/raid1/www/Hosts/bankrupt/TCR_Public/211210.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, December 10, 2021, Vol. 25, No. 343

                            Headlines

A & J PHARMACY: Case Summary & 20 Largest Unsecured Creditors
ADVANCE TRANSPORTATION: Wins Cash Collateral Access
AEROMEXICO: Exit Plan Court Hearing Set for Jan. 18, 2022
AMERICAN EUROPEAN INSURANCE: A.M. Best Alters Outlook to Positive
ANDERSON UNIVERSITY: Fitch Lowers IDR to 'B-', On Watch Negative

AP CORE: S&P Affirms 'B' Senior Secured Debt Rating on New Add-On
AVIANCA HOLDINGS: Davis Polk Advised Investors on Exit Financing
BELLAIRE SENIOR LIVING: Seeks Chapter 11 Bankruptcy Protection
BLUE RACER: Fitch Affirms 'B+' LT IDR, Outlook Stable
BONNIE TILE: Updates IRS Priority Claim Pay Details

BOY SCOUTS: Abuse Victims Attorneys Want Ch.11 Docs Claw Back
BOY SCOUTS: Horowitz Law Represents Direct Abuse Claimants
BOY SCOUTS: Retired Judge Carey Removed as Mediator
CHIP'S SOUTHINGTON: Wins Cash Collateral Access Thru Jan 2022
COLLEGE PARENT: $300MM Loan Add-on No Impact on Moody's B2 CFR

CRIMSONBIKES LLC: Trustee Asks Court to Convert Case to Chapter 7
DUN & BRADSTREET: S&P Rates New $460MM Senior Unsecured Notes 'B-'
FIRST TO THE FINISH: May Use Cash Collateral Thru Dec 31
FLEETCOR TECHNOLOGIES: $1BB Loan Add-on No Impact on Moody's CFR
FR BR HOLDINGS: Fitch Affirms 'B-' LT IDR, Outlook Stable

GIRARDI & KEESE: Thomas Solely to Blame for the Unpaid Settlements
GIRARDI & KEESE: Tom Drops Divorce Lawyer; Brother to Advise Him
GREEN GROUP: Jan. 18, 2022 Plan Confirmation Hearing Set
GRUPO AEROMEXICO: Gibson Dunn 2nd Update on Claimholders
GRUPO AEROMEXICO: Milbank Updates on BSPO Investors

GRUPO POSADAS: Gets Court Approval for Chapter 11 Bankruptcy Plan
GTT COMMUNICATIONS: UST Calls Chapter 11 Releases Improper, Broad
HENRY FORD VILLAGE: Owner Gets Court Approval to Liquidate
INTELSAT SA: Foley, Kirby Update on Equity Holders
INTELSAT SA: Paul, Whiteford 2nd Update on HoldCo Creditors

IQ FORMULATIONS: Unsecureds Will Get 15% of Claims in 36 Months
KEYSER AVENUE: Obtains Purchase Proposal from Rhodes; Amends Plan
KRAFT HEINZ: Fitch Affirms 'BB+' LT IDRs, Outlook Positive
LOMA LINDA UNIVERSITY: S&P Affirms 'BB-' Rating, Outlook Stable
LTL MANAGEMENT: Johnson & Johnson Abuses CH.11 With Trust Motion

LTL MANAGMENT: Names Grier for Future Chapter 11 Claims Rep.
LW RETAIL: Wins Cash Collateral Access Thru Jan 2022
MATER ACADEMY OF NEVADA: S&P Affirms 'BB' Rating on Rev. Bonds
MEDLEY:Bankruptcy Court Denied Lowenstein Sandler $685,000 Fee Deal
MICHAEL ZOLLICOFFER: Unsecureds to Recover 65% in Subchapter V Plan

MUSTANG MINING: Rental Income to Fund Plan
NATIONAL MEDICAL: Unsec. Creditors to Get Proceeds from Carveout
NAVITAS MIDSTREAM: Moody's Hikes CFR & Sr. Secured Term Loan to B2
NEW YORK CLASSIC: Unsecureds to Get 100% in 20 Quarterly Payments
NORDIC AVIATION: Plans to File Chapter 11 to Cede to Creditors

NORTHEASTERN ILLINOIS UNIV: Moody's Upgrades Issuer Rating to Ba2
PLATTE COUNTY: Moody's Affirms Ba3 Issuer Rating & B2 GOLT Rating
PROVATION SOFTWARE: S&P Places 'B-' ICR on Watch Positive
PROVIDENT FUNDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR
PURDUE PHARMA: Vermont AG Ask Court to Reverse Sacklers' Release

QUALITY MACHINE: Wins Cash Collateral Access Thru Dec 14
RESURGE LLC: Seeks Cash Collateral Access, $500,000 DIP Loan
SALINE LODGING: Unsecured Creditors to Get Nothing in Plan
SALLY HOLDINGS: S&P Rates New $780MM Senior Unsecured Notes 'B'
SOUTH BEALE: Case Summary & 4 Unsecured Creditors

SOUTHWESTERN ENERGY: Moody's Rates $1.15BB Unsecured Notes 'Ba3'
STANDARD INDUSTRIES: $500MM Loan Add-on No Impact on Moody's CFR
STANDARD INDUSTRIES: S&P Raises Unsecured Debt Rating to 'BB'
STRIKE LLC: Files for Chapter 11 to Sell to American Industrial
TOWN & COUNTRY: Seeks Cash Collateral Access, $310,000 DIP Loan

VISTRA CORP: Fitch Rates Proposed Series B Preferred Stock 'BB-'
WATSONVILLE COMMUNITY: Files Chapter 11 to Facilitate Sale
WATSONVILLE COMMUNITY: Seeks Chapter 11 Bankruptcy Protection
WATSONVILLE: Gets Preliminary Offer from Stalking Horse Bidder
WEWORK COMPANIES: Fitch Affirms 'CCC+' LongTerm IDRs

WILSON TOWNHOMES: Case Summary & 2 Unsecured Creditors
WOODBRIDGE GROUP: Investor to Face $37-Mil. Bankruptcy Clawback
[*] Bankruptcies to Hit 36-Year Low Amid Pandemic Relief
[*] Chapter 11 Commercial Filings Down 29.1% in November 2021
[*] Colorado Bankruptcies Decreased by 26% in November 2021

[^] BOOK REVIEW: Mentor X

                            *********

A & J PHARMACY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: A & J Pharmacy LLC
        45 Webster Commons Blvd
        Webster, NY 14580

Business Description: A & J Pharmacy LLC is a local woman-owned
                      community pharmacy offering free delivery on
                      all medication's "vials", and or blister-
                      pack is otherwise known as Medicine- On-Time
                      (M-O-T) within Monroe County, Rochester, NY

Chapter 11 Petition Date: December 8, 2021

Court: United States Bankruptcy Court
       Western District of New York

Case No.: 21-20679

Judge: Hon. Warren, U.S.B.J.

Debtor's Counsel: Raymond C. Stilwell, Esq.
                  LAW OFFICES OF RAYMOND C. STILWELL
                  4476 Main Street, Suite 120
                  Amherst, NY 14226
                  Tel: 716-634-8307
                  Fax: 716-839-0714
                  Email: rcstilwell@roadrunner.com

Total Assets: $452,416

Total Liabilities: $3,301,354

The petition was signed by Sandra B. Le as managing member.

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/AFNPQ6Y/A__J_Pharmacy_LLC__nywbke-21-20679__0001.0.pdf?mcid=tGE4TAMA


ADVANCE TRANSPORTATION: Wins Cash Collateral Access
---------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, El
Paso Division, has authorized Advanced Transportation Services Inc.
to use cash collateral on an interim basis in accordance with the
budget, with a 15% variance and provide adequate protection.

The Debtor is directed to maintain an average accounts receiveable
balance on hand at least equal to the total of the
currently-outstanding liens thereon, which ATSI estimates is
$25,000.

Creditors with an interest in the cash collateral will be provided
an interim replacement lien on post-petition accounts receivable,
in the same priority and extent as existed on petition date.

ATSI will make interim adequate protection payments to E Advance,
sufficient to amortize its claim secured by accounts receivable, in
level payments calculated for an amortization over 24 months,
together with interest at a rate of 4% per annum. Payments of
$1,085.62 shall be due to E Advance on the fifth days of January
2022 and of each month thereafter, until the debt is satisfied or
the Court's order is supplanted by a subsequent order. If any such
payment is not made on time, E Advance at its option may send a
15-day notice of default in writing to the Debtor's counsel, and if
the late payment is not cured on time, permission to use E
Advance's cash collateral will cease.

A copy of the order is available at https://bit.ly/3yc69iw from
PacerMonitor.com.

               About Advance Transportation Services

Advance Transportation Services, Inc. filed its voluntary petition
for Chapter 11 protection (Bankr. W.D. Tex. Case No. 21-30906) on
Nov. 30, 2021, listing up to $500,000 in assets and up to $1
million in liabilities.  Judge H. Christopher Mott presides over
the case.  The Law Office of E.P. Bud Kirk represents the Debtor as
legal counsel.



AEROMEXICO: Exit Plan Court Hearing Set for Jan. 18, 2022
---------------------------------------------------------
Andrea Navarro of Bloomberg News reports that Grupo Aeromexico
court hearing on Chapter 11 exit plan set for Jan. 18, 2022.

U.S. bankruptcy court in New York approved Aeromexico to enter into
equity and debt exit financing commitment letters, according to a
filing.

Aeromexico expects to launch solicitation of votes on the plan
following the order approving the Disclosure Statement.

Court set confirmation hearing for January 18, 2022.

                   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.



AMERICAN EUROPEAN INSURANCE: A.M. Best Alters Outlook to Positive
-----------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb+" (Fair) for Rutgers Casualty
Insurance Company and American European Insurance Company, which
operate an intercompany reinsurance pooling agreement, and are
collectively known as AEIG or the group. Both companies are
headquartered in Cherry Hill, NJ.

These Credit Ratings (ratings) reflect AEIG's balance sheet
strength, which AM Best assesses as adequate, as well as its
marginal operating performance, limited business profile and
appropriate enterprise risk management.

The positive outlooks reflect improvements in the group's balance
sheet strength in recent years, including a material increase in
the level of risk-adjusted capitalization, as measured by Best's
Capital Adequacy Ratio (BCAR).

Positive rating action may occur with continued improvements to
factors favorably impacting AEIG's balance sheet strength. Negative
rating action may occur if a sudden large or catastrophe loss event
materially hinders its risk-adjusted capitalization. Negative
rating action may also occur if there is a deterioration in AEIG's
underwriting results or operating performance.


ANDERSON UNIVERSITY: Fitch Lowers IDR to 'B-', On Watch Negative
----------------------------------------------------------------
Fitch Ratings has downgraded Anderson University's (AU) Issuer
Default Rating (IDR) to 'B-' from 'BB-' and the bond ratings to
'B-' from 'BB-' on approximately $38 million of City of Anderson,
IN economic development revenue refunding bonds, series 2017 issued
on behalf of AU.

Fitch has also placed the ratings on Rating Watch Negative.

SECURITY

The bonds are a general obligation of the obligated group (AU is
the sole member) payable from any legally available funds. The
bonds are secured under a master trust indenture (MTI) by a
security interest in the university's pledged revenues, consisting
of effectively all unrestricted funds or revenues; a mortgage on
its core campus property and a debt service reserve fund that is
cash-funded to maximum annual debt service (MADS).

ANALYTICAL CONCLUSION

The downgrade to 'B-' reflects material credit risk from a
combination of underlying deterioration in performance and
heightened risk of covenant non-compliance. Pressured 2021
operating performance (fiscal year ended May 31) resulted in
insufficient debt service coverage as well as a moderate drawdown
of reserves. Fall 2021 admissions results also fell short of
targeted improvement, contributing to further total enrollment
declines and pressuring the 2022 budget. Fitch considers some
additional deterioration in liquidity and leverage likely, and
unless revenue trends improve, Fitch expects that AU has limited
remaining flexibility to cut expenses without affecting its
competitive position. Unrestricted liquidity could also become an
elevated concern.

Despite these pressures, AU continues to make all financial
commitments and maintains a limited margin of safety supporting its
ratings at the low end of the 'B' category. The university's
fundraising track record is strong relative to its size, with
consistent support from alumni and Church of God (COG) donors as
well as local foundations. Its balance sheet and leverage profile
also are also in line with expectations for the rating level, with
potential additional flexibility from restricted resources. Some
portion of AU's $45 million endowment, while largely restricted and
excluded from Fitch's resource calculations, could potentially be
used or borrowed against for eligible purposes if necessary. Other
limited sources of flexibility include certain non-core and
underutilized campus assets, which AU has selectively pursued
selling, and the trustee-held debt service reserve fund,
cash-funded to MADS.

The Rating Watch Negative reflects the heighted risk of a
covenant-driven event of default in fiscal 2022. The university
generated 0.95x legal coverage in 2021, below its 1.1x covenant
level. AU is in the process of engaging a consultant as required by
the MTI, but a subsequent year of coverage below 1.0x in fiscal
2022 would constitute an event of default under the bond documents.
The fiscal 2022 budget will be tight due to below-budget fall 2021
enrollment, and AU will likely need to rely on realized investment
gains, higher levels of unrestricted giving or other non-recurring
but eligible sources to achieve 1.0x coverage and avoid an event of
default. Fitch expects to resolve the Rating Watch once information
regarding covenant compliance becomes available, likely by October
or November 2022.

KEY RATING DRIVERS

Revenue Defensibility: 'bb'

Continued Enrollment and Net Tuition Pressure

AU's relatively small FTE enrollment base has declined steadily to
1,236 in fall 2021 from about 2,000 in fall 2016 due to challenging
demographic trends and competitive pressures, driving a trend of
declining net tuition revenue. Tuition rate flexibility is somewhat
limited by nearby public university alternatives, but AU benefits
from its affiliation with the COG (Anderson, IN), which accounts
for roughly one fifth of AU students, and from its solid
fundraising history.

Enrollment may start to stabilize after several years of similarly
sized but unsustainably small incoming classes, but at least
incremental improvement will be necessary to maintain budgetary
balance and to prevent additional deterioration in reserves and
leverage metrics. Over the longer run, management aims to improve
incoming classes and to grow total headcount enrollment to about
1,600 (from about 1,345 in fall 2021), a level that would more
sustainably support balanced operations with some capacity to
reinvest in context of the university's current cost structure.

Operating Risk: 'bb'

Thin Cash Flow; Continued Cuts Would Be Increasingly Difficult

The Operating Risk assessment is lowered to 'bb' from 'bbb'. The
university has steadily cut costs to offset declining
enrollment-driven revenues but now faces reduced flexibility to
make significant further adjustments without affecting revenue
generation. Rather, AU will have to stabilize and incrementally
improve enrollment to achieve budgetary balance. Cash flow margins
have ranged from 7% to 12% since fiscal 2018, and Fitch expects AU
will need to maintain cash flow margins around 8%-9% before
pandemic aid to maintain adequate debt service coverage.

Capital spending requirements are currently moderate, as the
university's very high average age of plant and deferred
maintenance levels are partially offset by near-term flexibility to
reinvest at maintenance levels well below depreciation while facing
operating pressure. Given a now-smaller student population, sale of
older non-core assets and continued donor support for key
initiatives will somewhat reduce AU's capex requirements. However,
AU's capital spending averaging 32% of depreciation since 2017
could become a constraint to its competitive and financial position
over time.

Financial Profile: 'bb'

High Leverage

AU's leverage is high in context of its operating profile, and its
reserves and leverage metrics began to weaken somewhat in fiscal
2021 after holding steady for several years through mounting
operating stress. Available funds (cash and investments not
permanently restricted) fell to $15 million, or 30% of adjusted
debt, at May 31, 2021 from levels around $18 million, or 35%, over
2018-2020. While relatively small in absolute terms, AU's total
resource base continues to provide a level of cushion that supports
the current rating category.

Fitch has changed its liquidity assessment to 'weaker' from
'neutral' due to the aforementioned concerns over sufficiency of
annual debt service coverage. Unrestricted operating liquidity is
currently acceptable but has tightened. In addition, AU relies on a
bank line of credit both for seasonal cash needs and to maintain
compliance with the liquidity covenant. AU's $45 million net asset
endowment provides some offsetting cushion. It is mostly
donor-restricted (and therefore largely excluded from Fitch's
available funds metric), but these funds could potentially provide
some short-term cash flow or liquidity benefit, though not without
heightening long-term risks, through a higher spending rate or
through endowment borrowing.

Asymmetric Additional Risk Considerations

No asymmetric additional risk considerations affected the ratings.

RATING SENSITIVITIES

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

-- Debt service coverage above 1.1x in fiscal 2022 and removing
    the threat of an event of default could resolve the Rating
    Watch;

-- Growth in fall 2022 entering students and signs of stabilizing
    or incrementally improving enrollment by about fall 2023;

-- Cash flow margins consistently 10% or better;

-- Improved leverage position, with available funds-to-adjusted
    debt exceeding 30%-35%.

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

-- Failure to achieve 1.0x debt service coverage in fiscal 2022
    would trigger an event of default and lead to a downgrade to
    'CCC' or below based on the accompanying threat of
    acceleration. Acceleration is somewhat unusual in the sector
    but is an available remedy under the documents (requires
    consent of 25% of holders), and Fitch does not believe AU has
    sufficient unrestricted resources to avoid a payment default
    in the event of acceleration.

-- Coverage between 1.0x and 1.1x, if prospects for 2023 coverage
    remain pressured, could lead to further downgrade;

-- Further notable enrollment or net student revenue declines in
    fall 2022 and fiscal 2023, respectively;

-- Weakening of cash flow margins toward about 5% or below;

-- Stress on operating liquidity or the liquidity covenant, or
    AU's inability to maintain the operating line of credit;

-- Any additional debt or deterioration in available funds such
    that available funds-to-adjusted debt falls significantly
    below the approximately 30% current level.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Founded in 1917, AU is a small Christian university located in
Anderson, IN, about 35 miles northeast of Indianapolis. It was
founded by and is affiliated with the Church of God (Anderson, IN;
COG) and is the only college affiliated with the COG in the
Midwest. The university offers various undergraduate programs,
which make up over 86% of enrollment, as well as graduate programs
in business, theology and music education. AU also maintains a
department of adult studies that offers bachelor's and associate
degrees for adult students.

ESG CONSIDERATIONS

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


AP CORE: S&P Affirms 'B' Senior Secured Debt Rating on New Add-On
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue-level rating on AP Core
Holdings II LLC's revolving credit facility, senior secured term
loan B-1, and senior secured term loan B-2 following the company's
proposed issuance of $300 million of fungible term loan debt.

AP Core Holdings II LLC is a core operating subsidiary of College
Parent L.P. (Yahoo). The company intends to allocate the proceeds
from the fungible debt between its term loan B-1 and term loan B-2.
The exact split of the proceeds will be determined based on market
interest. S&P's '2' recovery rating on the debt remains unchanged,
indicating its expectation for substantial recovery (70%-90%;
rounded estimate: 70%) in the event of a payment default.

This transaction will raise the total outstanding borrowings under
AP Core's term loan facilities to $1.8 billion from $1.5 billion.
The company will use the incremental debt to add cash to its
balance sheet and for general corporate purposes. The rating
affirmation follows the company's stronger-than-expected
performance, which led to an improvement in its recovery
prospects.

S&P said, "The proposed transaction has no effect on our 'B-'
issuer credit rating and stable outlook on College Parent or AP
Core Holdings, which we view as a core subsidiary of College
Parent. Although the transaction will increase its debt load by
$300 million, the company has been outperforming our expectations
in 2021 due to strong demand for its digital advertising, which
increased its average revenue per user and search
revenue-per-impressions (RPMs). Additionally, in September the
company reduced its outstanding preferred equity by $1.3 billion
down to about $2 billion which we include in S&P adjusted debt. As
such, we previously expected S&P Global Ratings-adjusted leverage
to be in the 16x-17x range by year-end 2021 and its free operating
cash flow (FOCF) to debt to be less than 5%, we now expect leverage
of 9x-10x and FOCF to debt of 5%-7% in 2021 and 2022. A higher
rating remains dependent on the company's ability to further
deleverage to the single digits while maintaining FOCF to debt of
more than 5%, which we view as predicated on the completion of its
planned cost-savings initiatives over the next two to three years.
We would also require the company's financial sponsor to
demonstrate a track record of prudent financial policies before
raising our rating."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P affirmed its 'B' issue-level rating on AP Core Holdings II
LLC's senior secured revolving credit facility, senior secured term
loan B-1, and senior secured term loan B-2 following its proposed
$300 million term loan upsize. The '2' recovery rating remains
unchanged, indicating its expectation for substantial recovery
(70%-90%; rounded estimate: 70%) in the event of a payment
default.

-- AP Core Holdings II LLC, an operating subsidiary of College
Parent L.P., is the borrower of the credit facility and
substantially all of its current and future direct and indirect
subsidiaries guarantee the debt. The debt has a secured pledge of
all the assets and stock of the eligible subsidiaries at AP Core.
However, the debt is not guaranteed by College Parent's remaining
subsidiaries that sit outside of AP Core.

-- AP Core includes College Parent's consumer properties and
search businesses and excludes its ad tech, edgecast, and
membership services businesses. AP Core constitutes about 76% of
College Parent's pro forma EBITDA and 90% of its cash flow
(incorporating the projected cost-saving initiatives).

-- For S&P's recovery analysis, it values AP Core as a stand-alone
entity. S&P's emergence EBITDA represents only the EBITDA generated
at AP Core and its subsidiaries.

-- S&P's emergence EBITDA excludes unrealized synergies from the
company's planned cost-savings and includes capitalized software
development and labor costs because it views these as a reoccurring
operating expense.

-- S&P has revised its emergence EBITDA to $246 million from $205
million because of stronger-than-expected EBITDA generation at AP
Core Holdings.

Simulated default assumptions

-- S&P's simulated default scenario considers a default occurring
in 2023 due to a combination of intense competition from better
capitalized peers, pricing pressure, and a sharp decline in
advertising and marketing spending. Eventually, AP Core's liquidity
and capital resources would become strained to the point that it
could continue to operate absent a default.

-- S&P assumes AP Core's $150 million revolving credit facility
will be up to 85% drawn at default.

-- All debt claims include six months of prepetition interest.

-- S&P valued AP Core on a going-concern basis using a 6x multiple
of our projected emergence EBITDA, which is in line with the
multiples it uses for most of the other digital marketing companies
it rates.

Simplified waterfall

-- EBITDA at emergence: About $246 million

-- EBITDA multiple: 6x

-- Gross enterprise value: About $1.48 billion

-- Net enterprise value (after 5% administrative costs): About
$1.4 billion

-- Value available for senior secured debt claims: About $1.4
billion

-- Estimated senior secured debt claims: About $1.96 billion

    --Recovery expectations: 50%-70% (rounded estimate: 70%)



AVIANCA HOLDINGS: Davis Polk Advised Investors on Exit Financing
----------------------------------------------------------------
Davis Polk advised an ad hoc group of investors in connection with
Avianca's A-1 $1.05 billion DIP-to-exit financing. The financing
was initially provided as a replacement of Avianca's DIP facility
and, upon emergence of Avianca from Chapter 11 on December 1, 2021,
was converted into senior secured notes due 2028.

Established in 1919, Avianca provides air travel and cargo services
in the Latin American market and across the globe. Avianca is the
largest airline in the Republic of Colombia and the second-largest
airline group in Latin America, and is a member of the Star
Alliance which, with 26 members, is the world's largest global
airline alliance.

The Davis Polk restructuring team included partners Damian S.
Schaible and Natasha Tsiouris, counsel Christian Fischer and Jon
Finelli and associates Jonah A. Peppiatt, Alexander K.B. Shimamura
and Abraham Bane. The tax team included partner Jonathan Cooklin
and counsel Dominic Foulkes. Partner Nicholas A. Kronfeld provided
capital markets advice and counsel Simon J. Little provided English
corporate law advice. Members of the Davis Polk team are based in
the New York and London offices.

                       About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A.  Avianca has been flying
uninterrupted for 100 years.  With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.


BELLAIRE SENIOR LIVING: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Lauren Coleman-Lochner of Bloomberg News reports that Bellaire
Senior Living Center LP in Houston filed for Chapter 11 bankruptcy
on Monday, Dec. 6, 2021, listing assets of as much as $100 million
and liabilities of less than $50 million.

BRMK Lending LLC of Seattle has a $27.2 million secured claim on
Bellaire's 125,050 sf property: court filing.

                 About Bellaire Senior Living Center LP

Bellaire Senior Living Center LP is a senior community living
facility located at 125-050 Square Feet, HT BRR Co. Survey, Section
13, A-405, Harris County, Texas, valued at $100 million.

Bellaire Senior Living Community sought Chapter 11 protection
(Bankr. S.D. Tex. Case No. 21- 33893) on Dec. 6, 2021.  In the
petition signed by John Czapski for BSLC, GP, LLC, managing member,
Bellaire Senior Living Community has total assets of $100,000,000
and total liabilities $27,200,000.  Marc J. Magids, Esq., of
ZUKOWSKI, BRESENHAN & PIAZZA LLP, is the Debtors' counsel.


BLUE RACER: Fitch Affirms 'B+' LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed Blue Racer Midstream, LLC's (Blue Racer)
Long-Term Issuer Default Rating (IDR) at 'B+' and its $750 million
senior secured revolving credit facility at 'BB+'/'RR1'. Fitch has
also upgraded the senior unsecured notes to 'BB-'/'RR3' from
'B+'/'RR4'. The Rating Outlook is Stable.

The ratings reflect the benefits of Blue Racer's strategic location
of its midstream assets within the Appalachian Basin, the dividend
policy focused on a reduction in leverage, and the improvement in
credit quality and liquidity of its top exploration and production
(E&P) producers. Blue Racer's ratings are limited by the size and
scale of its system.

The ratings are supported by a distribution policy implemented in
2020, which reduces distributions until Blue Racer's total net
leverage is less than 4.0x. Repayment of the remaining outstanding
November 2022 notes and the revolver extension to 2025 completed
earlier in 2021 provide additional support to the credit and
liquidity.

KEY RATING DRIVERS

Counterparty Exposure Stabilizing: Blue Racer is significantly
exposed to lower rated or unrated counterparties, with more than
80% of projected 2021 revenue from 'B' category or unrated
producers. The credit quality of the E&P producers has improved vs.
last year. The largest producer, Ascent Resources Utica Holdings
(Ascent, B/Stable) successfully completed a debt exchange last year
and has since focused on debt reduction and leverage improvement.
Fitch projects that Ascent will contribute 35% of 2021 revenues,
modestly lower than 38% in 2020 but up from 22% of revenues in
2019.

Southwestern Energy Co (SWN, BB/Stable) adds another 12% of
revenues (the producer, Montage Resources Corp. was acquired by SWN
in 2020). Around 15% of current revenues are from minimum volume
commitments (MVCs), down from about 20% last year and include
payments from CNX Resources Corp. (CNX, BB/Positive). CNX amended
its MVC contract to pull forward volume requirements in 2021 from
2022. Most revenues are from dedicated acreage contracts that
provide a fixed fee but are subject to volume risk. As such
counterparty and volumetric risks are overriding concerns.

Volumetric Risks: Blue Racer's ratings reflect its exposure to
volumetric risks associated with the domestic production and demand
for natural gas and natural gas liquids (NGLs) extracted from the
Utica and Marcellus formation of the Appalachian basin. 2021
continues to be a challenging year for volumes, which are expected
to be down around 10% vs. 2020. Commodity prices have improved
significantly in the second half of 2021, but the largest producers
in BRM's footprint have been focused on capital conservation,
positive free cash flow generation and leverage reduction for most
of 2021. This trend is in contrast to overall production trends in
Appalachia, which are up yoy through October.

Fitch expects the reduction in capital spending and drilling
activity by E&P producers to delay a return to volume growth until
2H22/early 2023 or about a year later versus Fitch's previous
expectations. Recent announcement of a new Tug Hill acreage
dedication contract is expected to be a primary driver of the
volume growth in late 2022/early 2023.

Refinancing Risk Resolved: Repayment of the outstanding November
2022 notes and the revolver extension to 2025 completed earlier
this year removed near-term refinancing risk. There are no
maturities until late 2025.

In December 2020, Blue Racer issued $600 million unsecured notes
maturing in 2025 to refinance a portion of the $850 million
unsecured notes due November 2022. The remaining $457.6 million
outstanding was repaid with a draw under the revolver and cash on
hand in 1Q21. In April 2021, the company amended and extended its
credit revolving facility, reducing it from $1 billion to $750
million and extending it for another three years until April 2025.

Limited Scale and Scope: Blue Racer's ratings recognize the limited
scale and scope of the Appalachian basin focused gathering and
processing company. Fitch views small scale, single-basin focused
midstream service providers with high geographic, customer and
business line concentration as consistent with 'B' category. Blue
Racer's system is largely constructed and operational.

Given the size and operations, Blue Racer could be exposed to
concentration risk and outsized event risk should there be another
downturn in commodity production from the Appalachian region or a
significant operating or production event with one of its major
counterparties. Its assets are located within some of the lowest
break-even cost gas production regions in the Appalachian Basin and
should return to growth in the intermediate term.

Leverage Reducing: Blue Racer's credit metrics are sound in the
context of single-region gathering and processing companies rated
by Fitch. Fitch is forecasting leverage as measured by Total Debt
with Equity Credit/Operating EBITDA in 2021 to fall below 4.5x but
to increase modestly to around 4.5x in 2022 as volumes growth
supported by stronger commodity environment is not expected until
2H2022/early 2023. Fitch projects capex will ramp up from the
sub-$50 million level in 2021 to support expected volume growth.
While capital spending should increase in 2022 versus depressed
2021 levels, it is not likely to return to historic levels over the
forecast period. Fitch estimates that the company's leverage will
fall below 4.0x by 1H2023 and remain below 4.0x trigger through
2024 and consequently expects the dividend distributions to
increase.

Under the indentures of the senior notes issued in December 2020,
Blue Racer is restricted from making cash distributions to its
owners other than permitted tax distributions and distributions not
to exceed the greater of 50% of net income or $98.0 million in any
one calendar year, until consolidated leverage ratio is less than
or equal to 4.0x.

DERIVATION SUMMARY

Blue Racer's peers are smaller, single basin gas focused gathering
and processing companies. Relative to somewhat smaller Medallion
Gathering & Processing, LLC (B+/Stable), a Permian-focused name
with gas producers, Blue Racer's leverage metrics are better. Fitch
expects Medallion's leverage, measured as total debt with equity
credit/operating EBITDA to decline to around 5.0x in 2021.

For Blue Racer, Fitch is forecasting leverage in 2021 to drop below
4.5x but to increase modestly to around 4.5x in 2022 as volumes
growth supported by stronger commodity environment is not expected
until 2H2022/early 2023. This is better than other single-basin
gathering and processing names in the 'B' IDR category with
single-basin exposure. From a counterparty exposure, Fitch views
Medallion as having slightly less risk. Medallion has a mix of
investment-grade and small high-yield counterparties, with Fitch
expecting the majority of 2021 production to come from high-yield
credit quality producers.

Another single basin peer is Navitas Midstream Midland Basin, LLC
(B/Stable). Navitas is a single basin gathering and processing
service provider operating in the Permian. Navitas operations are
smaller in terms of gathered volumes and processing capacity but
are growing faster vs. Blue Racer, where both EBITDA and volumes
are projected to be flat in 2021 and 2022. While Blue Racer
benefits from fixed-fee and MVC contracts, while Navitas has a mix
of fixed-fee and price floor contracts, setting a minimum price
floor, with more commodity price exposure.

KEY ASSUMPTIONS

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

-- A Fitch price deck of Henry Hub natural gas prices of $3.80
    per thousand cubic feet (mcf) in 2021, and $3.25/mcf in 2022,
    $2.75/mcf in 2023 and $2.50/mcf over the long-term;

-- Assume volumes are flat in 2022 and improve in 2023-2024 vs.
    2021;

-- Capital spending of between $40 million to $100 million during
    the forecast period;

-- Cash Available for Distribution (CAFD) paid out to owners
    under the current dividend policy that reflect the bond
    covenants under the 2025 senior notes and limit dividend to
    $98 million if leverage is higher than 4.0x;

For the Recovery Rating, Fitch utilized a going-concern (GC)
approach with a 6x EBITDA multiple which approximates the multiple
seen in recent reorganizations in the energy sector. There have
been a limited number of bankruptcies and reorganizations within
the midstream space, but bankruptcies at Azure Midstream and
Southcross Holdco had multiples between 5x and 7x by Fitch's best
estimates.

In its recent Bankruptcy Case Study Report, "Energy, Power and
Commodities Bankruptcies Enterprise Value and Creditor Recoveries",
published in September 2021, the median enterprise valuation exit
multiple for the 51 energy cases with sufficient data to estimate
was 5.3x, with a wide range of multiples observed.

Recovery analysis assumes a default driven by Blue Racer's
inability to refinance the revolver at maturity in April 2025 due
to very depressed commodity price environment. The going concern
EBITDA is estimated around $250 million (similar to the previous
recovery analysis) and is less than 2022 EBITDA given the assumed
post-bankruptcy scenario where contract renewal rate and throughput
volumes would be less favorable. Fitch calculated administrative
claims to be 10%, which is a standard assumption.

RATING SENSITIVITIES

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

-- Improvement to the credit profile of, or increased
    diversification to, Blue Racer's counterparty credit profile
    with leverage, as measured by total debt with equity
    credit/operating EBITDA, maintained below 4.0x on a sustained
    basis.

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

-- Leverage as measured by total debt with equity
    credit/operating EBITDA at or above 5.5x on a sustained basis.

-- Funds flow from operations fixed charge coverage ratio below
    2.0x.

-- A significant customer filing for, or appears to be
    approaching, bankruptcy.

-- A sustained moderation or decline in volumes expected across
    Blue Racer's system.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate: Blue Racer's liquidity is supported by its $750
million first-lien secured revolver, which had $385 million drawn
as of Sept. 30, 2021. The revolver maturity was extended earlier
this year by another three years to April 2025.

Fitch expects growth capital spending will be funded with
borrowings under the revolving credit facility or retained cash.
Blue Racer, as per its operating agreement, was required to pay out
all of its cash available for distributions to its joint venture
owners, but the covenants under the December 2020 senior notes
restrict dividends to up to $98 million if total leverage is
greater than 4.0x. Cash available for distribution is defined as
cash EBITDA less maintenance capex less debt service.

Blue Racer is required to maintain a consolidated total leverage
ratio, as defined in the credit agreement, not to exceed 5.5x and
consolidated secured debt/EBITDA not to exceed 3.0x. The
consolidated total leverage has a step-down provision to 5.0x
starting as of March 31, 2023.

Blue Racer is required to maintain a consolidated interest coverage
ratio of no less than 2.5x. The company complied with these
covenants as of Sept. 30, 2021, and Fitch expects it will remain in
compliance with these covenants for the forecast period.

ISSUER PROFILE

Blue Racer is a joint venture formed to acquire, own, develop and
operate natural gas gathering, treating, compression, processing,
and transmission assets in the Appalachian area of West Virginia
and Ohio. The primary focus is in the Utica shale and a smaller
portion in the Marcellus Shale.

ESG CONSIDERATIONS

Blue Racer has an Environmental, Social and Corporate Governance
(ESG) Relevance Score of '4' for Group Structure as the company has
a complex group structure. This has a negative impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

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


BONNIE TILE: Updates IRS Priority Claim Pay Details
---------------------------------------------------
Bonnie Tile II, LLC, submitted an Amended Subchapter V Plan of
Reorganization dated Dec. 06, 2021.

The Debtor projects that all payments shall be funded by the
Debtor's cash on hand and operating income. The Debtor has or will
file separately its net projected income for 5 years. The Debtor
projects that it will have five-year aggregate of net projected
income of $12,532.44 before the payment of chapter 11
administrative expenses. The Debtor has estimated that counsel for
the Debtor will be paid $36,000.00 and the Sub-Chapter V Trustee
will be paid $5,000.00.

The Internal Revenue Service's priority claim (Claim #5) for tax
years 2012 through 2015 in the amount of $98,348.70 shall be paid
in equal monthly installments beginning on the effective date of
the Plan at 5% interest in an amount of $2,502.94 per month over a
period of 5 years from the Petition Date. This claim is for unpaid
FICA taxes for which the President, Dennis Hughes, is also liable
as a trust fund recovery penalty. Since the taxes are being paid by
the Debtor, the IRS shall abate any payment due by Dennis Hughes
unless the Debtor fails to make the payment. The claim is
unimpaired.

Like in the prior iteration of the Plan, the Debtor shall pay on a
pro rata basis to non-priority, general, unsecured claims in Class
3 over 60 equal monthly payments of $200.00 each month commencing
on the 30th day following the Effective Date totaling $12,000.00.

The Debtor's majority owner and manager, Dennis Hughes, has
contributed $20,000.00 to fund the filing of this Chapter 11 case
as new value contribution. His membership interest shall be valued
at the amount of this new value contribution. As of the date of the
filing of this Plan, the minority member, Charles Flanigan has not
contributed new value to the Debtor. Mr. Flanigan shall be entitled
to purchase his membership interest in the Debtor in the same
proportionate amount as Mr. Hughes contributed. In the event Mr.
Flanigan fails to contribute new value to the Debtor, Mr.
Flanigan's membership interest shall be extinguished upon
confirmation.

A full-text copy of the Amended Plan of Reorganization dated Dec.
06, 2021, is available at https://bit.ly/3oC0per from
PacerMonitor.com at no charge.

Attorneys for Debtor in Possession:

     Craig I. Kelley, Esq.
     Kelley Fulton & Kaplan, P.L.
     1665 Palm Beach Lakes Blvd.
     The Forum - Suite 1000
     West Palm Beach, FL 33401
     Tel: (561) 491-1200
     Fax: (561) 684-3773
     Email: dana@kelleylawoffice.com

                    About Bonnie Tile II, LLC

Bonnie Tile II, LLC operates a retail tile and tile installation
business located in Jupiter, Florida. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case
No. 21-16210) on June 25, 2021. In the petition signed by Dennis R.
Hughes, managing member, the Debtor disclosed up to $50,000 in
assets and up to $1 million in liabilities.

Judge Mindy A. Mora oversees the case.

Craig I. Kelley, Esq., at Kelley, Fulton & Kaplan, P.L is the
Debtor's counsel.


BOY SCOUTS: Abuse Victims Attorneys Want Ch.11 Docs Claw Back
-------------------------------------------------------------
Jeff Montgomery of Law360 reports that the divisions among three
law firms that initially worked together in lining up thousands of
alleged sexual abuse victims for claims against the bankrupt Boy
Scouts of America broke further into the open Monday, December 6,
2021, in a Delaware court dispute over waivers of attorney-client
privilege.

Two of the three firms originally allied through the group Abused
In Scouting asked U. S. Bankruptcy Judge Laurie Selber Silverstein
to authorize clawback of documents shared with the debtors, Century
Insurance, the Tort Claimants Committee and others during a
deposition last November 2021 of one AIS party, Kosnoff Law LLC.

                   About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Horowitz Law Represents Direct Abuse Claimants
----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Horowitz Law submitted a verified statement to
disclose that that it is representing the Direct Abuse Claimants in
the Chapter 11 cases of Boy Scouts of America and Delaware BSA,
LLC.

Each of the clients set forth on Exhibit 1 hereto has retained
Horowitz Law to represent him or her as litigation counsel in
connection with, among other things, abuse claims against the
Debtors and other third-party defendants.  Exhibit 1 sets forth the
names of the Horowitz Clients as of December 5, 2021, together with
the nature and amount of the disclosable economic interests held by
each of them in relation to the Debtor and the other information
required to be disclosed by Bankruptcy Rule 2019.  The names of the
clients were redacted from publicly-available filings.

A copy of the Rule 2019 filing is available at
https://casedocs.omniagentsolutions.com/cmsvol2/pub_47373/9f3edbc9-532c-4584-9d2e-e79382d49369_7571.pdf

Counsel for Direct Abuse Claimants can be reached at:

          Adam D. Horowitz, Esq.
          HOROWITZ LAW
          110 E. Broward Blvd., Suite 1850
          Ft. Lauderdale, FL 33301
          E-mail: adam@adamhorowitzlaw.com
          Tel: (954) 641-2100

A copy of the Rule 2019 filing is available at
https://bit.ly/3oDyhYr at no extra charge.

                    About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Retired Judge Carey Removed as Mediator
---------------------------------------------------
Jeff Montgomery of Law360 reports that retired U.S. Bankruptcy
Judge Kevin J. Carey was removed Tuesday, December 7, 2021, as a
mediator in the Boy Scouts of America Chapter 11, with a judge in
that case citing conflicts created by his also-scuttled proposed
appointment as a special reviewer for some post-confirmation
settlement trust proceedings.

U.S. Bankruptcy Judge Laurie Selber Silverstein said during a
teleconference hearing that Carey's impartiality as a mediator had
been called into question by his selection by the Scouts for a
proposed post-confirmation position as initial special reviewer.
The job in part involves disputed settlement trust claim
proceedings for alleged victims of sexual abuse.

                  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.


CHIP'S SOUTHINGTON: Wins Cash Collateral Access Thru Jan 2022
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Connecticut approved
the stipulation between Chip's Southington, LLC and M&T Bank
allowing the Debtor access to cash collateral until the earlier of
(i) January 9, 2022; or (ii) the occurrence of a termination event,
to pay its actual, necessary and ordinary course expenses as set
forth in the budget.

The budget, covering the period from December 6 through January 9,
2022, provided for these total weekly costs:

     $22,513 for the week ending December 12, 2021;
     $22,513 for the week ending December 19, 2021;
     $22,513 for the week ending December 26, 2021;
     $54,768 for the week ending January 1, 2022; and
     $28,594 for the week ending January 9, 2022.

Prepetition, M&T Bank extended a loan to the Debtor for $1,200,000,
secured, among others, by a General Security Agreement granting M&T
Bank a first priority security interest in substantially all of the
Debtor's assets.  As of the Petition Date, $1,038,135 is
outstanding on the loan.   

Other Claimants on the Debtor's cash collateral include Celtic Bank
Corporation; The Business Backer, LLC; American Express National
Bank; and the U.S. Small Business Administration.

As adequate protection for the use of cash collateral, the
Claimants are granted senior security interests in and liens on all
personal property and real estate of the Debtor, to attach with the
same validity, extent and priority that the Claimants possessed as
to said liens on the Petition Date.  The Claimants will also have
allowed administrative expense claims to the extent of postpetition
diminution in value of their interests, except with respect to the
carve-out.

In addition, the Debtor will pay to M&T as adequate protection
monthly interest payments of $3,689 by December 31, 2021.

The carve-out includes (i) the amounts payable pursuant to 28
U.S.C. section 1930(a)(6) and any fees payable to the Clerk of the
Court; (ii) the liens for taxes owed to governmental entities,
including sales and withholding taxes to the extent such liens have
priority over the liens and Replacement Liens of the Claimants
under applicable non-bankruptcy law; (iii) the allowed
administrative claims of attorneys and other professionals retained
by the Debtor in the Chapter 11 case pursuant to Bankruptcy Code
section 327 accrued during any cash collateral periods, in the
amount of $72,000 for Green & Sklarz LLC and $4,500 for Premier Tax
Consultant, LLC through January 9, 2022, in addition to payments to
professionals that have been authorized by the Court, budgeted and
paid (or is payable) in addition as set forth in the budgets
annexed to the Prior Cash Collateral Orders; (iv) the amounts due
and owing to the Debtor's employees for postpetition wages, accrued
during all cash collateral periods not to exceed the priority
amount of said claims pursuant to section 507(a)(4); and (v) the
allowed administrative claim accrued during any cash collateral
periods, in the amount of $18,000 for the Subchapter V trustee,
George Purtill, through January 9, 2022, in addition to payments to
professionals that have been authorized by the Court, budgeted and
paid (or is payable) as set forth in the budgets annexed to the
Prior Cash Collateral Orders.

The Court will continue hearing on the Debtor's use of cash
collateral on January 6, 2022, at 2 p.m.

A copy of the order is available for free at https://bit.ly/30cyWH2
from PacerMonitor.com.

                     About Chip's Southington

Southington, Conn.-based Chip's Southington LLC is a privately
owned restaurant founded in 1966.  It conducts business under the
name Chip's Family Restaurant.  Chip's Southington filed a Chapter
11 petition (Bankr. D. Conn. Case No. 20-21458) on Dec. 29, 2020.
In its petition, the Debtor estimated $500,000 to $1 million in
assets and $1 million to $10 million in liabilities.

Judge James J. Tancredi presides over the case.

Green & Sklarz LLC is the Debtor's bankruptcy counsel.  The Debtor
tapped the law firms of DanaherLagnese, PC, Kanner & Whiteley, LLC
and Sweeney Merrigan Law, LLP as its special counsel.  George
Purtill is the Debtor's Subchapter V Trustee.



COLLEGE PARENT: $300MM Loan Add-on No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service said College Parent, L.P.'s ("College
Parent" or the "company", d/b/a "Yahoo") plan to upsize the
existing $1.5 billion senior secured term loan facilities residing
at its wholly-owned indirect subsidiary, AP Core Holdings II, LLC
(comprising the $650 million term loan B-1 and $850 million term
loan B-2), by $300 million to $1.8 billion, has no impact on
College Parent's B2 Corporate Family Rating, B2-PD Probability of
Default Rating , the Caa1 rating on the $500 million 9.5% plus SOFR
senior unsecured notes issued by College Holdings II, LLC (the
"HoldCo Notes") and stable outlook.

Net proceeds from the add-on will be used for general corporate
purposes. The upsize will be a fungible add-on to the existing term
loan facilities (both unrated by Moody's), share the same
collateral package and bear the same CUSIPs as the term loans.

As a result of the add-on, Yahoo's total debt quantum (inclusive of
the HoldCo Notes) will increase by approximately 15% to $2.3
billion, however the credit profile is unaffected due to sufficient
financial flexibility, including the capacity to absorb some
additional debt, combined with strong operating performance during
the recent nine-month period. At LTM September 30, 2021, pro forma
for the opening debt capitalization inclusive of the proposed
upsize, total debt to GAAP EBITDA is estimated at 2.5x. Moody's
expects leverage to increase to the 2.5x-3x area by year end 2022,
primarily due to expected draws under the Ad Tech delayed draw term
loan (issued by College Holdings I, LLC, a wholly-owned indirect
subsidiary of College Parent) to provide liquidity to offset the Ad
Tech unit's cash drain. Despite improved earnings performance,
Moody's continue to expect negative free cash flow (FCF) generation
this year and next. The leverage and cash flow metrics are Moody's
adjusted and incorporate Moody's standard operating lease
adjustments as well as non-standard adjustments, which include: (i)
Moody's estimate for cost synergies net of costs to achieve
efficiencies in the first-year after closing; and (ii) adjustments
for the present value of lease obligations and non-cancellable
commitments associated with purchases of content, bandwidth and
traffic acquisition costs, plus appropriate EBITDA add-back
adjustments; and exclude certain non-recurring costs.

Formerly the Verizon Media Group unit of Verizon Communications
Inc., Yahoo completed the carve-out from its former parent on 1
September 2021. The company's credit profile is constrained by: (i)
the projected increase in financial leverage; (ii) negative FCF
expected in 2021/2022 and potentially neutral-to-modestly positive
FCF in 2023 when cost synergies are likely to be partially
realized; (iii) ongoing operating losses and cash drain in the Ad
Tech unit, which weighs on the company's operating performance;
(iv) low EBITDA margins partly due to high traffic acquisition
costs, expenses associated with restructuring initiatives and
flattish organic revenue growth expectations; and (v) competitive
challenges, chiefly in search advertising, that historically
produced negative organic revenue growth. There is the absence of
an operating history as a standalone entity and execution risk
related to a three-year period to realize an outsized and ambitious
cumulative cost synergies and operational improvement program,
which will be extensive, offset by equally substantial near-term
costs to achieve efficiencies. The profile also considers Yahoo's:
(i) scale as a leading online content aggregator across a massive
online user base; (ii) relatively loyal users with improving
customer engagement and monetization since the pandemic; (iii)
diversified and personalized content offerings; (iv) good global
diversity; and (v) sizable external liquidity to offset projected
negative FCF.

With Headquarters in Sunnyvale, CA and New York, NY, College
Parent, L.P. is a leading global online content aggregator and web
services provider. The online portal's web properties include:
Search, Consumer (Yahoo Mail, Yahoo Finance, Yahoo News, Yahoo
Sports, Yahoo Entertainment and Yahoo Lifestyle), Ad Tech, Media
Platform and Membership Services. The company is being reorganized
from the Verizon Media Group assets of Verizon Communications Inc.
via a $5 billion buyout and carve-out by Apollo Global Management,
Inc. Revenue totaled approximately $8.4 billion for the LTM ended
September 30, 2021.


CRIMSONBIKES LLC: Trustee Asks Court to Convert Case to Chapter 7
-----------------------------------------------------------------
Bicycle Retailer and Industry News reports that the trustee for
bankrupt Massachusetts retailer CrimsonBikes has asked the court to
convert the bankruptcy case from Chapter 11 back to Chapter 7,
which would lead more quickly to liquidating assets and preclude
any chance of the business reorganizing and continuing.  After a
hearing, whcih has not been scheduled, a judge must still approve
the motion by Chapter 11 trustee John Aquino, who was appointed in
July 2021 to oversee the case.

In a filing Tuesday, December 7, 2021, Aquino told the court that
CrimsonBikes' income is insufficient to meet expenses and the
business has only operated in recent years by accruing debt.

"The Debtor (CrimsonBikes) has been engaged in the business of the
online sale of bicycles and related accessories," Aquino told the
court. "A review of the Debtor’s financial history reflects that
the Debtor has not operated on a profitable basis at any time in
its recent past. The Debtor’s online sales of bicycles and
related products have been driven by very high advertising costs
which leave insufficient revenues to satisfy other operating
expenses and costs of goods sold. The Debtor’s schedules reflect
a business enterprise that has maintained a continued existence by
virtue of accrual of unpaid obligations."

Aquino said the operation had sales revenues for July, August,
September, and October 2021 were $26,953, $21,445, $7,268, and
$2,239, respectively, for total sales revenues during the
four-month period of $57,905.

"In light of the anemic post-petition monthly sales results, it is
clear that the Debtor’s continued operations do not provide a
basis for a reasonable likelihood of rehabilitation, but rather
portend continuing diminution of estate assets," he said.

Last 2020,  SmartEtailing sued the Cambridge store in a Minnesota
court to recover at least $400,000 in credit card chargebacks.

In March 2021, SmartEtailing and two other creditors filed an
involuntary Chapter 7 petition against the retailer. SmartEtailing,
which said it was by then owed about $650,000, was joined by a
Massachusetts consumer who said he paid $1,061 for a bike he never
received, and CVI-TCB Commercial, the owner of a Boston-area
nonprofit real estate development organization. In the petition,
CVI-TCB said CrimsonBikes owed it $200,000 and was in breach of
contract.

A Chapter 7 bankruptcy would have led quickly to liquidation of the
business, but in May the court granted CrimsonBikes' request to
convert the case to Chapter 11 and appointed Aquino at the request
of creditors, who include SmartEtailing, Giant Bicycle, and other
industry suppliers. Unsecured industry creditors include Bikeco
(owed $44,000), Bern ($3,000), and Tifosi Optics ($1,100).

According to a summary of assets and liabilities filed with the
court June 15, CrimsonBikes has property worth $745,000. Claims
secured by property total $597,000. Priority unsecured claims total
$50,000 and non-priority unsecured claims total $1.8 million.

                      About CrimsonBikes LLC

CrimsonBikes, LLC, owns and operates a bicycle store in the Greater
Boston area in Massachusetts.

An involuntary Chapter 7 bankruptcy petition was filed against
CrimsonBikes, LLC (Bankr. D. Mass. Case No. 21-10278) on March 3,
2021. The petition was filed by creditors SmartEtailing Inc.,
CVI-TCB Commercial LLC, and Michael Jaeger. The creditors are
represented by Lynne B. Xerras, Esq., and Andrew E. Goloboy, Esq.

On May 19, 2021, CrimsonBikes consented to the entry of an order
for relief and moved the court to convert its case to one under
Chapter 11 of the United States Bankruptcy Code. The court granted
the motion to convert on May 21, 2021. Judge Janet E. Bostwick
oversees the case.  

The Debtor tapped McAuliffe & Associates, PC as legal counsel and
McCafferty & Company, PC as accountant.

John J. Aquino, the Chapter 11 trustee appointed in the Debtor's
case, is represented by Anderson Aquino, LLP.


DUN & BRADSTREET: S&P Rates New $460MM Senior Unsecured Notes 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level and '6' recovery
ratings to New York-based Dun & Bradstreet Corp.'s proposed $460
million senior unsecured notes due 2029. The rating is the same as
its issue-level rating on the company's existing senior unsecured
notes due 2027. S&P's '6' recovery rating on the company's proposed
notes reflects the potential for negligible (0%-10%; rounded
estimate: 5%) recovery in its hypothetical default scenario. S&P's
'B+' issuer credit ratings on Dun & Bradstreet Corp. and its
parent, Dun & Bradstreet Holdings Inc. (D&B), are unchanged.

S&P said, "We expect Dun & Bradstreet Corp. to use the proceeds
from the proposed notes, along with balance sheet cash, to repay
its senior unsecured notes and pay associated transaction costs.
The transaction modestly increases D&B's gross debt balance, but it
does not materially change our view of its leverage or financial
risk. D&B's leverage was about 6.2x as of the 12 months ended Sept.
30, 2021.

"Our 'B+' rating on D&B reflects its good market position as a data
and information services provider for risk and business-to-business
sales and marketing. D&B has a well-known brand and long and
well-established track record of operations. We expect the company
to pursue acquisitions to complement its organic growth strategy,
such as its recent acquisitions of Eyeota and NetWise to supplement
its sales and marketing business. We expect the company's leverage
will decline to and remain in the 5x-6x range over the next 12
months. We could lower our rating on D&B to 'B' if we expect its
adjusted leverage to exceed 6x and free operating cash flow to
decline to the 5% area for a prolonged period."

Issue Ratings--Recovery Analysis

Key analytical factors

S&P's simulated default scenario contemplates a default in 2025,
primarily because of a combination of operating challenges,
increased competition, and higher-than-expected investments to
boost D&B's technical capabilities.

Simulated default assumptions

-- Year of default: 2025
-- Emergence EBITDA: About $395 million
-- Multiple: 6.5x
-- Revolving credit facility: 85% drawn at default
-- Obligor/nonobligor valuation split: 75%/25%

Simplified waterfall:

-- Net recovery value for waterfall after 5% administrative costs:
About $2.45 billion

-- Value available to senior secured claims: $2.4 billion
(includes about $167 million of unpledged value)

-- Estimated senior secured claims: $3.9 billion*

    --Recovery expectations: 50%-70% (rounded estimate: 60%)

-- Value available to senior unsecured claims: About $210 million

-- Senior unsecured claims: $2.2 billion* (including about $1.7
billion of deficiency secured claims)

    --Recovery expectations: 0%-10% (rounded estimate: 5%)

*All debt claims include six months of prepetition interest.



FIRST TO THE FINISH: May Use Cash Collateral Thru Dec 31
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Illinois has
authorized Michael E. Collins, Chapter 11 Trustee for First to the
Finish Kim and Mike Viano Sports Inc., to use cash collateral on an
interim basis.

The Trustee requires the use of cash collateral to minimize the
disruption of the Debtor's business, operate the business in an
orderly manner, maintain business relationships with vendors,
suppliers, and customers, pay employees, and satisfy other
operational as well as working capital needs.

CNB Bank & Trust, N.A., Nike USA, Inc., and the Bank of Springfield
have asserted a perfected security interest in the Debtor's
bankruptcy estate.

Judge Laura K. Grandy of the U.S. Bankruptcy Court for the Southern
District of Illinois approved the stipulation, and accordingly
authorized the Trustee to use the cash collateral from the
appointment date through and including the termination date, solely
in accordance with the budget, with a 10% variance.

The termination date will be the earlier of (i) December 31, 2021,
provided, however, that the Trustee may use Cash Collateral in the
ordinary course of the Debtor's business from January 1, 2022,
until January 4, 2022; (ii) the entry of an Order, on a "final"
basis approving the Trustee’s use of cash collateral; (iii) five
business days after notice by any Secured Lender to the Trustee of
any Termination Event, unless within the five-business day period,
the Trustee has cured the Termination Event or unless waived by the
Secured Lender, (iv) the date of the dismissal of the Debtor's
bankruptcy case or the conversion of the Debtor's bankruptcy case
to a case under Chapter 7 of the Bankruptcy Code, (v) the date a
sale of substantially all of the Estate's assets is consummated
after being approved by the Court, (vi) the effective date of any
confirmed Chapter 11 plan.

As adequate protection, the Secured Lenders will be granted access
to examine the books and records of the Debtors and take inventory
of the bankruptcy estate assets.  In addition, the Secured Lenders
are granted valid and perfected security interests in and lies,
including replacement liens, on all property of the estate, to the
extent of diminution in value of the Secured Lenders' interest in
the prepetition collateral.  The Secured Lenders will also have
administrative expense claims against the Debtor's estate.  

As further adequate protection, the Chapter 11 Trustee will take
reasonable steps to preserve any and all rights of the Estate in
FTTF Health Supply, LLC from the sale of personal protective
equipment and related items; and seek documentation regarding any
receivables held by FTTF Health Supply, Inc. The Trustee shall
provide a copy of any such documentation to the Secured Lenders.

The liens and claims granted to the Secured Lenders are subject to
a carve-out of up to $100,000 for fees owed to the U.S. Trustee;
and fees and expenses incurred by the Case Trustee, his
professionals, and the Debtor's professionals.

The Adequate Protection Liens and the 507(b) Claims are valid,
perfected, enforceable, and effective as of the Petition Date
without the need for any further action by the Trustee, the Secured
Lenders, or the necessity of execution or filing of any instruments
or agreements.

A copy of the order and the Debtor's budget is available for free
at https://bit.ly/3IDkkC2 from PacerMonitor.com.

The Debtor projects $205,000 in budgeted cash receipts and $206,830
in total cash disbursements for December 2021.

Final telephonic hearing on the matter is scheduled for January 4
at 9 a.m.  Objections are due no later than 14 days after entry of
the interim order.

                   About First to the Finish Kim
                    and Mike Viano Sports Inc.

First to the Finish Kim and Mike Viano Sports Inc. sells sporting
goods, hobbies, and musical instruments.

First to the Finish Kim and Mike Viano Sports filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Ill. Case No. 20-30955) on October 7, 2020. The petition was
signed by Mike Viano, president. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and
liabilities.

Judge Laura K. Grandy oversees the case.

The Debtor is represented by Carmody MacDonald P.C.

The Chapter 11 Trustee, Michael E. Collins, is represented by
Manier & Herod, P.C.

CNB Bank & Trust, N.A., as secured lender, is represented by Silver
Lake Group, Ltd.  Nike USA, Inc., also a secured lender, is
represented by A.M. Saccullo Legal, LLC.



FLEETCOR TECHNOLOGIES: $1BB Loan Add-on No Impact on Moody's CFR
----------------------------------------------------------------
Moody's Investors Service said that FleetCor Technologies Operating
Company LLC's announced $1 billion incremental term loan issuance
has no immediate impact on Fleetcor's Ba1 corporate family rating,
Ba1 senior secured bank credit facility rating, or the stable
outlook. Proceeds from the term loan issuance will be used to repay
$635 million of outstanding revolver balances and to increase cash
balances. The resulting Moody's-adjusted total leverage at the end
of 2021 is about 3.9x, which is just below the Moody's downgrade
guidance of 4.0x. Moody's total leverage calculation includes the
accounts receivable securitization balances and does not add back
stock based compensation expense. Moody's expects the company to
continue to generate solid revenue growth in 2022 and expects
leverage to decline over the course of the year, increasing the
cushion against the downgrade guidance over time.

While Fleetcor's revenue growth and EBITDA in 2021 are modestly
outperforming Moody's expectations, the company's share repurchase
activity is meaningfully higher than anticipated, combined with
acquisition spending of nearly $550 million year to date.
Concurrently, free cash flow generation is lower this year due to
the need to rebuild accounts receivable balances after the
pandemic-driven reduction in 2020, with corresponding higher
securitization outstanding balances. The free cash flow reduction
in 2021 was expected following the substantial working capital
release in 2020 which supported strong free cash flow during the
pandemic, but the lower free cash flow reduces the company's
financial flexibility this year. Moody's expects Fleetcor to
continue to opportunistically repurchase shares, notably during
periods of slower M&A activity. However, consistent capital return
exceeding or in line with free cash flow generation would be a
shift of capital allocation strategy. Additionally, if Fleetcor
were to exceed the 4.0x downgrade guidance for an acquisition,
prompt deleveraging back to 4.0x would be necessary to avoid
pressure on the rating.


FR BR HOLDINGS: Fitch Affirms 'B-' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed FR BR Holdings, L.L.C.'s Long-Term
Issuer Default Rating (IDR) at 'B-'. In addition, Fitch has
affirmed the rating for FR BR's senior secured Term Loan B due 2023
at 'B-'/'RR4'. The Rating Outlook is Stable.

The Ratings reflect current dividend policy and bond covenants
restrictions at Blue Racer Midstream, LLC, the only income source
for FR BR. Fitch estimates that FR BR's leverage will remain above
the negative sensitivity of 6.0x through 2022, a year longer than
what Fitch previously expected. FR BR's leverage should improve to
below its negative sensitivity threshold in 2023 as dividends from
Blue Racer return close to historic levels. In addition, the
ratings reflect an expectation that FR BR will be able to refinance
its upcoming 2023 term loan maturity. Inability to successfully
address the upcoming maturity within next year would result in a
negative rating action.

KEY RATING DRIVERS

Significant Structural Subordination: The primary rating concern
for FR BR is that dividends from Blue Racer are FR BR's sole source
of cash flow with no diversity in the revenue stream. FR BR's term
loan is structurally subordinate to the operating and cash flow
needs at Blue Racer, as well as any borrowings on Blue Racer's $750
million revolving credit facility and $900 million senior unsecured
notes.

Refinancing Risk Approaching: Refinancing is an approaching concern
for FR BR in 2022. While the term loan has some mandatory
amortization and a cash flow sweep provision, the loan will not be
fully amortized by the term loan maturity in 2023. A refinancing or
sale of assets will be needed to repay the maturing debt. FR BR
could face unfavorable refinancing markets next year in particular
if the leverage at Blue Racer does not continue to improve by
2023.

Blue Racer was able refinance its 2022 maturities in late
2020/early 2021, addressing 77% of its outstanding debt that was
maturing in 2022. In addition, in April 2021, the company amended
and extended its credit revolving facility reducing it from $1
billion to $750 million and extending it for another three years
until April 2025. Removal of the refinancing risk at Blue Racer and
recent more favorable commodity environment should provide support
for FR BR's refinancing.

Dividend Policy Pressures Leverage: Current limitations on Blue
Racer's dividends pressure leverage metrics in the near term. Under
the sponsor approved policy and Blue Racer's covenant restrictions,
if the consolidated leverage, as measured by total debt/operating
EBITDA at Blue Racer is greater than 4.0x, dividends to FR BR will
be limited to a great of 50% of the net income or up to $98 million
annual dividend, of which 50% gets distributed to FR BR.

Under the rating case, Fitch projects flat dividends of $11
million-$12 million a quarter until 1H2023 when leverage at Blue
Racer is projected to decline below the 4.0x trigger. Leverage for
Blue Racer for the last 12 months ended Sept. 30, 2021, as measured
by total debt with equity credit/operating EBITDA under Fitch's
calculation, was 4.3x. The reduced distributions in 2021 and 2022
will spike leverage at FR BR above 6.0x before declining below the
negative rating sensitivity of 6.0x when higher distributions
resume in 2023.

Leverage for the LTM ended Sept. 30, 2021, as measured by Fitch
calculated total debt with equity credit/operating EBITDA, was
8.0x, versus 4.6x for the same time in 2020. Under FR BR's note
provisions, the excess cash flow sweep provision mandates FR BR to
sweep 75% of its excess cash flow when leverage is above 6.5x to
prepay the notes, but given the flat dividend payments expected in
both 2021 and 2022, Fitch does not expect there will be a
significant debt amortization prior to the maturity in 2023. FR
BR's debt service coverage ratio (DSCR) and FFO fixed-charge
coverage ratio are projected to be around 1.5x in 2021-2022 and to
improve above 2.0x as the dividend distribution increases.

Cash Flow Concentration: Fitch's ratings reflect the credit quality
of the cash flow stream from Blue Racer, which is an equity
distribution supported by revenue and cash flow from 'B' to 'BB'
rated counterparties. Given the economic headwinds and reduced
producer capital investment and drilling activity in 2020 and 2021
in the Blue Racer's dedicated acreage area, Fitch believes a return
to volume growth at Blue Racer will be delayed until late
2022/early 2023 versus previous expectations of late 2021/early
2022. Any outsized events or financial distress at Blue Racer
resulting in material additional dividend reduction could further
impair cash flow to FR BR.

Continued Sponsor Support: In November 2020, The Williams
Companies, Inc.'s (WMB, BBB/Stable) purchased 41% of Caiman's
interest, increasing its share in Blue Racer to nearly 50% from the
original 29% interest through its stake in Caiman. Fitch believes
the acquisition provides opportunities to improve the utilization
of Blue Racer's assets and demonstrated support with its approval
of the dividend cut last year.

DERIVATION SUMMARY

The closest direct comparable for FR BR within Fitch's midstream
coverage universe is GIP III Stetson I, L.P. and GIP III Stetson
II, L.P. (collectively GIP Stetson; B-/Stable). GIP Stetson's sole
source of cash flow is its quarterly dividend payments from a
non-controlling, minority interest in EnLink Midstream LLC. For GIP
Stetson, its IDRs and ratings reflect structural subordination, in
which GIP Stetson's term loan is junior to the senior debt and
preferred security at EnLink, a similar cash flow structure to FR
BR. GIP Stetson's dividend was cut by over 50% in 1Q20, triggering
a spike in leverage, similar to FR BR.

In terms of leverage, FR BR is better positioned, as Fitch expects
leverage for GIP Stetson to remain above 9.0x through 2023, while
FR BR leverage is expected to return below its negative sensitivity
threshold of 6.0x by 2023. While GIP Stetson currently has a
manageable refinancing risk with its term loan has maturing in
2025, while FR BR has an approaching maturity for its term loan in
2023.

KEY ASSUMPTIONS

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

-- Base case distributions to FR BR are consistent with Fitch's
    base case dividends paid from Blue Racer and account for FR
    BR's 50% ownership stake;

-- The loan is repaid based on the cash sweep requirements under
    the term loan agreement;

-- The loan is refinanced at maturity in 2023;

-- There have been a limited number of bankruptcies and
    reorganizations within the midstream space, but bankruptcies
    at Azure Midstream and Southcross Holdco had multiples between
    5x and 7x by Fitch's best estimates. In its recent Bankruptcy
    Case Study Report, "Energy, Power and Commodities Bankruptcies
    Enterprise Value and Creditor Recoveries," published in
    September 2021, the median enterprise valuation exit multiple
    for the 51 energy cases with sufficient data to estimate was
    5.3x, with a wide range of multiples observed;

-- For the Recovery Rating, Fitch utilized a going-concern (GC)
    approach with a 5x EBITDA multiple, which reflects the fact
    that there is a structural subordination at FR BR;

-- Fitch assumed a default is caused by the company not being
    proactive in refinancing 2023 loan maturity and a cataclysmic
    negative event in commodity markets leading to a default at FR
    BR and a restructuring of the term loan. The GC EBITDA is
    estimated at roughly $41 million. Fitch calculated
    administrative claims to be 10%, which is a standard
    assumption.

RATING SENSITIVITIES

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

-- Positive Rating action at Blue Racer could result in a
    positive rating action at FR BR;

-- Increased ownership in Blue Racer by FR BR, which would give
    FR BR the ability to control the dividend policy at Blue Racer
    and could result in a closer notching of the IDRs;

-- Increased dividend diversification at FR BR without an
    increase in leverage profile.

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

-- Failure to proactively refinance the upcoming 2023 maturity;

-- Negative rating action at Blue Racer;

-- A decrease in dividends up to FR BR or an increase in debt at
    FR BR that results in leverage, as measured by standalone
    total debt/distributions from Blue Racer, remaining above 7.0x
    based on 1Q23 annualized leverage calculation.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Needs Limited: FR BR is an investment holding company
with little liquidity needs. Its term loan has relatively few
covenant requirements. Fitch expects dividends to FR BR to be
enough to support its mandatory 1% amortization and minimum
debt-service coverage ratio of 1.1x for the forecast period
2021-2024.

ISSUER PROFILE

First Reserve is an energy focused private equity firm, which owns
a 50% interest in Blue Racer Midstream, LLC (B+/Stable), a
midstream operator in the Appalachian Basin that is subject to
volume risk and limited by the size and scale of its operations.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjusts the financial statements to reflect the dividends
from Blue Racer as revenue. As an equity owner of Blue Racer,
dividends to FR BR are reported on the cash flow statement as
"Proceeds from Investments," not operating revenue.

ESG Considerations

FR BR has an ESG Relevance Score of '4' for Group Structure and
Financial Transparency, as private-equity backed midstream entities
typically have less structural and financial disclosure
transparency than publicly traded issuers. The score of '4' for
Group Structure reflects the complex group structure amongst Blue
Racer and its Sponsors, FR BR and WMB, compared with publicly
traded companies. These factors have a negative impact on the
credit profile and are relevant to the rating in conjunction with
other factors.

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


GIRARDI & KEESE: Thomas Solely to Blame for the Unpaid Settlements
------------------------------------------------------------------
Lauraann Wood of Law360 reports that Thomas V. Girardi should be
found solely liable for misappropriating millions meant for plane
crash victims' families because he controlled his firm's wire
payments and lied to fend off people who questioned him, two former
employees asserted in federal contempt proceedings Wednesday.
December 8, 2021.

Former Girardi Keese attorneys Keith Griffin and David Lira
testified during the hearing in Illinois that they frequently urged
Girardi to ensure he paid certain Indonesian families their full
settlements after learning those clients had received only half of
the amounts plane maker Boeing promised to pay them. They asserted
that Girardi had sole authority to approve wire payments.

                      About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

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

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

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



GIRARDI & KEESE: Tom Drops Divorce Lawyer; Brother to Advise Him
----------------------------------------------------------------
Ryan Naumann of Radar Online reports that Erika Jayne's husband Tom
Girardi drops divorce lawyer, his brother will represent him in
court amid dementia battle.

Real Housewives of Beverly Hills star Erika Jayne's divorce from
Tom Girardi is taking an interesting turn as the once-respected
lawyer has decided to have his brother represent him.

According to court documents obtained by Radar, Robert Girardi, who
is currently Tom’s conservator, informed the judge presiding over
his divorce that he was dropping his lawyer, Michael Abrams.

Robert says he will represent his brother in the case despite him
being an Orange County dentist who has never practiced law.

Erika Jayne's Husband Tom Girardi's Laptop Uncovered In Bankruptcy
Investigation, One Step Closer To Answers For His Victims

Erika filed for divorce from Tom back in November 2020. She decided
to book it after 21 years of marriage right when her husband
started being hit with massive lawsuits. Earlier this year, he and
his law firm were forced into Chapter 7 bankruptcy. Financial
records revealed he owes $101 million to various creditors with
very little assets to sell off.

In her petition, Erika demanded monthly spousal support and claimed
she was unaware of the marital assets. Tom fired back demanding her
request for support be denied.

A couple of months later, Robert rushed to court claiming Tom had
been diagnosed with dementia and Alzheimer's. He recently was moved
into a senior living home in Burbank, Cali. The situation is a far
cry from the $10 million Pasadena mansion he once shared with
Erika.

The divorce has been put on hold due to the bankruptcy cases. The
court appointed a trustee to take over control of Tom's finances
and figure out the best way to pay back his creditors.

The divorce has been put on hold due to the bankruptcy cases. The
court appointed a trustee to take over control of Tom's finances
and figure out the best way to pay back his creditors.

                     About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

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

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

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


GREEN GROUP: Jan. 18, 2022 Plan Confirmation Hearing Set
--------------------------------------------------------
On Dec. 2, 2021, Florida Corporate Funding, Inc., submitted a Third
Amended Disclosure Statement in connection with the Amended Plan of
Liquidation for debtor Green Group 11 LLC incorporating the
revisions in accordance with the record of the prior hearings on
this matter.

On Dec. 6, 2021, Judge Nancy Hershey Lord approved the Disclosure
Statement and ordered that:

     * All objections to approval of the Disclosure Statement, to
the extent not previously overruled, withdrawn, or otherwise
resolved, are overruled in their entirety.

     * Jan. 18, 2022, at 3:30 p.m. is the hearing to consider
confirmation of the Plan.

     * Jan. 10, 2022, is the last day for submitting written
acceptances or rejections to the Plan, and ballots indicating such
acceptance or rejection thereof.

     * Jan. 10, 2022, is the last day for filing and serving
written objections to confirmation of the Plan.

     * Jan. 14, 2022, is the last day for the Proponent to file a
ballot tabulation and Certification of Voting.

A copy of the order dated Dec. 6, 2021, is available at
https://bit.ly/3lMh9Oe from PacerMonitor.com at no charge.

Counsel for Florida Corporate Funding, Inc., Plan proponent:

   Mark A. Frankel
   Backenroth Frankel & Krinsky, LLP
   800 Third Avenue
   New York, NY 10022
   Telephone: (212) 593-1100
   Facsimile: (212) 644-0544

                      About Green Group 11

Green Group 11, LLC, is the owner and operator of a grocery store
located at 220 Greene Ave., Brooklyn, N.Y.

Green Group 11 filed a Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 19-40115) on Jan. 8, 2019.  In the petition signed by Michael
Kandhorov, manager, the Debtor disclosed $6,000 in assets and
$1,895,562 in liabilities.  Judge Nancy Hershey Lord oversees the
case.

The Debtor tapped the Law Office of Ira R. Abel as bankruptcy
counsel, Jacobs PC as special counsel, and Spiegel, LLC, as
accountant.


GRUPO AEROMEXICO: Gibson Dunn 2nd Update on Claimholders
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Gibson, Dunn & Crutcher LLP submitted a second
amended verified statement to provide an updated list of
Claimholders that it is representing in the Chapter 11 cases of
Grupo Aeromexico, S.A.B. de C.V., et al.

On or about July 2021, certain members of the Ad Hoc Group of
Unsecured Claimholders retained attorneys presently with Gibson,
Dunn & Crutcher LLP to represent them as counsel in connection with
the pending chapter 11 cases of the above- captioned debtors and
certain of their subsidiaries and affiliates. From time to time
thereafter, certain additional holders of unsecured claims have
joined the Ad Hoc Group of Unsecured Claimholders.

On August 9, 2021, the Ad Hoc Group of Unsecured Claimholders filed
the Verified Statement of the Ad Hoc Group of Unsecured
Claimholders Pursuant to Bankruptcy Rule 2019 [Docket No. 1530]. On
September 17, 2021, the Ad Hoc Group of Unsecured Claimholders
filed the First Amended Verified Statement of the Ad Hoc Group of
Unsecured Claimholders Pursuant to Bankruptcy Rule 2019 [Docket No.
1733]. Since that time, the membership of the Ad Hoc Group of
Unsecured Claimholders and the disclosable economic interests in
relation to the Debtors held or managed by such members has
changed. The Ad Hoc Group of Unsecured Claimholders submits this
Amended Verified Statement accordingly.

Gibson Dunn represents the members of the Ad Hoc Group of Unsecured
Claimholders in their capacity as holders of general unsecured
claims asserted against one or more of the Debtors.

Gibson Dunn does not represent or purport to represent any other
entities in connection with the Debtors' chapter 11 cases. Gibson
Dunn does not represent the Ad Hoc Group of Unsecured Claimholders
as a "committee" and does not undertake to represent the interests
of, and is not a fiduciary for, any creditor, party in interest, or
other entity that has not signed a retention agreement with Gibson
Dunn. In addition, the Ad Hoc Group of Unsecured Claimholders does
not represent or purport to represent any other entities in
connection with the Debtors' chapter 11 cases.

Upon information and belief formed after due inquiry, Gibson Dunn
does not hold any disclosable economic interests in relation to the
Debtors.

As of Dec. 4, 2021, members of the Ad Hoc Group of Unsecured
Claimholders and their disclosable economic interests are:

                                           Unsecured Claims
                                           ----------------

Bank of America                             $32,492,534.00
National Association
Gateway Village #900
900 West Trade St.
NC1-026-05-41
Charlotte, NC 28202

Nut Tree Capital Management                 $150,000,000.00
55 Hudson Yards 22nd Floor
New York, NY 10001

P. Schoenfeld Asset Management              $29,300,000.00
1350 6th Avenue
21st Floor
New York, NY 10019

The Ad Hoc Group of Unsecured Claimholders, through its undersigned
counsel, reserves the right to amend or supplement this Amended
Verified Statement in accordance with the requirements of
Bankruptcy Rule 2019 at any time in the future.

Counsel to the Ad Hoc Group of Unsecured Claimholders can be
reached at:

          GIBSON, DUNN & CRUTCHER LLP
          Joshua K. Brody, Esq.
          Scott J. Greenberg, Esq.
          Matthew J. Williams, Esq.
          200 Park Avenue
          New York, NY 10166
          Telephone: (212) 351-4000
          Facsimile: (212) 351-4035
          E-mail: jbrody@gibsondunn.com
                  sgreenberg@gibsondunn.com
                  mjwilliams@gibsondunn.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3DyUxqB at no extra charge.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.  Aeromexico, Mexico's
global airline, has its main hub at Terminal 2 at the Mexico City
International Airport.  Its destinations network features the
United States, Canada, Central America, South America, Asia and
Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


GRUPO AEROMEXICO: Milbank Updates on BSPO Investors
---------------------------------------------------
In the Chapter 11 cases of Grupo Aeromexico, S.A.B. de C.V., et
al., the law firm of Milbank LLP submitted a supplemental verified
statement filed under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to provide an updated list of BSPO Investors that it is
representing.

The BSPO Investors have retained Milbank as counsel in connection
with the chapter 11 cases of Grupo Aeromexico, S.A.B. de C.V. and
its affiliated debtors and debtors in possession.

On October 27, 2021, Milbank, on behalf of the BSPO Investors,
filed the Verified Statement Pursuant to Bankruptcy Rule 2019 [ECF
No. 1995].

Milbank represents the BSPO Investors and does not represent or
purport to represent any entities other than the BSPO Investors in
connection with the Debtors' chapter 11 cases. In addition, neither
Baupost, Oaktree, nor Silver Point represent or purport to
represent any other entities in connection with the Debtors'
chapter 11 cases.

As of Dec. 3, 2021, each of the BSPO Investors and their
disclosable economic interests are:

The Baupost Group, L.L.C.
10 Saint James Avenue, Suite 1700
Boston, MA 02116

Oaktree Capital Management, L.P.
333 South Grand Ave., 28th Floor
Los Angeles, CA 90071

Silver Point Capital, L.P.
2 Greenwich Plaza
Greenwich, CT 06830

* Unsecured Claims: $88,500,000.00

The information contained herein is provided only for the purpose
of complying with Bankruptcy Rule 2019 and is not intended for any
other use or purpose.

Milbank reserves the right to amend this Supplemental Verified
Statement as may be necessary in accordance with the requirements
set forth in Bankruptcy Rule 2019.

Counsel to The Baupost Group, L.L.C., Oaktree Capital Management,
L.P., and Silver Point Capital, L.P. can be reached at:

          MILBANK LLP
          Dennis F. Dunne, Esq.
          Matthew L. Brod, Esq.
          55 Hudson Yards
          New York, NY 10003
          Tel: (212) 530-5000
          Fax: (212) 530-5219

             - and -

          Andrew M. Leblanc, Esq.
          1850 K Street, NW, Suite 1100
          Washington, DC US 20006
          Tel: (202) 835-7500
          Fax: (202) 263-7586

A copy of the Rule 2019 filing is available at
https://bit.ly/3oBTthq at no extra charge.

                    About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.

Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport.  Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020.  In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker.  White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors'
special counsel.  Epiq Corporate Restructuring, LLC, is the claims
and administrative agent.  

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020.  The committee is represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.


GRUPO POSADAS: Gets Court Approval for Chapter 11 Bankruptcy Plan
-----------------------------------------------------------------
James Nani of Bloomberg Law reports that Mexican hotel operator
Grupo Posadas SAB de CV received bankruptcy court approval for its
Chapter 11 plan to extend maturities on outstanding notes and pay
other creditors in full.

The company's plan, approved Wednesday, December 8, 2021, gives
existing noteholders claims on Posadas' assets in exchange for the
extension of the notes’ maturity dates by more than five years.

The plan, negotiated with creditors prior to Posadas' bankruptcy
filing, envisions all classes of creditors—other than those with
existing note claims—to recover all their claims. Noteholders
will recover about of 87.7% of their claims.

                       About Grupo Posadas

Posadas 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.

The cases are handled by Honorable Judge Sean Lane.

The Company 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 financial advisor.  Prime
Clerk LLC is the claims agent.


GTT COMMUNICATIONS: UST Calls Chapter 11 Releases Improper, Broad
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that the Office of the United
States Trustee objected Wednesday, Dec. 8, 2021, in New York court
to third-party releases included in the proposed Chapter 11 plan of
cloud and networking service company GTT Communications Inc.,
saying they are overly broad and would apply to creditors who
didn't agree to them.

In the objection, the U.S. trustee said as proposed, the releases
of claims being given by creditors to non-debtor third parties
could be imposed on creditors who vote against the plan, but fail
to opt-out of the provisions, which make them an impermissible
facet of the plan.

                     About GTT Communications

Headquartered in McLean, Virginia, GTT Communications, Inc. --
http://www.gtt.net/-- owns and operates a global Tier 1 Internet
network and provides a comprehensive suite of cloud networking
services.

GTT and its affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 21-11880) on Oct. 31, 2021, to implement a
prepackaged Chapter 11 plan.

GTT had total assets of $2.8 billion and total debt of $4.1 billion
as of June 30, 2021. As of the petition date, the Debtors had
pre-bankruptcy funded indebtedness totaling $2.015 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Akin Gump Strauss Hauer & Feld, LLP as legal
counsel; TRS Advisors as financial advisor and investment banker;
and Alvarez & Marsal, LLC as restructuring advisor. Brian Fox,
Alvarez & Marsal's managing director, serves as the Debtors' chief
restructuring officer.  Prime Clerk, LLC is the claims agent and
administrative advisor.





HENRY FORD VILLAGE: Owner Gets Court Approval to Liquidate
----------------------------------------------------------
Daniel Gill of Bloomberg Law reports that senior living facility
operator Henry Ford Village Inc. won court approval of its
bankruptcy liquidation plan that proposes to refund departing
residents and partially pay back unsecured creditors.

Under the plan, proceeds from a May asset sale and any remaining
assets will be transferred to a liquidating trust to pay back the
company's creditors.

Sage Healthcare Partners, whose affiliate bought Henry Ford
Village's facility for $76.3 million, will continue operating the
senior living and nursing care center as a for-profit business.

Sage Healthcare will refund entrance fees owed to residents leaving
the facility.

                     About Henry Ford Village

Henry Ford Village, Inc., is a non-profit, non-stock corporation
established to operate a continuing care retirement community
located at 15101 Ford Road, Dearborn, Mich. It provides senior
living services comprised of 853 independent living units, 96
assisted living units and 89 skilled nursing beds.

Henry Ford Village sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 20-51066) on Oct. 28, 2020. In the petition signed by CRO
Chad Shandler, Henry Ford Village was estimated to have $50 million
to $100 million in assets and $100 million to $500 million in
liabilities.

The Hon. Mark A. Randon is the case judge.

The Debtor has tapped Dykema Gossett PLLC as its legal counsel, and
FTI Consulting, Inc., as its financial advisor. Kurzman Carson
Consultants, LLC, is the claims agent.


INTELSAT SA: Foley, Kirby Update on Equity Holders
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Kirby McInerney LLP and Foley & Lardner LLP
submitted an amended verified statement to provide an updated list
of Equity Holders that they are representing in the Chapter 11
cases of Intelsat S.A., et al.

Since the last week of February 2021, members of the Ad Hoc Group
have retained Kirby McInerney LLP and Foley & Lardner LLP as
co-counsel, to represent them in connection with the chapter 11
cases.

As of Dec. 6, 2021, members of the Ad Hoc Group and their
disclosable economic interests are:

Nirmala Basappa
147 Palmdale Dr
Williamsville NY 14221

* Intelsat S.A. Shares: 888

David J. Benz
2363 Bridgewater Way
Medford, OR 97501

* Intelsat S.A. Shares: 80,000

Darryl and Amy Boyd
521 N. Prospect Ave.
Redondo Beach, CA 90277

* Intelsat S.A. Shares: 26,000

Kostiantyn Chemerys
1607 Signal Flag Way
Lawrenceville, GA 30043

* Intelsat S.A. Shares: 30,119

Richard Bertram Coons
13501 Treasure Cove Circle
North Palm Beach, FL 33408

* Intelsat S.A. Shares: 142,600

Lisla Cowles
195 Pearl Ridge Lane
Lexington, VA 24450

* Intelsat S.A. Shares: 138

Kevin and Beth Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 7,180

Melanie Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 1,090

Chelsea Cummings
1304 Dahlia Lane
Wantagh, NY 11793-2508

* Intelsat S.A. Shares: 1,090

David Fogarty
111 Smoke Tree Ct
Gastonia NC 28056

* Intelsat S.A. Shares: 32,000

Victor Fteha
1958 East 13th Street
Brooklyn, NY 11229

* Intelsat S.A. Shares: 496

Olena Goldsmith
18470 SE Wood Haven Lane Apt B
Tequesta Florida 33469

* Intelsat S.A. Shares: 64,040

Pradeep Gowdra
147 Palmdale Dr
Williamsville NY 14221

* Intelsat S.A. Shares: 49,376

Harry Kent
4 March Lane
Port Washington, NY 11050

* Intelsat S.A. Shares: 100,003

Andrew Maracini
4225 Wedgewood Drive
Appleton WI 54913

* Intelsat S.A. Shares: 4,000

Markus Mühlthaler
Bayerstraße 24
80335 Munich, Germany

* Intelsat S.A. Shares: 740

Joel and Barbara Packer
531 Main St., Apt. 1306
New York, NY 10044

* Intelsat S.A. Shares: 225,001

Michael Pittman
2909 Oakey Trail
Hudson Oaks, TX 76087

* Intelsat S.A. Shares: 5,000

Minesh Poudel
3 Ostermeyerstraße
22607 Hamburg, Germany

* Intelsat S.A. Shares: 26,522

Daniel Rivera
34 Canter Drive
Basking Ridge, NJ 07920

* Intelsat S.A. Shares: 45,600.46

Robert Sbarra
33 Clearbrook Lane
Flemington, NJ 08822

* Intelsat S.A. Shares: 12,590

Gregory Sinacori
3526 Carrollton Avenue
Wantagh, NY 11793

* Intelsat S.A. Shares: 25,000

Albert Smegal
18470 SE Wood Haven Lane
Tequesta, FL 33469

* Intelsat S.A. Shares: 7,028

Emilio III Barretto Suarez and
Michelline Espir Suarez
148 Sarangani St.
Ayala Alabang Village
Muntinlupa, 1780
Philippines

* Intelsat S.A. Shares: 800
* Other Economic Interests: 500 Intelsat S.A. common stock
                            calls expiring 1/21/2022

                            1.2m Intelsat Luxembourg S.A. bonds
                            at 8.125% due 6/1/2023

Manuel Crespo Vaquero
Molina de Aragon 1 2H
28805 Alcala de Henares, Spain

* Intelsat S.A. Shares: 137,135

Counsel for Ad Hoc Group of Equity Holders of Intelsat S.A. can be
reached at:

          FOLEY & LARDNER LLP
          Harold L. Kaplan, Esq.
          Mark F. Hebbeln, Esq.
          Susan Poll Klaessy, Esq.
          321 N. Clark Street, Suite 3000
          Chicago, IL 60654
          Telephone: (312) 832-4500
          Facsimile: (312) 832-4700
          E-mail: hkaplan@foley.com
                  mhebbeln@foley.com
                  spollklaessy@foley.com

                 - and -

          KIRBY McINERNEY LLP
          David E. Kovel, Esq.
          250 Park Avenue, Suite 820
          New York, NY 10177
          Telephone: (212) 371-6600
          E-mail: dkovel@kmllp.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3IClmxO

                         About Intelsat S.A.

Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held  
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers.  The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.

Intelsat S.A. and its debtor-affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer.  At
the time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.

Judge Keith L. Phillips oversees the cases.  

The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal
counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; PJT Partners LP as financial advisor & investment banker;
Deloitte LLP as tax advisor; and Deloitte Financial Advisory
Services LLP as fresh start accounting services provider.  Stretto
is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.  The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.


INTELSAT SA: Paul, Whiteford 2nd Update on HoldCo Creditors
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and
Whiteford, Taylor & Preston, LLP submitted a second amended
verified statement to provide an updated list of HoldCo Creditor Ad
Hoc Group that they are representing in the Chapter 11 cases of
Intelsat S.A., et al.

In May 2020, the HoldCo Group retained Paul, Weiss to represent it
as counsel in connection with a potential restructuring involving
the above-captioned debtors and debtors-in-possession. Also in May
2020, the HoldCo Group retained WTP to serve as its Virginia
counsel with respect to such matters.

On June 29, 2020, the HoldCo Group filed the Verified Statement
Pursuant to Bankruptcy Rule 2019 of Ad Hoc Committee of Parent
Company Creditors [Docket No. 407]. On March 10, 2021, the HoldCo
Group filed the Amended Verified Statement Pursuant to Bankruptcy
Rule 2019 of Ad Hoc Committee of Parent Company Creditors [Docket
No. 1606]. The HoldCo Group submits this Amended Verified Statement
to amend information disclosed in the First Amended Verified
Statement.

As of Dec. 2, 2021, members of the HoldCo Group and their
disclosable economic interests are:

ANTARA CAPITAL LP
500 Fifth Avenue, Suite 2320
New York, NY 10110

* Luxembourg Senior Notes: $69,927,000.00
* Jackson Senior Notes: $28,493,000.00
* First Lien Notes: $15,000,000.00
* DIP Term Loans: $1,428,462.00

APPALOOSA LP
51 John F. Kennedy Parkway
Short Hills, NJ 07078

* 4.5% Convertible Senior Notes due 2024: $104,168,000.00
* Luxembourg Senior Notes: $404,091,000.00
* Connect Finance 9.5% Senior Notes due 2023: $613,798,000.00
* Jackson Senior Notes: $382,677,000.00
* Common Shares: 3,500,000

HIGHBRIDGE CAPITAL MANAGEMENT, LLC
277 Park Ave. 23rd Floor
New York, NY 10172

* 4.5% Convertible Senior Notes due 2024: $10,000,000.00
* Luxembourg Senior Notes: $15,000,000.00
* Connect Finance 9.5% Senior Notes due 2023: $25,100,000.00
* Jackson Senior Notes: $36,000,000.00

MELQART ASSET MANAGEMENT (UK) LTD
5 St James's Square
London, SW1Y 4JU

* Connect Finance 9.5% Senior Notes due 2023: $114,380,000.00
* Jackson Senior Notes: $18,500,000.00

STONEHILL CAPITAL MANAGEMENT LLC
885 Third Ave, 30th Floor
New York, NY 10022

* 4.5% Convertible Senior Notes due 2024: $15,114,000.00
* Connect Finance 9.5% Senior Notes due 2023: $163,707,000
* Jackson Senior Notes: $47,500,000

Counsel to the HoldCo Creditor Ad Hoc Group can be reached at:

          Christopher A. Jones, Esq.
          Corey S. Booker, Esq.
          Jae Won Ha, Esq.
          WHITEFORD, TAYLOR & PRESTON L.L.P.
          Two James Center
          1021 E. Cary Street, Suite 1700
          Richmond, VA 23219
          Telephone: (804) 977-3300
          E-mail: cajones@wtplaw.com
                  cbooker@wtplaw.com
                  jha@wtplaw.com

                - and -

          Paul M. Basta, Esq.
          Lewis R. Clayton, Esq.
          Susanna M. Buergel, Esq.
          Kyle J. Kimpler, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          E-mail: pbasta@paulweiss.com
                  lclayton@paulweiss.com
                  sbuergel@paulweiss.com
                  kkimpler@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3DEUg5x

                      About Intelsat S.A.

Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers.  The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors.  The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.

Intelsat S.A. and its debtor-affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer.  At
the time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.

Judge Keith L. Phillips oversees the cases.  

The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal
counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; PJT Partners LP as financial advisor & investment banker;
Deloitte LLP as tax advisor; and Deloitte Financial Advisory
Services LLP as fresh start accounting services provider.  Stretto
is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.  The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.


IQ FORMULATIONS: Unsecureds Will Get 15% of Claims in 36 Months
---------------------------------------------------------------
IQ Formulations, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Florida an Amended Disclosure Statement
describing Plan of Reorganization dated Dec. 06, 2021.

The Debtor was created by Jay Cohen, ("Cohen"), in June, 2010, as a
manufacturing company of dietary supplements. JBJE Commercial
Properties, LLC, ("JBJE Properties"), was formulated by Cohen in
2013. This company owns the building where the Debtor operated
from, with an address of 10151 NW 67'h Street, Tamarac, FL 33321,
("Premises").

JBJE Trademarks, LLC, ("JBJE Trademarks"), was formulated in 2013.
JBJE Trademarks owned the trademarks on the formulas used by the
Debtor to manufacture product. JBJE Commercial Vehicles, LLC,
("JBJE Vehicles"), was formulated in 2013. JBJE Vehicles owned or
leased vehicles, which in turn were leased to the Debtor.

The Plan contemplates that funding for the distribution to the
secured creditors shall be made by JBJE Vehicles, The distribution
to general unsecured creditors holding an allowed claim in this
case will be derived from proceeds received by the Debtor from its
operations.

Class 1 consists of the secured claim held by Nissan Finance USA,
("Nissan"). This claim is secured by a lien on a certain 2017
Nissan Titan Crew Cab, ("Nissan Collateral"). Through the Plan, the
JBJE will continue to make the requisite payments to Nissan on the
terms and conditions provided for pursuant to the certain loan
agreement with Nissan. The payments to Nissan are current, and will
remain so. Class 1 is unimpaired under the Plan.

Class 2 consists of the secured claim held by Americredit Financial
Services, Inc., d/b/a GM Financial, ("GM"). Through the Plan, the
JBJE will continue to make the requisite payments to GM on the
terms and conditions provided for pursuant to the certain loan
agreement(s) with GM, The payments to GM are current, and will
remain so. M had filed a proof of claim, assigned claim number 4,
reflecting a balance due as of the Petition Date in the amount of
$30,384.28, plus interest. The Debtor believes the claim is less,
due to post petition payments being made to GM by JBJE Vehicles.
Class 2 is unimpaired under the Plan.

Class 3 consists of the all General Unsecured Claims. On account of
each holder of an Allowed General Unsecured Claim, and in full
satisfaction of such claims, upon the Effective Date of the Plan,
Nutritional will cause a total payment of $25,000.00, ("Initial
Distribution"), to be shared pro rata, by those creditors holding
Allowed General Unsecured Claims of the Class 3. Thereafter, the
Debtor will pay to the holders of Allowed General Unsecured Claims,
a total combined distribution representing 15% of each holder's
Allowed General Unsecured Claim, such distribution to be paid on a
monthly basis, commencing with the first full month after the Order
Confirming the Plan becomes final and non appealable, and
continuing for the next 35 months thereafter.

Based on a review of the Debtor's bankruptcy schedules, along with
certain orders of the Bankruptcy Court striking and disallowing
certain claims, there exists approximately $727,820.92 in claims in
this class. The source of funding for the distribution will be
derived from funds of the Debtor, except for the Initial
Distribution, which will be funded by Nutritional. The Debtor
contemplates that there may be more claim objections filed, which
may reduce the total amount of the claims of this class. This class
does not include the scheduled claim held by JBJE Properties, in
the amount of $454,660.00, ("JBJE Claim"). JBJE Properties has
agreed to waive payment on the JBJE claim, if and only if, the Plan
with the Debtor as the proponent is confirmed by the Bankruptcy
Court. Class 3 is impaired under the Plan.

Class 4 consists of the claim held by Wells Fargo Bank, N.A.,
("Wells Fargo"),which is in the scheduled amount of $5,000,000.00.
This claim arises out of a certain guaranty executed by the Debtor,
to pay on a debt due Wells Fargo, with the primary obligor being
JBJE Properties. The underlying loan has been, and continues to be
paid by JBJE Properties. The debt due Wells Fargo is current, and
not in default. Through the Plan, the Debtor will reaffirm its
guarantor liability to Wells Fargo. Wells Fargo will not be
receiving a distribution through the Plan. Class 4 is unimpaired
under the Plan.

Class 5 consists of all Interests in the Debtor. Cohen is the sole
owner of the Debtor. The Class 5 is an insider of the Debtor. Class
5 shall receive no Distributions on account of his Interests. All
pre-petition interests in the Debtor shall be remain. Class 5 is
impaired under the Plan.

The Plan contemplates that funding the distributions set forth in
the Plan will be derived from the operations of the Debtor's
business, as well as from Nutritional and JBJE Vehicles. The Debtor
submits that the funding from Nutritional and JBJE Vehicles, as
well as the waiver of the JBJE Claim, represents the new value
provided by Cohen in order for Cohen to maintain his interest in
the Debtor.

A full-text copy of the Amended Disclosure Statement dated Dec. 06,
2021, is available at https://bit.ly/3rRYzbw from PacerMonitor.com
at no charge.

Debtor's Counsel:

     Brian S. Behar, Esq.
     Behar, Gutt & Glazer, P.A.
     DCOTA, Suite A-350
     1855 Griffin Road
     Fort Lauderdale, FL 33004
     Telephone: (305) 931-3771
     Email: bsb@bgglaw.com

                    About IQ Formulations

IQ Formulations, LLC, is a Tamarac, Fla.-based company that
operates in the dairy product manufacturing industry.  It conducts
business under the name Metabolic Nutrition.

IQ Formulations filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
21-15922) on June 18, 2021.  Jay Cohen, chief executive officer and
president, signed the petition.  At the time of the filing, the
Debtor disclosed total assets of up to $50,000 and total
liabilities of up to $10 million.  Judge Scott M. Grossman presides
over the case,  Behar, Gutt & Glazer, P.A. serves as the Debtor's
legal counsel.


KEYSER AVENUE: Obtains Purchase Proposal from Rhodes; Amends Plan
-----------------------------------------------------------------
Keyser Avenue Medical Park, LLC, ("KAMP") submitted a Disclosure
Statement describing Immaterially Modified Plan of Liquidation
dated Dec. 06, 2021.

KAMP is owned by James Knecht, Bryan A. Picou, Otis R. Barnum, and
Steven Kautz in equal portions of 25% each. The Chapter 11 filings
of KAMP and NMS were necessitated by the incorrect billing
practices of Dr. Barnum and his wife, Margaret Barnum, a nurse
practitioner, which rendered NMS unable to adequately value Dr.
Barnum’s membership interest in NMS, as well as various disputes
among the former NMS partners resulting in costly litigation.

Given the ages of the members, it was deemed not feasible for
individual members to purchase the property, notwithstanding BOM's
willingness to finance such purchase. Thus, in consultation with
BOM and on its request, KAMP initially engaged Bonnette Auction
Company to market the property to potential buyers and facilitate a
sale via auction process.

Thereafter, counsel for BOM notified Debtor that BOM obtained a
purchase proposal from Rhodes Properties and Development
("Rhodes"), which BOM finds agreeable, and requested Debtor seek
Bankruptcy Court approval to sell the real property to Rhodes.
Debtor's motion seeking sale approval is pending. Bonnette Auction
Company has agreed to receive $10,000 rather than the previously
agreed upon buyer's premium in light of the change in
circumstances.

The secured pre-petition claims against Debtor are held by the
Natchitoches Tax Commission (the City of Natchitoches) and BOM
Bank. The Debtor will satisfy the secured claims of the
Natchitoches Tax Commission in the amount of $11,958.00 with legal
interest and costs accrued (Class 1-A) and BOM in the amount of
$3,000,000 (Class 1-B) from the sale of the real estate that serves
as collateral for these claims in the first quarter of 2022. The
Natchitoches Tax Commission and BOM will receive the net proceeds
of such sale remaining after application of a surcharge in the
amount of $135,000 for satisfaction of, inter alia, administrative
and priority claims, all of which amounts may be subject to Court
approval via separate motion. It is expected that the secured claim
of the Natchitoches Tax Commission will be satisfied in full.

BOM will receive current and future insurance proceeds related to
Debtor's building damage from an extreme winter weather event in
February 2021, which are also the collateral of BOM. Ultimately,
BOM will also receive an offset against Debtor's deposit account
with BOM, which serves as additional collateral for its claims. Any
balance remaining on any instruments of indebtedness held by BOM
for which Debtor is liable will be deemed unsecured and shall
receive distributions under, vote with, and be otherwise referred
to Class 2, unsecured claims.

The Debtor will satisfy priority tax claims by paying an amount
sufficient to pay the claims as filed with interest pursuant to 11
U.S.C. § 511 by the payment of the same from proceeds of the sale
of Debtor's assets by virtue of a surcharge of funds in the amount
of $135,000 to be submitted to the Court for approval to pay, inter
alia, administrative and priority claims. Known unclassified
priority tax claims do not exceed $60,000.

Under the Plan's proposed treatment of Class 2, General Unsecured
Claims will be paid in the event the insurance proceeds, offset of
the Debtor's deposit account, and net proceeds of the Plan Sale
(remaining after application of the surcharge and satisfaction of
the Class 1-A Claim) are sufficient to satisfy the Class 1-B Claim
in full. The balance remaining will be used to pay the Class 2
General Unsecured Claims in pro rata fashion, and without
interest.

Payments and distributions under the Plan will be funded primarily
by the organized liquidation of Debtor's assets, and, to a lesser
extent, by the ongoing operations of the business (i.e., receipt of
rent payments) during Debtor's liquidation of assets.

The Plan Proponent believes that the Debtor will be able to
complete the liquidation based on the proposed sale of its assets
closing on or before January 14, 2022.

A full-text copy of the Disclosure Statement dated Dec. 06, 2021,
is available at https://bit.ly/3y7Ya5Q from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     GOLD, WEEMS, BRUSER, SUES & RUNDELL
     Bradley L. Drell
     Heather M. Mathews
     P. O. Box 6118
     Alexandria, LA 71307-6118
     Tel: (318) 445-6471
     Fax: (318) 445-6476

                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.


KRAFT HEINZ: Fitch Affirms 'BB+' LT IDRs, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed Long-Term Issuer Default Ratings (IDR)
of The Kraft Heinz Company (KHC) and its subsidiary, Kraft Heinz
Foods Company (Kraft Heinz), at 'BB+'. Fitch has also affirmed
Kraft Heinz's Short-Term IDR at 'B'. The Rating Outlook remains
Positive.

The Positive Outlook reflects the significant debt paydown of over
$6 billion in 2021 with proceeds from the sales of its natural
cheese and nuts businesses as well as strong cash flow given the
strong operating performance in 2020 and 2021 that benefited from
increased demand for packaged foods due to the coronavirus
pandemic. Fitch would upgrade KHC to 'BBB-' on increased confidence
in the company's ability to sustain the improved operating
trajectory relative to its pre-pandemic profile, with low single
digit volume growth and EBITDA (proforma for asset sales) at or
above the mid-$5 billion range while sustaining gross debt/EBITDA
around 4.0x.

KEY RATING DRIVERS

Pandemic Causes High Demand: Kraft saw a significant sales lift
from the demand conditions caused by the pandemic in 2020, in line
with other packaged food companies. The company reported an organic
sales increase of 6.5% in 2020, which reflected strong retail
performance across all business segments, offsetting declines in
food service sales. Kraft continued to see elevated demand levels
through 2021 with organic sales declining modestly by -0.3%
(including the McCafe exit) through the first three quarters of
2021 relative to 2020 levels and increasing 5.7% relative to 2019
levels. Fitch estimates volume through the first three quarters of
2021 is up around 2% relative to 2019 levels. The strong top-line
performance has supported EBITDA growth and strong cash
generation.

Prior to the pandemic, Kraft Heinz's organic growth was down by 1%
in 2017, up by 0.8% in 2018 and down by 1.7% in 2019 and EBITDA
declined to around $6 billion in 2019 from $8 billion in 2017. An
unknown variable continues to be post-pandemic volume levels
following significant increases since early 2020, as consumers
rotated into grocery consumption and out of spending at
restaurants. In the near term, profitability is also dependent on
the duration of the current inflationary environment and ability to
pass on inflation through pricing actions. Increased confidence in
KHC's ability to sustain low-single-digit positive volume growth
and EBITDA in the mid $5 billion post divestitures would be a
ratings positive.

Recent Divestitures: KHC closed the sale of its natural cheese
business on Nov. 29, 2021 to Groupe Lactalis for $3.2 billion on a
gross basis, or a 12x EBITDA multiple. The business generated
approximately $1.8 billion in annual sales and $270 million in
EBITDA (15% EBITDA margin) on a standalone basis (or $325 million
on a stranded cost basis) as of LTM June 2021. KHC closed its sale
of its nuts business on June 6, 2021, to Hormel Foods Corporation
for $3.4 billion on a gross basis, or a 17x EBITDA multiple. The
business generated about $1.1 billion in annual sales and $200
million in EBITDA (18% EBITDA margin) on a standalone basis (or
$240 million on a stranded cost basis) as of LTM May 2021. Kraft
expects organic growth to be stronger after these sales with lower
direct commodity exposure and private label competition.

Kraft Targets Modest Growth: At its September 2020 analyst meeting,
KHC announced a realignment of its overall strategy by brand and a
simplification of its consumer focus. KHC has divided its brand
portfolio into three groups with the objective of driving organic
sales growth of 1% to 2% and EBITDA growth of 2% to 3% annually.
KHC also announced a $2 billion cost reduction target, to be
achieved by 2024, representing around 10% of KHC's cost structure;
annual run rate savings through 2021 are expected to be $800
million. Approximately 60% of savings are expected to come from
procurement initiatives like optimized sourcing and external
manufacturer partnership structures. The remaining savings are
targeted from manufacturing/logistics opportunities including
supply chain optimization and better planning processes.

These savings, in addition to cash inflows targeted from working
capital initiatives, are intended to fund growth investments in
addition to mitigating general cost inflation. For example, KHC
plans to expand marketing spending toward $1.4 billion in 2024 from
the current $1.1 billion level. Capex could grow to over $900
million annually over the next three years from $768 million in
2019, with spending on expanded capacity, manufacturing flexibility
and product innovation tools. Fitch has assumed Kraft Heinz's
EBITDA margin post divestitures is around 22% beginning 2022, below
2019's reported 24.1%, assuming that inflation and required
investments along with flattish organic growth offset the savings
benefit.

Leverage Targets: KHC has a stated target of sustaining leverage
under 4.0x on a net debt/EBITDA basis. Kraft ended 2020 with net
leverage of 3.7x, given EBITDA of $6.6 billion, total debt of $28
billion and cash balances of $3.4 billion. Fitch expects net
leverage to decline to 3.0x in 2021 given the $6.2 billion in debt
paydown from excess cash and asset sale proceeds. On a gross basis,
Fitch projects leverage to decline to 3.5x in 2021 from 4.3x in
2020. Proforma for divestitures, net leverage is expected to be
3.4x with gross leverage at 3.9x in 2021. Fitch expects gross
leverage of 4x in 2022 post asset sales and the paydown of 2022
debt maturities.

DERIVATION SUMMARY

KHC's ratings reflect the company's significant scale, with $23
billion in pro forma 2021 sales (post the asset sales), strong
EBITDA margins and good cash flow generation. The Positive Outlook
reflects the significant debt paydown of over $6 billion in 2021
with proceeds from the sales of its natural cheese and nuts
businesses as well as strong cash flow given the strong operating
performance in 2020 and 2021 that benefited from increased demand
for packaged foods due to the coronavirus pandemic.

Fitch would upgrade KHC to 'BBB-' on increased confidence in the
company's ability to sustain the improved operating trajectory
relative to its pre-pandemic profile, with low single digit volume
growth and EBITDA at or above the mid-$5 billion range post asset
sales and sustain gross debt/EBITDA around 4.0x, versus a projected
3.5x in 2021 and 4.3x in 2020.

Campbell Soup Company's (BBB/Stable) ratings reflect the company's
strong brands, significant market share in several product
categories led by soup, solid profit margins and consistent FCF
generation. Leverage (total gross debt/EBITDA) declined to 2.9x in
fiscal 2021 (ending July) versus 3.5x in fiscal 2020, given the
paydown of debt maturities. Fitch expects Campbell to generate
annual FCF of $400 million beginning fiscal 2022 and deploy excess
cash toward shareholder returns and/or tuck in acquisitions, within
the context of maintaining gross debt/EBITDA under 3.5x.

Conagra's (BBB-/Stable) ratings recognize its leading position in
the U.S. packaged food space and well diversified brand portfolio.
Conagra is the fifth largest U.S. packaged foods company with
projected fiscal 2022 revenue close to $11 billion and the
portfolio benefits from its concentration in the frozen domain (46%
of total retail sales) and snacking (20%). EBITDA was $2.4 billion
in fiscal 2021 (ending May 2021) and gross debt/EBITDA came in at
3.7x. Fitch expects leverage could spike up temporarily above 4x in
fiscal 2022 given near-term inflationary pressures but expects
leverage to return to 4x or under beginning fiscal 2023 on low
single digit organic growth and improved margins.

KEY ASSUMPTIONS

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

-- 2021 revenue is expected to be essentially flat to $26.0
    billion reported in 2020. Proforma for the sale of the natural
    cheese and nuts businesses and the exit of the McCafe
    business, Fitch estimates 2021 revenue and EBITDA would be
    approximately $23 billion and $5.7 billion respectively, about
    5% higher than comparable 2019 results. Fitch expects 2022
    revenue of about $24 billion, reflecting low single digit
    organic growth with higher pricing offsetting modest volume
    declines;

-- EBITDA is expected to decrease slightly to $6.3 billion in
    2021 from $6.6 billion in 2020, with EBITDA margin declining
    to 24.2% versus 25.3% in 2020 due to increased inflationary
    pressures. With the sale of natural cheese business, which
    generated approximately $325 million in EBITDA, and the nuts
    business which generated approximately $240 million in EBITDA,
    Fitch forecasts 2022 EBITDA to be around $5.4 billion, in line
    with proforma 2019 results, with higher topline being offset
    by increased inflation;

-- FCF (after dividends) is expected to be approximately $1.3
    billion in 2021 versus a strong $2.4 billion in 2020, given
    the slight decline in EBITDA relative to 2020 levels, higher
    capex and working capital swings. FCF is expected to be around
    $300 million-$500 million thereafter;

-- Gross debt/EBITDA was 4.2x in 2020 and Fitch projects leverage
    to be 3.5x in 2021, given over $6 billion in debt paydown year
    to date. Leverage could be around 4x in 2022 given Fitch's
    EBITDA expectations.

RATING SENSITIVITIES

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

-- Fitch would upgrade KHC to 'BBB-' on increased confidence in
    the company's ability to sustain the improved operating
    trajectory relative to its pre-pandemic profile, with low
    single digit volume growth while meeting Fitch's other base
    case projections, including EBITDA at or above the mid-$5
    billion range and gross debt/EBITDA around 4.0x;

-- Fitch could stabilize Kraft's Outlook if low single digit
    volume growth and mid-$5 billon EBITDA appeared unsustainable
    or if KHC undertook capital structure actions such that gross
    debt/EBITDA is sustained in the low-4x.

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

-- A downgrade would result from the company's inability to
    stabilize revenue and EBITDA, or the company undertakes any
    debt financed transactions such that gross debt/EBITDA is
    sustained above 4.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The company had cash and cash equivalents of
$2.3 billion and full availability under its $4.1 billion senior
unsecured revolving credit facility maturing July 2025 ($4.1
billion through July 2023 and $4 billion thereafter) as of Sept.
25, 2021. Kraft Heinz has paid down $6.2 billion of debt year to
date and proforma for the recent debt tender, total debt
outstanding stood at just over $22 billion. The company has
approximately $700 million in debt maturities in 2022, which Fitch
expects KHC to pay down with cash on hand. Fitch expects FCF after
dividends of over $1 billion in 2021 and $300 million to $500
million thereafter.

RECOVERY CONSIDERATIONS

Fitch does not employ a waterfall recovery analysis for issuers
with ratings in the 'BB' category. The further up the
speculative-grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. Fitch
rates Kraft Heinz's unsecured revolver and unsecured notes at 'BB+'
with a Recovery Rating of 'RR4', indicating average (31%-50%)
recovery prospects.

ISSUER PROFILE

Kraft Heinz (KHC) is one of the largest packaged food and beverage
companies in the world; proforma for the sale of the natural cheese
and nuts business and the exit of the McCafe business, Fitch
estimates 2021 revenue and EBITDA would be approximately $23
billion and $5.7 billion. The company manufactures and markets food
and beverage products, including condiments and sauces, cheese and
dairy, meals, meats and refreshment beverages.

SUMMARY OF FINANCIAL ADJUSTMENTS

Adjusted historical EBITDA for stock-based compensation,
integration & restructuring expense, unrealized gains/losses on
commodity hedges, deal costs, and non-ordinary legal and regulatory
matters.

ESG Considerations

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


LOMA LINDA UNIVERSITY: S&P Affirms 'BB-' Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB-' rating on the California Statewide Communities
Development Authority's series 2018, 2016A, 2014A, and 2014B
fixed-rate revenue bonds issued for the Loma Linda University
Medical Center (LLUMC) obligated group. While LLUMC includes
several entities, a subset of these organizations comprises the
LLUMC obligated group (outlined in the credit snapshot). References
to LLUMC throughout the report include both the obligated and
nonobligated group entities unless specified.

"The outlook revision reflects our view of LLUMC's successful
completion of the campus transformation project, improved financial
performance in fiscal 2021 despite COVID-19 related pressure, and
expectations for stable liquidity and no new debt," said S&P Global
Ratings credit analyst Aamna Shah. "The stable outlook is further
supported by LLUMC's ongoing realization of various growth and
expense management initiatives that should result in positive,
albeit softer, operations in fiscal 2022," Ms. Shah added.

S&P said, "We consider LLUMC's environmental, social, and
governance (ESG) risks as follows: environmental risks are elevated
relative to those of other systems but comparable to those in
California due to its facilities being located in a region exposed
to earthquakes and wildfires. We view LLUMC's social risk as in
line with our view of sector peers, although, we view its
challenging payor mix and subsequent reliance on supplemental
funding as an ongoing risk. Lastly, we consider LLUMC's governance
risks to be in line with our view of the sector standard."

LLUMC is approximately 60 miles east of Los Angeles and is the
region's tertiary and quaternary referral academic medical center
with broad service offerings. The organization has six hospitals in
total, but revenue diversity is limited, because the main campus
comprises two of the hospitals and accounts for the majority of
revenue (greater than 65% of total operating revenue).


LTL MANAGEMENT: Johnson & Johnson Abuses CH.11 With Trust Motion
----------------------------------------------------------------
Rick Archer of Law360 reports that the  official committee of talc
claimants in the Chapter 11 case of a Johnson & Johnson subsidiary
asked a New Jersey bankruptcy judge on Wednesday, December 8, 2021,
to reject a request to set up a talc claims trust fund, saying the
company is abusing the bankruptcy process to set plan terms.

In its motion, the committee claimed LTL Management's request for
an order allowing it to set up a $2 billion "qualified settlement
fund" to pay talc claims is an attempt to bypass normal bankruptcy
procedures and get court approval for settlement and Chapter 11
plan terms "unilaterally" dictated by Johnson & Johnson.

                       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 MANAGMENT: Names Grier for Future Chapter 11 Claims Rep.
------------------------------------------------------------
Vince Sullivan of Law360 reports that the bankrupt subsidiary of
Johnson & Johnson unit, LTL Management, dealing with the company's
legacy talc liability has submitted Joseph W. Grier III -- known
for his work in previous bankruptcy cases -- as its selection to
the New Jersey bankruptcy court to serve the interests of talc
claimants whose injuries have not yet emerged.

LTL Management LLC said in a motion filed late Monday, December
that Grier should serve as the future claims representative in the
case, pointing to his professional experience in similar roles in
the mass tort bankruptcies of Garlock Sealing Tech and Aldrich
Pump/Murray Boiler as evidence of his suitability for the job.

                     About LTL Management LLC

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.


LW RETAIL: Wins Cash Collateral Access Thru Jan 2022
----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York has
authorized LW Retail Associates LLC to use cash collateral on an
interim basis in accordance with the budget, in the ordinary course
of business through and including January 28, 2022.

National Bank of New York City and Loft Space Condominium assert
perfected security interests in the cash collateral.

On October 2, 2015, the Debtor entered into an Amended and Restated
Mortgage Note with NBNYC pursuant to which NBNYC extended credit to
the Debtor in the amount of $6,250,000 at a variable interest rate
of 3.5%.  The loan required monthly payments of $28,247, with the
payments having been established using a 30-year amortization
schedule, with a maturity date of November 1, 2020. The current
unpaid balance is $5,687,500.

To secure the Debtor's obligations under the Note, on October 2,
2015, the Debtor and NBNYC entered into an Agreement of Assumption
of Note and Mortgage Consolidation of Notes and Mortgages and
Modification of the Consolidated Mortgage, which grants NBNYC a
mortgage and security interest in the Debtor's assets.

The Debtor states the grant of security to NBNYC pursuant to the
Note was perfected by virtue of the filing of a UCC-1 financing
statement, which was filed on October 5, 2015.

Also to secure the Debtor's obligations under the Note, on October
2, 2015, the Debtor and NBNYC entered into an Assignment of Leases
and Rents pursuant to which the Debtor assigned to NBNYC its rights
in all existing and future leases, rents, claims arising from any
rejection of any lease in bankruptcy, lease guaranties, proceeds
from the sale of the foregoing.

As of the Petition Date, the Board of Managers of Loft Space
Condominium filed certain Assessment Liens on the Debtor's four
commercial condominium units, pursuant to which the Board has
asserted additional disputed assessments against the Debtor.

The Debtor acknowledges that NBNYC has a lien and security interest
in the Collateral by virtue of the filing of its UCC-1 financing
statement.  The Debtor, however, disputes the Board's lien in all
regards and disputes that the Board has any interest in the cash
collateral.

As adequate protection for the Debtor's use of cash collateral,
NBNYC and the Board are granted replacement liens in all of the
Debtor's assets and proceeds -- to the extent it is later
determined that the Board has an interest in the Cash Collateral --
in the amount of Collateral Diminution, in the continuing order of
priority of its pre-petition lien, to the extent that such prior
liens were valid, perfected and enforceable as of the Petition
Date.  

The replacement liens are subject to (i) the claims of Chapter 11
professionals duly retained in the Chapter 11 case to the extent
awarded; (ii) United States Trustee fees and any clerk's filing
fees; and (iii) the fees and commissions of a hypothetical Chapter
7 trustee for up to $10,000.

As further adequate protection, the Debtor will make monthly
adequate protection payments to NBNYC in the amount provided for in
the underlying loan documents, at the non-default contract rate of
interest, plus such additional amounts authorized for the payment
of post-petition real estate taxes, which payments shall be applied
to NBNYC's allowed secured claim, and to the Debtor's postpetition
real estate tax obligations, as applicable.

The Debtor will make monthly adequate protection payments to the
New York City Department of Tax and Finance's (NYCDTF) for $1,285
per month and such payment in satisfaction of Section 362(d)(3)(B)
of the Bankruptcy Code.

A copy of the order is available for free at https://bit.ly/31Hovfh
from PacerMonitor.com.

A further interim hearing on the matter is scheduled for January 28
at 12 p.m.

                    About LW Retail Associates

Brooklyn, N.Y.-based LW Retail Associates, LLC owns a fee-simple
interest in four condominium units in New York, valued by the
company at $12.20 million in the aggregate.

LW Retail Associates filed a Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 17-45189) on Oct. 5, 2017. In the petition signed by Louis
Greco, manager, the Debtor disclosed $12.64 million in assets and
$6.25 million in liabilities.  Judge Elizabeth S. Stong oversees
the case.

The Debtor tapped DelBello Donnellan Weingarten Wise & Wiederkehr,
LLP as bankruptcy counsel, and Goldberg Weprin Finkel Goldstein LLP
and Sills Cummis & Gross P.C. as special counsel.



MATER ACADEMY OF NEVADA: S&P Affirms 'BB' Rating on Rev. Bonds
--------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB' rating on the Arizona Industrial Development
Authority's series 2020A (tax-exempt), 2020B (taxable), 2018A
(tax-exempt), and 2018B (taxable) charter school revenue bonds
issued for Mater Academy of Nevada.

"The positive outlook reflects our view that the school's track
record of enrollment growth, improving financial performance, and
growing liquidity could support a higher rating if these trends are
sustained," said S&P Global Ratings credit analyst Alexander
Enriquez. S&P said, "While the schools are still relatively young,
the network has grown to a healthy enrollment base with steady
demand, and we believe continued stability across the schools,
coupled with academic performance at least on parity with peers
once state testing resumes, could support a higher rating. Mater
does have plans for a debt-financed purchase of its currently
leased facility, Mater East campus. Given its improved finances, we
believe the organization could support moderate debt at the higher
rating level, but we expect to evaluate this assessment once
details are finalized."

S&P said, "We view the risks posed by COVID-19 and its potential
variants to public health and safety as an elevated social risk for
all charter schools under our environmental, social, and governance
(ESG) factors. The risk is primarily attributed to the uncertainty
surrounding the duration of the COVID-19 pandemic and its potential
effects on modes of instruction and enrollment. Despite the
elevated social risk, we believe the school's environmental risk
and governance risk are in line with our view of the sector as a
whole.

"We could consider raising the rating if Mater maintains its
healthy enrollment and demand profile, while demonstrating
sufficient academic outcomes across its campuses and a sustained
track record of improved financial results, even when incorporating
any potential debt plans associated with the acquisition of the
Mater East facility.

"We could revise the outlook back to stable or consider a negative
rating action if the school's unrestricted reserves decline from
historical levels or if weakened operations begin to notably
pressure lease-adjusted maximum annual debt service coverage.
Material additional debt plans, enrollment declines, or heightened
academic concerns would also be viewed negatively."



MEDLEY:Bankruptcy Court Denied Lowenstein Sandler $685,000 Fee Deal
-------------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the bankruptcy court denied
Lowenstein Sandler $685,000 fee deal in bankruptcy.

Lowenstein Sandler LLP lost its bid for $685,000 in priority fees
in Medley LLC's Chapter 11 proceedings after a bankruptcy judge
rejected a deal to guarantee the firm a portion of its legal
expenses in the case.

Lowenstein's fees can't be elevated over those of other creditors,
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware ruled Tuesday. Dece,ner 7, 2021.

                          About Medley LLC

Medley LLC, through its direct and indirect subsidiaries, including
Medley Capital LLC, is an alternative asset management firm
offering yield solutions to retail and institutional investors. It
provides investment management services to a permanent capital
vehicle, long-dated private funds, and separately managed accounts,
and serves as the general partner to the private funds. Medley is
headquartered in New York City and incorporated in Delaware.

As of Sept. 30, 2020, Medley had $3.4 billion of assets under
management in two business development companies, Medley Capital
Corporation (NYSE: MCC) and Sierra Income Corporation, and several
private investment vehicles. Over the past 18 years, Medley has
provided capital to over 400 companies across 35 industries in
North America.

Medley filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case
No. 21-10526) on March 7, 2021.  The Debtor disclosed $5,422,369 in
assets and $140,752,116 in liabilities as of March 2, 2021.

The Debtor tapped Lowenstein Sandler LLP and Morris James LLP as
bankruptcy counsel, Eversheds Sutherland (US) LLP as special
counsel, B. Riley Securities Inc. as investment banker, and
Andersen Tax LLC as tax accountant. Corporation Service Company
serves as the Debtor's independent manager. Kurtzman Carson
Consultants, LLC is the claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
unsecured creditors on April 22, 2021.  The committee is
represented by Potter Anderson & Corroon, LLP and Kelley Drye &
Warren, LLP.


MICHAEL ZOLLICOFFER: Unsecureds to Recover 65% in Subchapter V Plan
-------------------------------------------------------------------
Michael L. Zollicoffer MD, P.A., filed with the U.S. Bankruptcy
Court for the District of Maryland an Amended Chapter 11 under
Subchapter V Plan dated Dec. 6, 2021.

Michael L. Zollicoffer MD, P.A. is a Maryland company which
operates a professional Pediatrics office in Baltimore, Maryland.
Michael Zollicoffer MD is the owner of the practice and is the
single member and authorized person.

Dr Z. admits that he struggled prior to the COVID-19 Pandemic due
to his very kind nature and willingness to protect his community.
This community purpose may have led him into these financial
problems but his community purpose must be supported more now than
ever before. He will be fundraising, writing grant proposals, and
applying for state aid for his practice to ensure the practice is
never in this position again.

The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtor's projected
disposable income for that same period. Unsecured creditors holding
allowed claims will receive distributions, which the Debtor has
valued at approximately $0.65 cents on the dollar. The Plan also
provides for the payment of secured, administrative, and priority
claims in accordance with the Bankruptcy Code.

Class 5 consists of Unsecured Creditors with $54,537.64 total
amount of claims. This Class will receive a distribution of 65% of
their allowed claims.

During the term of this Plan, the Debtor shall submit the
disposable income (or value of such disposable income) necessary to
the creditors and shall pay the creditors.

The Debtor proposes to pay WH-NSMOB LLC (the "Landlord") by the
following disposable income and monthly payments to the Landlord.
The Debtor will be making its monthly rent payment of $15,107.64 to
the Landlord, which includes $2,750.00 to the arrears, beginning on
January 1, 2022 and continuing through the 48th month of the Plan.
The Landlord will receive the disposable income plan payments of
$20,000 for the first 7 payments of disposable income and a final
payment of $1,226.07 on October 15, 2025.

The remaining payments under the plan include 1 payment of
$18,773.93 and 2 payments of $20,000.00 for a total amount to
unsecured creditors of $58,773.93.

The funds for distribution will be the disposable income available
every six months. Plus, the Debtor will be paying the Landlord
$2,750 per month with its monthly rent.

A full-text copy of the Amended Subchapter V Plan dated Dec. 6,
2021, is available at https://bit.ly/3pJBswX from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Daniel Alan Staeven, Esq,
     Frost & Associates, LLC
     839 Bestgate Road, Suite 400
     Annapolis, Maryland 21401
     Tel: (410) 497-5947
     E-mail: daniel.staeven@frosttaxlaw.com

                 About Michael Zollicoffer, MD PA

Michael L. Zollicoffer MD, P.A. is a Maryland company which
operates a professional Pediatrics office in Baltimore, Maryland.
The Debtor filed Chapter 11 Petition (Bankr. D. Md. Case No. 21
15494) on August 27, 2021.


MUSTANG MINING: Rental Income to Fund Plan
------------------------------------------
Mustang Mining Company, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Plan of Reorganization for
Small Business dated Dec. 6, 2021.

The Debtor is a Texas limited liability company. Since 2014, the
Debtor has been in the business of owning and managing real
property and providing office equipment rental and supplies.

Debtor's primary means of generating revenue is through rental
income for its condominium property in Miami Beach. Over the course
of this reorganization (January through October) the Debtor's
average monthly income has been $4,100.13. Debtor's highest
grossing and most profitable months are the summer and winter
months. Income rises significantly during these months, as
October's income shows. Summer 2021 also saw an income increase,
albeit much less than during pre-COVID years as these months were
still the early stages of the vaccination process.

While the projected $4,593.78 monthly average through October is
approximately $1,000 per month below the Debtor's pre-COVID monthly
average income, anticipates rental income will begin to slowly
increase over the course of the Plan as vaccination/immunization
rates continue to build and the tourism sector recovers.

Debtor has projected a 2.5% increase in average monthly revenue for
each year of the Plan, but given the Debtor's current balances and
the wider inflation trends, expects its margins to remain very
tight. As such, the Debtor has estimated a 1% decrease in expenses
for years 2024 and 2026. Debtor does not anticipate having
sufficient net profits to begin distributing funds to unsecured
creditors until 2024.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable of $11,029.00 The final Plan payment
is expected to be paid on December 31, 2026.

The Plan will treat claims as follows:

     * Class 1 consists of the Secured claim of Dallas County.
Class 1 is unimpaired. Dallas County's claim will be paid in full
by completion of the Plan. Debtor will pay Dallas County via
monthly installment payments of $31.79, with the first payment
being due on the effective date of the plan and each subsequent
payment shall be due on the 1st day of the month each month
following the effective date of the Plan.

     * Class 2 consists of the Secured claim of Bluewater
Investment Trust. Class 2 is unimpaired. Bluewater Investment
Trust's claim of $180,106.91 is for a mortgage on the Debtor's
condominium at 1052 Ocean Dr., #504, Miami Beach, FL 33139. Prior
to the petition date, the Debtor was making contractual monthly
payments on the mortgage to Bluewater. Debtor proposes to continue
making the $1,133.95 monthly payment through the Plan. Bluewater
will retain its lien on the property and all contract, legal, and
equitable rights pursuant to its claim.

     * Class 3 consists of Non-priority unsecured creditors. The
unsecured creditors in this case are: (1) Travelers Insurance
Company, with an allowed unsecured claim of $1,860.00; and (2) J.
Edwin Martin, an insider/equity security holder of the Debtor, with
an allowed unsecured claim of $77,908.00. This claim will be
equitably subordinated to the Travelers claim. Once all
Administrative Claims are paid in full, but no later than the 3rd
year after the effective date, the Debtor will begin making
pro-rata payments to unsecured creditors.

     * Class 4 includes equity security holders J. Edwin Martin
(90%) and Charanay Suos (10%). The equity security holders shall
retain their respective equity security interests following the
effective date of the Plan.

The Debtor's prepetition officers/managers will continue serving as
the officers/managers of the reorganized Debtor. The Debtor will
make all plan payments to creditors directly from its operating
funds.

A full-text copy of the Plan of Reorganization dated Dec. 06, 2021,
is available at https://bit.ly/332Hrp1 from PacerMonitor.com at no
charge.

                 About Mustang Mining Company

Mustang Mining Company, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 21-30257) on
February 9, 2021, listing under $1 million in both assets and
liabilities.

Judge Harlin Dewayne Hale oversees the case. Stephanie D. Curtis,
Esq., at Curtis Castillo PC, is the Debtor's legal counsel.

No trustee, examiner, or official committee has been appointed in
the Reorganization Case.


NATIONAL MEDICAL: Unsec. Creditors to Get Proceeds from Carveout
----------------------------------------------------------------
National Medical Imaging, LLC and National Medical Imaging Holding
Company, LLC (collectively, the "Debtors" or "NMI"), filed with the
U.S. Bankruptcy Court for the Eastern District of Pennsylvania a
Disclosure Statement describing Joint Plan of Liquidation dated
Dec. 6, 2021.

The Debtors are affiliated Pennsylvania limited liability
companies. Debtor National Medical Imaging Holdings, LLC is the
parent company of Debtor National Medical Imaging, LLC. The
operating company, National Medical Imaging, provided outpatient
medical services until the business was wound down in 2009.

The Debtors' believe that their damages for the surviving Section
303(i)(1) claims are in excess of $3.4 million. The Debtors also
believe that the Section 303(i) Claims are encumbered by a
voluntary security interest given by Debtor National Medical
Imaging to the Rosenberg Trust as consideration for certain loans
extended to the Debtors to fund operations, their legal expenses to
address the failed involuntary petitions, as well as certain legal
expenses for the Section 303(i) Claims. The amount owed by the
Debtors to the Rosenberg Trust exceeds $16 million. The Debtors
also believe that the Section 303(i) Claims are encumbered by
attorney's fee liens held by the law firms of KCR, KPC and KPC, as
assignee of Maschmeyer Karalis PC's claims against the Debtors.

The Plan contemplates that the Section 303(i) Claims will be
adjudicated to judgment and any judgment collected prior to the
Effective Date (with such steps being conditions precedent to the
occurrence of the Effective Date). With respect to the distribution
of the proceeds of the Section 303(i) Claims, the Plan incorporates
the Carve Out Agreement between the Debtors and the Rosenberg
Trust.

Pursuant to the Carve Out Agreement, the Rosenberg Trust agreed to
partially subordinate its liens and provide the Carveout, which is
expected to generate sufficient proceeds for the payment of certain
Claims through the Plan (including Allowed Administrative Claims
and the Allowed Secured Claims of KC&R and KPC) as well as an
amount equal to the lesser of: 50% of the net proceeds of the
Debtors' Section 303(i) Claims remaining after payment in full of
the Allowed Administrative Claims (including Allowed Professional
Fee Claims and any appropriate reserves to be sure there are
sufficient funds in the estate to pay such Allowed Administrative
Claims), and the Allowed Class 2 Claims, or $500,000, which amount
shall be distributable pro rata to holders of Allowed Unsecured
Claims.

The Plan will treat claims as follows:

     * Class 2 Claims consist of the Allowed Secured Claims of KC&R
and KPC for legal services rendered to the Debtors prior to the
Petition Date (which are secured by state law attorney's liens on
the Section 303(i) Claims). As of October 31, 2021, the total of
the Class 2 Secured Claims was approximately $3,358,000 (including
amounts incurred since the Petition Date), plus accrued interest.
Unless otherwise agreed to by the respective Claimant, Allowed
Class 2 Claims, shall be paid in full in cash from the proceeds of
the Carveout as soon as practicable after the Effective Date.

     * Class 3 consists of the Allowed Secured Claim of the
Rosenberg Trust, which is secured by a voluntary lien against the
Section 303(i) Claims. The Debtors currently estimate that the
Secured Claim of the Rosenberg Trust is in excess of
$16,000,000.00. Unless otherwise agreed to by the Rosenberg Trust,
the Allowed Secured Claim of the Rosenberg Trust shall be paid the
net proceeds of the Section 303(i) Claims remaining after payment
in full of the Carveout (in accordance with the Carveout
Priorities) and any Allowed Secured Claims that have senior
priority over the Allowed Secured Claim of the Rosenberg Trust
under applicable law.

     * Class 4 consists of the Allowed Secured Claim of PaDOR,
which filed a proof of claim in this case for $2,232,434.33. Unless
otherwise agreed to by PaDOR, the Allowed Secured Claim of PaDOR
shall be paid the net proceeds of the Section 303(i) Claims
remaining after payment in full of all Allowed Administrative
Claims (including Allowed Professional Fee Claims and any
appropriate reserves to be sure there are sufficient funds in the
estate to pay such Allowed Administrative Claims), the Allowed
Class 2 Claims, and any other Allowed Secured Claims that have
senior priority over the Allowed Secured Claim of PaDOR under
applicable law.

     * Class 5 consists of the Allowed Claims of those creditors
holding general Unsecured Claims against the Debtors that are not
included in any other class of Claims and shall not include the
Allowed Claims of U.S. Bank or any other Petitioning Creditor. The
only General Unsecured Claim filed as such in the Chapter 11 Case
is the proof of claim filed by the City of Philadelphia for
$182,437.69. Allowed Class 5 Claims (other than any Claim held by
the Rosenberg Trust), shall be paid their pro rata share of the net
proceeds remaining from the Carveout after application of the
Carveout Priorities (not to exceed the total amount of any allowed
general unsecured claim). Class 5 General Unsecured Claims are
Impaired.

     * Class 6 shall consist of the Allowed Claims of U.S. Bank and
any other Petitioning Creditors. The Debtors currently estimate
that the Class 6 Claims total approximately $15,635,506.00. Allowed
Class 6 Claims shall be paid no distribution under the Plan. Class
6 Claimants are prohibited by applicable federal law from receiving
any distribution from the proceeds of the Section 303(i) Claims
(which are the only funds available for distribution under the
Plan).

     * Class 7 consists of the Allowed Interests of the members of
the Debtors. The Interests of the existing members of the Debtors
shall remain equal to the Interests of the members in the Debtors
as of the Petition Date.

The distributions provided for in the Plan shall be funded solely
from the proceeds of the Section 303(i) Claims and in accordance
with the terms of the Carve Out Agreement. Upon occurrence of the
Effective Date, Sara Rosenberg shall be appointed as Plan
Administrator to oversee and effectuate the distribution provided
for in the Plan.

The Plan would only become effective if and when the Section 303(i)
Claims have been adjudicated to judgment and the Debtors have
collected sufficient proceeds from any judgment to make the
Effective Date payments required by the Plan.

A full-text copy of the Disclosure Statement dated Dec. 06, 2021,
is available at https://bit.ly/3lRkax4 from PacerMonitor.com at no
charge.

Counsel to the Debtors:

     Lawrence G. McMichael, Esq.
     Jennifer L. Maleski
     Dilworth Paxson LLP
     1500 Market Street, Suite 3500E
     Philadelphia, PA 19102
     Tel: 215-575-7000
     Email: lmcmichael@dilworthlaw.com

                     About National Medical

National Medical Imaging, LLC, and National Medical Imaging Holding
Company, LLC provide medical and diagnostic laboratory services
with a principal place of business located at 1425 Brickell Ave.,
Apt. 57E, Miami.

U.S. Bank's DVI Receivables Trusts and other alleged creditors
filed involuntary chapter 11 petitions (Bankr. E.D. Pa. Case Nos.
05- 12714 and 05-12719) against Philadelphia, Pa.-based National
Medical Imaging, L.L.C., and National Medical Imaging Holding
Company, L.L.C., on March 3, 2005.  The Creditors amended the
involuntary petitions three times: on Nov. 10, 2008; April 10,
2009; and on Aug. 26, 2009, following a contested hearing.

On June 12, 2020, National Medical Imaging and National Medical
Imaging Holding Company filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Lead Case No.
20-12618). At the time of the filings, each Debtor disclosed assets
of $10 million to $50 million and liabilities of the same range.  

Judge Eric L. Frank oversees the case. The Debtors have tapped
Dilworth Paxson LLP as their bankruptcy counsel and Kaufman, Coren&
Ress, P.C. and Karalis P.C. as their special counsel. On October
23, 2020, the Debtors hired Erwin Chemerinsky, the dean, and Jesse
H. Choper Distinguished Professor of Law of the University of
California, Berkley School of Law, as their special counsel.

Before Debtors' voluntary Chapter 11 filing, DVI Receivables Trusts
and other creditors filed involuntary Chapter 11 petitions (Bankr.
E.D. Pa. Case Nos. 05-12714 and 05-12719) against Debtors on March
3, 2005.

In 2014, National Medical Imaging hit U.S. Bank N.A. and eight
others with a $50 million lawsuit in Pennsylvania federal court
alleging the bank ruined its business by forcing it into
involuntary bankruptcy proceedings just as it was beginning to
implement a turnaround plan. National Medical Imaging claims that
the involuntary bankruptcy petitions ultimately destroyed its
business even though the cases were ultimately tossed.


NAVITAS MIDSTREAM: Moody's Hikes CFR & Sr. Secured Term Loan to B2
------------------------------------------------------------------
Moody's Investors Service upgraded Navitas Midstream Midland Basin,
LLC's Corporate Family Rating to B2 from B3, Probability of Default
Rating to B2-PD from B3-PD, and senior secured term loans to B2
from B3. The rating outlook remains positive.

"The upgrade reflects the company's reduced financial leverage and
enhanced scale and cash flow generation capacity that will help
support future growth and better manage adverse industry shocks and
operational issues," said Sajjad Alam, Moody's Vice President. "The
planned start of the 200 MMcf/d Leiker processing plant in
early-2022 will further boost cash flow and operational diversity
strengthening the company's credit profile."

Issuer: Navitas Midstream Midland Basin, LLC

Ratings Upgraded:

Corporate Family Rating, Upgraded to B2 from B3

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

Senior Secured Term Loan, Upgraded to B2 (LGD4) from B3 (LGD4)

Outlook Action:

Remains Positive

RATINGS RATIONALE

The upgrade of the CFR to B2 is supported by Navitas' increasing
gathering and processing capacity in the prolific Midland Basin,
large acreage dedications from a diversified group of E&P companies
that are boosting production, long term fee-based contracts, a
track record of steady organic growth, improving financial leverage
and cash flow, and strong ongoing support from its private equity
sponsor Warburg Pincus (unrated). The rating also takes into
consideration that Navitas' free cash flow and leverage metrics
will improve materially following the successful completion of the
Leiker Plant in early 2022. Navitas' ratings are restrained by its
relative scale compared to higher rated midstream companies,
concentrated asset footprint, history of significant growth
spending and the associated negative free cash flow, and
significant volumetric exposure with reliance on upstream drilling
and production activity in the Midland Basin. The rating also
reflects Navitas' private ownership, concentrated debt maturities
in 2024, still significant preferred equity in the capital
structure, and potential future cash distributions to its owners.

The positive outlook reflects Moody's view that Navitas will
continue to execute its growth plans in a prudent manner, gain
greater scale and customer diversification and reduce leverage.

Navitas' senior secured term loan is rated at the B2 CFR level
given this debt represents most of the capital structure. Although
the secured revolving credit facility (unrated) has a
super-priority claim over the company's assets, the revolver
commitment amount is not large enough to notch down the term loan
rating below the CFR.

Navitas should have good liquidity through 2022. The company will
be able to cover its planned growth spending using a combination of
cash on hand and operating cash flow. The company had approximately
$221 million of balance sheet cash and an undrawn $61 million
revolving credit facility ($59 million available after $2 million
of LCs) at September 30, 2021. The revolver expires on June 15,
2024. All of Navitas' term loans mature in December 2024. Navitas
also has access to potential liquidity through its ultimate parent,
Navitas Midstream Partners, LLC, which had $90 million in cash and
unfunded equity commitments from Warburg Pincus as of September 30,
2021.

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

An upgrade could be considered if Navitas can further enhance
scale, exhibit consistent operating and financial performance,
continue reducing financial leverage and establish a predictable
distribution policy. The ratings could be upgraded if the company
can sustain debt/EBITDA below 4x on a forward looking basis and
generate free cash flow after covering growth spending and any
potential distributions. The ratings could be downgraded if
leverage rises over 5.5x, throughput volumes decline materially or
the company substantially debt funds growth or equity
distributions.

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

Navitas Midstream Midland Basin, LLC is a Texas incorporated and
privately owned natural gas gathering and processing company with
primary operations in the Midland, Martin, Howard, Glasscock,
Reagan and Upton Counties. The company is wholly owned by Navitas
Midstream Partners, LLC, which is primarily owned by Warburg
Pincus.


NEW YORK CLASSIC: Unsecureds to Get 100% in 20 Quarterly Payments
-----------------------------------------------------------------
New York Classic Motors, LLC, filed with the U.S. Bankruptcy Court
for the Southern District of New York an Amended Plan of
Reorganization under Subchapter V dated Dec. 6, 2021.

Most recently and after many months of diligent efforts by both
counsel and principals, the Debtor has successfully negotiated a
resolution with Debtor's landlord, HRPT, of the various claims and
issues between the parties. The terms of the resolution are set
forth more fully in the Stipulation and Order for which the
Debtor's seeks approval in connection with the confirmation of this
Plan. The settlement with HRPT ensures that the Debtor will be able
to remain at its business premises until July of 2023. This will
give the Debtor the time it needs to find a new location, raise the
funds needed for the move, complete a build out of new space and
relocate its operations.

The settlement also provides for the continuation of rent payments
at 50% of the original rate and the waiver of HRPT's claim against
the estate which is in excess of $800,000. The settlement enables
the Debtor to avoid expensive and risky litigation and to focus its
precious resources on its emergence from Chapter 11, and the
growing of the Debtor's existing business and membership. In doing
so the Debtor will increase revenues and strengthen cash flow and
capital reserves and enabling it to be best positioned to relocate
operations in 2023.

The Plan will treat claims as follows:

     * Class 1 shall consist of the Allowed Secured Claim of HIL.
The holder of the Allowed Class 1 Secured Claim shall receive
payment in full on its Allowed Class 1 Claim. Payment shall be
remitted as follows; $100,000 on the Effective Date and 72 fully
amortized equal monthly installments of principal and interested at
10% per annum, commencing 30 days after the Effective Date and
continuing for 71 months thereafter. On the Effective Date, the
Debtor shall execute a modified promissory note in favor of HIL
memorializing the new terms set forth herein. Class 1 is impaired.

     * Class 2 shall consist of the Allowed Secured Claim of the
SBA. The SBA shall receive payment in full of its Allowed Class 2
Secured Claim in accordance with the terms of the underlying loan
documents. Class 2 is unimpaired pursuant to Section 1124 of the
Bankruptcy Code and is not entitled to vote to accept or reject the
Plan.

     * Class 3 shall consist of the Allowed Secured Claims of
Equipment and Vehicle Lenders. Holders of the Allowed Secured
Claims of Vehicle and Equipment Lenders shall receive payment in
full of their Allowed Class 3 Secured Claims in accordance with the
terms of the underlying loan documents. Class 3 is unimpaired.

     * Class 4 shall consist of all Allowed Claims of Member
Convertible Promissory Note Holders. Holders of Allowed Class 4
Unsecured Member Convertible Note Holder Claims may elect from the
following: a. receive equity in the Debtor as contemplated and
provided for in the underlying loan documents; or b. receive equity
in CCCI equal to their Allowed Class 4 Unsecured Claim.

     * Class 5 shall consist of all Allowed Convenience Claims.
Holders of all other Allowed Convenience Class 5 Claims shall
receive 100% of their Allowed Class 5 Claims, without interest,
from the Plan Distribution Fund, after the payment in full of all
Allowed Professional Fee Claims. The distribution to holders of
Allowed Class 5 Claims shall commence upon payment in full of all
Allowed Professional Fee Claims and shall be paid within 1 year of
the Effective Date. The holders of the Allowed Class 5 Claims are
impaired.

     * Class 6 shall consist of Allowed General Unsecured Claims.
Holders of all other Allowed Class 6 General Unsecured Claims shall
receive up to 100% of their Allowed Class 6 Claims, without
interest, from the remaining balance of the Plan Distribution Fund,
after payment in full of all Allowed Professional Fee Claims and
Class 5 Convenience Claims. The distribution to holders of Allowed
Class 6 Claims shall be paid in consecutive quarterly installments
commencing after the payment in full of all Allowed Professional
Fee Claims and Convenience Claims continuing quarterly thereafter
for a total of 20 quarterly payments. The ultimate recovery by
holders of Allowed Class 5 Claims is dependent on the total Allowed
Professional Fees and final resolution of Disputed Claims. The
holders of Allowed Class 6 General Unsecured Claims are impaired.

     * Class 7 shall consist of the Allowed equity interests in the
Debtor. The Holders of the Allowed Class 7 equity interests shall
receive no distribution under the Plan and the Debtor's equity
interests shall be extinguished. Class 7 interest holders are
impaired pursuant to Section 1124 of the Bankruptcy Code and shall
be entitled to vote to accept or reject the Plan.

The Plan shall be funded from the following sources: (a) $665,141
on the Effective Date and an additional $750,000 during the first
two years following the Effective Date, by the Debtor's Affiliates,
which shall be used in part to fund the Plan Distribution Fund, and
(b) the Debtor's Cash on hand and operating revenues going
forward.

The Plan Distribution Fund, in the total amount of $1,825,000,
shall be funded by the Debtor and certain of the Debtor's
Affiliates by and through CCCI.

The Debtor's Affiliates shall fund a total of $1,415,141 ($350,000
to Allowed Professional Fees, $100,000 to HIL and $215,141 of Lease
Cure) on the Effective Date and $750,000 in the first 2 years
following the Effective Date. These payments shall be in full
satisfaction of all outstanding intercompany receivables due to the
Debtor. The payment and performance of the obligations of Debtor's
Affiliates set forth in this section with respect to the Plan
Distribution Fund shall be guaranteed by CCCI and NFP. In
consideration for the foregoing guaranty, the equity in the
reorganized Debtor will be issued in its entirety to CCCI on the
Effective Date.

A full-text copy of the Amended Plan of Reorganization dated Dec.
06, 2021, is available at https://bit.ly/3IzZ67L from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     KIRBY AISNER & CURLEY LLP
     Erica R. Aisner
     700 Post Road, Suite 237
     Scarsdale, New York 10583
     Tel: (914) 401-9500

                 About New York Classic Motors

New York Classic Motors LLC, a classic car dealer in New York,
filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 21-10670) on April 9, 2021.  At the time of the filing, the
Debtor had between $10 million and $50 million in both assets and
liabilities.  The Debtor is represented by Kirby Aisner & Curley,
LLP.

Judge Martin Glenn oversees the case.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 29, 2021.  Arent Fox, LLP and CBIZ
Accounting, Tax and Advisory of New York, LLC serve as the
committee's legal counsel and financial advisor, respectively.


NORDIC AVIATION: Plans to File Chapter 11 to Cede to Creditors
--------------------------------------------------------------
Rachel Butt of Bloomberg Law reports that Nordic Aviation Capital
AS is planning to file for Chapter 11 bankruptcy this December 2021
to carry out its restructuring plan, according to people with
knowledge of the matter.

The aircraft lessor has shored up support from its largest
creditors to implement the plan, said one of the people, who asked
not to be identified because the discussions are private. Major
creditors have also agreed to provide financing to help fund Nordic
Aviation’s operations through bankruptcy, the people said.

Nordic Aviation Capital is an aircraft leasing company based in
Billund, Denmark. NAC owns the world's largest fleet of smaller
regional aircraft.





NORTHEASTERN ILLINOIS UNIV: Moody's Upgrades Issuer Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded Northeastern Illinois
University's issuer rating to Ba2 from B2 and its Certificates of
Participation rating to Ba3 from B3. Total outstanding direct debt
at the university in fiscal 2020 was approximately $49 million. The
outlook is stable.

RATINGS RATIONALE

The upgrade of Northeastern Illinois University's (NEIU) issuer
rating to Ba2 and certificates of participation rating to Ba3
reflects notable strengthening of its balance sheet, in part driven
by significant federal pandemic relief combined with ongoing good
expense management. Total cash and investments rose nearly 30% in
fiscal 2021, on a preliminary basis, with monthly liquidity also
improving materially. Both have improved significantly from the
lows hit at the end of fiscal 2017 because of the state's budget
impasse, when liquidity dipped to under $15 million and provided
under 30 days cash on hand. In addition, improved prospects for
steady and on-time operating support from the State of Illinois
(Baa2 stable) over the next several years are credit positive.

Nonetheless, NEIU's rating remains constrained by its heavy
reliance on the State of Illinois for operating support and a
highly challenged brand and strategic positioning. The university
receives over 50% of its overall operating revenue from the state,
which faces significant long-term fiscal challenges, making NEIU
vulnerable to future funding volatility or reduced appropriations.
And, while operating performance has strengthened, recent
improvement is bolstered by non-recurring federal pandemic support
with future performance reliant primarily on the ability to
generate net tuition revenue, increased state support, and cost
containment efforts. Brand and strategic positioning challenges are
evidenced by sustained and persistent full-time equivalent
enrollment losses, with enrollment declining by more than 40% over
the past decade. Additionally, the university's capital spending
has been below depreciation for multiple years resulting in an
increasing age of plant, which could further weaken the
university's brand and strategic positioning over the long run.
Other credit factors considered include relatively low-direct debt,
sound annual debt service coverage, and a liquid investment
portfolio.

The certificates of participation are rated one notch below the
issuer level rating due to the contingent nature of the
obligation.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of continued
on-time payments from the State of Illinois, resulting in steady
EBIDA margins over the outlook period. It also reflects
expectations that management will continue managing expenses as the
university faces continued enrollment pressures.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Improvements in the state's fiscal condition over multiple years,
resulting in improved state credit quality and an improved
operating environment for NEIU

Significant improvement in strategic position, reflected in
enrollment and net tuition revenue growth and less reliance on the
state to fund operations

Continued growth in balance sheet reserves

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Weakening of the State of Illinois' fiscal condition resulting in
uncertainty surrounding direct operating support and on-behalf
payments

Inability to curb enrollment losses

Material weakening of liquidity or inability to maintain steady
operating performance and sound debt service coverage

LEGAL SECURITY

The Certificates of Participation (COPs) are payable from both
state-appropriated funds and from budgeted legally available funds
of the university from sources other than state appropriations,
including tuition and fees. While the COPs are payable from NEIU's
broad budget and the obligation to pay can be terminated in the
event that it does not receive sufficient state appropriations and
the board determines the university does not have other legally
available funds.

PROFILE

NEIU is a regional comprehensive public university with multiple
campuses in the Chicago metropolitan area. It is designated by the
US Department of Education as a Hispanic-Serving Institution. Fall
2020 full-time equivalent student enrollment was 4,672 students and
fiscal 2020 operating revenue was approximately $170 million, as
calculated by Moody's.

METHODOLOGY

The principal methodology used in these ratings was Higher
Education Methodology published in August 2021.


PLATTE COUNTY: Moody's Affirms Ba3 Issuer Rating & B2 GOLT Rating
-----------------------------------------------------------------
Moody's Investors Service has affirmed Platte County, MO's issuer
rating at Ba3 and the rating on the county's general obligation
limited tax (GOLT) bonds (NID bonds, Series 2013 and 2016) at B2.
The outlook is revised to stable from negative. The county has
$10.6 million in GOLT debt outstanding.

RATINGS RATIONALE

The county's Ba3 issuer rating reflects ongoing and substantial
governance weakness stemming from a decision not to support related
third-party debt that is subject to annual appropriation, an
effective moral obligation. The county signaled its intention to
support the debt via a financing agreement, subject to annual
appropriation, when the bonds were issued through the county's
related industrial development authority in 2007. Despite court
rulings affirming the county's legal standing to exercise its right
of non-appropriation, exercising this right directly impairs
bondholders and calls into question its willingness to support
other obligations. There has been no change in the underlying
credit characteristics which, absent the county's current position
regarding the Industrial Development Authority (IDA) bonds, would
correspond to a much higher rating.

The county's B2 GOLT rating reflects a two-notch distinction from
the issuer rating and incorporates the narrow repayment pledge and
the structural similarities between the GOLT and IDA bonds. The
county has pledged its full faith and credit toward repayment of
the GOLT bonds, however, the county is prohibited from imposing or
increasing ad valorem property taxes to satisfy debt service
requirements without voter approval. As such, the risk that the
county would not actually utilize current income and revenues and
surplus funds to satisfy debt service on the GOLT bonds is elevated
given the county's current position regarding the IDA bonds.

RATING OUTLOOK

The revision of the outlook to stable reflects the expectation that
repayment risk to the county's other debt obligations will not
weaken further. The stable outlook also incorporates the likelihood
the county will continue to exercise its right of non-appropriation
with regards to the related third-party debt, which largely negates
the strength of the county's underlying credit characteristics.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Sustained trend of appropriating and paying both direct and
indirect obligations

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Failure to appropriate and pay debt service on the county's direct
obligations

Decline in fundamental ability to pay debt obligations

LEGAL SECURITY

The GOLT debt is comprised of Neighborhood Improvement District
(NID) bonds that are payable as to both principal and interest from
special assessments against real property benefited by the
acquisition and construction of improvements paid for from the
proceeds of the Bonds within a certain neighborhood improvement
district in Platte County, Missouri, and, if not so paid, from
current income and revenues and surplus funds of the county. The
full faith and credit of the county are irrevocably pledged for
payment of principal of and interest on the debt; however, the
county may not impose any new or increased ad valorem property tax
to pay principal of or interest on the Bonds without the voter
approval required by the constitution and laws of the State of
Missouri. No such voter approval has been sought or obtained.

PROFILE

The county is located on the western border of Missouri (Aaa
stable) and is one of thirteen counties in the Kansas City,
Missouri-Kansas metropolitan area. The Missouri River is on the
county's western and southern borders. The county comprises 421
square miles with a population of 106,718 residents per the 2020 US
Census.

METHODOLOGY

The principal methodology used in these ratings was US Local
Government General Obligation Debt published in January 2021.


PROVATION SOFTWARE: S&P Places 'B-' ICR on Watch Positive
---------------------------------------------------------
S&P Global Ratings placed all of its ratings on Provation Software
Holdings Inc., including its 'B-' issuer credit rating and all
issue-level ratings on its debt, on CreditWatch with positive
implications.

S&P expects to resolve the CreditWatch when the transaction closes,
which its expects will occur by the end of the year.

Provation Software has agreed to be acquired by Washington-based
professional instrumentation and industrial technologies company
Fortive Corp. for an enterprise value of approximately $1.43
billion.

The CreditWatch placement follows Provation's announcement that it
has accepted an acquisition offer from Fortive Corp. The deal
values the business at an enterprise value of approximately $1.43
billion. S&P expects that Fortive will fully redeem Provation's
outstanding debt upon the completion of the deal.

S&P said, "We will monitor any developments related to the
transaction, including the receipt of necessary shareholder
approvals and regulatory clearances, as well as the fulfillment of
customary closing conditions. We believe the transaction will be
credit positive for Provation given our investment-grade rating on
Fortive and our expectation that Fortive would provide it with some
level of support in a stress scenario due to its strategic
importance to the company's Advanced Healthcare Solutions segment.

"We plan to resolve the CreditWatch on Provation when the
transaction closes, which we expect will occur by the end of the
year. At that time, we will the withdraw or discontinue our ratings
on Provation if its debt has been repaid.

"If the transaction does not close as contemplated, we will likely
affirm our 'B-' ratings on Provation, remove them from CreditWatch,
and assign a stable outlook, assuming the company's operating
performance and credit measures remain within our expectations."



PROVIDENT FUNDING: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Provident Funding
Associates L.P. to stable from positive. S&P also affirmed its 'B-'
long-term issuer credit rating.

S&P said, "At the same time, we affirmed our 'B-' rating on the
company's unsecured notes due 2025. The '4' recovery rating
indicates our expectation of average recovery (35%) in an event of
default.

"Our outlook revision reflects the company's weaker-than-expected
operating performance on a trailing-12-month basis as of Sept. 30,
due to lower loan production and gross margins. The company
reported a debt-to-adjusted-EBITDA ratio of 12.5x for the period,
up steeply from 1.8x as of Dec. 31, 2020. Debt to tangible equity
was 1.67x as of Sept. 30, compared with 1.1x at the end of 2020.

"Our rating on Provident reflects the industry's fragmented nature
and low barriers to entry, along with the company's narrow scale,
scope, and diversity and limited product differentiation.
Additional risks include elevated leverage and high profit
volatility due to the highly cyclical nature of the residential
real estate industry, while low interest rates have led to
significant mortgage servicing right (MSR) run-off. We view those
risks as somewhat offset by the company's origination and retention
of high-quality MSRs with low delinquencies, while servicing
revenue provides steady cash flow generation.

"The stable outlook reflects our expectation that leverage, as
measured by debt to EBITDA, will remain over 5.0x over the next
year. We also expect that over the next 12 months, Provident will
operate with debt to tangible equity below 2.0x while maintaining
lower-than-industry-average forbearance rates.

"We could downgrade Provident if it significantly increases
leverage to an unsustainable level, if its covenant cushions
deteriorate, or if the company's operating performance materially
weakens.

"We could upgrade Provident if it can improve its operating
performance and lower its leverage (as measured by debt to EBITDA)
below 5.0x over the long term. An upgrade would also be dependent
on stabilized operating conditions."

-- S&P said, "We have completed a recovery analysis on Provident's
$303 million senior unsecured debt. Our simulated default scenario
contemplates a default occurring in 2023 stemming from
significantly reduced origination volumes at compressed gain on
sale margins. We also believe it is possible for adverse regulatory
changes or operational issues to cause financial pressure."

-- S&P believes that in a default, creditors would seek to
liquidate the firm's assets to receive the value of what they are
owed.

-- S&P assumes origination volume would decrease as rates rise,
leaving Provident with only MSRs as it uses mortgages to repay the
warehouse lines of credit.

-- S&P assumes working capital lines of credit would be fully
utilized in a stress scenario.

-- S&P assumes that in a default, the firm would simply liquidate
MSRs to repay creditors.

-- Simulated year of default: 2023

-- Net enterprise value (after 5% of administrative costs): $276.7
million

-- Collateral value available to senior unsecured creditors after
priority claims: $113.4 million

-- Senior unsecured notes: $317 million

    --Recovery expectations: 35%

    --Recovery rating: '4'

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



PURDUE PHARMA: Vermont AG Ask Court to Reverse Sacklers' Release
----------------------------------------------------------------
Vermont Business Magazine reports Vermont Attorney General TJ
Donovan announced on December 7, 2021 that Vermont filed a brief
seeking the reversal of the Purdue bankruptcy order granting
unprecedented legal immunity for the Sackler family.  The brief,
submitted by a five-state coalition, came at the request of the
U.S. District Court and argues that the Court should consider the
Sacklers' extraction of $11 billion from Purdue in the years
leading up to its bankruptcy in determining whether the Sacklers'
nonconsensual liability release abuses the bankruptcy process.

"The evidence here shows that the Sacklers had a long-term,
calculated strategy to use a Purdue bankruptcy as a haven for their
own wrongdoing, to protect their vast opioid wealth from their many
victims. Starting in 2007, as they became aware of the scope of
their personal liability for lying about Oxycontin's dangers, they
began consulting bankruptcy experts about how to shield their
assets. They then extracted billions of dollars from the company
and moved it overseas, following advice they received from people
involved in asbestos bankruptcies…[T]he nonconsensual Sackler
Release cannot be approved because it abuses the bankruptcy
process," argues the coalition in its brief.     

From 2008 to 2010, the Sacklers took annual distributions of
roughly seventy percent of Purdue’s revenue, and from 2011 to
2016 they took annual distributions ranging from forty to
fifty-five percent. The distributions totaled over $10.7 billion
during the period from 2008 to 2018.

Attorney General Donovan, along with the attorneys general of
California, Connecticut, Delaware, the District of Columbia,
Maryland, Oregon, Rhode Island, and Washington, has appealed the
controversial and unprecedented Bankruptcy Court decision that
purports to extinguish claims against both Purdue and the
non-bankrupt Sackler family. Purdue’s bankruptcy plan requires
the Sackler family to pay $4.3 billion—though they are worth
multiple times that amount—over nine years to help abate the
opioid crisis they fueled. By the time they are finished paying
this settlement, the Sacklers will be wealthier than they were when
they started.

Attorney General Donovan was joined in the brief by the attorneys
general of Connecticut, Delaware, Rhode Island, and Washington.

                      About Purdue Pharma LP

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.   

The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk LLC is the claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.

David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.

                          *     *     *

U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.

Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.

Purdue filed its Chapter 11 Plan on March 15, 2021. A twelfth
amended Chapter 11 plan was filed on September 2, 2021, which was
confirmed on September 17. Purdue divides the claims against it
into several categories, one of which it calls "PI Claims,"
consisting of claims "for alleged opioid-related personal injury."
The plan provides for the creation of the "PI Trust," which will
administer all PI Claims. The trust will be funded with an initial
distribution of $300 million on the effective date of the Chapter
11 plan, followed by a distribution of $200 million in 2024, and
distributions of $100 million in 2025 and 2026. In sum, "[t]he PI
Trust will receive at least $700 million in value, and may receive
an additional $50 million depending on the amount of proceeds
received on account of certain of Purdue's insurance policies."

The plan further provides that Purdue's ability to recover from its
insurers will be vested in a "Master Disbursement Trust." To the
extent any proceeds are recovered from Purdue's insurers with
respect to the PI Claims, up to $450 million of those proceeds will
be channeled from the MDT to the PI Trust. However, the PI Trust
will be funded regardless of whether anything is recovered from
Purdue's insurers.  Instead, "[d]istributions to the PI Trust are
subject to prepayment on a rolling basis as insurance proceeds from
certain of Purdue's insurance policies are received by the MDT and
paid forward to the PI Trust."


QUALITY MACHINE: Wins Cash Collateral Access Thru Dec 14
--------------------------------------------------------
Quality Machine of Iowa, Inc. sought and obtained entry of an order
from the U.S. Bankruptcy Court for the District of Minnesota
approving its stipulation with Great Western Bank regarding the
Debtor's use of cash collateral and obtainment of postpetition
indebtedness through December 14, 2021.

The Debtor and the Lender have entered into the Stipulation
authorizing for immediate DIP Financing for normal operating
purposes, in exchange for the adequate protection set forth
therein.

The Lender has indicated a willingness to extend credit to the
Debtor, but only under the terms and conditions set forth in the
Stipulation and Loan Documents.

The Debtor has a need to use cash collateral to pay operating
expenses in the amounts identified in the Budget.

The Debtor's operations have suffered in recent years due to
several factors. The Debtor has experienced stagnant sales and, due
in part to the current COVID-19 pandemic, has struggled to retain a
labor force sufficient to meet existing orders.

In response to the Debtor's financial difficulties, the Debtor's
management team spent a substantial period of time evaluating
alternatives for maximizing value for all of the Debtor's
constituencies. After careful consideration and the exercise of
sound business judgment, the Debtor concluded that a Chapter 11
filing was the only viable option.

The Debtor's operations have suffered due the downturn in the
markets over the last year. However, over the last several months
the business has operated on a positive cash flow basis.

Great Western Bank made pre-petition loans to the Debtor which is
evidenced by various loan documents including a Business Loan
Agreement dated as of March 29, 2021, made by the Debtor in favor
of the Lender.

To the extent of the Debtor's use of the pre-petition cash
collateral, any creditor holding a valid, enforceable non-avoidable
lien on any pre-petition cash collateral, is granted a replacement
lien in the Post-Petition Collateral subordinate to the interest of
the Lender and thereafter in and to the same extent, validity and
priority as existed prior to the Petition Date.

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

A copy of the order and the Debtor's budget through December 14,
2021, is available at https://bit.ly/3rPt9mf from
PacerMonitor.com.

The Debtor projects $224,666 in total operating disbursements for
the seven days ending December 14.

A final hearing on the matter is scheduled for January 6, 2022 at
10 a.m.

               About Quality Machine of Iowa, Inc.

Quality Machine of Iowa, Inc. is engaged in precision production
machining of metal parts. The Company has two locations:
Minneapolis, Minn., and Audubon, Iowa.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Minn. Case No. 21-42169) on December 3,
2021. In the petition signed by Timothy Greene, owner and CEO, the
Debtor disclosed $8,368,270 in assets and $10,343,162 in
liabilities.

Judge William J. Fisher oversees the case.

Cameron A. Lallier, Esq., at Foley and Mansfield PLLP is the
Debtor's counsel.



RESURGE LLC: Seeks Cash Collateral Access, $500,000 DIP Loan
------------------------------------------------------------
Resurge, LLC asks the U.S. Bankruptcy Court for the District of New
Jersey for authority to, among other things, use cash collateral
and obtain postpetition financing from Onelink Solutions, Inc.

The Debtor requires cash on hand and use of cash flow from its
operations to fund its liquidity needs so that it can continue to
operate while working toward  confirmation of a plan.

The proposed DIP Facility would provide the Debtor with additional
operating cash of up to $500,000, which funds the Debtor requires
to maintain its operations.

Subject to entry of the Interim Order, the DIP Lender has agreed to
fund $150,000 during the interim period, which the Debtor intends
to use to fund its working capital requirements and other Chapter
11 expenses. Upon final approval, the Debtor expects to utilize the
balance of $350,000 to fund working capital needs through the
intended confirmation date.

The terms of the DIP Facility reflect the best financing terms the
Debtor was able to obtain, and there is no more favorable
alternative financing available to the Debtor as of the date of the
Motion. Indeed, the Debtor has been unable to find traditional
financing since its inception. In light of this, Onelink, which
previously loaned the Debtor money and is currently a secured
creditor for approximately $263,640, provided financing to the
Debtor shortly before the Chapter 11 filing and proposes to
continue funding the Debtor through the DIP Facility.

Onelink is the Debtor's only secured creditor.

On February 22, 2021, Onelink Solutions, Inc. loaned $500,000 to
the Debtor. Onelink is owned by Michael Mortorano.

On August 26, 2021, Mortorano was given a 47.5% membership interest
in Resurge in consideration for $300,000 paid by Mortorano to
Resurge and Onelink's cancellation of the $500,000 debt incurred by
Resurge in February 2021.

On August 26, 2021, Onelink provided a new loan to Resurge in the
amount of $200,000, which loan was secured by a lien on Resurge's
patents and intellectual property, rights under lease agreements,
and accounts receivable.

On November 23, 2021, Onelink loaned Resurge $57,954 secured by a
lien on furniture, furnishings, equipment, inventory, account
receivable, goodwill, confidential information and property,
leasehold rights, intellectual rights, franchise rights, cash and
bank accounts and all other personal assets of the Debtor.

As adequate protection for the Debtor's use of cash collateral, the
Prepetition Lender will maintain its liens, subject only to the DIP
Financing and the Interim Order and Final Order.

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

                       About Resurge, L.L.C.

Resurge, L.L.C. is an order fulfillment provider with primary
locations in Freehold, N.J. and Reno, Nevada.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 21-19109) on November 26,
2021. In the petition signed by Adam Napoli, chief executive
officer, the Debtor disclosed $1,057,862 in assets and $3,023,798
in liabilities.

Erin J. Kennedy, Esq., at Forman Holt is the Debtor's counsel.

Michael Mercier is the financial advisor.



SALINE LODGING: Unsecured Creditors to Get Nothing in Plan
----------------------------------------------------------
Saline Lodging Group, LLC, filed with the U.S. Bankruptcy Court for
the Eastern District of Michigan a Combined Plan and Disclosure
Statement dated Dec. 06, 2021.

The Debtor is a Michigan corporation formed on February 4, 2017.
The Debtor is the corporate structure for a company in Saline,
Michigan that began with the concept of a hotel and restaurant at
1250 E. Michigan Ave., Saline, Michigan.

This Plan of Reorganization provides for lump sum payments to
creditors in the amount said creditors would have received in a
Chapter 7 liquidation on the petition date of September 6, 2021.
SLG shall continue to complete the hotel and restaurant project as
a joint venture with K&B Capital, commencing operations of the
hotel, restaurant, and related businesses upon completion of the
hotel. Saline Lodging Group, LLC proposes to make lump sum payments
to its creditors.

The payments will be paid in accordance with their class, as set
forth herein, and then, within the class, paid in accordance with
the applicable priority, as determined by this Plan. The Debtor
shall retain all of its property and shall restart construction on
or before the Effective Date.

Class 1 consists of property taxes payable to the City of Saline
and Washtenaw County, fully secured in the amount of approximately
$129,901. Paid in full on the Effective Date from proceeds from the
proposed joint venture agreement. The City of Saline and Washtenaw
County, have fully secured priority claims in the amount of
approximately $129,901. The City of Saline and Washtenaw County
shall retain their liens and interest in Debtor's property at 1250
E. Michigan Ave., Saline Michigan until such time Class 1 claims
are paid in full. Class 1 claims are impaired and are entitled to
vote.

Class 2 consists of construction liens attached to 1250 E. Michigan
Ave., Saline, Michigan in the aggregate approximate amount of
$735,714.60. Paid in full on the Effective Date from proceeds from
the proposed joint venture agreement. Lien claimants have fully
secured claims against Debtor's property at 1250 E. Michigan Ave.,
Saline Michigan. Class 2 claims are impaired and are entitled to
vote.

Class 3 consists of a third priority secured claim, subordinate to
the claims of property taxes in Class 1 and construction lien
claims in Class 2. Your Enterprise Solutions, LLC holds the lien
against the property with a value of $2,720,000. Superior claims
total $865,616, leaving the secured portion of YES's claim at
$1,854,384. Paid $1,854,384 on the Effective Date. YES shall retain
its lien and interest in Debtor's property at 1250 E. Michigan
Ave., Saline Michigan until such time Class 3 claims are paid.
Class 3 Claimant YES is impaired and is entitled to vote.

Class 4 consists of the claims of all unsecured creditors,
including undersecured creditors, if and when Allowed. The Debtor
reserves all rights to object to the claims of unsecured creditors
under this Plan, or as provided by the Bankruptcy Code. This Class
has $3,214,801 amount of claims. The holders of allowed Class 4
claims shall not receive payment in the Plan. Class 4 Claimants are
impaired and are entitled to vote.

                K&B Capital, LLC / Joint Venture

K&B Capital, LLC (K&B) is a single member limited liability company
whose sole member is Robert Kuttala of Shelby Township, Michigan.
K&B is in the business of hotel development and redevelopment. The
joint venture anticipates K&B's investment on the Effective Date of
$2,720,000, which shall be used to pay claims.

K&B and SLG anticipate forming a company to be named Saline
Property, LLC, which K&B shall own 85% and SLG shall own 15%. K&B
shall be responsible for the completion of the hotel and
restaurant, and SLG shall be retain responsibility for operations
on start up. SLG and K&B anticipate a restart of construction
within 60 days of confirmation of the plan.

A full-text copy of the Combined Plan and Disclosure Statement
dated Dec. 6, 2021, is available at https://bit.ly/3y9KWW6 from
PacerMonitor.com at no charge.

Debtor's Counsel:

     Donald Darnell, Esq.
     Darnell Law Office
     8080 Grand St.
     Dexter, MI 48130
     Tel: 734-424-5200
     Fax: 734-786-1605
     Email: dondarnell@darnell-law.com

                     About Saline Lodging Group

Saline, Mich.-based Saline Lodging Group filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Mich. Case No. 21-47210) on Sept. 6, 2021, listing as much as
$10 million in both assets and liabilities.  Judge Maria L. Oxholm
presides over the case.  Donald Darnell, Esq., at Darnell Law
Office represents the Debtor as legal counsel.


SALLY HOLDINGS: S&P Rates New $780MM Senior Unsecured Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '6'
recovery rating to Sally Holdings LLC's proposed $780 million
senior unsecured notes. The company is a wholly-owned subsidiary of
Denton, Texas-based beauty supply retailer and distributor Sally
Beauty Holdings Inc. (SBH). The '6' recovery rating indicates its
expectation for negligible (0%-10%; rounded estimate: 5%) recovery
in the event of a payment default or bankruptcy.

S&P said, "Our 'BB+' issue-level rating and '1' recovery rating on
SBH's existing senior secured term loan B and senior secured notes
are unchanged.

"The positive outlook reflects that we could raise our rating on
SBH if it becomes clear that it is poised to expand its sales and
EBITDA over the coming year. In addition, we would need to believe
that its financial policy would support its maintenance of improved
credit metrics, which it could indicate through additional debt
paydowns using balance sheet cash, before raising our rating."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned its 'B' issue-level rating and '6' recovery rating
(0%-10%; rounded estimate: 5%) to the company's proposed $780
million senior secured second-lien notes.

-- S&P said, "Our recovery analysis considers that, in a
hypothetical bankruptcy scenario, the senior secured term loan B
and senior secured notes lenders would benefit from the value we
attribute to the company in our simulated bankruptcy/emergence
scenario, excluding estimated administrative expenses and other
priority claims (primarily asset-based lending [ABL]
revolver-related claims)."

-- S&P's simulated default scenario contemplates a default
occurring in 2025 due to a combination of factors, including a
protracted economic decline that leads to reduced consumer
spending, increased competitive pressure, and the failure of the
company's merchandising strategies and store initiatives. This
would substantially erode its revenue and earnings.

-- S&P said, "Our simulated default scenario assumes that SBH
would reorganize as a going concern to maximize its lenders'
recovery prospects. We apply a 5.5x multiple to our projected
emergence-level EBITDA. This multiple is higher than the 5.0x
multiple we typically apply to its retail peers to reflect the
company's unique market position as the largest beauty supply
retailer and distributor with the largest private-label merchandise
offering in beauty supplies."

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: $202 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value at emergence: $1.1 billion

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $1.06 billion

-- ABL revolver claims*: $287 million

-- Senior secured term loan B claims*: $400 million

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

-- Senior secured second-lien note claims*: $313 million

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

-- Senior unsecured note claims*: $802 million

    --Recovery expectations: 0%-10% (rounded estimate: 5%)

*Debt claims include six months of prepetition interest.



SOUTH BEALE: Case Summary & 4 Unsecured Creditors
-------------------------------------------------
Debtor: South Beale Group, LLC
        4500 Water Tree
        Memphis, TN 38118

Business Description: South Beale Group, LLC is a Single Asset
                      Real Estate (as defined in 11 U.S.C. Section
                      101(51B)).  The Debtor owns an apartment
                      building located 4505 Wooddale, Memphis,
                      TN valued at $2.3 million.

Chapter 11 Petition Date: December 8, 2021

Court: United States Bankruptcy Court
       Western District of Tennessee

Case No.: 21-24060

Judge: Hon. Jennie D. Latta

Debtor's Counsel: John Dunlap, Esq.
                  LAW OFFICE OF JOHN E. DUNLAP
                  3340 Poplar 320
                  Memphis, TN 38111
                  Tel: 901-320-1603
                  E-mail: jdunlap00@gmail.com

Total Assets: $2,960,800

Total Liabilities: $3,981,130

The petition was signed by Jason McKinley as agent.

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

https://www.pacermonitor.com/view/REEVGBA/South_Beale_Group_LLC__tnwbke-21-24060__0001.0.pdf?mcid=tGE4TAMA


SOUTHWESTERN ENERGY: Moody's Rates $1.15BB Unsecured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Southwestern
Energy Company's proposed $1.15 billion senior unsecured notes due
2032. Southwestern's other ratings, including its Ba2 Corporate
Family Rating, and stable outlook remains unchanged.

Proceeds from this notes issuance, along with those from its
proposed term loan, borrowings under its revolver, and cash on
hand, will be used to fund the cash portion of the acquisition of
GEP Haynesville, LLC (GEP), to fund its tender offers of certain
series of its outstanding senior notes and to pay a portion of the
outstanding balance of its revolver.

Assignments:

Issuer: Southwestern Energy Company

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

Southwestern's proposed and existing senior unsecured notes are
rated Ba3, one notch beneath its CFR, as a result of the secured
nature and the size of the priority claim of the company's secured
debt. The proposed $550 million first lien term loan is rated Baa2,
three notches above the Ba2 CFR, as it will have first lien
security over all assets and will be pari passu with Southwestern's
ABL revolver with $2 billion borrowing base.

Southwestern's Ba2 CFR is supported by its sizeable production and
reserves base, improved geographic diversification and access to
international markets, supportive hedges against downside risk, and
lack of sizeable near term debt maturities. Southwestern benefits
from its low cost structure and good capital efficiency which allow
it to continue to have supportive credit metrics in times of
commodity price volatility. Southwestern's proposed acquisition of
GEP should also help maintain its leverage metrics and improve free
cash flow generation while adding to production and proved
reserves. The acquisitions of GEP and Indigo are favorable as they
add higher margin production and provide basin diversification.
However, Southwestern will remain challenged by its natural gas
weighted production profile (about 88% of expected production) and
high reserves concentration.

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

Moody's could consider an upgrade if Southwestern successfully
integrates its Haynesville acquisitions, sustains retained cash
flow to debt over 35% and the leveraged full-cycle ratio (LFCR)
approaches 2x in a commodity price environment in the middle of
Moody's medium term price ranges. The Ba2 CFR could be downgraded
if the retained cash flow to debt ratio drops below 20% or if LFCR
falls below 1x for a sustained period.

Southwestern Energy Company is a US independent exploration and
production (E&P) company headquartered in Houston, Texas.

The principal methodology used in this rating was Independent
Exploration and Production published in August 2021.


STANDARD INDUSTRIES: $500MM Loan Add-on No Impact on Moody's CFR
----------------------------------------------------------------
Moody's Investors Service said that Standard Industries Inc.'s Ba3
Corporate Family Rating and Ba3-PD Probability of Default Rating
are not affected by the proposed $500 million add-on to the
company's senior unsecured notes due 2030, which are not impacted
and remain B1. Proceeds from the add-on and $400 million of cash on
hand will be used to pay down a similar amount of the company's
senior secured term loan due 2028, which is rated Baa3. The outlook
remains stable.

Moody's views the debt reduction of $400 million as credit
positive, representing 40% of Standard's commitment to permanently
reduce debt in 2022. However, Moody's continues to project adjusted
debt-to-EBITDA of about 5.0x at year end 2022, which is the
company's greatest credit challenge. The high leverage limits
financial flexibility and provides limited cushion in the event of
weaker industry conditions or operating performance. Proceeds from
the senior secured term loan and cash on hand were used to a pay
$3.06 billion dividend in late September. The dividend represents
several years of future free cash flow and about two years of
adjusted EBITDA. Leverage sustained above 5.25x could result in
downward rating pressures.

Providing an offset to Standard Industries' leveraged capital
structure is strong operating performance, which is the company's
greatest credit strength. Moody's forecasts adjusted EBITDA margin
in the range of 18% - 21% through 2022. Further, Standard
Industries has a very strong market share for roofing products in
both North America and Europe, as well as end market dynamics that
support growth. A very good liquidity profile, with consistent and
resilient cash flow (before dividends) despite high fixed payments
approaching $350 million per year, full access to a $650 million
asset based revolving credit facility and no near-term maturities
further support Standard Industries' credit profile.

The stable outlook reflects Moody's expectation that Standard
Industries will continue to perform well, generate strong margins
and use cash flow to reduce balance sheet debt.

Standard Industries Inc., headquartered in Parsippany, New Jersey,
is the leading manufacturer and marketer of roofing products and
accessories with operations primarily in North America and Europe.
Trusts for the benefit of the heirs of Ronnie F. Heyman, co-founder
of Standard Industries, are the owners of Standard Industries.


STANDARD INDUSTRIES: S&P Raises Unsecured Debt Rating to 'BB'
-------------------------------------------------------------
S&P Global Ratings revised its recovery ratings on the unsecured
debt to '5' from '6' and raised the issue-level ratings to 'BB'
from 'BB-' on Standard Industries Inc.

At the same time, S&P affirmed its 'BB+' issuer credit rating on
the company and 'BBB-' issue-level ratings on the secured term
loan. The recovery rating on the secured term loan remains '1'
given lower secured claims.

The negative outlook reflects the minimal cushion in credit
measures for a deterioration in business conditions and/or
profits.

S&P said, "The proposed transaction is leverage neutral and we
expect adjusted leverage to be in-line with our prior expectations
of 4x-5x over the next 12 months. The company intends to issue a
$500 million add-on to its existing $1.1 billion unsecured notes
due 2030 and use the proceeds to pay down an equivalent amount of
the secured term loan. Further, it also plans to paydown an
additional $400 million on the term loan using cash on hand. The
lower proportion of secured debt in the capital structure, improves
recovery prospects for the unsecured notes. However, the proposed
transaction remains net debt leverage neutral. The company's
overall cash balance and liquidity should improve over the next 12
months from the expected proceeds of the recently announced sale of
its investment in GCP Applied Technologies. The sale transaction is
expected to close in the second half of 2022. Further, sustained
demand and improved price realizations have resulted in S&P Global
Ratings-adjusted leverage at 4.4x for the 12 months ended Sept. 30,
2021. We expect the company to sustain adjusted leverage between
4x-5x over the next 12 months. We believe the ability to pass
through rising inputs costs will be key to the sustenance of its
profits.

"We expect the company's free cash generation to remain strong,
such that it could support credit measures which are at the lower
end for the rating. We expect the company's EBITDA margins to be
20%-21% and expect it to generate at least $600 million in free
cash flows annually, even if demand conditions somewhat moderate
and cost pressures continue over the next few quarters. Absent any
new dividend distributions, we believe this could possibly help
reduce net debt levels and improve credit measures. For a more
detailed analysis, please refer to our last published research
update on July 26, 2021.

"The negative outlook on Standard Industries indicates our view
that credit measures have a minimal cushion in case of a slowdown
of earnings from decreased demand or cost pressures. As such, we
expect the company to improve adjusted leverage toward 4x and
generate adjusted free cashflow of at least $600 million."

S&P may lower the ratings over the next 12 months if:

-- Adjusted leverage fails to improve toward 4x as expected under
S&P's base case scenario. This could occur if demand conditions
weaken faster than expected or higher costs resulted in margins
sustained below 20% and free cash flow declines; or

-- The company increased debt to fund acquisitions or dividends to
the owners resulting in sustained leverage levels.

S&P could revise the outlook to stable over the next 12 months if:

-- Adjusted leverage improves to 4x with steady or improving
earnings and cash flows.



STRIKE LLC: Files for Chapter 11 to Sell to American Industrial
---------------------------------------------------------------
Strike, LLC, on Dec. 7, 2021, announced that it has entered into an
asset purchase agreement with affiliates of American Industrial
Partners, ("AIP"), the Company's largest debtholder, pursuant to
which AIP will acquire substantially all of the Company's assets.

To facilitate the transaction process, the Company filed voluntary
petitions for a court-supervised restructuring under Chapter 11 of
the U.S. Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of Texas.  This action is expected to provide
for a quick and orderly sale of the Company's assets under Section
363 of the Bankruptcy Code, with AIP serving as the "stalking horse
bidder" in a court-supervised auction and sale process.
Accordingly, the proposed transaction with AIP is subject to higher
or otherwise better offers, Court approval and other customary
conditions.

In connection with the proposed sale transaction, Strike has
received a commitment for approximately $29 million in
debtor-in-possession ("DIP") financing from AIP.  Upon Court
approval, this new financing, together with cash generated from the
Company's ongoing operations, is expected to support the business
throughout the sale process.  The Company expects to operate in the
ordinary course throughout the process and remains focused on
serving customers and working with suppliers as normal.

"The sale and financing agreements with AIP mark an important step
forward in our efforts to strengthen our business and position the
Company to continue meeting and exceeding the needs of our
customers well into the future," said Chuck Davison, Jr., Chief
Executive Officer.  "Since I joined Strike in July, the Board and
management team have taken a fresh look at the business to evaluate
how best to build on our brands' strong position in the
marketplace, improve our financial position and set Strike on a
path for future success. Based on this review, we have determined
that initiating a court-supervised sale process is the optimal path
forward for our business and is in the best interest of all our
stakeholders."

Davison continued, "AIP's interest in Strike is a testament to the
value they see in the services we provide our customers and the
strength of our talented team.  We are as dedicated as ever to
operating safely and providing our customers with the same level of
quality and service that they have come to expect.  We thank our
customers for their support and appreciate the continued
cooperation of our partners, who play a key role in helping us
bring our services to market.  We continue to go the extra mile for
our customers every day, and we appreciate our associates' hard
work and commitment to Strike."

The Company has filed a number of customary motions seeking court
authorization to continue to support its operations during the
court-supervised sale process, including the continued payment of
employee wages and benefits.  The Company intends to pay vendors,
suppliers and other trade creditors in full under normal terms for
goods and services provided during the bankruptcy case. Strike
expects to receive approval for these requests.

Additional information regarding the Company's court-supervised
sale process is available at http://www.StrikeRestructuring.com/
Court filings and other information related to the proceedings are
available on a separate website administrated by the Company's
claims agent, Epiq, at https://dm.epiq11.com/StrikeLLC, by calling
Epiq toll-free at (855) 675-2860 (or +1 (503) 520-4488 for calls
originating outside of the U.S.), or by sending an email to
Strikeinfo@epiqglobal.com.

                About American Industrial Partners

American Industrial Partners is an operationally oriented private
equity firm that makes control investments in industrial businesses
serving domestic and global markets. The firm has deep roots in the
industrial economy, and has been active in private equity investing
since 1989.  To date, American Industrial Partners has completed
more than 100 acquisition transactions, and currently has more than
$7 billion of assets under management on behalf of leading pension,
endowment, and financial institutions.
On the Web: http://www.americanindustrial.com/

                          About Strike

Strike LLC is a full-service pipeline, facilities, and energy
infrastructure solutions provider.  Headquartered in The Woodlands,
Texas, Strike partners closely with clients all across North
America, safely and successfully delivering a full range of
integrated engineering, construction, maintenance, integrity, and
specialty services that span the entire oil and gas life cycle.  On
the Web: http://www.strikeusa.com/

Strike LLC sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case
No. 21- 90054) on Dec. 6, 2021.  In the petition was signed CFO
Sean Gore, Strike LLC estimated assets between $100 million to $500
million and estimated liabilities between $100 million to $500
million.  The cases are handled by Honorable Judge David R. Jones.


Matthew D. Cavenaugh, Kristhy Peguero, and Genevieve Graham, of
JACKSON WALKER LLP and  Thomas E. Lauria, Matthew C. Brown, Fan B.
He, Gregory L., of WHITE & CASE LLP, serve as the Debtor's
attorneys.  OPPORTUNE PARTNERS LLC is the Debtor's investment
banker and financial advisor, and EPIQ CORPORATE RESTRUCTURING, LLC
is its claims agent.


TOWN & COUNTRY: Seeks Cash Collateral Access, $310,000 DIP Loan
---------------------------------------------------------------
N. Neville Reid, the Chapter 11 trustee of Town & Country Partners
LLC, asks the U.S. Bankruptcy Court for the Northern District of
Illinois, Eastern Division, for authority to, among other things,
use the cash collateral of Toorak Capital Partners LLC and obtain
postpetition financing from the Lender.

The Debtor needs to obtain up to $310,000 in postpetition financing
from Toorak on a priming, superiority basis to cover the projected
shortfalls set forth in its budget.

The Debtor owns certain real and personal property located and
commonly known as 2400 Dixie Drive, Portage, Indiana 46368 and
6201-6055 Canden Avenue, Portage, Indiana 46368.

The Debtor is the borrower under loan documents that are owned and
held by the Lender. The Promissory Note in the original principal
amount of $7,280,000 evidences a loan and other financial
accommodations to the Debtor.

As further security for the Loan, the Debtor executed and delivered
the Mortgage and Security Agreement pursuant to which the Debtor
granted to Triumph Capital Partners LLC, the original lender, a
first-priority mortgage lien against the Property.

As a result of alleged defaults under the Loan Documents, the
Lender on March 20, 2020, filed an action to, among other things,
foreclose the Mortgage against the Property in the Porter County,
Indiana Circuit Court captioned Toorak Capital Partners, LLC v.
Town and Country Partners, LLC, et al., Case No.
64D02-2003-MF-002648.

On July 1, 2021, the State Court held a hearing on the Lender's
Partial Motion for Summary Judgment with respect to Count I of the
Lender's complaint for the Debtor's breach of the Note, and on
Count II of the Lender's complaint for foreclosure of the Mortgage.
At the conclusion of the hearing, the State Court announced it
would grant summary judgment on these Counts in favor of the
Lender.

On August 23, 2021, the Lender filed its proof of claim asserting a
secured claim against the Debtor's estate in the amount of no less
than $9,467,860. The Trustee has completed due diligence to confirm
the amount, validity and perfection of the Lender's claim and
liens, and is prepared to stipulate to the allowance of the
Lender's proof of claim as set forth in the Agreed Final Order.

Consistent with the Trustee's and the Lender's commitment to
swiftly achieve their collective overall goal of effectuating a
sale of the Property under the Court's supervision and protection,
the parties have, in good faith, negotiated the terms and
conditions for the Trustee's use of cash collateral and obtaining a
postpetition loan from the Lender on a priming, superpriority
basis.

As adequate protection for the Lender's interest in the cash
collateral, the Trustee proposes that the Lender be (i) granted a
post-petition replacement lien on all of the cash collateral in the
same priority that existed as of the Petition Date, and the Trustee
will use the cash collateral in accordance with the Budget, and
(ii) allowed a superpriority administrative expense claim pursuant
to Bankruptcy Code Sections 364(b), 503(b), and 507(b), which is
senior to all other administrative expenses in the Bankruptcy Case
to the extent the Lender's interest in the cash collateral is not
otherwise adequately protected by the terms of the Agreed Final
Order.

A hearing on the matter is scheduled for December 21, 2021 at 1
p.m.

A copy of the motion is available at https://bit.ly/31L2ETI from
PacerMonitor.com.

                 About Town & Country Partners LLC

Town & Country Partners, LLC filed a petition for Chapter 11
protection (Bankr. N.D. Ill. Case No. 21-08430) on July 14, 2021,
listing up to $50 million in assets and up to $10 million in
liabilities.  Judge Jacqueline P. Cox oversees the case.  Benjamin
Legal Services, PLC, led by Kevin Benjamin, Esq., is the Debtor's
legal counsel.



VISTRA CORP: Fitch Rates Proposed Series B Preferred Stock 'BB-'
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR6' rating to the proposed
series B fixed-rate reset cumulative redeemable green perpetual
preferred stock (Series B preferred stock) to be issued by Vistra
Corp. The net proceeds from the issuance will be used for eligible
green expenditures. The 'RR6' denotes poor recovery in the event of
default.

Fitch rates Vistra's Long-Term Issuer Default Rating (IDR) 'BB+'.
The Rating Outlook is Negative, reflecting a significant shift in
management's capital allocation policy. In October, the Vistra
Board authorized a $2.0 billion share buyback program over
2021-2022, just a few months after it had suspended share
repurchases following winter storm Uri. The resulting increase in
gross debt to EBITDA to 3.5x in 2022 reverses management's previous
deleveraging path. Management is targeting more than $7.5 billion
in return of capital to shareholders through year-end 2026 in the
form of share repurchases and dividends.

KEY RATING DRIVERS

Allocation of Equity Credit: The Series B preferred stock will
receive 50% equity credit based upon Fitch's "Corporate Hybrids
Treatment and Notching Criteria" dated Nov. 12, 2020. The features
supporting 50% equity credit include an ability to defer dividend
payments for at least five years and cumulative feature of deferred
dividends. The Series B preferred stock are pari passu with the
8.0% $1.0 billion cumulative redeemable perpetual Series A
preferred stock (Series A preferred stock) issued in October to
partly fund the announced share buyback program.

Upward Ratings Movement Unlikely: Management's updated capital
allocation plan calls for a return of at least $7.5 billion of
capital to shareholders through year-end 2026. While management
still aspires to achieve an investment-grade rating, this goal has
been pushed forward by a few years. Fitch expects gross debt to
EBITDA to be approximately 3.5x in 2022, which is at the cusp of
the 'BB+' and 'BB' rating levels. Fitch would prefer to see some
headroom in metrics before revising the Outlook to Stable.

Sustained gross leverage above 3.5x is likely to lead to a
downgrade of the IDR, senior unsecured notes and the Series A and
Series B preferred stock. The ratings of the senior secured debt at
'BBB-' may not be affected by a potential downgrade of the IDR by
up to one-notch.

Resolution of Negative Outlook: The future ratings trajectory for
Vistra will depend upon near-term credit metrics and greater
clarity on planned investments into renewable and battery storage
opportunities. Fitch will also assess Vistra's business risk
profile in the context of any changes to market design that the
Electric Reliability Council of Texas (ERCOT) may implement and
performance of Vistra's general fleet and the broader ERCOT market
as a whole in the event of future, extreme weather events.

Measures to Mitigate Future Risks: Fitch views favorably the steps
management is taking to address gas deliverability and fuel
handling issues, which were the key drivers of the financial loss
Vistra experienced earlier this year due to winter storm Uri. These
include additional weatherization of the generation fleet,
including for coal fuel handling, plans to install dual fuel
capabilities at the gas steam units, expanding fuel oil inventory
at existing dual fuel combustion turbine sites, contracting for
additional natural gas storage and maintaining greater generation
length during peak periods.

Legislation passed in Texas has provided for additional risk
mitigation for power generators dependent upon a reliable natural
gas supply. These include legislation that mandates winterization
of gas infrastructure and their registration as critical with the
transmission and distribution utilities so as to prevent loss of
power during load shedding. These measures alleviate Fitch's
concerns around gas fuel supply availability during extreme weather
events.

ESG Considerations: Vistra has an ESG Relevance Score of '5' for
Exposure to Environmental Impacts due to the effects of recent
severe winter weather, which has had a negative impact on Vistra's
credit profile. The storm has exposed deficiencies in ERCOT's
market design and ability to keep the grid functioning well in the
face of an extreme weather event, which increases the risk of
owning power generation and retail electricity businesses in the
state. The financial hit to Vistra as a consequence of the weather
event will result in a jump in near-term leverage.

DERIVATION SUMMARY

Vistra is well-positioned relative to Calpine Corporation
(B+/Stable) and Exelon Generation Company, LLC (ExGen; BBB/Rating
Watch Negative) in terms of size, scale and geographic and fuel
diversity. Vistra is the largest independent power producer in the
country, with approximately 38.5GW of generation capacity compared
with Calpine's 26GW and ExGen's 33GW. Vistra's generation capacity
is well-diversified by fuel, compared with Calpine's natural
gas-heavy and ExGen's nuclear-heavy portfolio. Vistra's portfolio
is less diversified geographically, with 70% of its consolidated
EBITDA coming from operations in Texas, which is similar to the
Midwest-dominant portfolio of ExGen. Calpine's fleet is more
geographically diversified.

Both Vistra and ExGen benefit from their ownership of large retail
electricity businesses, which are typically countercyclical to
wholesale generation given the length and stickiness of customer
contracts. Vistra has a dominant position in the mass retail market
in Texas, which has generated stable EBITDA over 2012-2019 despite
power price volatility. A key benefit of acquiring Dynegy has been
the significant increase in share of natural gas-fired generation,
which lowered Vistra's EBITDA sensitivity to changes in natural gas
prices and heat rates. Fitch estimates that Vistra's EBITDA is less
sensitive to changes in natural gas prices than ExGen or Calpine.

Fitch projects Vistra's gross debt/EBITDA to increase to
approximately 7.5x in 2021 due to the February storm impact and
preferred stock issuance, but then decline to 3.5x in 2022, which
compares favorably with Calpine's projected mid- to high-4.0x
leverage by 2022. ExGen's expected leverage is higher than recent
historic periods reflecting the EBITDA impacts of lower power
prices and power plant closures.

KEY ASSUMPTIONS

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

-- Hedged generation in 2021 and 2022 per management's guidance;

-- Power price assumption based on Fitch's base deck for natural
    gas prices of $3.40/million British thermal units (MMBtu) in
    2021, $2.75/MMBtu in 2022 and $2.45/MMBtu in 2023 and beyond,
    and current market heat rates;

-- Retail load of approximately 90TWH-100TWH annually;

-- Capacity revenues per past auction results, and no material
    upside in future auctions;

-- Maintenance capex of approximately $550 million annually;

-- EBITDA hit from Storm Uri of $1.625 billion;

-- Debt paydown of $1.0 billion in second half of 2021; and

-- Share repurchases of $2.0 billion in 2021 - 2022 funded by
    issuance of Series A preferred stock and receipt of storm
    securitization proceeds.

RATING SENSITIVITIES

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

-- Further upgrades appear unlikely over the next 12-18 months;

-- Rating Outlook could be stabilized if gross debt/EBITDA is
    below 3.5x on a sustained basis and the company demonstrates
    track record of stable EBITDA generation, measured approach to
    growth and continued emphasis on an integrated wholesale-
    retail platform.

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

-- Gross debt/EBITDA above 3.5x on a sustained basis;

-- Weaker power demand and/or higher than expected supply
    depressing wholesale power prices and capacity auction
    outcomes in its core regions;

-- Unfavorable changes in regulatory constructs and market;

-- Rapid technological advancements and cost improvements in
    battery and renewable technologies that accelerate the shift
    in generation mix away from fossil fuels;

-- An aggressive growth strategy that diverts a significant
    proportion of FCF toward merchant generation assets and/or
    overpriced retail acquisitions.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch views Vistra's liquidity as adequate. As
of Sept. 30, 2021, the company had approximately $2.1 billion of
liquidity available consisting of $351 million of cash in hand and
$1.7 billion available capacity under its $2.73 million revolving
credit facility due June 2023. The company also has bilateral
facility of $250 million that expires December 2021 of which $250
million of LCs were drawn as of Sept. 30, 2021. Debt maturities are
modest until 2023.

ESG CONSIDERATIONS

Vistra has an ESG Relevance Score of '5' for Exposure to
Environmental Impacts due to the effects of recent severe winter
weather, which has had a negative impact on Vistra's credit
profile. The storm has exposed deficiencies in ERCOT's market
design and ability to keep the grid functioning well in the face of
an extreme weather event, which increases the risk of owning power
generation and retail electricity businesses in the state. The
financial hit to Vistra as a consequence of the weather event will
result in a jump in near-term leverage.

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

ISSUER PROFILE

Vistra is the largest independent power generator in the U.S. with
approximately 38,500 MW of capacity. Vistra Retail is one of the
largest retail providers in the country with roughly 85 TWHs of
load and 4.6 million customers.


WATSONVILLE COMMUNITY: Files Chapter 11 to Facilitate Sale
----------------------------------------------------------
Watsonville Community Hospital filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code on Dec. 5 as part of a plan
to sell the Hospital and provide much needed capital to strengthen
the hospital and best position it to continue providing care to its
medically underserved community. The Hospital intends to continue
operating during the case.

The Hospital has a preliminary agreement for a stalking horse
bidder to acquire the hospital. These negotiations, led by Chief
Restructuring Officer Jeremy Rosenthal and Force 10 Partners, and
the sale process it creates seek to find the highest or best bid
for the Hospital's assets while ensuring that the Hospital is able
to continue in operations and provide critical care to the
community.

"Our goal is to keep Watsonville Community Hospital open so that it
can provide critical healthcare to the community while also saving
approximately 650 jobs," said Mr. Rosenthal. "We appreciate the
continued support of our physicians, nurses, other staff, and labor
union partners as well as our vendors as we work through this
process. We are excited that the hospital is positioned to continue
providing care to the community long into the future."

Force 10 Partners is acting as a financial advisor to the Hospital,
under the leadership of partner Nicholas Rubin.

The hospital is being advised by the law firm of Pachulski Stang
Ziehl & Jones LLP, led by attorneys Debra Grassgreen, Maxim Litvak
and Steven Golden. The cases were filed in the U.S. Bankruptcy
Court for the Northern District of California, San Jose Division.
Judge M. Elaine Hammond is the presiding judge.

The noticing agent for the Chapter 11 case is Stretto. For more
information about the filing, go to
https://cases.stretto.com/WatsonvilleHospital.

                About Watsonville Community Hospital

Watsonville Community Hospital --
http://www.watsonvillehospital.com-- is a 106-bed full-service
acute care hospital serving the city of Watsonville and the
surrounding culturally diverse tri-county area along California's
Central Coast. The hospital offers a wide range of quality medical
and surgical services including cardiac care, diagnostic imaging,
emergency services, general surgery, maternity services,
orthopedics, pediatrics, rehabilitation services, robotic surgery,
urology, vascular surgery, women's health services, and wound
care.



WATSONVILLE COMMUNITY: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------------
On Dec. 6, 2021, Watsonville Community Hospital filed voluntary
petitions under Chapter 11 of the U.S. Bankruptcy Code on Dec. 5,
2021, as part of a plan to sell the Hospital and provide much
needed capital to strengthen the hospital and best position it to
continue providing care to its medically underserved community.
The Hospital intends to continue operating during the case.

The Hospital has a preliminary agreement for a stalking horse
bidder to acquire the hospital.  These negotiations, led by Chief
Restructuring Officer Jeremy Rosenthal and Force 10 Partners, and
the sale process it creates seek to find the highest or best bid
for the Hospital’s assets while ensuring that the Hospital is
able to continue in operations and provide critical care to the
community.

"Our goal is to keep Watsonville Community Hospital open so that it
can provide critical healthcare to the community while also saving
approximately 650 jobs," said Rosenthal. "We appreciate the
continued support of our physicians, nurses, other staff, and labor
union partners as well as our vendors as we work through this
process.  We are excited that the hospital is positioned to
continue providing care to the community long into the future."

Force 10 Partners is acting as a financial advisor to the Hospital,
under the leadership of partner Nicholas Rubin.

The hospital is being advised by the law firm of Pachulski Stang
Ziehl & Jones LLP, led by attorneys Debra Grassgreen, Maxim Litvak
and Steven Golden.  The cases were filed in the U.S. Bankruptcy
Court for the Northern District of California, San Jose Division.
Judge M. Elaine Hammond is the presiding judge.

The noticing agent for the Chapter 11 case is Stretto.  For more
information about the filing, go to
https://cases.stretto.com/WatsonvilleHospital.

                  About Watsonville Community Hospital

Watsonville Community Hospital --
https://watsonvillehospital.com/about-us/ -- is your community
healthcare provider that offers a comprehensive portfolio of
medical and surgical services to the culturally diverse tri-county
area along California's Central Coast.

Watsonville Community Hospital sought Chapter 11 protection (Bankr.
N. D. Cal. Case No. 21-51477) on December 5, 2021. The case is
handled by Honorable Judge Elaine Hammond. The Debtor's counsels
are Debra Grassgreen, Maxim Litvak and Steven Golden of Pachulski
Stang Ziehl & Jones LLP. Force 10 Partners is the Debtor's
financial advisor.


WATSONVILLE: Gets Preliminary Offer from Stalking Horse Bidder
--------------------------------------------------------------
Matt O'Connor of HealthExec reports that a California-based
community hospital says it has a preliminary agreement in place
with an unnamed bidder that would provide the capital required to
keep its doors open.

Watsonville Community Hospital, a 106-bed acute care institution
located along California's central coast, voluntarily filed for
Chapter 11 bankruptcy on Sunday as part of a plan to sell. Now,
leadership says a "stalking horse bidder" has agreed to acquire the
hospital, which will ensure it can continue to care for patients.

"Our goal is to keep Watsonville Community Hospital open so that it
can provide critical healthcare to the community while also saving
approximately 650 jobs," Jeremy Rosenthal, chief restructuring
officer at Force10 Partners, which is leading the process, said
Tuesday.   

A stalking horse offer sets the lowest price for a future bidding
range, ensuring a bankrupt company does not receive lower offers.
These bidders are afforded multiple incentives, including expense
reimbursements and breakup fees.

Officials did not immediately respond to a Health Exec request for
additional details regarding the offer.

"We appreciate the continued support of our physicians, nurses,
other staff, and labor union partners as well as our vendors as we
work through this process," Rosenthal added in a statement. "We are
excited that the hospital is positioned to continue providing care
to the community long into the future."

               About Watsonville Community Hospital

Watsonville Community Hospital --
https://watsonvillehospital.com/about-us/ -- is your community
healthcare provider that offers a comprehensive portfolio of
medical and surgical services to the culturally diverse tri-county
area along California's Central Coast.

Watsonville Community Hospital sought Chapter 11 protection (Bankr.
N. D. Cal. Case No. 21-51477) on December 5, 2021. The case is
handled by Honorable Judge Elaine Hammond. The Debtor's counsels
are Debra Grassgreen, Maxim Litvak and Steven Golden of Pachulski
Stang Ziehl & Jones LLP. Force 10 Partners is the Debtor's
financial advisor.


WEWORK COMPANIES: Fitch Affirms 'CCC+' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has affirmed WeWork Companies LLC and WeWork Inc.'s
Long-Term Issuer Default Ratings (LT IDRs) at 'CCC+'. Fitch has
also affirmed WeWork Companies LLC's senior unsecured notes at
'CCC-'/'RR6' and assigned a 'CCC-'/'RR6' rating to WeWork's
proposed secondary senior unsecured notes offering.

The affirmation reflects Fitch's mostly unchanged view of the
improvement in WeWork's financial position over the past year. The
company rationalized its location portfolio with commercial
landlords, preserving its reputation and reducing occupancy costs.
The demand environment for workspaces also improved as employers
returned to work and companies pursue increased flexibility.

WeWork has sufficient liquidity to meet its cash needs under
Fitch's base case scenario from previously raised equity proceeds.
However, a high degree of uncertainty remains surrounding the
office market environment, COVID-19, and exogenous shocks including
the evolving omicron coronavirus variant. WeWork would require
additional liquidity sources if the office market remains depressed
for an elongated period.

KEY RATING DRIVERS

Liquidity and Funding Plan: Pro forma to the $333 million in trust
proceeds plus the $150 million equity backstop from a wholly-owned
subsidiary of Cushman & Wakefield, $800 million in PIPE investment,
repayment of $350 million secured CP facility, $98 million in
transaction expense and related employee payments as well as
Fitch's estimated incremental 2H'21 FCF deficit, WeWork will exit
2021 with approximately $900 million in global cash. With the new
$550 million senior secured SoftBank notes (replacing the undrawn
$1.1 billion under the senior secured note purchase agreement) and
$350 million of secured CP availability, WeWork will have
approximately $1.8 billion in cash and secured financing
commitments (having fully drawn the $2.2 billion SoftBank senior
unsecured notes in 2021.)

Successful Restructuring: While COVID-19 has severely impacted
WeWork's business, delaying its attainment of breakeven
profitability, the company successfully exited on amicable terms
from over 150 full leases and amended 350 leases year to date. This
addresses the meaningful portion of desks that were previously to
be built out in locales where the company is no longer targeting
expansion. Additionally, right-sizing its portfolio has led to a
significant decrease in rent and tenancy costs. The company has
reduced overhead expenses by $1.1 billion on a run-rate basis. To
the extent WeWork's top-line continues to recover, the company will
be better positioned to realize operating leverage, leading to
attaining breakeven profitability in 2022.

Flexible Workspace Demand Recovery: WeWork's occupancy rate has
improved 15 percentage points from its 4Q'20 nadir of 45% (on a pro
forma consolidated basis) to 3Q'21. Physical memberships increased
68,000 (physical desks declined 88,000 over the same period,
reflecting restructuring). WeWork estimates occupancy was 64% at
3Q'21 when accounting for net desk sales of 30,000, and projects
physical occupancy reaching 74% by year-end, which would be just
below the 75% attained in 4Q'19. Consolidated monthly revenue has
increased each month since April and was the highest level for the
year in September. Monthly new desk sales have increased on a
double- and triple-digit percentage basis since March 2021.

As companies pursue hybrid workplaces and re-evaluate their office
strategies demand for flexible office space may increase to allow
for lease-free contraction/expansion. Fitch expects recovered
demand to drive WeWork's occupancy levels to the low- to mid-80%
range over the next several years, which would be in line with the
company's pre-pandemic occupancy levels.

Recovery and Notching: Fitch's recovery analysis assumes that
WeWork would be considered a going-concern in bankruptcy and that
the company would be reorganized rather than liquidated. Under its
recovery scenario, Fitch assumes 40% of domestic leases and 60% of
non-domestic leases default together comprising approximately $19
billion of future remaining rental payments due. Guarantor and
non-guarantor leases are approximately proportional to their
estimated percentage of revenue.

Assumed rejected operating lease claims totaling approximately $1.1
billion less cash security would be pari passu with the senior
unsecured notes in addition claims under associated corporate
guarantees and surety bonds. Fitch assumes WeWork has fully drawn
the availability under its $2.2 billion senior unsecured notes and
$550 million senior secured notes. Fitch also assumes $33 million
of other loans as of September 30, 2021 are senior secured claims.

Fitch estimates WeWork's going concern EBITDA by assuming the
guarantor's 71% portion of an estimated normalized 33% location
gross margin on $3 billion of revenue or approximately $750
million, reduced by an estimate of normalized, restructured
overhead expense of approximately $200 million, reflecting a
substantially smaller footprint of continuing operations. Fitch
uses a 5x multiple, at the lower end of the 4x-7x range of
emergence multiples observed in past restructurings, in reflection
of the potential that WeWork's market position and brand is
compromised permanently in distress and that the flexible workspace
market experiences sustained structural demand declines due to
long-term effects of COVID-19.

Additionally, Fitch assumes a proportion of value after associated
claims exists from JV locations approximately equal to $250 million
(approximately $70 million GC EBITDA less a proportion of
restructured overhead at a 4x multiple, discounted to the 5x
applied to WeWork's domestic locations given a less established
presence and weaker market position) is available, although reduced
to a degree due to uncertainty over the business model. After
assumption of a 10% administrative claim, the distribution of value
yields a recovery ranked in the 'RR6' category for the rated senior
unsecured notes.

DERIVATION SUMMARY

Fitch considers factors for highly speculative issuers in a
relative fashion. WeWork's business model appears viable exiting
the coronavirus pandemic having right sized its footprint and cost
structure. FCF has remained consistently negative but has improved
over the past year. However, the company's FCF outlook is subject
to risks and uncertainties, particularly to the extent office
demand is structurally weak over the medium term.

WeWork's financial policy while supportive of providing needed
liquidity may not be sufficient in the medium term to protect
creditors. Fitch does not expect under its base case that WeWork
will need to draw on SoftBank's senior secured facility although
its existence along with the funds raised from outside investors
supports a meaningful liquidity buffer. However, in a more
elongated depressed office demand environment, Fitch does not
believe WeWork's available liquidity is sufficient.

KEY ASSUMPTIONS

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

-- Approximately $2.6 billion in revenue in 2021 to reflect
    combined COVID-19 impact, mid-single digit percentage core
    leased ARPM decline, 135k decline in workstations, offset by
    an approximately 30-point increase in occupancy;

-- Strong double-digit revenue growth in 2022 to reflect build-
    out of COVID-delayed workstations, and low- to mid-single
    digit ARPPM and mid-single digit occupancy improvement to
    reflect modest normalization and return to work; high teens
    revenue growth thereafter;

-- Negative location margin in 2021 improving to 2019 levels in
    2022 and then normalizing around 30% in 2023 in reflection of
    occupancy and pricing trends plus exits of underperforming
    locations;

-- Overhead expense as a percentage of revenue at approximately
    30% in 2021 and improving to approximately 25% in 2021 and
    around 20% thereafter in reflection of run-rate restructuring
    and operating leverage;

-- Approximately $200 million in gross capex in 2021 and $250
    million to $400 million over 2022-2024 based upon reduced
    location build out due to successful location exit and
    continued trends in tenant improvement allowance collections;

-- No assumed draw of senior secured notes required under base
    case assumptions.

KEY RECOVERY RATING ASSUMPTIONS

Going Concern Approach

-- WeWork's GC EBITDA is based on LTM Sept. 30, 2021 operating
    EBITDA of approximately negative $850 million, representing
    the 71% share of consolidated operating EBITDA that guarantor
    subsidiaries represent;

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganization EBITDA level upon which Fitch bases the
    valuation of the company;

-- The GC EBITDA is approximately $250 million, above LTM EBITDA,
    to reflect the guarantor's 70% portion of an estimated
    normalized 33% location gross margin on $3 billion of revenue,
    adjusted for assumed location exits, reduced by an estimate of
    normalized, restructured overhead expense of approximately
    $200 million.

EV Multiple Approach

An EV multiple of 5x is used to calculate a post-reorganization
valuation. The estimate considered the following factors:

-- The historical bankruptcy exit multiple for companies WeWork's
    sector ranged from 4x-7x, with a median reorganization
    multiple of 6x;

-- Current EV multiples of public companies in the Business
    Services sector trade well above the historical reorganization
    range. The median forward EV multiple for this sector is about
    10x. Historical multiples ranged from 6x-12x;

-- WeWork has unique characteristics that would allow for a
    higher multiple in its unique brand and stake in JVs;

-- However, uncertainty surrounding WeWork's business model and
    the high degree of strategy and execution risk leads Fitch to
    utilize a recovery multiple that is below the sector median.

RATING SENSITIVITIES

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

-- FCF margin expected to be sustained neutral;

-- (CFO-capex)/total debt with equity credit expected to be
    sustained at or above 1%;

-- Total debt with equity credit to operating EBITDA expected to
    be sustained at or below 6.0x;

-- FFO interest coverage expected to be sustained at or above
    2.0x;

-- Confidence in flexible office demand environment
    sustainability;

-- Operational metrics including occupancy, ARPPM and desk adds
    that show evidence of consistency with Fitch's base case
    scenario.

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

-- Accelerating negative FCF margin;

-- (CFO-capex)/total debt with equity credit expected to be
    sustained negative;

-- Total debt with equity credit to operating EBITDA expected to
    be sustained at or above 7.0x;

-- FFO interest coverage expected to be sustained at or below
    1.0x;

-- Worsening of office demand environment, potentially
    structurally;

-- Operational metrics including occupancy, ARPPM and desk adds
    that show evidence of consistency with Fitch's stress case
    scenario.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Near-Term Liquidity: WeWork had cash and cash equivalents of $477
million at Sept. 30, 2021. $101 million of cash was held by the
company's variable interest entities (VIEs). On a pro forma basis
to the completed SPAC merger and related transactions, WeWork's
available liquidity availability totaled approximately $1.7 billion
plus an available $550 million senior secured senior secured note
commitment from SoftBank. Additionally, WeWork retains access to
its uncommitted million LC-backed commercial paper facility,
subject to Board and related approvals.

Refinancing Risk: WeWork had $669 million of principal outstanding
on its May 2025 senior notes, limiting its immediate refinancing
risk. The $2.2 billion senior unsecured SoftBank notes also mature
in 2025. WeWork's access to the $550 million senior secured
SoftBank notes expires in 2023 and the company's LC facility
matures in 2023, but SoftBank has agreed to extend its guarantee of
the facility until 2024. WeWork remains subject to risk that it is
unable to access markets to meet liquidity needs to the extent its
funding requirements exceed the proposed financing.

ESG CONSIDERATIONS

WeWork Inc. has an ESG Relevance Score of '4' for Management
Strategy due to ongoing challenges to implement a strategy to
achieve sustainable profitability, which has a negative impact on
the credit profile, and is relevant to the ratings in conjunction
with other factors.

WeWork Inc. has an ESG Relevance Score of '4' for Governance
Structure due to SoftBank ownership concentration, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

WeWork Inc. has an ESG Relevance Score of '4' for Group Structure
due to the complexity of its structure and related-party
transactions with SoftBank, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

WeWork Inc. has an ESG Relevance Score of '4' for Financial
Transparency, revised from '3', due to its material weakness in
internal control over financial reporting, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of '3'. This means ESG
issues are credit neutral or have only a minimal credit impact on
the entities, either due to their nature or the way in which they
are being managed by the entities.

ISSUER PROFILE

WeWork provides membership-based access to workspace and amenities.
It had 575,000 memberships and 762 locations operating in 150
cities across 38 countries as of Sept. 30, 2021 excluding China,
India, and Israel, which were deconsolidated and began operating as
franchises.


WILSON TOWNHOMES: Case Summary & 2 Unsecured Creditors
------------------------------------------------------
Debtor: Wilson Townhomes
        2162 Wilson Rd.
        Memphis, TN 38116

Business Description: Wilson Townhomes is a Single Asset Real
                      Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).  The Debtor owns
                      an apartment rental located at 2162
                      Wilson Road, Memphis, TN valued at $1.88
                      million.

Chapter 11 Petition Date: December 8, 2021

Court: United States Bankruptcy Court
       Western District of Tennessee

Case No.: 21-24066

Judge: Hon. Jennie D. Latta

Debtor's Counsel: John Dunlap, Esq.
                  LAW OFFICE OF JOHN E. DUNLAP
                  3340 Poplar 320
                  Memphis, TN 38111
                  Tel: 901-320-1603
                  E-mail: jdunlap00@gmail.com

Total Assets: $1,907,600

Total Liabilities: $889,693

The petition was signed by Jason McKinley as agent.

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

https://www.pacermonitor.com/view/NISVJ5A/Wilson__Townhomes__tnwbke-21-24066__0001.0.pdf?mcid=tGE4TAMA


WOODBRIDGE GROUP: Investor to Face $37-Mil. Bankruptcy Clawback
---------------------------------------------------------------
Leslie Pappas of Law360 reports that a trustee seeking to recoup
ill-gotten gains from a $1.2 billion Ponzi scheme that drove
Woodbridge Group of Companies LLC into bankruptcy may seek an
additional $37 million from one investor in light of new
allegations that he knew about the fraud, a Delaware Bankruptcy
Judge ruled.

Liquidating trustee Michael Goldberg may amend his adversary
complaint against Woodbridge Group investor Kenneth Halbert to
include principal in addition to the interest from his investment,
U. S. Bankruptcy Court Judge J. Kate Stickles of the District of
Delaware said in a memorandum opinion Monday, December 6, 2021.

                     About Woodbridge Group

Headquartered in Sherman Oaks, California, The Woodbridge Group
Enterprise -- http://www.woodbridgecompanies.com/--  was a
comprehensive real estate finance and development company.  Its
principal business was buying, improving, and selling high-end
luxury homes.  The Woodbridge Group Enterprise also owned and
operated full-service real estate brokerages, a private investment
company, and real estate lending operations. The Woodbridge Group
Enterprise and its management team had been in the business of
providing a variety of financial products for more than 35 years,
and had been primarily focused on the luxury home business for the
past five years.  Since its inception, the Woodbridge Group
Enterprise has completed more than $1 billion in financial
transactions. These transactions involved real estate, note buying
and selling, hard money lending, and alternative financial
transactions involving thousands of investors.

Woodbridge filed for bankruptcy as a result of a massive,
multi-year Ponzi scheme perpetrated by Robert Shapiro between (at
least) 2012 and 2017. As part of this fraud, Shapiro, through the
Woodbridge entities, raised over one billion dollars from
approximately 10,000 investors -- as either noteholders or
unitholders.

Woodbridge Group of Companies and certain of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
17-12560) on Dec. 4, 2017.  Woodbridge estimated assets and
liabilities at between $500 million and $1 billion.  The Chapter 11
cases are being jointly administered. Judge Kevin J. Carey presides
over the case.

Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq.,
Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey,
Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher,
LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J.
Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway
Stargatt & Taylor, LLP, served as the Debtors' bankruptcy counsel.
Homer Bonner Jacobs, PA, served as special counsel; Province, Inc.,
as expert consultant; and Moelis & Company LLC, as investment
banker.

The Debtors' financial advisors were Larry Perkins, John Farrace,
Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman
at SierraConstellation Partners, LLC. Beilinson Advisory Group
served as independent management to the Debtors.  Garden City
Group, LLC, served as the Debtors' claims and noticing agent.

An official committee of unsecured creditors was appointed in the
Chapter 11 cases on Dec. 14, 2017. Pachulski Stang Ziehl & Jones
served as counsel to the Official Committee of Unsecured Creditors;
and FTI Consulting, Inc., acted as its financial advisor.

On Jan. 23, 2018, the Court approved a settlement providing for the
formation of an ad hoc noteholder group and an ad hoc unitholder
group.

Woodbridge Group said that effective as of February 15, 2019, it
has emerged from chapter 11 bankruptcy following confirmation of
its plan of liquidation. The Plan was confirmed on Oct. 26, 2018.


[*] Bankruptcies to Hit 36-Year Low Amid Pandemic Relief
--------------------------------------------------------
James Nani of Bloomberg Law reports that Chapter 11 bankruptcies
this year are on track to hit the lowest yearly total in nearly 40
years, according to new data.

The 195 commercial Chapter 11 filings in November 2021 represented
a 70% year-over-year drop from 654, the American Bankruptcy
Institute said Tuesday, December 7, 2021, citing data from Epiq
Systems Inc.

Low interest rates, lenders giving borrowers breaks, and pandemic
relief programs contributed the the drop, the ABI said.

Total commercial bankruptcy filings, including Chapter 11 and other
options, decreased 33% in November from a year ago, the data
showed.

The 373,312 total bankruptcies through the first 11 months of 2021.


[*] Chapter 11 Commercial Filings Down 29.1% in November 2021
-------------------------------------------------------------
Epiq, a global technology-enabled services leader to the legal
services industry and corporations, released its November 2021
bankruptcy filing statistics from its AACER bankruptcy information
services business. Overall, November new filings were down with
29,325 across all chapters, down 5.6% from October 2021 which had
31,053 new filings. Total commercial filings across all chapters
were 1,563, down 10.3% over October 2021, which had 1,743 new
filings.

A chart accompanying this release is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8dd30f8b-a9f3-4e2f-9504-01324e4dea22

For 2021 through November, the total number of new bankruptcy
filings across all chapters was 373,474, down 24.7% over the same
period last year which had 496,044. This downward trend continues
as the COVID-19 global pandemic continues to affect bankruptcy
activity.

Chapter 7 individual bankruptcies had 17,378 new filings in
November, down 6.6% over October 2021, which had 18,608 new
filings. Chapter 13 individual bankruptcies had 10,336 new filings,
down 2.9% over the prior month that had 10,642. This is the first
month in the last 6 consecutive months where new Chapter 13 filings
decreased. However, as November has only 30 calendar days along
with the shortened U.S. Thanksgiving holiday week, it slightly
impacts month-over-month new filing comparison metrics.

Chapter 11 commercial filings, including Sub Chapter V, had 195 new
filings in November, down 29.1% over the prior month that had 275
new filings. Of these, 73 were Sub Chapter V, down from 85 the
prior month.

"November new bankruptcy filing activity continued the downward
trend since the COVID-19 global pandemic manifested in the U.S. in
March 2020. While it was a shorter month, the fact remains that new
filing levels are considerably less than the pre-COVID-19 levels,"
said Chris Kruse, senior vice president of Epiq Bankruptcy
Technology.

                      About Epiq Bankruptcy

Epiq Bankruptcy -- https://bankruptcy.epiqglobal.com/ -- is the
largest provider of U.S. bankruptcy court data, technology and
services, and a trusted partner to lenders, servicers, trustees,
attorneys, investors and other stakeholders operating in the
business of bankruptcy. Epiq Bankruptcy solutions include
comprehensive corporate restructuring, trustee case management, and
access to the industry's most dynamic bankruptcy data and
analytics.

                          About Epiq

Epiq -- https://www.epiqglobal.com/ -- a global technology-enabled
services leader to the legal services industry and corporations,
takes on large-scale, increasingly complex tasks for corporate
counsel, law firms, and business professionals with efficiency,
clarity, and confidence.  Clients rely on Epiq to streamline the
administration of business operations, class action and mass tort,
court reporting, eDiscovery, regulatory, compliance, restructuring,
and bankruptcy matters. Epiq subject matter experts and
technologies create efficiency through expertise and deliver
confidence to high-performing clients around the world.


[*] Colorado Bankruptcies Decreased by 26% in November 2021
-----------------------------------------------------------
Christopher Wood of EstesPark Trail Gazette reports that Colorado
bankruptcy filings continued their decline from year-ago numbers in
November, dropping 26.47% compared with the same period in 2020,
with bankruptcy filings also declining in Boulder, Broomfield and
Larimer counties. Weld County saw an increase in bankruptcy filings
during the month.

That's according to a BizWest analysis of U.S. Bankruptcy Court
data. The state recorded 411 bankruptcy filings in November, down
from 559 a year ago, 2020, and 59 fewer than in October 2021. Year
to date, bankruptcy filings totaled 5,904 statewide, down 23.55%
from 7,723 recorded through November 2020.

Among counties in the Boulder Valley and Northern Colorado:

  * Boulder County recorded 12 bankruptcy filings in November,
compared with 20 in November 2020. Year-to-date filings totaled
212, compared with 283 a year ago.

  * Broomfield recorded two bankruptcy filings in November,
compared with four in November 2020. Year-to-date filings totaled
69, down from 94 in 2020.

  * Larimer County filings totaled 23 in November, compared with 36
a year ago. Year-to-date filings totaled 295, down from 398 through
November 2020.

  * Weld County bankruptcy filings totaled 34 in November, up from
25 recorded a year ago. Year to date, Weld County has recorded 418
bankruptcy filings, compared with 483 a year ago.


[^] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75

Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc . . . but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.  In
this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors. She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over. At
this point, certain readers may say to themselves, "Okay, I've got
it. Now I can move on." Or, "My workplace has a formal mentorship
program. I don't need this book anymore." Or even, "Can't modern
technology handle my mentor needs, a Tinder of mentorship, so to
speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark. In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party." She does not just criticize; she
offers a solution with three valuable tips for choosing the right
mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice. She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors. Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

                         About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America. She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud. She also writes the Corporate Restructuring
blog.



                            *********

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
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re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
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                   *** End of Transmission ***