/raid1/www/Hosts/bankrupt/TCR_Public/211021.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, October 21, 2021, Vol. 25, No. 293

                            Headlines

540P PROPERTIES: Taps John E. Smith & Associates as Legal Counsel
ACOUSTIS TECHNOLOGIES: Acquires Majority Stake in RFM Integrated
ADAMIS PHARMACEUTICALS: Receives FDA Approval for ZIMHI
AEMETIS INC: Appoints Timothy Simon as Class II Director
AGILON ENERGY: Wants Plan Exclusivity Extended Until February 22

ALL SAINTS EPISCOPAL: Voluntary Chapter 11 Case Summary
ALLIANT HOLDINGS: S&P Rates New Senior Unsecured Notes 'CCC+'
ALROSE ALLEGRIA: Nov. 18 Plan & Disclosure Hearing Set
ARONOWITZ DELAWARE: PLDHC Bid to Dismiss Chapter 11 Case OK'd
AVANTOR FUNDING: Fitch Assigns BB Rating on Sr. Unsecured Notes

B&L INTERNATIONAL: Has OK on Cash Access Through Nov. 15
BAIC: Unsecureds Will Recover 100% in Plan
BL SANTA FE: Court Approves Chapter 11 Plan
BLACKHAWK MINING: Parties Directed to Review Pocahontas Land Deal
BOY SCOUTS: Judge to Delay Ruling on 'Mediation Priviledge'

BRAZOS ELECTRIC: $2-Bil. Bill Suit Survives ERCOT Move to Dismiss
BROADSTREET PARTNERS: S&P Affirms 'B' ICR, Outlook Stable
CARNIVAL CORP: S&P Rates New $1.5BB Senior Unsecured Notes 'B'
CARVER BANCORP: Sophia Haliotis Quits as Senior VP, CCO
CDT DE SAN SEBASTIAN: Disclosure Hearing Continued to Nov. 17

CDT DE SAN SEBASTIAN: Unsecureds to Get 65% Under Plan
CHATHAM GRAVEL: May Use Cash Collateral Through Nov. 4
CLEANSPARK INC: Buys 2,250 Mining Servers for $16.5-Mil.
CODE 3 SERVICES: Taps Michael Daniels as Bankruptcy Attorney
CONFLUENT HEALTH: Moody's Affirms B3 CFR & Rates New Term Loan B3

CORP GROUP: Gets Court Okay for Ch. 11 Bank Stock Rights Sales
DELCATH SYSTEMS: Unit Terminates License Deal Over Payment Dispute
DJM HOLDINGS: Undervalued Ohio Property, Creditor Says
DLVAM1302 NORTH: Case Summary & 15 Unsecured Creditors
DUTCHINTS DEVELOPMENT: Seeks to Hire Geoff Wiggs as Legal Counsel

ENERGYSOLUTIONS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
ENVISION HEALTHCARE: Moody's Alters Outlook on Caa2 CFR to Stable
FIRSTENERGY CORP: S&P Raises ICR on Subsidiaries to 'BB+'
FORTEM RESOURCES: Says It's Negotiating Reorganization Plan
GATA HF: Case Summary & 4 Unsecured Creditors

GROWLIFE INC: Macias Gini Replaces BPM LLP as Auditor
HK FACILITY: May Use Cash Collateral Through Nov. 15
HOOT THE DOG: Obtains Permission to Use Cash Collateral
HOYA MIDCO: Moody's Raises CFR to B1 & Alters Outlook to Stable
IFRESH INC: Seeks to Expedite Litigation vs KeyBank

IMPERVA INC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
ION GEOPHYSICAL: Expects Q3 Preliminary Revenues of Up to $45M
KAAG FL TRUST: Case Summary & Unsecured Creditor
KORNBLUTH TEXAS: Seeks to Hire Okin Adams as New Bankruptcy Counsel
KOSMOS ENERGY: Closes 37.5 Million Common Stock Offering

KOSMOS ENERGY: S&P Rates $400MM Senior Unsecured Debt 'B+'
LAMB WESTON: S&P Rates New $835MM Senior Unsecured Notes 'BB+'
LEAFBUYER TECHNOLOGIES: Amends Stock Certificate of Designation
LECLAIRRYAN: Founder, UnitedLex Seek Dismissal of Bankruptcy Claims
LEHMAN BROTHERS: 2nd Circuit Tosses $300M Ex-Exec's Retirement Suit

LEWISBERRY PARTNERS: Gets Final OK on Cash Collateral Use
LIFESCAN GLOBAL: Moody's Rates New $800MM 1st Lien Term Loan 'B3'
LOCAL MOTION: May Use Cash Collateral Through Oct. 25
LOVE BITES: Seeks to Use Beneficial State Bank, et al.'s Cash
MALLINCKRODT PLC: City of Marietta May Proceed with Appeal

MALLINCKRODT PLC: Edelman May Proceed with Appeal
MEJIA LLC: Seeks to Hire Cheryl C. Deshaies as Legal Counsel
MICH'S MACCS: Gets OK to Hire Kirby Aisner & Curley as Counsel
MIDTOWN CAMPUS: Obtains 90-Day Access to Cash Collateral
MKJC AUTO: Nov. 17 Plan & Disclosure Hearing Set

NEXTPLAY TECHNOLOGIES: Delays Filing of Aug. 31 Form 10-Q
NORTH PIER OCEAN: Seeks to Hire Great Neck Realty as Broker
NTH SOLUTIONS: Wins Cash Collateral Access Through Nov. 13
OAK HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
OLD VILLAGE MASTER: Seeks to Hire Fox Rothschild as Legal Counsel

OLD WORLD: Case Summary & 20 Largest Unsecured Creditors
OMEROS CORP: Receives Complete Response Letter From FDA
OSCEOLA MEDICAL: Seeks to Hire Bartolone Law as Legal Counsel
PATH MEDICAL: Seeks to Hire SSG Advisors as Investment Banker
PETROTEQ ENERGY: Interim CEO Issues Letter to Shareholders

RED RIVER: Heated Words Exchanged at City Council
RIVERBED TECHNOLOGY: Moody's Cuts CFR to Caa3, Outlook Negative
ROCKDALE MARCELLUS: Asks Court OK for Quick Sale Process
S1 HOLDCO: Moody's Assigns B1 CFR & Rates New Credit Facilities B1
SCHUMACHER & SEITLER: Wins Summary Judgment Bid in CERCLA Suit

SEAGATE HDD: Moody's Affirms Ba1 CFR & Ba1 Rating on Unsec. Notes
SEQUENTIAL BRANDS: Jessica Simpson Regains Fashion Brand
SIRIUS COMPUTER: Moody's Puts B2 CFR Under Review for Upgrade
SUMMIT FAMILY: Fan Group Objects to Casa Bonita Sale, Offers $3.5M
TAILORED BRANDS: Hires Neiman's Brandy Richardson as CFO

UST HOLDINGS: S&P Assigns 'B+' ICR, Outlook Stable
VANDEVCO LIMITED: Seeks to Employ Appraisal and Consulting Group
VECTOR WP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
WHOA NETWORKS: Wins Jan. 24 Solicitation Exclusivity Extension
YOGI JAY: Seeks Approval to Hire Richard D. Scott as Legal Counsel

ZAREPATH ACADEMY: Seeks to Employ Keith Johnson as Accountant
[*] Claims Trading Report - September 2021
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

540P PROPERTIES: Taps John E. Smith & Associates as Legal Counsel
-----------------------------------------------------------------
540P Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire John E. Smith &
Associates, P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     1. assisting in analyzing and prosecuting claims held by the
Debtor's bankruptcy estate against third parties;

     2. preparing and filing pleadings to pursue the bankruptcy
estate's claims against third parties;

     3. conducting appropriate examinations of witnesses, claimants
and other parties in interest in connection with such litigation;

     4. representing the Debtor in adversary cases and other
proceedings before the bankruptcy court and in any other judicial
or administrative proceeding in which the claims may be affected;

     5. collecting any judgment that may be entered in the
contemplated litigation;

     6. handling appeals that may result from the contemplated
litigation; and

     7. performing other necessary legal services.

The firm has agreed to accept the sum of $11,738 for its legal
services.

As disclosed in court filings, John E. Smith is a "disinterested
person" within the definition of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     John E. Smith, Esq.
     John E. Smith & Associates, P.C.
     907 S Friendswood Dr Ste. 204
     Friendswood, TX 77546-5489
     Tel: (281) 996-9393
     Email: john@johnesmithattorney.com

                       About 540P Properties

Pasadena, Texas-based 540P Properties, LLC filed a petition for
Chapter 11 protection (Bankr. S.D. Tex. Case No. 21-32974) on Sept.
6, 2021, listing up to $10 million in assets and up to $1 million
in liabilities. Bryan D. Hudson, member, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.  The Debtor tapped
John E. Smith & Associates, P.C. as legal counsel.


ACOUSTIS TECHNOLOGIES: Acquires Majority Stake in RFM Integrated
----------------------------------------------------------------
Akoustis Technologies, Inc. is acquiring a 51% majority ownership
position of RFM Integrated Device, Inc., with the right to purchase
the remaining 49% in 2022.

In terms of rationale for this opportunistic acquisition, RFMi
offers Akoustis:

   a) a comprehensive SAW resonator & RF filter, crystal (Xtal)
resonator & oscillator and ceramic catalog product portfolio which
complements Akoustis XBAW RF products

   b) new, synergistic sales channels and numerous market-leading
customers providing significant cross-selling opportunities for
Akoustis XBAW

   c) access to new strategic markets including Automotive/ADAS,
medical monitoring and implant, energy and smart home, satellite
communications and industrial/IoT

   d) access to new wafer-level-package (WLP) products that are
currently manufactured in factories certified to stringent
automotive IATF16949 standards

   e) the ability to develop multi-chip-modules incorporating
multiple technologies for each of the end markets including 4G/5G
mobile

   f) access to complementary SAW resonator, Xtal resonator &
oscillator products to enhance Akoustis' XBAW RF timing product
portfolio announced last week

   g) a low-capex, fabless product business with synergistic supply
chain operations along with a proven technical, marketing and
engineering team, and

   h) a bolt-on RF filter business which is immediately accretive
to Akoustis financials from a cash flow perspective.

Jeff Shealy, founder and CEO of Akoustis, stated, "I am pleased to
welcome the RFMi team to the Akoustis family, and look forward to
adding several new end markets to our sales channel and broadening
our XBAW funnel with significant cross-selling opportunities."  Mr.
Shealy continued, "RFMi's products complement our patented XBAW
platform and make it possible to accelerate the development of
multi-chip-modules that span 4G, 5G, Wi-Fi and satellite
technologies for multiple markets."

Akoustis intends to leverage its leadership in high-frequency BAW
with RFMi's growing portfolio of RF filter products to expand its
reach into multiple markets and grow its portfolio of
multi-chip-modules.  Akoustis also intends to leverage RFMi's
wafer-level-package (WLP) products which are currently made in
factories certified to the IATF16949 automotive quality standard.

Additionally, RFMi's timing control product portfolio will greatly
expand Akoustis' new timing and frequency reference capabilities,
introduced last week, with a growing portfolio of crystal resonator
and oscillator products and RF SAW resonators designed to operate
at lower frequencies than Akoustis' XBAW resonators.

RFMi also offers ceramic dielectric resonator filters and low
temperature co-fired ceramic (LTCC) filters and diplexers for
products that have significant power handling requirements, such as
5G network infrastructure, that exceed the capabilities of micro
acoustic filter technology.

Financial Terms

Akoustis is paying $6.0 million in cash and approximately $2.5
million in stock to Tai-Saw Technologies Co., Ltd. ("TST") for the
acquisition of 51% of RFM's outstanding stock and has the option to
acquire the remaining 49% from TST on or before June 30, 2022, for
an additional $3.5 million in cash and approximately $4.0 million
in stock.  Additionally, earn-out payments aggregating up to $3.0
million of cash and/or stock may be payable to TST based on the
future operating results of RFMi.  The business is accretive, with
positive cash flow, and is expected to contribute between $500k and
$1 million in revenue in the December quarter.

Akoustis is actively delivering volume production of its Wi-Fi 6
tandem filter solutions to multiple customers, shipping multiple 5G
small cell XBAWTM filter solutions, delivering initial designs of
its new 5G mobile filter solutions to multiple tier-1 customers and
is now entering the market with its new Wi-Fi 6E coexistence XBAWTM
filter solutions.

Given the growing sales funnel activity as well as ongoing
interaction with customers regarding expected ramps in both 5G
mobile, Wi-Fi 6 and Wi-Fi 6E in calendar 2022, the Company is
increasing the annual production capacity at its New York fab,
expected to reach a capacity of approximately 500 million filters
per year by the end of calendar 2021.

Akoustis currently has 15 commercial XBAW filters in its product
catalog, and recently introduced 5.6 GHz and 6.6 GHz Wi-Fi 6E
coexistence filter modules, which when qualified, will bring the
number of catalog products to 17.  Current product catalog filters
include a 5.6 GHz Wi-Fi filter, a 5.2 GHz Wi-Fi filter, a 5.5 GHz
Wi-Fi-6E filter, a 6.5 GHz Wi-Fi 6E filter, three small cell 5G
network infrastructure filters including two Band n77 filters and
one Band n79 filter, a 3.8 GHz filter and five S-Band filters for
defense phased-array radar applications, a 3.6 GHz filter for the
CBRS 5G infrastructure market and a C-Band filter for the unmanned
aircraft systems (UAS) market.  The Company is also developing
several new filters for the sub-7 GHz bands targeting 5G mobile
device, network infrastructure, Wi-Fi CPE and defense markets.

                    About Akoustis Technologies

Headquartered in Huntersville, NC, Akoustis is focused on
developing, designing, and manufacturing innovative RF filter
products for the mobile wireless device industry, including for
products such as smartphones and tablets, cellular infrastructure
equipment, and WiFi premise equipment.

Akoustis reported a net loss of $44.16 million for the year ended
June 30, 2021, compared to a net loss of $36.14 million for the
year ended June 30, 2020.  As of June 30, 2021, the Company had
$124.99 million in total assets, $7.58 million in total
liabilities, and $117.41 million in total stockholders' equity.


ADAMIS PHARMACEUTICALS: Receives FDA Approval for ZIMHI
-------------------------------------------------------
The U.S. Food and Drug Administration has approved Adamis
Pharmaceuticals Corporation's ZIMHI (naloxone HCL Injection, USP) 5
mg/0.5 mL product.  ZIMHI is a high-dose naloxone injection product
FDA-approved for use in the treatment of opioid overdose.

Naloxone is an opioid antagonist and is generally considered the
drug of choice for immediate administration for opioid overdose.
It works by blocking or reversing the effects of the opioid,
including extreme drowsiness, slowed breathing, or loss of
consciousness. Common opioids include morphine, heroin, tramadol,
oxycodone, hydrocodone and fentanyl.

According to statistics published by the Centers for Disease
Control and Prevention (CDC), drug overdoses resulted in
approximately 96,779 deaths in the United States during the
12-month period ending March 2021, which was a 29% increase over
the prior 12-month period. Drug overdoses are now the leading cause
of death for Americans under age 50, with more powerful synthetic
opioids, like fentanyl and its analogues, responsible for the
largest number of those deaths.

Dr. Jeffrey Galinkin, an anesthesiologist, and former member of the
FDA Advisory Committee for Anesthetics, Analgesics and Addiction
Products, commented, "I am pleased to see this much needed high
dose naloxone product will become part of the treatment tool kit as
a countermeasure to the continued surge in fentanyl related deaths.
The higher intramuscular doses of naloxone in ZIMHI should result
in more rapid and higher levels of naloxone in the systemic
circulation, which in turn, should result in more successful
resuscitations."

Dr. Dennis J. Carlo, president and CEO of Adamis, stated, "We are
very excited by this approval and are working with our commercial
partner, US WorldMeds, to make this much-needed, lifesaving product
readily available to the market.  ZIMHI provides the highest
systemic levels of naloxone compared to any of the nasal or
intramuscular products currently available."

P. Breckinridge Jones, Sr., CEO of US WorldMeds, added, "We are
pleased with the approval and now look forward to commercially
marketing ZIMHI in the United States.  US WorldMeds has a proven
track-record of successfully commercializing pharmaceutical
products and have a First-in-Class and only FDA-approved product,
LUCEMYRA (lofexidine), for the treatment of withdrawal symptoms
associated with abrupt opioid discontinuation.  We are confident we
can leverage our existing commercial infrastructure and presence in
the opioid dependence market to speed the uptake of ZIMHI and
combat the growing opioid crisis.  We are preparing for the full
commercial launch of ZIMHI which is planned for the first quarter
of 2022."

                   About Adamis Pharmaceuticals

Adamis Pharmaceuticals Corporation --
http://www.adamispharmaceuticals.com-- is a specialty
biopharmaceutical company primarily focused on developing and
commercializing products in various therapeutic areas, including
allergy, opioid overdose, respiratory and inflammatory disease.

Adamis reported a net loss of $49.39 million for the year ended
Dec. 31, 2020, compared to a net loss of $27.51 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$30.87 million in total assets, $27.37 million in total
liabilities, and $3.50 million in total stockholders' equity.

San Diego, California-based BDO USA, LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.


AEMETIS INC: Appoints Timothy Simon as Class II Director
--------------------------------------------------------
Aemetis, Inc.'s Board of Directors appointed Timothy Simon as a
Class II director to fill the newly available directorship, with an
initial term to continue until the company's 2022 Annual Meeting of
Stockholders.

Mr. Simon was appointed to the CPUC by Governor Arnold
Schwarzenegger in February 2007, ending his term in December 2012.
During his time as a CPUC commissioner, Mr. Simon served as chair
of the National Association of Regulatory Utility Commissioners
Natural Gas Committee; chair of the LNG Partnership between the
Department of Energy and NARUC; founding member of the Call to
Action National Gas Pipeline Safety Taskforce with the U.S.
Department of Transportation; and member of the National Petroleum
Council.  Mr. Simon currently serves on the board of Charah
Solutions, Inc. (NYSE: CHRA).

Prior to his CPUC appointment, Mr. Simon served as Appointments
Secretary in the Office of the Governor, the first African American
in California history to hold this post.  He also served as Adjunct
Professor of Law at Golden Gate University School of Law and the
University of California Hastings College of the Law.  Prior to
public service, Mr. Simon was an in-house counsel and compliance
officer with Bank of America, Wells Fargo, and the Robertson
Stephens investment bank.

In 2013, Mr. Simon created TAS Strategies, serving as an attorney
and consultant on utility, infrastructure, financial services, and
broadband projects.  He is a frequent public speaker, expert
witness and panelist on energy, infrastructure, diversity, and
inclusion.

In 2019, Mr. Simon was elected chairman of the Board of Directors
for the California African American Chamber of Commerce and elected
to the University of San Francisco Board of Trustees.  He currently
serves on the North American Energy Standards Board Advisory
Council and is a member of the National Bar Association, Energy Bar
Association, The Saint Thomas More Society and the National Board
of Directors for the American Association of Blacks in Energy.

Mr. Simon received a bachelor's degree in Economics from the
University of San Francisco (Distinguished Alumni) and a Juris
Doctor from the U.C. Hastings College of the Law.  He is an active
member of the State Bar of California.

In connection with his service as a member of the Board, Mr. Simon
is eligible, subject to Aemetis' director compensation policy, to
receive the company's standard non-employee director cash and
equity compensation.  Mr. Simon will receive a pro rata portion of
the $75,000 annual retainer for his service as a member of the
Board in 2021.  As a new director, Mr. Simon is eligible under
Aemetis' director compensation policy to receive a stock option
grant to purchase 10,000 shares of the company's common stock
pursuant to the company's 2019 Stock Plan.  The grant of the
foregoing stock option to Mr. Simon will be made at the next
Governance, Nominating and Compensation Committee.

                           About Aemetis

Headquartered in Cupertino, California, Aemetis --
http://www.aemetis.com-- is an international renewable natural
gas, renewable fuels and byproducts company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products. The
Company operates in two reportable geographic segments: "North
America" and "India."

Aemetis reported a net loss of $36.66 million for the year ended
Dec. 31, 2020, compared to a net loss of $39.48 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$143.29 million in total assets, $62.90 million in total current
liabilities, $204.41 million in total long-term liabilities, and a
total stockholders' deficit of $124.02 million.


AGILON ENERGY: Wants Plan Exclusivity Extended Until February 22
----------------------------------------------------------------
Agilon Energy Holdings II LLC and its affiliates request the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division to extend the exclusive periods during which the Debtors
may file and solicit acceptances of Chapter 11 Plan through and
including February 22, 2022, and April 23, 2022, respectively.

The Debtors have worked diligently over the past few months to
preserve the value of their assets and enhance their going concern
value during the pendency of the Cases and require the extension to
ensure that they can exit chapter 11 in the most value-maximizing
way.

On September 2, 2021, after several weeks of negotiations between
the Debtors and their agent and secured lenders and the Committee,
the Court entered its Interim DIP Order. And on September 21, 2021,
the Court entered its Final DIP Order and together with the Interim
DIP Order (the "DIP Order"). According to the Final DIP Order, the
DIP Maturity Date is no later than March 1, 2022.

The DIP Order established certain milestones negotiated by the
parties for the Debtors to pursue a sale of assets. The following
is a list of the remaining milestones as outlined in the DIP
Order:

(i) the filing of Bidding Procedures Motion on or before November
30, 2021;

(ii) the approval of the Bidding Procedures Motion and Entry of
Bidding Procedures Order on or before December 21, 2021;

(iii) an auction for the sale of substantially all of the Debtors'
assets shall have occurred on or before February 10, 2022;

(iv) the Bankruptcy Court shall have approved the auction and
sale(s) of the assets on or before February 15, 2022; and

(v) consummation of the approved sale(s) within 2 days of sale
approval.

Also on September 9, 2021, with the assistance of Energy Resource
Management LLC dba ERM Capital, the Debtors commenced a process to
identify potential bidders to purchase all or substantially all of
the Debtors' assets.

The requested extension of the Exclusive Periods will not prejudice
the legitimate interests of post-petition creditors, as the Debtors
continue to make timely payments on their undisputed post-petition
obligations, as permitted by the budget approved in the Final DIP
Order.

The Debtors received indications of interest from several parties.
As of October 18, 2021, the Debtors and ERM Capital continue to
work diligently to facilitate additional diligence regarding the
Debtors' business, to answer questions from bidders, and to
negotiate with the bidders to obtain their highest and best bids.
The Debtors have currently set the deadline for the submission of
initial stalking horse bids as October 28, 2021. The Debtors are
not seeking an extension to pressure creditors or other parties in
interest.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/3AWyl8s from Stretto.com.

                     About Agilon Energy Holdings II LLC

Texas-based power producer Agilon Energy Holdings II, LLC and its
affiliates, Victoria Port Power LLC and Victoria City Power LLC,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
21-32156) on June 27, 2021. At the time of the filing, Agilon had
between $100 million and $500 million in both assets and
liabilities.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Locke Lord, LLP as legal counsel, Grant
Thornton, LLP as financial advisor, and Hugh Smith Advisors, LLC as
restructuring advisor.  Hugh Smith of Hugh Smith Advisors serves as
the Debtors' chief restructuring officer. Stretto is the claims and
noticing agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on July 30,
2021. Pachulski Stang Ziehl & Jones, LLP serves as the committee's
legal counsel and Conway MacKenzie, LLC, its financial advisor.


ALL SAINTS EPISCOPAL: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: All Saints Episcopal Church
        4936 Dexter Avenue
        Fort Worth, TX 76107

Business Description: All Saints Episcopal Church is a parish in
                      The Episcopal Church in North Texas, a
                      Diocese in The Episcopal Church.

Chapter 11 Petition Date: October 20, 2021

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 21-42461

Debtor's Counsel: Patrick J. Neligan, Jr., Esq.
                  NELIGAN LLP
                  325 N. St. Paul
                  Suite 3600
                  Dallas, TX 75201
                  Tel: 214-840-5300
                  Email: pneligan@neliganlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher N. Jambor, rector, chairman,
and president.

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/6XP2B3A/All_Saints_Episcopal_Church__txnbke-21-42461__0001.0.pdf?mcid=tGE4TAMA


ALLIANT HOLDINGS: S&P Rates New Senior Unsecured Notes 'CCC+'
-------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' debt rating to Alliant
Holdings Intermediate LLC's proposed nonfungible $450 million
senior unsecured notes due October 2029. S&P also assigned a '6'
recovery rating to the issuance, indicating its expectation for
negligible (0%) recovery of principal in the event of a default.

The company is also issuing a fungible $475 million incremental
senior secured notes add-on to its existing $525 million senior
secured notes due 2027. The 'B' secured debt rating and '3'
recovery rating (50%-70%; rounded estimate: 50%) are unchanged.
These issuances are in addition to a $475 million first-lien term
loan B-3 add-on to its existing $1.192 billion first-lien term loan
B-3 due 2027 that was recently issued. All other ratings, including
the 'B' issuer credit ratings on Alliant Holdings L.P. and Alliant
Holdings Intermediate LLC, are likewise unchanged by the new debt
issuances.

Alliant is issuing the proposed $1.4 billion in incremental debt as
part of an equity recapitalization with existing common equity
investors. Additionally, this transaction will finance acquisitions
currently under signed letters of intent, representing $6 million
of EBITDA and close to $30 million of revenue.

S&P said, "We believe Alliant performed favorably in the 12 months
ended June 30, 2021, achieving revenue growth of 24.5% to $2.08
billion with S&P-adjusted EBITDA margins of 33.4%. Our forecast
incorporates sustained top-line growth, supported by organic growth
of 12%-15% and a more robust contribution from acquisitions
relative to historical trend, given the Confie acquisition this
year. Alliant's organic growth through August was 16.6%, with its
specialty retail and managing general agent (MGA) segments spurring
meaningful growth.

"Our assessment of the company's financial risk continues to assume
a debt-intensive capital structure, consisting of a combination of
debt and debtlike instruments. Including this transaction, pro
forma for acquisitions closed beyond period-end and those under
letters of intent, Alliant's S&P Global Ratings-adjusted leverage
as of the 12 months ended June 30, 2021, is 8.4x (9.1x including
preferred shares treated as debt), up from 7.0x (7.7x including
preferred shares treated as debt) before the transaction. Pro forma
for the issuances, EBITDA interest coverage (including the
preferred instrument, which has optional cash or payment-in-kind
interest) is about 2.2x for the 12 months ended June 30, 2021.
While these credit metrics have worsened, they remain within our
tolerance levels for the rating. Similarly, we expect a notable
reduction of total leverage through 2022, based on the company's
performance.

"For fiscal year 2021, we expect leverage of 8.0x-8.5x (9.0x-9.5x
including preferred shares treated as debt) and EBITDA interest
coverage above 2.0x. As Confie is integrated into Alliant's
underlying business through year-end, we expect S&P Global
Ratings-adjusted EBITDA margins to decline modestly given Confie's
run-rate margins are moderately lower than Alliant's run-rate
S&P-adjusted EBITDA margins of 33-34%, historically."



ALROSE ALLEGRIA: Nov. 18 Plan & Disclosure Hearing Set
------------------------------------------------------
On Sept. 15, 2021, Chapter 11 Trustee Kenneth P. Silverman filed a
Disclosure Statement with respect to the Plan of Liquidation for
Debtors Alrose Allegria LLC and ALrose King David, LLC.

On Oct. 18, 2021, Judge Sean H. Lane conditionally approved the
Disclosure Statement filed by the Trustee and ordered that:

     * Nov. 11, 2021, at 4:00 p.m., is fixed as the last day for
filing objections to the adequacy of information contained in the
Disclosure Statement and for filing written acceptances or
rejections of the Plan.

     * Nov. 18, 2021, at 10:30 a.m., is the combined hearing to
consider final approval of the adequacy of the Disclosure Statement
and confirmation of the Plan.

     * The Trustee is authorized and directed to expend such funds,
execute such documents, and take any and all reasonable steps as
may be necessary to implement the terms and conditions of this
Order.

A copy of the order dated Oct. 18, 2021, is available at
https://bit.ly/30wDW96 from PacerMonitor.com at no charge.

Attorneys for Kenneth P. Silverman, Esq., the Chapter 11 Trustee:

     Ronald J. Friedman
     Brian Powers
     Haley L. Trust
     SILVERMANACAMPORA LLP
     100 Jericho Quadrangle, Suite 300
     Jericho, New York 11753
     Tel: (516) 479-6300

                     About Alrose Allegria

Alrose Allegria LLC operated the Allegria Hotel, a nine-story,
143-key mid-rise full-service boutique hotel located on the
beachfront at 80 W. Broadway, Long Beach, New York.  The Allegria
Hotel property contained approximately 136,000 gross square feet
and included a ballroom, meeting space, fitness center, restaurant,
lounge and piano bar.  Alrose King David LLC was the owner of real
property, including the building, fixtures and improvements
thereon, located at 80 W. Broadway, Long Beach, New York, on which
the Allegria Hotel was located.

Alrose Allegria LLC sought Chapter 11 protection (Bankr. S.D.N.Y.,
Case No. 15-11760) in Manhattan on July 2, 2015, estimating $10
million to $50 million in assets and $1 million to $10 million in
debt. Allen Rosenberg, managing member of Alrose Allegria and
president of the Alrose Group, signed the bankruptcy petition. The
Debtor tapped Richard J. Bernard, Esq., at Foley & Lardner LLP, in
New York, as counsel.

In July 2011, another unit of the Alrose Group, Alrose King David
LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.,
Case No. 11-75361) in Brooklyn. Alrose King David LLC was a special
entity established by the Alrose Group to own the 143-room,
beachfront hotel property called the Allegria Hotel & Spa in Long
Beach, Long Island. Alrose King David won approval of its
reorganization plan in March 2012.


ARONOWITZ DELAWARE: PLDHC Bid to Dismiss Chapter 11 Case OK'd
-------------------------------------------------------------
The United States Bankruptcy Court for the Middle District of North
Carolina, Winston-Salem Division, granted PLDHC Acquisitions, LLC's
motion to dismiss the Chapter 11 case of Aronowitz Delaware 2
Family Limited Partnership.

On January 6, 2011, the Debtor executed a Promissory Note
evidencing an indebtedness to Royal Bank of Canada ("RBC"), in the
amount of $1,237,000.  As security for the Original Note, the
Debtor executed and delivered to RBC a Deed of Trust Securing
Future Advances.

In October 2016, PLDHC and Health-Chem Diagnostics, LLC, entered
into certain agreements for PLDHC to acquire all the assets of
Health Chem.  In addition to the Health Chem assets, PLDHC entered
into a Consulting Services Agreement with Jack L. Aronowitz, who
individually owns 49.5% of the interests of the Debtor, and Leon
Services, LLC, a Patent and Intellectual Property Assignment
Agreement with Aronowitz, and a Non-Competition, Non-Solicitation
and Non-Disclosure Agreement with Health Chem, Aronowitz, and
Leon.

In connection with the Health Chem Transaction, RBC assigned the
Original Note and Original Deed of Trust to PLDHC.  Also, on
October 31, PLDHC and the Debtor amended the Original Deed of Trust
and Original Note to provide that the outstanding principal
indebtedness owed to PLDHC as of October 31, 2016 was $1,000,000.
The Modified Note requires that "interest only on the
then-outstanding principal balance . . . be paid quarterly,
beginning February 1, 2017, and continuing on each May 1, August 1,
and November 1 thereafter, until the entire principal balance and
all accrued interest hereunder is paid in full."  The Modified Note
further provides that the payments shall be made pursuant to the
consulting agreement and intellectual property agreements executed
in connection with the Health Chem Transaction.  These agreements
contemplate that, in the event of a default in payment under the
Modified Note, PLDHC has the right to offset any consulting fees or
royalties owed by PLDHC to Aronowitz "if, as, and when due or
payable to [Aronowitz] . . . to cure such Default."

Numerous disputes arose between the parties soon after the Health
Chem transaction.  On August 24, 2020, Aronowitz and Leon commenced
a civil suit against PLDHC in the Supreme Court of New York, County
of Nassau alleging claims for an accounting, breach of contract,
and fraudulent inducement.  The New York Litigation remains
pending, although the New York Court dismissed certain of
Aronowitz's claims for relief, including fraud in the inducement.

Aronowitz never made any payments on the Modified Note, but PLDHC
set off certain consulting fees against the amounts due under its
terms.  On October 22, 2020, PLDHC caused the substitute trustee
under the Deed of Trust to commence a foreclosure action against
the Real Property in the North Carolina General Court of Justice.
The order by the clerk of the North Carolina State Court
authorizing the foreclosure sale was later appealed.  On April 26,
2021, the Superior Court of North Carolina, Avery County, entered
its order determining the validity of the debt, the default, and
authorizing the Substitute Trustee to sell the Real Property.
Neither the Debtor, nor Aronowitz appealed the Sale Order.

On March 9, 2021, Aronowitz requested that the New York Court
preliminarily enjoin the foreclosure proceeding, which the New York
Court set for hearing on April 29, 2021.  While the New York Court
considered the request, Aronowitz and the Debtor also commenced an
action in the North Carolina State Court against PLDHC and the
Substitute Trustee, requesting that the State Court enjoin the
foreclosure sale on equitable grounds under N.C. Gen. Stat.
Sections 1A-1, Rule 65, and 45-21.34.  On July 2, 2021, the North
Carolina State Court denied the injunction and dismissed the
complaint with prejudice, finding, inter alia, that plaintiffs
failed to demonstrate a likelihood of success on the merits.  On
the same day, the New York Court similarly denied Aronowitz's
motion for a preliminary injunction, finding that Aronowitz had
failed to demonstrate by clear and convincing evidence that he was
likely to succeed on the merits in the New York Litigation.

The foreclosure sale was held on July 12, 2021, and the last date
for an upset bid was July 22.  On July 21, the Debtor commenced the
Chapter 11 case.

In granting PLDHC's motion to dismiss, the Bankruptcy Court pointed
out:

   (1) the Debtor has never operated, and there is no indication of
any potentially recoverable transfers that could benefit creditors
if a trustee were appointed;

   (2) dismissal would not result in any loss of rights;

   (3) further filings upon dismissal are unlikely unless such
filings are also in bad faith, which is not a reason to retain
jurisdiction in a chapter 7 case;

   (4) there is insufficient evidence that a chapter 7 trustee
could sell the Property for an amount sufficient to satisfy the
secured claim of PLDHC, the chapter 11 administrative expenses, the
administrative expense in a chapter 7, and the fees and commissions
of a chapter 7 trustee and counsel;

   (5) the state courts can timely adjudicate the issues between
the parties;

   (6) no non-insider creditor appeared to contest PLDHC's request
for dismissal;

   (7) the estate consists of a single asset;

   (8) with the exception of PLDHC, there are no other material,
non-insider creditors that need protection;

   (9) no plan has been confirmed; and

  (10) there are no environmental or safety concerns apparent from
the record.

A full-text copy of the Findings of Fact and Conclusions of Law
dated Oct. 15, 2021, is available at https://tinyurl.com/2h9zm285
from Leagle.com.

                 About Aronowitz Delaware 2 Family

Banner Elk, N.C.-based Aronowitz Delaware 2 Family LP sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C.
Case No. 21-50464) on July 21, 2021.  At the time of the filing,
the Debtor disclosed total assets of $1,800,000 and total
liabilities of $1,140,050.  Judge Benjamin A. Kahn oversees the
case.  Joshua H. Bennett, Esq., at Bennett Guthrie, PLLC, serves as
the Debtor's legal counsel.


AVANTOR FUNDING: Fitch Assigns BB Rating on Sr. Unsecured Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR4' rating to Avantor Funding,
Inc.'s senior unsecured notes. The net proceeds from the issuance
will be used partly to 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 as in line with the 'BB' Issuer Default
Rating (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 approximately 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.


B&L INTERNATIONAL: Has OK on Cash Access Through Nov. 15
--------------------------------------------------------
Judge Maria Ellena Chavez-Ruark of the U.S. Bankruptcy Court for
the District of Maryland authorized B&L International Inc. to use
cash collateral, on an interim basis, during the period from
October 15 through and including November 15, 2021 to pay for
ordinary course expenses, pursuant to the budget.  The budget for
the interim period provided for $51,000 in revenues and $90,819 in
total expenses.

The Court further ruled that the Debtor shall make adequate
protection payments to the U.S. Small Business Administration for
$1,500 on or before November 5, 2021, without prejudice to the
SBA's right to seek other adequate protection in any subsequent
cash collateral order.  The SBA shall also be entitled to a
replacement lien in all postpetition assets of the Debtor of any
kind or nature, to the same extent and with the same priority as
its interest in the prepetition collateral, to the extent of
diminution in the value of the cash collateral.  

The SBA asserts $155,533 in prepetition secured claim against the
Debtor, as of the Petition Date, pursuant to various judgment liens
and a UCC-1 financing statement securing its interest in the
Debtor's tangible and intangible personal property.

A final hearing on the motion will be held on November 9, 2021 at 2
p.m., via videoconference.  Objections must be filed and served by
Nov. 7.

A copy of the Third Interim Order is available for free at
https://bit.ly/3pbqmlS from PacerMonitor.com.

Counsel for the U.S. Small Business Administration, lender:

   Alan C. Lazerow
   Asst. United States Attorney
   36 S. Charles Street, 4th Floor
   Baltimore, MD 21201
   Telephone: (404) 209-4873
   Email: Alan.Lazerow@usdoj.gov

                      About B&L International

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

Judge Maria Ellena Chavez-Ruark oversees the case.

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



BAIC: Unsecureds Will Recover 100% in Plan
------------------------------------------
BAIC submitted a bare-bones Chapter 11 Plan of Reorganization and a
Disclosure Statement.

Class 4 General Unsecured Claims consists of "general" unsecured
claims (claims that are not entitled to "priority" under the
Bankruptcy Code and that are not secured by Collateral), which will
receive, over time, 100 percent of their claims.

The Plan proponent believes the Plan is feasible because, both on
the Effective Date and for the duration of Plan, the proponent
estimates that Debtor will have sufficient cash to make all
distributions.

A copy of the Disclosure Statement dated Oct. 13, 2021, is
available at https://bit.ly/3BNRoTR from PacerMonitor.com.

Attorney for BAIC:

     Stanley D. Bowman, Esq.
     LAW OFFICES OF STANLEY BOWMAN
     700 N Pacific Coast Highway, Suite 202A
     Redondo Beach, CA 90277
     Telephone: (310) 9374529
     Facsimile: (310) 9374440
     sb@stanleybowman.com

                          About BAIC

BAIC owns a single family residence, a rental income property in
Los Angeles, California.

BAIC filed a petition for Chapter 11 protection (Bankr. C.D. Cal.
Case No. 21-10503) on March 24, 2021, disclosing total assets of up
to $50,000.  Steve Awadalla, president, signed the petition.  Judge
Victoria S. Kaufman oversees the case.  

In July, the bankruptcy judge denied the Debtor's application to
hire Michael E. Plotkin as general bankruptcy counsel.  In August,
the Debtor filed an application to tap The Law Offices of Stanley
Bowman serves as legal counsel, but the application was denied in
September.  In October, the Debtor filed a new application to hire
Bowman as general counsel.


BL SANTA FE: Court Approves Chapter 11 Plan
-------------------------------------------
Leslie Pappas, writing for Law360, reports that a luxury resort in
Santa Fe, New Mexico, won approval from a Delaware bankruptcy judge
Tuesday to move ahead with a prepackaged plan to restructure $43
million of its senior lender's secured debt and turn over ownership
of the resort to junior lenders.

In confirming BL Santa Fe LLC's Chapter 11 plan Tuesday, October
19, 2021, U.S. Bankruptcy Court Judge Mary F. Walrath overruled an
objection from a minority equity holder who wanted the Bishop's
Lodge Resort's bankrupt owner to consider an alternative offer.
The alternative proposal "has serious drawbacks" and would be
riskier to all stakeholders.

                       About BL Santa Fe

BL Santa Fe, LLC, and BL Santa Fe (MEZZ), LLC, own and operate a
luxury resort known as Bishop's Lodge located at 1297 Bishops Lodge
Road, Santa Fe, New Mexico 87506, approximately three miles north
of historic Downtown Santa Fe.

The Debtors sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 21-11190) on Aug. 30, 2021.  The Hon. Mary F. Walrath oversees
the cases.  In the petition signed by Michael Norvet as authorized
person, BL Santa Fe LLC disclosed $50 million to $100 million in
assets and liabilities.

Young Conaway Stargatt & Taylor, LLP, is the Debtors' counsel.
Stretto serves as the Debtors' claims and noticing agent.


BLACKHAWK MINING: Parties Directed to Review Pocahontas Land Deal
-----------------------------------------------------------------
The United States District Court for the Southern District of West
Virginia, Charleston, issued a Memorandum Opinion and Order dated
Oct. 15, 2021, in the case captioned ROCKWELL MINING, LLC, and
BLACKHAWK LAND AND RESOURCES, LLC, Plaintiffs, v. POCAHONTAS LAND,
LLC, Defendant, Civil Action No. 2:20-cv-00487 (S.D. W.Va.),
denying Rockwell's Motion for Partial Judgment on the Pleadings.

As a result of various assignments and/or conveyances, Pocahontas
Land is the current successor lessor, and Rockwell is the current
successor lessee under the 1937 Lease covering approximately 10,000
acres in Wyoming and Boone Counties for coal mining purposes.

On December 21, 2015, Pocahontas Land Corporation, Rockwell, and
Blackhawk Land entered into a Consent and Amendment Agreement,
wherein the parties agreed to amend Article Sixteen of the 1937
Lease to expand the consent restriction.

On June 1, 2020, Blackhawk Mining, LLC, the parent corporation of
Rockwell and Blackhawk Land, merged with BH Mining Merger Sub, LLC,
a wholly owned subsidiary of Sev.en US Met Coal Inc.  As a result
of the Chapter 11 reorganization of Blackhawk Mining, all persons
or entities that owned voting interests in Old Blackhawk as of
December 21, 2015, ceased to own any membership interest in New
Blackhawk.

Rockwell and Blackhawk Land sought declaratory judgment pursuant to
W. Va. Code Section 55-13-1.  Specifically, they request a
declaration (1) "that the transaction between Sev.en . . . and
Blackhawk Mining, LLC, did not require Rockwell and/or Blackhawk
Land [and Resources] to obtain the consent of Poca Land under
Article Sixteen of the 1937 Lease, as amended by the 2015 Consent
[and Amendment Agreement] or alternatively, that to the extent Poca
Land's consent was required, it had no reasonable basis to withhold
that consent"; and (2) "that Poca Land cannot terminate the 1937
Lease as a result of the Sev.en . . . and Blackhawk Mining, LLC
transaction."

As a threshold matter, the District Court said there appears to be
a dispute between the parties regarding the scope of the 2015
Consent and Amendment Agreement.  The Court also noted that there
may be an ambiguity as to the scope of the 2015 Agreement.  At this
stage, there remains a question of fact as to whether the
Agreement, and the amendment to the consent restriction therein, is
applicable generally to Rockwell's obligations under the 1937
Lease.  The Court suggested that the parties explore the binding
scope and effect of the Agreement and the amended consent
restriction at the summary judgment stage of this case, together
with all other related issues.  Until the scope of the Agreement
and the amendment is fully considered, however, the Court concluded
that its addressing the remainder of the parties' contentions,
including the applicability of the Supreme Court of Appeals of West
Virginia's decision in Easley Coal Co. v. Brush Creek Coal Co., 91
W.Va. 297, 112 S.E. 512 (1922), would be premature.

A full-text copy of the decision is available at
https://tinyurl.com/5dvecap5 from Leagle.com.

                    About Blackhawk Mining

Founded in 2010, Blackhawk Mining LLC --
http://www.blackhawkmining.com/-- is a diversified coal mining
company headquartered in Lexington, Kentucky. They are a
privately-owned coal producer operating predominantly in the
Central Appalachian Basin of the United States. They sell their
coal production domestically and internationally to a diverse set
of end markets, such as steel producers, regulated utilities, and
commodity trading houses.

On July 19, 2019, Blackhawk Mining and 21 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 19-11595).

The Hon. Laurie Selber Silverstein acted as the case judge.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Potter Anderson
Corroon LLP as local counsel; and AlixPartners as restructuring
advisor; and Centerview Partners LLC as investment banker. Prime
Clerk LLC served as claims agent.

A bankruptcy-exit plan was confirmed August 29, 2019, and the case
was terminated May 28, 2021.


BOY SCOUTS: Judge to Delay Ruling on 'Mediation Priviledge'
-----------------------------------------------------------
Rick Archer, writing for Law360, reports that a Delaware bankruptcy
judge Tuesday, Oct. 19, 2021, told parties in the Boy Scouts of
America's Chapter 11 case that she would delay ruling on whether to
shield mediation communications from discovery while she wrestled
with the "square peg, round hole" problem it presented.

Boy Scouts of America, facing a rising number of sexual assault
claims, has been in bankruptcy proceedings since February 2020. At
a virtual hearing U.S. Bankruptcy Judge Laurie Selber Silverstein
said none of the precedent she had seen on mediation privilege was
a good fit for dealing with the Boy Scout's request.

The Moving Insurers -- comprised of Century Indemnity Company, et
al., Old Republic Insurance Company, Great American Assurance
Company, et al., and Clarendon America Insurance Company, et al.,
filed a motion seeking to compel the production of documents over
which Eric Green and Resolutions, LLC have improperly claimed
mediation privilege in connection with Disclosure Statement
discovery.

"While the Debtors have proposed Eric Green as the sole candidate
to serve as plan trustee, they offer no information about his
conflicts, deep ties to interested parties in this case or his
involvement with this case.  In light of that, Certain Insurers
served subpoenas on Mr. Green (and his company, Resolutions, LLC)
seeking information about potential conflicts and his involvement
with this case before this Court declined to appoint him a mediator
because of his conflicts.  While Mr. Green produced some documents,
he claimed mediation privilege over essentially all those he
generated or received prior to June 2020.  Under Local Rule
9019-5(a), no mediation privilege can apply to anything Mr. Green
did before the Court entered its June 9, 2020 mediation order
("Mediation Order").  Moreover, because the Court never approved
Mr. Green to serve as a mediator in this bankruptcy, he cannot even
theoretically assert any mediation privilege -- at any time," the
Insurers said.

                   About Boy Scouts of America

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

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

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

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

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


BRAZOS ELECTRIC: $2-Bil. Bill Suit Survives ERCOT Move to Dismiss
-----------------------------------------------------------------
Reuters reports that Brazos Electric Power Cooperative Inc on
Monday, October 18, 2021, largely defeated an effort by the Texas
electric operator to dodge a lawsuit over a $2 billion energy bill
stemming from the state's historic February storm that knocked out
power for millions.

U.S. Bankruptcy Judge David Jones in Houston rejected arguments
from the Electric Reliability Council of Texas (ERCOT) and Public
Utilities Commission of Texas (PUCT) that the dispute should not be
handled in bankruptcy court and that allowing it to continue would
infringe upon the state’s sovereignty.

"You've all made this far larger than, in my mind, it really is,"
Judge Jones said during the hearing.

ERCOT said in a response to a request for comment that it does not
comment on pending litigation. The PUCT did not immediately reply
to a request for comment.

Brazos, the largest and oldest electric co-op in Texas, filed for
Chapter 11 protection in March after it was hit with the massive
bill. The bill for the seven days the storm lasted is nearly three
times the co-op’s total power cost from 2020, which was $774
million, according to court papers. For several days during the
storm, ERCOT set electricity prices at $9,000 per megawatt hour.

In August 2021, the co-op, represented by O’Melveny & Myers and
Norton Rose Fulbright, filed a complaint within its bankruptcy
aiming to reject ERCOT's claim for the payment of the bill and
substantially reduce the amount. It argues that the charges are
constructively fraudulent and excessive.

The Public Utilities Commission of Texas says Brazos is trying to
re-price the market. Ruling in favor of the coop, Texas Assistant
Attorney General Jason Binford argued at Monday's hearing, could
create a precedent that would lead to other electric providers
seeking bankruptcy to offload their energy bills as well.

Additionally, Binford said, Texas has a specific procedure for
resolving this type of dispute. Handling the bill in bankruptcy
court infringes upon the state's sovereign immunity, he argued.

"I can say with zero exaggeration that this is the most important
hearing of my career," Binford said.

Lawyers for Brazos argued that the issue is not related to state
regulatory powers and is limited to the terms of the contract
between the co-op and ERCOT. Under the contract, they said, ERCOT
applied the wrong pricing mechanism for electricity used during the
February storm.

Though he mostly denied ERCOT's motion to dismiss the case, the
judge did dismiss one count that objects to the claim based on
pricing mechanisms outlined in the contract between the two
parties, saying he didn’t understand it. However, he will allow
Brazos to revise the count.

For Brazos: Lou Strubeck and Nick Hendrix of O'Melveny & Myers;
Jason Boland, Paul Trahan and Steve Peirce of Norton Rose
Fulbright; and Lino Mendiola, Michael Boldt and Jim Silliman of
Eversheds Sutherland (US)

For ERCOT: Kevin Lippman, Deborah Perry, Jamil Alibhai and Ross
Parker of Munsch Hardt Kopf & Harr

For the committee: Thomas Moers Mayer, Amy Caton, Jennifer Sharret,
Sean Coffey and Ronald Greenberg of Kramer Levin Naftalis &
Frankel; and John Higgins, Eric Wade, Heather Hatfield and M. Shane
Johnson of Porter Hedges

             About Brazos Electric Power Cooperative

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

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

Judge David R. Jones oversees the case.

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

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


BROADSTREET PARTNERS: S&P Affirms 'B' ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
BroadStreet Partners Inc. The outlook is stable. S&P affirmed its
'B' debt ratings on BroadStreet's $322 million revolver due 2025,
$1.097 billion first-lien term loan due 2027, and $407.5 million
nonfungible first-lien term loan tranche B-2 due 2027 with recovery
ratings of '3' indicating our expectation of meaningful recovery
(50%-70%; rounded estimate: 55%). S&P also affirmed its 'CCC+' debt
rating on the company's $725 million senior unsecured notes due
2029 and maintained the recovery rating of '6' indicating our
expectation of negligible recovery.

S&P said, "Our revision of BroadStreet's business risk profile
assessment to fair reflects the company's growth, improved scale
and diversification, and consistency of strategy since its founding
in 2000. BroadStreet is a national insurance brokerage holding
company offering property/casualty (P/C) and employee benefits
insurance focused on middle-market accounts. In the increasingly
consolidating brokerage marketplace, the company has maintained its
foothold as the 14th-largest insurance broker in the U.S. according
to Business Insurance rankings. The company operates through 27
core agencies with 337 agency locations across 36 states.

"We think BroadStreet has achieved scale comparable with peers with
fair business risk profile assessments to operate competitively in
the brokerage marketplace. BroadStreet's most-recent core
partnership closed in September 2021, representing the largest deal
completed to date, increases its consolidated size and scope and
magnifies its presence in the Northeast. With this new partnership,
along with the company's favorable organic performance and
continued execution on its robust acquisition pipeline, we now
expect BroadStreet to end 2021 with pro forma revenues in excess of
$1 billion. Through acquisitions, BroadStreet has effectively
managed to diversify business lines and circumvent any material
carrier, producer, and client concentrations.

"In addition to providing scale, we think this most-recent core
partnership underlines the appeal of BroadStreet's co-ownership
strategy as the target selected BroadStreet as a culture fit,
providing an opportunity to retain a stake in the investment.
BroadStreet's inorganic strategy is to acquire majority stakes in
core agencies looking to monetize their ownership while continuing
to manage and grow the business by retaining significant equity
(about 20%-35%). Core partners maintain operational autonomy while
leveraging BroadStreet's resources and scale. BroadStreet's 'hub
and spoke' model provides the foundation for a disciplined
acquisition strategy to consolidate all tuck-in acquisitions to
align with the regional presence and specialty of the respective
core. Through its core agencies BroadStreet has completed 29
tuck-ins to date and we expect it to effectively integrate the
accretive acquisitions.

"The company remains an active consolidator—targeting two or
three new core partnerships and 30-50 tuck-ins annually. Over the
next twelve months, we expect the size of tuck-ins to continue to
grow and for BroadStreet's acquisition pace to moderate slightly in
2022 as we believe potential sellers are opting to pull forward
deal-making to 2021 due to capital gains tax concerns.

"Complementing BroadStreet's inorganic expansion is its favorable
organic performance. Over the 12 months ended June 30, 2021,
organic growth (including contingent commissions) was 3.1%,
improving slightly from 2.3% in calendar-year 2020. We expect
full-year organic to increase to the mid-single digits as the
company's employee benefits segment turns around in the second half
of 2021 with improved employment levels. We expect the P/C business
to see gains supported by the hard rate environment, and topline
expansion to translate into further improvement in EBITDA; we
forecast modest margin for 2021 as BroadStreet integrates accretive
acquisitions and benefits from lower travel and entertainment
expenses."

S&P's base case assumes the following for 2021 and 2022:

-- Reported revenue growth of 20%-22%; and
-- S&PGR adjusted EBITDA to revenue margins of 30%-32%.

Based on these assumptions, S&P arrives at the following credit
metrics:

-- Pro forma leverage below 7.0x by year-end 2021 and 6.0x-6.5x in
2022;

-- EBITDA interest coverage above 3.0x;

-- Funds from operation to debt of 9%-11%.

S&P said, "Although we are upwardly revising BroadStreet's business
risk profile assessment to fair, we do believe risks remain since
the company is narrowly focused on the highly competitive,
fragmented, and cyclical middle-market insurance brokerage
industry.

"We continue to assess BroadStreet's financial risk profile as
highly leveraged based on the significant amount of debt in the
company's capital structure. In April 2021, BroadStreet diversified
its capital structure and secured funds for mergers and
acquisitions (M&A) by entering the high-yield market and issuing
$400 million in senior unsecured notes. Later in October 2021, it
secured a $325 million senior unsecured notes add-on and $407.5
million nonfungible first-lien term loan tranche B-2 to pay down
revolver borrowings and private financing used to complete the
most-recent core acquisition. Including the new debt issuances,
additional earnout obligations, and annualized earnings
contributions from closed acquisitions, pro forma leverage for the
12 months ended June 30, 2021, was about 7.1x with EBITDA interest
coverage of 3.0x.

"While leverage is above historical ranges, we believe it is in
line with the 'B' rating and expect the company to reduce leverage
below 7.0x by year-end 2021 with coverage remaining above 3.0x
throughout the forecast horizon. We think management will use free
cash flow to continue its growth-by-acquisition strategy and will
access debt markets to fund inorganic growth. We expect financial
policy to result in credit measures (pro forma for M&A) that
indicate a highly leveraged financial profile."

The highly leveraged financial risk profile and fair business risk
profile results in 'b' anchor that is not modified further to
arrive at the 'B' issuer credit rating.

S&P said, "We assess BroadStreet's liquidity as adequate based on
our expectation that sources will exceed uses of cash by at least
1.2x over the next 12 months and that this ratio will be sustained
even with a 15% decline in EBITDA. We also expect it to sustain
qualitative factors, including sound relationships with banks and a
generally satisfactory standing in the credit markets. The
company's credit facilities are covenant lite with only a springing
revolver covenant (when revolver is drawn at 35% or more). We do
not anticipate the covenant to be in effect over the next twelve
months."

Principal liquidity sources include:

-- Balance sheet cash of $161 million after October 2021 issuances
and revolver paydown

-- Undrawn revolver capacity of $322 million

-- Cash funds from operations (after debt servicing) of $175
million-$250 million annually

Principal liquidity uses include:

-- Required paydown of debt through scheduled amortization
Payment of about $80 million of earnout obligations over the next
12 months

-- Capital expenditure of roughly 1% of revenue

S&P said, "The stable outlook reflects our expectation that
improving economic conditions and high client retention will
support BroadStreet's organic growth improving to 4%-6% in 2021 and
settling to 3%-5% in 2022. We expect EBITDA margins of 30%-32% over
the next 12 months on prudent expense management and supplemented
by contributions from M&A, with modest contraction in 2022 as
incremental travel and entertainment expenses return. We also
forecast pro forma adjusted leverage of about 6.8x-7.0x at year-end
2021 and 6.0x-6.5x as of year-end 2022. We also expect pro forma
EBITDA interest coverage to remain above 3.0x during this period.

"Although unlikely, in the next 12 months, we could lower the
rating if earnings deteriorate or management takes a
more-aggressive approach to financial policy through additional
debt financing for acquisitions or reinvestment in the business
above a level appropriate for the rating, including pro forma
adjusted debt to EBITDA of more than 8.0x or pro forma adjusted
EBITDA interest coverage below 2.0x on a sustained basis. We could
also consider a downgrade if BroadStreet's business profile
deteriorates and becomes vulnerable through unsuccessful sales
strategies, producer deflection, and poorly performing acquisitions
resulting in negative organic growth and declining margins.

"Although unlikely in the next 12 months, we may consider an
upgrade if BroadStreet's financial policies become less aggressive.
For example, if it lowers and maintains leverage to less than 5.0x
through earnings growth and debt paydown. We would also expect
BroadStreet to continue to improve its business position through
profitable growth and diversification."


CARNIVAL CORP: S&P Rates New $1.5BB Senior Unsecured Notes 'B'
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S&P Global Ratings assigned its 'B' issue-level rating to
U.S.-based cruise operator Carnival Corp.'s proposed $1.5 billion
senior unsecured notes. The recovery rating is '4', indicating its
expectation for average (30%-50%; rounded estimate: 45%) recovery
for noteholders in the event of a default. Carnival plans to use
proceeds from the notes to prefund a portion of its $2.4 billion of
debt maturities in fiscal 2022.

S&P said, "Since the transaction is largely debt for debt, it does
not affect our 'B' issuer credit rating or negative rating outlook
on Carnival. We continue to expect adjusted credit measures in
fiscal 2021 (ending Nov. 30) to remain very weak given a gradual
resumption of sailings over the past few quarters, which have
occurred at materially lower occupancy than in 2019. Further, we
believe adjusted leverage may remain high through 2022 because we
anticipate Carnival will not be operating at 100% of its available
capacity, and occupancy levels will not return close to 2019 levels
until the company's seasonally strong third fiscal quarter.
Nevertheless, although we expect this continued gradual ramp up may
result in 2022 EBITDA remaining well below 2019, we believe 2022
EBITDA will be positive and a material improvement over fiscal
2021. This is because Carnival has reported that cumulative
bookings for the second half of 2022 are ahead of 2019 and pricing
is in line even when including the dilutive impact of future cruise
credits. We therefore believe EBITDA generation in the second half
of 2022 should more than offset what we anticipate could be minimal
EBITDA in the first half the year. In addition, we believe Carnival
has sufficient liquidity to weather its gradual resumption in
operations."

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors:

-- S&P assigned its 'B' issue-level rating to Carnival's proposed
$1.5 billion unsecured notes with subsidiary guarantees. The
recovery rating is '4', indicating its expectation for average
(30%-50%; rounded estimate: 45%) recovery for noteholders in the
event of a default.

-- All other issue-level ratings are unchanged.

Simulated default assumptions:

-- S&P's simulated default scenario contemplates a default
occurring by 2024 due to a significant decline in cash flow from
permanently impaired demand for cruises following the negative
publicity and travel advisories during the COVID-19 pandemic, a
prolonged economic downturn, or increased competitive pressures.

-- S&P includes in its assumption of unsecured claims that benefit
from subsidiary guarantees new ship debt that S&P expects Carnival
to incur before the year of default.

-- S&P estimates gross enterprise value at emergence of about $24
billion by applying a 7x multiple to our estimate of EBITDA at
emergence. S&P uses a multiple that is at the high end of its range
for leisure companies to reflect Carnival's good position in the
cruise industry, which is a small but underpenetrated segment of
the overall travel and vacation industry.

-- S&P allocates its estimate of gross enterprise value at
emergence among secured and unsecured claims based on its
understanding of the contribution, by asset value, of the parent
and subsidiary guarantors.

-- S&P assumes that of its estimated gross enterprise value at
emergence, about 71% is available to cover first- and
second-priority secured claims, about 16% is available to cover
unsecured claims that benefit from subsidiary guarantees, and about
13% is available to cover unsecured claims that only benefit from
parent guarantees.

-- S&P said, "Under our analysis, and after subtracting
administrative expenses from our estimate of gross enterprise
value, about $15.8 billion of enterprise value would be available
to cover secured claims. After satisfying first- and
second-priority secured claims, any remaining value, which we
estimate to be $5.7 billion, is then allocated among claims that
benefit from subsidiary guarantees and those that only benefit from
parent guarantees. This is because it is our understanding that a
material portion of the collateral sits at the subsidiary
guarantors."

-- S&P said, "Under our analysis, we attribute $3.5 billion of the
residual value, after satisfying first- and second-priority claims,
to unsecured debt that benefits from subsidiary guarantees. This
debt also benefits from the enterprise value, about $3.6 billion,
that is not pledged as collateral and that we attribute to the
unsecured debt that has subsidiary guarantees. The total value,
about $7.1 billion, only partially covers our estimate of unsecured
debt with subsidiary guarantees at default. We assume these
deficiency claims are pari passu with the unsecured debt that has
only parent guarantees."

-- S&P said, "Under our analysis, we attribute about $2.2 billion
of the residual value, after satisfying first- and second-priority
secured claims, and about $2.8 billion in enterprise value that we
attribute to the unsecured debt that has only parent guarantees.
The total value, about $5 billion, only partially covers our
estimate of those unsecured claims and pari passu deficiency claims
at default."

-- S&P assumes Carnival's revolving credit facilities are 100%
drawn at default.

Simplified waterfall:

-- Emergence EBITDA: $3.4 billion

-- EBITDA multiple: 7x

-- Gross enterprise value: $24 billion

-- Net enterprise value available after administrative expenses
(7%): $22.1 billion

-- Value attributable to secured/unsecured claims: $15.8
billion/$6.4 billion

-- Value available to first-lien secured claims: $15.8 billion

-- Estimated first-lien secured claims at default: $7.8 billion

    --Recovery range: 90%-100%; rounded estimate: 95%

-- Value available to second-lien secured claims: $8 billion

-- Estimated second-lien secured claims at default: $2.3 billion

    --Recovery range: 90%-100%; rounded estimate: 95%

-- Value available (including some residual value after satisfying
secured first- and second-lien claims) to unsecured claims that
benefit from subsidiary guarantees (the export credit facilities,
the 2026 and 2027 notes, the 2023 convertible notes, the revolver,
and bi-lateral bank facilities): $7.1 billion

Pro rata share of parent value: $4.7 billion

-- Total value available to unsecured claims that benefit from
subsidiary guarantees: $11.8 billion

-- Estimated unsecured claims that benefit from subsidiary
guarantees at default: $25.7 billion

    --Recovery range: 30%-50%; rounded estimate: 45%

-- Value available to unsecured debt with only parent guarantees:
$300 million

-- Unsecured claims with only parent guarantees at default: $1.1
billion

    --Recovery range: 10%-30%; rounded estimate: 25%

Note: All debt amounts include six months of prepetition interest.



CARVER BANCORP: Sophia Haliotis Quits as Senior VP, CCO
-------------------------------------------------------
Sophia Haliotis notified Carver Bancorp, Inc. of her resignation as
senior vice president and chief credit officer.  The resignation
will be effective on Oct. 22, 2021.

                       About Carver Bancorp

Headquartered in New York, Carver Bancorp, Inc., is the holding
company for Carver Federal Savings Bank, a federally chartered
savings bank.  The Company conducts business as a unitary savings
and loan holding company, and the principal business of the Company
consists of the operation of its wholly-owned subsidiary, Carver
Federal.  Carver Federal was founded in 1948 to serve
African-American communities whose residents, businesses and
institutions had limited access to mainstream financial services.
The Bank remains headquartered in Harlem, and predominantly all of
its seven branches and four stand-alone 24/7 ATM centers are
located in low- to moderate-income neighborhoods.

Carver Bancorp reported a net loss of $3.89 million for the year
ended March 31, 2021, compared to a net loss of $5.42 million for
the year ended March 31, 2020.  As of June 30, 2021, the Company
had $682.93 million in total assets, $631.24 million in total
liabilities, and $51.69 million in total equity.


CDT DE SAN SEBASTIAN: Disclosure Hearing Continued to Nov. 17
-------------------------------------------------------------
Judge Edward A. Godoy has entered an order within which the hearing
on approval of disclosure statement filed by CDT De San Sebastian
Inc. currently set for Nov. 3, 2021, is continued for November 17,
2021 at 1:30 p.m. via Microsoft Teams.

A copy of the order dated October 18, 2021, is available at
https://bit.ly/3aXXmWh from PacerMonitor.com at no charge.  

                 About CDT De San Sebastian

CDT De San Sebastian Inc., a tax-exempt entity that operates an
outpatient care center in San Sebastian, P.R., sought Chapter 11
protection (Bankr. D.P.R. Case No. 19-06636) on Nov. 13, 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
Brian K. Tester oversees the case.  The Debtor has tapped Jose
Ramon Cintron, Esq., as its legal counsel, and JE&MA CPA Consulting
Solutions LLC, as its accountant.


CDT DE SAN SEBASTIAN: Unsecureds to Get 65% Under Plan
------------------------------------------------------
CDT De San Sebastian, Inc., submitted an Amended Plan of
Reorganization and a Disclosure Statement.

The Debtor believes that it will have enough cash on hand on the
effective date of the Plan to pay all the claims and expenses that
are entitled to be paid on that date.  Thereafter, he will generate
enough cash to cover all current obligations and the sums needed to
finance this Plan.

The Statement of Cash Flow shows that, within a few years, the
Debtor will be generating sufficient income to cover operating
expenses, finance the Plan, and allow the CDT to stay as a going
concern, providing indispensable medical services to the
community.

Management estimates no priority claims were due at time of
petition , with total secured debt at $8 million and unsecured
credits estimated at $930,000, as per schedules.

Under the terms of the proposed plan and as appears from Projected
Cash Flow Analysis distributions to priority and unsecured claims
approximate $598,000 ($450,000 + $158,000 - $10,000).  This is
approximately a 65% dividend and more than in the event of
liquidation under Chapter 7.

CLASS IX – Unsecured creditors and CLASS X – Unsecured Judgment
creditors will participate in a dividend of $450,000 in cash, to be
paid in semi-annual installments of $22,500 commencing in the fifth
year after the effective date of the Plan for 10 years.

Additionally, this CLASS and CLASS X will share based on the amount
of their claim, the proceeds from sale of property and equipment
belonging to Las Vegas del Pepino, Inc., which payment is expected
to occur during the first year of the Plan.

The Debtor believes that it will have enough cash on hand on the
effective date of the Plan to pay all the claims and expenses that
are entitled to be paid on that date.  Thereafter, it will generate
enough cash to cover all current obligations and the sums needed to
finance this Plan.

Eduardo Rodríguez, MD will manage the affairs of Debtor during the
pendency of the Chapter 11 case, and after the effective date of
the order confirming the Plan with the assistance of his management
team.

Counsel for the Debtor:

     Wallace Vazquez Sanabria
     WVS LAW LLC.
     17 México Street, Suite D-1
     San Juan, PR 00917-2202
     Tel.: (787) 756-5730
     Fax: (787) 764-0340
     Email: wvslawllc@gmail.com

A copy of the Disclosure Statement dated October 13, 2021, is
available at https://bit.ly/3BJqHQf from PacerMonitor.com.

                   About CDT De San Sebastian

CDT De San Sebastian Inc. is a tax-exempt entity that operates an
outpatient care center in San Sebastian, P.R.  The CDT has operated
for the last 34 years providing services to residents of San
Sebastián,  Lares, Las Marias, Moca, Anasco and Isabela,
contributing to the economic growth of the region as one of the
principal employers of the Municipality of San Sebastian with
approximately 75 employees.  CDT is managed by its president and
shareholder, Eduardo Rodríguez, MD.


CDT De San Sebastian sought Chapter 11 protection (Bankr. D.P.R.
Case No. 19-06636) on Nov. 13, 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 Brian K. Tester oversees
the case.  The Debtor has tapped Jose Ramon Cintron, Esq., as its
legal counsel, and JE&MA CPA Consulting Solutions LLC, as its
accountant.


CHATHAM GRAVEL: May Use Cash Collateral Through Nov. 4
------------------------------------------------------
Judge Joseph N. Callaway of the U.S. Bankruptcy Court for the
Eastern District of North Carolina authorized Chatham Gravel
Driveway & Repair, LLC to use cash collateral for its necessary and
reasonable operating expenses for the period from October 5 through
November 4, 2021, as set forth in the budget.  The budget provided
for $80,417 in total expenses that the Debtor may incur pursuant to
the current order.

Secured Creditors, PDM Capital, LLC; FundFi Merchant Funding; and
Westwood Funding Solutions are granted liens in the Debtor's
after-acquired revenue to the same extent and priority as they had
prior to the Petition Date.  Any third party indebted to the Debtor
for work the Debtor performed shall pay said funds to the Debtor in
the ordinary course, notwithstanding any claim or lien on those
funds by the Secured Creditors.

A copy of the First Interim Order is available for free at
https://bit.ly/3mWNyBG from PacerMonitor.com.

A further hearing on the matter will be held on November 4 at 10
a.m.

              About Chatham Gravel Driveway & Repair

Chatham Gravel Driveway & Repair, LLC filed a petition for Chapter
11 protection (Bankr. E.D. N.C. Case No. 21-02225) on Oct. 5, 2021,
listing up to $500,000 in assets and up to $1 million in
liabilities.  Judge Joseph N. Callaway oversees the case.  Travis
Sasser, Esq., at Sasser Law Firm represents the Debtor as legal
counsel.



CLEANSPARK INC: Buys 2,250 Mining Servers for $16.5-Mil.
--------------------------------------------------------
CleanSpark, Inc. entered into an agreement with a premier
cryptocurrency mining equipment supplier, pursuant to which the
company purchased an aggregate of 2,250 mining servers.  

As compensation for the mining servers, the company agreed to pay
the supplier up to an aggregate of approximately $16,496,700, of
which, $9,540,260.25 was paid upon execution of the agreement, and
the remainder of which will be paid in monthly installments through
June 2022.  The company currently expects to receive the mining
servers in nine equal monthly shipments from November 2021 through
July 2022, and plans to use the mining servers to expand its
digital currency mining activities through its wholly-owned
subsidiaries.

                          About CleanSpark

Headquartered in Bountiful, Utah, CleanSpark, Inc. --
www.cleanspark.com -- in the business of providing advanced
software and controls technology solutions to solve modern energy
challenges. The Company has a suite of software solutions that
provide end-to-end microgrid energy modeling, energy market
communications and energy management solutions.  Its offerings
consist of intelligent energy monitoring and controls, intelligent
microgrid design software, middleware communications protocols for
the energy industry, energy system engineering and software
consulting services.

CleanSpark reported a net loss of $23.35 million for the year ended
Sept. 30, 2020, a net loss of $26.12 million for the year ended
Sept. 30, 2019, and a net loss of $47.01 million for the year ended
Sept. 30, 2018.  As of June 30, 2021, the Company had $297.49
million in total assets, $15.69 million in total liabilities, and
$281.80 million in total stockholders' equity.4


CODE 3 SERVICES: Taps Michael Daniels as Bankruptcy Attorney
------------------------------------------------------------
Code 3 Service, LLC seeks approval from the U.S. Bankruptcy Code
for the District of New Mexico to employ Michael Daniels, Esq., an
attorney practicing in Albuquerque, N.M., to handle its Chapter 11
case.

Mr. Daniels will bill $250 per hour for his services, plus costs
and gross receipts tax.

In court papers, Mr. Daniels disclosed that he does not represent
interests adverse to the Debtor.

Mr. Daniels can be reached at:

     Michael K. Daniels, Esq.
     P.O. Box 1640
     Albuquerque, NM 87103
     Phone: +1 505-246-9385

                     About Code 3 Service LLC

Code 3 Service, LLC filed its voluntary petition for Chapter 11
protection (Bankr. D. N.M. Case No. 21-11160) on Oct. 12, 2021,
listing as much as $1 million in both assets and liabilities.
Judge David T. Thuma presides over the case.  Michael K. Daniels,
Esq., serves as the Debtor's bankruptcy attorney.


CONFLUENT HEALTH: Moody's Affirms B3 CFR & Rates New Term Loan B3
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Moody's Investors Service affirmed Confluent Health, LLC's B3
Corporate Family Rating and B3-PD Probability of Default Rating. At
the same time, Moody's assigned B3 ratings to the proposed senior
secured first lien credit facilities including a $100 million
revolving credit facility, $465 million first lien term loan, and
$100 million delayed draw first lien term loan. The outlook remains
positive.

The rating action follows Confluent's plans to refinance its
existing capital structure to fund identified tuck-in acquisitions.
In addition to the proposed refinancing, minority investors and
roll-over equity will contribute $103 million in equity to the
proposed transaction.

The affirmation of the B3 CFR reflects Moody's view that Confluent
has successfully integrated its acquisitions from 2020, thereby
expanding its national footprint, adding eleven new states. Last
year's acquisitions combined with the recently announced targets
will further increase Confluent's scale, from about $200 million of
revenue in 2019 to roughly $475 million of revenue pro forma for
the acquisitions as of August 31, 2021. That said, the B3 rating
reflects Confluent's elevated leverage at 5.7x pro forma for the
transaction.

In its positive outlook, Moody's expects Confluent to continue its
successful integration of the new acquisitions and business growth.
The acquisitions will expand Confluent's national footprint, and
will also increase scale, adding nearly $30 million in EBITDA with
an incremental 148 clinics.

Moody's took the following rating actions:

Assignments:

Issuer: Confluent Health, LLC

Gtd Senior Secured 1st Lien Term Loan, Assigned B3 (LGD3)

Gtd Senior Secured 1st Lien Revolving Credit Facility, Assigned B3
(LGD3)

Gtd Senior Secured 1st Lien Delayed Draw Term Loan Facility,
Assigned B3 (LGD3)

Affirmations:

Issuer: Confluent Health, LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Outlook Actions:

Issuer: Confluent Health, LLC

Outlook, Remains Positive

RATINGS RATIONALE

Confluent's B3 Corporate Family Rating reflects it elevated
leverage at 5.7x pro forma for the transaction, and integration
risk related to the recently announced acquisitions. Moody's
believes that staffing pressures facing the industry combined with
the additional debt to fund the acquisitions will challenge the
ability to reduce leverage in the next 12 months. The rating also
reflects the relatively low barriers to entry in the physical
therapy business. There is risk of market oversaturation given the
rapid expansion of Confluent and many of its competitors. The
rating also reflects the risks associated with the company's rapid
expansion strategy as it grows, both organically and through
acquisitions. This risk is amplified given the tight labor market.

The rating is supported by Confluent's track record of organic
growth, good profit margins, low working capital requirements, and
low capital expenditure needs. Moody's expects that the demand for
physical therapy will continue to grow given it is relatively
low-cost and can prevent the need for more expensive treatments or
opioid pain management.

The positive outlook reflects the credit positive impact of several
planned acquisitions, which will further expand Confluent's
national footprint and add scale. Further, the positive outlook
reflects Confluent's track record of organic growth and ability to
successfully integrate recent acquisitions.

Moody's considers Confluent to have good liquidity. The company has
historically had positive free cash flow, though limited by growth
and acquisition spending. Moody's expects free cash flow to be $40
to $60 million in 2021 and 2022 respectively. Liquidity is
supported by the company's approximately $18 million of cash pro
forma August 31, 2021, and full availability on the company's new
$100 million revolving credit facility (up from $50 million
previously).

ESG considerations are a factor in Confluent's ratings. Like most
healthcare service providers Confluent faces social risks around
the rising concerns around access and affordability of healthcare
services. Moody's does not consider physical therapy service
providers to have the same level of social risk because it is
typically a lower-cost treatment than more invasive procedures and
a safer option to treatments that rely on opioids. Further,
Confluent benefits from positive social considerations, as physical
therapy can be a less expensive and a safer alternative to surgery
or opioid usage.

From a governance perspective, Moody's views Confluent's growth
strategy to be aggressive given its history of debt-funded new
clinic openings and clinic acquisitions. Given the company's
private equity ownership, Moody's considers there to be additional
risks for debt-funded transaction as evidenced by the current
transaction and the acquisitions from 2020.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following: First lien
incremental debt capacity up to the greater of $98 million and 100%
of LTM Consolidated Adjusted EBITDA, plus unused amounts available
under the general indebtedness basket, plus amounts subject to
5.25x closing date first lien net leverage. Amounts (i) outstanding
at any time, up to the greater of $98 million and 100% of LTM
Consolidated Adjusted EBITDA, (ii) up to the greater of $98 million
and 100% of LTM Consolidated Adjusted EBITDA, or (iii) incurred in
connection with a permitted acquisition or investment, may be
incurred with an earlier maturity date than the initial term loans.
There are no express "blocker" provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions. Non-wholly-owned subsidiaries are not required to
provide guarantees; dividends or transfers resulting in partial
ownership of subsidiary guarantors that could jeopardize
guarantees, with no explicit protective provisions limiting such
guarantee releases. There are no express protective provisions
prohibiting an up-tiering transaction. The above are proposed terms
and the final terms of the credit agreement may be materially
different.

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

Ratings could be downgraded if the company's liquidity weakens or
if the company fails to effectively manage its rapid growth.
Further, if the company pursues more aggressive financial policies,
the ratings could be downgraded.

An upgrade is possible if Confluent materially increases its size
and scale and demonstrates stable organic growth at the same time
it effectively executes on its expansion strategy. Additionally,
adjusted debt/EBITDA sustained below 5.5 times could support an
upgrade.

Confluent Health, LLC, headquartered in Louisville, Kentucky, is a
provider of physical rehabilitation services which includes
outpatient physical therapy, workplace injury prevention
programming, and advanced education courses and degrees for
physical therapists. The company's financial sponsor is Partners
Group, a Swiss based private equity firm with a regional
headquarters in Denver, CO. The company's pro forma revenues
(including contributions from recent acquisitions) are
approximately $475 million.

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


CORP GROUP: Gets Court Okay for Ch. 11 Bank Stock Rights Sales
--------------------------------------------------------------
Vince Sullivan of Law360 reports that Corp Group Banking received
court approval in Delaware on Tuesday, Oct. 19, 2021, for its plan
to sell or transfer subscription rights for new shares in a Chilean
bank after coming to an agreement with Deutsche Bank Trust Co. over
the disposition of the subscription rights on which it has liens.

During a videoconference hearing, debtor attorney David R.
Zylberberg of Simpson Thacher & Bartlett LLP said it is critical to
offload these subscription rights for new shares of Itau Corpbanca
because it would cost Corp Group Banking more than $270 million to
exercise them, and it doesn't have that much cash on hand.

                     About Corp Group Banking SA

Corp Group Banking SA is a Chile-based financial holding firm
controlled by billionaire Alvaro Saieh.

Corp Group Banking SA sought Chapter 11 protection (Bankr. D. Del.
Lead Case No. 21-10969) on June 25, 2021.  The company estimated at
least $500 million in assets and debt in excess of $1 billion as of
the bankruptcy filing.

Pauline K. Morgan, of Young Conaway Stargatt & Taylor, LLP, is the
Debtor's counsel.


DELCATH SYSTEMS: Unit Terminates License Deal Over Payment Dispute
------------------------------------------------------------------
Delcath Systems, Inc.'s wholly owned subsidiary Delcath Systems,
Ltd. notified medac GmbH, a privately held, multi-national
pharmaceutical company based in Germany, in writing that it was
terminating their License, Supply and Marketing Agreement dated
Dec. 10, 2018.  The effective date of termination of the agreement
will be April 12, 2022.

As previously disclosed, the agreement provides to medac the
exclusive right to market and sell CHEMOSAT in all member states of
the European Union, Iceland, Norway, Liechtenstein, Switzerland and
the United Kingdom.  In addition, the agreement provides to Delcath
Systems, Ltd. a combination of upfront and success-based milestone
payments as well as a fixed transfer price per unit of CHEMOSAT and
specified royalties.

In April 2021, Delcath Systems, Ltd. issued an invoice for EUR1
million (which currently converts to approximately US$1.16 million)
to medac for a milestone payment due under the agreement.  Payment
of this invoice was disputed by medac and, as a result, Delcath
Systems, Inc. caused its subsidiary to exercise its right to
deliver to medac a notice of termination of the agreement.

                       About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.

Delcath Systems reported a net loss of $24.15 million for the year
ended Dec. 31, 2020, compared to a net loss of $8.88 for the year
ended Dec. 31, 2019. As of June 30, 2021, the Company had $24.92
million in total assets, $9.76 million in total liabilities, and
$15.16 million in total stockholders' equity.

New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
31, 2021, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DJM HOLDINGS: Undervalued Ohio Property, Creditor Says
------------------------------------------------------
Creditor Earnest Inc. objects to the DJM Holdings, Ltd.'s proposed
Amended Chapter 11 Plan and Disclosure Statement.

The property in question is real estate located at 5154 Anthony
Street, Maple Heights, OH 44137. The Debtor's amended plan and
disclosure statement proposes to pay the secured amount of
$80,802.10 (value of $85,000.00 minus $4,197.90 real estate tax)
over 30 years amortized at 6% per the confirmed plan in case
#10-20758.  Creditor holds a secured claim in the amount of
$93,865.41.

Creditor believes that Debtor has undervalued the property in
question, and Creditor requests permission to perform a full
exterior and interior appraisal.

Creditor objects to the granting of any third party releases in
this case.  The Debtor's Amended Chapter 11 Plan herein does not
adequately protect the Creditor's interest in said Property and
should be denied confirmation, according to Creditor.

Attorney for Creditor:

     Jon J. Lieberman
     Sottile & Barile, Attorneys at Law
     394 Wards Corner Road, Suite 180
     Loveland, OH 45140
     Phone: 513.444.4100
     Email: bankruptcy@sottileandbarile.com

                         About DJM Holdings

Concord-based DJM Holdings Ltd is the fee simple owner of 38
properties in Ohio, having a total current value of $1.02 million.

DJM Holdings sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ohio Case No. 21-10483) on Feb. 14, 2021.  At the
time of the filing, the Debtor disclosed $1,144,439 in assets and
$2,816,538 in liabilities.  Judge Arthur I. Harris oversees the
case.  The Debtor is represented by Forbes Law, LLC.


DLVAM1302 NORTH: Case Summary & 15 Unsecured Creditors
------------------------------------------------------
Debtor: DLVAM1302 North Shore, LLC
          DBA DLVAMI 302 North Shore, LLC
        302 North Shore Drive
        Anna Maria, FL 34216

Business Description: DLVAM1302 North Shore is the fee simple
                      owner of a real property located at 302
                      North Shore Drive, Ana Maria, Florida valued

                      at $1,866,400 (based on Zillow.com's
                      estimate).

Chapter 11 Petition Date: October 20, 2021

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 21-05371

Debtor's Counsel: Buddy D. Ford, Esq.
                  BUDDY D. FORD, P.A.
                  9301 West Hillsborough Avenue
                  Tampa, FL 33615-3008
                  Tel: (813) 877-4669
                  Fax: (813) 877-5543
                  Email: All@tampaesq.com

Total Assets: $1,988,681

Total Liabilities: $1,585,279

The petition was signed by Floyd Calhoun as manager.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/BT4ESNI/DLVAM1302_North_Shore_LLC__flmbke-21-05371__0001.0.pdf?mcid=tGE4TAMA


DUTCHINTS DEVELOPMENT: Seeks to Hire Geoff Wiggs as Legal Counsel
-----------------------------------------------------------------
Dutchints Development, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire the Law
Offices of Geoff Wiggs to serve as legal counsel in its Chapter 11
case.

The firm's services include:

     a. providing the Debtor with legal advice with respect to its
powers and duties in the continued management of its estate;

     b. representing the Debtor in reclamation proceedings if
instituted in this court by creditors;

     c. preparing legal papers;

     d. performing all other necessary legal services.

The Law Offices of Geoff Wiggs will charge $350 per hour for its
services.  

The firm received a retainer in the amount of $16,738.

As disclosed in court filings, the Law Offices of Geoff Wiggs is a
disinterested person within the definition provided by Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Geoffrey E. Wiggs, Esq.
     Law Offices of Geoff Wiggs
     1900 S. Norfolk St, Suite 350
     San Mateo, CA 94403-1171
     Tel: 650-577-5952
     Fax: 650-577-5953
     Email: Geoff@wiggslaw.com

                  About Dutchints Development LLC

Dutchints Development LLC, a Los Altos, Calif.-based company
engaged in activities related to real estate, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Cal. Case No.
21-51255) on Sept. 29, 2021, listing as much as $10 million in both
assets and liabilities.  Vahe Tashjian, managing member, signed the
petition.  Judge Elaine M. Hammond presides over the case.
Geoffrey E. Wiggs, Esq., at the Law Offices of Geoff Wiggs
represents the Debtor as legal counsel.


ENERGYSOLUTIONS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on nuclear-related logistics
and disposal services provider EnergySolutions Inc. to stable from
negative.

S&P affirmed all ratings, including the 'B-' issuer credit rating.

The stable outlook reflects S&P's view that the company will
experience good demand for its services and to maintain
satisfactory operating profitability and liquidity.

The company has made some progress in deleveraging.

As of June 30, 2021, EnergySolutions' adjusted-debt-to-EBITDA ratio
was 6.5x, a solid improvement from 7.6x at the same point the prior
year. Adjusted EBITDA increased 7% to $116 million while adjusted
debt declined almost 9% to less than $750 million. Better cash
generation in late 2020 and early 2021 enabled it to repay some of
its revolver and term loan balances.

Its liquidity position has strengthened to adequate.

EnergySolutions reported liquidity of $103 million as of June 30,
2021 ($43 million cash, $60 million of availability), much greater
than the $35 million it reported at the same point in the prior
year, when it drew upon its revolver amid the COVID-19
pandemic-related uncertainty. After the second quarter, the company
made an additional $11 million repayment on its $150 million
revolver due in 2023. S&P expects revolver paydowns to continue
through 2022 and the company's liquidity to remain adequate.
Headroom tightness under its financial covenants has since eased,
and EBITDA headroom now exceeds 20%. EnergySolutions'
decommissioning projects will ramp up, and retaining adequate
liquidity is important, though the decommissioning trust funds'
balances appear sufficient.

Waste receipts should resume, and a healthy backlog of projects
should allow satisfactory operating performance for the ratings.

Waste disposal receipts were lower during the first half, largely
due to lower staffing at customers' sites and shutdowns
attributable to the pandemic. However, we expect waste volume
shipments from the U.S. Department of Energy and other customers to
resume soon. Additionally, EnergySolutions has a backlog of work to
be completed on various decommissioning projects, including:

-- Omaha Public Power District's (OPPD) Fort Calhoun Nuclear
Generating Station, a steadier fee-based project with targeted
completion in 2026;

-- Southern California Edison's San Onofre Nuclear Generating
Station (SONGS), a joint venture project with engineering firm
AECOM of sizable revenues with targeted completion in 2027;

-- NS Savannah, a joint venture with Radiation Safety and Control
Services, $54 million for four years with a fifth-year option;

-- Three Mile Island 2 (TMI-2), a $1.4 billion decommissioning
project with target completion in 2037; and

-- A new decommissioning job booked in May pertaining to Dominion
Energy's Kewaunee plant (awaiting regulatory approval to commence,
anticipated in the first quarter of 2022), with targeted completion
in 2027.

These projects, along with effective cost management (despite the
supply shortage of drivers), should allow the company to generate
good adjusted EBITDA margins in the 30% area. However, S&P notes
costs can fluctuate meaningfully in many cases for large, multiyear
decommissioning projects.

The status of the company's financial sponsor ownership and related
financial policies bear significant weight upon the ratings.

EnergySolutions has been controlled by Energy Capital Partners
(ECP) since 2013. TriArtisan Capital purchased its minority stake
from ECP in 2018. S&P views both as financial sponsors that may
employ aggressive methods to realize shareholder value.
EnergySolutions' ownership could change, but if that happens,
ownership's financial policies will continue to be of high
importance in determining the credit ratings.

S&P said, "The stable outlook on EnergySolutions reflects our view
that the company will continue its path of deleveraging and
generate credit measures appropriate for the ratings while
retaining adequate liquidity. The company now recognizes more
revenue from SONGS and OPPD, and has new work ramping up at TMI-2
and Kewaunee. We anticipate recovery in volumes from its core waste
logistics and disposal services in late 2021 and early 2022, with
expected good profitability to produce credit measures that support
the ratings. The company's $35 million repayment of term loan debt
helped reduce the adjusted debt to EBITDA ratio to 6.5x as of June
30, 2021, from 7.6x as of June 30, 2020. A springing leverage
covenant under EnergySolutions' revolving credit facility (which it
uses to fund letters of credit) limits its effective borrowing
availability. EBITDA headroom has improved in the past year to over
20%, consistent with adequate liquidity.

"We could lower our ratings on EnergySolutions if liquidity becomes
constrained while adverse conditions or execution results in the
adjusted-debt-to-EBITDA metric rising above 9x with limited
prospects for improvement." This scenario could occur if:

-- The operating environment for nuclear decommissioning services
deteriorates;

-- Adverse competitive dynamics arise;

-- The company uses a greater-than-expected debt funding for
another meaningful acquisition; or

-- Since liquidity is key to the ratings, it cannot comply with or
amend its covenant to allow for sufficient headroom.

S&P could raise its ratings on EnergySolutions if:

-- The company's performance on decommissioning projects and new
project wins meaningfully increase revenue and cash flow generation
beyond our base-case expectations, and the operational profile
becomes more stable. The frequency and magnitude of major
decommissioning jobs won and completed adds considerable
variability given EnergySolutions' scale, and its credit measures
are still highly leveraged. Improvements on some of these factors
could cause us to re-evaluate the company's credit quality in
relation to its peer set; or

-- Its adjusted-debt-to-EBITDA metric approaches the 6x area and
is likely to remain there on a sustained basis through 2022.
Management and the firm's equity sponsors' commitment to keep
leverage below that threshold on a sustained basis while
maintaining adequate liquidity would be key considerations.

Governance is a moderately negative consideration, as is the case
for most rated entities owned by private-equity sponsors. S&P
believes EnergySolutions' highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns.



ENVISION HEALTHCARE: Moody's Alters Outlook on Caa2 CFR to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Envision Healthcare
Corporation's ratings, including the corporate family rating at
Caa2 and probability of default rating at Caa2-PD. The rating
agency also affirmed Envision's instrument ratings, including the
ABL facility rating at B1, the ratings on the senior secured
revolving credit facility and term loan at Caa1, and the rating on
the unsecured notes at Ca. The outlook was revised to stable from
negative.

The affirmation of the Caa2 CFR reflects that Envision's physician
staffing volumes have still not recovered to pre-pandemic levels
despite significant improvement from last year's trough. Moody's
understands that new COVID-19 variants could slow this progression,
and constrain earnings and liquidity. The ratings affirmation is
further underpinned by Moody's expectation for tight labor markets
and rate pressures from payors to persist over the next year. The
labor market is very tight, making it increasingly challenging for
Envision to manage its labor costs, in part due to their larger
percentage of fixed costs for wages and higher demand for
services.

Emergency room (ER) nurse staffing shortages do not directly impact
Envision, but negatively affect the efficiency of the emergency
departments staffed by the company's physicians. Envision continues
to face rate pressure from payors and will likely remain out of
network with UnitedHealth.

The change in outlook to stable from negative reflects
substantially improved volumes and revenue during the second
quarter ended June 30, 2021, trends which Moody's expects will
continue into 2022. Moody's believes that the risk of an additional
distressed exchange is reduced given that the company's adequate
liquidity has been augmented by CARES Act aid and improved
profitability with the return of volumes. Additionally, the stable
outlook reflects greater transparency around the implementation of
the No Surprise Act, a consumer protection law that beginning in
January 2022 will help curb surprise medical bills.

Ratings affirmed:

Envision Healthcare Corporation

Corporate Family Rating, affirmed at Caa2

Probability of Default Rating, affirmed at Caa2-PD

Gtd. senior secured ABL facility expiring 2023, affirmed at B1
(LGD1)

Gtd. senior secured 1st lien revolving credit facility expiring
2023, affirmed at Caa1 (LGD3)

Gtd. senior secured 1st lien term loan due 2025, affirmed at Caa1
(LGD3)

Gtd. senior unsecured global notes due 2026, affirmed at Ca
(LGD6)

The outlook, previously negative, has been changed to stable.

RATINGS RATIONALE

Envision's Caa2 Corporate Family Rating reflects improved volumes
but ongoing risk of volume declines that could weaken earnings and
liquidity as the coronavirus pandemic continues. It also reflects
Envision's very high pro forma financial leverage. Pro forma for
ongoing cost saving initiatives but excluding COVID-19-related
add-backs, adjusted debt to EBITDA was approximately 11.4 times as
of June 30, 2021. Moody's expects Envision's financial leverage to
decline over the next several quarters as leverage has already
improved half a turn since March 31, 2021. However, earnings will
continue to face high hurdles beyond those related to the pandemic.
Envision will remain challenged by its out-of-network status with
UnitedHealth and by the implementation of the No Surprise Act in
January 2022.

The Caa2 rating is supported by Envision's considerable scale and
market position as the largest physician staffing outsourcer. It is
also supported by the firm's strong geographic and product
diversification within its physician staffing and ambulatory
surgery center segments.

A one-notch positive override was applied to the LGD model for the
senior secured revolving credit facility and term loan to Caa1. The
override reflects considerable portion of unsecured debt in
Envision's capital structure, along with expectation of reduction
of first lien debt through term loan amortization.

Moody's expects that Envision will maintain adequate liquidity over
the next 12-18 months. This reflects the company having cash of
$791 million as of June 30, 2021. The company's cash balance
reflects that its $550 million ABL facility being mostly drawn
($398 million of borrowings and another $106 million of letters of
credit outstanding as of June 30, 2021) and $300 million senior
secured revolving credit facility fully drawn at the time. The ABL
and the senior secured revolver each expire in 2023. To date,
liquidity has further benefitted from financial relief provided by
the CARES Act. Through June 30, 2021, Envision has received a total
of about $275 million of grants and $125 million of accelerated
Medicare payments, the latter of which will be recouped by the
government between April 2021 and September 2022. The Centers for
Medicare & Medicaid Services (CMS) has thus far recouped $18
million of accelerated Medicare payments.

Continuing business pressures due to the COVID-19 pandemic will
likely cause Envision's free cash flow to be negative in 2021 and
2022. As a result, Envision would also face rising refinancing risk
as the revolver and ABL facilities are expiring in October of
2023.

The stable outlook reflects improved volumes and revenue in the
second quarter of 2021, trends which are expected to continue in
coming quarters. Moody's believes that there is reduced risk for an
additional distressed exchange as liquidity has improved.
Additionally, the stable outlook reflects the elimination of the
uncertainty surrounding the No Surprise Act.

Envision faces significant social risk. Most of the company's
businesses are still recovering from the coronavirus outbreak.
Aside from coronavirus, the company has experienced significant
negative publicity relating to the patients its physicians treat
receiving surprise medical bills (i.e., when they are treated by
out of network physicians despite receiving care inside an
in-network facility). The No Surprise Act will likely reduce
reimbursement that physician staffing firms collect on
out-of-network claims and negatively impact profitability. In
addition, UnitedHealth chose to publicize its contract dispute with
Envision prior to the two companies negotiating an in-network
relationship for 2019. Just two years later, the two parties again
find themselves without a contract. Moody's does not anticipate
that Envision will resolve its contract disputes with United Health
and will likely remain out of network.

With respect to governance, Envision Healthcare has an aggressive
financial strategy characterized by high financial leverage,
shareholder-friendly policies, and the pursuit of acquisitive
growth. This is largely due to its private-equity ownership by KKR
since its leveraged buyout in 2018. Lastly, the company executed a
distressed exchange in April 2020.

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

The ratings could be downgraded if Moody's expects a greater
likelihood than not of future defaults or transactions that the
rating agency would consider a distressed exchange.

The ratings could be upgraded if Moody's views Envision's capital
structure as being increasingly tenable. An upgrade could also
occur if Moody's expects Envision's operating performance to
improve and liquidity to stabilize.

Envision Healthcare Corporation ("Envision") is a leading provider
of emergency medical services in the U.S. Envision operates an
extensive emergency department, hospital, anesthesiology,
radiology, and neonatology physician outsourcing segment. The
company also operates 255 ambulatory surgery centers (ASCs) in 34
states. The company is owned by private equity firm ("KKR").
Revenues for the LTM period ended June 30, 2021 were $7.1 billion.

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


FIRSTENERGY CORP: S&P Raises ICR on Subsidiaries to 'BB+'
---------------------------------------------------------
S&P Global Ratings raised its issuer credit ratings to 'BB+' from
'BB' on American Transmission Systems Inc. (ATSI), Cleveland
Electric Illuminating Co. (CEI), Jersey Central Power & Light Co.
(JCP&L), Mid-Atlantic Interstate Transmission LLC (MAIT),
Metropolitan Edison Co. (MetEd), Monongahela Power Co. (MonPower),
Ohio Edison Co. (OE), Potomac Edison Co. (PE), Pennsylvania
Electric Co. (Penelec), Pennsylvania Power Co. (Penn Power), Toledo
Edison Co. (TE), Trans-Allegheny Interstate Line Co. (TrAIL), and
West Penn Power Co. (WPP).

S&P said, "We are affirming all ratings at FirstEnergy Corp. (FE)
and FirstEnergy Transmission LLC (FET), including the 'BB' ICR, the
'BB' senior unsecured debt ratings, and the 'B+' preferred stock
issue-level ratings at FE.

"We are raising the senior secured issue-level ratings at CEI, OE,
TE, Penn Power, WPP, PE and MonPower to 'BBB+' from 'BBB',
reflecting a '1+' recovery rating. We are also raising the senior
unsecured ratings to 'BBB-' from 'BB+' at CEI, OE, MetEd, Penelec,
JCP&L, MonPower, ATSI, MAIT, and TrAIL.

"The ratings on FE and its subsidiaries remain on CreditWatch with
positive implications, which reflects the probability that we could
raise the rating by one or more notches in the coming months based
on the announcement and if the company identifies its long-term
funding for its potential penalties and fines or it resolves the
remaining investigations and lawsuits against the company, without
weakening credit quality.

"We are upgrading ATSI, CEI, JCP&L, MAIT, MetEd, MonPower, OE, PE,
Penelec, Penn Power, TE, TrAIL, and WPP, to 'BB+' from 'BB'."

The new credit facility agreements supplement the existing
separateness and insulating measures already in place. As such, S&P
assesses the cumulative ring-fencing measures as sufficient to rate
the utilities one notch above the GCP. Key insulating measures
include:

-- Each utility is a separate stand-alone legal entity that
functions independently (both financially and operationally), files
its own rate cases, and is independently regulated.
Each utility has its own records and books, including stand-alone
audited financial statements;

-- Each utility has its own funding arrangements, issues its own
long-term debt, and has a distinct sublimit under its committed
credit facility for its short-term funding needs;

-- While the utilities can borrow from FE or FET, neither of the
holding companies can borrow from any of the regulated utilities;

-- S&P believed there is a strong economic basis for FE to
preserve the entities' credit strength, which reflects the
utilities' low-risk, profitable, regulated nature, and that they
constitute the majority of FE's operations; and

-- There are no cross-default provisions between the utilities and
FE or FET that could directly lead to a default at the entities.

There are no changes to S&P's recovery ratings.

S&P said, "The senior unsecured debt ratings at FE and FET are
based on our '3' recovery ratings, indicating our expectation of
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default. The recovery rating on this debt is capped at
'3', consistent with our approach for assigning recovery ratings to
unsecured debt issued by 'BB' category corporate entities because
recovery prospects are highly vulnerable to impairment before
default by additional debt issuance."

The recovery rating for CEI, OE, TE, and MonPower's senior secured
first-mortgage bonds is '1+'. Key analytical factors include:

-- S&P's '1+' recovery rating on the senior secured first-mortgage
bonds reflects that the value of its regulated utility assets is
sufficiently larger than the value of its secured debt.

-- The recovery rating indicates S&P's highest expectation for
full recovery and results in an issue-level rating three notches
above its issuer credit rating. It also reflects the bonds'
collateral coverage in excess of 150%, which is consistent with its
criteria for recovery ratings on debt issued by regulated utilities
and secured by key utility assets.

-- A default could occur due to sudden liquidity pressures amid an
unpredictable weather, cost, or market event outside the company's
control, which is consistent with the conditions of past utility
defaults. Furthermore, it could reflect significant future
litigation exposure pending the outcomes of the multiple ongoing
investigations, criminal allegations, and civil lawsuits at parent
FE.

-- S&P said, "We expect the entities would continue to operate and
reorganize after defaulting given the essential nature of its
services. We also assume the value of the utility's assets will be
preserved. We use the net value of its regulated fixed assets as a
proxy for its enterprise value. We calculate FE's regulated asset
value as roughly $33 billion."

S&P said, "The recovery rating on the ATSI, CEI, JCP&L, MAIT,
MetEd, MonPower, OE, Penelec, and TrAIL senior unsecured issues is
'2'. This is indicative of our expectation of substantial (70%-90%;
rounded estimate: 85%) recovery in the event of a payment default.
The recovery rating on this debt is capped at '2', consistent with
our approach for assigning recovery ratings to unsecured debt
issued by 'BB' category regulated utilities because recovery
prospects are somewhat vulnerable to impairment before default by
additional debt issuance.

"We expect to resolve the CreditWatch placement in the coming
months if the company identifies its long-term funding for its
potential penalties and fines or it resolves the remaining
investigations and lawsuits without weakening credit quality. We
expect the company will continue to improve its internal controls
and demonstrate improved governance and culture. Effective
management of these issues could likely result in an upgrade of one
or more notches.

"Although unlikely, we could remove the ratings from CreditWatch
with positive implications and affirm the ratings if business risk
increases, such as a weakening of the company's ability to
consistently manage regulatory risk, or if questions remain about
the funding of potential penalties and fines, or if financial
measures weaken reflecting funds from operations consistently below
9%."


FORTEM RESOURCES: Says It's Negotiating Reorganization Plan
-----------------------------------------------------------
Fortem Resources Inc. (TSXV:FTM, OTCQB:FTMR) announced that it
filed a voluntary petition under chapter 11 of the United States
Bankruptcy Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the District of Nevada (the "Bankruptcy
Court") on October 6, 2021.  

The Company intends to continue to operate its business as a
"debtor-in-possession" under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the
Bankruptcy Code and orders of the Bankruptcy Court.

The Company anticipates seeking approval of the Bankruptcy Court to
approve a debtor-in-possession credit facility in an aggregate
principal amount that has not yet been determined (the "DIP
Financing") and to set a timeline for the Chapter 11 Case,
culminating in a plan of reorganization (the "Plan of
Reorganization") that is currently being negotiated.  The Company
anticipates filing additional Current Reports on Form 8-K once the
DIP Financing and Plan of Reorganization have been finalized and
signed.

Pursuant to Section 362 of the Bankruptcy Code, the filing of the
Chapter 11 Petition automatically stayed most actions against the
Company, including actions to collect indebtedness incurred prior
to the Petition Date or to exercise control over the Company's
property. Subject to certain exceptions under the Bankruptcy Code,
the filing of the Chapter 11 Petition also automatically stayed the
continuation of most legal proceedings or the filing of other
actions against or on behalf of the Company or its property to
recover on, collect or secure a claim arising prior to the Petition
Date or to exercise control over property of the Company's
bankruptcy estates, unless and until the Bankruptcy Court modifies
or lifts the automatic stay as to any such claim. Notwithstanding
the general application of the automatic stay described above,
governmental authorities may determine to continue actions brought
under their regulatory powers.

The OTC Pink Open Market also halted trading in the Company's
common stock on October 7, 2021. The Company's common stock remains
suspended pending a review of the eligibility for continued listing
of the Company's common stock on the NEX Exchange in Canada.
Trading in the Company's stock is prohibited.

Court filings and other documents related to the court-supervised
process are available electronically through the Bankruptcy Court's
CM/ECF system at http://ecf.nvb.uscourts.gov(PACER account
required), or by sending an email to the Company's bankruptcy
counsel, Fox Rothschild, LLP, at pchlum@foxrothschild.com.

                     About Fortem Resources

Fortem Resources (TSXV:FTM, OTCQB:FTMR) is engaged in the
acquisition, exploration, and development of oil and gas
properties.

Fortem Resources sought Chapter 11 protection (Bankr. D. Nev. Case
No. 21-14823) on Oct. 6, 2021.  In the petition signed by Marc A.
Bruner as chief executive officer, Fortem Resources estimated
assets of between $1 million and $10 million and estimated
liabilities of between $1 million and $10 million. The cases are
handled by Honorable Judge Natalie M. Cox.  Brett A. Axelrod, Esq.,
of FOX ROTHSCHILD LLP, is the Debtor's counsel.              
                     



GATA HF: Case Summary & 4 Unsecured Creditors
---------------------------------------------
Debtor: Gata HF, LLC
        9381 Homestead Rd.
        Pahrump, NV 89061-8839
   
Business Description: Gata HF, LLC is part of the "other crop
                      farming industry".

Chapter 11 Petition Date: October 20, 2021

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 21-14989

Debtor's Counsel: Matthew C. Zirzow, Esq.
                  LARSON & ZIRZOW, LLC
                  850 E. Bonneville Ave.
                  Las Vegas, NV 89101
                  Tel: 702-382-1170
                  Email: mzirzow@lzlawnv.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Paul Thomas, manager of Gata IV, LLC as
sole member.

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

https://www.pacermonitor.com/view/FE3MNKQ/GATA_HF_LLC__nvbke-21-14989__0001.0.pdf?mcid=tGE4TAMA


GROWLIFE INC: Macias Gini Replaces BPM LLP as Auditor
-----------------------------------------------------
GrowLife, Inc. dismissed BPM LLP as its independent registered
public accounting firm on Oct. 14, 2021.  The decision to change
accountants was approved by the company's Audit Committee.

The BPM LLP's reports on GrowLife's consolidated financial
statements for the past two fiscal years did not contain an adverse
opinion or a disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting principles,
except that the audit report of BPM LLP on GrowLife's financial
statements for fiscal years 2019 and 2020 contained an explanatory
paragraph which noted that there was substantial doubt about the
company's ability to continue as a going concern.

GrowLife disclosed that during its fiscal years ended Dec. 31, 2019
and 2020 and through Oct. 14, 2021, (i) there were no
"disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K
under the Securities Exchange Act of 1934, as amended) between the
company and BPM LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to BPM LLP's
satisfaction, would have caused BPM LLP to make reference to the
subject matter of such disagreements in its reports on the
company's consolidated financial statements for such years, and
(ii) there were no "reportable events" (as defined in Item
304(a)(1)(v) of Regulation S-K under the Exchange Act) other than
the material weaknesses in internal control over financial
reporting identified for the years ended Dec. 31, 2019 and 2020
related to: (i) audit committee makeup, and (ii) accounting and
reporting governance of complex contractual terms and obligations.

On Oct. 14, 2021 GrowLife, upon the Audit Committee's approval,
engaged the services of Macias Gini & O'Connell LLP and as the
company's new independent registered public accounting firm to
audit the company's consolidated financial statements as of Dec.
31, 2021 and for the year then ending.  MGO will be performing
reviews of the unaudited consolidated quarterly financial
statements to be included in the company's quarterly reports on
Form 10-Q going forward.

During each of GrowLife's two most recent fiscal years and through
the date of this report, (a) the company has not engaged MGO as
either the principal accountant to audit the company's financial
statements, or as an independent accountant to audit a significant
subsidiary of the company and on whom the principal accountant is
expected to express reliance in its report; and (b) the company or
someone on its behalf did not consult with MGO with respect to (i)
either: the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit
opinion that might be rendered on the company's financial
statements, or (ii) any other matter that was either the subject of
a disagreement or a reportable event as set forth in Items
304(a)(1)(iv) and (v) of Regulation S-K.

                          About GrowLife

GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- aims to
become the nation's largest cultivation service provider for
cultivating organics, herbs and greens and plant-based medicines.
GrowLife is headquartered in Kirkland, Washington and was founded
in 2012.

GrowLife reported a net loss of $6.38 million in 2020, a net loss
of $7.37 million in 2019, and a net loss of $11.47 million in 2018.
As of June 30, 2021, the Company had $5.08 million in total
assets, $10.07 million in total current liabilities, $777,858 in
total long-term liabilities, and a total stockholders' deficit of
$5.77 million.

Walnut Creek, California-based BPM LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
April 15, 2021, citing that the Company has sustained recurring
losses from operations and has an accumulated deficit since
inception.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


HK FACILITY: May Use Cash Collateral Through Nov. 15
----------------------------------------------------
Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern
District of Illinois authorized HK Facility Services, Inc. to use
cash collateral to pay post-petition expenses to third parties
during the period of October 15 through November 15, 2021, to the
extent set forth in the budget.

Moreover, the Debtor shall pay Fox Capital Group, Inc. $2,500 on or
before October 31, 2021 in exchange for Fox Capital's consent to
the Debtor's use of receivables during the interim period, instead
of litigating, at this time, the issue of whether the Debtor's
receivables are property of the bankruptcy estate.  Fox Capital
asserts that it purchased an interest in the Debtor's gross
receipts, and that the receivables are not property of the estate.

As adequate protection with respect to Newco Capital Group VI LLC's
interest in the cash collateral, the Debtor shall make adequate
protection payment to Newco for $2,500 on or before October 31,
2021.  Newco is also granted a replacement lien, attaching to the
collateral, to the extent of its prepetition lien.

Judge Baer directed Newco and Fox to notify the Debtor's customers
(to whom notices of assignment have been served) that said "holds"
are released.  Such release shall indicate that a total of $3,000
of the held funds shall be released to the Debtor and the remainder
will be split 50/50 between Newco and Fox and released to Newco and
Fox, respectively.  The Debtor may also notify its customers who
received notices of assignment from Newco and Fox that those
customers may release any funds that they are holding and may pay
the Debtor during the Debtor's bankruptcy case.

A copy of the agreed order is available for free at
https://bit.ly/3BRd4ON from PacerMonitor.com.

The Court will convene a further hearing on the motion on November
10, 2021 at 9:30 a.m.

                 About HK Facility Services, Inc.

HK Facility Services, Inc. is a commercial janitorial service
founded in 2016, providing janitorial services to businesses and
apartment buildings. The Debtor's business premises are located at
3209 N. Wilke Rd. #112 Arlington Heights, IL 60004. The Debtor
currently has two employees on payroll, anticipating paying a third
prior employee, and one salesperson who is paid as a 1099.
Janitorial services to the Debtor's customers are provided by
subcontractors.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-10458) on September
9, 2021. In the petition signed by Hugh McGuirk, president, the
Debtor disclosed up to $50,000 in assets and and up to $500,000 in
liabilities.

Joseph Wrobel, Ltd. is the Debtor's counsel.



HOOT THE DOG: Obtains Permission to Use Cash Collateral
-------------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Hoot The Dog, LLC and Hoot The Dog
Five, LLC to use cash collateral until further Court order.  The
Debtors may use the cash collateral to pay their current and
necessary expenses, as set forth in the budgets, as well as the
amounts expressly authorized by the Court.

Judge Delano ruled that each creditor with interest in the cash
collateral shall have perfected postpetition lien against the cash
collateral to the same extent and with the same validity and
priority as each creditor's prepetition lien.  Fox Capital Group,
Inc.; Panthers Capital, LLC; and BMF Advance, LLC, which assert
that certain receipts from the Debtors are not property of the
estate and thus, cannot be used by the Debtors, reserve all rights
with respect to said matter.  These creditors have objected to the
cash collateral motion.

Hoot The Dog, LLC's budget for the period from September 29 to
October 26, 2021 provided for $122,925 in total cost of sales, and
$272,034 in total controllable expenses.  Hoot The Dog Five, LLC's
budget for the same period provided for $36,950 in cost of sales,
and $77,148 in total controllable expenses.

A copy of the order is available for free at https://bit.ly/2YWhRR7
from PacerMonitor.com.

                      About Hoot The Dog, LLC

Hoot The Dog, LLC is part of the restaurants industry. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 21-04799) on September 20, 2021. In the
petition signed by Jay Thomas, managing member, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Jake C. Blanchard, Esq., at Blanchard Law, P.A. is the Debtor's
counsel.



HOYA MIDCO: Moody's Raises CFR to B1 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service upgraded Hoya Midco, LLC's (Vivid Seats)
existing ratings, including the corporate family rating, to B1 from
B3 and changed the outlook to stable from rating under review. This
concludes the review for upgrade initiated on May 14, 2021. This
action follows the company's announcement on October 18, 2021[1]
that it had closed on a merger with a publicly-traded special
purpose acquisition company (SPAC) Horizon Acquisition Corporation.
The merger results in Vivid Seats Inc. becoming a public company
and a repayment of significant portion of the existing debt.

"The upgrade reflects the substantial reduction in debt levels and
increased financial flexibility following the SPAC merger as well
as Moody's expectations that Vivid Seats will keep a moderate
financial risk profile as a public company," said Dilara Sukhov,
the lead analyst on Vivid Seats at Moody's. "Importantly, Moody's
expects that Vivid Seats' profitable business model will allow the
company's financial performance to rebound to pre-pandemic level in
2022 as demand for in-person live events and secondary tickets
continues to recover."

Based on the company's latest proxy filing [2], pro-forma for the
merger and repayment of debt, Vivid Seats will have approximately
$467 million of total cash on balance sheet, or roughly $244
million net cash excluding payables due to sellers. With
approximately $461 million of term loan outstanding upon partial
repayment at close, Moody's estimate the company's net debt to be
around $217 million. The company has not yet articulated its
long-term capital structure or its financial policy but indicated
that no material M&A or ordinary dividends, other than a $17.5
million special dividend, are expected in the near term. Moody's
expects the company's financial policies to evolve as the business
matures and anticipates that as a public company Vivid Seats will
operate with moderate leverage.

Upgrades:

Issuer: Hoya Midco, LLC

Corporate Family Rating, Upgraded to B1 from B3

Probability of Default Rating, Upgraded to B1-PD from B3-PD

Senior Secured Bank Credit Facility, Upgraded to B1 (LGD3) from B3
(LGD3)

Outlook Actions:

Issuer: Hoya Midco, LLC

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Vivid Seats' B1 corporate family rating reflects its modest
operating scale, concentrated business profile in the ticket resale
market and the stiff competition it faces from larger, diversified
companies operating both primary and secondary ticket marketplaces.
As a growth-oriented public company, Moody's expects Vivid Seats to
maintain low debt levels. Nevertheless, pre-merger largest
shareholder GTCR still own approximately 61% of Vivid Seats' common
stock and the potential for more aggressive financial policies is a
rating constraint.

The company's B1 CFR also reflects the company's entrenched
position in the secondary ticket marketplace, the scalable nature
of its platform which benefits from network effects, and strong
double-digit EBITDA margins the company has been able to
consistently achieve prior to the unprecedented event cancellations
and venues/theater/sports events closures due to coronavirus
outbreak in the US. Moody's expects revenue growth to bring the
company's top line to prepandemic levels in 2022, with continued
growth at a high-single-digit percentage rate in 2023-2024, buoyed
by pent-up demand for live events post-pandemic and increased
marketing efforts.

Proforma for the merger, Vivid Seats has good liquidity supported
by roughly $244 million of cash net of seller payables as of June
30, 2021, working capital inflows from upfront cash receipts in
advance of reimbursements to ticket sellers, and minimal capital
expenditures. Despite revenues still depressed by the pandemic,
Vivid Seats generated positive free cash flows in Q1 and Q2 2021,
helped by negative working capital. Working capital was a source of
nearly $377 million as of 6/30/21 as Vivid Seats collected cash
from buyers before remitting to sellers. As volumes increase,
payments due to ticket sellers will increase from current levels
supporting cash inflow from working capital over the next 12-18
months.

The B1 instrument ratings on the first lien term loan due 2024
reflects the probability of default of the company, as reflected in
its B1-PD probability of default rating, and an average expected
family recovery rate of 50% at default given there is only a single
class of debt and the term loan does not have financial maintenance
covenants.

The stable outlook reflects Moody's expectations that Vivid Seats'
operating performance will return, if not exceed, its prepandemic
level in 2022, and that the company will maintain good liquidity,
low debt levels and cash well in excess of seller payables.

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

Given Vivid Seats' modest revenue base and concentrated ownership,
a ratings upgrade is not expected over the next 12 to 18 months.
Moody's could upgrade Vivid Seats' ratings over time if the company
profitably expands its scale, articulates a financial policy
committing to low financial leverage, establishes a track record
operating under such leverage levels and significantly decreases
private equity ownership concentration. An upgrade will require
maintaining Moody's adjusted debt/EBITDA of under 3.5x, maintenance
of good liquidity (net of sellers payables), and organic EBITDA
growth leading to growing free cash flows.

Ratings could be downgraded if an aggressive financial policy or
weak earnings cause leverage to exceed 4.5x (Moody's adjusted),
free cash flows weaken, or the company fails to maintain good
liquidity.

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

Headquartered in Chicago, Illinois, Hoya Midco, LLC is the parent
company of Vivid Seats LLC, a provider of an online marketplace
serving the secondary ticketing industry. Hoya is an indirect
subsidiary of publicly traded Vivid Seats Inc. and is
majority-owned by affiliates of GTCR, LLC.


IFRESH INC: Seeks to Expedite Litigation vs KeyBank
---------------------------------------------------
iFresh Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that it intends to request for an expedited
proceeding at the Court of Chancery of the State of Delaware in
connection with a litigation with KeyBank National Association, a
lender under a 2016 credit agreement.

On March 31, 2021, iFresh, NYM Holding, Inc., as borrower, certain
subsidiaries of NYM, Go Fresh 365, Inc., Long Deng and KeyBank
National Association, as lender, entered into a Limited Waiver and
Amendment Agreement.

Pursuant to the Waiver Agreement, KeyBank has provided a limited
waiver of the "specified events of default," the accrued and unpaid
interest at the default rate outstanding as of March 31, 2021, and
the accrued and unpaid reimbursable fees and costs of the bank
outstanding as of March 31, 2021; provided that such limited waiver
shall only become effective upon the bank's timely receipt of the
$1.0 million that Mr. Deng needs to pay on or before April 7, 2021.
KeyBank agreed to waive all and identified specified events of
default and will not seek recourse for such known and identified
specified events of default.  

The Waiver Agreement contains certain amendments to the credit
agreement and other loan documents, including among other things,
the following: (1) commencing on April 1, 2021 and continuing on
the first day of each calendar month thereafter, outstanding
principal under the loans shall be due and payable in equal monthly
installments of $50,000 and accrued and unpaid interest on the
loans shall be due and payable; (2) all obligations shall mature
and be due and payable in full on Dec. 31, 2021; and (3) KeyBank
shall accept $2.0 million paid in immediately available funds as
payment in full of the guaranteed obligations owed by Mr. Deng to
KeyBank; provided that (a) $1.0 million of the amount is paid on or
before April 7, 2021; and $1.0 million of the amount is paid on or
before Sept. 30, 2021.

Under the Waiver Agreement, events of default include, among
others, a failure of the loan parties to pay principal or interest
as and when due and payable under the Waiver Agreement or any other
loan document, or any other amount due and payable under the Waiver
Agreement or any other loan document within five days following
such amount becoming due and payable.

Mr. Deng's payment of $1.0 million has been made pursuant to the
Waiver Agreement, but no common stock has been issued to him as
previously agreed, due to the dispute among the shareholders of
iFresh.  The remaining $1.0 million of the amount was not paid as
of Sept. 30, 2021.  On Oct. 12, 2021, NYM received a letter from
KeyBank addressed to Mr. Deng stating that he was to pay $1.0
million of the amount to the bank but failed to make such payment
on or before the due date. KeyBank stated it reserves and preserves
all of its rights and remedies under the Waiver Agreement and Loan
Agreements and that it does not waive, or agree to forbear in the
exercise of, any of its rights or remedies in connection with any
defaults or events of default under the Waiver Agreement.

iFresh and KeyBank have not been able to agree on who bears the
obligation to pay the remaining $1.0 million of the amount, and
this matter is being litigated by the parties at the trial court.

                          About iFresh Inc.

Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets. With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.

iFresh Inc. reported a net loss of $8.29 million for the year ended
March 31, 2020, compared to a net loss of $12 million for the year
ended March 31, 2019.  As of Dec. 31, 2020, the Company had $131.62
million in total assets, $110.33 million in total liabilities, and
$21.29 million in ttoal shareholders' equity.

Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated Aug. 13, 2020,
citing that the Company has incurred significant operating losses,
has negative working capital of $28.6 million and is not in
compliance with its credit agreement.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


IMPERVA INC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Imperva, Inc.'s Long-Term Issuer Default
Rating (IDR) at 'B-'. The Rating Outlook is Stable. Fitch has also
affirmed Imperva's $100 million first-lien secured revolver and
$891 million first-lien secured term loan at 'B'/'RR3', and $290
million second-lien secured term loan at 'CCC'/'RR6'.

Fitch's ratings reflect Imperva's solid positions within the web
application security, data security, and edge security, all
subsegments of the larger enterprise cybersecurity industry. The
subscription-based revenue model provides significant visibility
into future revenue streams. In recent quarters, profitability has
been diluted by recent acquisitions and investments in operational
optimization.

Despite the resilient operating profile, Imperva's private equity
ownership is likely to optimize return on equity (ROE) by
prioritizing acquisitions and shareholder return over accelerated
debt repayment. Fitch estimates Imperva's gross leverage to remain
over 6.5x over the rating horizon.

KEY RATING DRIVERS

Elevated Leverage Profile: Imperva's financial leverage is high for
the rating category. Fitch expects Imperva to maintain an elevated
leverage profile over the rating horizon given its private equity
ownership. Fitch expects the company to undertake investments in
operational optimization which will depress EBITDA margins in the
near-term. In the medium term, Fitch expects excess cash flow to be
prioritized towards incremental tuck-in acquisitions rather than
voluntary debt reduction.

Secular Tailwind Supporting Growth: Imperva is exposed to
sub-segments of the IT security industry that are forecast to have
CAGR in the mid-teens in a normal economic environment. These
sub-segments include WAF, DDoS, RASP and Data Security. The
importance of these sub-segments has been elevated in recent years
as user mobility and IT architecture have evolved and blurred the
network boundaries between on-premise infrastructure and the cloud,
resulting in traditional network firewalls being less effective.
New threat detection methods are intended to complement legacy IT
security measures. Fitch believes the rising adoption of cloud
computing would continue to drive demand growth for these IT
security services as IT workloads increasingly reside in a hybrid
IT world.

Leader in Niche Sub-segments: According to third-party industry
research, Imperva is perceived as a leader in WAF, DDoS, and RASP.
Fitch believes Imperva's leadership position in these markets would
enable the company to capitalize on the secular industry growth.
While larger competitors such as Akamai Technologies, Inc., F5
Networks, Inc., and IBM Corporation exist for different solutions,
the competing solutions have generally evolved from adjacent
services. Fitch believes Imperva's purpose-built solutions to
address these niche sub-segments provide greater product
performance. In Fitch's view, this is a competitive advantage for
Imperva as demonstrated by its strong presence in various industry
verticals.

High Revenue Retention Rate and Recurring Revenue: Imperva's net
revenue retention rate has consistently been high implying sticky
products with high switching costs. In addition, the company has
been shifting its revenue structure to be more recurring by
migrating customers to subscriptions from licenses. The high
revenue retention and recurring revenue enhances the predictability
of Imperva's financial performance and increases the lifetime value
of customers.

Diversified Customer Base: The company's products are adopted by
over 6,200 enterprise customers across a wide range of industry
verticals, including: financial services, healthcare, technology,
retail, and telecom. The diversification across customers and
industry verticals effectively minimizes customer concentration
risks and reduces revenue volatility through economic cycles. Fitch
views such characteristics favorably as it reduces risks in the
context of secular industry growth.

DERIVATION SUMMARY

Fitch's ratings are supported by Imperva's leadership in the
growing IT and data security industry. Fitch expects the growth for
the product category to see CAGR in the mid-teens in a normal
economic environment. The financial leverage for the company is
high for the rating category and weakens the credit protection
metrics.

In the longer term, as a leader in this product category, Fitch
expects Imperva to capitalize on the category growth. Imperva's
purpose-built solutions complement existing network firewalls being
used by enterprise customers to protect an increasingly mobile user
base and evolving network architecture that incorporates cloud
adoptions. Imperva's focus around the emerging niche category
enables the company to offer products that are superior to
competing products as demonstrated by its over 6,200 enterprise
customers. The high revenue retention and increasing recurring
revenue from subscription provide a high level of predictability
for its operations. At the IT security industry level, Fitch
believes the heightened awareness of IT security risks arising from
high profile security breaches in recent years provide support for
the secular growth of the industry.

Imperva was acquired by Thoma Bravo in 1Q19 for $2.1 billion
financed with $1.05 billion in term loans and remainder from equity
contribution and cash on balance sheet. Fitch estimates Imperva's
gross leverage to remain above 8x through 2022 and trend down below
7x by 2024 primarily through EBITDA growth. Given the high
financial leverage, Fitch views Imperva's financial flexibility
relatively more constrained than peers in the technology sector.
Imperva's industry expertise, revenue scale, leverage and liquidity
profile are consistent with the 'B-' rating category.

KEY ASSUMPTIONS

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

-- Revenue growth in high single digits;

-- EBITDA margins reach near normalized levels by 2023;

-- Capital intensity held near 2% of revenue;

-- Aggregate acquisitions of $200 million through 2024;

-- No dividend payments throughout 2024;

-- No voluntary debt repayments.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Imperva would be
    reorganized as a going-concern in bankruptcy rather than
    liquidated.

-- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

-- In estimating a distressed EV for Imperva, Fitch assumes a
    combination of higher customer churn and margin compression on
    lower revenue scale resulting in going concern EBITDA that is
    approximately 20% lower relative to 2020 EBITDA.

-- Fitch applies a 7x multiple to arrive at EV of $570 million.
    The multiple is higher than the median TMT enterprise value
    multiple, but is in line with other similar software companies
    that exhibit strong FCF characteristics.

-- In the 21st edition of Fitch's Bankruptcy Enterprise Values
    and Creditor Recoveries case studies, Fitch notes nine past
    reorganizations in the Technology sector with recovery
    multiples ranging from 2.6x to 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
    GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganization EBITDA level upon which Fitch bases the
    enterprise valuation.

-- The allocation of value in the liability waterfall results in
    recovery corresponding to 'RR3' for the first lien revolver
    and term loan and 'RR6' for the second lien term loan.

RATING SENSITIVITIES

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

-- (CFO-Capex)/Total Debt with Equity Credit ratio sustaining
    above 3%;

-- Fitch's expectation that gross leverage (Total Debt with
    Equity Credit/Operating EBITDA) sustaining below 7.5x or FFO
    leverage below 7x;

-- Sequential EBITDA margin expansion after 2021;

-- Organic revenue growth sustaining above high-single digits.

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

-- Fitch's expectation that (CFO-Capex)/Total Debt with Equity
    Credit ratio sustaining below 0%;

-- FFO Fixed Charge Coverage sustaining below 1.25x;

-- Organic revenue growth sustaining near or below 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: The Company has adequate liquidity as evidenced
by over $50 million of cash on hand as of June 30, 2021. Imperva's
FCF generation post the LBO was suppressed primarily due to
transaction related expenses. Fitch expects Imperva's FCF to reach
near-normalized levels starting fiscal 2021. The company's
liquidity is projected to be adequate supported by its FCF
generation, $67 million of available revolving credit facility, and
over $50 million of readily available cash and cash equivalents as
of June 2021. Imperva's cash flows will be supported by normalized
EBTIDA margins and significant recurring cash flows. Liquidity is
largely constrained by a significant interest expense burden.

Debt Structure: Imperva has about $1.2 billion of outstanding debt
on its books, separated into a secured first lien, secured second
lien term loans and partial use of revolver. The $907 million first
lien secured term loan is due January 2026, and the $290 million
second lien secured term loan is due January 2027. Given the
recurring revenue nature of the business, adequate liquidity, and
favorable cost structure, Fitch believes Imperva will be able to
make their required debt payments. Fitch believes Imperva's
operating profile remains strong.

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.

ISSUER PROFILE

Founded in 2002, Imperva is a global provider of cyber-security
solutions that protect business-critical data and applications
whether on-premise, in the cloud, or in a hybrid environment. The
Company serves over 6,200 enterprise customers in more than 100
countries that represent banks, retailers, insurers, tech and
telecom companies, hospitals as well as national, state and local
government organizations. The Company was acquired by Thoma Bravo
for $2.1 billion in January 2019.


ION GEOPHYSICAL: Expects Q3 Preliminary Revenues of Up to $45M
--------------------------------------------------------------
ION Geophysical Corporation expects third quarter 2021 revenues to
be in the range of $44 to 45 million, an increase of approximately
125% sequentially and 175% from the third quarter 2020.  In
addition, the Company expects to report a significant sequential
improvement in third quarter 2021 Adjusted EBITDA (a non-GAAP
measure defined later in this release) in the range of $21 - $22
million.  At quarter end, the Company's total liquidity improved to
approximately $35 million, comprised of $24 million of cash
(including net revolver borrowings of $19 million) and $11 million
of remaining available borrowing capacity under the revolving
credit facility.  Bolstered by the third, fully underwritten phase
of the Company's Mid North Sea High 3D multi-client program that
launched in September, E&P Technology & Services' backlog is
estimated to be $12 million.

"Third quarter revenues increased significantly, consistent with
our expectations of momentum building as the year progresses," said
Chris Usher, ION's president and CEO.  "While both segments of our
business demonstrated stronger sales, the increase is primarily
attributable to execution of our 3D strategy.  Despite the
challenging backdrop, we have been able to increase our
multi-client market share by approximately 50% through a purposeful
focus on new 3D assets.  More than half of the revenue generated
this quarter stemmed from 3D data sales, both from the two new
acquisition campaigns in the North Sea as well as our immense,
artfully remastered reimaging program offshore Brazil.  We are
accelerating efforts to secure large-scale multi-million-dollar
maritime digitalization projects for port management, maritime
monitoring, and energy logistics while deferring longer-wavelength
defense and port security ambitions.  Our team has also made good
progress towards the $15-20 million annual cost savings target we
announced in August, building on the over $40 million eliminated in
2020."

                              About ION

Headquartered in Houston, Texas, ION -- http://www.iongeo.com-- is
an innovative, asset light global technology company that delivers
powerful data-driven decision-making offerings to offshore energy,
ports and defense industries.  The Company is entering a fourth
industrial revolution where technology is fundamentally changing
how decisions are made.  The Company provides its services and
products through two business segments -- E&P Technology & Services
and Operations Optimization.

ION Geophysical reported a net loss of $37.11 million for the year
ended Dec. 31, 2020, compared to a net loss of $47.21 million on
$174.68 million for the year ended Dec. 31, 2019.  As of June 30,
2021, the Company had $179.26 million in total assets, $243.99
million in total liabilities, and a total deficit of $64.73
million.

Houston, Texas-based Grant Thornton LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company
had outstanding $120.6 million aggregate principal amount of its
9.125% Senior Secured Second Priority Notes, which mature on Dec.
15, 2021.  The Notes, classified as current liabilities, caused the
Company's current liabilities to exceed its current assets by
$150.9 million and its total liabilities exceeds its total assets
by $71.1 million.  These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.

                            *   *    *

As reported by the TCR on June 7, 2021, S&P Global Ratings raised
its issuer credit rating on U.S.-based marine seismic data company
ION Geophysical Corp. to 'CCC' from 'SD' (selective default).  S&P
said, "Our 'CCC' rating reflects the company's unsustainable
leverage and the potential for a liquidity shortfall over the next
12 months.  After a 30% year-over-year decline in its revenue in
2020 and a 49% sequential decline in the first quarter of 2021, ION
is highly dependent on an improvement in demand for offshore
seismic data to survive."


KAAG FL TRUST: Case Summary & Unsecured Creditor
------------------------------------------------
Debtor: KAAG FL Trust
        3333 S. Garland Ave.
        13th Floor
        Orlando, FL 32801

Type of Debtor: Business Trust

Chapter 11 Petition Date: October 19, 2021

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 21-04747

Debtor's Counsel: Melissa Youngman, Esq.
                  MELISSA YOUNGMAN, PA
                  1705 Edgewater Drive
                  PO Box 541507
                  Orlando, FL 32854
                  Tel: 407-374-1372
                  Email: my@melissayoungman.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $0 to $50,000

The petition was signed by Timothy Green, grantor and trustee.

The Debtor listed Casey Preston as its sole unsecured creditor
holding a claim of $150,000.

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

https://www.pacermonitor.com/view/JSTJYPI/KAAG_FL_Trust__flmbke-21-04747__0001.0.pdf?mcid=tGE4TAMA


KORNBLUTH TEXAS: Seeks to Hire Okin Adams as New Bankruptcy Counsel
-------------------------------------------------------------------
Kornbluth Texas, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Okin Adams, LLP to
substitute for The Law Office of Margaret M. McClure.

The firm's services include:

     a) advising the Debtor with respect to its rights, duties and
powers in the bankruptcy case;

     b) assisting the Debtor in its consultations relative to the
administration of the case;

     c) assisting the Debtor in analyzing the claims of its
creditors and in negotiating with such creditors;

     d) assisting the Debtor in the analysis of and negotiations
with any third-party concerning matters relating to, among other
things, a sale of substantially all of its assets or the terms of
its plan of reorganization;

      e) representing the Debtor at court hearings and other
proceedings;

      f) reviewing applications, orders, statements of operations
and bankruptcy schedules filed with the court and advising the
Debtor as to their propriety;

      g) assisting the Debtor in preparing pleadings and
applications; and

      h) performing other necessary legal services.

The primary attorneys who will represent the Debtor and their
current rates are:

     Matthew S. Okin, Partner     $675 per hour
     Ryan A. O'Connor, Associate  $400 per hour
     Legal Assistants             $140 per hour

As disclosed in court filings, Okin Adams is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Matthew S. Okin, Esq.
     Ryan A. O'Connor, Esq.
     Okin Adams LLP
     1113 Vine St., Suite 240
     Houston, TX 77002
     Tel: 713-228-4100
     Fax: 888-865-2118
     Email: mokin@okinadams.com
            roconnor@okinadams.com

                      About Kornbluth Texas

Kornbluth Texas, LLC, which operates a Holiday Inn hotel, filed a
petition for Chapter 11 protection (Bankr. S.D. Texas Case No.
21-32261) on July 5, 2021, listing as much as $10 million in both
assets and liabilities.  Cheryl M. Tyler, managing member, signed
the petition.

Judge Christopher M. Lopez oversees the case.

The Debtor tapped Okin Adams, LLP and Matthew Shell CPA, PLLC as
its legal counsel and accountant, respectively.


KOSMOS ENERGY: Closes 37.5 Million Common Stock Offering
--------------------------------------------------------
Kosmos Energy Ltd. entered into an underwriting agreement with
Barclays Capital Inc., as representative of the several
underwriters, pursuant to which the company agreed to issue and
sell to the underwriters 37,500,000 shares of common stock, par
value $0.01, in a registered public offering pursuant to an
effective shelf registration statement on Form S-3 (Registration
File No. 333-257246).  Pursuant to the underwriting agreement,
Kosmos granted the underwriters an option to purchase an additional
5,625,000 shares of common stock of the company.

On Oct. 15, 2021, the underwriters exercised the option in full.

On Oct. 19, 2021, the company closed the offering and the option.

                        About Kosmos Energy

Kosmos is a full-cycle deepwater independent oil and gas
exploration and production company focused along the Atlantic
Margins.  The Company's key assets include production offshore
Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal.  The
Company also maintains a sustainable proven basin exploration
program in Equatorial Guinea, Ghana and the U.S. Gulf of Mexico.
Kosmos is listed on the NYSE and LSE and is traded under the ticker
symbol KOS.

Kosmos Energy reported a net loss of $411.58 million in 2020, a net
loss of $55.78 million in 2019, a net loss of $93.99 million in
2018, and a net loss of $222.79 million in 2017.  As of June 30,
2021, the Company had $4 billion in total assets, $645.29 million
in total current liabilities, $3.05 billion in total long-term
liabilities, and $307.24 million in total stockholders' equity.


KOSMOS ENERGY: S&P Rates $400MM Senior Unsecured Debt 'B+'
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to U.S.-based exploration and production company
Kosmos Energy Ltd.'s $400 million senior unsecured debt offering.
S&P expects the company to use the proceeds from this offering to
fund a portion of its $550 million acquisition of additional
working interests in producing fields offshore Ghana from
Occidental Petroleum.

The '2' recovery rating indicates S&P's expectation for substantial
(70%-90%; rounded estimate: 75%) recovery of principal in the event
of payment default.

ISSUE RATINGS – RECOVERY ANALYSIS

Key analytical factors

-- S&P assumes the company's new $400 million of senior unsecured
notes will rank pari passu with its existing $400 million unsecured
notes due 2028, $650 million unsecured notes due 2026, and $400
million unsecured revolving credit facility maturing in 2022
(unrated). The new and existing unsecured notes are guaranteed on a
senior unsecured basis by Kosmos' U.S. operating subsidiary, which
holds the Gulf of Mexico assets, and the working interests in the
Jubilee and TEN fields offshore Ghana to be acquired from
Occidental Petroleum (held unencumbered in a special-purpose
entity). In addition, Kosmos' senior unsecured notes are guaranteed
on a subordinated basis by certain operating subsidiaries that hold
the company's producing assets in Ghana (other than the assets to
be acquired from Occidental) and Equatorial Guinea. S&P assumes
that the unsecured noteholders and the lenders of the unsecured
corporate revolving credit facility will have the benefit of
residual recovery values from both the Gulf of Mexico assets (after
the term loan is repaid) and separately, the West Africa assets
(after the revenue-based lending (RBL) facility is repaid) via
subsidiary guarantees.

-- S&P values the ringfenced reserves to be acquired from
Occidental on a PV10 basis at $668 million after 7% administrative
expenses.

-- S&P values the Gulf of Mexico reserves on a PV10 basis at $759
million after the Gulf of Mexico term loan and 7% administrative
expenses.

-- After the effect of a $1.27 billion RBL and 7% administrative
fees, the residual PV10 value of the Ghana and Equatorial Guinea
assets is $19 million.

-- S&P assumes the $400 million unsecured corporate revolver would
be 85% drawn at the time of hypothetical default.

Simulated default assumptions

-- S&P's simulated default scenario assumes a payment default in
2024, stemming from sustained weakness in oil prices, which reduces
cash flow below the break-even point while the company uses up cash
and liquidity.

-- Accordingly, S&P expects that restructuring expenses would be
relatively high in a hypothetical Chapter 11 bankruptcy filing,
considering the various subsidiaries and the multiple jurisdictions
of the company's operations. Specifically, S&P estimate
administrative claims total 7% of gross enterprise value at
emergence, above the 5% typically assumed.

-- Kosmos Energy Ltd. is a U.S.-based issuer.

-- Jurisdiction/jurisdiction ranking assessment: U.S./Group A.

Simplified waterfall

-- Ringfenced assets in Ghana to be acquired from Occidental: $668
million

-- Gulf of Mexico recovery value net of GOM term loan: $759
million

-- Ghana and Equatorial Guinea recovery value net of RBL: $19
million

-- Total value available to senior unsecured notes and $400
million revolving credit facility: $1.45 billion

-- Total unsecured debt claims: $1.9 billion

    --Recovery range: 70%-90% (rounded estimate: 75%)

All debt amounts include six months of prepetition interest.



LAMB WESTON: S&P Rates New $835MM Senior Unsecured Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to Idaho-based potato processor and marketer Lamb
Weston Holdings Inc.'s proposed $835 million senior unsecured notes
due 2030 and $835 million senior unsecured notes due 2032. The '3'
recovery rating indicates its expectation for meaningful recovery
(50%-70%; rounded estimate: 65%) in the event of a payment default.
The notes will rank equally with the company's existing senior
unsecured debt. S&P expects Lamb Weston to use the proceeds from
this leverage-neutral transaction, along with cash from its balance
sheet, to redeem its existing senior notes due 2024 and 2026.

S&P said, "We estimate the company's debt to EBITDA for the 12
months ended Aug. 29, 2021, was 3.2x, which indicates just under a
half-turn increase relative to its leverage of 2.9x as of the end
of its fiscal year on May 30, 2021. The increase in its leverage
was due to a significant decline in its EBITDA and EBITDA margins,
which fell by roughly 200 basis points on a quarterly sequential
basis to 17.5% for the trailing 12 months ended Aug. 30, 2021. Lamb
Weston's margins were lower primarily because of the input-cost
inflation and supply chain disruptions currently plaguing the U.S.
economy. We expect the company's margins to remain pressured over
the next several quarters because it will likely continue to face
input-cost inflation. In addition, we anticipate its manufacturing
utilization rates will likely fall due to an expected decline in
this year's U.S. fall potato harvest due to the extreme heat in the
Pacific Northwest over the summer. Although we project Lamb
Weston's debt levels will increase modestly as it builds out its
production capacity, including a greenfield french fry processing
facility in China, we expect it to tightly manage its costs and
maintenance capital expenditures to support positive free operating
cash flow generation and adequate liquidity. Therefore, we believe
its forecast debt to EBITDA of just over 3.5x as of the end of
fiscal year 2022 will likely improve as it builds cash and restores
its historical EBITDA margins closer to 19% in fiscal year 2023."

Lamb is a global producer, provider, and marketer of value-added
frozen potato products, mostly to restaurants and food service
providers. The company operates through four segments: global, food
service, retail, and other.



LEAFBUYER TECHNOLOGIES: Amends Stock Certificate of Designation
---------------------------------------------------------------
Leafbuyer Technologies, Inc. filed an Amended and Restated
Certificate of Designation, Rights and Preferences of its Series A
Convertible Preferred Stock with the Secretary of State of Nevada,
which became effective on Oct. 13, 2021, to (i) change its
designation to "Series A Super Voting Preferred Stock," (ii)
eliminate all rights to liquidation proceeds; (iii) eliminate all
conversion rights and features and (iv) change its voting rights
from being based on the number of shares of common stock underlying
the Series A Preferred to 600 votes per share of Series A Preferred
Stock held, voting with the common stock on all matters as a single
class.

                           About Leafbuyer

Leafbuyer Technologies, Inc. is a marketing technology company for
the cannabis industry and is an online cannabis resource.

Leafbuyer reported a net loss of $5.03 million for the year ended
June 30, 2021.  As of June 30, 2021, the Company had $3.40 million
in total assets, $10.63 million in total liabilities, and a total
deficit of $7.22 million.

Lakewood, Colorado-based B F Borgers CPA PC, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated Oct. 13, 2021, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


LECLAIRRYAN: Founder, UnitedLex Seek Dismissal of Bankruptcy Claims
-------------------------------------------------------------------
Brian Baxter, writing for Bloomberg Law, reports that alternative
legal services provider UnitedLex Corp. and attorney Gary LeClair
sought Tuesday, October 19, 2021, to dismiss claims filed against
them by a Chapter 7 trustee handling the dissolution of LeClair's
namesake law firm LeClairRyan.

Federal Judge Kevin Huennekens in Richmond, Va., heard arguments
via teleconference from lawyers at Greenberg Traurig representing
UnitedLex and Gentry Locke on behalf of LeClair, a prominent
Virginia lawyer who along with fellow former name partner Dennis
Ryan co-founded LeClairRyan in 1988.

LeClairRyan's partnership voted to dissolve the regional corporate
firm in August 2019 and the firm filed for bankruptcy the following
month. Its collapse into insolvency led to the appointment of a
trustee to oversee the firm's liquidation.

In August, LeClairRyan's Chapter 7 trustee Lynn Tavenner filed an
amended complaint against LeClair, now a Richmond-based partner at
Williams Mullen. Tavenner accused the defunct firm's former leader
of protecting his own financial interests and pushing LeClairRyan
into a crippling partnership with UnitedLex.

UnitedLex, which had a joint venture with LeClairRyan called ULX
Partners LLC, was sued a year ago this month by Tavenner. She
alleged that the Lenexa, Kan.-based company misappropriated nearly
$42 million in LeClairRyan funds and skipped other creditors in
line for payment. Tavenner is seeking $128 million in damages from
UnitedLex and its related entities.

Tavenner's bankruptcy lawyers—led by Erika Morabito and Brittany
Nelson, who previously worked at Foley & Lardner—earlier this
year joined Quinn Emanuel Urquhart & Sullivan as partners.

Greenberg Traurig bankruptcy partner J. Gregory Milmoe and
litigation partners David Barger and Thomas McKee Jr., counsel to
UnitedLex, argued that six counts from Tavenner’s amended
complaint should be dismissed. The list includes claims of breach
of fiduciary duty, conspiracy, and misappropriation of
LeClairRyan's assets.

Milmoe co-chaired the bankruptcy and restructuring practice at
Skadden, Arps, Slate, Meagher & Flom before retiring from that firm
to join Greenberg Traurig in 2018.

At one point during the hearing held via Zoom, Milmoe waived a
binder of documents detailing what he said were Greenberg Traurig's
policies for client intake, compensating partners, evaluating
associates, and resolving conflicts.

"The assertion that these are highly proprietary trade secrets
stretches credibility," said Milmoe, citing such materials as being
of dubious worth to others. He and his colleagues reiterated in
court papers that there was no fraudulent conveyance of assets,
just a licensing agreement, between UnitedLex and LeClairRyan.

Milmoe said UnitedLex wanted to take the joint venture model it
developed with LeClairRyan and reproduce it to charge other law
firms for its services.

"This is a case, your honor, about trying to convert a back-office
operation, which at every law firm is a cost center," Milmoe said.
"We have to pay our accountants, our secretaries, our people, and
with rarely limited occasion we’re not able to turn them into
revenue producers."

                LeClair: Allegations 'Reckless'

Andrew Bowman, a partner at Roanoke, Va.-based Gentry Locke, also
told Huennekens that LeClair didn't breach his fiduciary duties.

LeClairRyan was not a closely held corporation but a legal services
outfit with more than 100 partners across the U.S., Bowman said. He
also noted that LeClair left his leadership role in 2016 and
reduced his own compensation by $1.8 million before LeClairRyan
went bust. LeClair left the firm to join Williams Mullen in July
2019.

LeClair's legal team filed its motion to dismiss in late September
2021. The lawyers accused Tavenner in a recent court filing of
making "reckless factual allegations" in her amended complaint
adding him as a defendant.

Bowman said Tavenner hasn’t disputed that LeClair, in his work as
an attorney for LeClairRyan, generated more than $1.5 million in
work for the debtor during the first six months of 2019. LeClair
reduced his monthly salary that year from $45,000 to $37,000 per
month, said Bowman, claiming that his client provided services to
LeClairRyan that exceeded in value what he took out of the firm.

Nelson, the Quinn Emanuel partner representing Tavenner, in a brief
response to the defendants' arguments said that UnitedLex extracted
roughly $18.5 million in intellectual property assets from
LeClairRyan. Huennekens issued a ruling over the summer allowing
Tavenner to expand her lawsuit against UnitedLex and LeClair.

Court filings show that discovery in the litigation between
Tavenner, LeClair, and UnitedLex should be completed by Jan. 21,
2022, ahead of an expected trial date in April of next year, 2022.
Huennekens said in Tuesday's, October 19, 2021, hearing that he
expects to rule shortly on the defendants’ motions to dismiss.

The case is: Tavenner as Chapter 7 Trustee v. ULX Partners LLC,
Bankr. E.D. Va., 320-ap-0314 (hearing 10/19/21)

                       About LeClairRyan PLLC

Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak.  The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.

Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.

LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.

In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million. The firm claims
assets of $10 million to $50 million.

The Hon. Kevin R Huennekens is the case judge.

Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth represented LeClairRyan in the case. Protiviti was the
Debtor's financial adviser for the liquidation.

The bankruptcy case was converted to a Chapter 7 liquidation on
Oct. 24, 20219.  Lynn L. Tavenner was named a Chapter 7 trustee,
and then Benjamin C. Ackerly, a successor trustee.

The Chapter 7 trustee Ackerly's counsel:

        Tyler P. Brown
        Hunton Andrews Kurth LLP
        Tel: 804-788-8200
        E-mail: tpbrown@huntonak.com


LEHMAN BROTHERS: 2nd Circuit Tosses $300M Ex-Exec's Retirement Suit
-------------------------------------------------------------------
Vince Sullivan of Law360 reports that the Second Circuit Court of
Appeals upheld two lower court rulings Tuesday, October 19, 2021,
in the long-running liquidation of Lehman Bros. Inc., saying $300
million of deferred compensation plans for retired executives were
rightly treated as unsecured claims against the defunct trading
house.

In a summary order, a three-judge panel said the appeal of 344
retirees of Lehman predecessor Shearson Lehman Bros. Inc. did not
show that district court and bankruptcy court judges in the
Southern District of New York erred in classifying their claims as
unsecured obligations of the debtor.

                      About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more than
150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.

Lehman Brothers Holdings filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 08-13555) on Sept. 15, 2008.  Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the largest
in U.S. history.  Several other affiliates followed thereafter.

The Debtors' bankruptcy cases were assigned to Judge James M. Peck.
Judge Shelley Chapman took over the case after Judge Peck retired
from the bench to join Morrison & Foerster.

A team of Weil, Gotshal & Manges, LLP, lawyers led by the late
Harvey R. Miller, Esq., serve as counsel to Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, served
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., served as the
Committee's  investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens was appointed as trustee for
the SIPA liquidation of the business of LBI.  He is represented by
Hughes Hubbard & Reed LLP.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

The Debtors' chapter 11 plan was confirmed by the Bankruptcy Court
on Dec. 6, 2011 and became effective on March 6, 2012. The Debtors
have commenced making distributions to holders of allowed claims
and will continue to make distributions in accordance with the Plan
until the liquidation of their assets is complete.

                          *     *     *

James W. Giddens, the trustee for the liquidation of LBI,
announced
in April 2021 that having already achieved a 100 percent
distribution of customer property, the Trustee has now distributed
approximately $9.096 billion to LBI's general unsecured creditors
with allowed claims -- representing a distribution of 40.0605%  --
and approximately $261 million to LBI's allowed secured,
administrative, and priority creditors -- substantially completing
all seventh interim distributions to these claimants.  The LBI
Trustee has distributed more than $115 billion to over 110,000 of
LBI's former customers and creditors.  This includes:  (i) $92.301
billion distributed to LBI's former customers through the account
transfer process; (ii) $13.472 billion distributed through the
customer claim process in full satisfaction of all allowed customer
claims; (iii) $9.096 billion distributed to LBI's general unsecured
creditors with allowed claims -- representing a distribution of
40.0605%; and (iv) $261 million distributed to LBI's allowed
secured, administrative, and priority creditors -- representing a
100% distribution on these claims.

In October 2021, the team winding down LBHI said it will pay $122.5
million to creditors, the 23rd distribution since Lehman's
collapse.   This will bring the total payout to unsecured creditors
to $128.9 billion.  Bondholders were projected to receive about 21
cents on the dollar when Lehman's bankruptcy plan went into effect
in early 2012.  The 23rd distribution raised the bondholders'
recovery to more than 46.5 cents on the dollar and recoveries for
general unsecured creditors of Lehman's commodities to 82.5 cents
on the dollar.


LEWISBERRY PARTNERS: Gets Final OK on Cash Collateral Use
---------------------------------------------------------
Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania authorized Lewisberry Partners, LLC to use
cash collateral, pursuant to the approved budget, which provided
for $743,504 in total expenses.  The Debtor may use the cash
collateral, on a final basis, to meet its ordinary cash needs.

U.S. Bank National Association, as trustee for HOF Grantor Trust I,
has an interest in the cash collateral on account of a prepetition
secured Note and Security Agreement that U.S. Bank, as trustee,
acquired by assignment from Loan Funder LLC, Series 7693 in April
2021.  The secured Note and Security Agreement are secured by a
first priority mortgage on the Debtor's Properties consisting of 27
townhomes the Debtor leases to residential tenants.  Fay Servicing,
LLC is the servicer of U.S. Bank, in its capacity as trustee for
HOF Grantor Trust I.  The Court overruled Fay's objection to the
cash collateral motion.

As adequate protection, the Debtor was required to pay the Lender
$45,000 monthly by October 20, 2021, and grant the Lender
replacement liens, as further adequate protection, to the same
extent and priority existing on the Petition Date, including with
respect to the net proceeds of the sale of three properties that
the Debtor has sold pursuant to a Court order dated February 19,
2021.

Moreover, the Debtor is authorized to disburse the escrowed net
proceeds of sale of the three properties as follows:

   * $665,069 attributable to Release Prices shall be disbursed to
the Lender on or before Oct. 20, 2021, which the Lender shall have
the right to disburse pursuant to the terms of the loan documents
between the Lender and the Debtor; and

   * the remaining escrowed net proceeds may be disbursed to pay
the expenses in the budget or any future budget, subject to the
Lender's reasonable approval.

A copy of the final order is available for free at
https://bit.ly/3pgrQv8 from PacerMonitor.com.

                     About Lewisberry Partners

Lewisberry Partners, LLC, is primarily engaged in renting and
leasing real estate properties.  It sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 21-10327)
on Feb. 9, 2021.  In the petition signed by Richard J. Puleo,
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.

Judge Eric L. Frank oversees the case.

Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel LLP,
is the Debtor's counsel.



LIFESCAN GLOBAL: Moody's Rates New $800MM 1st Lien Term Loan 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to LifeScan Global
Corporation proposed $800 million first lien term loan, a Ba3
rating to the company's proposed $125 million super priority
revolving credit facility and a B3 rating to the company's proposed
$800 million senior secured notes. All other ratings including
LifeScan's B3 Corporate Family Rating and the B3-PD Probability of
Default Rating are unchanged. The stable outlook is also
unchanged.

The Ba3 rating assigned to the proposed super priority revolving
credit facility reflects that in a default scenario it would be
repaid in full before any distributions to the other first lien
lenders. While there is some element of effective subordination to
the super priority revolver, it is modest and therefore the first
lien term loan and senior secured note ratings are B3, the same as
the Corporate Family Rating, as they represent the vast majority of
the capital structure.

Moody's views the proposed transaction as a credit positive.
LifeScan will benefit from an extended debt maturity profile, a
material reduction in required term loan amortization under the
proposed facilities, and the company will have full access to the
$125 million revolving credit facility. As a result of the
foregoing the company will have materially improved liquidity and
funding which can be used to support growth initiatives.

Despite the improvements in liquidity and moderate leverage the
company's B3 Corporate Family Rating is unchanged. LifeScan has
successfully transitioned to a stand-alone company following the
'carve out' transaction from its previous owner Johnson & Johnson
(Aaa, negative). The company's recent results have also shown some
signs of volume stabilization. However Moody's believes the
company's core blood glucose monitoring (BGM) franchise will
continue to face structural declines. The market will continue its
shift to continuous glucose monitoring systems (CGM) -- a category
where LifeScan has no presence.

The following rating actions were taken:

Assignments:

Issuer: LifeScan Global Corporation

Gtd Senior Secured 1st Lien Term Loan, Assigned B3 (LGD4)

Gtd Senior Secured 1st Lien Revolving Credit Facility, Assigned
Ba3 (LGD1)

Gtd Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4)

RATINGS RATIONALE

LifeScan's B3 Corporate Family Rating is constrained by Moody's
expectations that revenues will continue to decline for BGM
products as volume and pricing will remain pressured. Moody's
expects that CGM products -- a category where LifeScan is currently
working with a partner but does not yet generate revenue -- will
continue to gain share over time. While LifeScan has successfully
executed the transition to a stand-alone company after being
separated from Johnson & Johnson, it remains uncertain if the
company can maintain stable levels of earnings and cash flow amidst
evolving competitive dynamics. LifeScan benefits from a leading
position in the BGM market and a global presence with most sales
generated outside North America. The global prevalence of diabetes
continues to grow, which partly mitigates the inroads by CGM
products. The company's leverage is moderate with debt/EBITDA near
4 times (including add-backs for restructuring and other costs
associated with the separation from Johnson & Johnson). Pro-forma
for the proposed transactions Moody's expects LifeScan will have a
very good liquidity profile with more than $200 million of cash and
undrawn revolving credit facility.

The outlook is stable reflecting the company's very good liquidity
profile and Moody's expectations that leverage will remain
moderate.

ESG considerations are a factor in LifeScan's ratings. Medical
device company face moderate social risk however they regularly
encounter elevated elements of social risk including those
associated with responsible production including compliance with
regulatory requirements and potential reputational and financial
impacts from product recalls or related issues. LifeScan has a
somewhat concentrated manufacturing base as the substantial
majority of its production is located at a single facility in
Inverness, Scotland. With respect to governance, LifeScan is owned
by affiliates of private equity sponsor Platinum Equity. As a
result, Moody's expects financial policies will remain aggressive.

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

Ratings could be upgraded if the company demonstrates stability in
revenue and EBITDA indicating that has been able to navigate a
challenging environment. The company would need to sustain
debt/EBITDA below 4 times while maintaining a good liquidity
profile.

Ratings could be downgraded if revenue and EBITDA declines persist
due to more rapid inroads from CGM products or other factors
pressured LifeScan's revenues and earnings. Ratings could be
downgraded if the company's free cash flow approached break-even
levels or if leverage rose to levels deemed less sustainable in the
context of pressures on the company's BGM business.

The principal methodology used in these ratings was Medical
Products and Devices published in October 2021.


LOCAL MOTION: May Use Cash Collateral Through Oct. 25
-----------------------------------------------------
Judge Katherine A. Constantine of the U.S. Bankruptcy Court for the
District of Minnesota authorized Local Motion MN, LLC to use cash
collateral through October 25, 2021, to pay its expenses, according
to an approved budget.

The approved budget provided for these amounts of total expenses
the Debtor may incur:

   $197,761 for the period from October 13 - 25, 2021;

   $163,510 for the period from October 26 - 31, 2021;

   $314,574 for the month of November 2021;

   $305,927 for the month of December 2021;

   $299,854 for the month of January 2022; and

   $301,354 for the month of February 2022

Secured Creditors, Richard H. Nicholson, et al., as collateral
agent, and 8625 Monticello, LLC have an interest in the cash
collateral.  As adequate protection, the Debtor will grant the
Secured Creditors, to the extent of cash collateral used,
replacement liens in postpetition inventory, accounts, equipment
and general intangibles, with the same priority and effect as the
Secured Creditors' respective prepetition liens.  The Debtor will
also carry insurance on its assets, as adequate protection to the
Secured Creditors' interest.

A final hearing on the use of cash collateral will be held on
October 25, 2021 at 10:30 a.m.

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

                    About Local Motion MN, LLC

Local Motion MN, LLC is a full-service moving & storage company
based in Roseville, MN. The Debtor sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 21-31539)
on September 10, 2021. In the petition signed by Mitchel
Rittenhouse, chief financial officer, the Debtor disclosed $415,142
in assets and $3,591,884 in liabilities.

Judge Katherine A. Constantine oversees the case.

John D. Lamey III, Esq., at Lamey Law Firm, P.A. is the Debtor's
counsel.




LOVE BITES: Seeks to Use Beneficial State Bank, et al.'s Cash
-------------------------------------------------------------
Love Bites by Carnie, Inc. asks the U.S. Bankruptcy Court for the
District of Oregon to authorize the use of $565,773 in cash
collateral, on a final basis, for the period from October 15, 2021
through January 31, 2022.  Without the use of cash collateral, the
Debtor says it does not have sufficient funds to pay for its
operating expenses so that it can formulate a reorganization plan
and preserve its value as a going concern.

Lien Creditors who may assert a lien on the cash collateral are (i)
Albina Community Bank, nka Beneficial State Bank; (ii) Financial
Pacific Leasing, Inc.; and (iii) Tri-Country Industrial Parks # 6
LLC.

Other Lien Creditors who have filed UCC financing statements but
does not have, according to the Debtor, an interest in the cash
collateral, include: (a) Amur Equipment Finance; (b) Blue Bridge
Financial LLC; (c) Garret Sign Company, Inc.; (d) Mintaka Financial
LLC; (e) Quality Leasing Co. Inc.; and (f) Timepayment
Corporation.

As adequate protection, the Debtor proposes to:

   (a) grant each Lien Creditor a replacement lien on all
postpetition property of the same nature and kind in which each
Lien Creditor has a prepetition lien or security interest;

   (b) timely perform all actions necessary to protect the lien
creditors' collateral against diminution in value; and

   (c) make adequate protection payments of $7,981 monthly to
Beneficial State Bank for the 1586 Note beginning on November 4,
2021 and on the fourth day of each month thereafter.

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

A final hearing on the motion is scheduled for November 4, 2021 at
1 p.m., via video.

Counsel for Albina Community Bank, nka Beneficial State Bank, lien
creditor:

   Erich M. Paetsch, Esq.
   Saalfeld Griggs PC
   Park Place, Ste. 200
   250 Church Street SE
   Salem, OR 97301
   Telephone: (503) 399-1070
   Facsimile: (503) 371-2927

Other Lien Creditor's contact information:

   Financial Pacific Leasing, Inc.
   c/o Gary Bergstrom,
   Registered Agent
   3455 S 344th Way, Ste. 300
   Federal Way, WA 98001

        - and -

   Tri-County Industrial Parks # 6 LLC
   c/o Gary L. Blackledge
   Registered Agent
   2 Centerpointe Drive, 6th Flr.
   Lake Oswego, OR 97035

                 About Love Bites by Carnie, Inc.

Love Bites by Carnie, Inc. manufactures sugar and confectionery
products. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 21-32073) on October 11,
2021. In the petition signed by Tiffany Miller, chief executive
officer, the Debtor disclosed $721,448 in assets and $3,635,699 in
liabilities.

Judge David W. Hercher oversees the case.

Douglas R. Ricks, Esq., at Vanden Bos and Chapman, LLP is the
Debtor's counsel.



MALLINCKRODT PLC: City of Marietta May Proceed with Appeal
----------------------------------------------------------
Chief Magistrate Judge Mary Pat Thynge of the United States
District Court for the District of Delaware issued a Recommendation
dated Oct. 12, 2021, a full-text copy of which is available at
https://is.gd/lPhAo4 from Leagle.com in the case captioned CITY OF
MARIETTA, Appellant, v. MALLINCKRODT PLC, et al., Appellee, C.A.
No. 21-1155-LPS (D. Del.).

The bankruptcy appeal involves an Order Sustaining Debtors'
Objection to City of Marietta Class Proof of Claim decided by the
Honorable John T. Dorsey on July 27, 2021.  The Appeal was filed on
August 10, 2021.  On September 2, 2021, a Motion to Consolidate
Cases for Procedural Purposes and for Related Relief was filed by
Mallinckrodt plc.  The present Appeal is one of many filed in the
District Court involving Mallinckrodt plc.

In February 2020, the City of Marietta, Georgia filed a putative
civil class action complaint against the Company in the U.S.
District Court for the Northern District of Georgia relating to the
price of Acthar Gel. The complaint, which pleads one claim for
unjust enrichment, purports to be brought on behalf of third-party
payers and their beneficiaries as well as people without insurance
in the U.S. and its Territories who paid for Acthar Gel from four
years prior to the filing of the Complaint until the date of trial.
The case is proceeding as City of Marietta v. Mallinckrodt ARD LLC.
Marietta alleges it has paid $2.0 million to cover the cost of an
Acthar Gel prescription of an employee and that the Company has
been unjustly enriched as a result. The Company intends to
vigorously defend itself in this matter, and has moved to dismiss
the complaint. The Company's motion to dismiss was pending when the
Company filed the Chapter 11 Cases. On October 16, 2020, the court
ordered the case administratively closed in light of the Chapter 11
Cases.

In April 2021, Marietta and Mallinckrodt had discussions regarding
a global mediation of the Dispute collectively with similar
disputes of other parties in connection with the Appellees'
bankruptcy case. Although the Appellant understands that the
proposed mediation occurred with other parties, no mediation with
the Appellant occurred at that time.  The Appellant is interested
in mediation of the dispute.

The Appellees disagree with the Appellant's characterization of
prior events and requests this matter be withdrawn from mandatory
mediation based upon the relief granted by the Bankruptcy Court and
the issues on Appeal.  The Bankruptcy Court disallowed the proof of
claim filed by Marietta on behalf of the Proposed Class and the
Appeal pertains to whether the Bankruptcy Court committed legal
error in doing so.

On September 2, 2021, a motion to consolidate appeals for
procedural purposes and for related relief was filed by the
Appellees to be consolidated with another appeal, City of Rockford,
Illinois, et al. v. Mallinckrodt plc, 21-1161 LPS which it claims
involves overlapping issue of law and fact.  The Appellants agree
that consolidation is appropriate, but the appellants in the other
appeal do not.

Until the consolidation issue is decided, the parties propose the
following briefing schedule:

   Appellants' Opening Brief(s) due November 29, 2021
   Appellees' Responsive Brief(s) due December 28, 2021
   Appellants' Reply Brief(s) due January 11, 2021

Accordingly, the Chief Magistrate recommended that, pursuant to
paragraph 2(a) Procedures to Govern Mediation of Appeals from the
United States Bankruptcy Court for this District and 28 U.S.C.
Section 636(b), this matter is withdrawn from the mandatory
referral for mediation and proceed through the appellate process of
the District Court.

                     About Mallinckrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC, is the claims agent.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants. The OCC tapped Akin
Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as
Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.

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



MALLINCKRODT PLC: Edelman May Proceed with Appeal
-------------------------------------------------
Chief Magistrate Judge Mary Pat Thynge of the United States
District Court for the District of Delaware issued a Recommendation
dated Oct. 12, 2021, a full-text copy of which is available at
https://is.gd/5COqm5 from Leagle.com in the case captioned DARREL
EDELMAN, Appellant, v. Mallinckrodt PLC, et al., Appellee, C.A. No.
21-1271-LPS (D. Del.).

Pursuant to paragraph 2(a) of the Procedures to Govern Mediation of
Appeals from the United States Bankruptcy Court for the District of
Delaware dated September 11, 2012, the Chief Magistrate reviewed
the documents filed on the District Court's docket regarding an
appeal of an Order by the Honorable John T. Dorsey of the
Bankruptcy Court entered August 26, 2021, Denying Motion to
Establish a Bar Date for Opioid Claimants.  The appeal was filed by
Darrel Edelman on September 7, 2021.  The appeal was assigned to
the Honorable Leonard P. Stark on September 15, 2021.

On October 5, 2021, a Joint Motion to Intervene was filed by the
Government Plaintiff Ad Hoc Committee, the Multistate Governmental
Entities Group ("MSGE Group"), and the Future Claimants'
Representative ("FCR") for an order granting the Proposed
Intervenors leave to intervene in the bankruptcy appeal.
Thereafter, on October 6, 2021, a teleconference was held.

As a result of this teleconference, the Appellant, the Appellee,
Mallinckrodt plc, and the Proposed Intervenors agreed that the
Order to be addressed on this appeal is not amenable to mediation
and mediation at this stage would not be a productive exercise, a
worthwhile use of judicial resources nor warrant the expense of the
process.  This Appeal deals with purely legal issues.

The Appellant, the Appellee and the Proposed Intervenors plan to
propose a joint briefing schedule in this matter.  If they are
unable to reach agreement in this regard, a briefing schedule will
be required.

Accordingly, the Magistrate Judge recommended that, pursuant to
paragraph 2(a) Procedures to Govern Mediation of Appeals from the
United States Bankruptcy Court for this District and 28 U.S.C.
Section 636(b), this matter is withdrawn from the mandatory
referral for mediation and proceed through the appellate process of
the Court.

                     About Mallinckrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (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.



MEJIA LLC: Seeks to Hire Cheryl C. Deshaies as Legal Counsel
------------------------------------------------------------
Mejia, LLC seeks approval from the U.S. Bankruptcy Court for the
District of New Hampshire to employ the Law Offices of Cheryl C.
Deshaies to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (1) representation at the initial debtor interview, meeting of
creditors and hearings on motions filed in the bankruptcy case;

     (2) preparation of a Chapter 11 plan and disclosure statement;


     (3) defense of motions for relief;

     (4) legal advice on whether to assume or reject executory
contracts;

     (5) representation in turnover, fraudulent transfer,
preference actions and other avoidance or subordination actions,
including lender liability actions;

     (6) representation in litigation as necessary; and

     (7) representation in all other matters related to the
Debtor's bankruptcy case.

The Law Offices of Cheryl C. Deshaies will be paid at the rate of
$200 per hour.  The firm received a retainer in the amount of
$2,400.

As disclosed court filings, the Law Offices of Cheryl C. Deshaies
is a disinterested person within the meaning of Section 101(14) of
the Bankruptcy.

The firm can be reached through:

     Cheryl C. Deshaies, Esq.
     Law Offices of Cheryl C. Deshaies
     P.O. Box 648
     Exeter, NH 03833
     Phone: (603) 580-1416
     Fax: 1-888-308-7131
     Email: cdeshaies@deshaieslaw.com

                          About Mejia LLC

Mejia, LLC filed a petition for Chapter 11 protection (Bankr.
D.N.H. Case No. 21-10581) on Oct. 1, 2021, listing as much as
$500,000 in both assets and liabilities.  Judge Bruce A. Harwood
oversees the case.  The Law Offices of Cheryl C. Deshaies
represents the Debtor as legal counsel.


MICH'S MACCS: Gets OK to Hire Kirby Aisner & Curley as Counsel
--------------------------------------------------------------
Mich's Maccs, LLC received approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ Kirby Aisner &
Curley, LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor regarding its powers and duties and the
continued management of its property and affairs;

     b. negotiating with creditors, working out a plan of
reorganization and taking the necessary legal steps in order to
effectuate the plan;

     c. preparing legal papers and appearing before the bankruptcy
court;

     d. attending meetings and negotiating with representatives of
creditors and other parties in interest;

     e. advising the Debtor in connection with any potential
refinancing of secured debt;

     f. representing the Debtor in connection with obtaining
post-petition financing, if necessary;

     g. advising the Debtor in connection with any potential sale
of its business or assets;

     h. taking any necessary action to obtain approval of a
disclosure statement and confirmation of a plan of reorganization;
and

     i. performing all other necessary legal services.

The firm's hourly rates are as follows:

     Partners            $450 to $550 per hour
     Associates          $295 per hour
     Paraprofessionals   $150 per hour

Julie Cvek Curley, Esq., a partner at Kirby Aisner, disclosed in a
court filing that her firm is a "disinterested person" as defined
in Bankruptcy Code Section 101(14).

The firm can be reached through:

     Dawn Kirby, Esq.
     Julie Cvek Curley, Esq.
     Kirby Aisner & Curley LLP
     700 Post Road, Suite 237
     Scarsdale, NY 10583
     Phone: (914) 401-9500
     Email: dkirby@kacllp.com
            jcurley@kacllp.com

                      About Mich's Maccs LLC

Mich's Maccs, LLC filed a petition for Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 21-11567) on Sept. 3, 2021, listing up to
$50,000 in assets and up to $1 million in liabilities.  Judge David
S. Jones oversees the case.  Dawn Kirby, Esq., and Julie Cvek
Curley, Esq., at Kirby Aisner & Curley, LLP are the Debtor's
bankruptcy attorneys.


MIDTOWN CAMPUS: Obtains 90-Day Access to Cash Collateral
--------------------------------------------------------
Midtown Campus Properties, LLC sought and obtained authority from
Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern
District of Florida to use cash collateral for the period from
October 1 through December 31, 2021, pursuant to an agreement the
Debtor reached with its Senior DIP Lender, Best Meridian
International Insurance Company and Prepetition Lender, U.S. Bank,
as indenture Trustee.

Judge Mark authorized the Debtor to use (i) the amount currently
available in the Interest Reserve aggregating $384,990 and (ii) the
amount of up to $112,000 of funds on deposit in the Construction
Account and the Liquidity Subaccount to pay for construction costs
to complete the Debtor's student housing project, including costs
to obtain any additional Temporary Certificates of Occupancy and a
Final Certificate of Occupancy, pursuant to the Construction Budget
through December 31, 2021.

Moreover, the Debtor is authorized to use cash collateral
consisting of rents and other revenue generated by the Project
during the interim period to pay for operating expenses associated
with the completion, operation, maintenance and repair of the
Project.

The Debtor has disclosed that, pursuant to the final Construction
Budget, $1,498,000 in additional funds is needed to complete
construction of the Project and obtain a final Certificate of
Occupancy for the non-retail portions of the Project.

A copy of the Debtor's request is available for free at
https://bit.ly/3aOZiQW from PacerMonitor.com.

However, the current approved budget provided for $1,369,583 in
total costs necessary to be incurred, after September 10, 2021, to
complete the Project.

                          Case Milestones                

In consideration for the use of the cash collateral, the Debtor
must undertake these milestones:

   a. on or before November 9, 2021, the Debtor must obtain
approval of a disclosure statement describing its Chapter 11 plan
to begin solicitation of such plan;

   b. on or before November 15, 2021, the Debtor must have:

      * obtained a TCO for all non-retail portions of the Project;

      * completed all work on the Project that would be necessary
in obtaining the TCO; and

   c. on or before December 31, 2021, the Debtor must close a sale
of the Project.

The Prepetition Lender agrees to hold in abeyance and continue the
hearing on its motion for additional adequate protection.  The
Prepetition Lender will not be deemed to waive any rights or
remedies set for in its Adequate Protection Motion, and relies on
the Debtor's representation that it has not made payments to its
insiders after July 31, 2021 except for reimbursement of expenses
incurred by such insiders to fund the construction of the Project.

                     Secured Lenders' Liens

The Senior DIP Lender holds a (a) superpriority administrative
expense claim, including the superpriority administrative expense
claim in respect of Junior DIP Loan and (b) a valid and perfected
first priority, priming, senior lien on all property of the
Debtor.

U.S. Bank -- as indenture trustee under a certain Trust Indenture
dated January 1, 2019 between U.S. Bank and Florida Development
Finance Corporation, secured by a certain Leasehold Mortgage,
Assignment of Leases, Security Agreement and Fixture Filing given
by the Debtor, as mortgagor, to U.S. Bank, as mortgagee -- asserts
that it holds a valid and perfected lien on the Debtor's assets,
which prepetition liens U.S. Bank asserts are senior to all claims
and interest in the prepetition collateral, and junior only to the
DIP Priming Liens and the Junior DIP Liens.

Junior DIP Lender, BMI Financial Group, Inc. holds (i) a
superpriority claim and (ii) perfected first priority liens on all
unencumbered property of the Debtor as of the Petition Date, and
(iii) perfected junior priority liens on any property of the Debtor
that was subject to any valid and perfected lien as of the Petition
Date.

             Adequate Protection for Use of Collateral

As adequate protection, the Prepetition Lender is granted, to the
extent of the diminution in value of its collateral:

   * valid and perfected replacement liens and security interests
in all assets of the Debtor, subject to the DIP Priming Liens, any
Junior DIP Liens and the Carve-Out and the Fee Reserve for
Professional Expenses.

   * an allowed superpriority administrative expense claim pursuant
to Section 507(b) of the Bankruptcy Code, subject to (i) the Senior
DIP Lender Superpriority Administrative Expense Claim; (ii) the
Junior DIP Lender Superpriority Administrative Expense Claim having
recourse from the Junior DIP Lender Excepted Collateral; and (iii)
the Carve-out.

The Junior DIP Lender is granted:

   * valid and perfected replacement liens in the Junior DIP
Collateral from and after the Petition Date, to the extent of the
diminution in value of the Junior DIP Collateral, to the same
extent, priority and nature as the Junior DIP Liens, subject to the
Priming DIP Liens; the Prepetition Liens and Prepetition Lender's
Adequate Protection Liens; and the Carve-out, the Fee Reserve for
Professional Expenses; and

   * an allowed superpriority administrative expense claim for any
diminution in value arising from the Debtor's use of the Junior DIP
Collateral, subject to the Senior DIP Lender's Superpriority
Administrative Expense Claim; the Prepetition Adequate Protection
Superpriority Claims having recourse against the DIP Collateral;
and the Carve-Out and Fee Reserve for Professional Expenses

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

A copy of the Agreed Order, with the approved current construction
budget, is available for free at https://bit.ly/2YRVnQJ from
PacerMonitor.com.

                  About Midtown Campus Properties

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

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

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

The Honorable Robert A. Mark is the presiding judge.

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

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



MKJC AUTO: Nov. 17 Plan & Disclosure Hearing Set
------------------------------------------------
On Sept. 30, 2021, debtor MKJC Auto Group, LLC, filed with the U.S.
Bankruptcy Court for the Eastern District of New York a Disclosure
Statement to accompany the Liquidating Plan of Reorganization.

On Oct. 18, 2021, Judge Jil Mazer-Marino conditionally approved the
Disclosure Statement and ordered that:

     * Nov. 17, 2021, at 10:30 a.m. is the telephonic hearing to
consider final approval of the Disclosure Statement and consider
confirmation of the Plan.

     * Nov. 12, 2021, at 4:00 pm is fixed as the last date for
filing and serving any written objections to final approval of the
Disclosure Statement and confirmation of the Plan.

     * Nov. 12, 2021, at 4:00 p.m. is the last date by which the
holders of claims and interests may accept or reject the Plan.

     * Nov. 15, 2021, is the deadline for the Balloting Agent to
file a voting tabulation report with the Court.

A copy of the order dated October 18, 2021, is available at
https://bit.ly/3lT8gCZ from PacerMonitor.com at no charge.

                     About MKJC Auto Group

MKJC Auto Group, LLC, owns and operates the automobile dealership
out of Long Island, New York, known as Hyundai of Long Island City,
selling and leasing new and pre-owned Hyundai automobiles to
consumers.

MKJC Auto Group, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20
42283) on June 8, 2020. The petition was signed by Ryan Kaminsky,
Executor of The Estate of Mitchell Kaminsky.  At the time of
filing, the Debtor estimated $10,319,999 in assets and $10,034,320
in liabilities.

Judge Jil Mazer-Marino replaced Judge Carla E. Craig as the
presiding judge of the Debtor's case.

The Debtor tapped Shafferman & Feldman LLP as its bankruptcy
counsel and the Law Offices of Paul J. Solda, Esq. and Paris
Ackerman, LLP as its special counsel.  Citrin Cooperman serves as
the Debtor's accountant.

Lucy Thomson, Esq., was appointed as the Debtor's Consumer Privacy
Ombudsman.


NEXTPLAY TECHNOLOGIES: Delays Filing of Aug. 31 Form 10-Q
---------------------------------------------------------
Nextplay Technologies, Inc. filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
Quarterly Report on Form 10-Q for the period ended Aug. 31, 2021.

The company said it has experienced delays in completing its
Quarterly Report within the prescribed time period, which could not
be eliminated without unreasonable effort or expense.  The delay is
due primarily to the recent business combinations.

On July 23, 2020, Nextplay (then known as Monaker Group, Inc.)
entered into a Share Exchange Agreement with HotPlay Enterprise
Limited and the stockholders of HotPlay.  Pursuant to the Share
Exchange Agreement, Monaker exchanged shares of its common stock
for 100% of the issued and outstanding capital of HotPlay, with
HotPlay continuing as a wholly-owned subsidiary of Monaker.  The
acquisition of HotPlay and Monaker closed on June 30, 2021.  After
the acquisition, Monaker changed its name to "NextPlay
Technologies, Inc."  The HotPlay acquisition was accounted for as a
reverse acquisition with HotPlay being deemed the acquiring company
for accounting purposes.

On July 21, 2021, Nextplay completed the acquisition of Next Bank
International (formerly IFEB), pursuant to which the NextBank
became a wholly-owned subsidiary of the company.

As a result of the reverse acquisition transaction of HotPlay and
the acquisition of NextBank during the second quarter of the fiscal
year, it has caused Nextplay to need to dedicate significant
resources, including its management's attention, to the closing of
these transactions, the post-closing transition activities and the
preparation of unaudited interim reviewed financials for the six
months ended Aug. 31, 2021.

Nextplay anticipates that it will file its complete Quarterly
Report on Form 10-Q for the quarter ended Aug. 31, 2021, on or
before the fifth calendar day following the prescribed due date.

As a result of the reverse acquisition of HotPlay, the combined
Nextplay's assets, liabilities, operations and financial condition
will differ significantly from the financial condition of Monaker
prior to the combination.  Nextplay expects to report total revenue
of $2.6 million for the six months ended Aug. 31, 2021 compared to
total revenue of $0 million for the same period in 2020. The
company also expects to report a net loss of $9.7 million for the
six months ended Aug. 31, 2021, compared to a net loss of $0.5
million for the same period in 2020.  Total assets are expected to
be $103.9 million as of Aug. 31, 2021, compared to $11.5 million as
of Feb. 28, 2021, and total liabilities are expected to be $33.3
million as of Aug. 31, 2021, compared to $1.4 million as of Feb.
28, 2021.

                    About NextPlay Technologies

NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
is a technology solutions company offering gaming, in-game
advertising, crypto-banking, connected TV and travel booking
services to consumers and corporations within a growing worldwide
digital ecosystem.  NextPlay's engaging products and services
utilize innovative AdTech, Artificial Intelligence and Fintech
solutions to leverage the strengths and channels of its existing
and acquired technologies.

Monaker Group reported a net loss of $16.51 million for the year
ended Feb. 28, 2021, compared to a net loss of $9.45 million for
the year ended Feb. 29, 2020.  As of May 31, 2021, the Company had
$49.78 million in total assets, $28.20 million in total
liabilities, and $21.58 million in total stockholders' equity.

Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 7, 2021, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going concern.


NORTH PIER OCEAN: Seeks to Hire Great Neck Realty as Broker
-----------------------------------------------------------
North Pier Ocean Villas Homeowners Association, Inc. seeks approval
from the U.S. Bankruptcy Court for the Eastern District of North
Carolina to hire Great Neck Realty Company of North Carolina, LLC
to market for sale its interest in 992 Timeshare located at 1800
Canal Drive, Carolina Beach, N.C.

The firm will receive a 5 percent commission from the sale.

As disclosed in court filings, Great Neck does not hold interests
adverse to the Debtor and its bankruptcy estate.

The firm can be reached through:

     Robert Tramantano
     Great Neck Realty Company of North Carolina, LLC
     1011 Hamilton Road
     Chapel Hill, NC 27517
     Phone: +1 984-528-3619

                   About North Pier Ocean Villas
                      Homeowners Association

North Pier Ocean Villas Homeowners Association, Inc. filed a
petition for Chapter 11 protection (Bankr. E.D.N.C. Case No.
21-01760) on Aug. 5, 2021, listing under $1 million in both assets
and liabilities.  David J. Haidt, Esq., at Ayers & Haidt, PA,
represents the Debtor as legal counsel.


NTH SOLUTIONS: Wins Cash Collateral Access Through Nov. 13
----------------------------------------------------------
Judge Eric L. Frank of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania authorized Nth Solutions, LLC to use cash
collateral during the period from the Petition Date through
November 13, 2021 to pay for its reasonable and necessary operating
expenses.  The approved budget provided for $75,968 in expenses for
the interim period.  The Debtor's authority to use the cash
collateral may be extended for an additional four weeks upon filing
with the Court of an amended budget which has been approved by
Lender, Bryn Mawr Trust.

To the extent of any diminution in value of the Lender's
prepetition cash collateral, the Lender is granted valid and
perfected postpetition replacement liens on the Debtor's assets in
which the Lender holds a prepetition lien or security interest.

A copy of the Eighth Interim Order is available for free at
https://bit.ly/3vnTnMj from PacerMonitor.com.

A further hearing on the Debtor's use of cash collateral will be
held on November 10, 2021 at 11 a.m.

                        About Nth Solutions

Nth Solutions, LLC -- https://nth-solutions.com/ -- operates a
facility located at 15 East Uwchlan Avenue in Exton, Pa., where it
manufactures electronic and mechanical precision devices. In
addition to its own product line, Nth Solutions also works with its
clients using a proprietary market-driven methodology in order to
produce additional "state-of-the-art" products.

Nth Solutions sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Pa. Case No. 21-10782) on March 26, 2021.  In the
petition signed by Susan Springsteen, managing partner and member,
the Debtor estimated less than $50,000 in assets and liabilities of
$1 million to $10 million.

Judge Eric L. Frank oversees the case.

Maschmeyer Karalis P.C. represents the Debtor as counsel.



OAK HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based Oak Holdings
LLC to stable from negative and affirmed all of its ratings on the
company, including its 'B-' issuer credit rating.

S&P said, "The stable outlook reflects our expectation that Oak
Holdings' performance will continue to recover as U.S. students
return to organized youth sports. We do expect some regional
disruptions from localized spikes in COVID-19 cases, though to a
lesser degree than during the onset of the pandemic. In addition,
we expect the company to address the October 2023 maturities of its
revolver and term loan well before they become current in October
2022.

"Oak Holdings' credits metrics have troughed and we believe the
recent improvement in its performance is sustainable. Fall sports
have resumed despite the continued challenging environment for
students returning to school across the country. Young athletes and
their families are eager to resume participation in youth team
sports as we begin to exit the pandemic. We believe future
lockdowns or suspensions of team sports are a risk, though we
believe any potential lockdowns would be less severe than the
actions taken during the onset of the pandemic. We also expect any
restrictions on social activities to be regional and short-lived,
which will pave the way for a continued recovery in Oak's
performance. The company's performance was heavily affected by the
pandemic, which caused its leverage to rise to more than 20x as of
March 20, 2021. We forecast its credit metrics will remain weaker
than pre-pandemic levels, despite its fast recovery, because the
overall level of participation in youth sports has not yet
recovered to pre-pandemic levels and the rebound in its Dance
division has been slower due to the greater level of restrictions
on indoor activities. We now expect Oak's S&P Global
Ratings-adjusted leverage to improve to the 7x area by the end of
2021, which is still higher than its pre-pandemic leverage in the
low- to mid-6x area.

"The recent extension of its revolver to 2023 has improved its
liquidity, though we expect it to more permanently address its
capital structure before its debt becomes current in October 2022.
The company was able to execute two maturity extensions on its
revolver during the pandemic and pushed the facility's maturity out
to October 2023 (from 2021 previously). Oak's revolver and
first-lien term loan will now mature in October 2023. Currently,
the company has no near-term liquidity concerns and our projection
for positive free operating cash flow (FOCF) generation for the
year will likely lead to a continued improvement in its liquidity
cushion (given our expectation that its revolver will remain
undrawn). We believe that, given its ability to extend its revolver
in 2020 and 2021 despite experiencing operational challenges during
COVID, Oak will likely be able to adequately address its debt
maturing in October 2023 before they become current. However, if
new virus variants or supply chain constraints hinder its ability
to meet its demand and lead to an extended or declining recovery
such that it threatens its ability to refinance, this would weigh
negatively on our analysis.

"We expect the company to effectively manage its input-cost
pressures, although we do not believe it will return its margins to
2019 levels in the near term. We project that Oak's EBITDA margin
will be pressured in 2021 and 2022 due to the inflationary
environment and the constrained global supply chain. We believe the
company has a limited ability to raise its prices because youth
team t-shirts are a commodity-like product and its competition is
fierce. Oak manufactures a material portion of its products in
Mexico and is exposed to inbound raw-material constraints because
it sources most of its fabrics from the Asia-Pacific region. The
company has managed its supply chain well thus far and has been
able to service the rebound in its demand. However, we expect the
supply chain will remain challenged for the next 12 months, which
could add additional pressure to its's recovery. Cotton is not a
key raw material input for Oak's products because it manufactures
most of its t-shirts from polyester-based synthetic materials.

"We could lower our ratings on Oak if its capital structure becomes
unsustainable or its cash flow generation weakens beyond our
expectations such that it becomes reliant on its revolver to fund
its operations or debt service." S&P could also downgrade the
company due to the following:

-- It is unable to adequately address its capital structure
maturing in 2023 well ahead of it becoming current in October
2022;

-- Its demand declines sharply due to another spike in COVID-19
cases that disrupts participation in team sports;

-- It is not able to meet its demand due to supply chain-related
disruptions; or

-- It is unable to manage its input-cost pressures such that its
EBITDA margin declines by more than S&P expects.

S&P could raise its ratings on Oak if it sustains leverage of less
than 7x. This could occur if:

-- The company outperforms our expectations, with a
faster-than-anticipated recovery in youth team sports
participation, and is able to service it demand with a tight supply
chain;

-- It expand its margins despite the inflationary cost
environment; and

-- It addresses the 2023 maturity of its revolver and term loan.



OLD VILLAGE MASTER: Seeks to Hire Fox Rothschild as Legal Counsel
-----------------------------------------------------------------
Old Village Master Painters, Ltd. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
Fox Rothschild, LLP to serve as legal counsel in its Chapter 11
case.

The firm's services include:

     a. advising the Debtor of its rights, obligations and duties
during the administration of its bankruptcy case;

     b. attending meetings and negotiations;

     c. taking all necessary actions to protect and preserve the
Debtor's estate including the prosecution of actions, the defense
of any actions taken against the Debtor, negotiations concerning
all litigation in which the Debtor is involved, and objecting to
claims filed against the estate;

     d. seeking the court's approval and confirmation of a plan of
reorganization, disclosure statement and all related papers and
pleadings;

     e. representing the Debtor in all proceedings before the
bankruptcy court or other courts of jurisdiction in connection with
the case;

     f. assisting the Debtor in developing legal positions and
strategies with respect to all facets of its proceeding;

     g. preparing legal documents; and

     h. performing all other legal services in connection with the
case and other general corporate and litigation matters.  

The firm's standard hourly rates are as follows:

     Partners                      $310 to $1,525 per hour
     Counsel                       $245 to $850 per hour
     Associates                    $240 to $585 per hour
     Legal Assistants/Paralegals   $105 to $445 per hour

Fox Rothschild's hourly rates applicable to the principal attorneys
and paraprofessionals who will be representing the Debtor  are:

     Marth B. Chovanes, Partner     $755 per hour
     Michael R. Herz, Partner       $510 per hour
     Jesse Harris, Associate        $405 per hour
     Stephanie J. Slater, Law Clerk $355 per hour
     Robin I. Solomon, Paralegal    $415 per hour

The Debtor provided Fox Rothschild with a retainer in the amount of
$30,000.

As disclosed in court filings, Fox Rothschild is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

Fox Rothschild can be reached through:

     Martha B. Chovanes, Esq.
     Fox Rothschild LLP
     2000 Market St., 20th Fl
     Philadelphia, PA 19103-3222
     Phone: 609-896-3600
     Email: mchovanes@foxrothschild.com

              About Old Village Master Painters Ltd.

Old Village Master Painters, Ltd. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
21-12527) on Sept. 14, 2021, listing under $1 million in both
assets and liabilities.  Judge Magdeline D. Coleman oversees the
case.  Martha B. Chovanes, Esq., at Fox Rothschild, LLP represents
the Debtor as legal counsel.


OLD WORLD: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Old World Timber, LLC
          FDBA Reclaimed American Hardwood
          DBA U S Biochar
          1195 Versailles Road
          Lexington, KY 40508

Business Description: Old World Timber, LLC is in the wood product
                      manufacturing business.

Chapter 11 Petition Date: October 19, 2021

Court: United States Bankruptcy Court
       Eastern District of Kentucky

Case No.: 21-51160

Judge: Hon. Tracey N. Wise

Debtor's Counsel: Charity S. Bird, Esq.
                  KAPLAN JOHNSON ABATE & BIRD LLP
                  710 West Main Street
                  Fourth Floor
                  Louisville, KY 40202
                  Tel: (502) 540-8285
                  Fax: (502) 540-8282
                  Email: cbird@kaplanjohnsonlaw.com

Total Assets: $1,938,717

Total Liabilities: $1,901,401

The petition was signed by Nathan S. Brown as CEO.

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

https://www.pacermonitor.com/view/CSJCRCY/Old_World_Timber_LLC__kyebke-21-51160__0001.0.pdf?mcid=tGE4TAMA


OMEROS CORP: Receives Complete Response Letter From FDA
-------------------------------------------------------
Omeros Corporation received a Complete Response Letter (CRL) from
the U.S. Food and Drug Administration (FDA) regarding its Biologics
License Application (BLA) for narsoplimab in the treatment of
hematopoietic stem cell transplant-associated thrombotic
microangiopathy (HSCT-TMA).

Following HSCT, patients generally have complex clinical courses
and are often severely ill.  HSCT-TMA increases that complexity and
worsens outcomes.  In the CRL, FDA expressed difficulty in
estimating the treatment effect of narsoplimab in HSCT-TMA and
asserted that additional information will be needed to support
regulatory approval.  There were no chemistry, manufacturing and
controls (CMC), safety, or non-clinical issues precluding approval
raised in the CRL.

Omeros remains confident in the efficacy and safety data for
narsoplimab in HSCT-TMA.  The company worked closely with FDA on
the clinical development plan, including with respect to both the
single-arm trial to support approval and the definition of response
as the primary endpoint.

Omeros plans to request a Type A meeting as soon as possible with
FDA to discuss the CRL and determine the most expeditious path
forward for the approval of narsoplimab in the treatment of
HSCT-TMA.

Narsoplimab is the first drug candidate submitted to FDA for
approval in HSCT-TMA.  It has Breakthrough Therapy and Orphan
designations in both HSCT-TMA and IgA nephropathy.

                      About Omeros Corporation

Seattle, Washington-based Omeros -- www.omeros.com -- is a
commercial-stage biopharmaceutical company committed to
discovering, developing and commercializing small-molecule and
protein therapeutics for large-market and orphan indications
targeting inflammation, complement-mediated diseases, disorders of
the central nervous system and immune-related diseases, including
cancers.

Omeros reported a net loss of $138.06 million for the year ended
Dec. 31, 2020, compared to a net loss of $84.48 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$145.39 million in total assets, $47.70 million in total current
liabilities, $31.41 million in lease liabilities (non-current),
$312.59 million in unsecured convertible senior notes, and a total
shareholders' deficit of $246.30 million.


OSCEOLA MEDICAL: Seeks to Hire Bartolone Law as Legal Counsel
-------------------------------------------------------------
Osceola Medical Plaza, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire the law firm of
Bartolone Law, PLLC to serve as legal counsel in its Chapter 11
case.

The firm's services include:

     (a) advising the Debtor of its rights and duties under the
Bankruptcy Code;

     (b) preparing pleadings including a disclosure statement and a
plan of reorganization; and

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

The firm's attorneys and junior paraprofessionals charge $375 per
hour and $125 per hour, respectively.

Prior to its bankruptcy filing, the Debtor paid a retainer fee of
$21,750, of which $5,313 was used to pay for pre-bankruptcy
services and costs incurred.

As disclosed in court filings, Bartolone Law does not represent
interests adverse to the Debtor or to the estate.

The firm can be reached through:
    
     Aldo G. Bartolone, Jr., Esq.
     Bartolone Law, PLLC
     1030 N. Orange Ave., Suite 300
     Orlando, FL 32801
     Tel: (407) 294-4440
     Fax: (407) 287-5544
     Email: aldo@bartolonelaw.com

                    About Osceola Medical Plaza

Osceola Medical Plaza, LLC is a Kissimmee, Fla.-based company
engaged in renting and leasing real estate properties.  It is the
fee simple owner of a medical office plaza located in Kissimmee
having a current value of $1.8 million.

Osceola filed a petition for Chapter 11 protection (Bankr. M.D.
Fla. Case No. 21-04459) on Oct. 1, 2021, listing $3,898,099 in
assets and $4,524,772 in liabilities.  Faiz A. Faiz, managing
member, signed the petition.  Aldo G. Bartolone, Esq., at Bartolome
Law, PLLC is the Debtor's legalcounsel.


PATH MEDICAL: Seeks to Hire SSG Advisors as Investment Banker
-------------------------------------------------------------
Path Medical Center Holdings, Inc. and Path Medical, LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of Florida to hire SSG Advisors, LLC as their investment banker.

The firm's services include:

     a. preparing an information memorandum and electronic data
room describing the Debtors and their historical performance and
prospects, including existing contracts, marketing and sales, labor
force and management;

     b. assisting the Debtors in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtors;

     c. coordinating the execution of confidentiality agreements
for potential buyers wishing to review the information memorandum;

     d. assisting the Debtors in coordinating virtual or physical
site visits for interested buyers and working with the management
team to develop appropriate presentations for such visits;

     e. soliciting competitive offers from potential buyers;

     f. assisting the Debtors in structuring a Transaction and
negotiating the transaction agreements;

     g. assisting the Debtors and their professionals with the
structuring of sale procedures, the conduct of any auction that may
result therefrom and the formulation of a plan of reorganization;

     h. attending meetings and making court appearances; and

     j. assisting the Debtors in negotiations with various
stakeholders.

The firm will be paid as follows:

     a. A monthly fee of $30,000.  Fifty percent of the paid
monthly fees will be credited to the sale or restructuring fee.

     b. Upon the consummation of a sale transaction to any party
and as a direct carve out from the proceeds of any sale, SSG shall
be entitled to a fee, payable in cash, equal to the greater of (i)
$450,000 or (ii) 3 percent of total consideration.  In the event of
a sale to the senior secured lenders through a credit bid, then the
fee shall be $300,000, with total fees not to exceed $350,000.

     c. Upon the confirmation of a plan of reorganization
effectuating a restructuring transaction, SSG shall be entitled to
a fee, payable in cash, equal to $450,000.

     d. Reimbursement of out-of-pocket expenses.

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

The firm can be reached through:

     J. Scott Victor
     SSG Advisors, LLC
     300 Barr Harbor Drive, Suite 420
     West Conshohocken, PA 19428
     Phone: (610) 940-1094
     Fax: (610) 940-4719/(610) 940-5802
     Email: jsvictor@ssgca.com

                        About Path Medical

Path Medical Center Holdings, Inc. and Path Medical, LLC filed
their voluntary petitions for Chapter 11 protection (Bankr. S.D.
Fla. Lead Case No. 21-18339) on Aug. 28, 2021.  Manual Fernandez,
chief executive officer, signed the petitions.  

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

Judge Scott M. Grossman oversees the cases.

The Debtors tapped Edelboim Lieberman Revah Oshinsky PLLC as
bankruptcy counsel, Foley & Lardner, LLP as special counsel, and
Davis Goldman, PLLC as litigation counsel.  KapilaMukamal, LLP,
Keefe McCullough Co, LLP CPAs and SSG Advisors, LLC serve as the
Debtors' financial advisor, ESOP auditor and investment banker,
respectively.


PETROTEQ ENERGY: Interim CEO Issues Letter to Shareholders
----------------------------------------------------------
Petroteq Energy Inc. issues a letter to shareholders from R. G.
Bailey, Interim CEO and Chairman.‎

Dear Valued Shareholders,

I have been a Board Member of Petroteq since 2011, and in August
2021 was appointed as the Company's Interim CEO and Chairman to
bring my management and engineering experience to enhancing the
reputation of the Company and helping with its growth in the energy
market.  I have a life-long career in the petroleum industry,
including 5 years as President of Exxon in the Arabian Gulf region.
I have been involved in all aspects of the oil industry, from
exploration, development, production and refining.  As a chemical
engineer, I understand the technical challenges of the industry,
while being experienced enough to lead the strong team at Petroteq
to develop solutions for the tasks at hand.

My objective is to lead the Company to become a viable competitor
in the oil market, utilizing Petroteq's environmentally-friendly
Clean Oil Recovery Technology ("CORT") for extracting oil from oil
sands. Our mission is to turn locked oil sands into a viable source
of high-quality crude oil while mitigating soil contamination.  I
firmly believe that this is a winning solution for using clean
technology to produce energy from oil deposits.

The COVID-19 pandemic has negatively impacted the oil industry
worldwide.  Nevertheless, during the last two years we have
succeeded in advancing our Company in the face of unprecedented
economic and operational challenges:

   * We successfully completed construction of a 500 bpd oil
extraction plant;

   * We sold our first commercial license to Greenfield Energy LLC
for $2,000,000 plus a 5% continuing royalty;

   * Extensive testing of samples of heavy sweet oil produced by
Greenfield Energy LLC using our CORT process at Quadrise Fuels
International plc's research facility in Essex, England, has
confirmed that the samples are amenable for use in the production
of a low viscosity oil-in-water emulsified synthetic heavy fuel oil
utilizing Quadrise Fuels' MSAR and bioMSAR technologies;

   * We have analyzed and tested the clean sands produced as a
byproduct of the CORT process, and have determined they can be sold
as a resource to different industries, including for use as a
potential frac sand;

   * We have received a FEED (Front End Engineering Design) study
for a 5,000 bpd oil extraction plant.  This study was prepared by
Crosstrails Engineering LLC;

   * We have received a third-party technical evaluation for a
5,000 bpd oil extraction plant.  This evaluation was prepared by
engineering firm Kahuna Ventures; and

   * Barr Engineering, through close collaboration with the
Petroteq team, is working on a full set of permits and mining plan
for the 5,000 bpd plant.

We believe that our CORT process is unique and stands alone as the
most eco-friendly and cost-effective oil sands oil extraction
method.  It is waterless, and our solvent is recyclable and highly
efficient with minimal ecological footprint or emission to land or
air.  Based on Kahuna Ventures' third-party technical evaluation
report, the cost of production of one bb of oil based on our
proposed 5,000 bpd plant would be less than $25 which would be
highly competitive compared to conventional methods of oil sands
extraction.  Our initial objective was to prove the economic model
and environmental validity of the CORT process, and the initial
commercial venture was construction of a 500 bpd plant in Vernal,
Utah, to demonstrate the feasibility and economy of scale.
The oil sands typically range in oil content from 1-2% to as much
as 18%, depending on geographical location.  Our technological and
commercial advantages permit the extraction of oil to a level of
practically zero hydrocarbons in soil, and the return of the
treated, clean sand to the ground.  The resulting oil is considered
heavy oil with the gravity being below 10-17 degrees API.  Refiners
are in need of this heavier oil to blend with lighter crudes to
allow production of the full range of petroleum products from their
units.  We have sold oil to these refiners.

I believe that it is extremely important to emphasize the
commitment of our entire team to the environment.  While the oil
and gas industry is typically high in carbon emissions globally,
when Petroteq was founded part of our mission was to make the earth
greener. Once the ore is washed of oil, the sand has been
remediated and it becomes environmentally clean soil; the land that
was restricted in use can thereafter be viable for usual activity,
and the sand stays or can be moved elsewhere.

The market opportunity for our CORT process is exceptional, with
WTI (West Texas Intermediate) currently above $80 per barrel, we
believe that there are oil sands around the globe that need our
technology and I plan to seek agreements in such locations where we
and our partners can deploy this solution.  The approach with other
groups is to license the technology and to offer joint ventures to
assist other entities.  We have already achieved an initial license
contract.

As shortages of oil propel higher prices, we will aim to expand our
production capacity.  We are working on the second stage (full
engineering drawings) of the design of an even larger plant with
expected daily capacity of up to 5,000 barrels per day.  The
feasibility study (first stage) of the plant design and our CORT
process has been verified by an independent third-party engineering
group.  We have leased more acreage near Vernal, Utah with the view
to expanding our bitumen resources, while maintaining agreements to
outsource the operations to other entities.  Nevertheless, we will
keep a small core team of experts to manage the business, without
the expense of a large manpower payroll.  Additionally, we
anticipate further expanding our efforts to license our technology
worldwide, which would have the potential result of licensing fees
and royalties from production.

Our going forward the plan is to build on our already exhibited
success.  Subject to successfully raising the necessary capital, we
would seek to construct a larger plant; seek domestic and global
partners and ventures with licensing agreements; and enhance the
management tools and improve our media message to assure that
shareholders and capital markets are fully aware of our results and
achievements.  We have established the viability and efficiency of
CORT process, which allows us to move to a higher level of
performance and with a goal of delivering the results that our
shareholders expect.

I would to thank the many shareholders that have believed in our
abilities, and have faithfully stood with us in this journey.  Your
support is vital to our continued success.  Thank you.

R. G. Bailey, Chairman and Interim CEO, Petroteq Energy Inc.

In addition, the Company announced its intention to complete a debt
conversion transaction with an arm's ‎length service creditor
pursuant to ‎which the Company will issue 2,010,521 common
‎shares of the Company at a deemed price of ‎US$0.119 per share
in satisfaction of US$239,252.  The ‎Company (with the creditor's
consent) determined to satisfy the indebtedness with common shares
in ‎order to ‎‎preserve the ‎Company's cash for use on its
extraction technology in Asphalt Ridge, Utah, and for ‎working
‎capital. ‎ The debt conversion transaction is subject to
approval of the ‎directors of the Company and regulatory approval
from the TSX Venture Exchange.  The ‎foregoing securities will be
issued in reliance on exemptions from the registration requirements
of the United ‎States Securities Act of 1933, as amended, and
applicable state securities laws, and ‎will be issued as
"restricted securities" (as defined in Rule 144 under the U.S.
Securities Act).  In addition, the ‎securities issuable will be
subject to a Canadian four-month hold ‎period.‎

                     About Petroteq Energy Inc.

Petroteq Energy Inc. -- www.Petroteq.energy -- is a clean
technology company focused on the development, implementation and
licensing of a patented, environmentally safe and sustainable
technology for the extraction and reclamation of heavy oil and
bitumen from oil sands and mineable oil deposits.  Petroteq is
currently focused on developing its oil sands resources at Asphalt
Ridge and upgrading production capacity at its heavy oil extraction
facility located near Vernal, Utah.

Petroteq reported a net loss and comprehensive loss of $12.38
million for the year ended Aug. 30, 2020, compared to a net loss
and comprehensive loss of $15.78 million for the year ended Aug.
31, 2019.

Vancouver, British Columbia, Canada-based Hay & Watson, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated Dec. 15, 2020, citing that the
Company has had recurring losses from operations and has a net
capital deficiency, which raises substantial doubt about its
ability to continue as a going concern.


RED RIVER: Heated Words Exchanged at City Council
--------------------------------------------------
Taylor Williams of Wane.com reports that tempers flared at
Tuesday's Fort Wayne City Council meeting over the future of Red
River Waste Solutions after the company filed Chapter 11 bankruptcy
last third week of October 2021.

The exchange started when Councilwoman Sharon Tucker (6th District)
asked a question to Matt Gratz, the city's manager of the solid
waste department, about what he knew about Red Rivers' financials.

After banter back and forth, Councilman Glynn Hines (At-Large)
stepped in and told Gratz to change the way he addressed the
council.

"He (Gratz) told the council that he did not fully penalize them
when they have misses is because it would hurt them negatively and
financially because they were not in good financial standing,"
Hines said. "So when he yelled at Councilwoman Tucker and denied he
ever knew of any issues with their financials was not factual."

                       Scheduling Conflict

Before the debate came the news that officials with Red River
failed to comply with the council's request to come before council.
Attorneys on behalf of the city, who had spoken with Red River
officials earlier in the day, told the council they had a
"scheduling conflict."

For well over an hour council spoke with two attorneys, who are the
corporation counsel for the city, over what could happen next when
it comes to the trash collector.  Last week Red River filed Chapter
11 bankruptcy in Texas.

                       Fort Wayne officials

"That allows them the privileges which is the opportunity to
present a plan of reorganization," said attorney Timothy Haffner.
"They've (Red River) committed to continue service, they want to
continue servicing whether that’s in the form of a re-organized
company or involvement of a partner, we don't know yet if they
don't know yet but waiting to see how that plan unfolds."

During the meeting, Haffner and his partner, Jay Jaffe, explained
to the council what Chapter 11 bankruptcy was and that Red River
has three options moving forward:

   * Reorganizing the business
   * Selling the business
   * Hybrid of one and two

According to the attorneys, if a third party buys Red River the
city would have to go with the third party. The city could explore
but not sign another contract before Red River rejects the current
contract. Fort Wayne could ask the court (in which Red River has
filed Chapter 11 bankruptcy) to reject the contract.

When Red River filed for bankruptcy the court had the right to
propose a plan for the first 120 days after they filed and no one
else can propose a plan. Jaffe says Red River’s counsel has
informed them that they believe the bankruptcy process will take at
least six months to complete.

In the meantime, the council was advised that trash collection
would continue and to start looking for other companies to take
over the city’s contract in the event Red River shuts down.

Council also wants to remind residents to report all missed
collections by calling 311.

In addition, council approved a three year contract to increase
police officer pay by 5%.  This increase would put the officers'
pay near what Indianapolis Metropolitan Police Department officers
make.  The final vote for this increase will occur during the final
budget vote.

                 About Red River Waste Solutions

Red River Waste Solutions is a company that provides waste
management services.  It also offers solid waste and garbage
pickup, recycling, industrial waste collection, disposal, and
landfill management services.

Red River Waste Solutions LP sought Chapter 11 protection (Bankr.
N.D. Tex. Case No. 21-42423) on Oct. 14, 2021.  In its petition,
Red River estimated assets of between $10 million and $50 million
and estimated liabilities of between $50 million and $100 million.
Marcus Alan Helt, of McDermott Will & Emery LLP, is the Debtor's
counsel.


RIVERBED TECHNOLOGY: Moody's Cuts CFR to Caa3, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Riverbed Technology, Inc.'s
ratings including its Corporate Family Rating to Caa3 from Caa1,
its Probability of Default Rating to Ca-PD from Caa2-PD and senior
secured first lien debt to Caa1 from B2. The downgrades were driven
by the extremely high probability of default as a result of
continuing performance declines, an April 2022 term loan maturity
payment that the company is unlikely to make and likelihood of a
debt restructuring prior to that time. The company has entered into
discussions with a group of lenders, which if successful would
result in a meaningful exchange of debt for equity. The outlook is
negative given the likelihood of a near term default.

The following ratings were affected:

Downgrades:

Issuer: Riverbed Technology, Inc.

Corporate Family Rating, Downgraded to Caa3 from Caa1

Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD

Senior Secured 1st Lien Term Loan, Downgraded to Caa1 (LGD2) from
B2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD6)
from Ca (LGD5)

Outlook Actions:

Issuer: Riverbed Technology, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Riverbed's Caa3 reflects the very high financial leverage, weak
cash flow and upcoming maturity payments the company is unlikely
able to meet. The ratings are further impacted by the challenges
the company has in reversing product declines as the WAN
Optimization industry goes through significant changes. The rating
is supported by Moody's expectation of an above average recovery in
a default scenario. The company retains a leading position in the
WAN Optimization market despite the upheaval in the corporate
networking industry driven by the shift of applications to the
cloud and the transition to SD-WAN network architectures. Riverbed
also has a leading position in the network performance management
software market as well as a strong niche position in the
application performance management market.

Leverage for the last twelve months ended June 30, 2021 was
approximately 10x proforma for restructuring charges and full year
of certain cost savings (but closer to 12x including those
charges).

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

The negative outlook reflects Moody's expectation of a missed
maturity payment or debt restructuring over the next six months,
either of which would be considered a default. The ratings could be
downgraded if the company misses its upcoming maturity payment or
restructures its debt so as to incur a loss of value to the debt
holders . The ratings could be upgraded if performance improves,
the company makes its April 2022 maturity payment or leverage is
reduced materially and cash flow is materially improved.

Similar to other technology providers, Riverbed has low
environmental risk. Social risks are low to moderate, in line with
the software sector, mainly stemming from social issues linked to
data security, diversity in the workplace and access to highly
skilled workers. Riverbed is owned by private equity fund Thoma
Bravo and Teachers' Private Capital and is expected to have very
aggressive financial policies as evidenced by the 2020
restructuring in which some lenders took less than face value for
their debt while the owners retain their equity.

Headquartered in San Francisco, CA, Riverbed Technology, Inc. is a
leading provider of Wide Area Network (WAN) Optimization and
performance monitoring products and services. Riverbed was acquired
by private equity funds Thoma Bravo and Teachers' Private Capital
in April 2015. Revenues were approximately $600 million for the
twelve months ended June 30, 2021.

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


ROCKDALE MARCELLUS: Asks Court OK for Quick Sale Process
--------------------------------------------------------
Paul J. Gough of Pittsburgh Business Times reports that Rockdale
Marcellus sought Judge Taddonio's permission for an expedited
process that would have an auction date of Dec. 20 and a sale
hearing Dec. 22, 2021.

The dispute between bankrupt natural gas producer Rockdale
Marcellus and its pipeline company, UGI Energy Services, spilled
over into a hearing Monday afternoon over the details as to whether
UGI could have access to the asset data room and a list of bidders
when Rockdale Marcellus's natural gas wells go up for auction in
December 2021.

Rockdale Marcellus, which is based in Canonsburg, filed for Chapter
11 bankruptcy protection in September 2021.  It's seeking to either
sell the assets outright or find a bidder that could take over
them.  The driller, which has about 110,000 million cubic feet of
daily gas production in northeastern Pennsylvania, was squeezed by
low natural gas prices and has said in court filings that even with
the rise in gas prices it can't stay as a going concern.

The gathering agreement -- the price that Rockdale Marcellus pays
to UGI to move the gas from the wells to market via pipeline -- is
a sticking point that has so far been unresolved during months of
negotiations.  And it bubbled up again during the nearly three-hour
bankruptcy court hearing that had attorneys for Rockdale, UGI and
others involved in a dispute in front of Judge Gregory Taddonio.

Rockdale Marcellus sought Taddonio's permission for an expedited
process that would have an auction date of Dec. 20, 2021 and a sale
hearing Dec. 22.  While several objections from the bankruptcy
trustee, Pennsylvania Department of Environmental Protection and
the creditors' committee were either resolved or pushed until
later, UGI's requests to be allowed access to the auction's data
room as well as being allowed to know the potential bidders if UGI
isn't a bidder and be able to talk to them didn't sit well with
Rockdale Marcellus, the creditors committee or others.

Christopher Schueller, an attorney with Buchanan Ingersoll & Rooney
who represents UGI, said Rockdale Marcellus and UGI are linked
together.

"We've invested over $80 million in a pipeline that transports the
gas of the debtors. UGI is an essential part of the sale process
here," Schueller said. "Stating the obvious, UGI owns a pipeline
but not the production source of the gas for the pipeline, and the
debtors own the production source but have no pipeline."

Schueller said it was in the best interest of both parties to
restructure the gas gathering agreement, saying that if the bidders
in the auction process knew what the costs were moving forward it
would aid the auction process.

"If bidders know for certain their transportation costs going
forward, they will be able to bid with more certainty," Schueller
said.

Schueller also said that UGI wants to both pursue renegotiations of
the gathering agreement and also become a bidder for the assets,
but he said it needed information that's only found in the data
room.

But lawyers for Rockdale Marcellus and the debtor-in-possession
said granting access to the data room, allowing UGI the names of
the bidders and allowing them to talk to the prospective bidders
would chill the auction process. And they noted that Rockdale
Marcellus and UGI were involved in separate litigation in Texas,
which they were concerned would be used against Rockdale Marcellus.
Part of Rockdale Marcellus’ proposed order would exclude
potential bidders from speaking with UGI unless given permission.

"We're not trying to get into the data room to gain an advantage in
this litigation," Schueller said.

But Benjamin I. Finestone, representing the debtor-in-possession,
Epiq Corporate Restructuring, said agreeing to UGI's requests would
restrain the maximum amount of value from the auction process and
ultimately the estate.

"(UGI) should not be meddling in our affairs to maximize value," he
said.

Finestone said he didn't think UGI would ultimately bid on the
Rockdale Marcellus assets.

"We don't think it's a good faith proposal.  We don't think they're
a bidder," he said.  "We don't think they're an acquirer."

Brad Sandler, a lawyer for the committee of unsecured creditors,
said that granting UGI's request could potentially interfere with
the bidding process, which would reduce the value of the auction.

"It is very important for the estate fiduciaries to have control of
the bidding process," Sandler said.

While UGI's attorney characterized UGI and Rockdale Marcellus as
"conjoined twins," Robert Stark, who represents Alta Fundamental
Advisers, which bought out Rockdale's loans, said that UGI liked
the gas gathering contract and wasn't interested in changing it.
Stark said the gas gathering agreement was "fleecing" Rockdale.

"There is no way out for this company," Stark said.

He said Rockdale and Alta had pleaded with UGI to change the
contract to no avail for at least five months.

Stark added there were other options for getting the gas to market.
He said he was "violently opposed" to UGI finding out who the
bidders were and talking to them.

Schueller countered that Alta is a competitor for the assets.

"He wants to exclude us from this process because he knows we're a
strong bidder and a logical bidder," Schueller said. He said UGI
was willing to reduce the rates of the gathering agreement but that
volumes needed to increase. He disagreed with Stark and said that
the gas contract was, in good times, profitable for the debtor and
didn't become a problem until gas prices dropped sharply.

"We didn't fleece anybody," he said.

Taddonio, from the bench, said that the debtors and the estate
professionals have a responsibility to put together bid procedures
that maximize the bidding and have a level playing field. He said
he didn’t think that there should be a disclosure to UGI about
the competing bidders or the interested parties.

"That seems to me to be a recipe for disaster," he said.

Taddonio also said that he didn't think UGI should get access to
the data room if it wasn't a bidder, and said that the debtors'
auction professionals should be given the leeway to determine
whether UGI was making a good-faith bid for the assets.

"If there is a colorable and good-faith effort by UGI, then I would
expect UGI to be treated as a bidder, but absent that, no access to
the data room, and participation in an auction would only be to the
extent where it would be deemed necessary to facilitate the bids,"
Taddonio said.

He said he was more troubled by the provision that would keep UGI
away from discussing with potential bidders.

"If there is an issue with respect to some meddling with some other
bidders, I'm here to take evidence to that and hear more about it,
but at this point I'm not seeing it as a basis to include,"
Taddonio said.

                    About Rockdale Marcellus

Rockdale Marcellus is a northeast Pennsylvania natural gass
driller. It owns and operates 66 producing wells on 42,897 net
acres in three northeast PA counties.

On Sept. 21, 2021, Rockdale Marcellus, LLC and Rockdale Marcellus
Holdings, LLC filed petitions seeking relief under chapter 11 of
the United States Bankruptcy Code (Bankr. W.D. Pa. Lead Case No.
21-22080). The Debtors' cases have been assigned to Judge Gregory
L. Taddonio.

Rockdale LLC listed $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.

REED SMITH LLP is serving as the Debtors' counsel.  HURON
CONSULTING SERVICES LLC is the restructuring advisor.   HOULIHAN
LOKEY CAPITAL, INC., is the investment banker.  EPIQ is the claims
agent.


S1 HOLDCO: Moody's Assigns B1 CFR & Rates New Credit Facilities B1
------------------------------------------------------------------
Moody's Investors Service has assigned to S1 Holdco, LLC (d/b/a
"System1" or the "company") a B1 Corporate Family Rating and B1-PD
Probability of Default Rating. In connection with this rating
action, Moody's assigned B1 ratings to the proposed $50 million
revolving credit facility and $400 million senior secured term loan
B. The new credit facilities will be issued initially by Orchid
Finco, LLC and subsequently transferred to Orchid Merger Sub II,
LLC as the final borrower post-closing. Both entities will be
wholly-owned subsidiaries of S1 Holdco, LLC at closing. The rating
outlook is stable.

Net proceeds from the new term loan B together with $518 million of
cash held in trust and $668 million of management rollover equity
will be used to: (i) capitalize System1 following the planned
combination with Trebia Acquisition Corp. ("Trebia"), a
publicly-owned special purpose acquisition company (SPAC); (ii)
purchase Court Square Capital Partners' 51% ownership interest in
System1 for $250 million and a portion of System1 and Protected.net
management shares; (iii) refinance $176 million of existing
outstanding debt; (iv) fund the combination with Protected.net, a
UK-based developer of security and privacy subscription products;
(v) add cash to the balance sheet; and (vi) finance potential stock
redemptions from Trebia shareholders who elect not to move forward
with the combination. If shareholder redemptions are higher than
expected, the transaction also includes a $200 million equity
backstop from Cannae Holdings, Inc. (one of Trebia's sponsors) and
a further commitment by management to roll additional equity in the
transaction. System1 co-founders and management will own
approximately 52% of the company after the combination with Trebia,
which is expected to close in Q4 2021.

Following is a summary of the rating actions:

Assignments:

Issuer: S1 Holdco, LLC

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

Issuer: Orchid Merger Sub II, LLC (Co-Borrowers: Orchid Finco, LLC
and System1 Midco, LLC)

$50 Million Gtd Senior Secured Revolving Credit Facility due 2026,
Assigned B1 (LGD3)

$400 Million Gtd Senior Secured Term Loan B due 2028, Assigned B1
(LGD3)

Outlook Actions:

Issuer: S1 Holdco, LLC

Outlook, Assigned Stable

Issuer: Orchid Merger Sub II, LLC

Outlook, Assigned Stable

The assigned ratings are subject to review of final documentation
and no material change to the size, terms and conditions of the
transaction as advised to Moody's. S1 Holdco, LLC will be the
financial reporting entity and provide a downstream guarantee of
the new credit facilities.

RATINGS RATIONALE

System1's B1 CFR is supported by the company's online end-to-end
customer acquisition marketing platform designed around a
performance-based revenue model and proprietary data-driven
analytics that collect and evaluate significant amounts of
first-party user data in real-time. These algorithms deliver high
intent customer traffic, greater sales conversions and meaningful
ROI for clients than traditional marketing channels. Additionally,
Protected.net's SaaS-based subscription business (2.2 million
subscribers) provides a recurring revenue stream that enhances
revenue diversification and visibility, helping to offset
potentially cyclical transaction-based advertising revenue.

System1 maintains loyal client relationships, attractive
diversification across 50+ advertiser verticals, multiple customer
acquisition channels and several geographic markets, plus a fast
growth profile, which Moody's expects to continue longer-term. The
application of acquired first-party data and adoption of a
vertical-agnostic omni-channel approach to engage and better target
consumers has helped System1 to improve conversion rates. As the
global economic expansion is sustained following last year's
recession, Moody's believes the company will continue to benefit
from the secular shift of media spend and consumer purchase
activity from traditional channels to online platforms, and is
poised to exploit these pronounced trends during and after the
pandemic. The "asset-lite" operating model facilitates good
conversion of EBITDA to positive free cash flow (FCF), supporting
good liquidity and the ability to de-lever.

The CFR also reflects System1's small size relative to other
B1-rated issuers, which means even minor disproportionate changes
in debt relative to EBITDA can result in meaningful shifts in
leverage metrics. While the company has experienced average annual
revenue growth of roughly 34% since 2018, GAAP revenue remains
small at approximately $570 million at LTM June 30, 2021 ($688
million pro forma for the combination with Protected.net),
representing a de minimis market share in the $150+ billion digital
marketing services industry. Much of this growth was fueled by M&A
that enhanced System1's owned and operated digital advertising
properties (which account for roughly 76% of pro forma combined LTM
revenue), augmented customer acquisition channels, diversified
monetization capabilities, expanded the international presence and
facilitated its end-to-end customer acquisition solutions and sales
conversion process.

The rating is constrained by System1's high dependence on three
third-party advertising partners for media purchases (i.e.,
Alphabet's Google, Microsoft and Yahoo (f/k/a Verizon Media
Group)), which collectively accounted for around 75% of pro forma
combined LTM revenue, with Google representing the lion's share at
69%. The Google exposure is likely to decrease over time as the
subscription and direct advertiser businesses continue to grow. The
contracts, which are performance-based, have been extended through
2022 and 2023 for Yahoo and Google, respectively, while the
contract with Microsoft, which expires in November 2021, is under
discussion for extension. There is also sizable reliance on three
primary ad-based customer acquisition channels (i.e., paid search,
network partners and display), which together accounted for roughly
64% of pro forma combined LTM revenue.

The B1 rating captures the contraction in System1's EBITDA margins,
which declined from around 16% in 2019 to roughly 12% at LTM June
30, 2021 (metrics are Moody's adjusted), and are evidently lower
than its rated digital marketing peers. Moody's believes this is
due to several reasons, including: (i) System1 prioritizing revenue
growth and share gains as it expands into new channels; (ii) a
highly competitive environment resulting in higher bidding costs on
ad exchanges associated with industry keywords for certain
verticals; (iii) investments in advertising, data and technology to
increase productivity; and (iv) a large proportion of revenue
associated with near customer or high intent customer leads (i.e.,
cost per lead and cost per transfer), which are generally lower
margin than paying customers (i.e., cost per sale or percentage of
transaction value). Margins are forecasted to improve driven by
investments in the technology platform, higher customer volumes,
scaling of international businesses and continued automation of ad
campaign management.

Notwithstanding the demand recovery in the services sector expected
in 2021-22 boosted by the economic rebound, the rating considers
the lingering economic scarring from the recession that could
affect some consumers' purchasing behavior and certain advertisers'
willingness to maintain and/or increase marketing spending levels
given income weakness within some demographic segments and industry
verticals, and risks associated with the timing of the abatement of
the pandemic. Offsetting these risks is Moody's view that
advertisers will typically shift spend from brand awareness
marketing to measurable performance-based advertising during
periods of muted or less sustained growth to reduce ROI risk, which
benefits System1's business model.

Compared to sponsor-controlled issuers, which tend to have
aggressive financial policies and tolerate high leverage, Moody's
views System1's financial policies to be less aggressive given that
management plans to target 3x net financial leverage on an
as-reported basis (equivalent to 3x-3.5x Moody's adjusted total
debt to EBITDA). Additionally, the co-founders and management will
maintain 52% majority ownership (as a collective group) as well as
operating and voting control of the combined company
post-transaction compared to around 8% ownership by the SPAC
sponsor. Lastly, as a publicly-owned entity following the planned
merger with Trebia, System1 will be accountable to public
shareowners. However, these positives are offset by risks related
to material weaknesses in Trebia's internal controls over financial
reporting, which led to immaterial misstatements in its historical
financial reports. On balance, these factors result in moderate
governance risk for the combined entity.

While Moody's expects societal trends arising from consumers'
increasing use of digital services to purchase goods and services
will continue to positively benefit System1's business model, there
is also social risk associated with evolving data security, privacy
and protection issues and regulation that could restrict how
System1 acquires customer data in the future and its ability to
effectively deliver ads.

Moody's expects continued acquisition activity as System1 seeks new
digital properties to scale its digital subscription business,
deliver new offerings and enter new geographies, marketplaces and
direct-to-consumer channels. Consequently, the rating considers
possible debt-funded acquisitions over the rating horizon to help
drive these strategic growth initiatives, which could lead to
volatile credit metrics and integration challenges. Though
deleveraging may be delayed if the company pursues debt-funded M&A,
this is counterbalanced by System1's plan to target 3x net
financial leverage (as-reported) via EBITDA growth and debt
repayment with FCF generation. Pro forma for the combination with
Protected.net, Moody's estimates total debt to GAAP EBITDA of 5.6x
(Moody's adjusted) at LTM June 30, 2021 or 5x (excluding the pro
forma on-balance sheet warrant liabilities). Though leverage is
moderately high at the outset, Moody's projects leverage will
decline and be sustained in the 3x-4.5x range over the rating
horizon.

The stable outlook reflects Moody's view that System1's digital
end-to-end customer acquisition marketing platform and vertical
agnostic omni-channel model will remain fairly resilient and
generate solid FCF. Moody's expects that the company will continue
to experience favorable digital ad market trends and achieve share
gains as clients adopt its first-party data-driven approach to
marketing.

System1's "asset-lite" operating model facilitates good conversion
of EBITDA to positive FCF (i.e., CFO less capex less dividends),
which supports the ability to de-lever, however deleveraging may be
delayed if the company pursues debt-funded M&A. Over the next 12-15
months, Moody's expects good liquidity supported by positive FCF
generation in the range of $30-$50 million, sufficient cash levels
(cash balances totaled $34.6 million at June 30, 2021; at least
$180 million pro forma for the pending debt raise and likely
shareholder redemption scenario) and access to the new $50 million
RCF to fund internal cash needs and small M&A. While Moody's FCF
projection assumes no discretionary dividends will be paid to
shareholders, Moody's forecast assumes manageable annual tax
distributions to LLC members. Following the combination with
Trebia, System1 will enter into a tax receivable agreement with
certain System1 unitholders, resulting in an estimated $6-$11
million tax receivable liability. Also, System1 will inherit from
Trebia approximately $43.8 million in on-balance sheet warrant
liabilities associated with warrants previously issued to Trebia
shareholders.

STRUCTURAL CONSIDERATIONS

As proposed in the most recent summary term sheet, System1's new
senior secured credit facilities are expected to contain covenant
flexibility for transactions that could adversely affect creditors
including incremental commitment capacity that shall be no greater
than: (i) a dollar cap equal to 100% of Reference EBITDA (defined
as $114 million) plus a "builder" component based on a
corresponding percentage of Consolidated EBITDA (defined as
"Builder Component") calculated on a pro forma LTM basis (defined
as "Test Period"); and (ii) an unlimited amount of additional pari
passu credit facilities so long as the First-Lien Leverage Ratio
(as defined) does not exceed the greater of (x) 3.5x and (y) the
First-Lien Leverage Ratio as of the end of the most recently ended
Test Period. Additional incremental debt is permitted for
incremental facilities that are: (i) secured on a junior lien basis
so long as the Secured Leverage Ratio (as defined) does not exceed
4.5x; or (ii) unsecured so long as the Total Leverage Ratio (as
defined) does not exceed 5x or the Interest Coverage Ratio (as
defined) is not less than 2x (1.75x if used in connection with a
permitted acquisition or investment).

The summary term sheet indicates a mandatory prepayment with 100%
of net cash asset sales proceeds in excess of $20 million
(including a Builder Component) per annum subject to the
exceptions: (i) reinvestment within18 months of receipt with an
additional 6 months if committed within said 18 months; and (ii)
prepayment reduced to 50% and 0% of net cash proceeds if pro forma
First-Lien Leverage Ratio after giving effect to the debt paydown
is 3.25x or 2.75x, respectively. Under the proposed terms,
collateral leakage through transfers to or investments in
unrestricted subsidiaries are permitted through investment covenant
carve-outs (e.g., aggregate permitted investments in unrestricted
subsidiaries capped at 50% of Reference EBITDA (including a Builder
Component)); no asset-transfer "blockers" are contemplated.
Unconditionally guaranteeing subsidiaries must be material direct
or indirect wholly-owned restricted domestic subsidiaries; partial
dividends of ownership interests could jeopardize guarantees.

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

A ratings upgrade is unlikely over the near-term, however over time
an upgrade could occur if System1 demonstrates continued strong
revenue growth and EBITDA margin expansion leading to consistent
and increasing positive FCF generation and sustained reduction in
total debt to GAAP EBITDA leverage below 3x (as calculated by
Moody's) and FCF to debt of at least 12% (as calculated by
Moody's). System1 would also need to fully resolve the material
weaknesses associated with Trebia's 2020 financial audit, increase
scale, maintain at least a good liquidity profile and exhibit
prudent financial policies.

Ratings could be downgraded if financial leverage is sustained
above 4.75x total debt to GAAP EBITDA (as calculated by Moody's) or
EBITDA growth is insufficient to maintain positive FCF to debt of
at least 4% (as calculated by Moody's). Market share erosion,
significant client losses, sub-par organic revenue growth, margin
contraction, weakened liquidity or if the company engages in
leveraging acquisitions or sizable shareholder distributions could
also result in ratings pressure. A downgrade could also occur if
System1 fails to resolve the material weaknesses associated with
Trebia's 2020 financial audit by the end of calendar year 2021 or
if additional material weaknesses are uncovered.

Founded in 2013, Marina del Rey, CA-based S1 Holdco, LLC (d/b/a
"System1") is an omni-channel customer acquisition marketing
platform that owns a portfolio of 40+ digital media properties
including Startpage.com, Info.com, HowStuffWorks.com and
MapQuest.com. The company also offers privacy and security
software-as-a-service (SaaS). Revenue totaled roughly $570 million
for the twelve months ended June 30, 2021 (approximately $688
million pro forma for the combination with Protected.net).

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


SCHUMACHER & SEITLER: Wins Summary Judgment Bid in CERCLA Suit
--------------------------------------------------------------
The 68th Street Dump Superfund Alternative Site is an aggregation
of seven landfills in the Rosedale area of Baltimore County and the
City of Baltimore, that hosted waste disposal activities of
municipal, industrial, and commercial waste containing hazardous
substances between the 1950s and early 1970s.  The U.S.
Environmental Protection Agency and the State of Maryland commenced
emergency response and removal actions at the Site in the 1980s.
Beginning in 1999, EPA issued General Notice Letters to various
potentially responsible parties.  After completion of multiple
rounds of study and EPA's issuance of a final Record of Decision
for remedial actions at the Site, the United States District Court
for the District of Maryland in November 2017, entered a Consent
Decree for Remedial Design/Remedial Action between EPA and the
State of Maryland, on the one hand, and a group of "Settling
Defendants" on the other.

68th Street Site Work Group, an unincorporated association of
entities who were "Settling Defendants" and signatories to the
Consent Decree, brought a lawsuit in the District of Maryland
pursuant to the Comprehensive Environmental Response, Compensation,
and Liability Act of 1980, 42 U.S.C. Section 9601 et seq., seeking
contribution from more than 150 Defendants for response costs
incurred in connection with activities and payments required by the
Consent Decree to address the release and/or threatened release of
hazardous substances at the Site.  The majority of those Defendants
have been dismissed, whether voluntarily by 68th Street Site Work
Group, or by the Court's adjudication of motions.

68th Street Site Work Group's allegations against Defendant
Schumacher & Seiler, Inc., remain pending.  In its motion for
summary judgment, Schumacher argues that as a result of its
bankruptcy -- filed and confirmed in 1992, with a Final Decree
being issued in May 1996 -- any CERCLA claims serving as the basis
for the Plaintiff's contribution claim were discharged, and
Schumacher is not liable.

The Plaintiff counters that it did not begin incurring response
costs until 2006, more than a decade after Schumacher's bankruptcy,
and thus its claim could not have been discharged by the
bankruptcy.  

According to the District Court, because the Plaintiff's claim is
one for contribution, it depends on the Plaintiff and Schumacher
both being liable to the United States and the State of Maryland.
If the federal and state governments' joint claim was discharged
through Schumacher's bankruptcy, the Plaintiff's contribution
action, based on Schumacher's common liability with the Plaintiff
to those parties, fails as a matter of law, the District Court
said.  Whether a defendant's potential CERCLA liability to the
United States was discharged by its bankruptcy depends on when the
United States' claim arose.  Under Chapter 11 of the Bankruptcy
Code, a debtor is discharged from all claims that arose before
confirmation of its bankruptcy plan (excepting any expressly
maintained within the plan) but remains liable for claims arising
after.

The Plaintiff urged the District Court to prioritize the aims of
CERCLA and apply the "right to payment" approach -- the least
deferential to bankruptcy law, with the narrowest interpretation of
what constitutes a "claim."  The Third Circuit applied the "right
to payment" approach in In re Reading.  In a CERCLA context, the
"right to payment" approach means that "a debtor's CERCLA liability
will be discharged only if all four CERCLA elements exist prior to
a bankruptcy."

According to the District Court, it is clear that not all four
elements of the government's CERCLA claim existed before
Schumacher's bankruptcy.  While "emergency removal actions were
performed at the 68th Street Site in the 1980s[,]" Schumacher had
not been identified as a PRP -- arguably the most vital element of
the claim -- prior to the bankruptcy.  The District Court held that
under the "right to payment" approach, no CERCLA claim existed
prior to Schumacher's bankruptcy, and thus no such claim was
discharged.  The District Court rejects reject the Plaintiff's
invitation to adopt the "right to payment" approach.

Under the "underlying acts" or "conduct" approach, the District
Court noted that any CERCLA liability claims against Schumacher
were discharged by its bankruptcy, because its alleged underlying
acts -- hazardous waste pollution from the 1950s to early 1970s --
occurred prior to its bankruptcy. Because the claims were
discharged, summary judgment in favor of Schumacher is warranted.

Accordingly, the District Court granted Schumacher's Motion for
Summary Judgment in a Memorandum Opinion dated Oct. 12, 2021, a
full-text copy of which is available at https://is.gd/jazY1j from
Leagle.com.

The case is 68th STREET SITE WORK GROUP, Plaintiff, v. AIRGAS,
INC., et al., Defendants, Civil Case No. SAG-20-3385 (D. Md.).



SEAGATE HDD: Moody's Affirms Ba1 CFR & Ba1 Rating on Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service affirmed Seagate HDD Cayman's Ba1
Corporate Family Rating and the Ba1 ratings for its senior
unsecured notes. The ratings outlook is stable. Seagate's SGL-1
Speculative Grade Liquidity rating is unchanged. The ratings action
was prompted by Seagate's announcement that it has entered into a
new credit facility the proceeds from which will be used to
refinance existing term loans and general corporate purposes. The
effect of these transactions will be to increase gross debt by $725
million. Moody's expects the financing transactions will bolster
Seagate's liquidity to fund share repurchases and repay the $220
million of senior notes maturing in March 2022. The new credit
facility is not rated by Moody's.

Affirmations:

Issuer: Seagate HDD Cayman

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Gtd. Senior Unsecured Regular Bond/Debenture, Affirmed Ba1 (LGD4)

Outlook Actions:

Issuer: Seagate HDD Cayman

Outlook, Remains Stable

RATINGS RATIONALE

Moody's expects Seagate's adjusted operating income (non-GAAP
basis, as reported by the company) to grow by about 20% in the
fiscal year ending July 2022, driven by the strong demand for mass
capacity Hard Disk Drives (HDDs) and operating margin expansion.
The affirmation of the ratings and the stable ratings outlook
reflects Moody's expectation that Seagate will maintain total debt
to EBITDA (Moody's adjusted) at about 2.5x over the next 12 to 18
months, down modestly from 2.7x at the end of FY '21, despite the
increase in debt. Moody's further expects Seagate to generate free
cash flow (after dividends) in the mid-teens percentages of Moody's
adjusted debt over the next 12 to 18 months.

Moody's analyst Raj Joshi said, "Seagate's large increase in share
repurchases over the last 12 months, the substantial increase in
debt to finance share repurchases, and the $4.2 billion of
remaining authorization for share repurchases raise the risk of
further increases in debt or erosion in cash position." Governance
considerations, specifically Seagate's reliance on borrowings to
finance shareholder capital returns, negatively influence its
ratings.

Moody's believes that strong long-term demand for HDDs from the
hyperscale cloud providers should more than offset declining demand
for HDDs in Seagate's legacy markets. However, growing revenue
concentration in the hyperscale cloud end market and customers
within that market could result in high revenue variability. Joshi
added, "Seagate's rising debt levels to finance large shareholder
returns will reduce the company's flexibility to weather cyclical
downturns that are endemic in the HDD industry due to ample
capacity to supply and abrupt changes in demand."

The Ba1 CFR is supported by Seagate's good operating scale with
$10.7 billion in revenues, its position as the leading supplier of
Hard Disk Drives that are the primary storage solutions for the
fast-growing cloud segment, and the strong long-term demand for
data storage capacity. Increasing operating efficiencies and
relative stability in prices in recent periods have improved
profitability but Seagate has high business risks from its revenue
concentration in the HDD product category, substitution risks from
flash memory in legacy end markets that still account for a
meaningful share of its revenues, and pricing pressure. Product
cycles are short and execution risk in managing technology
transitions with increasingly complex storage technologies is
high.

The SGL-1 liquidity rating reflects Seagate's very good liquidity
profile supported by its approximately $1.9 billion of cash
balances, pro forma for the issuance of new term loans and
refinancing, an undrawn $1.75 billion revolving credit facility,
and Moody's estimates for approximately $800 million in free cash
flow in FY '22. Seagate has additional financial flexibility from
an unsecured capital structure.

Seagate's existing senior unsecured notes are rated Ba1, the same
as CFR, as the entire debt capital structure consists of unsecured
debt. The company's outstanding debt obligations are guaranteed by
the intermediate holding company, Seagate Technology Unlimited
Company (formerly known as Seagate Technology plc), but not by
material operating subsidiaries of the borrower. The ratings for
senior unsecured notes are susceptible to downward ratings pressure
if meaningful amounts of senior secured debt are added to the
capital structure.

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

Seagate's shareholder-friendly financial policies and high business
risks make it unlikely that the ratings will be upgraded over the
next 12 to 24 months. Over time, the ratings could be upgraded if
the company establishes a track record of conservative financial
policies such that Moody's expects total debt to EBITDA (Moody's
adjusted) will be maintained below 2.5x, and it generates sustained
growth in profits with lower revenue volatility. Conversely, the
ratings could be downgraded if execution or competitive challenges,
a cyclical downturn in demand, or elevated shareholder returns
result in total debt to EBITDA above 3.25x or free cash flow below
the high single digit percentages of total debt for an extended
period of time, or liquidity erodes.

Seagate HDD Cayman ("Seagate") is an indirect subsidiary of Seagate
Technology Holdings plc and is a leading provider of data storage
solutions.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.


SEQUENTIAL BRANDS: Jessica Simpson Regains Fashion Brand
--------------------------------------------------------
Julius Young of Fox Business reports that Simpson reportedly
offered up $65 million to purchase her brand back. Jessica Simpson
is back helming her billion-dollar brand.

The singer and actress, 41, is once again in charge of her popular
Jessica Simpson Collection after its parent company, Sequential
Brands Group Inc., filed for Chapter 11 bankruptcy protection back
in August 2021.

Since the filing, Simpson and her mother, Tina Simpson, have been
hard at work behinds the scenes getting the actress and singer her
company back as she only owned just over a third of the brand –
37.5% – at the time Sequential Brands Group Inc. purchased a
majority share from Camuto Group in 2015.

"It means the absolute world to me to be able to take over complete
ownership of my brand," Simpson told Footwear News.

"After 16 years in business, I feel ready to meet this next
exciting phase with open arms. I know the sky is the limit when my
mom, our incredible team and I lock into our customers completely."


Bloomberg reported in September 2021 that Simpson offered up $65
million to buy the brand back at auction.

              WHAT IS JESSICA SIMPSON'S NET WORTH?

Meanwhile, Tina Simpson pressed that the second stint as sole owner
of the Jessica Simpson Collection creates a renewed energy for the
future of the business.

"For all of our hard-working, talented, amazing licensing partners,
to know Jessica is at the helm gives them strength and belief in
the future," she told the outlet. "And for Jessica to regain
control of her namesake brand, it allows her and I, alongside our
amazing team, licensing and retail partners to build the legacy
brand to carry on to her children and family."

The brand is comprised of over 30 product categories, according to
Forbes. In 2014, the outlet also noted that the brand brings in
about $1 billion per year at retail.

Simpson said she credits her brand’s longevity to the mentorship
and guidance she received from late shoe designer Vince Camuto –
who she said was an early adopter and saw a vision for her
success.

"Never in my wildest dreams could I fathom being part of a true
lifestyle collection brand that has been at the top of its game for
16 years, but Vince could," she said. "After six months in the
business, Vince knew."

The other brands that fall under Sequential Brands include William
Rast, Joe's Jeans, Gaiam, Avia, AND 1 and SPRI.

                 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.


SIRIUS COMPUTER: Moody's Puts B2 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed Sirius Computer Solutions, Inc.'s
B2 Corporate Family Rating, B2-PD Probability of Default Rating,
and Ba3 and Caa1 debt instrument ratings on the senior secured term
loan and senior unsecured notes, respectively, on review for
upgrade following the announcement that the company has entered
into a definitive agreement to be acquired by CDW Corporation
("CDW", Ba1 stable) in an all-cash transaction valued at about $2.5
billion, inclusive of Sirius' outstanding debt.

The transaction is expected to close in December 2021, subject to
receipt of regulatory approvals and the satisfaction of other
customary closing conditions. CDW has committed financing for the
transaction.

On Review for Upgrade:

Issuer: SIRIUS COMPUTER SOLUTIONS, INC.

Corporate Family Rating, Placed on Review for Upgrade, currently
B2

Probability of Default Rating, Placed on Review for Upgrade,
currently B2-PD

Gtd Senior Secured 1st Lien Revolving Credit Facility , Placed on
Review for Upgrade, currently Ba3 (LGD2)

Gtd Senior Secured 1st Lien Term Loan B, Placed on Review for
Upgrade, currently Ba3 (LGD2)

Senior Unsecured Global Notes, Placed on Review for Upgrade,
currently Caa1 (LGD5)

Outlook Actions:

Issuer: SIRIUS COMPUTER SOLUTIONS, INC.

Outlook, Changed To Rating Under Review From Stable

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

The review will consider the amount of debt that remains in Sirius'
capital structure post-combination, the nature of CDW's support for
any of the remaining debt, the adequacy of financial information
for the surviving issuer entity, and the position of such remaining
debt, if any, within CDW's capital structure. Moody's will withdraw
all of Sirius' existing ratings, including the CFR, PDR, and debt
instrument ratings, if the debt is repaid in full.

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

Sirius Computer Solutions, Inc., headquartered in San Antonio, TX,
is a leading value-added reseller of IT solutions serving
businesses and government entities in the US. The company provides
a full suite of IT infrastructure solutions, including hardware,
software, and services to more than 3,900 active customers across
financial, healthcare, professional services, federal government,
insurance, manufacturing, and educational sectors. The company is
owned by private equity sponsor Clayton, Dubilier & Rice ("CD&R")
following the July 2019 LBO. Net revenues for the twelve months
ending June 30, 2021 were approximately $900 million.


SUMMIT FAMILY: Fan Group Objects to Casa Bonita Sale, Offers $3.5M
------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that an impassioned group of
Casa Bonita fans is offering to pay $3.5 million for the bankrupt
restaurant, launching a last-ditch effort to block a sale to the
creators of animated TV show South Park.

The fan group, incorporated under the name Save Casa Bonita LLC, on
Monday, October 18, 2021, filed an objection to the proposed $3.1
million sale to Trey Parker and Matt Stone, who featured the
47-year-old Denver restaurant in their show.

Parker and Stone, who made their offer in August 2021, said in a
video statement that they plan to preserve the restaurant while
improving food quality.

                 About Summit Family Restaurants

Scottsdale, Ariz.-based Summit Family Restaurants Inc. owns and
operates Denver restaurant Casa Bonita.  The restaurant, which
opened in 1974, shut its doors in March 2020, at the beginning of
the COVID-19 pandemic.

Summit's parent, Star Buffet, Inc., owns and operates restaurants
in several western states, Oklahoma and Florida.  It operates
restaurants under the HomeTown Buffet, JB's Restaurants,
BuddyFreddys, JJ North's Country Buffet, Holiday House, Casa
Bonita, and North's Star Buffet names.  Star Buffet's restaurants
provide customers with a variety of fresh food at moderate prices.

Summit Family Restaurants filed a petition under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
21-02477) on April 6, 2021.  The Debtor disclosed total assets of
$3.682 million and total liabilities of $4.425 million as of March
31, 2021.

On June 23, 2021, the Debtor's Chapter 11 proceeding was
transferred to the U.S. Bankruptcy Court for the District of
Colorado and was assigned a new case number (Case No. 21-13328).
Judge Brenda K. Martin oversees the case.  Kutner Brinen Dickey
Riley, PC, serves as the Debtor's legal counsel.


TAILORED BRANDS: Hires Neiman's Brandy Richardson as CFO
--------------------------------------------------------
Jean E. Palmieri of WWD reports that Tailored Brands taps Neiman's
Brandy Richardson for chief financial officer (CFO) role.

Richardson has more than 20 years of experience in finance,
business transformation, strategic planning and execution, capital
allocation and investor relations. She most recently served as
executive vice president and CFO of Neiman Marcus Group, where she
played a pivotal role in the company's Chapter 11 restructuring and
helped refinance the exit debt facilities. At Tailored Brands, she
will serve on the company's executive committee and have
responsibility for all aspects of finance as well as real estate
and loss prevention.

"Brandy joins us at a time when we are well-positioned to
accelerate our business strategies, delivering for our customers
and positioning each of our brands — and the teams that support
them — for long-term success," said Hull. "Brandy brings a wealth
of knowledge and experience in managing a portfolio of companies,
increasing liquidity, improving capital allocation and driving
value creation. Our leadership team and board of directors are
confident that her forward-thinking leadership is the right fit at
the right time."

Sachse added: "The experience Brandy brings from her roles in
strategy and finance will provide a comprehensive perspective as we
continue to navigate the ever-changing retail environment and show
up strong for our customers in all the moments that matter. We are
excited to have Brandy join our leadership team as we determine
innovative ways to execute against our strategic priorities and
further our success."

Prior to joining Neiman Marcus Group, Richardson was with Cardinal
Health, a medical equipment manufacturer, and Ernst & Young LLP.

Tailored Brands filed Chapter 11 in August of 2020. It emerged from
bankruptcy in December with $678 million less in debt, 500 fewer
stores, a $430 million asset-based loan facility, a $365 million
exit-term loan and $75 million of cash from a new debt facility.

However, in early March, the company said it needed an additional
$75 million in order to keep operating. Tailored Brands secured
that sum — which consists of $50 million of mandatorily
convertible notes and $25 million in additional senior secured debt
— from Silver Point Capital LP, one of its existing lenders and
its largest equity holder.

                  About Tailored Brands

Tailored Brands, Inc., (NYSE: TLRD) is an omni-channel specialty
retailer of menswear, including suits, formal wear and a broad
selection of polished and business casual offerings. It delivers
personalized products and services through its convenient network
of over 1,400 stores in the United States and Canada as well as its
branded e-commerce websites at http://www.menswearhouse.com/and
http://www.josbank.com/ Its brands include Men's Wearhouse, Jos.
A. Bank, Moores Clothing for Men and K&G.

Tailored Brands reported a net loss of $82.28 million for the year
ended Feb. 1, 2020, compared to net earnings of $83.24 million for
the year ended Feb. 2, 2019.  As of Feb. 1, 2020, Tailored Brands
had $2.42 billion in total assets, $2.52 billion in total
liabilities, and a total shareholders' deficit of $98.31 million.

On Aug. 2, 2020, Tailored Brands and its subsidiaries sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-33900).

As of July 4, 2020, Tailored Brands disclosed $2,482,124,043 in
total assets and $2,839,642,691 in total liabilities.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker L.L.P., Stikeman Elliot LLP and Mourant
Ozannes as co-bankruptcy counsel; PJT Partners LP as financial
advisor; Alixpartners, LLP as restructuring advisor; Deloitte &
Touche LLP as auditor, and A&G Realty Partners, LLC as the real
estate consultant and advisor. Prime Clerk LLC is the claims agent.


UST HOLDINGS: S&P Assigns 'B+' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to UST
Holdings Ltd.

S&P also assigned its 'BB-' issue-level rating and '2' recovery
ratings to the first-lien debt, which will be issued at wholly
owned direct subsidiary UST Global Inc. among other co-borrowers.

S&P said, "The stable outlook reflects our expectation for annual
revenue growth to continue in the low- to mid-teens percentage
range as UST benefits from positive industry trends related to the
digital transformation. Over the next year, we also expect leverage
to decline to the low-3x area from the low-4x area at transaction
close.

UST Holdings Ltd., a global information technology (IT) services
and solutions provider, will raise $400 million of new term loan
debt to repay working capital facilities and term loans, with the
remaining proceeds earmarked for investments.

"The 'B+' issuer credit rating reflects UST's lower EBITDA margins
than other IT service peers', small scale within a competitive
market environment with low barriers to entry, and high customer
concentration. Good top-line growth in recent years, strong
relationships with customers leading to high net revenue retention
over 100%, and the opportunity to expand margins over time through
the build-out of its newer Platforms segment offset these factors.
UST provides a wide array of IT services to customers across
industries including health care, retail and manufacturing, banking
and financial services, technology, media, and telecommunications.
Approximately 80% of 2020 revenues came from digital services,
including specific digital transformation projects that usually
last 3-6 months. Customer engagements include work associated with
business transformation, technology transformation, cloud
migrations, or software-as-a-service (SaaS) application
integrations. The company's second-largest segment, Platforms,
represented 9% of 2020 revenue. We expect this segment to continue
quickly expanding as UST signs up new and existing clients for
platform services such as CyberProof, UST's cyber security
services; UST HealthProof, its solutions for processing health
insurance claims, and other services related to data insights and
automation. Platform services are mostly sold on a recurring basis,
providing better revenue visibility than digital services, mainly
IT consulting. The company's last segment is Product Engineering,
accounting for about 10% of revenue. UST helps companies with
product design and internet of things engineering. UST takes
ownership of some hardware through this segment, and we expect the
global semiconductor chip shortage and supply chain constraints to
limit growth over the next year."

With $1.2 billion of annual revenue in 2020, UST's top five clients
account for approximately a third of revenue, and the company has
very sticky customer relationships. The top few customers have
increased their spending with UST faster than UST's total revenue
growth. Management expects net revenue retention to be 113% in
2021, and the top 10 customers have been UST customers for 12
years. Additionally, over 95% of revenues come from existing
customers as UST focuses on winning repeat business. S&P said, "We
expect revenue to continue increasing in the teen percentages
annually, underpinned by digital and cloud transformational
services and additional sales to existing customers through
Platforms bookings. We believe the COVID-19 pandemic highlighted
the importance of digital solutions. UST increased revenues 7% in
2020 despite significant macroeconomic uncertainty and GDP declines
globally. We would view positively a greater percentage of revenue
from Platforms due its contractual recurring revenue and
mission-critical services such as cyber security or health care
processing."

S&P said, "Our assessment of UST's financial risk profile reflects
its initial S&P Global Ratings-adjusted leverage of 4.1x at
transaction close. We expect the company to reduce leverage to the
low-3x area by the end of 2022 on EBITDA expansion, primarily
stemming from revenue growth and a slightly improving EBITDA margin
profile as the business scales. We expect UST to generate about $30
million of free operating cash flow (FOCF) in 2021 and to improve
to the $50 million-$60 million range in 2022 from EBITDA growth,
working capital management, and a more favorable tax rate. We apply
a negative comparable ratings modifier because of UST's lower
EBITDA margins than those of peers. In 2020, UST generated S&P
Global Ratings-adjusted EBITDA margins of 9.6%, which compares
unfavorably to similar size IT services peers such as ThoughtWorks
Inc. ($960 million annual revenue with 18% margin) and Austin
Holdco Inc. (dba Virtusa Corp., $1.3 billion annual revenue with
EBITDA margins in the low- to mid-teen percentages). We attribute
UST's lower margins to its investment in its Platform segment,
which causes a drag of between 200 and 400 basis points (bps) to
EBITDA margin, and its higher percentage of onshore to offshore
resources to support clients. We also believe pricing is an
important factor when making buying decisions. UST's margins could
be affected by competitive dynamics driving pricing to favorable
rates. We model in about 50 bps of margin improvement per year as
Platforms EBITDA margins improve to break-even by 2023 and the
business scales. We do not believe UST's margins can approach those
of peers over the next year due to factors such as contract pricing
and strong demand for skilled IT talent, which is leading to
industrywide wage inflation and margin pressures.

"The stable outlook reflects our view that UST will continue to
benefit from positive industry trends with more clients increasing
their digital transformation initiatives. We forecast revenue
growth in the mid-teen percentage area in 2021 and low teens in
2022 as UST wins more consulting engagements. We also expect the
company's Platform segment to expand to over 10% of total revenues
in 2022. Despite UST's low EBITDA margins compared with IT services
peers, we expect leverage to improve to the high-3x area by the end
of 2021 and low-3x area by the end of 2022 (from 4.1x) with
improving scale. We also expect FOCF to debt to improve to over 10%
in 2022."

S&P could lower the rating over the next year with:

-- FOCF to debt under 10%. This could occur with slower bookings
or pronounced working capital pressures; or

-- S&P Global Ratings-adjusted leverage approaching 5x. This could
occur from greater than expected margin pressures resulting from
wage inflation, pricing pressures, and project cost overruns.
Leverage could also rise due to low utilization or poorly executed
acquisition integrations.

While unlikely over the next year, S&P could raise the rating
with:

-- S&P Global Ratings-adjusted EBITDA margins approaching the
high-teen percentages, in line with the peer group. S&P would view
positively an increasing percentage of revenues coming from
contractual recurring SaaS work. This could be achieved by a
greater percentage of Platforms revenue; and

-- S&P Global Ratings-adjusted leverage approaching the low-3x
area.



VANDEVCO LIMITED: Seeks to Employ Appraisal and Consulting Group
----------------------------------------------------------------
Vandevco Limited seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Appraisal and
Consulting Group, LLC to serve as litigation consultant.

The firm's services include the preparation of an appraisal report
for the real properties sold by the Debtor's subsidiaries to
regional development company Holland Partners Group at the time of
the sale.

The Debtor will use the appraisal report as evidence to rebut the
allegation made by Cerner Middle East that the sale was fraudulent
and was made at the direction of its alleged alter ego, Belbadi
Enterprises, LLC.  A trial on the Debtor's objections to Cerner
Middle East's proof of claim where Appraisal and Consulting Group
will serve as expert witness is scheduled for Jan. 7, 2022.

Appraisal and Consulting Group will receive a flat fee of $10,000
for the appraisal report for the South Residential Tower developed
as apartments and $5,000 for the undeveloped portion of the site.

The professionals who will be primarily responsible for providing
the services and their hourly rates are:

      Matthew Call, MAI Designated Partner  $300 per hour
      David Groth, MAI Designated Partner   $300 per hour
      Rae Nomura, MAI Designated Partner    $300 per hour
      Bill Wheatley, Partner                $250 per hour
      Brendan Romtvedt, Partner             $250 per hour
      Staff Administrative                  $75 per hour

As disclosed in court filings, Appraisal and Consulting Group is
disinterested within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Matthew P. Call, MAI
     Appraisal and Consulting Group LLC
     13306 NW Cornell Road, Suite 201
     Portland, OR 97229
     Phone: 503-740-8729
     Fax: 971-277-6368
     Email: Matthew.Call@acgvaluation.com

              About Vandevco Limited and Orland Ltd.

Vandevco Ltd. and Orland Ltd. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wash. Lead Case No. 20-42710) on
Dec. 6, 2020.  At the time of the filing, Vandevco disclosed
$31,601,920 in assets and $74,827,369 in liabilities while Orland
disclosed $5,171,583 in assets and $62,193,017 in liabilities.
Judge Mary Jo Heston oversees the cases.

Joseph A. Field, Esq., at Field Jerger, LLP and McDonald Jacobs,
P.C. serve as the Debtors' legal counsel and accountant,
respectively.

Cerner Middle East Limited, a party in interest, is represented by
Holland & Knight, LLP.


VECTOR WP: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to USNR
Wood Fiber and 'B' issue-level and '3' recovery ratings to the
company's revolving and term loan facilities.

Private-equity sponsor One Equity Partners (OEP) has entered into a
definitive agreement to acquire USNR and Wood Fiber Group for $545
million. The company will merge the two entities under a newly
formed issuing entity named Vector WP Midco Inc. (doing business as
USNR Wood Fiber). OEP funded the transaction with a $100 million
senior secured revolving credit facility (undrawn at close) and a
$315 million senior secured term loan B.

S&P said, "Our 'B' issuer credit rating on USNR Wood Fiber reflects
the smaller scale and scope of its operations and limited
geographic diversity relative to its peers. The scope of USNR Wood
Fiber's operations is limited given its focus on equipment and
consumables for sawmills. With pro forma 2021 revenue of about $500
million, the combined company has a smaller scale than most capital
goods companies we rate in the 'B' category. The company derives
roughly 71% of its revenue from the U.S., with the rest coming from
Canada, Russia, Europe, and the Asia-Pacific region. USNR Wood
Fiber's long-standing customer relationships (an average tenor of
approximately 25 years) somewhat offsets these weaknesses and
provides further support to the rating. However, we view the
company as having moderate customer concentration because its top
four customers account for approximately 20% of its total revenue.

"Our view of the company's business risk profile incorporates the
volatility in the lumber market. Based on its pro forma 2021
results, the combined company derives 40% of its revenue from the
sale of capital equipment, 30% from consumables, and 30% from
aftermarket parts and services. The capital equipment business is
more volatile and features lower margins than its other segments.
The performance of the capital equipment business tends to
correlate more to the capital expenditures of lumber producers,
which are influenced by volatile lumber prices and the confidence
of its sawmill customers, while its consumables and aftermarket
parts and services segments depend on lumber production levels.
Like most capital goods companies, USNR Wood Fiber's consumables
and aftermarket parts and services businesses feature higher
margins, and we expect these businesses to exhibit greater
stability than its capital equipment segment. Lumber prices peaked
above $1,600 per thousand board feet in May 2021 and are returning
to a more normalized level, compelling some mill downtime in late
2021. Despite the recent decline in prices, we believe USNR Wood
Fiber has a backlog to support a significant expansion in its
equipment business, at least over the next 12-18 months. Still,
over a complete cycle, we expect the company's profitability to
fluctuate with its demand and exhibit relatively high volatility.

"We expect lumber demand trends to remain strong in the near term
and support an increase in the company's revenue. We expect lumber
demand trends to remain strong and anticipate that increased repair
and remodeling spending, along with a rebound in housing starts,
will sustain the demand for lumber and plywood production at North
American sawmills. The company's customers are increasing their
capital investments for incremental improvements to their sawmills,
including to add lines or optimize existing ones, after pulling
back on their capital expenditure (capex) in 2020. In our view, the
increasing adoption of automation in sawmills outside of North
America and Europe represents another avenue for growth. Based on
these trends, we expect USNR Wood Fiber's revenue to increase by
about 20% in 2021 and by the low-teens-percent range in 2022.

"We expect low leverage relative to that of its similarly rated
peers, though the company's financial-sponsor ownership is a
significant risk factor. Higher lumber product volumes combined
with demand that exceeds its current capacity will lead to a boost
in USNR Wood Fiber's profitability. Given that it derives 60% of
its pro forma revenue and roughly 80% of its gross margin from its
higher-margin and highly recurring aftermarket parts and services
businesses, we anticipate the company's S&P Global Ratings-adjusted
EBITDA margins will be in the low- to mid-teens-percent range in
2021 and 2022. Therefore, we forecast its S&P Global
Ratings-adjusted leverage will be around 5x in 2021 before it
deleverages to the low-4x area in 2022, which is lower than the
leverage levels at similar capital goods companies that we rate in
the 'B' category. Our rating incorporates USNR Wood Fiber's
ownership by equity sponsor OEP and our belief that financial
sponsors often extract cash or otherwise increase the leverage of
the companies they own over time, either through acquisitions or
dividends to shareholders. Our current base-case forecast assumes
small bolt-on acquisitions but does not incorporate any significant
debt-funded acquisitions or shareholder returns.

"We expect USNR Wood Fiber to maintain adequate liquidity supported
by its $100 million revolving credit facility (undrawn at close).
We expect the company to remain acquisitive to support its existing
customer base and take advantage of new growth opportunities. With
full availability under its revolving credit facility following the
transaction, we believe USNR Wood Fiber will have adequate sources
of liquidity and covenant headroom to manage its operating needs
over the next 12 months.

"The stable outlook on USNR Wood Fiber reflects our expectation
that debt to EBITDA should hold around 5x over the next year, even
as earnings and cash flow swing with volatile revenue drivers like
sawmill capital expenditures and lumber production."

S&P could lower its rating on USNR Wood Fiber if:

-- Its operating performance weakens materially such that its S&P
Global Ratings-adjusted debt to EBITDA trends above 5.5x;

-- It pursues a more aggressive financial policy, including
debt-funded acquisitions and/or shareholder returns; or

-- Its free operating cash flow (FOCF) generation turns negative
owing to protracted weak demand and persistent fixed costs,
particularly for skilled labor.

While unlikely over the next 12 months, S&P could raise its rating
on USNR Wood Fiber if:

-- It improves its business, as evidenced by improved
profitability potentially from increased scale, efficiency, or
pricing power;

-- A stronger-than-expected operating performance leads it to
sustain debt to EBITDA of less than 4x; and

-- S&P believes the company's financial sponsor is committed to
maintaining this level of leverage.


WHOA NETWORKS: Wins Jan. 24 Solicitation Exclusivity Extension
--------------------------------------------------------------
Judge Scott M. Grossman of the U.S. Bankruptcy Court for the
Southern District of Florida, Fort Lauderdale Division, extended
the periods within which Debtors Whoa Networks, Inc. and its
affiliates have the exclusive right to solicit acceptances of a
plan to and including January 24, 2022.

On September 22, 2021, the Debtors filed the Motion to approve
Joint Disclosure Statement.

Also, on October 6, 2021, the Debtors filed their First Amended
Disclosure Statement. In the event, the Court approves the First
Amended Disclosure Statement at or shortly after the Disclosure
Hearing, then the Debtors anticipate that a confirmation hearing
will be set on confirmation of the First Amended Plan for late
November or early December.

Under Bankruptcy Rule 3017(d) and Local Rule 3017-1(B)(2), no later
than 40 days before the Confirmation Hearing, the Debtors will
commence solicitation by transmitting a solicitation package (the
"Solicitation Package") to those parties entitled to vote on the
First Amended Plan.

The Debtors submit that they have acted in good faith during these
chapter 11 cases and believe that they have a realistic chance of
confirming the First Amended Plan. The extension of the
Solicitation Period is not unduly burdensome or prejudicial to any
party in interest in these Chapter 11 cases.

A copy of the Debtors' Motion to extend is available at
https://bit.ly/3AXGREv from PacerMonitor.com.

A copy of the Court's Extension Order is available at
https://bit.ly/3jgPowl 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 October 29, 2020. Mark Amarant, the
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 Scott M. Grossman oversees the case, which was previously
handled by Judge Peter D. Russin. Genovese Joblove & Battista,
P.A., led by Paul J. Battista, Esq., is the Debtors' legal counsel.


YOGI JAY: Seeks Approval to Hire Richard D. Scott as Legal Counsel
------------------------------------------------------------------
Yogi Jay, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Virginia to hire the Law Office of Richard D.
Scott, PC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. providing legal advice with respect to the Debtor's powers
and duties in the distribution of property of the Debtor's estate
pursuant to the Bankruptcy Code and applicable law;

     b. preparing legal papers and appearing in the bankruptcy
court; and

     c. performing all other necessary legal services.

Richard D. Scott's hourly rate is $275.  The firm received a
retainer in the amount of $10,000.

As disclosed in court filings, Richard D. Scott is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

      Richard D. Scott, Esq.
      Law Office of Richard D. Scott, PC
      4519 Brambleton Ave., Suite 210
      Roanoke, VA 24018-3408
      Tel: (540) 400-7997
      Email: richard@rscottlawoffice.com

                         About Yogi Jay LLC

Yogi Jay, LLC, a Hardy, Va.-based company in the traveler
accommodation industry, filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Va. Case No. 21-70662) on Sept. 28, 2021,
listing $1,058,043 in assets and $844,908 in liabilities.
Jayprakash Patel, member and manager of Yogi Jay, signed the
petition.  The Law Office of Richard D. Scott, PC represents the
Debtor as legal counsel.


ZAREPATH ACADEMY: Seeks to Employ Keith Johnson as Accountant
-------------------------------------------------------------
Zarephath Academy Inc. and Apostolic Assemblies of Jesus Christ
Inc. seek approval from the U.S. Bankruptcy Court for the Middle
District of Florida to hire Keith Johnson, a certified public
accountant in Jacksonville, Fla.

Mr. Johnson will assist the Debtors in preparing a plan budget and
feasibility analysis and in ensuring compliance with scholarship
requirements and EANS grant applications.

Mr. Johnson has agreed to reduce his hourly fee from $180 to $120
for his services.

In court papers, Mr. Johnson disclosed that he is a "disinterested
person" within the meaning of Section 101(14) of the
Bankruptcy Code.

Mr. Johnson can be reached at:

     Keith E. Johnson, CPA
     Keith E. Johnson CPA PA
     2528 Wedgefield Blvd
     Jacksonville, FL 32211
     Phone: +1 904-727-0077
     Email: keith@jaxflacpa.com

                   About Zarephath Academy Inc.

Zarephath Academy Inc. and Apostolic Assemblies of Jesus Christ
Inc. filed voluntary petitions for Chapter 11 protection (Bankr.
M.D. Fla. Lead Case No. 21-01792) on July 21, 2021, listing up to
$1 million in assets and up to $10 million in liabilities.  Jerry
Brand, president, signed the petitions.  

Judge Roberta A. Colton oversees the cases.

The Debtors tapped Eric N. McKay, Esq., at The Law Offices of Eric
N. Mckay as legal counsel; Jessica Leonard of Legacy Financial
Services and Business Solutions, LLC as bookkeeper and financial
advisor; and Keith Johnson as accountant.


[*] Claims Trading Report - September 2021
------------------------------------------
There were at least 220 claims that changed hands in Chapter 11
corporate cases in September 2021:

                                           No. of Claims
   Debtor                                   Transferred
   ------                                   -----------
Toys 'R' Us, Inc.                                 26
Lehman Brothers Holdings Inc                      24
Mallinckrodt plc                                  20
Intelsat S.A.                                     17
China Fishery Group Limited (Cayman), et al.      15
LATAM Airlines Group S.A.                         15
First River Energy, LLC                            8
Grupo Aeromexico, S.A.B. de C.V.                   8
Washington Prime Group Inc.                        7
Retail Group, Inc., et al.                         6
Boy Scouts of America                              5
Jones Lease Properties, LLC                        5
Avianca Holdings S.A.                              4
GDC Technics, LLC                                  4
China Fisheries International Limited (Samoa)      3
N.S. Hong Investment (BVI) Limited                 3
Pier 1 Imports, Inc.                               3
SITO Mobile Solutions, Inc.                        3
Smart Group Limited (Cayman)                       3
The Hertz Corporation                              3
Brick House Properties, LLC                        2
Dewit Dairy                                        2
DJM Holdings, LTD                                  2
GYPSUM RESOURCES MATERIALS, LLC                    2
L'Occitane, Inc.                                   2
Randolph Hospital, Inc.                            2
RTW Retailwinds, Inc.                              2
South Coast Behavioral Health, Inc.                2
A-Tap, Inc.                                        1
BBGI US, Inc.                                      1
BDC Inc.                                           1
BL Santa Fe, LLC                                   1
CEC Entertainment Holdings, LLC                    1
CFO Management Holdings, LLC                       1
Cortlandt Liquidating LLC, et al                   1
Cosmoledo, LLC                                     1
Exide Holdings, Inc.                               1
H Work, LLC                                        1
Henry Ford Village, Inc.                           1
Infrastructure Solution Services, Inc              1
Katerra, Inc                                       1
MTE Holdings LLC                                   1
Payless Holdings LLC                               1
Professional Financial Investors, Inc              1
RGN-National Business Centers, LLC                 1
Sito Mobile Ltd.                                   1
Tango Transport, LLC                               1
Tri-State Sports Entertainment, Inc.               1
True Religion Apparel, Inc.                        1
Walker Machine Tool Solutions, Inc.                1

Notable claim purchasers for the month of September are:

A. In Toys 'R' Us Inc.'s case:

        Bradford Capital Holdings, LP  
        P.O. Box 4353
        Clifton, NJ 07012
        Brian L. Brager
        E-mail: bbrager@bradforcapitalmgmt.com

B. In Lehman Brothers' case:

        Nationstar Mortgage LLC
        8740 Lucent Boulevard, Suite 600
        Highlands Ranch, Colorado 80129   
        Michele Olds

        UBS AG
        Europastrasse 2
        8152 Opfikon
        Switzerland
        Tel: +41 44-235-6283
        Stephan Gfeller
        E-mail: Stephan.gfeller@ubs.com

C. In Mallinckrodt plc's case:

        ASM Capital
        100 JERICHO QUADRANGLE SUITE 230
        JERICHO, NY 11753
        Tel: (516) 422-7100

        Avon Holdings I LLC
        c/o Attestor Limited  
        Attn: Christopher Guth
        7 Seymour Street
        London, W1H 7JW, England

        CRG Financial LLC
        100 Union Ave Proofs of Claim:
        Cresskill, NJ 07626
        Phone: (201) 266-6988

D. In Intelsat SA's case:

        Aetos Capital Trade Claims Fund LP
        875 Third Avenue
        22nd Floor
        New York, NY, 10022
        Gordon Cohen
        E-mail: gcohen@aetoscapital.com

        Bradford Capital Holdings, LP
        P.O. Box 4353
        Clifton, NJ 07012
        Brian L. Brager
        E-mail: bbrager@bradforcapitalmgmt.com

        CRG Financial LLC
        100 Union Ave
        Cresskill, NJ 07626

        Fair Harbor Capital, LLC  
        Ansonia Finance Station
        PO Box 237037
        New York, NY 10023
        Tel: (212) 967-4035


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Katie Lee Douglas
   Bankr. D. Md. Case No. 21-16418
      Chapter 11 Petition filed October 12, 2021
          represented by: Daniel Walston, Esq.

In re Code 3 Service, LLC
   Bankr. D.N.M. Case No. 21-11160
      Chapter 11 Petition filed October 12, 2021
         See
https://www.pacermonitor.com/view/2BPQAZY/Code_3_Service_LLC__nmbke-21-11160__0001.0.pdf?mcid=tGE4TAMA
         represented by: Michael K. Daniels, Esq.
                         MICHAEL K. DANIELS, ATTORNEY AT LAW
                         E-mail: mike@mdanielslaw.com

In re Rybek Developments, LLC
   Bankr. D. Ariz. Case No. 21-07697
      Chapter 11 Petition filed October 13, 2021
         See
https://www.pacermonitor.com/view/TWZFQ6A/RYBEK_DEVELOPMENTS_LLC__azbke-21-07697__0001.0.pdf?mcid=tGE4TAMA
         represented by: Allan D. NewDelman, Esq.
                         ALLAN D. NEWDELMAN, P.C.
                         E-mail: anewdelman@adnlaw.net

In re SmartNet Consulting, LLC
   Bankr. D.N.J. Case No. 21-17990
      Chapter 11 Petition filed October 13, 2021
         See
https://www.pacermonitor.com/view/TCIGILI/SmartNet_Consulting_LLC__njbke-21-17990__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel L. Reinganum, Esq.
                         MCDOWELL LAW, PC
                         E-mail: danielr@mcdowelllegal.com

In re Calumet Paint & Wallpaper, Inc.
   Bankr. N.D. Ill. Case No. 21-11709
      Chapter 11 Petition filed October 13, 2021
         See
https://www.pacermonitor.com/view/J6CH7JA/Calumet_Paint__Wallpaper_Inc__ilnbke-21-11709__0001.0.pdf?mcid=tGE4TAMA
         represented by: David K. Welch, Esq.
                         BURKE, WARREN, MACKAY & SERRITELLA, P.C.
                         E-mail: dwelch@burkelaw.com

In re Tr3 Productions, LLC
   Bankr. D. Md. Case No. 21-16478
      Chapter 11 Petition filed October 13, 2021
         See
https://www.pacermonitor.com/view/HMI7HNQ/Tr3_Productions_LLC__mdbke-21-16478__0001.0.pdf?mcid=tGE4TAMA
         represented by: Harry Rifkin, Esq.
                         LAW OFFICES OF HARRY M. RIFKIN
                         E-mail: hrifkin@rifkinlaw.net

In re Sophie Pross and Joe Pross
   Bankr. E.D.N.Y. Case No. 21-42600
      Chapter 11 Petition filed October 13, 2021
         represented by: Thomas Draghi, Esq.

In re Christopher Allen DuCharme
   Bankr. M.D. Tenn. Case No. 21-03139
      Chapter 11 Petition filed October 13, 2021
        represented by: Denis Waldron, Esq.

In re Krypton Builders LLC
   Bankr. M.D. Tenn. Case No. 21-03137
      Chapter 11 Petition filed October 13, 2021
         See
https://www.pacermonitor.com/view/OO465LQ/Krypton_Builders_LLC__tnmbke-21-03137__0001.0.pdf?mcid=tGE4TAMA
         represented by: Gray Waldron, Esq.
                         DUNHAM HILDEBRAND, PLLC
                         E-mail: gray@dhnashville.com

In re Paul Cameron Holland and Kelli Brown Holland
   Bankr. N.D. Ala. Case No. 21-81769
      Chapter 11 Petition filed October 14, 2021
         represented by: Kevin Heard, Esq.
                         HEARD, ARY & DAURO, LLC

In re Gregory G. Smith, M.D., A Professional Corporation
   Bankr. C.D. Cal. Case No. 21-11688
      Chapter 11 Petition filed October 14, 2021
         See
https://www.pacermonitor.com/view/U5ME2MQ/Gregory_G_Smith_MD_A_Professional__cacbke-21-11688__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joel Rapaport, Esq.
                         E-mail: jrapaportlaw@gmail.com

In re Sarina Browndorf
   Bankr. C.D. Cal. Case No. 21-12506
      Chapter 11 Petition filed October 14, 2021
         represented by: Susan Seflin, Esq.

In re Olmstead Brothers Well Service, Inc.
   Bankr. D. Colo. Case No. 21-15212
      Chapter 11 Petition filed October 14, 2021
         See
https://www.pacermonitor.com/view/UUFDAGI/Olmstead_Brothers_Well_Service__cobke-21-15212__0001.0.pdf?mcid=tGE4TAMA
         represented by: Keri L. Riley, Esq.
                         KUTNER BRINEN DICKEY RILEY, P.C.
                         E-mail: klr@kutnerlaw.com

In re Seafood Junkie LLC
   Bankr. D. Colo. Case No. 21-15217
      Chapter 11 Petition filed October 14, 2021
         See
https://www.pacermonitor.com/view/HE7KNJQ/Seafood_Junkie_LLC__cobke-21-15217__0001.0.pdf?mcid=tGE4TAMA
         represented by: K. Jamie Buechler, Esq.
                         BUECHLER LAW OFFICE, L.L.C.
                         E-mail: Jamie@kjblawoffice.com

In re Preferred Ready-Mix LLC
   Bankr. S.D. Tex. Case No. 21-33369
      Chapter 11 Petition filed October 14, 2021
         See
https://www.pacermonitor.com/view/KBV6KXI/Preferred_Ready-Mix_LLC__txsbke-21-33369__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jessica Hoff, Esq.
                         HOFF LAW OFFICES, P.C.
                         E-mail: jhoff@hofflawoffices.com

In re 123rd 6 Lot LLC
   Bankr. W.D. Wash. Case No. 21-41624
      Chapter 11 Petition filed October 14, 2021
         See
https://www.pacermonitor.com/view/UZQNDWA/123rd_6_Lot_LLC__wawbke-21-41624__0001.0.pdf?mcid=tGE4TAMA
         represented by: David C. Smith, Esq.
                         LAW OFFICES OF DAVID SMITH, PLLC
                         E-mail: david@davidsmithlaw.com

In re Phuoc Huu Dam and Ann Truong Dam
   Bankr. C.D. Cal. Case No. 21-12515
      Chapter 11 Petition filed October 15, 2021
         represented by: Summer Shaw, Esq.

In re Brian Jay Scroggs and Penny Eleeza Jessica Scroggs
   Bankr. W.D. Mo. Case No. 21-60745
      Chapter 11 Petition filed October 15, 2021
         represented by: Ronald S. Weiss, Esq.
                         BERMAN DELEVE KUCHAN & CHAPMAN, LLC
                         E-mail: rweiss@bdkc.com

In re Agape World, Inc.
   Bankr. E.D.N.C. Case No. 21-02306
      Chapter 11 Petition filed October 15, 2021
         See
https://www.pacermonitor.com/view/ABEO6UI/Agape_World_Inc__ncebke-21-02306__0001.0.pdf?mcid=tGE4TAMA
         represented by: C. Scott Kirk, Esq.
                         C. SCOTT KIRK, ATTORNEY AT LAW, PLLC
                         E-mail: scott@csklawoffice.com

In re Plano VFW Post 4380, Veterans of Foreign Wars of the United
States of America
   Bankr. E.D. Tex. Case No. 21-41459
      Chapter 11 Petition filed October 15, 2021
         See
https://www.pacermonitor.com/view/7ESXGHY/Plano_VFW_Post_4380_Veterans_of__txebke-21-41459__0001.0.pdf?mcid=tGE4TAMA
         represented by: John E. Mitchell, Esq.
                         KATTEN MUCHIN ROSENMAN LLP
                         E-mail: john.mitchell@katten.com

In re Top Notch Healthcare Assistance, LLC
   Bankr. S.D. Tex. Case No. 21-33376
      Chapter 11 Petition filed October 15, 2021
         See
https://www.pacermonitor.com/view/3XG65HQ/Top_Notch_Healthcare_Assistance__txsbke-21-33376__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert Chamless Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re Black & Gold Beer Warehouse, LLC
   Bankr. W.D. Pa. Case No. 21-22261
      Chapter 11 Petition filed October 15, 2021
         See
https://www.pacermonitor.com/view/SWGKC7I/Black__Gold_Beer_Warehouse_LLC__pawbke-21-22261__0001.0.pdf?mcid=tGE4TAMA
         represented by: Donald R. Calaiaro, Esq.
                         CALAIARO VALENCIK
                         E-mail: dcalaiaro@c-vlaw.com

In re LSC Furniture, LLC
   Bankr. W.D. Tex. Case No. 21-30773
      Chapter 11 Petition filed October 15, 2021
         See
https://www.pacermonitor.com/view/ZC5AERI/LSC_Furniture_LLC__txwbke-21-30773__0001.0.pdf?mcid=tGE4TAMA
         represented by: E.P. Bud Kirk, Esq.
                    E.P. BUD KIRK
                         E-mail: budkirk@aol.com

In re Ruby Jude City LLC
   Bankr. D.D.C. Case No. 21-00254
      Chapter 11 Petition filed October 17, 2021
         See
https://www.pacermonitor.com/view/A2HJMGQ/Ruby_Jude_City_LLC__dcbke-21-00254__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maurice VerStandig, Esq.
                         THE BELMONT FIRM
                         E-mail: mac@dcbankruptcy.com

In re Jeffrey Scott Aronson
   Bankr. C.D. Cal. Case No. 21-11712
      Chapter 11 Petition filed October 18, 2021
         represented by: Jeremy W. Faith, Esq.
                         MARGULIES FAITH LLP
                         E-mail: Jeremy@MarguliesFaithLaw.com

In re Monica L. Coleman
   Bankr. S.D. Cal. Case No. 21-04069
      Chapter 11 Petition filed October 18, 2021
         represented by: Michael Berger, Esq.

In re Darlyn H. Turner
   Bankr. N.D. Ill. Case No. 21-11855
      Chapter 11 Petition filed October 18, 2021
         represented by: Karen Porter, Esq.

In re 317 North Center Avenue Building LLC
   Bankr. D. Mont. Case No. 21-10118
      Chapter 11 Petition filed October 18, 2021
         See
https://www.pacermonitor.com/view/53VC5LY/317_NORTH_CENTER_AVENUE_BUILDING__mtbke-21-10118__0001.0.pdf?mcid=tGE4TAMA
         represented by: Molly S Considine, Esq.
                         PATTEN PETERMAN BEKKEDAHL & GREEN
                         E-mail: mconsidine@ppbglaw.com

In re William Tagg
   Bankr. W.D. Tenn. Case No. 21-23424
      Chapter 11 Petition filed October 18, 2021
         represented by: Ted Jones, Esq.

In re Todd A. Reppert
   Bankr. W.D. Pa. Case No. 21-22274
      Chapter 11 Petition filed October 19, 2021
         represented by: Dennis Spyra, Esq.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
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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,
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
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Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

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