/raid1/www/Hosts/bankrupt/TCR_Public/211117.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, November 17, 2021, Vol. 25, No. 320

                            Headlines

199 REALTY: Unsecureds Will be Paid in Full in Plan
4202 PARTNERS: Secured Creditor Proposes Disclosure Statement
AEMETIS INC: Incurs $17.6 Million Net Loss in Third Quarter
AGILE THERAPEUTICS: Falls Short of Nasdaq's Bid Price Requirement
AGTECH SCIENTIFIC: A&G Real Estate Announces Receivership Sale

ALLIED UNIVERSAL: Incremental Loan No Impact on Moody's B2 CFR
AMERICAN RESOURCE: Trustee Taps Kroll LLC as Special Counsel
AMERILIFE HOLDINGS: Incremental Loan No Impact on Moody's 'B3' CFR
ASTROTECH CORP: Incurs $2 Million Net Loss in First Quarter
AUBURN SCHOOL: Taps Symphony Properties as Real Estate Broker

AURORA READYMIX: Unsecureds Will be Paid in Full Over 3 Years
AVINGER INC: Posts $6 Million Net Loss in Third Quarter
AVIS BUDGET: Moody's Upgrades CFR to B1 & Alters Outlook to Stable
AXIA REALTY: Court Approves Disclosure and Confirms Plan
BLUE CHIP: Case Summary & 12 Unsecured Creditors

BLUE JAY: Seeks to Employ Frederic Schwieg as Bankruptcy Attorney
BOY SCOUTS: Scrambling for Damage Control After Damaging Email
BRADBURY LOGISTICS: Gets OK to Hire Boyer Terry as Legal Counsel
BRAZOS ELECTRIC: Judge Won't Toss Suit vs. $2-Bil. ERCOT Bill
BRIGHT MOUNTAIN: Amends Credit Agreement for Additional $800K Loan

CADIZ INC: Incurs $7.8 Million Net Loss in Third Quarter
CAMBER ENERGY: Files Amended Series C Preferred Stock Designation
CAPSTONE GREEN: Incurs $6 Million Net Loss in Second Quarter
CAREVIEW COMMUNICATIONS: Incurs $1.9-Mil. Net Loss in Third Quarter
CARLSON TRAVEL: Court Supports Financial Restructuring

CARLSON TRAVEL: Wins Interim Cash Collateral Access
CENTRAL OKLAHOMA UNITED: Suspends Debt Payment to Preserve Cash
CLUBHOUSE MEDIA: Incurs $5.4 Million Net Loss in Third Quarter
COLUMBUS MCKINNON: $75MM Loan Add-on No Impact on Moody's Ba3 CFR
COMPASS GROUP: Moody's Affirms Ba3 CFR & Rates New $300MM Notes B1

COMPASS GROUP: S&P Rates $300MM Senior Unsecured Notes 'B+'
CORE COMMUNICATIONS: Seeks to Hire Robins Kaplan as Special Counsel
CORELOGIC INC: $400MM Incremental Loan No Impact on Moody's B2 CFR
CTI BIOPHARMA: Incurs $24.2 Million Net Loss in Third Quarter
CYRUSONE INC: S&P Places 'BB+' Issuer Credit Rating on Watch Neg.

DANA INC: Fitch Rates Proposed $350MM Unsecured Notes 'BB+'
DANA INC: Moody's Affirms Ba3 CFR & Rates New Unsecured Notes B1
DANA INC: S&P Rates New $350MM Senior Unsecured Notes 'BB'
DAVIDZON RADIO: Great Elm and Kingsland Propose Plan
DEMZA MASONRY: Case Summary & Unsecured Creditor

DENVER SELECT: Gets OK to Hire Realtec CRES as Real Estate Broker
DIAMONDBACK ENERGY: Moody's Withdraws Ba1 CFR
DOTDASH MEREDITH: Moody's Assigns B1 CFR & Rates New Term Loans B1
DOTDASH MEREDITH: S&P Assigns 'BB-' ICR, Outlook Stable
DTE ENERGY: Fitch Rates 2021 Series E Jr. Subordinated Notes 'BB+'

ENSONO INC: Moody's Assigns 'B3' CFR Amid Kohlberg Transaction
ENTRUST ENERGY: Debtor Will Liquidate to Pay Claims
EZTOPELIZ LLC: Unsecureds Get Pro Rata Share From Sale of Property
FINDLAY ESTATES: Voluntary Chapter 11 Case Summary
FIRSTENERGY CORP: Fitch Alters Outlook on 'BB+' IDRs to Positive

FLYNN RESTAURANT: Moody's Ups CFR to B2 & Rates New $1.06BB Loan B2
FORTRESS TRANSPORTATION: Fitch Puts 'BB-' LT IDR on Watch Negative
FRALEG GROUP: Seeks to Hire Hemmings & Snell as Legal Counsel
GARDA WORLD: New $350MM Loan Add-on No Impact on Moody's B3 CFR
GENERAL CANNABIS: Incurs $1.3 Million Net Loss in Third Quarter

GI CONSLIO: Legility Transaction No Impact on Moody's B3 CFR
GIRARDI & KEESE: Trustee Gives Green Light to Suit vs. Erika Jane
GIRARDI & KEESE: Trustee Replaces Attorney Amid Bankruptcy
GRAVITY HOLDINGS: Unsecureds be Paid Pro Tanto From Court Action
HARRIS CRC: Wins Cash Collateral Access

HOME POINT: Moody's Lowers CFR to B2 & Alters Outlook to Stable
HOUGHTON MIFFLIN: Moody's Ups CFR to B1 & Sr. Secured Notes to B2
HUB INT'L: Moody's Affirms B3 CFR Following $1.1BB Loan Add-on
IMERYS TALC: Judge Won't Approve Mediation Without Clear Rules
INDY RAIL: Seeks Approval to Hire KC Cohen as Legal Counsel

JOHNSON & JOHNSON: To Split Into 2 Public Companies
JUBILEE ACADEMIC: Moody's Rates $129.3MM Educational Bonds 'Ba2'
KESTRA ADVISOR: S&P Cuts ICR to 'B-' on Dividend Recapitalization
LIMETREE BAY: Suspends Purging Amid Bankruptcy Case
LIMETREE BAY: To Go Forward With Auction, Has $20M Lead Bid

MAKANA OUTREACH: Voluntary Chapter 11 Case Summary
MALLINCKRODT PLC: Acthar Price Increases Were Necessary
MALLINCKRODT PLC: Sales Strategy Cost Insurers $320 Million
MEDLINE BORROWER: Fitch Affirms & Then Withdraws 'B+' LT IDR
MICRO HOLDING: S&P Affirms 'B' ICR on Planned Dividend

NAB HOLDINGS: Moody's Rates New Sr. Secured Credit Facilities 'B1'
NEW YORK BAKERY: Seeks to Hire Dermody, Burke & Brown as Accountant
NEXTPLAY TECHNOLOGIES: Stacey Riddell Quits as Director
NORTHCREST INC: Fitch Affirms 'BB+' IDR, Outlook Stable
NOVABAY PHARMACEUTICALS: Incurs $2.3M Net Loss in Third Quarter

OMNIQ CORP: Receives Additional Purchase Order From Midwest Client
ONEDIGITAL BORROWER: Moody's Rates $1.45BB Repriced Term Loan 'B3'
PANDA STONEWALL: Wraps Up Restructuring Deal, Ownership Transfer
PETVET CARE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
PHUNWARE INC: Reports $372K Net Income for Third Quarter

POWERHOUSE BRANDS: Taps James J. Rufo as Bankruptcy Counsel
PWM PROPERTY: Investor Says It Didn't Permit Chapter 11 Case
REGIONAL HEALTH: Posts $2.3 Million Net Loss in Third Quarter
REWALK ROBOTICS: Incurs $2.7 Million Net Loss in Third Quarter
RIVERROCK RECYCLING: Ongoing Operations to Fund Plan

SCHOOL PLACE: Wins Cash Collateral Access
SEARS HOLDINGS: Closes Last Store in Illinois
SECURUS TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable
SEP SOFTWARE: Seeks Court Approval to Hire Arkose Tax as Accountant
SGR ENERGY: Case Summary & 20 Largest Unsecured Creditors

SHENOUDA HANNA: Case Summary & 6 Unsecured Creditors
SS YOUNG FITNESS: Seeks to Hire Diller and Rice as Legal Counsel
STEREOTAXIS INC: Incurs $4.6 Million Net Loss in Third Quarter
TELIGENT INC: Committee Taps Jenner & Block as Bankruptcy Counsel
TELIGENT INC: Committee Taps Province LLC as Financial Advisor

TELIGENT INC: Committee Taps Saul Ewing Arnstein as Co-Counsel
TELIGENT INC: Seeks to Hire K&L Gates as Special Corporate Counsel
TORRID LLC: Moody's Upgrades CFR to B1, Outlook Remains Stable
TRAVEL + LEISURE: Fitch Assigns BB+ Rating on Sr. Secured Notes
TRAVEL + LEISURE: S&P Assigns 'BB-' Rating on New Sr. Sec. Notes

TRI-WIRE ENGINEERING: Wins Final Cash Collateral Access
UNIQUE TOOL: Amended Cash Collateral Deal OK'd
UNITED WHOLESALE: Moody's Rates New $500MM Unsecured Notes 'Ba3'
VILLA DEVELOPERS: Voluntary Chapter 11 Case Summary
VILLAS OF WINDMILL: Trustee Taps Akerman LLP as Special Counsel

VM CONSOLIDATED: $250MM Loan Add-on No Impact on Moody's B2 CFR
VYANT BIO: Incurs $4.5 Million Net Loss in Third Quarter
VYCOR MEDICAL: Posts $3,693 Net Income in Third Quarter
WESTSTAR EXPLORATION: Taps Harris Law Practice as Legal Counsel
YELLOW CORP: Board Appoints Javier Evans as Director

YOGI JAY: Seeks to Hire Business Research as Bookkeeper
ZIFF DAVIS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
ZION HOTEL: Unsecured Creditors to Get Paid from Zion Proceeds
[*] Bankruptcy Filing Still Decreasing But Increase Could be Coming

                            *********

199 REALTY: Unsecureds Will be Paid in Full in Plan
---------------------------------------------------
199 Realty Corp. submitted a Fourth Modified Disclosure Statement.

The Debtor seeks to accomplish payments under the Plan by funding
that has been provided by settlements with various insurance
carriers, possible monies to be received from additional
litigation, the sale of the Debtor's Property and to the extent
necessary funding from an affiliate.

The Debtor's property is a vacant and partially damaged industrial
building located at 199 Garibaldi Avenue, Lodi, New Jersey,
referenced as Block 224, Lot 1 on the tax maps for the Borough of
Lodi, New Jersey (the "Property"). The Property comprises
approximately 6 acres on which a now partially damaged industrial
office-warehouse is erected. The Property has been vacant for many
years. Investigations have revealed there is contamination at the
site. Remediation is required to restore the Property to a
condition in which it can be productively used and developed. The
Debtor entered into a contract to sell the Property to Meridia
Lodi, LLC ("Meridia"), an affiliate of Capodagli Property Co., LLC
("Capodagli") for a purchase price of $10,000,000 subject to the
Debtor's remediation of the Property.

The discussions between the Debtor and Gibraltar resulted in
Gibraltar agreeing to settle by paying $600,000 to the Debtor in
exchange for a release from the Debtor, Interplast and the
Capodagli Entities. The Debtor was able to procure a release from
the Capodagli Entites. The Debtor was also able to procure a
release from Interplast upon a payment of $50,000. Unlike the
Settling Insurers, there is no requirement for a release from the
NJDEP. In addition to the releases, similar to the Settling
Insurers, Gibraltar is requiring that the Approval Order contain a
provision that enjoins claims of third parties. Further, Gibraltar
is requesting that the Plan also contain an injunction, which is
set forth in Article III of the Plan.

From the Insurance Settlements, $3,900,000.02 was deposited in the
Remediation Trust Fund with Provident Bank as trustee to be used to
clean up the Property and $199,999.98 was deposited with Debtor's
counsel for payment of the LSRP overseeing the clean-up for which
amount on deposit with Debtor's counsel has now been reduced to
$99,999.98 as a result of the LSRP being paid a $100,000 retainer.
In addition, the Debtor anticipates or will have received $600,000
pursuant to the Gibraltar Settlement.

The Plan will treat claims as follows:

Class 1 - Borough of Lodi. Estimated claim amount $50,000. Paid
from the closing proceeds on the sale of the Property. If sale does
not close by August 17, 2023, then the Class 1 Claim shall be
permitted to pursue its legal rights and remedies. Class 1 is
impaired.

Class 2 - Cash4Assets, LLC. Estimated claim amount approximately
$500,000 based on a redemption statement dated 11/25/2020 provided
by the Borough of Lodi, which the Debtor as of this date has not
verified sums set forth therein. Paid from the closing proceeds on
the sale of the Property. If sale does not close by August 17,
2023, then the Class 1 Claim shall be permitted to pursue its legal
rights and remedies. Class 2 is impaired.

Class 6 - General Unsecured Claims approximately $2,652,110.23.
USLR and Berger & Bornstein have agreed to defer distribution on
their claim of $1,554,057.00 and $50,000 respectively until such
time that all other holders of general unsecured claims have been
satisfied. The Class 6 Claims will be paid in full as follows: (i)
interest at the Interest Rate, which the Debtor has defined as 5%
per annum or such other rate as determined by the Court, from and
after the Effective Date; (ii) quarterly principal and interest
payments starting on the first day of the third month succeeding
the Effective Date with a balloon payment from the net sale
proceeds from the Debtor's sale of the Property, and (iii)
amortization on 25 year constant quarterly payment amortization
schedule. The Class 6 Claims will receive a balloon payment in the
sum of their then unpaid balance from the proceeds of any sale of
the Property. Class 6 is impaired.

The Plan will be funded by the following: The Debtor's present
intention is that the monies necessary for funding this Plan will
be derived from (i) an unsecured loan from USLR to the extent
necessary, (ii) the Remediation Trust Fund earmarked for cleaning
up the Property, (iii) proceeds from the Gibraltar Settlement, and
(iv) the sale of the Property.

     Counsel for the Debtor/Debtor-in-Possession:

     Morris S. Bauer, Esq.
     DUANE MORRIS LLP
     One Riverfront Plaza
     1037 Raymond Blvd., Suite 1800
     Newark, New Jersey 07102
     (973) 424-2037
     msbauer@duanemorris.com

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/30nWMzt from PacerMonitor.com.

                        About 199 Realty Corp.

199 Realty Corp. is a New Jersey corporation.  The stock of 199
Realty Corp. was acquired by 199 Garibaldi Realty Holding, Inc., on
Dec. 31, 2010.  199 Realty owns property consisting of a 116,716
sq. ft. industrial building located at 199 Garibaldi Avenue, Lodi,
New Jersey.

199 Realty filed a Chapter 11 petition (Bankr. D.N.J. Case No.
13-14776) on March 7, 2013, and is represented by Morris S. Bauer,
Esq., in Bridgewater, New Jersey.  In the petition signed by
Lawrence S. Berger, president, the Debtor estimated $1 million to
$10 million in assets and debt.


4202 PARTNERS: Secured Creditor Proposes Disclosure Statement
-------------------------------------------------------------
4202 Fort Hamilton Debt LLC, a secured creditor, submitted an
amended disclosure statement in support of its Fourth Amended
Chapter 11 Plan of Liquidation for Debtor 4202 Partners LLC for
debtor 4202 Partners LLC and the liquidation of the only asset
owned by the 4202 Debtor.

On October 23, 2020, the 4202 Debtor, along with the Other Debtors,
filed a proposed joint plan of reorganization and a disclosure
statement. On December 10, 2020, the 4202 Debtor, along with the
Other Debtors, filed amended versions of such plan and disclosure
statement. Those plans and disclosure statements contemplated that
the 4202 Property and the 4218 Property would be contributed to a
new, yet-to-be-formed entity and developed as a single project, and
respective creditors of the 4202 Debtor and each of the distinct
Other Debtors would be treated jointly. In other words, despite the
4202 Debtor's and the Other Debtors' statements to the contrary,
their proposed plan provided for substantive consolidation of all
four of the debtors across all four bankruptcy cases.

Fort Hamilton Debt and Maguire both opposed approval of the 4202
Debtor's and Other Debtors' proposed disclosure statement because,
among other deficiencies, the proposed plan was patently
unconfirmable, sought improperly to substantively consolidate the
assets of the four debtors, and would have deprived creditors of
their rights under the Bankruptcy Code. The Bankruptcy Court agreed
with Fort Hamilton Debt and Maguire and declined to approve the
disclosure statement.

Class 3: General Unsecured Claims. Each holder of an Allowed
General Unsecured Claim shall receive cash up to the amount of such
holder's Allowed General Unsecured Claim in an amount equal to the
greater of: (a) the amount of such Allowed General Unsecured Claim,
to the extent the Sale Proceeds exceed the value of the Fort
Hamilton Debt Secured Claim in an amount sufficient to pay all
Allowed General Unsecured Claims in full; or (b)(1) a pro rata
share of the remaining Sale Proceeds after payment of the Fort
Hamilton Debt Secured Claim, to the extent such Sale Proceeds
exceed the value of the Fort Hamilton Debt Secured Claim, and (2) a
pro rata share of the General Unsecured Claim Carve-Out, which
shall not be used to pay any deficiency with respect to the Allowed
Fort Hamilton Debt Secured Claim Secured Claim. Class 3 is
impaired.

This Lender's Plan will be funded in connection with the sale free
and clear of all liens, Claims, encumbrances, and interests in the
4202 Property pursuant to Section 363 of the Bankruptcy Code. The
Sale will be a free and clear transfer to either a third party for
cash consideration or to Fort Hamilton Debt by way of Credit Bid,
as set forth in the procedures for the Sale set forth herein.
Distributions to creditors of the 4202 Debtor will be funded from
the Sale Proceeds if such funds are sufficient to fund all such
distributions. To the extent that the Sale Proceeds are
insufficient to fund all distributions to creditors pursuant to the
Lender's Plan, and only to the extent necessary to fund such
distributions, then the Plan Proponent shall fund distributions to
satisfy the Allowed Administrative Expense Claims, Allowed
Professional Fee Claims, Allowed Priority Tax Claims, and
Bankruptcy Fees and shall fund up to $5,000 for the payment of
Allowed General Unsecured Claims (the "General Unsecured Claim
Carve Out"). The General Unsecured Claim Carve-Out shall only be
funded and available if the Lender's Plan is confirmed. The
Lender's Plan and the plan of liquidation proposed by Maguire
contemplate the possibility that the 4202 Property and the 4218
Property will be sold jointly, in which case the Sale Proceeds will
be used first to pay the unpaid principal balances underlying the
Fort Hamilton Debt Secured Claim and the Maguire Secured Claim,
then divided between Fort Hamilton Debt and Maguire in proportion
to their respective Claims, with any Sale Proceeds remaining after
the foregoing distributions being distributed among the holders of
Claims against the 4202 Debtor and the 4218 Debtor before being
distributed to Fort Hamilton Debt and Maguire in satisfaction of
any remaining amounts owed on their respective Allowed Secured
Claims.

     Attorneys for 4202 Fort Hamilton Debt LLC:

     Jerry Montag
     SEYFARTH SHAW LLP
     620 8th Avenue
     New York, NY 10018
     Telephone: (212) 218-4646
     Facsimile: (917) 344-1339
     Email: jmontag@seyfarth.com

     M. Ryan Pinkston (pro hac vice)
     SEYFARTH SHAW LLP
     560 Mission Street, Suite 3100
     San Francisco, California 94105
     Telephone: (415) 544-1013
     Facsimile: (415) 397-8549
     Email: rpinkston@seyfarth.com

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/3Ff93W1 from PacerMonitor.com.

                      About 4202 Partners

4202 Partners LLC, based in Brooklyn, NY, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 20-42438).  In the petition
signed by Samuel Pfeiffer, manager, the Debtor listed $6,500,000 in
assets and $12,403,577 in liabilities.  Goldberg Weprin Finkel
Goldstein LLP serves as bankruptcy counsel to the Debtor.


AEMETIS INC: Incurs $17.6 Million Net Loss in Third Quarter
-----------------------------------------------------------
Aemetis, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $17.60
million on $49.90 million of revenues for the three months ended
Sept. 30, 2021, compared a net loss of $12.22 million on $40.92
million of revenues for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $46.27 million on $147.59 million of revenues compared
to a net loss of $22.08 million on $128.23 million of revenues for
the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $146.98 million in total
assets, $74.61 million in total current liabilities, $204.47
million in total long-term liabilities, and a total stockholders'
deficit of $132.09 million.

Cash at the end of the third quarter of 2021 increased to $6.4
million, compared to $0.6 million at the end of 2020.  Capital
expenditures increased property, plant and equipment by $18.8
million driven by investments in the Company's ultra-low carbon
initiatives and company debt decreased by $44.6 million compared to
Dec. 31, 2020.

"Revenues from North America sales in the third quarter of 2021
increased 50.4% compared to the third quarter of 2020 as economic
recovery from COVID-19 continues to create increased demand for
liquid transportation fuels along with its associated stronger
pricing," said Todd Waltz, chief financial officer of Aemetis.
"North America revenues during the third quarter of 2021 increased
to $49.8 million compared to $33.1 million during the third quarter
of 2020.  Capital expenditures for ultra-low carbon projects were
$18.8 million for the first nine months of 2021 as our engineering
and construction teams moved forward with the initiatives outlined
in our previously announced Five Year Plan," added Waltz.

"We are pleased with the milestones accomplished during the third
quarter of 2021, including commencing construction of the next
phase of dairy digesters, building the biogas cleanup facility and
work on the utility gas pipeline interconnect that was mechanically
completed today," said Eric McAfee, chairman and CEO of Aemetis.
"The Aemetis Biogas RNG project received a permit from Stanislaus
County to construct approximately 20 miles of pipeline using County
roads, as well as selecting the contractor who is now installing
the biogas pipeline.  We also received a drilling study from Baker
Hughes confirming the feasibility of injecting CO2 emissions for
sequestration in the unique shale formations that extend under our
two biofuels plant sites in California.  We invite investors to
review the updated Aemetis Corporate Presentation and the Aemetis
Investor Presentation on the Aemetis home page prior to the
earnings call."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/738214/000165495421012030/amtx_10q.htm

                           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.


AGILE THERAPEUTICS: Falls Short of Nasdaq's Bid Price Requirement
-----------------------------------------------------------------
Agile Therapeutics, Inc. received a deficiency letter from the
Listing Qualifications Department of the Nasdaq Stock Market
notifying the company that, for the preceding 30 consecutive
business days, the closing bid price for the company's common stock
was below the minimum $1.00 per share requirement for continued
inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing
Rule 5550(a)(2).

The notification received has no immediate effect on the company's
Nasdaq listing.  In accordance with Nasdaq rules, the company has
been provided an initial period of 180 calendar days, or until May
9, 2022, to regain compliance with the bid price requirement. If,
at any time before the compliance date, the closing bid price for
the company's common stock is at least $1.00 for a minimum of 10
consecutive business days, the staff will provide the company
written confirmation of compliance with the bid price requirement.

If Agile Therapeutics does not regain compliance with the bid price
requirement by the compliance date, the company may be eligible for
an additional 180 calendar day compliance period.  To qualify, the
company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market, with the exception
of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second
180 calendar day compliance period, by effecting a reverse stock
split, if necessary.

Agile Therapeutics does not regain compliance with the bid price
requirement by the compliance date and is not eligible for an
additional compliance period at that time, the staff will provide
written notification to the company that its common stock will be
subject to delisting.  At that time, the company may appeal the
staff's delisting determination to a Nasdaq Hearings Panel.  There
can be no assurance that the company will regain compliance or
otherwise maintain compliance with any of the other listing
requirements.

The company intends to monitor the closing bid price of its common
stock and may, if appropriate, consider available options to regain
compliance with the bid price requirement.

                     About Agile Therapeutics

Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women. The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method. Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.

Agile reported a net loss of $51.85 million for the year ended Dec.
31, 2020, compared to a net loss of $18.61 million for the year
ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had $36.68
million in total assets, $26 million in total liabilities, and
$10.68 million in total stockholders' equity.

Iselin, New Jersey-based Ernst & Young LLP issued a "going concern"
qualification in its report dated March 1, 2021, on the
consolidated financial statements for the year ended Dec. 31, 2020,
citing that the Company has generated losses since inception, used
substantial cash in operations, anticipates it will continue to
incur net losses for the foreseeable future and requires additional
capital to fund its operating needs beyond 2021.


AGTECH SCIENTIFIC: A&G Real Estate Announces Receivership Sale
--------------------------------------------------------------
A&G Real Estate Partners and Murray Wise Associates LLC on Nov. 16
announced the receivership sale of a 1.87 million-square-foot
greenhouse and agricultural warehouse complex on 151 acres in
Paris, Kentucky, as well as a nearby 50,000-square-foot
manufacturing and warehouse facility also located in the greater
Lexington market.

The sale is being conducted on behalf of Aurora Management
Partners, Inc., the Receiver for AgTech Scientific Group, LLC;
Color Point, LLC; and other affiliates, as part of a federal
receivership case pending in the United States District Court for
the Eastern District of Kentucky, Lexington Division. The ultimate
sales will be subject to approval by the federal receivership
court.

The assets, which are being offered separately, were previously
used as part of AgTech Scientific's large-scale hemp-growing and
CBD-production operations in Kentucky.

The JV partners are now issuing a call for offers for the
greenhouse complex, while the sealed-bid deadline for the
50,417-square-foot manufacturing and warehouse facility is Tuesday,
February 1.

"With the oversupply of hemp in the United States, many CBD
producers continue to face challenges in today's marketplace,"
noted Emilio Amendola, Co-President of A&G. "Nonetheless, other
agricultural companies, as well as healthy hemp and CBD producers,
now have the opportunity to acquire high-quality growing and
production assets such as these at significantly below replacement
value."

Zoned A-1 Agricultural, the 151-acre parcel at 1077 Cane Ridge Rd.
includes multiple greenhouse ranges totaling 1.57 million square
feet, along with 155,000-square-feet of warehouse and office space
and 150,000 square feet of polytunnels. More specifically, the
complex includes a main office/production barn, a shipping
building, two storge buildings, and six greenhouse ranges, each of
which totals approximately 270,000 to 280,000 square feet. The
site's 13 Gothic-style Quonset buildings each total 11,520 square
feet.

With an irrigation system sourced by a large lake on the property,
the Bourbon County complex was built in 2001 to grow ornamental
flowers and was expanded multiple times through 2018. It was
converted to cultivation of hemp for CBD use in 2019. The east side
of the greenhouse range features two separate water tank rooms
housing a total of three 20,000-gallon tanks and one 100,000-gallon
tank.

"Given that the construction sector has been hit particularly hard
by the supply-chain crunch and labor shortage, building such a
facility from scratch in today's marketplace would be quite an
expensive and uncertain undertaking," noted Harrison Freeland, Vice
President, Murray Wise Associates.

The offsite facility, which was built in 2020, is located on 10
acres at 333 Cleveland Road and is zoned I-1. All told, the
facility includes 24,000 square feet of production space, 22,000
square feet of warehouse, and 4,500 square feet of office space.
Features include two dock high doors, a drive-in door,
steel/masonry construction, and construction up to the C1D2
fireproof standard.

"This is an FDA Current Good Manufacturing Practice facility,"
noted Jamie Cote, Senior Managing Director of Real Estate Sales at
A&G. "Located within a Bourbon County industrial park, the building
is suited to a wide array of manufacturing users."

Both sites are strategically located to give users access to a
massive industrial and consumer market, Cote, added. "Lexington is
within a day's drive of two-thirds of the U.S. population, and
Kentucky is located at the center of a 34-state distribution area,
with borders that are within 600 miles of more than 65 percent of
the nation's population," he said.

In addition, Kentucky is well served by 20 interstates and major
highways, major rail networks, barge traffic on the Ohio and
Mississippi rivers, five commercial airports and dozens of regional
airports.

For due diligence and other information on both properties, contact
Jamie Cote --jcote@b6realestate.com -- or Katie Decoste,
kdecoste@agrep.com -- or visit: https://agtechrealestate.com

Melville, NY-based A&G has saved 650-plus clients $8 billion in
occupancy and other costs and has sold real estate and leases worth
$12 billion. Global M&A Network named A&G "Real Estate
Restructuring Firm of the Year" for its work in both 2019 and 2020.


Along with its subsidiaries, Champaign, Ill.-based Murray Wise
Associates -- https://murraywiseassociates.com -- has managed over
$780 million in farmland assets and sold over $925 million in
agricultural assets.



ALLIED UNIVERSAL: Incremental Loan No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service said that Allied Universal Holdco LLC's
$850 million incremental term loan issuance is credit neutral since
proceeds will be used to term out existing debt under the company's
revolvers. As of September 30, 2021, the company had $850 million
of debt under its $300 million cash revolver and its $1,500 million
asset-based lending ("ABL") revolver. This debt was incurred to
fund acquisitions during 3Q 2021. The company acquired MSA Security
and a few other smaller companies in the security business.

The B2 CFR reflects the company's high leverage of 7.8x (Moody's
adjusted and pro forma for acquired EBITDA) as of the end of
September 2021, that should fall below 6.0x by the end of 2022.
Leverage declines will be driven by 2% to 4% organic revenue
growth, expanding rates of profitability enabled by the anticipated
achievement of over $150 million of annual cost reduction targets,
as well as some debt repayment. However, cost reductions could take
longer than planned or prove difficult to achieve. EBITA to
interest expense expected around 2.5 times and free cash flow
(before transaction expenses) to debt of at least 3% anticipated,
as well as a very good liquidity profile, provide further rating
support.

Allied Universal, headquartered in Conshohocken, Pennsylvania and
Santa Ana, California and controlled by affiliates of private
equity sponsors Warburg Pincus and CDPQ, is one of the world's
largest security and related services company. The company has
operations across North America, Europe, the Middle East, Africa,
Asia Pacific and Latin America. Pro forma revenue including G4S and
other tuck-in acquisitions) for the LTM September 2021 period was
$19 billion.


AMERICAN RESOURCE: Trustee Taps Kroll LLC as Special Counsel
------------------------------------------------------------
Barry Mukamal, the Chapter 11 trustee for American Resource
Management Group, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Flordia to hire Kroll, LLC to
serve as his special counsel.

The trustee needs the firm's legal assistance in the adversary
proceeding captioned as Barry E. Mukamal, as Chapter 11 Trustee v.
Larry Scott Morse, Juliana Ladino Morse, and Morse Family Holdings,
LLC.

The firm will be paid an hourly fee of $550.

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

The firm can be reached at:

     James Feltman, Esq.
     Kroll, LLC
     55 East 52nd Street, 17 Floor
     New York, NY 10055
     Tel: +1 212 593 1000 / +1 212 450 2854

                      About American Resource

American Resource Management Group, LLC (DE) and its affiliates
filed Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Lead Case
No. 19-14605) on April 9, 2019. Shyla Cline and Scott Morse,
managers, signed the petitions.  In its petition, American Resource
estimated $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.

Judge Scott M. Grossman oversees the cases.  

Tate M. Russack, Esq., an attorney based in Boca Raton, Fla., is
the Debtors' bankruptcy attorney.

Barry Mukamal is the Chapter 11 trustee appointed in the Debtors'
bankruptcy cases.  Kozyak Tropin & Throckmorton, LLP represents the
trustee as bankruptcy counsel while Bast Amron, LLP, Meland
Budwick, PA and Kroll, LLC serve as special counsel.  Mr. Mukamal
also tapped Smith, Tozian, Daniel & Davis, PA, R.D. Wallace
Resources LLC, and C. Steven Baker as expert consultants and
KapilaMukamal, LLP as accountant.


AMERILIFE HOLDINGS: Incremental Loan No Impact on Moody's 'B3' CFR
------------------------------------------------------------------
Moody's Investors Service says the ratings of AmeriLife Holdings
LLC (corporate family rating B3) remain unchanged following the
company's announcement that it plans to raise an incremental
first-lien term loan of $135 million (rated B2). AmeriLife will use
proceeds from the incremental borrowing, along with cash on hand
plus an equity contribution from the company's private equity
sponsor, Thomas H Lee Partners L.P., to fund acquisitions, repay
revolving credit borrowings, and pay related fees and expenses. The
rating outlook for AmeriLife is unchanged at stable.

RATINGS RATIONALE

AmeriLife's ratings reflect its role as a leading independent
marketer and distributor of health, fixed annuity, life and
supplemental products to the growing senior population. AmeriLife
distributes its products mainly through a network of independent
and captive career agents who sell door-to-door. AmeriLife is
accelerating its investment in higher growth segments, including
direct-to-consumer channels. Since 2019, the company's strategy has
also included expansion of its retirement services business through
its ownership of investment advisory firm Brookstone Capital
Management.

These strengths are offset by the company's aggressive financial
leverage, execution and contingent risks associated with its
acquisitions, low interest and cash flow coverage, and modest size
relative to other rated insurance brokers and service companies.
AmeriLife has a business concentration in Medicare products, which
are subject to political and regulatory pressures, and a geographic
concentration in Florida, given its target demographic market,
although the company is expanding and diversifying its geographic
scope.

Giving effect to the pending transactions, AmeriLife will have a
pro forma debt-to-EBITDA ratio above 7x, (EBITDA - capex) interest
coverage around 2x, and free-cash-flow-to-debt in the
low-to-mid-single digits, according to Moody's estimates. These pro
forma metrics reflect Moody's accounting adjustments for operating
leases, run-rate earnings from completed and pending acquisitions,
noncontrolling interest expenses and certain non-recurring items.

AmeriLife's financial leverage remains high for its rating
category, leaving little room for error in managing its existing
and newly acquired operations. While AmeriLife will continue to
pursue acquisitions for the remainder of 2021, Moody's expects the
company to slow its acquisition pace next year to focus more on
integration, organic growth and reducing its leverage below 7x
through EBITDA growth. The firm's private equity sponsor, Thomas H.
Lee Partners L.P., has a good record of providing support for the
company's growth strategy.

The following ratings remain unchanged:

Corporate family rating B3;

Probability of default rating B3-PD;

$100 million ($60 million outstanding at 9/30/2021) first-lien
senior secured revolving credit facility maturing in March 2025, at
B2 (LGD3);

$775 million ($767 million outstanding, both amounts include
pending $135 million increase) first-lien senior secured term loan
maturing in March 2027, at B2 (LGD3);

$190 million second-lien senior secured term loan maturing in March
2028, at Caa2 (LGD6).

The rating outlook for the issuer is unchanged at stable.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

AmeriLife is a national insurance marketing organization (IMO),
acting as the primary intermediary in the distribution of health,
life and retirement insurance products across the US and Puerto
Rico, primarily to the senior market. The company markets and
distributes life and health insurance products on behalf of various
partner insurance carriers. The company operates through a national
distribution network of over 300,000 insurance agents and brokers
via more than 48 marketing organizations, and over 45 insurance
agency locations. AmeriLife reported GAAP revenues of $339 million
in 2020.


ASTROTECH CORP: Incurs $2 Million Net Loss in First Quarter
-----------------------------------------------------------
Astrotech Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.03 million on $187,000 of revenue for the three months ended
Sept. 30, 2021, compared to a net loss of $2.11 million on $140,000
of revenue for the three months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $61.60 million in total
assets, $2.11 million in total liabilities, and $59.49 million in
total stockholders' equity.

As of Sept. 30, 2021, the Company held cash and cash equivalents of
$31.7 million, and its working capital was approximately $59.1
million.  As of June 30, 2021, the Company had cash and cash
equivalents of $35.9 million, and our working capital was
approximately $60.9 million.  Cash and cash equivalents decreased
$4.3 million as of Sept. 30, 2021, compared to June 30, 2021, due
to the partial repayment of the related party notes including
accrued interest as well as continuing operating expenses.

Cash used in operating activities increased $0.7 million for the
three months ended Sept. 30, 2021, compared to the three months
ended Sept. 30, 2020, due to an increase in accounts receivable
from sales of the TRACER 1000, as well as increases in inventory
and accounts payable as it continues to purchase raw materials to
build the TRACER 1000.

Cash used in investing activities increased $81,000 for the three
months ended Sept. 30, 2021, compared to the three months ended
Sept. 30, 2020, due to the addition of leasehold improvement assets
related to its new R&D facility in Austin.

Cash used in financing activities increased $2.0 million for the
three months ended Sept. 30, 2021, compared to the three months
ended Sept. 30, 2020 due to the partial repayment of the related
party notes.

Astrotech stated, "Historically, our primary uses of cash have been
to fund research and development, inventory, and selling, general
and administrative expenses.  During the fiscal year 2021, we
successfully completed several public offerings of our common
stock, raising net proceeds of approximately $67.6 million.  We
will continue to evaluate opportunities to further strengthen our
liquidity, including selling the Company or a portion thereof,
licensing some of our technology, raising additional funds through
the capital markets, debt financing, equity financing, merging, or
engaging in a strategic partnership.  However, our ability to
successfully effectuate any such transactions depends on operating
and economic conditions, some of which are beyond our control.  If
additional capital is needed, we may not be able to obtain debt or
equity financing on terms favorable to us, or at all.  Based on
current expectations, we believe we have sufficient liquidity to
meet our capital expenditure and cash flow needs during the fiscal
year 2022 from our available financial resources."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1001907/000156459021056676/astc-10q_20210930.htm

                          About Astrotech

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

Astrotech reported a net loss of $7.60 million for the year ended
June 30, 2021, compared to a net loss of $8.31 million for the year
ended June 30, 2020.  As of June 30, 2021, the company had $65.63
million in total assets, $4.43 million in total liabilities, and
$61.21 million in total stockholders' equity.


AUBURN SCHOOL: Taps Symphony Properties as Real Estate Broker
-------------------------------------------------------------
Auburn School, LLC and School Place, LLC seek approval from the
U.S. Bankruptcy Court for the District of Massachusetts to employ
Symphony Properties to assist in the sale of real properties
located at 166 to 168 Auburn St., Cambridge, Mass.

The firm will receive a commission of 4 percent of the gross sales
price.

Daniel Tully, Symphony's authorized agent, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Daniel Tully
     Symphony Properties
     224 Claredon St., Suite 52
     Boston, MA 02116
     Phone: +1 617-536-1400
     Email: daniel@symphonyproperties.com

               About Auburn School and School Place

Auburn School, LLC and School Place, LLC filed voluntary petitions
for Chapter 11 protection (Bankr. D. Mass. Case Nos. 21-11620 and
21-11621) on Nov. 7, 2021, listing up to $1 million to $10 million
in both assets and liabilities. Lou G. Makrigiannis, manager,
signed the petitions. Judge Frank J. Bailey oversees the cases.
Michael Van Dam, Esq., at Van Dam Law LLP serves as the Debtors'
legal counsel.


AURORA READYMIX: Unsecureds Will be Paid in Full Over 3 Years
-------------------------------------------------------------
Aurora Readymix Concrete, LLC, submitted a Corrected First Amended
Plan of Reorganization.

The Debtor was formed by Juan A. Sierra as a Texas single member
limited liability company in 2015 to buy and sell concrete to
jobsites in the Houston metropolitan region. Debtor was an
operating entity until approximately October, 2020. Debtor's credit
terms with its suppliers became onerous and Debtor was unable to
pay its suppliers for the concrete that they supplied to Debtor for
Debtor's customers. Three suppliers filed lawsuits and obtained
default judgments against Debtor totaling approximately
$137,000.00. In addition, Debtor's landlord at that time terminated
its lease with Debtor and Debtor was prevented from operating at
its original location. Debtor's principal assets consist of consist
of six operating cement mixer trucks, two inoperable cement mixer
trucks that are in need of significant repair to render them
operable, and one truck chassis that is used primarily for parts
replacement in the other trucks.

Mr. Sierra, some of his family members and some outside investors
determined that a new entity should be created to continue the
concrete work previously begun by Debtor with one important
addition. They decided that the new entity should have a concrete
production plant constructed so that the new entity would not have
to suffer the problems encountered by Debtor in its concrete
business. Rockcrete began using the cement mixer trucks in October,
2020 and has continued to the present day. Rockcrete has agreed to
fund Debtor's plan by entering into a lease with an option to
purchase the trucks. The lease will provide Debtor, which has no
other source of funds, with the funds to consummate its plan.

The key terms of the Plan are as follows:

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

   * Gulf Coast Concrete & Shell, Inc.'s secured claim paid in full
with interest over three (3) years;

   * Lehigh Hanson, Inc. and Campbell Concrete, Inc.'s secured
claim paid in full with interest over three (3) years;

   * Fort Bend County Tax Assessor Collector's secured claim paid
in full with interest over three (3) years;

   * Fort Bend Independent School District's secured claim paid in
full with interest over three (3) years;

   * IRS priority claim for income taxes for 2019 will be paid by
Juan Adolfo Sierra in his Chapter 13 case because Debtor is a
Subchapter S corporation for tax purposes and all tax attributes
flow through to Mr. Sierra as sole member;

   * IRS priority claim for 2018, 2019 and 2020 heavy vehicle tax
and 2018 FUTA tax will be paid in full within 30 days after the
effective date of the plan;

   * IRS priority claim for payroll taxes and federal unemployment
taxes for 2019, 2020, and 2021 is a disputed claim because Debtor
did not have employees during the periods in question and did not
owe such taxes; and

   * Creditors holding allowed unsecured nonpriority claims will be
paid in full without interest over 3 years.

Class 5: Unsecured Creditors is comprised of the approximately
$276,229 in unsecured nonpriority claims listed on the Debtor's
schedules and filed unsecured claims.  Included in this total is
the general unsecured claim of Rockcrete Ready Mix, LLC of $154,144
arising from Rockcrete's having paid the lien of Navitas Credit
Corp. against five of the trucks.  Rockcrete has agreed to reduce
its general unsecured claim to $28,800 which is the amount of the
receivable that Rockcrete owes Aurora in exchange for Aurora's
agreement to allow Rockcrete to offset its claim of $28,800.00
against the receivable. This agreement will reduce the allowed
unsecured nonpriority claims to $122,085.09. Debtor has scheduled
the claim of the Texas Department of Public Safety ("TDPS") in the
amount of $5,890.00 as disputed, and the TDPS has not filed a proof
of claim. TDPS as a governmental unit has until December 20, 2021
to file a proof of claim. If TDPS files a proof of claim, Debtor
will review it to determine whether to object to it. The unsecured
nonpriority claims amount includes the IRS claim for tax penalties
of $2,878.77. Debtor believes that if the IRS priority claim is
reduced, its penalty claim will also be reduced but the amount of
the penalty claim cannot be determined.

The allowed unsecured claims will be paid in full without interest
in quarterly installments beginning on the first day of the
calendar quarter following 90 days after the Effective Date. Each
quarterly payment to an unsecured nonpriority creditor shall be
determined by multiplying the amount allocated by the Debtor on a
quarterly basis to unsecured nonpriority claims (currently
$9,684.00) by a fraction in which the allowed claim is the
numerator and the total of the allowed nonpriority unsecured claims
is the denominator. Class 5 is impaired.

     ATTORNEYS FOR AURORA READYMIX
     CONCRETE, LLC:

     Adrian S. Baer
     Texas Bar No. 01501900
     LAW OFFICES OF ADRIAN S. BAER
     3306 Sul Ross
     Houston, Texas 77098
     Telephone: (713) 630-0600
     Facsimile: (713) 630-0017
     E-mail: abaer@clegal.com

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/30np4dx from PacerMonitor.com.

                    About Aurora ReadyMix Concrete

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

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


AVINGER INC: Posts $6 Million Net Loss in Third Quarter
-------------------------------------------------------
Avinger, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss applicable to
common stockholders of $5.96 million on $2.37 million of revenues
for the three months ended Sept. 30, 2021, compared to a net loss
applicable to common stockholders of $5.49 million on $2.30 million
of revenues for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss applicable to common stockholders of $15.55 million on
$7.73 million of revenues compared to a net loss applicable to
common stockholders of $17.28 million on $6.03 million of revenues
for the same period during the prior year.

As of Sept. 30, 2021, the Company had $33.74 million in total
assets, $22.17 million in total liabilities, and $11.57 million in
total stockholders' equity.

Jeff Soinski, Avinger's president and CEO, commented, "We continued
progress on our key strategic and market growth initiatives in the
third quarter, including filing a 510(k) application for our new
Lightbox 3 imaging console, advancing the development of our new
catheter programs, and expanding our platform to eight new clinical
sites.  The third quarter was challenging as hospitals across the
country, and especially those in key Avinger markets in the South,
limited procedural volume due to the resurgence of COVID-19
infection.  We are hopeful that conditions will improve in the
fourth quarter and that hospitals will be in a position to return
to more normalized case activity in early 2022."

"We announced the submission of a 510(k) application in July to
expand the clinical indication for Pantheris to include the
treatment of in-stent restenosis.  This application is supported by
the positive clinical data generated in our INSIGHT clinical trial,
which were presented at the VIVA conference in October," Soinski
continued.  

"We are excited about the potential approval of this expanded
indication, since ISR represents an important market with few
treatment options and Pantheris provides a highly differentiated
solution for these patients.  In early August, we submitted a
510(k) application for our next generation imaging console, the
Lightbox 3.  This proprietary new console features a significantly
reduced size, lower cost, and enhanced user interface, anticipated
to accelerate the pace and efficiency of new account acquisition,
streamline workflows, and provide the opportunity to support new
catheter capabilities in the future.  As we continue to expand the
market opportunity for our products, the company has advanced the
development of two new line extensions of its catheter solutions
for the treatment of PAD.  The first is an extension of our new
Tigereye CTO crossing catheter for the treatment of fully blocked
arteries.  The second is an extension of Avinger's family of
image-guided atherectomy devices, designed to provide a more
streamlined approach for physicians when treating PAD.  The company
expects to complete product development over the next few months
and file for regulatory clearance in the U.S. and CE Mark countries
in the first half of 2022," Soinski further said.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1506928/000143774921026253/avgr20210930_10q.htm

                           About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).

Avinger reported a net loss applicable to common stockholders of
$22.87 million for the year ended Dec. 31, 2020, compared to a net
loss applicable to common stockholders of $23.03 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$38.19 million in total assets, $20.91 million in total
liabilities, and $17.28 million in total stockholders' equity.
Cash
and cash equivalents totaled $26.7 million as of June 30, 2021.


AVIS BUDGET: Moody's Upgrades CFR to B1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Avis Budget Car
Rental, LLC, including the corporate family rating to B1 from B2,
the probability of default rating to B1-PD from B2-PD, the senior
secured rating to Ba1 from Ba2, and the senior unsecured rating to
B2 from B3. Moody's also upgraded the senior unsecured rating of
Avis Budget Finance PLC to B2 from B3. Moody's changed the outlook
to stable, from negative. The Speculative Grade Liquidity rating is
unchanged at SGL-3.

The ratings upgrade reflects Moody's expectation that Avis will
continue to show good financial performance as the recovery in
rental car demand takes further hold, with earnings boosted in the
near-term by an industry fleet size that lags the recovery in
demand.

Upgrades:

Issuer: Avis Budget Car Rental, LLC

Corporate Family Rating, Upgraded to B1 from B2

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

Senior Secured Bank Credit Facility, Upgraded to Ba1 (LGD2) from
Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD5)
from B3 (LGD5)

Issuer: Avis Budget Finance PLC

Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Avis Budget Car Rental, LLC

Outlook, Changed To Stable From Negative

Issuer: Avis Budget Finance PLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The B1 corporate family rating reflects the competitive position
that Avis holds in the car rental industry relative to its US and
European peers. Avis' revenues are fairly diversified across
on-airport and off-airport operations, leisure and corporate travel
and by geography. Strategically, Avis is intently focused on
enhancing customer experience, operational efficiency, connectivity
and fleet discipline.

Still, despite its oligopolistic nature, the car rental market is
highly competitive and poses several challenges that Avis has to
contend with. These challenges include the cyclical nature of the
industry, the possibility of future imbalances between industry
fleet levels and customer demand, a heavy reliance on capital
markets to fund annual fleet purchases, and the need to adapt to an
evolving transportation landscape.

The stable outlook reflects Moody's expectation that Avis will
continue to generate robust earnings over the next 12 months, as
car rental demand strengthens further, the industry fleet size
remains constrained and prices for used vehicles remain well above
historical levels.

Moody's expects liquidity will be adequate (SGL-3). Avis maintains
a sizeable cash balance and available capacity under its revolving
credit facility and vehicle financing program was $3.1 billion in
aggregate as of September 30. Due to the capital-intensive nature
of the car rental business, free cash flow has historically been
around breakeven, even after accounting for proceeds from the sale
of used vehicles.

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

The ratings could be upgraded with evidence that Avis' cost
reduction and revenue enhancing initiatives are contributing to a
sustained improvement in performance, while industry fleet capacity
remains disciplined. Metrics that would reflect this improvement
include: pre-tax income as a percent of sales of at least 5%;
EBITA/average assets around 7.5%; and debt/EBITDA below 4 times.
Good liquidity is also a requirement for an upgrade.

The ratings could be downgraded if Avis is unable to manage fleet
size such that utilization weakens to well below 70%, if revenue
per vehicle per day drops below pre-pandemic levels, if Avis'
ability to dispose vehicles becomes constrained, or if there is a
steep drop in used vehicle prices that could require Avis to
increase collateral under its vehicle financing programs. Metrics
that contribute to a rating downgrade include pre-tax income as a
percent of sales of about 2.5%, EBITA/average assets of less than
4%, or debt/EBITDA sustained above 4.5 times.

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

Avis Budget Car Rental, LLC is one of the world's leading car
rental companies, operating under the Avis, Budget and Zipcar
brands in more than 10,000 rental locations worldwide. Revenue for
the last 12 months ended September 2021 was $8.1 billion.


AXIA REALTY: Court Approves Disclosure and Confirms Plan
--------------------------------------------------------
Judge Martin Glenn has entered an order approving the Amended
Disclosure Statement and confirming the Amended Plan of Axia
Realty, LLC.

The issuance or the making or delivery of an instrument of transfer
including recording of the deed with respect to the Sale of Unit 2
contemplated under the Amended Plan and any and all related
transfer documents and other related instruments, contemplated
under the Amended Plan constitute "the making or delivery of an
instrument of transfer under an Amended Plan confirmed under
section 1129" within the meaning of section 1146(a) of the
Bankruptcy Code and will be free from the imposition of taxes of
the kind specified in section 1146(a) of the Bankruptcy Code.

The settlement between the Debtor, Phoenix, Levant and the Guardian
incorporated into the Amended Plan as provided in the Global
Settlement Agreement is a reasonable exercise of the Debtor's
business judgment, results from arms'-length negotiations conducted
in good faith between the parties, and is fair, reasonable, and
adequately based upon the facts and circumstances of the Debtor's
Chapter 11 case before this Court.

Pursuant to sections 1123 and 1141(c) of the Bankruptcy Code, the
Sale if Unit 2 as authorized pursuant to the order of this Court
dated October 27, 2021 and pursuant to Article VI of the Amended
Plan shall be free and clear of any Claims, Liens, encumbrances,
and interests of any kind or nature whatsoever.

All holders of Claims, Liens, encumbrances, and interests against
the Debtor, or its estate, including Unit 2, are bound by this
Confirmation Order and the Amended Plan pursuant to section 1141(a)
of the Bankruptcy Code. All holders of such Claims, Liens,
encumbrances, and interests are adequately protected by having
their Claims, Liens, encumbrances, and interests, if any, in each
instance against the Debtor, or its assets, attach to the net cash
proceeds generated from the Sale Proceeds with the same validity,
force, and effect that such Claim, Lien, encumbrances, or interest
had prior to consummation of the Unit 2 Sale, subject to any claims
and defenses the Debtor and its estate may possess with respect
thereto, and with such Claims, Liens, encumbrances, or interests
being treated in accordance with the Amended Plan.

The Amended Plan contemplates the Sale of Unit 2 promptly after
confirmation of the Amended Plan to 40 East 72nd Street Unit 2 LLC
pursuant to this Court's order dated October 27, 2021. Pursuant to
11 U.S.C. § 1146(a), the Sale of Unit 2 and the making or delivery
of any instrument of transfer in connection with or in furtherance
of the Amended Plan shall not be subject to any tax under any law
imposing a stamp tax, transfer tax, mortgage recording tax, or
similar tax, to the fullest extent provided by law, including but
not limited to (i) any mortgage recording taxes imposed under
Article 11 of the Tax Law of the State of New York, (ii) the Real
Estate Transfer Tax imposed under Article 31 of the Tax Law of the
State of New York, (iii) the Real Property Transfer Tax imposed
under title 11, chapter 21 of the New York City Administrative
Code, (iv) NY Tax Law 1402-b(a)(4) (Mansion Tax), and (v) any
similar tax on the recording of deeds, transfers or property or
ownership interests in property, (collectively, the "Exempt
Taxes").

                        About Axia Realty

Axia Realty, LLC, is a New York limited liability company and the
sponsor of a boutique luxury condominium development located at 40
East 72nd Street, in New York, NY.  The sole equity interest
holders are Antonia and Spiros Milonas.  Antonia is currently
acting as the Debtor's sole manager due to Spiros having been
judicially declared incapacitated and unable to manage his own
assets by order of the New York Court.

New York-based Axia Realty, LLC, filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 20-12511) on Oct. 26, 2020.  Antonia
Milonas, manager, signed the petition.  In its petition, the Debtor
disclosed $45,750,000 in assets and $9,197,428 in liabilities.

Judge Martin Glenn presides over the case.

The Debtor tapped Tarter Krinsky & Drogin LLP as bankruptcy counsel
and Vernon Consulting Inc. as financial advisor and accountant.


BLUE CHIP: Case Summary & 12 Unsecured Creditors
------------------------------------------------
Debtor: Blue Chip Hotels Assets Group Birmingham East, LLC
          DBA USA Economy Lodge
        7941 Crestwood Blvd
        Irondale, AL 35210

Business Description: The Debtor is part of the hotel and motel
                      industry.

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       Northern District of Alabama

Case No.: 21-02685

Judge: Hon. Tamara O. Mitchell

Debtor's Counsel: C. Taylor Crockett, Esq.
                  C. TAYLOR CROCKETT, P.C.
                  2067 Columbiana Road
                  Birmingham, AL 35216
                  Tel: (205) 978-3550
                  Email: taylor@taylorcrockett.com
                
Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nilesh Mehta as managing member.

A copy of the Debtor's list of 12 unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/SBI2LTY/Blue_Chip_Hotels_Assets_Group__alnbke-21-02685__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/SF6ZYSI/Blue_Chip_Hotels_Assets_Group__alnbke-21-02685__0001.0.pdf?mcid=tGE4TAMA


BLUE JAY: Seeks to Employ Frederic Schwieg as Bankruptcy Attorney
-----------------------------------------------------------------
Blue Jay Communications, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Ohio to employ
Frederic Schwieg, an attorney practicing in Rocky River, Ohio, to
handle its Chapter 11 case.

The services that will be provided by the attorney include the
preparation of pleadings, examination or deposition of witnesses,
participation in sale negotiations, and the preparation of a plan
of reorganization.

The attorney will bill $300 per hour for his services.

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

Mr. Schwieg holds office at:

     Frederic P. Schwieg, Esq.
     Frederic P. Schwieg Attorney at Law
     19885 Detroit Rd #239
     Rocky River, OH 44116-1815
     Tel: 440-499-4506
     Fax: 440-398-0490
     Email: fschwieg@schwieglaw.com

                   About Blue Jay Communications

Blue Jay Communications Inc. is a Toledo, Ohio-based company that
specializes in the needs of telecommunications and networking
services with customers ranging from large communities to
government agencies.

Blue Jay Communications filed its voluntary petition for Chapter 11
protection (Bankr. N.D. Ohio Case No. 21-31915) on Nov. 9, 2021,
listing $5,145,458 in assets and $7,618,110 in liabilities. John
Houlihan, president of Blue Jay Communications, signed the
petition.

Judge Mary Ann Whipple presides over the case.

Frederic P. Schwieg, Esq., at Frederic P. Schwieg Attorney at Law
represents the Debtor as legal counsel.


BOY SCOUTS: Scrambling for Damage Control After Damaging Email
--------------------------------------------------------------
Maria Chutchian of Reuters reports that lawyers for the Boy Scouts
of America are scrambling to mitigate potential damage they say was
caused by an "inflammatory" email sent to thousands of men who say
they were sexually abused by troop leaders ahead of a key deadline
in the youth organization's bankruptcy.

U.S. Bankruptcy Judge Laurie Selber Silverstein in Delaware said
during a virtual hearing on Friday, Nov. 12, 2021, that she thinks
the email distributed by lawyers for the official committee
representing survivors in the bankruptcy may constitute "a breach
of professional ethics."

The email, authored by plaintiffs' lawyer Tim Kosnoff, urged
survivors to vote against the Boy Scouts of America (BSA)
reorganization plan, which rests on a proposed settlement of more
than 80,000 sex abuse claims.  It also included what BSA described
as attacks on other lawyers in the case and inaccurate statements
about the plan.

BSA's lawyers said the email could have "disastrous effects" by
confusing survivors and tainting their votes on the plan, which are
due Dec. 14.  The organization needs the votes to settle the claims
and exit bankruptcy.

They told Judge Silverstein they are working to remedy the
situation by following up with survivors who received the email.

BSA, which filed for bankruptcy in February 2020 to resolve the sex
abuse lawsuits, has proposed a deal to compensate survivors, with
$1.887 billion in funding currently available.

The Nov. 6, 2021 e-mail was sent to more than 12,000 of Kosnoff's
own clients and around 7,500 other survivors who are not his
clients.  Committee lawyers said on Friday that the group does not
necessarily endorse all of the email's statements even though it
also opposes the plan and sent the message from its own account.

Judge Silverstein, on Friday, Nov. 12, 2021, was skeptical.

"That's sort of like the people who say, 'Oh I didn't view the
whole tweet to see what it says, I just retweeted it,'" she said.

Committee lawyers say that while they did intend to send the email
to Kosnoff's clients, they did not mean to send it to the others.
Boy Scouts' attorneys called the email an "intentional and illegal
effort to solicit votes to reject" the plan.

An attorney for the committee, Debra Grassgreen of Pachulski Stang
Ziehl & Jones, on Friday agreed that the email was "inflammatory"
but not defamatory.

For the Boy Scouts: Jessica Lauria, Michael Andolina, Matthew
Linder and Laura Baccash of White & Case; and Derek Abbott and
Andrew Remming of Morris, Nichols, Arsht & Tunnell

For the tort committee: James Stang, Debra Grassgreen, Iain
Nasatir, John Morris, James O'Neill and John Lucas of Pachulski
Stang Ziehl & Jones

                   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.


BRADBURY LOGISTICS: Gets OK to Hire Boyer Terry as Legal Counsel
----------------------------------------------------------------
Bradbury Logistics & Services, LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ Boyer
Terry, LLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) giving the Debtor legal advice with respect to its powers
and duties in the continued operation of its business and
management of its property;

     (b) preparing legal papers;

     (c) continuing litigation to which the Debtor may be a party
and conducting examinations incidental to the administration of the
Debtor's estate;

     (d) taking necessary actions for the proper preservation and
administration of the estate;

     (e) assisting the Debtor in the preparation and filing of a
statement of financial affairs and bankruptcy schedules;

     (f) taking necessary actions related to the use by the Debtor
of its property pledged as collateral;

     (g) pursuing claims held by the Debtor;

     (h) assisting the Debtor in connection with claims for taxes
made by governmental units; and

     (i) perform other necessary legal services.

The firm's hourly rates are as follows:

     Attorney       $300 - $340 per hour
     Paralegals     $100 per hour

Boyer Terry received a pre-bankruptcy advance deposit of $10,000.

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

The firm can be reached through:

     Wesley J. Boyer, Esq.
     Boyer Terry, LLC
     348 Cotton Avenue, Suite 200
     Macon, GA 31201
     Phone: (478) 742-6481
     Email: Wes@BoyerTerry.com

                About Bradbury Logistics & Services

Bradbury Logistics & Services, LLC filed a petition for Chapter 11
protection (Bankr. M.D. Ga. Case No. 21-50923) on Oct. 7, 2021,
listing as much as $1 million in both assets and liabilities.
Judge James P. Smith oversees the case.  Wesley J. Boyer, Esq., at
Boyer Terry, LLC represents the Debtor as legal counsel.


BRAZOS ELECTRIC: Judge Won't Toss Suit vs. $2-Bil. ERCOT Bill
-------------------------------------------------------------
Jeremy Hill, writing for Bloomberg News, reports that U.S.
Bankruptcy Judge David R. Jones on Monday, November 15, 2021,
handed Brazos Electric Power Cooperative an early victory in a
fight with Texas' electric grid operator over unpaid power bills.

Judge Jones denied a request from the grid operator, Electric
Reliability Council of Texas Inc., to toss a lawsuit from Brazos
seeking to challenge the amount the cooperative owes to ERCOT in
the aftermath of Winter Storm Uri.

Lawyers for Brazos have said ERCOT violated pricing protocols when
it billed the cooperative about $2 billion following the storm and
are now seeking a trial to determine the correct amount.

                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.

Before the severe cold weather that blanketed Texas with
sub-freezing temperatures February 2021, Brazos Electric was in all
respects a financially robust, stable company with a strong "A" to
"A+" credit rating. But Brazos Electric Power Cooperative ended up
in Chapter 11 bankruptcy in Texas after racking up an estimated
$2.1 billion in charges from Electric Reliability Council of Texas
(ERCOT) over seven days of the freeze.  

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.


BRIGHT MOUNTAIN: Amends Credit Agreement for Additional $800K Loan
------------------------------------------------------------------
Bright Mountain Media, Inc. and its subsidiaries entered into a
sixth amendment to the credit agreement dated June 5, 2020, with
Centre Lane Partners Master Credit Fund II, L.P. to provide for an
additional loan amount of $800,000.  This term loan will be repaid
on Feb. 15, 2022.  

In addition, the company, will be obligated to issue an additional
7,500,000 shares of its common stock to Centre Lane Partners (or a
designated affiliate).

                       About Bright Mountain

Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is an end-to-end digital media and
advertising services platform, efficiently connecting brands with
targeted consumer demographics.  In addition to its corporate
website, the Company owns and/or manages 24 websites which are
customized to provide its niche users, including active, reserve
and retired military, law enforcement, first responders and other
public safety employees with products, information and news that
the Company believes may be of interest to them.  The Company also
owns an ad network which was acquired in September 2017.

Bright Mountain reported a net loss of $3.40 million for the year
ended Dec. 31, 2019, compared to a net loss of $5.22 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $42.77 million in total assets, $29.92 million in total
liabilities, and $12.85 million in total shareholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
May 14, 2020, citing that the Company has experienced recurring net
losses, cash outflows from operating activities, and has an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.


CADIZ INC: Incurs $7.8 Million Net Loss in Third Quarter
--------------------------------------------------------
Cadiz Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss and
comprehensive loss of $7.84 million on $142,000 of total revenues
for the three months ended Sept. 30, 2021, compared to a net loss
and comprehensive loss of $4.49 million on $139,000 of total
revenues for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss and comprehensive loss of $25.35 million on $422,000 of
total revenues compared to a net loss and comprehensive loss of
$29.80 million on $401,000 of total revenues for the same period
during the prior year.

As of Sept. 30, 2021, the Company had $120.11 million in total
assets, $72.99 million in total liabilities, and $47.12 million in
total stockholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/727273/000143774921026346/cdzi20210930_10q.htm

                          About Cadiz Inc.

Founded in 1983 and headquartered in Los Angeles, California, Cadiz
Inc. -- http://www.cadizinc.com-- is a natural resources
development company dedicated to creating sustainable water and
agricultural opportunities in California. The Company owns 70
square miles of property with significant water resources in
Southern California and are the largest agricultural operation in
San Bernardino, California, where we have sustainably farmed since
the 1980s. The Company is also partnering with public water
agencies to implement the Cadiz Water Project, which was named a
Top 10 Infrastructure Project that over two phases will create a
new water supply for approximately 400,000 people and make
available up to 1 million acre-feet of new groundwater storage
capacity for the region.

Cadiz Inc. reported a net loss and comprehensive loss applicable to
common stock of $37.82 million for the year ended Dec. 31, 2020,
compared to a net loss and comprehensive loss applicable to common
stock of $29.53 million for the year ended Dec. 31, 2019.  As of
June 30, 2021, the Company had $101.64 million in total assets,
$106.71 million in total liabilities, and a total stockholders'
deficit of $5.07 million.


CAMBER ENERGY: Files Amended Series C Preferred Stock Designation
-----------------------------------------------------------------
Camber Energy, Inc. filed with the Secretary of State of Nevada a
fifth amended and restated designation regarding its Series C
Convertible Preferred Stock, which amended the Designations to
provide that holders of the Series C Preferred Shares are permitted
to vote together with holders of common stock on all matters other
than election of directors and shareholder proposals, on an as-if
converted basis but subject to the beneficial ownership limitation
in the Designations.  

Camber Energy was obligated to make the aforementioned amendment
pursuant to the terms of the agreement the company signed with
certain holders of the Series C Preferred Stock on or about Oct. 9,
2021.

                        About Camber Energy

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

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

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


CAPSTONE GREEN: Incurs $6 Million Net Loss in Second Quarter
------------------------------------------------------------
Capstone Green Energy Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $5.99 million on $17.20 million of total revenue for
the three months ended Sept. 30, 2021, compared to a net loss of
$4.21 million on $14.91 million of total revenue for the three
months ended Sept. 30, 2020.

For the six months ended Sept. 30, 2021, the Company reported a net
loss of $8.18 million on $33.28 million of total revenue compared
to a net loss of $6.04 million on $29.10 million of total revenue
for the six months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $108.36 million in total
assets, $91.58 million in total liabilities, and $16.78 million in
total stockholders' equity.

"We remain laser-focused on revenue growth and our efforts are
showing in the results, with year-over-year, quarter-over-quarter,
and sequential revenue growth," said Darren Jamison, president and
chief executive officer of Capstone Green Energy.  "Growing our
rental fleet is a pillar of our Energy as a Service and recurring
revenue strategy, and we announced during the quarter that we
expanded our long-term rental fleet from 12.1 MW to 13.1 MW, and in
October we announced additional contracts for 3.2 MW of long-term
rentals, and our goal of expanding the rental fleet to 17.1 MW by
December 31, 2021.  This is vital as we continue towards our
objective of growing the fleet to 21.1 MW by March 31, 2022, the
end of our fiscal year," concluded Mr. Jamison.

"Our ability to continue to grow our Energy as a Service business,
which includes rentals; long-term service contracts; spare parts;
and the Distributor Support Subscription fee, are all key to our
long-term strategy, as these recurring revenues drive higher
margins and better predictability than a traditional product sale,"
stated Eric Hencken, chief financial officer of Capstone Green
Energy.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1009759/000155837021015490/cgrn-20210930x10q.htm


                    About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN)
is a provider of customized microgrid solutions and on-site energy
technology systems focused on helping customers around the globe
meet their environmental, energy savings, and resiliency goals.
Capstone Green Energy focuses on four key business lines.  Through
its Energy as a Service (EaaS) business, it offers rental solutions
utilizing its microturbine energy systems and battery storage
systems, comprehensive Factory Protection Plan (FPP) service
contracts that guarantee life-cycle costs, as well as aftermarket
parts.  Energy Generation Technologies (EGT) are driven by the
Company's industry-leading, highly efficient, low-emission,
resilient microturbine energy systems offering scalable solutions
in addition to a broad range of customer-tailored solutions,
including hybrid energy systems and larger frame industrial
turbines.  The Energy Storage Solutions (ESS) business line designs
and installs microgrid storage systems creating customized
solutions using a combination of battery technologies and
monitoring software.  Through Hydrogen & Sustainable Products
(H2S), Capstone Green Energy offers customers a variety of hydrogen
products, including the Company's microturbine energy systems.

Capstone Green reported a net loss of $18.39 million for the year
ended March 31, 2021, compared to a net loss of $21.90 million for
the year ended March 31, 2020.


CAREVIEW COMMUNICATIONS: Incurs $1.9-Mil. Net Loss in Third Quarter
-------------------------------------------------------------------
Careview Communications, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.90 million on $2.21 million of net revenues for the
three months ended Sept. 30, 2021, compared to a net loss of $3.33
million on $1.57 million of net revenues for the three months ended
Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $7.41 million on $6.08 million of net revenues compared
to a net loss of $9.35 million on $4.96 million of net revenues for
the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $5.50 million in total
assets, $115.59 million in total liabilities, and a total
stockholders' deficit of $110.09 million.

The Company has experienced net losses and significant cash
outflows from cash used in operating activities over the past
years.  As of and for the nine months ended Sept. 30, 2021, the
Company had an accumulated deficit of approximately $195,000,000,
loss from operations of approximately $(362,000), net cash provided
by operating activities of approximately $295,000, and an ending
cash balance of approximately $271,000.

As of Sept. 30, 2021, the Company had cash and a working capital
deficit of approximately $85,600,000 consisting primarily of notes
payables and senior secured notes.  Management has evaluated the
significance of the conditions described above in relation to the
Company's ability to meet its obligations and concluded that,
without additional funding, the Company will not have sufficient
funds to meet its obligations within one year from the date the
condensed consolidated financial statements were issued.  While
management will look to continue funding operations by increased
sales volumes and raising additional capital from sources such as
sales of its debt or equity securities or loans to meet operating
cash requirements, there is no assurance that management's plans
will be successful.

Careview said, "Management continues to monitor the immediate and
future cash flows needs of the company in a variety of ways which
include forecasted net cash flows from operations, capital
expenditure control, new inventory orders, debt modifications,
increases sales outreach, streamlining and controlling general and
administrative costs, competitive industry pricing, sale of
equities, debt conversions, new product or services offerings, and
new business partnerships.

The Company's net losses, cash outflows, and working capital
deficit raise substantial doubt exists about the Company's ability
to continue as a going concern."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1377149/000138713121010947/crvw-10q_093021.htm

                   About CareView Communications

CareView Communications, Inc. -- http://www.care-view.com-- is a
provider of products and on-demand application services for the
healthcare industry, specializing in bedside video monitoring,
software tools to improve hospital communications and operations,
and patient education and entertainment packages.  Its proprietary,
high-speed data network system is the next generation of patient
care monitoring that allows real-time bedside and point-of-care
video monitoring designed to improve patient safety and overall
hospital costs.  The entertainment packages and patient education
enhance the patient's quality of stay.  CareView is dedicated to
working with all types of hospitals, nursing homes, adult living
centers and selected outpatient care facilities domestically and
internationally.  The Company's corporate offices are located at
405 State Highway 121 Bypass, Suite B-240, Lewisville, TX 75067.

Careview reported a net loss of $11.68 million for the year ended
Dec. 31, 2020, compared to a net loss of $14.14 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$5.50 million in total assets, $108.76 million in total
liabilities, and a total stockholders' deficit of $103.26 million.

BDO USA, LLP, in Dallas, Texas, the Company's auditor since 2010,
issued a "going concern" qualification in its report dated April 8,
2021, citing that the Company has suffered recurring losses from
operations and has accumulated losses since inception that raise
substantial doubt about its ability to continue as a going concern.


CARLSON TRAVEL: Court Supports Financial Restructuring
------------------------------------------------------
Phil Davies of Travel Weekly reports that a recapitalisation plan
agreed for business travel giant CWT will see $350 million pumped
into the company.

It came just 24 hours after Minneapolis-based CWT filed for Chapter
11 bankruptcy protection in order to push through the financial
restructuring.

The Plan agreed by a court on Friday provides the company with the
new equity to reinvest and enables all business partners and other
providers of goods and services to CWT to be paid in full.

The US travel management company plans to spend $100 million on its
myCWT travel management platform.

The recapitalisation, including halving its $1.6 billion of debt,
was approved in what was described as an "expedited legal process"
with the "overwhelming support" of CWT's financial stakeholders.

CWT said: "As the recovery in business travel and meetings and
events gains momentum, the targeted investments build on the
company's strategic development plans implemented during the
pandemic."

Additional details about CWT's investment plans will be announced
in the near term, the company added.

Chef executive Michelle McKinney Frymire said: "We are pleased to
have received prompt court approval of the agreement we reached
with CWT's financial stakeholders, which positions the company for
long-term success and provides significant financial resources to
further grow and develop our business."

"Having reached this important milestone, we are now able to move
beyond the pandemic and accelerate investments that create
innovative programs and industry" leading experiences, including an
enhanced myCWT platform.

"As business travel continues to recover, we look forward to
building on our momentum, continuing to advance our strategic
priorities for the benefit of our customers, partners and other
stakeholders, and delivering exceptional experiences for our
customers, travellers and attendees."

She added: 'On behalf of the leadership team, I thank all of our
CWT colleagues for continuing to perform at the highest level
despite the challenges created by the pandemic."

"I am tremendously proud of the many improvements we have already
implemented, laying a strong foundation for our future."

"I also want to thank our financial stakeholders for their
continued support and confidence in CWT, our strategy and services,
and, most of all, our great people."

                   About Carlson Travel Inc.

Headquartered in Minneapolis, Minnesota, Carlson Travel Inc., known
as CWT, is a Business-to-Business-for-Employees (B2B4E) travel
management platform.  CWT manages business travel, meetings,
incentives, conferencing, exhibitions, and handles event management
across six continents. Pre-pandemic, the Company handled 100
meetings and events and talked to almost 60,000 travelers DAILY.
The Company reported total transaction volume US$24.8 billion in
2019.

Carlson Travel Inc. and 37 affiliates, including Carlson Travel
Holdings, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead
Case No. 21-90017) on Nov. 11, 2021.  The case is handled by
Honorable Judge Marvin Igur.  In its petition, CWT listed assets
and liabilities of as much as $1 billion each.  

Kirkland & Ellis LLP is serving as legal adviser, Houlihan Lokey is
serving as financial adviser, AlixPartners LLP is serving as
restructuring adviser and Shearman & Sterling LLP is serving as
corporate finance counsel to CWT in connection with the
recapitalization process.  


CARLSON TRAVEL: Wins Interim Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has authorized Carlson Travel, Inc. and
affiliates to, among other things, use cash collateral on an
interim basis and provide adequate protection.

The Debtors need to continue to use cash collateral to, among other
things permit the orderly continuation of the operation of their
businesses and to pay the costs, fees, and expenses of
administration of the Cases and claims and amounts approved by the
Court.

Pursuant to the Revolving Credit Facility Agreement dated as of
December 5, 2016, by and among CTI, as parent, CWT UK Group Ltd
(Wagonlit), CWT Beheermaatschappij B.V. (CWT Netherlands), CWT US,
LLC (CWT US) -- each, individually, an RCF Borrower -- the
guarantors party thereto from time to time -- collectively, the RCF
Credit Parties -- Wilmington Savings Fund Society, FSB, as security
agent (the Security Agent) and Lloyds Bank plc as administrative
agent (the RCF Agent), and the lenders party thereto from time to
time, including the Ancillary Lenders -- RCF Lenders -- and the
Issuing Banks -- the RCF Secured Parties -- the RCF Lenders
provided a super senior revolving credit facility (the RCF
Facility), the Issuing Banks provided letters of credit, and the
Ancillary Lenders provided the Ancillary Facilities to the RCF
Credit Parties. Pursuant to the RCF Credit Agreement, the RCF
Guarantors, among other things, unconditionally and irrevocably
guaranteed, on a joint and several basis, all of the Prepetition
RCF Obligations.

As of the Petition Date, the RCF Credit Parties were indebted and
liable to the RCF Secured Parties in the aggregate principal amount
of not less than $123 million on account of loans outstanding under
the RCF Facility, plus not less than $21 million with respect to
certain Ancillary Facilities, plus accrued but unpaid interest and
other fees.

Pursuant to a guarantee facility dated as of September 12, 2005, by
and among BNP Paribas Fortis (BNPP) and CWT Belgium Srl, BNPP
issued guarantees and letters of credit on behalf of CWT Belgium
Srl. As of the Petition Date, CWT Belgium Srl was indebted and
liable to BNPP in the aggregate principal amount of not less than
EUR702,925.81 on account of certain guarantees and letters of
credit outstanding under the Guarantee Facility Documents, plus
accrued but unpaid interest, reimbursement obligations, fees,
costs, premiums, expenses.

Pursuant to a letter agreement dated as of October 29, 2021 by and
among Lloyds Bank plc (Lloyds) and CWT UK Group Ltd, Lloyds
provided a BACs facility and an electronic payment facility. As of
the Petition Date, CWT UK Group Ltd was indebted and liable to
Lloyds in the aggregate principal amount of not less than $7.78
million on account of outstanding obligations under the Banking
Facility Documents, plus accrued but unpaid interest, reimbursement
obligations, fees, costs, premiums, expenses. Prior to the Petition
Date, CWT UK Group Ltd executed the Deed of Charge Over Deposit
dated as of October 29, 2021, in favor of Lloyds granting a valid
and perfected lien on, and security interest in, a certain deposit
account of CWT UK Group Ltd with Lloyds (Prepetition Banking
Facility Collateral) to secure the Prepetition Banking Facility
Obligations.

Pursuant to the Indenture dated as of August 21, 2020 by and among
CTI, as New Money Notes Issuer, the guarantors party thereto from
time to time, U.S. Bank Trustees Limited, as indenture trustee and
the Security Agent, the New Money Notes Issuer issued certain
senior secured notes. Pursuant to the New Money Notes Indenture,
the New Money Notes Guarantors unconditionally and irrevocably
guaranteed, on a joint and several basis, all of the Prepetition
New Money Notes Obligations.

As of the Petition Date, the New Money Notes Credit Parties were
indebted and liable to the New Money Notes Secured Parties in the
aggregate principal amount of  approximately $415 million
outstanding under the New Money Notes, plus accrued but unpaid
interest, premiums, reimbursement obligations, fees, costs,
expenses.

Pursuant to the Indenture dated as of August 21 by and among, among
others, CTI, as issuer (the Senior Secured Notes Issuer), the
guarantors party thereto from time to time, including, without
limitation, the guarantors identified in Schedule 2 to the Senior
Secured Notes Indenture -- Senior Secured Notes Credit Parties --
U.S. Bank Trustees Limited, as indenture trustee (the Senior
Secured Notes Trustee), and the Security Agent, the Senior Secured
Notes Issuer issued certain senior secured notes.

As of the Petition Date, the Senior Secured Notes Credit Parties
were indebted and liable to the Senior Secured Notes Secured
Parties in the aggregate principal amount equal roughly $411
million in dollar-denominated Senior Secured Notes and EUR325
million in euro-denominated Senior Secured Notes, plus accrued but
unpaid interest, premiums, reimbursement obligations, fees, costs,
expenses.

Pursuant to the Indenture dated as of August 21, 2020 by and among,
among others, CTI, as issuer, the guarantors party thereto -- Third
Lien Notes Credit Parties -- U.S. Bank Trustees Limited, as
indenture trustee (the Third Lien Notes Trustee), and the Security
Agent, as security agent, the Third Lien Notes Issuer issued
certain senior secured notes.

As of the Petition Date, the Third Lien Notes Credit Parties were
indebted and liable to the Third Lien Notes Secured Parties in the
aggregate principal amount of approximately $252 million
outstanding under the Third Lien Notes, plus accrued but unpaid
interest, premiums, reimbursement obligations, fees, costs,
expenses.

As adequate protection for the Debtor's use of cash collateral, the
RCF Agent, for itself and for the benefit of the RCF Lenders, is
granted, to the extent of any Diminution in Value of the
Prepetition RCF Liens in the Prepetition RCF Collateral, a
superpriority administrative expense claim as contemplated by
section 507(b) of the Bankruptcy Code against each of the Debtors,
on a joint and several basis, which claim will be payable from and
have recourse to all Collateral, and will have priority in payment
over all other claims against the Debtors and their estates.

As security for and solely to the extent of any Diminution in Value
of the Prepetition RCF Liens in the Prepetition RCF Collateral from
and after the Petition Date, the Security Agent, for itself and for
the benefit of the other RCF Secured Parties, is granted, effective
as of the Petition Date (and without the necessity of the execution
by the Debtors (or recordation or other filing) of security
agreements, control agreements, pledge agreements, financing
statements, mortgages or other similar documents, or the possession
or control by the RCF Agent or the Security Agent of any
Collateral) valid, binding, enforceable and automatically perfected
post-petition liens in all Adequate Protection Collateral, which
RCF Adequate Protection Liens (1) will be subject to (x) the Carve
Out and (y) the Permitted Prior Senior Liens, (2) will be subject
to the relative priorities set forth in the Intercreditor Annex,
and (3) will otherwise be senior to any and all other liens and
security interests in the Adequate Protection Collateral.

BNPP is granted, to the extent of any Diminution in Value of the
Prepetition Guarantee Facility Collateral, a superpriority
administrative expense claim as contemplated by section 507(b) of
the Bankruptcy Code against each of the Debtors, on a joint and
several basis, which claim will be payable from and have recourse
to all collateral, and shall have priority in payment over all
other claims against the Debtors and their estates.

Lloyds is granted, to the extent of any Diminution in Value of the
Prepetition Banking Facility Collateral, a superpriority
administrative expense claim as contemplated by section 507(b) of
the Bankruptcy Code against each of the Debtors, on a joint and
several basis, which claim will be payable from and have recourse
to all Collateral, and shall have priority in payment over all
other claims against the Debtors and their estates.

The Debtors are authorized and directed to pay the reasonable and
documented invoiced out-of-pocket fees, costs and expenses of (A)
Latham & Watkins, (B) FTI Consulting, Inc., as financial advisor to
the RCF Agent, pursuant to the terms of that certain fee letter
dated as of June 9, 2020, in each case incurred on behalf of the
RCF Agent and RCF Secured Parties in connection with the Cases, (C)
Porter Hedges LLP, as counsel to the RCF Agent, and (D) Hogan
Lovells US LLP and Hogan Lovells International LLP, as counsel to
the Security Agent, and all local counsel engaged by or on behalf
of the RCF Agent or Security Agent.

The New Money Notes Secured Parties, Senior Secured Notes Secured
Parties, and Third Lien Notes Secured Parties are also granted
adequate protection for their respective liens and interests in the
collateral.

A final hearing on the matter is scheduled for December 6, 2021 at
9 a.m.

A copy of the order and the Debtor's three-week budget is available
at https://bit.ly/3ClWcz6 from PacerMonitor.com.

The Debtor projects $161 million in total expenses for the
three-week period.

                 About Carlson Travel

Carlson Travel operates as a business travel management company.
The Company offers traveler care, travel management, consulting,
and booking services, as well as conducts meetings and events.

Carlson Travel and its debtor-affiliates filed Chapter 11 Petition
(Bankr. S.D. Tex. Lead Case No. 21-90017) on November 11, 2021. The
Hon. Marvin Isgur oversees the case. Allyson B. Smith, Esq. of
KIRKLAND & ELLIS LLP (NEW YORK) and Ryan Blaine Bennett, P.C. and
Alexandra Schwarzman, Esq. of KIKRLAND & ELLIS LLP (CHICAGO) are
the Debtors' General Bankruptcy Counsel.

In the petition signed by Michelle McKinney Frymire, president and
chief executive officer, the Debtors disclosed $1 billion to $10
billion in assets and $1 billion to $10 billion in liabilities.



CENTRAL OKLAHOMA UNITED: Suspends Debt Payment to Preserve Cash
---------------------------------------------------------------
Amanda Albright, writing for Bloomberg News, reports that Oklahoma
retirement community, Epworth Villa, suspends debt payments.

An Oklahoma retirement community is suspending monthly debt
payments to preserve cash after the pandemic reduced its occupancy,
according to a regulatory filing on Nov. 12.

Epworth Villa is suspending its monthly deposits into its bond fund
for series 2004B, series 2005A, series 2005B, and series 2012A
bonds after the pandemic reduced its occupancy and new move-ins,
Kenneth Bullock, chief financial officer of Epworth Villa, wrote in
a letter to the bond trustee.

Central Oklahoma United Methodist Retirement Facility Obligated
Group, the entity that sold the bonds through a public agency, has
about $76 million of debt outstanding.

                 About Central Oklahoma United Methodist

Central Oklahoma United Methodist, dba as Epwirtg Villa, was formed
in 1986 and affiliated with the Oklahoma Conference of the United
Methodist Church, Central Oklahoma United Methodist Retirement
Facility, Inc., is a not-for-profit corporation that owns Epworth
Villa, a continuing care retirement community for persons age 62
and older, located at 14901 N. Pennsylvania Avenue, Oklahoma City,
Oklahoma.  Presently, Epworth Villa includes 264 independent living
units (cottages and apartment homes), 118 assisted living units
with maximum capacity of 130 beds, and 87 nursing care beds. The
corporation's sole member is Epworth Living, Inc.

Epworth Villa is currently undergoing a renovation and expansion
project that is projected to be completed in early Summer of 2015.
The construction, renovation and expansion of its facilities are
financed through revenue bonds under the bond indenture from the
Oklahoma County Finance Authority to BancFirst, as indenture
trustee. Those obligations, in the aggregate principal Petition
Date amount of $87,835,000, are secured by a mortgage and security
interest in the Facility and other assets of Epworth Villa's
estate.

Epworth Villa sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Okla. Case No. 14-12995) on July 18, 2014.

The Chapter 11 case has been reassigned to Judge Tom R. Cornish,
according to an April 15, 2015 order.

The Debtor tapped Gable & Gotwals, P.C., in Oklahoma City,
Oklahoma, as general bankruptcy counsel.

In amended schedules, the Debtor disclosed total assets of
$117,659,919 and total liabilities of $108,037,034 as of the
Chapter 11 filing.

On Aug. 13, 2014, the Office of the United States Trustee appointed
E. Marissa Lane as the Patient Care Ombudsman in this case.


CLUBHOUSE MEDIA: Incurs $5.4 Million Net Loss in Third Quarter
--------------------------------------------------------------
Clubhouse Media Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $5.40 million on $1.77 million of total net revenue for the
three months ended Sept. 30, 2021, compared to a net loss of
$685,762 on $217,372 of total net revenue for the three months
ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $18.51 million on $3.22 million of total net revenue
compared to a net loss of $1.67 million on $312,906 of total net
revenue for the period from Jan. 2, 2020, to Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $1.70 million in total
assets, $7.95 million in total liabilities, and a total
stockholders' deficit of $6.25 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1389518/000149315221028174/form10-q.htm

                        About Clubhouse Media

Las Vegas, Nevada-based Clubhouse Media Group, Inc. operates a
global network of professionally run content houses, each of which
has its own brand, influencer cohort and production capabilities.
The Company offers management, production and deal-making services
to its handpicked influencers, a management division for individual
influencer clients, and an investment arm for joint ventures and
acquisitions for companies in the social media influencer space.
Its management team consists of successful entrepreneurs with
financial, legal, marketing, and digital content creation
expertise.

Clubhouse Media reported a net loss of $2.58 million for the year
ended Dec. 31, 2020, compared to a net loss of $74,764 for the year
ended Dec. 31, 2019.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated March 15, 2021, citing that the
Company has net losses and negative working capital.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


COLUMBUS MCKINNON: $75MM Loan Add-on No Impact on Moody's Ba3 CFR
-----------------------------------------------------------------
Moody's Investors Service said Columbus McKinnon Corporation's Ba3
corporate family rating, Ba3-PD probability of default rating, Ba2
senior secured bank credit facility and term loan ratings and SGL-1
speculative grade liquidity rating remain unchanged following the
announcement that it will issue a $75 million first lien add-on
term loan. The outlook is unchanged at stable.

The company is expected to use proceeds from the proposed $75
million add-on term loan B to fund the $74 million acquisition of
New Jersey based, Garvey Corporation ("Garvey"). Garvey is a
privately-owned entity that provides accumulation systems solutions
including patented systems for the automation of production
processes and high-precision conveyor systems. The transaction is
expected to close before the end of 2021.

The proposed acquisition of Garvey will add to Columbus McKinnon's
portfolio of well-known brands, and patented technology in the
automated conveyor solutions space. While the transaction will slow
the pace of debt reduction following the April 2021 acquisition of
Dorner Manufacturing ("Dorner"), the company's earnings growth
since then has been strong. A strong recovery in demand and the
company's ability to mitigate inflationary pressures with price
increases will continue to enable Columbus McKinnon to improve
debt/EBITDA towards 4.0x over the next twelve months. The company
had a record backlog at the end of the second quarter ended
September 30, 2021. Further, recent acquisitions add capabilities
in certain higher growth markets and offer the potential for
synergies over the next twelve months, which will also contribute
to an improved financial leverage profile.

The company's Ba3 CFR broadly reflects its favorable market
position and strong brands in the material handling products and
systems market. The company has a diverse product portfolio ranging
from hoists and actuators to rigging tools and digital power
control and precision conveyance systems serving a wide range of
commercial and industrial end markets.

These considerations are balanced against the company's moderate
revenue scale and exposure to cyclical end markets. Acquisition
integration risk and uncertainty related to the realization of
expected synergies are also credit considerations. In addition, the
company is not immune to supply chain and inflationary cost
headwinds affecting the broader manufacturing industry.

Amid these challenges the company maintains very good liquidity
underscored by healthy cash generation and has been able to
mitigate certain inflationary pressures through the company's
pricing leverage.

The stable outlook is based on Moody's expectation that the company
will successfully integrate the Dorner and Garvey acquisitions and
improve profitability. Further, the company will proactively repay
debt such that debt/EBITDA trends towards 4.0x over the next twelve
months.

An upgrade would be considered if the company meaningfully reduces
debt while improving operating margins, end-markets continue to
improve such that organic revenues continue on an upward trajectory
and the company demonstrates successful acquisition integration. In
addition, debt/EBITDA sustained below 3.5 times, could support an
upgrade.

Conversely, Moody's could lower the ratings if the company
experiences integration challenges, adjusted debt/EBITDA is
sustained above 4.5x or if free cash flow to adjusted debt falls
below 5%. Financial policy becoming more aggressive including
additional debt-financed acquisitions or debt-financed share
repurchases or dividends could also exert downward rating
pressure.

Headquartered in Getzville, NY, Columbus McKinnon Corporation is a
leading worldwide designer, manufacturer and marketer of
intelligent motion solutions that moves the world forward and
improves lives by efficiently and ergonomically moving, lifting,
positioning and securing materials. Key products include hoists,
crane components, precision conveyor systems, rigging tools, light
rail workstations and digital power and motion control systems. Pro
forma for acquisitions, annual revenues approximate $900 million.


COMPASS GROUP: Moody's Affirms Ba3 CFR & Rates New $300MM Notes B1
------------------------------------------------------------------
Moody's Investors Service affirmed Compass Group Diversified
Holdings LLC's Corporate Family Rating at Ba3, its Probability of
Default Rating at Ba3-PD, the rating on the company's $600 million
senior secured revolving facility due 2026 at Ba1, and the rating
on the $1,000 million senior unsecured notes due 2029 at B1. At the
same time, Moody's assigned a B1 to the proposed new $300 million
senior unsecured notes due 2032. The outlook is stable, and the
company's Speculative Grade Liquidity is unchanged at SGL-1.

Proceeds from the proposed new $300 million senior unsecured notes
due 2032 are expected to be used to repay approximately $300
million of borrowings outstanding on the company's $600 million
revolver, and to pay related fees and expenses.

The ratings affirmations reflects that the proposed transaction is
leverage neutral, with Compass' debt/EBITDA leverage at 4.1x (all
ratios are Moody's adjusted unless otherwise indicated) as of the
last twelve months (LTM) period ending September 30, 2021, and pro
forma for recent acquisitions and divestitures. In addition, the
transaction improves the company's liquidity by increasing revolver
availability. Moody's projects Compass' debt/EBITDA leverage will
gradually improve to below 4.0x over the next 12-18 months driven
by earnings growth, as its Branded Consumer segment continues to
benefit from good consumer demand, and its Niche Industrial segment
benefits from a recovering economic outlook.

The B1 rating on the proposed $300 million senior unsecured notes,
reflects the notes effective subordination relative to the
company's $600 million secured revolver due 2026, and the
expectation that the company will utilize the revolver to fund
prospective acquisitions.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Compass Group Diversified Holdings LLC

Senior Unsecured Global Notes, Assigned B1 (LGD4)

Ratings Affirmed:

Issuer: Compass Group Diversified Holdings LLC

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4) from
B1 (LGD5)

Outlook Actions:

Issuer: Compass Group Diversified Holdings LLC

Outlook, Remains Stable

RATINGS RATIONALE

Compass Ba3 stable credit profile reflects its improving scale with
revenue of around $1.9 billion, pro forma for recent acquisitions
and divestitures, and its solid industry and product
diversification resulting from its controlling ownership interest
in ten distinct operating businesses. Compass has a publicly stated
financial policy that targets financial leverage of 3.0x - 3.5x
(per the company's calculation). Also, in the event leverage
increases to up to 4.0x, the company has committed to focus on
deleveraging. Compass' very good liquidity as reflected in its
SGL-1 speculative grade liquidity rating, is supported by access to
an undrawn $600 million revolving credit facility pro forma for the
transaction, together with approximately $70 million of cash as of
September 30, 2021, and its access to alternate liquidity.

Compass' credit profile also reflects its elevated financial
leverage with debt/EBITDA at around 4.1x as of the LTM period
ending September 30, 2021, and pro forma for recent acquisitions
and divestitures. The company's high financial leverage, which is
slightly above Moody's range set for its Ba3 rating, reduces the
cushion to absorb sustained weaker operating results and credit
metrics, and limits its capacity to utilize debt to fund growth
investments and acquisitions. Also, Compass' policy of distributing
the majority of its cash flow to shareholders limits free cash
flow. Moody's projects debt/EBITDA leverage will improve to the
mid-3x over the next 12-18 months, driven by earnings growth, as
Moody's expect the company will prioritize cash flows to fund
growth investments including add-on acquisitions, and dividend
distributions. Compass is exposed to the potential for headline
risk on some of its businesses, particularly Velocity Outdoor
(social risk) and Altor Solutions (environmental risk).

The stable outlook reflects Moody's expectation that Compass will
sustain revenue and earnings growth resulting in good operating
cash flow generation and debt/EBITDA sustained below 4x over the
next 12 months. Moody's also expects Compass to continue to
distribute most of its cash flow to shareholders and pursue add-on
acquisitions over the next 12-18 months, but remain committed to
debt reduction following such acquisition.

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

Ratings could be upgraded if the company demonstrates steady
revenue growth and stable operating margin, while debt/EBITDA is
maintained below 2.5x, and free cash flow/debt is above 10%.

Ratings could be downgraded if the company reduces its revenue
diversification, if debt/EBITDA is sustained above 4.0x,
EBIT/interest below 2.0x, or if the company increases debt to fund
a distribution or share repurchase.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Compass Group Diversified Holdings LLC is a publicly traded company
(NYSE: CODI) that holds majority ownership interests in ten
distinct operating subsidiaries in the Branded Consmer segment
which includes 5.11 Tactical, Velocity Outdoor (formerly Crosman),
Ergobaby, Lugano, Marucci Sports, and Boa; and in the Niche
Industrial segment which includes Sterno Group, Altor Solutions
(formerly Foam Fabricators), Arnold Magnetics, and Advanced
Circuits. Pro-forma for recent acquisitions and divestitures, the
company generated about $1.9 billion of revenue for the LTM period
ending September 30, 2021.


COMPASS GROUP: S&P Rates $300MM Senior Unsecured Notes 'B+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' debt rating to Compass Group
Diversified Holdings LLC's (CODI's) announced $300 million senior
unsecured notes due Jan. 15, 2032. S&P's recovery rating on the
company's senior unsecured notes is '4', indicating its expectation
for an average recovery (30%-50%) in the event of a default.

S&P said, "We expect the company to use the proceeds to repay $297
million of the $303 million outstanding draw on its $600 million
revolving credit facility due 2026. Our recovery rating on the
company's 'BB' rated senior secured revolving credit facility
remains '1', indicating our expectation for a very high recovery
(90%-100%) in the event of a default. Our long-term issuer credit
rating on CODI remains 'B+', and the outlook is stable.

"We estimate CODI's loan-to-value (LTV) ratio to be near 45%, our
downside threshold for the rating. Despite the slight increase in
leverage, we think the business is somewhat stronger than similarly
rated peers, and earnings of CODI's holdings have improved,
supporting increased gross debt ($1.3 billion, pro forma for this
issuance).

"Any further increase in gross debt, however, absent significant
improvements in portfolio value, could result in a downgrade. We
could also lower the rating if earnings at any of CODI's holdings
become pressured such that we think the portfolio value has
declined, or if the composition of CODI's portfolio changes such
that we think the portfolio value becomes more concentrated in a
few key holdings. While we do not anticipate any sizable
acquisitions in the near term, significant draws on the revolver to
fund bolt-on acquisitions could result in the company's LTV ratio
rising above our downside threshold for the rating."



CORE COMMUNICATIONS: Seeks to Hire Robins Kaplan as Special Counsel
-------------------------------------------------------------------
Core Communications, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to hire Robins Kaplan, LLP as
special counsel.

The firm will provide legal services for the Debtor's cases
captioned as Core Communications, Inc., et al. v. AT&T Corporation
pending in the United States District Court for the Eastern
Districts of Pennsylvania and in the matter of Core
Communications, Inc. Tariff F.C.C. No. 3.

Lauren Coppola, Esq., the firm's attorney who will be providing the
services, will be paid at an hourly rate of $600.

Ms. Coppola disclosed in a court filing that she is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Lauren J. Coppola, Esq.
     Robins Kaplan, LLP
     800 Boylston St., Suite 2500
     Boston, MA 02199
     Phone: 1-800-553-9910

                     About Core Communications

Annapolis, Md.-based Core Communications, Inc. --
http://www.coretel.net/-- provides Carriers, ISPs and ASPs with
tailored telecommunications services, leveraging voice and data
convergence.  It is based in

Core Communications filed a Chapter 11 petition (Bankr. D.D.C. Case
No. 17-00258) on May 2, 2017, listing up to $50,000 in assets and
up to $10 million in liabilities.  Christopher Van de Verg, general
counsel, signed the petition.

Judge Elizabeth L. Gunn presides over the case.

Gregory P. Johnson, Esq., at Offit Kurman, Judge S. Martin Teel,
Jr.P.A. and Lauren J. Coppola, Esq. at Robins Kaplan, LLP serve as
bankruptcy counsel and special counsel, respectively.


CORELOGIC INC: $400MM Incremental Loan No Impact on Moody's B2 CFR
------------------------------------------------------------------
Moody's Investors Service said that CoreLogic, Inc.'s proposed
issuance of $400 million of additional senior secured first lien
term loan due June 2028 is a negative credit development since it
will raise debt leverage. However, the news has no impact on the
ratings, including the B2 corporate family rating and the B1 rating
on the senior secured first lien credit facilities, at this time.
The stable outlook is also unchanged.

In October, CoreLogic purchased ClosingCorp Inc. ("ClosingCorp"), a
provider of real estate closing data and order management
capabilities for mortgage lenders, appraisers and title and
settlement providers. In August, CoreLogic acquired Gear Solutions,
LLC ("Next Gear"), a software provider to P&C insurance carriers
and restoration contractors. The net proceeds from the proposed
add-on term loan will be used to repay loans outstanding under the
revolving credit facility and to increase cash. According to
CoreLogic, the two purchased companies generated about $40 million
of EBITDA during the LTM period ended September 30, 2021. The $400
million term loan add-on will be fungible with the existing senior
secured first lien term loan.

Moody's considers the news a negative credit development since the
incremental debt of $400 million is about 10 times the combined
ClosingCorp and Next Gear EBITDA, so the transactions will increase
financial leverage in the near term, thereby slowing CoreLogic's
path to reducing financial leverage to below 7.0 times. However,
the purchases are consistent with Moody's expectations for
CoreLogic to make debt-funded acquisitions that expand its product,
service and customer reach. Moody's estimates that debt to EBITDA
was about 7.4 times as of September 30, 2021 and pro forma for the
proposed term loan addition and acquisitions. So while debt to
EBITDA will rise in the near term, Moody's anticipates that
CoreLogic can still reduce financial leverage to below 7.0 times
during 2022 through debt repayment and EBITDA growth. Other credit
metrics, including good EBITA to interest expected above 2.0 times
and free cash flow to debt expected to be around 5%, provide
additional support to the credit profile. A good liquidity profile
featuring about $250 million of cash as of September 30, 2021 and
pro forma for the transactions, more than $200 million of expected
free cash flow and the fully available $500 million revolver also
provides support to the ratings.

All financial metrics cited reflect Moody's standard adjustments.

CoreLogic, based in Irvine, CA and controlled by affiliates of
private-equity sponsors Stone Point Capital LLC and Insight
Partners, provides property and mortgage data and analytics, as
well as loan processing and other services. Moody's expects 2021
revenues (including from discontinued operations) of about $2
billion.


CTI BIOPHARMA: Incurs $24.2 Million Net Loss in Third Quarter
-------------------------------------------------------------
CTI Biopharma Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $24.18 million for the three months ended Sept. 30, 2021,
compared to a net loss of $11.26 million for the three months ended
Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $61.12 million compared to a net loss of $37.45 million
for the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $101.23 million in total
assets, $62.34 million in total liabilities, and $38.89 million in
total stockholders' equity.

CTI stated, "Over the next year and in the normal course of
business, we will need to continue to conduct research,
development, testing and regulatory compliance activities and
prepare for potential commercialization with respect to pacritinib,
and in the course of such activities, we will incur selling,
general and administrative expenses.  Additional business
activities will include procuring manufacturing and drug supply
services, the costs of which, together with our projected selling,
general and administrative expenses, are expected to result in
operating losses for the foreseeable future.  We have incurred a
net operating loss every year since our formation.  As of September
30, 2021, we had an accumulated deficit of $2.4 billion, and we
expect to continue to incur net losses for the foreseeable future.
Our available cash and cash equivalents were $95.3 million as of
September 30, 2021.  We expect that our present financial resources
will be sufficient to meet our obligations as they come due and to
fund our operations into the second quarter of 2022.  Based on our
evaluation completed pursuant to Accounting Standards Update No.
2014-15, Presentation of Financial Statements-Going Concern
(Subtopic 205-40): Disclosure of Uncertainties about an Entity's
Ability to Continue as a Going Concern, these factors raise
substantial doubt about our ability to continue as a going
concern.

We will require additional capital in order to pursue our strategic
objectives.  We expect to satisfy our capital needs through
existing capital balances and some combination of public or private
equity financings, partnerships, collaborations, joint ventures,
debt financings or restructurings, bank borrowings or other sources
of financing.  However, we have a limited number of authorized
shares of common stock available for issuance and additional
funding may not be available on favorable terms or at all.  If
additional funds are raised by issuing equity securities,
substantial dilution to existing stockholders may result.  If we
fail to obtain additional capital when needed, our ability to
operate as a going concern will be harmed, and we may be required
to delay, scale back or eliminate some or all of our research and
development programs and commercialization efforts and/or reduce
our selling, general and administrative expenses, be unable to
attract and retain highly-qualified personnel, be unable to obtain
and maintain contracts necessary to continue our operations and at
affordable rates with competitive terms, refrain from making our
contractually required payments when due (including debt payments)
and/or be forced to cease operations, liquidate our assets and
possibly seek bankruptcy protection."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/891293/000089129321000044/ctic-20210930.htm

                        About CTI BioPharma

Headquartered in Seattle, Washington, CTI BioPharma Corp. is a
biopharmaceutical company focused on the acquisition, development
and commercialization of novel targeted therapies for blood-related
cancers that offer a unique benefit to patients and their
healthcare providers.  The Company concentrates its efforts on
treatments that target blood-related cancers where there is an
unmet medical need.  In particular, the Company is focused on
evaluating pacritinib, its sole product candidate currently in
active development, for the treatment of adult patients with
myelofibrosis.  In addition, the Company has recently started
developing pacritinib for use in hospitalized patients with severe
COVID-19, in response to the COVID-19 pandemic.

CTI Biopharma reported a net loss of $52.45 million for the year
ended Dec. 31, 2020, compared to a net loss of $40.02 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$77.50 million in total assets, $15.79 million in total
liabilities, and $61.71 million in total stockholders' equity.

Seattle, Washington-based Ernst & Young LLP, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 17, 2021, citing that the Company has suffered losses
from operations and has stated that substantial doubt exists about
the Company's ability to continue as a going concern.


CYRUSONE INC: S&P Places 'BB+' Issuer Credit Rating on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed all ratings on CyrusOne Inc., including
the 'BB+' issuer credit rating, on CreditWatch with negative
implications.

The CreditWatch placement reflects that CyrusOne could lower its
ratings on the company upon closing of the transaction, based on
its view of the acquirors' aggressive financial policy.

S&P said, "We view the proposed acquisition as a risk to CyrusOne's
currently prudent financial policies. In our view, CyrusOne's
acquisition by private equity firms KKR and GIP could result in a
more aggressive financial strategy and higher debt leverage to
maximize returns. Therefore, we believe it is likely that following
the closing of CyrusOne's acquisition, credit metrics could
deteriorate. If the acquisition closes, we would likely reassess
our view of CyrusOne's financial risk profile to highly leveraged.
This could result in at least a two-notch downgrade."

For the trailing 12-month period ended Sept. 30, 2021, S&P Global
Ratings' adjusted debt to EBITDA was 5.4x.

Financial covenants contained in CyrusOne's bond offerings provide
some protection to unsecured bondholders but it is uncertain if the
bonds would be paid in full upon closing. S&P said, "Standard REIT
covenants include a limitation on incurrence of secured debt to a
maximum of 40%, which we think provides some protection to
unsecured bondholders. As of Sept. 30, 2021, CyrusOne's secured
indebtedness to total assets was only 2%. Under a hypothetical
default scenario, we estimate bondholders would have substantial
recovery prospects (rounded estimate of 85%). However, higher use
of secured debt, even within established limitations, could
materially deteriorate recovery prospects for unsecured
bondholders. Under this scenario, we could lower the issue-level
rating down to the same level of the issuer credit rating or one
notch below. We also think it is possible the bonds will be repaid
upon closing, similar to what we have seen in other transactions in
the REIT space (such as Blackstone's recent acquisition of QTS
Realty Trust Inc. or of BioMed in 2016). However, given there is no
change of control provision for CyrusOne's unsecured notes, it is
uncertain at this point if the bonds would be redeemed at par."

CreditWatch

S&P said, "We expect to resolve the CreditWatch when the
acquisition closes in the second quarter of 2022. We anticipate
either downgrading CyrusOne by at least two notches or
discontinuing our ratings if the bonds are redeemed. If the
transaction fails to close, we would reassess the company and most
likely affirm our current ratings."


DANA INC: Fitch Rates Proposed $350MM Unsecured Notes 'BB+'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR4' rating to Dana
Incorporated's (Dana) proposed issuance of $350 million of senior
unsecured notes due 2032. Dana's Long-Term Issuer Default Rating
(IDR) is 'BB+' and its Rating Outlook is Stable.

KEY RATING DRIVERS

Proposed Notes: Proceeds from the proposed notes will be used to
repay the remaining $349 million outstanding on Dana's term loan B
due 2026 and pay related fees and expenses. The transaction will be
leverage-neutral and will leave the company's revolver as the only
significant secured portion of its capital structure.

Ratings Overview: Dana's ratings are supported by the company's
market position as a top global supplier of driveline components
for light, commercial and off-road vehicles, as well as sealing and
thermal products. Although the company's performance in 2020 was
significantly affected by the steep downturn in global light,
commercial and off-highway vehicle production resulting from the
coronavirus pandemic, Dana's strong liquidity position and
financial flexibility helped it manage through the worst of the
crisis relatively well. EBITDA declined, but Dana was able to
achieve an EBITDA margin (according to Fitch's methodology) of
nearly 8%, and FCF was positive for the full year.

Dana's ratings also incorporate the expected improvement in global
end-market conditions as the effects of the pandemic wane, as well
as steps that the company has taken to reduce debt, increase
margins and grow FCF. Although lingering effects of the pandemic
are likely to affect Dana's business in the remainder of 2021,
particularly supply shortages of semiconductor chips, the company
has been somewhat less affected than some other suppliers, largely
due to its focus on the commercial vehicle, off-highway and
full-frame light truck end-markets.

Diversified Product Portfolio: The diversification of Dana's
product portfolio is a credit strength, limiting its exposure to
any single end-market. The company's light vehicle business is
focused on full-frame pickups and sport utility vehicles (SUVs) in
North America, and strong demand for these vehicles throughout the
pandemic has been positive for Dana. The company also continues to
invest in products for electrified powertrains, primarily in the
commercial vehicle and off-highway segments, and Fitch believes the
company has solid longer-term growth prospects in these areas as
demand increases for electrification technologies.

Positive FCF: Fitch expects Dana's FCF to remain positive in 2021,
despite the reinstatement of common dividends in 1Q21, higher
planned capex and working capital pressures tied to supply chain
related changes to customer production schedules. Fitch expects
Dana's post-dividend FCF margin (as calculated by Fitch) to rise
above 2.0% in 2022 on higher EBITDA and reduced working capital
pressures. Fitch expects capex as a percentage of revenue to run in
the 4.0% to 4.5% range over the next several years, with capex at
the higher end of that range in the near term.

Declining Leverage: Fitch expects Dana's gross EBITDA leverage
(gross debt/EBITDA as calculated by Fitch) to decline toward the
mid-2x range by YE 2021 after rising to 4.2x at YE 2020. Consistent
with the company's stated target of reducing net leverage to about
1.0x, Fitch expects the company will target excess cash toward debt
reduction over the longer term. Fitch expects FFO leverage to
decline toward 3.0x by YE 2021, and potentially to below 3.0x by YE
2022, after rising to 5.6x at YE 2020.

Improving Coverage Metrics: Fitch expects Dana's FFO interest
coverage will rise toward 8.0x by YE 2021 after falling to 3.4x at
YE 2020. The increase will be driven, in part, by lower cash
interest expense following the refinancing transactions in 1H21.
Fitch expects FFO interest coverage will potentially rise above
8.0x by YE 2022 on higher FFO.

DERIVATION SUMMARY

Dana has a relatively strong competitive position focusing
primarily on driveline systems for light, commercial and off-road
vehicles. It also manufactures sealing and thermal products for
vehicle powertrains and drivetrains. Dana's driveline business
competes directly with the driveline businesses of American Axle &
Manufacturing Holdings, Inc. and Meritor, Inc. (BB-/Positive),
although American Axle focuses on light vehicles, while Meritor
focuses on commercial and off-road vehicles.

From a revenue perspective, Dana is similar in size to American
Axle, although American Axle's driveline business is a little
larger than Dana's light vehicle driveline business. Compared with
Meritor, Dana has roughly twice the annual revenue overall, and
Dana's commercial vehicle and off-highway vehicle segments combined
are a little larger than Meritor's overall business.

Dana's EBITDA margins are typically in line with auto suppliers in
the low 'BBB' range. However, EBITDA leverage is more consistent
with auto and capital goods suppliers in the 'BB' range, such as
Allison Transmission Holdings, Inc. (BB/Positive), Meritor or The
Goodyear Tire & Rubber Company (BB-/Stable).

KEY ASSUMPTIONS

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

-- Global light vehicle sales rise about 6% in 2021, including an
    8% increase in the U.S., with further growth seen in
    subsequent years;

-- The global commercial vehicle and off-highway markets recover
    in the mid- to high-single digit range in 2021, with a
    somewhat mixed outlook that varies by region and end-market,
    and further recovery is seen in subsequent years;

-- Capex runs at about 4.0%-4.5% of revenue over the next several
    years, which is relatively consistent with historical levels;

-- Post-dividend FCF margins generally run in the 2.0%-3.5% range
    over the next several years, despite reinstatement of the
    common dividend;

-- The company applies excess cash toward debt reduction over the
    longer term;

-- The company maintains a solid liquidity position, including
    cash and credit facility availability.

RATING SENSITIVITIES

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

-- Sustained gross EBITDA leverage below 2.0x;

-- Sustained post-dividend FCF margin above 2.0%;

-- Sustained FFO leverage below 2.5x;

-- Sustained FFO interest coverage above 5.5x.

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

-- A severe decline in global vehicle production that leads to
    reduced demand for Dana's products;

-- A debt-funded acquisition that leads to weaker credit metrics
    for a prolonged period;

-- Sustained gross EBITDA leverage above 2.5x;

-- Sustained FCF margin below 1.0%;

-- Sustained EBITDA margin below 10%;

-- Sustained FFO leverage above 3.5x;

-- Sustained FFO interest coverage below 3.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Sept. 30, 2021, Dana had $238 million of
cash, cash equivalents and marketable securities. In addition to
its cash on hand, Dana maintains additional liquidity through a
$1.15 billion secured revolver that is guaranteed by the company's
wholly owned U.S. subsidiaries. The revolver is secured by
substantially all of the assets of Dana and its guarantor
subsidiaries and expires in 2026. As of Sept. 30, 2021, there were
$52 million in borrowings outstanding on the revolver and $21
million of the available capacity was used to back LOCs, leaving
$1.08 billion in availability.

Based on the seasonality in DAN's business, as of Sept. 30, 2021,
Fitch has treated $100 million of Dana's cash and cash equivalents
as not readily available for the purpose of calculating net
metrics. This is an amount that Fitch estimates Dana would need to
hold to cover seasonal changes in operating cash flow, maintenance
capex and common dividends without resorting to temporary
borrowing.

Debt Structure: As of Sept. 30, 2021, Dana's debt structure
primarily consisted of senior unsecured notes issued by both Dana
and its Dana Financing Luxembourg S.a.r.l. subsidiary, as well as
borrowings on its secured revolver and term loan B.

ISSUER PROFILE

Dana is an automotive and capital goods supplier focused on the
full-frame light truck, off-highway and commercial truck
end-markets. The company is headquartered in the U.S., and has
operations in North America, Europe, South America and the Asia
Pacific region.

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.


DANA INC: Moody's Affirms Ba3 CFR & Rates New Unsecured Notes B1
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Dana
Incorporated, including the corporate family rating at Ba3,
Probability of Default Rating at Ba3-PD and senior secured rating
at Baa3. Moody's also upgraded the rating on the company's senior
unsecured notes to B1 from B2 and assigned a B1 to Dana's proposed
senior unsecured notes. With this rating action, Moody's also
upgraded Dana Financing Luxembourg S.a.r.l.'s senior unsecured
rating to B1 from B2. The rating outlook is stable. The Speculative
Grade Liquidity Rating remains SGL-1.

The affirmation of the corporate family rating reflects Moody's
expectation for a protracted recovery in operating results as
Dana's key end markets maintain strong demand fundamentals through
2022. Dana is benefiting from US consumers' increasing preference
for light trucks and SUVs, with rear-wheel and all-wheel drive
capabilities, as North America light vehicle revenue represents
approximately 30% of total revenue. Margin and free cash flow will
steadily benefit from improving operating leverage and prior
cost-saving initiatives but face friction from higher raw material,
freight and labor costs as well as increased spending on
electrification products and capabilities.

Proceeds from the proposed senior unsecured notes are expected to
pay off the senior secured term loan. Accordingly, the upgrade of
the senior unsecured rating to B1 reflects expectation of greater
recovery on the unsecured debt in a distress scenario as the amount
of priority secured claims declines. Senior unsecured debt now
comprises a greater percentage of the debt capital structure.

Moody's took the following actions:

Dana Incorporated:

  Corporate Family Rating, affirmed at Ba3

  Probability of Default Rating, affirmed at Ba3-PD

  Senior Secured Bank Credit Facility, affirmed at Baa3 (LGD1)

  Backed Senior Secured Bank Credit Facility, affirmed at Baa3
(LGD1)

  Senior Unsecured Rating, upgraded to B1 (LGD5) from B2 (LGD5)

  New Senior Unsecured Notes, assigned at B1 (LGD5)

  Speculative Grade Liquidity Rating, unchanged at SGL-1

  Outlook, Stable

Dana Financing Luxembourg S.a.r.l.:

  Backed Senior Unsecured Rating, upgraded to B1 (LGD5) from B2
(LGD5)
  Outlook, Stable

RATINGS RATIONALE

Dana's ratings reflect a strong competitive position as a key,
global supplier of driveline products (axles, driveshafts and
transmissions) and thermal sealants for light vehicle and off-road
vehicles. The product mix is weighted towards light trucks and SUVs
in North America, a segment that continues to grow as a percentage
of overall vehicle production levels. All four operating segments
are experiencing favorable demand conditions - Light Vehicle (light
trucks, SUVs/CUVs), Commercial Vehicle (heavy and medium-duty
trucks), Off-Highway (agriculture, construction and mining
equipment) and Power Technologies -- that will support earnings and
cash flow despite cost headwinds and operating inefficiencies from
erratic OEM production schedules that will persist through the
first half of 2022.

The ratings also reflect the company's vulnerability to cyclical
end markets, especially agriculture, mining and heavy-duty trucks,
and significant reliance on internal combustion engine vehicle
platforms. Balancing the transition from higher return, but
declining, combustion-related revenues with the industry's
evolution to currently unprofitable, but higher growth, electric
vehicle revenues remains a key risk. Nonetheless, more recent
acquisitions are accelerating electrification capabilities,
highlighted by 50% of the two-year new business backlog tied to
electric vehicles.

Moody's adjusted debt-to-EBITDA is currently 3.7x and should remain
below 4x for 2021. Prior to 2020, the EBITDA margin was
consistently in the 11% range but will take longer to return to
those levels because of supply chain disruptions, elevated freight
and labor costs and an acceleration in electrification spending.
Moody's projected free cash flow (cash flow from operations less
capital expenditures less dividends) will be negative for 2021 as a
result of higher inventory and other growth investments. Free cash
flow should rebound in 2022 to over $100 million as supply chain
issues ease along with an improving sales mix.

The stable outlook reflects Moody's expectation for a steady,
protracted recovery in results building through 2022 as key end
markets (light vehicle, commercial vehicle and agriculture)
maintain positive demand momentum while supply chain issues
gradually ease.

The SGL-1 Speculative Grade Liquidity Rating indicates very good
liquidity with Moody's expectation for Dana to maintain a solid
cash and marketable securities position (nearly $240 million at
September 30, 2021) and ample availability under the $1.15 billion
revolving credit facility set to expire 2026. Moody's estimates
that Dana's run-rate cash position will settle near $400 million to
provide enhanced financial flexibility due to lingering
post-pandemic uncertainty and the uneven recovery in key end
markets. However, the cash position could fall with improving
industry supply chain mechanics that could lead to accelerated debt
repayment. Moody's anticipates free cash flow to rebound in 2022 as
inventory returns to a more normal level.

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

The ratings could be upgraded if Moody's expects sustained revenue
growth to lead to EBITA-to-interest over 3.5x, debt-to-EBITDA in
the 3x-range or below and significant and increasing free cash
flow, while maintaining a very good liquidity profile. An EBITA
margin in the high-single digits could also support an upgrade.
Continued cost structure improvements to better position the
company to manage through cyclicality would also be viewed
favorably. Ratings could be downgraded if Moody's believes that
EBITA-to-interest coverage is expected to fall to 2x or
debt-to-EBITDA is sustained at or above 4x. Other developments that
could lead to downward rating pressure include deteriorating
liquidity and aggressive debt funded acquisitions or shareholder
returns that result in leverage remaining elevated.

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

Dana Incorporated is a global manufacturer of drive systems (axles,
driveshafts, transmissions), sealing solutions (gaskets, seals, cam
covers, oil pan modules) and thermal-management technologies
(transmission and engine oil cooling, battery and electronics
cooling) serving OEMs in the light vehicle, commercial vehicle and
off-highway markets. Revenue for the latest twelve months ended
September 30, 2021 was approximately $8.8 billion.


DANA INC: S&P Rates New $350MM Senior Unsecured Notes 'BB'
----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '4'
recovery rating to Dana Inc.'s proposed $350 million senior
unsecured notes due 2032. The '4' recovery rating indicates its
expectation for average (30%-50%; rounded estimate: 40%) recovery
for the senior unsecured lenders in the event of a payment
default.

The company plans to use the proceeds from these notes to repay the
remaining $349 million outstanding on its term loan B due 2026.
Because this is largely a refinancing transaction, it will not
increase Dana's leverage or impair the recovery prospects for its
existing unsecured noteholders. Therefore, we rate the new
unsecured notes at the same level as our issue-level rating on its
existing senior unsecured debt.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P valued the company on a going-concern basis using a 5x
multiple of its projected emergence EBITDA.

-- S&P estimates that for the company to default its EBITDA would
need to decline significantly, which would represent a material
deterioration from the current state of its business.

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA at emergence: $472 million
-- EBITDA multiple: 5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.1
billion

-- Valuation split (obligors/nonobligors): 30%/70%

-- Total value available to secured claims: $1.5 billion

-- Total first-lien debt: $0.99 billion

    --Recovery expectations: Not applicable

-- Total value available to unsecured claims: $1,018 million

-- Senior unsecured debt and pari passu claims: $2.38 billion

    --Recovery expectations: 30%-50% (rounded estimate: 40%)



DAVIDZON RADIO: Great Elm and Kingsland Propose Plan
----------------------------------------------------
Debtor Davidzon Radio, Inc., and plan sponsors Great Elm Capital
Corp., and Kingsland Development Urban Renewal, LLC, submitted an
Amended Chapter 11 Joint Plan of Reorganization and a corresponding
Disclosure Statement for Davidzon Radio.

The Plan provides for a heavily negotiated settlement between the
Debtor, Great Elm, and Kingsland.  The settlement, among other
things, provides an avenue for the Debtor to reorganize its
business by providing it a period of time to move its AM radio
broadcasting to a new location. The settlement also resolves
long-standing and contentious litigations between Kingsland and the
Debtor regarding its current lease for its broadcasting location.
And the settlement resolves Great Elm's $10+ million secured claim
against the Debtor and several of its corporate affiliates, as well
as Great Elm's guarantee claims against Mr. Davidzon and Mr.
Katsman, the equity holders of the Debtor and such affiliates.

The Debtor's assets consist primarily of the FCC License, AM radio
towers and related equipment, and the Kingsland Lease. As of the
Petition Date, the Debtor estimated in its Schedules that its
assets were valued at $4,500,500.

The Plan shall treat the claims as follows:

Class 6 - General Unsecured Claims of Less than $200. Class 6
consists of all Allowed unsecured Claims against the Debtor that do
not exceed $200.00, or any Class 7 Claim that wishes to reduce its
Allowed Claim to $200.00 and be treated within this Class.  As of
the date of the Plan, this Class included the Claim of Quill
Corporation.  Claims in this Class will be paid by the Reorganized
Debtor in cash and in full on the later of (x) the Effective Date
or (y) the date (i) such claim becomes Allowed, or (ii) the amount
of the Claim is otherwise agreed to by the Reorganized Debtor in
accordance with the terms of the Plan and the holder of such
Allowed Claim.  Any creditor with an Allowed Claim in Class 7 that
wishes to reduce their Allowed Claim to $200.00 and be treated in
this Class must notify counsel for Great Elm, James Wright at K&L
Gates LLP, of their election to be treated in this Class before the
Effective Date of the Plan by email at james.wright@klgates.com.
Class 6 is unimpaired.

Class 7 - General Unsecured Claims. Class 7 consists of all Allowed
unsecured Claims against the Debtor (a) that are not treated in
Class 6 and do not otherwise elect to be treated in Class 6 and (b)
that are not otherwise treated in another Class.  The deadline to
file proofs of claim was MARCH 26, 2021 for non-governmental
creditors and was JULY 14, 2021 for governmental entities, units,
and agencies.

As of the date of the filing of the Plan, the Plan Sponsors are not
aware of any Claims in Class 7.  Claims in this Class will be paid
by the Reorganized Debtor in cash and in full on the later of (x)
the Effective Date or (y) the date (i) such claim becomes Allowed,
or (ii) the amount of the Claim is otherwise agreed to by the
Reorganized Debtor in accordance with the terms of the Plan and the
holder of such Allowed Claim: provided, however, that the amount to
be paid to Other Priority Claims under the Plan may not exceed
$0.00. Class 7 is unimpaired.

Distributions to Classes 1 (Administrative Claims), 2 (Priority Tax
Claims), 3 (Other Priority Claims), and 6 (General Unsecured Claims
Less than $200.00) will be paid from the Reserve or by the
Reorganized Debtors.

     Counsel to Great Elm Capital Corp.:

     James A. Wright III
     Emily Mather
     K&L Gates LLP
     State Street Financial Center
     One Lincoln Street
     Boston, MA 02111
     Tel: (617) 261-3193
     E-mail: james.wright@klgates.com
     emily.mather@klgates.com

     Counsel to Kingsland Development Urban
     Renewal, LLC:

     Robert E. Nies
     Chiesa Shahinian & Giantomasi PC
     One Boland Drive
     West Orange, NJ 07052
     Tel: (973) 530-2012
     E-mail: rnies@csglaw.com

     Counsel to Davidzon Radio, Inc.:

     Alla Kachan
     Law Offices of Alla Kachan, P.C.
     2799 Coney Island, Suite 202
     New York, NY 11235
     Tel: (718) 513-3145
     Email: alla@kachanlaw.com

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/3wG78qj from PacerMonitor.com.

                       About Davidzon Radio

Davidzon Radio Inc. operates in the radio broadcasting industry.
The Debtor filed Chapter 11 Petition (Bankr. D.N.J. Case No. 21
10345) on January 15, 2021.

Alla Kachan, Esq. of LAW OFFICES OF ALLA KACHAN, P.C. is the
Debtor's Counsel.

In the petition signed by Sam Katsman, principal, the debtor
disclosed up to $4,500,500 in assets and up to $8,000,000 in
liabilities.


DEMZA MASONRY: Case Summary & Unsecured Creditor
------------------------------------------------
Debtor: Demza Masonry, LLC
        15 High Street
        Whitehouse Station, NJ 08889

Business Description: Demza Masonry, LLC is a New Jersey based
                      mason subcontractor that provides masonry in
                      the commercial, industrial, pharmaceutical,
                      and multi unit residential new building
                      construction segment.

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 21-18868

Debtor's Counsel: David L. Stevens, Esq.
                  SCURA, WIGFIELD, HEYER, STEVENS & CAMMAROTA, LLP
                  1599 Hamburg Turnpike
                  Wayne, NJ 07470
                  Tel: 973-696-8391
                  Email: ecfbkfilings@scuramealey.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Willie J. Dempsey as member.

The Debtor listed Trustees of the B.A.C Local 4 Pension
Virginia & Ambinder, LLP as its sole unsecured creditor holding a
claim of $837,853.

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

https://www.pacermonitor.com/view/57TJ3OY/Demza_Masonry_LLC__njbke-21-18868__0001.0.pdf?mcid=tGE4TAMA


DENVER SELECT: Gets OK to Hire Realtec CRES as Real Estate Broker
-----------------------------------------------------------------
Denver Select Property, LLC received approval from the U.S.
Bankruptcy Court for the District of Colorado to hire Realtec CRES,
LLC to sell its real property located at 291 County Road 308,
Dumont, Colo.

The firm will be paid a commission of 5 percent of the gross sale
price.

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

The firm can be reached at:

     Ron Catterson
     Realtec CRES, LLC
     712 Whalers Way, Bldg. B, Ste. 300
     Fort Collins, CO 80525
     Tel: 720.205.2640
     Email: catterson@realtec.com

                   About Denver Select Property

Denver Select Property, LLC, a Dumont, Colo.-based company that
owns and operates an adventure park, filed its petition for Chapter
11 protection (Bankr. D. Colo. Case No. 21-11233) on March 15,
2020, listing as much as $10 million in both assets and
liabilities.  Greg Books, manager, signed the petition.    

Judge Michael E. Romero oversees the case.

Weinman & Associates, P.C. and EasonLaw, LLC serve as the Debtor's
bankruptcy counsel and litigation counsel, respectively.


DIAMONDBACK ENERGY: Moody's Withdraws Ba1 CFR
---------------------------------------------
Moody's Investors Service upgraded Diamondback Energy, Inc.'s
senior unsecured notes to Baa3 from Ba1 and revised the company's
rating outlook to stable from positive.

Moody's concurrently withdrew Diamondback's Ba1 Corporate Family
Rating, Ba1-PD Probability of Default Rating, and SGL-1 Speculative
Grade Liquidity Rating (SGL).

"The upgrade to investment grade recognizes Diamondback's
consistent track record of conservative financial policies, low
financial leverage, as well as its excellent operating performance
and prudent capital allocation through various commodity price
cycles," said Sajjad Alam, Moody's Vice President. "We expect the
company to maintain its top-quartile cost structure and cash
margins in the industry and take advantage of high global energy
prices to further strengthen its financial position and reduce
carbon transition risk."

Upgrades:

Issuer: Diamondback Energy, Inc.

Senior Unsecured Notes, Upgraded to Baa3 from Ba1 (LGD4)

Withdrawals:

Issuer: Diamondback Energy, Inc.

Probability of Default Rating, Withdrawn , previously rated
Ba1-PD

Speculative Grade Liquidity Rating, Withdrawn , previously rated
SGL-1

Corporate Family Rating, Withdrawn, previously rated Ba1

Outlook Actions:

Issuer: Diamondback Energy, Inc.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Diamondback's Baa3 senior unsecured rating is supported by its
large oil-weighted production base in the Permian Basin; high
quality and deep drilling inventory that can support several
decades of production; fundamentally low cost structure and
efficient operations that generate peer leading cash margins; and
long history of conservative financial policies, including
maintaining low leverage and using equity for major acquisitions.
Management has consistently demonstrated good capital discipline,
maintained low cost operations, and reduced its capital development
program quickly during periods of weak oil prices. The rating is
restrained by Diamondback's singular geographic focus in the
Permian Basin, significant undeveloped shale acreage that will
require high levels of ongoing spending, and smaller scale relative
to higher rated E&P companies. Moody's also considers the company's
organizational complexity and the significant value of its
controlling ownership interests in Viper Energy Partners LP (Viper,
Ba3 stable) and Rattler Midstream LP (Rattler, Ba2 stable), two
publicly traded companies that are consolidated in Diamondback's
financial statements and have a combined market capitalization of
over $6 billion and total debt of $1.1 billion.

Diamondback's excellent operating history, disciplined capital
allocation, and relentless focus on cost minimization bolsters its
capacity to withstand negative credit impacts from carbon
transition risks. The company's two significant acquisitions in
2021 will further enhance its portfolio resilience, capital
flexibility and overall efficiency. While financial performance of
Diamondback will continue to be influenced by industry cycles,
compared to historical experience, Moody's expects future
profitability and cash flow in this sector to be less robust at the
cycle peak and worse at the cycle trough because global initiatives
to limit adverse impacts of climate change will constrain the use
of hydrocarbons and accelerate the shift to less environmentally
damaging energy sources.

The stable outlook reflects Moody's expectation of significant free
cash flow generation and continued prudent financial policies.

Diamondback should have excellent liquidity in an elevated
commodity price environment. The company will generate strong free
cash flow through 2022 and build cash after comfortably meeting its
capital spending, shareholder distribution, and debt reduction
goals. Diamondback has limited hedge protection for its 2022
projected oil volumes that should improve overall price
realizations. Management plans to distribute roughly 50% of its
free cash flow to shareholders in 2022, including dividends. The
company will also look to repay debt with excess free cash flow. At
September 30, the company had $457 million of unrestricted cash and
an undrawn $1.6 billion revolving credit facility, which expires in
June 2026. Diamondback will have ample cushion under the 65% net
debt-to-capitalization financial covenant in its credit agreement.
The company has substantial alternate liquidity through its equity
interests in Rattler and Viper, as well as its substantial
inventory of unencumbered and undeveloped leasehold acreage in the
Permian Basin.

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

A future rating upgrade will most likely be driven by meaningful
debt reduction and/or increased scale and diversification. The
company will also need to demonstrate good ongoing capital
efficiency and meet its reinvestment and shareholder distribution
objectives with internally generated cash flow. More specifically,
an upgrade could be considered if the company consistently
maintains the RCF/debt ratio above 60%, the leveraged full-cycle
ratio (LFCR) above 2.5x and the debt/PD reserves ratio near
$5/boe.

A downgrade could follow if the RCF/debt ratio falls below 30% or
the LFCR falls toward 1.5x. The rating could also be downgraded if
Diamondback generates significant negative free cash flow, or
substantially debt-funds acquisitions, dividends or share
repurchases.

Based in Midland, Texas, Diamondback Energy, Inc. is a publicly
traded independent exploration and production (E&P) company with
operations in the Permian Basin in West Texas.

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.


DOTDASH MEREDITH: Moody's Assigns B1 CFR & Rates New Term Loans B1
------------------------------------------------------------------
Moody's Investors Service has assigned to Dotdash Meredith Inc.
("Dotdash Meredith", "DDM" 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
credit facilities comprising a: (i) $150 million revolving credit
facility (RCF); (ii) $350 million senior secured term loan A; and
(iii) $1 billion senior secured term loan B. The rating outlook is
stable.

At transaction closing, Dotdash Meredith will become an indirect
wholly-owned subsidiary of IAC/InterActiveCorp ("IAC"), a leading
media and internet company. Dotdash Meredith plans to raise $1.6
billion of total debt. Net proceeds from the new $1.35 billion of
term loans together with $250 million of additional debt issuance
and $1.4 billion of IAC's cash will be used to acquire Meredith
Corp.'s ("Meredith") print and digital publishing assets known as
Meredith's National Media segment (a/k/a "Meredith Holdings
Corporation" or "MHC"). As part of this transaction, MHC will spin
out of Meredith and merge with IAC's digital publishing business,
Dotdash Media Inc. The transaction, which is valued at
approximately $2.7 billion, is expected to close in Q4 2021,
subject to customary regulatory approvals. The new credit
facilities will not benefit from an IAC downstream guarantee. Going
forward, Dotdash Meredith Inc. will produce a full set of quarterly
and annual audited financial statements [1][2].

Following is a summary of the rating actions:

Assignments:

Issuer: Dotdash Meredith Inc.

Corporate Family Rating, Assigned B1

Probability of Default Rating, Assigned B1-PD

$150 Million Senior Secured Revolving Credit Facility due 2026,
Assigned B1 (LGD3)

$350 Million Senior Secured Term Loan A due 2026, Assigned B1
(LGD3)

$1,000 Million Senior Secured Term Loan B due 2028, Assigned B1
(LGD3)

Outlook Actions:

Issuer: Dotdash Meredith Inc.

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. To the extent the company
subsequently issues a junior class of debt that ranks below the
senior secured credit facilities, the credit facilities could
experience upward ratings pressure due to the higher loss
absorption associated with a subordinated debt class under Moody's
Loss Given Default (LGD) framework.

RATINGS RATIONALE

Dotdash Meredith's B1 CFR reflects the combined company's: (i)
scale and position as one of the largest digital publishers with
substantial reach via its owned and operated websites that
collectively rank in the top ten for monthly unique visitors on a
pro forma basis (based on Comscore's most recent rankings); (ii)
broad portfolio of leading well-known consumer lifestyle media
brands (delivered via magazines, digital and mobile) plus
fast-growing digital brands offering expert and inspirational
content; and (iii) high intent online customer traffic that relies
on first-party data and is expected to produce greater sales
conversions and meaningful ROI for advertising clients than
traditional marketing channels. Moody's expects Dotdash Meredith's
digital assets will generate double-digit percentage top line
revenue growth, supported by favorable secular growth trends
consistent with the $150+ billion digital advertising industry,
with combined adjusted EBITDA margins in the 18%-20% range and good
free cash flow (FCF) conversion.

The B1 rating also considers the transitional business model in
which Dotdash Meredith plans to manage the print assets' revenue
decline while simultaneously investing to grow the digital
business, which Moody's projects will eventually become the bulk of
combined revenue. Ratings incorporate the competitive pricing
pressures and secular decline in print advertising and subscription
revenue in the legacy magazine publishing business, which
accelerated during the pandemic and could experience
faster-than-expected contraction going forward. Print advertising
and subscription revenue accounted for 43% of pro forma combined
revenue at LTM June 30, 2021, while total print-related revenue
represented roughly 58%. Somewhat offsetting this is the media
industry's continuing shift of marketing dollars to digital
platforms. Combined digital adjusted EBITDA experienced a 35%
increase last year as more ads migrated to DDM's digital properties
during the health crisis. Notably, digital accounts for roughly 70%
of combined LTM adjusted EBITDA given its higher margins relative
to print.

Additionally, as part of the planned restructuring efforts to
achieve up to $50 million in annual cost savings, Dotdash Meredith
will likely rationalize low-performing magazine titles, invest to
improve the quality of top preforming titles and modify publication
frequency to better align with consumer and advertiser demand.
Given the combined company's leadership position in key consumer
categories, Moody's expects advertisers will continue to allocate a
portion of their marketing budgets to leading print media, enabling
DDM to maintain its share of print advertising dollars. The company
also plans to decrease and/or optimize the ad load in MHC's digital
titles to improve user engagement. Nonetheless, owing to digital's
faster growth profile relative to print combined with the planned
rationalization of magazine titles, Moody's projects the digital
business will account for the lion's share of revenue over the
rating horizon (>60%).

Moody's expects that Dotdash Meredith's organic revenue will
contract in the low-to-mid-single digit percentage range next year
due to revenue declines in the print business offset by
double-digit growth in digital, with organic revenue growth
improving in 2023 to a range of flattish to 1%. Moody's projects
pro forma total debt to EBITDA leverage at closing (Q4 2021) will
be roughly 4x, increasing to 5.2x in 2022 before returning to the
low 4x range in 2023 (Moody's adjusted, including stock based
compensation (SBC) expense and partial credit for cost synergies)
as margins expand. Moody's expects that DDM will prioritize capital
deployment on reinvesting for organic growth and allocating excess
cash flow towards debt reduction absent small acquisitions or
distributions.

Though revenue is somewhat diversified across several end markets,
it is mostly concentrated in consumer-related verticals that
Moody's estimates account for roughly 65% of pro forma combined
revenue. This weighs on the rating because Dotdash Meredith's
business can be highly sensitive to economic events that are
adversely impacted by consumer confidence and discretionary
spending. There is also limited geographic diversity with more than
90% of pro forma combined revenue derived from the US. Further, DDM
is exposed to print and digital advertising revenue, both of which
can be cyclical and experience commoditized pricing in some types
of ad categories or lower ad rates and weak advertiser demand in
certain consumer verticals during downturns.

The credit profile reflects potential declines in website traffic
due to rapidly changing technology and industry standards, changes
in approaches for content delivery and distribution as well as
sudden changes in how consumers engage with media content over
time. Given that Dotdash Meredith relies predominantly on organic
search results (approximately 60% of pro forma combined LTM
sessions) rather than paid search, the company is exposed to
continual revisions to Google's and other search engine's
algorithms that could result in less favorable listings placements
on search engine results pages (SERP) and reduce customer traffic
to its sites.

These concerns are counterbalanced by a large proportion of revenue
associated with brand-driven high intent customer leads (i.e., cost
per lead and cost per transfer) and premium digital advertising
that represents around 41% of pro forma combined digital ad revenue
(which is contractual and established upfront at the beginning of
the year typically via one-year agreements). Additionally, the
merger is complementary in nature as it relates to Dotdash Media's
historical strength in e-commerce and performance-based advertising
coupled with MHC's strong advertiser relationships, retail
partnerships and brand extensions through product licensing.

Notwithstanding the demand recovery in the services sector expected
in 2021-22 boosted by the economic rebound, the rating considers
the lingering economic impact from the recession that could affect
some consumers' purchasing behavior and certain advertisers'
ability 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 DDM's business model.

There is governance risk related to the 100% ownership interest and
voting stake of IAC, which, in turn, is controlled by Mr. Barry
Diller, who retains a significant voting interest in IAC, coupled
with the parent's historically generous shareholder-friendly
financial policies. Helping to mitigate governance exposure is the
parent's long and successful track record of acquiring,
cultivating, growing and scaling its businesses to profitability in
a disciplined and cost-effective manner, which Moody's believes
will continue while Dotdash Meredith remains majority owned by IAC.
Though IAC is not a guarantor of DDM's debt, Moody's expects IAC
will provide implicit financial support to the company, if needed,
given that DDM will represent IAC's largest investment and account
for around 70% of IAC's pro forma as-reported adjusted EBITDA (at
LTM June 30, 2021, excluding corporate overhead). At closing, IAC's
cash balances will be around $1.5 - $1.6 billion, representing
sizable excess liquidity. Additionally, as a publicly-owned entity,
IAC, is accountable to public shareowners. Consequently, Moody's
believes IAC will act as a prudent steward to efficiently allocate
capital for value-enhancing/growth initiatives and return of
capital to shareholders.

Further, compared to sponsor-controlled issuers, which tend to have
aggressive financial policies and tolerate high leverage, Moody's
views DDM's financial policies to be less aggressive given that the
company plans to target 4x gross financial leverage on an
as-reported basis (equivalent to approximately 4.5x-4.75x Moody's
adjusted total debt to EBITDA).

While Moody's expects societal trends arising from consumers'
increasing use of digital services to purchase goods and services
will continue to positively benefit Dotdash Meredith's business
model, there is also social risk associated with evolving data
security, privacy and protection issues and regulation that could
restrict how DDM acquires customer data in the future and its
ability to effectively deliver ads.

The stable outlook reflects Moody's view that Dotdash Meredith's
online media advertising revenue growth will experience favorable
tailwinds consistent with the digital ad industry as advertising
clients adopt its first-party data-driven approach to marketing.
This, combined with expected cost savings will help offset managed
declines in print magazine revenue (i.e., advertising, subscription
and newsstand) enabling the company to generate good free cash
flow.

Dotdash Meredith's operating model facilitates good conversion of
EBITDA to positive FCF (i.e., CFO less capex less dividends), which
supports the ability to de-lever longer-term. Over the next 12-15
months, Moody's expects good liquidity supported by FCF generation
in the range of $125-$175 million, sufficient cash levels (opening
cash balance of $95 million at closing, pro forma for the pending
debt raise and transaction fees) and access to the new $150 million
RCF to fund internal cash needs and small M&A. Moody's FCF
projection assumes no dividends will be paid to IAC.

STRUCTURAL CONSIDERATIONS

As proposed in the most recent summary term sheet, DDM'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 a dollar
cap not to exceed: (i) the greater of $448 million and 100% of
Consolidated EBITDA (as defined); and (ii) an unlimited amount of
additional pari passu credit facilities after taking into account
certain acquisitions so long as the pro forma First-Lien Net
Leverage Ratio (as defined) does not exceed 4x on the date of
initial incurrence. Additional debt is permitted for incremental
facilities that are secured on a junior lien or unsecured basis so
long as the Consolidated Net Leverage Ratio (as defined) does not
exceed 5.5x.

The summary term sheet indicates a mandatory prepayment with 100%
of net cash asset sales proceeds in excess of $80 million per annum
subject to the following exceptions: (i) reinvestment within18
months of receipt with an additional 180 days if committed within
said 18 months; and (ii) prepayment reduced to 50% and 0% of net
cash proceeds if the First-Lien Leverage Ratio is 0.5x and 1x less
than the Closing Date First-Lien Leverage Ratio, respectively.
Under the proposed terms, collateral leakage through: (i) transfers
to or investments in unrestricted subsidiaries are permitted
through investment covenant carve-outs (e.g., aggregate permitted
investments in unrestricted subsidiaries are capped at $85 million
plus $45 million per annum, with carry-forward of unused amounts up
to a maximum of $125 million per annum); and (ii) restricted
payments baskets (e.g., distributions and prepayment of junior lien
and subordinated debts capped at greater of $106 million and 25% of
Consolidated EBITDA or an unlimited amount of distributions so long
as the Consolidated Net Leverage Ratio does not exceed 4.25x); no
asset-transfer "blockers" are contemplated. Unconditionally
guaranteeing subsidiaries must be material direct or indirect
wholly-owned restricted domestic subsidiaries (as defined), however
partial dividends of ownership interests could jeopardize
guarantees.

FACTORS THAT COULD 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 Dotdash Meredith exhibits revenue growth
in line or ahead of market growth, expanding EBITDA margins and
improved geographic diversity through increased scale (via growth
in digital assets) and profitability. An upgrade would also be
considered if financial leverage as measured by total debt to
EBITDA is sustained near 3.5x (Moody's adjusted, including SBC
expense) and FCF as a percentage of total debt stays above 7.5%
(Moody's adjusted). DDM would also need to adhere to conservative
financial policies with respect to potential dividends paid to the
parent and maintain at least good liquidity to be considered for
upward ratings pressure.

Ratings could be downgraded if Dotdash Meredith's competitive
position were to weaken as evidenced by revenue declines of 5% or
more, EBITDA margins fall below 15% (Moody's adjusted, including
SBC expense) for an extended period, rising traffic acquisition
costs and/or faster-than-expected decline in print advertising or
subscription revenue. Ratings could experience downward pressure if
total debt to EBITDA is sustained above 5x (Moody's adjusted,
including SBC expense) due to EBITDA shortfalls or leveraging
transactions. A downgrade could also arise if liquidity
deteriorates significantly due to lower-than-expected FCF
generation (i.e., FCF/debt less than 5% as calculated by Moody's),
sizable shareholder distributions or weakened cash levels due to
increased acquisition spend without a proportionate increase in
EBITDA.

Dotdash Meredith Inc. will be a newly-formed media company via the
combination of IAC/InterActiveCorp's digital publishing business,
Dotdash Media Inc., with Meredith Corp.'s print magazine, digital
publishing and brand licensing assets that will be spun out from
Meredith in a transaction valued at approximately $2.7 billion. The
merger will create a leading internet property and consumer media
publisher with over 30 key brands reaching more than 175 million
unduplicated online consumers each month. Dotdash Meredith will be
a 100% owned subsidiary of IAC. Pro forma combined revenue for the
twelve months ended June 30, 2021 was approximately $2.4 billion.

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


DOTDASH MEREDITH: S&P Assigns 'BB-' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '3' recovery
ratings to U.S.-based digital marketing services provider and
content publisher Dotdash Meredith Inc.'s proposed senior secured
term loan B.

S&P said, "The stable outlook reflects our expectation that Dotdash
Meredith will achieve 2%-4% pro forma EBITDA growth in 2022,
resulting in S&P Global Ratings-adjusted net leverage in the
4.5x-5x range and free operating cash flow (FOCF) to debt of
10%-15%.

"Our 'BB-' issuer credit rating on Dotdash Meredith Inc. reflects
the company's strong portfolio of brands, high amount of organic
digital traffic compared to peers', favorable group support from
IAC, and solid cash-flow generation. These factors are somewhat
offset by the company's operations in a competitive and cyclical
industry, its exposure to pay-for-performance revenue, its print
business being in secular decline, and the significant execution
risk tied to the integration of Dotdash and Meredith's National
Media Group.

"The acquisition of Meredith's National Media Group poses
significant execution risk. Dotdash will be a materially larger
company following the business combination, we expect EBITDA on a
S&P Global adjusted basis to increase by nearly 5x to about $400
million in 2022, and the company will take on $1.6 billion of new
debt. Dotdash management will also need to manage secular declines
in Meredith's print business, which represents about 58% of pro
forma revenue and 32% of pro forma EBITDA. The company plans to
partially offset print declines with $50 million of potential
synergies through cost reductions, but we believe it will take
several years to realize the potential savings and there will be
ongoing restructuring costs to achieve them, limiting the near-term
benefit. The company also expects exponential growth in its digital
properties to help offset print declines, although Meredith's
digital properties will require significant content investments to
drive growth. Meredith personnel will need to acclimate to a new
management team and adapt from a largely print-based
content-creation strategy to one that will prioritize digital
content first. Execution risk related to managing print declines,
developing Meredith's digital strategy, realizing synergies, and
integrating cultures creates uncertainty around the company's
performance over the next several years.

"The print business is in secular decline and we expect it to be a
long-term drag on the company's profitability. We expect print
revenue to decline in the 10%-20% area each of the next five years
and for the company to deemphasize this segment as it focuses on
growth in its digital business. The digital properties' EBITDA
margins of about 25%-30% are about twice as high as the print
business margins. We expect further margin dilution for the print
business over time due to expected declines in subscription count
and magazine rate base (the magazine circulation that the company
guarantees to its advertisers). The company will be reliant on the
strength and potential growth in its digital properties to offset
declines in its print business. We expect it will take several
years for the company to undergo this change before it realizes the
full benefit of its restructuring and strategy realignment. Any
underperformance from its digital assets or cost overruns tied to
the integration could pressure credit metrics.

"The company operates in a volatile industry and has exposure to
pay-for-performance revenue. Despite the company's well-known brand
names and high amounts of organic traffic, it still operates in a
highly competitive industry, where constant investment in new
content to attract and retain users is critical for
competitiveness. Although Dotdash Meredith's content is well known,
it is not necessarily unique and could be replicated by competitors
and new entrants, given relatively low barrier to entry. We expect
about 35%-40% of the company's pro forma revenue will be
display-based advertising sold through either fixed-price contracts
or on open-market programmatic auctions, typically on a
cost-per-click (CPC) or cost-per-impression (CPM) basis. This can
pose operating uncertainty as the pricing for Dotdash Meredith's ad
inventory space will be determined by the success of the ad
campaigns being run across its platform. In addition, the company's
customer relationships are not exclusive, and its advertising
partners could reallocate marketing dollars to competitors that
offer a compelling alternative. However, Meredith does have
long-standing relationships with advertisers, and 60% of Meredith's
digital advertising was from direct sales, which we believe has
less volatile pricing than the open market, and will provide value
to the pro forma company.

"The company's performance-based marketing, which we expect to be
about 10%-15% of pro forma revenue, creates additional earnings
volatility given the pay-for-performance nature of the contracts.
In this segment, the company generates revenue by delivering
customers, leads, and sales where performance marketing commissions
are generated on a cost-per-click or cost-per-action basis. The
burden falls on the company to deliver high-intent customers to its
advertising partners, where profit is determined on the company
generating a favorable spread between the commission earned and the
cost to deliver the customer. Advertisers are willing to pay more
for ad inventories if Dotdash Meredith can deliver customers with
high purchase intent.

"Dotdash Meredith has strong brand equity and a high percentage of
organic user traffic. We believe the combined company's well-known
brands, such as People, Better Homes & Gardens, Verywell, and
Investopedia, give the company a competitive advantage over peers
with lesser-known digital properties. The expanded digital
portfolio will reach about 240 million active users a month, which
compares favorably to peers such as Red Ventures Holdco L.P.,
Centerfield Media Parent Inc., Digital Media Solutions Inc., and
System1 Inc. However, this still pales in comparison to the
company's larger competitors in the digital ad space, Google, and
Facebook, which continue to dominate the lion's share of digital
advertising and reach about 2 billion-3 billion active users a
month."

The strength of the company's brands has resulted in 60% of the pro
forma company's user traffic being organic, which is significantly
stronger compared to that of peers. A well-recognized website with
a record of producing quality content is more likely to be
prioritized in search results and will therefore likely be more
profitable than competitors using paid search advertising. Dotdash
Meredith is less exposed to earnings volatility faced by its
competitors whose operating expenditures are dominated by
advertising and traffic acquisition costs. This brand strength has
also resulted in the company obtaining a significant amount of
first-party data, which is more valuable to advertisers than
comparable third-party signals.

Dotdash Meredith's digital business benefits from favorable
industry growth prospects. The company benefits from the ongoing
shift to digital customer acquisition from offline acquisition. As
more customers make their purchase decisions online, the company
has a larger pool of potential activations. Dotdash Meredith's
websites are not brand specific and can provide greater pricing for
the company because the undecided shopper is more valuable to the
marketplace and demands a premium for customer conversion. The
company expects its digital business to contribute 90%-95% of its
pro forma EBITDA by 2025.

S&P said, "The company has good cash-flow generation. We expect the
company to have healthy cash-flow generation, with FOCF to debt of
about 10%-15% in 2022, benefiting from a modest interest burden,
neutral working capital, and low capital intensity. We view this as
in line with peers such as LendingTree Inc., Taboola.com Ltd., and
Red Ventures. Given its record, we expect the company to make small
tuck-in acquisitions over the next 12-24 months using cash on the
balance sheet.

"We believe IAC would provide moderate credit support to Dotdash
Meredith in a stress scenario. We consider Dotdash Meredith to be
moderately strategic to IAC given the company will be a wholly
owned subsidiary of IAC, and we expect it to contribute about
75%-80% of IAC's EBITDA. Therefore, we believe IAC would provide
moderate credit support to Dotdash Meredith in a stress scenario
because it has an economic incentive to preserve its credit
strength. To reflect this, we apply one notch of uplift to our 'b+'
stand-alone credit profile (SACP), arriving at our 'BB-' issuer
credit rating, one notch below our 'BB' rating on IAC. Over the
long term, we believe IAC will look to expand Dotdash Meredith and
could eventually spin it off as a separate business.

"The stable outlook reflects our expectation that Dotdash Meredith
will benefit from secular growth trends in digital advertising and
successfully integrate Meredith's National Media Group. We expect
the combined company will achieve 2%-4% pro forma EBITDA growth in
2022, resulting in S&P Global Ratings-adjusted net leverage of
4.5x-5x and FOCF to debt of 10%-15%."

S&P could lower the rating if FOCF to debt falls below 5% or net
leverage increases well above 5x on a sustained basis. This could
occur if:

-- Dotdash is unable to successfully integrate Meredith's
business, resulting in higher costs and lower EBITDA than its
base-case projections;

-- More intense competition within the open web space leads to
significant pricing pressures, major client losses, or both;

-- Advertisers shift more of their marketing budgets toward social
and search platforms, affecting the growth of advertising spending
on Dotdash Meredith's owned and operated properties and print
publications; or

-- S&P lowers the 'BB' rating on IAC. As a moderately strategic
subsidiary of IAC, Dotdash Meredith's rating is capped at one notch
below IAC, unless its SACP is equivalent to that of IAC.

Although unlikely over the next 12 months, S&P could raise the
rating if:

-- Dotdash successfully integrates Meredith's National Media Group
with minimal cost overruns, resulting in improved EBITDA margins;
and

-- The combined company exhibits a record of maintaining leverage
comfortably below 4x; and

-- S&P's rating on IAC is at least 'BB'. As a moderately strategic
subsidiary of IAC, Dotdash Meredith's rating is capped at one notch
below IAC, unless its SACP is equivalent to that of IAC.



DTE ENERGY: Fitch Rates 2021 Series E Jr. Subordinated Notes 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to DTE Energy Co.'s
(DTE; BBB/Stable) issuance of 2021 Series E junior subordinated
notes. The notes mature in 2081 and will rank pari passu with DTE's
existing junior subordinated debt. The Rating Outlook is Stable.
Proceeds will be used to refinance the existing 6.0% Junior
Subordinated Debentures due 2076, which are first callable on Dec.
15, 2021.

DTE's ratings reflect a positive shift in DTE's risk profile with
state-regulated operations comprising more than 90% of the
company's EBITDA going forward.

KEY RATING DRIVERS

Improved Business Mix: Following the spin-off of the Gas, Storage
and Pipeline (GSP) segment earlier this year, Fitch projects DTE
will derive around 90% of its EBITDA from two regulated utilities
in Michigan. Prior to the spin-off, Fitch expected regulated
utilities to remain around 75%-80% of EBITDA.

Fitch has adjusted its FFO sensitivity thresholds to 4.8x-5.8x from
the previous 4.7x-5.3x range to reflect a lower predominately
utility business risk profile.

Credit Metrics Modestly Weaker: Fitch estimates consolidated FFO
leverage will be around 5.5x in 2021-2022, improving to about
5.2x-5.1x in 2023-2024 following DTE Electric Company (DTEE) and
DTE Gas Company (DTEG) rate case resolutions. Although weaker than
previously estimated leverage of 4.7x-4.8x, it is still comfortably
below Fitch's current negative sensitivity threshold. Fitch
projects parent debt to remain at about 30% of total debt over the
forecast period below Fitch's previous assumption of about 37%.
Despite a sizable debt reduction, parent debt will remain elevated
for a company with predominately utility-derived EBITDA.

Spin-Off of Gas, Storage and Pipeline Business: On July 1, 2021,
DTE completed the spin-off of its GSP business into a separate
standalone publicly traded entity. The GSP spin-off entity issued
around $3.0 billion of debt and DTE used the proceeds to pay down
debt at the DTE parent and DTEE. All debt to finance GSP segment
was being issued at the parent level prior to the spin-off. DTE
also reduced the dividend in line with the earnings reduction
following the spin-off to keep the pay-out ratio around 60%-65%.

Constructive Utility Regulatory Environment: The Michigan
regulatory environment remains constructive from a credit
perspective, evidenced by general rate case (GRC) outcomes, in
which the Michigan Public Service Commission (MPSC) recently
approved authorized ROEs of 9.9%, which are above industry averages
for electric and gas utilities. The regulatory framework allows
full pass through of fuel and purchased power costs,
forward-looking test years and a timely 10-month review period for
GRC resolution.

Fitch believes recent rate orders are constructive and supportive
of current credit ratings and significant capital investment. The
value of a supportive regulatory environment is even more important
for the stability of credit ratings as most of DTE's cash flow are
now derived from its two utilities.

Utility-Focused Capex Program: DTE's current $19 billion capital
program in 2022-2026 is more than 90% utility-oriented. DTE plans
to spend $18 billion over 2022-2026 period on its utility
investment, $1 billion, or a 6% increase, versus the previous 2021
plan. The additional capex is earmarked for renewable investments
at DTEE which will now account for $3 billion of total utility
capex. The utilities are investing in distribution and base
infrastructure, environmental compliance projects, gas generation,
and wind and solar generation. Non-regulated investments are
focused on developing new renewable natural gas (RNG) and
cogeneration projects.

Effects from the Pandemic: DTE has been very successful in managing
any potential negative exposure from lower industrial and
commercial sales in 2020. Operational savings and a significant
increase in residential sales, partially helped by favorable
weather, with much higher margins, were more than sufficient to
offset a reduction in commercial and industrial sales in 2020. In
2021, residential sales continue to be elevated versus pre-pandemic
levels as people continue working from home. At the same time,
industrial and commercial sales have almost returned to
pre-pandemic levels.

Parent/Subsidiary Linkage: Fitch applied a bottom-up approach in
rating DTE and its subsidiaries. DTE's Long-Term IDR reflects a
consolidated credit profile. The linkage between the parent and
subsidiaries follows a weak parent/strong subsidiary approach.
Fitch considers DTEE to be stronger than DTE due to the low-risk
business-regulated utility operations and predictable cash flow.
Legal ties are weak, as DTE does not guarantee the debt obligations
of the subsidiaries, and no cross defaults exist among DTE and its
subsidiaries.

Operational and strategic ties are robust and DTEE remains the
primary driver of earnings and cash flow to support parent-level
dividends. DTEG also has operational and strategic ties to DTE, but
does not contribute a large portion of cash flow to its parent.
Fitch has determined moderate linkage exists between DTE, DTEE and
DTEG and would limit the notching difference between the Long-Term
IDRs of DTE and its subsidiaries to one to two notches.

DERIVATION SUMMARY

DTE's credit profile is in-line with its peers, Dominion Energy,
Inc. (DEI; BBB+/Stable) and CMS Energy (BBB/Stable), which are
parent holding companies anchored by regulated utility operations
and significant parent-level debt. DTE's consolidated operations
are smaller than Dominion's but larger than CMS Energy's.

In terms of cash flow from regulated utilities, post GSP spin-off
earlier this year, Fitch projects more than 90% of DTE's EBITDA to
come from a single- state regulated utility businesses over the
forecast period. This is close to DEI's approximately 85%-90% of
EBITDA expected to come from state-regulated utility businesses
following sales of the gas transmission assets, and slightly lower
than CMS's, which has more than 90% of its EBITDA coming from a
regulated utility in Michigan.

In addition, DTE's parent-level debt is projected to stay around
30% over the forecast period. Although still elevated it is lower
than 35%-40% projected for DEI post the asset sale. CMS Energy is
Michigan's single-state regulated utility, with a small
contribution from non-utility business, and an elevated
parent-level debt of about quarter of its total debt.

Fitch anticipates FFO leverage to be in the range of 5.1x-5.5x over
2022-2024. CMS's and DEI's FFO leverage are lower than DTE's and
projected to average around 5.0x over the forecast period.

KEY ASSUMPTIONS

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

-- Spin-off of the GSP segment as of July 1, 2021, with removal
    of all related earnings and cash flow mid-year;

-- Pay down of about $2.9 billion of debt following the spin-off
    in 2021;

-- Dividend reduction in 2021 to reflect reduced post-spin
    earnings and to maintain around 60% pay-out ratio;

-- Constructive regulatory environment in Michigan with ROEs for
    DTEE and DTEG in line with recent rate case decision;

-- Capex program totaling $13.8 billion at utilities in 2021
    2024;

-- Capital structure commensurate with regulatory structure;

-- Securitization debt and revenues are excluded from the FFO and
    debt calculations;

-- DTE Vantage business growing earnings 5%-7% annually and
    remaining below 10% EBITDA target over the forecast period;

-- No material equity issuance apart from the mandatory converts
    converting in 2022.

RATING SENSITIVITIES

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

-- While not anticipated at this time given the sizable capital
    program, sustained improvement in FFO leverage of 4.8x or
    lower through the forecast period.

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

-- A significant deviation from the current business risk with
    the regulated businesses comprising less than 90% of
    consolidated cash flow due to growth in the non-utility
    businesses;

-- An adverse change in Michigan's regulatory environment;

-- Sustained weakening in FFO leverage of 5.8x or higher through
    the forecast period;

-- Increase in parent level debt beyond currently projected 30%
    of total.

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: DTE and its subsidiaries had around $2.1
billion of available liquidity as of Sept. 30, 2021, consisting of
cash and amounts available under revolving credit facilities. DTE's
LOCs and revolving credit facilities expire in 2021/2023 and
2023/2025, respectively. In June 2021, DTE Energy amended its
maximum debt/capitalization covenant to 70% from 65% starting with
3Q 2021 and ending December 2022. The facilities are $1.5 billion
at DTE, $500 million at DTEE and $300 million at DTEG. DTE, DTEE
and DTEG were compliant with consolidated debt/capitalization of
66%, 51% and 46%, respectively, as defined under the credit
agreement, as of Sept. 30, 2021.

Debt maturities are manageable, and Fitch expects DTE to have
continued access to the capital markets.

ISSUER PROFILE

DTE Energy Co. (DTE) is the parent holding company of DTE Electric
(DTEE) and DTE Gas (DTEG), regulated electric and natural gas
utilities that provide electric and natural gas sales, distribution
and storage services throughout Michigan. DTE also owns non-utility
operations consisting of industrial energy projects and energy
trading.

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.


ENSONO INC: Moody's Assigns 'B3' CFR Amid Kohlberg Transaction
--------------------------------------------------------------
Moody's investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Ensono, Inc. (Ensono)
following the company's legal reorganization at the close of its
acquisition by private equity firm Kohlberg Kravis Roberts & Co.
L.P. (KKR). KKR acquired Ensono, LP from private equity firms
Charlesbank Capital Partners and M/C Partners initially through
Ensono Holdings, LLC, which was subsequently merged into Ensono,
Inc. under a legal reorganization at the close of the acquisition.
Moody's has also affirmed the B2 rating on the company's $848
million senior secured first lien credit facility, which consists
of a $748 million seven-year term loan and a $100 million five-year
revolver, and the Caa2 rating on the company's $250 million senior
secured second lien eight-year term loan. The B2 and Caa1 ratings
on the first and second lien credit facilities, respectively, will
be transferred to Ensono, Inc., the final borrower following the
acquisition. The proceeds from the senior secured credit facilities
were used, in conjunction with KKR's sizable equity contribution,
to finance the acquisition of Ensono, LP, refinance existing
indebtedness and pay fees and expenses related to the transaction.
The existing CFR, PDR and all instrument level ratings for Ensono
Holdings, LLC will be withdrawn as part of this rating action.
Ensono's outlook is stable.

Assignments:

Issuer: Ensono, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Affirmations:

Issuer: Ensono, Inc.

Senior Secured First Lien Bank Credit Facility, Affirmed B2
(LGD3)

Senior Secured Second Lien Credit Facility, Affirmed Caa2 (LGD5)

Withdrawals:

Issuer:Ensono Holdings, LLC

Corporate Family Rating, Withdrawn, previously rated B3

Probability of Default Rating, Withdrawn, previously rated
Assigned B3-PD

Outlook Actions:

Issuer: Ensono, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Ensono's B3 CFR reflects its moderate scale, solid growth, elevated
leverage, customer concentration and Moody's expectation of
modestly positive free cash flow as capital intensity further
declines over time and becomes increasingly success-based in
nature. These limiting factors are offset by Ensono's stable base
of contracted recurring revenue and a solid position within the
market for managed mainframe and midrange computer services,
largely for Fortune 1000 enterprises with less than $10 billion in
annual revenue. The compelling cost reduction benefits to
on-premise IT managers from outsourcing mainframe operations will
continue to fuel Ensono's steady growth.

Ensono's capital intensity will fall over time given its end market
focus and systems integrator-like business model. This model
benefits from longer contract terms of 4-7 years versus the three
year average terms of retail colocation providers and shorter terms
of managed hosting providers. Moody's believes the company's
business model will support steady and increasing positive free
cash flow with growing scale despite the elevated leverage (Moody's
adjusted) associated with the acquisition and transfer of
ownership. As a scaled hybrid IT managed services provider, Ensono
is also targeting growth from traditional hybrid private cloud and
asset-light public cloud services end markets. Ensono aims to
standardize and highly automate a service delivery model that
facilitates true hybrid IT solutions across different applications
and infrastructure platforms, including mainframe, private cloud
and public cloud utilizing a single interface. Moody's expects
Ensono's debt/EBITDA (Moody's adjusted) to be around 6.5x at
year-end 2021 and trend steadily to 6.0x or lower at year-end 2022,
driven by revenue growth and margin expansion from scale
economies.

Moody's expects Ensono to have adequate liquidity over the next 12
months. As of June 2021, Ensono has about $57 million of cash on
the balance sheet and an undrawn $100 million revolving credit
facility. Moody's projects slightly positive free cash flow for
2021 driven by higher debt levels and success-based capital
spending. The revolver, which contains a springing leverage
covenant to be tested when the revolver is greater than 40% drawn,
has ample headroom.

The instrument ratings reflect both the probability of default of
Ensono, as reflected in the B3-PD probability of default rating, an
average expected family recovery rate of 50% at default, and the
loss given default (LGD) assessment of the debt instruments in the
capital structure based on a priority of claims. The senior secured
first lien credit facilities are rated B2 (LGD3), one notch higher
than the B3 CFR, given the loss absorption provided by the senior
secured second lien term loan, rated Caa2 (LGD5). The senior
secured credit facilities are guaranteed on a senior secured basis
by all current and future domestic restricted subsidiaries.

The stable outlook reflects Moody's view that Ensono will produce
strong revenue and EBITDA growth, benefit from reducing capital
intensity over time and maintain steady to improving leverage.

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

Moody's could upgrade Ensono's ratings if debt/EBITDA (Moody's
adjusted) were to fall below 5x on a sustainable basis and the
company generates positive free cash flow on a sustainable basis.

Downward rating pressure could develop if liquidity becomes
strained or if debt/EBITDA (Moody's adjusted) stays above 6.25x for
an extended period.

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

Headquartered in the Chicago area, Ensono is a hybrid IT managed
service provider focused on mission critical workloads for
enterprise customers. The company supports mainframe,
infrastructure, private cloud, and public cloud solutions primarily
in the US and Europe, with a differentiated expertise in legacy
mainframe systems.


ENTRUST ENERGY: Debtor Will Liquidate to Pay Claims
---------------------------------------------------
Entrust Energy, Inc., et al., submitted an Amended Disclosure
Statement.

The Plan provides that the Liquidating Trust will be vested with
all causes of action other than those that are expressly released
under the Plan or pursuant to a Final Order.

Following the sales of the RECs, the FF&E, and the vehicles, the
Debtors only material assets are Cash on hand, outstanding
receivables (including intercompany receivables), and the causes of
action (collectively, the "Remaining Assets").

The purpose of the Plan is to provide for the equitable
distribution of the Debtors' Cash as well as any proceeds received
in connection with the prosecution and/or settlement of the Causes
of Action. The Debtors have no assets of material value other than
the Remaining Assets.

The Plan will treat claims as follows:

   * Class 6 - General Unsecured Claims Asserted Against Entrust
Energy, Inc.  Each Holder of an Allowed Class 6 Claim shall receive
a Beneficial Interest in the Liquidating Trust Cash derived from
Entrust Energy Inc.'s Liquidating Trust Assets less applicable
expenses. Class 6 is impaired.

   * Class 10 - General Unsecured Claims Against Entrust Treasury
Management Services, Inc.  Each Holder of an Allowed Class 10 Claim
shall receive a Beneficial Interest in the Liquidating Trust Cash
derived from Entrust Treasury Management Services, Inc.'s
Liquidating Trust Assets less applicable expenses. Class 10 is
impaired.

   * Class 15 - General Unsecured Claims Against Entrust Energy
East, Inc. Each Holder of an Allowed Class 15 Claim shall receive a
Beneficial Interest in the Liquidating Trust Cash derived from
Entrust Energy East, Inc.'s Liquidating Trust Assets less
applicable expenses. Class 15 is impaired.

   * Class 20 - General Unsecured Claims Against Power of Texas
Holdings, Inc. Each Holder of an Allowed Class 20 Claim shall
receive a Beneficial Interest in the Liquidating Trust Cash derived
from Power of Texas Holdings, Inc.'s Liquidating Trust Assets less
applicable expenses. Class 20 is impaired

   * Class 24 - General Unsecured Claims Against Akyta Holdings,
Inc. Each Holder of an Allowed Class 24 Claim shall receive a
Beneficial Interest in the Liquidating Trust Cash derived from
Akyta Holdings, Inc.'s Liquidating Trust Assets less applicable
expenses. Class 24 is impaired.

   * Class 31 - General Unsecured Claims Against Enserve, Inc. Each
Holder of an Allowed Class 31 Claim shall receive a Beneficial
Interest in the Liquidating Trust Cash derived from Enserve, Inc.'s
Liquidating Trust Assets less applicable expenses. Class 31 is
impaired.

   * Class 36 - General Unsecured Claims Against Akyta, Inc. Each
Holder of an Allowed Class 36 Claim shall receive a Beneficial
Interest in the Liquidating Trust Cash derived from Akyta, Inc's
Liquidating Assets less applicable expenses. Class 36 is impaired.

   * Class 40 - General Unsecured Claims Against Energistics, Inc.
Each Holder of an Allowed Class 40 Claim shall receive a Beneficial
Interest in the Liquidating Trust Cash derived from Energistics,
Inc.'s Liquidating Trust Assets less applicable expenses. Class 40
impaired.

   * Class 44 - General Unsecured Claims Against SPH Investments,
Inc. Each Holder of an Allowed Class 44 Claim shall receive a
Beneficial Interest in the Liquidating Trust Cash derived from SPH
Investments, Inc.'s Liquidating Trust Assets less applicable
expenses. Class 44 is impaired.

   * Class 48 - General Unsecured Claims Against Akyta IP, Inc.
Each Holder of an Allowed Class 48 Claim shall receive a Beneficial
Interest in the Liquidating Trust Cash derived from Akyta IP,
Inc.'s Liquidating Trust Assets less applicable expenses. Class 48
is impaired.

   * Class 50 - General Unsecured Claims Against Strategic Power
Holdings, LLC. Each Holder of an Allowed Class 50 Claim shall
receive a Beneficial Interest in the Liquidating Trust Cash derived
from Strategic Power Holdings, LLC's Liquidating Trust Assets less
applicable expenses. Class 50 is impaired.

   * Class 52 - General Unsecured Claims Against NGAE, Inc. Each
Holder of an Allowed Class 52 Claim shall receive a Beneficial
Interest in the Liquidating Trust Cash derived from NGAE, Inc.'s
Liquidating Trust Assets less applicable expenses. Class 52 is
impaired.

   * Class 56 - General Unsecured Claims Against Surge Direct
Sales, Inc. Each Holder of an Allowed Class 56 Claim shall receive
a Beneficial Interest in the Liquidating Trust Cash derived from
Surge Direct Sales, Inc.'s Liquidating Trust Assets less applicable
expenses. Class 56 is impaired.

   * Class 60 - General Unsecured Claims Against Entrust Energy
Operations, Inc. Each Holder of an Allowed Class 60 Claim shall
receive a Beneficial Interest in the Liquidating Trust Cash derived
from Entrust Energy Operations, Inc.'s Liquidating Trust Assets
less applicable expenses. Class 60 is impaired.

   * Class 63 - General Unsecured Claims Against Knocked
Corporation. Each Holder of an Allowed Class 63 Claim shall receive
a Beneficial Interest in the Liquidating Trust Cash derived from
Knocked Corporation's Liquidating Trust Assets less applicable
expenses. Class 63 is impaired.

The Plan is being proposed as a joint plan of liquidation of the
Debtors for administrative purposes only and constitutes a separate
chapter 11 plan of liquidation for each Debtor.  The Plan is not
premised upon the substantive consolidation of the Debtors with
respect to the Classes of Claims or Equity Interests set forth in
the Plan.  The Liquidating Trustee shall be responsible for
segregating each Debtors' portion the Liquidating Trust Assets.

The last day to vote to accept or reject the Plan is Dec. 13, 2021.
All votes must be received by 5:00 p.m. (CST) on that day.

Objections to confirmation must be filed and served on the Debtors,
and certain other parties, by no later than Dec. 16, 2021 at 4:00
p.m. prevailing Central Time in accordance with the notice of the
Confirmation Hearing that accompanies this Plan.

Attorneys to the Debtors:

     Elizabeth A. Green, Esq.
     Jimmy D. Parrish, Esq.
     BAKER & HOSTETLER LLP
     Suite 2300
     200 South Orange Avenue
     Orlando, FL 32801-3432
     Telephone: (407) 649-4000
     Facsimile: (407) 841-0168
     E-mail: egreen@bakerlaw.com
     E-mail: jparrish@bakerlaw.com

           - and -

     Jorian L. Rose, Esq.
     45 Rockefeller Plaza
     New York, New York
     Telephone: (212) 589-4200
     Facsimile: (212) 589-4201
     Email: jrose@bakerlaw.com

A copy of the Disclosure Statement dated November 10, 2021, is
available at https://bit.ly/3naspoM from bmcgroup.com, the claims
agent.

                     About Entrust Energy

Houston, Texas-based Entrust Energy, Inc. generates, transmits and
distributes electrical energy to homes and businesses.

Entrust Energy and 14 of its affiliates sought Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 21-31070) on
March 30, 2021. At the time of the filing, Entrust Energy disclosed
total assets of between $100 million and $500 million and total
liabilities of between $50 million and $100 million.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Baker & Hostetler, LLP and Alvarez & Marsal
North America, LLC as their legal counsel and financial advisor,
respectively. BMC Group, Inc. is the claims noticing and
solicitation agent.  

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on April 28,
2021.  McDermott Will & Emery, LLP, and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.


EZTOPELIZ LLC: Unsecureds Get Pro Rata Share From Sale of Property
------------------------------------------------------------------
Eztopeliz, LLC, submitted an Amended Disclosure Statement.

The Debtor is a Florida limited liability company that owns
approximately 13 acres of undeveloped land located at 4600 & 4650
Dixie Highway NE, Port Malabar Unit 1, Palm Bay, Florida (the
"Property"). The Property is planned and permitted for development
into a 192-unit condominium complex and has obtained permits and
plans already acquired.

As of the Petition Date, the Debtor's primary assets consist of the
following:

   (i) real property ("Property"), valued in its schedules at
$7,500,000.00; and
  (ii) personal property valued in its schedules at $1,123.87.

The Plan provides or the orderly payment of Allowed Claims,
including through sale or public auction of the Debtor's Property.
The Debtor will pay in full all Allowed Administrative on the
Effective Date, unless otherwise agreed to by the holder of any
such claim.  The Debtor shall continue to exist after the Effective
Date as a limited liability company in accordance with the laws of
the State of Florida.

Class 10 - General Unsecured Claims will each receive a
distribution equal to the holder's pro rata share in any net
proceeds from the sale of each parcel or the Property, after full
payment of all Allowed Secured Claims encumbered by such Parcel or
the Property in accordance with the provisions of the Plan. Class
10 is impaired.

A third-party investor, named Preg-Advantis Palm Bay LLC, located
at 1930 N. Donnelly Street, Mt. Dora, Florida 32757, and its
affiliated entities, shall purchase outstanding shares of the
Debtor in consideration for payment to the Debtor of $400,000.00 in
Cash (the "Investment") on the Effective Date. The Investment will
be used by the Debtor to fund the Plan.

The Bankruptcy Court has scheduled a hearing to consider
confirmation of the Plan on December 9, 2021, at 1:00 p.m. Eastern
Time, in the United States Bankruptcy Court for the Middle District
of Florida, Orlando, Division.

The Bankruptcy Court has directed that objections, if any, to
confirmation of the Plan be filed and served on or before Dec. 2,
2021.

To be sure your ballot is counted, your ballot must be received no
later than 5:00 p.m. eastern time on Dec. 2, 2021.

Counsel for the Debtor:

     Jonathan M. Sykes, Esq.
     Michael A. Nardella
     Nardella & Nardella, PLLC
     135 W. Central Blvd., Suite 300
     Orlando, FL 32801
     Tel: (407) 966-2680
     Fax: (407) 966-2681

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/30fSfyK from PacerMonitor.com.

                       About Eztopeliz LLC

Eztopeliz, LLC, a company in Titusville, Fla., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
21-03674) on Aug. 12, 2021, disclosing up to $10 million in assets
and up to $50 million in liabilities.  Jeffrey C. Unnerstall, the
Debtor's manager, signed the petition.  Judge Karen S. Jennemann
oversees the case.  Nardella & Nardella, PLLC, is the Debtor's
legal counsel.


FINDLAY ESTATES: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Findlay Estates, LLC
        71 Lafayette Avenue
        Suffern New York 10901

Business Description: The Debtor is in the business of owning and
                      operating certain real estate located at
                      1056-1064 Findlay Avenue, Bronx, New York, a
                      building containing 27 residential rental
                      units.

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 21-22647

Judge: Hon. Robert D. Drain

Debtor's Counsel: Leo Fox, Esq.
                  630 Third Avenue - 18th Floor
                  New York, New York 10017
                  Tel: 212-867-9595
                  Email: leo@leofoxlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sheindy Grunhut as sole member-manager.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

https://www.pacermonitor.com/view/PJMAP6Q/Findlay_Estates_LLC__nysbke-21-22647__0001.0.pdf?mcid=tGE4TAMA


FIRSTENERGY CORP: Fitch Alters Outlook on 'BB+' IDRs to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlooks for FirstEnergy Corp.
(FE), FirstEnergy Transmission LLC (FET) and their operating
utility subsidiaries to Positive from Stable. Fitch has also
affirmed the Long-Term Issuer Default Ratings (IDR) of FE and FET
at 'BB+' and the Long-Term IDRs of the utility operating
subsidiaries at 'BBB-'.

The rating action reflects sale of a partial interest in FET,
issuance of $1 billion of new equity, settlement of key Ohio
regulatory issues and meaningful improvement in corporate
governance. Deleveraging is likely to result from use of asset sale
and equity proceeds to reduce debt, which supports the Positive
Outlook along with the potential settlement of key issues before
the Public Utilities Commission of Ohio (PUCO). Future positive
rating action by Fitch is likely with approval of the Ohio
settlement and close of the partial sale of FET.

KEY RATING DRIVERS

Asset Sale and Equity Issuance: Earlier this month, FE announced
the sale of a 19.9% ownership interest in FET to Brookfield
Super-Core Infrastructure Partners (Brookfield) for $2.4 billion.
Regulatory approvals will be required by the Federal Energy
Regulatory Commission (FERC) and the Committee on Foreign
Investment in the United States (CFIUS). The transaction is valued
at approximately 40x LTM earnings and 3x rate base and is expected
to close following regulatory approvals from FERC and CFIUS in
approximately six months or less. FE is also issuing $1 billion of
equity in a private placement to Blackstone Infrastructure Partners
(BIP).

Fitch expects the $3.4 billion of proceeds from the partial FET
ownership sale and private placement will be used to repay parent
company debt of approximately $1.4 billion maturing in 2022 and
2023 and to fund future capex. The asset sale and equity issuance
provide a more solid base for FE and underscore management's
commitment to defending and improving its ratings.

Ohio Regulatory Settlement Filed: FE subsidiaries Ohio Edison
Company (OE), Cleveland Electric Illuminating Company (CE) and
Toledo Edison Company (TE) filed a settlement agreement with the
PUCO that will result in meaningful refunds and credits to
customers of $306 million 2022-2025. The settlement, if approved by
the commission, will result in significantly lower revenue and cash
flows but is somewhat less severe as the reasonable worst-case
assumptions incorporated in Fitch's rating case. The filed
settlement was signed by all 11 parties to the proceedings.

Fitch expects the settlement to be approved by the PUCO later this
year. A finalized settlement would resolve a key source of
uncertainty for FE from a credit perspective and would demonstrate
the ability to work with regulators and other key constituents as
it continues efforts to restore its reputation.

The settlement addresses several open proceedings including the
significantly excess earnings test for 2017-2020, the electric
security plan (ESP) IV quadrennial review and energy efficiency
audits for 2014-2018. Fitch believes the settlement is reasonable
given the disclosures included in FE's deferred prosecution
agreement (DPA) settling the federal government's criminal
investigation earlier this year. Timely approval of the Ohio
settlement by the PUCO and close of the sale of a 19.9% minority
interest in FET by FE will likely result in a one-notch upgrade for
FE and its subsidiaries.

Material Reporting Weakness Resolved: Since the investigation by
the U.S. Department of Justice (DoJ) was made public, FE reacted
swiftly and, in Fitch's opinion, effectively conducted an internal
investigation to identify executives in violation of the company's
code of conduct, cooperating fully and seemingly energetically with
the government's investigation and fixing corporate governance
issues. In particular, FE has focused on changing the tone at the
top set by former FE leadership.

Key elements of the company's efforts include facilitating
meaningful change in corporate leadership and the board and
initiatives to place corporate ethics at the center of FE's
operational strategy. Fitch believes the effectiveness of FE's
efforts to improve its corporate culture is underscored by
resolution of its material weakness in internal controls over
financial reporting in 3Q 2021.

Credit Metrics Update: Fitch expects FE's credit metrics to remain
weak in 2021 and 2022, primarily driven by Ohio regulatory
proceedings and other factors, before improving in 2023 and 2024.
Fitch estimates FFO leverage of more than 7.0x in 2022, before
improving to approximately 6.0x in 2023 and 2024. Fitch believes
the partial FET asset sale and equity issuance as well as
anticipated repayment of approximately $1.4 billion of parent level
debt in 2022 and 2023 will result in more manageable consolidated
and parent only debt.

FE's consolidated balance sheet debt totaled $23.7 billion as of
Sept. 30, 2021 and includes $7.8 billion of parent-only debt. FE's
parent-only debt accounted for approximately 33% of consolidated
debt at the end of 3Q 2021. Fitch estimates parent-only debt will
decline to approximately 30% or better through 2024.

Parent and Subsidiary Rating Linkage: Fitch considers FE's
subsidiary distribution and transmission utility operating
companies (opcos) to be generally stronger than their corporate
parent, reflecting the utilities' relatively low business risk
profile, balanced rate regulation and solid FFO-adjusted leverage.

While operational and strategic ties are robust, prescribed
regulatory capital structures for FE's opcos leads to moderate
rating linkage, allowing the utilities' IDRs to be notched above
FE's IDR. Fitch applies a bottom-up approach rating FE's opcos.
FE's utility subsidiary IDRs reflect their standalone credit
profiles and moderate rating linkage with FE, while FE's IDR
incorporates a consolidated approach.

FET's ratings are generally the same as FE's reflecting a high
degree of strategic rating linkage, centralized treasury function
and a shared revolving credit facility with FE. Unlike FE's utility
subsidiaries, FET does not benefit from regulatory capital
structure limitations and other provisions that allow the utilities
to be notched up from the corporate parent.

Monongahela Power Co. subsidiary Allegheny Generating Co.'s ratings
are the same as its utility parent's ratings, reflecting sale of
all of its output to Monongahela Power Co. under a Federal Energy
Regulatory Commission approved tariff.

DERIVATION SUMMARY

FE's IDR of 'BB+'/Positive is three notches lower than other large,
multi-utility holding company peers American Electric Power (AEP;
BBB/Stable); Exelon Corporation (EXC; BBB+/RWN) and WEC Energy
Group, Inc. (BBB+/Stable). FE's comparatively low ratings reflect
weak, albeit improving, corporate governance risk, heightened
reputational risk in the wake of its DPA, potential exposure to
ongoing federal agency and other pending investigations and
regulatory proceedings, especially in Ohio. AEP, EXC and WEC, like
FE, are large utility holding companies with operations spanning
several states focused strategically on maximizing relatively
predictable operating utility returns.

Similarly rated 'BB' category peers of FE include DPL, Inc. (DPL;
BB/Negative) and PG&E Corp. (PCG; BB/Stable), which are single
utility-holding companies with operations in Ohio and California,
respectively. Unlike PCG and DPL, FE provides electric utility
service in parts of six Mid-Atlantic states and benefits from
greater regulatory diversity than either PCG or DPL.

FE is significantly larger than DPL, which provides electric
utility services in a relatively small service territory in western
Ohio. FE is smaller than PCG, which owns one of the largest
combination electric and gas utilities in the nation, Pacific Gas
and Electric Company (BB/Stable), serving central and northern
California. PCG's creditworthiness is challenged by catastrophic
wildfire activity, related potentially outsized third-party
liabilities and safety-related and operational issues. DPL's
creditworthiness has been adversely impacted by regulatory
developments in Ohio, primarily due to a PUCO order blocking
distribution modernization charges of $105 million per year, and
reflect high parent-only debt.

FE's parent-only debt approximates 33% of total consolidated debt,
higher than PCG's 12% but meaningfully lower than DPL's 60%
parent-only debt. Fitch estimates FFO leverage at FE will improve
from an estimated 7.8x to approximately 6.0x in 2023, which
compares to 7.7x for DPL in 2022 and approximately 6x and 5x for
PG&E in 2021 and 2022, respectively.

KEY ASSUMPTIONS

-- Fitch assumes FE will comply fully with its federal DPA and
    the sole charge dropped;

-- DPA penalty of $230 million paid in 2021 as per terms of the
    agreement;

-- Baseline distribution deliveries growth is projected at one
    percent per annum on average 2021-2023;

-- Distribution and transmission utility rate base growth of
    about 5% and about 8%, respectively, through 2023;

-- Consolidated FE capex estimated approximates $17 billion 2021
    2025;

-- Gradual improvement in Ohio economic regulation;

-- Continued credit-supportive economic regulation in
    Pennsylvania, New Jersey, Maryland and West Virginia;

-- Repayment of $1.35 billion of parent level debt in total
    during 2022 and 2023;

-- Rate increase at JCPL effective November 2021;

-- Reflects refund of decoupling revenues as per settlement and
    FE's voluntary decision to forego collection of lost
    distribution revenues.

RATING SENSITIVITIES

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

-- Close of the recently announced sale of a 19.9% ownership
    interest in FET to Brookfield;

-- A final order from the PUCO approving OE's, CE's and TE's
    settlement agreement as filed with the commission;

-- Projected FFO leverage of 6.5x or better for FE on a sustained
    basis;

-- Continued balanced rate regulation by jurisdictional
    authorities in Pennsylvania, New Jersey, West Virginia,
    Maryland and FERC;

-- For FE's operating subsidiaries and FET, an upgrade at FE
    would facilitate resolution of the Positive Rating Outlook
    through a one-notch upgrade owing to generally low business
    risk profiles, solid credit metrics and rating linkage.

-- FFO leverage of 5.0x or better at FE's subsidiary operating
    utilities on a sustained basis.

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

-- An unexpected inability to close the recently announced sale
    of a 19.9% ownership interest in FET to Brookfield;

-- A final order from the PUCO rejecting OE's, CE's and TE's
    settlement agreement as filed with the commission signaling a
    significantly more challenging regulatory environment in Ohio;

-- FFO leverage of 7.2x at FE or weaker;

-- Significant deterioration in regulatory compacts in
    Pennsylvania, New Jersey, West Virginia, Maryland and FERC;

-- For FE's operating utility subsidiaries and FET, a downgrade
    or other adverse rating action at FE would trigger rating
    downgrades due to parent-subsidiary rating linkage;

-- Deterioration of opco FFO leverage to 6.0x or worse on a
    sustained basis.

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

In October 2021 FE, FET and certain distribution and transmission
utility subsidiaries entered into six separate senior unsecured
five-year syndicated revolving credit facilities (RCFs) with total
borrowing capacity of $4.5 billion. The RCFs provide borrowing
capacity of up to $1 billion collectively for FE and FET, $800
million for OE, CE and TE, $950 for ME, PN, WP and PP, $500 million
for JCP&L, $400 million for MP and PE, and $850 million for ATSI,
MAIT and TrAIL. The credit facilities are available until Oct. 26,
2026.

As of Oct. 25, 2021, FE, FET and subsidiaries had total available
liquidity of $5.1 billion, composed of $557 million of cash and
cash equivalents and available borrowing capacity of $4.5 billion
under the RCFs. FE's and FET's RCFs terminate October 2026. FE's
long-term debt maturities are manageable with $73.5 million
scheduled to mature during 2021 and $1.401 billion scheduled to
mature annually on average during 2022-2025.

ISSUER PROFILE

FE provides regulated electricity services in the Midwest and
Mid-Atlantic regions of the U.S. and is one of the largest electric
systems in the nation. It provides distribution, transmission and
default and regulated generation services to approximately six
million customers in six states across a 65,000 square mile service
territory.

ESG CONSIDERATIONS

Fitch has revised FE's OE's, CE's and TE's Environmental, Social
and Governance (ESG) Relevance Scores for Management Strategy,
Governance Structure, Group Structure and Financial Transparency to
'3' from '4'. This reflects several recent developments including
the signed DPA settling the federal criminal investigation of FE,
ongoing efforts to ameliorate weak internal controls and corporate
governance, resolution of material weakness in financial reporting
and efforts to improve relations with regulators.

With these revisions to Fitch's ESG scores, 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.


FLYNN RESTAURANT: Moody's Ups CFR to B2 & Rates New $1.06BB Loan B2
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Moody's Investors Service upgraded Flynn Restaurant Group LP's
corporate family rating to B2 from B3 and its probability of
default rating to B2-PD from B3-PD. At the same time, Moody's
assigned B2 ratings to Flynn's proposed credit facilities,
consisting of a $1.06 billion 1st lien senior secured term loan due
2028 and a $80 million 1st lien senior secured revolving credit
facility due 2026. There are no changes to the B2 ratings on
Flynn's existing $591 million 1st lien senior secured term loan due
2025 and $60 million 1st lien senior secured revolving credit
facility due 2023, and the Caa2 rating on its existing 2nd lien
secured term loan due 2026, all of which will be withdrawn upon
completion of a proposed refinancing transaction. The outlook is
stable.

Proceeds from the proposed $1.06 billion term loan along with
balance sheet cash will be used to refinance Flynn's existing
credit facilities, repay outstanding debt at the Apple American
Group LLC ("AAG", an Applebee's franchisor) subsidiary, redeem
preferred equity, pay a small dividend and related fees and
expenses. As part of the transaction, Flynn will add AAG to the
existing borrowing group, which currently includes Bell American
Group LLC (Taco Bell franchisor), Pan American Group LLC (Panera
franchisor) and RB American Group LLC (Arby's franchisor). The
ratings are subject to review of final documentation and completion
of the transaction as proposed.

"The CFR upgrade reflects the steady improvement in operating
performance that has resulted in earnings and cash flow growth
despite continued challenges in the restaurant industry including
ongoing pandemic-related government restrictions in certain
jurisdictions and work from home arrangements," stated Mike
Zuccaro, Moody's Vice President. The action also reflects
governance considerations such as maintenance of high financial
leverage. However, the leverage neutral nature of the transaction
is credit positive, as is the increased diversity of its business.
"We expect continued improvement in operating performance and
credit metrics, particularly at Panera and Applebee's, as consumers
increase their spend on food-away from home as government
restrictions and work-from-home arrangements continue to be scaled
back," Zuccaro added. Pro forma for the addition of AAG and new
capital structure, the credit group's debt to EBITDA is estimated
to be around 5.6 times, which Moody's expects to decline to below
5.0 times over the next year.

The company intends to refinance its 2nd lien debt, which will
remove a sizeable junior obligation that provided support to its
1st lien credit facilities; thus, the ratings on the new 1st lien
credit facilities will now be equal to the CFR.

Upgrades:

Issuer: Flynn Restaurant Group LP

Corporate Family Rating, Upgraded to B2 from B3

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

Assignments:

Issuer: Flynn Restaurant Group LP

Gtd Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)

Gtd Senior Secured Revolving Credit Facility, Assigned B2 (LGD3)

Outlook Actions:

Issuer: Flynn Restaurant Group LP

Outlook, Remains Stable

RATINGS RATIONALE

Flynn's B2 CFR reflects governance considerations including high
financial leverage and the acquisitive nature of the company, as
well as elevated capital expenditure requirements to fund remodel
and growth initiatives. The rating is supported by the strength,
scale, diversification, and high level of awareness that the Taco
Bell, Panera Bread, Arby's and Applebee's brands provide. The
rating is further supported by the company's good liquidity and
expectation that credit metrics will improve as government
restrictions continue to be scaled back.

The restaurant sector has been one of the sectors most
significantly affected by the coronavirus outbreak given its
exposure to widespread location restrictions and closures as well
as its sensitivity to consumer demand and sentiment. Moody's regard
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Flynn's private ownership is a rating factor given the potential
implications from both a capital structure and operating
perspective. Financial policies are always a key concern of
privately-owned companies with regards to the potential for higher
leverage, extractions of cash flow via dividends, or more
aggressive growth strategies.

Restaurants by their nature and relationship with sourcing food and
packaging, as well as an extensive labor force and constant
consumer interaction are deeply entwined with sustainability,
social and environmental concerns. While these factors may not
directly impact the credit, they could impact brand image and
consumers' view of the brands overall.

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

The stable outlook reflects Moody's view that same store sales will
remain positive and help drive a steady improvement in earnings and
credit metrics over the next 12-18 months.

Factors that could result in an upgrade include a sustained
improvement in operating performance and credit metrics, including
debt to EBITDA sustained below 4.5 times and EBIT coverage of gross
interest over 2.0 time, while maintaining at least good liquidity.

Factors that could result in a downgrade include any weakening in
credit metrics either due to weaker operating performance of more
aggressive financial policies. Specifically, ratings could be
downgraded in the event debt to EBITDA approached 6.0 times on a
sustained basis or EBIT to interest coverage falls below 1.5
times.

Flynn Restaurant Group LP, headquartered in San Francisco,
California, owns and operates 280 Taco Bells, 131 Panera Breads,
365 Arby's, 441 Applebee's, 937 Pizza Huts and 194 Wendy's
franchised restaurants throughout the US as of June 2021. The
Wendy's and Pizza Hut restaurants are excluded from the pro forma
credit group, which includes the Pan American Group LLC (Panera),
Bell American Group LLC (Taco Bell), RB American Group LLC
(Arby's), and Apple American Group LLC (Applebee's) subsidiaries.
Flynn's revenue was approximately $2.6 billion on a consolidated
basis over $2.25 billion for the pro forma credit group for the
twelve month period ended June 2021. Flynn is owned by Ontario
Teachers' Pension Plan, Flynn management, and Main Post Partners.

The principal methodology used in these ratings was Restaurants
published in August 2021.


FORTRESS TRANSPORTATION: Fitch Puts 'BB-' LT IDR on Watch Negative
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Fitch Ratings has placed the 'BB-' Long-Term Issuer Default Rating
(IDR), 'BB-' unsecured debt rating and 'B' preference share rating
of Fortress Transportation and Infrastructure Investors LLC (FTAI)
on Rating Watch Negative (RWN).

These actions follow material and unexpected deterioration in
Fitch-defined leverage (adjusted debt to tangible equity) in 3Q21,
partially offset by the announcement of a pending spin-off of the
company's infrastructure assets.

KEY RATING DRIVERS

IDR, SENIOR DEBT and PREFFERED SHARES

The RWN primarily reflects meaningful deterioration in the
company's leverage to 4.0x at the end 3Q21 up from 3.1x at 2Q21
driven by the issuance of a total of $567 million of incremental
debt and $87 million of equity erosion in 3Q21 due to large
non-cash losses related to derivative contracts and losses
associated with the debt extinguishment.

Potentially counterbalancing this development, on Oct. 29, 2021,
FTAI announced plans to spin off its infrastructure operations as a
new C-corporation entity comprised of Jefferson Energy Companies,
Repauno Port & Rail Terminal, the Long Ridge Energy Terminal and
Transtar, LLC. The spun off C-Corporation will retain all related
project-level debt of those entities and intends to remit
approximately $800 million in cash or obligations to FTAI as part
of the separation, which is expected to be completed by 1Q2022.

Should the separation not occur, Fitch expects FTAI's leverage
would remain above the agency's downgrade threshold of 3x over the
rating horizon, which would result in a downgrade of FTAI's rating
by at least one notch. However, Fitch believes FTAI's credit and
leverage profile could remain commensurate with the current ratings
based on the updated risk, cash flow and earnings profile of the
portfolio were the spin-off of the infrastructure assets to take
place.

In the aviation business segment, FTAI is focused on end-of-life
engines and seeks to maintain a utilization rate in the 50%-75%
range to ensure sufficient inventory for customers looking for
flexibility and short-term leases. The utilization rate of the
company's engine portfolio has benefited from the post-pandemic
market recovery and improved to 58% in 1H21 from 40% a year before.
The aircraft portfolio utilization rate (87% at end 3Q21) remained
close to the historical average of 90%.

At end-3Q21, FTAI had 90 aircraft and 204 engines with a net book
value (NBV) of $1.5 billion, consisting largely of tier 2 and 3
aircraft and engines. Despite adequate geographical
diversification, Fitch believes that FTAI has high exposure to more
volatile markets compared to other lessors. FTAI's engine portfolio
has a historical weighted average remaining lease term of less than
1.5 years, which exposes the firm to placement risk and reduces the
magnitude of contractual cash flows.

FTAI recorded annualized impairments on its aviation assets of 0.2%
NBV in the first three quarters of 2021 versus a notably higher
impairment rate of 3.4% in 2020. The majority of the impairments
were driven by the sale of non-core aviation assets. FTAI has
reported annual gains on aviation asset disposals over the past
five years, indicating prudent residual value management and risk
controls. Third party valuations of FTAI's aviation portfolio
exceeded book value at June 30, 2021.

Fitch views FTAI's infrastructure assets as having longer-term
investment horizons as they are primarily brownfield investments
with higher uncertainty regarding the timing of development or
expansion. Fitch also believes the infrastructure portfolio exposes
the company to large concentration risks, although it is somewhat
mitigated by credit profiles of counterparties of the
infrastructure projects.

Fitch believes FTAI has a favorable funding profile with 75%
unsecured debt at end-3Q21. The company has an adequate liquidity
profile without significant capital commitments as it does not have
an aviation order book and infrastructure project development is
funded with borrowings on secured credit facilities and
construction loans. The company had $176 million of unrestricted
cash and $200 million of unused capacity on its revolving credit
facility at 3Q21. The liquidity profile is also augmented by the
generation of operating cash.

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

FTAI's preferred share rating is two notches below the company's
long-term IDR, reflecting the subordination and heightened risk of
non-performance of the instrument relative to other obligations.

RATING SENSITIVITIES

Fitch expects to resolve the RWN by the end of 1Q22 or earlier
should the pending spin-off of the company's infrastructure assets
take place sooner.

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

-- Fitch would expect to resolve the RWN and affirm FTAI's
    ratings at 'BB-' should the spin-off of the infrastructure
    assets take place by the end of 1Q22 and provided it results
    in the recapitalized company's leverage profile being less
    than 6.0x at such time, combined with a credible expectation
    that leverage would decline to below 5.0x over the rating
    horizon. An affirmation would also be contingent upon stable
    performance with respect to FTAI's core aviation activities,
    as evidenced by limited aircraft and/or engine impairments,
    stable earnings and operating cash flows, and consistent
    utilization rates and available liquidity.

-- Thereafter, factors that could lead to a positive rating
    action/upgrade include a sustained improvement in balance
    sheet leverage below 3.5x, maintenance of a predominantly
    unsecured funding profile, and operating cash flow in excess
    of dividend distributions.

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

-- Fitch would expect to downgrade FTAI by at least one notch
    should the separation not occur.

-- Should FTAI complete the announced spin-off, Fitch may still
    downgrade FTAI by at least one notch if leverage at the time
    of close is in excess of 6.0x and/or the agency believes that
    a reduction in leverage to below 5.0x is not credibly
    achievable over the outlook horizon, as a result of an
    increased risk appetite, debt funded growth or asset
    underperformance. Additionally, the recognition of sizable
    aircraft and/or engine impairments, a sustained deterioration
    in earnings performance and/or operating cash flows as a
    result of weaker utilization or a reduction in available
    liquidity could adversely impact the ratings.

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

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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


FRALEG GROUP: Seeks to Hire Hemmings & Snell as Legal Counsel
-------------------------------------------------------------
Fraleg Group Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire Hemmings & Snell, LLP to
serve as legal counsel in its Chapter 11 case.

Hemmings & Snell will charge $425 per hour for its services.  The
firm received a retainer in the amount of $5,750.

Francis Hemmings, Esq., a principal at Hemmings & Snell, disclosed
in a court filing that his firm is a "disinterested person" within
the meaning of Section 101 (14) of the Bankruptcy Code.

The firm can be reached through:

     Francis E. Hemmings, Esq.
     Hemmings & Snell, LLP
     30 Wall Street, 8th Floor
     New York, NY 10005
     Phone: (212) 747-9560
     Email: general@hemmingssnell.com

                       About Fraleg Group Inc.

Fraleg Group, Inc., a Brooklyn N.Y.-based company in the
residential building construction industry, filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
21-42322) on Sept. 14, 2021, listing as much as $10 million in both
assets and liabilities.  Andre Juman, vice president and secretary,
signed the petition.

Judge Jil Mazer-Marino oversees the case.

Francis E. Hemmings, Esq., at Hemmings & Snell, LLP represents the
Debtor as legal counsel.


GARDA WORLD: New $350MM Loan Add-on No Impact on Moody's B3 CFR
---------------------------------------------------------------
Moody's Investors Service said Garda World Security Corporation's
B3 corporate family rating, B3-PD probability of default rating, B1
ratings on Garda's existing senior secured revolving credit
facility, senior secured notes due February 2027 and senior secured
term loan B (TLB) and the Caa2 rating on the senior unsecured notes
due 2027 and 2029 remain unchanged following its proposed $350
million add-on to its senior secured TLB due 2026. The ratings
outlook is unchanged at stable.

The proceeds from the add-on will initially increase cash to around
C$680 million (pro forma July 31, 2021) which will provide Garda
with sufficient funds to continue to pursue tuck-in acquisitions
over the next few quarters. The transaction is expected to increase
Garda's pro forma gross debt / EBITDA (as adjusted by Moody's) to
7.3x from 6.7x for financial year ending January 31, 2022 (FY2022)
but will remain within Moody's leverage guidance of between 6x to
8x for the B3 rating. As acquisitions are added Moody's expects
gross leverage to fall toward 6.5x by FY2023.

RATINGS RATIONALE

Garda's B3 CFR is constrained by: (1) its debt-financed acquisition
strategy and Moody's expectation that leverage (adjusted
Debt/EBITDA) will be sustained between 6.0x and 7.0x through the
next 12 to 18 months; (2) limited organic growth prospects in its
cash services business and low to moderate single digit growth in
the protective services business; and (3) some geopolitical and
reputational risks stemming from protective services contracts in
the Middle East and Africa.

The company benefits from: (1) strong market positions in both of
its segments, which provide competitive advantages in winning
contracts; (2) stable businesses with high contract renewal rates
and recurring revenue; (3) track record of integrating tuck-in
acquisitions; (4) good customer and geographic diversity; and (5)
good liquidity.

The stable outlook reflects Moody's expectation that the leverage
will be sustained between 6x and 7x over the next 12 to 18 months
as management balances its growing cash flow generation against
debt funded acquisitions.

Garda has good liquidity. Sources are around C$1050 million (pro
forma for TLB add-on) compared to mandatory debt repayments of
about C$13 million for the next 4 quarters to July 31/22. Garda's
liquidity is supported by: (1) around C$680 million of pro forma
cash; (2) Moody's expected free cash flow of around C$80 million
for the next four quarters; and (3) $299 million undrawn revolving
credit facility (RCF). Garda's $335 million RCF due in October 2024
is subject to a springing covenant for net first lien leverage and
Moody's expect sufficient cushion the next 4 quarters. Garda has
limited ability to generate liquidity from asset sales, and does
not have refinancing risk until 2026 when the TLB comes due.

Garda's exposure to social risks is moderate due to its operations
in the Middle East and Africa where it is performing protective
security services in elevated risk areas for high profile clients
such as western governments and embassies. As a significant portion
of the contracts are with government entities, Garda is exposed to
potential reputational risk for security incidents which could lead
to a decrease in security services contracts.

Governance considerations include the private-equity ownership and
the potential for an aggressive capital structure in comparison to
public corporations. Moody's also considered Garda's track record
of debt-financed acquisitions which could lead to elevated leverage
on a sustained basis.

The B1 ratings on the senior secured notes, revolver and TLB are
two notches above the CFR due to the senior debt's first priority
access to substantially all of the company's assets as well as loss
absorption cushion provided by the senior unsecured notes. The Caa2
rating on the senior unsecured notes is two notches below the CFR
due to the senior unsecured notes' junior position in the debt
capital structure. While the proposed $350 million TLB add-on will
increase the proportion of secured debt in the debt capital
structure to 61% from 40% of the total reported debt, this is not
material enough to lead to a rating change to the B1 senior secured
debt or the Caa2 senior unsecured notes.

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

An upgrade of Garda's CFR to B2 would be considered if Garda
maintains good liquidity and sustains adjusted Debt/EBITDA below
6.0x (7x LTM Q2/FY2022) and EBITA/Interest above 2x (1.3x LTM
Q2/FY2022). The rating could be downgraded to Caa1 if liquidity
worsens, possibly due to negative free cash flow generation on a
consistent basis or if adjusted Debt/EBITDA was sustained toward
8.0x and EBITA/Interest below 1x.

Garda World Security Corporation, headquartered in Montreal,
Quebec, is a provider of cash services in North America (including
armored cars), protective services in Canada and US (including
airport pre-board screening at 28 of Canada's airports) and
international protective services in the Middle East and Africa.
Revenue for the twelve months ended July 31, 2021 totaled C$3.9
billion, with Moody's adjusted EBITDA of C$543 million.


GENERAL CANNABIS: Incurs $1.3 Million Net Loss in Third Quarter
---------------------------------------------------------------
General Cannabis Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.33 million on $1.67 million of total revenue for the three
months ended Sept. 30, 2021, compared to a net loss of $574,460 on
$820,068 of total revenue for the three months ended Sept. 30,
2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $5.06 million on $3.03 million of total revenue
compared to a net loss of $4.53 million on $1.39 million of total
revenue for the same period during the prior year.

As of Sept. 30, 2021, the Company had $22.79 million in total
assets, $10.62 million in total liabilities, and $12.17 million in
total stockholders' equity.

The Company had cash of $2,459,453 and $750,218 as of Sept. 30,
2021 and Dec. 31, 2020, respectively.

General Cannabis said, "The Company believes that its cash and cash
equivalents as of September 30, 2021 will be sufficient to fund its
operating expenses and capital expenditure requirements for at
least twelve months from the date of filing this Quarterly Report
on Form 10-Q due to the receipt of an additional $2.3 million of
cash in April 2021 from the issuance of a convertible note
offering, the receipt of an additional $1.2 million of cash in
September 2021 from the issuance of preferred stock and the pending
acquisition of three dispensaries.  The Company may need additional
funding to support its planned investing activities.  If the
Company is unable to obtain additional funding, it would be forced
to delay, reduce or eliminate some or all of its acquisition
efforts, which could adversely affect its business prospects."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1477009/000155837021015610/cann-20210930x10q.htm

                    About General Cannabis Corp

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

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


GI CONSLIO: Legility Transaction No Impact on Moody's B3 CFR
------------------------------------------------------------
Moody's Investors Service said that GI Conslio Parent LLC's
("Consilio") debt financed acquisition of Legility, an outsourced
legal services provider, has negative credit implications because
it modestly increases fiancial leverage and adds merger integration
risk. However, since Moody's anticipated debt funded acquisitions
would be part of Consilio's growth strategy, there is no impact on
the company's ratings, including the B3 corporate family rating,
the B2 senior secured first lien credit facility rating and the
Caa2 senior secured second lien term loan rating, or to the stable
outlook at this time.

Consilio announced on November 12 that it intends to raise $370
million fungible add-on to its first lien term loan due 2028 and a
portion of its cash balance to fund the acquisition of Legility.
The acquisition bolsters Consilio's existing customer base,
expanding its eDiscovery and managed review services in Industrials
and Healthcare end-markets, while also broadening the company's
enterprise legal solutions business.

The acquisition of Legility marks the third sizable purchase for
Consilio in less than six months, indicating the willingness of
sponsors to use an aggressive financial policy to support growth.
Following the May 2021 leveraged buyout and the concurrent
acquisition of Xact Data Discovery, Consilio raised a $160 million
incremental term loan in September 2021 to purchase Profectus, an
alternative legal service provider, offering eDiscovery, managed
review and advisory consulting solutions, primarily in the United
States.

Pro forma for the Legility acquisition, the incremental debt
issuance will result in a 0.5x increase in the company's September
2021 debt leverage (Moody's adjusted) to around 7.0x from 6.5x.
While recent transactions increase business risk and delay
deleveraging, Moody's does not anticipate significant integration
issues because the company is targeting highly complementary
businesses, adding new blue-chip customers in core eDiscovery
services, and expanding its product offering into legal enterprise
solutions. Management has a good track record of generating
profitable revenue and earnings growth and successfully executing
on its acquisition strategy, assuming a continued favorable
industry environment for eDiscovery.

Following strong operating results in 2021, Moody's expects
Consilio to achieve moderate revenue growth in 2022 driven by
strong market fundamentals and market share gains. Deleveraging
will also come from realization of the highly achievable
acquisition synergies and a decline in one-time expenses. Consilio
continues to target the legal transformation services market, the
fastest growing segment of the outsourced legal solutions market,
which offers new avenues of growth for traditional eDiscovery
providers

Headquartered in Washington, D.C., Consilio provides electronic
discovery, document review and consulting services to corporations
and law firms globally. Moody's estimates pro forma LTM revenue
approaching $1 billion as of September 30, 2021. Consilio is
majority owned by Stone Point Capital LLC, with a minority stake
held by Aquiline Capital Partners and management.


GIRARDI & KEESE: Trustee Gives Green Light to Suit vs. Erika Jane
-----------------------------------------------------------------
GDN Online reports that a bankruptcy trustee overseeing the estate
of Tom Girardi's defunct law firm has dropped her opposition to
allowing a lawsuit against Girardi's estranged wife, "Real
Housewives of Beverly Hills" star Erika Jayne Girardi, ahead of a
key Tuesday hearing.

Chapter 7 trustee Elissa Miller said in a Thursday filing she has
no objection to Chicago law firm Edelson pursuing its own claims
that Erika Girardi used misappropriated settlement funds obtained
by her husband's law firm to fund a "glitz-and-glam" lifestyle.

US Bankruptcy Judge Barry Russell has scheduled a Tuesday hearing
on whether to allow Edelson's lawsuit to proceed in Chicago federal
court.

The move is a notable reversal for Miller, who last month argued
that allowing Edelson's lawsuit to proceed against Erika Girardi
would disrupt her administration of the Girardi Keese estate.

Edelson PC's lawsuit against both Girardis, which said they used
settlement funds meant for the families of victims of the 2018 Lion
Air crash for themselves, triggered a flood of claims by Girardi's
former partners and others that forced Girardi and his firm into
bankruptcy. Edelson's claims against Tom Girardi and Girardi Keese
have been stayed due to the bankruptcy proceedings.

"The further this moves away from a reality TV atmosphere into
courts of law, the closer we will be to uncovering the truth,"
Edelson partner J Eli Wade-Scott said in a statement. "We’re
gratified that we’re on that path and we’ll be getting into
real discovery."

Miller is also substituting the special litigation counsel tasked
with investigating whether Girardi Keese assets were fraudulently
transferred to the reality star. Miller on Thursday said it was in
the estate's "best interests" to swap out Ronald Richards, of
Ronald Richards & Associates, for Larry Gabriel, a Los
Angeles-based partner at Jenkins, Mulligan and Gabriel.

Miller declined to comment. Richards said he and Miller agreed it
was in the estate's best interests for him to leave the role.

Erika Girardi, represented in the bankruptcy by Evan Borges from
Greenberg Gross, has opposed Edelson's bid to unfreeze the Chicago
lawsuit. Borges said in an email that Edelson's lawsuit will cause
"unnecessary expenses for everyone" and should be dismissed.

Attorneys for Tom Girardi and Girardi Keese have acknowledged in
federal court that the settlement funds at issue in the Edelson
lawsuit were not distributed. Erika Girardi has not responded in
that case, nor have attorneys entered appearances for her.

Jason Rund, the Chapter 7 trustee overseeing Tom Girardi's personal
estate, had no objection to the Edelson firm pursuing claims
against Erika Girardi as long as Russell retains "exclusive
jurisdiction" to determine whether Erika Girardi's assets actually
belong to her estranged husband

                      About Girardi & Keese

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

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

The petitioners' attorneys:

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

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:

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

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

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


GIRARDI & KEESE: Trustee Replaces Attorney Amid Bankruptcy
----------------------------------------------------------
Brandon Lowrey of Law360 reports that Girardi Keese's bankruptcy
trustee is replacing the attorney she hired to find millions of
dollars that the firm gave to its founder's wife, reality-TV star
Erika Girardi, after the investigation devolved into a series of
public feuds in the courts and on social media.

The special counsel, Ronald Richards, alleged Erika Girardi
received $25 million from the firm founded by her husband, Thomas
V. Girardi, as the firm fleeced its clients and plunged into
insolvency. Before his removal on Thursday, November 11, 2021,
Richards traded accusations of ethical lapses with former Girardi
Keese co-counsel Edelson PC.

                       About Girardi & Keese

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

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

The petitioners' attorneys:

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

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:

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

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

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



GRAVITY HOLDINGS: Unsecureds be Paid Pro Tanto From Court Action
----------------------------------------------------------------
Gravity Holdings, Inc., submitted an Amended and Re-stated Plan
Under Subchapter V of Chapter 11 of the Bankruptcy Code.

The Debtor will continue business operations under the Plan.  The
Debtor will attempt to modify the loans with First Guaranty Bank as
well as BOM Bank. The modification will not involve release of the
liability of the shareholder, but will alter the terms of
re-payment.  The proposed Plan is for the debtor to re-structure
its debt and pay the same over time.

Class 4 consists of the claims of unsecured creditors. This
includes the claim of Charles Elliott.  It will be paid pro tanto
from the proceeds of the state court action, after payment of
administrative expenses.

The funds necessary for the satisfaction of the creditors' claims
shall be derived from net operating profits of the debtor as well
accounts receivable collected after the filing of the case.

Attorney for the Debtor:

     Thomas R. Willson
     1330 Jackson Street
     Alexandria, Louisiana 71309
     Tel: (318) 442-8658
     Fax: (318) 442-9637
     E-mail: rocky@rockywillson@law.com

A copy of the Disclosure Statement dated Nov. 10, 2021, is
available at https://bit.ly/3FasYoR from PacerMonitor.com.

                      About Gravity Holdings

Gravity Holdings, Inc., was created as a mid-level property
management company in 2015.  Gravity Holdings retains and works
with ground-level property management companies that have direct
contact with tenants and oversee day-to-day operations of property.
It is owned by David Blumenstock, who acts as the President and
sole member of the board of directors as well as sole shareholder.

Elmer, La.-based Gravity Holdings, Inc., filed a Chapter 11
petition (Bankr. W.D. La. Case No. 20-80549) on Nov. 11, 2020.  In
its petition, the Debtor disclosed $72,080 in assets and $2,077,503
in liabilities.  The petition was signed by Gravity Holdings
President David Blumenstock.

Judge Stephen D. Wheelis presides over the case.

Thomas R. Willson, Esq., and Charles Elliott & Associates LLC,
serve as the Debtor's bankruptcy counsel and special counsel,
respectively.


HARRIS CRC: Wins Cash Collateral Access
---------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas has
authorized Harris CRC, Inc. to use cash collateral on an interim
basis in accordance with the budget, with a 25% variance.

The interim authorization will expire on the earlier of (i) the
conclusion of a final hearing on the Motion, (ii) further Court
order, (iii) at 12 a.m. on December 10, 2021, or (iv) at 12 a.m. on
November 20, if the sale of real property located at 1000 Main
Street, Stinnett, Hutchinson County, Texas 79083 -- the sale having
been previously authorized under Bankruptcy Code Section 363 by the
Court's order dated August 27, 2021 -- fails to close and fund by
on or before November 19.

As adequate protection for the Debtor's use of cash collateral,
Happy State Bank is granted replacement liens against the property
of the estate co-extensive with the lender's prepetition liens,
with the superpriority pursuant to Section 361(2) of the Bankruptcy
Code.

The security interests and liens granted to the Lender will at all
times be senior to the rights of the Debtor and any successor
trustees in these or any subsequent proceedings under the
Bankruptcy Code to the extent that the Lender's prepetition
security interests and liens are senior to the rights of the
Debtor. The security interests and liens granted (i) are and will
be in addition to all security interests, liens, mortgages, and
rights to set off existing in favor of the Lender on the Petition
Date; (ii) in the same priority as the prepetition liens in favor
of the Lender to the extent that prepetition liens and security
interests are valid, perfected, enforceable, and non-avoidable;
(iii) are and shall be valid, perfected, enforceable, and effective
as of the Petition Date without any further action by the Debtor or
the Lender and without the execution, filing, or recordation of any
financing statements, security agreements, or other documents, and
(iv) shall secure payment of principal as well as any interest,
costs, or other charges to which the Lender may be entitled
postpetition, but only to the extent that these items represent a
diminution in value of the Lender's interest in its collateral. The
replacement and security interest and liens granted are made
retroactive to the Petition Date.

To the extent of any inadequacy of the Postpetition Collateral with
respect to the maintenance of position of the Lender, then, as
further adequate protection, the Lender retains the right to
assert, but is not granted, a superpriority administrative expense
claim under Code sections 361(3), 503(b)(1), and 507(b), having
priority over all other administrative expenses allowable under
507(a)(2).

The liens on the Lender's Postpetition Collateral are subordinated
to fees payable to the Subchapter V Trustee, and the Debtor is
authorized to make payments to the Subchapter V Trustee as approved
by the Court.

The final hearing on the matter is scheduled for December 9 at 1:30
p.m. via WebEx.

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

                      About Harris CRC, Inc.

Harris CRC, Inc. owns and operates a construction company in
Stinnett, Texas that builds steel/metal buildings.  The company
filed a petition under Subchapter V of Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 21-20161) on July 12, 2021.  On the
Petition Date, the Debtor estimated $100,000 to $500,000 in both
assets and liabilities.  

The Debtor's president, Michael Harris, also filed a Subchapter V
petition (Bankr. N.D. Tex. Case No. 21-20162) on July 12.

Judge Robert L. Jones oversees the case.

Swindell Law Firm serves as counsel for both Debtors.

Happy State Bank, as lender, is represented by Burdett, Morgan,
Williamson and Boykin, LLP.

Brad W. Odell was appointed as the Subchapter V Trustee. No
official committees have been appointed by the United States
Trustee.


HOME POINT: Moody's Lowers CFR to B2 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 Home Point
Capital Inc.'s corporate family rating and confirmed at B3 Home
Point's senior unsecured debt rating. Home Point's outlook was
changed to stable from rating under review. These rating actions
conclude the review for downgrade initiated on August 10, 2021.

Downgrades:

Issuer: Home Point Capital Inc.

Corporate Family Rating, Downgraded to B2 from B1

Confirmations:

Issuer: Home Point Capital Inc.

Senior Unsecured Regular Bond/Debenture, Confirmed at B3

Outlook Actions:

Issuer: Home Point Capital Inc.

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The downgrade of Home Point's CFR reflects Moody's view that Home
Point's earning capacity has diminished, with a heightened level of
uncertainty concerning its ability to substantially rebuild capital
over the next 12-18 months. The company has had a significant
decline in reported gain-on-sale margins and is faced with
increasingly intense competition in the wholesale origination
channel through which it originates the majority of its mortgages.

Moody's said Home Point's capitalization declined to 8.6% at the
end of September 2021 from 18.9% at the end of December 2020, as
measured by tangible common equity to adjusted tangible managed
assets (which excludes Ginnie Mae delinquent loans from the
denominator). This decline in capitalization has reduced the
company's ability to absorb unexpected losses. The decline in
capitalization was driven by a net loss in the second quarter, the
growth of the company's balance sheet, and a large shareholder
distribution in the first quarter related to the company's initial
public offering.

The confirmation of Home Point's B3 senior unsecured debt rating
reflects Moody's assessment that the company has the intention and
ability to reduce its reliance on secured debt. Moody's said it
expects Home Point's secured debt as a portion of total corporate
debt to decrease to below 45% from approximately 49% at September
2021, and to remain below 45%, thereby improving the long-term
senior unsecured debt's position in Home Point's capital structure.
Moody's said it expects Home Point to reduce this ratio in the
second quarter of 2022 through gradual paydown of its mortgage
servicing rights facility.

Home Point's stable outlook reflects Moody's expectation that the
company's profitability and capital levels will persist or improve
modestly, without a material weakening of its liquidity profile
over the next 12-18 months.

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

Home Point's ratings could be upgraded if Moody's expects the
company to achieve and maintain 13.5% or higher capitalization
(measured by tangible common equity to adjusted tangible managed
assets) and achieve and maintain at more than 1.5% net income to
total assets, without a weakening of its liquidity profile.

Moody's said Home Point's ratings could be downgraded if the
company's financial performance materially deteriorates, for
example, if capitalization decreases to 5% or lower (as measured by
tangible common equity to adjusted tangible managed assets), or if
net income to assets falls to less than 0.75% for an extended
period of time, or if the company's liquidity position weakens.
Disclosure of a material operating weakness could also result in a
downgrade. Home Points long-term senior unsecured rating could be
downgraded if it does not reduce to below 45% its ratio of secured
debt to total corporate debt.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


HOUGHTON MIFFLIN: Moody's Ups CFR to B1 & Sr. Secured Notes to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Houghton Mifflin Harcourt
Publishers Inc.'s ("HMH") ratings, including its corporate family
rating to B1 from B3, its probability of default rating to B1-PD
from B3-PD and the company's speculative grade liquidity rating to
SGL-1 from SGL-2. In addition, the company's senior secured term
loan and its senior secured notes were upgraded to B2 from B3. The
rating outlook remains stable.

The rating upgrades reflect HMH's commitment to a financial policy
with gross leverage under 2x, substantial reduction in leverage
following a $337 million debt paydown from the proceeds of the HMH
Book & Media business sale, improved liquidity, and a faster than
previously anticipated earnings recovery. Moody's expects that
HMH's already implemented cost structure improvements and an
on-going shift to digital will result in a business model with
significantly reduced earnings volatility. The debt reduction
provides HMH with additional financial flexibility to execute its
planned investment strategy and manage its exposure to the
competitive and cyclical K-12 education market. The rating actions
also reflect Moody's expectation for continued EBITDA margin
improvements stemming from the permanent changes made to the
company's cost structure and the growing confidence in K-12
spending with the support of federal stimulus funding.

Upgrades:

Issuer: Houghton Mifflin Harcourt Publishers Inc.

Corporate Family Rating, Upgraded to B1 from B3

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

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

Backed Senior Secured Bank Credit Facility, Upgraded to B2 (LGD4)
from B3(LGD4)

Backed Senior Secured Regular Bond/Debenture, Upgraded to B2
(LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Houghton Mifflin Harcourt Publishers Inc.

Outlook, Remains Stable

RATINGS RATIONALE

HMH's B1 CFR reflects the company's exposure to a highly cyclical
K-12 core educational market, pronounced seasonality in school
spending (69% of the company's net sales were generated in Q2 and
Q3 over the past three years), intense competition and the on-going
shift toward digital learning. HMH has a good market position
within K-12 educational publishing but is dependent for most of its
revenue on state and local budget appropriations at a time when tax
revenues are still recovering from the pandemic. Since the onset of
the pandemic, the U.S. government has actioned significant fiscal
stimulus packages, of which over $740 billion has been allocated to
educational funding, and close to $400 billion of this amount was
earmarked for K-12 education spending. The timing of the impact on
school educational materials spending is somewhat uncertain because
some funds will remain committed and available through 2024.
Nevertheless, the significant federal stimulus funding is providing
school districts with greater confidence in spending in FY2022
(which began in July) and over the next two years, mitigating the
potential educational funding pressures at state and local levels.
Furthermore, as the pandemic recovery continues, tax revenues
should improve, which will likely reduce pressure on state and
local budget and result in positive funding for educational
materials.

HMH's significantly lower leverage following the divestiture, very
good liquidity and strong free cash flow generation afford good
financial flexibility to execute its growth initiatives. The
company's cash balance was $95 million higher than the funded debt
balance as of September 30, 2021. Moody's previously anticipated
HMH's Debt/Cash EBITDA to decline to around 3.5x by the end of 2021
with the help of Book & Media business divestiture proceeds and
earnings recovery following the pandemic, from 6.2x at the end of
2020. The stronger than anticipated earnings recovery led to
significantly faster delevering so Debt/Cash EBITDA (with EBITDA
proforma for the Book & Media business sale) reached 1.8x as of LTM
9/2021. Assuming no debt-funded acquisitions, Moody's now projects
leverage to stay in the 1.5x - 1.8x range over the next 12-18
months. The above cited leverage metrics incorporate Moody's
standard adjustments and expense cash prepublication costs.
Importantly, HMH has publicly articulated its commitment to
maintaining an efficient capital structure with a gross leverage
ratio of under 2 times adjusted EBITDA (company's definition).

HMH's rating continues to garner support from its good market
position within K-12 educational publishing, a broad portfolio of
educational publishing products, a customer footprint that extends
to 90% of schools in the US, established relationships with
customers, large sales force, education industry entry barriers and
a well-known brand. The strategic shift towards greater focus on
Extensions and continuous incremental product investment will
likely provide for reduced cash flow volatility over the long term
and reduce reliance on highly cyclical core educational materials
adoptions, but there are some operational and investment risks
associated with this move as well. Moody's anticipates that
competition will remain strong, particularly in the more
discretionary Extensions market.

HMH's SGL-1 speculative-grade liquidity rating reflects very good
liquidity. Moody's expects that HMH's existing cash ($420 million
as of September 30, 2021) and FY2022 free cash flow of around
$140-$175 million will be sufficient to fund seasonal working
capital needs, capital investments and other basic cash needs
without having to draw on the ABL revolver. The $250 million ABL
revolver (unrated) matures in November 2024 and was undrawn since
July 2020. The revolver had a roughly $164 million borrowing
availability as of September 2021 and its seasonally low borrowing
base is estimated at around $100 million at the end of Q4. It is
subject to a springing minimum 1.0x fixed charge coverage ratio
(FCCR) that Moody's does not expect to be tested over the next
12-18 months. Also supporting the company's liquidity are an
extended debt maturity profile with no funded debt maturities until
November 2024 and lack of term loan financial maintenance
covenants.

HMH's $306 million senior secured note ($303 million outstanding as
of 9/30/21) due February 2025 and the $380 million first lien term
loan ($22 million outstanding as of 9/30/21) due November 2024 are
each rated B2, reflecting the company's B1-PD probability of
default rating, an average expected family recovery rate of 50% at
default and the debt instruments' position in the capital
structure. The one notch differential between the B2 rating on the
first-lien debt instruments and the B1 CFR reflects the first lien
term loan's and the notes' effective subordination to the $250
million ABL revolver with respect to the securitized assets.

The stable outlook reflects Moody's expectations for a disciplined
financial policy with adherence to the self-imposed leverage target
of under 2x, mid-single digit range organic revenue growth, and
very good liquidity.

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

HMH's ratings could be upgraded if the company establishes a track
record of generating consistently strong free cash flows and
growing organic revenues regardless of the adoption cycles while
operating within its leverage target. For an upgrade, HMH will need
to maintain good liquidity, significantly grow the share of
recurring revenue in its subscription business and meaningfully
increase its product mix to digital both in Core and Extensions
segments.

The ratings could be downgraded if HMH is unable to grow revenue
organically, if investment spending or operating weakness leads to
deterioration in liquidity or weak free cash flow so that Moody's
adjusted FCF/Debt declines to under 5%, or the company's financial
policy becomes more aggressive.

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

Headquartered in Boston, MA, Houghton Mifflin Harcourt Publishers
Inc. is one of the three largest US education solutions providers
focusing on the K-12 market. The company expects to generate
annualized billing in the $1,075-$1,095 million range in 2021,
proforma for the HMH Book & Media divestiture.


HUB INT'L: Moody's Affirms B3 CFR Following $1.1BB Loan Add-on
--------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Hub International
Limited (together with its subsidiaries, Hub) following the
company's announcement of a $1.1 billion senior secured term loan
add-on due April 2025. The rating agency has also affirmed the B2
ratings on Hub's senior secured credit facilities and the Caa2
rating on its senior unsecured notes. Hub has also announced plans
to issue $1.2 billion in other secured and unsecured debt. Hub will
use proceeds from these offerings plus cash on hand to fund a large
dividend to shareholders, make acquisitions, and pay related fees
and expenses. The rating outlook for Hub is stable.

RATINGS RATIONALE

According to Moody's, the affirmation of Hub's ratings reflects its
solid market position in North American insurance brokerage, good
diversification across products and geographic areas in the US and
Canada, and consistently strong EBITDA margins. Hub has generated
good organic growth averaging in the mid-single digits and has
achieved strong EBITDA margins in the low 30s (per Moody's
calculations) over the past few years. These strengths are tempered
by the company's high financial leverage and limited fixed charge
coverage. The company also faces potential liabilities from errors
and omissions, a risk inherent in professional services. Hub has
grown through acquisitions, which gives rise to integration risk,
although the company has a favorable track record in absorbing
small and mid-sized brokers.

Hub has generated strong performance over the last 12 months,
achieving organic revenue growth in the mid single digits overall,
with 10% organic growth during the third quarter of 2021. EBITDA
margins have also improved over this time frame due to organic
growth, along with expense savings. Hub has made 65 acquisitions
over the 12 months through September 2021.

Giving effect to the proposed transactions, Moody's estimates that
Hub's pro forma debt-to-EBITDA ratio will be approximately 8x, with
(EBITDA - capex) interest coverage around 2.5x, and a
free-cash-flow-to-debt ratio in the mid-single digits. These
metrics incorporate Moody's accounting adjustments for operating
leases, deferred earnout obligations and run-rate earnings from
completed acquisitions.

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

Factors that could lead to an upgrade of Hub's ratings include: (i)
debt-to-EBITDA ratio below 7x, (ii) (EBITDA - capex) coverage of
interest consistently exceeding 2x, and (iii)
free-cash-flow-to-debt ratio exceeding 5%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 8x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below
2%.

Moody's has affirmed the following ratings for Hub International
Limited:

Corporate family rating at B3;

Probability of default rating at B3-PD;

$500 million senior secured revolving credit facility maturing in
April 2023 at B2 (LGD3);

$3,360 million ($3,253 million outstanding) senior secured term
loan maturing in April 2025 at B2 (LGD3);

$2,606 million (including $1,100 million add-on) senior secured
term loan maturing in April 2025 at B2 (LGD3);

$1,670 million senior unsecured notes maturing in May 2026 at Caa2
(LGD5).

Moody's has affirmed the following rating for Hub International
Canada West ULC:

CAD130 million senior secured revolving credit facility maturing in
April 2023 at B2 (LGD3).

Moody's has assigned the following rating for Hub International
Limited:

$500 million senior secured revolving credit facility maturing in
January 2025 at B2 (LGD3).

Moody's has assigned the following rating for Hub International
Canada West ULC:

CAD130 million senior secured revolving credit facility maturing in
January 2025 at B2 (LGD3).

The rating outlook for Hub International Limited and Hub
International Canada West ULC is stable.

When the transactions close, Moody's will withdraw the ratings from
the existing revolving credit facilities as these will be
terminated.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

Based in Chicago, Hub ranks among the top ten of North American
insurance brokers, providing property and casualty, life and
health, employee benefits, investment and risk management products
and services through offices located in the US, Canada and Puerto
Rico. The company generated total adjusted revenue of $3.1 billion
in the 12 months through September 2021.


IMERYS TALC: Judge Won't Approve Mediation Without Clear Rules
--------------------------------------------------------------
Leslie Pappas of Law360 reports that a Delaware judge overseeing
the bankruptcies of Imerys Talc America Inc. and Cyprus Mines Corp.
said Monday, November 15, 2021, she wouldn't approve a three-month
mediation to resolve outstanding confidentiality questions until
the parties agreed on "the contours of mediation privilege.

"Imerys Talc America, which filed for bankruptcy in February 2019,
is facing tens of thousands of lawsuits claiming injuries from
talc. (AP Photo/Matt Rourke, File) The parties need to "have a
discussion" beforehand about the scope of the mediation and how
much of the information exchanged during it could be kept
confidential, U. S. Bankruptcy Court Judge Laurie Selber
Silverstein said during a virtual hearing. . . .

                    About Imerys Talc America

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

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

Judge Laurie Selber Silverstein oversees the cases.

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

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



INDY RAIL: Seeks Approval to Hire KC Cohen as Legal Counsel
-----------------------------------------------------------
Indy Rail Connection, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Indiana to hire KC Cohen,
Lawyer, PC as its legal counsel.

The firm's services include:

     (a) advising the Debtor regarding its powers and duties in its
Chapter 11 case;

     (b) investigating and pursuing any actions to recover assets
for or to enable the Debtor's estate to reorganize fairly;

     (c) representing the Debtor in its Chapter 11 proceedings in
an effort to maximize the value of its assets and pursue
confirmation of a plan of reorganization; and

     (d) performing other legal services.

KC Cohen, Lawyer received a retainer of $5,000, which was used to
pay for pre-bankruptcy services.  The firm will be paid at the
hourly rate of $350.

In addition, through a contractual relationship with the local law
firm of Monday McElwee and Albright, KC Cohen, Lawyer uses support
staff and lawyers who will be billed at the following rates:

     Christopher J. McElwee       $275 per hour
     Nicholas J. Wlideman         $200 per hour
     Bobby H. Macias (paralegal)  $100 per hour

KC Cohen, Esq., senior counsel at KC Cohen, Lawyer, disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     KC Cohen, Esq.
     KC Cohen, Lawyer, PC
     151 N. Delaware St., Ste. 1106
     Indianapolis, IN 46204-2573
     Telephone: (317) 715-1845
     Email: kc@smallbusiness11.com

                     Indy Rail Connection Inc.

Indy Rail Connection, Inc. operates a business that offers the
railroad industry safe and responsive mobile dismantling and
component inspection services. It is related to Patton Mobile
Dismantling, which is owned and controlled by Steve Patton.

Indy Rail Connection filed a petition for Chapter 11 protection
(Bankr. S.D. Ind. Case No. 21-05022-JMC-11) on Nov. 5, 2021,
listing up to $50,000 in assets and up to $1 million in
liabilities.  Steven H. Patton, president of Indy Rail Connection,
signed the petition.  

Judge James M. Carr oversees the case.

KC Cohen, Esq., at KC Cohen, Lawyer, PC is the Debtor's legal
counsel.  


JOHNSON & JOHNSON: To Split Into 2 Public Companies
---------------------------------------------------
Johnson & Johnson (NYSE: JNJ) on Nov. 12, 2021, announced its
intent to separate the Company's Consumer Health business, creating
a new publicly traded company. The planned separation would create
two global leaders that are better positioned to deliver improved
health outcomes for patients and consumers through innovation,
pursue more targeted business strategies and accelerate growth.

Following the planned separation, the new Johnson & Johnson would
remain the world's largest and most diverse healthcare company and
continue its commitment to lead in global healthcare R&D and
innovation, with a portfolio that blends its strong Pharmaceutical
and Medical Device capabilities focused on advancing the standard
of care through innovation and technology.  As previously
announced,
Mr. Alex Gorsky will serve as Executive Chairman of Johnson &
Johnson and transition the Chief Executive Officer role to Mr.
Joaquin Duato, currently Vice Chairman of the Company's Executive
Committee, effective Jan. 3, 2022.  Mr. Duato would continue to
lead the new Johnson & Johnson following completion of the planned
separation.

The New Consumer Health Company would be a leading global consumer
health company, touching the lives of over one billion consumers
around the world every day through iconic brands such as
Neutrogena, AVEENO(R), Tylenol(R), Listerine(R), JOHNSON's(R), and
BAND-AID(R) and continuing its legacy of innovation.  The New
Consumer Health Company's Board of Directors and executive
leadership would be determined and announced in due course as the
planned separation process progresses.

Mr. Gorsky said, "Throughout our storied history, Johnson & Johnson
has demonstrated that we can deliver results that benefit all our
stakeholders, and we must continually be evolving our business to
provide value today, tomorrow and in the decades ahead.  Following
a comprehensive review, the Board and management team believe that
the planned separation of the Consumer Health business is the best
way to accelerate our efforts to serve patients, consumers, and
healthcare professionals, create opportunities for our talented
global team, drive profitable growth, and -- most importantly --
improve healthcare outcomes for people around the world."

Mr. Gorsky continued, "For the new Johnson & Johnson, this planned
separation underscores our focus on delivering industry-leading
biopharmaceutical and medical device innovation and technology with
the goal of bringing new solutions to market for patients and
healthcare systems, while creating sustainable value for
shareholders.  We believe that the New Consumer Health Company
would be a global leader across attractive and growing consumer
health categories, and a streamlined and targeted corporate
structure would provide it with the agility and flexibility to grow
its iconic portfolio of brands and innovate new products.  We are
committed to the success of each organization, as well as our
company's more than 136,000 employees around the globe, who will
remain the backbone of these businesses."

Mr. Duato commented, "This planned transaction would create two
businesses that are each financially strong and leaders in their
respective industries.  We believe that the new Johnson & Johnson
and the New Consumer Health Company would each be able to more
effectively allocate resources to deliver for patients and
consumers, drive growth and unlock significant value.  Importantly,
the new Johnson & Johnson and the New Consumer Health Company would
remain mission driven companies with exceptional brands,
commitments to innovation, and remarkable talent.  Each company
would carry on the Johnson & Johnson legacy of putting the needs
and well-being of the people we serve first."

The planned separation is expected to create value for all
stakeholders by aiming to achieve the following key goals:

    * Increase management focus, resources, agility and speed to
effectively address differing industry trends and to better meet
the needs of the new Johnson & Johnson and the New Consumer Health
Company patients and consumers;

    * Further focus capital allocation based on the objectives of
each independent company;

    * Provide each company with a compelling financial profile that
more accurately reflects the strengths and opportunities of each
business and, as a result, offers investors a more targeted
investment opportunity; and

    * Align corporate and operational structures so each company is
better able to drive growth and value creation.

New Johnson & Johnson: An Innovative Pharmaceuticals and Medical
Devices Leader with Sharpened Focus on Major Unmet Medical Needs
and Advancing Standard of Care for Patients Around the World

Following the planned separation, the new Johnson & Johnson would
remain the world's largest and most diverse healthcare company and
maintain a portfolio that blends its strong Pharmaceutical and
Medical Device capabilities focused on materially advancing the
standard of care through biopharmaceutical and medical device
innovation and technology.  Leveraging its long-standing strength
in core areas of science, technology, regulatory, supply chain and
global commercial reach, the new Johnson & Johnson would continue
to build on its offering of life-saving treatments, including
DARZALEX, ERLEADA, IMBRUVICA, STELARA and TREMFYA, as well as
medical device solutions across interventional solutions,
orthopaedics, surgery and vision.

The new Johnson & Johnson would remain committed to changing the
trajectory of human health.  The Pharmaceutical and Medical Devices
segments, which are expected to generate revenue of approximately
$77 billion in Full-Year 2021, are united by their shared and
complementary focus on scientific research and development to serve
similar end users -- patients and healthcare providers -- and
operate in similar regulatory and competitive environments.  The
new Johnson & Johnson is expected to be better positioned to
combine skills, expertise and approaches to bring integrated,
comprehensive and more impactful care to patients, addressing
diseases in areas such as oncology and eye health that require a
combination of surgical, interventional and pharmaceutical
treatments.  The new Johnson & Johnson would continue to play a
leading role in advancing the industry forward by creating novel
solutions, bringing together treatments spanning therapeutics,
robotics, artificial intelligence and more, to change the way
diseases are prevented, intercepted and eventually cured.

The Pharmaceutical business would continue to generate sustained
above market growth by advancing its strong portfolio and pipeline
of products, accelerating key therapeutic areas, such as oncology
and immunology, while also advancing new therapeutic modalities
such as cell and gene therapies.  At the same time, the Medical
Devices business would plan to accelerate its momentum across
orthopaedics, interventional solutions, surgery and vision, with an
increased cadence of meaningful innovation enabled by a strong
digital surgery pipeline and focus on execution across all
geographies.

The new Johnson & Johnson would remain committed to maintaining a
strong balance sheet and to its stated capital allocation
priorities of R&D investment, competitive dividends and
value-creating acquisitions.

New Consumer Health Company Post-Separation: A Leading Global
Consumer Health Company with Iconic Brands and Commitment to
Continued Innovation

The New Consumer Health Company would be a global leader with a
powerful portfolio of iconic brands -- comprising four $1 billion
megabrands and 20 brands over $150 million -- and leading positions
in Self Care (OTC), Skin Health and Essential Health, which
includes baby care, feminine care, wound care and oral health.  The
Consumer Health segment is expected to generate revenue of
approximately $15 billion in Full-Year 2021 and, following the
planned separation, the New Consumer Health Company would generate
sales in over 100 countries, driven by world-class innovation
capabilities and demonstrated business momentum.

In recent years, Johnson & Johnson has focused the Consumer Health
business and advanced its innovation, enabling it to reach more
consumers with products that truly make a difference in peoples'
lives, while simultaneously expanding margins and delivering
healthy financial results.  These actions have bolstered positions
in Self Care, Skin Health and Essential Health.

The New Consumer Health Company would be expected to benefit from a
strong investment grade profile and balance sheet that would allow
it to build on its long history of innovation and maintain and
extend its leadership position across important and growing
categories.

The planned organizational design for the New Consumer Health
Company is expected to be completed by the end of 2022 and will be
subject to legal requirements including consultation with works
councils and employee representatives, as required. Planned New
Consumer Health Company employees are expected to continue
participating in their current Johnson & Johnson pay, benefits and
retirement programs through the end of 2022.

                      Transaction Details

The Board of Directors' intent is to effect the planned separation
through the capital markets, creating two independent,
market-leading companies. The transaction is intended to qualify as
a tax-free separation for U.S. federal income tax purposes.

In addition, it is expected that the overall shareholder dividend
will remain at least at the same level following the completion of
the transaction.

The Company is targeting completion of the planned separation in 18
to 24 months, subject to the satisfaction of certain conditions
including, among others, consultations with works councils and
other employee representative bodies, as required, final approval
of Johnson & Johnson's Board of Directors, receipt of a favorable
opinion and Internal Revenue Service ruling with respect to the
tax-free nature of the transaction, and the receipt of other
regulatory approvals. There can be no assurance regarding the
ultimate timing of the proposed transaction or that the transaction
will be completed.

                             Advisors

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting
as financial advisors to Johnson & Johnson, and Cravath, Swaine &
Moore LLP and Baker & McKenzie LLP are acting as legal counsel.

                      Investor Conference Call

The Company plans to hold an investor webcast to discuss this
announcement and provide opportunity for Q&A today at 8:30 a.m. ET.
The call will be hosted by Mr. Joseph Wolk, Chief Financial
Officer, Mr. Alex Gorsky, Chairman and CEO, and Mr. Joaquin Duato,
Vice Chairman of the Executive Committee. The webcast is accessible
at www.investor.jnj.com and telephone, for both “listen-only”
participants and financial analysts who wish to take part in the
question and answer portion of the call. Please dial (877) 869-3847
in the U.S. and (201) 689-8261 outside of the U.S.

                    About Johnson & Johnson

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

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

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


JUBILEE ACADEMIC: Moody's Rates $129.3MM Educational Bonds 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 initial rating and
stable outlook to Jubilee Academic Center, TX's $129.3 million
Educational Revenue Bonds, Series 2021 (Tax Exempt). The bonds are
issued by the New Hope Cultural Education Facilities Finance
Corporation, TX on behalf of the charter school.

RATINGS RATIONALE

The Ba2 initial rating reflects the charter school's relatively
competitive profile and average academic performance relative to
competitors in the area. The rating also incorporates the school's
expanding scope of operations, and adequate financial position that
relies somewhat on a combination of enrollment per pupil funding
growth and onetime revenues to achieve projected coverage ratios
and liquidity. Governance is a key driver of the initial rating and
incorporates the school's conservative budgeting practices and
solid management team. The rating further incorporates the higher
leverage and fixed costs resulting from existing leases and the new
debt issuance, though this is expected to remain fairly manageable
given additional debt plans and a generally level debt service
schedule. The pension liability associated with participation in
the statewide pension plan is expected to remain manageable.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that the school
will continue to exhibit satisfactory coverage ratios as well as
modestly improve reserves and liquidity levels given resumed
enrollment growth that officials anticipate following declines
resulting from the COVID pandemic, a relatively competitive
profile, and projected stable operations going forward.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

Material and sustained growth in debt service coverage and
liquidity

Resumed growth in enrollment that meets projected targets with a
strong waitlist

Moderation of debt relative to liquidity and operating revenue

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

Declines in enrollment from current and/or projected levels

Weakening of liquidity and/or debt service coverage below debt
covenants

Poor academic performance that jeopardizes the school's ability to
renew charter and competitiveness relative to competitors in the
area

LEGAL SECURITY

The bonds are special, limited obligations of the New Hope Cultural
Education Facilities Finance Corporation, payable solely from
revenues derived from a loan agreement with Jubilee Academic
Center. Under the loan agreement, the academy has pledged to make
payments derived from Jubilee Academic Center's principal source of
revenue which is state funding derived from its charter school
operations. The school has also executed a deed of trust and
leasehold mortgage covering its real estate (of participating
schools) as a source of payment for the debt. Additionally, a debt
service reserve fund is to be cash funded at maximum annual debt
service of the 2021 bonds.

USE OF PROCEEDS

Proceeds of the Series 2021 bonds will refinance certain costs
associated with acquiring, constructing and equipping of campuses
to house various Jubilee campuses, exercise certain purchase
options to purchase two campuses currently being leased by the
charter school, and fund repairs and improvements to certain
financed facilities. The Series 2021 bonds will also finance the
purchase of certain portable buildings the school currently leases
and fund a debt service reserve fund.

PROFILE

Jubilee Academic Center started operations on a single campus in
San Antonio (Aaa negative), Texas (Aaa stable) for the spring 2000
- 2001 school year and served approximately 50 students. The school
currently operates 13 charter school campuses under the Charter in
San Antonio, TX; Kingsville, TX; Harlingen (Aa3), TX; Brownsville
(Aa3), TX; and Austin (Aa1 stable), TX with 2020 - 2021 school year
enrollment of approximately 6,052 students. For the 2021 -2022
school year, the charter school expects to enroll approximately
6,008 students. The school focuses on the "Jubilee Way" - Joy,
Understanding, Balance, Integrity, Leadership, Empowerment, and
Excellence. The school's charter was renewed by the Texas Education
Agency (TEA) effective July 31, 2015 for a ten-year term expiring
on July 31, 2025.

METHODOLOGY

The principal methodology used in this rating was US Charter
Schools published in September 2016.


KESTRA ADVISOR: S&P Cuts ICR to 'B-' on Dividend Recapitalization
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Kestra
Advisor Services Holdings A Inc. to 'B-' from 'B'. The outlook
remains stable. At the same time, S&P lowered its issue rating on
its first-lien term loan to 'B-' from 'B'.

Kestra is issuing an incremental $145 million add-on to its $466
million existing first-lien term loan and a new $145 million
second-lien term loan. The company will use the proceeds from the
transaction to fund acquisitions of RIA/wealth management firms
through its Bluespring business, add cash to the balance sheet, and
potentially make a distribution to its shareholders. The
transaction increases the pro forma gross debt to $756 million as
of Sept. 30, from $466 million and weakens the credit metrics while
supporting our view of the shareholder's aggressive financial
policy.

S&P said, "Pro forma for the transaction, we expect Kestra to
operate with gross debt-to-covenant EBITDA and covenant EBITDA to
interest expense of over 6.0x and about 3.0x in the next 12 months.
This compares with 4.4x and 5.3x, respectively, as of Sept. 30. We
believe the company's covenant EBITDA contains add-backs, somewhat
overstating the company's cash flow generating ability. We also
believe Kestra's pro forma leverage and debt service coverage are
now in line with peers, Aretec and Advisor Group, also rated
'B-'."

During the first nine months of 2021, Kestra reported a 21%
increase in reported EBITDA on higher assets under management (up
30% year over year), bolstered by net flows, acquisitions, strong
recruiting, and market appreciation. While lower interest rates
since the pandemic continue to dampen cash sweep revenue, the
company is less dependent on this revenue stream compared with
peers. However, we expect Kestra's earnings to benefit to a lesser
extent (versus peers) from potentially rising interest rates next
year.

S&P said, "We believe the company has adequate liquidity, with pro
forma cash and cash equivalents of more than $30 million, and no
amount outstanding under its $75 million revolving credit facility.
Pro forma the transaction, the company has adequate cushion
relative to the 8.75x net first lien debt to EBITDA covenant: the
ratio was 5.3x as of Sept. 30 and the covenant is activated only if
40% of the revolver is drawn.

"Our rating on Kestra is two notches below its group credit profile
('b+') to reflect the structural subordination of the nonoperating
holding company to the regulated operating subsidiaries, as well as
the potential for regulatory interference in its ability to
upstream dividends to the debt-issuing parent.

"We rate the senior secured debt at the same level as the issuer
credit rating to reflect its position in the debt structure.

"The stable outlook reflects our expectation that Kestra will
continue to operate with leverage (using covenant EBITDA) above
6.0x over the next 12 months. It also reflects our expectation that
the company will maintain adequate liquidity and a comfortable
cushion relative to the leverage covenant on its revolving
facility.

"We could lower the ratings if Kestra's interest coverage declines
substantially, liquidity deteriorates, or the cushion against the
revolver's leverage covenants erodes substantially.

"We could raise the ratings if the company demonstrates less
aggressive financial management and materially improves leverage
and debt service capacity."



LIMETREE BAY: Suspends Purging Amid Bankruptcy Case
---------------------------------------------------
Suzanne Carlson of The Virgin Islands Daily News reports that the
final phases of Limetree Bay refinery's shutdown process have been
suspended due to a lack of cash, and additional hydrocarbon purging
is dependent on the outcome of the ongoing bankruptcy case,
according to a new report filed in U.S. District Court.

The report is part of an ongoing civil complaint filed July 12,
2021, against Limetree Bay by the environmental enforcement section
of the U.S. Justice Department, which is arguing on behalf of the
Environmental Protection Agency that the refinery's operations have
repeatedly violated the Clean Air Act.

The parties submitted a joint status report and motion to stay all
deadlines on Sept. 10, and the court granted the stay and ordered
the parties to submit a second joint report, which was filed
Friday.

The petroleum process units at the refinery remain idled, while
terminal operations at Limetree Bay Terminals are still in
operation. Limetree Bay Refining, LLC is pursuing bankruptcy
proceedings in the Southern District of Texas.

On Oct. 28, 2021, Limetree attorneys filed a notice of extension of
milestones and bid procedures deadlines, which revised several
deadlines. The auction date was set for Friday, the sale hearing
was scheduled for Dec. 3. Dec. 10 is the deadline for the winning
bidder to close the sale transaction, and Dec. 13 is the deadline
for a back-up bidder to close a sale transaction, if applicable,
according to the joint report.

The government and Limetree have agreed to a stipulation to keep
the refinery idled.

Previously, the EPA and refinery had agreed to steps to purge
remaining hydrocarbons from the facility. The plan included testing
Flare 8, which was completed in July 2021, and subsequently purging
the system and injecting nitrogen "to prevent oxidation while the
facility is idle."

The refinery also hired an independent observer to ensure the
purging adheres to EPA regulations The plan includes measures "to
ensure that the purging process and any associated activities do
not present an imminent and substantial endangerment to public
health or welfare or the environment," according to the report.

Subsequently, the refinery "received five sulfur dioxide and five
hydrogen sulfide ambient air monitors in early October," according
to the report. One of the sulfur dioxide monitors was defective,
and while "Limetree Bay works to obtain a replacement from the
manufacturer, it has acquired a loaner that will be used until the
replacement is received. The ambient air monitors have been
installed and are now operational."

The EPA has said those monitors were required by the facility's
permits and should have been in place when the refinery restarted
operations in February, but company officials disagreed and said
the facility was in compliance.

The refinery had previously shut down in 2012 after years of
economic troubles were compounded by violations of the Clean Air
Act. The brief but disastrous restart resulted in several
environmental contamination incidents that left at least 1,200
nearby homes coated in oil particles and hundreds of refinery
employees and contractors laid off.

According to the latest report, Limetree Bay's work on a Phase 3 of
the purge plan, which will require EPA approval, "has been placed
on hold due to financial constraints."

The third phase, when approved, will seek to remove ammonia
derivatives and “other process chemicals from the refinery
equipment.

                       About Limetree Bay

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day. Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels.  The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021. The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).  

Limetree Bay Terminals, LLC did not file for bankruptcy.

In the petitions signed by Mark Shapiro, chief restructuring
officer, Limetree Bay Services disclosed up to $10 million in
assets and up to $50,000 in liabilities.  Limetree Bay Refining,
LLC, estimated up to $10 billion in assets and up to $1 billion in
liabilities.

The Debtors tapped Baker Hostetler as legal counsel and B. Riley
Financial Inc. as restructuring advisor.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.  The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.

405 Sentinel, LLC serves as administrative and collateral agent for
the DIP lenders.


LIMETREE BAY: To Go Forward With Auction, Has $20M Lead Bid
-----------------------------------------------------------
Jeremy Hill, writing for Bloomberg News, reports that bankrupt
Limetree Bay Refining plans to go forward with an auction next
Thursday, Nov. 19, 2021, after receiving a $20 million
stalking-horse offer for the shuttered refinery.

The existing bidder, St. Croix Energy LLLP, upped its offer from
$11.5 million on the condition that it be reimbursed for
professional fees if it doesn't win the auction, a lawyer for
Limetree said in a virtual bankruptcy hearing Monday, Nov. 15,
2021.

Limetree could receive additional bids before the auction, Jorian
L. Rose, a lawyer for the company, said in the hearing.

In addition, Limetree creditors still have the ability to offer
debt forgiveness.

                       About Limetree Bay

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day. Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC, and its affiliates sought Chapter 11
protection on July 12, 2021.  The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).  

Limetree Bay Terminals did not file for bankruptcy.

In the petitions signed by CRO Mark Shapiro, Limetree Bay Services
disclosed up to $10 million in assets and up to $50,000 in
liabilities.  Limetree Bay Refining, LLC, estimated up to $10
billion in assets and up to $1 billion in liabilities.

The Debtors tapped Baker Hostetler as legal counsel and B. Riley
Financial Inc. as restructuring advisor.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.  The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.

405 Sentinel, LLC, serves as administrative and collateral agent
for the DIP lenders.


MAKANA OUTREACH: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Makana Outreach Initiative Inc.
        7434 N Red Pine Rd.
        Eagle Mountain, UT 84005

Business Description: The purpose of Makana Outreach
                      Initiative is to provide therapeutic
                      services to families and individuals that
                      otherwise could not afford treatment.  This
                      includes training of staff and individuals
                      that are working with these families.  The
                      Debtor is a tax-exempt entity (as described
                      in 26 U.S.C. Section 501).

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       District of Utah

Case No.: 21-24894

Judge: Hon. Joel T. Marker

Debtor's Counsel: Ted F. Stokes, Esq.
                  STOKES LAW PLLC
                  2072 North Main Suite 102
                  North Logan, UT 84341
                  Tel: (435) 213-4771
                  Fax: (888) 443-1529
                  Email: ted@stokeslawpllc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $100,000 to $500,000

The petition was signed by Jacob Flandro Pope as vice 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/XDZT6JQ/Makana_Outreach_Initiative_Inc__utbke-21-24894__0001.0.pdf?mcid=tGE4TAMA


MALLINCKRODT PLC: Acthar Price Increases Were Necessary
-------------------------------------------------------
Rick Archer of Law360 reports that a Mallinckrodt executive
defended the pricing and marketing of the drugmaker's Acthar gel on
Monday, Nov. 15, 2021, as a pair of insurers presented a Delaware
judge with the last of their evidence that Mallinckrodt engaged in
a years' long scheme to drive up Acthar's cost.

Mallinckrodt executive Hugh O'Neill -- the last witness put on by
health insurers Attestor Limited and Humana Inc. in their quest for
a priority claim in the drugmaker's Chapter 11 case -- told U.S.
Bankruptcy Judge John Dorsey during cross-examination that Acthar's
price is an economic necessity and that the company did not
suppress a potentially cheaper alternative drugz.

                     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.

A confirmation trial for the Debtors' First Amended Joint Plan of
Reorganization was set to begin Nov. 1, 2021.  The Confirmation
Hearing is slated to have two phases.  Phase 1 commenced the week
of Nov. 1.  Phase 2 will begin on or around the week of Nov. 15,
when the Acthar Administrative Claims Hearing proceedings conclude.


MALLINCKRODT PLC: Sales Strategy Cost Insurers $320 Million
-----------------------------------------------------------
Rick Archer of Law360 reports that a pair of insurers seeking
antitrust damages from drugmaker Mallinckrodt over the sales of its
Acthar gel put their expert witnesses before a Delaware bankruptcy
judge on Friday, Nov. 12, 2021, claiming they overpaid more than
$320 million for Acthar over the past 2020.

At the virtual hearing, health insurers Attestor Limited and Humana
Inc. continued their quest for a priority claim in Mallinckrodt's
Chapter 11 bankruptcy, with their economics expert saying the
drugmaker's payments to physicians and its suppression of a
possibly cheaper alternative drug caused the companies to pay as
much as $382 million extra in Acthar reimbursements since last
October 2021.

                     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.

A confirmation trial for the Debtors' First Amended Joint Plan of
Reorganization was set to begin Nov. 1, 2021. The Confirmation
Hearing is slated to have two phases. Phase 1 commenced the week of
Nov. 1. Phase 2 will begin on or around the week of Nov. 15, when
the Acthar Administrative Claims Hearing proceedings conclude.





MEDLINE BORROWER: Fitch Affirms & Then Withdraws 'B+' LT IDR
------------------------------------------------------------
Fitch Ratings has converted Medline Borrower LP's (Medline)
expected ratings on its new senior secured credit facilities and
new senior secured notes to final ratings of 'BB-'/'RR3'. In
addition, Fitch has converted the expected ratings on Medline's new
senior unsecured notes to 'B-'/'RR6', and has affirmed the
company's Long-Term Issuer Default Rating at 'B+'.

Fitch has also taken the following actions:

-- Medline Co-Issuer, Inc.'s new senior secured and senior
    unsecured note ratings rated 'BB-'/'RR3' and 'B-'/'RR6',
    respectively.

-- Mozart Real Estate Holdings, LP's 'B+' Long-Term IDR affirmed
    and withdrawn, as the rating is no longer relevant to Fitch's
    coverage.

The rating actions apply to approximately $15.6 billion of debt
instruments (excluding CMBS debt).
The proceeds of the new secured credit facilities, CMBS debt (not
rated), senior secured debt, senior unsecured debt, issuance of new
common equity, and the rollover of existing common equity were used
to fund the purchase of Medline Industries, Inc. by a group of new
investors and Medline's existing owners.

The ratings of Mozart Real Estate Holdings, LP are no longer
relevant to Fitch's coverage.

KEY RATING DRIVERS

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

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

Leverage Profile is High: Pro forma for the acquisition of Medline
by Blackstone, Carlyle and Hellman & Friedman (the Sponsors), gross
leverage (gross debt/EBITDA) is expected to be above 7.0x.
Thereafter, gross debt is expected to be reduced by more than $2.5
billion-$3.0 billion over the next three fiscal years, resulting in
gross debt/EBITDA between 5.0x-5.5x. Medline's consistent and solid
cash flow is expected to be applied principally to debt reduction
during this period with limited amounts used for "tuck-in"
acquisitions.

Fitch's calculation of gross leverage includes an amount of
mortgage debt secured principally by Medline's manufacturing and
distribution facilities. Such debt is treated as a having a higher
priority of claim than all other senior secured and senior
unsecured debt.

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

DERIVATION SUMMARY

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

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

KEY ASSUMPTIONS

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

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

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

-- FCF is not used principally for debt reduction;

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

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

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

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

Debt Maturities: The amortization of the term-loan B is expected to
be approximately $73 million/year through maturity in 2028 and all
debt maturities are at least five years or longer; hence,
refinancing risk remains low over the forecast period (through
2024). Fitch expects that Medline will apply substantially all of
its FCF to the repayment of debt over the forecast period, except
for the application for "tuck-in" acquisitions.

RATING RECOVERY ASSUMPTIONS

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

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

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

-- Instrument ratings and RRs for Mozart's debt instruments are
    based on Fitch's Corporates Recovery Ratings and Instruments
    Ratings Criteria. Fitch has assumed that there will be secured
    mortgage debt in the capital structure of Mozart
    (approximately $2.2 billion) that will occupy a super-senior
    position. Therefore, such debt is treated as a having a higher
    priority of claim than the secured credit facilities, which
    will include: 1) Cash flow revolving credit facility (assumed
    $.8 billion used on $1.0 billion capacity), secured term loans
    (approximately $7.8 billion equivalent U.S. debt; and 2) other
    secured debt (approximately $4.5 billion).

-- Fitch has assumed that Mozart will have senior unsecured debt
    of approximately $2.5 billion, which is ranked below other
    secured debt and is estimated to have a modest recovery;
    therefore, it is rated 'RR6'. Fitch has assumed 2% of the
    recovery value available to senior creditors is allocated to
    the senior unsecured debt.

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

ESG COMMENTARY

Medline has an ESG Relevance Score of '4' for Governance Structure,
because of the challenge of managing financial policy and capital
allocation objectives among the Mills family and the new major
shareholders. In addition, Medline has an ESG Relevance Score of
'4' for Group Structure, because of its complex capital structure
and use of secured mortgage debt to fund a material portion of the
acquisition of the company.

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.


MICRO HOLDING: S&P Affirms 'B' ICR on Planned Dividend
------------------------------------------------------
S&P Global Ratings affirmed ITS 'B' issuer credit rating on
U.S.-based MH Sub I, LLC (doing business as WebMD and Internet
Brands).

S&P said, "At the same time, we assigned our 'B' issue-level rating
and '3' recovery rating to the company's proposed first-lien
facility. Our '3' recovery rating indicates our expectation for
meaningful (50%-70%; rounded estimate: 55%) in the event of a
payment default. Our 'CCC+' issue-level rating and '6' recovery
rating on the company's second-lien term loan are unchanged.

"The stable outlook reflects our expectation that MH Sub I will
benefit from organic revenue and EBITDA growth of 5%-10% to support
reduced leverage in the low-7x area and strong free operating cash
flow (FOCF) to debt in the high-single-digit percent area.

"The affirmation reflects our expectation that leverage will be
temporarily elevated in 2021 before declining in 2022.

"We expect MH Sub I 's leverage pro forma for the acquisitions
completed in 2021 will be just above our 7.5x downside threshold
for the rating. However, we expect good organic growth in the
company's digital advertising segments, as well as growth through
acquisitions, will support EBITDA generation in 2022 that will
reduce leverage to the low-7x area. Furthermore, our rating on MH
Sub I reflects its good cash flow conversion of its EBITDA, with
FOCF to debt remaining in the high-single-digit percent area in
2021 and 2022. Pro forma for the add-on term loan and proposed $1
billion dividend, we expect MH Sub I to have about $1 billion cash
as of Sept. 30, 2021. We expect the company would use the cash to
primarily fund growth acquisitions priced at 8x-9x EBITDA multiples
in line with its prior acquisitions."

MH Sub I 's business model has proved resilient through the
pandemic, benefiting from solid underlying growth prospects.

Total revenue increased approximately 25% through the first nine
months of 2021, driven by growth in advertising and sponsorship
revenues in its WebMD segment because of strong pharmaceutical
sales. The company's Internet Brands segment revenues increased
16%, including 5% organic growth as dental, auto, and travel
revenues began to recover from quarters affected by COVID-19.
EBITDA increased faster than revenue, aided by cost-reduction
initiatives, primarily on the labor side. S&P expects MH Sub I to
continue to expand organically on strong secular industry trends in
e-commerce and digital advertising spending and inorganically from
acquisitions.

The company's aggressive acquisition strategy and history of large
shareholder returns demonstrate a tolerance for relatively high
leverage and pose downside risks for the rating.

S&P said, "We expect leverage will remain high, given MH Sub I's
acquisitive growth strategy, high leverage tolerance, and history
of large shareholder returns to owner KKR & Co. Inc. The proposed
$1 billion payout is expected before March 31, 2022. Micro Holding
has a history of successfully integrating and expanding the margins
of companies it acquires. However, sizable acquisitions pose
integration risk and could prolong elevated leverage. We expect the
company to remain acquisitive.

"The stable outlook reflects our expectation that MH Sub I 's
leverage pro forma for the proposed refinancing, dividend, and our
assumed planned acquisitions will increase to the mid- to high-7x
area in 2021 before recovering to the low-7x area in 2022. This
expectation assumes MH Sub I 's FOCF to debt remains above 5% while
the company integrates acquisitions and generates strong,
mid-single-digit percent organic growth in its health and legal
businesses in 2022."

S&P could lower its issuer credit rating on MH Sub I if:

-- Competitive pressures in the company's legal, dental, auto,
home, and travel segments or a prolonged economic slowdown slows
organic growth in its legal and health segments (excluding WebMD)
to the low-single-digit percent area;

-- The company pursues additional debt-financed dividends; or

-- Leverage increases and remains above 7.5x while FOCF to debt
falls below 5% on a sustained basis.

S&P could raise the rating if:

-- S&P expects the company will pursue a less aggressive financial
policy such that it reduces and maintains leverage below 5.5x; and

-- It successfully increases diversification and
subscription-based services through an acquisition while
maintaining healthy cash flow generation of about 10% of debt.



NAB HOLDINGS: Moody's Rates New Sr. Secured Credit Facilities 'B1'
------------------------------------------------------------------
Moody's Investors Service has assigned a B1 senior secured rating
to NAB Holdings, LLC's proposed new senior secured credit
facilities. The B1 corporate family rating and the stable outlook
are unchanged. The net proceeds from the new credit facilities will
be used to refinance the existing credit facilities and to make a
$152 million distribution to the shareholders. Concurrently, in
October 2021 the company acquired Signature Payments for $85
million financed with available cash balances.

"NAB has outperformed expectations at the time of our recent
upgrade of the company's CFR to B1 in July 2021" said Peter
Krukovsky, Moody's Vice President - Senior Analyst. "The proposed
transaction will result in credit metrics that remain well within
the requirements for the rating category."

The following rating actions were taken:

Assignments:

Issuer: NAB Holdings, LLC

Senior Secured Revolving Credit Facility, Assigned B1 (LGD3)

Senior Secured Term Loan B, Assigned B1 (LGD3)

RATINGS RATIONALE

NAB's credit profile is supported by good business stability,
profitability and cash flow generation, offset in part by a muted
projected medium-term growth trajectory. Pro forma for the proposed
refinancing transaction and the acquisition of Signature,
Moody's-adjusted total leverage will stand at 3.7x as of LTM
September 2021. NAB delivered meaningfully during the pandemic,
using strong FCF over the last two years to redeem $150 million of
preferred stock that accrued cash dividends at a high rate, with
the last redemption completed in June 2021. Moody's views NAB's FCF
generation as a differentiated credit strength, with pro forma
FCF/debt projected to be in the low teens in 2022. Liquidity
remains strong with cash balances of $45 million as of September
2021 pro forma for the acquisition of Signature.

NAB's revenues declined 7% in 2020 driven by its SMB merchant focus
and a decline in its Humboldt high risk acquiring business, with
support from a high proportion of card-not-present revenues and
SG&A controls which sustained margins. A broad rebound is occurring
in 2021 with revenues above 2019 levels, driven by strength across
a variety of SMB merchant categories. Moody's projects NAB to grow
revenues about 20% in 2021 as both core and Humboldt businesses
recover from the 2020 trough, and projects margins to expand
meaningfully driven by vertical integration, product and
distribution mix shift, operating leverage over controlled SG&A,
and growth in high-margin Humboldt revenues. However, NAB's high
exposure to ISO distribution, modest integrated payments presence,
and exposure to certain categories that may be peaking in the
pandemic may limit its longer-term growth trajectory.

NAB has successfully created value through acquisitions over time,
and Moody's expect the company to continue to evaluate M&A
opportunities. However, Moody's does not expect acquisitions to be
large in size relative to NAB's financial flexibility. If the
company uses its cash liquidity and free cash flow generation to
finance the acquisitions, they would be deleveraging compared to
the base case forecast. Larger acquisitions could require
incremental debt issuance, but Moody's does not expect such
acquisitions (if they occur) to result in a material change to the
credit profile.

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

The stable outlook reflects Moody's expectation of continued
revenue growth in 2022 resulting in Moody's-adjusted total leverage
declining below 3.5x. The ratings could be upgraded if NAB
demonstrates consistent revenue and EBITDA growth, and if leverage
is sustained below 3x. The ratings could be downgraded if NAB
experiences a sustained revenue or margin decline, or if total
leverage is sustained above 4.5x.

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

With estimated revenues of $542 million for the last twelve months
ended September 2021, NAB is a merchant acquirer serving primarily
small and medium size merchant customers across the US.


NEW YORK BAKERY: Seeks to Hire Dermody, Burke & Brown as Accountant
-------------------------------------------------------------------
The New York Bakery of Syracuse, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of New York to employ
Dermody, Burke & Brown, LLC as its accountant.

The firm's services include:

     a. preparation of the fiscal year 2021 federal and state
income tax returns with supporting schedules;

     b. preparation of the final fiscal year 2022 federal and state
tax returns with supporting schedules;

     c. preparation of any bookkeeping entries that Dermody finds
necessary in connection with the preparation of the income tax
returns;

     d. preparation and posting of any adjusting entries; and

     e. providing general tax services and advice to the Debtor.

Dermody will receive a flat fee of $9,000 for the preparation and
filing of the 2021 federal and state tax returns and for accounting
services related thereto.  In addition, the firm will receive a
flat fee of $8,500 for the preparation of the final 2022 federal
and state tax returns, which will be filed after the Debtor's case
closes in 2022.

John Tartaglia, a certified public accountant at Dermody, disclosed
in a court filing that his firm is disinterested as defined under
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     John J. Tartaglia, CPA
     Dermody Burke & Brown, CPAs, LLC
     443 N Franklin St
     Syracuse, NY 13204
     Phone: +1 315-471-9171

               About The New York Bakery of Syracuse

The New York Bakery of Syracuse, Inc., a full-service bakery
located in Syracuse, N.Y., filed a petition for Chapter 11
protection (Bankr. N.D.N.Y. Case No. 21-30770) on Oct. 4, 2021,
listing $1,584,711 in assets and $7,364,829 in liabilities.  Chris
Christou, president of New York Bakery of Syracuse, signed the
petition.

Judge Diane Davis oversees the case.

The Debtor tapped Camille W. Hill, Esq., at Bond, Schoeneck and
King, PLLC as legal counsel; Canty Consulting as financial advisor;
and Dermody, Burke & Brown, LLC as accountant.


NEXTPLAY TECHNOLOGIES: Stacey Riddell Quits as Director
-------------------------------------------------------
Stacey Riddell resigned as a member of the Board of Directors of
NextPlay Technologies, Inc.  

Ms. Riddell's resignation is not the result of any disagreement
with the company on any matter relating to its operations, policies
or practices.  The company's Board of Directors will initiate a
search for an independent director to fill the newly-created
vacancy.

                    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.  For more information about NextPlay
Technologies, visit www.nextplaytechnologies.com and follow us on
Twitter @NextPlayTech and LinkedIn.

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 Aug. 31, 2021, the Company had
$103.77 million in total assets, $33.32 million in total
liabilities, and $70.44 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.


NORTHCREST INC: Fitch Affirms 'BB+' IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Northcrest, Inc. (IA) a 'BB+' Issuer
Default Rating (IDR). In addition, Fitch has affirmed the series
2018A bonds issued by the Iowa Finance Authority on behalf of
Northcrest, Inc. at 'BB+'.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of gross revenues, a mortgage on
Northcrest's property and a debt service reserve fund.

ANALYTICAL CONCLUSION

The affirmation of the 'BB+' rating reflects Northcrest's strong
demand and adequate operating performance offset by a high debt
burden. The successful completion and fill-up of the independent
living (IL) and assisted living (AL) expansion projects this year
has helped support a recovery in profitability and liquidity
metrics, and is a good indication of the community's strong demand
profile.

However, even with the additional revenues from the expansion
units, debt service coverage metrics remain soft and the
community's small size and narrow operations render it susceptible
to operating pressure during the economic volatility assumed in
Fitch's stress case scenario. The community's small revenue base
remains a qualitative constraint on the rating given the weak debt
service coverage, but Fitch believes Northcrest has solid cushion
at the higher end of the 'BB' category.

KEY RATING DRIVERS

Revenue Defensibility: 'a'

Single-Site LPC with Strong Demand

Northcrest is a single-site LPC operating in a good service area
with favorable economic indicators and moderate competition, which
has supported strong demand. IL occupancy has historically been
sustained above 97%, and the 48-unit IL expansion project completed
this year has been fully occupied. AL and skilled nursing facility
(SNF) occupancies have both recovered from pandemic-lows as well,
with SNF occupancy in particular reaching a high 96% occupancy as
of June 30, 2021.

Further indication of Northcrest's strong revenue defensibility is
the waitlist of well over 300 prospective residents. The community
has a history of regular entrance fee and monthly service fee price
increases and fees are highly affordable relative to local real
estate prices and resident wealth levels.

Operating Risk: 'bb'

Solid Operations, High Debt Burden

Northcrest's operating risk is consistent with a weak assessment
for a Type-A provider, which reflects a history of adequate
operating performance, offset by weak capital-related metrics.
Northcrest's profitability has been somewhat weaker the last two
fiscal years due to disruptions from the coronavirus pandemic and
the large IL and AL expansion projects, but operating performance
has recovered thus far in fiscal 2021 to closer to historical
levels.

The operating ratio, net operating margin (NOM), and NOM-adjusted
rebounded to 92.8%, 12.5%, and 34.1%, respectively, through the
first six months of fiscal 2021 after averaging 106%, negative
0.3%, and 17.8%, respectively, in fiscal years 2019 and 2020. While
profitability is not expected to be sustained at these levels going
forward, the additional revenues from the expansion units should
support adequate operating performance.

Northcrest's debt burden remains high following the 2018 bond
issuance, which has contributed to softer capital-related metrics.
MADS of about $2.7 million translated to a high 29.1% of fiscal
2020 revenues, and revenue-only MADS coverage was a weak 0.1x. Debt
to net available was also a very weak 27.4x in fiscal 2020. These
metrics are expected to moderate now that the revenues from the
expansion project are coming online. Fitch expects Northcrest to
meet its 1.2x MADS covenant once it begins testing in 2022.
However, the softer long-term liability burden remains a constraint
on the rating.

Following the completion of the IL and AL expansion projects this
year, capital needs are manageable, and capital spending is
expected to be routine going forward.

Financial Profile: 'bb'

Leveraged but Resilient Financial Profile

Given Northcrest's strong revenue defensibility and midrange
operating risk assessments, Fitch assesses its financial profile as
'bb'. The community's $25.9 million in unrestricted cash and
investments translated to 1,325 days cash on hand and 74.6%
cash-to-adjusted debt as of June 30th, 2021. Fitch's
forward-looking analysis indicates that Northcrest's balance sheet
will remain resilient through a stress case scenario but MADS
coverage could be susceptible to operating pressure during a period
of economic volatility, falling well below 1.0x coverage in the
early years before recovering back above 1.1x in the out years.

RATING SENSITIVITIES

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

-- An improvement in coverage metrics to levels that offset
    Northcrest's comparatively smaller size, with MADS coverage
    sustained above 1.5x.

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

-- A sustained period of weaker operating performance where MADS
    coverage is sustained below 1.2x.

BEST/WORST CASE RATING SCENARIO

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

Northcrest is a Type A (life care) continuing care retirement
community (CCRC) with 158 ILUs (42 townhomes and 116 apartments),
32 assisted ALUs, 14 memory care units and a 24-bed skilled nursing
facility (SNF). Northcrest's SNF does not accept Medicaid or
Medicare, but its on-campus residents have access to short-term
rehabilitation and therapy services provided by an outside
contractor. Residents are offered life care contracts with entrance
fees that become non-refundable after 50 months of occupancy.
Northcrest opened in 1965 and is located on about 27 acres
approximately 35 miles north of Des Moines, IA in Ames. Total
operating revenues in fiscal 2020 were $9.2 million.

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.


NOVABAY PHARMACEUTICALS: Incurs $2.3M Net Loss in Third Quarter
---------------------------------------------------------------
Novabay Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss and comprehensive loss of $2.29 million on $1.84 million
of total net sales for the three months ended Sept. 30, 2021,
compared to a net loss and comprehensive loss of $3.22 million on
$2.17 million of total net sales for the three months ended Sept.
30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss and comprehensive loss of $5.67 million on $5.78 million
of total net sales compared to a net loss and comprehensive loss of
$9.29 million on $8.05 million of total net sales for the nine
months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $12.24 million in total
assets, $2.88 million in total liabilities, and $9.36 million in
total stockholders' equity.

Novabay stated, "Based on our funds available on September 30,
2021, as well as the proceeds from the Company's private placement
of its Series B Non-Voting Convertible Preferred Stock and common
stock warrants that was completed on November 2, 2021, management
believes that the Company's existing cash and cash equivalents and
cash flows generated from product sales will be sufficient to
enable the Company to meet its planned operating expenses at least
through November 12, 2022, including the cost to acquire and
integrate DERMAdoctor.  However, changing circumstances may cause
the Company to expend cash significantly faster than currently
anticipated, and the Company may need to spend more cash than
currently expected because of circumstances beyond its control.
Additionally, our future results, cash expenditures and ability to
obtain additional external financing could be adversely affected by
the COVID-19 pandemic and general adverse economic conditions."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1389545/000143774921026313/nby20210930_10q.htm

                           About Novabay

Headquartered in Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com-- is a biopharmaceutical company
focusing on commercializing and developing its non-antibiotic
anti-infective products to address the unmet therapeutic needs of
the global, topical anti-infective market with its two distinct
product categories: the NEUTROX family of products and the
AGANOCIDE compounds.  The Neutrox family of products includes
AVENOVA for the eye care market, CELLERX for the aesthetic
dermatology market, and NEUTROPHASE for wound care market.

Novabay reported a net loss and comprehensive loss of $11.04
million for the year ended Dec. 31, 2020, compared to a net loss
and comprehensive loss of $9.66 million for the year ended Dec. 31,
2019.  As of June 30, 2021, the Company had $13.60 million in total
assets, $2.39 million in total liabilities, and $11.21 million in
total stockholders' equity.


OMNIQ CORP: Receives Additional Purchase Order From Midwest Client
------------------------------------------------------------------
OMNIQ Corp has received an approximately $4.0 million purchase
agreement from a top, Midwest based (3PL) third party logistics
client.  omniQ will supply Android-based rugged data collection,
computing and communication equipment to the 3PL customer's
distribution centers across the United States.  The 3PL customer
has annual revenue of over $400 million and more than 3,000
employees. The multi-year deployment including the previous
agreement announced on Oct. 27, 2021 is valued at approximately
$7.0 million.

This order follows the following orders announced during the 4th
quarter:

   * $2 Million order from Israel's largest HMO for Intelligent
Healthcare Carts announced on Nov. 9, 2021.

   * $4 Million order from the same customer announced on Oct. 27,
2021.

   * $7.8 Million Purchase Order from a leading U.S. Food
Distributor announced on Oct. 22, 2021.

   * $1.8 Million Purchase Order for IoT "Contactless" Data
Collection Solution from a Fortune 500 Leading IT Supply Chain
Provider.

   * OMNIQ's QShield AI-Based Vehicle Recognition Technology
Selected in Adrian, Georgia to Crack Down on Crime and Enforce
Traffic Violations.

The rugged all-touch computer for workers inside or outside the
four walls has complete cellular network flexibility, faster WiFi
connections, superior barcode capture, a high quality color rear
camera for photos and videos, a front-facing 5MP color camera for
video calls and soft keys for one-touch access to the most
frequently used features.  The state of the art device improves
logistics efficiencies by enabling quick and accurate control of
shipping/receiving and inventory management, all based on the
advanced Android Operating System.

Shai Lustgarten, president and CEO at Quest, commented, "The
momentum continuous, concurrent with many opportunities generated
by our Dangot Computers new subsidiary, this $3.0 million
additional order is yet another example of repeat business,
demonstrating the value of omniQ's existing customer base and the
success of our business strategy.  Moreover, our company has built
a solid reputation as experts in sophisticated solutions providing
our customers cutting edge technology and software."

                         About omniQ Corp.

Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq Corp. reported a net loss attributable to common stockholders
of $11.31 million for the year ended Dec. 31, 2020, compared to a
net loss attributable to common stockholders of $5.31 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$35.86 million in total assets, $44.50 million in total
liabilities, and a total stockholders' deficit of $8.64 million.

Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


ONEDIGITAL BORROWER: Moody's Rates $1.45BB Repriced Term Loan 'B3'
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to $1.45 billion
(including $175 million increase) of senior secured term loans due
in 2027 being repriced by OneDigital Borrower LLC (corporate family
rating B3). The company will use net proceeds from the $175 million
incremental borrowing along with a $125 million delayed draw term
loan to fund acquisitions and pay related fees and expenses.
OneDigital is also adding $50 million to its revolving credit
facility (rated B3). The rating outlook for OneDigital is unchanged
at stable.

RATINGS RATIONALE

OneDigital's ratings reflect its expertise in employee benefits and
its consistent EBITDA margins. OneDigital derives most of its
revenue from a growing national retail benefits business targeting
small to middle market employers. The company serves its customers
through a proprietary technology platform, a national call center,
and locally based insurance professionals in selected markets
across the country. OneDigital's registered investment advisory
platform (Resources Investment Advisors), which offers retirement
planning, wealth management and asset management through
independent financial advisors focused on corporate retirement
plans, is a growing segment that adds revenue diversification.

Credit challenges for OneDigital include aggressive financial
leverage, significant cash outflows to pay contingent earnout
liabilities, and execution and integration risks associated with
fast-paced, debt-funded acquisitions. The company's financial
leverage is high for its rating category with modest interest
coverage, leaving little room for error in managing its existing
and newly acquired operations.

Following the transaction, Moody's estimates that OneDigital will
have a pro forma debt-to-EBITDA ratio well above 7x, but the rating
agency expects OneDigital to reduce its leverage in the next few
quarters through the integration of recent acquisitions, expense
controls and modest amortization of its term loans. The company's
majority investor, private equity firm Onex Corporation, would
likely provide additional support if needed, in Moody's view.

OneDigital's (EBITDA - capex) interest coverage will be about 2x,
and its free-cash-flow-to-debt ratio will be in the low single
digits. Free cash flow after payment of contingent earnouts has
been low or negative in recent periods; however, Moody's expects
this metric to improve in the year ahead. These pro forma metrics
reflect Moody's adjustments for operating leases, contingent
earnout liabilities, run-rate earnings from recent and pending
acquisitions, and certain non-recurring costs and other items.

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

Factors that could lead to an upgrade of OneDigital's ratings
include: (i) debt-to-EBITDA ratio below 5.5x, (ii) (EBITDA - capex)
coverage of interest consistently exceeding 2x, (iii) free
cash-flow-to-debt ratio exceeding 5%, and (iv) successful
integration of acquisitions.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA remaining above 7x, (ii) (EBITDA - capex) coverage
of interest below 1.2x, (iii) free-cash-flow-to-debt ratio below
2%, or negative free cash flow after contingent earnout payments
and scheduled debt amortization.

Moody's has assigned the following ratings (with loss given default
(LGD) assessments):

$1,450 million (including $175 million add-on) senior secured term
loan maturing in 2027 at B3 (LGD3);

$125 million senior secured delayed draw term loan (ability to be
drawn for 12 months) maturing in 2027 at B3 (LGD3).

The following OneDigital ratings remain unchanged:

Corporate family rating at B3;

Probability of default rating at B3-PD.

$200 million (including pending $50 million increase) senior
secured revolving credit facility maturing in 2025 at B3 (LGD3);

The rating outlook for OneDigital is unchanged at stable.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

OneDigital delivers strategic advisory consulting and technology
solutions to more than 85,000 employers across the US. The
company's advisory business covers employee benefits, wellbeing,
human resources, pharmacy consulting, property and casualty
solutions, as well as retirement and wealth management services
provided through OneDigital Investment Advisors. Based in Atlanta,
Georgia, with more than 100 offices across the country, the company
generated revenues of $644 million for the 12 months through
September 2021.


PANDA STONEWALL: Wraps Up Restructuring Deal, Ownership Transfer
----------------------------------------------------------------
Rachel Butt, Brian Eckhouse and Naureen S. Malik, writing for
Bloomberg News, report that Panda Stonewall closed its
restructuring and ownership transfer to Ares Management from
private equity firm Panda Power Funds.  

The gas-fired power plant raised a five-year $450 million term loan
on Friday, Nov. 12, 2021 and $40 million revolver priced at 6
percentage points above the London interbank offered rate, in line
with market expectations.

Proceeds from the new debt, alongside equity check from Ares
Management, will help pay back the Company's existing lenders.

Investec was the sole bookrunner for the deal, Bloomberg previously
reported

                       About Panda Stonewall

Panda Stonewall owns a new natural gas-fired, combined cycle power
plant will generate clean energy for up to 778,00 homes in
Virginia.


PETVET CARE: Moody's Affirms 'B3' CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of PetVet Care
Centers, LLC's, including the B3 Corporate Family Rating, the B3-PD
Probability of Default Rating, the B2 rating on the company's
senior secured first lien credit facilities, and the Caa2 rating on
the senior secured second lien term loan. The outlook remains
stable.

The affirmation of the B3 Corporate Family Rating follows the
company's announcement of a $450 million add-on to its existing
senior secured first lien term loan, as well as a $150 million
add-on to its existing senior secured second lien term loan.
Proceeds from the add-on transaction will be added to the balance
sheet, earmarked to fund future acquisitions. The increase in debt
without the immediate addition of any earnings of acquisitions will
meaningfully raise leverage to 9.4x (up from 7.3x), on Moody's
adjusted basis. Assuming the incremental debt is used to fund
acquisitions at an average enterprise-to-EBITDA multiples range of
12.0 - 14.0 times (similar to recent transactions), Moody's
estimates that pro forma adjusted debt-to-EBITDA will increase to
8.3x, for the LTM period ended September 30, 2021. However, Moody's
expects credit metrics will improve through mid-single digit
earnings growth, over the next 12 to 18 months.

The B2 ratings on PetVet's first-lien senior secured credit
facilities is one notch higher than the B3 CFR. This reflects the
facilities' first priority lien on substantially all assets. The
Caa2 rating on its second-lien term loan is two notches below the
CFR. This reflects the effective subordination of the term loan to
the senior secured credit facilities. All senior secured facilities
are guaranteed by all existing and future domestic subsidiaries of
the borrower.

Following is a summary of Moody's rating actions for PetVet Care
Centers, LLC:

Ratings affirmed:

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

Sr. Secured First Lien Bank Credit Facilities at B2 (LGD3)

Sr. Secured Second Lien Term Loan at Caa2 (LGD6 from LGD5)

Outlook Actions:

Outlook, Remains Stable

RATINGS RATIONALE

PetVet Care Centers, LLC's ("PetVet") B3 Corporate Family Rating
reflects its very high financial leverage with Moody's-adjusted
debt-to-EBITDA of 8.3x pro forma for proposed term loan add-ons and
tuck-in acquisitions, for the LTM period ended September 30, 2021.
Moody's anticipates for PetVet's aggressive financial policies to
persist, reflecting a debt financed roll-up acquisition strategy
and private equity ownership. Additionally, Moody's expects
increased competition for acquisitions from other veterinary
hospital aggregators to drive up acquisition multiples. However,
PetVet benefits from the company's broad geographic footprint with
about 368 locally branded animal hospitals across 35 states. The
ratings are also supported by favorable long-term trends in the pet
services industry that underpin healthy same-store sales growth in
the low mid-single digit percent range. PetVet's ratings also
benefits from strong recurring revenue supporting consistent
positive free cash flow generation, and a proven ability to
smoothly consolidate independent veterinary practices.

PetVet's very good liquidity profile is supported by sizable cash
balance of approximately $874 million, pro forma for the proposed
term loan add-ons (majority of which will be applied towards
tuck-in acquisitions). This, together with Moody's expectation of
free cash flow in the range of $60 to $70 million over the next 12
months, provide sufficient coverage for the required 1% mandatory
amortization of its first lien term loan of approximately $24
million, annually. PetVet's liquidity is further supported by
undrawn $75 million revolving credit facility expiring in 2023.

Social and governance considerations are material to PetVet's
credit profile. PetVet's hospitals experienced a decline in patient
visits, due to the COVID-19 pandemic, which resulted in revenue
declines, however volumes have mostly recovered, and Moody's
expects growth will be in the mid-to-high single-digits over the
next 12-18 months. Moody's also notes that demographic and societal
trends including growth in the number of US households that own
pets provide favorable long-term trends in the pet care sector that
will drive non-organic growth.

Moody's expects PetVet's financial policies to remain aggressive
under private equity ownership. Moody's anticipates the strategy to
supplement organic growth with material debt-funded acquisitions
will persist, given the very fragmented nature of the market.

The stable outlook reflects Moody's expectation that while PetVet's
financial leverage will remain very high, the company's good
organic growth along with sustained positive free cash flow will
support its very good liquidity.

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

The ratings could be upgraded if the company delivers sustained
revenue and earnings growth and is successful in integrating
acquisitions. Moderation of financial policies, partially evidenced
by financial leverage sustained below 6.5 times, while good cash
flows and solid liquidity is maintained could also support a
prospective upgrade.

The ratings could be downgraded if operational performance
deteriorates or liquidity weakens. Inability to manage its rapid
growth, or if EBITA-to-interest falls below one times, could also
put downgrade pressure on the company's ratings.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Based in Westport, Connecticut, PetVet Care Centers, LLC is a
national veterinary hospital consolidator offering a full range of
medical products and services and operating 368 locally branded
animal hospitals across 35 states. PetVet is owned by private
equity sponsor, Kohlberg Kravis Roberts & Co. L.P. ("KKR"). Pro
forma revenue for the twelve months ended September 30, 2021 was
approximately $1.5 billion.


PHUNWARE INC: Reports $372K Net Income for Third Quarter
--------------------------------------------------------
Phunware, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing net income of $372,000
on $2.16 million of net revenues for the three months ended Sept.
30, 2021, compared to a net loss of $8.57 million on $3.13 million
of net revenues for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $21.71 million on $5.24 million of net revenues
compared to a net loss of $16.04 million on $7.98 million of net
revenues for the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $31.95 million in total
assets, $18.93 million in total liabilities, and $13.03 million in
total stockholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1665300/000162828021023228/phun-20210930.htm

                           About Phunware

Headquartered in Austin, Texas, Phunware, Inc. --
http://www.phunware.com-- offers a fully integrated software
platform that equips companies with the products, solutions and
services necessary to engage, manage and monetize their mobile
application portfolios globally at scale.

Phunware reported a net loss of $22.20 million for the year ended
Dec. 31, 2020, compared to a net loss of $12.87 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$34.21 million in total assets, $23.73 million in total
liabilities, and $10.48 million in total stockholders' equity.


POWERHOUSE BRANDS: Taps James J. Rufo as Bankruptcy Counsel
-----------------------------------------------------------
Powerhouse Brands, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire The Law Office
of James J. Rufo to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) advising the Debtor concerning the conduct of the
administration of the bankruptcy case;

     (b) preparing all necessary applications and motions required
under the Bankruptcy Code, Federal Rules of Bankruptcy Procedure,
and Local Bankruptcy Rules;

     (c) preparing a plan of reorganization; and

     (d) performing all other legal services that are necessary to
the administration of the case.

The firm's hourly rates are as follows:

     James J. Rufo, Esq.      $450 per hour
     Paralegals               $200 per hour

The Debtor paid $5,500 to the firm as a retainer fee.

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

The firm can be reached at:

     James J. Rufo, Esq.
     The Law Office of James J. Rufo
     1133 Westchester Avenue, Suire N-202
     White Plains, NY 10604
     Tel: (914) 600-7161
     Email: jrufo@jamesrufolaw.com

                      About Powerhouse Brands

Powerhouse Brands, Inc. filed a petition for Chapter 11 protection
(Bankr. E.D. N.Y. Case No. 21-71434) on Aug. 9, 2021, listing up to
$50,000 in assets and up to $50 million in liabilities. Jeanette De
Lyra, president, signed the petition.  

Judge Alan S. Trust oversees the case.

The Debtor tapped James J. Rufo, Esq., at The Law Office of James
J. Rufo as legal counsel.


PWM PROPERTY: Investor Says It Didn't Permit Chapter 11 Case
------------------------------------------------------------
Vince Sullivan of Law360 reports that an investor in a New York
office tower moved to dismiss the building owner's Delaware
bankruptcy case, saying the debtor didn't have the authority to
commence the Chapter 11 case and was doing so only to strip the
investor's rights.

In a motion filed late Thursday, Nov. 11, 2021, 245 Park Member LLC
said debtor PWM Property Management LLC had to ask for its
permission as a preferred investor before the debtor could commence
a Chapter 11 case for the building at 245 Park Avenue in midtown
Manhattan, but no authorization was ever asked for.

                    About PWM Property Management

PWM Property Management LLC, et al., are primarily engaged in
renting and leasing real estate properties.  They own two premium
office buildings, namely 245 Park Avenue in New York City, a
prominent commercial real estate assets in Manhattan's prestigious
Park Avenue office corridor, and 181 West Madison Street in
Chicago, Illinois.

On Oct. 31, 2021, PWM Property Management LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-11445).  PWM estimated assets and liabilities of $1 billion to
$10 billion as of the bankruptcy filing.

The cases are pending before the Honorable Judge Mary F. Walrath
and are being jointly administered for procedural purposes under
Case No. 21-11445.

The Debtors tapped White & Case LLP as restructuring counsel; YOUNG
CONAWAY STARGATT & TAYLOR, LLP as local counsel; and M3 ADVISORY
PARTNERS, LP, as restructuring advisor. OMNI AGENT SOLUTIONS is the
claims agent.


REGIONAL HEALTH: Posts $2.3 Million Net Loss in Third Quarter
-------------------------------------------------------------
Regional Health Properties, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss attributable to the Company's common stockholders of $2.29
million on $6.70 million of total revenues for the three months
ended Sept. 30, 2021, compared to a net loss attributable to common
stockholders of $2.25 million on $4.76 million of total revenues
for the same period during the prior year.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss attributable to common stockholders of $6.75 million on
$20.25 million of total revenues compared to a net loss
attributable to common stockholders of $6.42 million on $13.85
million of total revenues for the same period during the prior
year.

As of Sept. 30, 2021, the Company had $107.02 million in total
assets, $96.15 million in total liabilities, and $10.88 million in
total stockholders' equity.

The Company intends to pursue measures to grow its operations,
streamline its cost infrastructure and otherwise increase
liquidity, including: (i) refinancing or repaying debt to reduce
interest costs and mandatory principal repayments, with such
repayment to be funded through potentially expanding borrowing
arrangements with certain lenders; (ii) increasing future lease
revenue through acquisitions and investments in existing
properties; (iii) modifying the terms of existing leases; (iv)
replacing certain tenants who default on their lease payment terms;
and (v) reducing other and general and administrative expenses.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1004724/000156459021056700/rhe-10q_20210930.htm

                 About Regional Health Properties

Regional Health Properties, Inc. (NYSE American: RHE) (NYSE
American: RHEpA) -- http://www.regionalhealthproperties.com/-- is
a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions.

Regional Health reported a net loss attributable to common
stockholders of $9.68 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to common stockholders of $3.49
million for the year ended Dec. 31, 2019.  As of June 30, 2021, the
Company had $107.16 million in total assets, $96.43 million in
total liabilities, and $10.74 million in total stockholders'
equity.


REWALK ROBOTICS: Incurs $2.7 Million Net Loss in Third Quarter
--------------------------------------------------------------
ReWalk Robotics Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.67 million on $1.97 million of revenues for the three months
ended Sept. 30, 2021, compared to a net loss of $3.34 million on
$747,000 of revenues for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, compared to a net loss of
$8.88 million on $4.72 million of revenues compared to a net loss
of $10.03 million on $3.17 million of revenues for the same period
during the prior year.

As of Sept. 30, 2021, the Company had $98.72 million in total
assets, $5.72 million in total liabilities, and $92.99 million in
total shareholders' equity.

"During the third quarter we have continued to demonstrate quarter
over quarter growth and the results in Q3 2021 marks our highest
quarterly revenue for the last 4 years.  Growth came from personal
ReWalk placements in Germany and with the placement of multiple
systems at a U.S physical therapy university where Exoskeleton
training is becoming a core part of the curriculum as this field
moves towards being a standard of care," said Larry Jasinski,
ReWalk's chief executive officer.  "We continue to see the opening
of our main markets and looking forward to continue our positive
momentum as we close 2021."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1607962/000117891321003473/zk2126736.htm

                      About ReWalk Robotics

ReWalk Robotics Ltd. -- http://www.rewalk.com/-- develops,
manufactures, and markets wearable robotic exoskeletons for
individuals with lower limb disabilities as a result of spinal cord
injury or stroke.  ReWalk's mission is to fundamentally change the
quality of life for individuals with lower limb disability through
the creation and development of market leading robotic
technologies.  Founded in 2001, ReWalk has headquarters in the
U.S., Israel and Germany.

ReWalk Robotics reported a net loss of $12.98 million for the year
ended Dec. 31, 2020, compared to a net loss of $15.55 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$71.71 million in total assets, $5.63 million in total
liabilities,
and $66.08 million in total shareholders' equity.


RIVERROCK RECYCLING: Ongoing Operations to Fund Plan
----------------------------------------------------
Riverrock Recycling & Crushing, LLC, filed with the U.S. Bankruptcy
Court for the Southern District of Ohio a Subchapter V Plan of
Reorganization dated Nov. 11, 2021.

Riverrock was incorporated as an Ohio Limited Liability Company by
Orville Lykins and Daniel Montgomery and began operations in August
2009.  Riverock's business consists primarily of crushing and
processing used/waste non-metallic materials, and then recycling
those materials into usable aggregate to be sold to its customers.

In the remaining time prior to the filing of the Petition,
Riverrock was subject to several creditor actions. Creditors De
Lage Landen Financial Services, Inc., Peoples, BOA, Rudd Equipment
Company, Inc., D&S Auto Parts, dba Napa Auto Parts, and John Deere
Financial all filed suits against Riverrock for unpaid amounts due
and owing for equipment deficiencies and trade debt. On at least
two separate occasions, a creditor managed to garnish significant
funds out of Riverrock's bank account, the last one being from Rudd
Equipment Company, Inc. These continued creditor actions
precipitated this bankruptcy filing.

Class SE-1 consists of the Allowed Secured Claim of Peoples's
United Equipment Finance Corp. Peoples filed is Proof of Claim on
September 21, 2021 (Claim No. 3), stating a total claim of
$661,029.77. The Class SE-1 Claim shall be allowed in an amount not
to exceed the value of the Collateral as finally determined by this
Court. Debtor shall be given dollar for dollar credit against the
SE-1 Claim for all adequate protection payments made during the
course of these Chapter 11 proceedings, and such other credits as
contemplated in the Cash Collateral Order.

Class SE-2 consists of any Allowed Secured Claims against the real
property commonly known as 1001 Brandt Pike, Dayton, Ohio 45404
(the "Property"). The Class SE-2 Claims shall be allowed in an
amount not to exceed the secured interest of each creditor's
properly perfected lien rights as to the value of the Property, as
finally determined by the Court. The claims of any creditors which
have filed a lien against the Property and are partially unsecured
shall be bifurcated, and shall be treated as a Class UN-G general
unsecured claim to the extent the claim is unsecured, and treated
as Class SE-2 Claim only to the extent secured.

Class UN-G consists of any other unsecured claim against the
Debtor. The Class UN-G Claims shall be Allowed in the amount
finally determined by the Court and shall be paid by Reorganized
Debtor on a pro rata basis pursuant to this Plan and the
Projections, after all Allowed Priority Claims and the SE-1 Claim
and SE-2 Claims are paid in full, and after resolution of all
Disputed Claims. Any Claim falling within Class UN-G is impaired
under the Plan.

Class E consists of any Equity Interest in the Debtor. Orville
Lykins and Daniel Montgomery are the sole owners/members of the
Debtor and Mr. Lykins works full time in the work of the Debtor.
Mr. Lykins and Mr. Montgomery will retain their interest in the
Debtor.

The Debtor intends to fund the Plan through cash flow from
operations. Orville Lykins and Daniel Montgomery will retain their
interest in the Reorganized Debtor and will continue all of their
current duties to the Debtor, including but not limited to managing
and overseeing all of the day to day operations of the Debtor.

A full-text copy of the Plan of Reorganization dated Nov. 11, 2021,
is available at https://bit.ly/3FjIrTD from PacerMonitor.com at no
charge.

Case Attorneys for Debtor:

     Denis E. Blasius
     Darlene E. Fierle, Esq.
     Law Offices of Ira H. Thomsen
     140 North Main Street, Suite A
     P.O. Box 639
     Springboro, OH 45066
     Tel: 937-748-5001
     Fax: 937-748-5003
     Email: dfierle@ihtlaw.com

               About Riverrock Recycling & Crushing

RiverRock Recycling, a privately held company in the portable
crushing business, filed its voluntary Chapter 11 petition (Bankr.
S.D. Ohio Case No. 21-31385) on Aug. 13, 2021, listing up to $1
million in assets and up to $10 million in liabilities.  Orville E.
Lykins, operations manager, signed the petition.  

Judge Guy R. Humphrey oversees the case.

Darlene E. Fierle, Esq., at the Law Offices of Ira H. Thomsen,
represents the Debtor as legal counsel.


SCHOOL PLACE: Wins Cash Collateral Access
-----------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts has
authorized School Place LLC to use cash collateral on an expedited
basis and provided adequate protection.

School Place LLC and affiliate Auburn School LLC have requested
joint administration of their Chapter 11 cases.

These cases consist of two connecting properties known as 166
Auburn Street and at the time of the inception of mortgages owned
by Auburn School LLC and 168 Auburn Street, Cambridge,
Massachusetts owned by School Place LLC. On June 7, 2021, these
properties were conveyed by Master Deed and are condominiums owned
jointly by each of the Debtors.

On December 21, 2018, each LLC refinanced and granted a mortgage to
Velocity Commercial Capital, LLC. In 2019, each loan was assigned
from Velocity to U.S. Bank National Association, as Trustee for
Velocity Commercial Capital Loan Trust 2018-2.  The Lender holds an
assignment of leases and rents on each property.

As a result of COVID-19, certain tenants who were college/graduate
students stopped paying rent or abandoned the property.  This loss
of income caused a lack of funds to support the debt service.

The Debtor attempted to refinance with a lower interest rate but
was unsuccessful.  The bankruptcy was filed on the eve of
foreclosure.

As adequate protection for the Debtor's use of cash collateral, the
Debtor proposed that the lienholder is granted monthly cash payment
along with post-petition replacement liens and security interests
in property of the Debtor's estate. The Replacement Liens will be
recognized only to the extent of diminution in the value of the
lienholder's prepetition collateral constituting Cash Collateral
resulting from the Debtor's use thereof in operation of the
Debtor's ongoing operations. The Replacement Liens will maintain
the same priority, validity, and enforceability as the lienholder's
liens on their pre-petition collateral.

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

Debtors Auburn School and School Place each projects $175 in total
expenses for November 2021.

                     About School Place LLC

School Place LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-11621) on November 7,
2021. In the petition signed by Lou G. Makrigiannis, manager, the
debtor disclosed up to $10 million in both assets and liabilities.

Judge Frank J. Bailey oversees the case.

Michael Van Dam, Esq., at Van Dam Kaw LLP is the Debtor's counsel.



SEARS HOLDINGS: Closes Last Store in Illinois
---------------------------------------------
WAND 17 reports that Illinois' last Sears location closed for good
Sunday, November 14, 2021, after 50 years.  The store at Woodfield
Mall in Schaumburg closed its doors.

Sears Holdings, which also owned Kmart, filed for Chapter 11
bankruptcy protection three years ago.

Transformco later acquired Sears out of bankruptcy and has been
closing down dozens of the remaining Sears and Kmart locations
across the United States.

In September 2021, a spokesperson for Transformco declined to
confirm how many Sears and Kmart stores were still open. At the
time, the company's website listed 35 Sears locations and 22 Kmart
stores.

Sears was founded in Chicago in the 1890s. It was once the biggest
retailer in the nation with thousands of stores.

The company had about 700 locations when it filed for bankruptcy
protection.

                         About Sears Holdings Corp.

Sears Holdings Corporation (OTCMKTS: SHLDQ) --
http://www.searsholdings.com/-- began as a mail ordering catalog
company in 1887 and became the world's largest retailer in the
1960s.  At its peak, Sears was present in almost every big mall
across the U.S., and sold everything from toys and auto parts to
mail-order homes. Sears claims to be is a market leader in the
appliance, tool, lawn and garden, fitness equipment, and automotive
repair and maintenance retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings has left it with 687
retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin
Islands as of mid-October 2018. At that time, the Company employed
68,000 individuals, of whom 32,000 were full-time employees.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets, $11.33 billion in total liabilities and a total deficit of
$4.40 billion.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

                          *     *     *

In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion.  Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis.  The proposal would allow 425 stores to remain open and
provide ongoing employment to 45,000 employees.


SECURUS TECHNOLOGIES: Moody's Affirms 'B3' CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Securus Technologies Holdings,
Inc.'s B3 corporate family rating and B3-PD probability of default
rating. Concurrently, Moody's also affirmed SCRS Acquisition
Corporation's B1 rating on the company's super priority first lien
revolving credit facility, the B2 rating on the senior secured
first lien term loan, and the Caa2 rating on the senior secured
second lien term loan. The outlook is stable.

Affirmations:

Issuer: Securus Technologies Holdings, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Issuer: SCRS Acquisition Corporation

Senior Secured Revolving Credit Facility, Affirmed B1 (LGD2)

Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Term Loan, Affirmed Caa2 (LGD6)

Outlook Actions:

Issuer: Securus Technologies Holdings, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Securus's B3 CFR reflects the company's small scale, niche industry
focus, and the highly competitive and largely duopolistic mature
end-market it operates in. The rating also reflects the high
regulatory risk Securus is exposed to and the potential for reforms
and changes in laws - over which the company has little control -
to materially affect its operations.

B3 also reflects Securus' strong position and market share within
US incarceration facilities, the company's complementary product
suite and its success in developing its media business through its
tablets. The B3 rating also reflects the company's improved
leverage with Moody's adjusted debt to EBITDA expected to be around
5.6x at year-end 2021 compared to 6.3x at the end of 2020.

The improvement in leverage is a result of the company's success in
its media business, underpinned by the tablet product. Securus
expects that currently contracted and awarded new tablet contracts
will drive the bulk of its revenue growth in the coming two years
although ARPU per tablet is expected to decline as the boost from
stimulus checks declines. While there is a lag given installation
time of the tablets, growth in the media products will more than
offset the decline in revenue from legacy voice products that has
resulted from both lower (FCC imposed) rates and lower Average
Daily Population (ADP) as a result of COVID related lockdowns.

While demand elasticity means that rate capping calls usually
results in a mitigating increase in usage, sudden decreases in ADP
can have a more lasting impact on the business. Moody's will
continue to monitor changes in legislation that could affect this,
such as legalization of some minor drug offences. Securus has also
been working to focus less on ADP, engaging with post-incarceration
programs, educational apps on tablets and servicing some mental
health facilities.

Securus has switched its tablets offering to a "loaner" model
whereby the company gives a tablet to an inmate free of charge.
This allows them to maintain and service the tablets more
adequately and improve long term revenue generation. In facilities
where the tablet product has been rolled out, nearly 75% of the ADP
base are paid active users, having spent time on the tablets in the
past 6 months.

Absent any sudden change in regulation, Moody's expects Securus to
continue to grow revenue and EBITDA and focus its free cash flow on
paying down the revolver which it uses to finance the installation
of tables pursuant to new contracts.

Securus has adequate liquidity over the next 12 months, supported
by about $17.8 million of cash on balance sheet (excluding
restricted cash) and, as of June 30, 2011, $110 million available
under its $150 million super priority revolving credit facility the
maturity of which has just been extended to August 2024. The term
loan has no financial covenants, the revolver is subject to a
maximum first lien net leverage test of 7x, tested at 35%
utilization. As of June 30, 2021, first lien net leverage was 4.1x,
providing ample headroom. The company's free cash flow generation
in 2018 and 2019 was affected by increased capex spending to
install and roll-out the tablets product. For the last twelve
months ending June 30, 2021, Securus generated $72 million of free
cash flow.

The stable outlook reflects Moody's view that the company will
maintain good liquidity, generate positive free cash flow, maintain
existing market share, and that leverage (Moody's adjusted) will
remain below 6x over the next 12-18 months.

The instrument ratings reflect the probability of default of the
company, as reflected in the B3-PD PDR, an average family recovery
rate of 50% at default given the mix of 1st lien and 2nd lien bank
debt in the capital structure, and the particular instruments'
rankings in the capital structure. The revolver, secured on a super
priority basis ahead of the first lien, is rated B1 (LGD2) ahead of
the senior secured 1st lien term facilities which are rated B2
(LGD3). The ratings on the senior secured facilities reflect the
loss absorption from the 2nd lien debt. The senior secured 2nd lien
term loan is rated Caa2 (LGD6), reflecting its junior ranking
within the capital structure. The capital structure also includes
nominal amounts of lease rejection claims and trade claims payable
which have little to no effect on the instrument level ratings.

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

Moody's could upgrade Securus' ratings if risks related to
regulatory changes were to be more limited. An upgrade would also
require the company to maintain good liquidity, strong positive
free cash flow, and leverage (Moody's adjusted) below 5x.

Moody's could lower Securus' ratings if leverage exceeds 6x
(Moody's adjusted) for a sustained period or free cash flow turns
negative.

Based in Dallas, TX, Securus Technologies Holdings, Inc. is one of
the largest providers of telecommunication services to correctional
facilities, with a presence in 50 states, Washington DC, and
Canada. Securus is owned and controlled by the private equity firm
Platinum Equity, LLC. For the last twelve months ending June 30,
2021, the company generated $835 million in revenue.

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


SEP SOFTWARE: Seeks Court Approval to Hire Arkose Tax as Accountant
-------------------------------------------------------------------
SEP Software Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to hire Arkose Tax and
Consulting as accountant.

The firm's services include:

     (a) reviewing and amending as necessary the Debtor's books and
records;

     (b) preparing updated financial statements;

     (c) preparing annual state and federal tax returns, if
required by law; and

     (d) assisting the Debtor in the preparation of required
financial reporting to the bankruptcy court as well as financial
projections pertaining to any required budgets and plan of
reorganization.

The firm's bookkeeping services will be paid at an hourly rate of
$125 while the consulting and tax services will be paid at these
rates:

     Josh Schepers     $300 per hour
     Dan Young         $225 per hour
    
Josh Schepers, director at Arkose Tax and Consulting, disclosed in
a court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Josh Schepers
     Arkose Tax and Consulting
     2440 Junction Place, Suite 100
     Boulder, CO 80301
     Phone: 303-545-5755
     Email: officemanager@arkosetax.com

                  About SEP Software Corporation

SEP Software Corporation is a Dover, Del.-based technology company
that provides a single backup and disaster recovery solution for
hybrid environments of any size.

SEP Software filed a petition for Chapter 11 protection (Bankr. D.
Colo. Case No. 21-14963) on Sept. 29, 2021, listing up to $50,000
in assets and up to $10 million in liabilities.  Russell Wine,
chief executive officer of SEP Software, signed the petition.

Judge Michael E. Romero oversees the case.

Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C., is
the Debtor's legal counsel, while Arkose Tax and Consulting serves
as the accountant.


SGR ENERGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: SGR Energy, Inc.
        3707 Cypress Creek Parkway, Suite 500
        Houston, TX 77068

Chapter 11 Petition Date: November 15, 2021

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 21-60090

Judge: Hon. Christopher M. Lopez

Debtor's Counsel: Thomas D. Berghman, Esq.
                  MUNSCH HARDT KOPF & HARR, P.C.
                  500 N. Akard Street, Suite 3800
                  Dallas, TX 75201-6659
                  Tel: 214-855-7500
                  E-mail: tberghman@munsch.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Tommy San Miguel as president & CEO.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/VIMJ4OI/SGR_Energy_Inc__txsbke-21-60090__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/ACKNC2A/SGR_Energy_Inc__txsbke-21-60090__0001.0.pdf?mcid=tGE4TAMA


SHENOUDA HANNA: Case Summary & 6 Unsecured Creditors
----------------------------------------------------
Debtor: Shenouda Hanna, Inc.
           d/b/a Gill's Beverage and Deli
        20844 Royalton Road
        Strongville, OH 44149

Business Description: The Debtor owns and operates a liquor store.

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       Northern District of Ohio

Case No.: 21-13871

Judge: Hon. Jessica E. Price Smith

Debtor's Counsel: Guy E. Tweed, Esq.
                  GUY E. TWEED II, ATTORNEY AT LAW
                  6300 Rockside Road
                  Suite 302
                  Independence, OH 44131
                  Tel: (216) 447-1986
                  Email: tweedlaw@ameritech.net

Total Assets: $173,215

Total Liabilities: $1,803,917

The petition was signed by Shenouda Hanna as president.

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

https://www.pacermonitor.com/view/TUSE27A/Shenouda_Hanna_Inc__ohnbke-21-13871__0001.0.pdf?mcid=tGE4TAMA


SS YOUNG FITNESS: Seeks to Hire Diller and Rice as Legal Counsel
----------------------------------------------------------------
SS Young Fitness, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to hire Diller and Rice, LLC to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

     (b) assisting the Debtor in the preparation of bankruptcy
schedules and statement of financial affairs;

     (c) assisting the Debtor in connection with the administration
of its case;

     (d) analyzing the claims of creditors and negotiating with
such creditors;

     (e) investigating the Debtor's acts, conduct, assets, rights,
liabilities, financial condition and business;

     (f) advising and negotiating with respect to the sale of any
or all assets of the Debtor;

     (g) investigating, filing and prosecuting litigation on behalf
of the Debtor;

     (h) proposing a plan of reorganization;

     (I) appearing and representing the Debtor at hearings,
conferences and other proceedings;

     (j) preparing or reviewing legal documents filed with the
court;

     (k) instituting or continuing any appropriate proceedings to
recover assets of the estate; and

     (l) providing other necessary legal services.

The firm's hourly rates are as follows:

     Steven L. Diller     $315 per hour
     Raymond L. Beebe     $315 per hour
     Eric R. Neuman       $285 per hour
     Adam J. Motycka      $200 per hour
     Paraprofessionals    $150 per hour

Diller and Rice received a retainer in the amount of $7,500.

As disclosed in court filings, Diller and Rice is a disinterested
person within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Steven L. Diller, Esq.
     Diller and Rice, LLC
     124 East Main Street
     Van Wert, OH 45891
     Phone: (419) 238-5025
     Fax:(419) 238-4705
     Email: Steven@drlawllc.com

                    About SS Young Fitness LLC

SS Young Fitness, LLC filed a petition for Chapter 11 protection
(Bankr. N.D. Ohio Case No. 21-31914) on Nov. 9, 2021, listing up to
$50,000 in assets and up to $500,000 in liabilities.  Judge Mary
Ann Whipple presides over the case.  Steven L. Diller, Esq., at
Diller and Rice, LLC represents the Debtor as legal counsel.  


STEREOTAXIS INC: Incurs $4.6 Million Net Loss in Third Quarter
--------------------------------------------------------------
Stereotaxis, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.62
million on $9.11 million of total revenue for the three months
ended Sept. 30, 2021, compared to a net loss of $1.57 million on
$8.70 million of total revenue for the three months ended Sept. 30,
2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $7.36 million on $26.78 million of total revenue
compared to a net loss of $5.47 million on $19.81 million of total
revenue for the same period during the prior year.

As of Sept. 30, 2021, the Company had $61.92 million in total
assets, $21.76 million in total liabilities, $5.58 million in
convertible preferred stock, and $34.57 million in total
stockholders' equity.

"We are proud of the progress made on multiple fronts in the third
quarter," said David Fischel, Chairman and CEO.  "We continue to
demonstrate year-over-year and sequential revenue growth while
improving commercial execution, establishing key strategic
collaborations, advancing a wave of upcoming innovations, and
enhancing our infrastructure and team."

"Renewed global adoption of robotic systems drove revenue growth in
the quarter.  We received orders for two Genesis systems in the
United States and Europe since our last call.  Progress on multiple
other capital opportunities supports our confidence in additional
near-term orders and an approximate doubling of robotic system
revenue next year."

"China emerged as a third geographic pillar for Stereotaxis with
our announcement of a strategic collaboration with MicroPort EP.
Our collaboration provides for a robust product ecosystem and
commercial infrastructure, and we have initiated early development,
regulatory and commercial activities with the goal of significant
long-term value creation."

"Our proprietary robotically-navigated magnetic ablation catheter
overcame initial supply chain disruptions, and we remain on track
for completion of the required testing needed for a European
regulatory submission and US pivotal trial early next year.  An
additional set of innovations will be showcased next month at
Stereotaxis' Innovation Day.  We are confident in the
transformative impact these innovations will have on patients,
physicians, providers, and on Stereotaxis' strategic and financial
future."

"This progress takes place while we are enhancing our
infrastructure and growing our team.  We are set to move into an
enhanced and enlarged new headquarters at year end.  We are pleased
to welcome 14 incremental new team members year-to-date.  All this
takes place with continued financial discipline with total cash use
year-to-date of less than two million dollars."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1289340/000149315221028043/form10-q.htm

                         About Stereotaxis

Based in St. Louis, Missouri, Stereotaxis, Inc. --
http://www.stereotaxis.com-- designs, manufactures and markets an
advanced robotic magnetic navigation system for use in a hospital's
interventional surgical suite, or "interventional lab", that the
Company believes revolutionizes the treatment of arrhythmias by
enabling enhanced safety, efficiency, and efficacy for
catheter-based, or interventional, procedures.  The Company's
primary products include the Genesis RMN System, the Odyssey
Solution, and related devices. The Company also offers to its
customers the Stereotaxis Imaging Model S x-ray System.

Stereotaxis reported a net loss of $6.65 million for the year ended
Dec. 31, 2020, compared to a net loss of $4.59 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $57.34
million in total assets, $15.29 million in total liabilities, $5.58
million in series A - convertible preferred stock, and $36.47
million in total stockholders' equity.


TELIGENT INC: Committee Taps Jenner & Block as Bankruptcy Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Teligent, Inc. and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Jenner & Block, LLP as its legal counsel.

The firm's services include:

     a. providing legal advice regarding the committee's
organization, duties and powers in the Debtors' Chapter 11 cases
and  assisting in the preparation of legal documents;

     b. evaluating and participating in the Debtors' restructuring
process to ensure such process proceeds in the most efficient
manner to maximize recoveries to the unsecured creditors;

     c. assisting the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors, and participating in and reviewing any proposed asset
sales or dispositions, and any other matters relevant to these
cases;

     d. attending meetings and participating in negotiations with
the Debtors and secured creditors;

     e. taking all necessary action to protect and preserve the
interests of the committee, including possible prosecution of
actions on its behalf and investigations concerning litigation in
which the Debtors are involved;

     f. assisting the committee in the review, analysis, and
negotiation of any financing or proposed use of cash collateral;

     g. assisting the committee with respect to communications with
the general unsecured creditor body about significant matters in
these cases;

     h. reviewing and analyzing claims filed against the Debtors'
estates;

     i. representing the committee in hearings before the
bankruptcy court, appellate courts and other courts;

     j. assisting the committee in the review, formulation,
analysis and negotiation of any Chapter 11 plan and accompanying
disclosure statement that have been or may be filed; and

     k. providing other necessary legal services.

The firm's hourly rates are as follows:

     Partners              $650 to $1,500 per hour
     Counsel               $660 to $1,350 per hour
     Associates            $560 to $895 per hour
     Staff Attorneys       $465 to $515 per hour
     Discovery Attorneys   $280 per hour
     Paraprofessionals     $235 to $405 per hour

The primary attorneys expected to render services to the committee
are:

     Catherine L. Steege   $1,300 per hour
     Melissa M. Root       $1,025 per hour
     Landon S. Raiford     $975 per hour
     William A. Williams   $775 per hour

Catherine Steege, Esq., a partner at Jenner & Block, disclosed in a
court filing that the firm and its attorneys neither hold nor
represent any interest adverse to the committee.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Ms.
Steege disclosed that:

     -- Jenner & Block has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     -- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
cases;

     -- Jenner & Block has not represented the committee in the 12
months prior to the Debtors' Chapter 11 filing; and

     -- Jenner & Block and the committee are currently formulating
a budget and staffing plan.

The firm can be reached through:

     Catherine L. Steege, Esq.
     353 N. Clark Street
     Chicago, IL 60654-3456
     Phone: 312 222-9350
     Fax: 312 527-0484
     Email: csteege@jenner.com

                        About Teligent Inc.

Teligent, Inc. is a specialty generic pharmaceutical company that
develops, manufactures, markets and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015.  It was founded in 1977 and is based in Buena, N.J.

Teligent and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-11332) on Oct. 14, 2021.  The cases are
handled by Judge Brendan Linehan Shannon.

As of Aug. 31, 2021, Teligent had total assets of $85 million and
total debt of $135.8 million.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel; K&L Gates, LLP as special corporate counsel;
Raymond James & Associates, Inc. as investment banker;
PharmaBioSource Realty, LLC as real estate consultant; and Portage
Point Partners, LLC as restructuring advisor.  Vladimir Kasparov of
Portage Point Partners serves as the Debtors' chief restructuring
officer.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases on Oct. 27, 2021.  Jenner
& Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the
committee's bankruptcy counsel.  Province, LLC is the committee's
financial advisor.


TELIGENT INC: Committee Taps Province LLC as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Teligent, Inc. and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Province, LLC as its financial advisor.

The firm's services include:

     a) reviewing and analyzing financial information prepared by
the Debtors and their accountants or other financial advisors;

     b) monitoring and analyzing the Debtors' operations and
financial condition, cash expenditures, court filings, business
plans, operating forecasts, strategy, projected cash requirements
and cash management;

     c) attending meetings and bankruptcy court hearings;

     d) reviewing any plan of reorganization proposed by the
Debtors or any other party, and evaluating and negotiating the
terms and conditions of such plan;

     e) reviewing transactions proposed by the Debtors;

     f) reviewing and making recommendations regarding any proposed
disposition of the Debtors' assets and all related documentation,
debtor-in-possession financing, proposed operational changes, and
any expenditures out of the ordinary course of the Debtors'
business;

     g) monitoring and assessing the adequacy of the Debtors' sale
process and interfacing with the Debtors' investment bankers in
order to continually apprise the committee of the process, and
assisting the committee in optimizing outreach to and
communications with potential investors;

     h) reviewing reports concerning the Debtors' business and
operations, including assessing the value of non-debtor affiliates;


     i) analyzing the Debtors' pre-bankruptcy property, liabilities
and financial condition (including analyzing potentially
unencumbered assets), and the transfers with and among the Debtors'
affiliates;

     j) supporting any bankruptcy court proceedings necessary or
appropriate to maximize recovery by the committee's constituents,
including expert testimony;

     k) investigating causes of action and other items as directed
by the committee;

     l) investigating possibly preferential or fraudulent
transfers;

     m) if requested by the committee, assisting with seeking
prospective lenders, due diligence, transaction support,
negotiations with prospective lenders and optimizing the terms of a
prospective transaction; and

     n) providing other necessary services.

The firm's hourly rates are as follows:

     Managing Directors            $740 - $1,050 per hour
      and Principals
     Vice Presidents, Directors,   $520 - $740 per hour
      and Senior Directors
     Analysts, Associates,         $250 - $520 per hour
      and Senior Associates        $185 - $225 per hour
    Paraprofessionals  

Province will also receive reimbursement for out-of-pocket expenses
incurred.

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

The firm can be reached at:

     Edward Kim
     Province, LLC
     2360 Corporate Circle, Suite 330
     Henderson, NV 89074
     Tel: (702) 685-5555
     Email: ekim@provincefirm.com

                        About Teligent Inc.

Teligent, Inc. is a specialty generic pharmaceutical company that
develops, manufactures, markets and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015.  It was founded in 1977 and is based in Buena, N.J.

Teligent and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-11332) on Oct. 14, 2021.  The cases are
handled by Judge Brendan Linehan Shannon.

As of Aug. 31, 2021, Teligent had total assets of $85 million and
total debt of $135.8 million.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel; K&L Gates, LLP as special corporate counsel;
Raymond James & Associates, Inc. as investment banker;
PharmaBioSource Realty, LLC as real estate consultant; and Portage
Point Partners, LLC as restructuring advisor.  Vladimir Kasparov of
Portage Point Partners serves as the Debtors' chief restructuring
officer.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases on Oct. 27, 2021.  Jenner
& Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the
committee's bankruptcy counsel.  Province, LLC is the committee's
financial advisor.


TELIGENT INC: Committee Taps Saul Ewing Arnstein as Co-Counsel
--------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Teligent, Inc. and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Saul Ewing Arnstein & Lehr, LLP.

Saul Ewing will serve as co-counsel with Jenner & Block, LLP, the
other firm tapped by the committee to represent it in the Debtors'
bankruptcy cases.

Saul Ewing's hourly rates are as follows:

     Partners            $410 - $1,050 per hour
     Special Counsel     $395 - $850 per hour
     Associates          $260 - $475 per hour
     Paraprofessionals   $125 - $370 per hour

Monique DiSabatino, Esq., a partner at Saul Ewing, disclosed in a
court filing that her firm is a "disinterested person" as that term
is defined in section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Saul
Ewing disclosed that:

     -- The firm has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     -- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
cases;

     -- The firm has not represented the committee in the 12 months
prior to the Debtors' Chapter 11 filing; and

     -- The firm is developing a budget and staffing plan that will
be presented for approval by the committee.  

The firm can be reached through:

     Monique B. DiSabatino, Esq.
     Saul Ewing Arnstein & Lehr, LLP
     One Riverfront Plaza, Suite 1520
     1037 Raymond Boulevard
     Newark, NJ 07102  
     Tel: (973) 286-6713
     Email: monique.disabatino@saul.com

                        About Teligent Inc.

Teligent, Inc. is a specialty generic pharmaceutical company that
develops, manufactures, markets and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015.  It was founded in 1977 and is based in Buena, N.J.

Teligent and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-11332) on Oct. 14, 2021.  The cases are
handled by Judge Brendan Linehan Shannon.

As of Aug. 31, 2021, Teligent had total assets of $85 million and
total debt of $135.8 million.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel; K&L Gates, LLP as special corporate counsel;
Raymond James & Associates, Inc. as investment banker;
PharmaBioSource Realty, LLC as real estate consultant; and Portage
Point Partners, LLC as restructuring advisor.  Vladimir Kasparov of
Portage Point Partners serves as the Debtors' chief restructuring
officer.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases on Oct. 27, 2021.  Jenner
& Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the
committee's bankruptcy counsel.  Province, LLC is the committee's
financial advisor.


TELIGENT INC: Seeks to Hire K&L Gates as Special Corporate Counsel
------------------------------------------------------------------
Teligent, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to hire K&L Gates,
LLP as special corporate counsel.

The Debtors need the firm's legal assistance in transactional,
securities, corporate governance and general business matters,
including their rights and obligations under the
debtor-in-possession financing facility and the potential sale of
their assets.

The firm's hourly rates are as follows:

     Partners       $725 to $1,075 per hour
     Associates     $520 to $ 625 per hour

K&L Gates received a retainer in the amount of $200,000.

James Wright III, Esq., a partner at K&L Gates, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Wright disclosed that:

     -- K&L Gates has agreed to provide certain volume-based
discounts;

     -- None of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
cases;

     -- K&L Gates has represented the Debtors in the 12 months
prior to their Chapter 11 filing and that the billing rates and
material financial terms of the pre-bankruptcy engagement are the
same as those currently proposed by the firm, subject to customary
annual rate increases; and

     -- K&L Gates is working with the Debtors to prepare a budget
and staffing plan.

The firm can be reached through:

     James A. Wright III, Esq.
     K&L Gates LLP
     State Street Financial Center
     One Lincoln Street
     Boston, MA 02111
     Phone: 617 261 3193
     Email: James.Wright@klgates.com

                        About Teligent Inc.

Teligent, Inc. is a specialty generic pharmaceutical company that
develops, manufactures, markets and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015.  It was founded in 1977 and is based in Buena, N.J.

Teligent and three affiliates sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-11332) on Oct. 14, 2021.  The cases are
handled by Judge Brendan Linehan Shannon.

As of Aug. 31, 2021, Teligent had total assets of $85 million and
total debt of $135.8 million.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel; K&L Gates, LLP as special corporate counsel;
Raymond James & Associates, Inc. as investment banker;
PharmaBioSource Realty, LLC as real estate consultant; and Portage
Point Partners, LLC as restructuring advisor.  Vladimir Kasparov of
Portage Point Partners serves as the Debtors' chief restructuring
officer.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors in the Debtors' cases on Oct. 27, 2021.  Jenner
& Block, LLP and Saul Ewing Arnstein & Lehr, LLP serve as the
committee's bankruptcy counsel.  Province, LLC is the committee's
financial advisor.


TORRID LLC: Moody's Upgrades CFR to B1, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service upgraded Torrid LLC's ratings, including
the corporate family rating to B1 from B2, probability of default
rating to B1-PD from B2-PD and senior secured term loan rating to
B1 from B2. Concurrently, Moody's assigned a speculative grade
liquidity rating of SGL-1 to the company. The outlook remains
stable.

The upgrades reflect the company's outperformance compared to
Moody's projections at the time of the May 2021 term loan
refinancing. The upgrades also incorporate governance
considerations, particularly expectations for a more balanced
financial strategy and moderate debt levels under public
ownership.

"Torrid has benefited from growth in consumer spending on casual
apparel and very limited promotions, similar to others in the
sector" said Moody's analyst Raya Sokolyanska. "Ongoing growth in
the plus-size category and good execution should position the
company to maintain moderate leverage even if margins contract over
time with increased input costs and a return to more promotional
activity," added Sokolyanska.

The SGL-1 reflects Moody's expectations for very good liquidity
over the next 12-18 months, including positive free cash flow,
ample availability under the $150 million asset-based revolving
credit facility, a springing-covenant only capital structure, and a
lack of near-term maturities.

Moody's took the following rating actions for Torrid LLC:

Corporate Family Rating, Upgraded to B1 from B2

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

Senior Secured Bank Credit Facility, Upgraded to B1 (LGD4) from B2
(LGD4)

Speculative-grade liquidity rating, Assigned SGL-1

Outlook, Remains Stable

RATINGS RATIONALE

Torrid's B1 CFR is supported by the company's solid credit metrics
relative to similarly rated peers, with Moody's-adjusted
debt/EBITDA at 2.3x and EBITA/interest expense of 5.7x, and its
very good liquidity. Moody's expects that despite Sycamore
Partners' majority ownership, Torrid will maintain more balanced
financial strategies than private-equity owned companies, as the
risk of debt-financed dividends has diminished. Torrid's
interdependence with Sycamore-owned Hot Topic through a
transitional services agreement is expected to continue winding
down over time. The rating is also supported by Torrid's
omni-channel capabilities and high e-commerce penetration of over
65%. Torrid has differentiated itself with a focus on fit and a
broad product assortment, which drive high customer loyalty.
Benefiting from the growing plus size category and Torrid's
meaningful e-commerce presence and quick pivot to casual styles
during the pandemic, the company performed relatively well compared
to many other apparel retailers, with 2020 sales declining 6% and
company-adjusted EBITDA down 24%. In the first half of 2021,
revenues and earnings exceeded 2019 levels by 29% and 99%,
respectively. While the company will face headwinds from input cost
inflation, supply chain challenges, rising labor costs, and a
return to greater promotional activity in the sector, Moody's
expects these factors to be mitigated by solid consumer spending
trends and ongoing growth in the plus-sized apparel.

The rating is constrained by the company's relatively small scale,
fashion risk, operation in the competitive apparel sector, and
exposure to mall traffic in about two-thirds of its stores. In
addition, although comparable sales have grown over 10% for several
years prior to the pandemic, Torrid's track record of positive
earnings and cash flow generation is relatively short. As a
retailer, the company also needs to make ongoing investments in ESG
factors including responsible sourcing, product and supply
sustainability, privacy and data protection.

The stable outlook reflects Moody's expectations for solid credit
metrics and very good liquidity.

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

The ratings could be upgraded with increased scale and a
longer-term track record of revenue and earnings growth and margin
stability. A ratings upgrade would require a commitment to a
conservative financial policy, including Moody's-adjusted
debt/EBITDA below 3.0 times and EBITA/interest expense above 3.5
times.

The ratings could be downgraded if the company's liquidity or
earnings deteriorate for any reason or financial policies become
more aggressive, including debt-financed dividend distributions.
Quantitatively, the ratings could be downgraded if Moody's-adjusted
debt/EBITDA is sustained above 4.0 times and EBITA/interest expense
below 2.5 times.

Torrid LLC is a designer and retailer of apparel, intimates and
accessories in North America, targeting women ages 25-40 that wear
sizes 10-30. The company's products are sold through its e-commerce
operations and over 600 company-operated retail stores. Revenue for
the twelve months ended July 31, 2021 was approximately $1.2
billion. The company is publicly traded but majority-owned by funds
affiliated with Sycamore Partners.

The principal methodology used in these ratings was Retail
published in November 2021.


TRAVEL + LEISURE: Fitch Assigns BB+ Rating on Sr. Secured Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR1' rating to Travel +
Leisure, Co. (TNL) senior secured notes. TNL intends to use net
proceeds of the notes offering, together with cash on hand, to
redeem all of the Company's outstanding 4.25% secured notes due
March 2022.

KEY RATING DRIVERS

Strong Position in Competitive Industry: TNL is the largest
timeshare operator based on owner families, which provides some
economies of scale and facilitates third-party marketing
relationships. Travel + Leisure also operates one of the two
largest timeshare exchange networks through its RCI subsidiary.
Fitch expects the company to generate returns on invested capital
at or above its peer average through the cycle.

A Focus on Reducing Leverage: Fitch expects Travel + Leisure's
leverage (total adjusted debt/operating EBITDAR) to fall back to
sensitivities appropriate for the rating within the forecast
horizon as timeshare sales recover. Fitch's leverage calculation
excludes Travel + Leisure 's net interest margin from timeshare
financing and the related nonrecourse debt but includes an
adjustment to ensure proper capitalization of the company's captive
finance operations.

Travel + Leisure has a leverage target of 2.25x to 3.0x, based on a
net leverage calculation that includes net financing income and
excludes the nonrecourse, securitized timeshare receivables
obligations held on the company's balance sheet. The company
calculated leverage at 4.2x as of Sept. 30, 2021, and Fitch expects
the company to focus on leverage reduction, through limited debt
repayment and a rebound in EBITDA as the sector recovers.

Acquisition Expands Offerings and Brand: Fitch views the
acquisition of Travel + Leisure as a positive, which should allow
the company to expand B2B and B2C offerings and increase the
addressable market outside of the traditional timeshare business.
The domestic timeshare market is mature, with above-average
economic cyclical sensitivity owing to the consumer discretionary
nature of the product. Entry barriers are limited, and there are a
variety of competitive alternatives, including the adoption of
alternative lodging accommodation companies, such as Airbnb, Inc.

As the company grows its timeshare business within the legacy
Travel + Leisure magazine readers and 60,000-member vacation club
subscription base, there will be opportunities to sell a broader
range of offerings to a larger market, including new subscription
travel-club offerings.

Cash Flows to Rebound More Quickly: Fitch expects revenues for the
timeshare sector to rebound more quickly versus other
travel/leisure alternatives. Although Travel + Leisure generates
the majority of its timeshare cash flows from VOI sales, a
substantial portion comes from recurring sources, including
consumer financing, which has held up during the pandemic, along
with service and membership fees, and its fee-based timeshare
exchange business.

In addition, TNL has been transitioning to more capital-efficient
forms of inventory sourcing, such as the "just-in-time" model,
which allows Travel + Leisure to acquire completed inventory
developed by a third party close to the time of the sale to the
timeshare customer. Fitch expects the company will continue to seek
timeshare inventory sourcing opportunities under its capital light
business model, in addition to modest timeshare inventory
spending.

Speculative-Grade Financial Flexibility: Travel + Leisure 's
financial flexibility is generally consistent with
speculative-grade ratings. The company has financial policies in
place, but Fitch expects the company to show some flexibility
around implementation that could lead it to temporarily exceed
downward rating sensitivities.

DERIVATION SUMMARY

Travel + Leisure's ratings reflect the company's strong position in
the timeshare industry, as well as the diversification benefits of
its less capital-intensive exchange business. The discretionary
nature of timeshare sales and the company's financial leverage
balance the ratings. Travel + Leisure is the largest timeshare
operator with close to 900,000 owners in its system. Hilton Grand
Vacation is the company's closest peer following the closing of the
Diamond Resorts acquisition given the combined size (roughly
710,000 owner families), followed by Marriott Vacations at
700,000.

Travel + Leisure 's revenues are more diversified than Hilton Grand
Vacations' due to the inclusion of its timeshare exchange network,
RCI. However, peer Marriott Vacations gained access to Interval's
network through its acquisition of ILG. Marriott Vacations also has
better brand diversification via its relationship with Marriott
International and ILG's exclusive licenses to use the Starwood and
Hyatt timeshare brands.

KEY ASSUMPTIONS

Fitch's key assumptions featured below are as of TNL's previous
credit committee in May 2021:

-- Revenues rebound to around 70% of 2019 levels in 2021,
    compared with about 50% in 2020, and improve to 90% in 2022
    and 100% in 2023;

-- EBITDA margins recover to around 20% by 2023;

-- Share repurchases restart at $100 million in 2023 and $200
    million in 2024;

-- No acquisitions or dispositions occur during the forecast
    period.

RATING SENSITIVITIES

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

-- Total adjusted debt/operating EBITDAR sustaining below 4.0x.

-- Greater cash flow diversification by brand and/or business
    line.

-- Faster than expected rebound from the coronavirus pandemic, in
    which global economies quickly return to pre-2020 levels with
    minimal disruption.

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

-- Adjusted debt to operating EBITDAR and FCF/debt above 5.0x
    and/or lower than 5.5%, respectively.

-- Deterioration in the company's liquidity position, possibly
    due to greater off-balance sheet timeshare inventory purchase
    commitments, leading to EBITDAR/(gross interest + rents)
    sustaining below 2.0x.

-- Material decline in profitability, leading to EBITDAR margins
    sustaining around 15%.

-- Consistently negative FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Sept. 30, 2021, Travel + Leisure had $346
million in cash and full availability under its $1.0 billion
revolving credit facility. Fitch expects TNL will use proceeds from
its new bond offering to pre-fund the existing $650 million bond
that matures in March 2022. The company has a well-laddered
maturity schedule with some intermediate-term maturities including
$400 million and $300 million of senior secured notes scheduled to
mature in 2023 and 2024, respectively. Additionally, the firm is
reliant on the ABS market to help fund its timeshare customer
lending activities beyond its $800 million warehouse facility.

TNL closed their second ABS transaction of the year during 3Q21.
The transaction totaled $350 million at a 1.8% interest rate.

ISSUER PROFILE

TNL is a leading membership and leisure travel company. The firm
has two financial reporting segments: Vacation Ownership (formerly
Wyndham Vacation Clubs), which includes the world's largest
vacation ownership business with 247 vacation club resorts across
the globe; and Travel and Membership, a membership travel business
which includes the largest vacation exchange company.

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.


TRAVEL + LEISURE: S&P Assigns 'BB-' Rating on New Sr. Sec. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '4' recovery
ratings to Travel + Leisure Co.'s (T+L; BB-/Stable/--) proposed
senior secured notes due 2029. The '4' recovery rating reflects its
expectation for average (30%-50%; rounded estimate: 45%) recovery
for lenders in the event of a default. S&P assumes $650 million of
issuance in its recovery analysis. T+L plans to use the proceeds
and cash on hand to redeem all of the existing 4.25% secured notes
due March 2022. S&P views this transaction to be about leverage
neutral and in line with its recently published base-case forecast
on T+L.

Issue Ratings--Recovery Analysis

Key analytical factors

S&P's 'BB-' issue-level and '4' recovery ratings on T+L's $1.3
billion senior secured credit facility, which consists of a
revolver with $1 billion capacity and a $300 million term loan, as
well as $3.1 billion of pro forma senior secured notes, reflect our
expectation for average (30%-50%; rounded estimate: 45%) recovery
for lenders in the event of a default.

S&P said, "Our simulated default scenario contemplates a payment
default in 2025, reflecting the loss of key exclusivity contracts
with developers and homeowner associations, an overall decline in
the popularity of timeshares as a vacation alternative, a severe
economic downturn and tightening of consumer credit markets, and
illiquidity in the financial markets for timeshare securitizations
and conduit facilities. We assume a reorganization following
default, using an emergence EBITDA multiple of 6.5x to value the
company.

"We incorporate our standard assumption that the revolver is 85%
drawn for purposes of our hypothetical default scenario and this
recovery analysis."

Simplified waterfall

-- Emergence EBITDA: $324 million

-- EBITDA multiple: 6.5x

-- Gross recovery value: $2.11 billion

-- Net recovery value for waterfall after 5% administrative
expenses: $2 billion

-- Obligor/nonobligor valuation split: 100%/0%

-- Total value available for senior secured debt: $2 billion

-- Estimated senior secured debt claim: $4.35 billion

    --Recovery expectation: 30%-50% (rounded estimate: 45%)

All debt amounts include six months of prepetition interest.


TRI-WIRE ENGINEERING: Wins Final Cash Collateral Access
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Eastern Division, has authorized Tri-Wire Engineering Solutions,
Inc. to use cash collateral to pay, in accordance with the Debtor's
Wind-Down Budget.

As of the Petition Date, the Debtor was indebted and liable to JP
Morgan under the parties' prepetition Credit Agreement dated
December 30, 2016, in the aggregate amount of at least
$10,714,135.40.

JPM holds a first lien against all of the assets of the Debtor,
pursuant to a UCC Financing Statement filed on December 30, 2016.
JPM and the Debtor entered into a forbearance agreement dated as of
June 11, 2019, pursuant to which the JPM agreed, among other
things, to forbear from exercising its rights and remedies under
the Prepetition Loan Documents. The Debtor and JPM amended the
Forbearance Agreement seven times, with the Seventh Amendment to
the Forbearance Agreement executed on September 9, 2021, which JPM
agreed to loan up to $250,000 in excess of the revolving commitment
defined in the Prepetition Loan Documents.

As security for the payment of the Prepetition Secured Obligations,
the Debtor granted to JPM security interests in and liens upon all
or substantially all of Debtor's tangible and intangible personal
property and assets.

The Debtor is directed to deposit and maintain all of the cash
collateral in its existing bank accounts with JPM or in Debtor's
Counsel's client trust fund account, except if the Court may order
otherwise.

The Debtor's compliance with the Wind-Down Budget will be measured
weekly, and the Debtor will be deemed in compliance with the
Wind-Down Budget if its total disbursements and revenue measured on
a cumulative basis commencing on the Petition Date do not go above
the total budgeted disbursements or fall below the total projected
revenue from the Wind-Down Budget by over 10 percent, except if JPM
may otherwise consent to in writing upon notice to the United
States Trustee and the Committee. The Debtor will make no
disbursements other than those set forth in the Wind-Down Budget.
Neither JPM's approval of the Wind-Down Budget, nor the failure of
JPM to object to any specific Wind-Down Budget item or payment,
shall constitute an admission by JPM that any particular budgeted
expense constitutes the reasonable and necessary cost and expense
of preserving or disposing of the Prepetition Collateral or
property of the Debtor's estate.

As adequate protection for the Debtor's use of the cash collateral
after the Petition Date, to the extent of the diminution in value
of the Prepetition Liens in the Prepetition Collateral resulting
from such use of the cash collateral, JPM is granted post-petition
replacement liens in the Debtor's assets, excluding the Purchased
Assets, generated in the post-petition period that would have,
absent the Chapter 11 filing, constituted collateral subject to
JPM's prepetition liens and security interests not subject to
avoidance pursuant to the Debtor's estate's avoidance rights and
powers under Chapter 5 of the Bankruptcy Code.

These events constitute a "Termination Event:"

     a. the entry of an order terminating the Debtor's use of the
Cash Collateral;

     b. the entry of an Order reversing, staying, vacating or
otherwise modifying in any material respect the terms of the
Order;

     c. a filing of any motion or application or adversary
proceeding challenging the extent, validity, enforceability,
perfection or priority of the liens securing the Prepetition
Secured Obligations or any other cause of action against JPM and/or
with respect to either the Prepetition Secured Obligations
(including but not limited to the priming of such liens); provided,
however, the provision is not intended to create or imply any
authorization for the Debtor to engage in such actions;

     d. the conversion of the Debtor's bankruptcy case to a case
under Chapter 7 of the Bankruptcy Code;

     e. the appointment of a trustee or examiner or other
representative with expanded powers for the Debtor;

     f. the occurrence of the effective date of a Chapter 11 plan
for the Debtor; the Debtor's non-compliance with any term or
provision of the Amended Final Order; provided that with respect to
a failure to pay any amount required under this Order when due, the
Debtor will have three business days after notice to the cure such
default;

     g. failure by the Debtor to timely provide JPM with the
reports required to be provided to JPM pursuant to the Final
Order.

Upon written notice by JPM to the Debtor and its counsel, any
Committee and its counsel, and the U.S. Trustee of the occurrence
of a Termination Event, to the extent that the Cash Collateral is
not available or sufficient contingent upon the appointment of a
Chapter 11 trustee or Chapter 7 trustee in the Debtor's case, JPM
will fund $25,000 to the Debtor's estate to be administered by such
Trustee. JPM has satisfied all of its other carve-out obligations
in the Final Order by funding the Closing Escrow.

A copy of the order and the Debtor's wind-down budget is available
at https://bit.ly/3owYff4 from PacerMonitor.com.

The budget provided for total operating disbursements, on a weekly
basis, as follows:

     $464 for the week ending November 6, 2021;
     $342 for the week ending November 13, 2021;
     $110 for the week ending November 20, 2021;
      $49 for the week ending November 27, 2021;
      $26 for the week ending December 4, 2021;
       $7 for the week ending December 11, 2021;
      $26 for the week ending December 18, 2021; and
      $26 for the week ending December 25, 2021;

            About Tri-Wire Engineering Solutions, Inc.

Tri-Wire Engineering Solutions, Inc. -- https://www.triwire.net/ --
provides installation, construction, maintenance and other
technical support services to cable and telecommunications
companies throughout North America.  Tri-Wire Engineering was
formed in 1999 and is headquartered in Tewksbury, Mass.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-11322 on September 13,
2021. In the petition filed by Ruben V. Klein, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Casner & Edwards, LLP is the Debtor's counsel. Gentzler Henrich &
Associates LLC is the financial advisor and turnaround consultant.
SSG Advisors, LLC serves as investment banker.



UNIQUE TOOL: Amended Cash Collateral Deal OK'd
----------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio in
Toledo has entered a Fifth Amended Agreed Order authorizing Unique
Tool & Manufacturing Co., Inc. to use cash collateral through
December 31, 2021.

The Court says all of the remaining terms and provisions of the
First, Second, Third and Fourth Carve-Out Orders remain full force
and effect.

On April 21, 2020, an agreement was reached between the Chapter 11
Trustee of Unique Tool concerning the funding of fees and expenses
for the Chapter 11 Trustee for a six-month period. The First
Carve-Out Order provided that, for a six-month period, the Chapter
11 Trustee would be permitted to fund professional fees and
expenses from rents received from Temperance Distilling Company and
the "additional rent" received from Toledo Tool & Die Co., Inc.
pursuant to a Sublease and Equipment Lease Agreement.

During the first three months of the Carve-Out, the bankruptcy
estate was entitled to retain, for the purpose of funding the
Carve-Out, the TDC rent and the additional rent received from TTD
in its entirety for three months. During the second three months,
the bankruptcy estate was entitled to receive the TDC rent payments
and the additional rent of TTD and retain $25,000 of those rent
payments with any surplus rent in excess of the $25,000 being paid
to Waterford.

As set forth in the First Carve-Out Order, it was anticipated the
TDC rents would increase and the TDC rents and TTD additional rent
would amount to approximately $50,000 per month.

As it turned out, the expenses that had been unpaid by Unique Tool
were significantly more than anticipated and the rent of TDC did
not increase to the levels as anticipated when the First Carve-Out
Order was negotiated.

Thereafter, Waterford agreed to modify the First Carve-Out Order as
set forth in the Second Amended Agreed Upon Order Authorizing the
Use of Cash Collateral [Doc No. 522] in order to provide additional
funds to pay the professional fees of the Chapter 11 Trustee
subject to the provisions thereof, to wit:

     1. To be clear, the six month Carve-Out will be deemed to have
begun beginning with the month of April, 2020.

     2. Waterford will waive any right to receive amounts paid to
the Chapter 11 Trustee by TDC and TTD for the six-month period of
April 2020 through September 2020.

     3. The Carve-Out will now be funded from the rents received by
TDC and TTD for an additional four-month period beginning October
2020 and ending January 31, 2021, provided that if the TDT rent and
the additional rent exceed the amount of $30,000 in any given month
from November 2020 through January 2021, the Chapter 11 Trustee
will promptly pay the excess to Waterford.

     4. The Chapter 11 Trustee will be authorized to distribute
$55,000 for professional services rendered and expenses in the
amount of $2,987 for a total of $57,987 from the funds on hand as
requested in the Chapter 11 Trustee's application preserving
sufficient funds to pay all of the ongoing expenses that the
Chapter 11 Trustee has been paying. The remaining balance of fees
and expenses will be held in abeyance pending further Court order.
The Trustee's Counsel will be entitled to distribution of funds by
the Chapter 11 Trustee in the amount of $38,000 plus expenses in
the amount of $3,332 for a total of $41,332 from the funds held by
the Chapter 11 Trustee as requested in the Counsel's application.
The remaining fees and expenses of the Trustee's Counsel will be
held in abeyance pending further Court order. Waterford will, under
no circumstance, be obligated to advance any funds towards the
expenses that the Chapter 11 Trustee is paying on an ongoing
basis.

The Court thereafter entered the third and fourth amended orders
extending the use of cash collateral.

A copy of the order is available at https://bit.ly/3kHcc98 from
PacerMonitor.com.

               About Unique Tool & Manufacturing

Unique Tool & Manufacturing Co., Inc. -- http://www.uniquetool.com/
-- is a custom metal stamping company formed in 1963, which
supplies stampings to the satellite, communications, electrical,
appliance, refrigeration and automotive industries throughout the
United States, Canada and Mexico. It specializes in tool and die
manufacturing, brazing, welding, plating and more.

Unique Tool & Manufacturing sought Chapter 11 protection (Bankr.
N.D. Ohio Case No. 19-32356) on July 26, 2019. Daniel Althaus,
president, signed the petition. At the time of the filing, the
Debtor estimated up to $50,000 in assets and $1 million to $10
million in liabilities. Judge Mary Ann Whipple oversees the case.
Diller and Rice, LLC serves as the Debtor's counsel.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Sept. 5, 2019. The creditors' committee retained
Wernette Heilman PLLC as its legal counsel.

Richardo I. Kilpatrick is the Chapter 11 trustee appointed in the
Debtor's case. The trustee tapped Gold, Lange, Majoros and Smalarz
PC as bankruptcy counsel, Wernette Heilman, PLLC as special
counsel, and C.L. Moore & Associates as accountant.



UNITED WHOLESALE: Moody's Rates New $500MM Unsecured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned Ba3 ratings to United
Wholesale Mortgage, LLC's proposed $500 million long-term senior
unsecured notes offering maturing in 2027. The company intends to
use the net proceeds from the offering for general corporate
purposes. United Wholesale's outlook is stable.

Assignments:

Issuer: United Wholesale Mortgage, LLC

Senior Unsecured Regular Bond/Debenture , Assigned Ba3

RATINGS RATIONALE

The Ba3 rating assigned to United Wholesale's proposed senior
unsecured notes is aligned with the company's existing Ba3-rated
senior unsecured notes and its Ba3 corporate family rating. The Ba3
notes' rating was determined by the application of Moody's Loss
Given Default (LGD) for Speculative-Grade Companies methodology and
model, which incorporate the notes' priority of claim in the
company's capital structure.

United Wholesale's stable outlook reflects Moody's expectation that
it will maintain its strong franchise and solid profitability over
the next 12-18 months and that its tangible common equity to
tangible managed assets ratio will remain around 20%.

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

The company's ratings could be upgraded if it is able to continue
to strengthen its franchise while maintaining 1) strong
profitability such as net income to assets in excess of 5.0%, 2)
strong capital position with its ratio of tangible common equity
(TCE) to tangible managed assets (TMA) expected to remain around
20%, 3) modest financial flexibility by maintaining a secured debt
to gross tangible assets ratio of less than 50%; and, 4) modest
refinance risk on its warehouse facilitates with at least 35% of
its warehouse lines being two year or longer facilities.

The company's ratings could be downgraded if its financial profile
or franchise position weaken. Negative ratings pressure may develop
if United Wholesale's 1) profitability weakens with net income to
assets falling below 3.5% for an extended period of time, 2) TCE to
TMA ratio remains below 17.5%, 3) the company increases its use of
secured mortgage servicing rights funding facilities beyond current
modest levels, 4) percentage of non-GSE and non-government loan
origination volumes grow to more than 7.5% of its total
originations without a commensurate increase in alternative
liquidity sources and capital to address the risker liquidity and
asset quality profile that such an increase would entail, or 5) the
committed warehouse facilities remain below 35% of the company's
total warehouse capacity. In addition, negative ratings pressure
may develop if operational or regulatory risks increase.

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


VILLA DEVELOPERS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Villa Developers & Investment, LLC
        2850 Stevens Creek Blvd
        San Jose, CA 95128

Chapter 11 Petition Date: November 16, 2021

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 21-51429

Judge: Hon. Stephen L. Johnson

Debtor's Counsel: Vinod Nichani, Esq.
                  NICHANI LAW FIRM
                  111 N. Market Street, Suite 300
                  San Jose, CA 95113
                  Tel: 4088006174
                  Fax: 4082909802
                  Email: vinod@nichanilawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Adeel Mahmood as chief executive
officer.

The Debtor stated it has no unsecured creditors.

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

https://www.pacermonitor.com/view/OGB7IEA/Villa_Developers__Investment__canbke-21-51429__0001.0.pdf?mcid=tGE4TAMA


VILLAS OF WINDMILL: Trustee Taps Akerman LLP as Special Counsel
---------------------------------------------------------------
Leslie Osborne, the Chapter 11 trustee for Villas of Windmill Point
II Property Owners Association, Inc., seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Akerman, LLP as his special litigation counsel.

The firm's services include:

     (a) assisting the trustee in prosecuting the following
adversary cases: (i) Adv. Pro. No. 19-01877-MAM filed against
McDonald Storey, Lisa Storey and Darren Storey; (ii) Adv. Pro. No.
19-01874-MAM filed against the successor of Steven Goldfarb; and
(iii) Adv. Pro. No. 19-01822-MAM filed against Thomas Lesko and The
Kingdom Trust Company; and

     (b) assisting the trustee in defending all appeals arising
from the adversary proceedings.

The hourly rates for the firm's associates, paraprofessionals and
law clerks range from $200 to $350.  Eyal Berger, Esq., the firm's
attorney, has agreed to work on the cases at a reduced rate of $500
per hour.

As disclosed in court filings, Mr. Berger is disinterested within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Eyal Berger, Esq.
     Akerman, LLP
     201 East Las Olas Boulevard, Suite 1800
     Fort Lauderdale, FL  33301
     Tel: 954-463-2700
     Fax: 954-463-2224
     Email: eyal.berger@akerman.com

            About Villas of Windmill Point II Property

Based in Port Saint Lucie, Fla., Villas of Windmill Point II
Property Owners Association, Inc. is a non-profit corporation with
volunteers that self manages 89 separately deeded, single-family
residential villa units that are attached in four and five-unit
clusters within a Planned Unit Development (PUD).

Villas of Windmill filed a Chapter 11 petition (Bankr. S.D. Fla.
19-20400) on Aug. 2, 2019, listing as much as $10 million in both
assets and liabilities.  The Debtor is represented by Brian K.
McMahon, Esq., an attorney practicing in West Palm Beach, Fla.

Leslie S. Osborne is the Chapter 11 trustee appointed in the
Debtor's case.  Rappaport Osborne & Rappaport, PLLC and Akerman,
LLP are the trustee's bankruptcy counsel and special litigation
counsel, respectively.


VM CONSOLIDATED: $250MM Loan Add-on No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service said that VM Consolidated, Inc.'s (Verra
Mobility or the Company) planned $250 million add-on to its first
lien senior secured term loan B (TLB) is credit negative, but it
does not affect the Company's B2 corporate family rating or Stable
outlook. The debt proceeds, along with balance sheet cash of $115
million, will be used to acquire T2 systems, a provider of parking
management solutions in the US. Following the add-on, the size of
the TLB due 2028 will increase to approximately $897 million.

Moody's views the proposed transaction as credit negative because
it increases the Company's leverage (Moody's adjusted
debt-to-EBITDA will increase by roughly 0.7x to the low 5x range
excluding planned synergies and pro forma for the acquisition. The
incremental debt will lower interest coverage (Moody's adjusted
EBITDA-to-interest) to 3.8x from 4.1x. Moody's believes Verra
Mobility will improve its leverage to the high 4x range by the end
of 2022 from revenue and earnings growth driven by the gradual
recovery in global travel through 2022 and a growing camera count
with the New York Department of Transportation (NYCDOT).

The purchase of T2, which provides parking citation services and
reporting & analytics, presents integration risk given the overall
size, nearly 15% of Verra Mobility's current LTM revenue, and
because it represents a new area of operations as Verra Mobility
has historically operated in traffic management rather than parking
management. The parking management services industry is highly
competitive and includes established larger players such as
Conduent (B1 stable) in these larger markets. While T2 has a
similar customer profile to Verra Mobility (both serving cities and
municipalities) which could create cross-selling opportunities to
expand its footprint in local governments, it mainly operates in
second tier cities and universities versus larger cities like New
York for Verra Mobility.

Despite the credit negative implications of the transaction,
Moody's expects the acquisition to grow the scale of the Company,
while maintaining at least good liquidity supported by strong free
cash flow generation and availability under its $75 million ABL
facility due February 2023 ($62.2 million available net of
outstanding letters of credit as of September 30, 2021). An aged
receivable payment from the NYCDOT of approximately $80 million is
expected to be collected by year end, in addition to the normal
ongoing collections with NYDCOT, further supporting the Company's
liquidity position.

Verra Mobility Corporation (Verra Mobility), headquartered in Mesa,
Arizona, is a technology-enabled services company providing toll,
violation management, and title and registration services for
rental car and fleet management companies and road safety cameras
for municipalities. Pro forma revenues were approximately $550
million for the last twelve months ended September 30, 2021.


VYANT BIO: Incurs $4.5 Million Net Loss in Third Quarter
--------------------------------------------------------
Vyant Bio, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $4.46
million on $1.51 million of total revenues for the three months
ended Sept. 30, 2021, compared to a net loss of $2.99 million on
$335,000 of total revenues for the three months ended Sept. 30,
2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $16.01 million on $3.68 million of total revenues
compared to a net loss of $6.30 million on $602,000 of total
revenues for the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $61.22 million in total
assets, $5.30 million in total liabilities, and $55.92 million in
total stockholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1349929/000149315221028038/form10-q.htm

                          About Vyant Bio

Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is
emerging as an advanced biotechnology drug discovery company.
With
capabilities in data, science (both biology and chemistry),
engineering and regulatory, the Company is rapidly identifying
small and large molecule therapeutics and derisking decision making
through multiple in silico, in vitro and in vivo modalities.

Vyant Bio reported a net loss of $8 million for the year ended Dec.
31, 2020, compared to a net loss of $6.71 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $65.40
million in total assets, $5.34 million in total liabilities, and
$60.06 million in total stockholders' equity.


VYCOR MEDICAL: Posts $3,693 Net Income in Third Quarter
-------------------------------------------------------
Vycor Medical, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $3,693 on $332,087 of revenue for the three months ended Sept.
30, 2021, compared to a net loss of $198,287 on $275,925 of revenue
for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $248,600 on $1.12 million of revenue compared to a net
loss of $622,122 on $850,430 of revenue for the same period during
the prior year.

As of Sept. 30, 2021, the Company had $1.04 million in total
assets, $3.11 million in total current liabilities, $192,625 in
total long-term liabilities, and a total stockholders' deficiency
of $2.26 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1424768/000149315221028118/form10-q.htm

                        About Vycor Medical

Vycor Medical (OTCQB: VYCO) -- http://www.vycormedical.com-- is
dedicated to providing the medical community with innovative and
superior surgical and therapeutic solutions. The company has a
portfolio of FDA cleared medical solutions that are changing and
improving lives every day. The company operates two business units:
Vycor Medical and NovaVision, both of which adopt a
minimally or non-invasive approach.

Hackensack, New Jersey-based Prager Metis CPAs, LLC, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated March 31, 2021, citing that the Company has incurred
net losses since inception, including a net loss of $822,482 and
$796,202 for the years ended Dec. 31, 2020 and 2019 respectively,
and has not generated cash flows from its operations.  As of Dec.
31, 2020, the Company had working capital deficiency of $593,970,
excluding related party liabilities of $1,682,956.  These factors,
among others, raise substantial doubt regarding the Company's
ability to continue as a going concern.


WESTSTAR EXPLORATION: Taps Harris Law Practice as Legal Counsel
---------------------------------------------------------------
Weststar Exploration Company seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to hire Harris Law
Practice, LLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) examining and preparing records and reports required by
the Bankruptcy Code, Federal Rules of Bankruptcy Procedure and
Local Bankruptcy Rules;
  
     (b) preparing applications and proposed orders to be submitted
to the court;

     (c) identifying and prosecuting the claims and causes of
action asserted by the Debtor on behalf of the estate;

     (d) examining the proofs of claim anticipated to be filed and
the possible prosecution of objections to such claims;

     (e) advising the Debtor and preparing documents in connection
with the contemplated ongoing operation of its business, if any;

     (f) preparing a plan of reorganization, disclosure statement
and related documents, and seeking confirmation of the plan; and

     (g) assisting the Debtor in performing other official
functions.

The firm's hourly rates are as follows:

     Stephen Harris        $450 per hour
     Paraprofessionals     $150 - $300 per hour

Harris Law Practice received a retainer in the amount of $11,738.

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

The firm can be reached at:

     Stephen R. Harris, Esq.
     Harris Law Practice LLC
     6151 Lakeside Drive, Suite 2100
     Reno, NV 89511
     Tel.: (775) 786-7600
     Email: steve@harrislawreno.com

                    About Weststar Exploration

Carson City, Nev.-based Weststar Exploration Company filed its
voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case
No. 21-50659) on Sept. 17, 2021, listing as much as $10 million in
both assets and liabilities.  William C. Gilmore, president, signed
the petition.  

Judge Natalie M. Cox presides over the case.

Stephen R. Harris, Esq., at Harris Law Practice, LLC represents the
Debtor as legal counsel.


YELLOW CORP: Board Appoints Javier Evans as Director
----------------------------------------------------
The Board of Directors of Yellow Corporation appointed Javier Evans
as director to serve until the 2022 Annual Meeting of Stockholders.
Mr. Evans is expected to be nominated by the Board for election by
the stockholders at the meeting and going forward.

The Board appointed Mr. Evans to serve on the Compensation
Committee.  There are no arrangements or understanding that exist
between Mr. Evans and any other persons pursuant to which he was
selected as a director.

Mr. Evans will receive the same cash and equity compensation as the
other non-employee directors serving on the Board pursuant to the
company's Fourth Amended and Restated Director Compensation Plan,
as amended.  Pursuant to the Plan, Mr. Evans will receive an annual
cash retainer of $190,000, paid quarterly.  In addition, Mr. Evans
will be entitled to receive an annual grant of restricted stock
units equal to $60,000 divided by the 30-day average closing price
of the company's common stock on the grant date, which initial
grant date for him will be in February 2022.

Yellow Corporation and Mr. Evans will enter into the company's
standard form of indemnification agreement for directors and
officers.

                     About Yellow Corporation

Yellow Corporation -- www.myyellow.com -- owns a comprehensive
logistics and less-than-truckload (LTL) network in North America
with local, regional, national, and international capabilities.
Through its teams of experienced service professionals, Yellow
Corporation offers flexible supply chain solutions, ensuring
customers can ship industrial, commercial, and retail goods with
confidence.  Yellow Corporation, headquartered in Overland Park,
Kan., is the holding company for a portfolio of LTL brands
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company HNRY Logistics.

Yellow Corp reported a net loss of $53.5 million in 2020 following
a net loss of $104 million in 2019.  As of June 30, 2021, the
Company had $2.49 billion in total assets, $804.8 million in total
current liabilities, $1.52 billion in long-term debt, $128.7
million in operating lease liabilities, $325.3 million in claims
and other liabilities, and a total shareholders' deficit of $286.4
million.


YOGI JAY: Seeks to Hire Business Research as Bookkeeper
-------------------------------------------------------
Yogi Jay, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Virginia to hire Business Research &
Bookkeeping Prof., LLC as bookkeeper.

The firm's services include:

     (a) providing bookkeeping assistance and advice associated
with the Debtor's operation of its motel business, including
reviewing past bank statements and other manual bookkeeping records
previously maintained by the Debtor in order to track past income
and expenses, and to project future cash flow for all purposes
connected with the Debtor's Chapter 11 case;

     (b) assisting the Debtor in the preparation of monthly
operating reports;

     (c) assisting in the preparation of all federal, state and
local tax returns; and

     (d) performing all other necessary bookkeeping services.

Trish Bevens, the firm's bookkeeper who will be providing the
services, will be paid at an hourly rate of $35.

Ms. Bevens disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

Ms. Bevens can be reached at:

     Trish Bevens
     Business Research & Bookkeeping Prof. LLC
     40 Village Springs Dr., Suite 23
     Hardy, VA 24101
     Tel: 540-719-0633

                        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.

Judge Paul M. Black oversees the case.

The Law Office of Richard D. Scott, PC represents the Debtor as
legal counsel while Business Research & Bookkeeping Prof. LLC is
the Debtor's bookkeeper.


ZIFF DAVIS: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Ziff
Davis Inc. and removed all of its ratings on the company from
CreditWatch, where S&P placed them with negative implications on
April 26, 2021.

The affirmation follows Ziff Davis' completion of the previously
announced tax-free spin-off of its Cloud Fax business (part of its
cloud business).

S&P said, "Our view of the company's business remains materially
unchanged. Our historical assessment of Ziff Davis' business risk
weighed its niche positioning in large addressable markets, the
risk of competition from larger companies with more resources and
comprehensive solutions, and its significant exposure to
potentially volatile short-term advertising against its good
product and customer diversity, high proportion of recurring
revenue, variable cost structure, and strong profitability (S&P
Global Ratings-adjusted EBITDA margins of more than 40% prior to
the spin-off). In our view, these consideration remain mostly
unchanged following the transaction because the company operates
under a decentralized organizational structure. The Ziff Davis
business comprises various well-known digital media properties,
including IGN, RetailMeNot, Mashable, PCMag, Humble Bundle,
Speedtest, and Everyday Health, focused on industry-specific
verticals such as technology, e-commerce, entertainment, and
health. The company will also maintain a technology business, under
which it will market its cybersecurity and marketing technology
(martech) offerings. With a revenue base of about $1.4 billion, we
think Ziff Davis will maintain sufficient scale. The loss of the
Consensus business, which featured higher EBITDA margins than its
corporate average, will weigh on the company's profitability.
However, we do not assume any negative effects from stranded costs
or dissynergies. Specifically, our forecast assumes S&P Global
Ratings-adjusted EBITDA margins in the low- to mid-30% range,
which--although weaker than its historical levels--are still
above-average relative to those of its digital media peers, such as
LendingTree Inc., Centerfield Media Parent Inc., and Digital Media
Solutions Inc. Although, margins are in line with peer Red Venutres
HoldCo L.P."

"The company's elevated reliance on advertising will increase its
cyclicality, though its high proportion of recurring revenue and
largely variable cost structure somewhat offset its exposure. The
spin-off has made Ziff Davis a more advertising-centric business,
given that digital media now accounts for roughly $1 billion of its
revenue. Because these revenue streams tend to be more cyclical
than the highly recurring and profitable revenue streams it
received from Consensus, we anticipate that its operating
performance could face increased volatility. Nonetheless, it
generates about 40% of its total revenue under subscription-like
contracts, maintains a largely variable cost structure, and has
favorable growth prospects in its advertising verticals, including
tech, e-commerce, entertainment, and health, which help temper this
risk. We also believe its first-party advertising offerings, which
are primarily browser-based as opposed to mobile, will likely
benefit from a heightened focus on privacy and Identifier for
Advertisers (IDFA) changes. Moreover, the company plans to make
growth investments in its cybersecurity and martech segments,
including in its sales and performance marketing, which could
support an increase in its proportion of subscription revenue and
improve its business diversity.

"The company's post-transaction S&P Global Ratings-adjusted
leverage is lower than we initially expected. Before the spin-off,
Ziff Davis had about $1.7 billion of debt outstanding, including
$750 million of 4.625% senior notes due 2029, $403 million of 3.25%
convertible debentures due 2039 (these were deep in the money and
eligible for conversion by the holders), and $550 million of 1.75%
convertible debentures due 2026. Ziff Davis retired its 3.25%
convertible notes in a credit-friendly manner as part of the
transaction, using cash to cover the principal outstanding and
equity for the excess portion. The company also tendered $83
million of principal on its 4.625% unsecured notes due 2030 with
some of the gross proceeds from the spin-off. Therefore, its gross
debt now stands at roughly $1.2 billion and we estimate its pro
forma S&P Global Ratings-adjusted leverage will be about 2.5x,
which is stronger than the 3.0x level we initially considered."

The company's financial policy targets appear unchanged. Ziff Davis
has historically been acquisitive and spent more than $2.5 billion
to acquire digital media, cybersecurity, and marketing technology
businesses since 2010. In addition, it occasionally pursues share
repurchases. Still, the company funds these activities mostly with
balance sheet cash and internally generated cash flow, which has
enabled it to operate with gross leverage below its 3x target. On
its September 2021 analyst day and third-quarter earnings call,
Ziff Davis communicated that it continues to view its acquisition
program as the best source of returns and reaffirmed its desire to
pursue these activities while maintaining its 3x gross leverage
target.

Ziff Davis has capacity to execute its merger and acquisition (M&A)
strategy. Although we expect a step down in the company's organic
cash flow generation after the proposed spin-off, given the loss of
its more predictable and higher-margin fax revenue stream, we think
it is now better capitalized. Based on its pro forma cash and
investments of more than $900 million, gross leverage of about 2.4x
(company calculated), and our expectation for free operating cash
flow (FOCF) of at least $300 million over next 12 months, we
anticipate Ziff Davis will likely have ample capacity to execute
its acquisition program. Because the company sets a 20% internal
rate of return (IRR) hurdle when evaluating transactions, it finds
smaller, complementary acquisition opportunities that help broaden
its existing product portfolio though organic means and make it
more competitive as the most attractive, rather than larger
transactions that extend it into new verticals.

S&P said, "The stable outlook on Ziff Davis reflects our view
that--with a presence in advertising verticals that enjoy
attractive growth prospects and a good proportion of recurring
revenue--it will likely continue to generate a solid operating
performance over the next 12 months. It also assumes that the
company will continue to prioritize acquisitions. Given the more
than $900 million of cash and investments on its balance sheet and
our expectation for free cash flow generation of at least $300
million, we anticipate Ziff Davis will likely have ample capacity
to pursue M&A at scale while maintaining leverage of less than 3x
over the next 12-24 months."

S&P could consider lowering its ratings on Ziff Davis over the next
12 months if it believes its S&P Global Ratings-adjusted debt to
EBITDA will likely remain above 3x, which could occur if:

-- It demonstrates an appetite for more aggressive financial
policies, including pursuing additional debt-financed acquisitions
or share repurchases; or

-- Its operating performance deteriorates significantly below
S&P's base-case assumptions because of operational missteps or
greater competition.

S&P said, "Although an upgrade is unlikely over the next 12 months,
we could consider raising our ratings on Ziff Davis if we expect
its leverage to improve and remain well below 2x and its business
strengthens such that we view it as more comparable with those of
its higher-rated peers. This scenario would likely require the
company to establish and demonstrate a commitment to a more
conservative financial policy framework, diversify its product
offerings, and expand its revenue base, while maintaining the
profitability of its existing business at or near current levels."


ZION HOTEL: Unsecured Creditors to Get Paid from Zion Proceeds
--------------------------------------------------------------
Zion Hotel Fund IV, LLC, filed with the U.S. Bankruptcy Court for
the Western District of North Carolina a Plan of Liquidation for
Small Business dated November 11, 2021.

Zion Hotel Fund IV, LLC is a North Carolina limited liability
company formed in 2018. It is a holding company owned by Anuj and
Vinita Mittal. Zion owns a 93.46% interest in Iris Hotel Holding,
LLC which in turn owns 100% of the interests in Aarna Hotels, LLC
and Sri Vari CRE Development LLC. Aarna and Sri Vari each owned and
operated a hotel in the Charlotte, North Carolina area (the
"Hotels").

Auctions of the Hotels (including real property and personal
property) were held in the Related Bankruptcy Cases. Final Orders
Approving Sales were entered on November 1, 2021 in the Related
Bankruptcy Cases (the "Sale Orders"). The Sale Orders indicate that
sale proceeds and other assets of Aarna and Sri Vari exceed the
debt and administrative expenses of Aarna and Sri Vari (the "Excess
Proceeds"). The Excess Proceeds will flow to Iris.  After
satisfaction of debts of Iris, 93.46% of any proceeds (the "Zion
Proceeds") will flow to the Debtor for distribution pursuant to
this Liquidation Plan.

The Sale Orders indicate that, upon the closing of the sales of the
Hotels, there will be Excess Proceeds exceeding the debt and
administrative expenses of Aarna and Sri Vari. The closings of the
sales of the Hotels are to occur on or before November 30, 2021
(unless extended in the Related Cases) per the Sale Orders. The
Excess Proceeds will flow to Iris. After payment of any debt of
Iris, 93.46% of the Excess Proceeds will then flow to Zion as the
Zion Proceeds. The Debtor has (1) a class of non-priority unsecured
claims and (2) a class of equity security holders. The Liquidation
Plan proposes to pay the Debtor's creditors pro rata from the Zion
Proceeds after payment of allowed administrative expenses.

Iris has several alleged debt obligations that must be resolved
prior to disbursing the Zion Proceeds pursuant to this Liquidation
Plan. In order to efficiently resolve how much of the Excess
Proceeds should be paid to Iris's creditors and how much constitute
Zion Proceeds, Zion and Iris will encourage each of their
respective creditors to participate in a global mediation in the
first quarter of 2022 (if not sooner resolved) in order to agree
upon the precise payouts to each of Iris's legitimate debts, if
any, out of the Excess Proceeds, and, as a result, the exact amount
of the Zion Proceeds.

Class 1 consists of Allowed Claims that are general unsecured
Claims not entitled to administrative expense priority or any other
priority under the Code. Each holder of an Allowed Class 1 Claim
will receive a pro-rata share of the Zion Proceeds after
satisfaction of all Allowed Administrative Claims. Class 1 is
impaired under this Liquidation Plan.

Class 2 consists of the equity interests in the Debtor. As of the
Petition Date, Vinita Mittal owned 90% of the membership interests
in the Debtor and Anuj Mittal owned 10% of the membership interests
in the Debtor. Pursuant to this Liquidation Plan, Anuj and Vinita
Mittal will retain all of the membership interests in the Debtor to
the same extent they held such interests as of the Petition Date.


Upon confirmation of the Related Bankruptcy Cases, the Excess
Proceeds are to be paid to Iris. After payment of Iris debt, if
any, Zion Proceeds will be paid by Iris to the Debtor. Iris has
several alleged debt obligations that must be resolved prior to
disbursing the Zion Proceeds pursuant to this Liquidation Plan. In
order to efficiently resolve how much of the Excess Proceeds should
be paid to Iris's creditors and how much constitute Zion Proceeds,
Zion and Iris will encourage each of their respective creditors to
participate in a global mediation in the first quarter of 2022 (if
not sooner resolved) in order to agree upon the precise payouts to
each of Iris's legitimate debts (if any) out of the Excess
Proceeds, and, as a result, the exact amount of the Zion Proceeds.

The Debtor will be able to make the payments under this Liquidation
Plan with funds that flow to Zion from Iris after the closing of
the sales of the Hotels.

A full-text copy of the Liquidating Plan dated Nov. 11, 2021, is
available at https://bit.ly/3ngdV6S from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Michael L. Martinez, Esq.
     Grier Wright Martinez, PA
     521 East Morehead Street, Suite 440
     Charlotte, NC 28202
     Telephone: (704) 375-3720
     Facsimile: (704) 332-0215
     E-mail: mmartinez@grierlaw.com

                     About Zion Hotel Fund IV

Raleigh, N.C.-based Zion Hotel Fund IV, LLC, filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
W.D.N.C. Case No. 21-30503) on Sept. 6, 2021, listing $3,892,319 in
assets and $4,400,000 in liabilities.  Anuj N. Mittal, manager,
signed the petition. Judge Laura T. Beyer oversees the case. Grier
Wright Martinez, PA serves as the Debtor's legal counsel.


[*] Bankruptcy Filing Still Decreasing But Increase Could be Coming
-------------------------------------------------------------------
The Indiana Lawyer reports that the bankruptcy filings are
continuing to plunge, falling nearly 30% for the 12-month period
that ended Sept. 30.  But the downward trend could be the calm
before the storm.

Personal and business bankruptcy filings totaled 434,540 for Sept.
30, 2020, through Sept. 30, 2021, a 29.1% drop from the 612,561
filed during the previous year, according to data from the U.S.
Courts.

In the 7th Circuit, bankruptcy filings reached 46,992 for the year
ending Sept. 30, 2021.  This is a 31.6% decrease from the 68,656
filed during the year ending Sept. 30, 2020.

Both the Southern and Northern Districts of Indiana recorded
declines in bankruptcy filings.

The Southern District totaled 9,196 bankruptcy filings for the
12-month period ending Sept. 30, 2021 which is down 19.8% from the
11,465 filings in 2020.

Likewise, the Northern District recorded a total of 5,865
bankruptcy filings for the year ending Sept. 30. This is a 22.2%
decrease from the 7,541 filed during the year ending Sept. 30,
2020.

However, the decline might soon end.  Business and consumer
bankruptcies are expected to increase in 2022.

A trio of academics is predicting that a surge in bankruptcy
filings will require more judges.

A paper written in 2020 for the Harvard Business Law Review
analyzed what would be needed to handle the bankruptcies caused by
the pandemic-induced financial upheaval.  To keep the judiciary's
workload from exceeding the level hit in the Great Recession, the
professors found in the worst-case scenario that the bankruptcy
system would need as many as 246 temporary judges, while in the
best-case scenario the system would still need 50 more temporary
judges.


                            *********

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.
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