Distributions from the Creditors Pool shall be made annually on the
anniversary date of the first contribution made to the Creditors
Pool by the Debtor.

A full-text copy of the Second Amended Disclosure Statement dated
October 11, 2021, is available at https://bit.ly/3aBGMLX from
PacerMonitor.com at no charge.

Attorney for Blackrock International:

     DAVID PATRICK KEATING
     THE KEATING FIRM, APLC
     P.O. Box 3426
     Lafayette, LA 70502
     Phone: (337) 233-0300
     Fax: (337) 233-0694
     Email: rick@dmsfirm.com

                 About Blackrock International

Blackrock International, Inc., is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)).

Blackrock International filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No.
20-50922) on Dec. 15, 2020.  Helen Jean Williams, authorized
representative, signed the petition.  At the time of the filing,
the Debtor had estimated assets of between $1 million and $10
million and liabilities of between $100,000 and $500,000.  Judge
John W. Kolwe oversees the case.  The Keating Firm, APLC serves as
the Debtor's legal counsel.


BLUELINX HOLDINGS: Moody's Assigns First Time 'Ba3' CFR
-------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
and a Ba3-PD Probability of Default Rating to BlueLinx Holdings
Inc. Moody's also assigned a B1 rating to the company's proposed
$300 million senior secured notes due 2029 and an SGL-2 Speculative
Grade Liquidity rating. The outlook is stable. This is the first
time Moody's has assigned ratings to this issuer.

BlueLinx' senior secured notes are being placed to refinance the
borrowings under the company's ABL revolving credit facility due
2026, which at June 30, 2021 were about $320 million. Concurrently
with this transaction, BlueLinx is reducing the capacity of its ABL
revolving credit facility to $350 million from $600 million. The
revolver is not expected to be significantly utilized going
forward.

"Pro forma debt to EBITDA for the transaction is estimated below
2.0x given the strong earnings generation over the last twelve
months due to very strong market conditions. However, in 2022 due
to a normalization in the market demand and pricing environment,
Moody's expect the company's credit metrics to return to the
following levels: total leverage in the mid 3.0x, interest coverage
of about 3.0x and operating margin of around 5%" says Natalia
Gluschuk, Moody's Vice President and Senior Analyst.

The following rating actions were taken:

Assignments:

Issuer: BlueLinx Holdings Inc.

Corporate Family Rating, Assigned Ba3

Probability of Default Rating, Assigned Ba3-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

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

Outlook Actions:

Issuer: BlueLinx Holdings Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The Ba3 Corporate Family Rating is supported by the company's: 1)
solid market position as a two-step distributor of building
products with a national presence; 2) focus on specialty building
products that generate higher gross margins; 3) governance
considerations of the company's conservative financial policy and
publicly stated target net debt leverage for operation of around
3.0x and expectations of disciplined approach to investments; and
4) Moody's expectation of good end market conditions in new
residential construction and repair and remodeling end markets over
the next 12 to 18 months.

At the same time, the rating is constrained by: 1) relatively low
operating margins inherent to the distribution nature of the
business as well as the volatility of margins caused by the
variability in product pricing; 2) competitive landscape of the
building products distribution business and the fragmented nature
of the market; and 3) cyclicality of the residential and commercial
end markets and the associated volatility in product demand.

The stable outlook reflects Moody's expectations that the company
will benefit from solid end market conditions in its residential
and commercial end markets, as it enhances its market position and
operates conservatively over the next 12 to 18 months.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation that BlueLinx will maintain good liquidity over the
next 12 to 15 months, supported by positive free cash flow
generation, ample availability under its $350 million ABL revolving
credit facility due 2026, and flexibility under its springing fixed
charge coverage financial covenant.

The company's senior secured notes are rated B1, one notch below
its Corporate Family Rating, given the presence of the ABL
revolving credit facility, which holds a higher priority of claims,
and therefore the junior position of senior secured notes in the
capital structure.

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

The ratings could be upgraded if the company significantly expands
revenue scale and generates operating margins sustainably above 8%,
while operating with debt to EBITDA below 3.0x through various
sector environments and periods of growth and acquisitions, and
liquidity remains good.

The ratings could be downgraded if the company's debt to EBITDA is
sustained above 4.0x, if the company's financial policies grow
aggressive either in terms of large-scale debt funded acquisitions
or shareholder returns, if end markets deteriorate causing
precipitous declines in revenue and earnings generation, or if
liquidity weakens meaningfully.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

BlueLinx Holdings Inc., headquartered in Marietta, Georgia, is a
two-step wholesale distributor of building products for residential
and commercial markets in the US. In the LTM period ended July 3,
2021, the company generated about $4.0 billion in revenue.


BRINKS SECURITY: Faces Difficulty in Selling 10% Junk Bonds
-----------------------------------------------------------
Davide Scigliuzzo, Gowri Gurumurthy, and Paula Seligson of
Bloomberg News report that Brinks Home Security is laboring to find
enough buyers for a $1.1 billion bond sale to refinance loans the
company took to exit bankruptcy two years ago, according to people
with knowledge of the matter.

The heavily indebted alarm company, operated by Monitronics
International Inc., marketed the seven-year bonds at a yield of
around 10%.  As of Wednesday, it had received orders falling short
of the offering's size, said one of the people, who asked not to be
named when talking about a private transaction.

                      About Monitronics

Headquartered in the Dallas-Fort Worth area, Monitronics
International, Inc. provides security alarm monitoring services to
approximately 900,000 residential and commercial customers as of
March 31, 2019.  Ascent Capital Group, Inc., is a holding company
that owns Monitronics, doing business as Brinks Home Security.

Monitronics International and certain of its domestic subsidiaries
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
19-33650) on June 30, 2019.  The Hon. David R Jones was the case
judge.

The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS
LLP as counsel; FTI CONSULTING, INC. as financial advisor; and
MOELIS & COMPANY LLC as investment banker in the Chapter 11 cases.

                          *     *     *

Monitronics International officially exited Chapter 11 bankruptcy
on Aug. 30, 2019, paving the way for the completion of its merger
with non-debtor parent Ascent Capital Group Inc.

In early August 2019, Monitronics and certain subsidiaries won
approval of their joint partial prepackaged plan of reorganization.
The Plan eliminated $885 million of debt, including $585 million
aggregate principal amount of the Company's 9.125% Senior Notes due
2020, $250 million of the Company's term loans and $50 million of
the Company's revolving loans.  Approximately 14% of the Company's
9.125% Senior Notes due 2020 received cash and the remainder, along
with $100 million of the Company's term loans, were converted into
equity. Approximately $823 million of the Company's term loans were
converted into a new term loan facility. Upon emergence, the
Company also gained access to $295 million of additional liquidity
under new exit financing (consisting of a $150 million term loan
facility, and a $145 million revolving facility) to support its
continued growth and ensure it can continue to execute on its
strategic plan.


CAMBER ENERGY: Unit Assigns Membership Interests in Ichor Energy
----------------------------------------------------------------
Viking Energy Group, Inc., a majority-owned subsidiary of Camber
Energy, Inc., entered into an Assignment of Membership Interests
with TO Ichor 2021, L.L.C., the assignee, pursuant to which it
assigned all of its membership interests in Ichor Energy Holdings,
L.L.C. to the assignee, effective Oct. 5, 2021.

Ichor Energy Holdings is the owner of all of the membership
interests in Ichor Energy, LLC that owns all of the membership
interests of Ichor Energy LA, LLC and Ichor Energy TX, LLC, which
collectively owned approximately 58 producing wells, 31 salt water
disposal wells, 46 shut in wells and 4 inactive wells as of June
30, 2021.  The assets were acquired by the Ichor entities in
December 2018 from an affiliate of the assignee.

In connection with the original acquisition, Ichor Energy Holdings
and Ichor Energy entered into that certain Term Loan Credit
Agreement, dated as of Dec. 28, 2018, with ABC Funding, LLC, as
administrative agent, and the lenders party thereto.  The
obligations under the term loan are secured by mortgages on the oil
and gas leases of the Ichor entities, a security agreement covering
all assets of Ichor Energy, and a pledge by Ichor Energy Holdings
of all if the membership interests in Ichor Energy.  Camber and
Viking are not parties to the term loan.

Concurrent with the closing of the original acquisition and
entrance into the term loan in December 2018, Ichor Energy also
entered into one or more hedge contracts with respect to a certain
percentage of the estimated oil and gas production from its oil and
gas assets, expiring on or about Dec. 28, 2022.  The consideration
for the conveyance of the Ichor entities by Viking was the
assumption by assignee of all of the obligations associated with
the Ichor entities.

The Assignment Agreement contains a right of first refusal, and
provides that if the assignee receives an arms-length bona fide
offer from any third party to purchase any of the membership
interests in Ichor Energy Holdings, such interests shall first be
offered to Viking, and Viking shall have the right, exercisable
within 30 calendar days, to elect to purchase such membership
interests upon substantially the same terms and conditions as are
contained in the offer.

                        About Camber Energy

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

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

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


CEN BIOTECH: Closes LED Patent Acquisition
------------------------------------------
CEN Biotech Inc. has consummated the transaction for Patent Number
U.S. 8,723,425.

On Oct. 7, 2021, CEN entered into an asset purchase agreement in
connection with the purchase and acquisition of the right, title,
and interest in and to the patent, as more particularly described
in the APA and related transaction documents.  Pursuant to the
agreement, Tesla Digital, Inc., Tesla Digital Global Group, Inc.
and Stevan Pokrajac are to receive 5,000,000 shares of CEN common
stock which were reserved for issuance at closing of the agreement.
As additional consideration, the sellers acknowledged receipt of
two parcels of real property from CEN.

"This strategic acquisition is the first step in creating a truly
global agriculture company dedicated to a person's health and
well-being using innovations in LED lighting technologies.  We
believe the use of this LED patented technology can be widely
implemented in many industries such as indoor growing, automotive
and industrial applications.  This technology can limit the amount
of heat generated from the operation of the LED lights and the
amount of power needed to operate them," commented Bahige (Bill)
Chaaban, the company's CEO and executive chairman.

The inventor of the patent, Stevan Pokrajac, commented also, "We
look forward to continuing the development and sales of our
patented technology across a wide range of platforms and
industries, including indoor agriculture applications, automotive
and aerospace industries, and technologies that require minimal
heat and power consumption."

                      About CEN Biotech Inc.

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

CEN Biotech reported net income of $14.25 million for the year
ended Dec. 31, 2020, compared to a net loss of $5.65 million for
the year ended Dec. 31, 2019.  As of March 31, 2021, the Company
had $6.21 million in total assets, $16.68 million in total
liabilities, and a total shareholders' deficit of $10.46 million.
As of June 30, 2021, the Company had $6.15 million in total assets,
$11.13 million in total liabilities, and a total stockholders'
deficit of $4.98 million.

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


CHINA FISHERY: Deadline to File Claims Set for Nov. 15
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set
Nov. 15, 2021, at 5:00 p.m. (Eastern Time) as the last date and
time for each person or entity to file proofs of claim against
China Fishery Group Limited (Cayman) and its debtor-affiliates.

The Court also set March 7, 2022, at 5:00 p.m. (Eastern Time) as
deadline for all governmental units to file their claims against
the Debtors.

All proofs of claim must be filed (i) electronically through the
website of the Debtors' court-approved claims agent, Epiq
Bankruptcy Solutions LLC, using the interface available on the
website at https://dm.epiqaa.com/CHF under the link entitled "File
a Claim" or (ii) by delivering the original proof of claim form by
hand, or mailing the original proof of claim on or before the bar
date:

a) if by U.S. Postal Service Mail or overnight delivery:

   China Fishery Group Limited (Cayman) et at.
    Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   PO Box 4419
   Beaverton, OR 97076-4419

        - or -

b) if by hand-delivery:

   China Fishery Group Limited (Cayman) et al.
    Claims Processing Center
   c/o Epiq Bankruptcy Solutions LLC
   10300 SW Allen Boulevard
   Beaverton, OR 97005

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore). Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors. The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


CINCINNATI TERRACE: Seeks to Hire Rosewood as Real Estate Agent
---------------------------------------------------------------
Cincinnati Terrace Associates, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Rosewood Realty Group LLC as its real estate agent.

The Debtor needs the assistance of a real estate agent to help
identify potential new buyers or investors for its hotel property
located at 15 West 6th St., Cincinnati, Ohio.

Rosewood will receive a commission of 5 percent of the sale
proceeds.

Greg Corbin, president of Rosewood's bankruptcy and restructuring,
disclosed in a court filing that his firm is "disinterested" within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Greg Corbin
     Rosewood Realty Group LLC
     38 East 29th St.
     New York, NY, 10016
     Telephone: (212) 359-9900/(212) 359-9904
     Email: Greg@rosewoodrg.com

                About Cincinnati Terrace Associates

Brooklyn, N.Y.-based Cincinnati Terrace Associates, LLC filed a
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
21-41548) on June 9, 2021, listing as much as $50 million in both
assets and liabilities.  David Goldwasser, manager and
restructuring officer of FIA Capital Partners, signed the
petition.

Judge Elizabeth S. Stong oversees the case.

Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP and
David Goldwasser of FIA Capital Partners, LLC serve as the Debtor's
legal counsel and chief restructuring officer, respectively.  West
Shell Commercial Inc., doing business as Colliers
International/Greater Cincinnati, is the Debtor's property manager.


COALSON ENTERPRISES: Seeks to Hire Joe Lamb as Special Counsel
--------------------------------------------------------------
Coalson Enterprises Corporation seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ Joe
Lamb, Jr., Esq. an attorney practicing in Henrico, Va., as its
special counsel.

The Debtor needs legal assistance in ongoing non-bankruptcy
business matters, including but not limited to, review of contracts
and leases.

The attorney will be billed at his hourly rate of $300, with a cap
of $500 per day.  The rate for clerical and paralegal services is
$90 per hour.

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

The attorney can be reached at:

     Joe B. Lamb, Jr., Esq.
     9617 Rockstone Court
     Henrico, VA 23238
     Telephone: (804) 935-0000
     Email: joe@joelamblaw.com

               About Coalson Enterprises Corporation

Glen Allen, Va.-based Coalson Enterprises Corporation is a
privately held company in the residential building construction
industry.

Coalson Enterprises filed a petition for Chapter 11 protection
(Bankr. E.D. Va. Case No. 21-32920) on Sept. 28, 2021, listing
$1,523,415 in assets and $3,709,029 in liabilities. John J.
Coalson, Jr., president, signed the petition.  

The Debtor tapped Nisha R. Patel, Esq., at Dunlap Law, PLC and
Kelly M. Barnhart, Esq., at Roussos & Barnhart, PLC as bankruptcy
counsel; Silver & Brown, PC and Joe B. Lamb, Jr., Esq., as special
counsel; and Advisor Financial Services, Inc. as accountant.


COALSON ENTERPRISES: Seeks to Tap Silver & Brown as Special Counsel
-------------------------------------------------------------------
Coalson Enterprises Corporation seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Silver & Brown, PC as its special counsel.

Silver & Brown will represent the Debtor on various matters pending
before the Circuit Court for the County of Hanover, Va.

Erik Lawson, Esq., an attorney at Silver & Brown, will be billed at
his hourly rate of $350.  

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

Mr. Lawson disclosed in a court filing 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:

     Erik B. Lawson, Esq.
     Silver & Brown, PC
     10621 Jones St., Ste. 101
     Fairfax, VA, 22030-7511
     Telephone: (703) 591-6797

               About Coalson Enterprises Corporation

Glen Allen, Va.-based Coalson Enterprises Corporation is a
privately held company in the residential building construction
industry.

Coalson Enterprises filed a petition for Chapter 11 protection
(Bankr. E.D. Va. Case No. 21-32920) on Sept. 28, 2021, listing
$1,523,415 in assets and $3,709,029 in liabilities. John J.
Coalson, Jr., president, signed the petition.  

The Debtor tapped Nisha R. Patel, Esq., at Dunlap Law, PLC and
Kelly M. Barnhart, Esq., at Roussos & Barnhart, PLC as bankruptcy
counsel; Silver & Brown, PC and Joe B. Lamb, Jr., Esq., as special
counsel; and Advisor Financial Services, Inc. as accountant.


COALSON ENTERPRISES: Taps Advisor Financial Services as Accountant
------------------------------------------------------------------
Coalson Enterprises Corporation seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Advisor Financial Services, Inc. as its accountant.

The Debtor needs the assistance of an accountant to prepare and
file its federal and state tax returns.

The firm will charge fees based on its normal hourly billing rates
between $135 and $175, plus expenses.

In addition, the firm will charge $75 per month for its data
services.  

David Luck, chief executive officer of Advisor Financial Services,
disclosed in a court filing 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:

     David C. Luck
     Advisor Financial Services, Inc.
     2105 State Route 203
     Chatham, NY 12037
     Telephone: (518) 392-3400
     
               About Coalson Enterprises Corporation

Glen Allen, Va.-based Coalson Enterprises Corporation is a
privately held company in the residential building construction
industry.

Coalson Enterprises filed a petition for Chapter 11 protection
(Bankr. E.D. Va. Case No. 21-32920) on Sept. 28, 2021, listing
$1,523,415 in assets and $3,709,029 in liabilities. John J.
Coalson, Jr., president, signed the petition.  

The Debtor tapped Nisha R. Patel, Esq., at Dunlap Law, PLC and
Kelly M. Barnhart, Esq., at Roussos & Barnhart, PLC as bankruptcy
counsel; Silver & Brown, PC and Joe B. Lamb, Jr., Esq., as special
counsel; and Advisor Financial Services, Inc. as accountant.


COLLEGE OF SAINT ROSE: Fitch Rates $47MM Revenue Bonds 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB' Issuer Default Rating (IDR) and
the following 'BB' bond rating to the expected City of Albany
Capital Resource Corporation bonds being issued on behalf of the
College of Saint Rose (the College, or CSR):

-- $47,465,000 revenue refunding bonds, series 2021.

The Rating Outlook is Stable.

The series 2021 bonds will be issued as 30-year fixed rate debt
with serial maturities, with maturity in 2052. Proceeds will be
used to refinance the existing 2011 and 2015 bonds. The bonds are
expected to price the week of Oct. 25, 2021, via negotiation.

SECURITY

The series 2021 bonds are expected to be secured by a pledge of
legally available revenues, a mortgage on selected campus
facilities, and a bond-funded debt service reserve. Expected
covenants include 1x annual debt service coverage (tested once per
year), and a liquidity ratio (20% liquid assets to debt, tested
semi-annually).

ANALYTICAL CONCLUSION

The 'BB' IDR and bond rating reflect the College of Saint Rose's
pressured New York-centric enrollment base, which, at the
undergraduate level, exhibits very limited selectivity and
relatively weak matriculation rates in recent years.

The rating is further supported by the College's recent actions
taken to improve operating performance, including enacting expense
reductions and eliminating underperforming programs. These actions
have been further aided by both extraordinary endowment support and
federal stimulus in both fiscal 2020 and 2021. In those years the
College generated respective 9.3% and 13.3% operating cash flow
margins, following a meager 0.6% margin in fiscal 2019.

The College benefits from its $44 million endowment, which provides
unrestricted annual support of approximately $500,000 and provided
significant extraordinary support in 2020 ($4.7 million) and 2021
($2 million). This extraordinary support is expected to continue in
2022 ($2.7 million) and 2023 ($1.1 million).

The Stable Outlook reflects the College's capacity for improvement
in operations and more stable enrollment as it absorbs a
significant academic program restructuring effort. Leverage is
expected to fall as the College deleverages over the next five
years; the majority of its operating lease will term by 2023 and
its 74% funded defined benefit pension liability is on a funding
glide path toward termination.

KEY RATING DRIVERS

Revenue Defensibility: 'bb'

Pressured Enrollment and Limited Demand Characteristics

The 'bb' revenue defensibility assessment reflects CSR's pressured
enrollment trend, as well as its relatively limited selectivity
near 80% and thin matriculation under 10%. These demand
characteristics present meaningful constraints on pricing power and
net tuition revenue growth prospects. Undergraduate enrollment
(about 60% of the total) has been the most pressured, while
graduate enrollment has been steadier. Following a significant
academic restructuring in late CY20/fiscal 2021, management is also
making several targeted adjustments to its admissions process and
to leadership in the undergraduate admissions department.

While total net tuition revenue has declined steadily, the downward
trend in net tuition per FTE abated in fiscal 2020 and 2021. The
College is somewhat dependent on student-driven (tuition and
auxiliary) revenue, historically about 80% of total adjusted
operating revenue. For fiscal 2021, the addition of both $2 million
in extraordinary endowment support and just over $1 million in
institutional federal stimulus funds brought student fee revenue
down to 70% of the total base.

Operating Risk: 'bbb'

Variable Operating Performance, Manageable Capital Plans

The 'bbb' operating risk assessment reflects an expectation that
significant programmatic and operating changes will positively
affect fiscal 2022 and 2023 cash flow margins. Fiscal 2021 results
demonstrated meaningful operating improvement, though the 13.3%
cash flow margin was buoyed by some non-recurring revenue items.
Excluding those items, operating cash flow margins would have been
closer to 10%. Despite a relatively high average age of plant near
17 years, CSR's capital needs are manageable and the College
benefits from steady, if relatively limited, fundraising and
gifts.

Financial Profile: 'bb'

Moderate Leverage, with Capacity for Improvement

The 'bb' financial profile assessment reflects CSR's relatively
adequate available funds levels against expense and debt
obligations, as well as the expected reduction in leverage over the
medium term. With approximately $38 million in available funds as
of fiscal 2021, CSR had 56% AF/expenses and 67% AF/debt, both
levels consistent with the assessment. The refunding transaction is
expected to bring some debt service relief from savings and
maturity extended to 2052 (from 2041), and the College has no
additional debt plans.

Asymmetric Additional Risk Considerations

There were no asymmetric additional risk considerations reflected
in the rating.

RATING SENSITIVITIES

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

-- Successful ramp up of planned programs, translating into
    steady cash flow margins of 10% or greater;

-- Favorable enrollment and net tuition trend per FTE, sustained
    for a period of several years;

-- Meaningful growth in endowment and available funds relative to
    debt, coupled with sustainable endowment support, which is
    expected to occur by 2023.

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

-- Consistently weak cash flow performance from recurring
    revenues and sustainable endowment support, of 5% or below;

-- Enrollment volatility that contributes to further in net
    tuition revenue and constrained operating margins.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

The College of Saint Rose was founded in 1920 by the Sisters of St.
Joseph of Carondelet, and is located in Albany, NY. The College
became coeducational in 1969 and has been led by an independent
board since 1970. Today CSR has approximately 3,800 headcount
(3,042 FTE) enrollment and 46,000 living alumni. Approximately 72%
of FTE enrollment is undergraduate. Following a programmatic
reorganization in 2020, the College now has 81 programs, including
35 undergraduate degrees, 24 graduate degrees and 22 certificate
programs.

The College of Saint Rose board of trustees includes George R.
Hearst III. Fitch notes that George R. Hearst III is also a current
Board Member of the Hearst Corporation, which is the sole owner of
Fitch Group and Fitch Ratings.

REVENUE DEFENSIBILITY

The College of Saint Rose has approximately 3,000 full-time
equivalent students, of which about 72% are undergraduates.
Enrollment has been pressured at the undergraduate level in
particular, with limited selectivity near 80% and thin
matriculation under 10% in fall 2020's freshman class. The expected
entering fall 2021 class of 413 is well below prior years and below
budgeted targets. Leadership has adjusted its admissions process
and departmental infrastructure in response. During fiscal 2021
(effective late December 2020), management enacted a significant
restructuring of its academic platform, eliminating 16
undergraduate, six graduate, and three advanced certificate
programs. At the same time, the College is reinforcing existing
programs and adding a new BSN program, which has its first class of
32-35 students incoming this fall.

Graduate enrollment has also fallen over time; most sharply in fall
2016 and 2017 due to a drop in international computer science
students, and more signs of stability in recent years. Management
indicates it will meet its graduate enrollment target this fall
2021, with 706 students expected. A contract with the Center for
Integrated Training in NYC enrolls 800 students earning Saint Rose
degrees, and per management the College has a 43% share of those
students earning advanced certificates in Educational
Administration.

Standardized test scores are in line with national averages, and
the average Freshman SAT score was 1,112 in fall 2020.
Approximately 41% of first-year students are Pell-eligible, and 26%
of undergraduates are first-generation college students. The
College attracts the majority of its students from the state of New
York; approximately 30% from the four-county Albany region, another
53% from other areas in of New York State, about 15% from out of
state and 2.4% are international.

Given falling enrollment and a pressured net tuition revenue trend,
the College is characterized as having very limited pricing power.
Management expects to keep tuition increases at or under 2.9%
through the foreseeable future, and will retain some differential
for hybrid/online.

The endowment spend policy is based on a trailing 20 quarter
average market value, and was 4% of that value in fiscal 2020 and
2019. While the historical spend rate has been comfortably under
2%, though the College utilized an extraordinary distribution of
$4.7 million in fiscal 2020. The College will use supplemental
draws in the just closed fiscal 2021 year ($2 million), as well as
in fiscal 2022 and 2023 ($2.7 million and $1.1 million,
respectively). The College's plan is to eliminate the need for
these supplemental draws by 2024.

OPERATING RISK

Fiscal 2020 and 2021 results were favorable to historical years,
though both were buoyed by non-recurring items, including an
extraordinary endowment distribution and institutional federal
stimulus revenue. Prior to 2020, revenue had been on a declining
trend, while expenses have not entirely matched pace, with multiple
years of adjusted operating losses. Despite averaging 8% cash flow
margins, economic annual debt service coverage (as Fitch
calculates) has been under 2x, indicative of a somewhat limited
capacity for volatility in performance.

A new president appointed in 2020 has made significant changes,
including the elimination of 25 programs, and reduction of $8
million in administrative expenses and $6 million in programmatic
expenses. This includes the elimination of over 80 positions by the
end of calendar 2020. Fiscal 2020 results reflected some of these
changes, but the bulk of the impact is expected to occur in fiscal
2021 and into 2022.

Fiscal 2021 results reflect a decline in net tuition and auxiliary
revenue as well as a more moderate endowment distribution; total
revenue fell by about 9%. A commensurate reduction in operating
expenses (over 11%) resulted from the full weight of expense
reductions, including reductions in force, early retirements and
reductions in salaries. Significant programmatic and operating
changes will continue to affect fiscal 2022, along with recognition
of remaining federal stimulus revenues, before recurring operations
are expected to stabilize in fiscal 2023.

With an average age of plant of nearly 17 years, and a trend of
capital spending well below that of annual depreciation expense,
Fitch characterizes the College's capital requirements as elevated.
However, an ongoing fundraising campaign which will include a
capital component and thus capital needs should be manageable. The
College has a track record of successful capital campaigns, raising
$23 million in its First 100 years campaign (ended June 30 2020),
$5.7 million in fiscal 2021, and embarking on a third $24 million
phase through 2025. Management plans to vacate its approximately
300-bed dorm lease with SUNY by its 2023 term, as it has sufficient
capacity on campus to house students.

FINANCIAL PROFILE

The College has approximately $50 million in bonds outstanding,
including $18 million in fixed rate series 2011 bonds (2041
maturity) and $33 million in direct placement bank debt (currently
fixed rate through 2025). The bank debt is subject to renewal and
interest rate risk, and has a 10-year term ending in 2025. The
series 2021 refunding transaction would refund all outstanding
debt, and extend the overall maturity to 2052, with level debt
service near $2.9 million starting in 2026.

Debt leverage is adequate for the 'BB' rating. The College had
approximately $38 million in available funds as of fiscal 2021,
equal to a 67% leverage ratio (AF to adjusted debt). Along with the
$50 million in debt, the College has another $1.1 million in
capital leases and notes, a $0.5 million Fitch-adjusted defined
benefit pension obligation, and a $2.8 million operating lease
obligation. Approximately $2.2 million in operating lease liability
relates to a SUNY housing facility, and that lease terminates in
2023 and per management will not be renewed. Fitch adjusts the
reported $2.1 million net pension liability using a standard 80%
obligation funding threshold against the $6.1 million in fair value
assets. With no additional debt plans, the expectation is for
steadily improving leverage levels.

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.


CORNERSTONE ONDEMAND: Stockholders Approve Merger With Sunshine
---------------------------------------------------------------
Cornerstone OnDemand, Inc. held a virtual special meeting of its
stockholders on Oct. 12, 2021, at which the stockholders:

  (1) voted to adopt the Agreement and Plan of Merger, dated Aug.
5, 2021, by and among Cornerstone, Sunshine Software Holdings,
Inc., a Delaware corporation, and Sunshine Software Merger Sub,
Inc., a Delaware corporation and an indirect wholly owned
subsidiary of Parent ("Merger Sub"), providing for the merger of
Merger Sub with and into Cornerstone, with Cornerstone continuing
as the surviving corporation and an indirect wholly owned
subsidiary of Parent;

  (2) voted to approve, on an advisory (non-binding) basis, the
compensation that may be paid or become payable to Cornerstone's
named executive officers that is based on or otherwise relates to
the Merger Agreement and the transactions contemplated by the
Merger Agreement; and

  (3) Because stockholders holding at least a majority of the
shares of Common Stock outstanding and entitled to vote approved
the proposal to adopt the Merger Agreement, the vote was not called
on the proposal to adjourn the Special Meeting to a later date or
dates, if necessary or appropriate, including to solicit additional
proxies to approve the proposal to adopt the Merger Agreement if
there are insufficient votes to adopt the Merger Agreement at the
time of the Special Meeting.

                         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.


CYTODYN INC: Incurs $30.9 Million Net Loss in First Quarter
-----------------------------------------------------------
Cytodyn Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $30.94
million on $41,000 of total revenues for the three months ended
Aug. 31, 2021, compared to a net loss of $30.83 million on zero
revenues for the three months ended Aug. 31, 2020.

As of Aug. 31, 2021, the Company had $104.97 million in total
assets, $130.16 million in total liabilities, and a total
stockholders' deficit of $25.19 million.

The Company's cash position of approximately $6.5 million as of
Aug. 31, 2021 decreased by $27.4 million, when compared to the
balance of approximately $33.9 million as of May 31, 2021.  This
decrease was primarily caused by $31.7 million in cash used in
operating activities, partially offset by $4.3 million in cash
provided by financing activities.

Net cash used in operating activities totaled approximately $31.7
million during the three months ended Aug. 31, 2021, representing
an improvement of approximately $9.2 million compared to the three
months ended Aug. 31, 2020.  The decrease in net cash used in
operating activities was due primarily to an approximate $40.1
million reduction of cash used to procure raw materials and
manufacture leronlimab pre-launch inventories, offset in part by an
increase in accounts payables and accrued liabilities of
approximately $30.6 million, and an increase in non-cash loss on
extinguishment of debt of approximately $4.7 million.

Net cash used in investing activities was relatively flat for the
three months ended Aug. 31, 2021, compared to the three months
ended Aug. 31, 2020.

Net cash provided by financing activities totaled approximately
$4.3 million during the three months ended Aug. 31, 2021, a
decrease of approximately $40.6 million from net cash provided by
financing activities during the three months ended Aug. 31, 2020.
The decrease in net cash provided from financing activities was
primarily attributable to $25.0 million in net proceeds received
during the three months ended Aug. 31, 2020 from a convertible note
issuance, and approximately an additional $21.0 million received
from the stock option and warrant transactions and exercises.
These decreases were partially offset by proceeds of approximately
$2.9 million from the sale of common stock and warrants during the
three months ended Aug. 31, 2021.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1175680/000155837021013132/cydy-20210831x10q.htm

                         About CytoDyn Inc.

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

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

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


DIOCESE OF CAMDEN: Sex Abuse Victims Aim at Trust, Parish Funds
---------------------------------------------------------------
Rick Archer of Law360 reports that the committee representing
individuals with clergy sexual abuse claims against a New Jersey
Catholic diocese is, Camden Diocese, asking a bankruptcy judge for
permission to go after what it says is nearly $250 million held in
a trust and a parish loan fund it claims the diocese controls.

In the three adversary complaints the Tort Claimant Creditors
Committee filed with their standing motion Tuesday, the committee
argued the Roman Catholic Diocese of Camden is falsely claiming
that it, its trust fund and its individual parishes and schools are
separate entities in an attempt to avoid paying out those funds for
abuse liability.

                  About The Diocese of Camden

The Diocese of Camden, New Jersey is a non-profit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. It is the secular legal embodiment of the Roman
Catholic Diocese of Camden, a juridic person recognized under Canon
Law.

The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
Reverend Robert E. Hughes, vicar general and vice president, signed
the petition. In the petition, the Debtor disclosed total assets of
$53,575,365 and liabilities of $25,727,209.

Judge Jerrold N. Poslusny Jr. oversees the case.

The Debtor tapped McManimon, Scotland & Baumann, LLC as its
bankruptcy counsel, Eisneramper, LLP, as financial advisor, Cooper
Levenson P.A. and Duane Morris LLP as special counsel.  Prime Clerk
LLC is the Debtor's claims and noticing agent and administrative
advisor.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured trade creditors in the Debtor's Chapter 11
case.  The committee is represented by Porzio, Bromberg & Newman,
P.C.


ELDERHOME LAND: Taps CL Group as Real Estate Appraiser
------------------------------------------------------
ElderHome Land, LLC and Burtonsville Crossing, LLC seek approval
from the U.S. Bankruptcy Court for the District of Maryland to hire
CL Group, LLC to appraise its 5.86 acres of commercial property in
Montgomery County, Md.

The firm will be paid a flat fee in the amount of $3,250 for the
appraisal and an additional $1,000 if required to prepare for and
testify at a hearing or trial on the matter.

The Debtor paid $3,250 to the firm as a retainer fee.

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

The firm can be reached at:

     Gregory R. Clucas
     CL Group, LLC
     2008 Ashland Ct.
     Wilmington, NC 28405
     Phone: (301) 258-1008
     Fax: (301) 258-9449

             ElderHome Land and Burtonsville Crossing

ElderHome Land, LLC and Burtonsville Crossing, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Lead Case No. 21-10492) on Jan. 25, 2021. At the time of the
filing, the Debtors had between $1 million and $10 million in both
assets and liabilities.  Judge Maria Ellena Chavez-Ruark oversees
the cases.

McNamee, Hosea, Jernigan, Kim, Greenan & Lynch, PA, and Gordon &
Simmons, LLC, serve as the Debtors' bankruptcy counsel and special
counsel, respectively.


EMPIRE RESORTS: Fitch Raises IDR to 'B+(EXP)', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Issuer Default Rating (IDR) of
Empire Resorts, Inc. (Empire) to 'B+(EXP)' from 'B(EXP)'. Fitch has
also assigned a 'BB+(EXP)'/'RR1' rating to Empire's announced
senior secured notes. The Rating Outlook is revised to Stable from
Negative.

The one-notch upgrade reflects an improved standalone credit
profile pro forma for the announced recapitalization. Empires
standalone 'B-' IDR is supported by improved financial flexibility
and modestly positive forecasted FCF generation, offset by its
geographic concentration and high leverage. The two-notch uplift
reflects the moderate linkage to Genting Malaysia (GENM,
BBB/Negative). The revision of the Outlook to Stable reflects the
property's recent healthy operating performance and regional
gaming's broader solid recovery.

Empire announced a recapitalization that includes an expected $300
million of senior secured notes, a new $75 million HoldCo loan, and
a $150 million preferred equity investment by GENM.

KEY RATING DRIVERS

Leverage High but Manageable: Fitch forecasts standalone gross
rent-adjusted leverage to approach 6x by 2022 (around 7x including
HoldCo debt) driven by a more conservative proposed capital
structure and a strong recovery in U.S. regional gaming from the
coronavirus disruption. The credit profile should continue to
modestly de-lever through 2024 as FCF generation can support a
small level of debt paydown at the HoldCo level. EBITDAR margins
have improved sequentially since early 2021, supported by
management's privatization cost saving measures, increased
win-per-unit-per-day (WUD), and regional gaming's strong recovery.

Transaction Improves Financial Flexibility: The proposed note
issuance and preferred equity investment will eliminate near-term
refinancing risk and fund two debt service reserve accounts. In
addition, FCF generation will turn positive in 2022 and provide
some additional financial flexibility in the context of Empire's
'B-' standalone credit profile. Empire has low maintenance capex
needs given the property's age and development capex related to the
Orange County (OC) slots-only property will not impact Empire's
liquidity profile as it will be primarily funded from outside the
restricted group. Fitch expects FCF to be allocated toward HoldCo
debt repayment and increasing liquidity.

Lack of Diversification: Empire operates a single property, Resorts
World Catskills (RWC), in a competitive market that could be
subject to new supply in the medium term. Single-site casino
operators are typically rated on the low end of speculative grade,
though some can achieve higher ratings if they are in
well-protected, monopolistic type regulatory environments and have
very low leverage. Empire could become more diversified with its
second slots-only casino license slated for the nearby Orange
County, NY (OC, to open during 2022). However, given the geographic
proximity of OC the ratings benefit from opening the additional
casino will be somewhat limited.

Competitive Pressure Tempers Potential: RWC is located
approximately 90 miles from New York City, and the immediate area
around the casino is remote relative to the size of resort. RWC
competes with Atlantic City, NJ, eastern Pennsylvania, New York
City area slots-only properties and Connecticut tribal casinos for
New York metro area customers. The competitive landscape makes
significant, long-term growth in gaming revenues unlikely.
Additionally, New York State can consider incremental downstate
full-scale licenses beginning 2023, which could, in turn, increase
political momentum to try and expand gaming in New Jersey again.

Genting Relationship Positive: Fitch views Empire's association
with Genting Malaysia (BBB/Negative) positively and believes it
warrants a two-notch uplift from the 'B-' standalone credit profile
under Fitch's 'Parent and Subsidiary Rating Linkage' criteria. The
bottoms-up approach focusing on the standalone credit profile
differs from other Genting-owned entities that are equalized with
the parent's rating. This is primarily due to Genting not
wholly-owning Empire Resorts, as Kien Huat (the investment vehicle
of the Lim family that controls Genting) owns 51% and controls
Empire. In addition, Fitch views RWC as having less strategic value
than other wholly owned Genting properties, which are generally
large-scale flagship assets that generate materially greater cash
flow.

Still, RWC does have strategic value given Genting's reputational
risk with global gaming regulators, and the property is managed by
the same team as Resorts World New York and shares the same brand.
The two-notch uplift is also reinforced by demonstrated financial
support from both Kien Huat and Genting, mainly through preferred
equity investments, to ensure the prior capital structure's debt
was serviced during initial operating weakness and to recapitalize
the entity at a more conservative level than previously
contemplated.

DERIVATION SUMMARY

Empire's standalone credit profile is consistent with most other
single-site casino operators, which are typically on the lower end
of speculative grade. The rating reflects Empire's geographic
concentration in a competitive environment subject to new supply
risk in the medium term. The standalone profile also reflects high
adjusted leverage, though more manageable under the new capital
structure proposed, and a weaker FCF profile than its regional
gaming peers. Fitch treats the HoldCo debt as debt of the rated
entity due to potential enforcement of a share pledge triggering a
Change of Control at the rated entity level. Pro forma for the
recapitalization, liquidity and refinancing risk will no longer be
material concerns, which partially drove Empire's previous lower
standalone credit profile.

KEY ASSUMPTIONS

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

-- Fitch's assumptions build off a normalized, run-rate net
    revenue of about $310 million for RWC, supported by
    managements post privatization initiatives and the recovery in
    U.S. regional gaming. This level of revenue is achieved during
    FY2022, with FY2021 lower given the lingering pandemic
    disruption in 1H'21 (though this began abating during Q2'21).
    Total revenue increases toward $400 million in 2023, which
    includes the first year of operations of the Orange County
    slots-only property (Fitch assumes about 20% cannibalization
    to RWC);

-- EBITDAR is $40 million in 2021, though margins reach 20% in
    the back half of 2021. EBITDAR margins increase toward low-20%
    by 2022 thanks to a large number of cost savings associated
    with taking Empire private, as well as a rationalization of
    the labor pool post-coronavirus;

-- Rent is roughly $20 million per year and increases slightly
    after Orange County property opens;

-- Maintenance capex is minimal given RWC's age. Capex related to
    the OC license is funded outside of the restricted group;

-- The proposed senior secured note issuance address all near
    term maturities and funds meaningful debt service reserves;

-- FCF is allocated toward paying down the HoldCo note and
    building additional financial flexibility;

-- Fitch does not include any potential benefits from online
    sports betting at this time.

RECOVERY ASSUMPTIONS

The recovery analysis assumes that Empire Resorts would be
reorganized as a going-concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim and there
is no revolver in the capital structure.

Going-concern EBITDA of roughly $40 million is less than Fitch's
2022 estimates, which incorporates some degree of operating stress
that would cause a default scenario from sustained negative FCF.
This level of EBITDA is representative of margins in the mid-teens,
given New York's high gaming taxes and the competitive nature of
Empire's addressable market. Since Resorts World Catskills opened
in 2018, there is limited historical performance to analyze. This
EBITDA is slightly higher than the previous going-concern EBITDA
used in mid-2020 given the now realized cost-cutting from
management's initiatives and incremental reduction in VLT gaming
taxes for RWC.

Fitch applies a 6.0x EV/EBITDA multiple, which reflects the intense
competitive environment, limited track record of operations, fixed
rent costs, and less established player database relative to
larger, regional peers. This is balanced by the property's younger
age and quality, having opened in 2018. Typically Fitch will assign
5.5x - 7.0x multiples to regional gaming companies depending on
diversification, competitive environment, asset quality, and
existence of meaningful leases.

Fitch also includes roughly $70 million in additional value for the
OC slot-only casino license. Since the property is not yet built,
Fitch values the license under a conservative set of assumptions as
follows: 1,200 slots, $180 win per unit per day (WUD, conservative
relative to Fitch's base case), 15% EBITDA margins, 6.0x EV/EBITDA
multiple. The WUD assumptions are characteristic of a regional
casino in a saturated market and are below Fitch's base case
assumptions for the OC property. The margin assumption takes into
account the high gaming tax associated with slot-only licenses.

Fitch forecasts a post-reorganization enterprise value of roughly
$315 million, after the deduction of expected administrative claims
of 10%. This results in a 91%-100% recovery band for the senior
secured notes, which equates to +3 notching from the IDR to 'BB+'.
Given the structural subordination of the HoldCo debt, it does not
impact the recovery analysis of the Empire senior secured notes.

RATING SENSITIVITIES

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

-- Geographic diversification away from greater New York City;

-- Reductions in adjusted debt/EBITDAR toward 5.0x (includes
    HoldCo debt);

-- FCF margin exceeding 10%;

-- An increase in rating linkage with Genting Malaysia.

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

-- Adjusted debt/EBITDAR sustaining above 7.0x (includes HoldCo
    debt);

-- FCF margin approaching 0%;

-- A decrease in rating linkage with Genting Malaysia;

-- A material reduction in financial flexibility.

Fitch will convert the Expected ratings to Final upon completion of
the recapitalization and receipt of final documents.

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

Empire will have roughly $90 million in cash following the secured
note issuance, which includes roughly $70 million in two debt
service reserve accounts. This is sufficient in the context of
marginally positive and growing EBITDA generation and minimal
maintenance capex needs. The high initial excess cash balances
offset the lack of a revolving credit facility.

Fitch forecasts FCF to be marginally negative in 2021 and become
slightly positive thereafter. Some growth capex remains associated
with the golf course in 2022, though this is manageable. Capex
related to the OC project will be incurred outside of the
restricted group. Fitch assumes management allocates FCF toward
paydown of the HoldCo loan (within the limits of final
documentation's restricted payment carve-outs) and build additional
financial flexibility as it works toward its target of being in a
net cash position. There will be no maturities until at least 2024
pro forma for the transaction.

ISSUER PROFILE

Empire Resorts, Inc. owns and operates Resorts World Catskills
(RWC), a full-scale casino located roughly 90 miles outside New
York City. The company is in the process of relocating its prior
video gaming machine (VGM, aka slots) license from Monticello, NY
to Orange County, NY.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch adds back non-recurring items to EBITDA. Fitch also
    includes HoldCo debt in its leverage calculation as it is
    considered debt of the rated entity per Fitch's criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, 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
to the way in which they are being managed by the entity.


ENTRAVISION COMMUNICATIONS: Moody's Affirms B2 Corp. Family Rating
------------------------------------------------------------------
Moody's Investors Service affirmed Entravision Communications
Corporation's B2 corporate family rating and B2-PD probability of
default rating.

Concurrently, Moody's affirmed the B2 rating on the company's
senior secured bank credit facility. The speculative grade
liquidity rating remains unchanged at SGL-2. The outlook was
changed to stable from negative.

The affirmation of the CFR and stabilization of the outlook
reflects Entravision's improved credit metrics, increased scale due
to recent acquisitions, and stable free cash flow.

Affirmations:

Issuer: Entravision Communications Corporation

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Entravision Communications Corporation

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Entravision's B2 CFR reflects the company's small though increased
scale as a result of recent acquisitions and the pressures in its
broadcast operations from geographic concentration, its reliance on
Univision for programming and the overall sector trends of
pressured TV ad demand and increased cord cutting.

The B2 rating also reflects the company's recent transition away
from legacy ad demand and into digital advertising through recent
acquisitions. While Moody's sees this as a strong driver of future
potential growth, certain risks remain, in particular the lower
margin of the digital ad products, the material reliance on
Facebook and the payment terms extended by Facebook to Cisneros as
well as the highly competitive digital advertising landscape.

Entravision's recent acquisitions of Cisneros Interactive and
MediaDonuts reflect a strategic business transformation towards
digital advertising solutions.

The two businesses are fairly similar and focus on providing access
to local businesses and advertisers to large online platforms.
Cisneros main supply side partner is Facebook while Media Donuts
also has strong ties with Twitter and TikTok.

Pro forma for the acquisitions, 61% of 2020 revenue was derived
from digital, compared to 25% in 2019. The company's credit profile
benefits from the increased scale and geographic diversity provided
by the acquisitions - Cisneros operates in Latin America and
MediaDonuts operates in Southeast Asia. Nevertheless, the need to
manage geographically diverse operations may present unforeseen
business risks as well. The shift to digital solutions also
provides revenue diversity, and reduced material exposure to TV
advertising, which remains volatile and linked to local and
national economic cycles. Though the digital advertising platforms
have low margins, especially compared to traditional broadcast,
demand for their services has been surging. The growth in demand
has been boosted further by Cisneros extending payment terms to its
customers through an agreement it reached with Facebook allowing it
to buy ad inventory on deferred payment terms. Cisneros then
resells these to its own clients to whom it extends shorter payment
terms. Entravision guarantees up to $30 million of this account
payable balance which Moody's has included as part of its
calculation of adjusted debt.

Given the growth in digital, Moody's believe Entravision's
broadcast segment will continue to decline as a percentage of
overall revenue. In the future, the company will hence be less
exposed to the structural issues facing the US broadcast sector, in
particular the eroding linear TV advertising trends and subscriber
numbers.

Entravision's SGL-2 speculative grade liquidity rating reflects the
company's good liquidity profile. Despite not having a revolving
credit facility, the company maintains $172 million of cash and
cash equivalent on balance sheet and generates solid free cash flow
. In the last twelve months ending June 2021, the company generated
Moody's adjusted FCF of around $67 million.

The stable outlook reflects Moody's expectations that the company's
revenue will continue to grow in line with the high demand for its
digital products and that, despite the lower margins generated by
this segment, Entravision will sustain a leverage profile
commensurate with a B2 rating.

Entravision's debt instrument ratings reflect the probability of
default of the company, as reflected in the B2-PD probability of
default rating, and an expected family recovery rate of 50% at
default.

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

Ratings could be upgraded if leverage (Moody's adjusted 2-year
average debt-to-EBITDA) is sustained below 4x and Moody's adjusted
2 year average free cash flow-to-debt remains above 7.5%. An
upgrade would also require the company to have evidenced strong
organic revenue and profitability growth.

Ratings could be downgraded if leverage (Moody's adjusted 2-year
average debt-to-EBITDA) is sustained materially above 5x, Moody's
adjusted 2-year average free cash flow-to-debt is sustained below
2.5%, or the company's liquidity position (cash and marketable
securities) is substantially reduced.

Entravision, headquartered in Santa Monica, CA, is a media,
marketing and technology company with digital, television, and
radio operations. It owns or operates 54 primary television and 48
radio stations, serving Hispanic markets in the US. The company's
TV and radio assets are primarily located in southern states, and
its radio programming is syndicated to over 300 stations
domestically. Digital operations are located in Latin America,
Spain, and Southeast Asia, and provide advertising solutions to
high growth markets. Ownership is concentrated with Walter F.
Ulloa, and affiliated stockholders, through supermajority voting
class B shares (10 votes per share) while Univision is a 10%
minority owner of the (class U) common stock. Net revenue reported
for the twelve months ended June 30, 2021, excluding spectrum usage
rights revenue, totaled about $562 million.

The principal methodology used in these ratings was Media published
in June 2021.


FLUSHING AIRPORT: Oppedisano Agrees to Pledge Additional Collateral
-------------------------------------------------------------------
Flushing Airport Holdings LLC submitted a Second Amended Disclosure
Statement describing Plan of Reorganization dated October 12,
2021.

The Bankruptcy Court has scheduled Nov. 16, 2021, at 3:30 p.m., as
the telephonic hearing on confirmation of the Plan, and fixing
November 9, 2021, as the last date for filing objections to Plan
confirmation.

The Debtor intends to develop the Debtor property and the Arnold
Property for commercial use consistent with New York City Economic
Development Corporation guidelines. Mr. Oppedisano will be a
co-debtor to Mr. Awad and he has agreed to pledge his real estate
holdings and the income therefrom as additional collateral to
ensure repayment. There will be an initial paydown to Mr. Awad from
from the Debtor's cash on hand and from Disano Trucking. During the
development phase, the Debtor's believes that its current parking
revenue, the new parking revenue from the Arnold Property, and the
rental income from Mr. Oppedisano's real estate holdings will cover
debt service on the post-confirmation Awad obligations.

Effective Date obligations under the Plan will be satisfied from
the Debtor's cash on hand $100,000 of which will be deposited in
escrow with Backenroth Frankel & Krinsky, LLP no later than one
week before the Confirmation Hearing for Debtor's administrative
legal fees, priority claims and general unsecured claims.

The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:

     * The Class 3 General Unsecured Claimant shall be entitled to
an amended note and mortgage lien on the Property. In exchange for
Mr. Awad agreeing to defer payment of the Class 3 Claim, the Debtor
has agreed to be an additional obligor of the outstanding amount of
the $5,000,000 loan made to Disano Trucking to fund the Arnold
Settlement. In addition, upon the Debtor's purchase of the Arnold
Property under the Arnold Settlement pursuant to the Plan, the
Class 3 Claimant shall be entitled a note and first mortgage on the
Arnold Property and a second mortgage on the Debtor Property for
such amounts as the Class 3 Claimant loans to the Debtor to
purchase the Arnold Property.

     * Class 4 are entitled to continued ownership of their
Interests.

A full-text copy of the Second Amended Disclosure Statement dated
October 12, 2021, is available at https://bit.ly/3Dxu25z from
PacerMonitor.com at no charge.

Counsel for Debtor, Flushing Airport Holdings LLC:

   Mark A. Frankel, Esq.
   Backenroth Frankel & Krinsky, LLP
   800 Third Avenue, 11th Floor
   New York, NY 10022
   Telephone: (212) 593-1100
   Facsimile: (212) 644-0544
   Email: mfrankel@bfklaw.com

                About Flushing Airport Holdings

Flushing Airport Holdings LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).  It is the fee simple
owner of a property located at 131-05 23rd Avenue College Point NY,
11356 having a comparable sale value of $3 million.

Flushing Airport Holdings LLC filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20
40864) on Feb. 26, 2020. In the petition signed by Maurizio
Oppedisano, managing member, the Debtor estimated $3,000,000 in
assets and $8,302,724 in liabilities.

On March 4, 2020, a petitioning creditor filed an involuntary
Chapter 7 petition for affiliate, Disano Trucking, Inc. (Bankr.
E.D. N.Y. Case No. 20-41349).  A Chapter 7 petition was also filed
for Maurizio Oppedisano (Bankr. E.D. N.Y. Case No. 20-41348) on
March 4.  The three cases are not jointly administered.

Judge Nancy Hershey Lord is assigned to Debtor Flushing Airport
Holdings' case.  

Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, serves as
the Debtor's counsel.


GIRARDI & KEESE: Bankruptcy Trustee Wants to Probe Legal Lenders
----------------------------------------------------------------
Elissa D. Miller, Chapter 7 Trustee, for the estate of the debtor
Girardi Keese, filed in Bankruptcy Court an application to tap the
law firm of Girard Sharp to act as her special counsel

Girardi Keese's bankruptcy trustee wants to investigate several
litigation lenders who poured tens of millions of dollars into the
firm in recent years, even as it appeared that founder Thomas V.
Girardi was spending the money improperly.

According to a document filed Oct. 13, 2021, in Los Angeles
bankruptcy court, continuing investigation has revealed that the
Debtor was financed throughthe use of three or more litigation
lenders (the "Lenders"), i.e., lenders which provided financing
secured primarily by the fees that the firm was expected to earn in
lawsuits.  Some of those lenders appear to have blanket liens
(liens on all of the pending assets and pending cases of the firm)
and other of the lenders only liens on fees earned in specific
cases.

During the years prior to the filing of the involuntary bankruptcy
petition, the Debtor provided the Lenders with financial
information including bank statements, tax returns, and financial
statements.  The Debtor also provided the Lenders case lists and
information as to the number of plaintiffs represented in each case
and anticipated fees.  At least one of the Lenders was also
provided access to on line banking information.  The Trustee is
informed and believes that the Lenders were not always paid upon
receipt by the Debtor of its fees but were paid various amounts
from the general funds upon demand.  Discovery is ongoing.

Based on the documents and financial information provided, the
Trustee is
informed and believes that the Lenders may have had information
regarding the misuse of the Debtor's funds for improper purposes
including, but not limited to the loan of over $25,000,000 directly
and/or indirectly to Thomas Girardi's wife, Erika Jayne.

The Trustee seeks to employ GS as her special counsel pursuant to
11
U.S.C. Sec. 327 for the limited and special purpose of representing
the Trustee to assist with the investigation, evaluation, and
provide recommendations concerning potential claims against the
Lenders.

The Trustee proposes to retain GS on an hourly basis.  The current
hour rates for attorneys in the Firm are between $550 and $975 for
partners and
of counsel, and between $375 and $550 for associates.  Daniel
Girard will be responsible for this matter and his current rate is
$975 per hour.  Other partners and associates will also work on the
case whose are billed at rates less than Daniel Girard at the
Firm's rates then in effect and as more specifically set forth in
the Retainer Letter.

GS also shall be entitled to reimbursement of its out-of-pocket
costs.

The Trustee believes that GS is well qualified to serve as the
Trustee's
special counsel and to render the services for which the Trustee is
retaining GS.  GS specializes in complex litigation including the
representation in victims of unfair and deceptive practices in
antitrust, financial fraud, and consumer protection matters.

                      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 for GIRARDI KEESE. 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

An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case NO. 20-21020) on Dec. 18, 2020.  The Chapter
7 trustee can be reached at:

         Jason M. Rund
         Email: trustee@srlawyers.com
         840 Apollo Street, Suite 351
         El Segundo, CA  90245
         Telephone: (310) 640-1200
         Facsimile: (310) 640-0200


GLATFELTER CORP: Moody's Rates New $500MM Sr Unsecured Notes 'Ba2'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Glatfelter
Corporation's proposed new $500 million senior unsecured notes due
in 2029. The Ba2 corporate family rating, Ba2-PD probability of
default rating, the existing Ba2 senior unsecured credit facility
rating, and the SGL-1 speculative grade liquidity rating remains
unchanged. The ratings outlook is stable.

The net proceeds from the notes issuance, together with cash at
hand are expected to be used to finance the $308 million
acquisition of Jacob Holm, a spunlace nonwoven fabrics
manufacturer, and repay outstanding borrowings under Glatfelter's
credit facility.

Assignments:

Issuer: Glatfelter Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Ba2 (LGD4)

RATINGS RATIONALE

Glatfelter (Ba2 CFR) benefits from 1) leading market positions in
several niche segments of the composite fibers and airlaid
materials forest products subsectors; 2) global diversity, with
operating platforms in Europe and North America; and 3) good track
record of deleveraging following debt funded acquisitions. The
addition of Jacob Holm will further broaden the company's nonwoven
product offerings and generate cost synergies. Glatfelter is
constrained by 1) high expected leverage at around 5.1x pro forma
for the Jacob Holm acquisition, the recent purchase of
Georgia-Pacific LLC's (A3 stable) US airlaid business (Mount
Holly), and announced synergies; 2) lack of meaningful backward
integration and no pass-through pricing structure in its composite
fibers business leaves the company vulnerable to volatile input
prices (market pulp and synthetic fibers); 3) competitive end
markets (such as feminine hygiene and single-serve coffee filters)
with large competitors and buyers; and 4) potential integration and
financial challenges as the company pursues growth through
acquisitions and/or greenfield expansion projects.

Glatfelter's SGL-1 rating reflects the company's strong liquidity
with about $445 million of sources and $25 million of current debt
maturities. Pro forma for the notes issuance, the company will have
around $25 million of cash and full availability under its
committed $400 million revolving credit facility, which matures in
September 2026. Moody's estimate the company will generate $20
million of free cash flow pro forma for recent acquisitions over
the next 12 months. The company was in compliance with its
financial covenants (the most restrictive is a net leverage ratio
covenant of 4x at June 2021, increasing to 5.25x for 24 months
after Jacob Holm acquisition, compared to the current leverage
ratio of 3.0x) at June 2021 and Moody's expect continuing
compliance after the Jacob Holm acquisition. All of the company's
assets are unencumbered and the next significant debt maturity is
not until 2024.

The stable outlook reflects Moody's expectation that management's
commitment to deleveraging using internally generated free cash
flow will support improvement in leverage below 4x in the next
18-24 months. The outlook also reflects that the company's
liquidity will remain strong and financial performance will remain
relatively steady as it completes the integration of Mount Holly
and Jacob Holm acquisitions.

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

Factors that could lead to an upgrade

Glatfelter would need to significantly enhance its scale or
diversify its product offering away from fiber-based engineered
materials, while maintaining strong credit metrics such as leverage
(adjusted debt to EBITDA) sustained between 2.5 โ€” 3.0x (5.1x in
June 2021 pro forma for the acquisition and announced synergies)
and EBITDA margins approaching 18% (11% in June 2021 pro forma for
the acquisition)

Maintain strong liquidity and conservative financial policies.

Factors that could lead to a downgrade

Persistent negative free cash flow or a significant deterioration
in operating performance

Adjusted debt/EBITDA exceeds 4x (5.1x in June 2021 pro forma for
the acquisition and announced synergies) for a sustained period of
time and EBITDA margins sustained below 15% (11% in June 2021 pro
forma for the acquisition)

Changes in financial management policies or escalation in
environmental costs that would materially pressure the company's
balance sheet.

As a manufacturing company, Glatfelter is faces environmental
risks, such as air and water emissions and social risks, such as
labor relations and health and safety issues. The company has
established expertise in complying with these risks, and has
incorporated procedures to address them in their operational
planning and business models. During 2019, Glatfelter substantially
resolved its exposure to liabilities in the Lower Fox River in
Wisconsin through a cash settlement. Future expenses at the site
are expected to be limited to long-term monitoring and maintenance
costs.

Governance risk is low, as Glatfelter is a public company with
clear and transparent reporting. Although the company does not have
a formal leverage target, Glatfelter has negotiated flexibility in
its maximum net leverage covenant to allow the threshold to
increase to 4.5x during the period of four fiscal quarters
immediately following a material acquisition, and up to 5.25x
during the period of 24 months following the Jacob Holm
acquisition.

Headquartered in Charlotte, North Carolina, Glatfelter is a
manufacturer of fiber-based engineered materials, including food &
beverage filtration papers, wallpaper stock, materials for feminine
hygiene products, adult incontinence products, cleaning pads,
tabletop products and specialty wipes. Through the Jacob Holm
acquisition, Glatfelter will add spunlace nonwoven fabrics to its
products offerings for personal care, hygiene and medical
applications. Pro forma for the 2021 acquisitions, the company's
sales LTM June 2021 were about $1.4 billion.

The principal methodology used in this rating was Paper and Forest
Products Industry published in October 2018.


GULF COAST HEALTH: Case Summary & 40 Largest Unsecured Creditors
----------------------------------------------------------------
Sixty-two affiliates that concurrently filed voluntary petitions
seeking relief under Chapter 11 Bankruptcy Code:

    Debtor                                            Case No.
    ------                                            --------
    Gulf Coast Health Care, LLC (Lead Case)           21-11336
    40 South Palfox Place, Suite 400
    Pensacola, FL 32502

    GCH Management Services, LLC                      21-11337
    HUD Facilities, LLC                               21-11338
    Gulf Coast Facilities, LLC                        21-11339
    Florida Facilities, LLC                           21-11340
    Pensacola Administrative Holdings, LLC            21-11341
    Pensacola Administrative Services, LLC            21-11342
    Gulf Coast Master Tenant Holdings, LLC            21-11343
    Gulf Coast Master Tenant I, LLC                   21-11344
    Gulf Coast Master Tenant II, LLC                  21-11345
    Gulf Coast Master Tenant III, LLC                 21-11346
    AL Citronelle, LLC                                21-11347
    AL Willow Tree, LLC                               21-11348
    Brevard Oaks Center, LLC                          21-11349
    FL HUD Baybreeze, LLC                             21-11350
    FL HUD Bayside, LLC                               21-11352
    FL HUD Destin, LLC                                21-11353
    FL HUD Margate, LLC                               21-11354
    FL HUD Pensacola, LLC                             21-11355
    FL HUD Rosewood, LLC                              21-11356
    FL HUD Silvercrest, LLC                           21-11357
    MF Debary, LLC                                    21-11358
    MF Flagler, LLC                                   21-11359
    MF Halifax, LLC                                   21-11360
    MF Heritage, LLC                                  21-11361
    MF Lake Eustis, LLC                               21-11362
    MF Longwood, LLC                                  21-11363
    MF Oakwood, LLC                                   21-11364
    MF Winter Park, LLC                               21-11365
    MS Greenbough, LLC                                21-11366
    MS HUD Boyington, LLC                             21-11367
    MS HUD Dixie, LLC                                 21-11368
    MS HUD Ocean Springs, LLC                         21-11369
    MS HUD Pine View, LLC                             21-11370
    MS Lakeside, LLC                                  21-11371
    MS Shelby, LLC                                    21-11372
    MS Singing, LLC                                   21-11373
    NF Brynwood, LLC                                  21-11374
    NF Chipola, LLC                                   21-11375
    NF Escambia, LLC                                  21-11376
    NF Glen Cove, LLC                                 21-11377
    NF Manor, LLC                                     21-11378
    NF Nine Mile, LLC                                 21-11379
    NF Panama, LLC                                    21-11380
    NF Pensacola Manor, LLC                           21-11381
    NF River Chase, LLC                               21-11382
    NF Suwannee, LLC                                  21-11383
    NF Windsor, LLC                                   21-11384
    SC-GA2018 Cobblestone Rehabilitation and
    Healthcare Center, LLC                            21-11385
    SF Berkshire, LLC                                 21-11386
    SF Boynton, LLC                                   21-11387
    SF Brevard, LLC                                   21-11388
    SF Carnegie, LLC                                  21-11389
    SF Fountainhead, LLC                              21-11390
    SF Glen Oaks, LLC                                 21-11391
    SF Kissimmee, LLC                                 21-11392
    SF Lake Placid ALF, LLC                           21-11393
    SF Lake Placid, LLC                               21-11394
    SF Oakbrook, LLC                                  21-11395
    SF Royal Manor, LLC                               21-11396
    SF Salerno, LLC                                   21-11397
    SF Tampa, LLC                                     21-11398

Business Description: The Debtors are licensed operators of 28
                      skilled nursing facilities comprising nearly
                      3,350 licensed beds across Florida, Georgia,
                      and Mississippi.  The Debtors provide
                      short-term rehabilitation, comprehensive
                      post-acute skilled care, long-term care,
                      assisted living, and therapy services in
                      each of their Facilities.

Chapter 11 Petition Date: October 14, 2021

Court: United States Bankruptcy Court
       District of Delaware

Judge: Hon. Karen B. Owens

Debtors' Counsel: David R. Hurst, Esq.
                  MCDERMOTT WILL & EMERY LLP
                  1007 North Orange Street
                  10th Floor
                  Wilmington, DE 19801
                  Tel: 302-485-3900
                  Fax: 302-351-8711
                  Email: dhurst@mwe.com

                    - and -

                  Daniel M. Simon, Esq.
                  Emily C. Keil, Esq.
                  MCDERMOTT WILL & EMERY
                  1180 Peachtree Street, NE
                  Suite 3350
                  Atlanta, GA 30309
                  Tel: (404) 260-8535
                  Fax: (404) 393-5260
                  Email: dmsimon@mwe.com
                         ekeil@mwe.com


Debtors'
Claims,
Noticing &
Administrative
Agent:            EPIQ CORPORATE RESTRUCTURING, LLC

Estimated Assets
(on a consolidated basis): $10 million to $50 million

Estimated Liabilities
(on a consolidated basis): $100 million to $500 million

The petitions were signed by Benjamin M. Jones as chief
restructuring officer.

A full-text copy of Gulf Coast Health Care's petition is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/DN2UJNY/Gulf_Coast_Health_Care_LLC__debke-21-11336__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. The Delta Group                   Seller Note       $49,402,516

c/o Delta Health Group, LLC
Attn: David L. Swanson
6984 Pine Forest Rd
Pensacola, FL 32526
United States
Tel: (214) 740-8514
Email: dswanson@lockelord.com

2. Omega Landlords                       Rent          $48,996,164
c/o Omega Healthcare
Investors, Inc.
Attn: Weil Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
United States
Name: Gary Holtzer,
      Robert Lemons, and
      Leighton Aiken
Tel: (212) 310-8463
Email: gary.holtzer@weil.com
       robert.lemons@weil.com
       laiken@fbfk.law

3. The Centers for Medicare &         Government       $11,518,884
Medicaid Services (CMS)                Programs
7500 Security Boulevard
Baltimore, MD 21244
United States
Name: Chiquita Brooks-Lasure
Tel: (877) 267-2323
Email: Chiquita.brooks-
lasure@cms.hhs.gov

4. Millenia Claims Management            Trade          $4,459,928
7050 W. Palmetto
Park Rd. #15-642
Boca Raton, FL 33433
United States
Name: Sheila Kieffer, AIC
Tel: (561) 686-1084
Email: skieffer@milleniaclaims.com

5. Omnicare, Inc.                        Trade          $3,235,930
900 Omnicare Center
201 E. 4th Street
Cincinnati, OH 45202
United States
Name: Tammy Duran
Tel: (480) 765-6274
Email: tammy.duran@cvshealth.com

6. Anthem Insurance Companies, Inc.     Benefits        $1,466,866
d/b/a Anthem Blue Cross Blue Shield
220 Virginia Ave.
Indianapolis, IN 46204
United States
Name: Jennifer Frostick
(Client Executive)
Tel: (347) 712-1356
Email: jennifer.frostick@anthem.com

7. Careerstaff Unlimited, LLC       Staffing Agency     $1,324,850
6333 N. State Highway 161,
Suite 100
Irving, TX 75038
United States
Name: Laura Lafary (AR Specialist)
Tel: (813) 326-4754
Email: laura.lafary@careerstaff.com

8. Gordon Food Service, Inc.             Trade          $1,207,388
1300 Gezon Pkwy SW
Wyoming, MI 49509
United States
Name: Curt Davis
(Credit Manager)
Tel: (800) 968-6553
Email: curt.davis@gfs.com

9. Medline Industries                    Trade          $1,196,499
Dept. Ch. 14400
Palatine, IL 60055
United States
Name: Becky Maynard
Tel: (847) 643-3030
Email: bmaynard@medline.com

10. Precision Healthcare            Staffing Agency       $847,811
Staffing, LLC
4209 Lakeland Drive #363
Flowood, MS 39232
United States
Name: Shonda Lyons
Tel: (877) 891-4286
Email: shonda@precisionhcs.com

11. Elite Medical Staffing          Staffing Agency       $479,213
8250 Bryan Dairy Road, Suite 310
Seminole, FL 33777
United States
Name: Bob Webster
Tel: (727) 314-4811
Email: bwebster@elitemedicalstaffing.com

12. Robert Johnson                     Litigation         $426,302
c/o De La Piedra                       Settlement
6 Tristan Way
Pensacola, FL 32561
United States
Name: Jack De La Piedra
Tel: (850) 932-8560
Email: jack@delapiedralaw.com

13. Direct Supply                         Trade           $390,107
7301 W. Champions Way
Milwaukee, WI 53223
United States
Name: Leala Moen
Tel: (904) 229-7030
Email: leala_moen@homedepot.com

14. Blue Mountain Entities                 Rent           $375,562
c/o Arent Fox LLP
1301 Avenue of the Americas,
42nd Floor
New York, NY 10019
United States
Name: George Angelich & Michael Blass
Tel: (212) 484-3900
Email: george.angelich@arentfox.com
michael.blass@arentfox.com

15. Norvell Brown                       Litigation        $314,825
c/o Mendes, Reins & Wilander            Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

16. Osceola Supply, Inc.                  Trade           $304,004
915 Commerce Blvd.
Midway, FL 32343
United States
Name: Ian White
Tel: (850) 580-9800
Email: iwhite@osceolasupply.com

17. Louis Kraus                         Litigation        $296,988
c/o Mendes, Reins & Wilander            Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

18. Specialized Medical Services, Inc.    Trade           $278,728
7237 Solution Center
Chicago, IL 60677
United States
Name: Anna Wheeler
Tel: (414) 476-1112 (ext. 1152)
Email: anna.wheeler@specializedmed.com

19. Superior Medical Staffing LLC        Staffing         $275,449
2431 Aloma Ave.                           Agency
Winter Park, FL 32792
United States
Name: Helen Stevenson
Tel: (407) 756-1485
Email: hstevenson@realtimeservices.com

20. Symphony Diagnostics                   Trade          $267,234
Services No. 1, LLC
930 Ridgebrook Rd., Floor 3
Sparks, MD 21152
United States
Name: Terri Price
Tel: (469) 609-3782
Email: terri.price@tridentcare.com

21. Cristal Jones                        Litigation       $265,216
c/o Robert Gordon                        Settlement
4114 Northlake Blvd.
Palm Beach Gardens, FL 33410
United States
Name: Robert Gordon
Tel: (855) 201-3544
Email: rgordon@fortheinjured.com

22. Johnnie Wright                       Litigation       $261,915
c/o Mendes, Reins & Wilander             Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

23. Point Click Care Inc.                   Trade         $253,594
3261 Martin Luther
King Jr. Drive SW
Atlanta, GA 30311
United States
Name: Diana Macneil
Tel: (905) 858-8885 (ext. 1331)
Email: diana.macneil@pointclickcare.com

24. Joerns Healthcare, LLC                  Trade         $226,716
2430 Whitehall Park Drive
Charlotte, NC 28273
United States
Name: Lisa Hovis
Tel: (800) 826-0270 (ext. 1549)
Email: lisa.hovis@joerns.com

25. Dialyze Direct                          Trade         $223,756
3297 Route 66
Neptune, NJ 7753
United States
Name: Gabi Barat
Tel: (718) 298-3376
Email: gbarat@dialyzedirect.com

26. American Health Associates              Trade         $221,424
15712 SW 41 Street, Suite 16
Davie, FL 33331
United States
Name: Joanna Pogonat
Tel: (954) 919-5028
Email: jpogonat@ahalabs.com

27. Vista Clinical Diagnostics              Trade         $212,654
3705 S. Hwy 27, Suite 102
Clermont, FL 34711
United States
Name: Thomas A. Napolitano
Tel: (352) 242-7920
Email: tom.napolitano@vistaclinical.com

28. Glenn Voigt                           Litigation      $197,559
c/o Mendes, Reins & Wilander              Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

29. John Allen Perry                      Litigation      $186,159
c/o Mendes, Reins & Wilander              Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

30. MetLife                                Benefits       $181,618
200 Park Ave.
New York, NY 10166
United States
Name: Jim O'Donnell
Tel: (908) 253-1801
Email: jodonnell@metlife.com

31. ENGIE Impact                          Utilities       $173,028
450 Lexington Ave., 4th Floor
New York, NY 10017
United States
Name: Amy Barcellos
Tel: (509) 329-7022
Email: amy.barcellos@engie.com

32. Mitchell Technology Services            Trade         $165,600
16290 North Shore Dr.
Pensacola, FL 32507
United States
Name: Charles Mitchell
Tel: (813) 535-5053
Email: charles.r.mitchell@att.net

33. Flora Mae Brown                       Litigation      $162,913
c/o Mendes, Reins & Wilander              Settlement
4401 W. Kennedy Blvd Ste. 250
Tampa, FL 33609
United States
Name: Blair N. Mendes
Tel: (813) 535-5053
Email: blair@mrwlawgroup.com

34. Derris Buck                           Litigation      $150,196
c/o William A. Dean                       Settlement
3323 NE 163rd St., Suite 605
North Miami Beach, FL 33160
United States
Name: William A. Dean
Tel: (305) 670-2000
Email: bill@forddean.com

35. Baptist Health Care Corporation          Trade        $147,427
1717 N. E Street
Pensacola, FL 32501
United States
Name: Shay Myrick
Tel: (850) 434-4848
Email: shay.myrick@bhcpns.org

36. Singing River Hospital System            Trade        $146,689
2809 Denny Ave.
Pascagoula, MS 39581
United States
Name: Charlie Brinkley
Tel: (228) 497-7597
Email: charlie.brinkley@mysrhs.com

37. Base 10 Genetics                         Trade        $138,995
8 W. Monroe St., Suite 2101                  
Chicago, IL 60603
United States
Name: Jay Hastings
Tel: (866) 710-1018
Email: jhastings@base10genetics.com

38. Weldon Jones                          Litigation      $138,152
c/o Ronald Gilbert, Nathan Carter         Settlement
801 N. Orange Ave., #830
Orlando, FL 32801
United States
Name: Ronald Gilbert & Nathan Carter
Tel: (407) 712-7300
Email: rgilbert@thefloridafirm.com
ncarter@thefloridafirm.com

39. Jimmy Lott                            Litigation      $132,151
c/o De La Piedra                          Settlement
6 Tristan Way
Pensacola, FL 32561
United States
Name: Jack De La Piedra
Tel: (850) 932-8560
Email: jack@delapiedralaw.com

40. Staples Advantage                        Trade        $127,035
P.O. Box 660409
Dallas, TX 75266
Name: Lamar Huff
Tel: (706) 616-4221
Email: lamar.huff@staples.com


IDERA INC: Project GForce Transaction No Impact on Moody's B3 CFR
-----------------------------------------------------------------
Moody's Investors Service said the pending debt-funded acquisition
of Project GForce by Idera, Inc. (Partners) will enhance cloud
enablement offerings and add scale. The transaction is credit
negative, however, given the proposed issuance of a $200 million
incremental first lien term loan to fund the transaction increases
leverage. Despite higher leverage, there is no change in Idera's B3
CFR, B2 senior secured 1st lien bank credit facilities rating, and
Caa2 senior secured 2nd lien term loan rating, and there is no
change in the stable outlook, given Moody's expects credit metrics,
including adjusted debt to EBITDA, will approach pre-transaction
levels over the next year. Post-closing of the acquisition, free
cash flow to debt (Moody's adjusted) will be in the mid-single
digit percentage range with EBITDA margins (Moody's adjusted)
remaining in the 50% range.

Pro forma for this transaction, Moody's cash adjusted leverage will
be elevated to roughly 7.8x, or 7.3x giving credit for change in
deferred revenue and partial credit for planned synergies. Going
forward, Moody's expects cash EBITDA will benefit from growth in
Idera's recurring revenue base as customers continue to shift from
a perpetual to a subscription basis in addition to cash
contributions from Project GForce. This cash EBITDA improvement
could lead to gradual deleveraging overtime, absent any additional
debt funded acquisitions. Project GForce will be added to Idera's
Database Tools segment, and Moody's expects the company will
realize most of its targeted synergies within one year from
closing.

Idera, Inc. (Partners) based in Houston, TX, is a provider of
database, software development and testing software tools. Idera is
principally owned by funds affiliated with Partners Group, with
minority shares held by TA Associates and HGGC. Pro forma for the
proposed acquisition of GForce, Idera generated revenues of roughly
$434 million for LTM June 30, 2021.


IMERYS TALC AMERICA: Court Tosses 16,000 Talc Claimant Votes
------------------------------------------------------------
Rick Archer, writing for Law360, reports that a Delaware bankruptcy
judge on Wednesday, Oct. 13, 2021, issued an order tossing out
nearly 16,000 votes cast by talc injury claimants on Imerys Talc
America's Chapter 11 plan, saying the law firm that submitted them
had done nothing to check if the claimants had a right to vote.

U.S. Bankruptcy Judge Laurie Selber Silverstein said she could not
ignore evidence that Bevan & Associates LPA had done "zero
diligence" to determine if any of the clients on whose behalf it
submitted a "master ballot" had been exposed to talc produced by
Imerys and were entitled to vote on its Chapter 11 plan.

                     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.


INSPIREMD INC: Receives Reimbursement Approval for CGuard
---------------------------------------------------------
InspireMD, Inc., a global developer of the CGuard Embolic
Prevention Stent System (EPS) device for the treatment of Carotid
Artery Disease (CAD) and stroke prevention, announced that its
CGuard EPS stent system has received a positive opinion from the
National Commission for the Evaluation of Medical Devices and
Health Technologies (CNEDIMTS) of the French National Authority for
Health (HAS) regarding reimbursement in France, and the CGuard EPS
is being added to the list of reimbursed medical products (LPPR)
effective Oct. 25, 2021.  This was the final step to full
commercial launch of CGuard EPS following CNEDIMTS' positive
opinion for reimbursement received by the Company on May 11, 2021
for the treatment of symptomatic and non-symptomatic lesions when
surgery is not indicated.

The CGuard EPS Self-Expanding Carotid Stent is the latest
generation open-cell nitinol self-expanding stent with patented
MicroNet mesh technology designed to prevent the risk of early and
late embolism.

"This milestone now provides physicians in France with the choice
to use CGuard EPS in the treatment of carotid artery disease and
stroke prevention.  We strive to improve the standard of care in
the treatment of carotid artery disease, by moving away from
surgical endarterectomy towards less invasive options such as the
CGuard EPS Carotid Stent System.  We believe that the unique and
proprietary design of our system, is the most advanced and safest
stent system on the market today," said Marvin Slosman, CEO of
InspireMD.

Andrea Tommasoli, senior VP Global Sales and Marketing commented,
"We worked closely with HAS for over a year to gain reimbursement
approval, and its opinion validated the efficacy and safety of use
of the CGuard EPS carotid stent based on our unmatched and
expanding portfolio of clinical evidence and the results of our
extensive clinical research program.  The expansion of CGuard into
France represents further progress in our efforts to grow the
geographic reach of our commercial products as we continue to
establish CGuard as the carotid device of choice among physicians
across the world that treat carotid disease."

The CGuard carotid stent is commercially established in 33 markets
to date, adding France to its growing global expansion.

                       About InspireMD Inc.

Headquartered in Tel Aviv, Israel, InspireMD --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease.  A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.

InspireMD reported a net loss of $10.54 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.04 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$46.38 million in total assets, $5.55 million in total liabilities,
and $40.83 million in total equity.


INSPIREMD INC: Registers 1.5M Shares Under 2021 Equity Plan
-----------------------------------------------------------
InspireMD, Inc. filed with the Securities and Exchange Commission a
Form S-8 registration statement for the purpose of registering
1,492,694 shares of common stock that are reserved for issuance
under the InspireMD, Inc. 2021 Equity Compensation Plan.  A
full-text copy of the prospectus is available for free at:

https://www.sec.gov/Archives/edgar/data/1433607/000149315221025307/forms-8.htm


                       About InspireMD Inc.

Headquartered in Tel Aviv, Israel, InspireMD --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease.  A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.

InspireMD reported a net loss of $10.54 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.04 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$46.38 million in total assets, $5.55 million in total liabilities,
and $40.83 million in total equity.


INSTRUCTURE HOLDINGS: Fitch Assigns FirstTime 'BB-' LongTerm IDR
----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB-' to Instructure Holdings, Inc. (INST). It has
also assigned a 'BB+'/'RR1' rating for the first lien term loan and
secured revolver. INST intends to enter into a new bank agreement
with a $500 million first lien term loan and $125 million secured
revolver to refinance its existing debt. The Rating Outlook is
Stable.

The rating reflects INST's low leverage, high retention rates, and
expectations for strong FCF generation. Fitch expects leverage to
be in the range of 4.2x to 4.8x by the end of FY21 and decline in
the forecast years barring material debt funded acquisitions.

KEY RATING DRIVERS

Transitioning Corporate Profile: INST became a publicly traded
company in July 2021. Prior to being a public company, INST was
privately held by Thoma Bravo who purchased INST back in March
2020. Once privately held, INST's focus became solely on education
end markets and non-core assets were divested. It focused on
growing the learning management system (LMS) market and made small
acquisitions to diversify and enhance its LMS offerings. It has
become balanced from an end-user perspective with a 50/50 split
between higher ed and K-12 versus having a focus on higher ed when
it was previously public.

Over the course of 1H21, Thoma Bravo continued to grow the company
and improve EBITDA margins while reducing debt. INST has stated
that it targets net debt to adjusted EBITDA to be in the range of
2x to 3x (Fitch notes that INST's calculations differ from its
own). There are no plans for dividends or share repurchases. Thoma
Bravo currently owns an 87% stake in INST.

Low Leverage/Strong Margins: As a private company, INST had actual
leverage of 4.8x for the LTM ending 2Q21 and pro forma leverage for
the proposed refinancing, it falls to 4.5x since the total amount
of debt outstanding will be reduced. For YE22, Fitch forecasts
leverage to be below 4.0x given expectations for modest EBITDA
growth and very modest debt reduction from term loan amortization.
Fitch projects INST's adjusted EBITDA margins to be around 30% and
FCF margins to be in the low to mid-teens.

Sticky Revenues and Growing Customer Base: INST is a leader in the
learning management system market and it had over 40% contracted
user growth in 2020 over the prior year in large part due to the
pandemic driving the shift to remote learning. Its 1Q21 net
retention rate was 116% and the gross retention rate was 96%.
Management has indicated that, in the U.S., it has about one-third
of the paid higher ed market share and approximately 17% in the
paid market for K-12. Its software is cloud-based and can handle
large volumes of users concurrently, which benefited the company
during the pandemic.

Coronavirus Tailwinds: Before the pandemic, digitalization of the
classroom was moving at a slow pace and the pandemic accelerated
the transformation. In 2Q21, ACR increased 28% (Allocated Combined
Receipts which is revenues plus an adjustment for purchase
accounting) yoy and GAAP revenues increased 52% yoy. While Fitch
does not forecast such significant growth to continue, it does
expect to see growth as educational institutions continue to
support digitalization of the learning environment and the global
LMS market expands. Contracts tend to be multiyear and include
price escalators.

DERIVATION SUMMARY

INST's 'BB-' rating is supported by its low leverage, sticky
customer base as well as its strong presence in the LMS market. It
is rated two notches below NortonLifeLock, Inc. (NLOK), which not a
direct peer, but another public software company. NLOK is a
consumer-based software company whereas INST is an ed tech
company.

NLOK generates EBITDA margins close to 50% versus INST, which is
likely to have EBITDA margins in the low 30s. EBITDA generation is
about ten times larger at NLOK and it also has robust liquidity.
Before dividends, NLOK generates nearly $1 billion of FCF per year.
NLOK will temporarily have leverage increase due to a large
acquisition and Fitch projects its leverage to be in the range of
3.0x to 3.5x at the end of FY24.

KEY ASSUMPTIONS

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

-- The refinancing of the INST's capital structure occurs as
    proposed;

-- Revenues continue to grow at a modest pace;

-- EBITDA margins average 30% to slightly better, more
    conservative versus management's forecast;

-- Fitch assumes INST will be opportunistic with acquisitions;

-- No assumptions are made for dividends or share repurchases.

RATING SENSITIVITIES

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

-- Favorable rating action is not expected in the near term;

-- Should leverage (defined by Fitch as total debt with equity
    credit to operating EBITDA) fall below 3.0x on a sustained
    basis while cash from operations (CFO) less capex to debt was
    in the mid-teens or better, Fitch may consider favorable
    rating action.

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

-- Ongoing EBITDA margins below 30%;

-- Leverage (defined by Fitch as total debt with equity credit to
    operating EBITDA) above 4.5x on a sustained basis;

-- CFO less capex to debt below 10% on a sustained basis;

-- Ongoing organic revenue growth near 0%;

-- Significant acquisitions largely funded with debt that
    pressure credit metrics.

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

Sufficient Liquidity: As of Aug. 31, 2021, total cash on the
balance sheet was $146 million less restricted cash tied to letters
of credit of $4 million, resulting in total available cash of $142
million. The $50 million revolver was undrawn leaving total
liquidity of $192 million. With the proposed financing, INST's
liquidity position will be enhanced with the upsizing of the
revolver to $125 million although cash available will be reduced to
pay down a portion of the debt.

ISSUER PROFILE

Instructure Holdings, Inc. (INST) is a leading learning management
system company offering its products to K-12 as well as higher ed.
It has over 30 million students and teachers using its products in
more than 70 countries.

ESG Considerations

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


INSTRUCTURE HOLDINGS: Moody's Assigns First Time 'B1' CFR
---------------------------------------------------------
Moody's Investors Service assigned first time ratings to
Instructure Holdings, Inc., including a B1 corporate family rating,
B1-PD probability of default rating, and B1 rating on the senior
secured first lien credit facility (revolver and term loan).
Moody's also assigned an SGL-1 speculative grade liquidity (SGL)
rating. The outlook is stable.

Proceeds from the new $500 million first lien term loan will be
used to refinance the company's existing indebtedness and pay
related fees and expenses. The company's new $125 million revolving
credit facility due 2026 is expected to be undrawn at close. The
proposed refinancing follows the company's recent initial public
offering (IPO) in July 2021. The company is a closely controlled
public company by Thoma Bravo, L.P and its affiliates.

"The rapid adoption and increased technology funding for
cloud-based online learning solutions by the K through 12 schools
provides a large market opportunity for Instructure as it continues
to disrupt legacy providers and distance itself from the
competition," said Oleg Markin, Assistant Vice President and
Moody's lead analyst for the company. "Though Instructure remains
modestly sized and has a limited track record of profitability, the
good revenue visibility owing to the recuring nature of its
software license subscriptions, historically high customer renewal
rates, and strong liquidity further provide credit support," added
Markin. The rating assignments also incorporate governance
considerations, including risks associated with private equity
control.

Assignments:

Issuer: Instructure Holdings, Inc.

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

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

Senior Secured 1st Lien Revolving Credit Facility, Assigned B1
(LGD3)

Outlook Actions:

Issuer: Instructure Holdings, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Instructure's B1 CFR reflects the company's leading market position
as a provider of learning management systems (LMS) for the higher
education and K-12 institutions in the United States, expectation
for good revenue growth supported by existing customer base
expansion and new client wins, highly predictable and recurring
annual subscription-based software-as-a-service (SaaS) revenues
generated from multi-year contracts, gross retention rates of
around 95% as of June 30, 2021, and very good liquidity.
Instructure benefits from its cloud-native, modern and highly
scalable platform with an extensive user base (over 30 million of
contracted LMS users and over 500 community partners), serving as a
connected hub between teachers, students, parents, content
providers and a growing ecosystem partners, all contributing to
innovation and new product development. This suggests a large total
addressable market and growth opportunity for the company. The
rating also incorporates favorable secular trends as the education
market continues to adopt digitization, solid contract pipeline,
and strong profitability.

The rating is constrained by Instructure's modest scale, lack of
product and geographic diversification, and the highly competitive
and rapidly evolving technology landscape with a few large and
established competitors. Instructure's rapid growth has been
supported by investments in research and development, sales and
marketing, and international expansion which resulted in operating
losses and weak free cash flow prior to 2021. The business had
undergone a transformation following the take- private of the
company by Thoma Bravo in March 2020. The company realigned the
business to focus on its core LMS platform, divested an
unprofitable corporate learning division, streamlined costs by
moving product development to low cost regions, optimized its
go-to-market strategy, expanded product offerings, and added key
management roles. The company's limited track record of
profitability and significant sponsor ownership strongly weighs on
the rating. The rating also considers the company's moderately high
debt-to-EBITDA (Moody's adjusted) of around 4.8x, expected at the
end of fiscal 2021 to decline towards the low 4.0x range over the
next 12-18 months. Instructure has a publicly stated commitment to
a more conservative financial policy with a long-term leverage
target between 2.0x-3.0x (based on management's debt-to-adjusted
EBITDA), which equates to about 3.5x-4.5x on Moody's basis (when
adjusted for stock based compensation and Moody's standard
adjustments).

The stable outlook reflects Moody's expectations for organic
revenue growth of around 10% over the next 12-18 months and
profitability improvements at slightly higher rate. Moody's
projects Instructure's debt-to-EBITDA (Moody's adjusted) to decline
towards the low 4.0x range over the next 12-18 months and the
company will maintain very good liquidity, including free cash
flow-to-debt (Moody's adjusted) above 20%.

The B1 ratings assigned to the new senior secured first lien term
loan and revolver reflect Instructure's B1-PD PDR and a loss given
default assessment of LGD3. The B1 instrument ratings are the same
as the company's B1 CFR since the rated debt would represent the
preponderance of Instructure's debt claims.

The SGL-1 speculative grade liquidity rating reflects Moody's
expectation that Instructure will maintain very good liquidity over
the next 12-15 months. Sources of liquidity consist of robust cash
balances more than $140 million as of August 31, 2021, expectation
for strong annual free cash flow generation of around $130-140
million (excluding potential acquisitions), and full access to a
new $125 million revolving credit facility due 2026. Due to the
significant seasonality of an academic year, cash flow from
operations runs negative in the first half of a calendar year, and
positive in the second. Moody's does not anticipate any revolver
usage over the next 12-15 months. Moody's believes that all
available liquidity sources to the company provide very good
coverage relative to the annual mandatory term loan amortization of
$5 million, paid quarterly. The proposed revolver will have a
springing maximum total net leverage ratio covenant of 7.75x that
will be triggered when borrowings exceeds 35% of availability.
There is no financial maintenance covenant applicable to the new
term loan. Moody's does not expect the covenant to be triggered
over the near term and believes there is ample cushion within the
covenant based on the projected earnings levels for the next 12-15
months.

As proposed, the first lien credit facility expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

Incremental first lien debt capacity up to the greater of 1.0x
financeable EBITDA and 100% consolidated LTM EBITDA, plus unused
capacity reallocated from the general debt basket, plus unlimited
amounts subject to consolidated first lien net leverage ratio of
less than or equal to 5.0x if pari passu with the lien securing the
credit facility or incurred to finance a permitted acquisition.
Similarly, the credit agreement allows an incremental pari passu
second lien capacity of the same amount, if the consolidated senior
secured net leverage ratio is less than or equal to 7.0x or
unsecured debt if the consolidated net leverage ratio is less than
or equal to 7.5x or interest coverage ratio is not less than 2.0x.
Amounts up to the greater of 1.0x financeable EBITDA and 100%
consolidated pro forma LTM EBITDA may be incurred with an earlier
maturity date than the initial term loans.

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

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

Moody's could upgrade the ratings if Instructure profitably grows
its scale and product diversity, achieves and maintains
debt-to-EBITDA (Moody's adjusted) below 4.0x, free cash
flow-to-debt (Moody's adjusted) is in the double-digits and
maintains very good liquidity. The upgrade would also be likely as
the private equity ownership declines below 50% and the company
establishes and maintains balanced financial policies.

The ratings could be pressured if operating performance is weaker
than expected or free cash flow-to-debt is below 5% on sustained
basis. The ratings could also be downgraded if Moody's believes
that the company's debt-to-EBITDA (Moody's adjusted) will be
sustained above 5.0x.

Instructure, a leading provider of LMS software, assessments for
learning, and analytics to over 6,000 global customers representing
kindergarten through 12-grade educational institutions in more than
90 countries. Following the July 2021 IPO, Instructure is a
publicly traded company on NYSE: INST. Instructure is majority
owned by Thoma Bravo, L.P. and its affiliates. Moody's projects the
company's annual revenue of around $400 million in 2021.

The principal methodology used in these ratings was Software
Industry published in August 2018.


JAB ENERGY: Seeks to Hire Traverse LLC as Restructuring Advisor
---------------------------------------------------------------
JAB Energy Solutions II, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Traverse,
LLC and designate Albert Altro, the founder of Traverse, to serve
as its chief restructuring officer.

Traverse will provide restructuring advisory services as directed
by the Debtor's board of managers to enable the Debtor to maximize
the value of its estate and successfully complete its Chapter 11
case.

Traverse will be billed monthly for the CRO services and will
charge between $225 and $325 per hour for additional staff
services.

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

Mr. Altro disclosed in a court filing 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:

     Albert Altro
     Traverse, LLC
     1025 N. Kings Rd.
     Los Angeles, CA, 90069
     Telephone: (310) 809-5064
     Facsimile: (302) 652-4400
     Email: albertaltro@traversellc.com

                   About JAB Energy Solutions II

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

JAB Energy Solutions filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as
much as $50 million in both assets and liabilities.  

Judge Craig T. Goldblatt oversees the case.

The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel and Traverse, LLC as restructuring advisor.  Albert Altro,
the founder of Traverse, serves as the Debtor's chief restructuring
officer.


JAB ENERGY: Seeks to Tap Pachulski as Bankruptcy Counsel
--------------------------------------------------------
JAB Energy Solutions II, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Pachulski
Stang Ziehl & Jones, LLP to serve as legal counsel in its Chapter
11 case.

The firm will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued operation of its business and management of its
property;

     (b) prepare legal papers;

     (c) appear in court on behalf of the Debtor; and

     (d) perform other legal services for the Debtor.

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

     Partners            $845 - $1,695 per hour
     Of Counsel          $679 - $1,275 per hour
     Associates          $695 - $725 per hour
     Paraprofessionals   $375 - $475 per hour

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

Prior to the petition date, the firm received payments in the
amount of $100,000 for pre-bankruptcy services.

Laura Davis Jones, Esq., an attorney at Pachulski Stang Ziehl &
Jones, disclosed in a court filing that her firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Laura Davis Jones, Esq.
     Colin R. Robinson, Esq.
     Pachulski Stang Ziehl & Jones LLP
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, DE 19899-8705
     Telephone: (302) 652-4100
     Facsimile: (302) 652-4400
     Email: ljones@pszjlaw.com
            crobinson@pszjlaw.com

                   About JAB Energy Solutions II

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

JAB Energy Solutions filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 21-11226) on Sept. 7, 2021, listing as
much as $50 million in both assets and liabilities.  

Judge Craig T. Goldblatt oversees the case.

The Debtor tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel and Traverse, LLC as restructuring advisor.  Albert Altro,
the founder of Traverse, serves as the Debtor's chief restructuring
officer.


LABL INC: Moody's Affirms 'B3' CFR & Rates New Secured Debt 'B2'
----------------------------------------------------------------
Moody's Investors Service affirmed LABL, Inc.'s B3 corporate family
rating, its B3-PD probability of default rating, B2 senior secured
notes, and Caa2 senior unsecured rating upon the company's
announcement to issue new debt to finance the planned merger
between LABL and Fort Dearborn Holding Company, Inc. (B3 stable) as
well as the announced acquisitions of a part of Skanem Group's
operation [1]. Moody's also assigned a B2 rating to LABL's new
revolving facility, and the new senior secured debt. Moody's also
assigned a Caa2 rating to the new senior unsecured debt.

At the same time, Moody's revised the rating outlook to negative
from stable.

"The negative outlook reflects elevated leverage after the planned
merger and Moody's view that it will take more than 18 months for
the combined companies to realize full synergies, improve their
profitability, and reduce the leverage below 7.0x," says Motoki
Yanase, VP-Senior Credit Officer at Moody's.

LABL and Fort Dearborn are merging after the new sponsor, Clayton,
Dubilier & Rice (CD&R), acquires their stakes from their respective
sponsors. LABL will be the surviving entity in the merger. Existing
debt of Fort Dearborn will be repaid through the transaction and
the ratings withdrawn.

Assignments:

Issuer: LABL, Inc.

Senior Secured Debt, Assigned B2 (LGD3)

Senior Secured Multi Currency Revolving Credit Facility, Assigned
B2 (LGD3)

Senior Unsecured Debt, Assigned Caa2 (LGD5)

Affirmations:

Issuer: LABL, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Gtd. Senior Secured Notes, Affirmed B2 (LGD3)

Senior Unsecured Notes, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: LABL, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The affirmation of LABL's B3 CFR considers its growing scale and
business position, with increasingly diversified products, and
having predominantly stable end-markets including food, beverage
and personal care, with long-term customer relationships that
support stable profit and cash flow generation. Before the merger,
LABL is already one of the larger global suppliers of pressure
sensitive, in-mold, cut and stack and other labels, and its revenue
will grow from about $2.2 billion for the twelve months to June
2021 to over $3 billion after the merger with Fort Dearborn.

LABL has a global operation, generating 56% of sales in North
America, 31% in Europe and the rest in Asia, Australia and New
Zealand, and Africa in 2020. Given Fort Dearborn's primarily a
domestic operation, Moody's expects the contribution of North
American operation to increase close to 70% after the merger.
Still, the merger will also enhance the company's market share in
North America and create cost-saving opportunities, including
consolidating manufacturing plants and procurement, and
rationalizing overlapping organizational functions.

The rating affirmation also considers the higher debt load and
elevated leverage after the planned merger. Moody's expects the
merger with Fort Dearborn will increase LABL's reported total debt
by about 1.8 times to around $4.6 billion from $2.6 billion in June
2021. Moody's expect the pro forma leverage after the merger, based
on the twelve months to June 2021, to rise to 9x, incorporating
Moody's standard adjustments, from 7.6x before the merger for the
same period.

Still, EBITDA of the combined entity will benefit from realized
synergies and operational improvements as the company overcomes
some of operating inefficiencies related to plant consolidation
activities as well as temporary operating inefficiencies resulting
from Covid-related absenteeism. High exposure to relatively stable
food and personal care end markets, accounting for the majority of
the combined entity's sales, also helps generate stable revenue and
profits. Moody's projects mid-single digit organic volume growth
for the next couple years.

Moody's expects LABL to have good liquidity over the next 12 to 18
months, supported by cash on hand and revolver availability. The
company had around $45 million of cash on hand as of June 2021 and
will have $500 million asset-based revolver and $200 million
revolver, both expiring five years after the merger. Moody's
projects modest positive free cash flow for 2021, despite
generating a net loss, based on moderate improvement in
profitability and some contributions from previous small
acquisitions. Annual term loan amortization payment is 1% per year
and there are no near-term maturities until the existing senior
secured notes matures in July 2026. The revolver has a springing
secured leverage ratio covenant of 8.0x if utilization exceeds 40%.
Moody's do not expect the company to trigger the covenant. The term
loan does not have any maintenance covenants. The majority of the
assets are encumbered by the secured facilities.

The new senior secured debt is rated B2, one notch above the B3
corporate family rating. The higher rating reflects its position in
the capital structure and that the borrowings are well protected in
a distressed scenario. It also reflects the loss absorption
provided by the existing unsecured notes and the proposed new
unsecured debt.

The new unsecured debt, which the company also plans to take on for
the merger, is rated Caa2 and reflects subordinated lien on the
collateral pledged to the senior secured facilities.

Existing senior secured notes, new senior secured debt, existing
unsecured notes, and new unsecured debt are all guaranteed by the
existing and future direct and indirect wholly-owned domestic
restricted subsidiaries, including Fort Dearborn business.

In terms of environmental, social and governance (ESG) factors, the
rating incorporates governance consideration that the company is
controlled by CD&R, a private equity firm. Private equity firms
tend to have tolerance for high leverage and aggressive financial
policies in the rating agency's experience.

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

The change in outlook to negative reflects the time it will take
for LABL to improve leverage below the current down-trigger of 7
times, which could exceed the next 12-18 months. The outlook also
incorporates the execution risk surrounding the integration of the
two companies' businesses and realizing cost synergies, which could
delay the margin improvement.

The ratings could be downgraded if credit metrics, liquidity or the
operating and competitive environment deteriorate. Specifically,
the rating could be downgraded if debt/EBITDA remained above 7
times, EBITDA to interest coverage declines below 1.5 times, or
free cash flow turns negative and liquidity deteriorated.

An upgrade is unlikely given the negative outlook. However, the
ratings could be upgraded overtime if the two companies, LABL and
Fort Dearborn, successfully integrate their operations, realize
projected synergies, and demonstrate less aggressive financial
policies. Specifically, the rating could be upgraded if debt/EBITDA
is sustained below 6.0 times, EBITDA to interest coverage rises
above 2.75 times, and free cash flow to debt rises above 2.5% on a
sustained basis.

Headquartered in Cincinnati, Ohio, LABL, Inc. is a provider of
pressure sensitive labels, flexible film packaging and other
packaging solutions for the food and beverage, health and beauty,
and consumer products markets. For the twelve months ended June 30,
2021, the company generated roughly $2.2 billion in revenue. The
company operates under the name of Multi-Color. The company will be
owned by Clayton, Dubilier & Rice (CD&R).

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.


LIFE TIME: Moody's Ups CFR to B3 & First Lien Secured Notes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Life Time, Inc.'s Corporate
Family Rating to B3 from Caa1, Probability of Default Rating to
B3-PD from Caa1-PD, the rating for its first lien senior secured
credit facilities and senior secured notes to B2 from B3, and the
rating for the company's senior unsecured notes to Caa2 from Caa3.
Additionally, Moody's assigned a Speculative Grade Liquidity rating
of SGL-3. The rating outlook is stable.

The ratings upgrade follows the company's initial public offering
transaction on October 7, 2021. Life Time priced 39 million shares
at $18 per share. After fees and expenses, the company used $570
million of the proceeds to pay down outstanding debt on its first
lien term loan with the remaining $90 million added to balance
sheet as cash. The reduction in debt, cash interest expense and
leverage, and increase in balance sheet cash provides greater
financial flexibility to manage future weakness in membership and
revenues, and to fund the company's meaningful new club opening
strategy. Moody's considers the company's willingness to issue
equity to pay down debt as a positive governance consideration and
this was a key factor supporting the upgrade.

The following ratings are affected by the action:

Ratings Upgraded:

Issuer: Life Time, Inc.

Corporate Family Rating, upgraded to B3 from Caa1

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

First lien credit facilities, upgraded to B2 (LGD3) from B3
(LGD3)

Senior secured notes, upgraded to B2 (LGD3) from B3 (LGD3)

Senior unsecured notes, upgraded to Caa2 (LGD5) from Caa3(LGD6)

Ratings assigned

Issuer: Life Time, Inc.

Speculative Grade Liquidity Rating, assigned SGL-3

Outlook Actions:

Issuer: Life Time, Inc.

Outlook, remains Stable

RATINGS RATIONALE

Life Time's B3 CFR reflects its very high leverage with Moody's
adjusted debt-to-EBITDA of about 30x (LTM period ended June 30,
2021; 27x pro forma for the debt paydown from IPO proceeds) as the
result of significant earnings declines from the coronavirus
pandemic in the US. However, Moody's expects debt-to-EBITDA
leverage will decline to just below 7.0x by the end of FY22 due to
an ongoing improvement in dues-paying membership as restrictions
related to the coronavirus ease, which will continue the company's
earnings recovery. The rating is constrained by the company's
aggressive growth policy and historically high reliance on external
financing to support its new club openings including sale-leaseback
transactions, landlord incentives and incremental debt through
revolver borrowings. Moody's expects the company's growth plans
will accelerate following the IPO and that capital spending and the
need for external capital to fund new club development will
increase in 2022. The rating also reflects Life Time's moderate
geographic concentration and the business risks associated with the
highly fragmented and competitive fitness club industry, which
includes high membership attrition rates and exposure to shifts in
consumer spending and economic cycles.

However, the rating benefits from its focus on a more affluent
member base and expanded service offerings relative to most fitness
clubs that make it less susceptible to increasing competition from
the value priced fitness clubs. The rating is also supported by the
company's solid asset base from owning about 41% of its clubs.
Monetization of real estate provides an additional option to
bolster liquidity if needed, and distinguishes Life Time from most
other fitness clubs where facilities are primarily leased.
Additionally, support is provided by the longer term positive
demographic fundamentals for the industry with increased awareness
and focus on fitness and health. Furthermore, as a publicly traded
company, Moody's expects financial policy to be somewhat more
conservative than in the past.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Although an economic recovery is underway, it is
tenuous, and its continuation will be closely tied to containment
of the virus. As a result, there is uncertainty around Moody's
forecasts.

Fitness clubs have sensitive customer data including information
related to health, workout schedules, and credit cards. Protecting
data security is thus important to attracting and retaining
customers, and increases operating costs. Rising labor costs are an
issue. Demographic and societal trends toward health and wellness
are positive social factors supporting demand growth, but growing
competition from technology oriented workouts is likely to weaken
membership for facilities based fitness providers unless they
invest to broaden their service offerings.

Moody's views environmental risks as low, but the company must meet
environmental regulations when locating and constructing new
clubs.

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

The stable outlook reflects Moody's view that lease adjusted
debt-to-EBITDA leverage will decline to slightly below 7.0x by the
end of FY22 through earnings growth. The stable outlook also
reflects Moody's view of at least adequate liquidity over the next
year. Rising funds from operations will help restore positive free
cash flow before growth oriented capital spending in 2022.

Ratings could be upgraded should operating performance, credit
metrics and liquidity improve. Specifically, continued membership
and EBITDA growth, meaningfully positive free cash flow before
growth investments, Moody's adjusted debt-to-EBITDA sustained below
6.0x along with at least good liquidity would be necessary for an
upgrade.

The ratings could be downgraded if there is deterioration of
membership levels or pricing, operating performance, credit metrics
or liquidity. Moody's adjusted debt-to-EBITDA sustained above 7.5x
could also prompt a downgrade.

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

Headquartered in Chanhassen, MN, Life Time, Inc. operates 155 large
format premium fitness clubs in 29 states and one Canadian province
mostly in suburban locations. LTM revenue as of June 30, 2021 was
about $1.0 billion. Life Time became a publicly traded company as
of October 7, 2021 with private equity firms Leonard Green (27%
ownership post IPO) and TPG (20%) retaining significant stakes.


LMMS INC: Seeks to Employ Cox Law Group as Bankruptcy Counsel
-------------------------------------------------------------
LMMS, Inc. seeks approval from the U.S. Bankruptcy Court for the
Western District of Virginia to hire Cox Law Group, PLLC to serve
as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) advising the Debtor with respect to its powers and duties
in the continued management of its assets;

     (b) consulting on the conduct of the case, including all of
the legal requirements of operating in Chapter 11;

     (c) attending meetings and negotiating with representatives of
creditors and other parties in interest;

     (d) taking all necessary action to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any actions commenced against the Debtor, and
representing the Debtor's interests in negotiations concerning all
litigation in which it is involved, including objections to claims
filed against the estate;

     (e) preparing legal papers;

     (f) advising the Debtor in connection with any potential sale
of its assets;

     (g) appearing before the court;

     (h) negotiating, preparing and seeking approval of a Chapter
11 plan and documents related thereto; and

     (i) performing all other necessary legal services.

The firm's hourly rates are as follows:

     H. David Cox, Esq.     $450 per hour
     Other attorneys        $250 per hour
     Paralegals             $75 per hour

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

The firm can be reached at:

     H. David Cox, Esq.
     Cox Law Group PLLC
     900 Lakeside Drive
     Lynchburg, VA 24501
     Tel: 434-845-2600
     Fax: 434-845-0727
     Email: david@coxlawgroup.com

                          About LMMS Inc.

LMMS, Inc. filed a petition for Chapter 11 protection (Bankr. W.D.
Va. Case No. 21-70664) on Sept. 29, 2021, listing up to $500,000 in
assets and up to $1 million in liabilities.  Lee W. Mills,
president of LMMS, signed the petition.  Judge Paul M. Black
oversees the case.  David Cox, Esq., at Cox Law Group, PLLC
represents the Debtor as legal counsel.


LTL MANAGEMENT: Johnson & Johnson Talc Unit Files for Chapter 11
----------------------------------------------------------------
Johnson & Johnson (NYSE: JNJ) on Oct. 14, 2021, announced that LTL
Management LLC (LTL), a newly created and separate subsidiary of
Johnson & Johnson that was established to hold and manage claims in
the cosmetic talc litigation, has filed for voluntary Chapter 11
bankruptcy protection.

This filing is intended to resolve all claims related to cosmetic
talc in a manner that is equitable to all parties, including any
current and future claimants, according to Johnson & Johnson.

Johnson & Johnson and its other affiliates did not file for
bankruptcy protection and will continue to operate their businesses
as usual.

"We are taking these actions to bring certainty to all parties
involved in the cosmetic talc cases," said Michael Ullmann,
Executive Vice President, General Counsel of Johnson & Johnson.
"While we continue to stand firmly behind the safety of our
cosmetic talc products, we believe resolving this matter as quickly
and efficiently as possible is in the best interests of the Company
and all stakeholders."

To demonstrate its commitment to resolving the cosmetic talc cases
and remove any financial objections to the process, Johnson &
Johnson has agreed to provide funding to LTL for the payment of
amounts the Bankruptcy Court determines are owed by LTL and will
also establish a $2 billion trust in furtherance of this purpose.
In addition, LTL has been allocated certain royalty revenue streams
with a present value of over $350 million to further contribute to
potential costs.

John Kim, Chief Legal Officer of LTL, said, "With the financial
backing of Johnson & Johnson, coupled with a dedicated trust and
significant financial resources supporting LTL, we are confident
all parties will be treated equitably during this process."  

These actions are not a concession of liability but rather a means
to achieve an equitable and efficient resolution of the claims
raised in the cosmetic talc litigation.  J&J has won the majority
of cosmetic talc-related jury trials that have been litigated to
date and continues to believe that none of the talc-related claims
against J&J have merit. The claims are premised on the allegation
that cosmetic talc causes ovarian cancer and mesothelioma, a
position that has been rejected by independent experts, as well as
governmental and regulatory bodies, for decades.  More than 40
years of studies by medical experts around the world continue to
support the safety of cosmetic talc.

The determination of an appropriate amount to resolve all current
and future claims will be decided by the Bankruptcy Court in the
Chapter 11 proceedings.  This established process will allow for a
more efficient and consistent resolution for all parties.  While
LTL pursues this equitable resolution, all cosmetic talc cases will
be stayed pending the outcome of the proceedings.

Johnson & Johnson remains focused on its mission to improve the
trajectory of health for humanity and committed to developing
lifesaving therapies and innovative solutions that help people live
their healthiest lives.  

               Sufficient Funding for Talc Claims

LTL said in a court filing that to promote a prompt resolution of
the Chapter 11 case and avoid unnecessary litigation regarding
alleged harm suffered by claimants as a result of the divisional
merger (there was none), Old JJCI and J&J have taken a number of
steps to ensure that the financial interests of claimants are fully
protected:

   1. The Debtor's ability to pay claims is supported by a funding
agreement with both New JJCI and J&J, as joint obligors, for the
full amount of the value of New JJCI.  J&J's inclusion in the
funding agreement should put to rest any concerns regarding the
divisional merger or any hypothetical JJCI intercompany
transactions, including issuance of dividends or forgiveness of
intercompany debt, that could potentially diminish New JJCI's
assets during the course of this chapter 11 case.

    2. J&J and New JJCI have agreed to advance an aggregate amount
of $2 billion under the funding agreement into a qualified
settlement fund for the payment of cosmetic talc claims. These
funds will be dedicated exclusively for use in paying such claims.
Although the Debtor and J&J strongly believe $2 billion is
substantially in excess of any liability the Debtor should have,
J&J and New JJCI have made this commitment to eliminate any doubt
regarding the Debtor's financial ability to pay legitimate claims.


    3. The Debtor received an equity interest in Royalty A&M LLC,
which operates a royalty management and finance business that has
royalty streams with a present value of over $350 million. Royalty
A&M LLC plans to grow this business by periodically reinvesting the
income from these royalties in exchange for additional royalties.

The Debtor received the equity of Royalty A&M, which the Debtor has
projected will generate approximately $50 million in revenue per
year over the next five years. The Debtor estimates the fair market
value of its interest in Royalty A&M to be approximately $367.1
million as of the Petition Date.  In addition, as part of the 2021
Corporate Restructuring, the Debtor received $6 million in cash and
became party to the Funding Agreement with New JJCI and J&J. In
total, therefore, the Debtor's value is approximately $373.1
million, without taking into account the Funding Agreement with New
JJCI and J&J.

                    38,000 Ovarian Cancer Cases

The cosmetic talc claims for which the Debtor seeks a complete
resolution mainly target JOHNSON'S Baby Powder as a purported cause
of ovarian cancer and mesothelioma.  For over 125 years Johnson's
Baby Powder has been used by hundreds of millions of consumers
worldwide.

As of the Petition Date, there were approximately 38,000 ovarian
cancer cases pending against the Debtor, including approximately
35,000 cases pending in a federal multi-district litigation in New
Jersey, and approximately 3,300 cases in multiple state court
jurisdictions across the country.

Moreover, the number of ovarian cancer cases skyrocketed.  In 2014,
Old JJCI was served with 46 ovarian cancer complaints.  In 2017 --
just three years later -- that number was nearly 5,000.  This
acceleration in ovarian cancer claims asserted against Old JJCI
showed no signs of abating.  As of the Petition Date, Old JJCI had
been served with over 12,300 ovarian cancer complaints in just the
first ten and a half months of 2021.

In addition to the ovarian claims, more than 430 mesothelioma cases
were pending against the Debtor on the Petition Date.  These
claims, like the ovarian cancer claims, spanned the U.S. with cases
pending in New Jersey, California, Illinois, Missouri, New York,
and Ohio.

The Debtor expects that, absent its bankruptcy filing, thousands of
additional ovarian cancer and mesothelioma cases would have been
filed against it for decades to come.

               $1.95 Billion of Insurance Coverage

LTL believes it has insurance coverage for its talc-related
liabilities.  In particular, the Debtor has access to certain
primary and excess liability insurance policies that cover, among
other things, defense and/or indemnity costs related to talc bodily
injury claims, subject to the terms of the policies.  n total, the
limits of solvent primary and excess insurance policies issued to
J&J by third-party insurers that potentially cover talc-related
liabilities are in excess of $1.95 billion.  Third party insurers
include Aetna Casualty and Surety Company ("Travelers"), American
International Group, Allstate Insurance Company, The Hartford, Home
Insurance Company, Nationwide Indemnity Company, and North River
Insurance Company, American Motorists Insurance Company, and
Middlesex Insurance Company.

                       About LTL Management

LTL Management LLC is a newly formed subsidiary of Johnson &
Johnson to manage and defend thousands of talc-related claims and
oversee the operations of its subsidiary, Royalty A&M.  Royalty A&M
owns a portfolio of royalty revenue streams, including royalty
revenue streams based on third-party sales of LACTAID, MYLANTA
/MYLICON and ROGAINE products.

LTL Management LLC filed a Chapter 11 petition (Bankr. W.D.N.C.
Case No. 21-30589) on Oct. 14, 2021.  The Hon. J. Craig Whitley is
the case judge.

The Debtor tapped JONES DAY as counsel, RAYBURN COOPER & DURHAM,
P.A., as co-counsel; BATES WHITE, LLC, as financial consultant; and
ALIXPARTNERS, LLP, as restructuring advisor.  KING & SPALDING LLP
and SHOOK, HARDY & BACON L.L.P., serve as special counsel, and
McCARTER & ENGLISH, LLP is the litigation consultant.  EPIQ
CORPORATE RESTRUCTURING, LLC, is the claims agent.

The Debtor was estimated to have $1 billion to $10 billion in
assets and liabilities as of the bankruptcy filing.

                      About Johnson & Johnson

Johnson & Johnson (J&J) is an American multinational corporation
founded in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.   J&J is the world's largest and most
broadly based healthcare company.

Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey.  The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.

Johnson & Johnson had worldwide sales of $82.6 billion during
calendar year 2020.

                           *    *    *

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.


LTL MANAGEMENT: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: LTL Management LLC
           f/k/a Chenango One LLC
        501 George Street
        New Brunswick NJ 08933

Business Description: LTL Management LLC, a wholly owned
                      subsidiary of Johnson & Johnson, was formed
                      to manage and defend thousands of talc-
                      related claims and to oversee the operations

                      of its subsidiary, Royalty A&M.  Royalty A&M

                      owns a portfolio of royalty revenue streams,

                      including royalty revenue streams based on
                      third-party sales of LACTAID, MYLANTA /
                      MYLICON and ROGAINE products.

Chapter 11 Petition Date: October 14, 2021

Court: United States Bankruptcy Court
       Western District of North Carolina

Case No.: 21-30589

Judge: Hon. J. Craig Whitley

Debtor's Counsel: George M. Gordon, Esq.
                  Dan B. Prieto, Esq.
                  Amanda Rush, Esq.
                  JONES DAY
                  2727 North Harwood Street
                  Dallas, TX 75201
                  Tel: (214) 220-3939
                  Fax: (214) 969-5100
                  Email: gmgordon@jonesday.com
                         dbprieto@jonesday.com
                         asrush@jonesday.com

                    - and -

                  Brad B. Erens, Esq.
                  Caitlin K. Cahow, Esq.
                  JONES DAY
                  77 West Wacker
                  Chicago, Illinois 60601
                  Tel: (312) 782-3939
                  Fax: (312) 782-8585
                  Email: bberens@jonesday.com
                         ccahow@jonesday.com

Debtor's
Co-Counsel:       C. Richard Rayburn, Jr., Esq.  
                  John R. Miller, Jr., Esq.  
                  RAYBURN COOPER & DURHAM, P.A.
                  227 West Trade Street, Suite 1200
                  Charlotte, North Carolina 28202
                  Tel: (704) 334-0891
                  Fax: (704) 377-1897
                  E-mail: rrayburn@rcdlaw.net
                          jmiller@rcdlaw.net

Dentor's
Special
Counsel:          Kristen R. Fournier, Esq.
                  KING & SPALDING LLP
                  1185 Avenue of the Americas
                  34th Floor
                  New York, NY 10036
                  Tel: (212) 556-2100
                  Fax: (212) 556-2222
                  Email: kfournier@kslaw.com

Debtor's
Special
Counsel:          Kathleen A. Frazier, Esq.  
                  SHOOK, HARDY & BACON L.L.P.
                  JPMorgan Chase Tower
                  600 Travis Street, Suite 3400
                  Houston, TX 77002
                  Tel: (713) 227-8008
                  Fax: (713) 227-9508
                  E-mail: kfrazier@shb.com

Debtor's
Litigation
Counsel:          MCCARTER & ENGLISH, LLP

Debtor's
Financial
Consultant:       BATES WHITE, LLC

Debtor's
Restructuring
Advisor:          ALIXPARTNERS, LLP

Debtor's
Claims,
Noticing &
Balloting
Agent:            EPIQ CORPORATE RESTRUCTURING, LLC

Estimated Assets: $1 billion to $10 billion

Estimated Liabilities: $1 billion to $10 billion

The petition was signed by John K. Kim as chief legal officer.

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

https://www.pacermonitor.com/view/5CP55UA/LTL_Management_LLC__ncwbke-21-30589__0001.0.pdf?mcid=tGE4TAMA

List of 30 Law Firms with the Most Significant Representations of
the Talc Claimants:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Arnold & Itkin LLP               Talc Personal     Unliquidated
1401 McKinney St., Ste. 2250           Injury
Houston, TX 77010
Kurt Arnold, Caj Boatright,
Roland Christensen, Jason Itkin
Tel: (713) 222-3800
E-mail: cboatright@arnolditkin.com
christensen@arnolditkin.com
jitkin@arnolditkin.com

2. Ashcraft & Gerel, LLP            Talc Personal     Unliquidated
4900 Seminary Road                     Injury
Alexandria, VA 22311
James Green, Patrick Lyons,
Michelle Parfitt
Tel: (703) 931-5500
Email: jgreen@ashcraftlaw.com
plyons@ashcraftlaw.com
mparfitt@ashcraftlaw.com

3. Aylstock, Witkin, Kreis &        Talc Personal     Unliquidated
Overholtz, PLLC                        Injury
17 East Main St., Ste. 200
PO Box 12630
Pensacola, FL 32502
Mary Putnick, Daniel
Thornburgh
Tel: (850) 916-7450
E-mail:
marybeth@putnicklegal.com
Dthornburgh@awkolaw.com

4. Barnes Firm                      Talc Personal     Unliquidated
420 Lexington Ave.,                    Injury
Ste. #2140
New York, NY 10170
Joe Vazquez
Tel: (800) 800-0000
E-mail: joe.vazquez@thebarnesfirm.com

5. Beasley Allen Law Firm           Talc Personal     Unliquidated
218 Commerce Street                    Injury
Montgomery, AL 36104
Charlie Stern
Tel: (334) 269-2343
E-mail: charlie.stern@beasleyallen.com

6. Cellino Law LLP                  Talc Personal     Unliquidated
800 Delaware Ave.                      Injury
Buffalo, NY 14209
Brian Goldstein
Tel: (716) 281-5618
E-mail: brian.goldstein@cellinolaw.com

7. Dalimonte Rueb Stoller, LLP      Talc Personal     Unliquidated
1250 Connecticut Ave. NW               Injury
Ste. 200
Washington, DC 20036
John A. Dalimonte, Jennifer
Orendi, Gregory Rueb
Tel: (202) 883-8334
E-mail: john@drlawll.com
jorendi@drlawllp.com
greg@drlawllp.com

8. Dean Omar Branham                Talc Personal     Unliquidated
Shirley, LLP                           Injury
302 N. Market St., Ste. 300
Dallas, TX 75202
Jessica Dean
Tel: (214) 722-5990
E-mail: jdean@dobslegal.com

9. Driscoll Firm, LLC               Talc Personal     Unliquidated
1 South Church Street, 3rd Floor       Injury
Belleville, IL 62220
John Driscoll
Tel: (314) 932-3232

10. Fears Nachawati Law Firm        Talc Personal     Unliquidated
5473 Blair Road                        Injury
Dallas, TX 75231
Darren McDowel
Tel: (866) 705-7584
E-mail: dmcdowell@fnlawfirm.com

11. Ferraro Law Firm                Talc Personal     Unliquidated
600 Brickell Ave., Ste. 3800           Injury
Miami, FL 33131
Leslie Rothenberg, Jose
Becerra
Tel: (305) 375-0111
E-mail: lbr@ferraroaw.com
JLB@ferrarolaw.com

12. Flint Law Firm LLC              Talc Personal     Unliquidated
222. E. Park St., Ste. 500              Injury
PO Box 189
Edwardsville, IL 62034
Ethan Flint
Tel: (618) 288-4777
E-mail: eflint@flintlaw.com

13. Golomb Spirit Grunfeld, P.C.    Talc Personal     Unliquidated
1835 Market St., Ste. 2900             Injury
Philadelphia, PA 19103
Richard Golomb, Andrew
Spirit, Kenneth Grunfeld
Tel: (215) 278-4449
E-mail: kgrunfeld@golombhonik.com
rgolomb@golombhonik.com
aspirt@golombhonik.com

14. Gori Law Firm                   Talc Personal     Unliquidated
156 N. Main Street                     Injury
Edwardsville, IL 62025
D. Todd Matthews, Beth
Gori, Sara Salger
Tel: (618) 659-9833
E-mail: todd@gorijulianlaw.com
beth@gorijulianlaw.com
sara@gorijulianlaw.com

15. Honik LLC                       Talc Personal     Unliquidated
1515 Market St., Ste. 1100             Injury
Philadelphia, PA 19102
Ruben Honik, David Stanoch
Tel: (267) 435-1300
E-mail: ruben@honiklaw.com
david@honiklaw.com

16. Johnson Law Group               Talc Personal     Unliquidated
2925 Richmond Ave., Ste. 1700          Injury
Houston, TX 77098
Blake Tanase, Basil Adham
Tel: (713) 626-9336

17. Karst & von Oiste LLP           Talc Personal     Unliquidated
23923 Gosling Rd., Ste. A              Injury
Spring, TX 77389
Eric Karst
Tel: (281) 970-9988
E-mail: epk@karstvonoiste.com

18. Kazan, McClain, Satterly &      Talc Personal     Unliquidated
Greenwood PLC                          Injury
55 Harrison St., Ste. 400
Oakland, CA 94607
Joseph Satterley
Tel: (510) 302-1000
E-mail: jsatterley@kazanlaw.com

19. Lanier Law Firm                 Talc Personal     Unliquidated
21550 Oxnard Street, 3rd Floor         Injury
Woodlands Hills, CA 91367
Michael A. Akselrud
Tel: (310) 277-5100
E-mail: Michael.Akselrud@LanierLa
wFirm.com

20. Levy Konigsberg LLP             Talc Personal     Unliquidated
          
101 Grovers Mill Rd., Ste. 105         Injury
Lawrence Twp, NJ 08648
Moshe Maimon
Tel: (609) 720-0400
E-mail: mmaimon@levylaw.com

21. Maune Raichle Hartley French    Talc Personal     Unliquidated
& Mudd, LLC                            Injury
1015 Locust St., Ste. 1200
St. Louis, MO 63101
T. Barton French
Tel: (314) 244-1397
E-mail: bfrench@mrhfmlaw.com

22. Miller Firm, LLC                Talc Personal     Unliquidated
108 Railroad Ave.                      Injury
Orange, VA 22960
Curtis G. Hoke
Tel: (540) 672-4224
E-mail: choke@millermiller.com

23. Motley Rice LLC                 Talc Personal     Unliquidated
50 Clay St., Ste. 1                    Injury
Morgantown, WV 26501
John D. Hurst
Tel: (304) 413-0457
E-mail: jhurst@motleyrice.com

24. Napoli Shkolnik PLLC            Talc Personal     Unliquidated
919 North Market St., Ste. 1801        Injury
Wilmington, DE 19801
James Heisman, Christopher
LoPalo
Tel: (844) 230-7676
E-mail: clopalo@napolibern.com
JHeisman@napliLaw.com

25. OnderLaw, LLC                   Talc Personal     Unliquidated
110 East Lockwood, 2nd Floor           Injury
St. Louis, MO 63119
James Onder
Tel: (314) 963-9000
E-mail: onder@onderlaw.com

26. Simmons Hanly Conroy LLC        Talc Personal     Unliquidated
112 Madison Avenue                     Injury
New York, NY 10016
James Kramer
Tel: (212) 784-6400
E-mail: jkramer@simmonsfirm.com

27. Simon Greenstone Panatiere      Talc Personal     Unliquidated
Bartlett, PC                           Injury
1201 Elm St., Ste. 3400
Dallas, TX 75204
Chris Panatier
Tel: (214) 276-7680
E-mail: cpanatier@sgpblaw.com

28. Trammell PC                     Talc Personal     Unliquidated
3262 Westheimer Rd., Ste. 423          Injury
Houston, TX 77098
Fletcher V. Trammell
Tel: (800) 405-1740
E-mail: fletch@trammellpc.com

29. Weitz & Luxenberg, P.C.         Talc Personal     Unliquidated
700 Broadway                           Injury
New York, NY 10003
Danny Kraft
Tel: (212) 558-5500
E-mail: dkraftjr@weitzlux.com

30. Williams Hart Law Firm          Talc Personal     Unliquidated
8441 Gulf Freeway, Ste. 600            Injury
Houston, TX 77017
John Boundas, Sejal
Brahmnhatt, Walt Cubberly,
Margot Trevino
Tel: (713) 230-2200


MALLINCKRODT PLC: Rhode Island Objects at CEO Releases
------------------------------------------------------
Vince Sullivan, writing for Law360, reports that the state of Rhode
Island objected Wednesday to the proposed Chapter 11 plan of
drugmaker Mallinckrodt PLC, telling a Delaware bankruptcy court
that the plan seeks to provide impermissible releases of the
state's claims against the debtor's CEO in Rhode Island court.

In its objection, Rhode Island said Mallinckrodt's plan would
extinguish the state's claims against non-debtor party Mark C.
Trudeau โ€” Mallinckrodt's president, CEO and board member โ€”
brought in state court prior to the bankruptcy filing alleging
Trudeau contributed to the flow of opioids into Rhode Island
through negligence. Trudeau would escape any potential liability.

                  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.


MANNY'S MEXICAN: Seeks to Hire Pittman & Pittman as Legal Counsel
-----------------------------------------------------------------
Manny's Mexican Cocina, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Wisconsin to employ
Pittman & Pittman Law Offices, LLC to serve as legal counsel in its
Chapter 11 case.

The legal services to be rendered include:

     (a) representation relating to actions by creditors;

     (b) preparation of the liquidation analysis;

     (c) preparation and representation regarding the Chapter 11
plan and balloting; and

     (d) any and all residual matters related to the Chapter 11
proceedings.

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

     Galen W. Pittman   $400 per hour
     Greg P. Pittman    $300 per hour
     Wade M. Pittman    $300 per hour
     Paralegal           $75 per hour

Galen Pittman, Esq., a member of Pittman & Pittman, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Galen W. Pittman, Esq.
     Pittman & Pittman Law Offices, LLC
     712 Main Street
     La Crosse, WI 54601
     Telephone: (608) 784-0841
     Facsimile: (608) 784-2206

                   About Manny's Mexican Cocina

Manny's Mexican Cocina, Inc. filed its voluntary petition for
Chapter 11 (Bankr. W.D. Wis. Case No. 21-12059) on Oct. 6, 2021.
Lynnae Rivera, company owner, signed the petition. Judge Catherine
J. Furay oversees the case. Pittman & Pittman Law Offices, LLC
serves as the Debtor's counsel.


MAPLE TREE: Seeks to Hire Scott Law Group as Bankruptcy Counsel
---------------------------------------------------------------
Maple Tree Acres, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Tennessee to hire Scott Law Group, PC
to serve as legal counsel in its Chapter 11 case.

The firm's services include preparing and filing bankruptcy
statements and schedules; negotiating cash collateral orders;
preparing disclosure statements and plan of reorganization;
negotiating with creditors regarding claims; making appearances in
court; and other necessary legal services.

The firm's hourly rates are as follows:

     C. Dan Scott, Esq.       $275 per hour
     Paralegals               $75 per hour

The Debtor paid $10,000 to the firm as a retainer fee.

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

The firm can be reached at:

     C. Dan Scott, Esq.
     Scott Law Group, PC
     209 Chilhowee School Road, Suite 15
     Seymour, TN 37865
     Tel: (865) 246-1050
     Email: dan@scottlawgroup.com

                      About Maple Tree Acres

Maple Tree Acres LLC, a bottled water supplier in Dandridge, Tenn.,
filed a petition for Chapter 11 protection (Bankr. E.D. Tenn. Case
No. 21-31559) on Oct. 1, 2021, listing as much as $10 million in
both assets and liabilities.  Timothy Munson, managing member,
signed the petition.  Judge Suzanne H. Bauknight oversees the case.
The Debtor tapped Scott Law Group, PC as legal counsel.


MATREIYA TRANS: Plan Approval Deadline Moved to Oct. 27 for Now
---------------------------------------------------------------
Judge Jil Mazer-Marino has entered a bridge order further extending
Matreiya Trans, Corp.'s time to confirm a small business plan of
reorganization.

The Debtor filed a Plan and a Disclosure Statement on Dec. 30,
2020.  In August 2021, it filed a motion to extend its time to
confirm a plan through and including March 14, 2022.

Upon the record of the Oct. 6, 2021 hearing, the Court determined
to adjourn the hearing on the Extension Motion to Oct. 27, 2021 and
to extend the deadline to confirm the Plan from Oct. 6, 2021 to
Oct. 27, 2021.

The Bridge Order is without prejudice to the rights of the Debtor
to seek a further extension(s) of time to confirm a plan and to
obtain approval of a disclosure statement.

                    About Matreiya Trans Corp.

Matreiya Trans Corp. is a taxi medallion corporation located at 105
East 34th Street, Suite 174, New York.  Matreiya Trans Corp. sought
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-47711) on Dec.
26, 2019.  Matreiya disclosed $157,164 in assets and $330,000 in
liabilities as of the bankruptcy filing.  The petition was signed
by Michael L. Simon, president.  The LAW OFFICES OF ALLA KACHAN,
P.C., serves as bankruptcy counsel to the Debtor.


MCGRAW-HILL EDUCATION: Fitch Assigns 'B+' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' Long-Term Issuer Default Rating
(IDR) to McGraw-Hill Education, Inc. (MHE). MHE replaced McGraw
Hill, LLC as borrower/issuer following Platinum Equity, LLC's
acquisition of MHE. Fitch has also affirmed MHE's existing senior
secured debt 'BB+'/'RR1' rating, originally rated under McGraw
Hill, LLC. Fitch also assigned a 'BB+'/'RR1' to MHE's senior
secured notes and the proposed $575 million incremental senior
secured Term Loan B, which will partially fund MHE's Achieve3000
acquisition. Fitch has also assigned a 'B'/'RR5' to MHE's senior
unsecured notes.

The Rating Outlook is Stable due to MHE's continued operating
performance improvements.

KEY RATING DRIVERS

Achieve3000 Acquisition: Fitch views MHE's $675 million acquisition
of EdTech provider Achieve3000 positively as it expands MHE's
high-margin digital offerings in the growing K-12 supplemental
market while providing significant cross-selling and bundling
opportunities. The acquisition, announced Aug. 30, 2021, and
related fees and expenses will be funded with the incremental term
loan B and $125 million of fresh equity from Platinum. Achieve3000
offers digital supplemental materials in literacy, math, science,
and social studies domestically and internationally.

Elevated Leverage: The new debt funding a portion of the
Achieve3000 acquisition increases Fitch-calculated pro forma FFO
slightly to 7.0x, from 6.7x at June 30, 2021. Leverage was elevated
following Platinum Equity, LLC's $4.5 billion acquisition of MHE in
July 2021. Fitch's leverage calculations are adjusted for
annualized realized cost savings and Fitch's rating case estimate
of expected cost savings. While closing leverage is high for the
rating, Fitch's rating case assumes leverage declines below 6.0x
within 18-24 months due to ongoing operating improvements and
expected cost synergies.

Cost Synergies: Fitch expects MHE to fully realize $100 million of
previously outlined cost savings by FYE March 31, 2022, in line
with Fitch's expectations. Platinum identified a further $50
million of synergies driven by additional operating efficiencies
and real estate consolidation with approximately $69 million of
upfront costs.

Fitch believes the cost synergies are largely attainable, and its
rating case assumes a blend of expense cut realization totaling 91%
of Platinum's estimates and full upfront costs. Fitch's estimates
are driven by the category and scope of expected efficiencies and
upfront costs, typical industry realizations and the probability of
realizing each category. Fitch's synergy realization expectations
range from 80% to 100% of management's expectations.

Coronavirus: The pandemic's effect on state budgets was muted by
several rounds of direct and indirect federal stimulus injections,
with more than $235 billion directly allocated to education and a
further $506 billion under consideration. The American Rescue Plan
(ARP) provides $350 billion of direct aid to state and local
governments, including $130 billion for K-12 schools easing the
burden on both state and local governments. While local governments
derive varying portions of their revenues from property taxes, they
were responsible for funding school safety measures, including
establishing and maintaining remote learning infrastructure.

During prior periods of economic stress, K-12 adoptions were rarely
cancelled or even delayed (and then only for one year). While Fitch
will continue to pay close attention to adoption calendars for
delays, Fitch believes delays don't represent a near-term concern
given the significant stimulus funding.

For higher ed, the potential for cuts in funding and student aid is
always an issue. Fitch believes long term enrollment will continue
to stabilize as college degrees remain a necessity for many jobs.
In addition, college enrollment typically increases during
recessions as jobs are harder to find and people look to augment
their skills. Most funding for higher ed textbooks and other course
materials comes directly from students. However, near-term
enrollment continues to be affected by coronavirus disruptions
including students delaying starting or returning to school (gap
year).

Diversified Revenues: For the FYE March 31, 2021, approximately 45%
of MHE's total reported billings were derived from higher ed
content, 35% from K-12 content, 11% from international content,
which includes sales of higher ed and K-12 materials, and 9% from
global professional education content and services.

Market Share: MHE holds leading positions in its two largest
segments. The company has a strong market share in the U.S. higher
ed market, with its digital offerings showing continued growth.
However, the overall market remains under pressure due to ongoing
"share" loss to rental and used textbook offerings. For the U.S.
K-12 publishing market, Fitch believes Houghton Mifflin Harcourt,
MHE and Savvas Learning Company (f.k.a. Pearson U.S. K12
Education), collectively, hold more than 80% market share.

Long-Term Digital Opportunity: Fitch believes the transition to
digital will continue apace, with digital billings growing to 72%
of FYE March 31, 2021 total billings from 33% in FYE Dec. 31, 2015
(K-12 billings are excluded from this number due to
adoption-related variations). During 2Q21, higher ed digital
billings growth more than offset print declines for the first time.
Fitch expects the transition to digital, accelerated by the
pandemic, to continue, allowing for a more efficient cost
structure. Fitch expects MHE to continue investing in its digital
products, including through small bolt-on acquisitions.

DERIVATION SUMMARY

MHE is well positioned in the domestic K-12 and global higher ed
educational materials markets, with additional global exposure to
professional education content and services. MHE is one of the
leading global providers offering a full set of content and
services, including robust digital platforms, across a broad range
of education segments. In addition, MHE has generally outperformed
its competitors over the last few years as it was able to
successfully navigate industry issues that resulted in several of
its competitors experiencing operating issues.

KEY ASSUMPTIONS

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

-- Platinum LBO closed on July 31, 2021 (FY2022);

-- Acheive3000 acquisition closes on Jan. 1, 2022;

-- FY2022 in line with company expectations;

-- Revenues thereafter: Higher ed: low to mid-single digit growth
    in higher ed; K-12: low- to mid-single digit declines in 2023
    and 2024 driven by low adoptions, followed by substantial
    growth in 2025 due to several sizeable adoptions;
    international and professional: low single digit growth;

-- Revenue growth, coupled with already realized expense
    reductions and expected realized Fitch-calculated expense
    synergies drive significant margin improvement;

-- Full costs to achieve the expected expense synergies;

-- No dividends or M&A over the rating horizon;

-- Annual FCF used to repay debt;

-- FFO total leverage, plus realized expense savings, declines to
    5.0x by FY2025.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes MHE would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

MHE's recovery analysis assumes significant K-12 adoptions delays
followed by market share loss, driven by an inability to win enough
upcoming adoptions and ongoing industry issues in the higher ed
segment dragging down revenues, which pressure margins. The
post-reorganization GC EBITDA of $550 million is based on Fitch's
estimate of MHE's average EBITDA over a normal cycle, adjusted to
include the change in deferred revenues, a include a full year of
Achieve3000 and $100 million of annualized realized expense
reductions which have permanently reset the company's cost
structure. It also accounts for MHE's operating performance
relative to its competitors and its overall industry segments.

Fitch assumes MHE will receive a GC recovery EV multiple of 7.0x
EBITDA. The estimate considered several factors. HMHC and Pearson
have traded at a mid-teen median EV/EBITDA. Platinum acquired MHE
for $4.6 billion, or 8.7x Fitch-calculated adjusted EBITDA,
including the change in deferred revenues and Fitch-estimated
savings. In February 2019, Pearson sold its K-12 business for 9.5x
operating profit (EBITDA was not disclosed). In March 2013 Apollo
Global Management LLC acquired MHE from S&P Global, Inc. for $2.5
billion, or approximately 7x estimated EBITDA. During the last
financial recession, Pearson traded at about 8.0x EV/EBITDA, while
neither MHE nor HMHC were public at the time. In 2014, Cengage
emerged from bankruptcy with a $3.6 billion valuation, equating to
an emergence multiple of 7.7x.

Fitch assumes the asset-based credit facility will be 75% drawn and
the $150 million revolver will be 100% drawn at bankruptcy. Under
this scenario it estimates full recovery prospects for the proposed
first lien senior secured credit facilities and rates them
'BB+/RR1', or three notches above MHE's 'B+' IDR. The unsecured
debt is notched down to 'B'/'RR5' given the increase in MHE's
secured debt to fund the Achieve3000 acquisition and the resultant
reduced recovery prospects.

RATING SENSITIVITIES

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

-- Fitch does not expect an upgrade in the near term;

-- Debt reduction is sufficient to drive Fitch-calculated FFO
    total leverage, including annualized realized cost savings,
    below 5.0x on a sustainable basis.

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

-- Fitch-calculated FFO total leverage, including annualized
    realized cost savings, exceeds 6.0x for more than 18-24 months
    after the Achieve3000 acquisition's closing;

-- Mid-single-digit cash revenue declines, which may be driven by
    declines or no growth in digital products caused by a lack of
    execution or adoption by professors;

-- MHE's financial policy becomes more aggressive, including M&A
    and shareholder returns, and FFO total leverage remains above
    6.0x for extended periods of time.

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, MHE had $326 million in
cash. Pro forma for the July 2021 closing of Platinum's
acquisition, MHE had $82.5 million available under its $150 million
revolver due July 2026 and $92.5 million available under its $200
million asset-based credit facility due July 2026. There are
currently no material maturities until 2028 when the $1.6 billion
secured term loan, $900 million of secured notes and $725 million
of unsecured notes mature.

Fitch's focus on FFO-adjusted total leverage is in line with how
Fitch calculates leverage across the K-12 industry, with the change
in deferred revenue included in the calculation of FFO to account
for GAAP-driven revenue timing differentials. As digital revenues
continue increasing, revenues realized in a given year will
eventually match revenues recognized in that year, although Fitch
does not expect that to occur within the rating horizon.

ISSUER PROFILE

MHE is a leading provider of physical and digital technology
enabled adaptive learning tools and platforms to higher ed,
pre-Kindergarten through12 grade, (K-12) and professionals and
companies.

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.


MCGRAW-HILL EDUCATION: New Loan Upsize No Impact on Moody's B3 CFR
------------------------------------------------------------------
Moody's Investors Service stated that McGraw-Hill Education, Inc.'s
proposed $575 million upsize to its term loan does not impact the
company's B3 corporate family rating, the B2 rating on the upsized
senior secured term loan or the stable outlook.

The proceeds from the proposed $575 million term loan add-on
together with $125 million equity will fund the acquisition of AC
Holdco, Inc., (Achieve3000) and transaction fees and expenses.

"The proposed acquisition strengthens McGraw's competitive position
in K-12 by growing digital capabilities and expanding its presence
in the growing supplemental and intervention K-12 markets." said
Dilara Sukhov, Moody's lead analyst on McGraw. "While gross
leverage is expected to increase to roughly 7x proforma for the
acquisition from 6.4x as of LTM 6/2021 based on Moody's adjusted
leverage (cash EBITDA/debt) calculation, the company's improving
earnings and cash flows will allow it to delever toward the mid-6x
range over the next 12-18 months," she added.

Moody's expects McGraw to maintain good liquidity, supported by
approximately $150 million of cash on hand proforma for the
acquisition, Moody's expectation of annual free cash flow of more
than of $200 million supported by earnings improvement, and
external liquidity provided by a combination of $200 million ABL
facility and a $150 million revolver both due 2026.

McGraw-Hill Education, Inc. is a global provider of educational
materials and learning services for the higher education, K-12,
professional learning and information markets with content, tools
and services delivered via digital, print and hybrid offerings. The
company is majority owned by Platinum Equity Advisors, LLC
("Platinum') since July 2021. McGraw reported LTM 6/2021 billing of
$1.67 billion.



MCK USA 1: Seeks Approval to Hire Dilson Caputo as Broker
---------------------------------------------------------
MCK USA 1, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Dilson Caputo, a broker
at International Real Estate Corp., to assist in the sale of the
Apartment 1901 in Miami, Fla.

Mr. Caputo will receive a commission of 6 percent of the total
purchase price if the buyer does not have a broker. If the buyer
has its own broker, the commission will be divided as 3 percent to
each broker.

Mr. Caputo disclosed in a court filing that he does not represent
interests adverse to the Debtor's estate.

The broker can be reached at:

     Dilson Caputo
     International Real Estate Corp.
     P.O. Box 2533
     Windermere, FL 34786
     Telephone: (321) 543-0625
     Email: dilson.caputo@hotmail.com

                          About MCK USA 1

MCK USA 1, LLC, a Miami, Fla.-based company engaged in renting and
leasing real estate properties, filed its voluntary petition for
Chapter 11 protection (Bankr. S.D. Fla. Case No. 21-18197) on Aug.
24, 2021, listing $2 million in assets and $2.29 million in
liabilities. Mario Peixoto, company owner, signed the petition.
Judge Robert A. Mark presides over the case. Adina Pollan, Esq., at
Pollan Legal serves as the Debtor's legal counsel.


MEDIFOCUS INC: Pursues Restructuring Under CCAA
-----------------------------------------------
Medifocus, Inc. (OTC PINK:MDFZF) and (TSXV:MFS.H.APH) filed for
creditor protection in Canada to allow the Company to address the
debt on its balance sheet.

On Sept. 8, 2021, msi Spergel Inc. was appointed Trustee in
connection with a Notice of Intention to Make A Proposal filed by
Medifocus Inc.

Medifocus Inc. brought a motion for continuance of the BIA
proceedings under the Companies' Creditors Arrangement Act
("CCAA").  The Ontario Superior Court of Justice granted the relief
sought by the Company and issued an Initial Order pursuant to the
CCAA on October 7, 2021. The Initial Order provides for a stay of
all proceedings until January 7, 2022 against the Company and
appoints Spergel as Monitor of the business and financial affairs
of the Company.

On Sept. 8, 2021, Medifocus commenced the restructuring proceedings
to ensure stability during the ongoing COVID-19 pandemic and to
position the Company for sustained long-term growth.  Weiss Fell
Kour LLP is serving as restructuring counsel to Medifocus.

"Following a thorough financial and strategic review, we believe
that it is in the best interest of Medifocus to enter into
restructuring proceedings to deal with our financial obligations
and restructure our balance sheet.  We are deeply committed to our
technology.  By beginning this process, we are optimistic the
restructuring will allow us to continue focusing on developing
emergent and effective treatments" said Douglas Liu, the VP Finance
of Medifocus.

Medifocus has received and is considering a proposal from its
secured lender to provide debtor-in-possession financing to fund
the restructuring as well as an Asset Purchase Agreement to acquire
all of the assets of Medifocus.  The Asset Purchase Agreement will
serve as a stalking horse agreement in a proposed sale process to
be approved by the Court.  If the Secured Lender's proposal is
agreed to by Medifocus, the DIP financing and sale process will be
subject to court approval with notice to interested parties.

"We expect that these proceedings will have minimal impact on our
day-to-day operations," said Mr. Liu.  "We thank the many patients
who rely on our treatment systems, our partners, and our customers
for their support during this restructuring."

The Company intends to provide further updates on the restructuring
process when there are significant developments.

Lawyers for Medifocus Inc.:

   Weisz Fell Kour LLP
   200 Bay Street, Suite 2305
   Toronto, ON M5J 2J3
   Fax: 416-613-8290

   Caitlin Fell
   Tel: 416-613-8282
   Email: cfell@wfklaw.ca

   Pat Corney
   Tel: 416-613-8287
   Email: pcorney@wfklaw.ca

   Shaun Parsons
   Tel: 416-613-8284
   Email: sparsons@wfklaw.ca

Proposed Monitor:

   MSI Spergel Inc.
   Attn: Mukul Manchanda
   200 - 505 Consumers Rd.
   Toronto, ON  M2J 4V8
   Tel: 416-498-4314
   Fax: 416-494-7199
   Email: mmanchanda@spergel.ca

Lawyers for the Proposed Monitor:

   Aird Berlis LLP
   Brookfield Place
   181 Bay St #1800
   Toronto, ON  M5J 2T9
   Fax: 416-863-1515

   Kyle Plunkett
   Tel: 416-865-3406
   โ€จEmail: kplunkett@airdberlis.com

   Miranda Spence
   Tel: 416-865-3414
   โ€จEmail: mspence@airdberlis.com

Material documents pertaining to the CCAA proceedings are available
on the monitor's Web site at
https://www.spergelcorporate.ca/engagements/medifocus-inc/

                     About Medifocus Inc.

Canada-based, Medifocus Inc. is in the business of developing and
selling medical device systems that deliver precisely focused,
microwave-generated heat to diseased tissue, thereby destroying or
shrinking it.  The Company owns over three technology platforms.
The Endo-thermotherapy Platform is a catheter-based focused heat
technology platform that utilizes natural body openings to deliver
microwave thermotherapy to the diseased sites.  The Prolieve
Thermodilatation System for the treatment of Benign Prostatic
Hyperplasia was developed based on the Endo-thermotherapy Platform.
The Adaptive Phased Array (APA) Microwave Focusing Platform
directs precisely focused microwave energy at tumor center to
induce shrinkage or eradication of tumors without undue harm to
surrounding tissue.


MUSCLEPHARM CORP: Closes $7.0 Million Senior Secured Notes Offering
-------------------------------------------------------------------
MusclePharm Corporation has entered into definitive agreements with
accredited institutional investors for gross proceeds of
approximately $7,050,000.  The definitive agreements provide for
the private placement of 14% Original Issue Discount Senior Secured
Notes in the aggregate principal amount of approximately $8.2
million.  The principal amount of the notes will be due on April
13, 2022.  In addition, the company has agreed to issue to the
investors unregistered warrants for the purchase of 17,355,700
shares of common stock.  Each warrant entitles the holder to
purchase one share of common stock at an initial exercise price of
$0.78 for a period of five years from the date of issuance.

MusclePharm intends to use the net proceeds from the notes offering
for general working capital purposes, including supporting the
rollout of MP Performance Energy, the company's new functional
energy drink line.

The securities were offered in reliance upon an exemption from
registration under the Securities Act of 1933, as amended.  The
securities have not been registered under the Securities Act or any
state securities laws and the notes may not be offered or sold in
the United States without registration or an applicable exemption
from the registration requirements of the Securities Act and
applicable state laws.

                         About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.comand
http://www.musclepharmcorp.com-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements.  The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.

MusclePharm reported net income of $3.18 million for the year ended
Dec. 31, 2020, compared to a net loss of $18.93 million for the
year ended Dec. 31, 2019.  As of March 31, 2021, the Company had
$9.95 million in total assets, $34.27 million in total liabilities,
and a total stockholders' deficit of $24.32 million.

Los Angeles, California-based SingerLewak LLP issued a "going
concern" qualification in its report dated March 29, 2021, citing
that the Company has suffered recurring losses from operations, has
an accumulated deficit and its total liabilities exceed its total
assets.  This raises substantial doubt about the Company's ability
to continue as a going concern.


NEUMEDICINES INC: Unsecureds to Recover 100% in Liquidating Plan
----------------------------------------------------------------
Neumedicines, Inc., filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Plan of Liquidation dated Oct. 12, 2021.

The Plan is a liquidating plan.  Pursuant to prior orders of the
Bankruptcy Court, the Debtor sold substantially all of its Assets
to Karyopharm Therapeutics, Inc., pursuant to an order of the
Bankruptcy Court. The Debtor received $6,000,000 in cash and
150,000 shares of Karyopharm, which is a publicly traded company.
Subject to the occurrence of certain conditions as more
particularly described in the Karyopharm APA, the Debtor may
receive the following additional contingent consideration: (a) 10%
of the net cash proceeds resulting from any sale or assignment of
the PRV to a third party, or in the event the PRV is not sold or
assigned, 10% of the fair market value of the PRV as deemed by an
appraiser; (b) 75,000 shares of Karyopharm; and (c) royalty
payments from the sale of the Debtor's IL-12 and related products
totaling up to $65 Million.

It is difficult, if not impossible, to estimate the likelihood,
amount and the timing of the receipt of the contingent
consideration, but the Debtor's best estimate of the timing of the
receipt of such contingent consideration, if it is received at all,
is over a 10 to 15 year horizon. The Plan provides a mechanism for
the receipt and distribution of all proceeds received and to be
received from the Sale of the Debtor's Assets to Karyopharm under
the APA according to the priorities set forth in the Bankruptcy
Code.

The Debtor will remain in existence as the Reorganized Debtor and
administer the consideration received for Allowed Claim and Equity
Interest Holders. The use of a liquidating trust to accomplish the
distribution was carefully considered, but ultimately rejected due
to severe adverse tax implications for Creditors and Equity
Interest Holders.

Under the Plan, Claims and Equity Interests are treated according
to the priority rules set forth in the Bankruptcy Code. Under the
Bankruptcy Code, Administrative Claims and Priority Tax Claims are
not classified under the Plan. Allowed Administrative Claims are
intended to be paid in full on or, as soon as reasonably
practicable after, the Effective Date of the Plan (or thereafter
when they become allowed) or, for ordinary course Administrative
Claims, when such Claims become due.

Subject to the resolution of the Debtor's dispute with respect to
the Proof of Claim filed by Libo Pharm in the amount of $6,600,000
to $237,500,000, in the event all contingent consideration is
ultimately received by the Reorganized Debtor, which is of course
unknown at this time, it is anticipated that Allowed General
Unsecured Claims will be paid in full and Equity Interests will
receive a substantial distribution.

Distributions to Allowed General Unsecured Claim Holders and Equity
Interests cannot be made until the Debtor's objection to the Proof
of Claim of Libo Pharma is resolved. Libo filed a claim in the
amount of between $2,200,000 and $237,500,000. The Debtor objects
to this claim and will file a formal objection to the claim if a
consensual resolution cannot be reached by the parties. Given that
all General Unsecured Creditors must receive the same percentage
distribution in respect of their claims and the massive
235-million-dollar range asserted in the Libo Proof of Claim, the
Debtor is unable to determine the amount of any distribution to
General Unsecured Creditors until the disputed claim is resolved.

As set forth in the Plan, the Plan proposes full payment โ€“ one
hundred cents on the dollar (100/100) of Administrative Claims,
Priority Tax Claims, Non-Tax Priority Claims and Secured Claims.
The Plan proposes to pay General Unsecured Claims pro rata
Distributions in an amount up to 100% of each Allowed General
Unsecured Claim.

The Plan proposes any Person holding an Equity Interest in the
Debtor shall be unaffected by the Plan other than as set forth in
the Plan; provided, that, notwithstanding Confirmation or the
occurrence of the Effective Date, any such agreement that governs
the rights of any Person holding an Equity Interest shall continue
in effect solely for purposes of allowing Holders of an Allowed
Interest to receive monetary distributions on a pro rata basis
under the Plan as a Holder under this Class until all Assets of the
Reorganized Debtor have been distributed.

Class 5 consists of the claims of General Unsecured Claim Holders.
Each Holder shall be entitled to receive pro rata distributions
from the Reorganized Debtor in accordance with the terms and
provisions of the Plan, an amount up to 100% of such Holder's
Allowed Class 5 Claim, plus interest from the Petition Date at the
Interest Rate; provided however that no payment shall be made to
Allowed Class 5 Holders unless and until all Allowed Administrative
Claims, Priority Claims, Secured Claims and estimated Post
Confirmation Professional fees and expenses have been paid in full
or funds sufficient to satisfy all such claims and amount have been
placed in a segregated reserve and any other reserves deemed
reasonable or necessary to the Reorganized Debtor have been funded.


Class 7 consists of the holders of Equity Interests in the Debtor.
Other than as set forth in the Plan, the rights, benefits,
privileges and responsibilities of any Person holding an Equity
Interest in the Debtor shall be unaffected by the Plan.

All Cash necessary for the Reorganized Debtor to make payments of
Cash pursuant to the Plan shall be obtained from the following
sources: (a) the Debtor's Cash on hand, which shall be deemed
vested in the Reorganized Debtor upon the entry of a Final Order
of, (b) Cash received in liquidation of the Assets of the Debtor,
including payments due under or consideration to be received under
the APA, and (c) proceeds of the Causes of Action.

A full-text copy of the Disclosure Statement dated October 12,
2021, is available at https://bit.ly/3AAFiMs from PacerMonitor.com
at no charge.

General Bankruptcy Counsel for the Debtor:

     Daniel J. Weintraub, Esq.
     James R. Selth, Esq.
     Crystle J. Lindsey, Esq.
     WEINTRAUB & SELTH, APC
     11766 Wilshire Boulevard, Suite 1170
     Los Angeles, CA 90025
     Telephone: (310) 207-1494
     Facsimile: (310) 442-0660
     E-mail: crystle@wsrlaw.net

                     About Neumedicines Inc.

Neumedicines, Inc. -- https://www.neumedicines.com/ -- is a
clinical-stage biopharmaceutical company in Arcadia, Calif., which
is engaged in the research and development of HemaMax, recombinant
human interleukin 12 (rHuIL-12), for the treatment of cancer in
combination with standard of care (SOC, radiotherapy, chemotherapy,
or immunotherapy) and Hematopoietic Syndrome of Acute Radiation
Syndrome (HSARS) as a monotherapy.

Neumedicines filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-16475) on July 17, 2020.  In the petition signed by Timothy
Gallaher, president, the Debtor disclosed total assets of up to
$500,000 and total liabilities of up $10 million.  

Judge Ernest M. Robles presides over the case.

The Debtor tapped Weintraub & Seth, APC, as bankruptcy counsel,
Sheppard, Mullin, Richter & Hampton, LLP as special counsel, and
Menchaca & Company, LLP as financial advisor.


NEW HOLLAND: Unsecureds to Get 100% from Property Sale/Refinance
----------------------------------------------------------------
New Holland, LLC, filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Chapter 11 Plan of Reorganization dated October 12, 2021.

This is a reorganizing plan that provides for payment to holders of
allowed claims over time.  The timing of plan payments to
particular creditor groups will depend upon their classification
under the Plan.

Debtor, jointly with 8th Street MB LLC, holds an interest in real
property located at 13511 Muiholland Drive, Beverly Hills, CA 90210
with a present fair market value of $8,700,000 ("Muiholland
Property") and 7 vacant lots with an estimated fair market value of
$26,000,000 ("Vacant Lots").

Debtor does not have any priority unsecured claims, and the general
unsecured claim have an aggregate total claim balance of $6,797.38.
The loans in favor of Grimm Investments have already matured. The
event precipitating the filing of the present bankruptcy case was
the pending foreclosure sale initiated by Grimm Investments. Debtor
has no other assets besides the Mulholland Property and the Vacant
Lots.

Debtor filed this case in order to save the Mulholland Property and
Vacant Lots from foreclosure sale initiated by Grimm Investments,
LLC with a plan to either refinance or sell the Mulholland Property
and/or Vacant Lots to satisfy all obligation of Debtor's estate,
both secured and unsecured, in full.

On October 11, 2021, Debtor received a Letter of Intent to
refinance from Venture Capital Partners LLC ("VCP"). VCP has been
reviewing a number of projects, including the development of a
multi-lot property on Mulholland Drive, which property (the
Mulholland Property and the seven lots) is owned by the Debtor
jointly with 8th Street MB LLC.

Debtor is considering VCP's proposal, and once an agreement is
reached, Debtor will file the necessary motion with this Court to
obtain the permission to refinance. Debtor anticipates receiving
the funds in or about March 2022 to support the Debtor's
reorganization plan by satisfying all obligations in full. Once the
agreement with VCP is finalized, Debtor will be demolishing and
re-building the Mulholland Property and developing up to 20 new
residencies on the Vacant Lots.

Classes of Secured Claims (Class 1):

     * CLASS 1(A) consists of Los Angeles County Treasurer and Tax
Collector ("LACT") with a $1,207,454.96 claim secured by the
Mulholland Property and Vacant Lots. The claim of LACT will be paid
in full through the plan at the applicable 18% interest rate
through either the refinancing or the sale of the Mulholland
Property and/or Vacant Lots.

     * CLASS 1(B) consists of Grimm Investments, LLC with a claim
secured by a first position deed of trust in the amount of
$6,364,166.66 ("Grimm Loan #2") as of the Petition date. Debtor
intends to pay off Grimm Loan #1 through the refinancing or sale of
the Mulholland Property and/or Vacant Lots.

     * CLASS 1(C) consists of Grimm Investments, LLC ("Grimm Loan
#2") with a claim secured by a second position deed of trust with
an estimated claim amount of $2,000,000.00 as of the Petition date.
Grimm Loan #2 is cross-collateralized by another real property
owned by Rosemont, which is an entity owned and controlled by
Debtor's principal, Patrick R. Kealy. Debtor intends to pay off
Grimm Loan #2 through the refinancing or sale of the Muiholland
Property and/or Vacant Lots.

Class 2 consists of General Unsecured Claims. Holders of General
Unsecured Claims will receive 100% of their claims upon the Debtor
obtaining the funds through either the refinancing or sale of the
Mulholland Property and/or Vacant Lots.

Class 3 consists of Interest Holders. Debtor's interest holder is
Patrick R. Kealy who is the Debtor's Managing Member and 100%
shareholder. Mr. Kealy is not a creditor of the Debtor and will
retain his equity interest in the Debtor.

The Debtor will fund the Plan from the refinancing or sale of some
or all of its properties which includes the seven vacant lots and
the Mulholland Property.

The Debtor's Disclosure Statement and the Plan provide a 100%
distribution to general unsecured creditor class, which is what
these creditors would have received under a Chapter 7 liquidation
analysis.

A full-text copy of the Disclosure Statement dated October 12,
2021, is available at https://bit.ly/3mMed44 from PacerMonitor.com
at no charge.

Attorney for Debtor:

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

                        About New Holland

New Holland, LLC, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
21-16454) on Aug. 13, 2021, disclosing up to $50 million in assets
and up to $10 million in liabilities.  New Holland President
Patrick R. Kealy signed the petition.  Judge Barry Russell oversees
the case.  The Law Offices of Michael Jay Berger serves as the
Debtor's legal counsel.


NIDA ALSHAIKH: Seeks to Tap Calderone Advisory as Financial Advisor
-------------------------------------------------------------------
Nida Alshaikh DDS, PC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to employ Calderone Advisory
Group as its financial advisor.

The firm will render these services:

     (a) prepare all required monthly operating reports;

     (b) prepare plan projections, liquidation analysis, and
budgets for the Debtor; and

     (c) prepare all other necessary reports required during the
course of the Debtor's Chapter 11 case.

The hourly rates of the firm's professionals are as follows:

     Managing Director    $500 per hour
     Executive Director   $450 per hour
     Senior Director      $375 per hour
     Director             $250 per hour
     Paraprofessional     $100 per hour

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

Tammy Berry, a member of Calderone Advisory Group, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Tammy L. Berry
     Calderone Advisory Group, LLC
     550 W. Merrill St., Suite 100
     Birmingham, MI 48009
     Telephone: (248) 430-8060
     Facsimile: (248) 430-8056
     Email: tberry@calderoneag.com

                      About Nida Alshaikh DDS

Nida Alshaikh DDS, PC, owner of a dental clinic in Westland, Mich.,
filed a petition for Chapter 11 protection (Bankr. E.D. Mich. Case
No. 21-47459) on Sept. 17, 2021, listing up to $50,000 in assets
and up to $10 million in liabilities.  Nida Alshaikh, owner, signed
the petition.  The Debtor tapped Schafer and Weiner, PLLC as legal
counsel and Calderone Advisory Group, LLC as financial advisor.


NORTHLAND POWER: Fitch Assigns BB+ Rating on Preferred Shares
-------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BBB' to Northland Power Inc., and a 'BB+' rating
to the preferred shares issued by the company. The Rating Outlook
is Stable.

Northland's ratings and Outlook are supported by stable cash flows
generated from a growing and increasingly geographically diverse
asset portfolio of long-term contracted offshore and onshore wind,
solar, thermal and utility assets. The company has a leadership
position in the expanding offshore wind market and has a good track
record of developing projects on-time and within budget. The
underlying assets are financed under non-recourse project financing
structures and have strong debt service coverage ratios (DSCR),
averaging 1.7x over the last four years.

Concerns include a reliance on external funding for the development
projects including asset sell-downs and equity funding, which may
be volatile, as well as the risks associated with the development
and construction of multiple large growth projects. Historically,
Northland has raised approximately $2.2 billion in equity since May
2019, indicative of successful market access. Additionally, with an
increasing portion of cash flows derived from renewable energy,
resource risk associated with offshore wind is also a key
consideration.

The rating assignment assumes stable operational performance,
predictable resource availability and Fitch's expectation that
future growth and acquisitions will be executed in a credit
supportive manner. Fitch calculates Northland's credit metrics on a
deconsolidated basis as its operating assets are financed with
non-recourse project debt. Northland leverage, defined as
HoldCo-level debt to HoldCo-level FFO, is forecasted to be in the
1.0x-2.0x range over the next three years, strong for the rating.

KEY RATING DRIVERS

Low HoldCo Leverage: Northland has strong credit metrics at the
HoldCo-level with leverage expected to be around 1.0x in 2021.
Fitch forecasts leverage to increase over the forecast period as
the company pursues a number of attractive large growth
opportunities. However, Fitch expects leverage to remain below
2.0x. These metrics are strong for the rating and provide financial
flexibility as the company continues to grow and diversify its
operations globally.

Highly Contracted Cashflows with Strong Counterparties: Northland
derives about 95% of its cash flows from underlying power
generation projects which are fully contracted with highly
creditworthy counterparties resulting in strong cash flow
visibility. The weighted average remaining length of contract is
about 10 years with an estimated average counterparty rating in the
'AA' category. The contracts are set-up to match the term of the
debt and structured to fully pay off the debt at most projects. The
contract terms are structured as Power Purchase Agreements, Feed-In
Tariffs, or Contracts for Differences, providing steady and ratable
earnings and cash flow.

Smaller-Scale Diversified Asset Portfolio: Northland owns and
operates 3.2 GW of long-term contracted generation capacity
(Northland's share is 2.8 GW) located largely in Canada (49%) and
Europe (51%). The generation capacity is spread across 14 major
assets and several clusters of solar and onshore wind facilities.
In addition, the company owns an electric utility in Colombia and
is in advanced stages of development in two other countries (Poland
and Taiwan).

The size of Northland's generation portfolio, as measured by GW of
capacity, is smaller than other rated peers in the 'BBB' category.
Additionally, Northland is exposed to some concentration risk as
the company's top 5 projects accounted for just over two thirds of
distributions to HoldCo in 2020. Fitch expects this cash flow
concentration to moderate over the forecast period as new growth
projects come online.

Variability of Results Still Possible: Two of the offshore wind
contracts have features that can result in revenue-stoppage if
market prices remain negative for longer than six consecutive
hours. However, these negative market price events, while possible
during periods of extremely low demand, have been and are expected
to be very infrequent. Additionally, volatility of results may
result from operational issues and/or wind resource variability,
both of which are seen impacting 2021 full-year results.

FFO is expected to further decline in 2022 due to the conclusion of
a thermal generation contract in Canada. HoldCo level distributions
are somewhat stabilized against foreign-exchange risk by
Northland's foreign currency hedges which account for approximately
75% of its expected distributions.

Development Risk and M&A: Northland participates in the
increasingly competitive renewable energy markets where margins
continue to decline as the industry becomes crowded with more
players and draws more conventional sources of funding. The company
has moved further upstream in the project development value chain
which increases development and execution risk, but with greater
opportunities. With large assets under development in Poland,
Taiwan and smaller ones in the U.S., Fitch anticipates the company
will require around $2.3 billion of investments over the next three
years, excluding any M&A.

The company plans to utilize a mix of common shares, asset
sell-down contributions and, to a lesser extent, debt to fund these
investments. Over the near term, Fitch expects Northland's a payout
ratio will be high for the rating as the company pursues large
growth projects. Once the current development projects have been
funded, management expects the payout ratio will return to
historical levels. The company offsets some of the development
related risk through its partnership agreements with local
participants, managing construction material costs through
contractual provisions, and using project financing structures that
isolate risks associated with each project.

Northland also targets growth via acquisitions, particularly when
it enters new markets. The recent $1.6 billion acquisition of the
530 MW Spanish onshore renewable portfolio will further diversify
the portfolio while adding approximately $135 million in annual
EBITDA. Previously, Northland acquired EBSA, a regulated utility
located in Colombia from Brookfield in 2019 for $1.05 billion. EBSA
is one of the ten largest electricity distributors in Colombia and
provides power to 0.5 million customers. Fitch expects Northland to
continue to strategically pursue acquisitions as it seeks to expand
into new markets.

Investment Grade Project Financings: Northland structures
substantially all of its non-recourse project debt to meet the
investment grade standard. All of Northland's major projects have a
restricted payment test based on a minimum DSCR. The top 13
projects have shown strong financial performance with an average
DSCR of roughly 1.7x over the past four years. The relatively
conservative project level financing (including interest-rate
hedges) is a mitigating factor for parent-level leverage.

Non-recourse borrowings are structured to be fully paid off during
the contracted period, reducing the refinancing risk. The offtakers
are comprised of government related entities and utilities with a
weighted average rating in the 'AA'-category, Fitch estimates that
the underlying projects would likely have investment grade ratings,
if rated.

DERIVATION SUMMARY

Fitch views Northland's rating as strongly positioned compared to
that of peers Innergex Renewable Energy Inc. (BBB-/Stable) and
NextEra Energy Partners (NEP; BB+/Stable), but weaker than
Brookfield Renewable Energy Partners (BEP; BBB+/Stable).

Northland's credit metrics, at 1.0x to 2.0x for HoldCo-only FFO
Leverage over the next three years, are the strongest in the peer
group. Both BEP and NEP's HoldCo-only FFO Leverage is estimated to
be in the mid to high 3x range through at least 2022, while
Innergex's HoldCo-only FFO Leverage is forecasted to range from
3.0x to 3.6x through 2024.

BEP, NEP and Innergex each own 21 GW, 5.3 GW and 3.5 GW, of
generation capacity respectively, and are appreciably larger than
Northland which owns about 2.8 GW and manages about 3.2 GW of
generation. Each entity derives its cash flows from underlying
projects that are contracted. Northland's underlying assets have a
weighted average contract life of about 10 years, which is lower
than its peers. BEP, NEP and Innergex have average contracted lives
of 14, 15, and 15 years, respectively.

However, Northland has virtually no refinancing risk as the project
level debt is scheduled to fully pay down during the term of the
contracts. Counterparty quality for Northland's assets is stronger
than its peers with an estimated average rating in the 'AA'
category. Fitch estimates Innergex and NEP have an average
counterparty profile of approximately 'AA-' and 'BBB',
respectively.

KEY ASSUMPTIONS

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

-- Fitch has used a P50 generation case to determine its rating
    case production assumption and P90 generation assumptions to
    determine its stress case production assumption.

-- Additional equity raises are used to fund the development of
    offshore wind facilities Baltic Power in Poland and Hai Long
    in Taiwan. No major acquisitions are assumed over the forecast
    period. If required, acquisitions will be funded in a credit
    friendly manner, largely by additional equity issuance.

-- Fitch assumes a hybrid issuance in 2022 will receive 50%
    equity credit.

-- None of the non-recourse project financing at the asset level
    is treated as on-credit.

-- Minimal incremental revolver borrowing was assumed in order to
    finance additional projects.

-- Fitch base case assumes no cash flow contributions from
    Iroquois Falls following contract expiry.

RATING SENSITIVITIES

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

-- A positive rating action is not anticipated in the near-term,
    given the company's size and scale. However, Fitch may take
    positive rating action if size and scale were to increase
    significantly, while FFO leverage at the Holding Co., defined
    as HoldCo-only debt to HoldCo FFO, was maintained below 2.5x,
    distribution payout is expected to be below 80% and over 90%
    of cash flow continues to come from fully contracted projects.

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

-- FFO Leverage at the Holding Co., defined previously, above
    3.5x on a sustained basis;

-- A decline in the percentage of contracted cash flows below
    75%, leading to greater cashflow volatility;

-- Additional risks arising from delays on project timelines
    and/or excess development costs;

-- A material increase in the concentration of earnings and cash
    flows from emerging market economies;

-- Lack of access to equity markets to fund growth that may lead
    Northland to deviate from the forecast capital structure.

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 is Adequate. As of June 30, 2021, approximately 95% of
Northland's consolidated debt was non-recourse project debt.
Northland's corporate level debt consists primarily its $260.9
million preferred share issuance (to which Fitch ascribes 50%
equity credit). Currently there are no borrowing on its revolving
credit facility. As at June 30, 2021, Northland has access to
nearly $1.5 billion in liquidity, comprising $838.0 million of
available under a syndicated revolving facility and $607.0 million
of corporate cash on hand.

The syndicated revolving facility matures in 2025. As of June 30,
2021, the company also has a $150.0 million bilateral credit
facility with $6.0 million available and a $100.0 million ECA
backed letter of credit facility with $5.9 million available, each
net of letters of credit issuance. On August 11, 2021, $522.0
million of cash was used to fund purchase price consideration for
the Spanish Portfolio.

The syndicated revolving facility has two financial covenants: (i)
Leverage based on Net NPI Debt to Adjusted EBITDA with a maximum of
4.50x, and (ii) Interest Coverage with a minimum of 3.0x. As of
June 30, 2021, the company was in compliance with its covenants,
and Fitch expects it to remain compliant over the near term.

ISSUER PROFILE

Northland Power, Inc. is an independent power producer based in
Ontario, Canada. It is a developer, builder, owner, and operator of
thermal and sustainable generation assets, particularly offshore
wind, where it is a leading global owner as measured by existing
production capacity. Northland owns or has an economic interest in
3.2 GW (net 2.8 GW) of operating generating capacity and also
supplies energy through a regulated utility in Colombia.

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.


NUTRIBAND INC: Signs Manufacturing Agreement With Diomics
---------------------------------------------------------
Nutriband, Inc., through its wholly-owned subsidiary Active
Intelligence, LLC, signed an exclusive manufacturing agreement with
San Diego-based Diomics for its Diocheck technology, a simple way
for individuals to monitor for the presence of antibodies to
SARS-CoV-2 (COVID-19) over an extended period of time.  

The goal of the Diocheck patch is to monitor the critical gap
between when a person receives a COVID-19 vaccine and when a
protective level of antibodies is circulating in the body, which
current reports suggest could take several weeks.  It could also
signal when the antibodies stimulated by a vaccine have declined
and the person needs a booster.  

"This exclusive contract with Diomics to manufacture Diocheck
allows Nutriband and our contract manufacturing subsidiary, Pocono
Pharma, to showcase our capabilities with innovative new patch
technologies," said Gareth Sheridan, CEO of Nutriband.

                          About Nutriband

Nutriband Inc.'s primary business is the development of a portfolio
of transdermal pharmaceutical products.  The Company's lead product
is its abuse deterrent fentanyl transdermal system which the
Company is developing to provide clinicians and patients with an
extended-release transdermal fentanyl product for use in managing
chronic pain requiring around the clock opioid therapy combined
with properties designed to help combat the opioid crisis by
deterring the abuse and misuse of fentanyl patches.  The Company's
corporate headquarters are located at 121 S. Orange Ave. Suite
1500, Orlando, Florida 32765, telephone (407) 377-6695. Its website
is www.nutriband.com.

Nutriband reported a net loss of $2.93 million for the year ended
Jan. 31, 2021, compared to a net loss of $2.72 million for the year
ended Jan. 31, 2020.  As of July 31, 2021, the Company had $10.16
million in total assets, $2.85 million in total liabilities, and
$7.32 million in total stockholders' equity.


OLD JACK: Claims Will be Paid from Property Sale Proceeds
---------------------------------------------------------
Old Jack Investments Inc. filed with the U.S. Bankruptcy Court for
the Eastern District of Louisiana a First Disclosure Statement
describing Plan of Reorganization dated October 12, 2021.

Old Jack Investments LLC was originally known as Beverly Wholesale
Meat & Refrigeration Plant, Inc., which was formed in the State of
Kansas on December 26, 1947 by Mr. Jack Beverly (the father of Mrs.
Addison). Old Jack sold its' investments in Kansas, and relocated
to Louisiana where in 2014 it used the Kansas sale proceeds to
purchase an 8-unit apartment building located at 203 North Duncan
in Amite, Louisiana (the "Apartment Building"). The Apartment
Building is the only asset owned by the Debtor, making this a
Single Asset Real estate case.

The Debtor neglected to pay its real property taxes to Tangipahoa
Parish on the Apartment Building and, as a result, Hawkeye Lien
Services aka US Assets, LLC purchased the outstanding tax liens due
by the Debtor for tax years 2014-2020. Once the taxes became
nonredeemable by the Debtor, Hawkeye also obtained a tax
certificate and in rem judgment, making Hawkeye a 1.00% owner in
Old Jack. Hawkeye attempted to Partition and sell the Apartment
Building to liquidate its 1.00% interest in state court, whereupon
Old Jack filed bankruptcy in order to stop the sale.

The Addison Group shall become the Reorganized Debtor and shall pay
all outstanding creditors and a distribution to Hawkeye for its
1.00% ownership interest in the Apartment Building. The Reorganized
Debtor shall use sale proceeds held by a related entity, Maybelle
Beverly Family Trust, to fund the full payment of the Old Jack plan
obligations. Ryan Richmond, the Subchapter V Trustee in the
Maybelle Beverly bankruptcy proceeding, will act as the
Disbursement Agent.

The Addison Group will then donate $50,000.00 of the Maybelle
Beverly Net Sale proceeds to the Reorganized Debtors which is more
than sufficient funds to pay all of Debtor's claims and interest in
full. These funds will be withheld by Mr. Richmond from the
Maybelle Beverly net payout, and subsequently disbursed by Mr.
Richmond to the Old Jack creditors.

Class 1A consists of the Allowed Claim of Professional, Robin R. De
Leo and The De Leo Law Firm, LLC. Prior to the filing of the
Bankruptcy Petition, the Debtor has a remaining pre-petition
retainer balance at the De Leo Law Firm of $8,775.00. The Debtor
has a current outstanding, unapproved balance due to the De Leo Law
Firm for the period of June 15, 2021 through October 12, 2021 of
approximately $7,000.00. The De Leo Law Firm estimates that an
additional $6,000.00 in attorneys' fees will be incurred in
representing the Debtor/Reorganized Debtor through Confirmation.

Class 1B consists of the Claim of the U.S. Trustee Fees. The
allowed Administrative Claim of the U.S. Trustee will be paid in
accordance with 28 U.S.C. Section 1930(a)(6) and are estimated to
be in the amount of $325.00 for each quarter subsequent to
Confirmation. Any outstanding U.S. Trustee Fees shall be paid in
full immediately upon the Effective Date. Post-Confirmation
disbursements to the US Trustee shall be made by Disbursement Agent
Ryan Richmond until a Final Decree is entered. Until Confirmation,
the Quarterly Fees of the U.S. Trustee shall continue to be paid by
the Debtor as necessary and required on a quarterly basis.

Class 2A consists of the Claim of the Internal Revenue Service. The
IRS filed Proof of Claim Number 1 setting forth priority tax claims
estimated for 2018, 2019 and 2020 to be $4,356.68. Since the filing
of the IRS proof of claim, actual corporate income taxes have been
filed by the Debtor representing outstanding priority taxes for
2018, 2019 and 2020 of $1,264.00, plus applicable interest. The IRS
Claim is overstated and Debtor intends to object to the IRS proof
of claim to reduce the amount to be paid as a priority tax to
$1,264 plus pre-petition interest.

Class 2(B) consists of the Claim of Louisiana Department of Revenue
(LDR). The LDR filed Proof of Claim Number 3 based upon estimated
corporate taxes due for 2020 by the Debtor of $5,015.14. The Debtor
shall file his actual 2020 Louisiana corporate income tax return by
the date of the Confirmation Hearing. If Debtor fails to file such
return, the Debtor shall not object to the LDR priority claim and
Mr. Richmond will pay the full estimated amount due of $5,015.14 10
days following the Effective Date.

Class 3 consists of the Secured Claim of Hawkeye. The Hawkeye filed
a secured claim in its Proof of Claim Number 2 in the amount of
$25,419.35. This amount will be paid in full by the Disbursement
Agent 10 days following the Effective Date.

Class 4 consists of the General Unsecured Claims. Although the
Debtor originally listed four creditors evidencing non-disputed,
liquidated unsecured creditors totaling $2,800.00, these claims may
have already been paid by the Debtor in its ordinary course of
business. The remaining unsecured claims shall be paid by the
Disbursement Agent after acknowledgement from Mr. Addison as to
whether the claims are still outstanding or have been satisfied. If
Mr. Addison fails to provide such information to the Disbursement
Agent within 10 days following the Effective Date, the claimants as
originally scheduled shall be paid in full by Mr. Richmond.

Class 5 consists of the Equity Interest of Debtor, which shall not
be allowed to vote on the Plan. This Class includes the 99%
ownership interest in the Debtor held by Mrs. Addison and her
brother (the "Addison Group") and the 1.00% ownership interest held
by Hawkeye. As new value for acquiring the ownership interest in
the Reorganized Debtor, the Addison Group shall pay all of the
Debtor's outstanding claims due under this Plan in full and shall
pay Hawkeye its 1.00% ownership interest in the Debtor.

The Addison Group will be donating the amount necessary to make all
payments from funds derived from the sale of a piece of property in
the related bankruptcy proceeding of Maybelle Beverly Family Trust,
pending in the Bankruptcy Court of the Eastern District of
Louisiana under Case No. 21-10391.

In the Maybelle Beverly case, a mobile home park was sold and,
although the proceeds will be used to satisfy the Maybelle Beverly
Plan creditors in full, the beneficiaries of the Maybelle Beverly
Trust will receive net sale proceeds of approximately $83,245.15.
The beneficiaries of the Maybelle Beverly trust are the same
individuals who comprise the Addison Group.

The Maybelle Beverly net sale proceeds are currently in the
possession of Subchapter V Trustee Ryan Richmond, where such funds
will remain until Confirmation of the Maybelle Beverly Plan, which
hearing is set for November 23, 2021. Rather than release all Net
Sale Proceeds to the Addison Group as the Maybelle Beverly
beneficiaries, Mr. Richmond shall retain $50,000.00 an amount more
than sufficient to satisfy all the obligations due estimated to be
$48,828.49 (the "Plan Obligations"). All Plan payments will be paid
by Mr. Richmond as the Disbursement Agent.

A full-text copy of the First Disclosure Statement dated Oct. 12,
2021, is available at https://bit.ly/3FLPLbL from PacerMonitor.com
at no charge.

Counsel for Debtor:

     Robin De Leo, Esq.
     THE DE LEO LAW FIRM, LLC
     800 Ramon Street
     Mandeville, LA 70448
     Tel: (985) 727-1664
     Fax: (985) 727-4388
     Email: elaine@northshoreattorney.com

                   About Old Jack Investments

Old Jack Investments, Inc., filed a Chapter 11 petition (Bankr.
E.D. La. Case No. 21-10141) on Feb. 2, 2021, listing under $1
million in both assets and liabilities.  Judge Meredith S. Grabill
oversees the case.  The De Leo Law Firm, LLC serves as the Debtor's
legal counsel.


OMNIQ CORP: Partners With 911inform to Expand Sales Channels
------------------------------------------------------------
omniQ Corp. and 911inform LLC have entered into a partnership to
deliver technology solutions for AI-based object recognition and
location discovery.  911inform is an emergency management platform
that provides first responders and on-site personnel with real-time
situational awareness and pinpoint location data during an
emergency.  911inform's single pane of glass solution provides
detailed maps, live video feeds and bi-directional communications
to authorities during an emergency, as well as, remote control of
doors, cameras, phones, HVAC, fire and alarm systems, paging,
strobes and other IoT premised-based technologies.

The joint partnership between omniQ and 911inform will expand and
enhance the product line for both companies and provide a more
secure and responsive solution to public safety and their
respective customers.

911Inform will be adding omniQ's Vehicle Identification &
Recognition (VRS) and Artificial Intelligence technologies into
their solution suite to provide customers and public safety with
enhanced actionable intelligence during an emergency.  Going
forward, omniQ will be developing additional object recognition
technologies (ORT) that will be available through the 911inform
platform as a service that can be run on its customers' existing
infrastructure.

"We are pleased to partner with a leading security technology
provider, and gain access to a large distribution channel," stated
Shai Lustgarten, CEO of omniQ.  We will also benefit from this
partnership by having a single source security management solution
to present to our resellers, integrators and end users."

Ivo Allen, founder & CEO of 911inform, commented, "The integration
of omniQ's LPR, ORT and Artificial Intelligence into our solution
will provide our customers with additional information and
real-time actionable data.  It is this type of cutting-edge
technology that enables our customers and public safety to see and
respond to a situation before it becomes an emergency."

                         About omniQ Corp.

Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic & parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq Corp. reported a net loss attributable to common stockholders
of $11.31 million for the year ended Dec. 31, 2020, compared to a
net loss attributable to common stockholders of $5.31 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$35.86 million in total assets, $44.50 million in total
liabilities, and a total stockholders' deficit of $8.64 million.

Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ORYX MIDSTREAM: Fitch Affirms and Withdraws Ratings
---------------------------------------------------
Fitch Ratings has affirmed and withdrawn Oryx Midstream Holdings
LLC's (Oryx) Long-Term Issuer Default Rating (IDR) at 'B'/Outlook
Positive, and withdrawn the rating for the senior secured term
loan. Fitch has withdrawn the ratings following the company's
merger with Plains All American LP (PAA; BBB-/Stable), and the
subsequent prepayment of all third-party debt which was previously
issued and outstanding at Oryx. The source of funds to prepay the
Oryx term loan (maturing 2026) was proceeds from a new term loan
issued by Oryx Midstream Services Permian Basin LLC (HoldCo; BB-/
Stable).

In July 2021, Oryx and PAA agreed to merge their respective Permian
assets into a newly formed joint venture, Plains Oryx Permian Basin
LLC (OpCo). On Oct. 5, 2021, Oryx completed the prepayment and
termination of its term loan and revolver at the close of the
merger transaction. Holdco has a 35% equity ownership in OpCo.

Fitch has withdrawn the ratings as the issuer has paid off all debt
including the term loan maturing 2026. Prior to repayment and
termination of term loan, the rating for the senior secured term
loan was 'B+'/'RR3'.

KEY RATING DRIVERS

Not applicable as the ratings have been withdrawn.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given rating
withdrawal.

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

All debt has been prepaid and terminated.

ESG CONSIDERATIONS:

Oryx has an ESG Relevance Score of '4' for Group Structure and
Financial Transparency as private-equity backed midstream entities
typically have less structural and financial disclosure
transparency than public traded issuers. This has a negative impact
on the credit profile, and is relevant 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.


P8H INC: Trustee to Seek Plan Confirmation Nov. 10
--------------------------------------------------
Judge David S. Jones has entered an order preliminarily approving
the amended Disclosure Statement of Megan E. Noh, the Chapter 11
trustee of P8H, Inc., d/b/a Paddle 8.

The judge approved these dates in connection with the solicitation
of votes, and confirmation of, the Trustee's Plan:

  * The voting deadline is Monday, Oct. 25, 2021, at 5:00 p.m.
(Eastern Time).

  * The deadline to file a brief in support of confirmation
Thursday, Oct. 28, 2021.

  * The deadline to file objections to confirmation will be on
Tuesday, Nov. 2, 2021, at 5:00 p.m. (Eastern Time).

  * The deadline to file ballot summary and vote certification will
be on Tuesday, Nov. 2, 2021.

  * The deadline to file replies to confirmation objections,
supplemental confirmation will be on Friday, Nov. 5, 2021.

  * The combined hearing date for final approval of the Disclosure
Statement and confirmation of the Plan will be on Wednesday, Nov.
10, 2021, at 10:00 a.m. (Eastern Time) (to be conducted via Zoom).

The Trustee shall cause the Solicitation Packages to be distributed
to all holders of claims in Classes 1, 2, 3, 4, 5 and 6 entitled to
vote on the Plan, and to all persons or entities not solicited for
votes but who are entitled to notice of the Plan, on or before the
Solicitation Deadline. In addition, the Trustee shall distribute a
complete Solicitation Package (excluding the Ballot) to the Office
of the U.S. Trustee and to the Debtor.

                  About P8H, Inc. d/b/a Paddle8

Paddle8 was founded in 2011 by Alexander Gilkes, Aditya Julka, and
Osman Khan.  It is one of the first online auction house that
specialized in the art world's "middle market."  It announced a
high-profile merger with the Berlin-based online auction house
Auctionata in 2016, but the partnership was dissolved in 2017 when
Auctionata filed for insolvency.

P8H, Inc., doing business as Paddle 8, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20
10809) on March 16, 2020.  At the time of filing, the Debtor was
estimated to have assets of less than $50,000 and liabilities of
between $50,001 and $100,000.

Judge Stuart M. Bernstein oversees the case.

The Debtor is represented by Kirby Aisner & Curley, LLP.

Megan E. Noh is the Debtor's Chapter 11 trustee.  The Trustee is
represented by Pryor Cashman, LLP.

FBNK Finance S.a.r.l., as lender, is represented by Jonathan I.
Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC.


PANOP CAB: Plan Approval Deadline Extended to Oct. 27 for Now
-------------------------------------------------------------
Judge Jil Mazer-Marino has entered a bridge order further extending
Panop Cab, Corp.'s time to confirm a small business plan of
reorganization.

The Debtor filed a Plan and a Disclosure Statement on Dec. 30,
2020.  In August 2021, it filed a motion to extend its time to
confirm a plan through and including March 14, 2022.

Upon the record of the Oct. 6, 2021 hearing, the Court determined
to adjourn the hearing on the Extension Motion to Oct. 27, 2021 and
to extend the deadline to confirm the Plan from Oct. 6, 2021 to
Oct. 27, 2021.

The Bridge Order is without prejudice to the rights of the Debtor
to seek a further extension(s) of time to confirm a plan and to
obtain approval of a disclosure statement.

                       About Panop Cab, et al.

Panop Cab, Corp., et al., are taxi mini fleet corporations located
at 1620 Caton Avenue, Brooklyn, New York 11226.

Panop Cab, Corp., based in Brooklyn, NY, and its debtor-affiliates
sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No.
19-47710) on Dec. 26, 2019.

In their petitions, the Debtors estimated these assets and
liabilities:

                      Total Assets         Total Liabilities
                      ------------         -----------------
   Panop Cab, Corp.      $310,200             $1,135,000
   Matreiya Trans Corp.  $157,164               $330,000
   222 East Corp.        $314,700             $1,135,000
   Rainee Trans, Corp.   $312,752             $1,135,000
   MLS Managment Corp    $311,692             $1,135,000

The petitions were signed by Michael L. Simon, president.

The LAW OFFICES OF ALLA KACHAN, P.C. serves as bankruptcy counsel.


PATHWAY VET: $250MM Term Loan Add-on No Impact on Moody's B3 CFR
----------------------------------------------------------------
Moody's Investors Service said that Pathway Vet Alliance LLC's $250
million add-on to its first lien term loan has no impact on the
company's ratings, including the B3 Corporate Family Rating and
B3-PD Probability of Default Rating, and the B2 ratings on its
senior secured first lien credit facilities. The ratings outlook
remains stable.

Proceeds will add cash to the balance sheet, and have been
earmarked to fund future acquisitions. The increase in overall debt
and interest burden is modestly credit negative as it will slow
Pathway's deleveraging trajectory.

Headquartered in Austin, Texas, Pathway Vet Alliance LLC
("Pathway") is a national veterinary hospital consolidator,
offering a full range of medical products and services. It operates
over 331 general, specialty and emergency practice locations, and
115 Thrive Affordable Vet Care locations. It also operates a
membership organization for veterinary practice owners, Veterinary
Growth Partners (VGP), which supports nearly 6,024 affiliated and
unaffiliated member hospitals, throughout the United Sates. The
company generated revenues of approximately $1,043 million for the
twelve months ended June 30, 2021. Pathway is majority owned by
private equity firm TSG Consumer Partners.


PHI GROUP: Incurs $7 Million Net Loss in Fiscal Year Ended June 30
------------------------------------------------------------------
PHI Group, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $7 million
on $61,000 of total revenues for the year ended June 30, 2021,
compared to a net loss of $1.32 million on $12,531 of total
revenues for the year ended June 30, 2020.

As of June 30, 2021, the Company had $892,228 in total assets,
$7.69 million in total liabilities, and a total stockholders'
deficit of $6.80 million.

The Company has accumulated deficit of $51,010,719 and total
stockholders' deficit of $6,798,392 as of June 30, 2021.  The
Company said these factors as well as the uncertain conditions that
the Company faces in its day-to-day operations with respect to cash
flows create an uncertainty as to the Company's ability to continue
as a going concern.  The financial statements do not include any
adjustments that might be necessary should the Company be unable to
continue as a going concern.  Management has taken action to
strengthen the Company's working capital position and generate
sufficient cash to meet its operating needs through June 30, 2022
and beyond.

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

https://www.sec.gov/Archives/edgar/data/704172/000149315221025300/form10-k.htm

                          About PHI Group

Headquartered in Irvine, California, PHI Group, Inc.
(www.phiglobal.com) primarily focuses on advancing PHILUX Global
Funds, a group of Luxembourg bank funds organized as "Reserved
Alternative Investment Fund", and building the Asia Diamond
Exchange in Vietnam.  The Company also engages in mergers and
acquisitions and invests in select industries and special
situations that may substantially enhance shareholder value.


PHUNWARE INC: Appoints Two Directors to Board Committees
--------------------------------------------------------
The Board of Directors of Phunware, Inc. appointed Ryan Costello to
its Compensation Committee and Nominating and Corporate Governance
Committee, in each case effective immediately, with Mr. Costello
appointed to serve as chairman of the Nominating and Corporate
Governance Committee.  The Board also appointed Rahul Mewawalla to
its Audit Committee and Compensation Committee with Mr. Mewawalla
appointed to serve as chairman of the Compensation Committee.

In addition, on Oct. 6, 2021, the Board decreased its size from
eight to seven members.

The Board had appointed Mr. Costello and Mr. Mewawalla as
directors, effective Oct. 1, 2021.

                          About Phunware

Headquartered in Austin, Texas, Phunware, Inc. --
http://www.phunware.com-- offers a fully integrated software
platform that equips companies with the products, solutions and
services necessary to engage, manage and monetize their mobile
application portfolios globally at scale.

Phunware reported a net loss of $22.20 million for the year ended
Dec. 31, 2020, compared to a net loss of $12.87 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$34.21 million in total assets, $23.73 million in total
liabilities, and $10.48 million in total stockholders' equity.


PSG MORTGAGE: Seeks to Employ Compass as Real Estate Broker
-----------------------------------------------------------
PSG Mortgage Lending Corp. seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire Compass, a
N.Y.-based real estate firm, to market and sell its residential
real property at 224 Sea Cliff Ave., San Francisco, Calif.

The Debtor will pay the firm a commission of 4 percent of the
selling price.  In case the buyer is represented by its own real
estate agent, Compass will get 1.5 percent of the commission while
the buyer's agent will get 2.5 percent.

Mark Allan Levinson, a real estate broker at Compass, disclosed in
a court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Mark Allan Levinson
     Compass
     90 Fifth Avenue, 3rd Floor
     New York, NY 10011
     Tel: 212.913.9058
     Email: press@compass.com

                 About PSG Mortgage Lending Corp.

Irvine, Calif.-based PSG Mortgage Lending Corp. filed a petition
for Chapter 11 protection (Bankr. N.D. Calif. Case No. 21-30592) on
Aug. 25, 2021, listing as much as $50 million in both assets and
liabilities.  Philip Fusco, chief executive officer of PSG, signed
the petition.  Judge Dennis Montali oversees the case.  The Law
Office of Julian Bach is the Debtor's legal counsel.


RADIATE HOLDCO: Moody's Confirms B2 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service confirmed Radiate HoldCo, LLC's B2
Corporate Family Rating, B2-PD Probability of Default rating, and
all instrument ratings including the B1 Senior Secured Credit
Facility rating, B1 Senior Secured Notes, and Caa1 Senior Unsecured
Note rating. The outlook is stable. This concludes the review for
downgrade initiated on July 1, 2021.

Confirmations:

Issuer: Radiate HoldCo, LLC

Probability of Default Rating, Confirmed at B2-PD

Corporate Family Rating, Confirmed at B2

Senior Secured Bank Credit Facility, Confirmed at B1 (LGD3)

Senior Secured Regular Bond/Debenture, Confirmed at B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Confirmed at Caa1 (LGD6)

Outlook Actions:

Issuer: Radiate HoldCo, LLC

Outlook, Changed To Stable From Rating Under Review

On June 30, 2021 Radiate (d/b/a Astound Broadband) agreed to
acquire certain assets from WOW! Internet, Cable & Phone (an
operating subsidiary of WideOpenWest Finance, LLC, WOW -- B2 RUR,
and wholly owned by the ultimate parent WideOpenWest, Inc.) for
$661 million (the Transaction). As part of this Transaction,
Radiate has entered into a Transition Services Agreement with WOW.
Radiate plans to finance the acquisition with a $720 million add on
to its secured debt (the Financing) based on the same terms and
conditions of existing agreements. Excess proceeds will be used to
repay debt drawn to finance previous acquisitions. The Transaction
is expected to close by year end, subject to certain regulatory
reviews and approvals and the satisfaction of other customary
closing conditions.

Moody's views the Transaction and Financing as credit negative.
Despite the greater scale post-close, the assets acquired are in
mostly overbuilt markets with weak operating metrics. Incremental
capex investments will be required to improve market position, and
the incremental debt raised will increase pro forma closing gross
leverage (as reported by management) by about .17x. However, the
confirmation of the B2 CFR reflects a stable business model with
good profitability and positive cash flow generation, supported by
strong and sustained secular demand in broadband.

RATINGS RATIONALE

Radiate's credit profile reflects the Company's small scale and
private equity ownership which poses event risk and tolerates high
leverage at 6.6x (Moody's adjusted, pro forma at close of the
pending Transaction and Financing). The Company's video and voice
business are also under increasing pressure, as it competes in a
highly competitive marketplace that is transitioning away from
linear Pay-TV to streaming. The Company is losing video and voice
subscribers at an accelerating rate as customers migrate to
lower-cost video services and substitute wireline voice with
wireless mobile services. Also constraining the rating is the
Company's below average performance metrics including EBITDA to
homes passed and Triple Play Equivalent (TPE; defined as a simple
average of the company's three main product penetration rates) near
15%. Supporting the rating is organic growth in its residential
broadband (or HSD) product and business services segment, driven by
higher demand for bandwidth and speed as subscribers consume more
data. The Company's ability to protect and grow its market position
is supported by significant investments in its fiber-rich network,
with industry leading speeds. The rating is also supported by a
predictable business model that produces stable revenues, pricing
power, and strong EBITDA margins.

Radiate has good liquidity supported by cash and positive operating
cash flow, an undrawn revolver, springing covenants with solid
headroom, and a favorable maturity profile with no near-term
maturities until 2025.

The instrument ratings reflect the probability of default of the
Company, as reflected in the B2-PD Probability of Default Rating,
an average expected family recovery rate of 50% at default given
the mix of secured and unsecured debt in the capital structure, and
the particular instruments' claim priorities. Moody's rates the
senior secured bank credit facilities and senior secured notes B1
(LGD3), one notch above the CFR with a fully secured priority claim
on all assets. The unsecured notes are rated Caa1 (LGD6), two
notches below the CFR with the subordination to secured bank
lenders.

Moody's outlook reflects revenue growth in the low single-digit
percent over the next 12-18 months, to approximately $1.7-$1.8
billion, generating between $825-$850 million in EBITDA on margins
in the mid to high 40% range. Moody's expect leverage to be high,
6.6x pro forma at close, but could fall to low 6.0x over the next
12-18 months, absent further leveraging events. Moody's project
free cash flow to debt (averaging $5.3-$5.4 billion) of 1-2%.
Moody's project its calculation of market penetration (the
Triple-Play-Equivalent) to fall to below 15% and EBITDA to Homes
Passed to average approximately $214. Moody's expect
mid-single-digit percent broadband subscriber growth and video and
voice subscriber losses of low to mid-teens percent. Moody's
outlook reflects certain key assumptions including CAPEX to
revenues to average at least mid-20% and average borrowing costs of
approximately 5%. Moody's expect liquidity to remain good.

Note: All figures are Moody's adjusted over the next 12-18 months
(pro forma for the close of the Transaction and Financing) unless
otherwise noted.

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

Moody's could consider a positive rating action if total gross
debt/EBITDA (Moody's adjusted) is sustained below 5.0x; and free
cash flow to total gross debt (Moody's adjusted) is sustained above
5.0%. A positive rating action would also be considered if scale or
diversity rose and or market position improved materially.

Moody's could consider a negative rating action if total gross
debt/EBITDA (Moody's adjusted) is expected to be sustained above
6.5x, or free cash flow to total gross debt (Moody's adjusted) is
sustained below low single-digit percent. A negative rating action
could also be considered if liquidity deteriorates, scale or
diversity declined, or operating performance declined materially,
on a sustained basis.

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

Radiate, based in Princeton, New Jersey, is the parent of RCN
Telecom Services, LLC, Grande Communications Networks LLC, and Wave
Broadband, d/b/a/ Astound Broadband. The Company provides video,
high-speed internet and voice services to residential and
commercial customers in 16 markets located on the West coast, the
Northeast coast and Chicago and in Texas. As of the period ended
June 30, 2021, the Company served approximately 325 thousand video,
992 thousand HSD, and 255 thousand voice subscribers. Revenue for
the last twelve months ended June 30, 2021 was over $1.5 billion.
Radiate is majority owned and controlled by Stonepeak
Infrastructure Partners, with TPG Capital and executive management
(Patriot Media Consulting) holding minority interests.


RIVER MILL: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: River Mill, L.L.C.
        7341 Jefferson Hwy.
        Suite J
        Baton Rouge, LA 70806

Chapter 11 Petition Date: October 13, 2021

Court: United States Bankruptcy Court
       Middle District of Louisiana

Case No.: 21-10485

Debtor's Counsel: Tristan Manthey, Esq.
                  FISHMAN HAYGOOD, L.L.P.
                  201 St. Charles Ave.
                  46th Fl
                  New Orleans, LA 70170
                  Tel: (504) 586-5252
                  Email: tmanthey@fishmanhaygood.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael D. Kimble as manager.

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

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

https://www.pacermonitor.com/view/U4IAKNQ/River_Mill_LLC__lambke-21-10485__0001.0.pdf?mcid=tGE4TAMA


RIVERBED PARENT: S&P Downgrades ICR to 'CC', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Riverbed
Parent Inc. to 'CC' from 'CCC', its issue-level rating on its
first-lien term loans to 'CCC-' from 'CCC+', and its issue-level
rating on its senior unsecured notes to 'C' from 'CC'. S&P's '2'
recovery rating on the first-lien term loans and '6' recovery
rating on the senior unsecured notes are unchanged.

S&P is also removing the issuer credit ratings from CreditWatch,
where it had placed them with negative implications on September
16, 2021.

The downgrade follows Riverbed's announcement that it has entered
into an RSA with its equity sponsors and an ad hoc group of lenders
holding a super-majority of its funded secured debt regarding a
comprehensive financial restructuring and recapitalization plan.
Under the proposed agreement, Riverbed would effectively reduce its
funded secured debt by over $1 billion through a debt for equity
exchange and receive a $100 million cash infusion, $65 million of
which is available immediately. S&P said, "In the context of
Riverbed's poor operating trends, declining liquidity position, and
upcoming April 2021 debt maturity, we think the terms and
considerations outlined under the RSA represent a distressed
transaction. We understand that Riverbed will be required to obtain
and is currently soliciting approval from its lenders to implement
the RSA; however, if necessary, it has also suggested an
accelerated prepackaged court-supervised process as an alternative
method. Therefore, if the transaction closes, we would expect to
view it as an 'SD' (selective default) or 'D'(default) under our
criteria, depending on the implementation."

S&P said, "The negative outlook reflects our expectation that we
will lower the issuer credit rating on Riverbed to 'SD' (selective
default) if the transaction closes, given that we consider it to be
a distressed exchange. Depending on the implementation, we would
also expect to lower the existing issue-level ratings on its
first-lien term loans and senior unsecured notes to 'SD' (selective
default) or 'D'(default)."



RIVERBED TECHNOLOGIES: Apollo to Take Over in Restructuring
-----------------------------------------------------------
Riverbed Technology on Oct. 13, 2021, announced that, as part of
its efforts to proactively strengthen the Company's financial
position, it has entered into a Restructuring Support Agreement
(the "RSA") with its equity sponsors and an ad hoc group of lenders
(the "Ad Hoc Group") holding a super-majority of its funded secured
debt regarding the terms of a comprehensive financial restructuring
that will reduce its funded secured debt by over $1 billion and
provide a $100 million cash infusion, $65 million of which is
available immediately, to position the Company for long-term
success (the "Recapitalization").  Upon consummation of the
Recapitalization, a group of sophisticated institutional investors
led by Apollo Global Management will become the majority owners of
the Company through their managed funds.

"We are pleased to have reached this agreement, which is an
important step forward in securing our long-term success as we
continue to execute our strategy and deliver relevant technologies
to our customers that are critical for today's digital and hybrid
workplace," said Dan Smoot, President and CEO of Riverbed
Technology.  "Since I became CEO in June, the team and I have been
focused on taking Riverbed to the next level, driving profitable
growth and accelerating innovation to support our customers and
partners, and I am pleased with the strong double-digit bookings
growth for our visibility solutions that we saw in the third
quarter.  Our solid business foundation enables us to take these
actions, which will be critical in our ongoing initiative to
strengthen our financial position and fuel our next phase of
growth. Following the implementation of the RSA, we look forward to
moving ahead as a financially stronger company."

Mr. Smoot continued, "We are grateful to have the support of all
the investors in our capital structure as we undertake this
process, which demonstrates their confidence in our business and
will enable us to complete this financial recapitalization on an
expedited basis. Our team is as dedicated as ever to serving our
amazing customers around the world and providing the leading
end-to-end visibility and network and acceleration solutions that
they have come to expect. We are confident that the proactive steps
we are taking today will allow us to further invest in the Company
and best position Riverbed to meet the needs of our customers in
the markets we serve. We thank our customers and partners for their
continued support, and our employees for their commitment to
Riverbed."

"We are pleased to support Riverbed in its recapitalization, which
will further strengthen its financial position as it continues to
deliver leading visibility and network solutions to its customers,"
said Apollo Partner Chris Lahoud.  "Through this transaction,
Riverbed will be well positioned to invest in core technologies and
execute on their strategy for profitable growth. Leading this
capital solution is indicative of Apolloโ€™s role as a constructive
and long-term financing partner."

To implement the Recapitalization, the Company is soliciting
approval of the transactions contemplated by the RSA. Riverbed
expects to move through this process as quickly and efficiently as
possible and, with the strong support of its investors, anticipates
completing the process on an expedited basis. In order to complete
the process as expeditiously as possible, the Recapitalization will
be implemented through either an exchange transaction, or if
necessary, an accelerated prepackaged court-supervised process.
Under either mechanism, Riverbedโ€™s operations and the
acceleration of its strategy will continue as normal and channel
partners and suppliers will continue to be paid in the ordinary
course of business.

Riverbed's advisors include Kirkland & Ellis LLP as legal counsel,
AlixPartners as restructuring advisor, and GLC Advisors & Co. as
investment banker.

The Ad Hoc Group's advisors include White & Case LLP as legal
counsel and Centerview Partners as financial advisor.  Davis Polk &
Wardwell LLP is acting as counsel to certain members of the Ad Hoc
Group.

                     About Riverbed Technology

Headquartered in San Francisco, California, Riverbed Technology,
Inc. is a leading provider of Wide Area Network (WAN) Optimization
and performance monitoring products and services.  Riverbedโ€™s
30,000+ customers include 99% of the Fortune 100.

Riverbed was acquired by private equity funds Thoma Bravo and
Teachers' Private Capital in April 2015.  

Revenues were $713 million for the 12 months ended Sept. 30, 2020.


SAI GLOBAL II: Moody's Withdraws Caa1 CFR Following Debt Repayment
------------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 corporate family
rating on SAI Global Holdings II (Australia) Pty Ltd. and its
positive outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

The withdrawal of the corporate family rating of SAI Global
Holdings II (Australia) Pty Ltd. follows the repayment by its
affiliate SAI Global Holdings I (Australia) Pty Limited of the
rated debt under its senior secured bank credit facility and
Moody's withdrawal of the associated ratings on September 15,
2021.

SAI Global, headquartered in Chicago, is a global provider of risk
management services and products, operating through its Risk and
Learning divisions.


SAN ISABEL TELECOM: Taps Bell Gould Linder & Scott as New Counsel
-----------------------------------------------------------------
San Isabel Telecom, Inc. received approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Bell Gould Linder &
Scott, PC to serve as legal counsel in its Chapter 11 case.

The firm will render these legal services:

     (a) advise the Debtor regarding its powers and duties;

     (b) assist the Debtor in the development of a plan of
reorganization under Chapter 11;

     (c) file the necessary pleadings, reports and actions, which
may be required in the continued administration of the Debtor's
property under Chapter 11;

     (d) take necessary actions to enjoin and stay until final
decree; and

     (e) perform all other necessary legal services.

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

     Gregory S. Bell, Esq.   $325 per hour
     Paralegal Services      $125 per hour

Gregory Bell, Esq., an attorney at Bell Gould Linder & Scott,
disclosed in a court filing 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:

     Gregory S. Bell, Esq.
     Bell Gould Linder & Scott, PC
     318 E. Oak St.
     Fort Collins, CO 80524
     Telephone: (970) 493-8999
     Facsimile: (970) 224-9188
     Email: gbell@bell-law.com

                     About San Isabel Telecom

Denver-based San Isabel Telecom sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 21-12534) on May
12, 2021. Jawaid Bazyar, president, signed the petition. At the
time of the filing, the Debtor disclosed total assets of $2,263,776
and total of liabilities of $1,598,956. Judge Kimberley H. Tyson
oversees the case.  Bell Gould Linder & Scott, PC serves as the
Debtor's legal counsel.


SEADRILL LIMITED: SVP Parties Say Plan Not Filed in Good Faith
--------------------------------------------------------------
The SVP Parties, lenders holding in excess of $176 million against
various Debtors, object to confirmation of the First Amended Joint
Chapter 11 Plan of Reorganization of Seadrill Limited and its
Debtor Affiliates, and respectfully state as follows:

     * The SVP Parties stand ready to backstop any unsubscribed
amounts of the New Money Facility, at a cheaper price, if it were
actually necessary for the Debtors to exit chapter 11. Indeed, even
after the September 2 hearing on the Backstop Motion, not once did
the Debtors or the NADL Independent Directors ask the SVP Parties
any questions about the SVP Parties' backstop proposal or indicate
that the Debtors were now willing to accept it.

     * The Debtors have the votes, a large portion of the New Money
Facility has been subscribed, and there is no need for the Debtors
to continue to seek to gift tens of millions of dollars of value to
the Backstop Lenders. Yet they continue to do so because they are
fearful that the Backstop Lenders will in fact try to change their
votes if they do not receive the payoff they were expecting. This
is just continued vote buying, proving the Plan was never proposed
in good faith and the votes of the Backstop Lenders were not
procured in good faith.

     * The Debtors have presented only a consolidated liquidation
analysis (the "Debtors' Liquidation Analysis"), rather than the
statutorily required evidence for each Debtor, including the NADL
Debtors, based on such Debtors' own assets and liabilities. This
failure is fatal because the Debtors as plan proponents bear the
burden of proof for each confirmation element, and the SVP Parties
have voted against the Plan.

     * It is clear that the Debtors targeted the SVP Parties solely
in retaliation. From the first day of this case through the
September 2, 2021 hearing on the Backstop Motion and the Disclosure
Statement, the SVP Parties have been consistent in their
positionsโ€”absent substantive consolidation, which has not been
approved in these cases, each Debtor is a separate entity that must
be considered separately, and at least for the NADL Debtors, there
should be a market check to ensure that value is being maximized.

     * It cannot be disputed that the Backstop Commitment Letter is
integral to the Plan and the Debtors solicited and obtained
game-changing agreements to vote in favor of the Plan in exchange
for granting the Backstop benefits to the Backstop Lenders. These
facts render the Plan unconfirmable.

     * The Debtors fail the "best interests of creditors" test as
to the two classes where the SVP Parties hold claims (and have
voted no) for an obvious reason: failure of proof of a liquidation
analysis on a debtor-by-debtor basis. The Debtors' Disclosure
Statement contains a liquidation analysis, but it expressly is
presented on a consolidated basisโ€”it lumps all of the Debtors
together, with a single chapter 7 trustee.

     * The immediate flaw with the Plan valuation is that it is
directly contradicted by the implied equity value of reorganized
Seadrill common stock resulting from the issuance of the Hemen
Convertible Bond.

     * The SVP Parties are both Prepetition Secured Parties and
Prepetition Facility Secured Parties. The Debtors therefore cannot
list the SVP Parties or their Related Parties in the Schedule of
Retained Causes of Action without violating the Cash Collateral
Order. Absent removal of the SVP Parties and their Related Parties
from the Schedule of Retained Causes of Action, the Plan cannot
satisfy Bankruptcy Code sections 1129(a)(1) and (2).

Attorneys for the SVP Parties:

     Devin van der Hahn
     Quinn Emanuel Urquhart & Sullivan LLP
     711 Louisiana Street, Suite 500
     Houston, TX 77002
     713-221-7000 telephone
     713-221-7100 facsimile

     Benjamin I. Finestone
     Quinn Emanuel Urquhart & Sullivan LLP
     51 Madison Avenue, 22nd Floor
     New York, New York 10010
     Telephone: (212) 849-7000
     Facsimile: (212) 849-7100

     Eric D. Winston
     Quinn Emanuel Urquhart & Sullivan LLP
     865 S. Figueroa Street, 10th Floor
     Los Angeles, CA 90017
     213-443-3000 telephone
     213-443-3100 facsimile

                       About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry.  As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection. Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May 2021 as
co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk
LLC is the claims agent.

On April 9, 2021, the board of directors of debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board. Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA Capital
Partners, LLC as financial advisor at the sole direction of
independent directors.


SEQUENTIAL BRANDS: Jessica Simpson Has OK to Bid for Fashion Line
-----------------------------------------------------------------
Hailey Konnath of Law360 reports that a Delaware federal bankruptcy
judge has given pop star Jessica Simpson the green light to put in
a bid in the hopes of controlling the clothing line that bears her
name from bankrupt Sequential Brands Group Inc., according to an
order issued Wednesday, October 13, 2021.

U.S. Bankruptcy Judge John T. Dorsey signed off on a purchase
agreement under which, if the bid prevails, Simpson would acquire
Sequential Brand's majority stake in With You Inc., which, prior to
the deal, owned the Jessica Simpson brand jointly with the singer.
The judge also agreed to designate Simpson as the stalking horse
bidder in Sequential Brand's Chapter 11 case.

                  About Sequential Brands Group

Sequential Brands Group, Inc. (NASDAQ:SQBG), together with its
subsidiaries, owns various consumer brands.  The New York-based
company licenses its brands for a range of product categories,
including apparel, footwear, fashion accessories, and home goods.

Sequential Brands Group and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11194) on Aug. 31,
2021. The company disclosed total assets of $442,774,937 and debt
of $435,073,539 as of Aug. 30, 2021.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Gibson, Dunn & Crutcher, LLP and Pachulski Stang
Ziehl & Jones, LLP as legal counsel. Miller Buckfire & Co. and its
affiliate, Stifel Nicolaus & Co., Inc., serve as financial advisor
and investment banker. Kurtzman Carson Consultants, LLC is the
claims agent and administrative advisor.

King & Spalding, LLP is counsel to the debtor-in-possession lenders
(and the consenting lenders under the restructuring support
agreement) while Morris, Nichols, Arsht & Tunnell, LLP serve as the
DIP lenders' local counsel.


SHARITY MINISTRIES: Gets Court Okay to Solicit Votes on Plan
------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Sharity Ministries Inc., a
nonprofit that offered health insurance-like products under its
Christianity affiliation, won court approval to solicit creditor
votes on its plan to wind down in bankruptcy following mounting
legal troubles over its medical cost-sharing arrangement.

Sharity can distribute to creditors the Plan to create a
liquidation trust for their benefit, Judge John T. Dorsey of the
U.S. Bankruptcy Court for the District of Delaware ruled during a
virtual hearing Wednesday, October 13, 2021.

Under the Plan, members and general unsecured creditors are
projected to recover up to 10% on their claims, which are estimated
to exceed $300 million.

                  About Sharity Ministries

Established in 2018, Sharity Ministries Inc. is a 501(c)(3)
faith-based nonprofit corporation in Roswell, Ga., that operates a
health care sharing ministry, a medical cost-sharing arrangement
among persons of similarly and sincerely held religious beliefs.

Sharity Ministries sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 21-11001) on July 8, 2021.
As of March 31, 2021, the Debtor had total assets of $4,496,871 and
total liabilities of $2,922,214. Judge John T. Dorsey oversees the
case.

The Debtor tapped Landis Rath & Cobb, LLP and Baker & Hostetler,
LLP as legal counsel, and SOLIC Capital Advisors, LLC as
restructuring advisor. Neil Luria of SOLIC serves as the Debtor's
chief restructuring officer. BMC Group, Inc. is the claims and
noticing agent and administrative advisor.

On Aug. 20, 2021, the U.S. Trustee for Region 3 appointed an
official committee to represent members of Sharity Ministries Inc.
in its Chapter 11 case. The committee is represented by Stevens &
Lee, P.C., Sirianni Youtz Spoonemore Hamburger, PLLC and Mehri &
Skalet, PLLC.


SIZZLING PLATER: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Sizzling Plater, LLC's ratings including
the Long-Term Issuer Default Rating (IDR) at 'B-' as well as the
instrument ratings of 'BB-'/'RR1' for the super-priority first-lien
revolver and 'B-'/'RR4' for the first-lien notes. The Rating
Outlook remains Stable.

Sizzling Platter's 'B-' rating considers the company's position as
a leading franchisee in the Little Caesars and Wingstop quick-serve
restaurant chains, as well as its limited scale, high
Fitch-adjusted leverage expected in the 7.0x area, and its reliance
on Little Caesars for over 70% of its cash flow. Fitch's rating
also considers high expected cash burn over the next couple of
years as the company invests excess proceeds from its debt
refinancing in 2020.

KEY RATING DRIVERS

Modest Diversification Across Top Quick-Serve Franchises: The core
of Sizzling Platter's restaurant portfolio consists of over 430
Little Caesars units across the U.S. and Mexico, over 70 Wingstop
units in the U.S. and 20 Dunkin' units. Little Caesars
distinguishes itself from other national pizza chains with its
extreme value offering including pies for as low as $5 while
Wingstop's leading position in the fast-casual chicken wing segment
has earned the brand an impressive track record of growth with
positive same-store sales (SSS) for 17 consecutive years.

Price Increases Catching Up to Cost Pressures: Sizzling Platter has
experienced cost pressures across several fronts that have weighed
on margins. Fitch-calculated EBITDA margins declined to 6.3% in
2020 from 9.0% in 2018 due to pandemic-related disruption, though
Fitch expects a rebound to the mid-7% area in 2021 as pandemic
impacts recede. In addition to pandemic-related costs such as PPE
and increased sanitation, increases in minimum wage rates coupled
with tightness in the labor market have largely offset labor
efficiency improvements achieved during the pandemic.

Meanwhile, commodity price inflation has weighed on food and
beverage costs creating volatility in earnings. While
pandemic-related costs should continue to roll off, Fitch expects
labor and commodity pressures to persist in the near term, though
strategic price increases should allow the company to recapture
some of the margin impact in the near term.

Delivery fees have also presented a challenge to margins following
Little Caesars' launch on the DoorDash platform in 2020. Delivery
fees increased from around zero in 2018 to 2% of sales in 2020 and
have risen to nearly 3% of sales in 2021, a meaningful headwind
considering the company's EBITDA margins trended in the 9% area
before the launch of delivery. While higher prices on delivery
menus and larger checks for delivery orders help offset delivery
fees, which Fitch estimates at around 20%, increased adoption of
delivery going forward could weigh on margins going forward.

Value + Convenience = Stability: Sizzling Platter's brands' deep
value offerings have enabled the company to perform well during
economic downturns while the convenience factor of its offerings
helped the company outperform the broader restaurant space during
the pandemic. Little Caesars' posted SSS of +2.6%, +0.5% and -1.8%
during 2008, 2009 and 2010, respectively, as the brand's reputation
for value enabled the company to capture consumers looking to trade
down from more expensive options during the recession.

While SSS troughed at -5.7% in 1Q20 as the pandemic hit the U.S.,
by 3Q20 SSS had returned to positive territory as the company's
brands' off-premise-focused business models satisfied consumers'
desire for food away from home but in a low-touch environment.

Highly Efficient Operating Model: Sizzling's three core franchises
benefit from highly efficient operating models due to the very
small footprint of their stores, which can average as little as
half that of peers' locations that include dining rooms, resulting
in low initial investment costs and below average rent and labor
expense. As a result, restaurant level EBITDA margins as calculated
by the company average in the low-to-mid teens, which is high for
the rating. Modest maintenance capex and limited cash required for
remodels allow for more cash to be deployed toward growth.

Persistently High Leverage, Adequate Liquidity: Under private
equity ownership, Sizzling Platter operated with leverage around
7.0x pre-pandemic as growth in EBITDA was offset by incremental
debt to fund acquisitions. Leverage at YE 2020 approached 10x,
however, as pandemic-related costs weighed on EBITDA and as the
company added to debt levels to pre-fund acquisitions.

Fitch expects leverage to return to the high-7x area in 2021,
settling around 7x thereafter as pandemic-related costs roll off
and as the company deploys cash for acquisitions. Fitch would
become more concerned about refinancing risk if leverage remains at
or above the 7.0x range as it approaches its 2025 debt maturities.

While liquidity is currently adequate with cash balances at $55
million, free cash burn in the $5 million to $10 million range
annually, the potential need to repay $18 million in government
loans as well as expected cash outflows due to acquisitions could
drive cash balances toward zero over several years, though full
availability on the company's $65 million revolver provides
considerable cushion.

DERIVATION SUMMARY

Sizzling Platter's 'B-' rating considers the company's position as
a leading franchisee in the Little Caesars and Wingstop quick-serve
restaurant chains, as well as its limited scale, high
Fitch-adjusted leverage expected in the 7.0x area, and its reliance
on Little Caesars for over 70% of its cash flow.

Sizzling Platter's rating is a notch above Wok Holdings, Inc.
(CCC+/Positive), operator of the P.F. Chang's (PFC) chain of casual
dining restaurants. Wok Holdings' rating reflects the company's
good niche positioning and leading market position in the
full-service Asian category as well as its high financial leverage,
small scale relative to other large casual chain dining concepts,
and the secular challenges within the casual dining segment.

Fitch has assigned a Positive Outlook to reflect the company's
improved margin performance despite the negative topline impact
from the pandemic, driven by cost cuts and operational
improvements. Fitch would upgrade Wok Holdings to 'B-' if the
company hits Fitch's projections of around $80 million of EBITDA,
resulting in adjusted gross leverage (capitalizing leases at 8x) in
the mid-to-high 6x range while maintaining sufficient liquidity to
support the company's growth plans.

Sizzling Platter's rating is in line with GPS Hospitality Holding
Company LLC (B-/Stable). The rating considers the company's status
as a leading U.S. franchisee of Burger King, the second largest
quick-serve restaurant (QSR) burger company in the U.S. and the
world, as well as Fitch's expectation of high leverage with
adjusted debt/EBITDAR of around 7.0x following the refinancing, the
company's small scale with EBITDA around $60 million and the risks
inherent with the company's acquisition strategy.

Sizzling Platter's rating is in line with Rite Aid Corporation
(B-/Negative). Rite Aid's ratings reflect ongoing operational
challenges, which have heightened questions regarding the company's
longer-term market position and the sustainability of its capital
structure. Persistent EBITDA declines have led to negligible to
modestly negative FCF and elevated adjusted debt/EBITDAR in the
low- to mid-7.0x range in recent years. The Negative Outlook
reflects accelerating operating weakness in 2020, including a 20%
EBITDA decline to around $420 million, and Fitch's reduced
confidence in the company's ability to stabilize EBITDA above $500
million. These concerns are somewhat mitigated by Rite Aid's ample
liquidity of well over $1 billion, supported by a rich asset base
of pharmaceutical inventory and prescription files, and no notes
maturities before 2025.

KEY ASSUMPTIONS

-- Revenue in 2021 of approximately $625 million up over 17% from
    2020 as positive SSS is supplemented by the addition of close
    to 40 new and acquired restaurants. SSS remains positive in
    2022 due, in part, to price increases instituted at the end of
    2021. The company continues to make small acquisitions
    resulting in high single digit revenue growth in 2022;

-- EBITDA margins rebound to 7.5% in 2021 from 6.3% in 2020 and
    the high 7% area in 2022 as pandemic costs recede and price
    increases to offset inflation flow through. Increasing
    delivery volumes result in margins moderating over time toward
    the mid-7% range;

-- After dipping to $18 million in 2020, capex increases to the
    $30 million to $40 million range starting in 2021 as new
    builds and remodels return to prior levels. Free cash burn
    averages in the mid-single-digits through the forecast;

-- Leverage declines from 9.9x in 2020 following a series of
    acquisitions and the company's debt issuance which raised cash
    to prefund acquisitions to the high 7x area in 2021 and around
    7x thereafter due to EBITDA growth.

RATING SENSITIVITIES

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

-- Positive trends in SSS and unit growth, Fitch-calculated
    EBITDA sustained above $50 million, strong FCF and total
    adjusted debt/EBITDAR sustained below 6.0x.

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

-- Adjusted debt/EBITDAR expected to sustain above 7.0x, with
    persistently negative FCF leading to medium-term liquidity
    concerns and/or heightened refinancing risk.

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: While liquidity is currently adequate with cash
balances at $55 million, free cash burn in the $5 million to $10
million range annually, the potential need to repay $18 million in
government loans, as well as expected outflows due to acquisitions
could exhaust cash balances over the next several years, though
full availability on the company's $65 million revolver provides
significant cushion.

Debt Structure: In addition to the revolving credit line,
Sizzling's cap structure includes the company's $350 million 8.5%
senior secured notes. The revolver and notes are secured on a first
priority basis by substantially all domestic assets of the company
with the revolver benefiting from "super-priority" status. The
company has no near-term maturities with both the revolver and
senior notes maturing in 2025. The company maintains $18 million in
loans issued pursuant to the Paycheck Protection Program of the
CARES Act. While the company expects the loans to be forgiven,
Fitch currently assumes the loan will be repaid out of cash on hand
in 2021 and 2022

Recovery Considerations

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
ratings are derived from the IDR, the relevant Recovery Rating (RR)
and prescribed notching.

Fitch's recovery analysis considers a scenario where the company
experiences sales pressure at the Little Caesars chain resulting in
the closure of 20% of Little Caesars units, temporarily driving
margins lower and forcing the company into bankruptcy. Fitch
assumes the company is able to use the bankruptcy process to return
margins to around the 8% level as modest margin declines from loss
of scale are offset by improvements from renegotiating contracts,
resulting in going concern EBITDA of around $45 million.

Fitch applies a 6.0x enterprise value/EBITDA multiple, modestly
below the 6.3x median multiple for food, beverage and consumer
bankruptcy reorganizations Fitch analyzes. The multiple reflects
the company's strong position in the Little Caesars and Wingstop
chains and the strong long-term performance of the company's core
brands, offset by the company's small scale.

After deducting 20% for administrative claims, Sizzling Platter's
superpriority first-lien secured revolver is expected to have
excellent recovery prospects (90%-100%) and has been assigned
'BB-'/'RR1' ratings. The $350 million secured notes, which rank
behind the revolver in a restructuring are estimated to have
average recovery prospects (30%-50%) and have been assigned
'B-'/'RR4' ratings. The revolver and notes are secured by a first
lien on substantially all assets and are guaranteed by all wholly
owned material U.S. domestic subsidiaries, other than certain
excluded subsidiaries.

ISSUER PROFILE

Sizzling Platter is a leading franchisee of the Little Caesars and
Wingstop quick-serve chains, as well as a franchisee of Dunkin',
Jersey Mike's, Red Robin and Sizzler.

SUMMARY OF FINANCIAL ADJUSTMENTS

An 8x multiple was used to adjust for leases as this company is
based in the U.S.

ESG Considerations

The highest level of ESG credit relevance, if present, 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
to the way in which they are being managed by the entity.


SKYPATROL LLC: Court Approves Disclosure Statement
--------------------------------------------------
Judge Robert A. Mark has entered an order approving the Disclosure
Statement of Skypatrol, LLC, a Delaware Limited Liability Company.

The Court will convene a hearing to consider confirmation of the
Plan on Dec. 7, 2021 at 10:00 a.m. in U.S. Bankruptcy Court, C.
Clyde Atkins United States Courthouse, 301 North Miami Ave.
Courtroom 4, Miami FL 33128.

The last day for filing and serving objections to confirmation of
the Plan is Nov. 23, 2021 (14 days before Confirmation Hearing).

Ballots accepting or rejecting the Plan are due Nov. 23, 2021 (14
days before Confirmation Hearing).

The last day for filing and serving fee applications is Nov. 16,
2021.

The last day for filing and serving objections to claims is Oct.
28, 2021.

                         About Skypatrol

Skypatrol, LLC -- https://www.skypatrol.com/ -- provides integrated
Global Positioning System (GPS) tracking solutions serving many
markets including vehicle finance, fleet management, mobile asset
tracking, automobile dealerships, outdoor sports and motor sports.
Skypatrol has built innovative GPS tracking and fleet management
software tools uniquely combined with its proprietary GPS hardware
and software to help businesses monitor, protect and optimize
mobile assets in an increasingly machine-to-machine world.
Skypatrol systems operate on a wide variety of platforms including
Global System for Mobiles (GSM) and Code Division Multiple Access
(CMDA) cellular networks and dual-mode Iridium satellite devices.
The Company was established in 2002 and is based in Miami,
Florida.

Skypatrol filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
17-24842) on Dec. 13, 2017.  In the petition signed by CEO Robert
D. Rubin, the Debtor disclosed $3.63 million in total assets and
$7.39 million in total liabilities.

The case is assigned to Judge Robert A. Mark.

Tabas & Soloff, P.A., is the Debtor's bankruptcy counsel, and the
Law Offices of Robert P. Frankel, P.A., as special litigation
counsel.

The U.S. Trustee for Region 21 appointed an official committee of
unsecured creditors on Feb. 20, 2018.  The Committee tapped
Perlman, Bajandas, Yevoli & Albright, P.L., as its legal counsel.


SONIC AUTOMOTIVE: Fitch Assigns First Time 'BB' IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB' First-Time Issuer Default Rating
(IDR) to Sonic Automotive Inc. (Sonic). Fitch has also assigned a
'BBB-'/'RR1' rating to the company's proposed $350 million
revolving credit facility and a 'BB'/'RR4' rating to the proposed
$1 billion unsecured notes, which will be used to finance the
acquisition of RFJ Auto Partners Group (RJF) and repay the existing
$250 million unsecured notes due 2027. The Rating Outlook is
Stable.

Sonic's 'BB' rating reflects its top five position in the new and
used auto dealership industry with expected 2022 revenue and EBITDA
of around $15 billion and around $600 million, respectively,
following the proposed acquisition of RFJ. The rating is supported
by balanced gross profit mix across segments, which helps limit
financial sensitivity to the cyclical new and used vehicle market,
strong liquidity position supported by expected positive FCF, and
Fitch's expectation for adjusted leverage (capitalizing rent
expense at 8x) to trend around 4x, in line with the company's
historical adjusted leverage range. Additionally, the rating
considers potential EBITDA upside and related risks associated with
the company's pre-owned superstore growth strategy, EchoPark, which
is expected to contribute around $5 billion and $50 million to $60
million in sales and EBITDA, respectively, by 2024.

KEY RATING DRIVERS

Proposed Acquisition:

On Sept. 22, 2021, Sonic proposed the acquisition of RFJ, which
generates around $3 billion in revenue across 33 dealership
locations. The purchase price of roughly $700 million represents an
approximate 6x multiple based on $120 million in LTM June 2021
EBITDA. The company is proposing an issuance of $1 billion in
unsecured notes to finance the acquisition and repay the existing
$250 million unsecured notes due 2027. Pro forma for the
transaction, adjusted leverage (capitalizing rent at 8x) is around
3x on pro forma LTM EBITDA in the mid $600 million range. The
acquisition is expected to close in December 2021.

The acquisition does not impact revenue mix within the franchise
dealership segment, although modestly shifts brand mix away from
the luxury segment, which makes up the majority of Sonic's vehicle
sales, given RFJ's focus on domestic vehicles. Fitch believes the
acquisition to be modestly advantageous to scale and
diversification due to Sonic's entry into six new states and
introduction to five new vehicle brands. While Fitch assumes no
material synergies, RFJ could benefit Sonic's used vehicle
superstore EchoPark business by providing an additional source for
pre-owned vehicle inventory.

Strong Recent Performance; Some Reversal Expected:

Sonic's new and used vehicle unit volume was challenged in 2020 due
to the impacts of the coronavirus pandemic, leading to overall
sales declines of close to 7%. However, Sonic grew EBITDA to $360
million in 2020 from $300 million in 2019, due to higher vehicle
margins and expense control measures. Performance in 2021 has
benefited from even stronger vehicle margins due to vehicle supply
shortages related to microchips and strong vehicle demand resulting
in LTM June EBITDA trending in the mid $500 million range.

Fitch believes current demand levels will moderate and is expecting
some reversal in 2022 such that the existing franchise dealership
segment, net of RFJ, could produce revenue around $9.5 billion in
2022 compared to $10 billion expected in 2021, representative of
low single digit growth above 2019 revenue of $9.3 billion. Total
franchise dealership revenue, inclusive of RFJ, is expected to grow
to around $12.2 billion in 2022, reflecting around $2.5 billion in
topline contribution from RFJ and could be additional supported by
tuck-in dealership acquisitions.

Fitch expects that a potential slowdown in consumer demand will be
offset by continued expansion of the EchoPark business including an
estimated 20 additional locations, such that the company could
produce total consolidated sales near $15 billion in 2022 compared
with around $12.2 billion forecasted in 2021 on a pro forma basis.
In combination with the RFJ acquisition, continued growth in the
lower margin EchoPark business, and an expected tight inventory
environment, EBITDA could trend around $600 million in 2022 with
margins declining towards 4% from 4.3% expected in 2021.

Reasonable Cash Flow; Leverage Range:

Fitch expects FCF, which was approximately $133 million in 2020, to
be in the $165 million range in 2021 as EBITDA growth is somewhat
offset by higher capex. Fitch believes the company can produce FCF
of around $100 million annually beginning 2022, assuming higher
interest expense and elevated capex levels to fund EchoPark
expansion and additional digital capabilities.

The company has managed adjusted leverage (capitalizing lease
expense at 8x) within the 3x to 5x range over the past five years,
and Fitch believes the company will manage adjusted leverage around
4x over time.

EchoPark Upside; Execution risk:

The company currently operates around 30 EchoPark locations, which
are focused on a simplified no-haggle selling model of high quality
one to four year old vehicles priced up to $3,000 below
competitors. While revenue for this segment has grown from around
$200 million in 2017 to over $1.2 billion in 2020, overall EBITDA
generation has been negligible. The company announced at its July
2021 investor day a plan to expand EchoPark to over 100 locations
by 2025 from around 30 today. Management expects sales and EBITDA
for this business to grow to $14 billion and $260 million,
respectively, by 2025.

While Fitch acknowledges the strong revenue growth exhibited by the
EchoPark business, the plan for rapid expansion is considered
aspirational due to the small existing footprint and could pose
execution risks in the business. Fitch's rating case assumes
EchoPark can grow to around $5 billion of revenue and $50 million
to $60 million in EBITDA by 2024. Even if management hits its
projections, the vast majority of EBITDA and FCF would still be
derived from its existing franchise dealership business.

Fragmented Industry:

Sonic benefits from reasonably good scale and reputation as one of
the top five largest automotive dealership groups in the United
States, with extensive experience in running dealerships and
dealing with automotive OEMs. Pro forma for RFJ, the company
operates over 115 franchise location across the United States with
the predominant base located in Texas and California. Similar to
other large competitors in the space, Sonic has demonstrated its
ability to establish alternative sources of revenue and profit
associated with vehicle purchases, including parts & services and
finance and insurance business segments. In 2020 for instance, only
30% of total consolidated gross profit was derived from the sale of
vehicles. Fitch believes the company's scale also allows it to
leverage fixed investments across a wider scope of business than
independent dealers. While ancillary gross profit may be correlated
to vehicle unit volume, Fitch believes the balanced approach across
business segments somewhat limits sensitivity to economic
fluctuations in the highly cyclical vehicle market.

Industry incumbents such as Sonic benefit from structurally high
barriers to entry. Barriers to entry in the industry are high
because of protected franchise agreements that are regulated on
both a state and federal levels. Additionally, dealerships require
a significant upfront capital investment for both initial
construction and working capital. Moreover, relationships with the
automotive OEMs can be a key to success in the industry as an
established relationship with an automotive captive-finance arm can
lead to more favorable financing terms and inventory sourcing. More
recently, and as seen in other retail segments, Sonic's scale and
cash generation enable it to invest in omnichannel and automation
capabilities which are difficult to replicate for lower capitalized
independent peers.

DERIVATION SUMMARY

Sonic's 'BB' rating reflects its top five position in the new and
used auto dealership industry with expected 2022 revenue and EBITDA
of around $15 billion and around $600 million, respectively,
following the proposed acquisition of RFJ. The rating is supported
by balanced gross profit mix across segments, which helps limit
financial sensitivity to the cyclical new and used vehicle market,
strong liquidity position supported by expected positive FCF, and
Fitch's expectation for adjusted leverage (capitalizing rent
expense at 8x) to trend around 4x, in line with the company's
historical adjusted net leverage range. Additionally, the rating
considers potential EBITDA upside and related risks associated with
the company's pre-owned superstore growth strategy, EchoPark, which
is expected to contribute around $5 billion and $50 million to $60
million in sales and EBITDA, respectively, by 2024.

Auto and auto parts retail peers in Fitch's coverage include
AutoNation, Inc. (BBB-/Positive) and AutoZone, Inc. (BBB/Stable),
while similarly rated retail peers include Signet Jewelers Limited
(BB/Stable).

AutoNation, whose business model is similar to that of Sonic, holds
a leading position in the auto retail segment and has a history of
good cash flows, which allows it to invest in growth initiatives
while effectively managing through an inherently cyclical
automotive industry. The Positive Outlook reflects AutoNation's
good operating momentum in 2019/2020 and proactive debt reduction
of over $500 million during 2019/2020 which led to adjusted
leverage (adjusted debt/EBITDAR, capitalizing leases at 8x) of 2.3x
in 2020, below AutoNation's upgrade sensitivity of 2.75x. An
upgrade could therefore result from increased confidence in
AutoNation's ability to grow EBITDA over time, recognizing 2022
EBITDA could decline as revenue and gross margin upside unwinds
from 2020/2021 levels, in combination with financial policy actions
that would yield adjusted leverage sustained below 2.75x.

Unlike Sonic, AutoZone competes in the retail auto parts and
accessories aftermarket. Ratings reflect leading market share,
steady operating results including sales and EBITDA growth at a
five-year CAGR of 4%, high profitability margins with EBITDA
margins around 23%, and steady credit metrics with adjusted
debt/EBITDAR (capitalizing lease expense at 8.0x) at 2.3x in fiscal
2021 (ended August 2021).

Signet's 'BB'/Outlook Stable rating reflects the company's
improving operating trajectory through topline and expense
management initiatives. Fitch expects stable revenue and EBITDA
beginning 2022 around mid-$6 billion and mid-$500 million,
respectively, relative to pre-pandemic levels of $6.1 billion and
$504 million. These expectations, alongside management's evolving
financial policy favoring debt reduction, have improved Fitch's
confidence in the company's ability to sustain adjusted leverage
below 4.5x. Signet's ratings continue to reflect its leading market
position as a U.S. specialty jeweler with approximately 6% share of
a highly fragmented industry.

KEY ASSUMPTIONS

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

-- Revenue in 2021 could expand over 20% to $12 billion from $9.8
    billion in 2020 on a rebound in vehicle sales following a 7%
    revenue decline in 2020. This projection would require around
    10% growth in 2H21 following nearly 40% growth in 1H21. EBITDA
    in 2021 is projected to expand toward $525 million from
    approximately $360 million in 2020 on topline growth and gross
    margin expansion due to a strong vehicle pricing environment.

-- Topline in 2022 could be approximately $15 billion, assuming
    around to $2.5 billion contribution from the RFJ acquisition,
    which is expected to close at the end of 2021; continued
    expansion in Sonic's EchoPark segment could be offset by
    declines in the franchise business following a strong 2021.
    EBITDA could approach $600 million given around $100 million
    in contribution from the RJF assets and some declines in the
    franchise business. EchoPark, which has generated limited
    EBITDA historically, is projected to generate near-breakeven
    EBITDA in 2022 given near-term growth investments.

-- In 2023/2024, Sonic's organic topline could expand around 8%
    annually largely due to unit expansion at EchoPark, with
    consolidated revenue up closer to 10% assuming some ongoing
    franchise acquisitions. Similarly, EBITDA could trend near the
    $600 million expected in 2022 assuming that growth in EchoPark
    EBITDA is mitigated by gross margin declines in the franchise
    business as the pricing environment for vehicles is expected
    to normalize somewhat, albeit still above pre-pandemic levels
    as OEM producers seek reduced production schedules.

-- FCF, which was approximately $133 million in 2020, could be in
    the $165 million range in 2021 as EBITDA growth is somewhat
    offset by higher capex of around $200 million compared to $130
    million in 2019. FCF beginning 2022 could average around $100
    million, given Fitch's EBITDA projections, higher interest
    expense following the proposed debt issuance, capex of $225
    million, and some negative working capital related to
    inventory build.

-- Adjusted debt/EBITDAR, which declined from close to 5.0x in
    2017/2018 to 3.1x in 2020 on EBITDA growth and debt reduction,
    is projected to be in the low-3x on a pro forma basis
    following the RFJ acquisition. Sonic could use a combination
    of FCF and debt financing to execute priorities including
    organic growth, strategic investments and share buybacks.
    Fitch's rating case assumes the company could manage adjusted
    leverage around 4x over time, at the midpoint of its five year
    leverage range between 3x and 5x.

RATING SENSITIVITIES

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

-- Increased confidence in Sonic maintaining adjusted
    debt/EBITDAR (capitalizing lease expense at 8x) below 3.75x,
    either through a public articulated or demonstrated financial
    policy, alongside operating performance in line with Fitch's
    current expectations.

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

-- Financial policy decisions, including debt financed M&A or
    share repurchase, which results in adjusted debt/EBITDAR
    (capitalizing lease expense at 8x) sustained above 4.25x.

-- Weaker than expected operating results due to market share
    loss and/or execution missteps, evidenced by EBITDA trending
    below $500 million, would also be a concern.

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

Strong Liquidity:

Total liquidity as of June 30, 2021 was $535 million supported by
cash balances of $240 million and close to $300 million in
available liquidity resources under its various lines of credit.
Total liquidity includes $224 million available (net of LOCs) under
the company's $250 million ABL credit facility maturing 2025, $17
million available under a $112 million mortgage facility maturing
2024, and $54 million available under a real estate line of credit
maturing 2022. Pro forma for the RFJ acquisition, the company is
planning on upsizing its ABL credit facility to $350 million, which
Fitch would expect to add an additional $100 million to liquidity
resources (absent material changes to the borrowing base
calculations). Additionally, the company terminated its $54 million
real estate line of credit due 2022, in October 2021, which is
expected to bring total pro forma liquidity (on June balances) to
around $580 million.

Total debt as of June 30, 2021 was $697 million consisting of $95
million in borrowings under the mortgage facility, $352 million in
mortgage debt with various maturities through 2033, and $250
million in unsecured notes due 2027. Pro forma for the current $1
billion unsecured offering to finance RFJ and repay the existing
$250 million in unsecured notes, total debt is expected to be
around $1.45 billion. As a result, pro forma adjusted leverage
(capitalizing leases at 8x) is expected to climb from 3.1x at the
end of 2020 to 3.3x in 2022 on some reversal in vehicle demand and
flat debt levels.

The company has managed adjusted net leverage of around 4x
(capitalizing rent expense at 8x) over time. Combined with Fitch's
expectation of positive FCF of around $100 million annually
beginning 2022, incremental debt proceeds could be used for
strategic investments, including M&A, or share repurchases.

Floorplan Facilities:

Automotive retailers, including Sonic, finance their inventories
with floorplan facilities, which have characteristics of both
payables and debt. Companies primarily use the facilities for new
car inventory and the source of these facilities is typically from
either financing arms of various automotive manufacturers or
lending institutions. The accounting treatment of these payables is
similar to that of accounts payables. For example, floorplan
financing is categorized as a floorplan payable, shown as
short-term liabilities on the balance sheet, with the change in
floorplan payables treated as a working capital change (trade
payable) of financing activity (non-trade payable) on the statement
of cash flows. Additionally, these facilities lack a fixed maturity
date (loans due on demand) and a duration that is generally paid
within days after a car is sold. These loans are often tied to
manufacturer subsidies, which offset a portion, if not all, of the
borrowing costs. These facilities are provided on a
vehicle-by-vehicle basis.

Floorplan financing also incurs an interest expense (distinct from
debt interest) and in a liquidation scenario, floorplan payables
are secured by the collateral of the vehicle, gaining priority over
unsecured debt. Including floorplan payable as debt, adjusted
leverage would be 5.8x for the year ended Dec. 31, 2020. However,
Fitch excludes floorplan financing from its primary leverage ratio
calculation in deriving its rating for Sonic. Fitch also adjusts
EBITDA by moving floorplan-related interest expense to COGS. In
2020, this adjustment increased COGS and reduced EBITDA by $27
million. Fitch also recognizes that these floorplan facilities are
secured and would receive priority over unsecured claims in a
bankruptcy.

Recovery Considerations:

Fitch does not employ a waterfall recovery analysis for issuers'
assigned ratings in the 'BB' category. The further up the
speculative-grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. Fitch
has assigned Sonic's secured ABL Facility a 'BBB-'/'RR1' rating
indicating outstanding recovery prospects (91% to 100%). Sonic's
proposed $1 billion unsecured notes issuance has been rated
'BB'/'RR4', indicating average recovery prospects (31% to 50%).

ISSUER PROFILE

Sonic Automotive Inc. is a new and used automotive retailer which
also provides additional services including parts & repair services
and finance & insurance through lending institutions. The business
reports segment results through two distinct operating verticals,
which include the franchise dealership business and the company's
pre-owned focused superstore business model, EchoPark. The company
generated $360 million of EBITDA on close to $10 billion in sales
in 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

In addition to treating floor plan interest expense as an operating
cost within cost of goods sold. Fitch adjusts for stock-based
compensation expense, impairment charges, and loss or gains on
asset disposals.

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.


SONIC AUTOMOTIVE: S&P Raises ICR to 'BB' on Improved Credit Metrics
-------------------------------------------------------------------
S&P Global Ratings raised its rating on Sonic Automotive Inc. to
'BB' from 'BB-'. S&P also assigned its 'BB-' issue-level rating and
'5' recovery rating to the company's new notes. The '5' recovery
rating indicates its expectation for modest (10%-30%; rounded
estimate: 25%) recovery in the event of a payment default.

S&P said, "At the same time, we raised our issue-level rating on
Sonic's $250 million subordinated notes due 2027 to 'BB-' from
'B+'. Our '5' recovery rating (10%-30%; rounded estimate: 25%) on
the subordinated notes remains unchanged. The company will use the
proceeds from the new $1.0 billion of unsecured notes to repay its
subordinated notes. We expect to withdraw our ratings on the
subordinated notes when the transaction is complete.

"While Sonic's credit measures will weaken somewhat due to the
increase of debt to acquire RJF Auto Partners, it is from a low
level. We expect that it will continue to maintain more moderate
credit metrics even as new- and used-car prices return closer to
historical levels. Sonic's acquisition of RJF will increase its
funded debt balances by about $750 million. The acquisition will
add more than $3 billion in expected revenues of an established and
profitable dealership network. Moreover, with the additional EBITDA
from RJF and our forecast that Sonic's margins remain stronger than
previously expected, we anticipate that Sonic's leverage will rise
only to 2.5x-3.0x before falling to 2.0x-2.5x in 2022 and 2023. We
also expect the company to generate FOCF-to-debt ratio of at least
10% over the next couple years, even as it invests in growing
EchoPark, its stand-alone used car business.

"Along with other auto dealerships, Sonic is earning very strong
margins on elevated prices of new and used cars because of the
global semiconductor shortage. While we don't expect the company to
sustain these margins long term, we now forecast the strong pricing
environment will likely last longer, albeit declining, well into
2022. We still expect investments in EchoPark to create some
volatility in the company's margins and cash flow generation, but
car prices in the near term are should give Sonic some cushion to
absorb this volatility until the EchoPark stores become more
efficient, particularly in their use of selling, general,
administrative (SG&A) relative to traditional dealerships." Risks
still remain to EchoPark, including that the stores do not attract
the demand the company expects, leading to unsustainably low
margins. A key to the EchoPark model is driving higher volumes and
successfully maintaining a high penetration of finance and
insurance for the used cars sold.

The company is still exposed to near-term risks of new car
shortages. For at least the next several quarters, inventories at
Sonic and other dealerships are likely to be extremely low. The
chip shortage has grown worse and the rise in the COVID-19 Delta
variant in Southeast Asia continues to reduce parts needed to
manufacture new cars. A longer or more severe shortage of cars
could hurt Sonic's topline revenues and ability to efficiently
operate its fixed dealership assets.

S&P said, "The stable outlook reflects our expectation that Sonic
Automotive will maintain more moderate levels of leverage, even as
it invests in expanding its dealership network and growing
EchoPark. We expect the company to sustainably keep its Debt to
EBITDA below 3.5x while generating FOCF to debt of near 10% or
higher.

"We could downgrade the company if FOCF to debt approaches the
mid-single-digit percentage range or leverage rises above 3.5x and
we expect it to remain there. This could occur if there if demand
for cars fall significantly due to a U.S. recession. It could also
occur if the cost to grow EchoPark exceeds the cash flows generated
from its existing business and the new EchoPark stores.

"We could raise our ratings on the company if it could sustain a
FOCF-to-debt ratio of 15% when margins return closer to historical
levels, likely in 2023. We would also expect to increased
profitability from EchoPark as it scales up and increases it
geographic coverage."



SOO HOTELS: To Seek Plan Confirmation on Nov. 18
------------------------------------------------
Judge Maria L. Oxholm has entered an order granting preliminary
approval of the Plan of Reorganization of Soo Hotels, Inc.

The hearing on objections to final approval of the Second Amended
disclosure statement and confirmation of the Plan will be held on
Thursday, Nov. 18, 2021 at 11:00 a.m. in Room 1875, 211 W. Fort
Street, Detroit, Michigan.

The deadline to return ballots on the plan, as well as to file
objections to final approval of the disclosure statement and
objections to confirmation of the plan, is Nov. 9, 2021.

No later than Nov. 16, 2021, the Debtor shall file a verified
summary of the ballot count and with a copy of all original ballots
attached.

                        About Soo Hotels

Soo Hotels, Inc., filed a Chapter 11 petition (Bankr. E.D. Mich.
Case No. 21-45708) on July 7, 2021, listing as much as $1 million
in both assets and liabilities. Dominic Shammami, principal, signed
the petition.  Judge Maria L. Oxholm oversees the case.  Robert
Bassel serves as the Debtor's legal counsel.


STREAMLINE EXPRESS: Seeks to Hire Gutnicki as Bankruptcy Counsel
----------------------------------------------------------------
Streamline Express, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Gutnicki LLP
as its bankruptcy counsel.

Gutnicki will render these legal services:

     (a) negotiate with creditors;
  
     (b) prepare a plan of reorganization;

     (c) examine and resolve claims filed against the estate;
  
     (d) prepare and prosecute adversary proceedings, if any;

     (e) prepare pleadings filed in the Chapter 11 case;

     (f) interact with the trustee in this case;

     (g) attend court hearings; and

     (h) represent the Debtor in matters before the court.

The hourly rates of Gutnicki's attorneys are as follows:

     Miriam Stein        $400 per hour
     Kara Allen          $320 per hour
     Attorneys    $205 - $585 per hour

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

Miriam Stein, Esq., an attorney at Gutnicki, disclosed in a court
filing that her firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Miriam R. Stein, Esq.
     Gutnicki LLP
     4711 Golf Road, Suite 200
     Skokie, IL 60076
     Telephone: (847) 745-6592
     Email: mstein@gutnicki.com

                     About Streamline Express

Streamline Express, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-10365) on Sept. 6,
2021, listing under $1 million in both assets and liabilities.
Judge A. Benjamin Goldgar oversees the case. The Debtor tapped
Gutnicki LLP as legal counsel and the Law Offices of David Freydin
as corporate counsel.


STREAMLINE EXPRESS: Seeks to Tap David Freydin as Corporate Counsel
-------------------------------------------------------------------
Streamline Express, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ the Law
Offices of David Freydin as its corporate counsel.

The firm will render these legal services:

     (a) negotiate with creditors;
  
     (b) prepare a plan of reorganization and financial statements;


     (c) examine and resolve claims filed against the estate;

     (d) prepare pleadings filed in the Chapter 11 case;

     (e) interact with the trustee in this case;

     (f) attend court hearings; and

     (g) represent the Debtor in matters before the court.

The firm received an advance retainer in the amount of $8,000.

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

     David Freydin                $350 per hour
     Jan Michael Hulstedt         $325 per hour
     Attorneys             $250 - $350 per hour

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

David Freydin, Esq., disclosed in a court filing 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:

     David Freydin, Esq.
     Law Offices of David Freydin, PC
     8707 Skokie Blvd., Suite 312
     Skokie, IL 60077
     Telephone: (847) 972-6157
     Facsimile: (866) 897-7577
     Email: david.freydin@freydinlaw.com

                     About Streamline Express

Streamline Express, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-10365) on Sept. 6,
2021, listing under $1 million in both assets and liabilities.
Judge A. Benjamin Goldgar oversees the case. The Debtor tapped
Gutnicki LLP as legal counsel and the Law Offices of David Freydin
as corporate counsel.


SUMMIT MIDSTREAM: Fitch Assigns 'B-(EXP)' LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings expects to assign a Long-Term Issuer Default Rating
(IDR) of 'B-(EXP)' to Summit Midstream Partners, LP (SMLP) and
Summit Midstream Holdings LLC (Summit Holdings). Fitch also expects
to rate Summit Holdings' proposed second priority secured notes
'B+(EXP)/'RR2'. The notes will be co-issued by Summit Midstream
Finance Corporation.

The Rating Outlook is Stable.

The ratings assume a revised debt structure expected to be in place
following the refinancing transaction. Once new debt is issued, the
expected ratings will be replaced by final ratings. Proceeds from
the notes are expected to be used for repayment of notes (2022) and
borrowings under the existing revolver.

The rating reflects SMLP's modest size and business line diversity
with limited prospects of production growth in its highest
contributing areas which are mature declining basins. The Stable
Outlook reflects the new capital structure providing an extended
runway for debt maturities, with leverage progressively declining
supported by debt repayment.

KEY RATING DRIVERS

Elevated Leverage: Expected refinancing of 2022 maturities should
remove near-term liquidity risk and push maturities to 2025 and
beyond. Based on Fitch's assumptions, leverage is, however,
projected to remain elevated for the next couple of years due to
the flat to modestly declining EBITDA profile. SMLP exhibits
declining EBITDA trends from its legacy basins, with most of the
near-term growth expected from Utica basin.

Fitch projects modest volume growth in SMLP's core basins in 2021
and 2022 and expects that the partnership shall direct FCF toward
debt repayment in line with management's financial policy. Given a
modest capex plan, SMLP is projected to continue deleveraging as it
utilizes FCF to accomplish debt repayment. Leverage is estimated
around 5.8x at YE2021 and trend toward mid-5.0x at YE2024. Fitch
believes leverage is critical to SMLP's credit profile with limited
scale and business diversity.

Modest Size and Scale: The partnership is geographically
diversified, although approximately 55% of 2020 EBITDA was derived
from mature legacy basins, where SMLP is expected to have limited
focus. Piceance is the largest EBITDA contributor, but volumes in
the basin are on steady decline with no well connects expected on
the system from 2022 through 2025.

Limited activity is also expected from some core areas (excluding
Double E). Most of the potential near-term growth is expected to be
driven from its operations in Utica, which is expected to partially
offset declining operating results of the legacy basins. Fitch
views SMLP's limited size, scale and growth focus primarily in the
Utica, may make SMLP vulnerable to the basin, should there be an
outsized event or pronounced slowdown in the region.

Counterparty Exposure: SMLP has a diverse customer base but remains
exposed to counterparty risk as the majority of cash flows are from
non-investment-grade and/or unrated counterparties, that are
expected to contribute almost 78%-82% of its 2021E gross margins.

SMLP relies on a small customer group for a significant portion of
revenues. Caerus Oil and Gas LLC (NR) in the Piceance basin
accounted for about 13% of total revenue for 2020. Other notable
counterparties making meaningful contribution include Ascent
Resources in Utica (B/Stable) and Antero Resources Corp (AR, Not
Rated) in Marcellus basin. Approximately 30% of 2021 revenues are
expected to be underpinned by minimum volume commitments (MVC), the
majority of which are from non-investment-grade counterparties and
these cash flow assurances decline over the rating horizon.

Volumetric Risk Prevails Within Portfolio: SMLP's operations are
primarily underpinned by fixed-fee contracts with a weighted
average contract life of about eight years. Approximately 95% of
2020 gross margins were derived from fixed fee contracts, reducing
its direct commodity price exposure, but continues to be subject to
volumetric risk. These contracts are predominantly backed by
acreage dedications with some MVC's or minimum revenue commitments
(MRCs).

While the curtailed E&P production during 2Q20 are back online,
Fitch believes growth will be slower across many of SMLP's systems,
as most upstream producers maintain capital discipline in the near
term. If customer activity falls and in turn volumes are pressured,
SMLP's throughput may be impacted, a risk Fitch expects to remain
in the near term.

Double E Pipeline JV: Double E pipeline is an interstate natural
gas transmission pipeline expected to be in-service in 4Q21. SMLP
has funded the project through non-recourse senior secured credit
facilities at Summit Permian Transmission, LLC and preferred shares
at Summit Permian Transmission Holdco, LLC, a subsidiary that holds
70% interest in Double E.

In its rating case, Fitch does not consolidate the non-recourse
debt and subsidiary-level preferred shares to SMLP's balance sheet.
Fitch does not project cash flow coming to SMLP from the project
over the forecast period as all available cash flow is expected to
be directed toward servicing debt and preferred distributions at
Summit Permian Transmission LLC and Summit Permian Transmission
Holdco, LLC, but Fitch has taken into account the strategic
importance of the project to SMLP.

Parent Subsidiary Linkage: Fitch considers the consolidated credit
profile of SMLP and Summit Holdings, under its Parent Subsidiary
Ratings Linkage Criteria for the ratings of these two entities.
SMLP is the parent of Summit Holdings, which is the only source of
cash flow for SMLP. There is no debt at SMLP, and SMLP's preferred
units are subordinated to the debt at Summit Holdings.

Summit Holdings exhibits a stronger credit profile as the operating
subsidiary where the assets are located and cash flow is generated.
Fitch also views the legal and operational ties as strong between
the two entities. Summit Holdings' credit agreement and notes are
guaranteed by SMLP.

DERIVATION SUMMARY

SMLP's ratings are limited by the size and scale of operations.
While the partnership is well-diversified with assets in seven
basins, approximately 30%-35% of EBITDA is generated from the
mature and declining Piceance basin. In addition, Fitch's size and
scale concerns about midstream energy issuers tend to be focused on
facilitating access to capital for meeting funding needs, with
larger entities more easily able to access capital markets.

Given SMLP's regional diversity, commodity focus and contract mix,
Harvest Midstream I, L.P. (HMI; BB-/ Stable), is a comparable for
SMLP. HMI is geographically well diversified with presence in five
distinct areas spread across the U.S., although much of the assets
and operations concentration is in two mature basins, San Juan
basin and Alaska with cashflows predominantly underpinned from its
affiliate and primary counterparty, Hilcorp (Not Rated). However,
HMI has stronger leverage metrics than SMLP. Fitch expects HMI's
leverage in the range of 2.7x-2.9x at YE2021 compared with
approximately 5.8x for SMLP, leading to three-notch separation in
IDRs.

Blue Racer Midstream LLC (IDR: B+/ Stable) is slightly larger in
size to SMLP in terms of revenue and EBITDA, under fixed fee
contracts and benefits from the strategic location of its midstream
assets within the Appalachian basin. Blue Racer's credit metrics
are sound in the context of single-region gathering and processing
companies rated by Fitch, with Fitch's expectation that leverage in
2021 will be below 4.5x as volume growth returns by 2H21 into 2022.
SMLP has a lower rating than Blue Racer due to higher leverage
metrics and the benefits of basin diversity offset by significant
proportion of cash flows from mature, declining basins.

KEY ASSUMPTIONS

-- Fitch Price Deck for Henry Hub prices of $3.40/Mcf in 2021,
    $2.75/ Mcf in 2022 and $2.45/Mcf thereafter;

-- Fitch price deck for West Texas Intermediate (WTI) oil price
    of $60/bbl in 2021, $52/ bbl in 2022 and $50/ bbl thereafter;

-- Flat to moderate volume growth, driven primarily by the Utica
    basin;

-- No new acreage dedications or new producer customer assumed;

-- 2021 total capex in line with management guidance;

-- Successful completion of the proposed $700 million Second
    Priority notes offering and $400 million ABL;

-- Distributions on Series A Preferreds and common units remain
    suspended throughout forecast period;

-- No asset sale or equity issuance.

In its recovery analysis, Fitch assumed that SMLP is reorganized as
a going-concern rather than liquidated. Fitch's going concern
EBITDA assumption is $170 million-$175 million, which represents a
mid-cycle estimate of sustainable EBITDA for the partnership
considering a full year run rate post- bankruptcy emergence and
reflecting a repricing of its contracts and lower volume. Fitch
used a 6x EBITDA multiple to arrive at SMLP's going-concern
enterprise value. The multiple is in line with recent
reorganization multiples in the energy sector. There have been a
limited number of bankruptcies and reorganizations within the
midstream space but in the limited sample such as bankruptcies of
Azure Midstream and Southcross Holdco, the reorganization multiples
were between 5x and 7x by Fitch's best estimates. In Fitch's
bankruptcy case study report "Energy, Power and Commodities
Bankruptcies Enterprise Value and Creditor Recoveries," published
in April 2019, the median enterprise valuation exit multiplies for
35 energy cases for which this was available was 6.1x, with a wide
range of multiples observed. There is a small residual value coming
from SMLP's ownership in Double E pipeline with the assumption that
Double E pipeline is constructed and in-service by end 2021.

Netting a 10% administrative claim from the going concern
enterprise value and assuming 80% draw down on the ABL results in a
recovery corresponding to 'RR2' for the Second Priority Notes.

RATING SENSITIVITIES

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

-- Expected Leverage (total debt with equity credit/operating
    EBITDA) at or below 5.5x basis on a sustained basis;

-- Material change to earnings stability profile in terms of
    greater proportion of EBITDA derived from high growth basins
    or decreased volumetric exposure.

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

-- Expected Leverage (total debt with equity credit/operating
    EBITDA) above 6.5x on a sustained basis;

-- FFO fixed-charge coverage sustained below 2.5x;

-- Material change to contractual arrangement and operating
    practices that negatively impacts cash flow or earnings
    profile, including a move away from current majority of
    revenue being fee based;

-- Meaningful deterioration in customer credit quality or a
    significant event at a major customer that impairs cash flows;

-- Increases in capital spending beyond Fitch's expectation that
    have negative consequences for credit profile (e.g. if not
    funded with a balance of debt and equity);

-- Reduced liquidity;

-- Inability to successfully complete the proposed $700 million
    second priority notes offering and $400 million ABL
    refinancing transaction may lead to downgrade by one or more
    notches.

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 Profile Improves with Proposed Issuance: SMLP's liquidity
is somewhat limited in the near term. As of June 30, 2021, SMLP had
approximately $322.1 million in available liquidity. Cash on
balance sheet was $7.2 million. The partnership had $314.9 million
available under its 1.1 billion senior secured revolver, which
matures in May 2022 (after considering $23.1 million LC's which are
backstopped by the revolver).

In December 2020, Summit Holdings amended the revolving credit
facility which eliminated the $250 million accordion feature. Based
on covenant limits, SMLP's availability under the revolving credit
facility as of June 30, 2021 was approximately $137.6 million. The
credit facility includes restrictions on total leverage and senior
secured leverage ratio which must remain below 5.75x and 3.5x
respectively. As of June 30, 2021, SMLP was in compliance with all
financial covenants.

As of June 30, 2021, SMLP also has $234 million in outstanding
senior unsecured notes due August 2022 and $259.5 million senior
unsecured notes due April 2025, which are co-issued by Summit
Midstream Finance Corporation. The notes issued by Summit Holdings
are guaranteed on a senior unsecured basis by SMLP and certain
subsidiaries of Summit Holdings.

ISSUER PROFILE

SMLP owns, develops and operates midstream energy infrastructure
assets in unconventional resource basins, primarily shale
formations in continental United States. SMLP, through its 100%
ownership of Summit Midstream Holdings LLC (Summit Holdings)
provides natural gas gathering, compression, treating, and
processing services, as well as crude oil and produced water
gathering services.

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.
Fitch gives 50% equity credit to SMLP's 9.50% Series A Preferred
Cumulative Perpetual Units under Fitch's hybrid methodology,
Corporates Hybrids Treatment and Notching Criteria.

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.


SUMMIT MIDSTREAM: Offering $700M Senior Secured Second Lien Notes
-----------------------------------------------------------------
Summit Midstream Partners, LP announced that, subject to market and
other conditions, Summit Midstream Holdings, LLC and Summit
Midstream Finance Corp. -- the co-issuers -- which are subsidiaries
of the Partnership, commenced a private offering of up to
$700,000,000 aggregate principal amount of Senior Secured Second
Lien Notes due 2026.  The Notes are expected to pay interest
semi-annually and will be jointly and severally guaranteed, on a
senior second-priority secured basis, by the Partnership and each
restricted subsidiary of the Partnership (other than the
Co-Issuers) that is an obligor under the credit agreement by and
among Summit Holdings, as borrower, Bank of America, N.A.,
administrative agent and trustee and the several lenders and other
agents party thereto, which Summit Holdings expects to enter into
on or about the date on which the Notes are issued, or under the
Co-Issuers' 5.75% Senior Notes due 2025 on the issue date of the
Notes.

The Co-Issuers intend to use the net proceeds from the Offering,
together with cash on hand and borrowings under the ABL Credit
Agreement to (i) repay in full all of Summit Holdings' obligations
under the Third Amended and Restated Credit Agreement, dated as of
May 26, 2017 (as amended or otherwise modified from time to time),
among Summit Holdings, the lenders from time to time party thereto
and Wells Fargo Bank, National Association, as administrative agent
and collateral agent, (ii) redeem all of the $234,047,000 in
aggregate principal amount outstanding of the Co-Issuers' 5.50%
Senior Notes due 2022, (iii) pay accrued and unpaid interest on the
Revolving Credit Facility and 2022 Notes and (iv) for general
corporate purposes, including fees and expenses associated with the
Offering.

The Notes and related guarantees are being offered only to persons
reasonably believed to be qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as amended,
or to persons other than "U.S. persons" outside the United States
in compliance with Regulation S under the Securities Act.  The
Notes and related guarantees have not been registered under the
Securities Act or the securities laws of any other jurisdiction and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements.
This notice does not constitute an offer to sell any security,
including the Notes, nor a solicitation for an offer to purchase
any security, including the Notes, and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offering, solicitation or sale would be unlawful.

In connection with the Offering, the Co-Issuers also announced that
they plan to deliver a notice of conditional redemption calling for
redemption on Nov. 12, 2021 of all the 2022 Notes at a redemption
price equal to 100.0% of the principal amount of the 2022 Notes to
be redeemed, plus accrued and unpaid interest, if any, on the 2022
Notes to be redeemed on the Redemption Date (subject to the right
of holders of record on the relevant record date to receive
interest due on an interest payment date that is on or prior to the
Redemption Date).  The Co-Issuers intend to finance the redemption
of the 2022 Notes with a portion of the net proceeds from the
Offering.  The Co-Issuers' obligation to redeem the 2022 Notes will
be conditioned upon the consummation, on or prior to the
redemption, of certain financing transactions that results in net
cash proceeds, after repayment of the Revolving Credit Facility, in
an amount at least sufficient to pay the redemption price, all
accrued and unpaid interest and all other amounts owing under the
indenture governing the 2022 Notes.  The Co-Issuers will publicly
announce and notify the holders of the 2022 Notes and the trustee
for the 2022 Notes if any of the foregoing conditions are not
satisfied, whereupon the Redemption Notice will be revoked and the
2022 Notes will remain outstanding.

U.S. Bank National Association is the trustee for the 2022 Notes
and is serving as the paying agent for the redemption.  Copies of
the Redemption Notice and additional information relating to the
redemption of the 2022 Notes may be obtained from U.S. Bank
National Association, (800) 934-6802.

The redemption of the 2022 Notes will be made solely pursuant to
the Redemption Notice.

                      About Summit Midstream

Summit Midstream Partners is a value-driven limited partnership
focused on developing, owning and operating midstream energy
infrastructure assets that are strategically located in
unconventional resource basins, primarily shale formations, in the
continental United States.  SMLP provides natural gas, crude oil
and produced water gathering services pursuant to primarily
long-term and fee-based gathering and processing agreements with
customers and counterparties in six unconventional resource basins:
(i) the Appalachian Basin, which includes the Utica and Marcellus
shale formations in Ohio and West Virginia; (ii) the Williston
Basin, which includes the Bakken and Three Forks shale formations
in North Dakota; (iii) the Denver-Julesburg Basin, which includes
the Niobrara and Codell shale formations in Colorado and Wyoming;
(iv) the Permian Basin, which includes the Bone Spring and Wolfcamp
formations in New Mexico; (v) the Fort Worth Basin, which includes
the Barnett Shale formation in Texas; and (vi) the Piceance Basin,
which includes the Mesaverde formation as well as the Mancos and
Niobrara shale formations in Colorado. SMLP has an equity
investment in Double E Pipeline, LLC, which is developing natural
gas transmission infrastructure that will provide transportation
service from multiple receipt points in the Delaware Basin to
various delivery points in and around the Waha Hub in Texas. SMLP
also has an equity investment in Ohio Gathering, which operates
extensive natural gas gathering and condensate stabilization
infrastructure in the Utica Shale in Ohio.  SMLP is headquartered
in Houston, Texas.

Summit Midstream reported net income of $189.08 million for the
year ended Dec. 31, 2020, compared to a net loss of $393.73 million
for the year ended Dec. 31, 2019.  As of June 30, 2021, the Company
had $2.47 billion in total assets, $1.47 billion in total
liabilities, $97.68 million in mezzanine capital, and $905.30
million in total partners' capital.

                             *   *   *

As reported by the TCR on April 19, 2021, S&P Global Ratings
lowered its rating on Summit Midstream Partners L.P. (SMLP) to 'SD'
(selective default) from 'CC'.


SUMMIT MIDSTREAM: S&P Upgrades ICR to 'B' on Refinancing
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Summit
Midstream Partners L.P. (SMLP) to 'B' from 'SD' (selective default)
and its issue-level rating on its senior unsecured debt to 'B-'
from 'CCC+'. S&P also revised its recovery rating on the unsecured
debt to '5' from '3'. The '5' recovery rating indicates its
expectation for modest (10%-30%; rounded estimate: 15%) recovery in
the event of a default.

S&P said, "At the same time, we assigned our 'BB-' issue-level
rating and '1' recovery rating to Summit Midstream Holdings LLC and
Summit Midstream Finance Corp.'s new $700 million second-priority
secured notes. The '1' recovery rating indicates our expectation
for very high (90%-100%; rounded estimate: 95%) recovery in the
event of a default.

"Our 'D' issue-level rating on SMLP's preferred stock remains
unchanged because we view the ongoing distribution deferral as a
default on the security. When SMLP begins paying a distribution on
the preferred units we will reassess its credit quality
accordingly.

"Over the last two years SMLP has completed several transactions
that reduced its debt balance by approximately $700 million. In our
view, it completed the majority of these transactions at distressed
levels, which led us to take negative rating actions on the
company. Despite our downgrades, we recognize that these
transactions reshaped SMLP's balance sheet and ultimately
positioned it to refinance its 2022 maturities. We now view the
partnership as better capitalized and anticipate it will focus on
paying down its debt balance with excess free cash flow."

SMLP's gathering and processing business remains diversified across
seven basins and it continues to derive approximately 95% of its
gross margin from fee-based contracts with no commodity price
exposure. The partnership's minimum volume commitments (MVCs),
which comprise approximately 44% of its total operational
throughput through 2023, further underpin its cashflows. SMLP's
customer base remains well diversified with a weighted average
contract tenor of approximately 8 years.

The partnership's assets are operating at approximately 40%
capacity, which highlights the challenges the midstream industry is
facing because upstream counterparties continue to focus on capital
spending discipline. SMLP does have approximately $300 million of
gathering and processing MVC cashflows, which it will realize over
the next five years. Given its utilization levels, S&P also expects
the partnership's capital spending to remain modest, which will
further enhance its free cash flow.

The partnership's progress on its Double E Pipeline project remains
on schedule. In March 2021, SMLP closed $175 million of asset-level
senior secured credit facilities, which it will use to finance the
project's remaining construction costs. Through cost-savings
initiatives, management was able to lock in 90% of its expenses and
reduce the project's total construction cost to $415 million (net
$290 million to SMLP based on its 70% ownership). Management
continues to expect an in-service date in late December 2021 or
early 2022. The project is highly supportive of SMLP's underlying
business and will help diversify its asset portfolio while somewhat
offsetting the gathering and processing MVC contract roll-offs over
the next five years. The pipeline's contract book comprises several
long-term MVCs with noteworthy customers led by anchor shipper and
partial owner XTO (30% owner). Management estimates that Double E
Pipeline will produce over $430 million of MVCs cashflows through
2031. S&P believes the project is significantly de-risked and that
it is now up to the construction crew to finalize the asset in a
timely manner.

S&P said, "We forecast SMLP will achieve an EBITDA base in the $220
million-$230 million range in 2021, which leads us to project its
adjusted debt to EBTIDA will be in the 6.25x-6.75x range. Given our
treatment of the Double E credit facility and the preferred equity
draws, we expect that the partnership could end the year in the
mid- to upper-portion of our leverage range because we will
proportionally consolidate any Double E draws in SMLP's adjusted
debt balance. We estimate SMLP will generate approximately $125
million-$145 million of free cash flow in 2021 and expect it to use
excess cashflow to reduce its debt balance.

"The stable outlook highlights the accretive refinancing
transaction, which will push out SMLP's debt wall to 2026 while
improving its liquidity. Furthermore, we believe the partnership
has demonstrated a commitment to reduce its expenses and has
remained disciplined with its capital spending, which should
facilitate additional deleveraging. We forecast SMLP will achieve
an adjusted debt EBTIDA ratio in the 6.25x-6.75x range in 2021.

"We could consider lowering our rating on SMLP if its assets
underperform for a prolonged period and it sustains adjusted
leverage above 6.5x. We could also consider a negative ratings
action if any portion of the 2022 maturities remains outstanding
and SMLP lacked the liquidity to repay them when due.

"We could consider a positive rating action on SMLP if it reduces
its leverage to 5x while continuing to improve its asset
utilization across its footprint."



TELIGENT INC: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                     Case No.
     ------                                     --------
     Teligent, Inc. (Lead Debtor)               21-11332
     33 Wood Ave., 7th Floor
     Iselin, NJ 08830

     Igen, Inc.                                 21-11333
     Teligent Pharma, Inc.                      21-11334
     TELIP LLC                                  21-11335

Business Description: Teligent, Inc. and its affiliates develop,
                      manufacture, and market specialty generic
                      pharmaceutical products for use by
                      doctors and patients in the United States
                      and Canada.  The Debtors manufacture and
                      sell topical prescription pharmaceutical
                      products in the United States.

Chapter 11 Petition Date: October 14, 2021

Court: United States Bankruptcy Court
       District of Delaware

Judge: Hon. Brendan Linehan Shannon

Debtors'
Bankruptcy
Counsel:           Michael R. Nestor, Esq.
                   Matthew B. Lunn, Esq.     
                   Shane M. Reil, Esq.  
                   S. Alexander Faris, Esq.  
                   Betsy L. Feldman, Esq.
                   YOUNG CONAWAY STARGATT & TAYLOR, LLP  
                   Rodney Square
                   1000 North King Street
                   Wilmington, Delaware 19801
                   Tel: (302) 571-6600
                   Fax: (302) 571-1253
                   Email: mnestor@ycst.com
                          mlunn@ycst.com
                          sreil@ycst.com
                          afaris@ycst.com
                          bfeldman@ycst.com

Debtors'
Special
Corporate
Counsel:             K&L GATES LLP

Debtors'
Restructuring
Advisor:             PORTAGE POINT PARTNERS, LLC

Debtors'
Investment
Banker:              RAYMOND JAMES & ASSOCIATES, INC.

Debtors'
Notice,
Claims,
Solicitation &
Balloting
Agent:               EPIQ CORPORATE RESTRUCTURING, LLC

Total Assets as of August 31, 2021: $84,996,000

Total Debts as of August 31, 2021: $135,776,000

The petitions were signed by Vladimir Kasparov as chief
restructuring officer.

A full-text copy of Teligent, Inc.'s petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/7FE5DGY/Teligent_Inc__debke-21-11332__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                           Nature of Claim   Claim Amount
   ------                           ---------------   ------------
1. Amerisource Bergen                  Customer         $8,285,707
Corporation                          Rebates/Fees
1300 Morris Drive
Chesterbrook, PA 19087
Email: elizabeth.campbell@
amerisourcebergen.com

2. FDA - Office of Generic Drugs       Regulatory        
$1,737,414
1350 Picard Dr.                           Fee
Rockville, MD 20850
Email: druginfo@fda.hhs.gov

3. McKesson Corporation                Customer         $1,458,492
6535 N. State Highway 161            Rebates/Fees
Irving, TX 75039
Email: ben.carlsen@mckesson.com

4. Cardinal Health, Inc.               Customer         $1,014,474
7000 Cardinal Place                  Rebates/Fees
Dublin, OH 43017
Email: gmb-fssw-pd-
supplier@cardinalhealth.com

5. CVS Pharmacy, Inc.                  Customer           $627,142
One CVS Drive                        Rebates/Fees
Woonsocket, RI 02895
Email: charles.aragon@
redoaksourcing.com

6. Eversana Life                    Trade Payable         $444,953
Science Services, LLC
24740 Network Pace
Chicago, IL 60673-1247
Email: ar@eversana.com

7. Walgreens Company                   Customer           $244,648
62869 Collections                   Rebates/Fees
Centre Drive
Chicago, IL 60693-0628
Email: danielle.gray@
wbaddev.com

8. Berlin Packaging LLC             Trade Payable         $229,864
P.O. Box 74007164
Chicago, IL 60674-7164
Email: krystel.veilleux@
berlinpackaging.com

9. Consumer Product                 Trade Payable         $197,826
Testing Co.
70 New Dutch Lane
Fairfield, NJ 07004
Email: nramirez@cptlabs.com

10. Sintetica S.A.                  Trade Payable         $183,874
452 Lock Avenue
Gibbstown, NJ 08027
Email: mtoure@sintetica.com

11. RHO Inc.                         Contractors/         $170,709
507 Omni Drive                        Temporary
Hillsborough, NJ 08844                  Labor
Email: rhofinance@rho-inc.com

12. Atlantic City Electric             Utility            $149,753
P.O. Box 17006
Wilmington, DE 19850-7006
Email: kast-north@pepcoholdings.com

13. Medix Staffing Solution, Inc.    Trade Payable        $106,321
222 S. Riverside Plaza
Suite 2120
Chicago, IL 60606
Email: billing@medixteam.com

14. The Training Center Group, LLC      Facility          $103,406
113 Monmouth Rd, Suite 1               Management
Wrightstown, NJ 08562
Email: dan@thetrainingcenter.com

15. York International                 Insurance          $100,950
Agency, LLC
500 Mamaroneck Avenue
Suite 220
Harrison, NY 10528
Email: info@yorkintl.com

16. PWC Advisory Services LLC         Professional         $95,000
300 Madison Ave                         Payable
New York, NY 10017
Email: dinkar.saran@pwc.com

17. Optisource, LLC                  Trade Payable         $94,354
860 Blue Gentian Road
Suite 330
Eagan, MN 55121
Email: jim@optisourcegroup.com

18. Andler South Corporation         Trade Payable         $94,210
P.O. Box 449125
Everett, MA 02149
Email: candis.capolingua@andler.com

19. Chemwerth USA                    Trade Payable         $90,000
1764 Litchfield Turnpike
Woodbridge, CT 06525
Email: jennifer.grandpre@
chemwerth.com

20. Agility Technologies Group       Trade Payable         $85,407
3601 Market St, Unit 2902
Philadelphia, PA 19104
Email: bmcdonald@agilitymsp.com

21. Oxford Global                     Contractors/         $83,603
Resources, LLC                         Temporary
PO Box 3256                              Labor
Boston, MA 02241-3256
Email: emily_seitz@oxfordcorp.com

22. Buena Vista Township                  Tax              $76,268
Tax Collector
PO Box 6026
Orange, CA 92863
Email: kmerlino@buena
vistanj.com

23. Broadridge ICS                      Public             $68,647
P.O. Box 416423                        Company
Boston, MA 02241-6423                   Costs
Email: fred.wenze@broadridge.com

24. Cintas Corporation               Trade Payable         $66,040
P.O. Box 630803
Cincinatti, OH 45263-0803
Email: ludyd@cintas.com

25. The Hacket Group, Inc.           Trade Payable         $64,988
PO Box 741197
Atlanta, GA 30374-1197
Email: tbeers@answerthink.com

26. Lyneer Staffing                  Contractors/          $63,821
Solutions, LLC                        Temporary
PO Box 75414                            Labor
Chicago, IL 60675-5414
Email: jquartin@lyneer.com

27. Sterinova Inc.                    European CMO         $56,371
3005, Avenue Jose-Maria-Rossell
Saint-Hyacinthe,
Quebec, Quebec 125 019
Canada
Email: info@sterinova.com

28. Flavine North America, Inc.      Trade Payable         $52,080
61 South Paramus Road
Suite 565
Paramus, NJ 07652
Email: arda.garabed@flavine.com

29. Grassi & Co.                      Professional         $51,125
488 Madison Avenue,                      Payable
21st Floor
New York, NY 10022
Email: mderosa@grassicpas.com

30. Quality By Design, LLC            Contractors/         $51,000
12401 N Wildflower Lane                Temporary
Highland, UT 84003                       Labor
Email: drlittle@thomaslittleco
nsulting.com


TELIGENT INC: Files for Chapter 11 to Pursue Sale
-------------------------------------------------
On October 14, 2021, Teligent Inc., a New Jersey-based specialty
genetic pharmaceutical company and certain of its affiliates filed
for voluntary protection under Chapter 11 of the U.S. Bankruptcy
Code in the United States Bankruptcy Court for the District of
Delaware to pursue a sale process that is intended to maximize the
value of the Company.

The Company began a marketing process ahead of the Chapter 11
filing to determine the level of market interest and is in ongoing
discussions with several interested parties. The company expects to
consummate a sale of the entire business or its core assets by
early 2022. Meanwhile, Teligent's Canadian affiliate, Teligent
Canada, will be pursuing an out-of-court sale process.

In connection with the filing, Teligent has appointed Vladimir
Kasparov, Managing Director at Portage Point Partners, as Chief
Restructuring Officer. Mr. Kasparov will oversee the business and
its restructuring process, working closely with the Teligent
leadership team, including previously appointed interim Chief
Financial Officer Alyssa Lozynski, and Board of Directors to
execute the Company's business strategy and conduct a
value-maximizing sale process. Mr. Kasparov brings deep experience
in managing complex financial and operational restructuring,
including providing interim management services and stepping into
officer roles to preserve and maximize value during restructuring
and operational turnarounds.

Furthermore, the Company appointed Bradley E. Scher to its Board of
Directors, enhancing the Boardโ€™s restructuring expertise. Mr.
Scher is the Founder and Managing Member of Ocean Ridge Capital
Advisors, LLC and has served in a variety of crisis and interim
management roles. The Company also announced that Chief Executive
Officer Tim Sawyer and Chief Legal Officer and Executive Vice
President Philip Yachmetz resigned effective October 8, 2021.

"The entire Teligent team has worked diligently over the past year
to address market trends, our debt structure, and operational
hurdles that have challenged our business. While this is not the
outcome we envisioned, we are confident that Teligentโ€™s business
includes a strong portfolio of specialty generic prescription
assets and believe a sale is the best opportunity to maximize
value," said John Celentano, the Chairman of Teligent's Board of
Directors. "On behalf of the entire Teligent Board of Directors,
I'd like to thank Tim and Phil for their dedication and hard work
on behalf of the Company throughout their tenures. We welcome Vlad,
Alyssa, and Brad to the team and look forward to partnering with
them as we pursue the Companyโ€™s strategy and a value-maximizing
sale."

The Company has filed various "First-Day" motions with the
Bankruptcy Court requesting customary relief that will enable the
Company to transition into Chapter 11 without disruption to its
ordinary course operations. Teligent expects these motions to be
approved within the first few days of the case.

In order to fund and preserve its operations during the Chapter 11
process, the Company is arranging $12 million in
debtor-in-possession ("DIP") financing from its senior secured
lenders. Upon approval by the Bankruptcy Court, the DIP financing
will provide the Company with the necessary liquidity to operate in
the normal course and cover administrative expenses throughout the
Chapter 11 process as it pursues a value-maximizing sale process.

                       Additional Information

As previously disclosed, on April 9, 2021, Teligent received a
notice from Nasdaq informing the Company that its common stock
failed to meet the minimum required closing bid price for continued
listing on The Nasdaq Global Select Market. The Company did not
regain compliance by the October 6, 2021 deadline and does not
intend to appeal for additional time or a hearing. Teligent's
shares of common stock are scheduled for delisting at the opening
of business on October 18, 2021, and may thereafter trade in the
over-the-counter market.

More information regarding Teligent's Chapter 11 case can be found
at https://dm.epiq11.com/Teligent or by calling (800) 781-1016 for
U.S. calls or (503) 597-5535 for international calls.

Teligent is represented in this matter by Young Conaway Stargatt &
Taylor, LLP and K&L Gates LLP as legal advisors, Raymond James &
Associates, Inc. as investment banker, and Portage Point Partners,
LLC as financial advisor and provider of interim management
services.

                       About Teligent Inc.

Teligent, Inc., a specialty generic pharmaceutical company,
develops, manufactures, markets, and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015. Teligent, Inc. was founded in 1977 and is based in
Buena, New Jersey.

Teligent Inc. sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 21- 11332) on October 14, 2021. The cases are handled by
Honorable Judge Brendan Linehan Shanno. Young Conaway Stargatt &
Taylor, LLP and K&L Gates LLP are the Debtors' counsels.


TEX-GAS HOLDINGS: To Seek Plan Confirmation on Nov. 19
------------------------------------------------------
Judge Jeffrey Norman has entered an order conditionally approving
the Disclosure Statement of Tex-Gas Holdings, LLC.

Nov. 19, 2021, at 9:30 a.m., in Courtroom 403, United States
Courthouse, 515 Rusk Street, Houston, Texas, is fixed for the
hearing on final approval of the Disclosure Statement (if a written
objection has been timely filed) and for the hearing on
confirmation of the Plan.

Nov. 12, 2021, is fixed as the last day for filing and serving
written objections to the disclosure statement and confirmation of
the plan.

Nov. 12, 2021, is fixed as the last day for filing written
acceptances or rejections of the plan.

                      About Tex-Gas Holdings

Tex-Gas Holdings, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 21-80092) on June 1,
2021.  Elroy D. Fimrite, president of Tex-Gas Holdings, signed the
petition.  In the petition, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.
Judge Jeffrey P. Norman oversees the case.  Andrews Myers, P.C., is
the Debtor's legal counsel.


TRAVERSE MIDSTREAM: Moody's Alters Outlook on B3 CFR to Stable
--------------------------------------------------------------
Moody's Investors Service changed Traverse Midstream Partners LLC's
outlook to stable. Concurrently, Moody's also affirmed Traverse
Midstream's B3 Corporate Family Rating, its B3-PD Probability of
Default Rating and its B3 senior secured term loan B rating.

The proposed transaction seeks to reprice the company's existing
$1.311 billion term loan B due September 2024 and concurrently
raise a $39 million incremental loan to bring the term loan balance
to $1.35 billion. The proceeds from the incremental loan along with
the cash balance will be largely repay Energy Transfer LP (ET, Baa3
stable) for the deferred capital call. ET is Traverse's Midstream
joint venture partner in the Rover Pipeline LLC (Rover).

Affirmations:

Issuer: Traverse Midstream Partners LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Term Loan, Affirmed B3 (LGD4)

Outlook Actions:

Issuer: Traverse Midstream Partners LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Traverse Midstream's outlook change to stable reflects the
fundamental improvement in the credit strength of the Rover
pipeline in light of improved natural gas fundamentals and
counterparty credit strength. Additionally, with the capital
spending largely completed, Traverse Midstream's focus on debt
reduction through excess cash flow sweeps will gradually improve
the company's debt leverage.

The $1.35 billion Term Loan maturing in September 2024 is rated B3,
the same as the CFR. The $50 million Revolver due in November 2023
has a super priority preference over the Term Loan. However, given
small size of the Revolver as compared to the Term Loan, the Term
Loan is rated the same as the CFR.

Traverse Midstream's B3 CFR is supported by the stable cash flow
generated by its 35% non-operating ownership interest in Rover
Pipeline LLC (Rover), which it owns through wholly owned Traverse
Rover LLC and Traverse Rover II LLC, and secondarily by its 25%
non-operating interest in the Ohio River System LLC (ORS) natural
gas trunk pipeline. Rover's contribution to Traverse Midstream's
consolidated EBITDA, however, far outdistances that of ORS, and is
the principal source of cash flow influencing its ratings.

Notwithstanding the strategic value of Rover, Traverse Midstream
carries a very heavy debt load, with debt/EBITDA above 7x at
year-end 2021, and Funds from Operations (FFO)/debt below 10%.
Leverage will gradually improve, the function of a cash flow sweep
of 100% of available cash to the extent leverage exceeds 4.5x.
Under the joint venture agreement governing Rover, it is required
to distribute all free cash flow to its partners. Rover and ORS
themselves are unlevered.

Current contracted firm transportation volumes on Rover account for
approximately 90% of Rover's 3.425 billion cubic feet per day
(Bcfd) authorized capacity, and are buttressed by long-dated,
take-or-pay shipper contracts with initial terms of 15-20 years.
However, the weighted average rating of Rover's contracted
shippers, although improved from earlier in 2021 at around Ba3, is
a constraint implicit in Traverse Midstream's rating. Traverse
Midstream's ratings are notched from Rover's credit profile which
incorporates the credit quality of its shipper counterparties. The
ratings also consider Traverse Midstream's strong governance
rights. It has blocking rights that prohibit key changes at the
Rover level including debt incurrence, asset sales, changes in
project scope and any modification of distribution policies.

The ratings also reflect the incorporation of the Minority Holding
Companies Methodology as a secondary methodology into the analysis
of Traverse Midstream. The methodology describes the general
principles for assessing entities such as Traverse Midstream whose
activities are limited to owning non-controlling interests in
non-financial corporate entities. Considerations discussed in the
methodology include subordination risk between the non-controlling
owner and the underlying operating company, the stability of the
operating company's distributions and coverage, and the extent of
the non-controlling owner's influence on the governance of the
operating company.

Traverse Midstream's liquidity is adequate. It maintains a super
priority secured $50 million super priority senior secured
revolving credit facility established for additional short-term
liquidity, which is fully utilized. Consequently, Traverse
Midstream is almost entirely dependent on cash distributions from
Rover, and to a lesser extent ORS, for any liquidity needs that
should arise. Any remaining capital calls to fund Rover, which are
now considered remote, can be managed under a Deferred Capital Call
Agreement with its joint venture partners ET, which will expire in
December 2022. Excess liquidity is swept into mandatory Term Loan B
debt prepayments. Both the Term Loan B and the secured revolver
share a 1.4x minimum debt service coverage ratio covenant, which
Moody's sees as being met.

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

Prospects for a ratings upgrade over the near-term are limited by
Traverse Midstream's high leverage. Debt/EBITDA clearly trending
towards 6x or FFO/debt approaching 10% could eventually support a
rating upgrade. Ratings could be downgraded if Traverse Midstream
fails to improve its leverage metrics, or if the credit quality of
Rover's contracted shippers deteriorates.

Traverse Midstream Partners LLC was formed in 2014 by The Energy
and Minerals Group (EMG) to focus on building a portfolio of
non-operated midstream assets. Founded in 2006, EMG is a private
equity firm based in Houston, Texas which invests in companies
operating in the natural resources, energy, infrastructure, mining
and minerals sectors.

The principal methodology used in these ratings was Natural Gas
Pipelines published in July 2018.


VALLEY FARM: Seeks Approval to Hire Sencer Appraisal Associates
---------------------------------------------------------------
Valley Farm Supply, Inc. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Sencer
Appraisal Associates to appraise its machinery and equipment.

Sencer has estimated the cost of the appraisal at $13,100 plus
expenses.

Garrett Schwartz, a senior appraiser at Sencer Appraisal
Associates, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Garrett Schwartz
     Sencer Appraisal Associates
     490 Lake Park Avenue, Suite 10142
     Oakland, CA 94610
     Telephone: (510) 473-6225
     
                     About Valley Farm Supply

Valley Farm Supply, Inc., a wholesaler of farm product raw
materials based in Nipomo, Calif., filed its voluntary petition for
Chapter 11 protection (Bankr. C.D. Calif. Case No. 20-11072) on
Sept. 2, 2020, listing total assets of $3,711,542 and total
liabilities of $8,460,250. Peter Compton, president, signed the
petition.

Judge Deborah J. Saltzman oversees the case.

The Debtor tapped Beall & Burkhardt APC as legal counsel, Terence
J. Long as restructuring consultant, and McDermott & Apkarian LLP
as accountant.

Community Bank of Santa Maria, as secured creditor, is represented
by Sandra K. McBeth, Esq., at McBeth Legal.

Simplot AB Retail, Inc., as secured creditor, is represented by
Hagop T. Bedoyan, Esq., at McCormick Barstow.


VENUS CONCEPT: Appoints Ross Portaro as President of Global Sales
-----------------------------------------------------------------
Venus Concept Inc. has appointed Ross J. Portaro to the position of
president of Global Sales, effective today.  

Mr. Portaro will assume the responsibilities of Chad A. Zaring, who
is resigning from his role of chief commercial officer for personal
reasons, effective today.  Mr. Zaring will continue to support the
Company as a consultant through March 31, 2022.

"Ross is an accomplished leader and industry veteran with more than
30 years of experience in the healthcare sector, including
positions at Candela Medical, Lumenis, Medicis Pharmaceutical, TRIA
Beauty and Ulthera, Inc," said Domenic Serafino, chief executive
officer and director of Venus Concept Inc.  "He has made important
contributions to the success of our organization as our Vice
President of EMEA, and I am pleased to announce his promotion to
the position of President of Global Sales.  With Ross as a member
of our senior leadership team, I believe Venus Concept is well
positioned to continue building a world class sales organization
committed to integrity and exceptional customer satisfaction.  I
would also like to thank Chad for his hard work and contributions.
We wish him well in his future endeavours."

"Venus Concept is a true innovator in the field of aesthetic
technology," said Mr. Portaro.  "I was attracted to the Company
because of its unique product offerings and development of new
robotic technologies, and I am excited by the opportunity to play a
key role in its next phase of growth and development as an
organization."

Mr. Portaro joined Venus Concept as vice president of EMEA in May,
2021, responsible for developing the sales strategy and managing
all sales and utilization activity via direct and distribution
sales channels in the region.  Prior to joining Venus Concept, he
worked for Candela Medical, a global medical aesthetic device
company, from 2016 until 2021 in a series of positions, including
vice president of EMEA Direct and global vice president of
Candela's Surgical Aesthetic Business Unit.  Mr. Portaro previously
served as senior vice president of Sales for BioPharmX, Inc. from
2014 to 2016.  His career experience also includes positions at
Medicis Pharmaceutical (2010 to 2013), TRIA Beauty (2006 to 2009)
and Lumenis (2004 to 2006).  Mr. Portaro holds a B.S. in Commerce
from the University of Virginia's McIntyre School of Commerce.

                        Separation Agreement

On Oct. 7, 2021, Chad Zaring and the Company entered into a
Confidential Separation and General Release Agreement.  Pursuant to
the terms of the Separation Agreement, Mr. Zaring is entitled to
receive, in connection with his separation, his unpaid regular
gross salary through the separation date, in the amount of $12,500.
Mr. Zaring will also receive his unpaid commissions earned in the
Company's third fiscal quarter and all authorized expenses incurred
until the separation date.  The separation payment will be made to
Mr. Zaring by Oct. 31, 2021 and is subject to applicable
withholdings and deductions.

Mr. Zaring's options in the Company will continue to vest until
March 31, 2022.  The Separation Agreement contains a general
release of claims for the benefit of the Company and its affiliates
and a covenant not to sue, as well as standard confidentiality,
non-disclosure and non-disparagement agreements.

Chad Zaring and the Company have entered into an Independent
Contractor Agreement, effective Oct. 16, 2021.  Pursuant to the
terms of the Consulting Agreement, Mr. Zaring will provide
consulting services to the Company as an independent contractor and
is entitled to receive payment of $300 per hour worked.  Mr. Zaring
will provide such consulting services at the request of the Company
and is not anticipated to exceed 10 hours of work per week.  The
Consulting Agreement will remain in effect until March 31, 2022.

                        About Venus Concept

Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services.  The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general
practitioners and aesthetic medical spas.

Venus Concept reported a net loss of $82.82 million for the year
ended Dec. 31, 2020, compared to a net loss of $42.29 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$147.27 million in total assets, $110.43 million in total
liabilities, ($782,000) in non-controlling interests and $37.63
million in total stockholders' equity.

Toronto, Canada-based MNP LLP issued a "going concern"
qualification in its report dated March 29, 2021, citing that the
Company has reported recurring net losses and negative cash flows
from operations that raises substantial doubt about its ability to
continue as a going concern.


VERACODE PARTNER: Fitch Affirms 'B+' LT IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of 'B+' for Veracode Partner, LP and Valkyr Purchaser, LLC
(operating as Veracode). The Rating Outlook is Stable. Fitch has
also affirmed the 'BB+'/'RR1' rating for Veracode's $30 million
secured revolving credit facility (RCF) and $300 million first-lien
secured term loan. Thoma Bravo acquired Veracode from Broadcom in
January 2019.

Veracode's ratings are supported by its leading position in an
emerging and growing area within cyber security. The expanding
footprint of connected devices and complexity in data networks,
application security has emerged as a vulnerability in cyber
security. While network firewalls and end-point security have
traditionally provided effective cyber security, application
security testing solutions have emerged for software development
organizations to address vulnerabilities in the software
applications and increasingly part of the software development
process. Veracode is positioned to capitalize on the industry
growth.

KEY RATING DRIVERS

Secular Tailwind Supporting Growth: The application security
testing market is estimated to grow in the mid-teens CAGR range
through 2023, according to various market research. The vastly
expanding footprint of devices across networks creates increasing
challenges for traditional approaches to network security. Efforts
to secure information and devices are evolving from network
firewalls and end-points security to increasing focus on software
applications to detect vulnerabilities at the software
application-development stage. As application security awareness is
incorporated into the software-development process, providers of
tools for application-security testing should benefit from the
rising demand.

Market Penetration Catalyst for Growth: Fitch believes
application-security testing market growth will be driven by
increasing awareness that rising complexity in networks and devices
would render traditional network-centric solutions insufficient.
While it is widely recognized that reducing software application
vulnerabilities is effective in addressing information security,
best practices in software development are not always followed as
organizations balance development time and resources with best
practices discipline. Continuing market education and regulatory
enforcements are increasing such discipline and demand for greater
emphasis on application security.

Leader in Niche Subsegment: Application-security testing is a niche
market with a few leading suppliers, including Veracode; Synopsys,
Inc.; Checkmarx Ltd; Micro Focus International plc; and WhiteHat
Security, Inc. Veracode solution was developed as a cloud-based
software-as-a-service solution that supports easy scalability and
implementation. While the industry consists of numerous viable
competing products, Fitch expects customer retention to be high for
the industry as solutions become standard tools within customers'
software-development workflow.

High Revenue Retention Rate and Recurring Revenue: During fiscal
2021, recurring revenue represented over 95% of total revenue and
retention rates remained high. Fitch believes these characteristics
are reflective of a mission-critical product embedded in the
customers' workflow. In conjunction with a subscription revenue
model, these attributes provide strong revenue visibility. The
resilient business model was demonstrated through the coronavirus
pandemic in fiscal 2021 when revenue grew by low-teens, above
Fitch's previous estimates of high-single digits growth rate.

Diversified Customer Base: Veracode serves over 2,500 customers in
the enterprise and midmarket segments, over 1,000 of which were
added since 2017. The largest customer represented less than 5% of
total revenue while the top 50 customers contributed to roughly 40%
of revenue. Veracode also has a diverse cross-section of industries
served that is representative of industry verticals that are
particularly sensitive to information security, such as financial
services. In Fitch's view, the diverse set of customers and
industry verticals should minimize idiosyncratic risks that may
arise from particular customers or industries.

Narrow Product Focus: Veracode focuses on the narrow segment of
application security testing. While this is an emerging and growing
segment, the narrow focus could expose the company to risks
associated with the evolving cybersecurity industry including
technology disruptions. Segment growth depends on broader adoption
of application security testing by software-development
organizations.

Moderate Financial Leverage: Fitch estimates gross leverage to be
near 4x in fiscal 2022. Given the scale and the private equity
ownership of the company, Fitch believes the company is likely to
optimize ROE through acquisitions to accelerate growth or dividends
to the owners with financial leverage remaining at moderate
levels.

DERIVATION SUMMARY

Veracode operates in the subsegment of application-security testing
within the enterprise-security market that traditional included
network firewalls and end-point security. The broader
enterprise-security market has been growing, supported by greater
awareness around security breaches and the increasing complexity of
IT networks and applications. Application security also benefits
from industry secular growth trends. Within the
application-security testing subsegment, Veracode is perceived as
one of the leaders. Within the broader enterprise security market,
peers include NortonLifeLock Inc. (BB+/Stable) and McAfee LLC
(BB-/Stable).

Veracode has smaller revenue scale and lower EBITDA margins than
both NortonLifeLock and McAfee LLC. Veracode also has higher gross
leverage. Fitch also compares Veracode with Sysnopsys, Inc., a
direct peer to Veracode. Synopsys' LTM July 2021 EBITDA margin
(31.1%) is comparable to that of Veracode. However, Synopsys has a
greater revenue diversity as it also has products beyond
application security.

KEY ASSUMPTIONS

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

-- Organic revenue growth in the high-single-digits;

-- EBITDA margins stable in the high-20's;

-- Capex intensity remaining at approximately 3.5% of revenue;

-- Debt repayment limited to mandatory amortization;

-- Aggregate acquisitions of $250 million through FY2025;

-- Aggregate dividends to owners of $150 million through FY2025.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Veracode would be
    reorganized as a going-concern in bankruptcy rather than
    liquidated.

-- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

-- In the event of distress, Fitch assumes Veracode would suffer
    from greater customer churn and margin compression on lower
    revenue scale. Veracode's GC EBITDA is assumed to be $65.5
    million, approximately 15% below estimated FY2022 EBITDA of
    $77 million (28% margin). The company has been growing its
    revenue scale and benefiting from operating leverage. The
    highly recurring revenue and high revenue retention rates
    provide significant visibility to future profitability.

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganization EBITDA level upon which Fitch bases the
    enterprise valuation.

An EV multiple of 7x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

-- The historical bankruptcy case study exit multiples for
    technology peer companies ranged from 2.6x-10.8x;

-- Of these companies, only three were in the Software sector:
    Allen Systems Group, Inc.; Avaya, Inc.; and Aspect Software
    Parent, Inc., which received recovery multiples of 8.4x, 8.1x,
    and 5.5x, respectively;

-- The highly recurring nature of Veracode's revenue and mission
    critical nature of the product support the high-end of the
    range;

-- Fitch arrives at an EV of $458 million. After applying the 10%
    administrative claim, adjusted EV of $412 million is available
    for claims by creditors.

RATING SENSITIVITIES

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

Upward rating momentum is unlikely given the company's narrow
product focus and limited scale. However, Fitch would consider a
positive rating action in the event that the company expands
product offerings to improve its market position within the larger
IT security industry while maintaining credit metrics that are
consistent with the rating category including the following:

-- Fitch's expectation of gross leverage (total debt with equity
    credit/operating EBITDA) sustaining below 4.0x or FFO leverage
    below 3.75x;

-- (Cash flow from operations [CFO] - capex)/total debt with
    equity credit ratio sustaining near 10%;

-- Organic revenue growth sustaining above the high single
    digits.

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

-- Fitch's expectation of gross leverage sustaining below 5.5x or
    FFO leverage below 5.25x;

-- (CFO - capex)/total debt with equity credit ratio sustaining
    below 7.5%;

-- Organic revenue growth sustaining near 0%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch projects that Veracode's liquidity will
be adequate, supported by its FCF generation and an undrawn $30
million RCF as of June 2021 and by readily available cash and cash
equivalents. Fitch expects Veracode's cash flow to be supported by
normalized EBTIDA margins in the high-20% range.

Debt Structure: Veracode has $300 million of secured first-lien
debt due 2027. Given the recurring revenue nature of the business
and adequate liquidity, Fitch believes Veracode will be able to
make its required debt payments.

ISSUER PROFILE

Veracode is a provider of application security solutions delivered
through a cloud-based platform and the scale of ancillary and
related services. It helps customers address the acute threat posed
by hackers targeting software vulnerabilities to gain control over
applications and access critical data.

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.


VERTIV GROUP: S&P Rated $850MM Senior Secured Notes 'BB-'
---------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating to Vertiv
Group Corp.'s proposed $850 million senior secured notes due in
2028. The recovery rating is '3', indicating its expectation of
meaningful (50%-70%; rounded estimate: 50%) recovery in the event
of payment default. The company plans to use the net proceeds, in
addition to equity consideration and cash from the balance sheet,
to acquire E&I Engineering Ltd. (not rated). S&P's issue-level
rating on the company's term loan due 2027 remains 'BB-'.

S&P said, "The proposed acquisition of E&I and revised guidance
will result in a modest increase in leverage. We still expect
leverage to decline to below 3x by fiscal year-end 2022. Despite
these negative credit effects of both the acquisition and the
guidance revision, we believe Vertiv's projected credit measures
are appropriate for the 'BB-' rating and positive outlook."

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P's simulated default scenario contemplates a default
occurring in 2025 due to a deep global recession that sharply
reduces the company's sales volume. It assumes pricing pressures
exacerbate the distress and cause Vertiv to face cash shortfalls
that lead to a default.

-- S&P assesses the company's recovery prospects based on a gross
reorganization value of approximately $1.95 billion, which reflects
our $355 million emergence EBITDA estimate and 5.5x multiple.

Simulated default assumptions

-- Year of default: 2025
-- Emergence EBITDA: $355 million
-- EBITDA multiple: 5.5x
-- Gross recovery value: $1.95 billion

Simplified waterfall

-- Net recovery value for waterfall after administrative expenses
(5%): $1.86 billion

-- Priority claims (ABL): $260 million

-- Value available from collateral and deficiency claims: $1.59
billion

-- Estimated senior secured claims: $3.02 billion

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

-- All estimated debt claims include about six months of accrued
but unpaid interest outstanding at default.



VISTRA CORP: Fitch Affirms 'BB+' LT IDR & Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Rating of Vistra Corp. (Vistra) and its indirect subsidiary, Vistra
Operations Company, LLC (Vistra Operations). The Rating Outlook has
been revised to Negative from Stable.

Fitch has assigned a 'BB-'/'RR6' rating to Vistra's proposed
cumulative redeemable perpetual Series A preferred stock. The
proceeds will be used to buy back shares of Vistra's common stock.
Fitch has also affirmed Vistra Operations' senior secured debt at
'BBB-'/'RR1' and senior unsecured debt at 'BB+'/'RR4'.

The Negative Outlook reflects a significant shift in capital
allocation policy, with the Vistra Board authorizing a $2.0 billion
share buyback program over 2021-2022, just a few months after it
had suspended share repurchases following winter storm Uri. The
resulting increase in gross debt to EBITDA to 3.5x in 2022 reverses
management's previous deleveraging path. Fitch will resolve the
Negative Outlook after gaining more clarity on management's capital
allocation goals for 2023 and beyond.

KEY RATING DRIVERS

Allocation of Equity Credit: The Series A preferred stock will
receive 50% equity credit based upon Fitch's "Corporate Hybrids
Treatment and Notching Criteria" dated Nov. 12, 2020. The features
supporting 50% equity credit include an ability to defer dividend
payments for at least five years and cumulative feature of deferred
dividends.

Upward Ratings Movement Unlikely: Fitch views management's
announcement of the $2.0 billion share repurchase program as a
signal that it has given up on its goal of achieving an
investment-grade rating, at least in the short to medium term.
Fitch expects gross debt to EBITDA to be approximately 3.5x in
2022, which is above management's last established target of 3.0x.
Fitch believes that 3.5x leverage is at the cusp of the 'BB+' and
'BB' rating levels, and would prefer to see some headroom in
metrics before stabilizing the Outlook at Stable.

Sustained gross leverage above 3.5x is likely to lead to a
downgrade of the IDR, senior unsecured notes and the newly rated
Series A preferred stock. The ratings of the senior secured debt at
'BBB-' may not be affected by a potential downgrade of the IDR by
up to one-notch.

Capital Allocation is Key: The future ratings trajectory for Vistra
will depend upon management's capital allocation goals in 2023 and
beyond. Management plans to discuss the outcome of an ongoing
strategic review during the fourth quarter, which is expected to
shed light on the company's capital allocation goals including
balance sheet metrics, return of capital to shareholders via share
repurchases and dividend, and investment into renewable and battery
storage opportunities.

Fitch will also assess Vistra's business risk profile in the
context of any changes to market design that the Electric
Reliability Council of Texas (ERCOT) may implement and performance
of Vistra's general fleet and the broader ERCOT market as a whole
in the event of future, extreme weather events.

Measures to Mitigate Future Risks: Fitch views favorably the steps
management is taking to address gas deliverability and fuel
handling issues, which were the key drivers of the financial loss
Vistra experienced earlier this year due to winter storm Uri. These
include additional weatherization of the generation fleet including
for coal fuel handling, plans to install dual fuel capabilities at
the gas steam units, expanding fuel oil inventory at existing dual
fuel combustion turbine sites, contracting for additional natural
gas storage and maintaining greater generation length during peak
periods.

Legislation passed in Texas has provided for additional risk
mitigation for power generators dependent upon a reliable natural
gas supply. These include legislation that mandates winterization
of gas infrastructure and their registration as critical with the
transmission and distribution utilities so as to prevent loss of
power during load shedding. These measures alleviate Fitch's
concerns around gas fuel supply availability during extreme weather
events.

ESG Considerations: Vistra has an ESG Relevance Score of '5' for
Exposure to Environmental Impacts due to the effects of recent
severe winter weather, which has had a negative impact on Vistra's
credit profile. The storm has exposed deficiencies in ERCOT's
market design and ability to keep the grid functioning well in the
face of an extreme weather event, which increases the risk of
owning power generation and retail electricity businesses in the
state. The financial hit to Vistra as a consequence of the weather
event will result in a jump in near-term leverage.

DERIVATION SUMMARY

Vistra is well-positioned relative to Calpine Corporation
(B+/Stable) and Exelon Generation Company, LLC (ExGen; BBB/Rating
Watch Negative) in terms of size, scale and geographic and fuel
diversity. Vistra is the largest independent power producer in the
country, with approximately 38.5GW of generation capacity compared
with Calpine's 26GW and ExGen's 33GW. Vistra's generation capacity
is well-diversified by fuel, compared with Calpine's natural
gas-heavy and ExGen's nuclear-heavy portfolio. Vistra's portfolio
is less diversified geographically, with 70% of its consolidated
EBITDA coming from operations in Texas, which is similar to the
Midwest-dominant portfolio of ExGen. Calpine's fleet is more
geographically diversified.

Both Vistra and ExGen benefit from their ownership of large retail
electricity businesses, which are typically countercyclical to
wholesale generation given the length and stickiness of customer
contracts. Vistra has a dominant position in the mass retail market
in Texas, which has generated stable EBITDA over 2012-2019 despite
power price volatility. A key benefit of acquiring Dynegy has been
the significant increase in share of natural gas-fired generation,
which lowered Vistra's EBITDA sensitivity to changes in natural gas
prices and heat rates. Fitch estimates that Vistra's EBITDA is less
sensitive to changes in natural gas prices than ExGen or Calpine.

Fitch projects Vistra's gross debt/EBITDA to increase to
approximately 7.5x in 2021 due to the February storm impact and
preferred stock issuance, but then decline to approximately 3.5x in
2022, which compares favorably with Calpine's projected mid- to
high-4.0x leverage by 2022. ExGen's expected leverage is higher
than recent historic periods reflecting the EBITDA impacts of lower
power prices and power plant closures.

KEY ASSUMPTIONS

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

-- Hedged generation in 2021 and 2022 per management's guidance;

-- Power price assumption based on Fitch's base deck for natural
    gas prices of $3.40/million British thermal units (MMBtu) in
    2021, $2.75/MMBtu in 2022 and $2.45/MMBtu in 2023 and beyond,
    and current market heat rates;

-- Retail load of approximately 90TWH-100TWH annually;

-- Capacity revenues per past auction results, and no material
    upside in future auctions;

-- Maintenance capex of approximately $550 million annually;

-- EBITDA hit from Storm Uri of $1.625 billion;

-- Debt paydown of $1.0 billion in second half of 2021;

-- Share repurchases of $2.0 billion in 2021-2022 funded by
    issuance of preferred stock and receipt of storm
    securitization proceeds.

RATING SENSITIVITIES

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

-- Further Upgrades appear unlikely over the next 12-18 months;

-- Rating Outlook could be stabilized if Gross debt/EBITDA is
    below 3.5x on a sustained basis and the company demonstrates
    track record of stable EBITDA generation, measured approach to
    growth and continued emphasis on an integrated wholesale
    retail platform.

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

-- Gross debt/EBITDA above 3.5x on a sustained basis;

-- Weaker power demand and/or higher than expected supply
    depressing wholesale power prices and capacity auction
    outcomes in its core regions;

-- Unfavorable changes in regulatory constructs and market;

-- Rapid technological advancements and cost improvements in
    battery and renewable technologies that accelerate the shift
    in generation mix away from fossil fuels;

-- An aggressive growth strategy that diverts a significant
    proportion of FCF toward merchant generation assets and/or
    overpriced retail acquisitions.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of June 30, 2021, the company had $2.337
billion of liquidity available consisting of $444 million of cash
in hand and $1.9 billion available capacity under its $2.73 million
revolving credit facility due June 2023. The company also has
bilateral facility of $250 million that expires December 2021 of
which $250 million of LCs were drawn as of June 30, 2021. Debt
maturities are modest until 2023.

ESG Considerations

Vistra has an ESG Relevance Score of '5' for Exposure to
Environmental Impacts due to the effects of recent severe winter
weather, which has had a negative impact on Vistra's credit
profile. The storm has exposed deficiencies in ERCOT's market
design and ability to keep the grid functioning well in the face of
an extreme weather event, which increases the risk of owning power
generation and retail electricity businesses in the state. The
financial hit to Vistra as a consequence of the weather event will
result in a jump in near-term leverage.

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.

ISSUER PROFILE

Vistra is the largest independent power generator in the U.S. with
approximately 38,500 MW of capacity. Vistra Retail is one of the
largest retail providers in the country with roughly 85 TWHs of
load and 4.6 million customers.


VISTRA CORP: Moody's Rates $1BB Series A Preferred Stock 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Vistra
Corp.'s $1 billion of Series A Fixed-Rate Reset Cumulative
Redeemable Perpetual Preferred Stock. Proceeds from the first-time
preferred shares issuance will be used to repurchase common shares.
Concurrently, Moody's affirmed Vistra's long-term ratings,
including its Ba1 corporate family rating and Ba1-PD probability of
default rating, and upgraded its speculative grade liquidity rating
to SGL-1 from SGL-2. The outlook is stable.

Assignments:

Issuer: Vistra Corp.

Pref. Stock Preferred Stock, Assigned Ba3 (LGD6)

Affirmations:

Issuer: Vistra Corp.

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Issuer: Vistra Operations Company LLC

Senior Secured Bank Credit Facility, Affirmed Baa3 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed Baa3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD5)

Upgrades:

Issuer: Vistra Corp.

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

Outlook Actions:

Issuer: Vistra Corp.

Outlook, Remains Stable

Issuer: Vistra Operations Company LLC

Outlook, Remains Stable

RATINGS RATIONALE

"The Ba3 rating assigned to the preferred stock is two notches
below Vistra's corporate family rating (CFR) of Ba1 and reflects
its relative position in the company's capital structure compared
to its senior secured and senior unsecured debt," said Toby Shea,
Vice President -- Senior Credit Officer. The preferred stock is
subordinated and junior in right of payment to nearly $10.5 billion
of Vistra's outstanding secured and unsecured debt.

This two-notch differential is consistent with Moody's Loss Given
Default for Speculative-Grade Companies methodology guidance for
notching corporate instrument ratings based on differences in
security and priority of claim.

Moody's considers these securities to have sufficient equity-like
features to receive hybrid securities basket "E" treatment, which
is equivalent to 100% equity. Should Vistra's credit quality
improve such that the company is rated investment grade, the
preferred stock could receive basket "C" treatment (i.e. 50% equity
and 50% debt) for the purpose of adjusting financial statements.
Please refer to Moody's cross-sector rating methodology, "Hybrid
Equity Credit" (September 2018) for further details.

Vistra Corp's Ba1 CFR reflects its large and diversified generation
portfolio, profitable retail operations, and moderate leverage.
Vistra's generation business provides about 70% of consolidated
EBITDA. The generation fleet is mainly comprised of natural gas and
coal-fired power plants, but most of the fleet's value lies within
20 GW of high-efficiency gas-fired plants. This large fleet of gas
plants and strong retail operations help to mitigate the risks
inherent in volatile merchant power markets. Its retail business
provides about 30% of EBITDA and is concentrated in Texas.

Vistra has exhibited strong CFO pre-WC to debt ratios over the past
two years, at approximately 26% in 2019 and 34% in 2020. However,
due to the February winter storm Uri weather event in Texas,
Moody's expect Vistra's CFO pre-WC to debt ratio to decline
substantially to 8% in 2021 from what would otherwise have been
about 26%. Moody's expect Vistra to use free cash flow to offset
about $600 million of the losses and to return to a CFO pre-WC to
debt ratio of 24% or above after 2021.

The preferred shares issuance has little to no impact on Moody's
calculation of Vistra's CFO pre-WC to debt ratio because the
preferred stock dividend is recorded as a cash flow from financing
and Moody's does not count preferred shares as debt for
non-investment grade entities. Moody's, however, will treat 50% of
the preferred shares as debt if Vistra achieves an investment grade
rating, which would adversely affect cash flow coverage ratios in
that scenario.

Liquidity

The upgrade of Vistra's speculative grade liquidity rating to SGL-1
from SGL-2 reflects improved liquidity after the company addressed
the liquidity demands resulting from losses incurred during winter
storm Uri and paid down the borrowings under Vistra Operations
Company LLC revolving credit facility. At the end of second quarter
2021, Vistra had $1.9 billion of unused credit revolving facilities
along with $444 million of unrestricted cash on hand.

Vistra's revolving credit facility contains a material adverse
change clause for new borrowing, which the bank group has not
exercised as a result of the cold weather event. The revolving
facility also has a covenant of 4.25x consolidated first lien net
debt to EBITDA. Moody's expect the company to be able to continue
to comply with this financial covenant requirement going forward.

Vistra's business produces strong cash flow, which Moody's expect
to continue. Outside of the one-time losses incurred in February,
Moody's generally expect Vistra to generate about $1.5 to $2
billion of free cash flow before growth capital expenditures and
dividends. Growth capital will be significant in 2022. However,
most of the spending is related to solar and storage projects in
California, and these projects can easily take on partners or be
project financed because they will receive contracted cash flow.

Vistra's revolving credit facility is due on June 13, 2023, and its
next major long-term debt maturity is a $1.5 billion senior secured
notes issuance due July 2024.

Rating Outlook

Vistra's stable outlook reflects its strong long-term business
fundamentals and its demonstrated ability to manage and absorb the
large one-time loss in February, although this will mean that the
company will operate with higher debt leverage in 2021. Its outlook
could be changed to positive should it pay down the debt incurred
as a result of the loss and continue to strengthen its credit and
business risk profile. Texas is currently assessing weatherization
requirements and market reform measures to counter the potential
impact of more severe weather events on grid reliability. A
positive outlook will be dependent on the likely effectiveness of
these measures and how they might affect Vistra's credit quality.

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

Factors that Could Lead to an Upgrade

Positive rating action could be considered if the company meets and
maintains its net debt to EBITDA target of around 2.5x and produces
a CFO pre-WC to debt ratio of 25% or higher. Such an action would
also be conditioned on Moody's expectation that Texas will take the
necessary corrective actions to address its reliability issues in a
manner that is not credit negative for Vistra.

Factors that Could Lead to a Downgrade

Negative rating action could be considered if the company diverges
from its low debt leverage policy and its CFO pre-WC to debt ratio
falls below 18% on a sustained basis. Negative rating action could
also be considered if Texas fails to make changes to its power
supply system and modify its market design in a way that adequately
addresses the impact of extreme weather events and does not
increase Vistra's business risk.

Vistra, headquartered in Irving, Texas, is the largest competitive
power generator in the US. with a generation capacity of
approximately 39,000 megawatts powered by a diverse portfolio,
including natural gas, nuclear, solar, and battery energy storage
facilities. Vistra is also one of the largest competitive retail
energy suppliers in the US, serving nearly 4.3 million residential,
commercial, and industrial retail customers with electricity and
natural gas.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.


WATER MARBLE: Court Approves Amended Disclosure Statement
---------------------------------------------------------
Judge Jerry A. Funk has entered an order approving the Amended
Disclosure Statement and the addendum of Water Marble Holding,
L.L.C.

A confirmation hearing will be held on Dec. 16, 2021 at 10:30 a.m.,
in 4th Floor Courtroom 4D 300 North Hogan Street, Jacksonville,
Florida.

Objections to confirmation are due seven days before the
confirmation hearing.

Dec. 12, 2021, is fixed as the last day for filing written
acceptances or rejections of the Plan.

                    About Water Marble Holding

Water Marble Holding, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 21-01034) on April 28, 2021, listing as
much as $10 million in both assets and liabilities.  Judge Jerry A.
Funk oversees the case.  The Law Offices of Jason A. Burgess, LLC
and Smith Hulsey & Busey serve as the Debtor's bankruptcy counsel
and special counsel, respectively.


WATERLOO AFFORDABLE: NEF Parties Say Disclosures Inadequate
-----------------------------------------------------------
National Equity Fund, Inc. ("NEF"), and NEF Assignment Corporation
("NEFAC," and with NEF, collectively, "NEF Parties"), objects to
the Disclosure Statement filed by Debtor Waterloo Affordable
Housing LLC. In support of its Objection, the NEF Parties state as
follows:

     * The Disclosure Statement fails to provide sufficient
information regarding the postpetition payments Debtor made to
Foley for the pre-petition claims arising under a loan CSD had
extended to Debtor. This lack of disclosure of preferential
treatment of similarly situated creditors renders the Disclosure
Statement inadequate.

     * The Debtor's plan proposes to discharge NEF's equity
interest, but proposes to pay CSD on behalf of its equity interest
if funds are left over after paying the higher priority claims.

     * The Debtor's plan proposes to give preferential treatment to
equity interests in which Foley has a direct stake, but fails to
disclose this preferential treatment or the insider relationship
between Foley and the Debtor.

     * The Disclosure Statement should provide details about the
Debtor and HUD's agreement, Debtor's defaults under the HAP, the
current status of the appeal, and its effect on claims in these
Chapter 11 Cases. It should include information about the financial
impact of the Debtor's agreement with HUD and how it will impact
reorganization and the claim in these Chapter 11 Cases.

     * Additionally, the Plan that was improperly filed with the
Disclosure Statement and described by the Disclosure Statement is
unconfirmable as a matter of law.

     * A finding that the Plan has been proposed in good faith is a
requirement for confirmation under Bankruptcy Code ยง 1129(a)(3).
Without a resolution of all the issues raised in this Objection, no
determination of good faith is possible, and the Plan is
unconfirmable as a matter of law.

A full-text copy of NEF Parties' objection dated October 11, 2021,
is available at https://bit.ly/3azIugU from PacerMonitor.com at no
charge.

Attorneys for National Equity Fund, Inc. and NEF:

     Connie A. Lahn, MN # 0269219
     BARNES & THORNBURG LLP
     225 South Sixth Street, Suite 2800
     Minneapolis, MN 55402
     Telephone: (612) 333-2111
     Facsimile: (612) 333-6798
     Connie.Lahn@btlaw.com

            About Waterloo Affordable Housing

Waterloo Affordable Housing, LLC, a lessor of real estate in Omaha,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Case No. 19-81610) on Oct. 30, 2019.  At the time of the
filing, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Thomas L.
Saladino oversees the case.  

Robert Vaughan Ginn, Esq., and Theodore R. Boecker, Jr., Esq.,
serve as the Debtor's bankruptcy attorney and special litigation
attorney, respectively.


WESTJET AIRLINES: S&P Affirms 'B-' ICR, Outlook Negative
--------------------------------------------------------
On Oct. 13, 2021, S&P Global Ratings affirmed its 'B-' issuer
credit rating on Calgary-based WestJet Airlines Ltd.

At the same time, S&P affirmed its 'B-' issue-level rating, with a
'3' recovery rating, on the company's secured debt; however, S&P
has revised its default recovery percentage to 55% (from 60%) on
these obligations, reflecting lower value of aircraft collateral.

The negative outlook reflects the high, although gradually
diminishing, prospect of a delayed recovery of WestJet's earnings
should air travelers (and jurisdictions) limit mobility amid
concerns of rising coronavirus variants.

Cost control and liquidity management have alleviated credit risk.

Since the onset of the pandemic-induced travel restrictions,
WestJet saw an 85%-plus decline in revenue, but managed a
better-than-expected cumulative EBITDA shortfall when including
government wage subsides, with the latter incorporating some
inefficiencies in the first half of 2021 as the company ramps up
operations to support anticipated traffic growth. Furthermore, the
increase in reported net debt from year-end 2019 was lower than we
had expected. S&P said, "We attribute this to improvements in the
company's cost base, deferred aircraft purchases, used aircraft
sale leasebacks, and aircraft sales, as well as other asset
monetization to support WestJet's liquidity, which is largely
unchanged from the beginning of the pandemic. In our opinion, the
moderate increase of adjusted debt could support a faster pace of
credit metrics restoration (adjusted funds from operation [FFO] to
debt in the high-single-digit percentage area for 2022) and
liquidity as traffic recovers, easing downside rating risk compared
with our previous assessment."

Air traffic recovery within North America for leisure travelers
should aid earnings recovery.

The loosening of domestic travel restrictions amid increased
vaccination rates in Canada (which are in the low-70% area to date)
allowed for increased air travel through the summer, although
recovery of commercial air travel still lags the company's U.S.
airline peers. Specifically, based on travel data from Canadian Air
Transport Security Authority, passenger traffic at Canadian
airports improved to about 38% of 2019 levels (from 10%-15% earlier
in the year) between late June to early October 2021 compared with
about 78% for the U.S. S&P said, "We believe consumer discretionary
income and interest for air travel in Canada are healthy,
particularly for domestic travel, but we acknowledge this is likely
a secondary issue to health and safety concerns for the foreseeable
future. Nevertheless, we believe WestJet's 85%-plus capacity
exposure to continental North America, including about 50% within
Canada, as well as the company's greater leisure travel exposure,
provide support to WestJet's earnings recovery, at least compared
with rival Air Canada, which is more exposed to business and
intercontinental travel, from which we believe it will take more
time to recover. Still, with 40% historical exposure to the
province of Alberta, where coronavirus case counts are rising, we
caution that the cadence of traffic improvement for WestJet could
prove to be uneven. In addition, overall passenger traffic is
currently flattening at about 45%-50% (of 2019) in Canada, lending
some caution to our near-term earnings forecast."

S&P expects debt leverage will improve through 2022; however,
discretionary free cash flow will likely remain modest.

S&P said, "Our updated base-case scenario is influenced by the Oct.
4, 2021, International Air Transport Association's (IATA; an
industry trade group) update on air traffic recovery, cadence of
passenger traffic over the summer and early fall 2021 in Canada,
and U.S. airline peer experience for domestic traffic recovery. In
general, we assume 2021 will be much worse (see assumptions below)
and 2022 will be about 10% behind the indication for North America
average passenger traffic of 81% of pre-pandemic 2019 levels per
IATA. Our base case assumes debt leverage and operating cash flow
improve through 2022, leading to adjusted FFO to debt in the 8%-10%
range." Free operating cash flow (FOCF) and FOCF-to-debt, however,
would likely remain negative in 2022 as WestJet invests in
additional aircraft to restore network capacity and drive
operational efficiency.

The rise of coronavirus variants and capital market access are key
risks.

S&P said, "A rapid spread of new coronavirus variants that leads to
curtailment of air travel in North America is a material risk to
our earnings and cash flow growth assumption. Indeed, the recent
flattening of traffic growth (albeit at slightly higher levels)
arguably owing to concerns about a rise in coronavirus cases
highlights this risk. As noted, WestJet's exposure to Alberta,
where coronavirus case counts and hospitalizations are increasing,
could add to this risk and delay recovery. A stalled recovery could
materially pressure liquidity, in our opinion, if prospects for
additional asset sales or capital market access diminish. To
illustrate, when excluding government wage subsidies, S&P Global
Ratings estimates that WestJet's cash burn in 2021 could be in
excess of C$800 million, before aircraft purchases and potential
net working capital flows. Given the company's current liquidity,
in our opinion, it is dependent on sale leasebacks, some older
aircraft sales, or other external funding to support its financial
viability should the traffic recovery falter. In addition, the
company has commitments to purchase four Boeing 787's within the
next few quarters that, along with Boeing 737 MAX purchase
commitments, will likely add to adjusted debt. While we recognize
that that government support is plausible from wage subsidies and
other direct funding in a stressed scenario, as evidenced recently,
the timing and nature of such funding is unknown at present and
could keep the company vulnerable, in our opinion."

The negative outlook reflects the high, although gradually
diminishing, prospect of a delayed recovery of WestJet's earnings
should air travelers (and jurisdictions) limit mobility amid
concerns of rising coronavirus variants. This could pressure the
company's financial flexibility and liquidity through 2022,
particularly if WestJet is challenged to access the capital markets
(including sale leasebacks) or government financial support.
However, given the company's success at managing its costs and
liquidity throughout the pandemic, and S&P's expectation of air
traffic recovery, at least, within continental North America (most
of WestJet's business), it believes risks to the downside have
moderated relative to our prior assessment.

S&P said, "We could lower the ratings within the next 12 months if
we came to believe the recovery in passenger air traffic would be
more prolonged or weaker than expected, resulting in higher cash
burn. This could eventually result in inadequate liquidity or a
capital structure that we would view as unsustainable long term.

"We could revise the outlook to stable within the next 12 months if
we gain more conviction that credit metrics will improve about in
line with our current expectations, including adjusted FFO to debt
in the high single-digit percentage area by 2022. This could occur
if the lifting of travel restrictions and a reduction in the
public's perceived risk of contracting the coronavirus contribute
to a meaningful increase in commercial air travel demand. In this
scenario, we would also expect low risk of a liquidity crisis
within the next couple of years."



WHOA NETWORKS: Platinum Unsecureds to Recover 15% in Plan
---------------------------------------------------------
Whoa Networks, Inc., a Florida corp., et al., filed a Joint Final
Amended Chapter 11 Plan of Reorganization and a First Amended
Disclosure Statement on Oct. 6, 2021.

As of Sept. 30, 2020, the Debtors, Whoa Delaware, Whoa Florida and
Hipskind, had assets and liabilities of $7.4 million and $18.6
million, respectively.  For the year ended Dec. 31, 2019, the
Debtors, Whoa Delaware, Whoa Florida and Hipskind, had operating
revenues of $3.5 million, and operating expenses of $4.8 million.
As of Sept. 30, 2020, the Debtor, Platinum, had assets and
liabilities of 746,000 and $815,000, respectively.  For the year
ended Dec. 31, 2019, Platinum had operating revenues of $4.9
million, and operating expenses of $4.7 million.

The Plan will treat unsecured claims as follows:

   * Class 32 - Allowed General Unsecured Claim -- Whoa Florida.
Each holder of an Allowed General Unsecured Claim in this Class 32
shall be paid its pro rata share through 20 equal quarterly
payments, of Whoa GUC Payment, without interest, with the first
such installment being made on the first day of the month
immediately following the month in which the Effective Date occurs
and continuing on the first day of each quarter thereafter.  Whoa
GUC Payment will mean an aggregate amount equal to $300,000.  Class
32 is impaired.

   * Class 33 - Allowed General Unsecured Claim -- Platinum.  Each
holder of an Allowed General Unsecured Claim in this Class 33 shall
be paid an amount equal to 15% of such Allowed General Unsecured
Claim in 60 equal monthly installments without interest, with the
first such installment being made on the first day of the month
immediately following the month in which the Effective Date occurs
and continuing on the first day of each month thereafter. Class 33
is impaired.

Each holder of an equity interest in any Debtor will retain its
equity interests from and after the Effective Date.

Distributions to the holders of allowed claims under the Plan will
be made from available cash, including the cash on hand on the
Effective Date and the cash generated from the Debtors' operations
after the Effective Date.

Counsel for the Debtors:

     Paul J. Battista, Esq.
     Mariaelena Gayo-Guitian, Esq.
     Heather L. Harmon, Esq.
     GENOVESE JOBLOVE & BATTISTA, P.A.
     100 SE 2nd Street, 44th Floor
     Miami, FL 33131
     Telephone: (305) 349-2300
     Facsimile: (305) 349-2310

A copy of the Disclosure Statement dated Oct. 6, 2021, is available
at https://bit.ly/3BnyhQs from PacerMonitor.com.

                      About Whoa Networks

Whoa Networks is a secure cloud services provider (CSP).  It
specializes in security, compliance, cloud and enterprise solutions
for customers.

Whoa Networks and its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Lead Case No. 20-21883) on Oct. 29, 2020.  Mark Amarant, authorized
officer, signed the petitions.

At the time of filing, Whoa Networks, Inc., a Florida Corporation,
was estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.  Whoa Networks, Inc., a
Delaware Corporation, disclosed $500,000 to $1 million in assets
and $1 million to $10 million in liabilities while Hipskind
Technology Solutions Group, Incorporated and Platinum Systems
Holdings, LLC, disclosed $1 million to $10 million in both assets
and liabilities.

Judge Peter D. Russin oversees the cases.  Genovese Joblove &
Battista, P.A., led by Paul J. Battista, Esq., is the Debtors'
legal counsel.


WNJ24K LLC: Unsecureds to Get At Least $50K in Sale Plan
--------------------------------------------------------
WNJ24K, LLC, submitted a Chapter 11 Plan of Reorganization and a
Disclosure Statement.

The goal of the Plan is to sell its property -- the partially
constructed residence located at 6418 E. Joshua Tree Lane, Paradise
Valley, Arizona -- and use the proceeds to pay creditors more than
they would receive in a chapter 7 liquidation or if the property
were sold at a trustee's sale pursuant to an order lifting the
automatic stay.

The liens secured by the Property are no less than $5,757,000 and
potentially as much as $6,896,000.  After significant efforts at
marketing and/or obtaining replacement financing, Debtor has
secured an offer to purchase the Property for $3,850,000.  

Because certain secured creditors have agreed to voluntarily reduce
their claims, and because the equity holder of the Debtor have
agreed to contribute $50,000 towards the payment of unsecured
claims, confirmation of the Plan will result in satisfaction of all
liens, payment in full of administrative expenses, as well as a
dividend to unsecured creditors.  This outcome is preferable to
foreclosure, in which case the only creditor who is likely to
obtain a recovery is the first-position lienholder, DLJ Mortgage
Capital, Inc.

In accordance with the priority scheme under the Bankruptcy Code,
debts incurred post-petition must be paid on the Effective Date of
the plan, unless the holders of such claims agree otherwise.
Allowed Secured Claims will be paid from the proceeds of the sale
of the Property, and pre-petition, non-insider unsecured creditors
will receive their pro rata share of (i) any remaining sale
proceeds, and (ii) the insider contribution of $50,000.  If the
Plan is confirmed, the equity holders of the Debtor have agreed to
waive any and all claims they hold against the Debtor, which will
increase the pro rata distribution to non-insiders.

Class 5 consists of all Allowed Claims held by non-insiders that
are not secured and do not have statutory priority.  The total
amount of scheduled and filed claims in Class 5 is approximately
$1,416,962.  Each holder of an Allowed Class 5 Claim shall receive
its pro rata share of (i) the
$50,000 insider contribution and (ii) the net proceeds of the sale
of the  Property (if any), after payment of Classes 1-4,
administrative claims, and priority tax claims.

Counsel for Debtor:

     Andrew A. Harnisch, Esq.
     Grant L. Cartwright, Esq.
     MAY, POTENZA, BARAN & GILLESPIE, P.C.
     1850 N. Central Avenue, Suite 1600
     Phoenix, AZ 85004-4633
     Telephone: (602) 252-1900
     Facsimile: (602) 252-1114
     E-mail: gcartwright@maypotenza.com
             aharnisch@maypotenza.com

A copy of the Disclosure Statement dated October 6, 2021, is
available at https://bit.ly/3llr1yF from PacerMonitor.com.

                        About WNJ24K LLC
  
WNJ24K, LLC, a single asset real estate investment entity that owns
a luxury residence located at 6418 E. Joshua Tree Lane, Paradise
Valley, Arizona, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 21-05257) on July 8,
2021, listing as much as $10 million in both assets and
liabilities.  Judge Madeleine C. Wanslee oversees the case.  May,
Potenza, Baran & Gillespie, P.C. is the Debtor's legal counsel.


WORLD SERVICE: Seeks to Tap Hahn Fife & Co. as Financial Advisor
----------------------------------------------------------------
World Service West/LA Inflight Service Company, LLC seeks approval
from the U.S. Bankruptcy Court for the Central District of
California to employ Hahn Fife & Company, LLP as its financial
advisor and accountant.

The firm will render these services:

     (a) prepare monthly operating reports;

     (b) prepare cash flows and projections, a liquidation
analysis, and business operational efficiency analysis;

     (c) assist in the formulation, preparation and confirmation of
a plan of reorganization;

     (d) prepare and file necessary state and federal estate tax
returns;

     (e) review financial documents; and

     (f) other necessary accounting and financial advisory
services.

The hourly rates charged by the firm are as follows:

     Partners   $450 per hour
     Staff       $80 per hour

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

Donald Fife, a partner at Hahn Fife & Company, disclosed in a court
filing 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:

     Donald T. Fife
     Hahn Fife & Company, LLP
     790 E. Colorado Bl., 9th Floor
     Pasadena, CA 91101
     Telephone: (626) 792-0855
     Facsimile: (626) 270-5701
     Email: dfife@hahnfife.com
     
                     About World Service West/
                    LA Inflight Service Company

World Service West/LA Inflight Service Company, LLC provides
cleaning and janitorial services at several international airport
terminals at Los Angeles International Airport (LAX), and provides
aircraft cabin cleaning services to a number of airlines operating
international flights out of LAX.

World Service West filed its voluntary petition for Chapter 11
protection (Bankr. C.D. Cal. Case No. 21-16800) on Aug. 27, 2021,
listing $867,858 in assets and $2,656,349 in liabilities. Steven
Yoon, as co-managing member, signed the petition. Judge Sheri
Bluebond oversees the case.

The Debtor tapped Ringstad & Sanders, LLP as legal counsel and Hahn
Fife & Company, LLP as financial advisor and accountant.


WYNN RESORTS: S&P Lowers ICR to 'B+', Outlook Negative
------------------------------------------------------
S&P Global lowered its issuer credit ratings on Global gaming
operator Wynn Resorts Ltd. and its subsidiaries to 'B+' from 'BB-.'
S&P also lowered the issue-level ratings one notch and removed all
ratings from CreditWatch, where it placed them Feb. 3, 2020, with
negative implications.

Wynn's leverage will remain very high in 2021 and potentially
improve to 6.5x-7x in 2022 due to a slow recovery in gaming revenue
in Macau. China's response to the COVID-19 delta variant has
introduced prolonged uncertainty into the recovery trajectory from
the pandemic. A recent uptick in cases in China and Macau and the
government's zero-tolerance virus policy led to swift restrictions
on travel, hampering Macau's recovery. S&P said, "We now forecast
Macau's 2022 GGR will only improve to 60%-70% of 2019 levels and
fully recover only in 2023 at the earliest. This assumes easing of
travel restrictions between Macau and mainland China beginning
sometime in 2022 and our view that Macau remains a strong market
with good long-term growth prospects, especially in the mass
segment; limited licenses; and that typically caters to many
visitors with high propensities to gamble. We believe the market
will eventually recover with leisure travel and benefit from
economic growth in mainland China, an expanding middle class,
improving infrastructure connecting the mainland and Macau, and
expanding hotel capacity."

Wynn relies heavily on a recovery in Macau because the region
accounted for approximately two-thirds of the company's
property-level EBITDA pro forma for a full year contribution of
Encore Boston Harbor and using 2019 EBITDA for Wynn Macau. As a
result of the Macau market's much slower recovery in 2021 and our
lowered base-case forecast for 2022 GGR, S&P expects Wynn's
leverage may slowly improve to 6.5x-7x in 2022 from very high
levels in 2021.

Concession renewal in Macau and potential regulatory changes
represent a moderate risk. Macau recently announced a public
consultation process for possible amendments to its gaming law in
advance of the expiration of gaming operators', including Wynn's,
concessions in June 2022. S&P believes these possible amendments
heighten policy risk for casino operators, parallel to increasing
oversight of several key markets in China and view it as a moderate
negative. Proposals under consideration to renew casino operators'
concessions include the appointment of a government representative
to their boards of directors, increasing local ownership, and
approving dividend payments. While S&P does not anticipate Wynn
will lose its concession, the rebidding process may come with
certain social and economic considerations that increase leverage
or reduce profitability. Examples include additional capital
investment in non-gaming amenities, upfront payments for license
renewal, and additional social considerations or safeguards for
employees such as enhanced benefits. The slow recovery in Macau
leaves Wynn less room to manage event risks and potential financial
obligations associated with the license renewal and other
regulatory actions.

Pent-up demand for leisure travel accelerated Las Vegas' recovery,
but the COVID-19 delta variant remains a near-term risk. The Las
Vegas market's recovery accelerated in the second quarter of 2021
despite operating restrictions that impaired non-gaming amenities
throughout much of the quarter and limited conventions and
international visitors. S&P said, "We believe this trend continued
into the third quarter, with gaming revenue and hotel room rates
that strongly exceeded those of 2019 and despite visitation and
hotel occupancy remaining 10%-20% below 2019. We believe the delta
variant has likely delayed the return of some conventions and group
meetings to Las Vegas expected in the third and fourth quarters.
Nevertheless, we believe Wynn's 2022 convention bookings may
compare favorably to those of 2019 and command higher prices
because it opened the Wynn Las Vegas convention center expansion in
early 2020. Wynn should expect returns on that investment beginning
in 2022. A rebound in convention business and recovery in
international visitation should somewhat offset potential softening
leisure demand in 2022, as we believe it's likely the surge in
leisure demand might taper off over the coming quarters. Wynn's Las
Vegas properties should also benefit from cost efficiencies
implemented during the pandemic, which it estimates removed $75
million-$95 million in annual costs."

Encore Boston Harbor continues to ramp up operations, supporting
U.S. cash flow. The pandemic disrupted Encore Boston Harbor's cash
flow ramp up following its late June 2019 opening because of
property closures and associated operating restrictions.
Nevertheless, as restrictions relaxed earlier in 2021, the
property's revenue and cash flow ramp-up accelerated. The property
benefits from favorable demographics in the Boston metropolitan
area, including a large population of gaming age adults within a
90-minute drive. The company had anticipated the property would
take 36 months following its opening to fully ramp up operations.
S&P said, "Although some pent-up demand may help, like with other
regional properties, we believe Encore Boston Harbor's increasing
revenue and cash flow is largely the result of its continued
ramp-up and ability to expand its customer base and increase
penetration in the broader market, with increasing player reward
sign-ups. Nevertheless, we believe the pandemic accelerated Wynn's
ability to streamline the property's cost structure. Typically, new
properties open with inefficient cost structures, especially labor,
and gradually realign them. Encore Boston Harbor was no exception,
and Wynn estimates it has removed $65 million-$85 million of
run-rate costs. Given improved margin profiles across many regional
gaming properties because of labor and marketing changes during the
pandemic, the property's increased market penetration, and asset
quality, we believe Encore Boston Harbor should achieve the high
end of its steady state EBITDA margin target (close to 30%) in
2022."

S&P said, "Wynn should have strong liquidity to navigate a gradual
recovery in Macau and invest in the U.S.Pro forma for Wynn Macau's
recent $1.5 billion revolver agreement and our understanding that
the company used about $200 million cash on the balance sheet as
part of its secured revolver and term loan refinancing, we estimate
Wynn Macau had roughly $1.8 billion-$1.9 billion of pro forma
liquidity as of June 30, 2021. We estimate this would provide Wynn
Macau 18-20 months of liquidity in a zero-revenue environment."
Although current revenue in Macau is very low, positive assumed
revenue should extend the company's liquidity runway beyond this
estimate. Its U.S. liquidity remains healthy with no borrowings
outstanding under its $850 million revolver and about $1.1 billion
in cash as of June 30. Wynn's decision to issue common stock in
February bolstered its U.S. liquidity position by allowing the
company to repay borrowings under its revolver and add cash to the
balance sheet.

Further, Wynn agreed to combine its subsidiary Wynn Interactive
Ltd. with Austerlitz Acquisition Corp. I (a special-purpose
acquisition company) to create an independent public company. The
combination will provide Wynn Interactive access to $640 million in
cash equity proceeds to fund its ongoing operations and support
growth initiatives. Online sports betting and interactive gaming
are nascent and fast-expanding segments of the U.S. gaming market
as more states legalize and launch these gaming offerings.
Participants such as Wynn must invest heavily to develop offerings,
secure market access, and acquire customers. As a result, Wynn
Interactive is likely to be a drag on EBITDA over the next several
years. S&P said, "We view the company's decision to engage in this
SPAC transaction as prudent because it allows Wynn Interactive to
fund the necessary investments to expand with equity proceeds.
Nevertheless, we expect Wynn will maintain control of Wynn
Interactive through its majority 58% ownership interest and 72%
voting control. As a result, we expect to consolidate Wynn
Interactive into our forecast credit measures."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "The negative outlook reflects continued significant
stress on revenue and cash flow, and our forecast for very high
leverage in 2021. This places heavy reliance on a significant
recovery in cash flow in 2022 to support leverage improving below
our 7x downgrade threshold at the 'B+' rating. The negative outlook
also reflects our view that risks to a recovery in Macau's EBITDA
remain, given the uncertain recovery of tourism in Macau and the
potential for heightened travel restrictions because of COVID-19
cases.

"We may lower our ratings if we no longer believe Wynn is on track
to reduce leverage below our downgrade threshold by the end of 2022
on a run-rate basis. This could happen if travel restrictions
hampering Macau's recovery remain in place longer than we assume in
our base case.

"We could revise our outlook to stable if we become more certain
Wynn's cash flow in Macau would recover in a manner that would
improve leverage below 7x. This would likely result if travel
restrictions affecting Macau ease faster than we anticipate."



YOUNGEVITY INTERNATIONAL: Declares Q4 Monthly Dividend
------------------------------------------------------
Youngevity International, Inc. announced the declaration of its
regular monthly dividend of $0.203125 per share of its 9.75% Series
D Cumulative Redeemable Perpetual Preferred Stock (OTCM:YGYIP) for
each of October, November and December 2021.  The dividend will be
payable on Nov. 15, 2021, Dec. 15, 2021, and Jan. 17, 2022 to
holders of record as of Oct. 31, 2021, Nov. 30, 2021, and Dec. 31,
2021.  The dividend will be paid in cash.

                         About Youngevity

Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a direct marketing
enterprise.  The Company features a multi country selling network
and has assembled a virtual Main Street of products and services
under one corporate entity, The Company offers products from the
six top selling retail categories: health/nutrition, home/family,
food/beverage (including coffee), spa/beauty, apparel/jewelry, as
well as innovative services.

Youngevity reported a net loss attributable to common stockholders
of $52.67 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $23.50 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$89.69 million in total assets, $59.52 million in total
liabilities, and $30.17 million in total stockholders' equity.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
June 24, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.


YOURELO YOUR: Devyap Realty Updates Reorganization Plan
-------------------------------------------------------
Plan proponent Devyap Realty Group, Inc., submitted a First Amended
Disclosure Statement describing First Amended Plan of
Reorganization for Debtor Yourelo, Your Full Service Relocation
Corporation dated October 12, 2021.

Devyap shall transfer the Confirmation Escrow Deposit, in the
amount of $457,481.91, to the Dispersing Agent, Curran Antonelli,
LLP to be held in a separate escrow account. The Confirmation
Escrow Deposit will be used to pay on the Effective Date: (i) the
initial payment to the City of Revere in the amount of $177,034.74;
(ii) all Priority Tax Claims in the amount of $7,543.27; and (iii)
all allowed Administrative Claims which are estimated to be
approximately $300,000.00.

On October 4, 2021, the City of Revere filed a motion with the Land
Court to vacate the Foreclosure Judgment. The Adversary Proceeding
is currently stayed until November 1, 2021, pending settlement
negotiations between the City and the Debtor.

Under the Plan title to the Property will revest in the Debtor upon
the occurrence either: (i) the Land Court's allowance of the City
of Revere's motion to vacate the Foreclosure Judgment; or (ii) by
order of the Bankruptcy Court in favor of the Debtor on its claims
in the Adversary Proceeding. On the Effective Date, title to the
Property will vest in the Plan Proponent pursuant to the terms of
the Plan. Other assets of the Debtor which will vest in the Plan
Proponent are, commercial use vehicles including 4 trailers and 4
Isuzu trucks, 2 of which are inoperable, and a claim against
Arbella Insurance.

Under the Plan Proponent's Plan of Reorganization Class One, the
City of Revere, title holder to the Property previously held in fee
simple by the Debtor is an impaired class. The City of Revere has
filed a proof of claim in the amount to of $736,060.95, inclusive
of post-petition legal fees, taxes, fees and expenses. However, the
Debtor, the Plan Proponent and the City of Revere have engaged in
negotiations to determine an appropriate claim amount that would,
under the parties contemplated agreement, call for title to the
Property being transferred to the Plan Proponent on the Effective
Date.

The Class One Claim is a secured claim, negotiated and proposed in
the amount of $547,262.13. The Plan Proponent shall grant a
commercial mortgage to the City of Revere, including a power of
sale under Massachusetts law, securing the full value of its
Allowed Claim, which mortgage will remain attached to the Property
during the term of the Plan to secure full and timely payment of
the City of Revere's Allowed Claim.

In the event that the City of Revere does not agree with the
treatment of its claim as set forth in the Plan and/or the
contemplated transfer the Property to the Plan Proponent on the
Effective Date, the Plan Proponent will pay the full amount of the
City of Revere's Allowed Claim. The Plan Proponent shall pay 32% of
such allowed claim on the Effective Date with the remainder being
paid out in equal monthly payments of principal and 3.59% interest
per annum, for 72 consecutive months, with the first such payment
occurring on the Initial Payment Date. Under this scenario, the
City of Revere will retain its prepetition lien on the Property,
until such payment is made.

The Plan Proponent believe that certain administrative expenses,
including additional legal fees and expenses of approximately
$300,000.00, approximately $581.00 in administrative expenses
claimed by the Massachusetts Department of Revenue and the U.S.
Trustee's quarterly fees will be paid in full upon the Effective
Date.  The Debtor's counsel, which holds an unapplied retainer of
approximately $40,000, has submitted a fee application for the
approval of the Court for all of the sought fees and expenses,
which application was approved on May 28, 2021.

Devyap holds a prepetition claim against the Debtor in the amount
of $50,000.  However, Devyap shall forego receiving any
distribution under the Plan on account of this claim.  Devyap's
compromise of its claim will be a further contribution by it to the
Plan, and in consideration for the property that Devyap will
receive under the Plan.

Devyap Realty Group, Inc., is a Massachusetts corporation, formed
in October 2016, and is engaged in the leasing and management of
residential and commercial real estate throughout Massachusetts.
Devyap has a total of $745,000 in available lines of credit from
Citizens Bank and Raymond C. Green Inc., which Devyap intends to
use to fund, in part, the Confirmation Escrow Deposit, the
restoration work to be performed on the Property and the
Distributions under the Plan until such a time as the Property is
permitted for occupancy and Devyap begins receiving revenue from
renting said property.

Furthermore, Devyap has generated $509,987, $629,787 and $1,243,673
in gross revenue during the years 2018, 2019 and 2020 respectively
from its business operations, namely from the management and
leasing of commercial properties across Massachusetts.  Devyap is
prepared to use the retained earnings that it has generated by
these operations which will provide approximately $250,000 in cash
that will be available to Devyap to fund the any remainder of its
immediate cash obligations under the Plan that exceed its credit
facilities.

The demolition and construction cost associated with the
restoration of the Property, which will commence only after the
permitting process has been completed, will be funded by the credit
available to Devyap, its rental income generated by the Property,
net of the payments due under the Plan, and its operational
revenues generated by Devyap's outside business activities.

A full-text copy of the First Amended Disclosure Statement dated
October 12, 2021, is available at https://bit.ly/3p34B7G from
PacerMonitor.com at no charge.  

Devyap Realty is represented by:

     Thomas H. Curran
     Christopher Marks
     Curran Antonelli, LLP
     Ten Post Office Square, Suite 800 South
     Boston, MA 02109
     Tel: 617-207-8670
     E-mail: tcurran@curranantonelli.com
             cmarks@curranantonelli.com

             About Yourelo Your Full-Service Relocation

Yourelo Your Full-Service Relocation Corporation is a real estate
lessor based in Revere, Mass.  It conducts business under the name
Gentle Movers.

Yourelo sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Mass. Case No. 19-13602) on Oct. 23, 2019.  The petition
was signed by Umida Yusupova, president. At the time of filing, the
Debtor had estimated assets of $1 million to $10 million and
liabilities of $100,000 to $500,000.  Judge Christopher J. Panos
oversees the case.  The Debtor is represented by Casner & Edwards,
LLP.


[^] BOOK REVIEW: TAKING CHARGE: Management Guide to Troubled
------------------------------------------------------------
Companies and Turnarounds

Author: John O. Whitney
Publisher: Beard Books
Softcover: 283 Pages
List Price: $34.95
Order a copy today at:
http://beardbooks.com/beardbooks/taking_charge.html

Review by Susan Pannell

Remember when Lee Iacocca was practically a national hero? He won
celebrity status by taking charge at a company so universally known
as troubled that humor columnists joked their kids grew up thinking
the corporate name was "Ayling Chrysler." Whatever else Iacocca may
have been, he was a leader, and leadership is crucial to a
successful turnaround, maintains the author.

Mediagenic names merit only passing references in Whitney's book,
however. The author's own considerable experience as a turnaround
pro has given him more than sufficient perspective and acumen to
guide managers through successful turnarounds without resorting to
name-dropping. While Whitney states that he "share[s] no personal
war stories" in this book, it was, nonetheless, written from inside
the "shoes, skin, and skull of a turnaround leader." That sense of
immediacy, of urgency and intensity, makes Taking Charge compelling
reading even for the executive who feels he or she has already
mastered the literature of turnarounds.

Whitney divides the work into two parts. Part I is succinctly
entitled "Survival," and sets out the rules for taking charge
within the crucial first 120 days. "The leader rarely succeeds who
is not clearly in charge by
the end of his fourth month," Whitney notes. Cash budgeting, the
mainstay of a successful turnaround, is given attention in almost
every chapter. Woe to the inexperienced manager who views accounts
receivable management as "an arcane activity 'handled over in
accounting.'" Whitney sets out 50 questions concerning AR that the
leader must deal with--not academic exercises, but requirements for
survival.

Other internal sources for cash, including judiciously managed
accounts payable and inentory, asset restructuring, and expense
cuts, are discussed. External sources of cash, among them banks,
asset lenders, and venture capital funds; factoring receivables;
and the use of trust receipts and field warehousing, are handled in
detail. Although cash, cash, and more cash is the drumbeat of Part
I, Whitney does not slight other subjects requiring attention. Two
chapters, for example, help the turnaround manager assess how the
company got into the mess in the first place, and develop
strategies for getting out of it.

The critical subject of cash continues to resonate throughout Part
II, "Profit and Growth," although here the turnaround leader
consolidates his gains and looks ahead as the turnaround matures.
New financial, new organizational, and new marketing arrangements
are laid out in detail. Whitney also provides a checklist for the
leader to use in brainstorming strategic options for the future.

Whitney's underlying theme--that a successful business requires
personal leadership as well as bricks and mortar, money and
machinery--is summed up in a concluding chapter that analyzes the
qualities that make a leader. His advice is as relevant in this
1999 reprint edition as it was in 1987 when first published.


                            *********

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
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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
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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.

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