/raid1/www/Hosts/bankrupt/TCR_Public/211124.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 24, 2021, Vol. 25, No. 327

                            Headlines

AB ROBINSON: Seeks to Hire Law Offices of Glenda J. Gray as Counsel
ALTO MAIPO: Gets Court Clearance to Tap $20-Mil. Loan
ALTO MAIPO: Seeks Cash Collateral Access, $50MM DIP Loan
APPLIANCESMART INC: Dec. 14 Hearing on Disclosure Statement
AULT GLOBAL: Reports $42.8 Million Net Loss in Third Quarter

BOY SCOUTS: Pachulski Steps In as Counsel After Ch.11 Email Row
BRANCHES OF LIFE: Seeks to Hire Exclusive Tax Service as Accountant
CASTLELAKE AVIATION: Fitch Assigns Final 'BB' IDR, Outlook Stable
CEN BIOTECH: Incurs $719K Net Loss in Third Quarter
CIVITAS RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable

CLEAN ENERGY: Incurs $17K Net Loss in Third Quarter
CLEARDAY INC: Incurs $10.5 Million Net Loss in Third Quarter
CONTAINER STORE: Moody's Ups CFR & Senior Secured Term Loan to B1
COTY INC: Moody's Rates New Senior Secured Notes Due 2028 'B1'
COTY INC: S&P Rates New $500MM Senior Secured Notes 'B+'

CUSTOM TRUCK: Incurs $20.5 Million Net Loss in Third Quarter
DUTCHINTS DEVELOPMENT: U.S. Trustee Appoints Creditors' Committee
EAGLE HOSPITALITY: Judge Weighs Ch. 11 Relief Money Sanction
EASTMAN KODAK: S.C. Won't Review Bankruptcy Injury Claims Discharge
EVERBUILDING GROUP: Taps William Timothy Stone as CRO

FIVETOWER LLC: Unsecureds' Recovery Hiked to 12% in 60 Months
FMBC INVESTMENT: Garry W. McNabb Says Disclosures Deficient
FRANCHISE GROUP: Moody's Rates New $425MM First Lien Loan 'Ba3'
FRANCHISE GROUP: S&P Affirms 'B+' ICR on Badcock Acquisition
GLOBAL CLOUD XCHANGE: To Sell to 3i Infrastructure for $512 Million

GREEN4ALL ENERGY: Jan. 5, 2022 Plan & Disclosure Hearing Set
GRUPO POSADAS: Seeks to Tap DD3 Capital as Investment Banker
GULF COAST HEALTH: Agencies, Creditors Say No to Chapter 11 Deal
GULF FINANCE: Moody's Hikes CFR to B3 & Alters Outlook to Stable
HOME DEALS: Seeks to Hire Murray Plumb & Murray as Special Counsel

HOUGHTON MIFFLIN: S&P Upgrades ICR to 'B', Outlook Positive
INPIXON: Incurs $34 Million Net Loss in Third Quarter
INPIXON: Six Proposals Approved at Annual Meeting
IONIX TECHNOLOGY: Incurs $540K Net Loss in First Quarter
JOHNSON & JOHNSON: Spinoff to Create Barriers, Talc Claimants Say

JS KALAMA: Trustee Hires Bennington & Moshofsky as Accountant
K3D PROPERTY: Court Denies Confirmation of Amended Plan
KEYSER AVENUE: Dec. 15 Hearing on Disclosure Statement
LAN DOCTORS: Unsecureds Will Get 8.56% of Claims in 60 Months
LECLAIRRYAN PLLC: Gen. Counsel Sentenced 44 Months for Obstruction

LTL MANAGEMENT: Ex-Mayor Kaplan Takes Over Talc Bankruptcy Case
LTL MANAGEMENT: Talc Committee Taps Bailey & Glasser as Counsel
LTL MANAGEMENT: Talc Committee Taps Brown Rudnick as Co-Counsel
LTL MANAGEMENT: Talc Committee Taps Otterbourg PC as Co-Counsel
LUIHN VANTEDGE: S&P Assigns 'B-' ICR, Outlook Stable

MALLINCKRODT PLC: Acthar Claimants Seek Probe on Chapter 11 Vote
MANHATTAN SCIENTIFICS: Incurs $1.2-Mil. Net Loss in Third Quarter
MANLEY TOYS: Aviva Bid to Compel Liquidators to Produce Docs OK'd
MARAVAI INTERMEDIATE: Moody's Ups CFR & Senior Secured Debt to B1
MEGIDO SERVICE: Files Amendment to Disclosure Statement

NEW FORTRESS: S&P Upgrades ICR to 'BB-', Outlook Stable
NORWICH DIOCESE: Abuse Victims, Supporters Rally at the Cathedral
ORG GC MIDCO: Court Approves $117-Million Debt Cut
ORIGINCLEAR INC: Posts $18.4 Million Net Income in Third Quarter
P8H INC: Amended Liquidating Plan Confirmed by Judge

PIZZINI AND HANSEN: Amends Plan to Include Unsecured Tax Claims Pay
PRESSURE BIOSCIENCES: Incurs $4.95-Mil. Net Loss in Third Quarter
PRINCESS PORT: Case Summary & Unsecured Creditor
PROAMPAC PG: Moody's Cuts Ratings on First Lien Loans to B3
QUEST PATENT: Posts $872K Net Income in Third Quarter

QUOTIENT LTD: Incurs $27.1 Million Net Loss in Second Quarter
RED RIVER WASTE: Seeks Approval to Hire Stretto as Claims Agent
RED RIVER WASTE: Seeks to Hire CRS Capstone, Appoint CRO
RED RIVER WASTE: Seeks to Hire McDermott as Bankruptcy Counsel
RED RIVER WASTE: Seeks to Hire Schiffer Hick as Special Counsel

REDEEMED CHRISTIAN: Disclosure Statement due on Dec. 3
RIVERBED TECHNOLOGY: Moody's Cuts CFR to Ca Following Bankr. Filing
SMARTER BUILDING: Seeks Approval to Hire Stretto as Claims Agent
SQUIRRELS RESEARCH: Case Summary & 20 Largest Unsecured Creditors
STERLING CHECK: Moody's Assigns 'B1' CFR, Outlook Stable

SUNRISE REAL ESTATE: Incurs $919K Net Loss in Third Quarter
TELIGENT INC: Cash Collateral Access, DIP Loans OK'd
TPT GLOBAL: Posts $4.7 Million Net Loss in Third Quarter
TRI-STATE PAIN: Jan. 6, 2022 Plan Confirmation Hearing Set
TROIKA MEDIA: Incurs $2.1 Million Net Loss in First Quarter

UGI INT'L: Moody's Rates New Senior Unsecured Notes Due 2029 'Ba1'
W.R. GRACE: Smolker Appeal from Order Cancelling Hearing Junked
[*] N.Y. Mega Bankruptcies Will Be Randomly Assigned to Judges

                            *********

AB ROBINSON: Seeks to Hire Law Offices of Glenda J. Gray as Counsel
-------------------------------------------------------------------
AB Robinson Trucking, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ the Law
Offices of Glenda J. Gray as co-counsel with Porter Law Network.

The firm's services include:

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

     (b) preparing the Debtor's Chapter 11 plan, disclosure
statement and other legal papers;

     (c) assisting the Debtor in preparing and obtaining court
approval for the plan and disclosure statement;

     (d) taking necessary actions with respect to claims that may
be asserted against the Debtors; and

     (e) performing all other necessary legal services.

The hourly rates charged by the firm are as follows:

     Glenda J. Gray, Esq.      $350 per hour
     Legal Assistants          $125 per hour

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

As disclosed in court filings, the Law Offices of Glenda J. Gray
does not represent any interest adverse to the estate in the
matters in which it is to be employed.

The firm can be reached at:

     Glenda J. Gray, Esq.
     Law Offices of Glenda J. Gray
     108 Madison
     Oak Park, IL 60302
     Phone: (708) 386-1812
     Fax: (708) 386-2014

                    About AB Robinson Trucking

AB Robinson Trucking, Inc. filed its voluntary petition for Chapter
11 protection (Bankr. N.D. Ill. Case No. 21-11021) on Sept. 24,
2021, listing as much as $500,000 in both assets and liabilities.
Judge Donald R. Cassling oversees the case.  

Karen J. Porter, Esq., at Porter Law Network and the Law Offices of
Glenda J. Gray serve as the Debtor's legal counsel.


ALTO MAIPO: Gets Court Clearance to Tap $20-Mil. Loan
-----------------------------------------------------
Jeff Montgomery of Law360 reports that bankrupt Chilean
hydroelectric venture Alto Maipo SpA secured a Delaware judge's
approval Monday, November 22, 2021, for interim access to as much
as $20 million of a $50 million debtor-in-possession loan earmarked
for the $2.5 billion water-power project threatened by dwindling
Andes stream flows.

U.S. Bankruptcy Judge Karen B. Owens cleared with few questions
Alto Maipo's initial access to the DIP loan provided by Alto Maipo
parent AES Andes SpA, an affiliate of Virginia-based, global
electricity supplier AES Corp.

                        About Alto Maipo

Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction.  The
project comprises two run-of-the-river plants with a combined
installed capacity of 531 megawatts.  The run-of-the-river project
is a joint venture between US utility subsidiary AES Gener and
Chilean mining company Antofagasta Minerals (AMSA).

Alto Maipo Delaware LLC and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17, 2021.  In its
filing, Alto Maipo Delaware LLC estimated liabilities between $1
billion and $10 billion and estimated assets between $1 billion and
$10 billion.

The cases are handled by Honorable Judge Karen B. Owens.

Sean T. Greecher, of Young, Conaway, Stargatt & Taylor, is the
Debtors' counsel.


ALTO MAIPO: Seeks Cash Collateral Access, $50MM DIP Loan
--------------------------------------------------------
ALTO MAIPO: Seeks Cash Collateral Access, $50MM DIP Loan

Alto Maipo SpA and Alto Maipo Delaware LLC ask the U.S. Bankruptcy
Court for the District of Delaware for authority to, among other
things, use cash collateral and obtain postpetition financing.

The Debtors seek to obtain postpetition financing in the form of a
superpriority revolving loan in the aggregate principal amount of
up to $50 million pursuant to the terms and conditions of the
Super-Priority Debtor-in-Possession Revolving Loan Agreement, by
and among Alto Maipo Delaware, as borrower, Alto Maipo, as
guarantor, AES Andes S.A., as lender and administrative agent for
and on behalf of itself and the other lenders party thereto.

The Debtors' attempts to obtain postpetition financing have yielded
only one proposal. Despite the fact that no other proposals were
received, the Proposed DIP Financing is highly favorable to the
Debtors: it is offered on an unsecured, non-priming basis, with a
low interest rate and limited covenants. However, the Proposed DIP
Financing, as negotiated with proposed lender thereunder,
effectively requires the Debtors to use their existing cash
reserves to fund construction costs and other operating costs prior
to drawing on the DIP. Specifically, the Proposed DIP Financing
includes a condition precedent to any draw that the Debtors'
available cash must be less than $10 million.

The energy market that Alto Maipo will enter into next year is not
the same energy market that Alto Maipo projected would exist upon
its initial Commercial Operation Date when construction began in
2013. Since that time, increased generation capacity has driven
down electricity prices in Chile, such that spot prices at which
Alto Maipo could sell power are now less than half of what they
were in 2013. Meanwhile, climate change has significantly impacted
the hydrology of the Maipo Valley, where the Project is being
constructed, and lower precipitation levels reduce in turn the
amount of power that the Project can produce. As a result, Alto
Maipo can no longer rely on its prior revenue projections, which
assumed economic and environmental factors that are no longer in
place. In order to right-size their capital structure to meet these
market challenges, and in light of a looming liquidity shortfall,
the Debtors commenced these Chapter 11 Cases to ensure that they
can complete construction of this hydroelectric project and
generate renewable energy for many years to come.

The Debtors are the borrowers under a series of prepetition term
loans and rank pari passu as between each other and pari passu with
the Supplier Deferred Payment), from certain international
development banks, local and international commercial banks, and
syndicated lenders, including (i) the U.S. International
Development Finance Corporation, (ii) the Inter-American
Development Bank, (iii) Banco de Credito e Inversiones, (iv) Itau
Corpbanca SA (v) DNB ASA, (vi) Deutsche Bank AG, (vii) UBS Group
AG, (viii) Moneda Asset Management, (ix) Finepoint Capital, (x)
Santana Capital Group, (xi) Clover Capital, Ltd., and (xii) Regera
Sarl. The Prepetition Term Lenders collectively hold approximately
$1.471 billion in outstanding senior secured term loan debt as of
the Petition Date.

Additionally, the Debtor and Strabag SpA are parties to an Amended
and Restated Lump Sum Fixed Price Tunnel Complex Construction
Contract, dated as of February 19, 2018. Pursuant to the Tunneling
Construction Contract, among other things, Strabag provided to the
Debtor, and the Debtor remains obligated to Strabag for, $391.5
million in secured deferred supplier financing. The Collateral
Agent under the Prepetition Secured Loans and Supplier Deferred
Payment is Itau.

Certain of the Prepetition Term Loans are also subject to interest
rate swaps held by the originating banks as well as KfW IPEX-Bank
GmbH. The total mark-to-market value of the Swaps, in the event of
their termination, is approximately $184 million as of November 16,
2021. The Debtor's obligations under the Swaps are also secured by
the Prepetition Collateral and rank pari passu with the Prepetition
Term Loans and the Supplier Deferred Payment.

It is essential to the Debtors' efforts to preserve and maximize
the value of their assets that they obtain the authority to access
the cash presently in the Debtors' approximately 20 accounts, of
which four are actively utilized by the Debtors in their current
cash management system.  The accounts are held at Itau Corpbanca
S.A. in its New York, New York and Santiago, Chile branches.

As a result, and in order to ensure that the Debtors will have
access to their postpetition financing and will suffer no
interruption in their efforts to complete the Project, it is
imperative that the Debtors be able to immediately access the cash
collateral to fund construction and other costs in the immediate
post-petition period until the conditions precedent to the first
draw on the Proposed DIP Financing are met.

While the Debtors believe there will be no diminution in value of
the Prepetition Collateral as a compromise and settlement, to
address any potential diminution in value, the Prepetition Secured
Parties and Agent will be granted replacement liens on unencumbered
collateral acquired or obtained after the Petition Date (if any)
other than the proceeds of the DIP Facility.

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

                        About Alto Maipo

Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction.  The
project comprises two run-of-the-river plants with a combined
installed capacity of 531 megawatts.  The run-of-the-river project
is a joint venture between US utility subsidiary AES Gener and
Chilean mining company Antofagasta Minerals (AMSA).

Alto Maipo Delaware LLC and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17, 2021.  In its
filing, Alto Maipo Delaware LLC estimated liabilities between $1
billion and $10 billion and estimated assets between $1 billion and
$10 billion.

The cases are handled by Honorable Judge Karen B. Owens.

Sean T. Greecher, of Young, Conaway, Stargatt & Taylor, is the
Debtors' counsel.

AES Andes S.A., as administrative agent for the secured loan
facility, is represented by:

     Christy Rivera, Esq.
     Andrew Rosenblatt, Esq.
     NORTON ROSE FULBRIGHT US LLP
     1301 Avenue of the Americas
     New York, NY 10019,
     Email: christy.rivera@nortonrosefulbright.com
            andrew.rosenblatt@nortonrosefulbright.com

          - and -

     Marissa Alcala, Esq.
     NORTON ROSE FULBRIGHT US LLP
     799 9th Street NW, Suite 1000
     Washington, DC 20001
     Email: marissa.alcala@nortonrosefulbright.com



APPLIANCESMART INC: Dec. 14 Hearing on Disclosure Statement
-----------------------------------------------------------
The Honorable Martin Glenn will convene a hearing to consider
approval of the Disclosure Statement of ApplianceSmart, Inc. on
Dec. 14, 2021 at 2 PM in the United States Bankruptcy Court for the
Southern District of New York, Courtroom 523, using Zoom for
Government.

The objections, if any, to the Disclosure Statement shall be filed
and served no later than 5:00 p.m. on Dec. 7, 2021.

                     About ApplianceSmart Inc.

ApplianceSmart, Inc. -- https://appliancesmart.com/ -- is a
retailer of household appliances.  ApplianceSmart offers
white-glove delivery within each store's service area for those
customers that prefer to have appliances delivered directly.

ApplianceSmart filed its voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13887) on Dec. 9,
2019.  The petition was signed by Virland Johnson, chief financial
officer. At the time of the filing, the Debtor estimated $1 million
to $10 million in both assets and liabilities.  Kenneth A.
Reynolds, Esq., at The Law Offices of Kenneth A. Reynolds, Esq.,
P.C. is the Debtor's legal counsel.


AULT GLOBAL: Reports $42.8 Million Net Loss in Third Quarter
------------------------------------------------------------
Ault Global Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $42.77 million on ($30.79) million of total revenue for the
three months ended Sept. 30, 2021, compared to a net loss of $16.74
million on $5.68 million of total revenue for the three months
ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported net
income of $1.44 million on $44.58 million of total revenue compared
to a net loss of $24.64 million on $16.68 million of total revenue
for the same period during the prior year.

As of Sept. 30, 2021, the Company had $225.72 million in total
assets, $24.74 million in total liabilities, and $200.98 million in
total stockholders' equity.

As of Sept. 30, 2021, the Company had cash and cash equivalents of
$44.0 million, working capital of $93.9 million and total
stockholders' equity of $201.0 million.  In the past, the Company
financed its operations principally through issuances of
convertible debt, promissory notes and equity securities.  During
the nine months ended Sept. 30, 2021, the Company continued to
strengthen its liquidity and financial condition through additional
equity financing from its 2021 At-The-Market Offering.

The Company believes its current cash on hand is sufficient to meet
its operating and capital requirements for at least the next twelve
months from the date these financial statements are issued.

The Company's Chief Financial Officer, Kenneth S. Cragun, said,
"The financial results for the third quarter of 2021 reflected
significant unrealized losses from market price changes of our
investments.  At the end of each quarter, we value our investments
in certain companies based on the trading price of their stock,
which has resulted in significant volatility in both revenue and
operating results over the last two quarters.  On a year-to-date
basis, however, we did see significant revenue growth and improved
operating results, with revenue up 167% over the prior year period
and net income of $1.3 million compared to a net loss of $24.7
million for the nine months ended September 30, 2020.  During the
third quarter of 2021, we were able to make significant investments
in our BitNile subsidiary and ended the quarter with $20.4 million
in Bitcoin mining equipment, which will contribute to both revenue
growth and improved profitability in future periods."

The Company's Founder and Executive Chairman, Milton "Todd" Ault,
III said, "In spite of the volatility of our quarterly financial
results, we believe the future prospects for the Company are
extremely promising.  Quite simply, we are in a strong financial
position, and we are investing for the future.  We have grown
assets to $225.7 million and have announced key investments in our
Michigan data center and Bitcoin mining equipment.  We would like
to acknowledge our GWW defense team as during the third quarter of
2021 they grew revenues by 47% compared to the prior third fiscal
quarter.  As a holding company, we have made investments in the
sectors of Bitcoin mining, data center operations, defense,
electric vehicle chargers, power electronic businesses, lending and
investment platform, and we continue to believe the road ahead is
bright."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465921012099/ag111121010q.htm

                    About Ault Global Holdings

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

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


BOY SCOUTS: Pachulski Steps In as Counsel After Ch.11 Email Row
---------------------------------------------------------------
Jeff Montgomery of Law360 reports that Pachulski Stang Ziehl &
Jones LLP co-founder Richard M. Pachulski stepped in Friday,
November 19, 2021, as lead counsel for a key committee in the Boy
Scouts of America's Chapter 11, days after accusations that a
member of the firm had collaborated on an email sent to thousands
of sexual abuse claimants, which a Delaware bankruptcy judge
worried could taint voting on the Chapter 11 plan.

Richard M. Pachulski took over as lead counsel for the Tort
Claimants Committee in the Boy Scouts of America's case, saying the
counsel change was the result of "an extraordinarily serious error
that was made."

                      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.


BRANCHES OF LIFE: Seeks to Hire Exclusive Tax Service as Accountant
-------------------------------------------------------------------
Branches of Life, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to employ Exclusive Tax
Service, a division of James River Taxes, LLC, as its accountant.

The firm will be assisting the Debtor with questions concerning its
new accounting system, reporting requirements (including
preparation of the monthly operating reports), tax returns,
financial projections, and payroll.

The firm intends to charge for its services on an hourly basis and
seek reimbursement for actual and necessary expenses.

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

The firm can be reached through:

     Dana Hatton
     Exclusive Tax Service
     James River Taxes, LLC
     1507 Huguenot Road, Suite 100
     Richmond, VA 23113
     Phone: 804-323-1382
     Fax: 804-323-0524
     Email: admin@exclusivetax.net

                  About Branches of Life

Branches of Life, LLC filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Va. Case No. 21-33205) on Oct. 25, 2021,
listing under $1 million in both assets and liabilities.  Hirschler
Fleischer, PC and Exclusive Tax Service, a division of James River
Taxes, LLC, serve as the Debtor's legal counsel and accountant,
respectively.


CASTLELAKE AVIATION: Fitch Assigns Final 'BB' IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a final Issuer Default Ratings (IDRs) of
'BB' to Castlelake Aviation Limited (CA) and its wholly owned
subsidiaries, Castlelake Aviation Finance DAC (CAF) and Castlelake
Aviation One DAC (CAO). The Rating Outlook is Stable. Concurrently,
Fitch has assigned final ratings of 'BB+' to CAO's senior secured
term loan B and to CAF's senior secured revolving credit facility
and a final rating of 'BB' to CAF's $420 million of senior
unsecured notes due 2027.

The assignment of the final ratings follows the completion of the
debt issuances, in which the proceeds were used to fund the
purchase and transfer of aircraft assets from funds and entities
managed by Castlelake L.P. The final ratings are the same as the
expected ratings assigned Sept. 28, 2021.

KEY RATING DRIVERS

IDRs and Senior Debt

CA's ratings are supported by its young fleet with one of the
longest weighted average (WA) remaining lease terms amongst peers,
adequate targeted leverage, the absence of order book purchase
commitments, lack of near-term debt maturities, and strong expected
liquidity metrics. The ratings also consider the company's
affiliation with Castlelake LP, which has an established position
as a lessor of midlife and older commercial aircraft, management
experience and a track record in underwriting, servicing and
managing a sizeable global aircraft portfolio.

The primary rating constraints relate to execution risks associated
with the company's aggressive, albeit potentially attainable,
growth targets and accompanying financing objectives. Additional
rating constraints include a largely secured expected funding
profile, a smaller and significantly concentrated portfolio with
lower exposure to narrowbody aircraft relative to peers, higher
than average exposure to weaker credit airlines, and weaker
projected profitability over the next two years. Fitch also notes
potential governance and conflict of interest risks associated with
CA's externally-managed business model, limited number of
independent board members and ownership by a fixed-life private
fund structure.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business; vulnerability
to exogenous shocks including the ongoing challenges facing the
aviation sector as a result of the coronavirus pandemic; potential
exposure to residual value risk; sensitivity to oil prices;
reliance on wholesale funding sources; and increased competition.

Fitch's sensitivity analysis for CA incorporated quantitative
credit metrics for the company under the agency's base case and
downside case assumptions. These include slower than projected
growth, the default of up to 33% of lessees and up to 45%
impairment of the net book value of the defaulted fleet. Fitch
believes CA will have sufficient liquidity and capitalization
headroom to withstand near-term reductions in lease cash flows in
both scenarios without breaching Fitch's liquidity coverage and
leverage thresholds of 1.0x and 3.5x, respectively.

CA's fleet consists of 71 aircraft with a WA age of 5.7 years and a
WA remaining lease term of 10.3 years, which represents a young
portfolio with one of the longest WA remaining lease terms amongst
Fitch-rated peers. The company's portfolio had a net book value of
approximately $2.4 billion at inception (including Maintenance
Right Assets and Lease Premiums).

Fitch anticipates that CA's aggressive growth strategy and focus on
sale-leaseback transactions will have a negative effect on
near-term profitability. Fitch expects the company will generate
annual pre-tax returns on average assets of approximately 2% in
2022 and 2023, which is commensurate with Fitch's 'bb' category
earnings and profitability benchmark range of 1% to 4% for balance
sheet heavy leasing companies with an operating environment factor
score in the 'bbb' category.

The company has articulated a leverage target on a net debt to
equity basis in the range of 2.5x-3.0x, which should translate to
approximately 2.7x-3.2x on a gross debt to tangible equity basis.
Fitch believes CA's leverage target is appropriate in the context
of the liquidity of the fleet profile, as 58% of the initial
portfolio is expected to be Tier 1.

Unsecured debt represented slightly above 20% of CA's total debt at
inception and Fitch expects CA will rely predominantly on secured
borrowings to fund its operations. Future issuances of unsecured
debt would be viewed favorably as it would increase unencumbered
assets and improve the company with increased financial
flexibility.

Fitch anticipates that CA will have solid near-term liquidity,
including $100 million of cash on hand at inception and $750
million of committed funding available under the senior secured
revolving credit facility. Fitch projects the company will generate
operating cash flows in the range of $200 million to $250 million
depending on expansion, deferrals and collections in 2022.

The Stable Rating Outlook reflects Fitch's expectation that CA will
manage its balance sheet growth in order to maintain sufficient
headroom relative to its targeted leverage range and Fitch's
negative rating sensitivities over the Rating Outlook horizon. The
Stable Rating Outlook also reflects expectations for the
maintenance of a strong liquidity position, given the lack of order
book purchase commitments with aircraft manufacturers.

The senior secured debt ratings are one-notch above CA's Long-Term
IDR and reflect the aircraft collateral backing the obligations,
which suggest good recovery prospects.

The senior unsecured debt rating is equalized with CAF's Long-Term
IDR reflecting expectations for average recovery prospects in a
stressed scenario given the availability of unencumbered assets.

Subsidiary Ratings

The Long-Term IDRs assigned to CAF and CAO are equalized with that
of CA given they are wholly owned subsidiaries of the company.

RATING SENSITIVITIES

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

-- CA's ratings could be, over time, positively influenced by
    solid execution with respect to planned growth targets and
    outlined long-term strategic financial objectives, including
    maintenance of leverage within the targeted range. Ratings
    could also benefit from enhanced scale and an improved risk
    profile of the portfolio, as exhibited by stronger lessee
    diversification, reduced exposure to weaker airlines,
    maintenance of the impairment ratio below 1%, and increases in
    the proportion of Tier 1 aircraft and narrowbody aircraft.

-- An upgrade would be also conditioned upon achieving a
    sustained return on average assets in excess of 2.5% and
    unsecured debt approaching or in excess of 35% of total debt,
    while achieving and maintaining unencumbered assets coverage
    of unsecured debt in excess of 1.0x. Any potential upward
    rating momentum would also be evaluated in the context of
    potential governance and conflict of interest risks associated
    with CA's externally managed business model, limited number of
    independent board members and ownership by a fixed-life
    private fund structure.

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

-- CA's ratings are sensitive to renewed pandemic-driven
    lockdowns and travel restrictions as this would pressure the
    airline industry and could lead to lease restructurings,
    lessee defaults and increased losses. A weakening of the
    company's projected long-term cash flow generation,
    profitability and liquidity position and/or a sustained
    increase in leverage above 4x would also be viewed negatively.

-- The senior secured debt ratings are primarily sensitive to
    changes in CA's IDR and secondarily to the relative recovery
    prospects of the instruments.

-- The senior unsecured debt rating is primarily sensitive to
    changes in CAF's Long-Term IDR and secondarily to the relative
    recovery prospects of the instruments. A decline in
    unencumbered asset coverage, combined with a material increase
    in secured debt, could result in the notching of the unsecured
    debt down from the Long-Term IDR.

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

CA has an ESG Relevance Score of '4' for Management Strategy due to
execution risk associated with the operational implementation of
the company's outlined strategy. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

CA has an ESG Relevance Score of '4' for Governance Structure due
to potential governance and conflict of interest risks associated
with CA's externally-managed business model, limited number of
independent board members and ownership by a fixed-life private
fund structure. This has a negative impact on the credit profile
and is relevant to the ratings in conjunction with other factors.

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


CEN BIOTECH: Incurs $719K Net Loss in Third Quarter
---------------------------------------------------
CEN Biotech, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $718,940
on $272,166 of revenue for the three months ended Sept. 30, 2021,
compared to a net loss of $1.93 million on zero revenue for the
three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $16.84 million on $272,166 of revenue compared to a net
loss of $4.89 million on zero revenue for the nine months ended
Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $8.40 million in total
assets, $11.48 million in total liabilities, and a total
shareholders' deficit of $3.08 million.

As of Sept. 30, 2021 and Dec. 31, 2020, the Company's liquid assets
consisted of cash of $213,805 and $1,908, respectively.

"We have incurred recurring losses and have only recently commenced
revenue generating operations with our acquisition of Clear Com
Media, Inc. on July 9, 2021.  Our expenses to date are primarily
our general and administrative expenses and fees, costs and
expenses related to acquisitions and operations.  Our condensed
consolidated financial statements have been prepared assuming that
we will continue as a going concern and, accordingly, do not
include adjustments relating to the recoverability and realization
of assets and classification of liabilities that might be necessary
should we be unable to continue in operation," CEN Biotech stated.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1653821/000143774921027166/cenb20210930_10q.htm

                       About CEN Biotech Inc.

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

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

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


CIVITAS RESOURCES: S&P Assigns 'B+' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
Colorado-based oil and gas exploration and production (E&P) company
Civitas Resources Inc.

S&P also assigned its 'BB-' issue-level and '2' recovery ratings to
the company's recently issued senior unsecured notes.

The outlook is stable, reflecting S&P's expectation that the
company will maintain funds from operations (FFO) to debt greater
than 60% over the next 12 months while navigating the evolving
permitting process in Colorado.

S&P said, "We assigned our 'B+' issuer credit rating to Civitas.
Our rating reflects the company's pro forma, midsize, proved
reserve of 577 million barrels of oil equivalent (boe) and
production base of 156,000 boe per day; its concentration in
Colorado's Denver-Julesburg (DJ) Basin, which we view as having
higher regulatory risk than in most other U.S. basins; and
expectation of strong financial measures. This reflects the
conservative financing of the Extraction and Crestone
transactions."

The roll-up of Bonanza Creek, Extraction, and Crestone provides for
a diversified asset base within the DJ Basin, although the region
carries higher regulatory risk. Pro forma for the mergers, Civitas
will have a diversified reserve and production base within the DJ
Basin, encompassing a blend of both rural and suburban locations.
The company will have 525,000 net acres, primarily in Colorado's
Weld, Adams, and Arapahoe counties. S&P said, "We expect the
company to focus its near-term drilling activity on its southern
region assets (estimated at 125,000 net acres). Additionally, it
hopes to receive approval for a comprehensive area plan in this
area in 2022, which could provide a platform for further permitting
of up to 150 locations. Nevertheless, Civitas and Colorado-based
peers including PDC Energy Inc. and Great Western Petroleum LLC in
our view face heightened regulatory risk from recently enacted
drilling regulations that could impede or limit future drilling
activity. This is especially the case near more populated areas
that we believe could face more difficult permitting approvals."

Ratings benefit from strong expected financial performance.
Following the restructurings of Bonanza Creek in 2017 and
Extraction in early 2021, the combined entity will have very low
debt. S&P said, "We expect strong credit measures for the rating,
with FFO to debt averaging over 100% and debt to EBITDA of about
0.6x through 2022. We believe this should help Civitas successfully
navigate future price cycles and maintain healthy financial
measures during periods of weak prices. Nevertheless, the company's
relatively large dividend, expected to be about $160 million per
year, will weigh on discretionary cash flow (DCF), particularly
under our long-term price assumptions of $50 per barrel (bbl) for
West Texas Intermediate (WTI) crude oil and $2.75 per mmBtu for
Henry Hub natural gas. We expect Civitas to remain a consolidator
within the DJ Basin and fund acquisitions in a conservative
manner."

S&P siad, "The stable outlook reflects our expectation that Civitas
will maintain FFO to debt greater than 60% over the next 12 months.
We expect Civitas to continue to successfully navigate the evolving
permitting process in Colorado, especially in its southern region,
which is typically more populated and may face more challenging
permitting processes. We expect the company to continue to
consolidate its position in the DJ Basin and to fund acquisitions
in a manner that maintains its balance sheet strength."

S&P could lower its rating if:

-- FFO to debt approaches 45%, most likely due to a period of
prolonged low oil and natural gas prices;

-- Civitas adopts a more aggressive financial policy that results
in leveraging acquisitions and/or debt-funded shareholder returns;
or

-- It cannot successfully navigate the Colorado regulatory
environment, leading to a material negative effect on development
plans.

S&P could raise its rating if:

-- The company establishes a record of successfully integrating
acquisitions, while increasing scale in the DJ Basin; and

-- Maintains conservative financial policies that support FFO to
debt above 60% and positive DCF.



CLEAN ENERGY: Incurs $17K Net Loss in Third Quarter
---------------------------------------------------
Clean Energy Technologies, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $17,012 on $575,545 of sales for the three months ended
Sept. 30, 2021, compared to a net loss of $512,889 on $215,318 of
sales for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported net
profit of $819,719 on $866,703 of sales compared to a net loss of
$1.06 million on $1.23 million of sales for the same period during
the prior year.

As of Sept. 30, 2021, the Company had $5.72 million in total
assets, $8.08 million in total liabilities, and a total
stockholders' deficit of $2.36 million.

The Company had a working capital deficit of $3,447,804 as of Sept.
30, 2021.  The company also had an accumulated deficit of
$16,812,704 as of Sept. 30, 2021.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1329606/000149315221029027/form10-q.htm

                        About Clean Energy

Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables.

Clean Energy reported a net loss of $3.44 million for the year
ended Dec. 31, 2020, compared to a net loss of $2.56 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$5.84 million in total assets, $8.23 million in total liabilities,
and a total stockholders' deficit of $2.39 million.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2015, issued a "going concern"
qualification in its report dated April 15, 2021, citing that the
Company has an accumulated deficit, net losses, negative working
capital, and has utilized significant net cash in operations.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


CLEARDAY INC: Incurs $10.5 Million Net Loss in Third Quarter
------------------------------------------------------------
Clearday, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of
$10.46 million on $2.85 million of revenues for the three months
ended Sept. 30, 2021, compared to a net loss of $5.42 million on
$2.64 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 $16.04 million on $9.89 million of revenues compared to
a net loss of $8.19 million on $9.31 million of revenues for the
same period during the prior year.

As of Sept. 30, 2021, the Company had $51.65 million in total
assets, $68.92 million in total liabilities, $15.13 million in
mezzanine equity, and a total deficit of $32.41 million.

The Company has incurred significant cumulative consolidated
operating losses and negative cash flows.  As of Sept. 30, 2021,
the Company has an accumulated deficit of $68,647,473, continued
loss from operations of $16,037,214 and negative cash flows from
continued operations in the amount of $10,141,745.  According to
the Company, these factors raise substantial doubt regarding its
ability to continue as a going concern.  The Company plans to
continue to fund its losses from operations and capital funding
needs through public or private equity or debt financings or other
sources, including the continued sale of its non-core assets and
sale or disposition of other assets.

Clearday said, "If the Company is not able to secure adequate
additional funding, the Company may be forced to make reductions in
spending, extend payment terms with suppliers, liquidate assets
where possible, or suspend or curtail planned programs.  Any of
these actions could materially harm the Company's business, results
of operations and future prospects.  The accompanying unaudited
condensed consolidated financial statements have been prepared
assuming the Company will continue as a going concern, which
contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business, and do not include
any adjustments to reflect the possible future effects on the
recoverability and classification of assets or amounts and
classification of liabilities that may result should the Company
not continue as a going concern.  Management does not believe they
have sufficient cash for the next twelve months from the date of
this report to continue as a going concern without raising
additional capital."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895665/000149315221029422/form10-q.htm

                          About Clearday

Clearday (fka Superconductor Technologies, Inc.) is an innovative
non-acute longevity health care services company with a modern,
hopeful vision for making high quality care options more
accessible, affordable, and empowering for older Americans and
those who love and care for them.  Clearday has decade-long
experience in non-acute longevity care through its subsidiary
Memory Care America, which operates highly rated residential memory
care communities in four U.S. states.  Clearday at Home -- its
digital service -- brings Clearday to the intersection of
telehealth, Software-as-a-Service (SaaS), and subscription-based
content.

Superconductor reported a net loss of $2.96 million in 2020
following a net loss of $9.23 million in 2019.  As of July 3, 2021,
the Company had $2.36 million in total assets, $668,000 in total
liabilities, and $1.69 million in total stockholders' equity.

Los Angeles, CA-based Marcum LLP, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated March
31, 2021, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain is operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


CONTAINER STORE: Moody's Ups CFR & Senior Secured Term Loan to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded The Container Store, Inc.'s
ratings, including its corporate family rating to B1 from B2,
probability of default rating to B1-PD from B2-PD, and senior
secured term loan to B1 from B2. The SGL-2 speculative grade
liquidity is unchanged. The rating outlook remains stable.

The upgrade reflects Container Store's strong operating performance
over the last several quarters which has continued through Q2
driven by strong demand for home goods as consumers remain more
focused on their homes. At the same time, the company reduced its
funded debt levels by half since the start of the pandemic leading
to strong credit metrics. Global supply chain issues, inflation and
freight costs headwinds are expected to moderate earnings growth
but Moody's expects credit metrics to remain in line with the B1
rating category.

Upgrades:

Issuer: Container Store, Inc. (The)

Corporate Family Rating , Upgraded to B1 from B2

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

Senior Secured Term Loan B3, Upgraded to B1 (LGD3) from B2 (LGD3)

Outlook Actions:

Issuer: Container Store, Inc. (The)

Outlook, Remains Stable

RATINGS RATIONALE

The Container Store's B1 CFR is constrained by the company's small
scale, narrow focus on the niche, cyclical home storage and
organization sector, as well as intense competition from better
capitalized peers and the need for continued investment to sustain
revenue growth.

The B1 CFR is supported by Container Store's strong credit metrics
including Moody's adjusted debt/EBITDA of 1.8x and EBIT/interest
expense of 3.3x for the LTM period ended October 2, 2021. In
addition, the rating benefits from Container Store's recognized
brand name and its value proposition supported by a highly trained
sales force and a sizeable offering of exclusive and proprietary
products, in particular custom closets. The rating is also
supported by the company's good liquidity profile.

The stable outlook reflects Moody's expectation that Container
Store will maintain solid credit metrics despite the current supply
chain and freight costs pressures and the likelihood of slower
revenue growth as consumers return to spending on travel and
leisure activities.

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

An upgrade in the near-term is unlikely due to the company's small
scale and narrow product focus. However, the ratings could be
upgraded if it increases its scale and product diversification
while sustaining conservative financial strategies, solid operating
performance and good liquidity. Quantitatively, the ratings could
be upgraded if debt/EBITDA is sustained below 3.0x and
EBIT/interest expense is sustained above 2.75x.

The ratings could be downgraded if earnings or liquidity
significantly declines for any reason. Quantitatively, ratings
could be downgraded if debt/EBITDA is sustained above 4.0x or
EBIT/interest approaches 2.0x.

The Container Store, Inc., is a retailer of storage and
organization products in the United States and Europe. The company
operates in the United States through its 94 specialty retail
stores and website, and in Europe through its wholly owned Swedish
subsidiary, Elfa International AB (Elfa). Net revenue for the LTM
period ended October 2, 2021 was approximately $1.1 billion. The
company is publicly traded since the 2013 IPO.

The principal methodology used in these ratings was Retail
published in November 2021.


COTY INC: Moody's Rates New Senior Secured Notes Due 2028 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Coty, Inc.'s
proposed senior secured notes due 2028. Proceeds from the new
senior secured notes will be used to fully repay the balance of the
Euro Senior Secured First Lien Term Loan A due in 2023 and
partially repay borrowings under the revolving credit facility that
expires in 2023. Coty is concurrently entering into a new $2
billion revolving credit facility that expires in 2025.

Moody's considers this refinancing transaction as credit positive
as it extends the company's maturity profile and simplifies the
company's capital structure, replacing two existing classes of
revolving commitments with one revolving credit facility. The
existing revolvers consist of a $2.05 billion facility expiring in
2023 and a $700 million facility expiring in 2025. The transactions
favorably refinance most of the company's remaining debt maturing
in 2023, aside from the EUR550 million senior unsecured notes, with
the next significant debt maturity in 2025. The maturity extension
provides the company greater financial flexibility to utilize cash
to reinvest and execute the company's turnaround strategy, which is
gaining good traction.

Coty's B2 Corporate Family Rating (CFR), B2-PD Probability of
Default Rating (PDR) and stable outlook are unchanged at this time
because leverage is not affected. Moody's recent rating upgrade has
already incorporated the strong revenue and earnings recovery and
the expectation that the company would be able to refinance its
2023 maturity. Coty had strong financial performance in 2021 and
made good progress to strengthen its liquidity. Coty's free cash
flow will also improve because KKR has fully converted its
remaining preferred equity into common stock. Moreover, Coty
recently took many strategic initiatives to further grow both its
mass and prestige portfolios, including introducing a skincare line
in CoverGirl, repositioning Rimmel into clean beauty, and adding
ultra-premium skincare brand Orveda to its portfolio through a
license agreement. Coty needs to continue its earnings momentum and
execute its business transformation well to further reduce its
debt-to-EBITDA towards 5x for another rating upgrade.

Moody's took the following rating actions:

Assignments:

Issuer: Coty Inc.

Senior Secured Regular Bond/Debenture, Assigned B1 (LGD3)

RATINGS RATIONALE

Coty's B2 CFR reflects the company's high debt to EBITDA financial
leverage that Moody's estimates at about 6.9x for the twelve months
ending September 30, 2021. Moody's expects debt-to-EBITDA leverage
to improve by about one turn over the next year to about 5.7x due
to stronger earnings and debt repayment funded from free cash flow
and asset sales. Coty continues to recover from weak revenue levels
driven by efforts to contain the coronavirus and pressure on
discretionary consumer income. Demand for the company's products
will improve over the next year as the number of vaccinated
consumers continues to increase, and as consumers slowly resume
more away-from-home activities that will help drive a rebound in
beauty products demand. The rating also reflects Moody's belief
that the company will generate strong free cash flow of about
$400-450 million over the next year due to good earnings growth,
reduced preferred dividends, and a meaningful working capital
improvement, driven by reduced inventory levels.

Coty's concentration in fragrance and color cosmetics creates
exposure to discretionary consumer spending and requires continuous
product and brand investment to minimize revenue volatility as
these categories tend to be more fashion driven than other beauty
products. Coty will remain more concentrated than its primary
competitors in mature developed markets. The company also relies
more heavily on licenses to support its prestige brands relative to
greater ownership of its mass beauty brands. Moody's believes
reliance on licensing results in a weaker market position than many
of its larger competitors that own the bulk of the prestige beauty
brands. These factors create growth challenges and investment needs
to more fully build its global distribution capabilities and brand
presence. The ratings are supported by the company's large scale,
its portfolio of well-recognized brands, and good product and
geographic diversification.

The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although the global economy is
recovering from the pandemic, continuation of the recovery will be
closely tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.

Social considerations impact Coty in several other ways. First,
Coty is a "beauty" company. It sells products that appeal to
customers almost entirely due to "social" considerations. That is,
such products such as makeup and fragrance help individuals fit in
to society and comply with social mores and customs. Hence social
factors are the primary driver of Coty's sales, and hence the
primary reason it exists. To the extent such social customs and
mores change, it could have an impact -- positive or negative -- on
the company's sales and earnings. However, Moody's believes such
risk is manageable as such customs and mores change at a measured
pace, and as the company is able to adapt to changing "fashion"
trends, and hence offset such social changes. The company engages
with social media influencers, which is in line with demographic
and societal trends. While negative product reviews for the company
have historically been modest, Moody's recognizes that a high
number of adverse product reviews could negatively impact product
demand.

Coty's ratings also reflect governance considerations related to
its financial policies and board independence. Moody's views Coty's
financial policies as aggressive given its appetite for debt
financed acquisitions. In addition, the company's board of
directors has limited independence given that four of the twelve
board members are related to JAB, Coty's majority shareholder. The
company favorably suspended the dividend to preserve cash and
bolster liquidity until leverage is reduced. Coty's plan to reduce
net debt-to-EBITDA leverage to 4.0x (based on the company's
calculation) by the end of calendar 2022 from approximately 5.0x as
of September 2021 demonstrates a continued focus on lowering
leverage and governance risk. Coty also indicated in its recent
investor day that its optimal capital structure is net leverage
below 2.0x, which it anticipates achieving in fiscal 2025.
Monetization by fiscal 2025 of the remaining 26% interest in Wella
that the company values at $1.2 billion based on recent
transactions supplements the de-leveraging potential from debt
reduction through free cash flow.

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

The stable outlook reflects Moody's expectation that Coty will
continue to improve credit metrics over the next 12-to-18 months
through an ongoing recovery in earnings from the weakness
experienced during the coronavirus downturn, generate positive free
cash flow and continue debt repayment.

Coty's ratings could be downgraded if operating performance does
not continue to improve, as demonstrated by consistent organic
revenue and earnings growth. The inability to further reduce
financial leverage to below 6.5x and improve liquidity, or the
pursuit of material debt funded acquisitions or shareholder
distributions could also lead to a downgrade.

Coty's ratings could be upgraded if Coty reduces financial leverage
such that debt to EBITDA approaches 5.0x. Coty would also need to
consistently generate good organic revenue and earnings growth such
that the company continues to generate strong free cash flow.

The principal methodology used in this rating was Consumer Packaged
Goods Methodology published in February 2020.

Coty Inc. ("Coty"), a public company headquartered in New York, NY,
is one of the leading manufacturers and marketers of fragrance,
color cosmetics, and skin and body care products. The company's
products are sold in over 150 countries. The company generates
roughly $4.9 billion in annual revenues. Coty is 56% owned by a
German based investment firm, JAB Holding Company S.a.r.l. (JAB),
with the rest publicly traded or owned by management.


COTY INC: S&P Rates New $500MM Senior Secured Notes 'B+'
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level and '2' recovery
ratings to Coty Inc.'s proposed $500 million senior secured notes
due 2028. The '2' recovery rating indicates its expectation for
substantial (70%-90%; rounded estimate: 80%) recovery in the event
of a payment default. The company intends to use the proceeds from
the transaction to repay the outstanding balance of its 2023 term
loan A facility and repay a portion of the outstanding borrowings
on its revolving credit facility. S&P's ratings are based on the
proposed senior secured notes' preliminary terms, which are subject
to review upon the receipt of final documentation. S&P will
withdraw the ratings on the term loan A upon repayment.

S&P said, "All of our other ratings on Coty, including our 'B'
issuer credit rating on the company, with a stable outlook, are
unaffected by this transaction, which we expect will be
net-leverage-neutral. We continue to believe that the company will
increase sales in the low-to-mid-teens percentage area and earnings
by more than 10% over the next few quarters while sustaining
leverage below 6x. We expect Coty to remain committed to a
disciplined approach toward asset sales and debt reduction and
continue to look for opportunities for potential asset dispositions
to further streamline its portfolio. Further, we expect that the
company will use excess cash proceeds from future transactions for
debt reduction. These actions should help improve the cushion under
the company's net leverage covenant over the next few quarters to
around 15% from 11% at the end of the first quarter of fiscal 2022.
We forecast leverage in the mid-5x area at the end of fiscal 2022
and EBITDA interest coverage of about 3x."



CUSTOM TRUCK: Incurs $20.5 Million Net Loss in Third Quarter
------------------------------------------------------------
Custom Truck One Source, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $20.53 million on $357.31 million of total revenue for
the three months ended Sept. 30, 2021, compared to net income of
$15.17 million on $69.26 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 $177.79 million on $810.72 million of total revenue
compared to a net loss of $13.95 million on $219.48 million of
total revenue for the same period during the prior year.

As of Sept. 30, 2021, the Company had $2.68 billion in total
assets, $416.61 million in total current liabilities, $1.41 billion
in total long-term liabilities, and $857.50 million in total
stockholders' equity.

The Company believes that its liquidity sources and operating cash
flows are sufficient to address its operating, debt service and
capital requirements over the next 12 months; however, the Company
is continuing to monitor the impact of COVID-19 on its business and
the financial markets.  As of Sept. 30, 2021, the Company had $21.1
million in cash and cash equivalents compared to $3.4 million as of
Dec. 31, 2020.  As of Sept. 30, 2021, the Company had $405.0
million of outstanding borrowings under its ABL Facility compared
to $251.0 million of outstanding borrowing under the 2019 Credit
Facility as of Dec. 31, 2020.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1709682/000170968221000074/ctos-20210930.htm

                       About Custom One Truck

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

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


DUTCHINTS DEVELOPMENT: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The Office of the U.S. Trustee for Region 17 on Nov. 22 appointed
an official committee to represent unsecured creditors in the
Chapter 11 case of Dutchints Development, LLC.

The committee members are:

     1. The Sabet Revocable Family Trust
        Attn: Farshid Sabet
        11198 Magdalena Avenue
        Los Altos Hills, CA 94024
        Phone: (650) 464-6819
        E-mail: fsabet95@gmail.com

        Counsel: Gregory C. Simonian
        Casas Riley Simonian, LLP
        55 North 3rd Street
        Campbell, CA 95008
        Phone: (650) 948-7200
        E-mail: GSimonian@legalteam.com

     2. Paul Harms
        Attn: Paul Harms
        861 Concorde Circle Unit 31411
        Linthicum Heights, MD 21090
        Phone: (650) 229-4157
        E-mail: phw01578@gmail.com

        Counsel: Wendy W. Smith; Heinz Binder
        Binder & Malter, LLP
        2775 Park Avenue
        Santa Clara, CA 95050
        Phone: (408) 295-1700
        E-mail: wendy@bindermalter.com; heinz@bindermalter.com

     3. Verse Two Properties, LLC
        Attn: James Payne
        834 S. Perry St. Ste F-521
        Castle Rock, CO 80104
        Phone: (408) 221-9161
        E-mail: james@versetwoproperties.com

        Counsel: Michael St. James
        St. James Law, P.C.
        22 Battery Street Ste 810
        San Francisco, CA 94111
        Phone: (415) 391-7566
        E-mail: Michael@stjames-law.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                  About Dutchints Development LLC

Dutchints Development LLC, a Los Altos, Calif.-based company
engaged in activities related to real estate, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Calif. Case No.
21-51255) on Sept. 29, 2021, listing as much as $10 million in both
assets and liabilities.  Vahe Tashjian, managing member, signed the
petition.  

Judge Elaine M. Hammond presides over the case.

Geoffrey E. Wiggs, Esq., at the Law Offices of Geoff Wiggs
represents the Debtor as legal counsel.


EAGLE HOSPITALITY: Judge Weighs Ch. 11 Relief Money Sanction
------------------------------------------------------------
Vince Sullivan of Law360 reports that the Delaware bankruptcy judge
presiding over the Eagle Hospitality Group Chapter 11 case said
late Friday, November 19, 2021, that he is weighing whether jail
time might be needed to compel two men to give a full accounting of
COVID-19 relief money intended for the floating Queen Mary Hotel
that they allegedly diverted.

During an in-person hearing in Wilmington, U.S. Bankruptcy Judge
Christopher S. Sontchi said he had already issued a judgment
against Howard Wu and Taylor Woods — executives of debtor
affiliate Urban Commons LLC — for their roles in obtaining a $2.
4 million loan under the Paycheck Protection Program without proper
authority.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust ("Eagle H-REIT") and Eagle Hospitality Business Trust. Based
in Singapore, Eagle H-REIT is established with the principal
investment strategy of investing on a long-term basis, in a
diversified portfolio of income-producing real estate which is used
primarily for hospitality and/or hospitality-related purposes, as
well as real estate-related assets in connection with the
foregoing, with an initial focus on the United States.

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

The Debtors tapped PAUL HASTINGS LLP as bankruptcy counsel; FTI
CONSULTING, INC., as restructuring advisor; and MOELIS & COMPANY
LLC, as investment banker. COLE SCHOTZ P.C. is the Delaware
counsel. RAJAH & TANN SINGAPORE LLP is Singapore Law counsel, and
WALKERS is Cayman Law counsel. DONLIN, RECANO & COMPANY, INC., is
the claims agent.




EASTMAN KODAK: S.C. Won't Review Bankruptcy Injury Claims Discharge
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the U.S. Supreme Court
declined to review whether Eastman Kodak Co.'s 2013 bankruptcy plan
blocks a consumer's lawsuit over latent product injuries that
didn't come to light until a year after the company reorganized in
Chapter 11.

The justices' decision Monday, November 22, 2021, leaves in place a
federal appeals court ruling that John Sweeney can't bring personal
injury claims related to a Kodak product made for spinal
examinations.

Sweeney became paralyzed after developing chronic adhesive
arachnoiditis in 2009. In 2014, he said he traced his condition to
a spinal exam he received 40 years earlier that used a
now-discontinued Kodak material.

                     About Eastman Kodak Co.

Rochester, New York-based Eastman Kodak Company and its U.S.
subsidiaries on Jan. 19, 2012, filed voluntarily Chapter 11
petitions (Bankr. S.D.N.Y. Lead Case No. 12-10202) in Manhattan.
Subsidiaries outside of the U.S. were not included in the filing
and are expected to continue to operate as usual.

Kodak, founded in 1880 by George Eastman, was once the world's
leading producer of film and cameras.  Kodak sought bankruptcy
protection amid near-term liquidity issues brought about by
steeper-than-expected declines in Kodak's historically profitable
traditional businesses, and cash flow from the licensing and sale
of intellectual property being delayed due to litigation tactics
employed by a small number of infringing technology companies with
strong balance sheets and an awareness of Kodak's liquidity
challenges.

Attorneys at Sullivan & Cromwell LLP and Young Conaway Stargatt &
Taylor, LLP, served as counsel to the Debtors. FTI Consulting,
Inc., was the restructuring advisor; and Lazard Freres & Co. LLC,
the investment banker. Kurtzman Carson Consultants LLC was the
claims agent.

The Official Committee of Unsecured Creditors tapped Milbank,
Tweed, Hadley & McCloy LLP, as its bankruptcy counsel.

Akin Gump Strauss Hauer & Feld LLP, represented the Unofficial
Second Lien Noteholders Committee.

The Retirees Committee hired Haskell Slaughter Young & Rediker,
LLC, and Arent Fox, LLC as Co-Counsel; Zolfo Cooper, LLC, as
Bankruptcy Consultants and Financial Advisors; and the Segal
Company, as Actuarial Advisors.

Brown Rudnick LLP, represented Greywolf Capital Partners II;
Greywolf Capital Overseas Master Fund; Richard Katz, Kenneth S.
Grossman; and Paul Martin.

Kodak completed the $527 million sale of digital-imaging technology
on Feb. 1, 2013.

U.S. Bankruptcy Judge Allan Gropper confirmed the plan on August
20, 2013. Kodak and its affiliated debtors officially emerged from
bankruptcy protection on Sept. 3, 2013.


EVERBUILDING GROUP: Taps William Timothy Stone as CRO
-----------------------------------------------------
EverBuilding Group, Inc. filed an amended application seeking
approval from the U.S. Bankruptcy Court for the Middle District of
Tennessee to hire William Timothy Stone as chief restructuring
officer.

The services that will be provided by the CRO include:

     (a) advising the Debtor as to its rights, duties and powers
under the Bankruptcy Code; and

     (b) preparing and filing statements of financial affairs,
bankruptcy schedules, Chapter 11 plans, and other documents.

Mr. Stone is requesting a retainer in the amount of $3,500.

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

                   About Everbuilding Group Inc.

EverBuilding Group, Inc. filed a petition for Chapter 11 protection
(Bankr. M.D. Tenn. Case No. 21-02847) on Sept. 17, 2021, disclosing
under $1 million in both assets and liabilities.

Judge Marian F. Harrison oversees the case.

The Debtor is represented by Steven L. Lefkovitz, Esq., at
Lefkovitz & Lefkovitz, PLLC.  William Timothy Stone serves as the
Debtor's chief restructuring officer.


FIVETOWER LLC: Unsecureds' Recovery Hiked to 12% in 60 Months
-------------------------------------------------------------
FiveTower, LLC submitted a First Amended Subchapter V Chapter 11
Plan of Reorganization dated November 19, 2021.

This Subchapter V filing on August 2, 2021 was undertaken to
stabilize FiveTower's operations in light of its pre-petition
inability to settle the State Court Case. FiveTower has resumed its
foreign back-office operations, on a limited basis, and continues
to operate with very limited personnel, both in Kiev and Miami.

Class 1 consists of General Unsecured Claims of Diana Weinberg
[Claim #3], Bank of America [Claim # 4], Ryan Sherman [Claim #6],
and Barbara Sherman [Claims #7, #8]. This Class shall receive
approximately 12% of their combined Allowed Claim amount in the
approximate sum of $235,000.00 through sixty monthly payments. This
Class may be the subject of a Settlement Agreement. This class is
impaired by the Plan and its members are entitled to vote.

A prior version of the Plan said that Class 1 claimants were to
recover 10% under the Plan.

Class 3 consists of General Unsecured Convenience Class Claims
(under $20,000, exclusive of interest) of FPL [Claim #1], Castleton
Equities [Claim #5] and Thompson Reuters [Schedules].

Any Unsecured Claim under $20,000, exclusive of interest; provided,
however, that an Unsecured Convenience Class Claim does not include
a Claim of a former or current employee, officer, director, or
independent contractor of the Debtor; or a claim on account of a
judicial, administrative, or other legal action or proceeding
against the Debtor commenced (or that could have been commenced) on
or before the Petition Date or during the Chapter 11 case. The
eligible Unsecured Convenience Class Claim members as shall receive
their percentage share equal to the recovery of Class 1 General
Unsecured Claimants within 60 days of the Effective Date of the
Plan. This class is impaired, its members are entitled to vote.

General unsecured claims (including disputed, insiders) total
$2,849,942.24. General unsecured claims receiving distributions per
Plan/Class 1&3 total $1,961,449.45, and distribution amount for
Class 1&3 shall be $234,972.63.

The Debtor will fund the Plan with funds from its continued
operations, including amounts collected from its accounts
receivables, cash in hand on the Effective Date. Debtor shall
dedicate a portion of its operations and other receivables for
funding the plan such that sufficient funds for disbursement of all
Allowed Claims in Classes 1 and 3 are available on the Effective
Date.

A full-text copy of the First Amended Plan of Reorganization dated
Nov. 19, 2021, is available at https://bit.ly/3CPQBlf from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Aleida Martinez Molina, Esq.
     Weiss Serota Helfman Cole Bierman, PL
     2525 Ponce de Leon Boulevard, Suite 700
     Coral Gables, Florida 33134
     Tel: 305-854-0800
     Fax: 305-854-2323
     E-mail: amartinez@wsh-law.com

                  About FiveTower LLC

Aventura, Fla.-based FiveTower, LLC filed a petition under Chapter
11, Subchapter V, of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-17617) on Aug. 2, 2021, listing up to $1 million in assets and
up to $10 million in liabilities.  Linda Leali is the duly
appointed Subchapter V trustee.

Judge Laurel M. Isicoff oversees the case.

The Debtor tapped Weiss Serota Helfman Cole & Bierman, PL as
bankruptcy counsel; Markowitz, Ringel, Trusty & Hartog, P.A., and
Richard P. Joblove, P.A. as special counsel; Pinchasik Yelen Muskat
Stein, LLC as accountant; and Dinnall Fyne & Co. as financial
advisor.


FMBC INVESTMENT: Garry W. McNabb Says Disclosures Deficient
-----------------------------------------------------------
Garry W. McNabb objects to the Disclosure Statement to Accompany
Plan of Liquidation filed by FMBC Investments, LLC.

McNabb claims that the Disclosure Statement makes only passing
reference to the Sale Order and makes no reference to the structure
adopted by this Court concerning the Disputed Funds.

McNabb points out that the Disclosure Statement does not reflect
the contingencies in place due to (a) the dispute between McNabb
and the Debtor concerning the Conversion Option, (b) McNabb's
majority ownership interest in the West Heiman Properties or (c)
the relief sought in the Arbitration Motion, including McNabb's
request that the automatic stay be modified to permit the
Conversion Option dispute to be submitted to binding arbitration
pursuant to the Collateral Loan Agreement between McNabb and FMBC.

In addition, the Disclosure Statement (and the Plan) makes material
representations and assumptions concerning the Debtor's assets
available for distribution that would be inaccurate should McNabb
prevail in arbitration. Specifically, based on a purchase price of
$7,500,000.00, if McNabb prevails in arbitration the bankruptcy
estate’s interest in the West Heiman Properties would be valued
at $895,050.00. McNabb would thereby be entitled to, and rightfully
so, the entirety of the Disputed Funds ($6,604,950.00 plus accrued
interest).

The material omissions demonstrate the prematurely filed Disclosure
Statement is fundamentally deficient and lacks adequate information
as required under Section 1125 of the Bankruptcy Code. This
Objection is necessary to avoid any semblance of waiver with
respect to the Debtor's erroneous classification of McNabb as a
secured creditor, and the Debtor's failure to account for the Sale
Order and the contingencies flowing from the unresolved Arbitration
Motion.

McNabb further objects to any and all characterizations made by the
Debtor in the Disclosure Statement and the Plan as to McNabb's
status as a party in interest or creditor in this case, and to the
Debtor's representations as to the balance of indebtedness that
accrued under the Security Documents.

A full-text copy to Disclosure Statement's Objection dated Nov. 19,
2021, is available at https://bit.ly/3HEma4V from PacerMonitor.com
at no charge.

Attorneys for Garry W. McNabb:

     Kevin C. Baltz
     J. Mitchell Carrington
     Butler Snow LLP
     150 Third Avenue South, Suite 1600
     Nashville, TN 37201
     Tel: (615) 651-6700
     Fax: (615) 651-6701
     E-mail: kevin.baltz@butlersnow.com
             mitch.carrington@butlersnow.com

                       About FMBC Investments
  
Nashville, Tenn.-based FMBC Investments, LLC sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
21-01880) on June 18, 2021. The Debtor's single asset of value is
the real estate located at 2404, 2500, 2518, and 0 West Heiman
Street, Nashville, Tennessee 37208 (collectively, the "West Heiman
Properties").

At the time of the filing, the Debtor disclosed $1 million to $10
million in both assets and liabilities.

Judge Charles M. Walker oversees the case.  

Dunham Hildebrand, PLLC and the Law Firm of Baggott Law, PLLC serve
as the Debtor's bankruptcy counsel and special counsel,
respectively.


FRANCHISE GROUP: Moody's Rates New $425MM First Lien Loan 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned ratings to Franchise Group,
Inc.'s proposed senior secured term loans, including a Ba3 rating
on the proposed $425 million first lien senior secured term loan
due 2023 and a B3 rating on the proposed $150 million second lien
senior secured term loan due 2023. At the same time, Moody's
affirmed Franchise Group's existing ratings, including its B1
corporate family rating, B1-PD probability of default rating, Ba3
rating on its first lien senior secured term loan due 2026 and B3
on its second lien senior secured term loan due 2026. Franchise
Group's SGL-2 speculative grade liquidity rating is unchanged. The
outlook is stable.

On November 22, 2021[1], Franchise Group announced that it has
acquired home furnishings retailer W.S. Badcock Corporation
("Badcock", dba "Badcock Home Furniture & more") for approximately
$550 million. Proceeds from the proposed term loans will be used to
acquire Badcock, pay transaction fees and expenses and add cash to
the balance sheet. The ratings are subject to review of final
documentation.

The affirmation of Franchise Group's B1 CFR reflects the strategic
benefits of the proposed acquisition, including increased industry
and product diversification, potential synergies with its existing
home furnishings businesses, and Moody's expectation that the
company will reduce acquisition debt withing the next 6-12 months
using free cash flow and proceeds from potential sales of Badcock
non-core assets, and that it will maintain moderate leverage levels
over the longer term. Pro forma leverage, as measured by estimated
lease adjusted debt/EBITDAR as of June 2021, will be around 4.3x,
falling to around 3x in 2022. Also considered are governance
factors such as aggressive financial policies, including the use of
short tenured debt to finance the Badcock acquisition, which could
put the company at risk if it is unable to repay or refinance the
debt in a timely manner.

Affirmations:

Issuer: Franchise Group, Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured 1st Lien Term Loan, Affirmed Ba3 (LGD3)

Senior Secured 2nd Lien Term Loan, Affirmed B3 (LGD5)

Assignments:

Issuer: Franchise Group, Inc.

Senior Secured 1st Lien Term Loan, Assigned Ba3 (LGD3)

Senior Secured 2nd Lien Term, Assigned B3 (LGD5)

Outlook Actions:

Issuer: Franchise Group, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Franchise Group's B1 CFR incorporates governance factors including
the company's aggressive financial policies, including the use of
significant amount of free cash flow to pay a growing dividend over
time and an acquisitive growth strategy. Franchise Group's rapid
acquisition activity also increases operating risk and diminishes
the visibility of earnings. However, this is balanced against a
more moderate leverage policy, with a recent track record of
issuing equity to help fund acquisitions and significant debt
reduction. The rating is supported by the strategic benefits of the
proposed acquisition of Badcock, including increased industry and
product diversification and potential synergies. Including Badcock,
FRG will operate in five separate retail segments with demonstrated
economic resilience, and one services segment with Sylvan Learning,
with no one segment representing more than 26% of pro-forma
EBITDA.

While Moody's continues to expect Franchise Group to maintain
moderate leverage levels over the longer term, future acquisitions
could once again temporarily increase leverage. Franchise Group's
limited operating history with ownership of the recently acquired
groups is also a key consideration. Given that the company has
rapidly grown through many successive acquisitions since being
formed in July 2019, it has yet to prove that its business
strategies and financial policies are sustainable over the longer
term. The acquisition of Badcock comes on the heels of the
debt-funded Pet Supplies Plus, LLC acquisition in March 2021 and
Sylvan cash acquisition in September 2021. Also, despite having
moderate pro forma financial leverage relative to similarly rated
peers, the company's will have a more modest pro forma interest
coverage of around 2.0x EBIT/interest expense, due to the high cost
of debt in its capital structure.

Franchise Group's liquidity is expected to remain good over the
next 12-15 months, supported by positive, albeit seasonal, free
cash flow, pro-forma balance sheet cash of around $185 million,
ample remaining availability under its $150 million ABL revolving
credit facility (unrated), good cushion under the financial
maintenance covenants, and access to alternate liquidity sources
such as potential future franchising opportunities. Nevertheless,
given that the proposed term loans are set to mature in 24 months,
liquidity will deteriorate if not repaid or refinanced over the
next 6-12 months.

The Ba3 rating on Franchise Group's proposed $425 million first
lien senior secured term loan reflects its first lien priority with
respect to all assets except for the ABL priority collateral, in
which it will have a second priority interest. The new first lien
term loan will be pari passu to the existing first lien term loan.
The B3 rating on the proposed $150 million second lien senior
secured term loan reflects its junior claim position relative to
both the first lien senior secured term loan and ABL. The new
second lien term loan will be pari passu to the existing second
lien term loan.

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

The stable outlook reflects Moody's expectation that Franchise
Group will delever by repaying the new credit facilities within the
next 6-9 months with proceeds from the sale of Badcock accounts
receivable and real estate. The outlook also reflects expectations
for good liquidity and earnings growth.

Ratings could be downgraded if market conditions deteriorate such
that the company is unable to monetize the planned Badcock assets
to meet the bridge loan maturities, operating performance or credit
metrics deteriorate through sales or profit declines or
encountering acquisition integration issues. More aggressive
financial policies, such as maintaining higher leverage through
significant debt-funded shareholder returns or acquisitions, or a
deterioration in liquidity, could also lead to a downgrade.
Specific metrics include debt/EBITDA maintained above 4x or
EBIT/interest expense below 2x.

Ratings could be upgraded over time if Franchise Group demonstrates
steady revenue and profit growth, successful acquisition
integration and synergy realization, and positive free cash flow.
An upgrade would also require a balanced financial policy that
allows the company to maintain debt/EBITDA below 3x and
EBIT/interest expense above 2.5x.

Franchise Group, Inc. (NASDAQ: FRG), through its subsidiaries,
operates franchised and franchisable businesses including Pet
Supplies Plus, LLC, American Freight, The Vitamin Shoppe, Buddy's
Home Furnishings and Sylvan Learning Systems, Inc. Pro-forma
revenue, including Badcock, are estimated to be around $4.1 billion
as of June 2021.

The principal methodology used in these ratings was Retail
published in November 2021.


FRANCHISE GROUP: S&P Affirms 'B+' ICR on Badcock Acquisition
------------------------------------------------------------
S&P Global Ratings affirmed its existing ratings on Franchise Group
Inc. (FRG), including its 'B+' issuer credit rating, given its view
of FRG's improved business prospects following the acquisition,
offset with higher pro forma leverage.

At the same time, S&P assigned its 'BB-' issue-level and '2'
recovery ratings to the new $425 million first-lien term loan.

The stable outlook reflects its expectation for the Badcock
acquisition to strengthen FRG's revenue base and profit generation,
leading to improved cash flow generation.

FRG's acquisition of Badcock will improve profitability and cash
flow generation, offsetting an initial increase in leverage. The
acquisition increases leverage to the mid-4x area, but we believe
there is room for leverage to improve sequentially on higher EBITDA
base and subsequent debt reduction. The company will fund the $550
million Badcock acquisition with a new $425 million first-lien term
loan (rated) and a new $150 million second-lien term loan (not
rated). S&P forecasts EBITDA growth of about 40% in fiscal 2022,
reflecting the inclusion of newly acquired businesses and continued
positive operating performance trend.

S&P views the acquisition as a positive strategic fit, which
complements FRG's existing portfolio with added presence in the
home furnishing space. The acquisition adds scale and diversity to
FRG's business with 380 stores in eight states across the
southeastern U.S. About 80% of stores are independently owned
through an independent dealer network, allowing for ease of entry
into new markets and low startup costs, positioning FRG well for
future growth. However, in S&P's view, the acquisition heightens
execution risks as the company works to integrate Badcock and
generate cost synergies across other business segments.
Furthermore, despite ongoing demand in the home furnishing
industry, supply chain constraints and increased freight costs pose
a risk and could pressure margins and impair product availability.

FRG's franchising model creates healthy free operating cash flow
(FOCF) that should support deleveraging. Franchising demand has
been strong and through the second quarter of 2021, FRG has opened
111 net new stores, with a good backlog of franchises. Currently,
nearly 50% of all FRG locations are franchised, which we view as a
positive credit factor given the predictable stream of cash flow
from royalties. In addition, the company's asset-light model limits
its capital expenditure (capex) needs. S&P said, "We expect that
growing EBITDA base and steady level of annual capex around $40
million-$50 million will lead to substantial free cash flow
generation of about $110 million-$120 million in 2021. FRG's
commitment to deleveraging is demonstrated by its recent sale of
its Liberty Tax segment, where the company used $182 million of
cash proceeds to pay down first-lien debt. As such, we believe the
company will prioritize debt repayment and we forecast leverage
improving to about 3x in 2022."

S&P said, "We continue to view execution and integration risks as
key risks to the business. Since July 2019, the company has rapidly
grown through acquisitions, which includes the acquisition of Sears
Outlet and The Vitamin Shoppe in 2019, American Freight and FFO
Home in 2020, and Pet Supplies Plus and Sylvan Learning in 2021. In
our view, FRG has yet to establish a sustained record for its
business strategies and financial policies. We base this assessment
on the company's recent record given its rapid acquisition pace.
Moreover, we expect the company to remain acquisitive as it seeks
future growth and diversification. While we forecast the company's
leverage to improve in 2022, future acquisitions may still lead to
greater earnings and credit measure volatility, including a
leverage spike. As such, we assess our comparable ratings modifier
as negative.

"The stable outlook reflects our expectation for the Badcock
acquisition to strengthen revenue growth and profit generation,
leading to improved cash flow generation.

"We could lower the rating if deteriorating performance relative to
our forecast leads to leverage sustained at about 5x. This could
occur if there is a decline in consumer spending or if the company
is unable to realize synergies related to its recent acquisitions.

"We would consider an upgrade if the company demonstrates a clear
track record of successful integration of businesses. For an
upgrade, we would expect the company to maintain a disciplined
merger and acquisition strategy and financial policy that supports
its leverage target of 2x-3x."



GLOBAL CLOUD XCHANGE: To Sell to 3i Infrastructure for $512 Million
-------------------------------------------------------------------
3i Infrastructure plc said Nov. 17 it has agreed to invest $512
million to acquire a 100% stake in Global Cloud Xchange ("GCX").
GCX is a leading global data communications service provider and
owns one of the world's largest private subsea fibre optic
networks.

GCX provides high-bandwidth connectivity to a range of blue-chip
customers including hyperscalers, telecommunications operators, new
media providers and enterprises. Its 66,000km of cables span 46
countries from North America to Asia, with a particularly strong
position on the Europe-Asia and Intra-Asia routes. 3i
Infrastructure is partnering with GCX's management team to invest
in a leading platform in the sector, with the ambition to increase
the utilised capacity on GCX’s existing routes as well as to add
new routes and customers.

Global data traffic is growing rapidly, with data usage forecast to
grow in excess of 25% per annum. Technological advances, the
digitalisation of the economy and regulatory developments are
causing a proliferation of data generation and usage across all
industries.  This data is increasingly being stored and shared via
the cloud and relies on data carrier infrastructure, including
GCX’s extensive network, to flow between hubs across the world.

Richard Laing, Chair of 3i Infrastructure, commented: “GCX
provides an essential service to its customers and operates in an
industry with high barriers to entry. GCX is a great addition to
the Company's portfolio, in a sector we have been keen to invest
further into, and will provide an attractive yield to 3i
Infrastructure.”

Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, added: "GCX is
one of the most comprehensive subsea cable networks globally, with
a unique network on strategically important routes. We are
delighted to be backing Carl Grivner and his experienced management
team to continue GCX’s growth."

Carl Grivner, CEO GCX, said: "We are very excited to have 3i
Infrastructure's backing. We will benefit from the team’s
experience of investing in telecommunications infrastructure as
well as their international network and experience of supporting
companies to grow. We look forward to partnering with 3i
Infrastructure to accelerate our growth and strengthen our
platform."

Completion is conditional upon certain regulatory approvals and is
expected in the middle of 2022.

                    About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies.  GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform. With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped Paul Hastings LLP as general bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as local bankruptcy counsel;
FTI Consulting, Inc. as financial advisor; and Lazard & Co.,
Limited as investment banker. Prime Clerk LLC is the claims agent.


GREEN4ALL ENERGY: Jan. 5, 2022 Plan & Disclosure Hearing Set
------------------------------------------------------------
On Nov. 15, 2021, Green4All Energy Solutions, Inc., Daniel A.
Handley, and H2MinusO, LLC ("the Debtors") filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Small
Business Disclosure Statement referring to Debtors' Plan of
Reorganization.

On Nov. 19, 2021, Judge Christopher M. Lopez conditionally approved
the Disclosure Statement and ordered that:

     * Dec. 29, 2021, at 5:00 p.m. is fixed as the last day for
returning ballots.

     * Dec. 29, 2021, at 5:00 p.m. is fixed as the last day for
filing and serving written objections to the disclosure statement.


     * Dec. 29, 2021, at 5:00 p.m. is fixed as the last day for
filing and serving written objections to confirmation of the plan.


     * Jan. 5, 2022, at 11:00 a.m., is fixed for the hearing on
confirmation of the plan and final approval of the disclosure
statement.     

A copy of the order dated Nov. 19, 2021, is available at
https://bit.ly/3xg4Cr1 from PacerMonitor.com at no charge.

Attorney for the Debtor:

     MARGARET M. MCCLURE
     909 Fannin, Suite 3810
     Houston, Texas 77010
     Tel: (713) 659-1333
     Fax: (713) 658-0334
     E-mail: Margaret@mmmcclurelaw.com

                 About Green4All Energy Solutions

Green4All Energy Solutions, Inc. -- http://g4all.net-- is a
Chicago, Illinois-based company that specializes in water
conservation products and services.

Green4All Energy Solutions and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
20-31758) on March 15, 2020.  At the time of the filing, the Debtor
was estimated to have assets and liabilities of less than $1
million.

The Debtors have tapped the law firm of Margaret M. McClure as
bankruptcy counsel; Adkison Need Allen & Rentrop, PLLC, as special
counsel; Chamberlain & Henningfield Certified Public Accountants,
LLP as accountant; and Scherrer Patent & Trademark Law, P.C. as
special counsel.


GRUPO POSADAS: Seeks to Tap DD3 Capital as Investment Banker
------------------------------------------------------------
Grupo Posadas SAB de CV and Operadora del Golfo de Mexico, SA de CV
seek approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ DD3 Capital Partners, S.A. de C.V.
as their investment banker.

The firm's services include:

     (a) reviewing and analyzing the financial documents relating
to the 7.875% unsecured senior notes due 2022 that were issued by
Grupo Posadas;

     (b) identifying the requirements, conditions, and processes
necessary to proceed with the restructuring;

     (c) advising the Debtors on the terms and conditions of the
restructuring;

     (d) establishing contact for, coordinating, managing,
preparing, and negotiating the necessary documents to document the
restructuring process;

     (e) preparing financial materials and strategies to negotiate
with the holders of the existing notes; and

     (f) updating and monitoring the Debtors' financial models.

The firm will be paid as follows:

     (a) Monthly Fee: The Debtors shall pay the investment banker a
monthly fee of $12,311.

     (b) Success Fee: The Debtors shall pay the investment banker a
completion fee equal to 0.5 percent of the current total
outstanding principal amount of the existing notes ($392.605
million) in the event of restructuring

     (c) Additional Fee: The Debtors may pay an additional fee
equal to 0.25 percent on the total current principal amount of the
existing notes ($392.605 million).

Martin Werner, a partner at DD3, 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:

     Martin Werner
     DD3 Capital Partners, S.A. de C.V.
     Torre Virreyes
     Pedregal 24, Col. Molino del Rey,
     Miguel Hidalgo, C.P. 11040, CDMX
     Email: martin.werner@dd3.mx

                        About Grupo Posadas

Grupo Posadas S.A.B. de C.V. is the leading hotel operator in
Mexico and owns, leases, franchises and manages 185 hotels and
28,690 rooms in the most important and visited urban and coastal
destinations in Mexico. Urban hotels represent 87% of total rooms
and coastal hotels represent 13%. Posadas operates the following
brands: Live Aqua Beach Resort, Live Aqua Urban Resort, Live Aqua
Boutique Resort, Grand Fiesta Americana, Curamoria Collection,
Fiesta Americana, The Explorean, Fiesta Americana Vacation Villas,
Live Aqua Residence Club, Fiesta Inn, Fiesta Inn LOFT, Fiesta Inn
Express, Gamma, IOH Hotels, and One Hotels. Posadas has traded on
the Mexican Stock Exchange since 1992.

Grupo Posadas S.A.B. de C.V. and affiliate Operadora del Golfo de
Mexico, S.A. de C.V. sought Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-11831) on Oct. 26, 2021, listing up to $1 billion in
both assets and liabilities.

Judge Sean H. Lane oversees the cases.

The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
international legal counsel; Ritch, Mueller y Nicolau, S.C. and
Creel, Garcia-Cuellar, Aiza y Enriquez SC, as Mexican legal
counsel; and DD3 Capital Partners as investment banker. Prime
Clerk, LLC is the claims agent and administrative advisor.


GULF COAST HEALTH: Agencies, Creditors Say No to Chapter 11 Deal
----------------------------------------------------------------
Rick Archer of Law360 reports that creditors and government
watchdogs are asking a Delaware bankruptcy judge to deny nursing
home chain Gulf Coast Health Care's request to transfer 24 of its
facilities to its landlord in a Chapter 11 deal, saying the homes
should have been put on the market.

In court filings Wednesday, November 17, 2021, unsecured creditors,
noteholders and the U.S. Trustee's Office all said Gulf Coast
appears to have not even tried to find a better offer for the
facilities before entering into the management and operations
transfer agreement with the landlord.

"Through the MOTA Motion and related Restructuring Support
Agreement ("RSA"), the Debtors seek to implement an expedited
handover of their principal operating assets, along with a
comprehensive settlement of claims among and between the Debtors,
their equity sponsors, insider DIP Lender New Ark, the Omega
Landlords and their respective affiliates.  Once the transfers
contemplated by the RSA and the MOTA Motion have occurred, these
cases will be largely over.  The Debtors' estates will be left with
a handful of miscellaneous assets -- 4 operating facilities,
pre-transfer accounts receivable from the transferred facilities
and causes of action.  And should plan confirmation be denied, the
estates will be saddled with ruinous administrative claims that
complicate if not preclude any alternative plan or transaction,"
noteholder claimants REIT Solutions II, LLC  (f/k/a REIT Solutions,
Inc.), SJB No. 2, LLC, JJT No. 1, LLC, Wet One, LLC and DLF No. 3,
LLC, said in an objection.

"The Debtors should not be permitted to surrender the majority of
its facilities—for consideration insufficient to fund any
distribution to unsecured creditors-- without first demonstrating
that the entire transaction is fair and equitable, More
specifically, the Debtors should be required to show that they have
made reasonable efforts to maximize recoveries for all
stakeholders, and that they
have considered and pursued alternative, value-maximizing
transactions."

"The MOTA Motion fails for the following reasons.  First, the
Debtors seek to transfer substantially all of their assets under
the MOTA without any market test
on an expedited time frame.  Second, the requested relief benefits
Omega, not the Debtors' estates.  Third, the proposed MOTA
transaction does not deliver on the promise of relieving the
estates of the administrative costs of operating Omega's
facilities, which increases the risk to the unsecured creditors
that the estates will be administratively insolvent," the Committee
said.

                    About Gulf Coast Health Care

Gulf Coast Health Care, LLC is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi.  It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.

Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021. In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.

The cases are handled by Judge Karen B. Owens.

The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC is the
claims, noticing and administrative agent.

On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases.  Greenberg Traurig, LLP and FTI Consulting, Inc., serve
as the committee's legal counsel and financial advisor,
respectively.


GULF FINANCE: Moody's Hikes CFR to B3 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Gulf Finance, LLC's Corporate
Family Rating to B3 from Caa3, Probability of Default Rating to
B3-PD/LD (/LD appended) from Caa3-PD and senior secured term loan
due 2026 rating to Caa1 from Caa3. The rating for the senior
secured term loan due 2023 was withdrawn. The outlook was changed
to stable from ratings under review. This concludes the review
initiated on September 28, 2021.

"The upgrade of Gulf Finance's ratings reflects the sponsor's
conversion of debt to equity and contribution of equity to support
debt repayment," said Jonathan Teitel, a Moody's analyst. "The
transaction where term loan debt was significantly reduced
meaningfully improves leverage, extends the debt maturity profile,
and reduces default risk."

Upgrades:

Issuer: Gulf Finance, LLC

Corporate Family Rating, Upgraded to B3 from Caa3

Probability of Default Rating, Upgraded to B3-PD/LD from Caa3-PD

Senior Secured Term Loan, Upgraded to Caa1 (LGD4) from Caa3
(LGD4)

Outlook Actions:

Issuer: Gulf Finance, LLC

Outlook, Changed To Stable From Rating Under Review

Withdrawals:

Issuer: Gulf Finance, LLC

Senior Secured Term Loan, Withdrawn, previously rated Caa3 (LGD4)

RATINGS RATIONALE

The upgrade of Gulf's CFR to B3 reflects the company's recently
completed transaction whereby term loan debt was reduced from $1.05
billion to $720 million. The sponsor converted the term loan that
it owned to equity and contributed equity to support debt
repayment, resulting in meaningful debt reduction and improvement
in debt/EBITDA. The transaction also extended the term loan
maturity from 2023 to 2026 and reduced default risk. The extended
debt maturity profile provides the company with increased runway to
further reduce leverage. Moody's expects leverage to improve as:
(1) volumes continue to recover from the pandemic, increasing
EBITDA; (2) the term loan balance decreases from mandatory
amortization and 100% of excess cash flow swept toward repayment;
and (3) the company benefits from growth initiatives, driving
higher EBITDA. The B3 rating is weakly positioned because of the
time and risks to achieve necessary further reduction in leverage.
Gulf benefits from its market presence in its core northeastern US
market, a diverse distribution network and customer base, and the
strategic nature of its terminal infrastructure for refined
products distribution.

Moody's appended an "/LD" designation to the PDR, indicating
limited default. Moody's considers the transaction to be a
distressed exchange, which is a default under its definitions. The
LD designation will be removed shortly after today's rating
action.

Moody's expects Gulf to maintain adequate liquidity. The ABL
revolver's maturity was extended to 2024. The ABL revolver has $500
million in lender commitments (increased from $450 million) with
$253 million of borrowings and $54 million of outstanding letters
of credit, leaving $193 million available. The revolver has a
springing minimum debt service coverage ratio and the term loan has
a minimum debt service coverage ratio maintenance covenant.

Gulf's $720 million senior secured term loan due 2026 is rated
Caa1. This is one notch below the B3 CFR, reflecting a second
priority lien behind the revolver with respect to the more liquid
ABL priority collateral which includes receivables and
inventories.

The stable outlook reflects Moody's expectation for improving
leverage as the term loan is repaid and EBITDA improves
meaningfully in 2022.

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

Factors that could lead to an upgrade include significantly
increased EBITDA; durable growth of volumes and EBITDA: debt/EBITDA
below 5.5x; and maintenance of adequate liquidity.

Factors that could lead to a downgrade include lack of meaningful
improvement to EBITDA in 2022; negative free cash flow; leverage
not declining as expected; or weakening liquidity.

Gulf, headquartered in Wellesley, Massachusetts, is a refined
products terminals, storage and logistics business and a
distributor of both branded and unbranded petroleum products in the
US. The company is privately owned by ArcLight Capital Partners.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.


HOME DEALS: Seeks to Hire Murray Plumb & Murray as Special Counsel
------------------------------------------------------------------
Home Deals of Maine, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Maine to hire Murray, Plumb & Murray as
its special counsel.

The firm will assist the Debtor with litigation, claims objections,
and/or adversary proceedings regarding Kenobi, LLC, Scott Durepo,
or Jedi, LLC.

Kelly McDonald's fees are currently charged at the rate of

The firm will charge $365 per hour for its services.

Kelly McDonald, a partner at Murray, Plumb & Murray, assured the
court that the firm does nor represent or hold any interest adverse
to the Debtor or its estate.

The firm can be reached through:

     Kelly McDonald, Esq.
     Murray, Plumb & Murray
     75 Pearl Street
     P.O. Box 9785
     Portland, ME, 04104-5085
     Email: 207-773-5651
     Email: kmcdonald@mpmlaw.com

             About Home Deals of Maine

Home Deals of Maine, LLC filed a petition for Chapter 11 protection
(Bankr. D. Maine Case No. 21-10267) on Oct. 6, 2021, listing
$3,147,975 in assets and $1,650,258 in liabilities.  Jo A.
Roderick, sole member, signed the petition.  Judge Peter G. Cary
oversees the case.  The Debtor tapped Molleur Law Office as legal
counsel.


HOUGHTON MIFFLIN: S&P Upgrades ICR to 'B', Outlook Positive
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S. K-12
educational publishing and learning solutions provider Houghton
Mifflin Harcourt Co. (HMH) to 'B' from 'B-'.

At the same time, S&P raised its issue-level rating on the
company's secured debt to 'B+' from 'B'. The '2' recovery rating is
unchanged, indicating itsr expectation of 70%-90% (rounded
estimate: 85%) recovery in the event of a payment default or
bankruptcy.

S&P said, "The positive outlook reflects our expectation that HMH
will continue to grow its extension business, increase its
recurring revenue base, and improve operating efficiency, such that
it maintains positive free cash flow through the adoption cycle. We
forecast adjusted debt to EBITDA will decline to 3x over next 12
months.

"The upgrade reflects better-than-expected operating results, and
our expectation that earnings and cash flows will improve further
over the next 12 to 24 months. HMH's third quarter was materially
stronger than we anticipated. Strong growth (46%) in the company's
extension business and particularly high demand for its Heinemann
products as students returned to in-person learning drove net sales
growth of roughly 26%. In addition, the company's core solutions
segment increased approximately 14% from open territory demand as
state and local school districts resume purchasing decisions as
their economies recover, as well as benefits from federal stimulus
packages, which we expect will help fuel the company's growth over
the next 24 months. During the quarter, S&P Global
Ratings'-adjusted EBITDA (including pre-publication amortization
expense) was about $125 million, substantially up from $37 million
in 2020 as a result of lower restructuring costs and operating
leverage with higher billings (billings is gross sales before any
revenue that will be deferred until future recognition). In
addition, the company has made good progress on growing its
contribution from annual recurring revenues. Digital sales accounts
for roughly 40% of total billings and we expect annual recurring
revenues to account for 12%-15% of billings at year-end 2021, up
from about 2% in 2018.

"We expect HMH to maintain its substantial cash balances and
anticipate that it will maintain a conservative financial policy
over the next 2 years.We expect HMH will end the year with over
$400 million of cash and short-term investments. We believe the
company will make tuck-in acquisitions with its free operating cash
flow and maintain sufficient liquidity from its high cash balances
for seasonal working capital needs. With the recent $337 million
debt payment on its term loan and the company' public leverage
target of 2x, we forecast HMH's leverage will improve to around 3x
in 2022. In addition, we forecast adjusted free operating cash flow
to debt to improve to close to 30% in 2021 and around 40% in 2022,
driven by lower debt balances and materially lower cost base,
including pre-publication investments . We expect HMH to refinance
its 9% senior notes for lower cost of debt next year once the notes
are callable.

"Improved expense base, the sale of its books and media segment,
and growing digital billings and subscription revenue should result
in sustainable higher margins going forward. Since 2017, HMHC has
incurred substantial restructuring charges related to headcount
reduction amid repositioning itself a digital-first educational
materials company, a process that we believe culminated with the
sale of its lower margin books and media segment in June 2021. The
company began seeing benefits from its restructuring efforts this
year as it now operates with a substantially lower free cash flow
break-even billings level of about $850 million, compared with
2019's break-even level of around $1.2 billion. We expect its
adjusted EBITDA margin to increase to about 10% this year, up from
negative EBITDA last year, and further improve to the mid-teens
percent rate in 2022.

"We expect HMH to maintain or slightly increase its leading market
share in ongoing state adoptions and open territory wins.HMH has
historically maintained a leading share of around 35% in most major
state curriculum adoptions. We expect the increased digital demand
from more distanced learning environments to translate into flat or
modest market share in the ongoing California and Florida
adoptions, as HMH has positioned itself well with the large
increase in recent digital offerings. We believe the ubiquity of
distance learning in 2020 has accelerated the preference for
digitally native educational materials, which tend to carry higher
margins than their print-based counterparts that require material
shipping and distribution costs. In our view, the shift to the
digitalization of education content and delivery will continue over
the next 2 years based on improved student to device ratio, the
value and efficiency customers experienced during the pandemic, and
benefits from recent federal stimulus plans, totally about $200
billion for K-12 education. However, we are uncertain of the size
and timing benefit to HMH."

HMH has a narrow product focus in the U.S. K-12
educational-publishing and learning-solutions market. The company
is exposed to cyclical state and local government spending as well
as a curriculum adoption market that can fluctuate considerably
from year to year. HMH has a very small international presence and
no exposure to the higher education market. Partially offsetting
these factors is HMH's leading position within the U.S. K-12 print
and digital educational-publishing markets, and its ongoing
business transformation, including growing its subscription and
connected revenues through its extensions business segment
(includes student assessment, intervention, and supplemental
products), which has more stable profitability than its core
educational business. This will help to reduce the company's
volatile free operating cash flow generation, which has
historically been robust at the top of the cycle and negative
during the trough of the cycle. S&P expects the next trough to
occur in 2023.

S&P said, "The positive outlook reflects our expectation that HMH
will continue to increase its recurring revenue growth and improve
operating efficiency, resulting in adjusted debt to EBITDA
declining to 3x over next 12 months. Our forecast assumes
mid-single-digit-percent annual revenue growth, adjusted EBITDA
margin expanding to around 16%, and stronger FOCF generation that
should facilitate investment spending and acquisitions.

"We could raise the rating if HMH further improves its competitive
standing in the industry and continues to grow its subscription
revenues, such that we are highly confident that margins will
remain above 15% and adjusted leverage will remain below 4x on a
sustained basis through the next trough in the addressable K-12
textbook market.

"We could lower the issuer credit rating if we expect HMH to lose
market share or underperform in its extension business because of
intense competition or adopt an aggressive financial policy,
resulting in HMH's leverage increasing and remaining above 5x or an
inability to generate positive FOCF throughout the peak to trough
adoption cycle."


INPIXON: Incurs $34 Million Net Loss in Third Quarter
-----------------------------------------------------
Inpixon filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $33.95
million on $4.45 million of revenues for the three months ended
Sept. 30, 2021, compared a net loss of $7.45 million on $2.55
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 $31.98 million on $10.86 million of revenues compared
to a net loss of $20.92 million on $5.43 million of revenues for
the nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $191.04 million in total
assets, $26.66 million in total liabilities, $39.50 million in
mezzanine equity, and a total stockholders' equity of $124.89
million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1529113/000162828021023402/inpx-20210930.htm

                           About Inpixon

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

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


INPIXON: Six Proposals Approved at Annual Meeting
-------------------------------------------------
At the Annual Meeting of Inpixon's stockholders, the company's
stockholders:

   (1) elected Nadir Ali, Wendy Loundermon, Leonard A. Oppenheim,
Kareem M. Irfan, and Tanveer A. Khader as directors to hold office
until the next annual meeting or until the election and
qualification of his or her successor;

   (2) ratified the appointment of Marcum LLP as the company's
independent registered public accounting firm to audit the
financial statements for the fiscal year ending Dec. 31, 2021;

   (3) approved the increase of the number of authorized shares of
Common Stock from 250,000,000 to 2,000,000,000 shares;

   (4) approved the issuance of Earnout Shares pursuant to Nasdaq
Listing Rule 5635(c), as more fully described in the Proxy
Statement;

   (5) did not approve the amendment to the Articles of
Incorporation permit additional time between a record date and a
stockholder's meeting;

   (6) approved an Amendment of the 2018 Employee Stock Incentive
Plan, as more fully described in the Proxy Statement;

   (7) did not approve an amendment to the Bylaws to decrease the
quorum requirement, as more fully described in the Proxy
Statement;

   (8) did not approve the amendment to the Bylaws to amend the
quorum requirement for stockholders' meetings; and

   (9) approved the authorization to adjourn the Annual Meeting.

                           About Inpixon

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

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


IONIX TECHNOLOGY: Incurs $540K Net Loss in First Quarter
--------------------------------------------------------
Ionix Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $540,199 on $4.55 million of revenues for the three months ended
Sept. 30, 2021, compared to a net loss of $532,306 on $2.96 million
of revenues for the three months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $20.72 million in total
assets, $9.41 million in total liabilities, and $11.31 million in
total stockholders' equity.

During the three months ended Sept. 30, 2021, net cash used in
operating activities was $383,133 compared to the cash used in
operating activities of $258,698 for the three months ended Sept.
30, 2020.  The change was mainly due to a decrease in accounts
payable and an increase in accounts receivable, partially offset by
a decrease in inventory during the three months ended Sept. 30,
2021 as compared to the three months ended Sept. 30, 2020.

During the three months ended Sept. 30, 2021, net cash used in
investing activities was $203,308 compared to net cash used in
investing activities of $148,835 during the three months ended
Sept. 30, 2020.  The change was primarily due to the fact that
there were more purchase of equipment during the three months ended
Sept. 30, 2021 as compared to the three months ended Sept. 30,
2020.

During the three months ended Sept. 30, 2021, cash provided by
financing activities was $288,240 compared to net cash provided by
financing activities of $282,652 during the three months ended
Sept. 30, 2020.  The change was primarily due to the further
advances from the major shareholders of the Company, the proceeds
from issuance of promissory notes ,and the proceeds from bank loans
during the three months ended Sept. 30, 2021.

As of Sept. 30, 2021, the Company has a working capital of
$2,672,585.

The Group had an accumulated deficit of $684,608 as of Sept. 30,
2021.  The Group incurred loss from operation and did not generate
sufficient cash flow from its operating activities for the three
months ended Sept. 30, 2021.  Ionix said these factors, among
others, raise substantial doubt about the Group's ability to
continue as a going concern.  The consolidated financial statements
do not include any adjustments that might result from the outcome
of this uncertainty.

The Group plans to rely on the proceeds from loans from both
unrelated and related parties to provide the resources necessary to
fund the development of the business plan and operations.  The
Group is also pursuing other revenue streams which could include
strategic acquisitions or possible joint ventures of other business
segments. However, no assurance can be given that the Group will be
successful in raising additional capital.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1528308/000121465921011719/e111021110q.htm

                      About Ionix Technology

Ionix Technology, Inc. (formerly known as Cambridge Projects Inc.),
a Nevada corporation, was formed on March 11, 2011.  The Company
was originally formed to pursue a business combination through the
acquisition of, or merger with, an operating business.  Since
January 2016, the Company has shifted its focus to becoming an
aggregator of energy cooperatives to achieve optimum price and
efficiency in creating and producing technology and products that
emphasize long life, high output, high energy density, and high
reliability.  By and through its wholly owned subsidiary, Well Best
and the indirect subsidiaries, Baileqi Electronics, Lisite Science,
Welly Surplus, Fangguan Photoelectric, Fangguan Electronics and
Shizhe New Energy, the Company has commenced its main operations of
high-end intelligent electronic equipment and photoelectric display
products, became the New energy service provider and IT solution
provider, which are in the new-type rising industries.

Ionix Technology reported a net loss of $406,607 for the year ended
June 30, 2021, compared to a net loss of $277,668 for the year
ended June 30, 2020.  As of June 30, 2021, the Company had $21.74
million in total assets, $9.89 million in total liabilities, and
$11.85 million in total stockholders' equity.


JOHNSON & JOHNSON: Spinoff to Create Barriers, Talc Claimants Say
-----------------------------------------------------------------
Maria Chutchian of Reuters reports that a group representing people
alleging that Johnson & Johnson's talc-based products cause cancer
said on Friday, November 19, 2021, that the planned spinoff of the
pharmaceutical giant's consumer health division will create new
problems for talc claimants.

The group, known as the talc claimants' committee, filed a
statement with the U.S. Bankruptcy Court for the District of New
Jersey, where the Chapter 11 case of J&J's subsidiary that holds
its talc liabilities was transferred this month. The subsidiary,
LTL Management LLC, filed for bankruptcy protection in October with
the goal of settling 38,000 talc cases.

J&J maintains that its talc products are safe. A spokesperson did
not immediately respond to a request for comment.

In Friday's, November 19, 2021, statement, the committee said J&J's
plan to split its consumer division from its pharmaceuticals
business "would create further barriers between tort claimants and
assets that should be available to satisfy claims."

It contends that if J&J becomes two separately traded entities,
disputes will arise over which one will be on the hook for a
funding agreement in the LTL bankruptcy.

The committee also accused J&J of using the bankruptcy process as a
litigation advantage.

"For bankruptcy, it simply does not get any uglier than this,”
the committee said.

J&J said when it announced the split that the move had nothing to
do with the talc litigation or the bankruptcy.

A status conference is scheduled on Monday, November 22, 2021,
before U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey.
The LTL bankruptcy was initially filed in North Carolina, but the
judge assigned to the case there decided on Nov. 11 that it would
be better suited in New Jersey, where J&J is based and where a
large chunk of the talc litigation is pending.

For LTL Management: Gregory Gordon, Dan Prieto, Amanda Rush and
Brad Erens of Jones Day

For the committee: David Molton of Brown Rudnick, Melanie
Cyganowski of Otterbourg, Daniel Stolz of Genova Burns, Brian
Glasser of Bailey Glasser, Lenard Parkins of Parkins Lee & Rubio
and Jonathan Massey of Massey & Gail

                    About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It 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.

The corporation had worldwide sales of $82.6 billion during
calendar year 2020.

                        About LTL Management

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

LTL Management filed a Chapter 11 petition (Bankr. W.D.N.C. Case
No. 21-30589) on Oct. 14, 2021. The Debtor was estimated to have $1
billion to $10 billion in assets and liabilities as of the
bankruptcy filing.
  
The Hon. J. Craig Whitley is the case judge.

The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC is the claims agent.

U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case. The
committee tapped Otterbourg, P.C., Brown Rudnick, LLP and Bailey &
Glasser, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.


JS KALAMA: Trustee Hires Bennington & Moshofsky as Accountant
-------------------------------------------------------------
Russell D. Garrett, Chapter 11 Trustee of JS Kalama, LLC, seeks
approval from the United States Bankruptcy Court for the Western
District of Washington to employ Bennington & Moshofsky, P.C. as
its accountants.

The firm will render these services:

     a. review Debtor’s records both pre-petition and
post-petition;

     b. assist the Trustee in calculating tax consequences of sale
of assets;

     c. assist the Trustee in calculation of amounts owed various
claimants;

     d. prepare periodic statements as may be required by the
Trustee;

     e. prepare and file income tax returns as required; and

     f. for such other services as the Trustee may reasonably
require including review of the Debtor's financial information and
to assist, as requested, in the review and preparation of Monthly
Operating Reports.

The firm will be paid at these rates:

     Judith V. Bennington     $240/hour
     Stephen P. Moshofsky     $280/hour
     Lai Wa Ng                $230/hour
     Inna L. Schtokh          $260/hour
     Janice Show              $100/hour
     Dawn I. Schuldt          $110/hour

The firm is requesting a $4,000 retainer as an advance payment.

Bennington & Moshofsky is a disinterested person as that term is
defined in 11 U.S.C. Sec. 101(14), according to court filings.

The firm can be reached through:

     Judith V. Bennington, CPA
     Bennington & Moshofsky, P.C.
     4800 SW Griffith Drive, Suite 350
     Beaverton, OR 97005
     Phone: 503-641-2600
     Fax: 503-526-9696
     Email: judith@cpaoregon.com

         About JS Kalama

JS Kalama, LLC is primarily engaged in renting and leasing real
estate properties.  On June 11, 2020, Debtor sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-41495).  At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Brian D. Lynch oversees the case.  The Debtor is
represented by J.D. Nellor, Esq., at Nellor Law Office.


K3D PROPERTY: Court Denies Confirmation of Amended Plan
-------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Tennessee denied confirmation of the Amended Plan proposed by K3D
Property Services, LLC.

The Debtor has proposed an Amended Plan that restructures its debt,
provides an estimated dividend of 20% to unsecured creditors, and
projects a growing business that should not require further
financial restructuring.  It has overwhelming creditor support
based on the voting.  The issue before the Court is whether that
plan can be confirmed over two objections to a plan provision that
temporarily enjoins collection actions against third parties.

The objections focus on a provision in the plan which protects the
owners of the Debtor and their spouses during a four-year period.
The owners want this time without litigation expenses and
distractions to come up with personal funds that provide a portion
of the proposed distribution to unsecured creditors.

According to the Court, approving a plan with such protections
requires the Court to adopt a different test for the
appropriateness of a temporary post-confirmation, third-party
injunction than the test used by the Sixth Circuit for the
appropriateness of a permanent injunction.  The Debtor advocates
that the Court apply the test for approval of a temporary
post-confirmation injunction suggested in Feld v. Zale Corporation
(In re Zale), 62 F.3d 746, 765 (5th Cir. 1995).

The Court finds that the appropriate test remains the Dow Corning
test, even where the injunction is temporary. Therefore, the Court
concludes that the temporary third-party injunction in the plan is
not appropriate where the Debtor cannot show that it meets the Dow
Corning factors. As such, the Court cannot confirm a plan
containing the proposed provision.

In Class Five Nev. Claimants v. Dow Corning Corp. (In re Dow
Corning Corp.), 280 F.3d 648 (6th Cir. 2001), the Sixth Circuit
listed seven factors to consider when determining whether an
injunction is an appropriate provision:

     (1) There is an identity of interests between the debtor and
the third party, usually an indemnity relationship, such that a
suit against the non-debtor is, in essence, a suit against the
debtor or will deplete the assets of the estate;

     (2) The non-debtor has contributed substantial assets to the
reorganization;

     (3) The injunction is essential to reorganization, namely, the
reorganization hinges on the debtor being free from indirect suits
against parties who would have indemnity or contribution claims
against the debtor;

     (4) The impacted class, or classes, has overwhelmingly voted
to accept the plan;

     (5) The plan provides a mechanism to pay for all, or
substantially all, of the class or classes affected by the
injunction;

     (6) The plan provides an opportunity for those claimants who
choose not to settle to recover in full; and

     (7) The bankruptcy court made a record of specific factual
findings that support its conclusions.

The Court said the Debtor may be able to amend its plan in such a
way as to meet those factors and obtain confirmation, so the Court
will take no additional action.

A full-text copy of the Memorandum Opinion dated November 12, 2021,
is available at https://tinyurl.com/yhhtvpxw from Leagle.com.

                    About K3D Property Services

K3D Property Services, LLC offers a variety of services, including
home remodeling,  basement finishing, drywall installation and
finishing, tile installation, carpet installation, wall framing,
bathroom remodeling, kitchen remodeling, deck installation and
maintenance, interior and exterior painting, commercial painting,
wallpaper and popcorn ceiling removal, deck staining, concrete
floor coatings, and metal roof painting.

K3D Property Services filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 19
15361) on Dec. 23, 2019. The petition was signed by Kenneth Morris,
its managing member. At the time of filing, the Debtor had
estimated $1 million to $10 million in both assets and
liabilities.

Judge Shelley D. Rucker oversees the case.  

The Debtor tapped Farinash & Stofan and The Fox Law Corporation,
Inc. as bankruptcy counsel; The Law Offices of Stephan Wright PLLC
as special counsel; Lucove, Say & Co. as accountant; and Pointe
Commercial Real Estate, LLC as real estate broker.


KEYSER AVENUE: Dec. 15 Hearing on Disclosure Statement
------------------------------------------------------
With the filing of Keyser Avenue Medical Park, LLC's Disclosure
Statement, Judge Stephen D. Wheelis will convene a hearing on Dec.
15, 2021 at 9:30 a.m., to consider the following:

   1. the adequacy of the disclosure statement and any objections
or modifications thereto,

   2. the fixing of a time within which the holders of claims and
interests may accept or reject the plan, and

   3. the fixing of a date for the hearing on confirmation of the
plan.

The objections, if any, to the proposed disclosure statement or
modifications thereto, must be filed at least 7 days before the
above scheduled hearing and served in accordance with Fed. R.
Bankr. P. 3017.

                    About Keyser Avenue Medical Park

Keyser Avenue Medical Park, LLC, a company based in Natchitoches,
La., filed a petition for Chapter 11 protection (Bankr. W.D. La.
Case No. 21-80221) on June 11, 2021, listing $3,051,857 in assets
and $3,931,792 in liabilities.  James Knecht, MD, managing member,
signed the petition.

Affiliate, Natchitoches Medical Specialists, LLC, filed for Chapter
11 protection (Bankr. W.D. La. Case No. 21-80137) on April 11,
2021. The two cases are jointly administered under Natchitoches'
case and are handled by Judge Stephen D. Wheelis.

Bradley L. Drell, Esq. at Gold, Weems, Bruser, Sues & Rundell is
the Debtors' legal counsel.


LAN DOCTORS: Unsecureds Will Get 8.56% of Claims in 60 Months
-------------------------------------------------------------
LAN Doctors, Inc., filed with the U.S. Bankruptcy Court for the
District of New Jersey a Fourth Modified Small Business Plan of
Reorganization dated November 19, 2021.

The Debtor currently owns and operates a business that provides
cloud-based information technology ("IT") computer support to
businesses looking to streamline workflow and improve overall
cost-effectiveness.

In 2020, the Debtor's president became gravely ill and was
temporarily incapacitated which caused the Debtor to lose customers
as Mr. Speer was heavily involved in providing services to
customers. The Debtor became unable to pay its creditors and
elected to file for bankruptcy because NFS was attempting to
repossess certain essential computing equipment that the Debtor
needs to operate. The equipment would have been repossessed the
afternoon of January 5, 2021 (the "Petition Date").

The Debtor has prepared cash flow projections of its ordinary
operating expenses (the "Budget") through December of 2021, which
show total that since the Petition Date, the gross revenue has
increased to $55,000 per month. The Debtor has a customer base
which produces this amount of monthly revenue consistently. After
paying operating expenses, the Debtor has net cash flow before debt
service of approximately $13,800.00 per month.

The Plan recognizes two creditors as secured creditors. Newtek
Small Business, LLC ("Newtek") is secured by a perfected Uniform
Commercial Code security interest in all of the Debtor's assets
other than certain computer equipment which the Debtor acquired
through financing provided by NFS Leasing, Inc. ("NFS").

The Plan will pay Newtek and NFS the full amount of their secured
claims over a 5-year time period. Unsecured creditors will receive
less than payment in full because the value of the Debtor's assets
is far less than the amounts owed Newtek and NFS and the Debtor
does not have sufficient projected disposable income which would
allow it to pay more than is provided for in the Plan.

When the Debtor filed its Chapter 11 case, it was delinquent in its
obligations to all of its creditors as well as its landlord. During
the Chapter 11 case, the Debtor was eventually successful in
stabilizing its cash flow. It entered into a consent order with its
major secured creditor under which the Debtor was to pay
approximately $4,100 per month. The Debtor fell seriously
delinquent in this obligation, but has been making double payments
in the last two months and believes it will be caught up by January
or February of 2022. The Debtor was also delinquent in payment of
its postpetition rent but has also been able to bring that current.
The Debtor has been paying NFS Financial, another secured creditor,
$2,500 per month postpetition as well pursuant to an order of the
Court entered on April 12, 2021.

Class 12 consists of General Unsecured Claims, including any Claims
deemed unsecured pursuant to section 506(a) of the Code. The Debtor
estimates that it owes approximately $3,709,130 to unsecured
creditors including the deficiency claims of undersecured creditors
in Classes 2 through 11.

Commencing the month after the Debtor becomes current in its
payments to Newtek and has paid in full the expenses of
administration to be paid under the Plan, the Debtor shall pay
$4,000 per month for 60 months (or a total of $240,000) to its
unsecured creditors to be distributed pro rata. It is estimated
that payments will commence approximately 15 months after the
Effective Date. This will equal approximately 8.56% of the total
claim, not discounted for present value. The claim filed by Coronet
in the amount of $907,781 has been withdrawn and it will receive no
payments under the Plan.

Class 13 consists of Equity Interest Holders who are the
shareholders of the Debtor. There will be no alteration of the
rights or property interests of this Class.

The Plan shall be funded from the future earnings of the Debtor. In
the event the Debtor defaults in making payment sunder the Plan,
any creditor may serve the Debtor with a notice of default and
demand to cure. If the Debtor fails to cure the default within 30
days, the creditor shall be entitled to recover damages for breach
of the Plan in any court of competent jurisdiction.

A full-text copy of the Fourth Modified Small Business Plan of
Reorganization dated Nov. 19, 2021, is available at
https://bit.ly/3kWAsE6 from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Timothy P. Neumann, Esq.
     Geoffrey Neumann, Esq.
     BROEGE, NEUMANN, FISCHER & SHAVER, LLC
     25 Abe Voorhees Drive
     Manasquan, New Jersey 08736
     Tel: (732) 223-8484
     Email: timtothy.neumann25@gmail.com
     Email: geoff.neumann@gmail.com

                       About LAN Doctors

LAN Doctors, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 21-10041) on Jan. 5, 2021.
Dave Raman, vice president, signed the petition.  At the time of
the filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of $100,001 to $500,000.

Judge Vincent F. Papalia oversees the case.

The Debtor tapped Broege, Neumann, Fischer & Shaver, LLC and Gray
Tax as its legal counsel and accountant, respectively.


LECLAIRRYAN PLLC: Gen. Counsel Sentenced 44 Months for Obstruction
------------------------------------------------------------------
Ivan Moreno of Law360 reports that former general counsel of
now-defunct law firm LeClairRyan was sentenced to 44 months in
prison Monday, November 22, 2021, for lying to federal officials
investigating his alleged misappropriation of millions of dollars
from a bankrupt title insurer's trust.

Longtime bankruptcy attorney Bruce Matson, 64, was sentenced on
Monday, November 22, 2021, after pleading guilty in July to one
count of obstructing an official proceeding. (Handout) U. S.
District Judge John A. Gibney Jr. sentenced Bruce Matson, 64, a
longtime bankruptcy attorney, during a morning hearing in Richmond,
Virginia, prosecutors said in a statement. Matson had pled guilty
in July to one count of obstructing an official proceeding.

                       About LeClairRyan PLLC

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

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

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

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

The Hon. Kevin R Huennekens is the case judge.

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

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

The Chapter 7 trustee Ackerly's counsel:

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



LTL MANAGEMENT: Ex-Mayor Kaplan Takes Over Talc Bankruptcy Case
---------------------------------------------------------------
Steven Church of Bloomberg News reports that a former small-town
mayor who became chief bankruptcy judge in New Jersey will take
over Johnson & Johnson's baby powder Chapter 11, which has become
one of the most contentious cases in the country.

Michael B. Kaplan will preside over the first court hearing since
LTL Management's bankruptcy was moved from Charlotte, North
Carolina to Trenton, New Jersey.  J&J created LTL and put it in
bankruptcy to try to resolve about 38,000 lawsuits claiming baby
powder causes ovarian cancer and other illnesses.

"He's perfect for the case," said Kenneth Rosen, a long-time
bankruptcy lawyer in New Jersey.

                       About LTL Management

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

LTL Management filed a Chapter 11 petition (Bankr. W.D.N.C. Case
No. 21-30589) on Oct. 14, 2021. The Debtor was estimated to have $1
billion to $10 billion in assets and liabilities as of the
bankruptcy filing.
  
The Hon. J. Craig Whitley is the case judge.

The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC is the claims agent.

U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case.  The
committee tapped Otterbourg, P.C., Brown Rudnick, LLP and Bailey &
Glasser, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.

                      About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It 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.

The corporation had worldwide sales of $82.6 billion during
calendar year 2020.


LTL MANAGEMENT: Talc Committee Taps Bailey & Glasser as Counsel
---------------------------------------------------------------
The official committee of talc claimants of LTL Management, LLC
seeks approval from the U.S. Bankruptcy Court for the Western
District of North Carolina to retain Bailey & Glasser, LLP as its
lead bankruptcy counsel.

The firm will render these services:

     a. assist, advise, and represent the committee in its
meetings, consultations and negotiations with the Debtor and other
parties in interest regarding the administration of this Case;

      b. assist, advise, and represent the committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and in performing other services as are in
the interests of those represented by the committee;

     c. assist with the committee's review of the Debtor's
Schedules of Assets and Liabilities, Statement of Financial Affairs
and other financial reports prepared by or on behalf of the Debtor,
and the committee's investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtor and its
affiliates, including certain transactions preceding the bankruptcy
filing and the formation  of the Debtor;

     d. assist and advise the committee in connection with any
issues regarding the transfer of venue and the circumstances
regarding the filing of the Case and the propriety of the filing;

     e. assist and advise the committee in its review and analysis
of, and negotiations with the Debtor and non-Debtor affiliates
related to intercompany transactions and claims;

     f. review and analyze all applications, motions, complaints,
orders, and other pleadings filed with the Court by the Debtor or
third parties, and advise the committee as to their propriety and,
after consultation with the committee, take any appropriate
action;

     g. prepare necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the committee, and
pursue or participate in contested matters and adversary
proceedings as may be necessary or appropriate in furtherance of
the committee's duties, interest, and objectives;

     h. represent the committee at hearings held before the Court
and communicate with the committee regarding the issues raised, and
the decisions of the Court;

     i. represent the committee in connection with any litigation,
disputes or other matters that may arise in connection with this
Case or any related proceedings, including avoidance actions;

     j. assist, advise, and represent the committee in connection
with the review of filed proofs of claim and reconciliation of or
objections to such proofs of claim and any claims estimation
proceedings;

     k. assist, advise, and represent the committee in any manner
relevant to reviewing and determining the Debtor's rights and
obligations under leases, executory contracts and any financial
accommodation agreements;

     l. assist, advise, and represent the committee in their
participation in the negotiation, formulation, and drafting of a
plan of reorganization or liquidation;

     m. assist, advise, and represent the committee on issues
concerning the appointment of a trustee or examiner under section
1104 of the Bankruptcy Code;

     n. assist, advise, and represent the committee with respect to
its communications with the general creditor body regarding
significant matters in this Case;

     o. respond to inquiries from individual creditors as to the
status of, and developments in, this Case; and

     p. provide such other services to the committee as may be
necessary in this Case or any related proceedings.

The hourly rates of Bailey Glasser professionals are:

     Partners and Of Counsel $600 - $975
     Associates              $350 - $550
     Paralegals              $250 - $325

Brian Glasser, Esq., a partner and founder of Bailey Glasser,
disclosed in a court filing that his firm does not have interest
adverse to the Debtor and its estate, creditors or equity holders.


The firm can be reached through:

     Brian A. Glasser, Esq.
     Bailey & Glasser LLP
     209 Capitol St.
     Charleston, WV 25301
     Tel: 304-345-6555
     Fax: 304-342-1110 / 202-463-2103
     Email: bglasser@baileyglasser.com

                       About LTL Management

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

LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021.  The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021.  The Hon. Michael B. Kaplan is the case judge.     


At the time of the filing, the Debtor was estimated to have $1
billion to $10 billion in both assets and liabilities.
  
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor.  Epiq Corporate
Restructuring, LLC is the claims agent.

U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case.  The
committee tapped Bailey & Glasser, LLP, Otterbourg, P.C. and Brown
Rudnick, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.

                      About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It 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.

The corporation had worldwide sales of $82.6 billion in 2020.


LTL MANAGEMENT: Talc Committee Taps Brown Rudnick as Co-Counsel
---------------------------------------------------------------
The official committee of talc claimants of LTL Management, LLC
seeks approval from the U.S. Bankruptcy Court for the Western
District of North Carolina to retain Brown Rudnick LLP as
co-counsel with Bailey & Glasser, LLP.

The hourly rates of Brown Rudnick professionals are:

     Partners & Counsel   $900 - $1,875
     Counsel              $500 - $1,420
     Associates           $565 - $975
     Paralegals           $415 - $490

Sunni Beville, Esq., a partner and founder of Brown Rudnick,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Sunni P. Beville, Esq.
     Brown Rudnick LLP
     One Financial Center
     Boston, MA 02111
     Phone: +1 617-856-8200
     Fax: +1 617-856-8201
     Email: sbeville@brownrudnick.com

                       About LTL Management

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

LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021.  The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021.  The Hon. Michael B. Kaplan is the case judge.     


At the time of the filing, the Debtor was estimated to have $1
billion to $10 billion in both assets and liabilities.
  
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor.  Epiq Corporate
Restructuring, LLC is the claims agent.

U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case.  The
committee tapped Bailey & Glasser, LLP, Otterbourg, P.C. and Brown
Rudnick, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.

                      About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It 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.

The corporation had worldwide sales of $82.6 billion in 2020.


LTL MANAGEMENT: Talc Committee Taps Otterbourg PC as Co-Counsel
---------------------------------------------------------------
The official committee of talc claimants of LTL Management, LLC
seeks approval from the U.S. Bankruptcy Court for the Western
District of North Carolina to retain Otterbourg P.C. as co-counsel
with Bailey & Glasser, LLP.

The hourly rates of Otterbourg professionals are:

     Members      $795 - $1,470
     Of Counsel   $695 - $1,150
     Associates   $295 - $860
     Paralegals   $345

Melanie Cyganowski, Esq., a member of Otterbourg PC, disclosed in a
court filing that the firm does not have interest adverse to the
Debtor and its estate, creditors or equity holders.

The firm can be reached through:

     Melanie L. Cyganowski, Esq.
     Otterbourg PC
     230 Park Ave 30th Floor
     New York, NY 10169
     Phone: 212-661-9100 / 212-905-3677
     Email: mcyganowski@otterbourg.com

                       About LTL Management

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

LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021.  The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021.  The Hon. Michael B. Kaplan is the case judge.     


At the time of the filing, the Debtor was estimated to have $1
billion to $10 billion in both assets and liabilities.
  
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A. as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor.  Epiq Corporate
Restructuring, LLC is the claims agent.

U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case.  The
committee tapped Bailey & Glasser, LLP, Otterbourg, P.C. and Brown
Rudnick, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.

                      About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods.  It 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.

The corporation had worldwide sales of $82.6 billion in 2020.


LUIHN VANTEDGE: S&P Assigns 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
U.S.-based Taco Bell franchisee Luihn VantEdge Partners LLC,
reflecting its high leverage and position as a small player in the
highly fragmented quick service restaurant (QSR) segment.

S&P said, "We also assigned our 'B-' issue-level rating and '3'
recovery rating to the company's proposed first-lien credit
facilities, and our 'CCC' issue-level rating and '6' recovery
rating to the proposed second-lien facility.

"The stable outlook reflects our expectation for positive operating
performance over the next 12 months, with adjusted leverage of
roughly 8x, which incorporates our treatment of the $10 million
preferred equity component as debt."

The 'B-' issuer credit rating reflects Luihn's participation in the
intensely competitive QSR segment and high adjusted leverage. Pro
forma for the acquisition, Luihn will become the sixth-largest Taco
Bell franchisee with a store base of 231 units across six U.S.
states. Luihn's stores consist of 220 under the Taco Bell brand,
while the remaining 11 are KFC restaurants, making Taco Bell
roughly 95% of the total mix. While Luihn operates in the
fast-expanding Mexican QSR subsegment and has solid average unit
volume (AUV) of roughly $1.6 million, its single-concept approach
limits its brand and menu diversity. This makes it dependent on
Taco Bell's product innovation strategies and marketing initiatives
to drive sales.

S&P said, "We view the capital structure as highly leveraged,
partially driven by the current acquisition, but expect the company
will focus efforts on deleveraging. We expect adjusted leverage of
8x for 2021, declining to the mid- to high-7x area in 2022. We
believe Luihn will pursue deleveraging as EBITDA expands from new
unit developments and positive same store sales growth also leading
to improved cash flow generation. However, given the company's
financial sponsor ownership, we expect it could pursue more large
acquisitions or issue large dividend payments, increasing leverage
over the intermediate term."

Given Taco Bell's focus on the value segment of the market, demand
for its menu items is less susceptible to economic downturns but
managing costs to keep pricing favorable for customers will remain
a challenge. Similar to other Taco Bell franchisees, Luihn's
operating performance is susceptible to rising commodity prices on
various proteins, in S&P's view. Combined with the pressure of
increasing inflation and higher wage costs, this could hurt cash
flows. However, Luihn has demonstrated the ability to effectively
manage food costs as a percentage of sales despite input cost
volatility through operational enhancements, strategic price
taking, and also through Yum! Brands Inc.'s ability to lower them
with high volume ordering and established supplier relationships
that drive economies of scale. The company's execution strategies
have led to positive operating trends and expanding margins, which
we expect to remain steady.

The stable outlook reflects S&P's expectation for improving
operating performance over the next 12 months, with adjusted
leverage of 8x for 2021. It expects further EBITDA base expansion
driven by new unit developments and continued positive same-store
sales growth.

S&P could lower its rating if:

-- Luihn cannot execute on its growth strategy, leading to lagging
sales and EBITDA; and

-- S&P expects liquidity would be constrained due to the company
approaching sustained negative free operating cash flow (FOCF)
generation.

S&P could raise its rating if:

-- The company adopts a more conservative financial policy such
that S&P expects S&P Global Ratings-adjusted leverage to remain
below 6.5x on a sustained basis; and

-- Luihn continues to expand its operating scale and meaningfully
increases profitability through continued successful new store
developments or exploring new restaurant brands.



MALLINCKRODT PLC: Acthar Claimants Seek Probe on Chapter 11 Vote
----------------------------------------------------------------
Rick Archer of Law360 reports that a group with antitrust claims
against Mallinckrodt on Friday, Nov. 19, 2021, asked a Delaware
bankruptcy judge to appoint an examiner to investigate what it
claims are thousands of questionable votes cast for the drugmaker's
Chapter 11 plan on behalf of asbestos injury claimants.

At a virtual hearing U.S. Bankruptcy Judge John Dorsey heard the
examiner request from a group claiming antitrust violations
involving the sale of Mallinckrodt's Acthar gel after hearing the
closing arguments in a two-week trial over whether a group of
health insurers is entitled to priority payment of their separate
claims that they overpaid for Acthar.

                   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.


MANHATTAN SCIENTIFICS: Incurs $1.2-Mil. Net Loss in Third Quarter
-----------------------------------------------------------------
Manhattan Scientifics, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.16 million on zero revenue for the three months ended Sept.
30, 2021, compared to net income of $1.76 million on zero revenue
for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $3.61 million on $50,000 of revenue compared to net
income of $1.56 million on $50,000 of revenue for the nine months
ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $3.49 million in total
assets, $1.36 million in total liabilities, $1.06 million in series
D convertible preferred mandatory redeemable shares, and $1.07
million in total stockholders' equity.

The Company had an increase of $13,000 in cash and cash equivalents
for the nine months ended Sept. 30, 2021.

"Based upon current projections, our principal cash requirements
for the next 12 months consists of (1) fixed expenses, including
consulting and professional services and (2) variable expenses,
including technology research and development, milestone payments
and intellectual property protection, and additional scientific
consultants.  As of September 30, 2021, we had $366,000 in cash.
We believe our current cash position may not be sufficient to
maintain our operations for the next twelve months.  Accordingly,
we may need to engage in equity or debt financings to secure
additional funds. If we raise additional funds through future
issuances of equity or convertible debt securities, our existing
stockholders could suffer significant dilution, and any new equity
securities we issue could have rights, preferences and privileges
superior to those of holders of our common stock.  Any debt
financing that we secure in the future could involve restrictive
covenants relating to our capital raising activities and other
financial and operational matters, which may make it more difficult
for us to obtain additional capital and to pursue business
opportunities, including potential acquisitions.  We may not be
able to obtain additional financing on terms favorable to us, if at
all.  If we are unable to obtain adequate financing or financing on
terms satisfactory to us when we require it, our ability to
continue to support our business growth and to respond to business
challenges could be impaired, and our business may be harmed," the
Company stated.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1099132/000147793221008408/mhtx_10q.htm

                    About Manhattan Scientifics

Headquartered in New York, Manhattan Scientifics, Inc., was
established on July 31, 1992 and has one operating wholly-owned
subsidiary: Metallicum, Inc.  The Company also holds a 5%,
noncontrolling interest in Imagion Biosystems, Inc. (f/k/a Senior
Scientific LLC).  Manhattan Scientifics is focused on technology
transfer and commercialization of these transformative
technologies.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has an
accumulated deficit, negative cash flows from operations, and
negative working capital, which raises substantial doubt about its
ability to continue as a going concern.


MANLEY TOYS: Aviva Bid to Compel Liquidators to Produce Docs OK'd
-----------------------------------------------------------------
MANLEY TOYS: Aviva Bid to Compel Liquidators to Produce Docs OK'd


Magistrate Judge Hildy Bowbeer of the United States District Court
for the District of Minnesota granted the Motion to Compel
Production of Manley Documents and Enforce the Court's Prior
Discovery Order filed by ASI Inc., f/k/a Aviva Sports Inc.

Aviva filed suit on May 11, 2009.  Its original Complaint named
several companies, including the Hong Kong-based toy manufacturer
Manley Toys, Ltd. and its U.S. counterpart, Toy Quest, Ltd.  After
extensive litigation, in August 2013 the court awarded Aviva a
default judgment of approximately $8.5 million including damages
for Manley's falsely advertised products, attorneys' fees and
costs, and sanctions.  As of November 12, 2021, Aviva has collected
"almost nothing" on its judgment.

Aviva moves the Court to compel the production of documents
belonging to Manley Toys Ltd. pursuant to the Court's December 30,
2015, post-judgment discovery order, as corrected.  Manley has been
dissolved as a corporate entity, and those documents are now in the
possession of two foreign nationals, Mat Ng and John Robert Lees,
who served as Manley's liquidators in recent Hong Kong liquidation
proceedings.

The Liquidators object to the motion to compel on two grounds: lack
of personal jurisdiction and lack of subject matter jurisdiction.

According to the Magistrate, the Liquidators have no personal
interest in any of the documents or ESI they received from Manley,
Manley has no surviving interest, and no other person has come
forward with a claim of ownership or right over those materials. It
would therefore hardly be fair -- to Aviva or to the Liquidators --
to place on the Liquidators the expense and burden of reviewing the
documents and ESI to determine which are within the scope of the
Court's Production Order, of litigating the follow-up motion
practice that is certain to ensue if there are disagreements about
the scope of the Production Order, or of continuing to maintain any
documents or ESI that may remain, if any. Therefore, the Magistrate
said it will order the Liquidators to produce to counsel for Aviva
all of the documents and ESI of which they took custody from
Manley. To the extent the documents exist in physical or hard copy
form (as opposed to electronic), the Court will order the
Liquidators to produce the original documents, at Aviva's expense.

As to ESI, the Court will order its production in native format,
with all metadata intact, by secure means to be determined after
consultation between counsel for the Liquidators and Aviva's
counsel. Aviva will also bear the reasonable costs of that
production.

Further, because Aviva will now become the custodian of all
documents and ESI turned over to the Liquidators by Manley, the
Court will require Aviva to make the documents and ESI received
from the Liquidators available for inspection upon request with
reasonable notice by any party in this case or the related
litigation.  The Liquidators shall not withhold or retain any of
the documents, including on grounds of relevance, responsiveness,
or privilege, the Magistrate said.

A full-text copy of the Order dated November 12, 2021, is available
at https://tinyurl.com/2vpxz6rf from Leagle.com.

The case is Aviva Sports, Inc., Plaintiff, v. Fingerhut Direct
Marketing, Inc., et al., Defendants, Case No. 09-cv-1091
(JNE/HB)(D. Minn.).

Matt Ng and John Robert Lees filed a petition under Chapter 15 of
the Bankruptcy Code for Hong Kong-based Manley Toys Limited on
March 22, 2016 (Bankr. D.N.J., Case No. 16-15374).  Manley Toys
engaged in the development, sourcing, and marketing of toys,
children's products and party supplies.  Judge Jerrold N. Poslusny
Jr. presided over the case.

The Chapter 15 Petitioners were represented by Stephen M. Packman,
Esq., at Archer & Greiner, P.C., in Haddonfield, New Jersey.



MARAVAI INTERMEDIATE: Moody's Ups CFR & Senior Secured Debt to B1
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Maravai
Intermediate Holdings, LLC, including the Corporate Family Rating
to B1 from B2 and Probability of Default Rating to B1-PD from
B2-PD. Moody's also upgraded the rating on the senior secured
credit facilities to B1 from B2. There is no change to the
Speculative Grade Liquidity Rating of SGL-1, signifying very good
liquidity. The outlook remains stable.

The upgrade of the CFR reflects a material improvement in financial
flexibility alongside strong operating performance since Maravai's
IPO in November 2020. Moody's-adjusted debt/EBITDA approximated
1.2x for the twelve months ended September 30, 2021, versus 4.2x
for the twelve months ended December 31, 2020. Maravai has
benefitted from strong demand in the company's products and
services, notably its CleanCap reagent that is used in the
manufacturing of COVID-19 vaccines and generates over two-thirds of
Maravai's revenue. However, future earnings growth hinges on demand
for COVID-19 vaccines and booster shots which remains uncertain,
especially from 2023 onwards.

Upgrades:

Issuer: Maravai Intermediate Holdings, LLC

Corporate Family Rating, Upgraded to B1 from B2

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

Gtd Senior Secured 1st Lien Term Loan due 2027, Upgraded to B1
(LGD4) from B2 (LGD4)

Gtd Senior Secured 1st Lien Revolving Credit Facility due 2025,
Upgraded to B1 (LGD4) from B2 (LGD4)

Outlook Actions:

Issuer: Maravai Intermediate Holdings, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Maravai's B1 CFR reflects its moderate scale in the rapidly growing
cell and gene therapy industry. Strong demand for mRNA technology
used in COVID vaccines has improved its scale and growth profile
but future demand in this nascent industry remains uncertain. The
rating is also supported by high profit margins and low leverage
with debt/EBITDA of close to 1.2x for the twelve months ended
September 30, 2021. Moody's expects that adjusted debt/EBITDA will
remain close to 1.0x time through 2022, boosted by COVID vaccines'
manufacturing demand and absent debt-funded acquisitions. However,
Moody's expects that improving financial flexibility from earnings
growth will be used for business development. Maravai has very good
liquidity reflecting high cash balances and strong free cash flow.

Maravai's credit rating is constrained by its modest market
position where it competes with significantly larger and
well-capitalized players. In addition, the company has material
customer concentration reflecting strong demand for its reagents
used in COVID-19 vaccines. Further, Maravai has a somewhat limited
operating track record, as the company was formed through a series
of acquisitions.

The stable outlook reflects Moody's expectation that Maravai will
maintain prudent financial policies while continuing to grow
revenue and earnings both organically and through M&A.

Moody's expects that Maravai will have very good liquidity over the
next 12-18 months, characterized by free cash flow of at least $200
million annually. Moody's expects capex to remain elevated at
roughly $30 million in 2021 and $40 million in 2022 to support
on-going capacity expansion. Liquidity is further supported by $548
million of cash and equivalents as of September 30, 2021. Internal
liquidity is supported by a $180 million revolving credit facility
expiring 2025 that Moody's anticipates will largely remain
undrawn.

Social and governance considerations are material to Maravai's
credit ratings. Maravai is involved with several COVID-19 vaccine
research projects where it applies its technological expertise in
the field of cell and gene therapy to provide vaccine components
for pharmaceutical and biopharma companies. This in turn is
providing a material revenue tailwind for the company, but its
duration and magnitude will be largely dependent on future demand
for COVID-19 vaccines. From a governance perspective, Maravai has
pursued less aggressive financial policies since its IPO in
November 2020 but its significant ownership by private equity even
after the IPO may lead to shareholders friendly actions which are
detrimental to creditors.

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

The ratings could be upgraded if the company materially increases
its scale, product diversification, and effectively manages growth
across key business segments while maintaining conservative
financial policies. A reduction in customer concentration will also
support a rating upgrade. Quantitatively, sustaining debt/EBITDA
below 2.0x would support an upgrade.

The ratings could be downgraded if the company's operating
performance weakens, or it engages in material debt-funded
acquisitions or shareholder initiatives. Quantitatively, a
downgrade could occur if Maravai sustains debt/EBITDA above 3.0x.

Maravai Intermediate Holdings, LLC is the parent holding company of
Maravai Life Sciences Holdings, LLC ("Maravai"). Maravai
manufactures scientific reagents used in drug development and
manufacturing, diagnostic tests, life science tools, and for other
research purposes. Over 80% of revenue is derived from gene therapy
and bioproduction. The company is majority-owned by Chicago-based
private equity firm GTCR and was formed through a series of
acquisitions completed in December 2017. Maravai generated revenue
of approximately $670 million in the last twelve months ended
September 30, 2021.

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


MEGIDO SERVICE: Files Amendment to Disclosure Statement
-------------------------------------------------------
Megido Service, Corp., submitted a Revised Second Amended
Disclosure Statement for Small Business for Plan of Reorganization
dated November 19, 2021.

The only creditor in this case, Pentagon Federal Credit Union, will
be paid in accordance with settlement terms reached by the parties
in full resolution of the resulting deficiency upon the surrender
of the collateral medallions number: 1Y81 and 1Y82. The agreed upon
amount of $300,000.00 will be paid, in one lump sum payment upon
the entry of an order approving the settlement agreement by this
court.

Class 1 consists of the Secured Claim of PFCU in the amount of
$370,000.00. This class is impaired, as by the terms of a
settlement agreement between the parties, the secured portion of
the claim of PFCU is deemed satisfied in full upon the surrender of
the referenced medallions, currently held in storage with the TLC.

Class 2 consists of the Unsecured non-priority claim of PFCU in the
amount of $548,975.87. This claim is impaired, as by the terms of
the settlement agreement between the parties, PFCU, will receive a
54.6% dividend of the unsecured deficiency claim, equal to
$300,000.00 in one lump sum payment, upon court approval of the
settlement agreement between the parties by a 9019 motion, in full
settlement of the said deficiency claim.

Class 3 Equity interest holder Gila Kaplan retains her interest.

The Plan will be financed by a personal contribution, from personal
funds of the principal of the corporation.

Gila Kaplan, the Estate of Edna Calef, will contribute personal
funds in amount contemplated by the terms of the settlement
agreement between the parties. Affidavit of contribution and proofs
of funds, will be duly provided to the Office of the US Trustee
upon request.

A full-text copy of the Revised Second Amended Disclosure Statement
dated Nov. 19, 2021, is available at https://bit.ly/3x6rdGx from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Alla Kachan, Esq.
     Law Offices of Alla Kachan, P.C.
     2799 Coney Island Avenue, 3td Floor
     Brooklyn, NY 11235
     Tel.: (718) 513-3145

                      About Megido Service

Megido Service, Corp., sought Chapter 11 protection (Bankr.
E.D.N.Y. Case No. 19-44944) on Aug. 15, 2019, estimating less than
$1 million in both assets and liabilities.  The LAW OFFICES OF ALLA
KACHAN, P.C., is the Debtor's counsel.


NEW FORTRESS: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised New Fortress Energy Inc.'s (NFE) issuer
credit rating and issue-level rating to 'BB-' from 'B+'. The
recovery rating on the secured debt remains '3' (rounded estimate:
65%).

The stable outlook reflects S&P's expectation the company will
continue to generate strong cash flow through 2022, which will
reduce debt leverage to roughly 4.5x.

S&P believes the company's scale and geographic diversification
have improved.

NFE's cash flow generation continues grow due to the completion of
the Hygo Energy Transition Ltd. and Golar LNG Partners LP
acquisitions in April, the commercial operations of new projects in
Mexico and Nicaragua and supplying growing LNG volumes to its
terminals in Brazil. The company generates about 70% of its revenue
under various take-or-pay, capacity, or other tolling arrangements
that provides good visibility into NFE's future cash flows.
Although the remaining portion of its power and gas supply revenue
is on a merchant basis, increasing demand and the ability to
displace more expensive feedstocks that have a large carbon
footprint somewhat offset these less predictable cash flow streams.
For these reasons, S&P's changed NFE's business risk profile
assessment to fair from weak.

S&P said, "NFE's strategy of supplying gas and power to developing
countries in our view adds risk, because our sovereign ratings for
many of these countries--including Brazil, Jamaica, Nicaragua, and
Sri Lanka--are relatively weak. That said, materiality,
diversification, and stress scenarios are key factors we will use
to determine if any one country exposure possibly could be a
constraint on NFE's rating.

"Credit measures continue to strengthen as NFE executes on its
strategy. The company's balance sheet continues to improve as cash
flow ramps up from the recent acquisitions and organic growth. Our
forecasted credit measures include all asset-level EBITDA and
non-recourse, off-balance sheet debt secured by various vessels. We
currently project NFE's debt to EBITDA to be about 6x in 2021,
improving to the mid-4x area in 2022. We expect NFE to generate
negative free cash flow through next year as it spends to complete
various projects, including in Sri Lanka and on its floating LNG
infrastructure, before turning cash flow positive in 2023.

"The stable outlook reflects our expectation the company will
continue to generate strong cash flow through 2022, which will
allow NFE to improve its credit measures, reducing leverage from
about 6x in 2021 to roughly 4.5x in 2022.

"We could lower the rating if market dynamics change and cash flow
generation falters, such that we believe NFE adjusted leverage
ratio could be above 5x by the end of 2022. A downgrade could also
occur if we see that assets under development are significantly
delayed, the company finances new projects or acquisitions with
additional debt, or a growing portion of EBITDA depends on merchant
pricing that adds volatility to the total cash flow.

"We think an upgrade is unlikely within the next 12 months.
However, we could raise the rating if NFE's credit measures
continue to improve such that debt to EBITDA decreases below 3.5x,
and the company continues to increase its scale with creditworthy
customers under long-term contracts that could lead us to improve
our assessment of the business risk profile. Higher ratings may
also depend on the company's future geographic footprint, with
country risk a possible constraint on the rating."



NORWICH DIOCESE: Abuse Victims, Supporters Rally at the Cathedral
-----------------------------------------------------------------
Joe Wojtas of The Day reports that members of the state chapter of
the Survivors Network of those Abused by Priests, or SNAP,  as well
as those who say they are victims of sexual abuse by priests
including clergy from the Diocese of Norwich, rallied in front of
St. Patrick Cathedral on Thursday, November 18, 2021.

The group, which was joined by Kathryn Robb, executive director of
ChildUSAdvocacy, and Lucy Nolan, policy director of the CT Alliance
Against Sexual Violence, criticized the estimated $2.7 million in
legal and financial services fees the Catholic diocese has
accumulated thus far in its ongoing bankruptcy case. They demanded
the diocese publicize the value of its real estate holdings before
its bankruptcy plan is approved in federal court. They also called
on the General Assembly in its upcoming session to eliminate the
statute of limitations on the filing of lawsuits by those who were
sexually assaulted as minors, an effort that has been unsuccessful
in the past.

Referencing the criticism of the legal and financial services spent
so far by the diocese by federal bankruptcy Judge James Tancredi
and the committee representing the victims, SNAP CT co-leader Gail
Howard said it appears the "church values its own welfare over the
welfare of the survivors."

Victims and their supporters have said that money the diocese is
spending on legal and financial services fees means there will be
less money to distribute to the more than 70 people who have filed
sexual assault claims against the diocese. More are expected to
file after the bankruptcy process and the deadline for filing
claims is officially advertised.

"We demand fairness for the survivors," Howard said.

She said the group also is concerned about the lack of details on
how much the diocese's properties are worth. The issue is further
complicated by the fact that the diocese's 51 parishes, which are
separate corporations from the diocese, have agreed to consider
joining the bankruptcy to seek protection from future lawsuits. To
do that, the parishes will have to contribute money to the
bankruptcy fund, which means the value of their properties and
assets have to be determined as well as their contribution. When a
bankruptcy plan is approved for the diocese and parishes, victims
would not be able to sue those entities for incidents that occurred
before July 15, 2021.

"We demand that the church put out the value of their real estate
now, not at the end of the process," Howard said. "First the church
conceals the abuse and now it is concealing its wealth."

In its bankruptcy filings, the diocese lists 14 properties its owns
but states their value is undetermined. These include Saint Bernard
High School in Montville, Mercy and Xavier high schools in
Middletown, as well as the chancery and bishop's residence in
Norwich. The Cathedral of St. Patrick in Norwich is not listed as
an asset.

The current statute of limitations for filing a sexual abuse
lawsuit is 51. The General Assembly is expected to again consider
and possibly approve a bill next year that would create a window of
opportunity in which victims of any age could file a suit. The
effort has been unsuccessful in the past, and the church has
lobbied against it. Other states, such as New York, have approved
such a window to file lawsuits. If that occurs here, the parishes
could be left facing expensive lawsuits without the protection and
financial support of the diocese, which is why they are considering
joining the bankruptcy.

Howard said the taxpayers of Connecticut continue  to pay for the
cost of priest abuse instead of the state's Catholic dioceses. This
is because many victims are unable to work or they struggle to stay
employed, need Medicare or Medicaid coverage to pay bills for
mental health, substance abuse treatment or other services or end
up in prison, all programs funded by taxpayers.

"These are all costs the entire Connecticut citizenry pays.
Shouldn't the organization that caused the damages pay for the
damages?" she asked.  

This past July, the diocese filed for Chapter 11 bankruptcy in the
face of more than 60 young men filing lawsuits in which they charge
they were raped and sexually assaulted as boys by Christian
Brothers and other staff at the diocese-run Mount Saint John
Academy in Deep River from 1990 to 2002. Since then, additional
people whose sexual assault allegations involve not only Mount
Saint John but diocesan churches have filed claims.

Yep, what Mr. Sirkin said. The immorality of the Catholic Church
continues to be laid bare, year after year.

And the US Conference of Bishps is obsessed with who gets to take
communion. If they really cared they might be more concerned with
who is distributing it.

Once again, Reporter Joe Wojtas has delived more troubling,
repulsive news of The Diocese of Norwich's, absurd $2.7 million
dollar payout to lawyers attempting to defend the diocese's
bankruptcy claim. An expenditure which is likely to diminsh the
amount of money owed to sex abuse victims. Even worse, the
diocese's 51 parishes are considering joining the Diocese of
Norwich's Bankruptcy filing to protect against future expected sex
abuse claims. The entite world-wide Catholic Church Sex Abuse
Scandal and equally disgusting cover-up rages on.

                   About The Norwich Roman Catholic
                        Diocesan Corporation

The Norwich Roman Catholic Diocesan Corporation is a nonprofit
corporation that gives endowments to parishes, schools, and other
organizations in the Diocese of Norwich, a Latin Church
ecclesiastical territory or diocese of the Catholic Church in
Connecticut and a small part of New York.

The Norwich Roman Catholic Diocesan Corporation sought Chapter 11
protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021.
The Debtor estimated $10 million to $50 million in assets against
liabilities of more than $50 million. Judge James J. Tancredi
oversees the case.  

The Debtor tapped Ice Miller, LLP as bankruptcy counsel and
Robinson & Cole, LLP as Connecticut counsel. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.

On July 29, 2021, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in this Chapter 11 case.
The committee tapped Zeisler & Zeisler, PC as its legal counsel.


ORG GC MIDCO: Court Approves $117-Million Debt Cut
--------------------------------------------------
Alex Wolf of Bloomberg Law reports that ORG GC Midco LLC, a
bankrupt holding company for staffing provider GC Services, won
court approval of its pre-negotiated reorganization plan to slash
an estimated $117 million worth of funded debt.

A voting class of term loan creditors unanimously accepted holding
company ORG GC Midco LLC's Chapter 11 plan.  Those creditors will
receive all of the reorganized business's equity, plus $100 million
in reinstated debt, according to the plan approved Monday, Nov. 22,
2021.

Judge Marvin Isgur also approved ORG's $6 million exit financing
loan from Goldman Sachs Specialty Lending Group LP.

                      About ORG GC Midco

GC Services is one of the industry's largest privately owned
business process outsourcing and accounts receivable management
solutions providers in the United States with 6,000 employees
staffed throughout 30 geo-diverse contact center locations. On the
Web: http://www.gcserv.com/   

GC Services is a privately-held company that provides a full scope
of solution offerings, including 24x7x365 programs, multi-channel
and multi-lingual customer service programs, from numerous
locations in the continental United States and the Philippines, to
Fortune 500 companies, premier global financial institutions, and
large governmental entities.

ORG GC Midco, LLC, is the intermediate holding company of GC
Services and parent of 5 subsidiaries.

ORG GC Midco, LLC, sought Chapter 11 protection (Bankr. S.D. Tex.
Case No. 21- 90015) on Nov. 8, 2021, to implement a prepackaged
plan of reorganization. In the petition signed by Michael Jones as
CFO and chief administrative officer, ORG GC Midco estimated assets
of between $100 million and $500 million and estimated liabilities
of between $100 million and $500 million.  

GC Services did not seek Chapter 11 protection.

The Honorable Judge Marvin Isgur handles the case.

WEIL, GOTSHAL & MANGES LLP, led by Alfredo R. Perez, and Sunny
Singh, serves as the Debtors' counsel. RIVERON MANAGEMENT SERVICES,
LLC, is the Debtor's interim management services provider. Stretto,
formally known as BANKRUPTCY MANAGEMENT
SOLUTIONS INC., is the noticing and solicitation agent and
administrative advisor.


ORIGINCLEAR INC: Posts $18.4 Million Net Income in Third Quarter
----------------------------------------------------------------
OriginClear Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing net income of $18.40
million on $1.12 million of sales for the three months ended Sept.
30, 2021, compared to net income of $5.02 million on $917,320 of
sales for the three months ended Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $10.36 million on $2.85 million of sales compared to
net income of $20.34 million on $3.06 million of sales for the nine
months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $2.16 million in total
assets, $24.46 million in total liabilities, $10.13 million in
preferred stock, and a total stockholders' deficit of $32.43
million.

At Sept. 30, 2021, and Dec. 31, 2020, the Company had cash of
$558,829 and $416,121, respectively, and a working capital deficit
of $23,017,681 and $21,699,304, respectively.  The increase in
working capital deficit was due primarily to an increase in
non-cash derivative liabilities, an increase in long term asset
held for sale, cash, contract receivable, offset by a decrease in
loans payables, accounts payable, prepaid expenses, and accrued
expenses.

During the nine months ended Sept. 30, 2021, the Company raised an
aggregate of $3,725,175 from the sale of preferred stock in private
placements.  the Company said its ability to continue as a going
concern is dependent upon raising capital from financing
transactions and future revenue.

Net cash used in operating activities was $3,560,033 for the nine
months ended Sept. 30, 2021, compared to $2,636,761 for the period
ended Sept. 30, 2020.  The increase in cash used in operating
activities was primarily due to a decrease in accounts payable,
with an increase in contract liabilities and contracts
receivables.

Net cash flows used in investing activities for the nine months
ended Sept. 30, 2021, and 2020, were $13,500 and $9,386,
respectively.  The increase in investing activities was due to
payment of accounts payable for purchase of fixed assets.

Net cash flows provided by financing activities was $3,716,241 for
the nine months ended Sept. 30, 2021, as compared to $2,913,478 for
the nine months ended Sept. 30, 2020.  The net increase in cash
provided by financing activities was due primarily to an increase
in proceeds from issuance of preferred stock, offset by decrease
due to repayment of loans.  To date the Company has principally
financed our operations through the sale of its common and
preferred stock and the issuance of debt.

Originclear stated, "We do not have any material commitments for
capital expenditures during the next twelve months.  Although our
proceeds from the issuance of securities together with revenue from
operations are currently sufficient to fund our operating expenses
in the near future, we will need to raise additional funds in the
future so that we can maintain and expand our operations.
Therefore, our future operations are dependent on our ability to
secure additional financing, which may not be available on
acceptable terms, or at all.  Financing transactions may include
the issuance of equity or debt securities, obtaining credit
facilities, or other financing mechanisms.  Furthermore, if we
issue additional equity or debt securities, stockholders may
experience additional dilution or the new equity securities may
have rights, preferences or privileges senior to those of existing
holders of our common stock.  The inability to obtain additional
capital may restrict our ability to grow and may reduce our ability
to continue to conduct business operations.  If we are unable to
obtain additional financing, we may have to curtail our marketing
and development plans and possibly cease our operations.

We have estimated our current average burn, and believe that we
have assets to ensure that we can function without liquidation for
a limited time, due to our cash on hand, growing revenue, and our
ability to raise money from our investor base.  Based on the
aforesaid, we believe we have the ability to continue our
operations for the immediate future and will be able to realize
assets and discharge liabilities in the normal course of
operations. However, there cannot be any assurance that any of the
aforementioned assumptions will come to fruition and as such we may
only be able to function for a short time."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1419793/000121390021060111/f10q0921_originclearinc.htm

                         About OriginClear

Headquartered in Clearwater, Florida, OriginClear --
www.originclear.tech -- is a water technology company which has
developed in-depth capabilities over its 14-year lifespan.  Those
technology capabilities have now been organized under the umbrella
of OriginClear Tech Group.

OriginClear reported net income of $13.26 million for the year
ended Dec. 31, 2020, compared to a net loss of $27.47 million for
the year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$2.11 million in total assets, $45.45 million in total liabilities,
$9.36 million in commitments and contingencies, and a total
shareholders' deficit of $52.70 million.

Houston, Texas-based M&K CPAS, PLLC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 21, 2021, citing that the Company suffered a net loss from
operations and has a net capital deficiency, which raises
substantial doubt about its ability to continue as a going concern.


P8H INC: Amended Liquidating Plan Confirmed by Judge
----------------------------------------------------
Judge David S. Jones has entered an order confirming the Amended
Chapter 11 Plan of Liquidation jointly proposed by Megan E. Noh,
solely in her capacity as Chapter 11 Trustee (the "Trustee") of
P8H, Inc., d/b/a Paddle 8 (the "Debtor"), and the Official
Committee of Unsecured Creditors ("Committee") for the Debtor.

FBNK Finance S.a.r.l's oral motion at the Combined Hearing to deem
the Third Party Releases binding on all creditors, interests
holders and parties in interest reason under the doctrine of
"substantial contribution" as it relates to non-consensual releases
under a plan is denied for the reasons stated on the record of the
Combined Hearing.

Injunction Relating to Online Seller Claims, Artist-Consignor
Claims and Online Buyer Claims. From and after the Effective Date:

     * Each Holder of an Allowed Online Seller Claim, and Allowed
Artist Consignor Claim and/or Allowed Online Buyer Claim is
permanently restrained, enjoined and prohibited from pursuing,
commencing, continuing or otherwise seeking to enforce or collect
such Holder's Allowed Online Seller Claim, Allowed Artist Consignor
Claim and/or Allowed Online Buyer Claim, in whole or in part, from
the Debtor, the Trustee, the Estate, its successors, affiliates,
officers, directors, employees, agents or professionals, or any
Person or Entity (if any) holding a Claim against the Debtor or its
Estate who receives a distribution under this Plan or who is
otherwise entitled to indemnification from the Debtor or its
Estate, except that this injunction shall not apply to such
Holder's rights against: (i) the Plan Administrator and the
Segregated Seller Fund to the extent of the ratable Distributions
which such Holder is entitled to receive from the Segregated Seller
Fund on account of such Allowed Claim, and (ii) the Plan
Administrator to the extent of the Distributions which such Holder
is entitled to receive on account of such Allowed Claim.

     * Each Holder of an Allowed General Unsecured Clam under the
Plan who is in possession or custody of property that (i) is owned
by the Debtor or an Online Seller, or (ii) the Holder of the
Allowed Online Buyer Claim associated with such property has
elected to receive in accordance with the Plan, shall release such
property to, as the case may be (x) the Debtor or Online Seller
under clause (i), or (y) the Holder of the Allowed Online Buyer
Claim under clause (ii) who elects to retrieve the property at its
own cost of shipment and delivery or, in the absence or
inapplicability of such election, to the Plan Administrator as
legal representative of the Debtor's Estate under the Plan, Online
Seller or Artist-Consignor who owns such property.

     * All Persons and Entities holding Allowed Buyer Claims (and
all Persons and Entities claimed under or through such Holders) are
enjoined from asserting against the Debtor, the Estate, Online
Sellers and Artist-Consignors any claims or causes of action of any
nature arising in, arising out of or related to any art works that
were consigned to the Debtor, and such Persons or Entities may not
prosecute or proceed on such claims or causes of action in any
manner against the Debtor, the Estate, the Online Sellers and the
Artist-Consignors in any state, federal, or foreign court,
administrative agency or tribunal, or arbitral forum.

A copy of the Plan Confirmation Order dated Nov. 19, 2021, is
available at https://bit.ly/3qYiWTN from PacerMonitor.com at no
charge.

Attorneys for Megan E. Noh:
   
     Richard Levy, Jr., Esq.
     PRYOR CASHMAN LLP
     7 Times Square
     New York, NY 10036
     Telephone: (212) 326-0886
     Facsimile: (212) 798-6393
     E-mail: rlevy@pryorcashman.com

Attorneys for the Official Committee of Unsecured Creditors:

     Richard J. Corbi, Esq.
     Law Offices of Richard J. Corbi PLLC
     1501 Broadway, 12th Floor,
     New York, NY 10036
     Tel: (646) 571-2033
          (516) 582-0649
     Email: rcorbi@corbilaw.com

                  About P8H, Inc. d/b/a Paddle8

Paddle8 was founded in 2011 by Alexander Gilkes, Aditya Julka, and
Osman Khan.  It is one of the first online auction house that
specialized in the art world's "middle market."  It announced a
high-profile merger with the Berlin-based online auction house
Auctionata in 2016, but the partnership was dissolved in 2017 when
Auctionata filed for insolvency.

P8H, Inc., doing business as Paddle 8, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20
10809) on March 16, 2020.  At the time of filing, the Debtor was
estimated to have assets of less than $50,000 and liabilities of
between $50,001 and $100,000.

Judge Stuart M. Bernstein oversees the case.

The Debtor is represented by Kirby Aisner & Curley, LLP. Megan E.
Noh is the Debtor's Chapter 11 trustee.  The Trustee is represented
by Pryor Cashman, LLP.

FBNK Finance S.a.r.l., as lender, is represented by Jonathan I.
Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC.


PIZZINI AND HANSEN: Amends Plan to Include Unsecured Tax Claims Pay
-------------------------------------------------------------------
Pizzini and Hansen, Inc., submitted a First Amended Plan of
Reorganization dated November 19, 2021.

Debtor began its business in December 2018 after it purchased the
assets from BWC. The business is a wholesale bakery business. It
sells to restaurants, grocery stores, and Worlds of Fun. Due to the
actions of BWC, Debtor has had difficulty profitably operating its
business. The need for the reorganization was due, in part, to the
claims of BWC and the unsecured creditors.

Class One includes the claim of The Bagel Works Cafe, Inc. ("BWC").
The Proof of Claim filed by BWC on August 9, 2021 (Claim #3)
reflected a balance of $163,584.74. Debtor and BWC have reached a
settlement. Debtor shall pay BWC the "secured" portion of its claim
in the amount of $50,000, bearing 5% interest (starting as of the
Effective Date), with monthly payments of $633 for 96 months (8
years). The first payment shall be paid starting on April 15, 2022
and by the same day of the month thereafter until paid in full.

Class Two includes the claim of Itria Ventures ("Itria"). Itria
Ventures filed a Proof of Claim on September 28, 2021 (Claim #7)
reflecting a balance of $27,853.54 and claiming a lien on Debtor's
assets. Itria's lien is junior to the lien of BWC. Class Two claim
of Itria shall be treated as an unsecured non-priority claim in
Class Four. Itria's lien against the Debtor's assets shall be cut
off. Class 2 is impaired.

Class Three includes the claims of unsecured priority claims of
Internal Revenue Service and Kansas Department of Revenue. IRS
filed a Proof of Claim #6 in the amount of $12,680.38, which
includes priority of $8,413.53 and unsecured non-priority of
$4,266.85. The priority portion should be reduced as Debtor has
paid a portion of the taxes. The balance owed in this class will be
paid no later than May 12, 2026 (five years after filing date) with
the applicable interest. Class Three Claims of any unsecured
priority taxes owed to the Internal Revenue Service and/or the
Kansas Department of Revenue shall be paid in full with the
applicable interest rate no later than May 12, 2026 (five years
after the filing date). Class Three is unimpaired.

Class Four includes unsecured non-priority claims. This Class shall
receive the total sum of $30,000, which shall be paid in
installments of $500 per month, starting with April 15, 2022 and
payable for 60 months. Class 4 is impaired. These include the
following:

     * Blue Vine (approximately $30,000) No proof of claim filed to
date.

     * Capital One $33,401.09 per Proof of Claim filed on 5/28/21
as Claim #1.

     * Constellation New Energy-Gas Division LLC $4,405.10
unsecured per Proof of Claim filed 10/13/21 (Claim #8) Balance of
$168.68 is priority in Class Six.

     * Loan Me Inc. $39,987.30 per Proof of Claim filed on 8/18/21
as Claim #5.

     * Unsecured portion of claim of Itria which is $27,853.54
(Claim #7).

     * Internal Revenue Service unsecured non-priority claim of
$4,266.85.

     * Cross River Bank $41,479, per Proof of Claim #9 filed
10/18/21. This is a PPP loan and the Debtor has sent in the
paperwork to seek forgiveness of this loan. That forgiveness is
pending.

Class Six includes all Allowed Administrative Claims, whether
incurred before or after the Confirmation Date, allowable under
Section 330 and Section 503(b) of the Bankruptcy Code, and which
are entitled to priority payment under Section 507(a)(1) of the
Bankruptcy Code. The Claims of this Class include Chapter 11
Trustee fees, attorneys' fees and accounting fees for post petition
services rendered to the Debtor on and after the Filing Date. The
Debtor retained Franklin Pace Enterprises, LLC located at 12548
Grand Court, Kansas City, MO 64145 to assist with (i) preparing
income tax returns, and (ii) preparing balance sheets/profit & loss
statements and other related accounting products. Debtor's counsel
will file a motion to have the fees charged by and paid to Franklin
Pace Enterprises, LLC approved by the Court. Further, Constellation
New Energy-Gas Division LLC has a priority claim of $168.68.

Class Six Claims include Chapter 11 Trustee fees, attorneys' fees
and accounting fees for post-petition services rendered to the
Debtor on and after the Filing Date, and the Section 503(b)(9)
claim of CNEG in the amount of $168.68, any post-petition invoices
from CNEG for natural gas supplied from the petition date through
the date on which CNEG is removed as the supplier of natural gas to
the debtor and reorganized debtor. These claims shall be paid upon
confirmation unless other arrangements are made with the individual
creditors in this Class. Class Six is unimpaired.

The Debtor shall continue in possession of its assets and shall
continue the operation of its business. The Debtor, as the
Disbursing Agent, shall make all distributions as proposed in the
Plan.

A full-text copy of the First Amended Plan of Reorganization dated
Nov. 19, 2021, is available at https://bit.ly/3DLjZKI from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     KRIGEL & KRIGEL, P.C.
     Erlene W. Krigel, KS No. 70425
     4520 Main Suite 700
     Kansas City, Missouri 64111
     Telephone: (816) 756-5800
     Facsimile: (816) 756-1999

                    About Pizzini and Hansen

Pizzini and Hansen, Inc., filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No.
21-20528) on May 12, 2021, reporting up to $1 million in both
assets and liabilities. Judge Dale L. Somers oversees the case.
Krigel & Krigel, PC, led by Erlene W. Krigel, Esq., serves as the
Debtor's legal counsel


PRESSURE BIOSCIENCES: Incurs $4.95-Mil. Net Loss in Third Quarter
-----------------------------------------------------------------
Pressure Biosciences, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $4.95 million on $518,365 of total revenue for the three months
ended Sept. 30, 2021, compared to a net loss of $3.28 million on
$533,862 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 $16.27 million on $1.69 million of total revenue
compared to a net loss of $11.80 million on $1.06 million of total
revenue for the same period a year ago.

As of Sept. 30, 2021, the Company had $3.33 million in total
assets, $23.31 million in total liabilities, and a total
stockholders' deficit of $19.98 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/830656/000149315221029024/form10-q.htm

                    About Pressure Biosciences

South Easton, Mass.-based, Pressure Biosciences Inc. --
http://www.pressurebiosciences.com-- develops and sells
innovative, broadly enabling, pressure-based platform solutions for
the worldwide life sciences industry.  Its solutions are based on
the unique properties of both constant (i.e., static) and
alternating (i.e., pressure cycling technology, or "PCT")
hydrostatic pressure.  PCT is a patented enabling technology
platform that uses alternating cycles of hydrostatic pressure
between ambient and ultra-high levels to safely and reproducibly
control bio-molecular interactions (e.g., cell lysis, biomolecule
extraction).

Pressure Biosciences reported a net loss of $16 million for the
year ended Dec. 31, 2020, compared to a net loss of $11.66 million
for the year ended Dec. 31, 2019.  As of June 30, 2021, the Company
had $2.31 million in total assets, $24.61 million in total
liabilities, and a total stockholders' deficit of $22.30 million.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 15, 2021, citing that the Company has a working capital
deficit, has incurred recurring net losses and negative cash flows
from operations.  These conditions raise substantial doubt about
its ability to continue as a going concern.


PRINCESS PORT: Case Summary & Unsecured Creditor
------------------------------------------------
Debtor: Princess Port Bed and Breakfast, Inc.
        445 Mirada Road
        Half Moon Bay, CA 94019

Business Description: The Debtor is the fee simple owner of a real
                   property located at 445 Mirada Rd, Half Moon
                   Bay, CA valued at $2.57 million.

Chapter 11 Petition Date: November 23, 2021

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 21-30775

Debtor's Counsel: E. Vincent Wood, Esq.
                  THE LAW OFFICES OF E. VINCENT WOOD
                  1501 N. Broadway, Suite 261
                  Walnut Creek, CA 94596
                  Tel: (925) 278-6680
                  Fax: (925) 955-1655
                  Email: vince@woodbk.com

Total Assets: $2,585,562

Total Liabilities: $1,429,200

The petition was signed by Maria Boruta as principal.

The Debtor listed Chase Credit Card as its sole unsecured creditor
holding a claim of $4,200.

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

https://www.pacermonitor.com/view/YESFL5Q/Princess_Port_Bed_and_Breakfast__canbke-21-30775__0001.0.pdf?mcid=tGE4TAMA


PROAMPAC PG: Moody's Cuts Ratings on First Lien Loans to B3
-----------------------------------------------------------
Moody's Investors Service downgraded ProAmpac PG Borrower LLC's
rating on its first lien senior secured revolving credit facility
expiring 2025 and first lien senior secured term loan due 2025 to
B3 from B2. Moody's affirmed ProAmpac's B3 Corporate Family Rating
and B3-PD Probability of Default Rating. The outlook is stable.

ProAmpac is upsizing its existing first lien senior secured
revolving credit facility to $350 million from $250 million and
issuing an incremental $240 million add-on to its existing first
lien senior secured term loan. The proceeds of the incremental term
loan will be used to fund acquisitions, repay outstanding revolver
borrowings, and add cash to the balance sheet.

The downgrade to B3 on the first lien senior secured credit
facility, consisting of the first lien senior secured revolver and
first lien senior secured term loan, reflects less loss absorption
from the outstanding second lien senior secured term loan in a
default scenario given the increased amount of first lien senior
secured term debt outstanding in the capital structure.

"ProAmpac's high pace of acquisition activity and delays
experienced in cost inflation pass through has elevated leverage.
We expect the company to execute on improving its leverage metric
to support its credit profile," said Scott Manduca,Vice President
at Moody's.

The stable outlook reflects Moody's expectation for EBITDA
improvement from a higher margin business mix will result in
leverage declining back down to about 6.5x in 2022.

Downgrades:

Issuer: ProAmpac PG Borrower LLC

Gtd Senior Secured 1st Lien Term Loan, Downgraded to B3 (LGD3)
from B2 (LGD3)

Gtd Senior Secured 1st Lien Revolving Credit Facility, Downgraded
to B3 (LGD3) from B2 (LGD3)

Affirmations:

Issuer: ProAmpac PG Borrower LLC

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Outlook Actions:

Issuer: ProAmpac PG Borrower LLC

Outlook, Remains Stable

RATINGS RATIONALE

ProAmpac's B3 CFR reflects high leverage, an aggressive financial
policy, and vulnerability to volatile input cost inflation. The
company has 50% of its business under contract with the ability to
pass through price movements of input materials, but on a 60 to
90-day lag, which potentially leaves margins exposed until
incremental costs are recovered. Generally, the lag in the pass
through of incremental labor and freight costs is longer.

Moody's B3 CFR also reflects a high percentage of ProAmpac's sales
to relatively stable end markets, including food and beverage, lawn
and garden, e-commerce, and healthcare (-80% of sales). ProAmpac
has long term customer relationships with many blue-chip names and
will continue its focus on producing higher margin products that
serve stable customer end markets.

Governance risks are heightened given ProAmpac's private equity
ownership, where shareholder interests may take preference over
those of debt holders and could result in debt funded acquisitions
or dividends. The proposed transaction includes multiple debt
funded acquisitions conforming to the company's growth through
acquisition strategy.

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

The rating could be downgraded if ProAmpac fails to improve credit
metrics or engages in material debt funded acquisitions or dividend
distributions. Specifically, the rating could be downgraded if
total adjusted debt to EBITDA is sustained above 6.5 times; EBITDA
to interest coverage is below 2.0 times; and free cash flow to debt
is below 2.5%.

An upgrade to the rating would be dependent upon an improvement in
credit metrics, employment of a less aggressive financial policy
and the maintenance of good liquidity. Specifically, the ratings
could be upgraded if total adjusted debt to EBITDA is sustained
below 5.75 times; EBITDA to interest coverage is above 3.0 times;
and free cash flow to debt is above 3.5%.

Headquartered in Cincinnati, Ohio, ProAmpac PG Borrower LLC is a
manufacturer of flexible plastic packaging products serving
customers primarily in the food, retail, healthcare and industrial
end markets. ProAmpac is majority owned and controlled by PPC
Partners.

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


QUEST PATENT: Posts $872K Net Income in Third Quarter
-----------------------------------------------------
Quest Patent Research Corporation filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
net income of $871,619 on zero revenue for the three months ended
Sept. 30, 2021, compared to net income of $49,615 on $3.40 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 $4.98 million on zero revenue compared to a net loss of
$1 million on $5.49 million of revenues for the nine months ended
Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $2.02 million in total
assets, $10.82 million in total liabilities, and a total
stockholders' deficit of $8.81 million.

At Sept. 30, 2021, the Company had current assets of approximately
$230,000, and current liabilities of approximately $10,474,000.
Its current liabilities include approximately $1,928,000 payable to
Intellectual Ventures, a non-interest bearing total monetization
proceeds obligation to Intelligent Partners in the amount of
$2,805,000 under the Restructure Agreement, which is only payable
from money generated from the monetization of intellection
property, liabilities of $3,277,000 payable to QFL, and loans
payable of $138,000 and accrued interest of approximately $279,000
due to former directors and minority stockholders.  As of Sept. 30,
2021, the Company has an accumulated deficit of approximately
$26,259,000 and a negative working capital of approximately
$10,251,000.  Other than salary and pension benefits to its chief
executive officer, the Company does not contemplate any other
material operating expense in the near future other than normal
general and administrative expenses, including expenses relating to
its status as a public company filing reports with the SEC.  As of
Sept. 30, 2021, there was approximately $1,187,000 of unrecognized
compensation expense related to nonvested stock option awards that
is expected to be recognized over a weighted average expected term
of 7.7 years.

The Company stated, "We cannot assure you that we will be
successful in generating future revenues, in obtaining additional
debt or equity financing or that such additional debt or equity
financing will be available on terms acceptable to us, if at all,
or that we will be able to obtain any third party funding in
connection with any of our intellectual property portfolios.  We
have no credit facilities.  Although our agreement provides for QFL
to provide us with funding to acquire intellectual property rights,
subject to QFL's approval, it does not provide for financing the
litigation necessary for the monetization of the intellectual
property rights.  We do not have any credit facilities or any
arrangements for us to finance the litigation necessary to monetize
our intellectual property rights other than contingent fee
arrangements with counsel with respect to our pending litigation.
If we do not secure contingent representation or obtain litigation
financing, we may be unable to monetize our intellectual property.

We cannot predict the success of any pending or future litigation.
Typically, our agreements with the funding sources provide that the
funding sources will participate in any recovery which is
generated. We believe that our financial condition, our history of
losses and negative cash flow from operations, and our low stock
price make it difficult for us to raise funds in the debt or equity
markets."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/824416/000121390021059416/f10q0921_questpatent.htm

                        About Quest Patent

Rye, New York-based Quest Patent Research Corporation --
http://www.qprc.com-- is an intellectual property asset
management
company.  The Company's principal operations include the
development, acquisition, licensing and enforcement of
intellectual
property rights that are either owned or controlled by the Company
or one of its wholly owned subsidiaries.  The Company currently
owns, controls or manages eleven intellectual property portfolios,
which principally consist of patent rights.

Quest Patent reported a net loss of $1.31 million for the year
ended Dec. 31, 2020, compared to a net loss of $1.30 million for
the year ended Dec. 31, 2019.

Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
April 15, 2021, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.


QUOTIENT LTD: Incurs $27.1 Million Net Loss in Second Quarter
-------------------------------------------------------------
Quotient Limited filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $27.11
million on $9.47 million of total revenue for the quarter ended
Sept. 30, 2021, compared to a net loss of $13.76 million on $16.07
million of total revenue for the quarter ended Sept. 30, 2020.

For the six months ended Sept. 30, 2021, the Company reported a net
loss of $54.40 million on $18.56 million of total revenue compared
to a net loss of $40.01 million on $24.99 million of total revenue
for the six months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $249.60 million in total
assets, $334.92 million in total liabilities, and a total
shareholders' deficit of $85.33 million.

The Company reports a solid cash position with a total of cash and
short-term investments of $141.8 that will allow the company to
continue to develop the MosaiQ pipeline and execute on the European
launch of the MosaiQ platform as soon as the Immunohematology CE
mark is obtained.

During the Quarter, a total payout of $11.2 million related to the
Credit Suisse Supply Chain Finance funds was received.

Subsequent to the end of the second quarter of FY 2022, the Company
successfully amended the Senior Notes Indenture, postponing
principal payments by 18 months and reducing the Company's
near-term cash obligations by approximately $60 million over the
next two years.

Total Operating expenses for the quarter increased by $3.9 million
or 15.8% compared to the second quarter of the prior fiscal year.
This increase is primarily driven by higher R&D spend related to
the ongoing MosaiQ Field Trials.

Capital expenditures totaled $0.3 million in the quarter ended
Sept. 30, 2021, compared with $1.3 million in the quarter ended
Sept. 30, 2020.

Interest expense for the quarter increased by $3.1 million compared
to Q2 of FY 2021.  The increase in interest expense is primarily
due to higher interest cost related to the convertible debt.

As at Sept. 30, 2021 Quotient had $141.8 million in cash and other
short-term investments and $232 million of debt and $8.3 million in
an offsetting long-term cash reserve account.

             Form 10-K/A and Form 10-Q/A restatements

On Nov. 15, the Company filed an amended Form 10-K for the fiscal
year ended March 31, 2021 and an amended Form 10-Q's for the
quarter ended June 30, 2021, which reflected restated financial
statements in connection with the previously announced non-cash
adjustment in connection to its Senior Secured Notes and related
royalty rights agreements.  The adjustment amounted to
approximately $0.2 million in FY2019, $3.0 million in FY 2020, $3.9
million in FY 2021 and $2.4 million in the first quarter of FY 2022
in non-cash interest expenses and increase in long term
liabilities.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1596946/000156459021057096/qtnt-10q_20210930.htm

                      About Quotient Limited

Penicuik, United Kingdom-based Quotient Limited is a
commercial-stage diagnostics company committed to reducing
healthcare costs and improving patient care through the provision
of innovative tests within established markets.  With an initial
focus on blood grouping and serological disease screening, Quotient
is developing its proprietary MosaiQTM technology platform to offer
a breadth of tests that is unmatched by existing commercially
available transfusion diagnostic instrument platforms.  The
Company's operations are based in Edinburgh, Scotland; Eysins,
Switzerland and Newtown, Pennsylvania.

Quotient Limited reported a net loss of $108.47 million for the
year ended March 31, 2021, compared to a net loss of $102.77
million for the year ended March 31, 2020.  As of June 30, 2021,
the Company had $276.55 million in total assets, $328.24 million in
total liabilities, and a total shareholders' deficit of $51.70
million.


RED RIVER WASTE: Seeks Approval to Hire Stretto as Claims Agent
---------------------------------------------------------------
Red River Waste Solutions, LP seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Stretto, Inc. as its claims and noticing agent.

The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtors' Chapter 11 cases.

Stretto will bill the Debtors no less frequently than monthly for
its services.

The Debtors agreed to pay out-of-pocket expenses incurred by the
firm.  Where an expense or group of expenses to be incurred is
expected to exceed $25,000, Stretto may require advance or direct
payment from the Debtors before it provides services.

Sheryl Betance, senior managing director at Stretto, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Sheryl Betance
     Stretto
     410 Exchange Suite 100
     Irvine, CA 92602
     Tel: (800) 634-7734 / 714.716.1872
     Email: sheryl.betance@stretto.com

           About Red River Waste Solutions

Red River Waste Solutions LP is a Dripping Springs, Texas-based
company that provides waste management services.  It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million
in assets and up to $100 million in liabilities.  James Calandra,
chief restructuring officer of Red River Waste Solutions, signed
the petition.

Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's counsel.  


RED RIVER WASTE: Seeks to Hire CRS Capstone, Appoint CRO
--------------------------------------------------------
Red River Waste Solutions, LP seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ CRS
Capstone Partners LLC and designate James Calandra, the firm's
managing director, as chief restructuring officer.

The firm and the CRO will render these services:

     (a) Assume management of the Debtor as CRO, reporting directly
to the Debtor's board of directors or similar governance body. The
CRO shall have the authority to, without limitation: (i) control
the cash, bank accounts, corporate credit cards, properties and
other assets of the Debtor, (ii) manage in all respects the sale of
the Debtor's properties and assets, and (iii) hire and terminate
any employee, professional advisor, consultant or independent
contractor of the Debtor.

     (b) Create, implement and manage a restructuring plan
satisfactory to the Debtor's primary secured lender and other key
stakeholders. Such plan may include, without limitation, the sale
of the Debtor's properties and assets, individually or together, or
directing winddown and liquidation of the Debtor, whether out court
or under any formal Bankruptcy Court proceedings, in coordination
with the  Board of Directors or the relevant governing body of the
Debtor and the Debtor's legal advisors.

     (c) Direct the Debtor in its communications and negotiations
with (i) its customers, (ii) its secured and unsecured creditors
(including any official or ad hoc committees organized in a
bankruptcy process) and (iii) any other constituencies in the
execution of the Debtor's plans.

     (d) Assist the Debtor and its legal advisors in preparing any
motions, filings, compliance and reporting as necessary with the
U.S. Bankruptcy Court.

     (e) Prepare and maintain a weekly cash flow projection and
cash budget model in coordination with the Debtor's management and
personnel.

     (f) Provide all other services that may be reasonably
requested by the Debtor and the Board of Directors or similar
governing body, and the Debtor's other key stakeholders in
furtherance of the Debtor's objectives.

The firm will be paid at these rates:

     Managing Directors               $550 - $600
     Senior Directors and Directors   $450 - $500
     Vice Presidents                  $400 - $450
     Associates                       $350 - $400
     Analysts                         $300

James Calandra, a managing director of CRS Capstone, assured the
court that the firm is a "disinterested person" within the meaning
of 11 U.S.C. 101(14).

The firm can be reached through:

     James Calandra
     CRS Capstone Partners LLC
     176 Federal Street, 3rd Floor
     Boston, MA 02110
     Phone: 617-619-3300

           About Red River Waste Solutions

Red River Waste Solutions LP is a Dripping Springs, Texas-based
company that provides waste management services.  It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million
in assets and up to $100 million in liabilities.  James Calandra,
chief restructuring officer of Red River Waste Solutions, signed
the petition.

Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's counsel.  


RED RIVER WASTE: Seeks to Hire McDermott as Bankruptcy Counsel
--------------------------------------------------------------
Red River Waste Solutions, LP seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
McDermott Will & Emery LLP as its bankruptcy counsel.

The firm's services include:

     (a) advising the Debtor with respect to its powers and duties
as debtor in possession in the continued management and operation
of its business and properties;

     (b) advising and consulting on the conduct of this Chapter 11
Case, including all of the legal and administrative requirements of
operating in chapter 11;

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

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

     (e) preparing pleadings with this Chapter 11 Case including
motions, applications, answers, orders, reports, and papers
necessary or otherwise beneficial to the administration of the
Debtor's estate;

     (f) representing the Debtor with obtaining authority to
continue using cash collateral and securing postpetition financing;


     (g) appearing before the Court and any appellate courts to
represent the interests of the Debtor's estate;

     (h) taking any necessary action on behalf of the Debtor to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all related documents;
and

     (i) performing all other necessary legal services for the
Debtor .

McDermott's current customary hourly rates generally range from
$580 to $1,980 per hour for attorneys and $70 to $1,080 per hour
for non-lawyer professionals.

The attorneys primarily responsible for this engagement and their
respective hourly rates are:

     Marcus A. Helt, Partner     $900
     Debbie Green, Partner       $885
     Jack Haake, Associate       $600
     Jane A. Gerber, Associate   $810

McDermott received a retainer in the amount of $290,217.95

McDermott is a "disinterested person" within the meaning of section
101(14) of the Bankruptcy Code, as required by section 327(a) of
the Bankruptcy Code, and does not hold or represent an interest
adverse to the Debtor's estate, according to court filings.

The firm can be reached through:

     Marcus A. Helt, Esq.
     Jane A. Gerber, Esq.
     MCDERMOTT WILL & EMERY LLP
     2501 North Harwood Street, Suite 1900
     Dallas, TX 75201
     Tel: (214) 210-2821
     Fax: (972) 528-5765
     Email: mhelt@mwe.com
            jagerber@mwe.com

           About Red River Waste Solutions

Red River Waste Solutions LP is a Dripping Springs, Texas-based
company that provides waste management services.  It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million
in assets and up to $100 million in liabilities.  James Calandra,
chief restructuring officer of Red River Waste Solutions, signed
the petition.

Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's counsel.  


RED RIVER WASTE: Seeks to Hire Schiffer Hick as Special Counsel
---------------------------------------------------------------
Red River Waste Solutions, LP seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Schiffer Hicks Johnson PLLC as its special counsel.

The firm will review and analyze documents, interview witnesses,
and research potential claims against MUFG Union Bank, N.A.

The firm will be paid at these rates:

     Andy S. Hicks, Partner      $800 per hour
     Marc Tabolsky, Partner      $800 per hour
     Matthew Davis, Associate    $575 per hour
    James A. Keefe, Associate    $450 per hour

The billing rates for others in the firm range from $850 to $375
per hour for attorneys and from $275 to $175 per
hour for non-lawyer personnel.

Andy Hicks, Esq., a partner at Schiffer Hicks, assured the court
that the firm does not have an interest materially adverse to the
interest of the Debtor's estate or of any class of creditors.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, Andy
Hicks disclosed that:

     -- it 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
case;

     -- the firm has not represented the Debtor in the 12 months
prepetition; and

     -- the firm will be providing the Debtor with a proposed
staffing plan.

The firm can be reached through:

     Andy S. Hicks, Esq.
     Schiffer Hicks Johnson PLLC
     700 Louisiana St #2650
     Houston, TX 77002
     Phone: +1 713-357-5150

           About Red River Waste Solutions

Red River Waste Solutions LP is a Dripping Springs, Texas-based
company that provides waste management services.  It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 21-42423) on Oct. 14, 2021, listing up to $50 million
in assets and up to $100 million in liabilities.  James Calandra,
chief restructuring officer of Red River Waste Solutions, signed
the petition.

Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's counsel.  


REDEEMED CHRISTIAN: Disclosure Statement due on Dec. 3
------------------------------------------------------
Judge Thomas J. Catliota has ordered that the Disclosure Statement
of Redeemed Christian Church of God, River of Life relating to the
filed Plan of Reorganization is due to be filed by the Debtor with
the Bankruptcy Court on December 3, 2021.

          About The Redeemed Christian Church of God

The Redeemed Christian Church of God, River of Life, is a
tax-exempt religious organization in Riverdale, Md.

The Redeemed Christian Church of God filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md.
Case No. 21-14554) on July 9, 2021.  David Ijeh, director and
pastor, signed the petition.  At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities. John D. Burns, Esq., at The Burns Law Firm, LLC,
serves as the Debtor's legal counsel.


RIVERBED TECHNOLOGY: Moody's Cuts CFR to Ca Following Bankr. Filing
-------------------------------------------------------------------
Moody's Investors Service downgraded Riverbed Technology, Inc.'s
ratings including the Corporate Family Rating to Ca from Caa3 and
its Probability of Default Rating to D-PD from Ca-PD. The downgrade
follows Riverbed's announcement that it had initiated Chapter 11
bankruptcy proceedings.

RATINGS RATIONALE

The Ca Corporate Family Rating and ratings on the below listed
instruments reflect the bankruptcy filing and the higher than
average expected recovery rates on the 1st lien, 2nd lien
(unrated), and unsecured debt. Following the actions, Moody's will
withdraw the ratings due the bankruptcy filing.

Similar to other technology providers, Riverbed has low
environmental risk. Social risks are low to moderate, in line with
the software sector, mainly stemming from social issues linked to
data security, diversity in the workplace and access to highly
skilled workers. Riverbed is owned by private equity fund Thoma
Bravo and Teachers' Private Capital. The company's recent
bankruptcy filing is expected to lead to a significant impairment
to the debt.

Downgrades:

Issuer: Riverbed Technology, Inc.

Corporate Family Rating, Downgraded to Ca from Caa3

Probability of Default Rating, Downgraded to D-PD from Ca-PD

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa2
(LGD2) from Caa1 (LGD2)

Affirmations:

Issuer: Riverbed Technology, Inc.

Senior Unsecured Regular Bond/Debenture, Affirmed C (LGD6)

Outlook Actions:

Issuer: Riverbed Technology, Inc.

Outlook, Remains Negative

Headquartered in San Francisco, CA, Riverbed Technology, Inc. is a
leading provider of Wide Area Network (WAN) Optimization and
performance monitoring products and services. Riverbed was acquired
by private equity funds Thoma Bravo and Teachers' Private Capital
in April 2015. Revenues were approximately $600 million for the
twelve months ended June 30, 2021.

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


SMARTER BUILDING: Seeks Approval to Hire Stretto as Claims Agent
----------------------------------------------------------------
Smarter Building Technologies Alliance, Inc. seeks approval from
the U.S. Bankruptcy Court for the Central District of California to
employ Stretto as its claims and noticing agent.

The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtors' Chapter 11 cases.

Stretto will bill the Debtors no less frequently than monthly for
its services.

The Debtors agreed to pay out-of-pocket expenses incurred by the
firm.  

Stretto has not received a retainer.

Sheryl Betance, senior managing director at Stretto, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Sheryl Betance
     Stretto
     410 Exchange Suite 100
     Irvine, CA 92602
     Tel: (800) 634-7734 / 714.716.1872
     Email: sheryl.betance@stretto.com

               About Smarter Building Technologies Alliance

Smarter Building Technologies Alliance, Inc. is a merchant
wholesaler of professional and commercial equipment and supplies.

Smarter Building Technologies Alliance, Inc.  filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 21-18337) on Oct 29, 2021. The petition was
signed by Benjamin Buchanan as chief executive officer. At the time
of filing, the Debtor estimated $877,745 in assets and $1,942,876
in liabilities.

Judge Barry Russell presides over the case.

Eric Goldberg, Esq. and Jonathan Serrano, Esq. at DLA PIPER LLP
(US) represents the Debtor as counsel.


SQUIRRELS RESEARCH: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Squirrels Research Labs LLC
        8050 Freedom Avenue NW
        North Canton, OH 44720

Business Description: Squirrels Research Labs LLC is engaged in
                      the business of manufacturing semiconductor
                      and other electronic components.

Chapter 11 Petition Date: November 23, 2021

Court: United States Bankruptcy Court
       Northern District of Ohio

Case No.: 21-61491

Judge: Hon. Russ Kendig

Debtor's Counsel: Marc B. Merklin, Esq.
                  BROUSE MCDOWELL, LPA
                  388 S. Main Street, Suite 500
                  Akron, OH 44311
                  Tel: 330-535-5711
                  Fax: 330-253-8601
                  E-mail: mmerklin@brouse.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David A. Stanfill as president.

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

https://www.pacermonitor.com/view/UV7V3OQ/Squirrels_Research_Labs_LLC__ohnbke-21-61491__0001.0.pdf?mcid=tGE4TAMA


STERLING CHECK: Moody's Assigns 'B1' CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned to Sterling Check Corp.
("Sterling") a corporate family rating at B1, a probability of
default rating at B1-PD and a speculative grade liquidity rating at
SGL-1. Moody's also assigned a B1 rating to Sterling Infosystems,
Inc.'s ("Infosystems") $140 million senior secured revolving credit
facility, whose expiration date is August 2026, upgraded Sterling
Midco Holdings, Inc.'s ("Midco") senior secured term loan rating to
B1 from B2, and withdrew Midco's B2 CFR and B2-PD PDR. The outlooks
at both Sterling and Infosystems are stable.

The assignment of a B1 CFR and B1-PD PDR to Sterling and withdrawal
of the B2 CFR and B2-PD PDR at Midco, which is the initial borrower
that, via a late-2017 successor borrower assumption agreement,
merged into and became Infosystems, effectively represent an
upgrade of the company's CFR to B1 from B2 and PDR to B1-PD from
B2-PD. The term loan (maturing in 2024) originally rated at Midco
is now rated at Infosystems, and the rating on the $85 million
revolver at Midco will be withdrawn.

In September, Sterling raised about $110 million through the sale
of its shares in an IPO that valued the company at over $2 billion,
including the book value of debt. On November 1st, Sterling repaid
$100 million of its term loan, whose balance is now $512 million.
IPO-enhanced deleveraging and public company status, including a
conservative, publicly stated leverage target, point to balanced
and more creditor-friendly financial strategies. Therefore, Moody's
considers governance factors as a key driver of the rating
actions.

Upgrades:

Issuer: Sterling Infosystems, Inc., (New)

Senior Secured Bank Credit Facility, Upgraded to B1(LDG3) from
B2(LGD3)

Assignments:

Issuer: Sterling Check Corp.

Probability of Default Rating, Assigned B1-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

Corporate Family Rating, Assigned B1

Issuer: Sterling Infosystems, Inc. (New)

Senior Secured Bank Credit Facility, Assigned B1(LDG3)

Outlook Actions:

Issuer: Sterling Check Corp.

Outlook, Assigned Stable

Issuer: Sterling Infosystems, Inc. (New)

Outlook, Assigned Stable

Withdrawals:

Issuer: Sterling Midco Holdings, Inc.

Probability of Default Rating, Withdrawn , previously rated B2-PD

Corporate Family Rating, Withdrawn , previously rated B2

RATINGS RATIONALE

The B1 CFR reflects Sterling's strong revenue and earnings recovery
through 2021 on the heels of a weak, COVID-impacted 2020, as well
as substantial improvements in both leverage and liquidity. A
successful business turnaround and a robust US job market have
driven what Moody's expects will be a better than 35% improvement
in 2021 revenue over 2020, and an even stronger improvement in
EBITDA. Sterling's solid operating results, including double-digit
screening and verification volume growth with new and existing
customers, coupled with lower attrition rates through 2021, will
lead to strengthening credit metrics over the next 12-18 months.

Moody's-anticipated revenue and margin improvements, plus the $100
million term-loan paydown, will lead to Moody's-adjusted
debt-to-EBITDA leverage expected of 3.7 times as of year-end 2021,
as compared with about 5.7 times as of mid-year. Moody's expects
free cash flow as a percentage debt of 15% and 20% in 2021 and
2022, respectively, which are strong metrics compared to many other
services issuers also rated at the B1 CFR category. Rating support
is also provided by Sterling's strong competitive position in the
global employment verifications and screening services market,
favorable macro-economic indicators for driving continued earnings
growth and a track record of successful execution on management's
growth initiatives. As a result, Moody's believes Sterling can
reduce leverage towards 3.0 times by late 2022. The credit profile
benefits from good end-user and industry diversification,
long-standing relationships with certain blue-chip customers, and
strong, 96% customer retention rates. Moody's expects Sterling's
EBITDA margins to expand and approach 30% after 2022, which is a
high profitability rate relative to many other B1-rated business
and consumer-services sector peers.

While the September 2021 IPO has led Moody's to view the company's
governance more favorably, private equity owners continue to have a
significant, 64% majority position in Sterling, which weighs on
ratings upside. Additionally, the pre- and postemployment ID
screening market is fragmented and highly competitive.

The upgrade of the senior secured term loan to B1 from B2 reflects
the effective upgrade of the PDR to B1-PD at Sterling from B2-PD at
Midco and a loss given default assumption of LGD3. The senior
secured credit facilities are secured by the assets of Infosystems
and benefit from secured guarantees from Sterling, its direct
parent, and from all existing and subsequently acquired
wholly-owned domestic subsidiaries. As there is no other material
debt in the capital structure, the facilities are rated in line
with the B1 CFR.

The assignment of the SGL-1 speculative grade liquidity rating
reflects Moody's anticipation for the company's liquidity profile
to be very good, with cash balances of about $100 million at
year-end 2021, potentially doubling in 2022 through free cash flow
generation anticipated to approach $100 million. Moody's also
anticipates minimal drawings under the ample, $140 million
revolving credit facility.

The stable outlook reflects Moody's expectation for at least
mid-single digit percentage revenue growth and debt to EBITDA
declining towards 3.0 times by the end of 2022. The outlook also
assumes the company will maintain at least good liquidity,
including free cash flow-to-debt in excess of 10%.

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

Moody's will consider an upgrade to the ratings if Sterling
continues to grow and diversify its revenue base, maintain at least
good liquidity, and reduce debt to EBITDA to below 3.5 times.
Higher ratings would also require Sterling to demonstrate and
maintain balanced financial strategies, including through a
material reduction in private-equity ownership in and control of
the company.

Moody's could downgrade Sterling's ratings if revenue growth is
lower than anticipated, leading to financial leverage sustained
above 4.5 times or free cash flow to debt (Moody's adjusted)
remaining below 10%.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Headquartered in New York City, Sterling Check Corp. (STER; NASD),
through its operating subsidiary Sterling Infosystems, Inc.,
provides prescreen identity verification, pre-hire screening,
onboarding, post-hire monitoring including criminal background
checks, credential verification and employee drug testing.
Following the September IPO, Sterling continues to be majority
owned and controlled by affiliates of private equity sponsor Broad
Street Principal Investments (a subsidiary of Goldman, Sachs).
Moody's expects the company to generate 2021 revenue of about $620
million.


SUNRISE REAL ESTATE: Incurs $919K Net Loss in Third Quarter
-----------------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing
a net loss $918,568 on $5.60 million of net revenues for the three
months ended Sept. 30, 2021, compared to net income of $21.96
million on $108,523 of net revenues for the three months ended
Sept. 30, 2020.

For the nine months ended Sept. 30, 2021, the Company reported net
income of $29.94 million on $14.30 million of net revenues compared
to net income of $18.87 million on $802,194 of net revenues for the
nine months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $401.45 million in total
assets, $239.77 million in total liabilities and $161.68 million in
total shareholders' equity.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1083490/000141057821000314/srre-20210930x10q.htm

                        About Sunrise Real

The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.

The Company reported a net loss of $4.24 million for the year ended
Dec. 31, 2020, compared to a net loss of $4.52 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $391.59
million in total assets, $228.31 million in total liabilities, and
$163.28 million in total shareholders' equity.


TELIGENT INC: Cash Collateral Access, DIP Loans OK'd
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
authorized Teligent, Inc. and its debtor-affiliates to obtain on a
final basis:

     a. a postpetition senior secured debtor-in-possession
asset-based revolving credit facility in an aggregate principal
amount of up to $6,000,000, consisting of new money revolving
loans;

     b. a postpetition senior secured term loan facility pari passu
in priority to the DIP Revolving Credit Facility consisting of
rolled-up loans under the Prepetition First Lien Credit Facility,
as further described in the DIP Revolving Credit Agreement, held by
the Prepetition First Lien Lenders into the DIP Senior Term Loan
Facility in an aggregate principal amount of $15,000,000, plus
accrued and unpaid interest and all other Prepetition First Lien
Obligations;

     c. a postpetition senior secured term loan facility junior
only to the DIP Revolving Credit Facility, the DIP Senior Term Loan
Facility, the First Lien Adequate Protection Obligations, and the
Prepetition First Lien Obligations provided by certain Prepetition
Second Lien Lenders consisting of up to $6,000,000 in new money
term loans;

     d. a postpetition senior secured term loan facility pari passu
in priority to the DIP Junior New Money Term Loan Facility and
junior only to the DIP Revolving Credit Facility, the DIP Senior
Term Loan Facility, the First Lien Adequate Protection Obligations,
and the Prepetition First Lien Obligations consisting of rolled-up
loans under the Prepetition Second Lien Credit Facility, as further
described in the DIP Credit Agreement, held by the Prepetition
Second Lien Lenders into the DIP Junior Term Loan Facility in an
aggregate principal amount of $18,000,000.

The Debtors have an immediate need to obtain the DIP Facilities and
use the cash collateral in each case on an interim basis, in order
to, among other things, (i) permit the orderly continuation of
their respective businesses, (ii) maintain business relationships
with their vendors, suppliers, regulators, customers and other
parties, (iii) make payroll, (iv) to repay in full any amounts
outstanding under the Prepetition First Lien Credit Facility with
the proceeds of the DIP Senior Term Loans, (v) make adequate
protection payments, (vi) pay the costs of the administration of
the Chapter 11 Cases, including a process for the sale of the
Debtors' assets, and (vii) satisfy other working capital and
general corporate purposes of the Debtors.

As of the Petition Date, the Debtors were jointly and severally
indebted and liable to the Prepetition First Lien Parties under the
Prepetition First Lien Credit Documents in the aggregate amount of
not less than $16,441,527, which consists of approximately
$15,000,000 in aggregate principal amount of revolving loans and
issued and undrawn letters of credit, plus accrued and unpaid
interest and fees thereon as of the Petition Date.  ACF Finco I LP,
serves as administrative agent and collateral agent under the First
Lien Credit Agreement.

As of the Petition Date, the Debtors were jointly and severally
indebted and liable to the Prepetition Second Lien Parties under
the Prepetition Second Lien Credit Documents in the aggregate
principal amount of not less than $89,823,754.60 of term loans
advanced under the Prepetition Second Lien Credit Agreement, plus
accrued and unpaid interest thereon as of the Petition Date.  Ares
Capital Corporation serves as administrative and collateral agent
under the Second Lien Credit Agreement.

About $18,000,000 in principal of Prepetition Second Lien
Obligations held by the Roll-Up Second Lien Lenders will
immediately, automatically, and irrevocably be deemed to have been
converted into Roll-Up Second Lien Obligations and will be entitled
to all the priorities, privileges, rights, and other benefits set
forth in the Interim Order and the Final Order. However, interest
on the Roll-Up Second Lien Obligations will accrue and be
paid-in-kind in accordance with the terms of the DIP Credit
Agreement.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition First Lien Lenders and Prepetition Second Lien Lenders
are granted additional and replacement valid, binding, enforceable
non-avoidable, and effective and automatically perfected
postpetition security interests in, and liens on the Debtor's
assets.

As further adequate protection, an allowed administrative expense
claim in the Chapter 11 Cases to the extent of any postpetition
Diminution in Value ahead of and senior to any and all other
administrative expense claims in such Chapter 11 Case.

The DIP Administrative Agent and the Prepetition First Lien Agent,
or any assignee or designee of the DIP Administrative Agent and
Prepetition First Lien Agent, acting at the direction of the
holders of a majority of the DIP Revolving Loans, DIP Senior Term
Loans, and/or Prepetition First Lien Loans, as applicable, have the
unqualified right to credit bid up to the full amount of the DIP
Revolving Loans, DIP Senior Term Loans, and Prepetition First Lien
Loans in the sale of any DIP Collateral or Prepetition Collateral,
including pursuant to (x) Bankruptcy Code section 363, (y) a plan
of reorganization or a plan of liquidation under Bankruptcy Code
section 1129 or (z) a sale or disposition by a chapter 7 trustee
for any Debtor under Bankruptcy Code section 725.

A copy of the order is available at https://bit.ly/3xaO7ww from
PacerMonitor.com.

                        About Teligent Inc.

Teligent, Inc., a specialty generic pharmaceutical company,
develops, manufactures, markets, and sells generic topical, branded
generic, and generic injectable pharmaceutical products in the
United States and Canada. The company was formerly known as IGI
Laboratories, Inc. and changed its name to Teligent, Inc. in
October 2015. Teligent, Inc. was founded in 1977 and is based in
Buena, New Jersey.

Teligent Inc. and three affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11332) on Oct. 14, 2021.  The
cases are handled by Honorable Judge Brendan Linehan Shanno.

The Debtor disclosed total assets of $85.0 million and total debt
of $135.8 million as of Aug. 31, 2021.

Young Conaway Stargatt & Taylor, LLP and K&L Gates LLP are the
Debtors' attorneys.  Portage Point Partners, LLC, is the Debtors'
restructuring advisor.  Raymond James & Associates, Inc., is the
Debtors' investment banker.  Epiq Corporate Restructuring, LLC, is
the claims agent.

Latham & Watkins LLP, serves as co-counsel to the Prepetition First
Lien Parties and the Senior DIP Parties.  Morgan Lewis & Bockius
LLP serves as co-counsel to the DIP Junior Term Loan Parties and
Prepetition Second Lien Parties.  Morris, Nichols, Arsht & Tunnell
LLP serves as co-counsel to the DIP Parties and Prepetition Secured
Parties.  Jenner & Block LLP serves as co-counsel to the
Creditors’ Committee.  Osler, Hoskin & Harcourt LLP, serves as
Canadian counsel to both the DIP Junior Term Loan Parties and the
Senior DIP Parties.  NautaDutilh Avocats Luxembourg S.a r.l., as
Luxembourg serves as counsel to both the DIP Junior Term Loan
Parties and the Senior DIP Parties.  TGS Baltric is the Estonian
counsel to both the DIP Junior Term Loan Parties and the Senior DIP
Parties.


TPT GLOBAL: Posts $4.7 Million Net Loss in Third Quarter
--------------------------------------------------------
TPT Global Tech, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
attributable to the company's shareholders of $4.72 million on
$2.52 million of total revenues for the three months ended Sept.
30, 2021, compared to a net loss attributable to the company's
shareholders of $1.37 million on $2.79 million 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 attributable to the Company's shareholders of $8.60
million on $7.81 million of total revenues compared to a net loss
attributable to the company's shareholders of $4.86 million on
$8.62 million of total revenues for the same period during the
prior year.

As of Sept. 30, 2021, the Company had $11.77 million in total
assets, $42.75 million in total liabilities, $5.03 million in total
mezzanine equity, and a total stockholders' deficit of $36
million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1661039/000165495421012365/tptw_10q.htm

                       About TPT Global Tech

TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is
a technology-based company with divisions providing
telecommunications, medical technology and product distribution,
media content for domestic and international syndication as well as
echnology solutions.  TPT Global Tech offers Software as a Service
(SaaS), Technology Platform as a Service (PAAS), Cloud-based
Unified Communication as a Service (UCaaS).  It offers
carrier-grade performance and support for businesses over its
private IP MPLS fiber and wireless network in the United States.
TPT's cloud-based UCaaS services allow businesses of any size to
enjoy all the latest voice, data, media and collaboration features
in today's global technology markets.  TPT Global Tech also
operates as a Master Distributor for Nationwide Mobile Virtual
Network Operators (MVNO) and Independent Sales Organization (ISO)
as a Master Distributor for Pre-Paid Cell phone services, Mobile
phones Cell phone Accessories and Global Roaming Cell phones.

TPT Global reported a net loss attributable to the Company's
shareholders of $8.07 million for the year ended Dec. 31, 2020,
compared to a net loss attributable to the company's shareholders
of $14.03 million for the year ended Dec. 31, 2019.  As of June 30,
2021, the Company had $12.49 million in total assets, $39.36
million in total liabilities, $5.03 million in total mezzanine
equity, and a total stockholders' deficit of $31.90 million.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has insufficient cash flows
from operations to support working capital requirements.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


TRI-STATE PAIN: Jan. 6, 2022 Plan Confirmation Hearing Set
----------------------------------------------------------
On Oct. 7, 2021, debtor Tri-State Pain Institute filed with the
U.S. Bankruptcy Court for the Western District of Pennsylvania a
Second Amended Disclosure Statement and Second Amended Plan of
Reorganization.

On Nov. 19, 2021, Judge Thomas P. Agresti approved the Second
Amended Disclosure Statement and ordered that:

     * Dec. 24, 2021 is the last day for filing written ballots by
creditors either accepting or rejecting the plan, and filing and
serving written objections to confirmation of the plan.

     * Jan. 6, 2022 is the last day for filing a complaint
objecting to discharge.

     * Jan. 6, 2022 at 10:00 A.M. via Zoom Video Conference is the
plan confirmation hearing for the Third Amended Plan.

A copy of the order dated Nov. 19, 2021, is available at
https://bit.ly/3rcqgM3 from PacerMonitor.com at no charge.

                 About Tri-State Pain Institute

Tri-State Pain Institute LLC is a well-known Erie pain specialist
founded by Joseph M. Thomas, M.D.

Tri-State Pain Institute, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Cas No. 20-10049) on Jan.
23, 2020.  At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $1,000,001 and $10 million.

Judge Thomas P. Agresti oversees the case.  

The Debtor tapped Marsh, Spaeder, Baur, Spaeder, and Schaaf, LLP,
as the legal counsel and Coldwell Banker Select, Realtors as real
estate broker.

On Feb. 14, 2020, the U.S. Trustee for Regions 3 and 9 appointed a
Committee of unsecured creditors in the Debtor's Chapter 11 case.
The Committee is represented by Knox, McLaughlin, Gornall &
Sennett, P.C.


TROIKA MEDIA: Incurs $2.1 Million Net Loss in First Quarter
-----------------------------------------------------------
Troika Media Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.14 million on $8.35 million of net project revenues for the
three months ended Sept. 30, 2021, compared to a net loss of $3.92
million on $4.13 million of net project revenues for the three
months ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $42.05 million in total
assets, $24.44 million in total liabilities, and $17.61 million in
total stockholders' equity.

The Company has incurred net losses since its inception and
anticipates net losses and negative operating cash flows until
fiscal year 2024.  At Sept. 30, 2021, the Company had approximately
$9.8 million in cash and cash equivalents and a total of $12.4
million in current assets in relation to $17.7 million in current
liabilities.  While the Company continues to find efficiencies with
its acquisitions of Troika Design Group, Inc. and Mission Group as
well as the assets of Redeeem LLC, the departure of Mission's
President and Founder in fiscal year 2019 together with the
coronavirus (COVID-19) pandemic impacted revenue more than
anticipated.

Management Commentary

Robert Machinist, Troika's Chairman and CEO, said, "Building on the
momentum we saw in our business developing at the end of fiscal
year 2021, we are off to a great start to fiscal 2022, with strong
revenue growth of 102%, lower losses, and operating leverage across
the entire business.  We believe our very strong performance goes
well beyond a post-COVID recovery, as growth was generated across
our operating segments, and driven by broad-based contributions
across our client sectors.  Clients are making significant
investments in marketing, particularly in digital media and
experiential campaigns.  TMG has positioned itself as a high-value
partner that combines the power of creativity with the benefits of
data and technology, to create integrated solutions for clients
across a range of industry sectors.  These outstanding results are
a credit to our employees who have continued to show a high level
of dedication and support – to our clients and to one another."

Machinist added, "We continue to carefully evaluate how to
accelerate our growth strategy through a targeted and scalable M&A
approach to build on existing capabilities in growth areas such as
experience, commerce and technology.  We believe there are
significant new growth opportunities for TMG as clients are looking
for innovative and integrated solutions that harness new
technologies to grow their business."

"We will continue to focus on delivering strong results for our
clients and innovating to expand the capabilities of our platform
and better serve our global brands.  As such, we see significant
opportunity to create further value for our shareholders."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1021096/000147793221008126/trka_10q.htm

                           About Troika

Troika Media Group (fka M2 nGage Group, Inc.) -- www.thetmgrp.com
-- is an end-to-end brand solutions company that creates both
near-term and long-term value for global brands in entertainment,
sports and consumer products.  Applying emerging technology, data
science, and world-class creative, TMG helps brands deepen
engagement with audiences and fans throughout the consumer journey
and builds brand equity.  Clients include Apple, Hulu, Riot Games,
Belvedere Vodka, Unilever, UFC, Peloton, CNN, HBO, ESPN, Wynn
Resorts and Casinos, Tiffany & Co., IMAX, Netflix, Sony and
Coca-Cola.

Troika Media reported a net loss of $16 million for the year ended
June 30, 2021, compared to a net loss of $14.45 million for the
year ended June 30, 2020.


UGI INT'L: Moody's Rates New Senior Unsecured Notes Due 2029 'Ba1'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to UGI
International, LLC's proposed Euro400 million senior unsecured
notes due 2029. UGI International's other ratings, including the
Ba1 Corporate Family Rating, and stable outlook remain unchanged.
The majority of the proceeds will be used to refinance UGI
International's senior unsecured notes due 2025 and the remainder
will be used for general corporate purposes and/or distributed to
UGI International's parent company, UGI Corporation.

Assignments:

Issuer: UGI International, LLC

GTD Senior Unsecured Regular Bond/Debenture, Assigned Ba1 (LGD4)

RATINGS RATIONALE

UGI International's proposed Euro400 million senior unsecured notes
due 2029 are rated Ba1, the same as the CFR. UGI International also
has a Euro300 million senior unsecured term loan due 2023 and a
Euro300 million senior unsecured multi-currency revolver due 2023.
The notes, term loan and revolver are unsecured and pari passu.

UGI International, LLC's Ba1 CFR reflects the company's solid
interest coverage, good liquidity, high customer diversification,
and strong market positions and brand recognition in a number of
European countries. The rating is constrained by a limited product
offering, high geographic concentration, and the longer-term
decline in the demand for liquified petroleum gas. While
geographically concentrated, the company has a diversified customer
base across a number of European countries.

While the notes offering somewhat increases debt outstanding, the
company's financial leverage remains well in line for its rating.
The stable outlook reflects Moody's expectation that UGI
International will maintain leverage below 2.5x.

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

Factors that could lead to an upgrade include meaningful increase
in scale and operating margins, and debt/EBITDA below 1.5x.

Factors that could lead to a downgrade include debt/EBITDA rising
above 2.5x.

UGI International is a wholly owned subsidiary of publicly traded
UGI Corporation, a holding company. UGI International markets and
distributes liquified petroleum gas (LPG) in Europe and operates an
energy marketing business.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.


W.R. GRACE: Smolker Appeal from Order Cancelling Hearing Junked
---------------------------------------------------------------
The United States District Court for the District of Delaware
granted the Motion to Dismiss filed by W.R. Grace & Co., et al., in
the appeal filed by Gary Smolker from the Bankruptcy Court's June
22, 2021 order cancelling a hearing.

On March 15, 2021, Mr. Smolker asked the Bankruptcy Court to set a
hearing date for a sanctions motion that he said he intended to
file once he had filed a motion to compel W.R. Grace to produce
documents. Mr. Smolker first raised the issue of seeking sanctions
in September 2020, during a hearing in which the Bankruptcy Court
set a briefing schedule for W.R. Grace's then-pending summary
judgment motion requesting disallowance of Mr. Smolker's bankruptcy
claim.

Mr. Smolker never filed his sanctions motion, nor did he file a
motion to compel the Reorganized Debtor to produce documents. On
June 4, 2021, one day after the objection deadline set forth in the
Bankruptcy Court's March 16 Notice, the Reorganized Debtor filed
its Request to Cancel Hearing.

The Court found that the appeal of the Order Cancelling Hearing is
patently frivolous, and the appeal is clearly interlocutory and
does not meet the standards of 28 U.S.C. Section 1292(b) as the
Order Cancelling Hearing is entirely procedural in nature and
affects no substantive rights.

A full-text copy of the Memorandum Order dated November 12, 2021,
is available at https://tinyurl.com/w2t3bnzt from Leagle.com.

The appeals case is GARY SMOLKER, Appellant, v. W.R. GRACE & CO.,
et al., Appellees, Civ. No. 21-987-LPS (D. Del.).

                        About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) --
http://www.grace.com/-- supplies catalysts and silica products,
especially construction chemicals and building materials, and
container products globally.

The company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).

The Debtors were represented by lawyers at Kirkland & Ellis LLP;
The Law Offices of Roger Higgins; and Pachulski Stang Ziehl &
Jones, LLP.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP served as the
Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represented
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.

In 2004, David Austern was appointed as legal representative for
victims of asbestos exposure who may file claims against W.R.
Grace. Roger Frankel, a partner at Orrick Herrington & Sutcliffe
LLP, and who served as legal counsel for Mr. Austern, was later
named as substitute Future Claimants Rep when Mr. Austern passed
away in May 2013. The FCR tapped Orrick Herrington & Sutcliffe LLP
as counsel; Phillips Goldman & Spence, P.A., as Delaware
co-counsel; and Lincoln Partners Advisors LLC as financial
adviser.

Caplin & Drysdale, Chartered, and Campbell & Levine, LLC,
represented the Official Committee of Asbestos Personal Injury
Claimants. The Asbestos Committee of Property Damage Claimants
tapped Bilzin Sumberg Baena Price & Axelrod, LLP, to represent it.
Kramer Levin Naftalis & Frankel, LLP, represented the Official
Committee of Equity Security Holders.

W.R. Grace obtained confirmation of a plan co-proposed with the
Official Committee of Asbestos Personal Injury Claimants, the
Official Committee of Equity Security Holders, and the Asbestos
Future Claimants Representative.  The Chapter 11 plan was built
around an April 2008 settlement for all present and future asbestos
personal injury claims, and a subsequent settlement for asbestos
property damage claims.

Bankruptcy Judge Judith Fitzgerald approved the Plan on Jan. 31,
2011.  District Judge Ronald Buckwalter on Jan. 31, 2012, entered
an order affirming the bankruptcy court's confirmation of the
Plan.

W.R. Grace defeated four appeals challenging the Plan's approval. A
fifth appeal was by secured bank lenders claiming the right to $185
million of interest at the contractual default rate. Pursuant to a
settlement announced in December 2013, lenders were slated to
receive $129 million in settlement of the claim for additional
interest.

W.R. Grace & Co. and its debtor affiliates declared the First
Amended Joint Plan of Reorganization co-proposed by the Official
Committee of Asbestos Personal Injury Claimants, the Asbestos PI
Future Claimants' Representative, and the Official Committee of
Equity Security Holders, effective on Feb. 3, 2014.



[*] N.Y. Mega Bankruptcies Will Be Randomly Assigned to Judges
--------------------------------------------------------------
James Nani of Bloomberg Law reports that the Southern District of
New York, one of the most sought-after bankruptcy venues, will
randomly assign its judges to large Chapter 11 cases that are worth
at least $100 million, regardless of which of its courthouses first
received the initial filing.

The new rule on "mega" Chapter 11 cases, which goes into effect
Dec. 1, 2021 will result in a "more balanced utilization of
judicial resources," the U.S. Bankruptcy Court for the Southern
District of New York said Monday, November 22, 2021.

As a result of the new rule, an SDNY judge who's assigned to a case
may preside over it in a courthouse where he or she isn’t usually
assigned.

The change is related to recent trends in bankruptcy cases, Chief
Judge Cecelia G. Morris told Bloomberg Law.

"There's a lull in case filings nationwide," she said Monday,
November 22, 2021. "This gives us a chance to balance the caseload
for newly filed cases."

The Southern District of New York has three bankruptcy courthouses:
one in Manhattan, White Plains, and Poughkeepsie. White Plains and
Poughkeepsie each have only one sitting bankruptcy judge, while the
rest are based in Manhattan.

The district's rule change comes amid controversy over alleged
forum shopping in bankruptcy, particularly in New York.

Purdue Pharma LP's seeming ability to handpick Judge Robert Drain
to oversee its bankruptcy case has gotten attention from federal
lawmakers and the public.

Stamford, Conn.-based Purdue filed its case in the Southern
District of New York's White Plains courthouse six months after
changing the corporate address of one of its units to that
location. The move ensured that proceedings ended up with Drain,
the only jurist at the suburban courthouse who hears corporate
bankruptcies.

Drain plans to retire in June 2022.

Purdue previously said its White Plains entity has been in New York
state since the pharmaceutical company was incorporated in 1990.

Federal legislation that would crack down on forum shopping in
bankruptcy also recently gained the backing of a majority of state
attorneys general.  The nearly identical House and Senate bills
would help build more public confidence in the bankruptcy court
system, and reduce undue burdens placed on consumers and others,
the attorneys general said.

Three bankruptcy judges out of 375 heard 57% of all large public
company Chapter 11 cases in 2020, according to research by
Georgetown Law professor Adam Levitin.

But Drain is retiring and the Southern District of New York is
losing the mega bankruptcy venue race to places like the U.S.
Bankruptcy Court for the Southern District of Texas, Levitin said
Monday.

"This is a good change," Levitin told Bloomberg Law. "Unfortunately
it comes too late. The cow's already out of the barn door."


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***