/raid1/www/Hosts/bankrupt/TCR_Public/211229.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, December 29, 2021, Vol. 25, No. 362

                            Headlines

2836 WEST: Seeks to Hire Maltz Auctions as Real Estate Broker
424 GROUP: Case Summary & 20 Largest Unsecured Creditors
99 CENTS ONLY: Moody's Lowers CFR to Caa2; Outlook Stable
ALLIANT TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors
ALPHA LATAM: Files Plan With $149.5M Sale to CFG Partners

AMADEUS THERAPY: Taps Berkshire Hathaway as Real Estate Agent
ASTROTECH CORP: Fails to Comply With Nasdaq Bid Price Requirement
BCP V MODULAR: Moody's Assigns B2 CFR; Outlook Stable
BITNILE HOLDINGS: Unit Acquires Four Hotels for $69 Million
BOY SCOUTS: Buckfire 2nd Update on Unsecured Claimants

BOY SCOUTS: Hall Law Represents Direct Abuse Claimant
BOY SCOUTS: Hall, Bielli Represent Abuse Claimants
BOY SCOUTS: Morelli Law Firm Represents Unsecured Claimants
BOY SCOUTS: Rothstein, Lane Represent Unsecured Claimants
BOY SCOUTS: Tamaki Law, et al. Update on Unsecured Claimants

BOY SCOUTS: Tort Claimants Committee Taps Mark Kolman as Consultant
BOY SCOUTS: Winer Burritt Represents Unsecured Claimants
CRESTLLOYD LLC: Seeks to Hire Real Estate Brokers, Auctioneer
DUTCHINTS DEVELOPMENT: Committee Taps Shulman as Bankruptcy Counsel
ELWOOD ENERGY: S&P Affirms 'BB' Rating on Sr. Secured Debt Rating

FAIR ISAAC: Moody's Affirms Ba2 CFR; Outlook Stable
FRANKLIN ENERGY: Moody's Lowers CFR to Caa1; Outlook Stable
GENERAL PURCHASER: S&P Downgrades ICR to 'B-', Outlook Stable
GMP BORROWER: Moody's Assigns Caa1 CFR; Outlook Stable
GMP BORROWER: S&P Assigns 'B-' ICR, Outlook Stable

HOBO PROPERTIES: Gets Interim OK to Hire Steffes Firm as Counsel
HOUSING NORTHWEST: S&P Affirms 'BB-' Rating on 2016A Bonds
J.H. EXCAVATION: Taps Steidl and Steinberg as Legal Counsel
KRONOS ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR
LTL MANAGEMENT: U.S. Trustee Reconstitutes Talc Claimants' Panel

NATURAL RESOURCE: Moody's Alters Outlook on B2 CFR to Stable
NMN HOLDINGS III: Moody's Alters Outlook on B2 CFR to Neg.
NOBLE ACADEMY: S&P Affirms 'BB' Rating on Lease-Revenue Bonds
NORTHEASTERN ILLINOIS UNIVERSITY: S&P Affirms 'BB' LT Debt Rating
ORTHO CLINICAL: S&P Places 'B' ICR on CreditWatch Positive

PREMIER SERVICES: Gets OK to Hire Peak Accounting Service
PRESIDIO DEVELOPMENT: To Seek Plan Confirmation on Feb. 17
RESTIERI HEALTHCARE: Court Confirms Plan as Modified
ROSEMAN UNIVERSITY: S&P Affirms 'BB' Rating on 2012/15/20 Bonds
SALINE LODGING: To Seek Plan Confirmation on Jan. 20

SCRIBEAMERICA INTERMEDIATE: S&P Affirms 'B' Issuer Credit Rating
SKY MEDIA: Taps Fortune International as Real Estate Broker
SUGAR TOWN: Involuntary Chapter 11 Case Summary
TALBOTS INC: Moody's Withdraws Ratings Amid Debt Repayment
TASEKO MINES: Moody's Hikes CFR to B3; Outlook Remains Stable

TD HOLDINGS: Appoints Audit Alliance as New Auditor
TERMINIX COMPANY: Moody's Puts Ba2 CFR on Review for Upgrade
TEVA PHARMACEUTICAL: Moody's Alters Outlook on Ba2 CFR to Stable
US STEEL: S&P Raises ICR to 'B+' on Surging Cash Flow

                            *********

2836 WEST: Seeks to Hire Maltz Auctions as Real Estate Broker
-------------------------------------------------------------
2836 West Realty, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Maltz Auctions, Inc.
as its real estate broker and auctioneer.

The Debtor selected Maltz Auctions to assist in the marketing and
sale of its real property located at 2836 W. 19th St., Brooklyn,
N.Y.

Subject to approval of the court, Maltz will be compensated by a
buyer's premium of 6 percent (4 percent in the event that Mark
Nussbaum, Erwin Johnson or entities created or controlled by either
are the winning bidder, and Maltz does not offer broker
participation related to either party). The buyer's premium will be
paid by the winning bidder in addition to the high bid amount.

Maltz may offer a co-brokerage to registered and licensed real
estate brokers who will get 2 percent of the buyer's premium
received by the firm.

Richard Maltz, president of Maltz, disclosed in court filings that
his firm has no adverse interest to the Debtor's estate.

The firm can be reached through:
   
     Richard Maltz
     Maltz Auctions, Inc.
     39 Windsor Place
     Central Islip, NY 11722
     Telephone: (516) 349-7022
     Facsimile: (516) 349-0105
     Email: info@MaltzAuctions.com

                      About 2836 West Realty

2836 West Realty LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
20-42297) on June 10, 2020, listing as much as $1 million in both
assets and liabilities. The Hon. Nancy Hershey  Lord is the case
judge. Eric H. Horn, Esq., at A.Y. Strauss LLC, serves as the
Debtor's legal counsel.


424 GROUP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: 424 Group, Inc.
           d/b/a FourTwoFour On Fairfax
        424 N. Fairfax Ave.
        Los Angeles, CA 90036

Business Description: The Debtor owns and operates a clothing
store.

Chapter 11 Petition Date: December 23, 2021

Court:  United States Bankruptcy Court
        Central District of California

Case No.: 21-19407

Judge: Hon. Sandra R. Klein

Debtor's Counsel: James R. Seith, Esq.
                  WEINTRAUB & SEITH, APC
                  11766 Wilshire Boulevard
                  Suite 1170
                  Los Angeles, CA 90025
                  Tel: (310) 207-1494
                  Fax: (310) 442-0660
                  E-mail: jim@wsrlaw.net

Total Assets: $4,133,830

Total Liabilities: $2,212,522

The petition was signed by Katrina Sirdofsky, president.

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

https://www.pacermonitor.com/view/XBXG2DQ/424_Group_Inc__cacbke-21-19407__0001.0.pdf?mcid=tGE4TAMA


99 CENTS ONLY: Moody's Lowers CFR to Caa2; Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded 99 Cents Only Stores LLC's (99
Cents) corporate family rating to Caa2 from Caa1 and probability of
default rating to Caa2-PD from Caa1-PD. Moody's also downgraded the
rating of the company's senior secured notes from Caa1 to Caa2. The
outlook has been changed to stable from positive.

"The downgrade reflects the company's much weaker than expected
operating performance which has constrained liquidity as we expect
free cash flow to remain negative", Moody's Vice President Mickey
Chadha said. "The company has underperformed its peers during the
pandemic as it did not get any boost in sales or earnings like many
of its peers in the food retailing business did", Chadha further
stated.

Downgrades:

Issuer: 99 Cents Only Stores LLC

  Corporate Family Rating, Downgraded to Caa2 from Caa1

  Probability of Default Rating, Downgraded to Caa2-PD from
  Caa1-PD

  Senior Secured Regular Bond/Debenture, Downgraded to Caa2 (LGD4)

  from Caa1 (LGD4)

Outlook Actions:

Issuer: 99 Cents Only Stores LLC

  Outlook, Changed To Stable From Positive

RATINGS RATIONALE

99 Cents' Caa2 corporate family rating reflects its weak cash flow
generation with Moody's expectation that free cash flow will be
negative for the next 12 months. The rating also reflects the
company's small scale, geographic concentration in California and
the intense competitive business environment in its core markets.
The company's operating performance has been weaker than its peers
in the value and discount consumables/grocery sector especially in
light of the increased demand for food at home during the
coronavirus pandemic. As a result, profitability has been much
lower than expected and credit metrics have deteriorated with
Moody's adjusted debt/EBITDA expected to be above 8.0x and
EBIT/interest expected to remain below 1.0x in the next 12 months.
Liquidity is adequate but remains strained as free cash flow will
remain negative and the $20 million annual cash dividends on the
$200 million in preferred equity contribution by existing owners in
2020 will also be a drain on cash flow. The company does own 61
stores and two distribution centers which could potentially be
monetized to generate cash if needed. The rating also reflects the
execution risk related to the company's planned strategic
initiatives and cost cuts especially in an intense competitive
environment. Other rating factors include positive growth prospects
for the discount and value retail sector which benefits from
affordable, low price points and relative resistance to economic
cycles. However, the industry remains highly competitive with
stronger competitors trying to gain market share.

The stable outlook reflects the lack of near term debt maturities
and adequate liquidity provided by the availability under its $160
million revolving credit facility.

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

Ratings could be downgraded if liquidity deteriorates, or credit
metrics do not show improvement from current levels or if free cash
flow generation does not stabilize.

Ratings could be upgraded should earnings grow such that
debt/EBITDA is sustained below 6.0x, EBIT/interest is sustained
above 1.0x and free cash flow is positive. A ratings upgrade would
also require adequate liquidity and financial policies, which would
support leverage remaining at its improved levels.

99 Cents Only Stores LLC is controlled by affiliates of Ares
Management and Canada Pension Plan Investment Board. The Company
operates 381 retail stores in California, Texas, Arizona, and
Nevada. Revenues are about $2.2 billion.


ALLIANT TECHNOLOGIES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------------
Lead Debtor: Alliant Technologies, L.L.C.
                d/b/a TenFour
             360 Mt. Kemble Avenue
             Morristown, NJ 07960

Business Description: Alliant Technologies LLC (d/b/a TenFour) is
                      a premier provider of comprehensive,
                      turnkey, subscription-based networking and
                      communications services for companies
                      around the world.  TenFour handles the
                      hardware, software, connectivity, and
                      services from design to deployment to
                      monitoring and problem mitigation,
                      integrating all of the parts into a
                      seamless, single-source whole.

Chapter 11 Petition Date: December 21, 2021

Court:  United States Bankruptcy Court
        District of New Jersey

Four affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                               Case No.
    ------                                               --------
    Alliant Technologies, L.L.C. (d/b/a TenFour)         21-19748
    Technology Keiretsu, LLC                          21-19749
    AlliantWare, L.L.C.                                  21-19750
    RedForge LLC                                  21-19751

Judge: Hon. Sandra R. Klein

Debtor's Counsel: James R. Seith, Esq.
                  WEINTRAUB & SEITH, APC
                  11766 Wilshire Boulevard
                  Suite 1170
                  Los Angeles, CA 90025
                  Tel: (310) 207-1494
                  Fax: (310) 442-0660
                  Email: jim@wsrlaw.net

                       - and -
                    
                  Michael P. Pompeo, Esq.
                  Marita S. Erbeck, Esq.
                  FAEGRE DRINKER BIDDLE & REATH LLP
                  A Delaware Limited Liability Partnership
                  600 Campus Drive
                  Floorham Park, New Jersey 07932-1047
                  Tel: (973) 549-7000
                  Fax: (973) 3690-9831
     
Estimated Assets
(on a consolidated basis): $10 million to $50 million

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

The petitions were signed by Mark P. Cantaluppi, chief executive
officer.

A full-text copy Alliant Technologies' petition is available for
free at PacerMonitor.com at:

Consolidated list of Debtors’20 largest unsecured creditors:

  Entity                                        Nature of Claim   
Claim Amount
  ------                                        ---------------   
------------
1. AT&T                                           Trade Debt       
$1,870,312
One AT&T Way
Bedminister NJ 078921-0752
Tanya Simonson;
Kathy A. Brennan
Tel: 888-789-5649
Ext: 3622399
Email: ts8133@att.com
       Kb2683@att.com

2. Ingram Micro Inc.                               Trade Debt      
   $380,548
3351 Michelson Drive
Suite 100
Irvine, CA 92612
Lynn Englund
Email: lynn.englund@ingrammicro.com

3. Mount Kemble Corporate                          Landlord        
   $111,468
Center LLC
55 Old Turnpike Road
Suite 506
Nanuet NY 10954
Tel: 732-763-7840

4. Raich Ende Malter & Co. LLP                   Professional      
    $92,395
100 Campus Drive                                   Services
Suite 106
Florham Park, NJ 07932
John Boykas, Partner
Tel: 973-507-0522
Fax: 646-849-8064
Email: jboykas@rem-co.com

5. ScienceLogic, Inc.                             Trade Debt       
    $77,343
10700 Parkridge Blvd
Suite 200
Reston VA 20191
Sam Bogan
Tel: 215-850-3162
Email: sam.bogan@sciencelogic.com

6. DDI Leasing Alliant                            Trade Debt       
    $73,938
221 Somerville Road
Bedminister, NJ 07921
Tel: 908-781-9300

7. TD Synnex Corporation                          Trade Debt       
    $48,366
39 Pelham Ridge Drive
Greenville, SC 29615
Connor Flom
Tel: 864-447-5752
Email: connorf@synnex.com

8. Diversified Systems Resources                  Trade Debt       
    $46,697
401 S. Dewey
Bartlesville, OK 74003
Kyle Miller
Tel: 918-336-6900 ext. 2238

9. McCarter & English                             Professional     
    $40,534
265 Franklin Street                                Services
Boston MA 02110
Benjamin M. Hron
Tel: 617-449-6584
Email: bhron@mccarter.com

10. Cologix Inc.                                   Trade Debt      
    $33,739
225 E. 16th Avenue
Suite 900
Denver, CO 80203
Summer May
Tel: 720-940-02334
Email: summer.may@coiogix.com

11. Insight Global, LLC                            Trade Debt      
    $30,826
1260 Headquarters Plaza
West Tower, 6th Floor
Morristown, NJ 07960
Isabella Montalban
Tel: 973-267-5706
Email: Isabella.montalban@insightglobal.com

12. Grant Thornton LLP                            Professional     
    $30,250
757 Third Avenue                                    Services
9th Floor
New York NY 10017
Tim McKay, Manager
Tel: 212-542-9508
Email: tim.mckay@us.gt.com

13. Arrow Capital Solutions, Inc.                  Trade Debt      
    $22,622             
9201 East Dry Creek Road
Centennial CO 80112
M. Samuelson
Tel: 303-824-7650
Email: msamuelson@arrow.com

14. Essintial Enterprise Solutions, LLC            Trade Debt      
    $14,019
431 Railroad Avenue
Shiremanstown PA 17011
Lisa Ryan
Tel: 717-610-3285
Email: lryan@essintial.com

15. TRS Fund Contribution                          Trade Debt      
    $13,399
Federal Trade Commission
150 William St.
New York, NY 10038
Tel: 212-264-1207
Email: TRS_POC@fcc.gov

16. Smartsheet Inc.                                Trade Debt      
    $11,400
10500 Northeast 8th Street
Suite 1330
Bellevue WA 98004
Email: arsupport@smartsheet.com

17. Imagicle Spa                                   Trade Debt      
     $9,637
Via Fondacci, 272-55054
Massarosa LU
Italy
Anthony Genna
Tel: 39-0584-943232
Email: administration@imagicle.com

18. Zoominfo Technologies LLC                      Trade Debt      
     $9,412
805 Broadway St
Suite 900
Vancouver, WA 98660
Harter Hudson
Tel: 866-904-9666 Option 2
Email: harter.hudson@zoominfo.com

19. Banc of America Leasing –                      Trade Debt    
       $8,278
Oracle
2600 West Big Beaver Road
Troy MI 48084
Kimberly Galerneau
Tel: 248-530-5172
Fax: 312-453-3102
Email: Kimberly.a.galemeau@leaseadmincenter.com

20. Pulse Q&A Inc.                                 Trade Debt      
     $5,000
795 Folsom Street
Suite 1028
San Francisco, CA 94103
Tel: 215-908-0199
Email: AR@pulse.qa



ALPHA LATAM: Files Plan With $149.5M Sale to CFG Partners
---------------------------------------------------------
Alpha Latam Management, LLC, et al., submitted a Plan and a
Disclosure Statement.

The Plan contemplates the liquidation and dissolution of the
Debtors (except for ALM) and the resolution of all outstanding
Claims against and Equity Interests in such Debtors.  After an
exhaustive marketing and sale process, the Bankruptcy Court entered
an order approving a sale of the majority of the loan portfolio and
operational assets of Alpha Capital S.A.S. and Vive Creditos Kusida
S.A.S. (collectively, the "Colombian Sellers") to CFG Partners
Colombia SAS, pursuant to an Asset Purchase Agreement dated as of
Nov. 4, 2021.  The Debtors expect to close the sale transaction at
or prior to the Effective Date of the Plan.

After an exhaustive marketing and sale process, the Debtors held
the auction on Nov. 4, 2021.  After carefully considering the
certain quantitative and qualitative factors, the Debtors
designated (i) the final bid submitted by CFG as the successful bid
and (ii) the final bid submitted by CarVal as the back-up bid.  

The Successful Bid contemplates a value for the Purchased Assets of
$149.5 million, including the assumption of certain liabilities
(based on the loan portfolio as of June 30, 2021).  The APA
executed by CFG contemplates the purchase and sale of the majority
of the Colombian Sellers' assets (the "Sale"), including: (a)
substantially all of the Colombian loan portfolio ("Purchased
Loans") and related records, agreements, servicing rights, and
rights to receive interest, principal, penalties, fees, charges and
other collections (including any legal proceedings with respect to
nonperforming loans); (b) life insurance policies that provide
coverage to obligors under the Purchased Loans and rights to
insurance proceeds; (c) the Sellers' contractual position as
settlors and all beneficiary rights of the trusts created with
Fiduciaria Coomeva S.A. and Fiduciaria Colpatria S.A (the "Trust
Agreements"); (d) certain Assumed Contracts, including the Debtors'
Bogota office lease; and (e) certain office equipment and furniture
located at the Debtors' Bogota headquarters. In addition, CFG has
agreed to enter into employment agreements with certain employees
of the Debtors and reimburse the Debtors for certain severance
obligations related to such employees. The Successful Bid
represents an increase in value of $14.6 million compared to the
Stalking Horse APA.

The Debtors expect to close the sale transaction in early 2022.
[The estimated ultimate Purchase Price, which is based off the
October loan tape for the Purchased Loans is approximately $120
million, but is subject to adjustment under the terms of the sale
agreement with CFG.]

Each holder of an Allowed Other Unsecured Claim in Class 4a against
the Debtors shall receive on the Plan Distribution Date its pro
rata share of the beneficial interest in the Liquidating Trust,
entitling such holder to receive proceeds on account of such
interests.  Class 4a is impaired.

Co-Counsel to the Debtors:

     Mark D. Collins
     John H. Knight
     Brendan J. Schlauch
     J. Zachary Noble
     RICHARDS, LAYTON & FINGER, P.A.
     One Rodney Square
     920 North King Street
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     Facsimile: (302) 651-7701
     Email: collins@rlf.com
            knight@rlf.com
            schlauch@rlf.com
            noble@rlf.com

           - and -

     John K. Cunningham
     Richard S. Kebrdle
     Amanda A. Parra Criste
     WHITE & CASE LLP
     200 South Biscayne Boulevard, Suite 4900
     Miami, FL 33131
     Telephone: (305) 371-2700
     Email: jcunningham@whitecase.com
            rkebrdle@whitecase.com
            aparracriste@whitecase.com

     Philip M. Abelson
     John J. Ramirez
     Brett L. Bakemeyer
     1221 Avenue of the Americas
     New York, NY 10020
     Telephone: (212) 819-8200
     Email: philip.abelson@whitecase.com
            john.ramirez@whitecase.com
            brett.bakemeyer@whitecase.com

A copy of the Disclosure Statement dated Dec. 22, 2021, is
available at https://bit.ly/3FAh6xe from PacerMonitor.com.

                      About Alpha Latam Management

Wilmington, Del.-based Alpha Latam Management, LLC, and its
affiliates operate a specialty finance business that offers
consumer and small business lending services to underserved
communities in Mexico and Colombia.

Alpha Latam Management and certain of its affiliates sought Chapter
11 protection (Bankr. D. Del. Case No. 21-11109) on Aug. 1, 2021,
disclosing assets of between $100 million and $500 million and
liabilities of between $500 million and $1 billion.  Judge J. Kate
Stickles oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A., and White &
Case, LLP as legal counsel; Rothschild & Co US Inc. and Rothschild&
Co Mexico S.A. de C.V. as investment bankers; and AlixPartners,
LLP, as financial advisor.  Prime Clerk, LLC is the claims and
noticing agent and administrative advisor.

On Aug. 11, 2021, Alpha Holding, S.A. de C.V. and AlphaCredit
Capital, S.A. de C.V. SOFOM, ENR commenced in Mexico City a jointly
administered voluntarily filed proceeding pursuant to the Ley de
Concursos Mercantiles.  Through this proceeding, the MexicanDebtors
intend to pursue a controlled restructuring and possible sale of
their assets.


AMADEUS THERAPY: Taps Berkshire Hathaway as Real Estate Agent
-------------------------------------------------------------
Amadeus Therapy, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Berkshire Hathaway
HomeService Arizona Properties as its real estate agent.

The Debtor requires a real estate agent to assist in the sale of
its property located at 200 North Dysart Road, Avondale, Ariz.

Berkshire Hathaway will receive a 6 percent commission for the sale
of property.

To the best of the Debtor's knowledge, the firm has no connection
with the Debtor, the creditors, or any other party-in-interest, or
their respective attorneys and it represents no interest adverse to
the estate in the matters upon which it is to be engaged.

The firm can be reached at:

     Berkshire Hathaway HomeService Arizona Properties
     14635 N. Kierland Blvd., Suite 160
     Scottsdale, AZ 85254

                     About Amadeus Therapy

Amadeus Therapy, Inc. is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). It owns real properties in
Avondale, Ariz., having a current value of $1.77 million.

Amadeus Therapy filed its voluntary petition for Chapter 11
protection (Bankr. D. Ariz. Case No. 21-08245) on Nov. 4, 2021,
listing $1.775 million in assets and $1.205 million in liabilities.
Bridget O'Brien, president and director, signed the petition. Judge
Brenda K. Martin oversees the case.

Harold E. Campbell, Esq., at the Law Offices of Harold E. Campbell
PC represents the Debtor as bankruptcy counsel.


ASTROTECH CORP: Fails to Comply With Nasdaq Bid Price Requirement
-----------------------------------------------------------------
Astrotech Corporation received a deficiency letter from the Nasdaq
Listing Qualifications Department of the Nasdaq Stock Market LLC on
December 21, 2021, notifying the Company of its failure to maintain
compliance with the $1.00 per share of the common stock minimum
closing bid price requirement over the preceding 30 consecutive
business days as required by Marketplace Rule 5550(a)(2).

The letter stated that the Company has 180 calendar days, or until
June 20, 2022, to regain compliance. If at any time during this
180-day period the closing bid price of the Company's common stock
is at least $1.00 per share for a minimum of 10 consecutive
business days, the Company's compliance will be regained.

In the event the Company does not regain compliance in that period,
it may be eligible to apply for an additional 180 calendar days to
regain compliance. To qualify, the Company will be required to meet
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The NASDAQ
Capital Market, with the exception of the bid price requirement.
The Company will also need to provide written notice of its
intention to cure the deficiency during the second compliance
period. However, if it appears to the NASDAQ staff that the Company
will neither be able nor otherwise eligible to cure the deficiency,
it may be subject to delisting by NASDAQ.

The Company has not yet determined what action, if any, it will
take in response to this letter, although the Company intends to
monitor the closing bid price of its common stock between now and
June 19, 2022, and to consider available options if its common
stock does not trade at a level likely to result in the Company
regaining compliance with The NASDAQ Capital Market minimum closing
bid price requirement.

                          About Astrotech

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

Astrotech reported a net loss of $7.60 million for the year ended
June 30, 2021, compared to a net loss of $8.31 million for the year
ended June 30, 2020.  As of Sept. 30, 2021, the Company had $61.60
million in total assets, $2.11 million in total liabilities, and
$59.49 million in total stockholders' equity.


BCP V MODULAR: Moody's Assigns B2 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
(CFR) to BCP V Modular Services Holdings III Limited (Modular), the
successor new top entity in the company's restricted group
following completion of the company's acquisition by Brookfield
Business Partners L.P. (Brookfield).  The outlook is stable.
Concurrently, the Agency affirmed the B2 ratings of (i) the EUR750
million plus GBP250 million backed senior secured notes issued by
BCP V Modular Services Finance II PLC, (ii) the EUR350 million
backed Revolving Credit Facility (RCF) and the EUR1,260 million
backed Term Loan B for which BCP V Modular Services Holdings IV
Limited is the borrower, and iii) the Caa1 rating of the EUR435
million backed senior unsecured note issued by BCP V Modular
Services Finance PLC, which are subsidiaries of Modular. The
outlook on these issuers remains stable.

On December 15, 2021, Brookfield completed the proposed acquisition
of Modulaire Investments 2 S.a.r.l from shareholders including TDR
Capital. The existing notes issued by Modulaire Global Finance Plc
and Modulaire Global Finance 2 Plc were redeemed, and their
existing ratings have therefore been withdrawn. The CFR of
Modulaire Investments B.V. (Modulaire) has also been withdrawn.

RATINGS RATIONALE

CFR

As a successor of Modulaire, Modular's B2 CFR reflects Modulaire's
historically strong and stable revenue base and Moody's
expectations that Modular's revenue generation will continue to be
supported by the growing cash flow generation due to its growing
fleet, and a higher than historical utilization rate, as well as
the much-improved operating environment.

However, the company has a weak and fluctuating profitability track
record due to the impact of past numerous acquisitions and
associated investments costs, albeit improving. Additionally,
Modular has a high reliance on secured financing resulting in high
asset encumbrance and high gross leverage, which Moody's expects to
remain elevated.

Furthermore, the B2 CFR takes into account the company's franchise
strength given that the company is the largest operator by some
distance in most markets in which it operates, with no competitor
having a similar geographic footprint.

Governance is highly relevant to all finance companies. Moody's has
no particular governance concerns in relation to Modular.
Nonetheless, corporate governance remains a key credit
consideration and would require ongoing monitoring, as is the case
for all financial institutions.

AFFIRMATION OF NOTE RATINGS

The affirmation of the B2 backed senior secured note ratings issued
by BCP V Modular Services Finance II PLC, the B2 backed RCF and the
backed Term Loan B ratings for which BCP V Modular Services
Holdings IV Limited is the borrower, and the Caa1 backed senior
unsecured note ratings issued by BCP V Modular Services Finance
PLC, takes into consideration Moody's Loss Given Default for
Speculative-Grade Companies methodology (LGD model), published in
December 2015, by assessing the priorities of claims and asset
coverage within the proposed liability structure. In Moody's LGD
analysis, the senior secured notes are pari-passu amongst
themselves and with the Term Loan B and the RCF, and benefit from
the presence of senior unsecured note that is structurally
subordinated to them. In accordance with Moody's LGD analysis, the
backed senior unsecured note is rated Caa1 due to its subordinated
position within the liability structure and higher expected loss.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlooks reflect Moody's expectation that Modular's
credit fundamentals will largely remain steady. The credit risk
arising from high leverage and asset encumbrance is moderated by
the stronger operating environment, steady free cash flow
generation from underlying operations, low refinancing risk due to
the long-term maturities of the outstanding notes and access to
liquidity via the RCF.

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

Moody's could upgrade Modular's CFR, if Modular (i) improved its
cashflow generation, profitability and debt servicing capacity,
(ii) deleverages so that debt / EBITDA is maintained below 4x ;
and/or (iii) improves its liquidity profile with lower secured debt
reliance and higher cashflow generation relative to its debt. An
upgrade to the CFR would likely result in an upgrade to all
ratings.

Conversely, Moody's could downgrade Modular's CFR if the company
(i) were unable to maintain its cash flow generation; (ii) fails to
maintain a sustainable profitability; and/or (iii) is unable to
deleverage, maintaining gross leverage above 6.5x for a prolonged
time while consuming its cash balances.

Moody's could also change the note ratings if there are material
changes to the liability structure that increase or decrease
expected recoveries in a default scenario.

LIST OF AFFECTED RATINGS

Issuer: BCP V Modular Services Holdings III Limited

Assignment:

Long-term Corporate Family Rating, assigned B2

Outlook Action:

Outlook assigned Stable

Issuer: BCP V Modular Services Holdings IV Limited

Affirmations:

Backed Senior Secured Bank Credit Facility, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: BCP V Modular Services Finance II PLC

Affirmations:

Backed Senior Secured Regular Bond/Debenture, affirmed B2

Outlook Action:

Outlook remains Stable

Issuer: BCP V Modular Services Finance PLC

Affirmation:

Backed Senior Unsecured Regular Bond/Debenture, affirmed Caa1

Outlook Action:

Outlook remains Stable

Issuer: Modulaire Investments B.V.

Withdrawal:

Long-term Corporate Family Rating, previously rated B2

Outlook Action:

Outlook changed to Ratings Withdrawn from Stable

Issuer: Modulaire Global Finance 2 Plc

Withdrawal:

Backed Senior Unsecured Regular Bond/Debenture, previously rated
  Caa1

Outlook Action:

Outlook changed to Ratings Withdrawn from Stable

Issuer: Modulaire Global Finance Plc

Withdrawals:

Backed Senior Secured Regular Bond/Debenture, previously rated B2

Outlook Action:

Outlook changed to Ratings Withdrawn from Stable


BITNILE HOLDINGS: Unit Acquires Four Hotels for $69 Million
-----------------------------------------------------------
BitNile Holdings, Inc.'s subsidiary, Ault Alliance, Inc. has,
through its subsidiary Ault Global Real Estate Equities, Inc.,
acquired three hotels located in Middleton, Wisconsin, a suburb of
Madison, and one hotel in Rockford, Illinois. Consisting of an
aggregate of 526 rooms, the acquisition includes two Marriott
hotels (a Courtyard by Marriott and a Residence Inn by Marriott)
and two Hilton Garden Inn hotels.

Ault Alliance formed AGREE earlier in 2021 to invest in commercial
real estate, including hospitality and multi-family housing
properties, with a concentration in the middle-market segment.
Christopher Wu is the President of Ault Alliance and the Chief
Executive Officer of AGREE.

This acquisition constitutes AGREE's first commercial real estate
investment, consisting of a 136-room Courtyard by Marriott, a
133-room Hilton Garden Inn and a 122-room Residence Inn by Marriott
in Middleton, WI, as well as a 135-room Hilton Garden Inn in
Rockford, IL. The Company paid $69 million for the Hotels, with
$23.9 million paid by the Company at closing in cash; the balance
of the purchase price was financed through construction loan
agreements. Over the next 18 months, AGREE plans to renovate the
Hotels through a $13.7 million property improvement plan. The
Hotels will be managed by GF Hotels & Resorts, a leading hotel
management company with a national footprint.

AGREE has partnered with Joshua Caspi of Caspi Development, a real
estate developer based in New York with expertise investing in
hospitality, office, and multi-family experience developments. The
Company has previously co-invested with Caspi Development in the
Hotel Barriere Le Fouquet's New York at 456 Greenwich Street, New
York, NY.

Mr. Wu stated, "We are extremely pleased to acquire this
premium-branded and stabilized portfolio of assets in an attractive
and growing region of the country, set in a state capital and
anchored by a major state university, as our first acquisition
through AGREE. We believe these assets will provide AGREE and
thereby the Company with attractive yields and potentially serve as
a model for other commercial real estate transactions. We are also
excited to partner with Joshua Caspi, a real estate developer and
investor who brings considerable expertise, to help us manage and
grow our real estate portfolio."

The Company's Founder and Executive Chairman, Milton "Todd" Ault,
III added, "Bringing a team together like this has been my vision
for 20 years and I am enthused and proud to say we have made this a
reality today. We have a team of professionals to execute and bring
these four hotels to their peak performance. We look forward to
growing our hotel portfolio."

The Company previously announced a plan to split into two public
companies by distributing the equity of Ault Alliance to its
stockholders. Following the spin-off of Ault Alliance, the Company,
through its BitNile, Inc. subsidiary, will be a pure-play provider
of Bitcoin mining and data center operations, pursuing DeFi-related
initiatives. Ault Alliance will maintain its focus on the Company's
legacy businesses and more recently initiated operations, including
lending and investing in the real estate and distressed asset
spaces as well as, among others, defense, and power solutions,
including electric vehicle charging products.

                      About BitNile Holdings

BitNile Holdings, Inc. (formerly known as Ault Global Holdings,
Inc.) -- www.BitNile.com -- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies with a global impact.  Through its wholly and
majority-owned subsidiaries and strategic investments, the Company
owns and operates a data center at which it mines Bitcoin and
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles.  In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary.  BitNile's headquarters are
located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas,
NV 89141.

BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, compared to a net loss of $32.94 million for the
year ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had
$225.72 million in total assets, $24.74 million in total
liabilities, and $200.98 million in total stockholders' equity.


BOY SCOUTS: Buckfire 2nd Update on Unsecured Claimants
------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Buckfire & Buckfire P.C. submitted a second amended
and supplemental verified statement to disclose an updated list of
unsecured claimants that they are representing in the Chapter 11
cases of Boy Scouts of America and Delaware BSA, LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

Claim No: 42963
          42941
          42937
          42956
          42955
          42957
          42939
          42952
          42953
          42961
          42962
          44276

The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.

Counsel to Claimants can be reached at:

             BUCKFIRE & BUCKFIRE P.C.
             Robert J. Lantzy
             29000 Inkster Road, Ste. 150
             Southfield, MI 48034
             Tel: (248)569-4646
             E-mail: robert@.buckfirelaw.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3sEmETK 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: Hall Law Represents Direct Abuse Claimant
-----------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Hall Law, P.A. submitted a verified statement to
disclose that it is representing a Client in the Chapter 11 cases
of Boy Scouts of America and Delaware BSA, LLC.

The name and contact details of the Client were redacted from
publicly available filings. The Client asserts Claim No. SA-19809.

The Client holds general unsecured claims against BSA, certain non
debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Client was a Scout with the
BSA and the applicable Local Councils and Chartered Organizations.

Hall Law, P.A., does not represent the interests of, and is not
fiduciary for, any sexual abuse claimant, other creditor, party in
interest, or other entity with a claim against the Debtors that has
not signed a retainer agreement with Hall Law, P.A.

Counsel for Direct Abuse Claimant can be reached at:

          Mara Brust, Esq.
          Hall Law, P.A.
          1010 W. St. Germain St., #320
          St. Cloud, MN 56301
          Telephone: (320) 255-1000
          E-mail: Mara@hallinjurylaw.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3FbVN4O 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: Hall, Bielli Represent Abuse Claimants
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Hall & Monagle LLC and Bielli & Klauder, LLC,
submitted a verified statement to disclose that they are
representing the abuse claimants in the Chapter 11 cases of Boy
Scouts of America and Delaware BSA, LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

* Claim No: SA-68744

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-31861

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-22359

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-27452

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-31711

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-37470

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-26305

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-13777

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-18138

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-14364

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-52695

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-27909

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-37125

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-37841

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-56338

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-51499

  Claimant's Address: c/o Hall & Monagle, LLC
                      320 Osuna Rd NE, Suite G-3
                      Albuquerque, NM 87107

  Economic Interest:  Unliquidated Abuse Claim

Hall & Monagle LLC does not represent the interests of, and is not
the fiduciary for, any sexual abuse claimant, other creditor, party
in interest, or other entity that has not signed an engagement
agreement with Hall & Monagle LLC.

Counsel for Hall & Monagle, LLC Claimants can be reached at:

          BIELLI & KLAUDER, LLC
          David M. Klauder, Esq.
          1204 N. King Street
          Wilmington, DE 19801
          Tel: (302) 803-4600
          Fax: (302) 397-2557
          E-mail: dklauder@bk-legal.com

             - and -

          HALL & MONAGLE, LLC
          Brad D. Hall, Esq.
          Levi A. Monagle, Esq.
          320 Gold Av SW #1218
          Albuquerque, NM 87102
          Tel: (505) 255-6300

A copy of the Rule 2019 filing is available at
https://bit.ly/3EAcZzy 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: Morelli Law Firm Represents Unsecured Claimants
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the Morelli Law Firm, PLLC submitted a verified statement to
disclose that it is representing the unsecured claimants in the
Chapter 11 cases of Boy Scouts of America and Delaware BSA, LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

Claim No: 110994
          43148
          106052
          106054
          43159
          43161
          91871
          105921
          105944
          43078
          106049
          106053

Counsel for the Creditors can be reached at:

          MORELLI LAW FIRM, PLLC
          Danielle H. Lamberg, Esq.
          777 Third Avenue
          31st Floor
          New York, NY 10017
          Tel: 212.751.9800

A copy of the Rule 2019 filing is available at
https://bit.ly/3JmUnXy 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: Rothstein, Lane Represent Unsecured Claimants
---------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Rothstein Donatelli LLP and Lane + Linnenburger +
Lane LLP submitted a verified statement to disclose that they are
representing the unsecured claimants in the Chapter 11 cases of Boy
Scouts of America and Delaware BSA, LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

* Claim No: SA-89837

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89891

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89879

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-93695

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-90725

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-92710

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89971

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-93151 and 93911

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89967

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-92692

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89977 and 89969

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-93972

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-92011

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-98397

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-91408

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-93719 and 94182

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-94256

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89792

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-94103

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-93143

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89853

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

* Claim No: SA-89989

  Claimant's Address: c/o Rothstein Donatelli LLP
                      500 4th Street NW, Suite 400
                      Albuquerque, NM 87102

  Economic Interest:  Unliquidated Abuse Claim

Rothstein Donatelli does not represent the interests of, and is not
fiduciary for, any sexual abuse claimant, other creditor, party in
interest, or other entity that has not signed an engagement
agreement with Rothstein Donatelli. Every individual in Exhibit 1,
save for SA‐94256 and SA‐94103, has returned an executed
agreement, and SA‐94256 and SA‐94103 have repeatedly verbally
agreed to the terms and indicated they will execute. However, since
no executed agreement has been received to date, these two
individuals have been given the information necessary to contact
Omni for an individual ballot and no vote will be cast on their
behalf as members of the "Rothstein Clients" group until such
executed agreement is returned. In addition, while we have an
executed agreement with Claimant SA98397, we received his agreement
after the bar deadline and filed his claim to preserve his rights,
so we cannot vote on his behalf as it is a late claim. Finally, as
to Claimant SA93972, we have no executed fee agreement with him,
therefore we have no authority to vote on his behalf, and we
believe he may have filed his own claim pro se.

The undersigned reserves the right to amend or supplement this
Verified Statement in accordance with the requirements of
Bankruptcy Rule 2019 at any time in the future.

Counsel for Plaintiff can be reached at:

          Carolyn M. "Cammie" Nichols, Esq.
          Rothstein Donatelli LLP
          500 4th Street NW, Suite 400
          Albuquerque, NM 87102
          Tel: (505)243-1443
          E-mail: cmnichols@rothsteinlaw.com

          Caroline "KC" Manierre, Esq.
          Rothstein Donatelli LLP
          Post Office Box 8180
          Santa Fe, NM 87504-8180
          Tel: (505)988-8004
          E-mail cmanierre@rothsteinlaw.com

             - and –

          Paul Linnenburger
          Lane + Linnenburger + Lane LLP
          P.O. Box 6622
          Albuquerque, NM 87197
          Tel: (505) 226-7979
          E-mail: paul@attorneyslane.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3etQ0f9 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: Tamaki Law, et al. Update on Unsecured Claimants
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the Law Office of Joseph A. Blumel, III, Tamaki Law Offices, and
Fasy Law submitted an amended verified statement to disclose an
updated list of unsecured claimants that they are representing in
the Chapter 11 cases of Boy Scouts of America and Delaware BSA,
LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

Claim No: 57392
          59371
          59410
          59406
          59431
          59536
          59528
          59419
          59459
          59442
          59440
          59561

The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.

Counsel to Claimants can be reached at:

          CIARDI CIARDI & ASTIN
          Daniel K. Astin, Esq.
          1204 N. King Street
          Wilmington, DE 19801
          Tel: (302) 658-1100
          E-mail: dastin@ciardilaw.com

          Tamaki Law Offices
          Bryan G. Smith, Esq.
          1340 N 16th Ave., Ste C
          Yakima, WA 98902
          Tel: 509-248-8338
          Fax: 509-452-4228
          E-mail: bsmith@tamakilaw.com

          Fasy Law
          Dan Fasy, Esq.
          1752 NW Market St #1502
          Seattle, WA 98107
          Tel: 206-450-0175
          E-mail: dan@fasylaw.com

             - and -

          Law Office of Joseph A. Blumel, III
          Joseph Blumel, III, Esq.
          4407 N Division St. Ste 900
          Spokane, WA 99207
          Tel: 509-487-1651
          Fax: 509-483-5016
          E-mail: Joseph@blumellaw.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3epZW9B 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: Tort Claimants Committee Taps Mark Kolman as Consultant
-------------------------------------------------------------------
The official committee representing survivors of childhood sexual
abuse seeks approval from the U.S. Bankruptcy Court for the
District of Delaware to retain Mark Kolman, Esq., as its expert
consultant and witness in the Chapter 11 cases of Boy Scouts of
America and Delaware BSA, LLC.

Mr. Kolman, a practicing attorney in Scottsdale, Ariz., is a
consultant and expert in areas of civil litigation and insurance
coverage.

Mr. Kolman's services include:

     a. expert consulting services and expert testimony regarding
insurance coverage for sexual abuse claims filed in the Debtors'
cases;

     b. expert consulting services and expert testimony in
connection with any plan or settlement filed by the Debtors
regarding childhood sexual abuse claims and the available insurance
coverage;

     c. expert consulting services and expert testimony in the
review and evaluation of reports, analyses and valuations prepared
by the Debtors, their professionals, the Debtors' insurers, and
their  professionals;

     d. as may be requested by the tort claimants' committee,
assisting in the preparation of affidavits, declarations,
depositions, and briefing concerning issues for which Kolman is
providing expert consulting services and expert testimony;

     e. preparing for and providing both deposition and court
testimony regarding issues for which Kolman is providing expert
consulting services and expert testimony; and

     f. other consulting and advisory services.

Mr. Kolman will charge an hourly rate of $500 for his services.

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

Mr. Kolman can be reached at:

     Mark H. Kolman, Esq.
     9483 E. Ironwood Bend
     Scottsdale, AZ 85255
     Phone: 480-268-9025
     Cell: 480-268-6339
     Email: mhkolmanaz@gmail.com

                    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 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: Winer Burritt Represents Unsecured Claimants
--------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Winer, Burritt & Scott LLP submitted a verified
statement to disclose that it is representing the unsecured
claimants in the Chapter 11 cases of Boy Scouts of America and
Delaware BSA, LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

* Claim No: 107881
            107973
            107979
            107893
            107971
            107891
            107872
            107905
            107869
            107972
            107870
            107969

WBS does not represent or purport to represent any other
individuals or entities with respect to these Chapter 11 Cases.

The undersigned reserves the right to amend or supplement this
Verified Statement in accordance with the requirements of Rule 2019
with any additional information that may become available.

The Firm can be reached at:

          WINER, BURRITT & SCOTT LLP
          John D. Winer, Esq.
          Erika J. Scott, Esq.
          Kathleen Mccormac, Esq.
          1901 Harrison St., Suite 1100
          Oakland, CA 94612
          Telephone: (510)433-1000
          E-mail: erika@wmlawyers.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3HjiaWq 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.


CRESTLLOYD LLC: Seeks to Hire Real Estate Brokers, Auctioneer
-------------------------------------------------------------
Crestlloyd, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire The Beverly Hills
Estates and Compass as its real estate brokers and Concierge
Auctions, LLC as its auctioneer.

The firms will market and sell the Debtor's property located at 944
Airole Way, Los Angeles, Calif.

The firms' services include:

     a. marketing and showing the property to prospective buyers;

     b. assisting the Debtor in obtaining and providing due
diligence materials to prospective buyers;

     c. notifying prospective buyers of the intended online auction
of the property and bid procedures approved by the court governing
the auction;

     d. receiving bids from prospective buyers;

     e. conducting an online auction of the property pursuant to
the bid procedures approved by the bankruptcy court with the
ultimate sale subject to court approval;

     f. consulting with the Debtor and its professionals and
advisors; and

     g. performing other necessary services.

The firms will be paid as follows:

     a. 1 percent of sale price up to $175 million (plus 1 percent
payable to any buyer broker);

     b. 1.5 percent of sale price over $175 million and up to $200
million (plus 1 percent payable to any buyer broker); and

     c. 2.0 percent of sale price over $200 million (plus 1 percent
payable to any buyer broker).

If, without brokers' prior written consent, the property is
withdrawn from sale by a voluntary act of the Debtor during the
listing period or any extension thereof, the Debtor will pay the
brokers a fee of $875,000.

In the event of a sale at auction, the auctioneer will be paid a
buyer's premium equal to 12 percent of the purchase price for the
property.

The firms are each a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code, according to court
filings.

The firms can be reached at:

     Branden Williams
     Rayni Williams
     The Beverly Hills Estates
     8878 Sunset Blvd
     West Hollywood, CA 90069
     Tel: (310)925-9281
     Fax: (310) 388-4638
     Email: rayni@thebeverlyhillsestates.com

     -- and --

     Aaron Kirman
     Compass
     9378 Wilshire Blvd., Suite 200
     Beverly Hills, CA 90212
     Mobile: 310-994-9512
     Office: 424-249-7162
     Email: aaron.kirman@compass.com

     -- and --

     Chad Roffers
     Concierge Auctions, LLC
     405 Lexington Avenue, 26th Floor
     New York City, NY 10174
     Tel: 917-719-8430
     Email: chad.roffers@conciergeauctions.com

                       About Crestlloyd LLC

Crestlloyd, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-18205) on Oct.
26, 2021, listing as much as $500 million in both assets and
liabilities.

Judge Deborah J. Saltzman presides over the case.

David B Golubchik, Esq. at Levene, Neale, Bender, Yoo & Golubchik
L.L.P. represents the Debtor as legal counsel.


DUTCHINTS DEVELOPMENT: Committee Taps Shulman as Bankruptcy Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Dutchints
Development, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of California to retain Shulman Bastian
Friedman & Bui, LLP as its legal counsel.

The firm's services include:

     a. advising the committee with respect to its rights, powers,
duties and obligations in the Debtor's Chapter 11 case;

     b. preparing legal papers and conducting examinations
incidental to the administration of the case;

     c. advising and representing the committee in its connection
with all applications, motions or complaints filed during the
course of the administration of the case;

     d. developing the relationship of the committee with the
Debtor in this bankruptcy proceeding;

     e. advising and assisting the committee in the presentation of
a Chapter 11 plan of reorganization by the Debtor or other entity
and concerning all matters relating thereto.

     f. assisting the committee in providing access to information
to all unsecured creditors, soliciting and receiving comments from
unsecured creditors, and disclosing any information to unsecured
creditors as required by the court in compliance with Bankruptcy
Code Section 1102; and

     g. performing other legal services incident and necessary for
the smooth administration of the bankruptcy case.

The Firm has received no retainer for the services to be performed
in this case.

There is no oral or written employment agreement except an
agreement that the firm will accept as compensation such sum as the
court may deem reasonable, and the only source of payment will be
from property of the estate as authorized by the court.

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

The firm can be reached through:

     Leonard M. Shulman, Esq.
     Shulman Bastian Friedman & Bui, LLP
     100 Spectrum Center Drive, Suite 600
     Irvine, CCA 92618
     Telephone: (949) 340-3400
     Facsimile: (949) 340-3000
     Email: lshulman@shulmanbastian.com

                  About Dutchints Development LLC

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

Judge Elaine M. Hammond presides over the case.

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

The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Nov. 22, 2021. The committee is represented
by Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui,
LLP.


ELWOOD ENERGY: S&P Affirms 'BB' Rating on Sr. Secured Debt Rating
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' rating on Elwood Energy LLC's
(Elwood or the project) senior secured debt. The recovery rating
remains '1', indicating its expectation for very high (90%-100%;
rounded estimate: 95%) recovery in the event of a payment default.

Elwood is a 1,576-megawatt (MW) power plant about 50 miles
southwest of Chicago. It operates as a peaking facility and is
deployed mainly during the summer months. The project is fully
merchant and has nine simple-cycle 7FA combustion turbines sourced
from General Electric Co. Each turbine earns revenue by selling
production capacity and electricity into PJM Interconnection LLC's
(PJM) ComEd power market.

The affirmation of the 'BB' rating reflects the seasonal decline in
Elwood's DSRA, which S&P views as neutral to the project's credit
profile because it does not affect its debt servicing ability and
liquidity.

Elwood's capital structure includes a $20 million credit facility
and $85 million outstanding senior notes that will be fully
amortized by their maturity date in 2026. Elwood has a six-month
DSRA funded with a letter of credit (LOC) with Sumitomo Mitsui Bank
Corp., which supports its liquidity and serves as a credit
enhancement tool. The project benefits from its sculpted debt
repayment profile, which results in amortization payments that are
not uniform between the two semiannual periods. As such, Elwood
releases its debt service reserve on Jan. 5 and refunds it on July
5 every year, resulting in the available LOC declining to about $4
million from about $29 million. S&P said, "Although the dollar
amount of available liquidity sources falls from January to June,
we believe it is still adequate because the DSRA's six-month
required amount continues to be funded. We expect that in July 2022
the project will increase its DSRA balance to $22 million from
$3.87 million."

Elwood's operating performance improved in the third quarter of
2021 compared with the previous year, with operating income
increasing by 15% to $51 million year to date and cash flow from
operations growing by 11% to $59 million year to date, largely
driven by higher energy prices. This level of cash earnings
provides meaningful coverage for the project's debt service of $29
million in 2021. However, we continue to expect a minimum debt
service coverage ratio (DSCR) in the range of 1.1x–1.2x in 2022
and 2023, resulting primarily from a decline in the capacity price
in the PJM ComEd zone to $69 per MW day (/MW day) for 2022/2023
from $196/MW day in 2021/2022.

Positively, the project's outstanding debt is not subject to any
financial covenants, which means that a potential further
deterioration in capacity prices and credit metrics would not
result in a technical default. S&P anticipates that the project
will achieve stronger coverage ratios after 2023 as PJM capacity
prices improve and debt service declines to about $12 million in
2024 from about $28 million in 2021.

S&P said, "The stable outlook reflects our expectation that Elwood
will continue to service its debt due in 2026 given its fully
amortizing debt profile while maintaining a sufficient debt service
reserve balance and adequate liquidity. Our forecast minimum DSCRs
of 1.1x-1.2x in 2022 and 2023 are driven by the historically low
cleared capacity prices in the PJM ComEd service zone.

"We could take a negative rating action if capacity prices cleared
lower than our forecast of $125/ megawatt hour (MWh) for 2023/2024
and the following years, which would depress Elwood's debt
servicing ability. This could occur if demand growth in ComEd
slowed or if there were an influx of additional generating
capacity. We could also lower the rating if peak energy prices
declined or if the plant failed to produce electricity when
dispatched by PJM, incurring penalties.

"We could take a positive rating action if we expected the minimum
DSCR to exceed 1.6x, which could happen if PJM ComEd capacity
prices cleared at substantially higher levels than the 2022/2023
auction."



FAIR ISAAC: Moody's Affirms Ba2 CFR; Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed Fair Isaac Corporation's
("FICO") credit ratings. The corporate family rating ("CFR") was
affirmed at Ba2, the probability of default rating ("PDR") was
affirmed at Ba2-PD and the existing senior unsecured notes were
affirmed at Ba2. Moody's assigned a Ba2 rating to FICO's proposed
add-on 4.0% senior unsecured notes due 2028. The speculative grade
liquidity rating is SGL-1. The outlook is stable.

The net proceeds of the proposed unsecured notes will be used to
repay loans outstanding under FICO's senior unsecured revolving
credit facility expiring 2026 (unrated).

RATINGS RATIONALE

"By replacing easily-repaid revolving loans with non-callable
notes, FICO raises its potential leverage while enhancing liquidity
by creating revolver capacity, so the transaction is a credit
negative but liquidity positive development," said Edmond DeForest,
Moody's Senior Vice President.

The Ba2 CFR is supported by FICO's highly visible position as the
long-standing, preeminent provider of consumer-credit-scoring-based
decision management software and services to banks and credit card
companies. The company estimates its FICO Scores(R) are used in
more than 90% of U.S. consumer lending credit decisions. However,
FICO has a modest, approximately $1.3 billion revenue scale, narrow
product focus and concentrated customer base. FICO has historically
maintained debt to EBITDA leverage between 3.0 and 4.0 times, often
funding share repurchases with incremental borrowings. Moody's
expects debt to EBITDA around 3.6 times as of September 30, 2021,
pro forma for the $300 million senior unsecured term loan due 2026
(unrated) the company issued in October and the proposed senior
unsecured notes, to decline toward 3.0 times over the next 12 to 18
months. Moody's expects FICO's organic revenue growth rate to
moderate from low double digits over the last two years to a
low-to-mid single-digits range in 2022, and anticipates mid-30s
percent EBITDA margins to remain steady.

All financial metrics cited reflect Moody's standard adjustments.

Changes in laws and regulations in the U.S. and abroad could affect
FICO's ability to compete. Among the major legislations that impact
FICO are: U.S. Fair Credit Reporting Act; HIPAA; cybersecurity
regulations; Electronic Funds Transfers Act; and Europe's General
Data Protection Regulation ("GDPR"). The Federal Housing Finance
Authority ("FHFA") at present is considering legislation (supported
by Vantage Score) that would suggest that a second credit scoring
provider be used in evaluating Federally-backed conforming mortgage
applications. Moody's believes that there are valid economic
reasons for retaining a single credit scoring source and estimates
that the Federal mortgage programs represents only 1 to 2% of
FICO's revenues.

Moody's anticipates FICO will remain an opportunistic acquirer of
its own shares. The company may use incremental debt proceeds,
including from the revolver, to finance share repurchases or
acquisitions in excess of its internally generated free cash flow.
Moody's considers FICO's financial strategies aggressive, although
consistent and transparent.

Moody's considers FICO's liquidity profile as very good, as
reflected in the SGL-1 speculative grade liquidity rating. Moody's
anticipates steady, high cash balances that have historically
averaged above $100 million for the past several quarters to remain
at least around that level, free cash flow of over $300 million and
over $500 million available under FICO's $600 million unsecured
revolving credit facility maturing in August 2026. Moody's expects
FICO to be well within compliance of two financial covenants
applicable to the revolver and the $300 million senior unsecured
term loan due 2026 (unrated). Moody's expects FICO will maintain
compliance with its 3.5 times maximum total leverage and 3.00 times
minimum interest coverage covenants over the next 12 to 15 months.

The Ba2 ratings assigned to the senior unsecured notes incorporate
FICO's probability of default, reflected in the Ba2-PD PDR, and a
loss given default assessment of LGD4. The company's debt capital
structure features a single class of unsecured debt, so the
instruments are rated Ba2, in line with the company's Ba2 CFR.

The stable rating outlook reflects Moody's expectation that FICO
will generate low-to-mid-single-digit percentage range organic
revenue growth, EBITDA margins in the mid 30%s and strong free cash
flow. The stable rating outlook also anticipates FICO may use
incremental debt proceeds to finance share repurchases or
acquisitions in excess of its free cash flow.

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

The ratings could be upgraded if Moody's expects growth in and
greater diversity of revenues and profits, continued strong free
cash flow, debt to EBITDA will be maintained below 3 times and
balanced financial strategies.

The ratings could be downgraded if Moody's anticipates revenue
growth trends to reverse, reflective, perhaps, of the loss of a
significant customer or the success of a competing credit scoring
service, a regulatory-driven change discourages the use of FICO's
scores, debt to EBITDA will remain above 4 times, liquidity
deteriorates, or FICO adopts aggressive financial strategies
featuring large-scale, debt-financed shareholder returns or
acquisitions.

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

The following ratings/assessments are affected by the action:

Issuer: Fair Isaac Corporation

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

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

Senior Unsecured Notes, Assigned Ba2 (LGD4)

Outlook, Remains Stable

FICO provides analytic, software, and decision management products
and services that enable businesses, primarily through its FICO(R)
Score credit scoring model, to segregate, price, and manage risk.
Moody's expects fiscal 2022 (ends September) revenue of over $1.3
billion.


FRANKLIN ENERGY: Moody's Lowers CFR to Caa1; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service downgraded KAMC Holdings, Inc.'s
("Franklin Energy") ratings, including its corporate family rating
("CFR") to Caa1 from B3 and its probability of default rating
("PDR") to Caa1-PD from B3-PD. At the same time, Moody's downgraded
the instrument ratings on Franklin Energy's senior secured first
and second lien credit facilities to B3 from B2 and to Caa3 from
Caa2, respectively. The outlook was revised to stable from
negative.

The downgrade of the CFR largely reflects Franklin Energy's
sustained reduced profitability levels and very high leverage
following the onset of the COVID-19 pandemic, as well as Moody's
expectation that credit metrics will gradually improve in 2022 but
nonetheless remain weak. The change in outlook to stable reflects
Moody's expectation that the company's currently weak liquidity
profile will improve in 2022 from positive free cash flow.

Social risk was a key consideration for today's action given the
company's ongoing exposure to business interruption from the
coronavirus pandemic. Governance risks arising from aggressive
financial strategies expected due to its private equity sponsor
owners was also a key rating driver.

Downgrades:

Issuer: KAMC Holdings, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Gtd Senior Secured First Lien Bank Credit Facility, Downgraded to

B3 from B2

Gtd Senior Secured Second Lien Bank Credit Facility, Downgraded
to Caa3 from Caa2

Outlook Actions:

Issuer: KAMC Holdings, Inc.

Outlook, Changed to Stable from Negative

RATINGS RATIONALE

Franklin Energy's Caa1 CFR broadly reflects its very high financial
leverage of 13x (Moody's adjusted debt to EBITDA) for the
twelve-month period ended September 30, 2021. Although some
deleveraging is anticipated, Moody's believes debt leverage will
remain very high at over 10x until the end of 2022. The company has
experienced reduced profitability and revenue since the onset of
the COVID-19 pandemic from high cancellation rate challenges and a
slowdown in product sales. Moody's also expects that residential
consumer demand will remain susceptible to COVID-19 concerns in the
near term that will continue to pressure revenue and earnings
growth. Franklin Energy is working to adjust its operating model to
execute programs under these pandemic-related constraints including
facility consolidation, cost rationalization, and offering virtual
audits. However, it will take time for these changes to take affect
and it is not certain that they will be sufficient for the company
to be able to fully restore its profitability to pre-pandemic
levels. Additionally, while demand for the company's energy
efficiency products is expected to improve in 2022, supply chain
challenges have led to delivery complications and the company has
carried higher than normal inventory to mitigate delivery
challenges, complicating its liquidity profile. The company also
has a small revenue base at less than $300 million with modest
customer concentration, narrow product and service line diversity,
and operates in a highly competitive and fragmented industry.
Positively, the rating is supported by Moody's expectation for
broad, recurring demand for energy efficiency programs. Franklin
Energy is a significant player in a niche industry and serves well
established utilities as its clients with highly recurring revenue
and customer retention rates. The company also benefits from a lack
of near-term debt maturities with the earliest being the first lien
revolving credit facility due August 2024.

All financial metrics cited reflect Moody's standard adjustments.

ESG considerations incorporated in the Caa1 CFR include the ongoing
coronavirus outbreak that is regarded as a social risk under
Moody's ESG framework. Additionally, governance risk is
incorporated into the rating from Moody's expectation for
aggressive financial strategies typically employed by private
equity sponsor owners, including debt-funded acquisitions and
shareholder returns.

The company's liquidity profile is considered weak. Moody's
anticipates low cash balances in the $10 million range, which
includes $11.6 million of usage on the company's $35 million
revolving credit facility as of 30 September 2021. Moody's expects
the company will need to invest in working capital in 4Q21 given
seasonality requirements of the business and to build inventory for
2022 to avoid supply chain disruptions out of China. As a result,
Moody's also expects total available liquidity will decline
modestly by year end before improving next year as cost savings
measures gain traction and positive free cash flow builds cash
reserves. Nonetheless, total liquidity availability will remain low
in the $25 million to $30 million range for the next few quarters.
Free cash flow is expected to be used to repay revolving borrowings
and the $3.25 million of annual mandatory debt amortization. The
company's first lien net leverage covenant is tested at 7.3x when
revolver drawing exceeds 35% of the total commitment and Moody's
expects that while the covenant is not likely to be tested, it
should have sufficient coverage during the next 12 to 18 months.

The stable outlook reflects Moody's expectations that the company
will improve its credit metrics moderately over the next 12 months,
improve liquidity from currently weak levels, and remain in
compliance with its springing financial covenant if tested.

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

Ratings could be upgraded should the company demonstrate sustained
revenue and earnings growth with debt-to-EBITDA sustained below 7x
and an improved liquidity profile including reduced reliance on its
revolving credit facility and an expectation of positive free cash
flow.

The ratings could be downgraded if liquidity deteriorates such that
the company is unable to generate positive free cash flow or if its
first lien net leverage covenant is expected to be breached.
Ratings would also be pressured if leverage remains at currently
very high levels, increasing the likelihood of a default or
distressed exchange of any portion of its debt.

Franklin Energy is a provider of outsourced energy efficiency
products, services, and software to utilities throughout the US.
The company is privately held by affiliates of private equity
sponsor ABRY Partners LLC. Management reported revenue of $267
million for the twelve months ended September 30, 2021.


GENERAL PURCHASER: S&P Downgrades ICR to 'B-', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on PM General
Purchaser LLC (d/b/a AM General) to 'B-' from 'B'. The outlook is
stable. At the same time, S&P lowered its rating on the company's
$600 million senior secured notes to 'B-' from 'B'. The '4'
recovery rating is unchanged.

S&P said, "The downgrade reflects our expectation that debt to
EBITDA will remain above 7x through 2022.COVID-19 continues to have
an impact on AM General's revenues as new vehicle orders,
aftermarket work, and training funding have all experienced delays.
New Humvee orders and maintenance work are not an urgent priority,
so a significant portion of the company's revenue has been pushed
to an unknown time in the future. Recent supply chain issues have
added to the problem by slowing vehicle deliveries while waiting
for parts, and these problems could persist well into 2022. While
the next defense budget is likely to be somewhat favorable, it
could take multiple years for AM General to return to pre-pandemic
earnings."

It is unlikely that weak earnings will result in a near-term
liquidity issue. With the revolver maturing in 2025 and senior
secured notes maturing in 2028, AM General's only near-term debt
payment requirements are annual senior notes interest payments.
With an existing cash balance near $50 million and modest cash
inflows over the next 12 months, the company is unlikely to
experience a liquidity crisis despite continued earnings weakness.

There is long-term growth potential with new product launches and
potential new contract wins.The company is releasing its first new
vehicle in several years, with sales likely beginning at some point
in 2023. Other new vehicles such as hybrid electric Humvees are
also a future possibility. AM General is competing for the new JLTV
contract with the U.S. Army, with Oshkosh Defense as the incumbent.
The 10-year contract is expected to be awarded in September 2022
and could provide significant new revenue for AM General if its bid
is successful.

S&P said, "The stable outlook reflects our expectation that
leverage will remain between 7x-8x through 2022 as new vehicle
sales and aftermarket work recovery more slowly that previously
forecast. We expect S&P adjusted debt to EBITDA to be 7.5x-8x in
2021 and 7x-7.5x in 2022 while free cash flow remains near
breakeven in the near term.

"We could lower our ratings on AM General if debt to EBITDA rises
to a point that we believe the capital structure is unsustainable,
or free cash flow is materially negative and we don't expect it to
improve, constraining liquidity." This could occur if:

-- Demand from the DoD remains lower than expected for longer than
expected;

-- Supply chain issues persist for longer than expected resulting
in delayed sales; or

-- The company experiences operating inefficiencies causing delays
or cost overruns, resulting in significant cash outflows.

S&P could raise its ratings on AM General if the company's EBITDA
improves such that S&P expects debt to EBITDA to remain well below
7x and free cash flow is solidly positive. This could occur if:

-- New vehicle sales and aftermarket revenue improves more rapidly
than expected;

-- The company manages costs such that EBITDA margins improve on
higher revenues; and

-- AM General wins the new JLTV contract securing a visible new
revenue stream.



GMP BORROWER: Moody's Assigns Caa1 CFR; Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned new ratings to GMP Borrower LLC
(GMP), including a Caa1 Corporate Family Rating (CFR), Caa1-PD
Probability of Default Rating (PDR) and Caa1 rating on its senior
secured term loan. At the same time, the ratings of Glass Mountain
Pipeline Holdings, LLC were withdrawn. The rating outlook is
stable. The rated term loan was used in conjunction with the
restructuring of Glass Mountain Pipeline Holdings LLC's debt.

"We expect GMP Borrower LLC's debt will be adequately serviced by
the cash flow from Glass Mountain Pipeline Holdings LLC," stated
James Wilkins, Moody's Vice President.

The following summarizes the ratings activity.

Assignments:

Issuer: GMP Borrower LLC

Corporate Family Rating, Assigned Caa1

Probability of Default Rating, Assigned Caa1-PD

Senior Secured Term Loan, Assigned Caa1 (LGD3)

Withdrawals:

Issuer: Glass Mountain Pipeline Holdings, LLC

Corporate Family Rating, Withdrawn, previously rated Ca

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

Outlook Actions:

Issuer: GMP Borrower LLC

Outlook, Assigned Stable

Issuer: Glass Mountain Pipeline Holdings, LLC

Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

GMP's Caa1 Corporate Family Rating (CFR) reflects the company's
modest scale, focused asset profile, concentrated customer base
with a few large customers and limited visibility of recovery in
volumes shipped. The pipeline suffered from a large drop in volumes
in 2020 with the onset of the COVID-19 pandemic as E&Ps severely
cut development drilling. However, the rig count in the area
serviced by GMP has doubled over the course of the first nine
months 2021. Growth in future cash flow generation is subject to
considerable uncertainty and will be a function of oil and gas
prices, and E&Ps ongoing development efforts.

The company benefits from good credit metrics and relatively
moderate leverage for the rating (excluding the earnings and debt
of two of its subsidiaries) following the restructuring consummated
in October that left it with a $69.2 million term loan and project
finance debt at two of its subsidiaries. Moody's expects GMP's
leverage (debt to EBITDA) will be less than 5x at year-end 2022
(calculated including Moody's analytical adjustments, but excluding
the project finance debt and EBITDA at the two levered
subsidiaries). The company has acreage dedications agreements with
certain customers such as Devon Energy that operate in the STACK,
but that is still subject to actual volumes produced. The company's
fee-based revenue leaves it with little direct commodity price risk
and modest working capital requirements. GMP's sponsor has been
supportive of GMP, providing equity funding for its expansion
projects.

GMP has expanded its asset base with extensions to the Glass
Mountain Pipeline to service two refineries west of Cushing,
providing greater cash flow and a larger asset base. The two
pipeline extensions (the first entered service in 2021 and the
second which will enter service in 2022) are owned by two separate
subsidiaries - Navigator PH Crossing LLC and Navigator Borger
Express LLC. The pipeline extension projects were partially
financed with project finance debt with significant debt
amortization requirements and benefit from fee-based, long-term
contracts with minimum volume commitments (MVCs) that provide
stable cash inflows. However, Moody's believes that little of the
cash flow generated by the two entities will be available to be
distributed to GMP to service the secured term loan at GMP.

GMP's term loan is rated Caa1, the same level of the CFR,
reflecting the fact that the rated term loan at GMP accounts for
all the debt at that entity and its guaranteed subsidiaries. The
consolidated capital structure includes the $69.2 million term loan
at GMP as well as project finance debt at two of GMP's subsidiaries
that own a substantial portion of its pipeline network that is
structurally advantaged with respect to the cash flow generated at
the entities with project finance debt. That project finance debt
is non-recourse to GMP.

GMP has adequate liquidity supported by existing cash balances and
cash flow from operations. The company does not have a revolving
credit facility and it is not subject to any financial covenants
under the credit agreement that provides for the term loan. The
company's term loan matures in 2027 and has one percent per year
debt amortization requirements. The project finance term loans have
material debt amortization requirements and restrictions on
distributions such that Moody's does not expect GMP to receive
significant distributions from the two levered subsidiaries.

The stable outlook reflects Moody's expectation that its customers
drilling activity in the areas serviced by Glass Mountain Pipeline
will support steady or growing volumes for transportation on the
pipeline.

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

GMP's ratings could be upgraded if industry conditions improve such
that E&P shippers on Glass Mountain Pipeline are maintaining or
growing transported volumes, subsidiary Glass Mountain Pipeline
Holdings LLC generates over $30 million of EBITDA and leverage
remains below 5x (calculated excluding the EBITDA / loans at two
levered subsidiaries). The ratings could be downgraded if its
transportation volumes decline, interest coverage declines below
1.5x or liquidity worsens.

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

GMP Borrower LLC is the owner of a pipeline system (Glass Mountain
Pipeline) transporting crude oil from the Mississippi Lime, Granite
Wash and STACK oilfields to Cushing, OK, where it has storage
capacity and interconnects to major pipeline systems, as well as to
other destinations. A fund managed by BlackRock, Inc. is GMP
Borrower LLC sponsor and majority owner.


GMP BORROWER: S&P Assigns 'B-' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to GMP
Borrower LLC, a newly established holding company of Glass Mountain
Pipeline and Navigator Panhandle. The outlook is stable.

S&P said, "At the same time, we assigned our 'B-' issue-level
rating and '3' recovery rating to the company's new first-lien term
loan. The '3' recovery rating indicates our expectation of
meaningful (50%-70%; rounded estimate: 60%) recovery in the event
of a payment default."

GMP Borrower is relatively small by its asset base and EBITDA.

GMP's asset base includes Glass Mountain Pipeline, a 280-mile,
210,000-barrel per day (bbl/d) crude transportation system, Borger
Express pipeline (195-mile, 90,000 bbl/d crude pipeline), and
Navigator PH Crossings pipeline (40,000 bbl/d crude pipeline). The
company transports domestic crude from Cushing, Okla. and benefits
from its connectivity to the regional refineries in Texas. However,
with expected EBITDA of less than $50 million during the next three
years, GMP Borrower is relatively small compared with other
midstream players in the region. In addition, the company has
limited geographic diversity since its assets and operations are
concentrated in two oil producing regions, SCOOP and STACK.

GMP Borrower benefits from its long-term anchor contracts.

The company's contract portfolio as measured by revenue consists of
approximately 80% fixed-fee acreage dedication contracts with
lower-investment grade shippers such as Coterra Energy, Devon
Energy, Valero, and Magellan. S&P expects that contracts with
minimum volume commitments will account for about 20% of its
portfolio once additional contracts with Phillips 66 and Valero are
in service beginning in July 2022. Positively, the average
remaining life of GMP Borrower's outstanding contracts is eight to
10 years, which provides for additional volumes stability.

S&P expects elevated leverage metrics in the medium term.

S&P said, "Our expected adjusted EBITDA of $30 million-$40 million
during the next two years reflects GMP Borrower's current
throughput volumes of 108 million barrels per day, which we expect
to increase by a high double-digit growth rate in 2022 once Borger
Express becomes operational. Our adjusted debt of $280 million in
2022 incorporates two project finance loans: a $53 million term
loan issued in June 2021 by Navigator PH Crossings and a $149
million construction term loan issued by Navigator Borger Express,
which will be fully funded in September 2022. Both project finance
term loans benefit from a sculpted amortization profile that,
coupled with EBITDA growth, should allow the company to reduce
leverage from 9x in 2022 to about 6x in 2023.

"The stable outlook reflects our expectation that GMP Borrower will
have adjusted debt to EBITDA of about 9x in 2022 while maintaining
adequate liquidity supported by minimal capital expenditures. We
expect that the company will generate additional volumes and EBITDA
when its Borger Express pipeline become fully operational later
next year, which we anticipate resulting in leverage reduction to
about 6x by 2023.

"We could take a negative rating action if we viewed GMP Borrower's
capital structure as unsustainable or if its liquidity deteriorated
such that either of its subsidiaries breached its financial
covenant.

"We do not expect to take a positive rating action on GMP Borrower
during the next 12 months given the relatively small size of its
operations and our forecast adjusted debt to EBITDA of above 5.5x
during the next three years. However, we could consider a positive
rating action if leverage trended toward 5x due to
higher-than-expected EBITDA, or early debt repayment, and the
company increased its scale of operations."

-- Environmental, Social, And Governance

E-3, S-2, G-3

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of GMP Borrower LLC,
the holding company of Glass Mountain Pipeline and Navigator
Panhandle HoldCo LLC. Like other midstream peers, GMP may face
longer-term volume risks related to reduced drilling activity or
demand due to the transition to renewable energy sources. Another
risk factor relates to a potential crude oil leakage in its system.
Governance factors are also a moderately negative consideration in
our assessment, as we continue to monitor the GMP Borrower's
ability to execute its strategy and its ability to achieve
operational and financial goals as the company emerged from the
debt restructuring."



HOBO PROPERTIES: Gets Interim OK to Hire Steffes Firm as Counsel
----------------------------------------------------------------
Hobo Properties, LLC received interim approval from the U.S.
Bankruptcy Court for the Middle District of Louisiana to hire The
Steffes Firm, LLC to serve as legal counsel in its Chapter 11
case.

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

     William E. Steffes        $375 per hour
     Noel Steffes Melancon     $300 per hour
     Barbara B. Parsons        $300 per hour
     Paralegals                $90 per hour
     Law Clerks                $90 per hour

     Of Counsel:

     Arthur A. Vingiello       $350 per hour
     Gary K. McKenzie          $350 per hour
     Barry W. Miller           $350 per hour

The firm received a retainer in the amount of $13,270.

As disclosed in the court filings, The Steffes Firm does not hold
interests adverse to the Debtor's estate and is a disinterested
person, qualified to represent the Debtor under Section 327(a) of
the Bankruptcy Code.

The firm can be reached through:

     Arthur A. Vingiello, Esq.
     The Steffes Firm, LLC
     13702 Coursey Blvd., Building 3
     Baton Rouge, LA 70817
     Tel: 225-751-1751
     Email: avingiello@steffeslaw.com

                     About Hobo Properties LLC

Hobo Properties, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The company is based in
Baton Rouge, La.

Hobo Properties filed its voluntary petition for Chapter 11
protection (Bankr. M.D. La. Case no. 21-10586) on Dec. 14, 2021,
listing up to $1 million in assets and up to $10 million in
liabilities.  Kathleen Hoffpauir, manager of Hobo Properties,
signed the petition.  

Arthur A. Vingiello, Esq., at The Steffes Firm, LLC represents the
Debtor as legal counsel.


HOUSING NORTHWEST: S&P Affirms 'BB-' Rating on 2016A Bonds
----------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB-' rating on Oregon Facilities Authority's series
2016A bonds, issued for Housing Northwest Inc.'s (HNW) Clifton
House project, also known as The Amy.

"The outlook revision to stable and affirmation reflect our view
that the project has been able to meet its 1.2x debt service
coverage requirement with support from its parent organization,
HNW," said S&P GLobal Ratings credit analyst Philip Pena. "The
revision to stable also reflects our expectation of balance sheet
growth, including a lower total level of debt for fiscal 2022 for
HNW."

S&P said, "While we anticipate some support from HNW during fiscal
2022, we believe the project will be able to meet or exceed its
debt service coverage requirement without support from HNW starting
in fiscal 2023.

"We could consider a negative rating action if support from HNW
suddenly declines such that the project is unable to meet its 1.2x
coverage requirement, or the project sees material decreases in
occupancy that fundamentally cause lower coverage. We could also
consider a negative rating action if the project's debt service
reserve is used to meet coverage requirements. A weakening of HNW's
credit strength might also pressure the project, given the
moderately strategic status of the project relative to HNW.

"We could consider a positive rating action if occupancy
strengthens further so that the project can meet its coverage
requirement without HNW's limited guarantee or other outside
support. We would also see improved consistent and growing coverage
beyond 1.2x and without HNW support as a positive credit factor."

The Amy (Clifton House) project has approximately $18.1 million in
debt outstanding with a final maturity of Oct. 1, 2048.



J.H. EXCAVATION: Taps Steidl and Steinberg as Legal Counsel
-----------------------------------------------------------
J.H. Excavation, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire Steidl and
Steinberg, P.C. to serve as legal counsel in its Chapter 11 case.

Christopher Frye, Esq., is the firm's principal attorney designated
to provide the services.  He will be paid at his hourly rate of
$300 and reimbursed for work-related expenses.

Steidl and Steinberg received from the Debtor a retainer fee of
$4,379 and filing fee of $1,738.

Mr. Frye disclosed in a court filing that he and his firm are
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.

Steidl and Steinberg can be reached at:

     Christopher M. Frye, Esq.
     Steidl and Steinberg, P.C.
     2830 Gulf Tower
     707 Grant Street
     Pittsburgh, PA 15219
     Phone: 412-391-8000
     Email: chris.frye@steidl-steinberg.com

                       About J.H. Excavation

J.H. Excavation, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 21-22576) on Dec. 3,
2021, listing up to $500,000 in assets and up to $50,000 in
liabilities.  Christopher M. Frye, Esq., at Steidl and Steinberg,
P.C. is the Debtor's legal counsel.


KRONOS ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR
----------------------------------------------------------------
On Dec. 21, 2021, S&P Global Ratings revised the outlook on
Concord, Ont.-based Kronos Acquisition Holdings Inc. to negative
from stable. At the same time, S&P Global Ratings affirmed all of
its ratings on the company, including its 'B-' issuer credit rating
on Kronos.

S&P said, "We also assigned our 'B-' issue-level rating and '4'
recovery rating to the company's proposed senior secured US$170
million term loan facility, which ranks pari passu with the
existing term loan B.

"The negative outlook reflects the likelihood that we could
downgrade Kronos in the next 12 months should inflationary
headwinds, supply chain disruptions, or delays in bringing the Lake
Charles facility online lead to weakening liquidity or an
unsustainable capital structure.

"Subdued EBITDA generation will lead to increased leverage measures
through 2022. Pro forma the transaction, we expect Kronos will exit
2021 at about 7.5x leverage. For 2021, S&P Global Ratings' adjusted
EBITDA calculations includes US$68 million of insurance proceeds
for business interruption the company has received year to date but
does not include the Lake Charles add backs. For 2022, we expect
significantly lower business interruption insurance proceeds and
delayed price increase realizations (and no Lake Charles add backs)
leading to lower EBITDA in fiscal 2022 EBITDA. As a result, with
the increased debt from the new term loan B issuance, we now
forecast leverage measures at 8.0x-8.5x in fiscal 2022, above our
initial expectation of 6.5x-7.0x. At the same time, we forecast the
company's fiscal 2022 EBITDA interest-coverage ratio will be about
2.0x compared with 2.2x on a last 12 months (LTM) basis (to Sept.
30, 2021), down from our initial expectation of 2.6x. Should Kronos
face delays in recuperating price increases from customers or there
is a delay in the reopening of the Lake Charles facility, it could
further reduce EBITDA and lead to weaker-than-forecast credit
measures."

Cost inflation and delayed realization of price increases continue
to pressure EBITDA. For the LTM ended Sept. 30, 2021, the adjusted
EBITDA was US$270 million (including insurance proceeds for
business interruptions) compared with about US$300 million in
fiscal 2020. The declining EBITDA primarily reflects margin
deterioration resulting from continued high inflation in raw
materials and other costs that are outpacing the company's ability
to increase prices. Global supply chain constraints in sourcing raw
materials, including Trichlor (TCCA), a key raw material in the
pool segment, will significantly increase Kronos' operating costs
through fiscal 2022. In response to these increased costs, the
company had taken multiple pricing actions beginning in 2021 to
offset the cost increases. However, Kronos did not realize these
price increases until the start of third-quarter 2021, which
continues to affect EBITDA. As a result, at LTM (ended Sept. 30,
2021), S&P Global Ratings' adjusted EBITDA margins declined by
about 100 basis points. Although customers' acceptance rate for
price increases is above 95%, S&P still expects Kronos will face
timing delays in recouping cost increases through 2022 and possibly
into 2023. In addition, until the Lake Charles facility is
operational, Kronos will continue to experience increasing costs in
its pool business as it purchases TCCA through third parties. Due
to global supply chain constraints, the company is paying a
significantly higher premium than our original expectations, which
are material headwinds to Kronos' EBITDA.

Free cash flow will remain stressed due to increased investments
for rebuilding the Lake Charles facility. Kronos continues with the
rebuilding and repairing of its Lake Charles facility, which will
be a vertically integrated plant that converts raw commodity
chemicals into TCCA, which is then shipped to other facilities and
converted into end products such as chlorine tablets. The revised
capex to reopen the facility (with an expected timeline of
third-quarter 2022) of about US$195 million will be covered by
insurance proceeds of US$150 million, about US$25 million from the
new debt issuance, and the remainder through internal cash flows.
For the next 12 months, S&P expects the company will spend about
US$160 million in capital investments, including the maintenance
capex requirements. Meanwhile Kronos has contracted 60%-65% of its
TCCA requirements through negotiations with suppliers, and
increased TCCA premiums remain a significant headwind for Kronos'
cash flow. With the combination of elevated capital investments and
cost headwinds, we project free operating cash flows will be
stressed and remain negative in the US$40 million-US$50 million
range for fiscal 2022, reverting to positive once the facility is
fully operational.

New debt issuance addresses the fiscal 2022 working capital
requirements and capital investments. During fiscal 2021, Kronos
experienced elevated working capital use reflecting increased
inventory (mostly pricing), larger accounts payable driven by
higher commodity costs of ethylene glycol (EG) and TCCA, longer
lead times from suppliers, and lower volume sales than anticipated
due to supply constraints. S&P said, "In fiscal 2022, the company
projects both higher volumes and pricing, which we believe will
increase working capital by another C$150 million-C$175 million
during peak season. In addition, Kronos will continue rebuilding
the Lake Charles facility. We expect the largest cash call on the
company will be through second-quarter 2022 (as working capital
peaks) through third-quarter 2022 (before the Lake Charles
restart), which the company would not be able to fund through its
operating cash flow and existing asset-based revolving credit
facility (ABL)." The new term loan provides the additional
liquidity Kronos needs to maintain operation through 2022 because
it faces significant calls on cash before generating cash flow from
its Lake Charles facility.

S&P said, "The negative outlook reflects our expectation that
inflationary headwinds and the Lake Charles investment will elevate
the debt-to-EBITDA ratio close to 8.0x-8.5x through 2022. The
negative outlook also captures the executional risks around the
rebuilding of the facility and the potential delay in price
realization through 2022. Although there are some benefits from
ongoing COVID-19 pandemic-related demand for cleaning and
sanitization, we don't deem these sufficient to offset the
headwinds Kronos faces.

"We could lower the ratings on Kronos if adjusted EBITDA interest
coverage approaches 1.5x because of poor operating performance or
debt-funded acquisitions and distributions. We believe this would
also result if the leverage measures are further increased and the
capital structure becomes unsustainable and there is a meaningful
liquidity shortfall.

"We could revise the outlook if the company's EBITDA and margins
improve sustainably resulting in a debt-to-EBITDA ratio of
6.5x-7.0x. This could result from the company's ability to
successfully pass on price increases particularly in fiscal 2022,
and the expedited reopening of the Lake Charles facility with some
control over the excess raw material costs."



LTL MANAGEMENT: U.S. Trustee Reconstitutes Talc Claimants' Panel
----------------------------------------------------------------
The U.S. Trustee for Region 3 announced the reconstitution of the
Official Committee of Talc Claimants in LTL Management, LLC's
Chapter 11 case and appointed two separate official committees.

The members of the Official Committee of Talc Claimants I are:

     1. Kellie Bewer
        Counsel: Majed Nachawati, Esq.
        Fears Nachawati Law Firm
        5473 Blair Road
        Dallas, TX 75231
        Tel: (214) 461-6170
        E-mail: MN@fnlawfirm.com

     2. Blue Cross Blue Shield of Massachusetts
        Counsel: Elizabeth Carter, Esq.
        Hill Hill Carter Franco Cole & Black, PC
        425 Perry Street
        Montgomery, AL 36104
        Tel: (334) 386-4337
        E-mail: ecarter@hillhillcarter.com

     3. Brandi Carl
        Counsel: Richard Golomb, Esq.
        Golomb Spirt Grunfeld
        1835 Market Street, Suite 2900
        Philadelphia, PA 19103
        Tel: (215) 985-9177
        E-mail: rgolomb@golomblegal.com

     4. Shirleeta Ellison
        Counsel: Daniel Lapinski, Esq.
        Motley Rice, LLC
        210 Lake Drive East, Suite 101,
        Cherry, NJ 08002
        Tel: (856) 382-4670
        E-mail: dlapinski@motleyrice.com

     5. Darlene Evans as estate representative of Eron Evans
        Counsel: James Onder, Esq.
        OnderLaw, LLC
        110 East Lockwood Avenue
        St. Louis, MO 63119
        Tel: (314) 963-9000
        E-mail: Onder@onderlaw.com

     6. April Fair
        Counsel: Mark Robinson, Jr., Esq.
        Robinson Calcagnie, Inc.
        19 Corporate Plaza Drive
        Newport Beach, CA 92660
        Tel: (949) 720-1288
        E-mail: mrobinson@robinsonfirm.com

     7. William Henry as estate representative of Debra Henry
        Counsel: Christopher Tisi, Esq.
        Levin Papantonio Rafferty
        316 S Baylen Street, Suite 600
        Pensacola, FL 32502
        Tel: (850) 435-7000
        E-mail: ctisis@levinlaw.com

     8. Alisha Landrum
        Counsel: Leigh O'Dell, Esq.
        Beasley Allen Law Firm
        P.O. Box 4160
        Montgomery, AL 36103
        Tel: (800) 898-2034
        E-mail: leigh.odell@beasleyallen.com

     9. Rebecca Love
        Counsel: Michelle Parfitt, Esq.
        Ashcraft & Gerel, LLP
        1825 K Street, NW, Suite 700
        Washington, DC 20006
        Tel: (202) 783-6400
        E-mail: mparfitt@ashcraftlaw.com

The members of the Official Committee of Talc Claimants II are:

     1. Patricia Cook
        Counsel: Perry Weitz, Esq.
        Weitz & Luxenberg, P.C.
        700 Broadway
        New York, NY 10083
        Tel: (212) 558-5500
        E-mail: Pweitz@weitz.com

     2. Randy Derouen
        Counsel: Audrey Raphael, Esq.
        Levy Konigsberg LLP
        605 Third Avenue, 33rd Fl
        New York, NY 10158
        Tel: (212) 605-6200
        E-mail: ARaphael@LevyLaw.com

     3. Kristie Doyle as estate representative of Dan Doyle
        Counsel: Steven Kazan, Esq.
        Kazan, McClain, Satterley & Greenwood PLC
        55 Harrison St., Ste. 400
        Oakland, CA 94607
        Tel: (510) 302-1000
        E-mail: SKazan@kazanlaw.com

     4. Evan Plotkin
        Counsel: Brad Smith, Esq.
        Dean Omar Branham Shirley, LLP
        302 N. Market St. Suite 300
        Dallas, TX75202
        Tel: (214) 722-5990
        E-mail: bsmith@dobslegal.com

     5. Giovanni Sosa
        Counsel: John D. Cooney, Esq.
        Cooney & Conway
        120 North LaSalle, 30th Floor
        Chicago, IL 60602
        Tel: (312) 236-6166
        E-mail: jcooney@cooneyconway.com

     6. Katherine Tollefson
        Counsel: Jackie Rochelle, Esq.
        Maune Raichle Hartley French & Mudd, LLC
        1015 Locust Street
        St. Louis, MO 63191
        Tel: (314) 241-2003
        E-mail: cmckean@mrhfmlaw.co

     7. Tonya Whetsel as estate representative of Brandon Whetsel
        Counsel: Erik Karst, Esq.
        Karst von Oiste LLP
        23923 Gosling Rd., Ste. A
        Spring, TX 77389
        Tel: (281) 970-9988

                       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.


NATURAL RESOURCE: Moody's Alters Outlook on B2 CFR to Stable
------------------------------------------------------------
Moody's Investors Service affirmed all ratings for Natural Resource
Partners L.P. ("NRP"), including the B2 Corporate Family Rating
("CFR"), and revised the rating outlook to stable from negative.

"NRP will benefit from recovery in coal demand and better pricing.
Moody's expects stronger cash flows and a faster pace of debt
reduction in 2022," said Ben Nelson, Moody's Vice President --
Senior Credit Officer and lead analyst for Natural Resource
Partners, L.P.

Affirmations:

Issuer: Natural Resource Partners L.P.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Outlook Actions:

Issuer: Natural Resource Partners L.P.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Moody's expects that the US coal industry will have a solid year in
2022, following significant weakness in connection with the global
outbreak of Coronavirus in 2020 and meaningful recovery in 2021.
Domestic and international coal pricing is expected to remain
favorable but moderate somewhat from current levels. NRP will
benefit from industry conditions with some lag to the coal industry
given the company's royalty-based business model and fixed fees in
a key customer contract that limits the benefit in 2021. NRP is
also developing an alternative revenue stream by monetizing the
carbon sequestration benefits of certain landholdings.

Based on these industry-level assumptions and its own forecast
assumptions, Moody's expects that NRP's EBITDA will recover to
about $200 million in 2022 -- similar to pre-Covid levels
experienced in 2019. Conversion of EBITDA to discretionary cash
flow is high because the company only has about $40 million of
annual cash interest and no meaningful capital spending due to the
nature of its business. NRP receives distributions from its soda
ash joint venture with Ciner Wyoming (subject to Ciner Wyoming's
control) and pays distributions to unit holders, which on a net
basis consumes a portion of the company's free cash flow. Moody's
expects credit metrics will strengthen in 2021 and 2022, including
adjusted financial leverage falling comfortably below 3.0x
(Debt/EBITDA) over the next few quarters without consideration for
discretionary debt reduction beyond current debt amortization
requirements. Moody's calculates adjusted financial leverage of
3.4x and (CFO-Dividends)/Debt of 9% for the twelve months ended 30
September 2021. The B2 CFR incorporates expectations for NRP to
maintain adjusted Debt/EBITDA below 3.5x and (CFO-Dividends)/Debt
above 10%. Moody's definition of Dividends, for purposes of
calculating (CFO-Dividends)/Debt, includes common and preferred
dividends paid in cash.

Environmental, social, and governance factors have a material
impact on NRP's credit quality. Moody's believes that investor
concerns about the coal industry's ESG profile are intensifying and
coal producers will be increasingly challenged by increasing access
to capital issues in the early 2020s. A growing portion of the
global investment community is reducing or eliminating exposure to
the coal industry with greater emphasis on moving away from thermal
coal. The aggregate impact on the credit quality of the coal
industry is that debt capital will become more expensive over this
horizon, particularly in the public bond markets and other business
requirements such as surety bonds, which together will lead to much
more focus on individual coal producers' ability to fund their
operations and articulate clearly their approach to addressing
environmental, social, and governance considerations.

The B2 CFR balances the benefits of the company's royalty-based
revenue stream and strong free cash flow conversion with
significant exposure to the coal industry. While industry
conditions have improved in 2021 compared to significant weakness
in 2020 following the global outbreak of Coronavirus, the coal
industry is experiencing ongoing secular decline in the domestic
demand for thermal coal and export markets for both thermal and
metallurgical coal have exhibited significant price volatility over
the past decade -- imparting volatility in NRP's cash flows.
Changes in coal production by lessees and changes in coal pricing
can have a significant impact on NRP's revenue, though the
company's contracts provide some level of protection against
adverse scenarios. A minority interest in Ciner Wyoming's soda ash
operations, which benefit from an attractive cost structure
compared to most global producers of soda ash, accounts for a
meaningful potion of NRP's EBITDA and helps diversify the company.
NRP does not control the joint venture's dividend policy but Ciner
Wyoming recently reinstated cash dividend payments. NRP has also
utilized land assets to generate cash through carbon sequestration
projects.

The SGL-2 reflects good liquidity to support operations over the
next 12-15 months. NRP reported $119 million of cash at 30
September 2021. Moody's also expects that the company will generate
free cash flow beyond debt amortization requirements and maintain
full access to its $100 million revolving credit facility. The
revolving credit facility contains a maximum OpCo leverage ratio
test set at 4.0x (which can step down depending on distribution
levels) and a minimum OpCo interest coverage ratio test set at
3.5x. Moody's expects that NRP will maintain a comfortable cushion
of compliance under these covenants.

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

The stable outlook assumes that the company will maintain good
liquidity and comfortably fund debt amortization requirements over
the next 12-18 months. Moody's could downgrade the rating if
adjusted financial leverage increases to meaningfully above 3.5x,
(CFO-Dividends)/Debt falls below 10%, or liquidity deteriorates
meaningfully. Conversely, Moody's could consider upgrading the
company with expectations for adjusted financial leverage sustained
below 2.0x, including a significant reduction in absolute debt, and
strong free cash flow that will enable the company to reduce debt
consistently and significantly on an annual basis. Management's
commitment to financial policies necessary to sustain these metrics
in the medium term would be an important factor in considering a
potential upgrade to the company's ratings.

Natural Resource Partners L.P. is a limited partnership formed in
April 2002 and is headquartered in Houston, Texas. NRP engages
principally in the business of owning, managing, and leasing a
diversified portfolio of mineral properties in the United States,
including interests in coal, trona, soda ash, and other natural
resources. NRP generated roughly $140 million in revenues in 2020.


NMN HOLDINGS III: Moody's Alters Outlook on B2 CFR to Neg.
----------------------------------------------------------
Moody's Investors Service revised NMN Holdings III Corp.
("Numotion") outlook from stable to negative. Moody's also affirmed
all other ratings including the B2 Corporate Family Rating, the
B2-PD Probability of Default Rating and the B1 first lien credit
facilities ratings.

The revision in the rating outlook reflects Moody's expectations
that Numotion's leverage will likely remain elevated for an
extended period. Moody's estimates Numotion's net debt to EBITDA is
currently approaching 8 times (excluding CARES grants). Numotion
continues to see strong order demand given the essential nature of
its products to its clients and Moody's believes the company is
likely gaining market share. However the company has seen some
supply chain challenges converting the orders to revenue due to
delays in obtaining critical components. Revenues have also been
pressured to some degree by churn in its employee base notably its
Assistive Technology Professionals (ATP).

The affirmation of the ratings reflects Moody's expectations that
the company will over the course of 2022 see a return to profitable
growth such that leverage will improve toward six times over this
period. The affirmation also reflects Numotion's very good
liquidity profile with approximately $27 million of cash on hand
and full access to its $50 million revolving credit facility.
Outside of its revolver, the company has no debt maturities until
2025.

The following rating actions were taken

Affirmations:

Issuer: NMN Holdings III Corp.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Gtd. Senior Secured 1st Lien Bank Credit Facility, Affirmed B1  
(LGD3)

Outlook Actions:

Issuer: NMN Holdings III Corp.

Outlook, Changed To Negative From Stable

RATING RATIONALE

Numotion's B2 CFR reflects its narrow business profile as a
provider of complex wheelchairs and related accessories to adult
and pediatric end-users with permanent ambulatory disabilities. The
rating also reflects Numotion's high financial leverage with gross
debt/EBITDA approaching 8 times as of September 30, 2021. While
underlying demand remains solid, the company has experienced supply
chain challenges, which have limited its deliveries and revenues.
The company's ratings benefit from its position as a leader in its
markets. The company has the largest network of skilled assistive
technology professionals which is a competitive advantage. Numotion
benefits from a very good liquidity profile with $27 million in
cash and full access to its $50 million revolving credit facility.
Moody's expects the company will maintain positive free cash flow,
though there may be some variability in working capital due to
supply chain challenges. The rating also reflects Moody's
expectations that financial policies will remain aggressive as the
company is owned by a private equity sponsor.

The negative outlook reflects the risks that leverage may remain
elevated if supply chain disruptions continue for an extended
period of time and/or become more challenging.

ESG factors are a consideration in Numotion's ratings. The company
has somewhat higher exposure to demographic and social risks as it
is compensated directly by Medicare and Medicaid, which represent
24% and 11%, respectively, of 2020 revenue. The company has
somewhat less pricing risk as the significant majority of the
company's products are exempt from competitive bidding requirements
for durable medical equipment. Any amendment to this treatment
would require an act of Congress, not a decision by CMS. From a
governance perspective, Numotion faces elevated risk around capital
allocation given its ownership by funds affiliated with private
equity sponsor AEA.

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

Ratings could be upgraded if the company were to maintain a leading
market share with a good organic growth profile. Financial policies
would also need to be balanced. Quantitatively ratings could be
upgraded if debt/EBITDA was sustained below 5 times.

Ratings could be downgraded if the company were to see continued
pressure on sales and operating margins as a result of supply chain
challenges. Ratings could also be downgraded if the company does
not maintain good liquidity especially while leverage remains
elevated. Quantitatively ratings could be downgraded if debt/EBITDA
was sustained above 6.25 times for an extended period.

NMN Holdings III Corp. ("Numotion") is a leading provider of
complex rehabilitation technology mobility solutions in the US.
These include complex wheelchairs and related products and
accessories to adult and pediatric end users with permanent
ambulatory disabilities. Revenue exceeds $0.6 billion. The company
is owned by affiliates of AEA Investors LP and coinvestors. The
company is privately held with limited financial data publicly
available.

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


NOBLE ACADEMY: S&P Affirms 'BB' Rating on Lease-Revenue Bonds
-------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB' rating on Hugo, Minn.'s series 2014A and 2014B
lease-revenue bonds, supported by CS Property Noble LLC and issued
for Noble Academy.

The outlook revision to stable reflects Noble Academy's recent sale
of its second facility for net proceeds of $2.1 million, a
reduction in total debt outstanding after paying down more than $4
million in privately placed debt related to the second site, and
the school's transition back to operating solely in its original
site, plus improved operations and maximum annual debt service
(MADS) coverage in fiscal 2021 (draft and unaudited). "Although the
closing and sale of the second site resulted in enrollment falling
significantly short of projections in fall 2021, management
anticipates enrollment will remain steady in fall 2022," said S&P
Global Ratings credit analyst Jessica Wood.

The rating and outlook reflect S&P's view of Noble's:

-- Several years of transition, from the unsuccessful expansion to
a second site, which included additional debt and capital spending,
to a recent successful sale of the site in 2021 and repayment of
associated debt;

-- Weakened operations and MADS coverage in recent years, which
resulted in a covenant breach in fiscal 2019, although debt
repayment has improved coverage in fiscal 2021;

-- High MADS burden and debt per student relative to that of
peers; and

-- The structural risk associated with the bonds' maturity date
extending well beyond the term of the school's charter--we note
that Noble's charter is up for renewal in June 2022 and management
expects a renewal.

The rating also recognizes the following credit strengths:

-- Healthy cash levels, with 190 days' cash on hand at fiscal
year-end 2021, and expectations this will be maintained for fiscal
2022;

-- Historically strong demand and solid academics, despite recent
enrollment declines primarily spurred by campus site transitions;
and

-- Location in a state that supports charter schools and provides
lease aid of approximately 90% of debt.

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for the charter school sector
under our ESG factors due to potential impacts on per-pupil funding
beyond the near-term support provided by additional federal relief,
as well as continued enrollment uncertainty. For Noble, these risks
are somewhat mitigated by the increase in per-pupil funding heading
into fiscal 2022. Despite the debt service coverage (DSC) covenant
breach in fiscal 2019, we believe the school's governance risk is
in line with that of other charter schools. We believe the school's
environmental risk is in line with our view of the sector as a
whole.

"We could lower the rating if enrollment continues to decline; if
DSC does not remain at current levels; if liquidity weakens
significantly, or if the school issues additional new debt during
the outlook period."

Given the school's recent enrollment declines and school site
transitions, high leverage and weakened operations, a higher rating
is unlikely during the one-year outlook period.



NORTHEASTERN ILLINOIS UNIVERSITY: S&P Affirms 'BB' LT Debt Rating
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to positive from stable and
affirmed its 'BB' long-term rating and underlying rating (SPUR) on
Northeastern Illinois University Board of Trustees' university
facilities system bonds and certificates of participation
outstanding, issued for Northeastern Illinois University (NEIU).

"The outlook revision reflects our view of the state's financial
recovery, with NEIU management budgeting for another state funding
increase in fiscal 2022, coinciding with continued healthy
improvement in the university's financial resource ratios over the
past couple years," said S&P Global Ratings credit analyst James
Gallardo.

S&P said, "Vaccine progress in the U.S. has helped alleviate some
health-and-safety social risks stemming from COVID-19, but we
believe NEIU, like other higher education institutions, continues
to face challenging economic or fundamental operational pressures
given the emergence of variants such as delta and omicron. In
addition, we believe changing regional demographic and population
trends, which we view as social risks, affect NEIU and could lead
to further enrollment and other demand metric pressures. Despite
the elevated social risk, we believe NEIU's environment and
governance risk are in line with our view of the sector as a
whole."



ORTHO CLINICAL: S&P Places 'B' ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its ratings on in vitro diagnostics (IVD)
provider Ortho Clinical Diagnostics Holdings PLC on CreditWatch
with positive implications, including its issuer credit rating on
the company.

The CreditWatch placement follows Ortho-Clinical's announcement
that it has entered into a definitive agreement to be acquired by
Quidel for total consideration of about $6 billion, including $1.75
billion in cash expected to be funded at close through balance
sheet cash of about $750 million, with the remainder funded through
incremental borrowing. Quidel will assume Ortho-Clinical's existing
debt outstanding of about $2.3 billion as part of the transaction,
which we expect will close in the first half of 2022. On a pro
forma basis, the combined company generated trailing 12 months in
the third quarter of 2021 revenue of about $3.9 billion that is
roughly evenly split between the two businesses. However, Quidel's
business is primarily focused on respiratory rapid testing
solutions, which have experienced very strong demand since the
start of the COVID-19 pandemic. S&P said, "We expect this surge in
demand to be temporary and for revenue to decline closer to
pre-pandemic levels over the next couple of years. As a result, we
believe that most of the combined company's revenue and cash flow
generation longer term will be from Ortho-Clinical's products and
services."

S&P said, "Following close of the transaction, Ortho-Clinical will
no longer be majority-owned by private equity and we believe it is
likely to sustain adjusted debt to EBITDA below 5x, which we
believe could result in an upgrade.

"We expect to resolve the CreditWatch placement upon close of the
proposed acquisition, which we expect to occur in the first half of
2022. The CreditWatch placement reflects the increased likelihood
of an upgrade upon close of the transaction, based on our view that
Ortho-Clinical would belong to a group with a relatively stronger
credit profile, which stems from our expectation that Quidel will
sustain adjusted debt to EBITDA below 5x."



PREMIER SERVICES: Gets OK to Hire Peak Accounting Service
---------------------------------------------------------
Premier Services, Inc. received approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Peak Accounting
Service, LLC as its accountant.

The Debtor requires an accountant to file its tax returns and
monthly operating reports and provide other services.

The hourly rates charged by the firm are as follows:

     Curt Carey MBA, EA         $295 per hour
     Leanne Folchert, AFSP      $125 per hour

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

The firm can be reached through:

     Curt Carey, MBA, EA
     Peak Accounting Service, LLC
     11479 South Pine Drive
     Parker, CO 80134
     Phone: (303) 351-2852
     Email: service@peakas.com

                    About Premier Services Inc.

Premier Services, Inc. is part of the water, sewage and other
systems industry.  It is headquartered in Parker, Colo.

Premier Services filed a petition for Chapter 11 protection (Bankr.
D. Colo. Case No. 21-14900) on Sept. 24, 2021, listing as much as
$10 million in both assets and liabilities.  James F. Bauer, Jr.,
president of Premier Services, signed the petition.  

Judge Michael E. Romero oversees the case.

Jessica L. Hoff, Esq., at Hoff Law Offices, P.C. is the Debtor's
legal counsel.


PRESIDIO DEVELOPMENT: To Seek Plan Confirmation on Feb. 17
----------------------------------------------------------
Judge Julia W. Brand has entered an order approving the Amended
Disclosure Statement of Presidio Development, LLC, d/b/a MBZ Toys.

Feb. 17, 2022, at 10:00 a.m., is fixed as the date for the hearing
on confirmation of the Plan.

Any objection to confirmation of the Plan stating why the Plan
should not be confirmed, supported by admissible evidence, must be
filed and served no later than Jan. 31, 2022.

No later than Feb. 10, 2022, the Debtor must file and serve a
confirmation brief stating why the Plan should be confirmed.

The Amended Disclosure Statement, First Amended Chapter 11 Plan of
Reorganization and a ballot must be mailed, along with notice of
all relevant dates to all creditors, the U.S. Trustee, and other
parties in interest, no later than Dec. 31, 2021.

Ballots must be received by Debtor's counsel no later than Jan. 31,
2022.

Attorneys for Presidio Development:

     Roksana D. Moradi-Brovia
     W. Sloan Youkstetter
     RESNIK HAYES MORADI LLP
     17609 Ventura Blvd., Suite 314
     Encino, CA 91316
     Telephone: (818) 285-0100
     Facsimile: (818) 855-7013
     E-mail: roksana @RHMFirm.com
             sloan@RHMFirm.com

                    About Presidio Development

Presidio Development, LLC, owns a retail toy business that leases
space at 5060 E. Montclair Plaza Lane, Units 5124, 5228 and 2188,
Montclair, CA 91763.  It also owns a commercial vacant land located
at 1229 Hollister Street, San Diego, CA 92154.

Presidio Development, doing business as MBZ Toys, sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 21-10086) on Jan. 6, 2021,
listing as much as $1 million in assets and as much as $500,000 in
liabilities.  The Law Offices of Michael Jay Berger serves as the
Debtor's legal counsel.


RESTIERI HEALTHCARE: Court Confirms Plan as Modified
----------------------------------------------------
Judge Roberta A. Colton has entered an order approving and
confirming the Combined Disclosure Statement and Chapter 11 Plan of
Reorganization of Restieri Healthcare Services, LLC.

CRF Small Business Loan Company's treatment under the Plan will be
as changed in the Joint Stipulation of Treatment of CRF's Claim
Under Debtor-In- Possession's Plan of Reorganization.  The Motion
to Determine Secured Status of CRF Small Business Loan is GRANTED
in part to the extent it is consistent with the joint stipulation
and is otherwise denied.

ARK Capital LLC's treatment under the Plan will be as changed in
the Joint Stipulation of Treatment of ARK's Claim Under
Debtor-In-Possession's Plan of Reorganization.  The Motion to
Determine Secured Status of Ark Capital, LLC, Cashable, LLC, and
ROC Funding Group is GRANTED in part to the extent it is consistent
with the joint stipulation and is otherwise denied.

The Debtor is granted a discharge under 11 U.S.C. Section
1141(d)(1)(A).

A post-confirmation status conference in this case is schedule for
March 10, 2022, at 10:30 a.m. in Courtroom 4C. 4th Floor, Bryan
Simpson United States Courthouse, 300 North Hogan Street,
Jacksonville, Florida 32202.

Objections to claims shall be filed within 90 days from the date of
the Confirmation Order.

               About Restieri Healthcare Services

Restieri Healthcare Services, LLC, provides regenerative therapy
for joint pain and other conditions, which services the
Gainesville, Florida area.

Restieri sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 21-01843) on July 28, 2021.  In the
petition signed by Dr. Lawrence T. Restieri, manager, the Debtor
disclosed up to $1 million in assets and up to $10 million in
liabilities.  Judge Roberta A. Colton oversees the case.  Jason A.
Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC is the
Debtor's counsel.


ROSEMAN UNIVERSITY: S&P Affirms 'BB' Rating on 2012/15/20 Bonds
---------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB' rating on the Public Finance Authority, Wis.'
series 2012, series 2015, and series 2020 bonds issued for Roseman
University, which is located in Henderson, Nev., and South Jordan,
Utah. At the same time, S&P Global assigned its 'BB' rating with a
stable outlook to the authority's $60.4 million series 2022 bonds
issued for the university.

"The outlook revision to stable reflects our view of the
university's solid operating performance through fiscal 2021 that
is expected to remain consistent through fiscal 2022; our view of
anticipated enrollment growth during the 2021-2022 school year,
given enrollment periods in fall, spring, and summer; and ability
to weather the pressures associated with the COVID-19 pandemic,"
said S&P Global Ratings credit analyst Phillip Pena.

The rating reflects S&P's view of the university's:

-- High level of pro forma debt;

-- Aggressive growth and debt strategy, further affected by high
growth risk, as the university still plans to add a College of
Medicine (COM); and

-- Modest cash and investments relative to pro forma debt for the
rating category.

Credit factors that support the rating include:

-- The trend of positive operating performance over the past five
fiscal years;

-- The university's profitable niche programs with little regional
competition; and

-- Essentially 0% tuition discount rate, and 0% endowment draws as
the university continues to build its resource base in anticipation
of accreditation for its COM.

S&P said, "In our view, Roseman's challenges are similar to those
faced by other higher education institutions during the ongoing
global pandemic. We view the health and safety issues created by
COVID-19 as a social risk under our environmental, social, and
governance factors. We believe the university has taken prudent
steps to protect students and staff through options for remote work
and instruction, masking, and vaccinations. Despite substantial
increases in debt over the past several years, in our opinion,
governance risk is not elevated. The management team has issued
this debt as part of a larger strategy to grow the university and
set the groundwork for a COM, and has maintained demand metrics
while improving operating performance and available resources. We
do not believe Roseman is particularly susceptible to drought
conditions prevalent in the American West, as it is in a
metropolitan area and does not rely heavily on water resources as
part of its operations. Despite the social risks of the pandemic,
we consider the university's management and governance and
environmental risks in line with those of its peers.

"We believe the university is near its debt limit, and we could
consider lowering the rating should there be material additional
new-money debt issuances beyond the current series 2022. We could
also consider a lower rating if Roseman were to experience
operating deficits or material declines in enrollment or demand in
any of its programs.

"We could consider a positive rating action if the university
continues its trend of strong operating surpluses, does not issue
additional debt, and continues to increase available resources. We
would also expect the university to maintain or improve its
enrollment and demand profile, and we would also view progress
toward accreditation for the COM favorably."



SALINE LODGING: To Seek Plan Confirmation on Jan. 20
----------------------------------------------------
Judge Maria L. Oxholm has entered an order granting preliminary
approval of the Disclosure Statement of Saline Lodging Group.

The hearing on objections to final approval of the Second Amended
Disclosure Statement and confirmation of the Plan shall be held on
Thursday, Jan. 20, 2022 at 11:00 a.m. in Room 1875, 211 W. Fort
Street, Detroit, Michigan.

The deadline to return ballots on the plan, as well as to file
objections to final approval of the disclosure statement and
objections to confirmation of the plan, is January 10, 2022.

No later than January 17, 2022, the debtor shall file a verified
summary of the ballot count under § 1126(c) and (d) with a copy of
all original ballots attached.

                   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.


SCRIBEAMERICA INTERMEDIATE: S&P Affirms 'B' Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based ScribeAmerica
Intermediate Holdco LLC (doing business as HealthChannels) to
negative from stable and affirmed its 'B' issuer credit rating and
'B' first-lien debt rating on the company.

S&P said, "The negative outlook reflects our expectation that
HealthChannels will face stronger-than-anticipated revenue
headwinds while being pressured to maintain its margins.
Specifically, we expect the return of operating expenses and labor
cost inflation to lead to margin compression and increase its
leverage to well above 7.0x for at least the next year."

While market conditions for health care providers have somewhat
stabilized following the initial impact of COVID-19, HealthChannels
has not rebounded along with its customers. Even as procedure
volumes have largely returned to normal for most of its clients,
there has not been a commensurate increase in HealthChannels'
revenue. Although the company has not faced any COVID-related
contract cancellations, multiple of its clients have temporarily
suspended their contracts. Coming off some of the suspensions is
proving more difficult than anticipated, as recruiting scribes in
the current labor market is challenging. S&P said, "Additionally,
we view it as a possibility that some customers that have seen
margin pressure themselves may be considering alternatives to
scribes during this time. Nevertheless, in 2021 HealthChannels
signed several new contracts and contract expansions and generated
revenue from multiple different sites (mostly outpatient sites and
emergency departments) for the first time, which leads us to
believe some of its customers continue to view its services as
essential to enhance their efficiency by relieving doctors of their
administrative burdens and enabling them to attend to a higher
number of patients." Even so, some providers may view this service
as more discretionary and see it as an opportunity to cut costs to
offset the premium prices they are paying to retain their doctors
and nurses.

The recent improvement in HealthChannels' margin stemmed from
several factors, some of which are more permanent than others. The
company implemented certain cost-mitigation strategies before the
arrival COVID, which it accelerated following the onset of the
pandemic, including implementing a performance-based wage model,
stricter overtime and administrative time controls, and other
operational items. S&P said, "However, we expect some of
management's cost-cutting measures to be less permanent, such as
its reduced spending on office expenses, business travel, and
marketing and advertising, which we expect will return in 2022.
Additionally, the company's scribes are assisting doctors in the
exam room remotely through a video connection, which may--at least
at first--be slightly lower margin because it must provide the
required hardware."

The company has experienced excess customer demand due to
challenging labor market conditions, as well as an increase in
customer activity in some markets. S&P expects HealthChannels to
bolster its recruiting and hiring efforts and increase its wages to
capture additional revenue and allow it to come off contract
suspensions. The company's ability to pass these increased costs
through to its customers, who are already struggling with increased
labor costs to retain their doctors and nurses, is uncertain.

S&P said, "The negative outlook reflects our expectation that
HealthChannels will face stronger-than-anticipated revenue
headwinds while being pressured to maintain its margins.
Specifically, we expect the return of operating expenses and labor
cost inflation to lead to margin compression and increase its
leverage to well above 7.0x for at least the next year.

"We could lower our ratings on HealthChannels if its operating
headwinds persist such that we cannot see a path for it to improve
its revenue to pre-pandemic levels, which would indicate that its
business risk is weaker than we previously assessed.

"We could revise our outlook on HealthChannels to stable if it
increases its net contracts and average contract size, which would
provide greater visibility into the momentum of its expansion and
its ability to return to its pre-pandemic growth trajectory,
because providers continue to value its services."



SKY MEDIA: Taps Fortune International as Real Estate Broker
-----------------------------------------------------------
Sky Media Pay, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Fortune International
Realty as its real estate broker.

The Debtor requires a real estate broker to market for lease or
sale two of its residential properties in Miami, Fla.  The
properties are located at 200 Biscayne Blvd. Way, Suites 4801 and
4811.

Fortune will get 6 percent of the total sale price or 10 percent of
the lease as compensation for its services.

Ricardo Dupond, a real estate agent at Fortune, disclosed in a
court filing that he does not represent any interest adverse to the
Debtor and its bankruptcy estate.

Fortune can be reached at:

     Ricardo Dupond
     Fortune International Realty
     2666 Brickell Avenue
     Miami, FL 33129
     Phone: 305-856-2600 / 786-542-9041
     Cell: 305-588-7187
     Email: rd@fir.com

                        About Sky Media Pay

Sky Media Pay, Inc. is the fee simple owner of four real properties
in Miami, Fla., having a total current value of $2.52 million.

Sky Media Pay filed a voluntary petition for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 21-20444) on Oct. 29, 2021, listing
$2,521,691 in total assets and $4,503,498 in total liabilities.
Paola Angulo, president, signed the petition.  

Judge Laurel M. Isicoff oversees the case.  

Roshawn Banks, Esq., at The All Law Center, PA, serves as the
Debtor's legal counsel.


SUGAR TOWN: Involuntary Chapter 11 Case Summary
-----------------------------------------------
Alleged Debtor: Sugar Town LLC
                2645 Executive Park Dr
                Suite 101
                Weston, FL 33331

Business Description: Sugar Town's a Single Asset Real Estate
                      debtor (as defined in 11 U.S.C. Section
                      101(51B)).

Involuntary Chapter
11 Petition Date: December 28, 2021   

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 21-22012

Judge: Hon. Peter D. Russin
       
Petitioner's Counsel: Robert C. Meyer, Esq.
                      MEYER & NUNEZ, P.A.
                      2221 Coral Way
                      Miami, FL 33145
                      Tel: 305-285-8838
                      E-mail: meyerrobertc@cs.com

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

https://www.pacermonitor.com/view/73QPWJA/Sugar_Town_LLC__flsbke-21-22012__0001.0.pdf?mcid=tGE4TAMA

Alleged creditor who signed the petition:

   Petitioner                     Nature of Claim      Claim
Amount
   ----------                     ---------------     
------------
Lucio MedolagoAlbani                  Loans to Debtor              
$118,300
7977 NW 116th Avenue
Doral, FL 33178


TALBOTS INC: Moody's Withdraws Ratings Amid Debt Repayment
----------------------------------------------------------
Moody's Investors Service has withdrawn The Talbots, Inc.'s Caa3
corporate family rating (CFR), Caa3-PD probability of default
rating (PDR) and Caa3 senior secured term loan rating. The negative
outlook has also been withdrawn.

At the time of withdrawal, the company had no rated debt
outstanding.

Withdrawals:

Issuer: The Talbots, Inc.:

Corporate Family Rating, withdrawn, previously rated Caa3

Probability of Default Rating, withdrawn, previously rated Caa3-PD

Gtd Senior Secured 1st Lien Bank Credit Facility, withdrawn,
previously rated Caa3 (LGD4)

Outlook, changed to rating withdrawn from negative

RATINGS RATIONALE

The rating action follows the repayment of Talbots' senior secured
term loan due 2022 on November 17, 2021.

Moody's has decided to withdraw the ratings because Talbots' debt
previously rated by Moody's has been fully repaid.

Headquartered in Hingham, Massachusetts, The Talbots, Inc. is a
multi-channel retailer of women's apparel, focusing on the 45-65
year old demographic. Talbots was acquired by Sycamore Partners in
August 2012. Talbots reported revenue of approximately $1 billion
for the twelve months ended July 31, 2021.


TASEKO MINES: Moody's Hikes CFR to B3; Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service upgraded Taseko Mines Limited's Corporate
Family (CFR) rating to B3 from Caa1, Probability of Default Rating
to B3-PD from Caa1-PD, Senior secured note ratings to B3 from Caa1
and Speculative Grade Liquidity Rating ("SGL") to SGL-2 from SGL-3.
The ratings outlook remains stable.

"The upgrade of Taseko's rating is driven by expected continued
strong operating cash generation supported by robust copper market
conditions, as well as a strengthened liquidity position," said
Jamie Koutsoukis, Moody's Vice President, Senior Analyst.

Upgrades:

Issuer: Taseko Mines Limited

Corporate Family Rating , Upgraded to B3 from Caa1

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

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

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

Caa1 (LGD3)

Outlook Actions:

Issuer: Taseko Mines Limited

Outlook, Remains Stable

RATINGS RATIONALE

Taseko is constrained by (1) the company's concentration of cash
flows from primarily one metal (copper) at a single mine
(Gibraltar), (2) variability in grade and costs due to mine
sequencing, (3) execution risk for its Florence project that
includes permitting, and the technical risks of in situ mining,
which not been used for a large scale copper project to date and
(4) expected negative free cash flow before the Florence project
starts producing meaningfully. The company benefits from (1) its
mine locations in favorable mining jurisdictions (Canada and the
US) and (2) long reserve life (18 years at Gibraltar, 21 years
expected at Florence). Taseko's metrics have historically
demonstrated volatility, as changes in ore grade, strip ratio,
copper prices, and the Canadian/US exchange rate can substantively
change leverage.

Taseko's liquidity is good over the next year (SGL-2) with CAD300
million in sources compared to about CAD100 million of uses.
Sources include CAD239 million in cash at September 30, 2021 and
full availability on its US$50 million revolving credit facility
(matures April, 2025). Uses are Moody's expectation that the
company will have negative free cash flow of about CAD100 million
over the next 12 months (using a $3.50/lb copper price sensitivity,
after deducting capex including spending at Florence and stripping
costs). Taseko has no debt maturities until February 2026. The
company's new credit facility contains financial covenants that
include senior secured debt to EBITDA and minimum interest coverage
tests with which Moody's expects the company to remain in
compliance.

The stable outlook reflects Moody's expectation that Taseko will
maintain copper equivalent production at about 120 million lbs/year
at Gibraltar (about 90 million lbs/year for their 75% share) and
that it will have sufficient liquidity to fund the development of
Florence over the next two years.

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

The ratings could be downgraded if Taseko experiences operating
challenges at Gibraltar, funding constraints for its Florence
project, or if liquidity weakens.

The ratings could be upgraded if the company is able to achieve
increased mine diversity and improve its cost profile through the
development of Florence. An upgrade would also require Taseko to
generate sustained positive free cash flow, while maintaining
adjusted debt/EBITDA below 4.0x (3x as of Q3/21).

The principal methodology used in these ratings was Mining
published in October 2021.

Headquartered in Vancouver, Canada, Taseko Mines Limited operates
Gibraltar, an open-pit copper and molybdenum mine located in
British Columbia (BC), Canada, producing about 125 million
pounds/year. Gibraltar is an unincorporated joint venture, 75%
owned by Taseko and 25% owned by Cariboo Copper Corp. (a Japanese
consortium). The company also plans to develop its Florence copper
in-situ development project (Arizona) and owns three early stage
development projects in BC. Revenues in the last twelve months
ended September 30, 2021 were CAD418 million.


TD HOLDINGS: Appoints Audit Alliance as New Auditor
---------------------------------------------------
The Audit Committee of the Board of Directors of TD Holdings, Inc.
approved the appointment of Audit Alliance LLP as the Company's
independent registered public accounting firm to audit its
consolidated financial statements as of and for the fiscal year
ending December 31, 2021, effective December 23, 2021.

On December 22, 2021, the Audit Committee dismissed BF Borgers CPA
PC as the Company's independent registered public accounting firm,
effective December 23, 2021.

For the fiscal year ended December 31, 2020, BFB's audit reports on
the Company's financial statements did not contain an adverse
opinion or disclaimer of opinion, nor was it qualified as to audit
scope or accounting principles.

During the fiscal years ended December 31, 2020 and any subsequent
interim period through the date of dismissal, December 23, 2021,
(i) there were no "disagreements" between the Company and BFB on
any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedures, which
disagreements, if not resolved to BFB's satisfaction, would have
caused the accounting firm to make reference in connection with its
opinion to the subject matter of the disagreement; and (ii) except
for the matter relating to internal control over financial
reporting, there were no "reportable events" as the term is
described in Item 304(a)(1)(v) of Regulation S-K.

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading.  For more
information, please visit http://ir.tdglg.com.   

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.


TERMINIX COMPANY: Moody's Puts Ba2 CFR on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service placed The Terminix Company, LLC's
(together with publicly-traded Terminix Global Holdings Inc.,
"Terminix") Ba2 corporate family rating, Ba2-PD probability of
default rating ("PDR") and Ba1 senior secured rating on review for
upgrade. The B1 ratings assigned to the senior unsecured legacy
notes issued by Terminix's indirect subsidiaries The ServiceMaster
Company (Old) and The ServiceMaster Company Limited Partnership
were also placed on review for upgrade. The outlook was revised to
rating under review from stable.

On Dec. 14, 2021, unrated Rentokil Initial plc ("Rentokil") agreed
to purchase Terminix in a cash-and-stock transaction. The
acquisition is subject to Terminix shareholder approval as well as
certain regulatory approvals and is expected to close in the second
half of 2022.

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

The rating review reflects Moody's anticipation that, following the
close of the acquisition by Rentokil, Terminix's rated debt could
remain an obligation of Rentokil with or without the explicit
support of Rentokil, be exchanged for Rentokil debt, be repaid or
be refinanced. The review will focus on the final debt capital
structure once the acquisition is completed and whether any of the
rated debt remains outstanding. If the rated debt remains
outstanding after the purchase closes, it would benefit from the
positive credit impact of Rentokil as a potential source of debt
service, whether or not Rentokil provides explicit support such as
a guarantee. Moody's expects to withdraw Terminix's ratings if the
debt is repaid.

All financial metrics cited reflect Moody's standard adjustments.

The ratings could be upgraded if Rentokil assumes the Terminix
debt, possibly by more than one notch. The ratings could also be
upgraded if Moody's expects: (1) Terminix increases its geographic
scope and revenue scale and diversity through, for instance,
profitable revenue growth outside the US or a greater share of
commercial customers; (2) debt to EBITDA will remain below 3.0
times (3) free cash flow to debt will remain in the mid-teens
percentages of total debt; (4) Terminix establishes a track record
of conservative financial policies; and (5) Terminix gains
additional financial flexibility by reducing the proportion of
secured to total debt.

Given the rating under review for upgrade, a negative rating action
is not likely in the near term. However, the ratings could be
downgraded if Moody's expects: (1) no revenue growth; (2) debt to
EBITDA will be maintained above 3.5 times; (3) free cash flow will
remain around 8% of debt or lower; or (4) more aggressive financial
policies.

Issuer: The Terminix Company, LLC

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba2-PD

Senior Secured Bank Credit Facility, Placed on Review for
Upgrade, currently Ba1 (LGD3)

Outlook, Changed To Rating Under Review From Stable

Issuer: ServiceMaster Company (The) (Old)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Upgrade, currently B1 (LGD6)

Issuer: ServiceMaster Company Limited Partnership (The)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B1 (LGD6)

Terminix, based in Memphis, TN, is a provider of termite and pest
control services in North America and Europe under brands including
Terminix, Copesan and Nomor through company-owned operations,
Terminix franchises and Copesan association members. Moody's
expects 2021 revenue of over $2 billion.


TEVA PHARMACEUTICAL: Moody's Alters Outlook on Ba2 CFR to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Teva
Pharmaceutical Industries Ltd and its subsidiaries, including the
Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating,
and Ba2 senior unsecured ratings. Teva's Speculative Grade
Liquidity Rating is unchanged at SGL-2. Moody's also changed the
outlook to stable from negative.

Teva has consistently repaid debt with the majority of its free
cash flow for several years, helping to reduce its financial
leverage from peak levels well above 6x in 2019. Moody's estimates
that debt/EBITDA will fall below 5x in 2022, increasing Teva's
ability to financially accommodate a potential opioid settlement.
In addition, Teva's recent refinancing activities mean debt
maturities through 2024 can be repaid entirely from free cash
flow.

While uncertainty remains related to exposure to opioid-related
litigation, the stable outlook reflects Moody's view that Teva's
liquidity and credit metrics can accommodate a range of scenarios
for a potential settlement, such that impacts in any given year
would be manageable. This is based on the October 2019 framework
but with the risk of higher cash payouts and/or over a longer
period, such as was agreed to in the December 2021 settlement with
the state of Louisiana.

Teva's proposed opioid settlement framework remains unchanged since
October 2019 and has yet to be agreed upon with all parties to
litigation. In July 2021, other companies, specifically the drug
distributors and Johnson & Johnson (Aaa negative) announced
national opioid settlement agreements that have the potential to be
finalized within months. Teva's framework would include a modest
cash payment and a requirement to supply buprenorphine naloxone
tablets, a treatment for opioid dependence, over a period of 10
years.

Accounting treatment for any potential global resolution to opioid
litigation will depend on final terms and could include adding cash
components of a settlement to debt on a discounted basis and
charges to EBITDA as incurred for the cost of manufacturing free
product.

In 2022, Moody's expects growth in Austedo and AJOVY to more than
offset declines to Copaxone. Further, in addition to launching
generic Revlimid (volume-limited in 2022), other pipeline
opportunities include generic versions of Narcan, Restasis, and
Forteo. In total, Teva has the potential to at least offset
declining products, albeit Moody's overall growth expectations are
modest.

Ratings affirmed:

Issuer: Teva Pharmaceutical Industries Ltd

  Corporate Family Rating, at Ba2

  Probability of Default Rating, at Ba2-PD

Issuer: Teva Pharma Finance Netherlands III BV

  Backed Senior Unsecured Regular Bond/Debenture, at Ba2 (LGD3)

Issuer: Teva Pharmaceutical Fin. Co B.V. (Curacao)

  Backed Senior Unsecured Regular Bond/Debenture, at Ba2 (LGD3)

Issuer: Teva Pharmaceutical Finance Company, LLC

  Backed Senior Unsecured Conv./Exch. Bond/Debenture, at Ba2
  (LGD3)

  Backed Senior Unsecured Regular Bond/Debenture, at Ba2 (LGD3)

Issuer: Teva Pharmaceutical Finance Netherlands II BV

  Backed Senior Unsecured Regular Bond/Debenture, at Ba2 (LGD3)

Issuer: Teva Pharmaceutical Finance Netherlands IV BV

  Backed Senior Unsecured Regular Bond/Debenture, at Ba2 (LGD3)

Outlook Actions:

  Outlook revised to Stable from Negative for all issuers

RATINGS RATIONALE

Teva's Ba2 Corporate Family Rating reflects its significant scale
in both generic and branded drugs, its global diversity, and its
position as the world's largest generic drug company. While
earnings declines are moderating, Teva's future earnings growth
depends on the relative stability of its global generics business,
coupled with the ramp up of newer branded drugs, such as AJOVY and
Austedo. Teva's rating is constrained by its high financial
leverage. Adjusted debt/EBITDA was around 5.5x for the twelve
months ended September 30, 2021. With committed debt repayment,
leverage will steadily decline, to below 5.0x in 2022, driven also
by Moody's expectation for generally stable earnings over the next
12-18 months. Moody's expects that Teva will use a majority of its
cash flow to pay down debt.

Teva's SGL-2 Speculative Grade Liquidity Rating reflects Moody's
view that liquidity will be good over the next 12-15 months. After
upcoming debt maturities, Teva will have more than $1.5 billion of
cash at the end of 2021. Moody's projects free cash flow of more
than $2.2 billion in 2022. Teva has a $2.3 billion unsecured
revolver most of which will expire in April 2024 ($2.22 billion).
The revolver contains financial covenants including a minimum
interest coverage test of 3.50x and a maximum net debt/EBITDA test
of 4.50x in the first half of 2022, with step-downs for the
remaining term of the facility. Moody's expects Teva to remain
compliant throughout 2022.

Moody's rates all of Teva's debt Ba2, the same as its Ba2 Corporate
Family Rating. All of Teva's debt is unsecured and unconditionally
guaranteed by Teva Pharmaceutical Industries Limited, the parent
company.

ESG considerations include social risk related to material
exposures to opioid and other litigation, including allegations of
generic drug price fixing. Governance considerations include Teva's
high financial leverage partially offset by its demonstrated
commitment to debt repayment and proactive debt maturity
management.

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

Teva's ratings could be upgraded if debt/EBITDA is sustained below
4.5x. Resolution/greater certainty with respect to Teva's opioid
and other litigation exposures would also be needed.

The ratings could be downgraded if Moody's expects debt/EBITDA to
remain above 5.0x. Negative litigation developments, which Moody's
believes would reduce the company's ability to deleverage, could
also result in a downgrade.

Headquartered in Tel Aviv, Israel, Teva Pharmaceutical Industries
Ltd is a global pharmaceutical company offering a mix of generic
and branded products. Reported revenue for the twelve months ended
June 30, 2021 was approximately $16.3 billion.


US STEEL: S&P Raises ICR to 'B+' on Surging Cash Flow
-----------------------------------------------------
S&P Global Ratings raised the issuer credit rating on U.S. Steel
Corp. to 'B+' from 'B' because a surge in 2021 cash flow will
bolster liquidity before the company invests $3 billion for a
greenfield steel minimill.

Profits and cash flow from 100%-owned subsidiary Big River Steel
are also surging, offering the potential for distributions to the
parent.

The positive outlook reflects the potential for continued strong
cash flow to support large capital expenditures in 2022 and 2023,
even if steel market conditions moderate.

U.S. Steel has reduced debt, bolstered liquidity, and aims to build
a new steel minimill.

U.S. Steel's S&P Global Ratings-adjusted debt is down $1 billion
year-over-year, the company's long-standing pension deficit has
turned to a surplus for the first time in decades, and it has
boosted cash to $2 billion as of Oct. 31, 2021. The company has
begun the process of siting a new steel minimill for construction,
which is expected to consume $3 billion of capital expenditures by
2024. U.S. Steel began consolidating Big River into its financial
accounts in the first quarter of 2021, which obscures
year-over-year changes in credit ratios at the U.S. Steel level.
Nevertheless, stand-alone performance for both entities has been
strong.

Remarkable market conditions persist through 2021, providing cash
for strategic options.

S&P estimates the company could generate more than $2 billion of
free cash flow in 2021, which is double our estimate only a few
months ago. Although benchmark HRC prices have pulled back to
$1650/ton, the spike to $1900 was a record, and prices remain twice
as high as 2020 or 2019. The extraordinary burst in cash flow from
high operating leverage has enabled U.S. Steel to complete the
acquisition of Big River, repay debt and extend maturities, and
boost liquidity to fund a new minimill. The company is also making
small shareholder returns with an increased dividend and share
buybacks under its authorized $300 million share repurchase
program, but these items are small in view of windfall cash flows.

U.S. Steel is undertaking its largest capital project in decades.

The construction of a new minimill could consume cash resources
unless steel prices remain buoyant through 2022 and 2023, which
will constrain the recent improvement in the company's financial
risk. Even with low leverage measures, strong cash flow will be
important in boosting credit quality further because of several
years of large capex. The construction of a new minimill, like the
acquisition of Big River, should help U.S. Steel with its target to
reduce its global GHG intensity by 20% by 2030, highlighting its
strategic repositioning from carbon-emitting, coal-fired blast
furnaces to electric arc furnaces.

S&P said, "Our positive outlook on U.S. Steel Corp. reflects the
company's extraordinary cash flow amid a period of record steel
prices. U.S. Steel's S&P Global Ratings-adjusted debt leverage
could hold below 2x in 2022, even if steel prices moderate sharply
toward $1,000 by year-end 2022. That said, a higher rating probably
hinges more on preserving cash resources during a phase of elevated
capital expenditures, rather than cyclically low debt to EBITDA.
U.S. Steel's last-12-months (LTM) adjusted debt to EBITDA was 1.3x,
only three or four quarters since the company had negative EBITDA.

"We could raise our rating on U.S. Steel if it and Big River
generate solid profits and cash flow over the next year, so that
U.S Steel maintains its large liquidity buffer while building a new
minimill, even if market conditions moderate from record
conditions. Specifically, we expect the company to generate
consolidated debt to EBITDA of about 2x or better amid the current
pricing environment and less than 4x in a more normalized pricing
environment. If the company maintains debt to EBITDA around 2x in
2022, we believe it could generate enough consolidated cash flow to
bolster liquidity. Furthermore, persistently tighter market
conditions and improved profitability from strategic investments
could enable the company to sustain double-digit EBITDA margins and
returns on capital for several years, potentially confirming a
stronger competitive position.

"We could revise our outlook on U.S. Steel to stable if we expect
its leverage to increase toward 4x, which would potentially cause
it to generate negative free cash flow. We believe that such a
scenario appears unlikely, but we estimate it could occur if
average steel prices decline more than 50% during 2022, dropping
EBITDA below $1 billion. In such a scenario, we expect that
elevated strategic capital expenditures could accelerate the
deterioration in cash flow."

E-4 S-2 G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of U.S. Steel Corp. The company's
competitive position has degraded over the past decade, while more
cost competitive and lower GHG competition has taken market shares
for the most commoditized steel products in North America. The
company is rapidly transitioning its production footprint to
include more electric arc furnaces, while closing inefficient and
higher-emitting blast furnaces on the way to its target of reducing
its global GHG intensity by 20% by 2030. Furthermore, the company
mines iron ore in the U.S. with the attendant land-use
considerations for mining. The company has reduced its
employee-related injuries by almost 90% in the past 10 years by
improving its safety training and procedures in this industry that
operates large machinery."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2021.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***