/raid1/www/Hosts/bankrupt/TCR_Public/220110.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, January 10, 2022, Vol. 26, No. 9

                            Headlines

10193 FLANDERS: Unsecureds Will Get 5.42% of Claims in 5 Years
AG GROUP: S&P Assigns 'B' Issuer Credit Rating on Leveraged Buyout
AGTECH SCIENTIFIC: Jan. 31 Bid Submission Deadline Set for Assets
ALTAGAS LTD: Fitch Rates CAD300MM Subordinated Notes 'BB+'
AMAZING ENERGY: Barton & AAPIM Say Disclosures Deficient

ASTROTECH CORP: Plans to Hold Annual Meeting on March 25
BLACK FORGE: Third Amended Plan Confirmed by Judge
BLUITT AND SON FUNERAL: Owner in Chapter 11 After $1M Judgment
CALLON PETROLEUM: S.P. Johnson IV Quits as Director
CAMBER ENERGY: Receives Noncompliance Notice From NYSE American

CANNTRUST HOLDINGS: Implements CCAA Plan, Could Seek Wind-Down
COLONIAL GATE: Unsecured Creditors to Have 100% Recovery in Plan
CONSORTIUM B INC: Taps Eric A. Liepins as Bankruptcy Counsel
COTO INVESTMENTS: Feb. 8 Plan Confirmation Hearing Set
CYBER NINJAS: Firm Over 2020 Election Recount Files for Bankruptcy

CYTODYN INC: Reports Unregistered Sales of Equity Securities
DEA BROTHERS: March 31 Plan Confirmation Hearing Set
DIOCESE OF HARRISBURG: Tort Committee Proposes Chapter 11 Plan
GAIA INTERACTIVE: Unsecureds Owed $6.47M to Get $25K in Plan
GFA PEANUT ASSOCIATION: Taps Akin Webster & Matson as Legal Counsel

GFA PEANUT COMPANY: Taps Akin Webster & Matson as Legal Counsel
GOLDEN NUGGET: Moody's Hikes CFR to B3; Outlook Positive
GREEN VALLEY: Feb. 3 Plan & Disclosures Hearing Set
GRIFFON CORP: Moody's Affirms B1 CFR, Rates New 1st Lien Loan 'Ba2'
HERITAGE RAIL: Creditors to Get Proceeds from Liquidation

HGIM CORP: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
IBIO INC: Further Adjourns Annual Meeting to Jan. 31
J & GC INC: Court Confirms Reorganization Plan
KETTNER INVESTMENTS: To Seek Plan Confirmation on Feb. 15
KK FIT: Court Confirms Plan as Modified, Except for KKL Fit

LAS AMERICAS ASPIRA: S&P Affirms 'BB' Rating on 2016A/B Rev. Bonds
LATAM AIRLINES: Stroock Represents TLA Claimholders
LIMETREE BAY: Hearing Tuesday on St. Croix Bid to Stay $62M Sale
LIMETREE BAY: St. Croix Bid to Stay Sale Gains Support
MATTRESS FIRM: Files for IPO 3 Years After Chapter 11

MCM NATURAL: Case Summary & 20 Largest Unsecured Creditors
MLK ALBERTA: Case Summary & Five Unsecured Creditors
NATIONAL CINEMEDIA: Moody's Rates New $50MM Revolver 'B3'
NEOVASC INC: To Participate in H.C. Wainwright Virtual Conference
NEUBASE THERAPEUTICS: Appoints Dr. Eric Ende to Board of Directors

NEUBASE THERAPEUTICS: Incurs $25.4M Net Loss in FY Ended Sept. 30
NORTHERN OIL: TRT Holdings Reports 8.9% Equity Stake
ORTHO-CLINICAL DIAGNOSTICS: Moody's Reviews Ratings for Upgrade
PHI GROUP: Files Profit Corporation Articles of Amendment
PLAMEX INVESTMENT: $162.5M Sale to Quarry Head to Fund Plan

POGO ENERGY: Fox Rothschild Represents Tort Claimants
PROSPECT-WOODWARD HOME: Unsecureds to Get Nothing in Plan
PUERTO RICO: U.S. to Intervene in Bankruptcy to Defend PROMESA
PURDUE PHARMA: Direct Appeal of Plan Rejection Okayed
QHC FACILITIES: In Chapter 11 Due to Death of Owner, Debts

SEANERGY MARITIME: Inks Deal to Refinance Loan Secured by Vessel
SELINSGOVE INSTITUTIONAL: Case Summary & 20 Unsecured Creditors
SEQUENTIAL BRANDS: Court Approves Disclosure Statement
SOUTHWESTERN ENERGY: S&P Ups ICR to 'BB+' on Close of Acquisition
STRIKE LLC: Hoffman & Saweris Represents Titan Towers, 2 Others

TRI-STATE PAIN: Court Confirms Reorganization Plan
VACO HOLDINGS: Moody's Assigns B2 CFR; Outlook Stable
VACO HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable
ZIPRECRUITER INC: Fitch Assigns FirstTime 'B+' IDR, Outlook Stable
[*] Morris James Elects Keilson to Partnership

[^] BOND PRICING: For the Week from January 3 to 7, 2022

                            *********

10193 FLANDERS: Unsecureds Will Get 5.42% of Claims in 5 Years
--------------------------------------------------------------
10193 Flanders LLC filed with the U.S. Bankruptcy Court for the
District of Minnesota a Disclosure Statement with respect to the
Plan of Reorganization dated Dec. 30, 2021.

The Debtor is a Minnesota Limited Liability Corporation formed for
the purpose of holding a real estate asset. A Record of Action was
recorded February 20, 2014, showing Thomas V Carroll IV as the sole
member and 100% owner. The Debtor derives 100% of its revenue from
monthly rental payments received from a single tenant with common
ownership.

Mr. Carroll made the decision to invest funds from Blaine Kennels
to support the other business. This affected cash flow, and the
Debtor was struggling to make payments. After some months of
struggling, by late 2019, Blaine Kennels was back on track and able
to service all of its debt. Unfortunately, the Covid-19 pandemic
hit and completely shut down the business for 5 months. The Debtor
sought bankruptcy protection and is certain it can be a viable
company if this Plan is approved.

The Plan will treat claims as follows:

     * Class 1 comprises the claim of Anoka County for outstanding
property tax debt owed against the property owned by the Debtor
located at 10193 Flanders St NE, Blaine, MN 55449 with a balance of
$24,705.58 and Anoka County is fully secured. The Debtors shall pay
Anoka County its fully Secured Claim in the approximate amount of
$24,705.58. Interest will accrue on the unpaid balance at the
statutory rate of 10.0% per annum. This claim will be paid as
follows: (a) for a period of 48 months from the Effective Date at
the annual interest rate of 10.0%, with a principal and interest
payment of $626.60 per month, on an amortizing basis of principal
and interest, on a fifteen year amortization schedule.

     * Class 2 comprises the secured claim of MidwestOne bank
against the assets of the Debtor. Midwest One is fully secured. The
Debtors shall pay MidwestOne its fully Secured Claim in the
approximate amount of $503,218.23. Interest will accrue on the
unpaid balance at the pre-petition contractual rate of 5.0% per
annum. This claim will be paid as follows: (a) for a period of 360
months from the Effective Date at the annual interest rate of 5.0%,
with a principal and interest payment of $2701.38 per month, on an
amortizing basis of principal and interest, on a thirty year
amortization schedule. This claim shall balloon 7 years after the
Effective Date, and this claim must be paid in full at this time.

     * Class 3 comprises the $50,000.00 secured claim (filed
mortgage) of Dale and Colleen Westerberg ("the Westerbergs")
against the assets of the Debtor. The $75,000 balance owed to the
Westerbergs will be treated in the unsecured class. The Westerbergs
are partially secured given the senior encumbrances and the value
of the Property. The Debtors shall pay Dale and Colleen Westerberg
their Secured Claim in the approximate amount of $50,000. Interest
will accrue on the unpaid balance at the pre-petition contractual
rate of 5.0% per annum. This claim will be paid as follows: (a) for
a period of 180 months from the Effective Date at the annual
interest rate of 5.0%, with a principal and interest payment of
$395.00 per month, on an amortizing basis of principal and
interest, on a fifteen year amortization schedule. This claim shall
balloon 7 years after the Effective Date, and this claim must be
paid in full at this time.

     * Class 4 comprises the secured claim of MidwestOne bank
against the assets of the Debtor. Midwest One is partially secured.
The Debtors shall pay MidwestOne its Secured Claim in the
approximate amount of $104,935.24. Interest will accrue on the
unpaid balance at the pre-petition contractual rate of 5.0% per
annum. This claim will be paid as follows: a) for a period of 180
months from the Effective Date at the annual interest rate of 5.0%,
with a principal and interest payment of $ 563.32 per month, on an
amortizing basis of principal and interest, on a fifteen year
amortization schedule. This claim shall balloon 7 years after the
Effective Date, and this claim must be paid in full at this time.

     * Class 5 comprises the partially secured claim of MidwestOne
Bank against the assets of the Debtor. Midwest One is partially
secured in the amount of $12,391.99. The $266,496.18 unsecured
balance will be treated in the unsecured class. The Debtors shall
pay MidwestOne its Secured Claim in the approximate amount of
$12,391.99. Interest will accrue on the unpaid balance at the
pre-petition contractual rate of 5.0% per annum. This claim will be
paid as follows: (a) for a period of 180 months from the Effective
Date at the annual interest rate of 5.0%, with a principal and
interest payment of $ 98.00 per month, on an amortizing basis of
principal and interest, on a fifteen year amortization schedule.
This claim shall balloon 7 years after the Effective Date, and this
claim must be paid in full at this time. Once the $12,391.99
secured claim is paid in full, MidwestOne Bank agrees to file a
satisfaction of mortgage with Anoka County within 10 days of
payment in full of the secured claim.

    * Class 6 consists of the general unsecured claims against the
Debtor that are not classified elsewhere in the Plan. Class 6
claims shall be paid in full satisfaction of such claims, its pro
rata share of $2,941.83 on the Effective Date, and 4 more payments
on the first, second, third, and fourth year anniversaries of the
Effective Date, for a total of five payments equaling $18,497.00.
The percentage payment to each Class 6 creditor is approximately
5.42%. Class 6 is impaired under the Plan.

     * Class 7 consists of Equity Interests. Equity interest
holders are parties who hold an ownership interest in the Debtor.
The only member of Class 7 is Thomas V. Carroll IV. Mr. Carroll
will contribute $5,000.00 to the Debtor in order to retain his
equity interests in the Debtor on the Effective Date.

The Debtor is collecting rent payments from the tenants in the
building. As of the date of this Disclosure Statement, the balance
of the Debtor's debtor-in-possession bank account was approximately
$10,718.00. In addition to funds held in the debtor-in-possession
account the Debtor anticipates funding the Plan by a contribution
of $5,000.00 by the principal of the Debtor.

A full-text copy of the Disclosure Statement dated Dec. 30, 2021,
is available at https://bit.ly/3F97dW5 from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     LAMEY LAW FIRM, P.A.
     John D. Lamey, III
     Elaine D.W. Wise
     980 Inwood Ave. N.
     Oakdale, MN 55128
     Telephone: 651-209-3550

                    About 10193 Flanders

10193 Flanders LLC is a Minnesota Limited Liability Corporation
formed for the purpose of holding a real estate asset. The Debtor
has operated as a single asset real estate entity since inception.

The Debtor filed Chapter 11 Petition (Bankr. D. Minn. Case No.
21-41779) on October 5, 2021.


AG GROUP: S&P Assigns 'B' Issuer Credit Rating on Leveraged Buyout
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to AG
Group Holdings Inc. and its 'B' issue-level rating and '3' recovery
rating to its proposed senior secured $525 million first-lien term
loan. The '3' recovery rating indicates its expectation for
meaningful (50%-70%; rounded estimate: 55%) recovery. APFS Staffing
Inc. (not rated) will be a co-obligor of the company's new debt.

S&P said, "Our 'B' issuer credit rating reflects the material
increase in the company's leverage to the low-5x area from 3x in
2021.Pro forma for the LBO, we expect Addison's S&P Global
Ratings-adjusted leverage will rise to the low-5x area in fiscal
year 2022, which compares with our estimate of 3x in 2021. We
include the $28 million of preference shares from Odyssey
Investment Partners in our calculations and assume that the company
will elect to use the payment-in-kind (PIK) interest feature on
these shares over the next several years. While this will provide
Addison with the financial flexibility to make investments or repay
debt with its cash flows, it will also slow its deleveraging
because of the shares' high interest rates (12.0% per annum through
the first anniversary, 14.0% through the third anniversary, and
15.0% after the third anniversary).

"We believe that the company will modestly improve its credit
metrics over the next 12 months, including reducing its leverage to
the 5x area (absent any material leveraging transactions) in fiscal
year 2023 from the low-5x area in fiscal year 2022 pro forma for
the transaction. Going forward, we anticipate it will further
deleverage to about 5x in 2023 through increased EBITDA generation
stemming from a strong revenue expansion as it continues to gain
market share and broaden the offerings in its information
technology (IT) and finance/accounting verticals. Despite our
expectations for declining leverage over the long term, we believe
that the proposed transaction reflects the aggressive financial
policy of the company's new sponsor.

Addison' operating performance has remained robust despite the
uncertainty stemming from the disruptions related to the
coronavirus pandemic.During the nine months ended Sept. 30, 2021,
the company increased its revenue by almost 30% and 20% compared
with the same periods in 2020 and 2019, respectively. At the same
time, it expanded its EBITDA by more than one-third compared with
these same periods on a broad-based recovery across all of its
product lines and geographies, strong demand for its staffing and
consulting solutions, as well as its good cost management and
flexible cost structure amid the remote work requirements stemming
from the pandemic-driven travel restrictions. S&P said, "We expect
Addison's EBITDA margins to remain stable over the next two years
as its improved operating efficiencies and niche service offerings
(that were not as severely affected by the rise in U.S.
unemployment at the start of the pandemic as those of other
companies) are offset by its business investments. In addition, we
forecast the company will increase its revenue by the mid-single
digit percent area annually through a combination of acquired
revenue and organic revenue growth."

S&P said, "We believe that Addison's mix of staffing and consulting
services, primarily in specialized skilled areas, will likely allow
it to expand at a faster rate than its peers and maintain stable
bill rates and EBTIDA margins over the longer term.We anticipate
that the company will continue to benefit from positive trends in
its IT and financing/accounting staffing verticals. Specifically,
we expect it to maintain higher EBITDA margins than those of its
general staffing peers because the IT vertical has historically
generated strong, stable bill rates, which reflects the trend among
these companies of establishing and maintaining larger IT spending
budgets to enhance their digital offerings across industries.
Furthermore, we expect Addison's consulting services, which are
generally more profitable, to comprise about 32% of its total
revenue in 2021. While we expect some of the traditional travel and
location costs to return to the industry as workers go back to
their physical offices following the extended period of remote work
necessitated by the COVID-19 pandemic, we believe that Addison will
be able maintain higher EBITDA margins than its peers over time,
partially due to the higher-than-historical level of revenue from
its consulting business.

"Our assessment of Addison Group's financial risk profile is
currently capped due to its financial-sponsor ownership and the
risk of re-leveraging events.Pro forma for the LBO, the company's
leverage was in the mid 5x area as of Dec. 31, 2021, and we assume
it may use its credit cushion for strategic acquisitions or
shareholder remuneration. We could reassess Addison' financial risk
profile if it demonstrates a track record of sustaining leverage
below 5x. Additionally, since December 2016, the company has
undertaken four significant acquisitions, which increased its
revenue by the double-digit percent area and provided it with new
consulting offerings. Over the long term, we believe the company
will remain acquisitive and continue to build out its product
offerings.

"The stable outlook on Addison reflects our expectation that,
although its leverage is increasing due to the LBO, it will
maintain debt to EBITDA of more than 5x over the next two years
while generating positive annual FOCF of between $50 million and
$60 million."

S&P could lower its rating on Addison if its leverage exceeds 6x or
its FOCF to debt declines below 5% on a sustained basis. This could
occur if:

-- The company undertakes debt-financed shareholder returns or
acquisitions;

-- It is unable to effectively integrate its acquisitions and
expand its end markets; or

-- There is a prolonged economic downturn that causes its revenue
to decline significantly.

S&P views an upgrade as unlikely over the next 12 months. However,
S&P could raise its rating on Addison over the longer term if:

-- Its leverage remains less below 5x on a sustained basis while
it steadily broadens the scale of its operations; and

-- The company is able to maintain FOCF to debt of more than 10%.

ESG credit indicators: E-2 S-2 G-3

S&P said, "Governance is a moderately negative consideration in our
analysis, which is the case for most of the entities owned by
private-equity sponsors that we rate. We believe Addison's highly
leveraged financial risk profile points to corporate
decision-making that prioritizes the interests of its controlling
owners." This also reflects private-equity owners' generally finite
holding periods and focus on maximizing shareholder returns.



AGTECH SCIENTIFIC: Jan. 31 Bid Submission Deadline Set for Assets
-----------------------------------------------------------------
A&G Real Estate Partners and Murray Wise Associates LLC are under
contract with a stalking horse bidder in the receivership sale of a
1.87 million-square-foot greenhouse and agricultural warehouse
complex on 151 acres in Paris, Kentucky.

The bidder has entered into an asset purchase agreement for $22.5
million, the JV partners announced. Competing bids, which must meet
or exceed $22.85 million, are due by the close of business on
January 31.

A&G and Murray Wise Associates are also accepting bids on a nearby
50,587-square-foot manufacturing and warehouse facility. Sealed
bids for that asset are due before the close of business on
Tuesday, February 1.

As noted in a prior press release, the assets were previously used
as part of AgTech Scientific's large-scale hemp-growing and
CBD-production operations in Kentucky.

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

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

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


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



ALTAGAS LTD: Fitch Rates CAD300MM Subordinated Notes 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to AltaGas Ltd.'s CAD300
million subordinated notes, series 1 due January 2082. AltaGas'
Issuer Default Rating is 'BBB'. The Rating Outlook is Stable.

AltaGas plans to use the proceeds from this issuance to pay-off
series K preferred shares due March 2022.

The notes are eligible for 50% equity credit based on Fitch's
hybrid methodology, dated Nov. 12, 2020 titled "Corporates Hybrids
Treatment and Notching Criteria,". Features supporting the equity
categorization of these notes include their subordinate priority,
the option to defer interest payments on a cumulative basis for up
to five-years on each occasion and a 60-year maturity.

KEY RATING DRIVERS

Strategic U.S. Utility/Canadian Midstream Focus: AltaGas acquired
WGL Holdings (WGLH) in July 2018, thereby meaningfully increasing
the size and scope of its U.S. natural gas distribution business.
Since taking the helm at the company, President and CEO Randall
Crawford has articulated and implemented a strategy focused on
measured expansion of its U.S. gas utility and Canadian midstream
business in the Montney shale, while divesting noncore midstream,
power and utility assets.

Low Risk Business Profile: Fitch expects the majority of future
consolidated AltaGas EBITDA to be contributed by its U.S. gas
utilities, with the vast majority of the remainder coming from its
Canadian midstream operation. AltaGas' utility operations are
expected to represent approximately 52% of normalized 2021 EBITDA
and its midstream business 48%. By 2023, Fitch expects utility
operations will contribute up to 57% of the EBITDA.

AltaGas' diversified group of relatively low-risk U.S. gas
distribution utilities serve 1.7 million customers in part of
Maryland, Virginia, D.C., Michigan and Alaska with generally
credit-supportive economic regulation, customer growth of
approximately 1% and significant potential rate-base growth driven
by infrastructure investment. Unexpected deterioration in rate
regulation could result in future credit rating downgrades.

The company's midstream operations are highly contracted or hedged,
integrated assets that provide value to customers across the energy
value chain in the prolific Montney shale play. Approximately
two-thirds of AltaGas 2021 midstream field services EBITDA,
including 70% of Ridley Island Propane Export Terminal (RIPET) is
hedged for 2021.

Focused Capex: Fitch expects AltaGas' future capex will primarily
focus on its core, low-risk utility and, to a lesser degree,
midstream segments. Capex in 2021 is expected to approximate $850
million. The utility segment is expected to account for 65%-70% of
total capex in 2021, with vast majority of the remaining 30%-35%
targeting the midstream segment. Projected capex over next three
years after that is expected to average around $1.2 billion, with
significant investment in utility and midstream operations,
including optimization and subsequent expansion of the RIPET export
facility.

Utility spend in 2021 is primarily driven by pipe replacement
programs in Virginia, Maryland, D.C. and Michigan, system
betterment and customer growth. In the midstream segment, 2021
capex is expected to be driven by the maintenance and
administrative capital, spend on Petrogas and further business
development. Capacity expansion at RIPET to 80,000 Bbl/d is
achievable over the next several years with relatively nominal
incremental capex, according to management.

RIPET Propane Export Terminal Growth Continues: RIPET, Canada's
first marine propane export facility placed into service in 2Q19
and is expected to reach 60,000 Bbl/d by YE 2022. RIPET can ship
propane to Japan in 10-11 days, compared with 25 days for propane
shipped from alternative U.S. locations, while providing enhanced
netbacks to producers. 70% of total expected 2021 RIPET volumes are
hedged, split between financial hedges (at approximately
USD10.25/Bbl FEI-Mt. Belvieu) and tolling arrangements.
Approximately 35% of RIPET's 2021 propane export volume is
currently contracted under tolling arrangements and AltaGas expects
that proportion to increase to 50% over the next five-years.

Petrogas Investment: AltaGas recently increased its ownership in
Petrogas to 74%. Fitch believes this is a constructive development
that is consistent with its strategic focus on Western Canadian
midstream and Asian export markets for liquid petroleum gas.
Petrogas operates the Ferndale export terminal, which ships natural
gas liquids to Asian markets. Located in northwest Washington
State, Ferndale is capable of handling up to 50,000 Bbls/day with
750,000 Bbls of on-site storage capacity. Petrogas also operates
various North American storage terminals. Its LPG export,
distribution and domestic storage operations account for
approximately 90% of its EBITDA.

Parent Subsidiary Rating Linkages: Two parent-subsidiary
relationships have been analyzed as part of Fitch's assessment of
AltaGas. In the first instance, AltaGas-to-WGL Holdings, the
ratings are equalized on the basis of open legal ring-fencing and
open access and control. Fitch expects future funding at the WGLH
level will be facilitated at the AltaGas corporate parent and does
not anticipate WGLH will access long-term debt capital markets
directly. Fitch expects maturing WGLH debt will be refinanced at
the AltaGas parent level as it matures.

In the second instance, WGL Holdings-to-Washington Gas Light
Company, the relationship is deemed to be a weak parent/strong
subsidiary. In this case, the conclusion to use a standalone credit
profile is based on determination that the legal ring-fencing is
insulated and access is porous (the middle condition between open
and insulated). Key ring-fence provisions include establishment of
a bankruptcy-remote special purpose entity (SPE) with an
independent director and golden share rights, non-consolidation
opinion and separate board, treasury, books and records.

Coronavirus Pandemic Impacts: AltaGas' ratings consider uncertainty
regarding the impact of the coronavirus on its midstream and U.S.
gas utility business. Fitch believes AltaGas is reasonably
well-positioned to weather the economic fallout from the pandemic.
Asian demand for NGL exports remains solid and the utilities high
proportion of residential customers, in Fitch's view, mitigate
economic pressure from the global pandemic.

DERIVATION SUMMARY

AltaGas Ltd., is well positioned at its 'BBB' rating. With total
assets of approximately CAD22 billion YE 2020, it is smaller than
Canadian holding company peers TC Energy Corp., formerly known as
TransCanada (TC; A-/Stable) and Emera Incorporated (Emera;
BBB/Stable) but larger than Algonquin Power & Utilities Corp.
(APUC; BBB/Stable). By way of comparison, TC, Emera and APUC had
total assets of CAD100 billion; CAD31 billion and CAD13 billion,
respectively, at YE 2020. Fitch estimates AltaGas FFO leverage will
average 5.4x during 2022-2023 comparable with APUC's 4.9x-5.3x
range over the same time period and stronger than Emera's 6.0x in
2021 and 5.7x in 2022.

Canadian utility holding company, APUC, with $13 billion of total
assets, benefits from regulatory diversification but owns utilities
that operate in somewhat less constructive regulatory environments,
in Fitch's view, with APUC's largest utility operating in Missouri.
Utility operations are expected to account for approximately
75%-80% of consolidated APUC EBITDA. Emera in recent years has
deemphasized unregulated investment to focus on utility operations
in the U.S., Canada and the Caribbean. Fitch believes regulation in
Emera's two largest jurisdictions, Florida and Nova Scotia, are
balanced from a credit perspective. Emera, with $31 billion of
total asset at YE 2020, derives more than 95% of its earnings from
regulated operations. By comparison, AltaGas generates only 57% of
its cash flows from regulated utility operations.

Like Emera and APUC, AltaGas' operations include significant, low
risk, utility operations. AltaGas through WGL, provides gas utility
services to affluent populations in parts of Virginia, Maryland and
D.C. with prospective customer growth estimated at 1% per year.
AltaGas also provides gas distribution service to parts on Michigan
and Alaska. Collectively, AltaGas' U.S. utilities have experienced
customer growth of 1%, and approximately 70% of its customers are
residential. Emera and APUC, unlike AltaGas, also have meaningful
electric utility operations.

TC Energy's diverse operating base encompasses a wide-range of
regulated and highly contracted unregulated assets that span the
energy value chain across North America, including Mexico. Fitch
believes AltaGas' competitive profile in the midstream sector lacks
the scale of, and is weaker than, TC Energy's midstream business
profile. However, in Fitch's view, AltaGas has carved out a
reasonably competitive, highly contracted, integrated business in
Western Canada's Montney shale formation that includes gathering,
processing, extraction, fractionation and transportation of natural
gas and natural gas liquids and highly competitive export
capabilities to Asian markets.

KEY ASSUMPTIONS

-- Continuation of reasonable economic regulation across AltaGas'
    jurisdictional service territory;

-- One-percent annual customer growth at AltaGas' U.S. gas
    utility segment on average;

-- RIPET exports 50,000 Bbl/d on average in 2021, while
    increasing the proportion of export volumes from the facility
    to take or pay contracts from merchant;

-- Mountain Valley Pipeline Project is completed in 2022;

-- A 1% reduction to WGL sales due to the impact of the
    coronavirus.

RATING SENSITIVITIES

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

-- Continuation of credit supportive regulatory trends and better
    than expected final decisions at AltaGas' and WGLH's U.S.
    utility subsidiaries compared to Fitch's rating case;

-- Stronger than expected performance at AltaGas' Canadian
    midstream businesses;

-- Sustained FFO leverage of 4.5x or better on a consistent
    basis.

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

-- Significant deterioration across AltaGas' jurisdictional
    service territory;

-- Unexpected delay to capacity expansion targets at RIPET;

-- FFO leverage above 5.5x post 2023 on a sustained basis could
    cause a negative rating action;

-- Failure to raise financing from assets sales or other sources,
    if required to lower leverage;

-- Greater than expected impact on utility and midstream
    operations due to coronavirus effects.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: In Fitch's opinion, liquidity is adequate at
AltaGas Ltd and WGL. AltaGas has negotiated consolidated credit
facilities with total borrowing capacity of CAD3.7 billion. As of
Sept. 30, 2021, AltaGas had drawn CAD978 million and had remaining
borrowing capacity of about CAD2.7 billion. AltaGas had cash and
cash equivalents of CAD163 million on its balance sheet as of Sept.
30, 2021. Maturities are generally well spaced out with larger
scheduled maturities in 2023 and 2025 of $1.2 billion and $858
million, respectively.

ISSUER PROFILE

AltaGas Ltd. is a Canada-based energy infrastructure company with
operations in the U.S. and Canada with CAD22 billion of total
assets. The company has two primary business segments: Utilities
and Midstream.

ESG CONSIDERATIONS

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


AMAZING ENERGY: Barton & AAPIM Say Disclosures Deficient
--------------------------------------------------------
Benny Barton and AAPIM, LLC, creditors of Amazing Energy MS, LLC
and its affiliates, objects to the Disclosure Statement filed by
Arnold Jed Miesner and Lesa Renee Miesner ("Miesner"), Petro Pro,
Ltd. ("Petro Pro"), and JLM Strategic Investments, LP ("JLM" and
collectively the "Plan Proponents").

Benny Barton owns an undivided interest in the fee minerals and in
part the executive rights in the property described in the
following leases referenced in the Motions to Modify Stay filed in
these proceedings by Arnold Jed Miesner, Lesa Renee Miesner, Petro
Pro, Ltd., and JLM Strategic Investments, LP (collectively, the
"Plan Proponents").

The leases -- described collectively referred to as the "Wyatt
Leases" -- have either automatically terminated according to their
terms or never had any effect because the purported lessors did not
own the executive rights for the property they were attempting to
lease.  Further, Mr. Barton has not executed any leases in favor of
any of the Amazing entities.

AAPIM, LLC is the owner and holder of a Final Judgment against
Debtor Amazing Energy, LLC in the amount of $382,831.52 dated
February 20, 2019 arising out of that certain lawsuit styled AAPIM,
LLC v. Amazing Energy, LLC, in the 112th District Court for Pecos
County, Texas, Cause no. P -12363-112-CV (the "Judgment").

On August 4, 2020, AAPIM filed a secured proof of claim in the
Amazing Energy, LLC bankruptcy case as proof of claim no. 22-1 in
the amount of the Judgment. AAPIM asserts its secured claim
encumbers those oil and gas properties listed in the Objection.

Barton contend that the Wyatt Leases have either automatically
terminated, expired by their terms, or were never effective to
lease the property they purported to cover and neither the Debtors
nor Plan Proponents can resurrect the Wyatt Leases.

Barton takes no position on the continued existence of the
remaining leases subject to the Plan Proponents' deeds of trust,
specifically, the JPMorgan Lease and the Ubina Lease.

Benny Barton and AAPIM, LLC request that the Court deny approval of
the Plan Proponents' Disclosure Statement until they address the
deficiencies identified in the Debtors' Objection to the Plan
Proponents' Disclosure Statement and for such other relief as is
just and proper.

A full-text copy of Barton and AAPIM's objection to Plan
Proponents' Disclosure Statement dated Dec. 28, 2021, is available
at https://bit.ly/3r2ytAJ from PacerMonitor.com at no charge.

Attorneys for Barton and AAPIM:

           SCHEEF & STONE, L.L.P.
           Patrick J. Schurr
           Joe Baker
           2600 Network Boulevard
           Suite 400
           Frisco, Texas 75034
           Telephone: 214.472.2100
           Telecopier: 214.472.2150
           E-mail: patrick.schurr@solidcounsel.com
                   joe.baker@solidcounsel.com

                        About Amazing Energy

Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing
Energy, LLC, filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Miss. Case Nos. 20-01243,
20-1245 and 20-01244) on April 6, 2020.

On July 13, 2020, the cases were transferred to the U.S. Bankruptcy
Court for the Eastern District of Texas and were assigned new case
numbers (20-41558 for Amazing Energy MS, 20-41563 for Amazing
Energy Holdings and 20-41561 for Amazing Energy LLC). The cases are
jointly administered under Case No. 20-41558.

At the time of the filing, Amazing Energy MS and Amazing Energy
Holdings disclosed assets of between $1 million and $10 million and
liabilities of the same range while Amazing Energy, LLC estimated
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.

Judge Brenda T. Rhoades oversees the cases.

The Debtors are represented by Heller, Draper, Patrick, Horn &
Manthey, LLC and Wheeler & Wheeler, PLLC.


ASTROTECH CORP: Plans to Hold Annual Meeting on March 25
--------------------------------------------------------
Astrotech Corporation plans to hold its fiscal year 2021 annual
meeting of stockholders on Friday, March 25, 2022.  The 2021 Annual
Meeting will be held at 9:00 a.m. Central Time.  Current plans are
for the meeting to be in person in Austin, Texas at the AT&T Hotel
and Conference Center.  The Company anticipates sending proxy
materials for the annual meeting to stockholders in February 2022.

      Astrotech Corporation 2021 Annual Meeting of Stockholders
                 AT&T Hotel and Conference Center
            1900 University Avenue, Austin, Texas 78705
                          March 25, 2022

                Submission of Stockholder Proposals

Given that the date of the 2021 Annual Meeting differs by more than
30 days from the anniversary date of the Company's 2020 annual
meeting of stockholders, pursuant to Rule 14a-5(f) of the
Securities Exchange Act of 1934, as amended, the Company is hereby
providing notice of the deadlines for submission of stockholder
proposals pursuant to Rule 14a-8 under the Exchange Act and for any
nomination for election to the Board of Directors of the Company or
a proposal of business (other than pursuant to Rule 14a-8 of the
Exchange Act), in each case, with respect to the 2021 Annual
Meeting.  The Company will publish additional details regarding the
exact time, location, record date, and matters to be voted on at
the 2021 Annual Meeting in the Company's proxy statement for the
2021 Annual Meeting.
Under the Company's Bylaws, because the date of the 2021 Annual
Meeting is more than 30 days before the anniversary date of the
2020 Annual Meeting, in order for a nomination for election to the
Board or a proposal of business (other than pursuant to Rule 14a-8
of the Exchange Act) to be presented at the 2021 Annual Meeting, a
stockholder of record must deliver proper notice to our Secretary
(Astrotech Corporation, 2105 Donley Drive, Suite 100, Austin, Texas
78758, Attention: Secretary) no later than 6:00 p.m. Central Time
on Jan. 16, 2022.

Given that the date of the 2021 Annual Meeting will be more than 30
days from the anniversary of the Company's 2020 Annual Meeting, the
deadline for submission of proposals by stockholders for inclusion
in the Company's proxy materials in accordance with Rule 14a-8
under the Exchange Act, will be Friday, Jan. 21, 2022 (which the
Company has determined to be a reasonable time before it expects to
begin to print and distribute its proxy materials prior to the 2021
Annual Meeting).  Any such proposal must also meet the requirements
set forth in the rules and regulations of the Exchange Act in order
to be eligible for inclusion in the proxy materials for the 2021
Annual Meeting.

                          About Astrotech

Astrotech Corporation (NASDAQ: ASTC) --http://www.astrotechcorp.com
-- is a mass spectrometry company that launches, manages, and
commercializes scalable companies based on its innovative core
technology through its wholly-owned subsidiaries.  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.


BLACK FORGE: Third Amended Plan Confirmed by Judge
--------------------------------------------------
Judge Gregory Taddonio has entered an order confirming the Third
Amended Small Business Chapter 11 Plan of Reorganization filed by
Black Forge Coffee House, LLC, and Black Forge Coffee House McKees
Rocks, LLC.

The Debtors have proposed the Plan in good faith and not by any
means forbidden by law. Any payments made or to be made for
services, costs, and/or expenses incurred during the administration
of the Debtors' bankruptcy have been approved, or are subject to
approval by the Court.

The Plan complies with section 1129 of the Bankruptcy Code in that
at least one class of claims impaired under the Plan has accepted
the Plan, specifically:

     * Class 1a and 1b accepting the Plan by submitting ballots in
favor of the Plan;

     * Class 1c, 2, 2a, and 4 accepting the Plan by stipulation
and/or further deemed to have accepted the Plan by virtue of being
unimpaired.

     * Class 3 accepting the Plan by submitting ballots in favor of
the Plan and by stipulation.

Notwithstanding anything in the Plan or in this Order to the
contrary, the Subchapter V Trustee shall act as the disbursing
agent for all Plan payments under the Plan and shall have all
rights and authority as necessary in the furtherance and
performance of its role related thereto.

A copy of the Plan Confirmation Order dated Dec. 28, 2021, is
available at https://bit.ly/3F7LEW3 from PacerMonitor.com at no
charge.

Counsel for the Debtors:

     SALENE R.M. KRAEMER
     BERNSTEIN-BURKLEY, P.C.
     601 Grant Street
     9th Floor
     Pittsburgh, PA 15219
     Tel: (412) 456-8100
     Fax: (412) 456-8135
     Email: skraemer@bernsteinlaw.com

               About Black Forge Coffee House

Black Forge Coffee House, LLC filed a Chapter 11 petition (Bankr.
W.D. Pa. Case No. 21-21594) on July 12, 2021.  At the time of the
filing, the Debtor had between $100,000 and $500,000 in both assets
and liabilities.  Ashley Corts, member, signed the petition.
Bernstein-Burkley, P.C., serves as the Debtor's legal counsel.


BLUITT AND SON FUNERAL: Owner in Chapter 11 After $1M Judgment
--------------------------------------------------------------
Nathan Lee Bluitt, Jr., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Ind. Case No. 21-05540) on Dec. 13, 2021.

The Debtor's counsel:

         Jerry E. Smith, Attorney CPA, PC
         320 N Meridian St Ste 515
         Indianapolis, IN 46204
         Tel: (317) 917-8680
         E-mail: jerry@debtlaw.us

In its schedules of assets and liabilities, the Debtor disclosed
$626,600 in assets and liabilities of $1.54 million.  It owes
$1.065 million (of which $983,700 is unsecured) to WFG-Williams &
Bluitt Funeral Home on account of a court judgment.  Secured
creditor Finance of America is owed $354,200 on a reverse mortgage
backed by the property at 434 Sugar Tree Lane, Indianapolis,
Indiana.

Carson Gerber of Kokomo Tribune (Indiana) reported Jan. 7, 2022,
that Bluitt and Son Funeral Home and its owner have filed for
Chapter 11 bankruptcy after a court ruled it owes over $1 million
to an Indianapolis funeral home for breaching a contract for over
nine years.

According to the report, Nathan Bluitt Jr. made the bankruptcy
filing after a four-year legal battle between his funeral home and
Williams & Bluitt Funeral Home (WFG).

The report recounts Mr. Bluitt was the president and sole owner of
WFG, but in 2011 he sold and transferred the corporation to other
owners.  At the same time, he entered into a non-competition
agreement with WFG while operating Bluitt and Son in Kokomo.  In
2017, Mr. Bluitt filed a lawsuit against WFG asking a court to
allow him to sell Bluitt and Son to a third party other than WFG.

What followed was a drawn-out legal battle in which both funeral
homes sued each other for various grievances, including violations
of the non-competition agreement.

In August 2020, a Marion County judge ruled that Mr. Bluitt had
violated the agreement for nine years, leading WFG to suffer
significant financial losses.  Breaches of the agreement included
Mr. Bluitt using the Bluitt tradename within a 50-mile radius of
WFG, conducting his business operations within 50 miles of WFG and
taking actions that were "detrimental" to WFG's goodwill.  The
judge also said that Mr. Bluitt refused to cooperate during court
hearings by providing "incomplete, evasive, and unbelievable
responses to Defendants' requests, and defying multiple Court
orders to produce discoverable financial records."  That included
Mr. Bluitt telling the court that documents such as tax returns,
general ledgers, bank statements, income statements and balance
sheets did not exist.  The judge called this a "position that
defied belief."

In March, the court ordered Mr. Bluitt to pay $1,064,700 in lost
profit damages to WFG.  The calculations were based on data derived
from 722 identifiable services performed by Bluitt and Son that
were in violation of the non-competition agreement.

Now, the payment of those damages will be hashed out through
bankruptcy court.  

In the Chapter 11 filing, Mr. Bluitt recorded 17 other businesses
or entities to whom he owes a total of nearly $49,000, including
$6,000 to the Internal Revenue Service.  A Howard County judge has
already ordered that a piece of property Bluitt owns in Kokomo be
sold, with all profits going to WFG.

Jerry Smith, Bluitt's bankruptcy attorney, said the funeral home
will remain open and operating as usual throughout the bankruptcy.

"The point of the bankruptcy is to move on with his life and save
his business," Smith said. "I have every reason to believe he will
successfully emerge from Chapter 11 reorganized with his business
intact."

He noted all upcoming pre-arranged funerals are covered and secured
by insurance and will happen as planned.

In the midst of the legal fight between the two funeral homes, Mr.
Bluitt also had his funeral license briefly revoked for a month in
2020 by the State Board of Funeral and Cemetery Service.

The suspension came after inspectors in November 2019 said they
found four bodies, including one that was nude, inside the chapel
that could be viewed through the windows and doorways.  Inspectors
said other violations included unsanitary embalming tools and
overflowing soiled sheets.

Mr. Bluitt's license was reinstated after all the violations were
corrected, according to a court filing.

Bluitt and Son has offered funeral service in Kokomo since 1959 and
is the oldest minority-owned business in the city, according to the
business' Web site.


CALLON PETROLEUM: S.P. Johnson IV Quits as Director
---------------------------------------------------
Callon Petroleum Company announced the resignation of S.P. "Chip"
Johnson IV from its Board of Directors, effective immediately.

Mr. Johnson, former president, chief executive officer, and
co-founder of Carrizo Oil and Gas, Inc., joined the Board in
December 2019 upon the completion of Callon's merger with Carrizo.

"I am confident in the strategic direction of the Company and look
forward to watching Callon's committed Board and management team
continue to execute a disciplined strategy," said Mr. Johnson.
"It's been a pleasure to play a part in the successful integration
of Callon and Carrizo following the completion of the combination
two years ago."

"On behalf of the entire Board and management team, I want to thank
Chip for his dedication and valuable contributions to Callon," said
Chairman of the Board Richard Flury.  "We wish him continued good
fortune in the years to come with both his personal and
professional interests.  His departure, along with the recent
appointment of Mary Shafer-Malicki to the Board, position us well
in our continued focus on thoughtful Board refreshment."

With the resignation of Mr. Johnson and the recent appointment of
Ms. Shafer-Malicki, the Company's Board of Directors now comprises
eleven directors, ten of whom are independent, with three board
members scheduled to retire over the next three years starting in
May 2022.

                       About Callon Petroleum

Callon Petroleum -- http://www.callon.com-- is an independent oil
and natural gas company focused on the acquisition, exploration and
development of high-quality assets in the leading oil plays of
South and West Texas.

Callon Petroleum reported a net loss of $2.53 billion for the year
ended Dec. 31, 2020, compared to net income of $67.93 million for
the year ended Dec. 31, 2019.  For the six months ended June 30,
2021, the Company reported a net loss of $92.10 million.


CAMBER ENERGY: Receives Noncompliance Notice From NYSE American
---------------------------------------------------------------
Camber Energy, Inc. received on Jan. 4, 2022, a letter from the
NYSE American wherein the Exchange advised the Company is not in
compliance with the continued listing standards as set forth in
Section 704 of the NYSE American Company given the Company did not
hold an annual meeting for the fiscal year ended Dec. 31, 2020 by
Dec. 31, 2021.  The Company intends to remedy this delinquency by
scheduling an annual meeting of stockholders within a reasonable
period following the date on which the Company files the following
reports: (i) Form 10-K for the 9-month transition period ended Dec.
31, 2020; (ii) Form 10-Q for the period ended March 31, 2021; (iii)
Form 10-Q for the period ended June 30, 2021, and (iv) Form 10-Q
for the period ended Sept. 30, 2021.

Receipt of the letter does not have any immediate effect on the
listing of the Company's shares on the Exchange, except that until
the Company regains compliance with the Exchange's listing
standards, a "BC" indicator will be affixed to the Company's
trading symbol.  The Company's business operations and SEC
reporting requirements are unaffected by the notification, provided
that if the delinquency is not cured, then the Company will be
subject to the Exchange's delisting procedures.

                        About Camber Energy

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

Camber Energy reported a net loss of $3.86 million for the year
ended March 31, 2020, compared to net income of $16.64 million for
the year ended March 31, 2019.  As of Sept. 30, 2020, the Company
had $11.79 million in total assets, $32.48 million in total
liabilities, $38 million in temporary equity, and a total
stockholders' deficit of $58.68 million.

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


CANNTRUST HOLDINGS: Implements CCAA Plan, Could Seek Wind-Down
--------------------------------------------------------------
CannTrust Holdings Inc. (unlisted) on Jan. 6, 2022, announced that
its Fourth Amended & Restated Plan of Compromise, Arrangement and
Reorganization dated July 7, 2021, has been implemented.

The implementation of the CCAA Plan follows its approval by the
Ontario Superior Court of Justice on July 16, 2021, and the
approval of the US class action settlement by the United States
District Court Southern District of New York on December 2, 2021.
Among other steps, the Company has contributed $50 million to a
trust established to facilitate the class action settlements in
full satisfaction of the actions against it and $2.7 million in
trust for settlement of various claims under its CCAA proceedings.

As planned, upon the implementation of the CCAA plan, four
Directors of the Company resigned from the Board of Directors with
immediate effect.  CannTrust has accepted resignations from
Chairman of the Board Robert Marcovitch, along with Directors
Mitchell Sanders, Mark Dawber and Shawna Page.  

Notwithstanding the significant progress made by the CannTrust
Group in these proceedings, including successfully obtaining the
reinstatement of its licenses from Health Canada, restructuring its
operations, resuming production and processing operations, reaching
key settlements, and the development, approval and sanction of the
CCAA Plan, the Canadian cannabis industry generally, and the
CannTrust Group specifically, have faced challenges.  As a result,
the CannTrust Group does not have sufficient liquidity to operate
beyond the near term.

CannTrust is in default of the minimum EBITDA covenant under its
DIP loan.  The DIP lender has not agreed to waive the default
although it continues to advance funds under the facility.

Despite the implementation of the CCAA Plan, CannTrust's CCAA
proceedings are continuing to facilitate further discussions with
potential investors and strategic partners, and to develop an
orderly wind-down plan to maximize the value of its assets in the
event that a financing or strategic transaction option cannot be
finalized.  The Company's current stay period extends to January
31, 2022.

Additional information about CannTrust's CCAA proceedings is
available at https://www.ey.com/ca/canntrust/

                     About CannTrust

CannTrust -- http://www.canntrust.com/-- is a federally regulated
licensed cannabis producer in Canada.  It is proudly Canadian,
operating a portfolio of brands including estora, Liiv, Synr.g and
XSCAPE, specifically designed to surprise and delight patients and
consumers.

Its greenhouse produces Grade A cannabis flower, with products
currently being sold in dried flower, pre-roll, vape, oil drops and
capsule formats.  Founded in 2013, its continued success in the
medical cannabis market and subsequent expansion into the
recreational business, led CannTrust being named Licensed Producer
of the Year at the Canadian Cannabis Awards 2018.

CannTrust Holdings Inc. in April 2020 commenced with the Ontario
Superior Court of Justice (Commercial List) proceedings under the
Companies' Creditors Arrangement Act (Canada).  CannTrust selected
Ernst & Young Inc. as monitor in the CCAA proceedings.

The Ontario Court granted an order staying creditors of CannTrust,
CannTrust Inc., CTI Holdings (Osoyoos) Inc., and Elmcliffe
Investments Inc., as well as the plaintiffs in the putative class
actions and other litigation brought against the Companies, from
enforcing their claims.


COLONIAL GATE: Unsecured Creditors to Have 100% Recovery in Plan
----------------------------------------------------------------
Colonial Gate Gardens LLC filed with the U.S. Bankruptcy Court for
the Southern District of New York a Chapter 11 Plan and a
Disclosure Statement on Dec. 30, 2021.

The Debtor's primary goal is to restructure the underlying mortgage
debt, and pay other creditors, so as to permit the Debtor to
maintain ownership of its real properties, consisting of 26
single-family homes throughout Orange, Rockland and Ulster Counties
in New York (the "Properties").

Wilmington, the mortgagee in connection with the Mortgage debt,
filed a proof of claim docketed as Claim Number 3 on the Bankruptcy
Court's Claims Register. The Debtor has objected to Wilmington's
Claim on the basis that no default was properly called under the
Loan Documents and under applicable New York State law, and as a
result, Wilmington is not entitled to default rate interest,
attorney fees, pre-payment penalties, late charges and other
charges included in its Claim.

The Debtor's preferred treatment is to prevail on its Claim
Objection regarding Wilmington's Claim and reinstate the Mortgage
based on a reduced cure amount as determined by the Bankruptcy
Court, or reach a settlement with Wilmington and reinstate its
Mortgage based on a settled cure amount. In either scenario, the
Debtor may elect to sell some of its Properties to raise money
towards the cure.

In the event that the Debtor is unable to effectuate a cure and
reinstatement of its Mortgage, the Debtor will then seek, as an
alternate-back up treatment for Wilmington's debt, to pursue a
Refinancing of the Mortgage with a new lender on terms sufficient
to pay Wilmington's Allowed Secured Claim.

Under any scenario, it is the Debtor's intention to properly
address the Mortgage (Wilmington's Claim) so as to comply with the
provisions of the Bankruptcy Code. In addition, the Plan also
provides for a 100% distribution to general unsecured creditors
plus interest at the federal judgment rate in effect on the date
the Plan is confirmed. It is the Debtor's position that none of the
classes of creditors are impaired and, as a result, are not
entitled to vote on the Plan. In the event that the Bankruptcy
Court determines that any classes are impaired, the provisions on
voting on the Plan are included in this Disclosure Statement and
Plan.

Class 1 shall consist of the Allowed Wilmington Secured Claim.
(Preferred Treatment) Class 1 is unimpaired. The Debtor has filed a
Claim Objection seeking, among other things, an order reducing
Wilmington's Secured Claim by $962,394.32, or in an amount to be
determined by the Bankruptcy Court. After a resolution of the Claim
Objection, either consensually or through Bankruptcy Court
determination: (i) the Debtor shall cure the monetary pre-petition
Mortgage default; (ii) the alleged prior acceleration of the
Mortgage shall be deemed reversed; (iii) the original maturity date
of July 9, 2022 shall be reinstated; and (iv) all non-monetary
defaults, if any, shall be deemed cured or there shall be no
requirement to cure same pursuant to 1124(2) of the Bankruptcy
Code.

Alternate Treatment: Should a cure and reinstatement of the
Mortgage as proposed not be permitted by the Bankruptcy Court, the
Debtor shall then proceed with refinancing the Properties (the
"Refinancing") to satisfy Wilmington's Allowed Claim. The Debtor
shall make a decision as to the potential pursuit of Refinancing
within 10 days after a determination is made by the Bankruptcy
Court on the proposed cure and reinstatement of the Mortgage. The
Refinancing shall be completed within a period of 120 days after
conclusion of the Confirmation Hearing, but not earlier than the
due date on the loan or such earlier date as permitted under the
Loan Documents so as to avoid the imposition of any yield
maintenance and/or penalties.

Class 2 shall consist of all Allowed General Unsecured Claims.
Class 2 Claimants shall receive a 100% distribution to be paid by
the Debtor within 60 days after the Effective Date with interest at
the federal judgment rate in effect on the Confirmation Date. Class
2 Claimants are unimpaired, are not eligible to vote on the Plan
and are deemed to have accepted the Plan.

Class 3 shall consist of all Allowed Equity Interests. Class 3
Claimants shall retain all existing pre-petition Equity Interest in
the Debtor effective as of the Effective Date. Class 3 Claimants
are unimpaired, are not eligible to vote on the Plan and are deemed
to have accepted the Plan.

The Plan shall be funded through: (a) a combination of: (i) access
to existing cash reserves; (ii) the Debtor's receipt of funds from
the New York State Landlord Rental Assistance Program; (iii) the
net proceeds (after payment of the release prices to Wilmington)
from the sale of the For Sale Properties; and (iv) contributions
from the Debtor's principal and insiders; and/or (b) the
Refinancing of the Properties.

The Debtor, at its election, may sell the For Sale Properties at an
auction Sale to be held by video/telephone conference pursuant to
sections 1123(a)(5)(B) and (D) of the Bankruptcy Code. The Sale
shall be held within thirty (30) days of the Confirmation Hearing
of the Plan pursuant to the Terms and Conditions of Sale and
Bidding Procedures. The For Sale Properties shall be advertised for
a period of at least thirty (30) calendar days before the Sale, or
as otherwise ordered by the Bankruptcy Court.

A full-text copy of the Disclosure Statement dated Dec. 30, 2021,
is available at https://bit.ly/3tgg1aa from PacerMonitor.com at no
charge.

Counsel to Colonial Gate:

     Law Offices of Avrum J. Rosen, PLLC
     Alex E. Tsionis, Esq.
     Avrum J. Rosen, Esq.
     38 New Street
     Huntington, New York 11743
     Tel: (631) 423-8527
     arosen@ajrlawny.com
     atsionis@ajrlawny.com

                   About Colonial Gate Gardens

Colonial Gate Gardens LLC is a limited liability company, formed
and existing under the laws of the State of New York, with its
principal office located at 45 Washington Ave, Spring Valley, New
York 10977. Colonial Gate Gardens is engaged in the real estate
investment business by purchasing single-family homes and or
condominium units, renovating them and then leasing them to tenants
in exchange for rent.

Colonial Gate Gardens sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-22265) on May 6,
2021.  In the petition signed by Yitzchok Loeffler, managing
director, the Debtor disclosed up to $10 million in both assets and
liabilities.

Avrum J. Rosen, Esq., at Law Office of Avrum J. Rosen, PLLC, is the
Debtor's counsel.


CONSORTIUM B INC: Taps Eric A. Liepins as Bankruptcy Counsel
------------------------------------------------------------
Consortium B. Inc. seeks authority from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Eric A. Liepins, P.C.
to serve as legal counsel in its Chapter 11 case.

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

     Attorneys      $275 per hour
     Paralegals     $30 to $50 per hour

The firm will also seek reimbursement for out-of-pocket expenses
incurred.  It received from the Debtor a retainer in the amount of
$7,500, plus $1,717 filing fee.

Eric Liepins, Esq., disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Eric Liepins, Esq.
     Eric A. Liepins, P.C.
     12770 Coit Road, Suite 1100
     Dallas, TX 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788
     Email: eric@ealpc.com

                      About Consortium B. Inc.

Consortium B. Inc., a company based in Dallas, Texas, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case No. 22-30020) on Jan. 4, 2022, listing
as much as $10 million in both assets and liabilities.  Brian
Williams, president of Consortium, signed the petition.  

Eric A. Liepins, P.C. represents the Debtor as legal counsel.


COTO INVESTMENTS: Feb. 8 Plan Confirmation Hearing Set
------------------------------------------------------
On Nov. 2, 2021, debtor Coto Investments, Inc., filed with the U.S.
Bankruptcy Court for the Central District of California a First
Amended Disclosure Statement Describing First Amended Chapter 11
Plan of Reorganization.

On Dec. 28, 2021, Judge Deborah J. Saltzman approved the Disclosure
Statement and ordered that:

     * Feb. 8, 2022, at 11:30 a.m. is the hearing on confirmation
of the Debtor's First Amended Plan Chapter 11 Plan of
Reorganization.

     * Objections to the Plan must be filed no later than January
27, 2022, and ballots must be cast by the same date such that they
are actually received by Debtor's counsel.

     * If any objection to the Plan is filed, the Debtor must file
a combined reply to such objection and a brief in support of
confirmation of the Plan along with the ballot tally by February 1,
2022.

A copy of the Order dated Dec. 28, 2021, is available at
https://bit.ly/3t90J7o from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     GOE FORSYTHE & HODGES LLP
     Robert P. Goe
     Charity J. Manee
     18101 Von Karman Avenue, Suite 1200
     Irvine, CA 92612
     Telephone: (949) 798-2460
     Facsimile: (949) 955-9437
     E-mail: rgoe@goeforlaw.com
             cmanee@goeforlaw.com

                    About Coto Investments

Coto Investments, Inc., d/b/a O'Cairns Inn and Suites, is a
privately held company in the traveler accommodation industry.  It
owns and operates O'Cairns Inn & Suites, a family-style boutique
hotel with hospitality and resort-like amenities.

Coto Investments, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20- 11239) on Oct. 13,
2020.  The petition was signed by Tory O'Cairns, chief executive
officer.  At the time of the filing, the Debtor disclosed $1
million to $10 million in both assets and liabilities.  Judge
Deborah J. Saltzman oversees the case.  The Debtor tapped Goe
Forsythe & Hodges LLP as its counsel and Armory Consulting Co., as
financial advisor.


CYBER NINJAS: Firm Over 2020 Election Recount Files for Bankruptcy
------------------------------------------------------------------
Cyber Ninjas, the firm that attempted to review the results of the
2020 election, said it will file for bankruptcy and the owner will
create a new firm in its stead.

Cyber Ninjas founder Doug Logan was a cybersecurity consultant with
virtually no experience in elections or auditing until Republican
Senate President Karen Fann hired him last Spring to conduct what
she called a "forensic audit" of the 2020 election in Maricopa
County, home to Phoenix and 60% of Arizona's voters.

Mr. Logan, a Donald Trump supporter, told Senator Fann in text
messages he was unable to sell the firm because of "too much
negativity around the name," but he plans to sell off all its
assets to pay debts and eventually file for bankruptcy.

The text messages sent by Mr. Logan was released to The Associated
Press on Friday in response to a public records request.

According to Newsweek, Cyber Ninjas was most notable for helping
recount ballots in the Arizona county of Maricopa during the 2020
presidential election.  The company's report of their findings
certified that current President Joe Biden fairly won the election,
but the machines used had some irregularities.  Former President
Donald Trump and his allies, who perpetuated false and unproven
claims of election fraud, used this report to further their
claims.

Cyber Ninjas is facing massive court fines for refusing to release
public records.  Mr. Logan claims the company can't fulfill a court
order to release public records because the company has no money.

"If Cyber Ninjas goes out-of-business I either need to get a job
with someone else," Mr. Logan told The Associated Press in an
email, "or start from scratch with a new company.  The latter is
the route I chose to go."

Mr. Logan and Senator Fann have been at odds over $100,000 of the
$150,000 the Senate agreed to pay Cyber Ninjas, which has been
withheld.

Cyber Ninjas has been fighting two public records lawsuits filed by
The Arizona Republic newspaper and the watchdog group American
Oversight, arguing it is not subject to the public records law
because it is a private company.  Judges in both cases and the
state Court of Appeals have disagreed.

Judge John Hannah of the Maricopa County Superior Court said
Thursday he will fine Cyber Ninjas $50,000 a day starting Friday if
it doesn't release public records.  He warned he'll extend the
fines to "individuals who are responsible for compliance with this
order," and not just the company, if necessary.

"The court is not going to accept the assertion that Cyber Ninjas
is an empty shell and that no one is responsible for seeing that it
complies," Judge Hannah said.

Mr. Logan told the AP he plans to comply with the court order, but
he wants more clarity from the judge and money from the Senate to
cover costs, which he said the court is underestimating.

"When the rulings of the court are no longer ambiguous, and are
within our capabilities to execute; it will happen," he said.


CYTODYN INC: Reports Unregistered Sales of Equity Securities
------------------------------------------------------------
CytoDyn Inc. filed a Current Report on Form 8-K with the Securities
and Exchange Commission because, as of Dec. 29, 2021, its
unregistered sales of equity securities, in the aggregate, exceeded
1% of the shares of its common stock, par value $0.001 per share,
outstanding as of Nov. 23, 2021, the date of its last report under
Item 3.02.

* Exchange of Convertible Promissory Note for Shares of Common
Stock

On Dec. 7, 2021, the Company and the holder of its secured
convertible promissory note issued April 2, 2021, in partial
satisfaction of the December required debt reduction amount,
entered into an exchange agreement pursuant to which the April 2
Note was partitioned into a new note with a principal amount of
$2.0 million. The outstanding balance of the April 2 Note was
reduced by the December 7 Partitioned Note.  The Company and the
investor exchanged the December 7 Partitioned Note for
approximately 2.4 million shares of common stock.

On Dec. 29, 2021, the Company and the holder of the April 2 Note,
in partial satisfaction of the December required debt reduction
amount, entered into an exchange agreement pursuant to which the
April 2 Note was partitioned into a new note with a principal
amount of $2.0 million.  The outstanding balance of the April 2
Note was reduced by the December 29 Partitioned Note.  The Company
and the investor exchanged the December 29 Partitioned Note for
approximately 2.4 million shares of common stock.

The Company relied on the exemption from registration afforded by
Section 3(a)(9) of the Securities Act of 1933, as amended for the
exchange transactions.

* Private Placement of Common Stock and Warrants through Placement
Agent

On Nov. 24, 2021, the Company issued in a private placement to
accredited investors an aggregate of approximately 3.0 million
shares of common stock, together with warrants to purchase an
aggregate of approximately 0.9 million shares of common stock at an
exercise price of $1.00 per share.  On Nov. 30, 2021, the Company
issued additional securities in the private placement to accredited
investors totaling approximately 0.3 million shares of common
stock, together with warrants to purchase approximately 0.1 million
shares of common stock, also at an exercise price of $1.00 per
share.  The securities were issued at a combined purchase price of
$1.00 per fixed combination of one share of common stock and
three-tenths of one warrant to purchase one share of common stock,
for aggregate gross proceeds to the Company of approximately $3.2
million.  The warrants have a five-year term and are immediately
exercisable.

The representations, warranties and covenants contained in the
subscription agreements were made solely for the benefit of the
parties to the subscription agreements.  In addition, such
representations, warranties and covenants (i) are intended as a way
of allocating the risk between the parties to the subscription
agreements and not as statements of fact and (ii) may apply
standards of materiality in a way that is different from what may
be viewed as material by stockholders of, or other investors in,
the
Company.  Stockholders should not rely on the representations,
warranties and covenants in the form of subscription agreement as
characterizations of the actual state of facts or condition of the
Company or any of its subsidiaries or affiliates as of the date of
execution of an agreement with an investor or any previous or
subsequent date.

As a fee to the placement agent, the Company agreed to pay a cash
fee equal to 12% of the gross proceeds received from qualified
investors in the offering, as well as a one-time non-accountable
expense fee of $50,000 in the aggregate for all closings in the
offering.  The Company also agreed to grant the placement agent or
its designees warrants with an exercise price of $1.00 per share
and a 10-year term to purchase 12% of the total number of shares of
common stock sold to qualified investors in the offering.  On
Jan. 3, 2022, the Company issued warrants covering a total of
approximately 1.4 million shares of common stock to the placement
agent in full satisfaction of its obligations under the placement
agent agreement through Nov. 30, 2021.

                         About CytoDyn Inc.

Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.

Cytodyn reported a net loss of $154.67 million for the year ended
May 31, 2021, compared to a net loss of $124.40 million for the
year ended May 31, 2020.  As of Aug. 31, 2021, the Company had
$104.97 million in total assets, $130.16 million in total
liabilities, and a total stockholders' deficit of $25.19 million.

Birmingham, Alabama-based Warren Averett, LLC, the Company's
auditor since 2007, issued a "going concern" qualification in its
report dated July 30, 2021, citing that the Company incurred a net
loss of approximately $154,674,000 for the year ended May 31, 2021
and has an accumulated deficit of approximately $511,294,000
through May 31, 2021, which raises substantial doubt about its
ability to continue as a going concern.


DEA BROTHERS: March 31 Plan Confirmation Hearing Set
----------------------------------------------------
On Dec. 23, 2021, secured creditor A&G Interprises LLC submitted a
Second Amended Disclosure Statement describing Second Amended Plan
of Reorganization for Debtor DEA Brothers Sisters LLC.

On Dec. 16, 2021 at 10:30 a.m., the Court approved the First
Amended Disclosure Statement subject to making revisions the
Creditor indicated it would make in its own reply to the Debtor's
objection to approval of the Creditor's Disclosure Statement as
well as revisions the Court itself required on the record.

Since the Creditor made the revisions required by the Court, the
Court finds that the Second Amended Disclosure Statement describing
Second Amended Plan of Reorganization filed on Dec. 23, 2021
contains adequate information.

On Dec. 28, 2021, Judge Erithe Smith approved the Second Amended
Disclosure Statement and ordered that:

     * The deadline for receipt of ballots is February 1, 2022,
except that ballots returned by United States First Class Mail must
be postmarked by Feb. 1, 2022.

     * Feb. 8, 2022, is the deadline for filing objections to plan
confirmation.

     * Feb. 17, 2022, is the deadline for filing confirmation
brief/ballot tally analysis and response to any objections to plan
confirmation.

     * March 31, 2022, at 2:00 p.m., is the date and time for the
hearing on confirmation of the Chapter 11 Plan.

A copy of the Order dated Dec. 28, 2021, is available at
https://bit.ly/3q7OW7s from PacerMonitor.com at no charge.

Attorney for A&G Interprises:

     Giovanni Orantes, Esq.,SBN. 190060
     THE ORANTES LAW FIRM, P.C.
     3435 Wilshire Blvd., Suite 2920
     Los Angeles, CA 90010
     Tel: 213-389-4362
     Fax: 877-789-5776
     E-mail: go@gobklaw.com

                   About DEA Brothers Sisters
  
DEA Brothers Sisters, LLC, is a Laguna Hills, Calif.-based company
that owns a strip shopping center located at 16502 S. Main St.,
Carson, California.

DEA Brothers Sisters sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10608) on March 10,
2021.  In the petition signed by Enayat Ali Jiwani, the sole
managing member, the Debtor disclosed between $1 million and
$10million in both assets and liabilities.  Judge Erithe A. Smith
oversees the case.  Financial Relief Legal Advocates, Inc. and
Osborn Plasse serve as the Debtor's legal counsel.


DIOCESE OF HARRISBURG: Tort Committee Proposes Chapter 11 Plan
--------------------------------------------------------------
The Official Committee of Tort Claimants for the Roman Catholic
Diocese of Harrisburg filed a Chapter 11 Plan of Reorganization in
the Roman Catholic Diocese of Harrisburg's bankruptcy case.

The Plan establishes a Trust funded by: (i) assets of and
contributions from the Diocese; (ii) contributions from the
Parishes, Schools, and Related Non-Debtor Entities; (iii)
contributions from Insurers; and (iv) contributions from the
Self-Settled Trusts.  The Trustee will liquidate the Trust Assets
and distribute the proceeds to the Survivor Claimants, pursuant to
the allocation protocol contained in the Trust Distribution Plan.

The Plan further provides that the holders of the General Unsecured
Claims will be paid in full, that all Survivor Claims will be
channeled to the Trust, and that the Diocese will receive a
discharge from all remaining Claims.

Each holder of Class 3: General Unsecured Claims will receive
payment in cash in an amount equal to such allowed general
unsecured claim, payable on or as soon as reasonably practicable.
Class 3 is unimpaired under the Plan.

Class 4a consists of the holder of Proof of Claim 34 filed in the
case.  The Trustee shall distribute the sum of $650,000 to the
holder of Proof of Claim 34 prior to any distribution to the holder
of any other claims entitled to a distribution under the Plan.  

Class 4b Consists of Known Survivor Claims other than Proof of
Claim 34.  The Plan creates the Trust to fund payments to Class 4
Claimants entitled to payment under the Plan, Trust Agreement, and
Trust Distribution Plan.  The Trust will be funded pursuant to the
Insurance Settlement Agreement, and in accordance with Article IV.


Class 5 consists of Unknown Survivor Claims and Late-Filed Survivor
Claims.  The Debtor and Reorganized Debtor shall pay all Unknown
Survivor Claims and Late-Filed Survivor Claims as determined by the
Unknown Claimants' Representative.  No Class 5 Claimant shall
receive any payment on any award unless and until such Class 5
Claimant has executed the Release.

In addition, each holder of a Class 4a Claim, Class 4b claim and
Class 5 claim who has provided the release of liability will also
be entitled to receive  from the Diocese, free of charge one
cemetery plot at any Diocese cemetery of such Claimant's choice,
and a credit for one fully-paid K-12 education at schools within
Diocese.

Counsel for the Official Committee of Tort Claimants:

     STINSON LLP
     Robert T. Kugler
     Edwin H. Caldie
     50 South Sixth Street, Suite 2600
     Minneapolis, MN 55402
     Telephone: (612) 335-1500
     Facsimile: (612) 335-1657
     Email: robert.kugler@stinson.com
     ed.caldie@stinson.com

A copy of the Plan dated January 7, 2022, is available at
https://bit.ly/3364MGG from epiq11 the claims agent.

            About Roman Catholic Diocese of Harrisburg

The Roman Catholic Diocese of Harrisburg sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
20-00599) on Feb. 19, 2020, listing up to $10 million in assets and
up to $100 million in liabilities.  Judge Henry W. Van Eck oversees
the case.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP as legal
counsel; Kleinbard, LLC as special counsel; Keegan Linscott &
Associates, PC as financial advisor; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.  The Hon. Michael
Hogan has been tapped as unknown abuse claims representative.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent tort claimants in the Chapter 11 case of the Roman
Catholic Diocese of Harrisburg.  The Tort Claimants' Committee is
represented by Stinson, LLP.


GAIA INTERACTIVE: Unsecureds Owed $6.47M to Get $25K in Plan
------------------------------------------------------------
Gaia Interactive, Inc., submitted a Second Amended Subchapter V
Plan.

Payments due under the Plan total $2,222,082 including regular
monthly payments of $25,000 to Cathay Bank during the Plan's term
and consist of the following:

   * $190,131 for pre-confirmation and $257,050 for projected
post-confirmation administrative claims;
   * $54,067 for priority tax claims; and
   * $1,720,834 in total for Cathay Bank plus interest and fees.

The Debtor does not expect any funds to remain for distribution to
general unsecured creditors except for $25,000 which Cathay Bank
has agreed as a carve-out to create a pool for payment of allowed
general unsecured creditor claims.

The final Plan payment to unsecured claims is expected to be paid
not later than 8 months after the Effective Date; the final Plan
payment to priority claims is expected to be paid not later than 12
months after the Effective Date; and the final Plan payment to
Cathay Bank will be 12 to 18 months after the Effective Date.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the Debtor has valued at 0 cents on
the dollar.  

According to court filings, unsecured claims currently total
$6,472,414.  Holders of allowed Class 3A general unsecured claims
will receive pro rata payments from (a) the $25,000 pool created as
a carve out from Cathay Bank's collateral (the "Creditors' Pool")
within 8 months after the Effective Date of this Plan, and (b) any
net recoveries from preference claims or other avoidance actions.
Class 3A is impaired.

The Debtor will retain possession of the property of the estate.
The Debtor will continue to operate.  The Debtor will contribute
100% of its projected disposable income to make plan payments,
including payment of post-confirmation administrative expenses.

A copy of the Plan dated Jan. 5, 2021, is available at
https://bit.ly/3zyyu2S from PacerMonitor.com.

                    About Gaia Interactive

Gaia Interactive, Inc. -- doing business under several names such
as Gaia Online; Gaia Online, LLC; Ravel Labs LLC and Unrave -- owns
and operates an online communities platform in Santa Clara,
California.  

Gaia Interactive filed a Chapter 11 petition (Bankr. N.D. Cal. Case
No. 21-50660) on May 12, 2021.  The petition was signed by James
Cao, CEO.  As of the Petition Date, the Debtor disclosed $567,616
in total assets and $8,193,464 in total liabilities.  Judge Stephen
L. Johnson oversees the case.  

Binder & Malter, LLP, is the Debtor's counsel.

Monique D. Jewett-Brewster, Esq., at Hopkins & Carley, A Law
Corporation, represents Cathay Bank.


GFA PEANUT ASSOCIATION: Taps Akin Webster & Matson as Legal Counsel
-------------------------------------------------------------------
GFA Peanut Association seeks approval from the U.S. Bankruptcy
Court for the Middle District of Georgia to hire Akin, Webster &
Matson, P.C.  to serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

     (2) preparing legal papers;

     (3) conducting examinations incidental to the administration
of the Debtor's estate;

     (4) taking necessary actions instant to the proper
preservation and administration of the estate;

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

     (6) taking necessary actions with reference to the use by the
Debtor of its property pledged as collateral;

     (7) asserting, as directed by Debtor, all claims it has
against others;

     (8) formulating a plan of reorganization; and

     (9) performing all other legal services.

Robert Matson, Esq., the firm's attorney who will be providing the
services, will be paid an hourly fee of $300.

As disclosed in court filings, Akin, Webster and Matson and its
attorneys are disinterested persons within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Robert M. Matson, Esq.
     Akin, Webster And Matson, PC
     544 Mulberry Street, Suite 400
     P. O. Box 1773
     Macon, GA 31202
     Phone: (478) 742-1889
     Email: rmatson@akin-webster.com

                    About GFA Peanut Association

GFA Peanut Association filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No.
22-10001) on Jan. 3, 2022, listing up to $1 million in assets and
up to $10 million in liabilities.  Mike Roberts, chairman of GFA
Peanut Association, signed the petition.  

Robert M. Matson, Esq., at Akin, Webster And Matson, PC serves as
the Debtor's legal counsel.


GFA PEANUT COMPANY: Taps Akin Webster & Matson as Legal Counsel
---------------------------------------------------------------
GFA Peanut Company seeks approval from the U.S. Bankruptcy Court
for the Middle District of Georgia to hire Akin, Webster & Matson,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

     (2) preparing legal papers;

     (3) conducting examinations incidental to the administration
of the Debtor's estate;

     (4) taking necessary actions instant to the proper
preservation and administration of the estate;

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

     (6) taking necessary actions with reference to the use by the
Debtor of its property pledged as collateral;

     (7) asserting, as directed by Debtor, all claims it has
against others;

     (8) formulating a plan of reorganization; and

     (9) performing all other legal services.

Robert Matson, Esq., the firm's attorney who will be providing the
services, will be paid at the rate of $300 per hour.
    
As disclosed in court filings, Akin, Webster and Matson and its
attorneys are disinterested persons within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Robert M. Matson, Esq.
     Akin, Webster And Matson, PC
     544 Mulberry Street, Suite 400
     P. O. Box 1773
     Macon, GA 31202
     Phone: (478) 742-1889
     Email: rmatson@akin-webster.com

                     About GFA Peanut Company

GFA Peanut Company provides marketing and storage of peanuts and
peanut related products.  The company is based in Camilla, Ga.

GFA Peanut Company filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No.
22-10003) on Jan. 3, 2022, listing as much as $10 million in both
assets and liabilities.  Mike Roberts, chairman of GFA Peanut
Company, signed the petition.  

Robert M. Matson, Esq., at Akin, Webster And Matson, PC serves as
the Debtor's legal counsel.


GOLDEN NUGGET: Moody's Hikes CFR to B3; Outlook Positive
--------------------------------------------------------
Moody's Investors Service upgraded Golden Nugget, LLC's corporate
family rating (CFR) to B3 from Caa1 and probability of default
rating (PDR) to B3-PD from Caa1-PD. In addition, Moody's assigned a
B1 rating to the company's proposed $500 million first lien senior
secured revolver and $1.85 billion first lien senior secured term
loan. All other ratings remain unchanged. The outlook remains
positive. The ratings are subject to the receipt and review of
final documentation.

Proceeds from the proposed bank financing, along with about $3.7
billion of new secured and unsecured debt will be used to refinance
all of Golden Nugget's existing debt, fund a $250 million dividend
and place additional cash on the balance sheet.

"The upgrade and positive outlook reflects Golden Nugget's
improving operating trends and more favorable cost structures at
both its restaurants and casinos that we expect to result in
stronger credit metrics and liquidity despite higher debt levels."
stated Bill Fahy, Moody's Senior Credit Officer. The refinancing
will increase funded debt which will limit the improvement in
credit metrics. Moody's estimates that pro forma for the proposed
transaction leverage will be about 6.9 times for the LTM period
ending September 2021 but when coupled with improving operating
performance and the maintenance of a lower cost structure is
expected to result in debt to EBITDA improving towards 6.0 times
over the next 12 to 18 months. "However, operating margins could
come under additional pressures from labor and commodity inflation
which is likely to continue throughout 2022." stated Fahy.

The positive outlook reflects Moody's view that earnings and credit
metrics will continue to improve as consumer demand remains healthy
and the company manages any increases in operating costs such that
its improvement in operating margins is largely sustained.

Upgrades:

Issuer: Golden Nugget, LLC

  Corporate Family Rating, Upgraded to B3 from Caa1

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

Assignments:

Issuer: Golden Nugget, LLC

  Senior Secured 1st Lien Term Loan B, Assigned B1 (LGD3)

  Senior Secured 1st Lien Revolving Credit Facility, Assigned B1
  (LGD3)

Outlook Actions:

Issuer: Golden Nugget, LLC

  Outlook, Remains Positive

RATINGS RATIONALE

Golden Nugget's B3 CFR is constrained by its high leverage and
history of debt financed acquisitions and shareholder returns as
well as cost pressures for labor and commodities. Golden Nugget
benefits from its material scale, the brand value of its various
restaurant and gaming properties, good geographic diversification
and very good liquidity.

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

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

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

Factors that could result an upgrade include a more moderate
financial policy with regards to acquisitions and shareholder
returns as well as a sustained improvement in operating
performance, liquidity and credit metrics. Specifically an upgrade
would require debt to EBITDA sustained below 5.5 times and EBIT to
interest sustained above 1.75 times. A higher rating would also
require very good liquidity.

Ratings could be downgraded in the event credit metrics failed to
materially improve from current levels. Specifically, ratings could
be downgraded if debt to EBITDA was sustained above 6.5 times or
EBIT to interest were sustained around 1.25 times. A deterioration
in liquidity for any reason could also negatively affect the
ratings or outlook.

Golden Nugget owns and operates the Golden Nugget hotel, casino,
and entertainment resorts in downtown Las Vegas and Laughlin,
Nevada, Lake Charles Louisiana, Biloxi Mississippi and Atlantic
City New Jersey. The company also owns and operates mostly upscale
and casual dining restaurants under the trade names Landry's
Seafood House, ChartHouse, Saltgrass Steak House, Rainforest Café,
Bubba Gump, McCormick & Schmicks, Dos Caminos, Bill's Bar & Burger,
Joe's Crab Shack, Brick House Tavern + Tap, Morton's Restaurants,
Inc, Del Frisco's Double Eagle, Del Frisco's Grille, and Mastro's
as well as restaurants from RUI. Golden Nugget is wholly owned
indirectly by Fertitta Entertainment, Inc. which is wholly owned by
Tilman J. Fertitta.


GREEN VALLEY: Feb. 3 Plan & Disclosures Hearing Set
---------------------------------------------------
On Dec. 27, 2021, debtors Green Valley at ML Country Club, LLC, and
ML Country Club, LLC, filed with the U.S. Bankruptcy Court for the
District of New Jersey a Second Modified Disclosure Statement
describing Chapter 11 Liquidating Plan.

On Dec. 28, 2021, Judge Jerrold N. Poslusny, Jr., conditionally
approved the Disclosure Statement and ordered that:

     * Jan. 27, 2022, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

     * Jan. 27, 2022, is fixed as the last day for filing written
acceptances or rejections of the Plan.

     * Feb. 3, 2022, at 10:00 am at the United States Bankruptcy
Court, District of New Jersey, 400 Cooper Street, Camden, NJ 08101
Courtroom 4C is the hearing for final approval of the Disclosure
Statement (if a written objection has been timely filed) and for
confirmation of the Plan.

A copy of the order dated Dec. 28, 2021, is available at
https://bit.ly/3f4GEXn from PacerMonitor.com at no charge.

Counsel for the Debtors:

   Robert N. Braverman, Esq.
   McDowell Law, PC
   46 W. Main Street
   Maple Shade, NJ 08052
   Telephone: (856) 482-5544
   E-mail: rbraverman@mcdowelllegal.com

             About Green Valley at ML Country Club

Green Valley at ML Country Club, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No.
21-11747) on March 3, 2021. In the petition signed by Louis Sacco,
managing member, the Debtor disclosed up to $50,000 in assets and
$1 million in liabilities.

Affiliate ML Country Club, LLC also sought Chapter 11 protection
(Bankr. D. N.J. Case No. 21-11745) on March 3, 2021.  ML Country
Club listed $1 million to $10 million in both assets and
liabilities on the Petition Date.  The cases are jointly
administered under Green Valley LLC at ML Country Club LLC

Judge Jerrold N. Poslusny, Jr. oversees the case.

Robert N. Braverman, Esq., at McDowell Law P.C., is the Debtor's
counsel.

Wilmington Savings Fund Society, FSB, as Lender, is represented by
Ballard Sphar, LLP.


GRIFFON CORP: Moody's Affirms B1 CFR, Rates New 1st Lien Loan 'Ba2'
-------------------------------------------------------------------
Moody's Investors Service affirmed Griffon Corporation's B1
Corporate Family Rating (CFR) and B1-PD Probability of Default
Rating (PDR). At the same time, Moody's assigned a Ba2 rating to
Griffon's senior secured credit facilities, comprised of a $400
million senior secured first lien revolver due 2025 and the
proposed $750 million senior secured first lien term loan due 2029.
Moody's also downgraded the company's existing $1,000 million
senior unsecured notes due 2028 to B3 from B2. The SGL-2
Speculative Grade Liquidity remains unchanged, and the outlook
remains stable.

Proceeds from the proposed $750 million first lien term loan due
2029, along with cash on balance sheet and revolver borrowings will
be used to fund Griffon's planned $845 million acquisition of
Hunter Fan Company (Hunter Fan, B2 stable), a leading designer and
distributor of branded residential and commercial ceiling fans, and
residential lighting, and to pay related fees and expenses. Griffon
expects to close the transaction in early 2022. Moody's will
withdraw the ratings of Hunter Fan, including the B2 CFR, upon the
close of the transaction and the repayment of Hunter Fan's debt
obligations.

The ratings affirmation and stable outlook reflects that the
proposed transaction will increase financial leverage, but
debt/EBITDA (all ratios are Moody's adjusted otherwise stated) will
remain within the range Moody's expects for Griffon's B1 CFR.
Moody's also projects debt/EBITDA will gradually improve over the
next 12-18 months, driven primarily by debt reduction.
Additionally, the planned acquisition is complementary and will
expand Griffon's product offering in the Consumer and Professional
Products segment.

The planned acquisition of Hunter Fan is Griffon's largest to date
and follows the company's announcement that it is reviewing
strategic initiatives for its Telephonics operating subsidiary.
Moody's estimates Griffon's debt/EBITDA leverage is high at 5.1x
for the fiscal year-end period ending 30 September 2021, including
Telephonics earnings and pro forma for the Hunter Fan acquisition.
Excluding Telephonics earnings, Moody's estimates fiscal 2021
debt/EBITDA leverage at 5.4x, pro forma for the Hunter Fan
acquisition. Griffon's elevated financial leverage reduces the
cushion to absorb sustained weaker operating results and credit
metrics, including from the potential future consumer demand
pullback for home related products following the very high levels
over the past year. The higher leverage also limits the company's
capacity to utilize debt to fund growth investments and
acquisitions.

Moody's projects debt/EBTIDA will gradually improve to the mid to
low 4.0x range over the next 12-18 months, as the company
prioritizes excess cash flow towards debt reduction. Deleveraging
could accelerate as the company has stated that it will use the
cash proceeds from the sale of its Telephonics business to reduce
debt.

The Ba2 rating on the company's senior secured first lien credit
facilities, which include a $400 million first lien revolver due
2025 and the proposed $750 million first lien term loan due 2029,
reflects the facilities' effective priority relative to the
company's $1,000 million unsecured notes due 2028. The first lien
credit facilities are secured by a first priority interest in
substantially all of the domestic assets of the company and
guarantors. The downgrade of the unsecured notes to B3 from B2
reflects changes in the capital structure following the issuance of
the proposed $750 million first lien term loan. The much higher mix
of secured debt weakens recovery prospects for the unsecured notes
in the event of a default.

Affirmations:

Issuer: Griffon Corporation

  Corporate Family Rating, Affirmed B1

  Probability of Default Rating, Affirmed B1-PD

Assignments:

Issuer: Griffon Corporation

  Senior Secured 1st Lien Term Loan B, Assigned Ba2 (LGD2)

  Senior Secured 1st Lien Revolving Credit Facility, Assigned Ba2
  (LGD2)

Downgrades:

Issuer: Griffon Corporation

  Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD5)

  from B2 (LGD4)

Outlook Actions:

Issuer: Griffon Corporation

  Outlook, Remains Stable

RATINGS RATIONALE

Griffon's B1 CFR broadly reflects its high financial leverage with
debt/EBITDA at 5.1x for the fiscal 2021 period and pro forma for
the Hunter Fan acquisition. The company's Consumer and Professional
Products (CPP) business unit is exposed to weather variability and
its Home & Building Products (HBP) Clopay unit is exposed to the
cyclical US housing market. Griffon announced it is reviewing
strategic alternatives for its Telephonics business unit, and this
segment is dependent on government defense spending that is subject
to variable appropriations. Demand for the company's home related
products is exposed to cyclical discretionary consumer spending.
Griffon also has foreign currency exposure, and high customer
concentration in its business segments.

Griffon benefits from its good product diversification and
well-established market position in each of the segments where it
competes. Demand for the company's products has been high over the
past 18 months, driven by consumers increased spending on their
homes and focus on outdoor activities due to the coronavirus
outbreak. Governance factors include Griffon's publicly stated
financial policy that targets a net leverage ratio of 3.5x
(company's calculation). Moody's projects the company's debt/EBITDA
leverage (based on Moody's calculation) will gradually improve to
the mid to low 4.0x range over the next 12-18 months, primarily
from debt reduction as the company prioritizes cash flow to fund
debt repayments. Griffon's good liquidity reflects Moody's
expectations for positive free cash flow around $100 million over
the next 12-18 months, and access to a $400 million revolver
facility due 2025.

Griffon relies on raw materials primarily steel, as well as resin
and wood as part of its manufacturing process. The company is
moderately exposed to the carbon transition and waste and pollution
risks related to the very energy intensive steel production, which
could increase input costs. However, cost increases from increased
regulation can generally be passed on to the consumer. Social risk
factors consider that the company is exposed to health and safety
and responsible production risks common in a manufacturing
environment. Governance factors consider the company's financial
policy that targets a net leverage ratio of 3.5x (company's
calculation), and the company's history of operating above its
stated net leverage target.

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

The stable outlook reflects Moody's expectation that Griffon's
debt/EBITDA leverage will gradually improve over the next 12-18
months, as it prioritizes cash flows to fund debt repayments to
de-lever towards its targeted level. The stable outlook also
reflects Moody's expectation that continued positive US housing
market trends will support stable revenue and earnings over the
next 12-18 months, and that the company completes the integration
of its planned Hunter Fan acquisition without any major operational
setbacks.

The ratings could be upgraded if the company successfully
integrates the planned Hunter Fan acquisition, demonstrates
consistent positive organic revenue growth along with debt/EBITDA
sustained below 4.0x, EBIT/interest sustained above 2.5x, an EBIT
margin in the high single-digit range, and free cash flow/debt
consistently above 8.0%. A ratings upgrade would also require at
least good liquidity, and Moody's expectations of financial
policies that maintain credit metrics at the above levels.

The ratings could be downgraded if the company's operating
performance deteriorates, including organic revenue declining or
EBIT margin contracting, or if debt/EBITDA is sustained above 5.5x,
the EBIT margin is below 4.0%, or if EBIT/interest falls below
1.5x. The ratings could also be downgraded if the company's
liquidity deteriorates for any reason, including increased reliance
on the revolver facility or free cash flow generation is modest, or
if the company completes a large debt-funded acquisition or share
buybacks.

Headquartered in New York, New York, Griffon Corporation (NYSE:
GFF) is a diversified management and holding company that operates
through three reportable segments: Consumer and Professional
Product (CPP), Home and Building Products (HBP) and Defense
Electronics (Telephonics). CPP conducts its operations through The
AMES Companies, Inc. (AMES), a leading North American manufacturer
and global provider of branded consumer and professional tools, and
products for home storage and organization, and landscaping. HBP
conducts its operations through Clopay, North America's largest
manufacturer and marketer of garage doors and rolling steel door
and grille products for residential, commercial, industrial,
institutional, and retail use. Defense Electronics conducts its
operations through Telephonics, a global provider of sophisticated
intelligence, surveillance, and communications solutions for
defense, aerospace, and commercial customers. Griffon reported
revenue of about $2.27 billion for the fiscal year-end period 30
September 2021, and excluding about $271 million of revenue from
Telephonics. Griffon's revenue is approximately $2.65 billion
including Hunter Fan and excluding Telephonics.


HERITAGE RAIL: Creditors to Get Proceeds from Liquidation
---------------------------------------------------------
Tom Connolly, the Chapter 11 Trustee of debtor Heritage Rail
Leasing, LLC, filed with the U.S. Bankruptcy Court for the District
of Colorado a Disclosure Statement to accompany Chapter 11 Plan for
Debtor dated Dec. 30, 2021.

Heritage's bankruptcy case commenced by an involuntary petition on
August 21, 2020. On October 21, 2020, the Bankruptcy Court ordered
the appointment of a trustee, and the undersigned was appointed
shortly thereafter.

Heritage had virtually no money and no revenue. Its vintage
railcars and locomotives were largely encumbered with large,
defaulted loans and scattered about the US exposed to the elements
and vandalism and accruing storage fees in unspecified amounts.
Heritage had been involved in a complicated and contested federal
receivership case involving IPH and a number of affiliated
entities, but the receivership was terminated several months before
the involuntary bankruptcy petition was filed.

Reorganization of Heritage was not a viable option. Consequently,
Trustee has conducted a direct and vigorous marketing program under
which the greater part of Heritage's rolling stock has been sold
with Court approval. Before sales could be consummated, however,
arrangements had to be made to sell free and clear of the security
interests of Big Shoulders and MDOT.

Big Shoulders filed a claim in this case asserting its lien on
Heritage assets including 76 railcars and locomotives had grown to
over $8.4 million. At the same time, MDOT's lien on 18 of the most
valuable railcars, which included some of Big Shoulder's
collateral, had an outstanding balance of over $1.5 million. To the
extent some of the railcars and locomotives were collateral for
both MDOT and Big Shoulders, MDOT was in first position.

The Bankruptcy Court approved a settlement with Big Shoulders
negotiated by Trustee. In addition, the Trustee negotiated an
informal protocol with MDOT. These together allowed the Trustee to
sell any or all of the railcars and locomotives free of the liens
of Big Shoulders and MDOT with the liens transferred to the
proceeds. As to Big Shoulders, its claim was reduced to and set at
$2,710,000 without interest or fees to accrue. As to MDOT, enough
proceeds of its collateral are to be held by Trustee in a separate
escrow account as security for the outstanding amount of the
Granada debt until it is paid down by Rail/USA Inc.

As of the date of this Disclosure Statement, Trustee has concluded
sales of more than 75 railcars and locomotives generating gross
proceeds of over $5,100,000. From those proceeds Trustee has paid
$1,910,000 toward the Big Shoulders settlement amount leaving
$800,000 still due. Trustee holds over $1,700,000 in the MDOT
separate escrow account securing an outstanding balance on the
Granada loan of $1,357,136.

In addition, Trustee holds over $1,000,000 in the estate's general
account. The Trustee believes that the $1,700,000 held in the MDOT
escrow account is unlikely to ever be paid to MDOT but instead
should become available to Heritage creditors. Rail/USA, Inc. is
the primary obligor on the debt and is paying it down at the rate
of $64,625 per month. The funds in the MDOT account, however, are
also collateral for the $800,000 still owed to Big Shoulders.
Hence, $900,000 or more should eventually be released to the
general estate.

Heritage still has about 24 unsold railcars and locomotives (the
number is approximate because of questions of title and existence
as to some items). As to these remaining items, there are pending
sales totaling more than $200,000. Railcars not yet under contract
should bring in excess of another $150,000.

The Plan is a liquidating Plan based on the recognition that
Heritage has no employees or active business to reorganize.
Consequently, the Plan provides for the satisfaction of its reaming
secured creditors from the sale of collateral; pays all of its
Administrative and Priority Claims in full and distributes its
remaining assets and cash to the Liquidating Trust. The Liquidating
Trust will then complete the administration of Heritage's affairs
and distribute the net proceeds to the holders of Allowed Unsecured
Claims.

Heritage had one unpaid wage claim, which is entitled to priority
over general unsecured claims. The claim, in the approximate amount
of $5,000, will be paid in cash on the Effective Date of the Plan.
The wage claim is classified as Class 2 of the Plan.

Unsecured claims are designated as Class 3. Allowed unsecured
Claims will be paid pro rata by the Liquidating Trust from funds
available for distribution. Funds available for distribution will
be all funds in the Liquidating Trust net of Liquidating Trust
expenses. Distributions will be made periodically, but it is
anticipated that a significant initial distribution will be made
within 30 days of confirmation of the plan.

The holders of Class 3 claims are designated by name in 2 groups.
The first group is those holders whose Class 3 claims are deemed
allowed in the amounts specified in the Plan. Holders in this group
need take no further action and will be paid pro rata. The second
group consists of those holders of potential Class 3 claims whose
claims are subject to dispute. Holders in this group need to work
with or litigate with the Trustee to resolve their claims. Holders
in this group will receive their share of pro rata distributions
only to the extent their claims are finally allowed.

Following the Effective Date of the Plan, the Liquidating Trust
will be formed and all remaining assets will be transferred to it
in trust. The Trustee, Tom H. Connolly, will be Liquidating Trustee
and estate agent for the purpose of carrying out the terms of the
Plan and taking all actions deemed necessary or convenient to
consummating the terms of the Plan. He will receive $300 per hour
in compensation and may hire attorneys and other professionals as
he deems necessary.

A full-text copy of Trustee's Disclosure Statement dated Dec. 30,
2021, is available at https://bit.ly/3f4DxPm from PacerMonitor.com
at no charge.

Attorneys for Chapter 11 Trustee:

     BROWNSTEIN HYATT FARBER SCHRECK, LLP
     Michael J. Pankow, #21212
     Amalia Sax-Bolder, #54959
     410 17th Street, Suite 2200
     Denver, Colorado 80202
     Telephone: (303) 223-1100
     Facsimile: (303) 223-1111
     mpankow@bhfs.com
     asax-bolder@bhfs.com

                    About Heritage Rail Leasing

Heritage Rail Leasing, LLC, leases rail rolling stocks, locomotives
and track equipment.

On Aug. 21, 2020, Portland Vancouver Junction & Railroad Inc.,
Vizion Marketing LLC and D.L. Paradeau Marketing LLC filed a
Chapter 11 involuntary petition against Heritage Rail Leasing.  The
creditors are represented by Michael J. Pankow, Esq., at Brownstein
Hyatt Farber Schreck, LLP.

Judge Thomas B. McNamara oversees the case.  L&G Law Group LLP and
Moglia Advisors serve as the Debtor's legal counsel and
restructuring advisor, respectively.  Alex Moglia of Moglia
Advisors is the Debtor's chief restructuring officer.

On Oct. 19, 2020, the Office of the U.S. Trustee appointed a
committee to represent unsecured creditors in the Debtor's Chapter
11 case.  The committee is represented by Goldstein & McClintock
LLLP and the Law Offices of Douglas T. Tabachnik, P.C.

On Oct. 28, 2020, the Court approved the appointment of Tom H.
Connolly as the Debtor's Chapter 11 trustee.  The trustee tapped
Brownstein Hyatt Farber Schreck, LLP as his counsel.


HGIM CORP: S&P Affirms 'CCC+' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
U.S.-based offshore vessel service provider HGIM Corp. At the same
time, S&P raised its issue-level rating on the company's term loan
to 'CCC+' from 'D' (S&P lowered its rating to 'D' following a
series of below-par debt tenders last year). S&P revised its
recovery rating to '3', from '2', indicating its expectation for
meaningful (50%-70%; rounded estimate: 65%) recovery of principal
to creditors in the event of a payment default.

The 'CCC+' issuer credit rating reflects HGIM's weak credit
measures and less than adequate liquidity.

S&P said, "Although we expect offshore oil and gas activity to
modestly improve throughout 2022, we anticipate the company's
credit measures will remain weak, including debt to EBITDA of about
5.25x-5.50x and funds from operations (FFO) to debt of about 10% in
2022. HGIM's EBITDA margins and fleet utilization improved steadily
in the first nine months of 2021, which is a trend we expect will
continue throughout 2022--albeit at a relatively slow pace--given
our assumption that more supportive commodity prices and an
improved demand outlook will encourage greater offshore activity.
Despite this, we revised our assessment of the company's liquidity
to less than adequate to reflect our view of its potential
inability to refinance its term loan maturing in August 2023 on
favorable terms, given its $61 million cash balance and our
forecast for only modest free operating cash flow (FOCF) generation
of about $15 million in 2022.

"We raised our issue-level rating on HGIM's term loan to 'CCC+'
from 'D' because we do not expect additional below par debt tenders
in the near-term, although we believe its upcoming maturity in
August 2023 poses significant refinancing risk."

The company had about $322 million of principal outstanding on its
term loan as of Sept. 30, 2021. HGIM completed two below-par debt
tenders in late 2020 and early 2021, which reduced its outstanding
balance by about $12 million. S&P said, "Given that it completed
these tenders at a 45%-50% discount to par, we considered them to
be distressed and tantamount to default, which led us to lower our
issue-level rating to 'D' (where it remained given our expectation
for additional below-par tenders). We raised our issue-level rating
on the term loan to 'CCC+' because we no longer expect HGIM to
engage in additional tenders in the near term." However, the
company's ability to refinance its loan remains a key risk as the
loan's maturity approaches.

The negative outlook reflects HGIM's inadequate liquidity position
and leverage metrics and the risk that it could engage in a
transaction S&P would consider to be distressed and tantamount to
default, given the upcoming maturity of its term loan in August
2023, if market conditions do not improve on a sustained basis.

S&P said, "We could lower our rating on HGIM if its liquidity
weakens further or we believe there is an increased likelihood of a
broader financial restructuring in the next 12 months. This would
most likely occur due to a delayed recovery in the offshore
drilling market, which would reduce the demand for the company's
services, along with unsupportive capital market conditions that
would make it more challenging for it to refinance its term loan.

"We could revise our outlook on HGIM to stable if it improves its
leverage measures, including FFO to debt of more than 12% and debt
to EBITDA of less than 6x for a sustained period. In addition, we
would have to be confident that the company could refinance its
term loan in a timely and non-distressed manner, which would
alleviate the near-term pressure on its liquidity."

ESG credit indicators: E-4 S-3 G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of HGIM Corp. due to our expectation
that the energy transition will lead to lower demand for services
and equipment because the accelerating adoption of renewable energy
sources will reduce the demand for fossil fuels. Given its material
exposure to the offshore market, HGIM faces higher environmental
risks than onshore service providers due to its susceptibility to
operational interruptions and damage to equipment from more
challenging operating conditions, including hurricanes, which is
reflected in our ratings analysis. We deem offshore operations to
be more prone to personnel injuries and fatal accidents given the
more challenging conditions versus onshore, including the water
transportation of personnel, which is a service that HGIM provides.
As such, we consider social factors to be more present in offshore
operations, which has a moderately negative influence on our
overall analysis."



IBIO INC: Further Adjourns Annual Meeting to Jan. 31
----------------------------------------------------
iBio, Inc. has adjourned its 2021 Annual Meeting of Shareholders
with respect to Proposals 4 (Reverse Stock Split) and 5 (Change in
Authorized Shares).

The Company partially adjourned the Annual Meeting on Dec. 9, 2021
with respect to Proposals 4 and 5 to allow those stockholders who
hold approximately 40% of the unvoted shares more time to vote.
iBio subsequently received additional votes "FOR" the proposals, as
well as support from a number of shareholders who changed their
"against" votes.  Given that voting is still trending in favor of
these proposals, the Company has adjourned the reconvened Annual
Meeting to provide its shareholders additional time to vote.  The
Annual Meeting will resume with respect to Proposal 4 and 5 at 9:00
a.m. Eastern time on Jan. 31, 2022 and can be accessed at
www.virtualshareholdermeeting.com/IBIO2021.

                          About iBio Inc.

iBio, Inc. -- http://www.ibioinc.com-- is a plant-based biologics
manufacturing company.  Its FastPharming System combines vertical
farming, automated hydroponics, and novel glycosylation
technologies to rapidly deliver high-quality monoclonal antibodies,
vaccines, bioinks and other proteins.  iBio is developing
proprietary products which include biopharmaceuticals for the
treatment of cancers, as well as fibrotic and infectious diseases.
The Company's subsidiary, iBio CDMO LLC, provides FastPharming
Contract Development and Manufacturing Services along with
Glycaneering Development Services for advanced recombinant protein
design.

iBio reported a net loss attributable to the company of $23.21
million for the year ended June 30, 2021, a net loss attributable
to the company of $16.44 million for the year ended June 30, 2020,
and a net loss attributable to the company of $17.59 million for
the year ended June 30, 2019.  As of Sept. 30, 2021, the Company
had $143.74 million in total assets, $43.21 million in total
liabilities, and $100.53 million in total equity.


J & GC INC: Court Confirms Reorganization Plan
----------------------------------------------
Following a confirmation hearing on Dec. 29, 2021, Judge Harlin D.
Hale entered an order confirming J & GC, Inc.'s Plan of
Reorganization dated Nov. 19, 2021 and approving the Disclosure
Statement.

Under the confirmed Plan, holders of Class 4 Allowed Unsecured
Claims will share pro-rata in the Unsecured Creditor' s Pool.  The
Debtor shall pay $500 per month for a period of up to 60 months
into the Unsecured Creditors Pool.  The Unsecured Creditors will be
paid quarterly on the last day of each calendar quarter. Payments
to the Unsecured Creditors will commence on the last day of the
first full calendar quarter after the Effective Date.  Based upon
the Debtor's Schedules, Class 4 Claims will be approximately
$20,000.  Class 4 creditors will be paid in full under the Plan.
Class 4 is impaired.

The Debtor's obligations under this Plan will be satisfied out of
the ongoing operations of the Reorganized Debtor.

Attorneys for the Debtor:

     Eric A. Liepins
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 850
     Dallas, Texas 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788

A copy of the Plan dated Jan. 5, 2021, is available at
https://bit.ly/3qS1Gy9 from PacerMonitor.com.

                         About J & GC

J & GC, Inc., is a company which provides concrete services in the
Dallas/ Fort Worth area.  J & GC, Inc., filed a voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Tex. Case No. 21-30964) on May 24, 2021, listing under $1 million
in both assets and liabilities.  Eric A. Liepins, PC, serves as the
Debtor's legal counsel.


KETTNER INVESTMENTS: To Seek Plan Confirmation on Feb. 15
---------------------------------------------------------
Judge Karen B. Owens has entered an order approving on a
conditional basis the Combined Disclosure Statement and Plan of
Kettner Investments, LLC.

A combined hearing to consider confirmation of the Plan and final
approval of the Disclosure Statement will be held on Feb. 15, 2022
at 12:00 p.m. (ET).

Objections are due Feb. 4, 2022 at 4:00 p.m. (ET).

The deadline to file confirmation brief and supporting evidence,
and respond to objections to the Combined Disclosure Statement and
Plan is Feb. 10, 2022 at 4:00 p.m. (ET).

                  About Kettner Investments

Kettner Investments LLC is a marijuana investment firm based in
Delaware.

Kettner Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-12366) on Sept. 16,
2020.  At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.

Judge Karen B. Owens oversees the case.  

Bayard, P.A., serves as the Debtor's legal counsel.  Procopio Cory
Hargreaves & Savitch LLP, is special counsel.


KK FIT: Court Confirms Plan as Modified, Except for KKL Fit
-----------------------------------------------------------
Judge Henry W. Van Eck has entered an order that the Amended Plan
of Reorganization of KK Fit, Inc., KK Fit York, Inc., KK Fit South
York, Inc., KK Fit Hershey, Inc., KKL Fit III, Inc., KWK, Inc. and
KK Fit Wyo, Inc., is confirmed except as to KKL Fit III, Inc.,
pursuant to Section 1191(a) of the Code.

KKL will be, if not previously filed, filing a Motion to Convert
its case to
one under Chapter 7.

The Plan shall be deemed to be modified to provide that:

   * Section 7.3.7 shall be amended to provide that any arrears as
to the equipment lease of Hershey with United Leasing Financial, to
the extent not already cured, shall be cured within two months
after the Confirmation Date. Further, the lease of Wyomissing with
United Leasing Financial shall be cured by such Debtor making
regular payments, plus one-half of the regular payments in each
month, until such time as all arrears are paid in full.

   * KKL shall close its facility as soon as practical and on or
before Jan. 15, 2022, as set forth in a separate Order of the Court
with respect to the rejection of the lease between KKL Fit III,
Inc., and WPG Legacy, LLC and/or Washington Prime. Further, KKL's
case shall be converted to a case under Chapter 7 of the Code
following such notice and hearing, as the Court may deem proper.

   * The time for the rejection claim of WPG Legacy, LLC concerning
the lease of premises in Whitehall, Pennsylvania by KKL, shall
occur within 20 days after KKL vacates the premises in Whitehall,
Pennsylvania.  To the extent necessary, Section 7.7 of the Plan
shall be deemed modified.

   * Section 4.3.1 of the Plan shall be modified to provide that
any taxes determined to be an allowed Priority Tax Claim of the
Internal Revenue Service in the case of KK Fit, Inc. shall be paid
in full on or before six (6) years after the Confirmation Date,
together with interest at the rate of three percent (3%) per annum,
which interest shall begin to accrue as of the Confirmation Date of
the Plan. All Priority Tax Claims as allowed in the case of KK Fit
South York, Inc. shall be paid in full on or before five (5) years
after the Confirmation Date, together with interest at the rate of
three percent (3%) per annum, which interest shall begin to accrue
as of the Confirmation Date of the Plan.

   * Section 12.1 of the Plan shall be amended to provide that with
respect to the Claims of the Internal Revenue Service, in the event
of a default as to the Internal Revenue Service Claims treatment,
and following thirty (30) days' notice of such default without
cure, the Internal Revenue Service shall be entitled to take
appropriate actions following its own procedures.

Classes 4 and 6 have voted to accept the Plan.

No later than 14 days after the Plan's substantial consummation,
the Debtor shall file the Notice required under Section
1183(c)(2).

Discharge of all Debtors except KKL Fit III, Inc., will occur upon
entry of the Confirmation Order.

Objections to claims and interests may be filed by the Debtors up
to 120 days subsequent to the entry of this Order, unless such date
is extended by the Court.

The confirmation voids any judgment or lien at any time obtained
against the Debtors, to the extent that such judgment or lien is a
determination of the liability of the Debtors for any debt
discharged under 11 U.S.C. §1141, whether or not discharge of such
debt is waived, as well as any judgment entered 90 days before May
7, 2021, except as provided in the Plan.

                        About KK Fit Inc.

KK Fit, Inc., formerly known as Gold's Gym, and its affiliates
filed Chapter 11 petitions (Bankr. M.D. Pa. Lead Case No. 21-01035)
on May 7, 2021.  KK Fit President Kurt Krieger signed the
petitions.  At the time of the filing, KK Fit had total assets of
between $100,000 and $500,000, and total liabilities of between $1
million and $10 million.

Judge Henry W. Van Eck oversees the cases.

Cunningham, Chernicoff & Warshawsky, P.C., and Senft Law Firm, LLC
serve as the Debtors' bankruptcy counsel and special counsel,
respectively.  Stutz Arment, LLP is the Debtor's accountant.


LAS AMERICAS ASPIRA: S&P Affirms 'BB' Rating on 2016A/B Rev. Bonds
------------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB' long-term rating on the Delaware Economic
Development Authority's series 2016A and 2016B (taxable) charter
school revenue bonds, issued for ASPIRA of Delaware Charter
Operations Inc., d/b/a Las Americas ASPIRA Academy (LAAA or the
school). At the same time, S&P assigned its 'BB' rating to the
authority's series 2022A tax-exempt and series 2022B taxable
charter school revenue bonds issued for LAAA. The outlook is
stable.

"The stable outlook revision reflects LAAA's improved operations
and liquidity position through fiscal 2021 and into fiscal 2022,
bringing the school into compliance with its days' cash on hand
covenant following two years of violations," said S&P Global
Ratings credit analyst Avani Parikh. S&P said, "Even though LAAA
will be doubling its debt position with the issuance of the series
2022 bonds and leverage is high, the school's current operations
support good coverage of lease-adjusted maximum annual debt service
and we believe its healthy enterprise profile, with robust
enrollment growth and solid demand, provides cushion at the rating
level. Given LAAA's successful track record, outside of a one-time
event in fiscal 2019, which notably disrupted operations and
reserves, we expect the school will successfully complete its high
school expansion and grow into the additional debt."



LATAM AIRLINES: Stroock Represents TLA Claimholders
---------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Stroock & Stroock & Lavan LLP submitted a verified
statement that it is representing the TLA Claimholders Group in the
Chapter 11 cases of LATAM Airlines Group S.A., et al.

As of Jan. 7, 2022, members of the TLA Claimholders Group and their
disclosable economic interests are:

Merrill Lynch Credit Products, LLC
Bank of America Tower - 3rd Floor
One Bryant Park
New York, NY 10036

* $100,029,912 against TLA
* $64,748,343.33 against LATAM Airlines Group S.A.
* Unliquidated against Aerolinhas Brasileiras S.A.

Centerbridge Partners, L.P.
375 Park Avenue, 11th Floor
New York, NY 10152

* $113,751,855 against TLA
* $9,346,186 against Other Subsidiary Debtors
* $65,024,728.33 against LATAM Airlines Group S.A.
* $10,966,000 of 6.875% Senior Notes due 2024
* $400,000 of 7.00% Senior Notes due 2026
* $30,000,000 of Tranche A DIP Commitments
* $16,000,000 of Tranche C DIP Commitments

Stroock represents the TLA Claimholders Group, solely with respect
to the claims against TLA directly or beneficially owned by such
members. Stroock does not represent or purport to represent any
persons or entities other than the TLA Claimholders Group in
connection with the Debtors' chapter 11 cases.

The TLA Claimholders Group and each member thereof (a) does not
assume any fiduciary or other duties to any other creditor or
person and (b) does not purport to act, represent or speak on
behalf of any other entities in connection with the Debtors'
chapter 11 cases.

Stroock does not own, nor has Stroock ever owned, any claims
against or interests in the Debtors except for claims for services
rendered to the TLA Claimholders Group, nor does Stroock own any
equity securities of the Debtors.

The TLA Claimholders Group, through its undersigned counsel,
reserves the right to amend and/or supplement this Verified
Statement in accordance with the requirements set forth in
Bankruptcy Rule 2019 at any time in the future.

Counsel for the TLA Claimholders Group can be reached at:

          STROOCK & STROOCK & LAVAN LLP
          Daniel A. Fliman, Esq.
          Christopher M. Guhin, Esq.
          Emily L. Kuznick, Esq.
          180 Maiden Lane
          New York, NY 10038
          Telephone: 212-806-5400
          Facsimile: 212-806-6006
          E-mail: dfliman@stroock.com
                  cguhin@stroock.com
                  ekuznick@stroock.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/331OVZJ

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020.  Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc., and The Boston
Consulting Group UK LLP are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker.  Prime Clerk, LLC
is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados
is the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel for
the ad hoc committee of shareholders.


LIMETREE BAY: Hearing Tuesday on St. Croix Bid to Stay $62M Sale
----------------------------------------------------------------
St. Croix Energy, LLLP, on Jan. 5, 2022, filed with the U.S.
Bankruptcy Court for the Southern District of Texas an emergency
motion seeking a stay of the Court's order approving the sale of
substantially all assets of Limetree Bay Services, LLC and its
debtor affiliates to West Indies Petroleum Ltd St. Lucia ("WI St.
Lucia") and Port Hamilton Refining and Transportation, LLLP
("PHRT").

The stay imposed by Bankruptcy Rule 6004 has already expired, and
the Debtors may close on the sale transaction at any time.  SCE
believes conducting a hearing on the Stay Motion on less than 21
days' notice is appropriate, and SCE requests the Court approve the
relief requested in the Motion on an emergency basis.

SCE claims its emergency motion is appropriate because (i) SCE is
likely to succeed on the merits of the appeal in light of the
Court's error in granting the Debtors the extraordinary relief of
reopening the original auction based on inaccurate representations
of facts to the Court; (ii) SCE will suffer substantial and
irreparable harm if an immediate stay is not issued; (iii) the
irreparable harm to SCE without a stay far exceeds the potential
harm that the Debtors and other parties in interest would suffer if
the stay is granted, and the balance of equities favors SCE; and
(iv) the public interest weighs heavily in favor of granting the
stay.

A hearing on the Emergency Stay Motion has been scheduled for Jan.
11, 2022, at 12:00 p.m. (prevailing Central Time) before the
Honorable David R. Jones.

                          Sale Timeline

On July 26, 2021, the Debtors filed an emergency motion for entry
of order establishing bidding and sale procedures for substantially
all their assets.  

On Aug. 11, 2021, the Court entered an order approving the bidding
procedures.  Pursuant to the Bidding Procedures Order and various
notices given by the Debtors, to be a Qualified Bidder and
participate at an auction to be held on Nov. 18, 2021 (the
"Original Auction"), a bidder had to submit a Qualified Bid on or
before Nov. 12, 2021 (the "Bid Deadline").

On Nov. 14, 2021, after SCE submitted a Qualified Bid, the Debtors
designated SCE as the Stalking Horse Bidder.  West Indies Petroleum
Limited, a Jamaica company ("WIPL") did not submit a bid, much less
a Qualified Bid, by the Bid Deadline.

On Nov. 18, 2021, the Debtors conducted the Original Auction.  At
the conclusion of the Original Auction, the Debtors declared SCE
the Winning Bidder.

On Nov. 30, 2021, the Debtors filed a notice designating SCE as the
Winning Bidder, and SCE and the Debtors were preparing to seek
Court approval of the SCE bid at the Dec. 7 sale hearing.

On Dec. 6, 2021, the Debtors filed an emergency motion seeking to
reopen the Auction and the motion was heard on Dec. 7.  After
hearing limited evidence because of the emergency nature of the
proceedings on the Motion to Reopen Auction, the Court overruled
SCE's and the other Qualified Bidders' objections to the motion,
having determined that because of a sudden medical emergency that
precluded WIPL from timely submitting a Qualified Bid, the joint
bid submitted by WIPL and St. Croix Refinery and Transportation,
LLLP (the "WIPL/SCRT Qualified Bid") on Dec. 5 would be deemed a
Qualified Bid.  The Court also ruled the Original Auction would be
reopened with the WIPL/SCRT Qualified Bid and SCE would have the
right to start the overbidding.  On Dec. 10, the Court entered the
Order Reopening Auction.

Late in the evening of Dec. 15, 2021, less than 36 hours before the
reopened auction was to commence on Friday, Dec. 17 (the "Reopened
Auction"), the Debtors circulated a revised bid to the Qualified
Bidders permitted to participate at the Reopened Auction.  This bid
was not the WIPL/SCRT Qualified Bid upon which the Order Reopening
Auction was premised.  Instead, it was a joint bid submitted in the
name of WIPL, but actually a bid from two new bidding entities: (i)
WI St. Lucia, the majority shareholder of WIPL, and (ii) a newly
formed entity, PHRT.  

Neither WI St. Lucia nor PHRT was a Qualified Bidder under the
terms of the Bid Procedures Order or designated a Qualified Bidder
pursuant to the terms of the Order Reopening Auction.  More
importantly, this new bid (the "WI St. Lucia/PHRT Bid") changed the
outside closing date from Dec. 22, 2021 to Jan. 21, 2022, a change
that was inconsistent with the premise on which the Court entered
the Order Reopening Auction and the requirements of the then
applicable Bid Procedures Order.

Over SCE's objection and request to adjourn the Reopened Auction,
on Friday, Dec. 17 and Saturday, Dec. 18, 2021, the Debtors
conducted the Reopened Auction.  On the evening of Dec. 18, 2021,
after the conclusion of the Reopened Auction, the Debtors filed a
notice designating WI St. Lucia and PHRT, jointly, the winning
bidders, with a bid of $62 million, and SCE the Back-up Bidder,
with a bid of $57 million.

Prior to the Reopened Auction, no party was advised that PHRT would
be a joint bidder with WI St. Lucia, and the Debtors had done no
diligence regarding their respective financial wherewithal to close
a sale.  Further, despite the Court reopening the auction based on
a $30 million unconditional bid from WIPL and SCRT, which was
touted as a bid "50% more" than the SCE bid, that would close on
Dec. 22, 2021, the WI St. Lucia/PHRT Bid proposed a changed outside
closing date to Jan. 21, 2021, which materially changed the value
of the WI St. Lucia/PHRT bid from the one that was before the Court
at the hearing on the Motion to Reopen the Auction.

On Dec. 19, 2021, SCE filed its objection to the Sale Motion.

The Court held a hearing on the Sale Motion on Dec. 21, 2021.  At
the conclusion of the Sale Hearing, the Court overruled SCE's and
other parties' objections to the Sale Motion, again after hearing
limited evidence only available without the benefit of discovery.
Thereafter, the Court entered the Sale Order approving the WI St.
Lucia/PHRT Bid.

On Dec. 30, 2021, SCE timely filed a Notice of Appeal.

Counsel to St. Croix Energy, LLLP:

        Gregg M. Galardi, Esq.
        Matthew M. Roose, Esq.
        Andrew G. Devore, Esq.
        Uchechi Egeonuigwe, Esq.
        ROPES & GRAY LLP
        1211 Avenue of the Americas
        New York, NY 10036-8704
        Tel: (212) 596-9000
        E-mail: gregg.galardi@ropesgray.com
                matthew.roose@ropesgray.com
                andrew.devore@ropesgray.com
                uchechi.egeonuigwe@ropesgray.com

             - and -

        Stephen L. Iacovo, Esq.
        ROPES & GRAY LLP
        191 North Wacker Drive, 32nd Floor
        Chicago, IL 60606
        Tel: (312) 845-1200
        E-mail: stephen.iacovo@ropesgray.com

             - and -

        Scot Fitzerald McChain, Esq.
        USVI LAW, LLP
        5030 Anchor Way Ste. 13
        Christiansted, VI 00820
        Tel: 340-773-6955
        E-mail: smcchain@usvi.law

                    About Limetree Bay

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day.  Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021.  The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).  

Limetree Bay Terminals, LLC did not file for bankruptcy.

In the petitions signed by Mark Shapiro, chief restructuring
officer, Limetree Bay Services disclosed up to $10 million in
assets and up to $50,000 in liabilities.  Limetree Bay Refining,
LLC, estimated up to $10 billion in assets and up to $1 billion in
liabilities.

The Debtors tapped Baker Hostetler as legal counsel and B. Riley
Financial Inc. as restructuring advisor.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.  The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.

405 Sentinel, LLC, serves as administrative and collateral agent
for the DIP lenders.


LIMETREE BAY: St. Croix Bid to Stay Sale Gains Support
------------------------------------------------------
Berry Contracting LP, d/b/a Bay, Ltd., joins in a motion by St.
Croix Energy, LLLP, for a stay of the order authorizing the sale of
Limetree Bay Services, LLC, et al.'s assets to West Indies
Petroleum Ltd St. Lucia ("WI St. Lucia") and Port Hamilton Refining
and Transportation, LLLP ("PHRT") pending appeal.

On Dec. 30, 2021, SCE, which emerged as the winning bidder in the
Nov. 18 auction of the assets, timely filed a notice of appeal of
the Dec. 22 order approving the sale to WI St. Lucia and PHRT.  The
Debtors had reopened the auction on Dec. 17 and 18 when WI St.
Lucia and PHRT emerged with a winning bid of $62 million, beating
SCE's $62 million bid.

Bay, which is also a creditor in the case, participated in the
Debtors' auction held on Nov. 18, 2021 and emerged as a backup
bidder, which it contended should be the winning bid.  Bay
participated, with a complete reservation of rights, in the second
auction that added new bidder West Indies Petroleum that was
conducted on Dec. 17 and 18, 2021.

Bay restates its prior objections following the first auction --
contending that it and Sabin Corp. were, in actuality, the winning
bidders from the first auction, but for the Debtors' abandoning
that auction and reopening the sale to conduct the second auction
with an otherwise late and nonqualified entrant.  Bay contends it
proposed the highest bid at the first auction, and in its view the
best bid under the circumstances.

According to Bay, after the Nov. 18 auction, the combined piecemeal
bids of Bay and Sabin were the highest bids, but the Debtors
selected St. Croix as the winning bidder instead.  During the first
auction, St. Croix resubmitted its qualified $20 million stalking
horse bid -- but the auction transcript should reveal that the bid
was not committed, had outs, remained dependent on a TSA, and was
hardly firm.  

Bay adds that the sale hearing never occurred when the Debtors
reopened the process and obtained relief to conduct the second
auction.  It claims that a serious dispute remains on whether the
Debtors' second auction was valid given the prior objections
raised, such that notwithstanding the added value which appears
contingently to be received in latter January 2022 if the sale
closes, any selection of the Winning Bidder following the second
auction is valid.

Bay on Dec. 23, 2021, filed a notice of appeal of the Dec. 18 sale
order.

                    About Limetree Bay

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day.  Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021.  The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).  

Limetree Bay Terminals, LLC did not file for bankruptcy.

In the petitions signed by Mark Shapiro, chief restructuring
officer, Limetree Bay Services disclosed up to $10 million in
assets and up to $50,000 in liabilities.  Limetree Bay Refining,
LLC, estimated up to $10 billion in assets and up to $1 billion in
liabilities.

The Debtors tapped Baker Hostetler as legal counsel and B. Riley
Financial Inc. as restructuring advisor.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.  The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.

405 Sentinel, LLC, serves as administrative and collateral agent
for the DIP lenders.


MATTRESS FIRM: Files for IPO 3 Years After Chapter 11
-----------------------------------------------------
Mattress Firm Group Inc. said Jan. 7, 2022, it has filed a
registration statement on Form S-1 with the Securities and Exchange
Commission for a proposed initial public offering of its common
stock.

Mattress Firm intends to apply to list its common stock on the New
York Stock Exchange, subject to notice of official issuance, under
the symbol "MFRM."

Goldman Sachs & Co. LLC, Barclays and Jefferies are acting as lead
book-running managers for the proposed offering.  UBS Investment
Bank, Guggenheim Securities, Piper Sandler and Truist Securities
are acting as book-running managers for the proposed offering.

The shares of common stock to be sold in the offering will be sold
by existing stockholders of Mattress Firm.  The number of shares to
be offered and the price range for the offering have not yet been
determined.

A registration statement relating to these securities has been
filed with the SEC but has not yet become effective.

A copy of the S-1 prospectus filed with the SEC is available at
https://bit.ly/3tbkAm9

                        *     *     *

The company is seeking to raise $100 million, the prospectus said,
but, according to Barron's, the $100 million is considered a
placeholder that will change with more information.

Barron's notes that Mattress Firm is the latest company to seek an
IPO after emerging from bankruptcy protection.  Rental car company
Hertz Global Holding's (ticker: HTZ) uplisted its shares to the
Nasdaq in November after exiting Chapter 11 in June.

Barron's also notes Mattress Firm remains significantly leveraged.
As of Sept. 28, 2021, total liabilities stood at roughly $3.5
billion while net long-term debt was about $1.2 billion, according
to the prospectus.  In September, the retailer paid out a $1.2
billion dividend to its common stockholders, which include
Steinhoff, the prospectus said.

According to Barron's, Steinhoff Group, which has been embroiled in
an accounting scandal, also has substantial debt, is highly
leveraged, and is involved in various disputes and legal
proceedings, the prospectus said.

                     About Mattress Firm

Founded in 1986, Mattress Firm -- https://www.mattressfirm.com/ --
is a specialty mattress retailer with more than 2,300 neighborhood
stores.  Its selection of mattresses and bedding accessories
include leading brands such as Beautyrest, Nectar, Sealy, Serta,
Simmons, Sleepy's, Stearns & Foster, Tempur-Pedic, Tuft & Needle,
tulo, and Purple.  It offers customers Sleep.com as a go-to
resource for learning how to sleep better and feel better.

Steinhoff International Holdings acquired Mattress Firm in 2016 for
$3.8 billion.

Mattress Firm sought Chapter 11 protection (Bankr. D. Del. Lead
Case No. 18-12241) on Oct. 5, 2018, and emerged from bankruptcy
mid-November 2018.  The company received approval of a prepackaged
plan that cut the company's store footprint from 3,200 stores to
2,600.

In the 2018 chapter 11 case, Sidley Austin LLP, led by Bojan
Guzina, Matthew E. Linder, and Blair M. Warner, served as the
Debtors' legal counsel.  Young Conaway Stargatt & Taylor, LLP was
the Delaware counsel.  AlixPartners, LLP, was the Debtors'
financial advisor; and Guggenheim Securities, LLC was the Debtors'
investment banker.


MCM NATURAL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                      Case No.
    ------                                      --------
    MCM Natural Stone, Inc                      22-20009
    595 Trabold Road
    Rochester, NY 14624

    CM&M Products, LLC                          22-20010
    595 Trabold Road
    Rochester, NY 14624

    CM&M Products, LLC                          22-20011
    595 Trabold Road
    Rochester, NY 14624    

Chapter 11 Petition Date: January 7, 2022

Court: United States Bankruptcy Court
       Western District of New York

Debtors' Counsel: David S. Stern, Esq.
                  DAVID S. STERN
                  ELLIOTT STERN CALABRESE LLP
                  One East Main Street, 10th Floor
                  Rochester, NY 14614
                  Tel: 585-232-4274
                  Fax: 585-232-6674
                  E-mail: dstern@elliottstern.com

MCM Natural Stone's
Total Assets: $51,816

MCM Natural Stone's
Total Liabilities: $3,415,514

CM&M Products'
Total Assets: $252,900

CM&M Products'
Total Liabilities: $3,136,097

CM&M Products'
Total Assets: $252,900

CM&M Products'
Total Liabilities: $3,136,097

The petitions were signed by Michael Valle, president.

Full-text copies the petitions containing, among other items, lists
of the Debtors' largest unsecured creditors are available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/P3RWOHY/MCM_Natural_Stone_Inc__nywbke-22-20009__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/PLL5UXI/CMM_Products_LLC__nywbke-22-20011__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/MD4S57A/CMM_Products_LLC__nywbke-22-20010__0001.0.pdf?mcid=tGE4TAMA



MLK ALBERTA: Case Summary & Five Unsecured Creditors
----------------------------------------------------
Debtor: MLK Alberta, LLC
        6931 NE MLK Blvd
        Portland, OR 97211

Business Description: MLK Alberta, LLC is a Single Asset Real
                      Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: January 7, 2022

Court: United States Bankruptcy Court
       District of Oregon

Case No.: 22-30019

Judge: Hon. Teresa H. Pearson

Debtor's Counsel: Theodore J. Piteo, Esq.
                  MICHAEL D. O'BRIEN & ASSOCIATES, P.C.
                  12909 SW 68th Parkway, Suite 160
                  Portland, OR 97223
                  Tel: 503-786-3800
                  Email: enc@pdxlegal.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Meron Alemseghed as member.

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

https://www.pacermonitor.com/view/FKF64ZI/MLK_Alberta_LLC__orbke-22-30019__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Five Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Citycraft                        Funds Advanced        $120,000
Development, LLC
6716 N Borthwick
Portland, OR 97217

2. Vanden Bos &                    Misc. Legal Fees        $50,000
Chapman, LLP
319 SW Washington
Street, Suite 520
Portland, OR
97204-2690

3. Lucera Apartments, LLC              Misc Debt           $47,970
6931 NE MLK Blvd
Portland, OR 97211

4. Geza Development, LLC           Funds Advanced          $34,650
6931 NE MLK Blvd
Portland, OR 97211

5. Meron Alemseghed                Funds Advanced          $32,125
6931 NE MLK Blvd
Portland, OR 97211


NATIONAL CINEMEDIA: Moody's Rates New $50MM Revolver 'B3'
---------------------------------------------------------
Moody's Investors Service assigned a B3 rating to National
CineMedia, LLC's (NCM) new $50 million senior secured revolver due
June 2023. The new revolver is structured as a standalone tranche
under a separate loan agreement and is pari passu with the existing
credit facility. NCM intends to use the proceeds from the new
revolver (fully drawn at close) to add cash to the balance sheet
and pay transaction fees and expenses. NCM also amended its
existing credit agreement and extended relief under the financial
covenants. Though these developments are credit positive as they
improve liquidity, NCM's existing credit ratings, including its
Caa1 corporate family rating (CFR), and stable outlook are
unchanged.

Assignments:

Issuer: National CineMedia, LLC

  Senior Secured Revolving Credit Facility, Assigned B3 (LGD3)

RATINGS RATIONALE

NCM's borrowing under the new revolver will allow the company to
meet its cash needs and stay compliant with the minimum liquidity
requirement of $55 million. Minimum liquidity consists of a
combination of unrestricted cash on hand (excludes holdco cash) and
availability under NCM's revolver. As of September 30, 2021, NCM
had $64 million cash, and $6.8 million availability on its existing
$175 million revolver, but working capital swings made it
challenging to comply with the minimum liquidity requirement given
the slow recovery in operating performance. Given the increased
liquidity from the new revolver and assuming break-even to positive
free cash flow in 2022, Moody's expects that NCM will be able to
comply with the minimum liquidity requirement during the covenant
relief period through Q3 2023.

NCM amended its existing credit agreement to extend existing
covenant waivers from Q2 2022 to Q4 2022, to allow additional room
over the requirements through the end of Q3 2023 and to waive the
going concern default clause for fiscal 2021. The maintenance and
springing covenants will return to the pre-amendment levels (6.25x
net total leverage maintenance covenant and 4.50x net senior
secured leverage springing covenant applicable to revolver) in Q4
2023. Among the conditions for the waiver, NCM is not permitted to
distribute any of its available cash as defined in its operating
agreement during the covenant relief period (through Q3 2023)
unless certain conditions are met. This restriction is important to
preserve cash during the period of a temporary liquidity stress.
NCM's cash distribution to its members was approximately $140
million in 2019 and $8.5 million for the three months ended March
26, 2020.

NCM's Caa1 CFR continues to reflect weak operating performance and
high leverage because of the COVID pandemic, limited though
improved liquidity, uncertainty about the timing and extent of a
rebound in advertising spending, and the need to continue to invest
in digital offerings. The rating is also constrained by the weak
creditworthiness of its founding members and network exhibitor
partners, and secular trends within the cinema industry that may
continue to lead to declining attendance in the longer term.
Moody's expects the company's leverage to be very high, in the
8x-12x range (Moody's adjusted) by the end of 2022, up from the
pre-pandemic level of 4.2x as of LTM 3/2020. These credit
challenges are counterbalanced by NCM's good competitive position
within its niche market for on-screen advertising at movie theaters
which historically supported strong EBITDA margins of roughly 50%.
NCM's business benefits from its long-term contracts with the
largest cinema owners in the US, who are also major shareholders.
These contracts provide some visibility into to future cash flows
once operations normalize after the pandemic.

NCM's debt instrument ratings reflect the probability of default of
the company, as reflected in the Caa1-PD rating, and an average
expected family recovery rate of 50% at default given the mix of
secured and unsecured debt in the capital structure, and the
particular instruments' ranking in the capital structure. NCM's new
$50 million revolver due June 2023, $175 million senior secured
revolver due June 2023, as well as its $270 million senior secured
first tranche term loan due June 2025, $50 million senior secured
second tranche term loan due December 2024 and $400 million 5.875%
secured notes due April 2028, are each rated B3, one notch above
the Caa1 CFR, reflecting their effectively senior ranking relative
to the company's $230 million of 5.75% senior unsecured note due
August 2026, which is rated Caa3, two notches below the CFR.

The stable outlook reflects Moody's expectation for at least
adequate liquidity, a return to breakeven to positive free cash
flow in 2022, with revenue in the $300-$350 million range (or
70%-80% of 2019 level).

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

NCM's rating could be downgraded if there is a sharp deterioration
in liquidity, a higher than anticipated cash burn or a slower than
expected rebound in attendance levels and advertisement spend in
2022. The ratings could also be downgraded should the
creditworthiness of the exhibitor partners continue to deteriorate
leading to a growing number of permanent movie theaters closures.

The ratings could be upgraded if NCM improves its earnings and cash
flow such that Debt-to-EBITDA is expected to be sustained under 6x
(Moody's adjusted), liquidity is good, and the demand environment
is supportive of revenue and earnings growth.

Headquartered in Centennial, Colorado, NCM is a privately held
joint venture operator of a leading digital in-theater advertising
network in North America.


NEOVASC INC: To Participate in H.C. Wainwright Virtual Conference
-----------------------------------------------------------------
Neovasc, Inc.'s management team will be participating in the 2022
H.C. Wainwright BIOCONNECT Virtual Conference to be held Jan.
10-13, 2022.  

A recorded presentation by Fred Colen, Neovasc's chief executive
officer, will be available on the conference website starting today
at 7:00 a.m. EST.  The recording will be archived for 90 days.

                         About Neovasc Inc.

Neovasc -- www.neovasc.com -- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace.  The Company develops minimally
invasive transcatheter mitral valve replacement technologies, and
minimally invasive devices for the treatment of refractory angina.
Its products include the Neovasc Reducer, for the treatment of
refractory angina, which is not currently commercially available in
the United States (2 U.S. patients have been treated under
Compassionate Use) and has been commercially available in Europe
since 2015, and Tiara, for the transcatheter treatment of mitral
valve disease, which is currently under clinical investigation in
the United States, Canada, Israel and Europe.

Neovasc reported a net loss of $28.69 million for the year ended
Dec. 31, 2020, compared to a net loss of $35.13 million for the
year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company had
$17.88 million in total assets, $15.90 million in total
liabilities, and $1.98 million in total equity.

Grant Thornton, LLP, in Vancouver, Canada, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 10, 2021, citing that the Company incurred a
comprehensive loss of $30.2 million during the year ended Dec. 31,
2020.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern as at Dec. 31, 2020.


NEUBASE THERAPEUTICS: Appoints Dr. Eric Ende to Board of Directors
------------------------------------------------------------------
NeuBase Therapeutics, Inc. has appointed Eric J. Ende, M.D., to the
Company's Board of Directors.  Dr. Ende has nearly 25 years of
experience in advising biotechnology and life sciences companies to
optimize corporate strategy and structure and maximize shareholder
value.

"Dr. Ende has the experience and perspective to recognize the
opportunity ahead for NeuBase as it plans for the clinical
development of its potentially transformational new class of
precision genetic medicines," said Dietrich A. Stephan, Ph.D.,
Founder, CEO and Chairman of NeuBase.  "We welcome Dr. Ende's
strategic insight as we begin to scale our therapeutic candidate
pipeline from our new precision genetic medicines platform
technology.  In addition to his broad experience, he also shares in
our Company's goal of helping millions of patients with both common
and rare conditions that currently have limited or no treatment
options."

"I believe NeuBase has a game-changing technology that overcomes
the limitations of early precision genetic medicines by delivering
mutation selectivity, repeat dosing, and systemic administration in
a modular precision medicine platform with the potential to
efficiently scale to treat a wide variety of diseases that are
currently undruggable," said Dr. Ende.  "I look forward to working
closely with NeuBase's leadership team and Board of Directors to
elevate strategy and operations in order to create exceptional
value for patients and shareholders."

Dr. Ende currently is the President of Ende BioMedical Consulting
Group.  He also is a member of the Board of Directors of Matinas
BioPharma, where he is the Chairman of the Compensation Committee
and serves on the Audit and the Nomination & Governance Committees,
and of Avadel plc, where he is the Chairman of the Nomination &
Corporate Governance Committee and serves on the Audit and
Compensation Committees.  Dr. Ende previously served on the Board
of Directors of Progenics (acquired by Lantheus Holdings) and
Genzyme (acquired by Sanofi-Aventis for $20 billion).  During his
time on Genzyme's Board of Directors, Dr. Ende was a member of the
Audit and Risk Management Committees.  Prior to Genzyme, Dr. Ende
was a biotechnology analyst, previously serving at Merrill Lynch,
BofA Securities, and Lehman Brothers.  Dr. Ende received an M.B.A.
from NYU Stern School of Business, an M.D. from the Icahn School of
Medicine at Mount Sinai, and a B.S. in biology and psychology from
Emory University.

In accordance with the Company's outside director compensation
policy and in connection with Dr. Ende's appointment to the Board,
Dr. Ende will be granted a stock option to purchase shares of
Company common stock having a grant date fair value of $320,000,
rounded down to the nearest whole share, with an exercise price
equal to the fair market value of the Company's common stock on the
date of grant.  Twenty-five percent of the shares subject to the
option will vest on the one-year anniversary of the grant date, and
the remaining portion of the shares subject to the option will vest
on an equal monthly basis over the following 36 months, in each
case subject to Dr. Ende's continuous service through such date and
subject to acceleration as described in the Director Compensation
Policy.

                        About NeuBase Therapeutics

NeuBase -- www.neubasetherapeutics.com -- is accelerating the
genetic revolution by developing a new class of precision genetic
medicines that Drug the Genome.  The Company's therapies are built
on a proprietary platform called PATrOL that encompasses a novel
peptide-nucleic acid antisense oligonucleotide technology combined
with novel delivery shuttles that overcome many of the hurdles to
selective mutation engagement, repeat dosing, and systemic delivery
of genetic medicines.  With an initial focus on silencing
disease-causing mutations in debilitating neurological,
neuromuscular, and oncologic disorders, NeuBase is committed to
redefining medicine for the millions of patients with both common
and rare conditions, who currently have limited to no treatment
options.

NeuBase Therapeutics reported a net loss of $25.41 million for the
year ended Sept. 30, 2021, compared to a net loss of $17.38 million
for the year ended Sept. 30, 2020.  As of Sept. 30, 2021, the
Company had $64.17 million in total assets, $10.10 million in total
liabilities, and $54.07 million in total stockholders' equity.


NEUBASE THERAPEUTICS: Incurs $25.4M Net Loss in FY Ended Sept. 30
-----------------------------------------------------------------
NeuBase Therapeutics, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$25.41 million for the year ended Sept. 30, 2021, compared to a net
loss of $17.38 million for the year ended Sept. 30, 2020.

As of Sept. 30, 2021, the Company had $64.17 million in total
assets, $10.10 million in total liabilities, and $54.07 million in
total stockholders' equity.

Neubase said, "We have no revenues from product sales and have
incurred operating losses since inception.  We historically have
funded our operations through the sale of common stock and the
issuance of convertible notes and warrants.  We expect to continue
to incur significant operating losses for the foreseeable future
and may never become profitable.  As a result, we will likely need
to raise additional capital through one or more of the following:
the issuance of additional debt or equity or the completion of a
licensing transaction for one or more of our pipeline assets.
Management believes that it has sufficient working capital on hand
to fund operations through at least the next twelve months from the
date these consolidated financial statements were issued."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1173281/000141057821000599/tmb-20210930x10k.htm

                     About NeuBase Therapeutics

NeuBase -- www.neubasetherapeutics.com -- is accelerating the
genetic revolution by developing a new class of precision genetic
medicines that Drug the Genome.  The Company's therapies are built
on a proprietary platform called PATrOL that encompasses a novel
peptide-nucleic acid antisense oligonucleotide technology combined
with novel delivery shuttles that overcome many of the hurdles to
selective mutation engagement, repeat dosing, and systemic delivery
of genetic medicines.  With an initial focus on silencing
disease-causing mutations in debilitating neurological,
neuromuscular, and oncologic disorders, NeuBase is committed to
redefining medicine for the millions of patients with both common
and rare conditions, who currently have limited to no treatment
options.


NORTHERN OIL: TRT Holdings Reports 8.9% Equity Stake
----------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these entities and individuals reported beneficial
ownership of shares of common stock of Northern Oil and Gas, Inc.
as of Jan. 5, 2022:

                                       Shares         Percent
                                    Beneficially        of  
  Reporting Person                      Owned          Class
  ----------------                  ------------     --------
  TRT Holdings, Inc.                 6,876,829         8.9%
  Cresta Investments, LLC            1,409,402         1.8%
  TTBR Investments LLC                 171,100         0.2%
  TRBRJR Investments LLC               171,100         0.2%
  The Rowling Foundation               512,820         0.7%
  Rowling Family 2012 Long Term Trust  773,011         1.0%
  Robert B. Rowling                  9,572,062        12.4%

Mr. Rowling beneficially owns the shares of Common Stock held
directly by TRT Holdings due to his ownership of all of the Class B
Common Stock of TRT Holdings.  Mr. Rowling beneficially owns the
shares of Common Stock held directly by Cresta Investments due to
his direct and indirect ownership of 100% of the ownership
interests in Cresta Investments.  Mr. Rowling beneficially owns the
shares of Common Stock held directly by the Foundation and the
Trust due to his status as trustee of the Foundation and of the
Trust.  Neither Mr. Rowling nor any Reporting Person other than the
Foundation has any pecuniary interest in the shares of Common Stock
held by the Foundation.

A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/1104485/000110465922001576/tm221837d1_sc13da.htm

                     About Northern Oil and Gas

Northern Oil and Gas, Inc. -- http://www.northernoil.com-- is an
independent energy company engaged in the acquisition, exploration,
development and production of oil and natural gas properties,
primarily in the Bakken and Three Forks formations within the
Williston Basin in North Dakota and Montana.

Northern Oil reported a net loss of $906.04 million for the year
ended Dec. 31, 2020, compared to a net loss of $76.32 million for
the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company
had $1.24 billion in total assets, $1.40 billion in total
liabilities, and a total stockholders' deficit of $157.71 million.


ORTHO-CLINICAL DIAGNOSTICS: Moody's Reviews Ratings for Upgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Ortho-Clinical
Diagnostics SA ("Ortho") on review for upgrade following an
announcement by Quidel Corporation ("Quidel", not rated), that it
has entered into a definitive agreement to acquire Ortho. The
ratings placed under review for upgrade include the B1 Corporate
Family Rating, B1-PD Probability of Default Rating (PDR), the Ba3
rating on existing senior secured bank credit facilities, and the
B3 senior unsecured notes. The outlook is revised to Ratings Under
Review from Stable. There is no change to the Speculative Grade
Liquidity Rating (SGL), at SGL-1.

On December 23, 2021, Quidel announced that it has entered into a
definitive agreement to acquire Ortho for a total equity
consideration of approximately $6.0 billion. The combined company
will also acquire Ortho's existing net debt of $2.0 billion. The
transaction is subject to regulatory approvals and approval by both
companies' shareholders. The companies expect the deal to close by
the end of the first half of 2022.

The review for upgrade reflects Moody's expectation that, should
the acquisition by Quidel close, the combined firm will have
significantly greater scale, with highly complementary products and
the opportunity for meaningful cost synergies. Moody's also expects
the combined firm's leverage will be lower than Ortho's current
leverage. At the same time the transaction will involve integration
risks, and there is uncertainty around the durability of the
combined companies' revenue from coronavirus-related testing.
Instrument ratings may also change depending on the final mix of
secured and unsecured debt in the combined companies' capital
structure.

Moody's took the following action on Ortho-Clinical Diagnostics
SA:

On Review for Upgrade:

Issuer: Ortho-Clinical Diagnostics SA

  Corporate Family Rating, Placed on Review for Upgrade, currently

  B1

  Probability of Default Rating, Placed on Review for Upgrade,
  currently B1-PD

  Senior Secured Bank Credit Facility, Placed on Review for
  Upgrade, currently Ba3 (LGD3)

  Senior Global Notes, Placed on Review for Upgrade, currently B3
  (LGD5)

Outlook Actions:

Issuer: Ortho-Clinical Diagnostics SA

  Outlook, Changed To Rating Under Review From Stable

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

Excluding the ratings review, Ortho's B1 CFR reflects its elevated
financial leverage at 4.4x in the last twelve months ended October
3, 2021. It also reflects the strong competitive nature of Ortho's
two key businesses -- Clinical Laboratories and Transfusion
Medicine -- in which Ortho competes against significantly larger
and better capitalized competitors, like Abbott and Roche. The
rating is supported by Ortho's good diversity by customer, product
and geography. The recurring nature of approximately 90% of the
company's revenues that are generated from the sale of consumables
and reagents provides a level of stability to Ortho's operations.
In the longer-term, Ortho is positioned to grow earnings through
achieving further cost efficiencies and increasing penetration in
emerging markets.

Moody's expects that Ortho will maintain very good liquidity. The
company has in excess of $250 million of cash on hand and Moody's
expects free cash flow will exceed $200 million in the next 12
months. The company also has access to a $500 million revolver due
2026, which is largely undrawn outside of letters of credit.

ESG considerations are material to Ortho's rating. Medical device
companies regularly encounter elevated elements of social risk,
including regulatory risk and product liability as well as other
social and demographic trends, such as the aging of the populations
in developed countries. That said, increasing utilization may
pressure payors, including individuals, commercial insurers or
governments to seek to limit use and/or reduce prices paid. Moody's
believes the near-term risks to pricing are manageable, but rising
pressures may evolve over a longer period. Following its IPO in
January 2021 and subsequent repayment of $1.4 billion of debt,
governance risk has reduced but remains elevated in Moody's view as
Ortho's private-equity owners still hold a majority of the
outstanding shares.

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

The review for upgrade will focus on the combined companies'
strategic plans, future financial policies and integration
strategies for the combined company.

Ortho-Clinical Diagnostics SA, headquartered in Raritan, NJ,
produces in-vitro diagnostics equipment and associated assays and
reagents. Ortho's largest segment, Clinical Laboratories, develops
clinical chemistry and immunoassay tests, targeting primarily
small/medium size hospitals. Ortho also develops immunohematology
products used by blood banks and hospitals to determine
patient-donor compatibility in blood transfusions, and equipment
and assays for blood and plasma screening for infectious diseases.
The company generated approximately $2.0 billion of adjusted
revenues in the last twelve months ended October 3, 2021. Ortho's
largest shareholder is the Carlyle Group ("Carlyle"), which owns a
minority stake in the company.


PHI GROUP: Files Profit Corporation Articles of Amendment
---------------------------------------------------------
PHI Group, Inc. filed a "Profit Corporation Articles of Amendment"
– Amendment ID 2022-003528529 - with the Wyoming Secretary of
State to amend Article No. 10 of the Company's Articles of
Domestication and change its authorized capital as follows:

"10. Aggregate number of shares or other ownership units which the
Corporation has the authority to issue:

Total Authorized Capital:

Sixty Billion (60,000,000,000) shares of Common Stock with a par
value of $0.001 per share and Five Hundred Million (500,000,000)
shares of Preferred Stock with a par value of $0.001 per share.

The rights and terms associated with the shares of Preferred Stock
will be determined by the Board of Directors of the Corporation."

The Company deemed it to be in its best interests and its
shareholders to amend the capital structure of the Company and
change the authorized Common Stock at this time in order to allow
for the consummation of contemplated acquisitions of target
companies and other transactions that may potentially add
significant value to the Company.

A full-text copy of the Amendment is available for free at:

https://www.sec.gov/Archives/edgar/data/704172/000149315222000517/ex10-1.htm

                          About PHI Group

Headquartered in Irvine, California, PHI Group, Inc.
(www.phiglobal.com) primarily focuses on advancing PHILUX Global
Funds, a group of Luxembourg bank funds organized as "Reserved
Alternative Investment Fund", and building the Asia Diamond
Exchange in Vietnam.  The Company also engages in mergers and
acquisitions and invests in select industries and special
situations that may substantially enhance shareholder value.

PHI Group reported a net loss of $7 million for the year ended June
30, 2021, compared to a net loss of $1.32 million for the year
ended June 30, 2020.  As of Sept. 30, 2021, the Company had $3.56
million in total assets, $6.08 million in total liabilities, and a
total stockholders' deficit of $2.51 million.


PLAMEX INVESTMENT: $162.5M Sale to Quarry Head to Fund Plan
-----------------------------------------------------------
Plamex Investment, LLC, and 3100 E. Imperial Investment, LLC, filed
with the U.S. Bankruptcy Court for the Central District of
California a Disclosure Statement describing Joint Chapter 11 Plan
of Liquidation dated Dec. 30, 2021.

Plamex is the fee simple owner of Plaza Mexico ("Plaza Mexico" or
the "Property"), a 403,242 square-foot community shopping center
offering specialty retail and dining located in (Lynwood,
California just north of the 105 freeway.

Plamex is wholly owned by its sole member, 3100, one of the
Debtors. Other than its membership interests in Plamex, 3100 does
not have any other material assets. 3100 is wholly owned by an
entity called Placo Investment, LLC, and Placo is wholly owned by
ISLT Investment, LLC. Neither Placo nor ISLT has filed its own
bankruptcy case.

The Debtors each filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code on the Petition Date of April 14,
2021. The Debtors are continuing to manage their financial affairs
and operate their bankruptcy estates as debtors-in-possession
pursuant to Sections 1107 and 1108 of the Bankruptcy Code. The
Court approved the joint administration of the Debtors' cases.

              Marketing and Sale Process of Plaza Mexico

Quarry Head, on behalf of itself and any nominee, submitted a
stalking horse bid the SH Bidder to purchase Plaza Mexico for
$162.5 million, subject to an overbid process, and the Debtors
accepted that stalking horse bid. On December 2, 2021, the Court
entered the Bidding Procedures Order, which,  approved the proposed
bidding procedures, as well as the forms of the Purchase and Sale
Agreement and various notices, as well as the Plan Support
Agreement.

A bid deadline of February 17, 2022 has been set, and if at least
one qualified bid is submitted, there will be an auction conducted
on February 21, 2022. The minimum overbid will be $162.6 million.
The Debtors are expecting that this Disclosure Statement will be
approved by the Court before the overbid deadline.

The Plan is premised upon the sale of Plamex's primary asset, the
Plaza Mexico Shopping Center, pursuant to a $162.5 million stalking
horse bid, bidding procedures, and a sale process that already have
been approved by the Bankruptcy Court pursuant to a Bidding
Procedures Order entered on December 2, 2021.

Based on current claim estimates, and even if no higher and better
offers are received, the consummation of the sale of the Plaza
Mexico Shopping Center for the stalking horse bid is expected to
provide for the payment in full of all Allowed non-insider Claims
against both Debtors.

                 Treatment of Claims for Plamex

Class 4 consists of General Unsecured Claims against Plamex other
than any unsecured claim owed by Plamex to any Affiliate. Each such
holder will receive payment in full in Cash in an amount equal to
such Claim, payable on the later of the Effective Date and the date
on which such General Unsecured Claim becomes an Allowed General
Unsecured Claim. Class 4 is Unimpaired.

Class 5 consists of 3100's 100% equity interest in Plamex. All net
Plan Cash proceeds of Plamex's Assets remaining after payment in
full of all Allowed Claims against Plamex will be deemed
distributed on account of 3100's 100% equity interest in Plamex
subject to Mezz Lender's security interest in and to such equity
interest as and when such Plan Cash proceeds are realized.

On the Effective Date, all Effective Date Cash that remains after
(i) the payment in full of all Allowed Claims against Plamex as of
the Effective Date, (ii) the establishment and funding of the
Senior Lender Cash Collateral Account, and (iii) the establishment
of all Claim Reserves, will be deemed distributed to 3100 (subject
to Mezz Lender's security interest).

                  Treatment of Claims for 3100

Class 4 consists of General Unsecured Claims against 3100. Except
to the extent that a holder of an Allowed General Unsecured Claim
against 3100 agrees to a less favorable treatment of such Claim, in
full and final satisfaction, settlement, and release of such
Allowed General Unsecured Claim, at the sole option of 3100: (i)
each such holder will receive payment in full in Cash in an amount
equal to such Claim, payable on the later of the Effective Date and
the date on which such General Unsecured Claim becomes an Allowed
General Unsecured Claim, or as soon thereafter as is reasonably
practicable; or (ii) such holder will receive such other treatment
so as to render such holder's Allowed General Unsecured Claim
Unimpaired. Other than a $63,582.12 proof of claim filed by Blank
Rome LLP in both Chapter 11 Cases, there are no known Claims in
this Class. Class 4 is Unimpaired.

Class 5 consists of the sole member interest of Placo in 3100.  All
net Plan Cash proceeds of Plamex's Assets that 3100 is entitled to
receive pursuant to the provisions of the Plan that are remaining
after the satisfaction of all Allowed Claims in 3100 Classes 1-4,
as well as any net receivables owing by Placo to Plamex previously
distributed to 3100, will be deemed distributed to Placo on account
of Placo's equity interest in 3 100.

Unless the Purchaser has elected to close the Sale Transaction
independently of the confirmation of the Plan as expressly
permitted pursuant to the Bidding Procedures Order and the Bidding
Procedures and the Sale Transaction has been so fully consummated
prior to such date, on the Effective Date, and in accordance with
the Plan and the Purchase Agreement, and subject to the
satisfaction or waiver of all applicable conditions thereof,
including that the Sale Order and the Confirmation Order will have
been entered and will have become Final Orders, Plamex will sell
the Property to the Purchaser pursuant to the provisions of the
Purchase Agreement.

A full-text copy of the Disclosure Statement dated Dec. 30, 2021,
is available at https://bit.ly/3JQWByy from PacerMonitor.com at no
charge.

Attorneys for Chapter 11 Debtors:

     Ron Bender, Esq.
     Monica Y. Kim, Esq.
     Juliet Y. Oh, Esq.
     Levene, Neale, Bender, Yoo & Brill LLP
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, CA 90067
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     Email: rb@lnbyb.com
            myk@lnbyb.com
            jyo@lnbyb.com

                     About Plamex Investment

Plamex Investment, LLC, is a privately held company whose principal
assets are located at 3100 E. Imperial Highway Lynwood, Calif.

Plamex Investment and its affiliate, 3100 E. Imperial Investment,
LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Calif. Lead Case No. 21-10958) on April 14, 2021.
Donald Chae, designated officer, signed the petitions.  Judge
Erithe A. Smith oversees the cases.

At the time of the filing, Plamex Investment disclosed assets of
between $100 million and $500 million and liabilities of the same
range. 3100 E. Imperial Investment had between $10 million and $50
million in both assets and liabilities.

Levene, Neale, Bender, Yoo & Brill LLP serves as the Debtors' legal
counsel.


POGO ENERGY: Fox Rothschild Represents Tort Claimants
-----------------------------------------------------
In the Chapter 11 cases of Pogo Energy, LLC, the law firm of Fox
Rothschild LLP provided notice under Rule 2019 of the Federal Rules
of Bankruptcy Procedure, to disclose that it is representing the
Tort Claimants.

As of Jan. 6, 2022, each Tort Claimants and their disclosable
economic interests are:

Laura Crabb
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 9

Kimesha Smith
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 10

Calvin Winters
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 11

Monica Haddock
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 12

Okim Lewis
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 13

Michelle Sanderson
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 15

Faith Omoruyi
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 16

Da Underground Music Podcast LLC
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 18

Matthew Torres
440 Louisiana Street, Suite 1212
Houston, TX 77002

* Filing entity: Danziger & DeLlano LLP
* Amount: $5,000.00
* Claim Number: 19

Labrandy Mosley
440 Louisiana Street, Suite 1212
Houston, TX 77002

* Filing entity: Danziger & DeLlano LLP
* Amount: $5,000.00
* Claim Number: 20

Jack Platter
440 Louisiana Street, Suite 1212
Houston, TX 77002

* Filing entity: Danziger & DeLlano LLP
* Amount: $17,000.00
* Claim Number: 21

Ernest Stokes
440 Louisiana Street, Suite 1212
Houston, TX 77002

* Filing entity: Danziger & DeLlano LLP
* Amount: $13,000.00
* Claim Number: 22

Sarah Kerbow
440 Louisiana Street, Suite 1212
Houston, TX 77002

* Filing entity: Danziger & DeLlano LLP
* Amount: $1,758.00
* Claim Number: 23

Stacey Fisk
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount:
* Claim Number: 24

Victor Cooks
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Danziger & DeLlano LLP
* Amount: $10,716.75
* Claim Number: 25

Leslie Schanne
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 26

Samecia King
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 27

Tonya Jackson
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 28

Tracy Edwards
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 29

Kenyon Stott
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 30

Faith Aesthetics
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 31

Wai Sagbe
2000 West Loop South Suite 2200
Houston, TX 77027

* Filing entity: Robins Cloud LLP
* Amount: unknown
* Claim Number: 32

Billy Powell
138385 W. Howell Park, Apt 3506
Houston, TX 77082

* Filing entity: Watts Guerra LLP
* Amount: $25,000.00
* Claim Number: 33

Lavunda Anderson
3102 Burkett Street
Houston, TX 77004

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 34

Craig MacNeil
2003 Ridgeway Street
Arlington, TX 76010

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 35

Ashley Brunston
806 Kennedy Drive
Alice, TX 78332

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 36

Lois Gipson
1825 Oates, Apt 7218
Mesquite, TX 75150

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 37

Sandra Guevara
607 Hallvale Drive
White Settlement, TX 76108

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 38

Shydre Miles-Wicks
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 39

JosephHayes
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 40

Jasmine Hernandez
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 41

Everado Rodriguez
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 42

Anna Hernandez
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 43

Stephanie Murphy
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 44

LandonGoad
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 45

RickishaCollins
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 46

Ashley Sheffield
5726 W. Hausman Road, Suite 119
San Antonio, TX 78249

* Filing entity: Watts Guerra LLP
* Amount: unknown
* Claim Number: 47

Counsel for Tort Claimants can be reached at:

          FOX ROTHSCHILD LLP
          Trey A. Monsour, Esq.
          Saint Ann Court
          2501 N Harwood Street, Suite 1800
          Dallas, TX 75201
          Telephone: (214) 231-5796
          Facsimile: (972) 404-0516
          2900 W. Dallas St. #515
          Houston, TX 77019
          E-mail: tmonsur@foxrothschild.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3Gbopf1 and https://bit.ly/3qZ7qpQ

                       About Pogo Energy

Pogo Energy, LLC -- https://www.pogoenergy.com/ -- is a green
energy provider that offers prepaid electricity with no deposit
required and same-day electricity service in Texas.  In order to
provide electricity services to its customers on a pay-as-you-go
model, Pogo Energy makes purchases of energy, generally in advance
based on weather projections, and other conditions affecting the
energy market, from Luminant Energy Company, LLC , and then
provides the energy it has purchased to its customers.

Pogo Energy sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
21-31224) on July 1, 2021.  In its petition, the Debtor listed as
much as $10 million in assets and as much as $50 million in
liabilities.  Judge Michelle V. Larson oversees the case.  Ferguson
Braswell Fraser Kubasta, PC and Conway MacKenzie, LLC serve as the
Debtor's legal counsel and financial advisor, respectively.


PROSPECT-WOODWARD HOME: Unsecureds to Get Nothing in Plan
---------------------------------------------------------
The Prospect-Woodward Home, d/b/a Hillside Village, filed with the
U.S. Bankruptcy Court for the District of New Hampshire a Combined
Chapter 11 Plan and Disclosure Statement dated Dec. 30, 2021.

The Debtor is a private New Hampshire not-for-profit corporation
operating a state-of-the-art continuing care retirement community
in Keene, New Hampshire. The Debtor is the successor of a July 2016
merger between two not-for-profit corporations, Prospect Hill Home
and The Woodward Home.

The Debtor was forced to file the Chapter 11 Case for several
reasons, but the filing was driven by the impact of the COVID-19
pandemic on the senior housing industry and the construction
defects and delays related to the work performed by the Mechanics
Lienholders.

                   Sale of the Debtor's Assets

On the Petition Date, the Debtor filed the Sale Motion. Pursuant to
the Sale Motion, the Debtor sought to sell substantially all of its
assets to Covenant as the Stalking Horse Bidder, subject to any
higher or better offers. On September 21, 2021, the Court entered
the Bid Procedures Order. Following entry of the Bid Procedures
Order, the Debtor, through its professionals conducted a
comprehensive postpetition marketing process. However, no other
qualified bids were received and the auction was cancelled.
Thereafter, the Debtor determined that Covenant's bid was the
highest and best offer for substantially all of the Debtor's assets
and that Covenant should be designated the successful bidder under
the Bidding Procedures Order.

On November 22, 2021, the Court entered the Sale Order, which,
among other things, approved the Sale to Covenant under the
Stalking Horse APA for the Purchase Price of $33 million. Pursuant
to the Stalking Horse APA, upon the Sale Closing, Covenant will
acquire the Purchased Assets (as defined in the Stalking Horse
APA).

Under the Stalking Horse APA, Covenant will also assume the Assumed
Liabilities (as defined in the Stalking Horse APA).  Certain Assets
of the Debtor will not be sold to the Stalking Horse, the Excluded
Assets.


Class 2 consists of the Allowed Bondholder Secured Claim. The Bond
Trustee shall receive, on behalf of the Holders of the Allowed
Bondholder Secured Claim, (i) on the Effective Date or as soon as
practicable thereafter, the Net Sale Proceeds and the Excluded
Assets, including the Debtor's Cash on hand on the Effective Date,
subject to the amounts required to fund the Wind Down Reserve; (ii)
as directed by subsequent order of the Bankruptcy Court, the
balance of the Contested Claim Reserve; and (iii) any funds
remaining in the Wind Down Reserve after payments of applicable
obligations.

Class 3 consists of the SBW Secured Claim. The Holder of the
Allowed SBW Claim shall receive, in full and complete satisfaction,
settlement, discharge, and release of, and in exchange for its
Allowed SBW Claim: Payment, in Cash from the SBW Reserve of the
amount the Bankruptcy Court determines that SBW is entitled to on
account of its pari passu interest in the Purchase Price and/or the
Excluded Assets to which its Lien applies; and/or Treatment as a
General Unsecured Claim for the SBW Deficiency Claim.

Class 4 consists of the Mechanics Lien Claims. Each Holder of an
Allowed Mechanics Lienholder Claim shall receive, in full and
complete satisfaction, settlement, discharge, and release of, and
in exchange for its Allowed Mechanics Lienholder Claim: Payment in
full, in Cash, from the Mechanics Lien Reserve if the Bankruptcy
Court determines that the Liens of the Mechanics Lienholders are
superior to that of the Bond Trustee and a Final Order is entered
regarding the actual amount of the Allowed Mechanics Lienholder
Claims is determined by a court of competent jurisdiction; or
Treatment as a General Unsecured Claim if the Bankruptcy Court
determines that the Liens of the Mechanics Lienholders are not
superior to that of the Bond Trustee.

Class 5 consists of all Other Secured Claims. Holder of an Allowed
Other Secured Claim shall receive, in full and complete
satisfaction, settlement, discharge, and release of, and in
exchange for, its Allowed Other Secured Claim: payment in full, in
Cash, of the unpaid portion of its Allowed Other Secured Claim on
the following: (i) if such Allowed Other Secured Claim is Allowed
as of the Effective Date, the Effective Date or as soon thereafter
as reasonably practicable; and (ii) if such Allowed Other Secured
Claim is not Allowed as of the Effective Date, the date such Other
Secured Claim is Allowed or as soon as reasonably thereafter
practicable; a Distribution of such Collateral securing the Other
Secured Claim; a Distribution of the proceeds of the sale or
disposition of such Collateral securing the Other Secured Claim; or
such other treatment as the Debtor and the Holder of such Allowed
Other Secured Claim may agree.

Class 6 consists of General Unsecured Claims. Holders of General
Unsecured Claims shall not receive any distribution on account of
such General Unsecured Claims, and such General Unsecured Claims
shall be discharged, cancelled, released, and extinguished as of
the Effective Date, and shall be of no further force or effect.
Class 6 is Impaired. This Class has estimated allowed claims of
$1,161,334.32.

The Combined Plan and Disclosure Statement is a liquidating chapter
11 plan that provides for the proceeds from the Debtor's assets to
be distributed to holders of Allowed Claims in accordance with the
terms of this document and the Bankruptcy Code.

Substantially all of the Debtor's Assets have already been approved
to be sold to Covenant under the Sale Order.  Although a
liquidation under chapter 7 of the Bankruptcy Code would have the
same goal, the Combined Plan and Disclosure Statement provides the
best source of recovery for several reasons. First, liquidation
under chapter 7 of the Bankruptcy Code would not provide for a
timely distribution and likely no distribution at all for certain
creditors. Second, distributions would likely be smaller because of
the fees and expenses incurred in a liquidation under chapter 7 of
the Bankruptcy Code.

A full-text copy of the Combined Plan and Disclosure Statement
dated Dec. 30, 2021, is available at https://bit.ly/3n78WF2 from
Donlin, Recano Company, Inc., claims agent.

Counsel to the Debtor:

      HINCKLEY, ALLEN & SNYDER LLP
      Daniel M. Deschenes
      Owen R. Graham
      650 Elm Street
      Manchester, New Hampshire 03101
      Telephone: (603) 225-4334
      Facsimile: (603) 224-8350
      E-mail: ddeschenes@hinckleyallen.com

            - and -

      Jennifer V. Doran
      28 State Street
      Boston, Massachusetts 02109
      Telephone: (617) 345-9000
      Facsimile: (617) 345-9020
      E-mail: jdoran@hinckleyallen.com

            - and -

      POLSINELLI PC
      Jeremy R. Johnson
      Stephen J. Astringer
      600 Third Avenue, 42nd Floor
      New York, New York 10016
      Telephone: (212) 684-0199
      Facsimile: (212) 684-0197
      E-mail: jeremy.johnson@polsinelli.com
              sastringer@polsinelli.com

                   About Prospect-Woodward Homes

The Prospect-Woodward Home, doing business as Hillside Village
Keene, owns and operates a licensed continuing care retirement
facility with 222 units, comprised of 141 independent living units,
43 assisted living units, 18 memory care units, and 20 licensed but
not yet opened long-term nursing care units located at 95 Wyman
Road, Keene, N.H., comprising approximately 66 acres.

On Aug. 30, 2021, Prospect-Woodward Home sought Chapter 11
protection (Bankr. D.N.H. Case No. 21-10523), listing up to $50
million in assets and up to $100 million in liabilities. Judge
Bruce A. Harwood oversees the case.

The Debtor tapped Polsinelli, PC as bankruptcy counsel; Hinckley,
Allen & Snyder, LLP as special counsel; Silverbloom Consulting, LLC
as financial consultant; and OnePoint Partners, LLC as
restructuring advisor.  Toby B. Shea of OnePoint Partners serves as
the Debtor's chief restructuring officer.  Donlin, Recano &
Company, Inc. is the claims and noticing agent and administrative
agent.

The U.S. Trustee for Region 1 appointed an official committee of
unsecured creditors on Sept. 9, 2021.  Perkins Coie, LLP and McLane
Middleton, Professional Association serve as the committee's lead
bankruptcy counsel and local counsel, respectively.


PUERTO RICO: U.S. to Intervene in Bankruptcy to Defend PROMESA
--------------------------------------------------------------
The United States of America, through the U.S. Department of
Justice, on Jan. 7, 2022, notified the U.S. Bankruptcy Court for
the District of Puerto Rico, that it intends to participate in the
PROMESA Title III proceedings of the Commonwealth of Puerto, et
al., for the purpose of defending the constitutionality of PROMESA
as it applies to the proposed approval of the Plan of Adjustment.

The United States will file its memorandum of law no later than
February 7, 2022.

Congress passed PROMESA in 2016 to help resolve Puerto Rico's
financial crisis.  Some of the island's creditors allege Promesa
violates the U.S. Constitution.

According to Bloomberg News, the DOJ's decision to intervene in the
case is expected to delay U.S. District Court Judge Laura Taylor
Swain's ruling on a restructuring plan that would include cutting
$22 billion of bonds down to $7.4 billion.  Confirmation hearings
on that debt plan ended Nov. 23.  

Puerto Rico has been in bankruptcy since May 2017 after years of
borrowing to paper over budget deficits, economic decline and
population loss.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and chair of a committee to review professionals' fees.


PURDUE PHARMA: Direct Appeal of Plan Rejection Okayed
-----------------------------------------------------
U.S. District Judge Colleen McMahon on Jan. 7, 2022, entered an
order allowing Purdue Pharma to immediately challenge her order
that overturned a roughly $4.5 billion settlement between the
OxyContin maker and members of the Sackler family who own the
company.  The district judge had ruled the deal that gave releases
to the Sackler family isn't allowed under the law.

Reuters notes Judge McMahon's ruling allowing a direct appeal to
the U.S. Court of Appeals for the Second Circuit means Purdue will
have another shot at keeping intact a $4.5 billion opioid
litigation settlement at the heart of the company's bankruptcy-exit
plan.  She gave Purdue until Jan. 17 to file the appeal to the New
York-based 2nd Circuit.

A copy of the ruling is available at https://tmsnrt.rs/3qZ2OQB

In September 2021, Bankruptcy Judge Robert Drain entered an order
confirming Purdue's Twelfth Amended Plan of Reorganization.  As
part of the Plan, the Sacklers and their associates received
releases from any liability for the opioid epidemic in exchange for
agreeing to pay roughly $4.3 billion, while also forfeiting
ownership of Purdue Pharma.

Judge McMahon in December 2021 reversed the bankruptcy judge's
order approving the deal that shielded the Sacklers against future
opioid-related lawsuits.

Several states and the U.S. Department of Justice's bankruptcy
watchdog had opposed the releases, saying the Sacklers should not
be afforded such protections since they did not file for bankruptcy
themselves.

On Friday, Judge McMahon said the appeal should be handled quickly
"given the urgency of the opioid crisis and the importance of the
issue to the resolution of this case."

Purdue said in a statement to Reuters that Judge McMahon's ruling
underscored the need for a speedy resolution to the case.

"At a time when drug overdose deaths are at record levels, using
Purdue's settlement funds for opioid abatement programs and
overdose rescue medicines is more needed than ever, so we hope to
move as quickly as possible through the appeals process," the
company said.

                       About Purdue Pharma

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

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

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

U.S. District Judge Colleen McMahon on Dec. 16, 2021, reversed
Judge Drain's approval of Purdue's reorganization plan and the
underlying settlement.



QHC FACILITIES: In Chapter 11 Due to Death of Owner, Debts
----------------------------------------------------------
The Iowa Capital Dispatch reports QHC Facilities, a Clive,
Iowa-based operator of eight skilled nursing facilities, has sought
Chapter 11 protection with plans to quickly sell the business.

According to the Dispatch, in recent years, QHC and its affiliates
have been hit with some of the largest federal fines ever imposed
against an Iowa nursing home chain, with inspectors stating the
company had placed residents in immediate jeopardy due to
substandard care.  At the same time, however, the company has sued
its elderly residents for failure to pay for that care, and has
neglected to pay more than $700,000 in fines.

According to the Dispatch, QHC has asserted that since March 2020
it has faced "significant fiscal challenges" due to the COVID-19
pandemic, as the company's nursing homes "grappled with caring for
their residents and maintaining sufficient operational liquidity
amidst constantly changing conditions."

The company has said in court filings it has been dealing with
"crippling staffing and employee retention issues, and increased
operating expenses associated with personal protective equipment,
labor pressures, and other associated costs." QHC says it has
received "some relief" from federal assistance programs, but "has
received only very limited state relief."

According to QHC, the financial problems were allegedly compounded
by the death of former Chief Executive Officer Jerry Voyna seven
months ago, which had "a devastating impact" on the business. Voyna
was succeeded by his widow, Nancy, who stated in court filings that
the company was "highly reliant on (Jerry's) operational and
financial management."  However, she also stated that after her
husband's death it was discovered the company had not been paying a
series of quarterly fees owed to the state, leaving an accumulated
debt of $4 million.

QHC says it is now "seeking an expedited sale of operations under
which patient care will continue uninterrupted and employee and
vendor relationships will continue."

The company received court permission to continue spending money on
employee wages and other operational expenses in order to keep the
homes open.  Payment of those obligations, the company said in
court filings, is "crucial for maintaining employee confidence and
morale and will encourage employees to remain in the employ of the
debtor at this critical time."

QHC has faced numerous significant federal fines in recent years --
some of which appear to remain unpaid -- due to ongoing
quality-of-care issues.  QHC allegedly owes $703,377 in past-due
federal fines tied to violations at its care facilities, according
to state data.  Combined with the daily fines at Fort Dodge, the
company could wind up owing taxpayers $1.4 million in federal
fines.

More recently, QHC has been the target of lawsuits filed by other
companies that play a direct role in delivering care at QHC
facilities.  QHC is also facing wrongful death claims, including a
case filed by the family of Gladys Van Sickle, who died after
allegedly sustaining broken bones in a fall at Winterset North. A
trial in that case is scheduled for October 2023.

                     About QHC Facilities

QHC Facilities, LLC, based in Clive, Iowa, operates eight skilled
nursing facilities.  The facilities include Crestview Acres in
Marion as well as in Tama, Madison, Humboldt, Jackson, Webster and
Polk counties and two assisted living centers.  Collectively, the
facilities have a maximum capacity of more than 700 residents.  The
company employs roughly 300 full-time and part-time workers.

QHC Facilities and its affiliates filed petitions for Chapter 11
protection (Bankr. S.D. Iowa Lead Case No. 21-01643) on Dec. 29,
2021.  The affiliates are QHC Management LLC, QHC Mitchellville
LLC, QHC Crestridge LLC, QHC Humboldt North LLC, QHC Winterset
North LLC, QHC Madison Square LLC, QHC Humboldt South LLC, QHC
Villa Cottages LLC, QHC Fort Dodge Villa LLC, and QHC Crestview
Acres Inc.

The Ccompany claimed $1 million in assets and $26.3 million in
liabilities as of the bankruptcy filing.

Judge Anita L. Shodeen oversees the cases.

Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at
Bradshaw Fowler Proctor & Fairgrave, PC are the Debtors' bankruptcy
attorneys.  Gibbins Advisors, LLC serves as QHC Facilities'
financial advisor.


SEANERGY MARITIME: Inks Deal to Refinance Loan Secured by Vessel
----------------------------------------------------------------
Seanergy Maritime Holdings Corp. has entered into a definitive
agreement for the refinancing of a loan facility secured by M/V
Geniuship, with a new loan facility secured by the same vessel.

The current outstanding balance is provided by certain nominees of
Entrust Global and stands at $14.6 million.  The Entrust facility
has a remaining duration of 3.5 years, bears interest at a fixed
rate of 10.5% per annum and amortizes through quarterly instalments
of $515,000.

The new loan facility will be provided by a prominent Far Eastern
bank, has an initial balance of $15 million, a five-year term and
bears interest of LIBOR + 3.5% per annum.  The New Facility will
amortize through 4 quarterly instalments of $530,000 followed by 16
quarterly instalments of $385,000.

The significantly lower interest rate, as well as the reduced
quarterly repayments agreed for 2023 onwards, will further improve
the break-even rates of the underlying vessel.  In addition, the
interest savings for the Company are expected to be $0.9 million
for 2022 and $0.5 million on average per year for 2023-25.

As of Dec. 16, 2021 and pro-forma for this refinancing, Seanergy's
total indebtedness will be approximately $242.7 million, consisting
of $221.0 million debt and other financial leases and $21.7 million
in unsecured convertible notes, while total cash and cash
equivalents, restricted cash and term deposits of the Company are
expected to be approximately $45.0 million.

Stamatis Tsantanis, the Company's chairman and chief executive
officer, stated:

"As part of our continuous efforts to further improve our strong
cashflow, we have agreed another successful refinancing for an
existing capesize vessel.  The New Facility has a considerably
lower interest rate, which will benefit immediately the Company's
cash flow and profitability.  The total expected interest savings
for Seanergy will be approximately $2.3 million over the next 3
years. Consistent with our conservative approach on leverage, we
aim in achieving more competitive pricing and overall terms of the
loan without increasing the debt on the vessel.

"We remain committed to our strategy to further reduce our
financing cost by additional refinancings and buybacks or repayment
of debt that are expected to generate improved shareholder
returns."

                      About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US. Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels.  On a 'fully-delivered' basis, the Company's fleet will
consist of 16 Capesize vessels with average age of 11.5 years and
aggregate cargo carrying capacity of above 2,829,630 dwt.

Seanergy Maritime reported a net loss of $18.35 million for the
year ended Dec. 31, 2020, a net loss of $11.70 million for the year
ended Dec. 31, 2019, and a net loss of $21.06 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2020, the Company
had $295.24 million in total assets, $199.55 million in total
liabilities, and $95.69 million in total stockholders' equity.


SELINSGOVE INSTITUTIONAL: Case Summary & 20 Unsecured Creditors
---------------------------------------------------------------
Debtor: Selinsgove Institutional Casework, LLC
           d/b/a Wood Metal Industries
        401 E Front Street
        Freeburg, PA 17827

Chapter 11 Petition Date: January 7, 2022

Court: United States Bankruptcy Court
       Middle District of Pennsylvania

Case No.: 22-00021

Judge: Hon. Henry W. Van Eck

Debtor's Counsel: Robert E. Chernicoff, Esq.
                  CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C.
                  2320 North Second Street
                  Harrisburg, PA 17110
                  Tel: (717) 238-6570

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Maurice R. Brubaker, member.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/RVL6MJQ/Selinsgrove_Institutional_Casework__pambke-22-00021__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/RPWZ5KY/Selinsgrove_Institutional_Casework__pambke-22-00021__0001.0.pdf?mcid=tGE4TAMA


SEQUENTIAL BRANDS: Court Approves Disclosure Statement
------------------------------------------------------
Judge John T. Dorsey approved the Disclosure Statement explaining
the Plan of Sequential Brands Group, Inc., et al.

The Bankruptcy Court will hold a hearing to consider confirmation
of the Debtor's Plan on  Feb. 22, 2022, at 1:00 p.m. (Eastern
Time).

Any and all objections to approval of the Motion and Disclosure
Statement, to the extent not previously resolved or withdrawn, are
overruled in their entirety.

The voting record date with respect to holders of claims will be
Jan. 11, 2022.

The Debtors will complete, or cause to be completed, the
distribution of the appropriate Solicitation Packages and
Non-Voting Packages to all holders of claims or interests, as
applicable, by Jan. 18, 2022.

The deadline by which all ballots must be properly executed,
completed, and actually received by the claims and balloting agent
will be Feb. 15, 2022, at 4:00 p.m. (Eastern Time).

The claims and balloting agent will file its voting report by Feb.
18, 2022, verifying the results of its voting tabulations
reflecting the votes cast to accept or reject the Plan.

The deadline for filing and serving objections to the Plan is Feb.
15, 2022 at 4:00 p.m. (Eastern Time).

The Debtors or any other party supporting confirmation are
authorized to file a reply to any plan objections no later than
Feb. 18, 2022 at 4:00 p.m. (Eastern Time).

                   About Sequential Brands Group

Sequential Brands Group, Inc. (NASDAQ:SQBG), together with its
subsidiaries, owns various consumer brands.  The New York-based
company licenses its brands for a range of product categories,
including apparel, footwear, fashion accessories, and home goods.

Sequential Brands Group and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11194) on Aug. 31,
2021.  The company disclosed total assets of $442,774,937 and debt
of $435,073,539 as of Aug. 30, 2021.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Gibson, Dunn & Crutcher, LLP and Pachulski Stang
Ziehl & Jones, LLP as legal counsel. Miller Buckfire & Co. and its
affiliate, Stifel Nicolaus & Co., Inc., serve as financial advisor
and investment banker.  Kurtzman Carson Consultants, LLC, is the
claims agent and administrative advisor.

King & Spalding, LLP, is counsel to the debtor-in-possession
lenders (and the consenting lenders under the restructuring support
agreement) while Morris, Nichols, Arsht & Tunnell, LLP serve as the
DIP lenders' local counsel.


SOUTHWESTERN ENERGY: S&P Ups ICR to 'BB+' on Close of Acquisition
-----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
exploration and production company Southwestern Energy Co. to 'BB+'
from 'BB' and removed the rating from CreditWatch, where S&P had
placed it with positive implications upon announcement of the
acquisition of  GEP Haynesville LLC.

S&P said, "We raised our issue-level rating on the company's
secured term loan to 'BBB' from 'BBB-'. The recovery rating remains
'1', indicating our expectation for very high recovery in the event
of default. We also raised our issue-level rating on the company's
senior unsecured to notes to 'BB+' from 'BB'. The recovery rating
remains '3', indicating our expectation for meaningful recovery in
the event of default."

U.S.-based exploration and production company Southwestern Energy
Co. has completed the acquisition of GEP Haynesville for about
$1.85 billion, which was funded with $1.325 billion in cash and
about $525 million of Southwestern common shares.

The acquisition further increases Southwestern's scale and broadens
its diversity, making it the largest natural gas producer in the
Haynesville.

The GEP acquisition further enhances Southwestern's scale, scope,
and diversification.

Following Southwestern's acquisition of Haynesville operator Indigo
Natural Resources LLC in September 2021, the GEP acquisition
further strengthens Southwestern's position in the Haynesville,
providing meaningful exposure to a second operating region beyond
Appalachia. This transaction positions Southwestern as the largest
producer in the Haynesville with 1.7 billion cubic feet equivalent
per day (bcfe/d) of net production and as one of the largest
natural gas producers in the U.S. The acquisition boosts its total
proved reserves to about 21 trillion cubic feet equivalent (tcfe;
about 87% natural gas), and we expect total production to increase
to about 4.7 bcfe/d in 2022. Additionally, this transaction
increases the company's geographic diversity with two core
operating basins in the Haynesville and Marcellus shales, and it
makes Southwestern the largest dual-basin natural gas operator.
Although about 78% of production is expected to be natural gas,
which S&P views as less profitable than oil or natural gas liquids,
Southwestern expects about 65% of its daily production will be
marketed to demand centers along the Gulf Coast, where natural gas
prices are typically higher than in Appalachia, which should
improve margins and cash flow.

S&P expects Southwestern to maintain conservative financial
policies that lead to significant FCF generation and debt
repayment.

S&P said, "While the GEP transaction increased total debt and
leverage, we expect Southwestern to generate meaningful FCF over
the next two years, which it will use to pay down absolute debt and
improve leverage. We expect Southwestern to pay off its about $201
million of unsecured notes maturing in March 2022 with cash.
Additionally, we expect the company to use its FCF to pay off
borrowings on its revolving credit facility by the end of
third-quarter 2022. Southwestern is more than 80% hedged on natural
gas in 2022 at a weighted-average floor price of $2.72 per million
British thermal units (/mmBtu), therefore guaranteeing cash flow to
support its debt-reduction efforts. Furthermore, Southwestern wants
to reduce total debt to $3.0 billion-$3.5 billion (from about $5.5
billion pro forma for the acquisition) and debt to EBITDA to
1x-1.5x before it initiates shareholder returns. We expect FFO to
debt of about 45%-50% and debt to EBITDA of 1.5x-2x in 2022. We
expect Southwestern to remain focused on strengthening its balance
sheet to provide greater cushion in the event of natural gas price
swings and resulting cash flow volatility.

"The stable outlook reflects our view that Southwestern's credit
measures will improve in 2022, with FFO to debt averaging 45%-50%
and debt to EBITDA averaging 1.5x-2.0x. Additionally, we expect
Southwestern to use FCF to reduce its total debt outstanding.
"We could lower the rating if Southwestern's FFO to debt approaches
30% for a sustained period. This would most likely occur if the
company pursues a more aggressive capital spending plan than we
forecast or if commodity prices average below our price deck
assumptions with no offsetting reductions in capital spending.

"We could consider raising our rating if Southwestern sustains FFO
to debt above 60% and reduces gross debt by more than we
anticipate. This would likely occur if supportive commodity prices
and a moderate capital spending program enable the company to
generate material positive discretionary FCF to fund future debt
repayment. In addition, we would expect Southwestern to maintain a
moderate financial policy consistent with investment-grade peers."



STRIKE LLC: Hoffman & Saweris Represents Titan Towers, 2 Others
---------------------------------------------------------------
In the Chapter 11 cases of Strike, LLC, et al., the law firm of
Hoffman & Saweris, P.C. submitted a verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure, to disclose that
it is representing the following entities:

     Titan Towers, LP
     P.O. Box 6972
     Abilene, TX 79608

     Perspective Talent LLC
     57 Niguel Pointe Dr.
     Laguna Niguel, CA 92677

     Charbonneau Industries, Inc.
     1619 E. Richey Rd.
     Houston, TX 77073

Each of these parties is a creditor and party-in-interest in these
proceedings.

Hoffman & Saweris, P.C. does not own a claim or interest in the
Debtors or the Debtors' estates.  None of the aforementioned claims
have been assigned subsequent to the commencement of this case, and
none have been solicited for purchase by Hoffman & Saweris, P.C. At
this time, Hoffman & Saweris, P.C. has engagement letters with all
of these entities.

Hoffman & Saweris, P.C. does not believe that its representation of
the interest of the entities listed above will create a conflict
between, or be adverse to the interests of any of these parties.
Hoffman & Saweris, P.C. is not representing a committee.

Counsel for Titan Towers, LP, Perspective Talent LLC, and
Charbonneau Industries, Inc. can be reached at:

          HOFFMAN & SAWERIS, P.C.
          Matthew Hoffman, Esq.
          Alan Brian Saweris, Esq.
          2777 Allen Parkway, Suite 1000
          Houston, TX 77019
          Telephone: 713.654.9990
          Facsimile: 713.654.0038

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

                      About Strike LLC

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

Strike and its affiliates sought Chapter 11 protection (Bankr. S.D.
Tex. Lead Case No. 21-90054) on Dec. 6, 2021.  In the petitions
signed by CFO Sean Gore, Strike listed as much as $500 million in
both assets and liabilities.

The cases are handled by Judge David R. Jones.

The Debtors tapped Jackson Walker LLP and White & Case LLP as legal
counsel; Opportune, LLP, as financial advisor; and Opportune
Partners, LLC, as investment banker.  Epiq Corporate Restructuring,
LLC is the claims agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors on Dec. 15, 2021.  The committee is represented
by Marty Brimmage, Esq.


TRI-STATE PAIN: Court Confirms Reorganization Plan
--------------------------------------------------
Judge Thomas P. Agresti entered an order confirming the Second
Amended Plan of Tri-State Pain Institute, LLC, including any
amendments or stipulations previously approved by the Court in
relation thereto.

A status conference is scheduled for Feb. 7, 2022 at 11:00 A.M. to
review progress on funding professional fees and liquidation of art
collection.

As reported in the TCR, Tri-State Pain Institute submitted a Joint
Amended Plan and a Disclosure Statement dated October 7, 2021.  The
Debtor intends to continue its operations in the newer, smaller
location, which have proven to be profitable under the protection
of Chapter 11.  The anticipated net profits are sufficient to fund
a viable and realistic plan of reorganization.  Class 6 General
unsecured claims will be paid 5% of their claim with payments
beginning on the second anniversary of the Effective Date over 36
months in 12 quarterly payments.  The Plan will be funded by the
continued operation of the business, as well as initial
contributions from the Related Entities of Greater Erie Surgery
Center and 2374 Village Common Drive, LLC to satisfy the immediate
$400,000 due to Wells Fargo at the time of confirmation.

A full-text copy of the Disclosure Statement dated Oct. 7, 2021, is
available at https://bit.ly/3iJqC7C from PacerMonitor.com at no
charge.

                   About Tri-State Pain Institute

Tri-State Pain Institute LLC is a well-known Erie pain specialist
founded by Joseph M. Thomas, M.D.

Tri-State Pain Institute, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 20-10049) on Jan.
23, 2020.  At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $1,000,001 and $10 million.

Judge Thomas P. Agresti oversees the case.  

The Debtor tapped Marsh, Spaeder, Baur, Spaeder, and Schaaf, LLP,
as the legal counsel and Coldwell Banker Select, Realtors as real
estate broker.

On Feb. 14, 2020, the U.S. Trustee for Regions 3 and 9 appointed a
Committee of unsecured creditors in the Debtor's Chapter 11 case.
The Committee is represented by Knox, McLaughlin, Gornall &
Sennett, P.C.


VACO HOLDINGS: Moody's Assigns B2 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned Vaco Holdings, LLC ("Vaco") a
corporate family rating ("CFR") at B2 and probability of default
rating ("PDR") at B2-PD. Concurrently, Moody's assigned B2 ratings
to the company's proposed $40 million senior secured revolver due
2027 and $600 million senior secured term loan due 2029. The
outlook is stable. This is the first time Moody's has rated Vaco.

Term loan proceeds along with existing balance sheet cash will be
used to repay approximately $200 million of existing indebtedness,
pay a $380 million dividend to the company's shareholders, purchase
$50 million of minority interests and pay related fees & expenses.

Governance risk is a key consideration incorporated in the B2 CFR
given Moody's expectation for aggressive financial strategies
typically employed by private equity sponsor owners, including
debt-funded acquisitions and shareholder returns. Vaco is owned by
affiliates of private equity sponsor Olympus Partners ("Olympus").

The following ratings/assessments are affected by the ratings
action:

New Assignments:

Issuer: Vaco Holdings, LLC

  Corporate Family Rating, Assigned B2

  Probability of Default Rating, Assigned B2-PD

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

  GTD Senior Secured 1st Lien Revolving Credit Facility, Assigned
  B2 (LGD3)

Outlook Actions:

Issuer: Vaco Holdings, LLC

  Outlook, Assigned Stable

RATINGS RATIONALE

The B2 CFR reflects Vaco's high financial leverage, with debt to
EBITDA of 4.9x as of 30 September 2021, pro forma for the proposed
transactions. The company operates in the highly competitive
temporary staffing and consulting industry that features both large
global firms and established niche players which could pressure
growth and profitability. The industry is also evolving with
increasing automation and changes in employment models that present
new opportunities and challenges. The temporary staffing and
consulting industry is also subject to cyclical spending and would
be impacted during periods of macroeconomic weakness, although
downturns in the staffing industry have historically resulted in
short term favorable working capital dynamics as companies generate
cash from receivables when revenue falls. Vaco has performed well
during the last year with 26% revenue growth for the 12-month
period ended 30 September 2021, though Moody's expects that this
performance will moderate going forward given the rapid employment
recovery that began following the initial COVID-19 pandemic wave in
early 2020.

Vaco's credit profile is supported by its position as an
established player in the temporary staffing and consulting
industry that Moody's expects will benefit from broad secular
trends towards outsourcing across end markets. The company has
modest revenue and earnings diversity with a strategic staffing
(49% of FY21E revenue), direct hire (10%), managed services (18%),
and consulting (23%) segments that provide white collar
professionals with skillsets within the IT, finance and accounting,
and HR space across broad end markets. The company's EBITA margins
in the mid-to-low teens are solid when compared to other high
skilled staffing firms such as APFS Staffing Holdings, Inc. (B2
stable, 10% to 12%) and ASGN Incorporated (Ba2 stable, 9% to 10%)
and considerably higher than lower skilled staffing companies such
as ManpowerGroup, Inc. (Baa1 stable, 2% to 3%) and Employbridge
Holding Company (B2 stable, 4% to 5%). The company's margin profile
is supported by its higher margin consulting segment that benefits
from cross selling and utilization of skilled professionals from
its staffing segment. The company's top 10 clients represent 19% of
annual revenue, highlighting modest customer concentration.
Salespeople generally operate at a local level with clients to
enhance relationships and support client retention. EBITA margins
in the low-to-mid-teens and a largely variable cost structure with
minimal capital expenditure needs result in healthy free cash flow
generation.

Governance considerations are a key driver of the B2 CFR. Moody's
expects that Olympus will employ shareholder-friendly financial
policies that will keep leverage high, as evidenced by the proposed
dividend recapitalization and the company's history of
acquisitions. Vaco acquired MorganFranklin, Inc. in 2019 to
establish its consulting business, so the rating considers that the
company will pursue the acquisitions as part of its growth
strategy.

A good liquidity profile is supported by Moody's expectation for at
least $60 million of free cash flow, and access to the proposed $40
million senior secured revolving credit facility expiring 2027.
Given that the amount of cash expected at close will be minimal, it
is possible the company may fund near term working capital needs
using its revolver. The company's senior secured term loan has $7
million of annual mandatory debt repayment that is expected to be
sufficiently covered by internally generated free cash flow.
Moody's reclassifies a recurring cash dividend as operating cash
flow because Moody's considers it as a form of compensation tied to
employment for managing partners and senior leaders.

The B2 rating on Vaco's senior secured credit facilities reflects
both the B2-PD PDR and a loss given default assessment of LGD3. The
senior secured credit facilities benefit from secured guarantees
from its direct parent and all existing and subsequently acquired
domestic subsidiaries. As there is no other meaningful debt in the
capital structure, the credit facilities are rated in line with the
B2 CFR.

As proposed, the credit facility is expected to contain covenant
flexibility provisions that could adversely impact creditors.
Notable terms include: incremental debt capacity up to the greater
of $151 million and 100% of consolidated EBITDA, plus unlimited
amounts subject to 4.6x senior secured first lien net leverage
ratio, or the transaction is leverage neutral (if pari passu
secured, or amounts not greater than a net leverage ratio of 4.85x
and 5.1x on senior secured junior lien basis and total unsecured
basis, respectively). No portion of the incremental may be incurred
with an earlier maturity than the initial term loans. The credit
agreement permits the transfer of assets to unrestricted
subsidiaries, up to the carve-out capacities, subject to "blocker"
provisions, which prohibit the transfer of material intellectual
property to unrestricted subsidiaries. Non-wholly-owned
subsidiaries are not required to provide guarantees; dividends or
transfers resulting in partial ownership of subsidiary guarantors
could jeopardize guarantees, with no explicit protective provisions
limiting such guarantee releases. There are no express protective
provisions prohibiting an up-tiering transaction.

The above are proposed terms and the final terms of the credit
agreement may be materially different

The stable outlook reflects Moody's expectations for
mid-single-digit range revenue growth, low-to-mid teens EBITDA
margins and debt to EBITDA to decline over the next 12 months
towards the low 4x while Vaco maintains free cash flow to debt
above 5% and EBITA to interest expense around 3x.

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

Ratings could be upgraded through sustained revenue and earnings
growth at stable margins, along with conservative financial
policies, supportive of debt to EBITDA remaining below 4x and free
cash flow-to-debt approaching 10% while maintaining good
liquidity.

Ratings could be downgraded should Vaco experience declines in
revenue or profitability rates. An expectation that debt leverage
will be sustained above 6x or should liquidity deteriorate
including free cash flow to debt below 3% could also lead to a
downgrade. Financial policies featuring shareholder returns or
aggressive acquisitions would also negatively pressure ratings.

Vaco Holdings, LLC, controlled by Olympus since 2017 and based in
Brentwood, Tennessee, is a provider of temporary, full-time and
project and consulting professionals specializing in IT, finance &
accounting, technology, and healthcare IT services. The company
operates out of over 50 offices across the United States. Revenue
for the year ending 31 December 2021 is expected to be
approximately $950 million.


VACO HOLDINGS: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
U.S.-based specialized staffing firm and consulting services
provider Vaco Holdings LLC.

S&P said, "We also assigned our 'B' issue-level and '3' recovery
ratings to the company's proposed $600 million first-lien senior
secured credit facility. The '3' recovery rating indicates our
expectation for meaningful (50%-70%; rounded estimate 55%) recovery
for lenders in the event of a payment default."

The issuer credit rating reflects Vaco's small scale in a highly
fragmented market compared to larger peers; limited revenue
visibility, concentration in the U.S., moderate client
concentration, and niche focus. These challenges are somewhat
offset by favorable renewal rates and a diversified base of
professional offerings including its consulting business that
specifically targets the IT and finance/accounting verticals, a
unique offering for the staffing industry.

Vaco's revenue and EBITDA will increase substantially in 2021, but
the proposed debt recapitalization increases the company's funded
debt load and we expect S&P Global Ratings' adjusted leverage to
remain around 5x. The proposed transaction will increase Vaco's S&P
Global Ratings-adjusted leverage to the 5x area, from the 2x area
as of Sept. 30, 2021. In the nine months ending Sept. 30, 2021, the
company increased its revenue by one-third and EBITDA by more than
2x on strong demand for its IT staffing and consulting services, as
well as its good cost management and flexible cost structure amid
the remote work requirements stemming from the pandemic-driven
travel restrictions. S&P said, "While we expect some margin
compression when workers begin migrating back to the office, we
expect EBITDA levels in 2022 to remain consistent with 2021 and the
company's leverage to remain in the 5x area. Furthermore, we
believe Vaco's financial sponsor ownership and aggressive financial
policy could keep leverage at levels around 5x in the longer
term."

Vaco's small scale compared to its peers makes it more vulnerable
to the cyclical and highly competitive nature of the staffing
industry. Demand for staffing services is highly correlated with
GDP growth, as was recently evident at the beginning of the
COVID-19 pandemic and subsequent recession, that resulted in
elevated unemployment rates and staffing declines. Furthermore, the
space is highly competitive, and Vaco competed with much larger and
well-resourced peers such as ASGN Inc. Larger and
better-capitalized firms are better positioned to weather the
fluctuations of economic cycles, which could make the potential
impact of an economic downturn, more pronounced on smaller players
like Vaco.

Vaco competes in a highly fragmented industry, though its unique
business mix of staffing and consulting services and niche
verticals will likely allow it to grow at a higher rate and
maintain its bill rates and EBTIDA margins over the longer term
compared with peers. S&P said, "We believe that the company will
continue to benefit from secular tailwinds in the niche and
attractive IT and financing/accounting staffing verticals.
Specifically, we expect it to maintain higher EBITDA margins than
those of its general staffing peers because the IT vertical has
historically generated strong, stable bill rates as more companies
establish and maintain larger IT spending budgets to enhance their
digital offerings across industries. Furthermore, we expect
consulting services, which are generally more profitable, to
comprise about 13% of the company's total revenue in 2021. While we
expect some of the traditional travel and location costs to return
to the industry as workers go back to their physical offices
following the extended period of remote work necessitated by the
COVID-19 pandemic, we believe that Vaco will be able maintain
higher EBITDA margins than its peers over time, partially due to
higher revenue from consulting business than historic levels."

Vaco's sustained positive free operating cash flow (FOCF) will fund
its acquisitive growth strategy. S&P believes that Vaco will
generate FOCF to debt in the high-single-digit percent area in the
next 12 months due to favorable free cash flow conversion dynamics
from low capital expenditure needs in staffing and consulting
businesses compared with other industries. The company has a
history of an aggressive growth strategy to build scale. In
addition to its debt-financed acquisition of MorganFranklin in July
2019, the company has completed five tuck-in acquisitions since
2020 largely funded with cash. S&P expects Vaco to fund its
acquisitive growth strategy with FOCF, which entails persistent
integration and execution risks.

The stable outlook reflects S&P's expectation that Vaco will
successfully integrate its recent acquisitions while continuing to
grow revenue organically by the mid-single-digit percent area and
maintaining leverage in the 5x area over the next 12 months.

S&P could lower the ratings on Vaco if the company's leverage
exceeds 6x or its adjusted FOCF-to-debt ratio falls well below 5%,
likely due to:

-- Pricing power deterioration because of increased competition
amid an unfavorable labor market or loss of key clients due to weak
economic conditions; or

-- Pursuing debt-financed acquisitions or additional shareholder
returns.

Although unlikely over the next 12 months, S&P could raise the
ratings on Vaco if the company:

-- Commits to a less aggressive financial policy such that we
expect the company to maintain leverage below 5x and FOCF to debt
of more than 10% on a sustained basis; and

-- Broadens the scale of its operations and improves EBITDA margin
due to changes in business and client mix, such as continued growth
its higher-margin segments, better billing rate increases, and
reduction in lower-margin work.

ESG credit indicators: E-2 S-2 G-3

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



ZIPRECRUITER INC: Fitch Assigns FirstTime 'B+' IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) to ZipRecruiter, Inc. (ZIP) of 'B+'. The Rating
Outlook is Stable.

ZIP has quickly established itself in the online job recruiting
segment, and Fitch expects it to realize continued growth in the
coming years. The ratings impact approximately $750 million of
debt, including unused capacity on the company's $250 million
senior secured revolving facility and the proposed $500 million
senior unsecured notes issuance. Fitch has also assigned an
issue-level rating of 'BB-'/'RR3' to the senior unsecured notes.
Proceeds from the new notes issuance is expected to be used for
general corporate purposes.

KEY RATING DRIVERS

Growth Profile: Fitch views ZIP's historic growth profile and
trajectory as a credit positive, although its current size with
EBITDA less than $150 million is a limiting factor for the IDR. ZIP
grew meaningfully in recent years and experienced robust growth YTD
coming out of the pandemic, with projected 2021 revenue of more
than $700 million versus $430 million in 2019.

Fitch believes a meaningful driver of this growth was heavy media
advertising spend that enabled the company to build brand awareness
among U.S. consumers and employers. This spending can be seen in
its sales and marketing spend, which comprised 55% of YTD 2021
revenue and 64% in 2019 (pre-pandemic). Fitch believes marketing
will continue to be a key spend category to drive future growth.

Competitive Landscape: Fitch views the U.S. online job marketplace
as highly competitive and fragmented, which constrains the IDR.
ZIP's rapid rise in recent years to establish itself as one of the
well-known online job search resources in the U.S. signals its
strong execution but also signals the potential threat of
competitors over time.

The threat of competition is evident in historical fundamentals of
competitor online marketplace operators that faced execution
challenges historically, including Monster Worldwide, Inc.,
CareerBuilder, among others. The company also competes with a range
of alternatives solutions including recruiters, vertical-focused
job sites, employer's own sites, LinkedIn, Indeed, and others.

Industry Cyclicality: Fitch views the highly cyclical nature of the
staffing industry as a key credit consideration that limits the
IDR. The company could experience material negative headwinds on
revenue, EBITDA and FCF in a prolonged recession given employers
would meaningfully reduce jobs being advertised. Peers in the
online job market segment experienced revenue declines of more than
30% during 2009 while staffing companies realized declines as high
as 30%-40%. ZIP was formed in 2010, but Fitch believes the company
could be meaningfully impacted during an economic correction.

Moderate Leverage: ZIP's gross debt/EBITDA in the high-3.0x range
is relatively low for the 'B+' rating category, but Fitch believes
the staffing industry's cyclicality could lead to meaningfully
higher leverage in a relatively short timeframe if economic
conditions deteriorate. Revenue declined 14% YoY, for example, in
the two quarters following the beginning of the pandemic in the
U.S. EBITDA did improve materially during this period as the
company reduced marketing spend, but a more prolonged economic
correction could negatively impact EBITDA and pressure leverage.
Fitch expects gross leverage to remain in the 2.0x-3.5x range in
the coming years, although M&A could be a factor over time that
impacts its profile.

Solid Liquidity: Fitch expects the company should generate
meaningful free cash flow in the future approaching $100
million-$200 million per year, helped by low capital intensity and
working capital requirements. This should further bolster the
balance sheet that should have more than $700 million of cash pro
forma for the upcoming $500 million senior notes issuance. ZIP
remains in the early growth stage of its lifecycle, and therefore
Fitch believes the company is likely to prioritize growth spending
(both organic investments and M&A) in the coming years over capital
returns to shareholders.

DERIVATION SUMMARY

ZIP competes in a large and fragmented online job search industry.
Many of its primary peers including LinkedIn, Indeed, Monster,
CareerBuilder and others are private or divisions of larger
companies and thus are not rated by Fitch. Fitch considers ZIP's
rating profile relative to a range of business services and
technology companies in Fitch's ratings universe, comparing factors
including growth, margins, business lifecycle, leverage, CF
dynamics, competitive position, among others to arrive at Fitch's
rating.

Fitch rates industrial staffing provider EmployBridge Holding
Company (B+/Stable), which operates in the same industry but with a
traditional staffing business model. Relative to EmployBridge, ZIP
is experiencing stronger revenue growth, has higher EBITDA margins
but operates with higher gross leverage. ZIP's strong growth and
solid margins could position the IDR higher over time. However, the
nascent stage of its business in a fragmented and competitive
industry, its relatively small EBITDA scale, and cyclicality
inherent in the recruiting industry constrains the rating to the
'B+' rating category.

KEY ASSUMPTIONS

-- Revenue growth remains strong in the 15%-20% range through
    2024.

-- EBITDA margins pressured in 2022 due to normalization of opex
    as the economic recovery continues but improves beyond due to
    increased revenue scale.

-- FCF generation remains solid due to limited working capital,
    cash taxes and capex requirements.

-- Capital allocation priorities are likely weighted toward M&A
    over time, although Fitch has not explicitly assumed M&A in
    its forecast.

Recovery Assumptions:

For entities rated 'B+' and below, where default is closer and
recovery prospects are more meaningful to investors, Fitch
undertakes a tailored, or bespoke, analysis of recovery upon
default for each issuance. The resulting debt instrument rating
includes a Recovery Rating or published 'RR' (graded from 'RR1' to
'RR6') and is notched from the IDR accordingly. In this analysis,
there are three steps: (i) estimating the distressed enterprise
value (EV); (ii) estimating creditor claims; and (iii) distribution
of value.

Fitch assumed ZIP would emerge from a default scenario under the
going concern approach versus liquidation. Key assumptions used in
the recovery analysis are as follows:

-- Fitch assumes a $95 million going concern EBITDA, which is
    approximately 30% below the company's adjusted EBITDA for the
    TTM period through September 2021 of $135 million. This
    meaningful pullback could be driven by macro issues, mis
    execution and/or share loss.

-- Fitch assumes an EV/EBITDA multiple of 6.5x upon emergence
    from bankruptcy. This multiple is validated based upon
    comparable public company trading multiples (current &
    historic), industry M&A, and comparable reorganization
    multiples Fitch has witnessed historically.

RATING SENSITIVITIES

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

-- Gross leverage, Fitch-defined as total debt with equity
    credit/Operating EBITDA, sustained below 3.5x in conjunction
    with EBITDA scaling to more than $200 million.

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

-- Gross leverage sustained above 4.5x;

-- Sustained deterioration in EBITDA margins to mid-teens
    percentage or lower;

-- Liquidity pressures, as reflected in FCF trending to low-
    single digit percentage of revenue or lower;

-- Deterioration in paid employers, revenues per paid employer or
    other key metrics, signaling potential competitive and/or
    market pressures.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: ZIP has a solid liquidity position that should
enable it to continue to drive growth in the years ahead. Pro forma
for the proposed debt issuance, Fitch estimates the company will
have approximately $700 million of cash on its balance sheet.
Additionally, the company has a $250 million senior secured
revolving facility in place that further supports liquidity needs.
Given the low capital intensity of its business and limited working
capital requirements, there are limited cash flow needs beyond
growth investments.

Debt Structure: The company has a relatively simple debt capital
structure, with a $250 million senior secured revolving facility
(undrawn currently) outstanding that matures in April 2026. The
company also announced a $500 million senior unsecured notes
issuance. The notes will mature in 2030 and proceeds will be used
for general corporate purposes. Fitch believes ZIP will use the
cash to further bolster its balance sheet, invest for organic
growth and potentially execute on M&A over time.

ISSUER PROFILE

ZipRecruiter grew meaningfully since its 2010 founding and
established a presence in the U.S. online job search market. The
company experienced solid growth prior to the COVID-19 pandemic and
its growth returned in 2021 as U.S. economic activity improved.

ESG CONSIDERATIONS

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


[*] Morris James Elects Keilson to Partnership
----------------------------------------------
Morris James announced Jan. 4, 2022, that Brya Keilson has been
elected to the partnership as of January 2022.  The firm
congratulates Brya on her achievements and is confident of her
continued success at Morris James.

Brya is a member of the Bankruptcy and Creditors' Rights practice
group.  She focuses her practice on commercial bankruptcy,
restructuring, and insolvency matters.  She represents Chapter 11
debtors, insurers in all facets of bankruptcy-related issues,
creditors' committees, liquidating trustees, trade creditors and
financial institutions, purchasers of assets, and both plaintiffs
and defendants in numerous avoidance actions, including preference
and fraudulent transfer actions.

"Brya joined us in 2019 from her previous role as Trial Attorney at
the Office of U.S. Trustee. She brings valuable experience to
Morris James as a critical thinker, and goes above and beyond for
her clients and our firm," says Chuck Kunz, Chair of Bankruptcy and
Restructuring group.  "We are honored to have someone like Brya
join the firm's partnership."

Brya has over 15 years of private practice experience representing
receivers and assignees in assignments for benefit creditors,
commercial litigation, real estate matters, loan transactions, and
corporate acquisitions.  Prior to working at Morris James, Brya
spent two years as a trial attorney with the Office of the U.S.
Trustee.  Brya received her JD degree from Villanova University
School of Law in 2004, where she was also a Dean's Merit Scholar,
and received her Bachelors of Philosophy degree from Haverford
College in 1999.

The new partner can be reached at:

        Brya Keilson, Esq.
        MORRIS JAMES
        500 Delaware Avenue, Suite 1500
        Wilmington, DE 19801
        Tel: (302) 888-6959
        Fax: (302) 571-1750
        E-mail: bkeilson@morrisjames.com


[^] BOND PRICING: For the Week from January 3 to 7, 2022
--------------------------------------------------------

  Company                     Ticker  Coupon Bid Price   Maturity
  -------                     ------  ------ ---------   --------
BPZ Resources Inc             BPZR     6.500     3.017   3/1/2049
Basic Energy Services Inc     BASX    10.750     6.971 10/15/2023
Basic Energy Services Inc     BASX    10.750     6.971 10/15/2023
Buffalo Thunder
  Development Authority       BUFLO   11.000    50.000  12/9/2022
Diamond Sports Group LLC /
  Diamond Sports Finance Co   DSPORT   6.625    28.884  8/15/2027
Endo Finance LLC              ENDP     5.750    92.328  1/15/2022
Endo Finance LLC              ENDP     5.750    92.328  1/15/2022
Endo Finance LLC /
  Endo Finco Inc              ENDP     7.250    97.189  1/15/2022
Endo Finance LLC /
  Endo Finco Inc              ENDP     7.250    97.189  1/15/2022
Energy Conversion Devices     ENER     3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC             TXU      1.036     0.072  1/30/2037
Federal Express Corp 1998
  Pass Through Trust          FDX      6.720    99.268  1/15/2022
GNC Holdings Inc              GNC      1.500     0.488  8/15/2020
GTT Communications Inc        GTTN     7.875    13.625 12/31/2024
GTT Communications Inc        GTTN     7.875    12.750 12/31/2024
General Electric Co           GE       5.400    99.607  1/15/2022
Goodman Networks Inc          GOODNT   8.000    41.481  5/11/2022
MAI Holdings Inc              MAIHLD   9.500    19.125   6/1/2023
MAI Holdings Inc              MAIHLD   9.500    19.125   6/1/2023
MAI Holdings Inc              MAIHLD   9.500    19.125   6/1/2023
MBIA Insurance Corp           MBI     11.384    10.250  1/15/2033
MBIA Insurance Corp           MBI     11.384     8.962  1/15/2033
New York Mortgage Trust Inc   NYMT     6.250   100.100  1/15/2022
Nine Energy Service Inc       NINE     8.750    48.056  11/1/2023
Nine Energy Service Inc       NINE     8.750    46.928  11/1/2023
Nine Energy Service Inc       NINE     8.750    47.109  11/1/2023
OMX Timber Finance
  Investments II LLC          OMX      5.540     0.836  1/29/2020
Renco Metals Inc              RENCO   11.500    24.875   7/1/2003
Revlon Consumer Products      REV      6.250    43.486   8/1/2024
Rolta LLC                     RLTAIN  10.750     1.175  5/16/2018
Ruby Pipeline LLC             RPLLLC   8.000    85.500   4/1/2022
Ruby Pipeline LLC             RPLLLC   8.000    89.398   4/1/2022
Sears Holdings Corp           SHLD     6.625     0.438 10/15/2018
Sears Holdings Corp           SHLD     6.625     0.679 10/15/2018
Sears Roebuck Acceptance Corp SHLD     7.000     1.023   6/1/2032
Sears Roebuck Acceptance Corp SHLD     7.500     0.894 10/15/2027
Sears Roebuck Acceptance Corp SHLD     6.750     1.184  1/15/2028
Sears Roebuck Acceptance Corp SHLD     6.500     1.119  12/1/2028
Sempra Texas Holdings Corp    TXU      5.550    13.500 11/15/2014
Talen Energy Supply LLC       TLN     10.500    44.756  1/15/2026
Talen Energy Supply LLC       TLN     10.500    44.588  1/15/2026
Talen Energy Supply LLC       TLN      9.500    81.288  7/15/2022
Talen Energy Supply LLC       TLN      6.500    40.901  9/15/2024
Talen Energy Supply LLC       TLN      6.500    40.901  9/15/2024
Talen Energy Supply LLC       TLN      9.500    81.288  7/15/2022
Talen Energy Supply LLC       TLN     10.500    45.181  1/15/2026
Talen Energy Supply LLC       TLN      6.500    41.215   6/1/2025
TerraVia Holdings Inc         TVIA     5.000     4.644  10/1/2019
Trousdale Issuer LLC          TRSDLE   6.500    33.150   4/1/2025


                            *********

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
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