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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, January 12, 2022, Vol. 26, No. 11

                            Headlines

ADVANTAGE HOTELS: Taps Tittle Law Group as Bankruptcy Counsel
AJT SERVICES: Gets OK to Employ Daniel Greenman & Co. as Accountant
ALGONQUIN POWER: Fitch Rates Jr. Subordinated Notes 'BB+'
ALGONQUIN POWER: S&P Rates New Junior Subordinated Notes 'BB+'
AMAZING ENERGY: Secured Creditors to Credit Bid, File Sale Plan

APOLLO ENDOSURGERY: Fourth Quarter 2021 Revenue Grew 25% Over 2020
BIKRAM'S YOGA: IP & Bankruptcy Adversary Claims Offered for Sale
BILL STARKS: Updates Plan to Include FCCI Claims Pay Details
CARVANA CO: FMR LLC, A. Johnson Hold 10.8% of Class A Common Shares
CDW CORP: Moody's Hikes Unsecured Notes to Ba1 Amid Refinancing

CERTA DOSE: Trustee Taps Lindenwood Associates as Financial Advisor
CHICAGO BOARD OF EDUCATION: S&P Rates 2022A-B GO Bonds 'BB'
CHINA FISHERY: UST Says Releases in Plans Impermissible
CIENA CORP: Moody's Rates New Senior Unsecured Notes 'Ba1'
CIENA CORP: S&P Rates New $400MM Senior Unsecured Notes 'BB'

CIRCUIT CITY: Supreme Court to Review Bankruptcy Fee Hike Dispute
CMA HOLDINGS: Seeks to Hire Tittle Law Group as Legal Counsel
COMFORT JET: Chapter 15 Case Summary
CORTLAND ENERGY: Taps Fertitta & Reynal as Special Counsel
CROCS INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg.

CRYOMASS TECHNOLOGIES: All Four Proposals Passed at Annual Meeting
CYTODYN INC: Incurs $36.6 Million Net Loss in Second Quarter
DCM-P3 LLC: Plan & Disclosure Statement Due April 30
EMINENT CYCLES: Plan Not Proposed in Good Faith, Creditor Says
FRANZEN FOREST: Seeks to Hire Pittman & Pittman as Legal Counsel

GENEVER HOLDINGS: Unsecureds to Get Full Payment in Sale Plan
GIRARDI & KEESE: CA Bar Judge Recommends Girardi's Disbarment
GOLDEN NUGGET: Moody's Rates New $1.85BB Secured Notes 'B1'
GOLDEN NUGGET: S&P Rates New $1.85BB Senior Secured Notes 'B+'
GOLDEN TITLE: Seeks to Hire Wood, Smith & Ellzey as Accountant

GPMI CO: Voluntary Chapter 11 Case Summary
GRUPO AEROMEXICO: Plan Receives Strong Support From Creditors
GS MORTGAGE 2022-PJ1: Moody's Gives (P)B3 Rating to Cl. B-5 Debt
HARDY ALLOYS: Unsecureds Will Get 12% in Subchapter V Plan
HILLTOP AT DIA: Feb. 3 Hearing on Disclosure Statement Set

INTERNATIONAL PETROLEUM: S&P Assigned 'B' ICR, Outlook Stable
ION GEOPHYSICAL: Misses $12.3 Million Notes Payment
JACKSON FINANCIAL: Fitch Withdraws BB+ on Series A Preferred Stock
JAGUAR HEALTH: Oasis Capital Has 9.99% Stake as of Jan. 11
KELLEY HYDRAULICS: Continued Operations to Fund Plan

LATAM AIRLINES: UST Wants Opt-In Procedure in Plan
LIMETREE BAY: Messy Auction Generates Increased Recoveries
LIVINGSTON INT'L: Moody's Withdraws 'B2' CFR
LTL MANAGEMENT: Injunction of Suits vs. J&J Extended to Jan. 28
MAINSTREET PIER: Claims to be Paid From Sale of Property

MERCURY CHILE: Moody's Rates New Secured Guaranteed Notes 'Ba1'
MJH HEALTHCARE: S&P Assigns 'B-' ICR, Outlook Stable
MLK ALBERTA: Seeks to Hire Michael D. O'Brien as Legal Counsel
MORNINGSIDE MINISTRIES: Fitch Assigns 'BB+' IDR, Outlook Stable
MULLEN AUTOMOTIVE: Registers 6M Shares Under 2013 Incentive Plan

NAVITAS MIDSTREAM: Moody's Reviews Ratings for Upgrade
OWENS & MINOR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
PHENOMENON MARKETING: Case Summary & 15 Unsecured Creditors
PUERTO RICO: Judge to Confirm Plan, Orders Changes by Jan. 14
QUADRUPLE D TRUST: Taps Frank Hernandez of Harvest Realty as Broker

QUANTUM CORP: Registers 361,010 Common Shares for Possible Resale
ROCKLAND INDUSTRIES: Creditors to Get Proceeds From Liquidation
SEADRILL NEW FINANCE: Files for Quick Prepackaged Chapter 11 Case
SEADRILL NEW FINANCE: Voluntary Chapter 11 Case Summary
SEQUENTIAL BRANDS: Amends Term B Secured Claim Pay Details

SEVEN THREE DISTILLING: Unsecureds to Get Share of Income for 3 Yrs
SOTO'S AUTO: Unsecureds to Get $128K via Quarterly Payments
SPECTRUM GLOBAL: Changes Name to 'High Wire Networks, Inc.'
STARWOOD PROPERTY: Fitch Gives 'BB+(EXP)' to $500MM Unsec. Notes
STARWOOD PROPERTY: Moody's Rates Senior Unsecured Notes 'Ba3'

STONEPEAK TAURUS: Moody's Assigns B2 CFR; Outlook Stable
STONEPEAK TAURUS: S&P Assigns 'B' ICR, Outlook Stable
SUMMIT BEHAVIORAL: Moody's Affirms B3 CFR; Outlook Stable
TRANS-LUX CORP: Gabelli Equity Has 11.99% Stake as of Dec. 31
WALHONDE TOOLS: United States Trustee Says Plan Not Feasible

WD WOLVERINE: S&P Affirms 'B' Issuer Credit Rating, Outlook Neg.
WESTERN ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable

                            *********

ADVANTAGE HOTELS: Taps Tittle Law Group as Bankruptcy Counsel
-------------------------------------------------------------
Advantage Hotels, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Tittle Law Group,
PLLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

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

     (c) preparing legal papers;

     (d) assisting the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;

     (e) performing such legal services as the Debtor may request
with respect to any matter, including, but not limited to,
corporate finance and governance, contracts, antitrust, labor, and
tax; and

     (f) performing all other legal services for the Debtor in
connection with its bankruptcy case.

Tittle Law Group charges $325 per hour for the services of its
attorneys and $225 per hour for paralegal services.  Brandon
Tittle, Esq., the firm's attorney who will be providing the
services, charges an hourly fee of $495.

The firm received a $6,818 retainer and will request reimbursement
for its out-of-pocket expenses.

As disclosed in court filings, Tittle Law Group neither holds nor
represents any interest adverse to the Debtor or its estate.

The firm can be reached through:

     Brandon J. Tittle, Esq.
     Tittle Law Group, PLLC
     5550 Granite Pkwy, Suite 220
     Plano, TX 75024
     Telephone: 972.987.5094
     Email: btittle@tittlelawgroup.com

                       About Advantage Hotels

Advantage Hotels, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10990) on
Dec. 23, 2021, listing as much as $1 million in both assets and
liabilities. Brandon Tittle, Esq., at Tittle Law Group, PLLC
represents the Debtor as legal counsel.


AJT SERVICES: Gets OK to Employ Daniel Greenman & Co. as Accountant
-------------------------------------------------------------------
AJT Services, Inc. received approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to hire Daniel Greenman & Co.
to prepare and file tax returns and to perform general accounting
services.  

The firm's hourly rates are as follows:

     Daniel Greenman        $250 per hour
     Junior Accountants     $100 per hour
     Senior Accountants     $150 per hour

The firm received $5,000 as fees from the Debtor to review existing
accounting records, make adjusting journal entries, as required,
and prepare its 2018, 2019, and 2020 tax returns.

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

The firm can be reached at:

     Daniel Greenman, CPA
     Daniel Greenman & Co.
     18w100 West 22nd Street
     Oakbrook Terrace, IL 60181
     Tel: 312-656-8031
     Email: dgreenman@dangreenman.com

                         About AJT Services

AJT Services, Inc. filed a petition for Chapter 11 protection
(Bankr. N.D. Ill. Case No. 21-12986) on Nov. 13, 2021, listing up
to $50,000 in both assets and liabilities.  Serkan Kaputluoglu,
president of AJT Services, signed the petition.  

Judge Carol A. Doyle oversees the case.

Laxmi P. Sarathy, Esq., and Daniel Greenman & Co. serve as the
Debtor's legal counsel and accountant, respectively.


ALGONQUIN POWER: Fitch Rates Jr. Subordinated Notes 'BB+'
---------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to Algonquin Power &
Utilities Corp.'s (APUC, BBB/Stable) issuance of junior
subordinated notes (JSNs), including the CAD-denominated series
2022A JSNs and the USD-denominated series 2022B JSNs. The notes are
unsecured obligations that mature in 2082 and rank pari passu with
APUC's existing JSNs. Net proceeds will be used to partially
finance APUC's acquisition of Kentucky Power Company and AEP
Kentucky Transmission Company, Inc.; prior to closing of the
acquisition, APUC expects to use such net proceeds to reduce
amounts outstanding under existing credit facilities of the company
and its subsidiaries.

Fitch has assigned the JSNs 50% equity credit based on its
"Corporate Hybrids Treatment and Notching Criteria." The hybrid
notes are deeply subordinated and rank senior only to APUC's
preferred stock and common equity, while coupon payments can be
deferred at the option of the issuer for up to five consecutive
years. This is reflected in the 'BB+' rating, which is two notches
lower than APUC's senior unsecured rating. The 50% equity credit
also reflects the hybrid's cumulative interest coupon, which is
more debt-like in nature.

KEY RATING DRIVERS

Acquisition of Kentucky Power

Fitch views the transaction as neutral to the credit quality of
APUC and its regulated utilities subsidiary Liberty Utilities Co.
(LUCo; BBB/Stable). The ratings are supported by the underlying
credit quality of Kentucky Power, its regulated integrated electric
utility operations that have approximately 228,000 customer
connections, and what Fitch expects to be a relatively
credit-supportive financing plan for the acquisition.

The total purchase price is approximately $2.85 billion and
includes the assumption of approximately $1.22 billion in debt. On
Nov. 8, 2021, APUC closed on a bought deal offering of CAD 800
million of common equity, with net proceeds totaling CAD 768
million ($617 million).

The Kentucky Power acquisition would improve APUC's business
profile by slightly increasing its regulated utility business mix
to nearly 80% of consolidated EBITDA. The acquisition also provides
APUC and LUCo with organic growth opportunities in the form of
replacing coal-fired generation with renewable energy. LUCo has a
strong track record of having implemented similar transitions to
clean power generation at its utility subsidiaries, most notably at
Empire District Electric in Missouri. Fitch expects any conditions
imposed by the Kentucky Public Service Commission will not be a
deterrent to improved credit metrics at Kentucky Power.

Ownership of LUCo and APCo

APUC's ratings primarily reflect the company's ownership of LUCo,
which owns regulated utility businesses that account for a majority
of APUC's consolidated EBITDA. LUCo's diversified, low-risk
electric, natural gas, water and wastewater utility operations
support a strong business risk profile. APUC's ratings also reflect
the company's ownership of Algonquin Power Co. (APCo; BBB/Stable),
an unregulated power generation company with a relatively good
business risk profile and robust cash flows.

Weak Consolidated Financial Metrics

APUC's financial profile is supported by stable and predictable
earnings from LUCo's regulated utility operations and strong cash
flows from APCo's power generation business. However, Fitch
forecasts APUC's FFO leverage to be relatively high at around 5.6x
in 2021 and then increase to slightly above 6.0x in 2022 due to the
acquisition of Kentucky Power. Fitch's negative sensitivity for FFO
leverage is greater than 5.7x on a sustained basis. Fitch expects
APUC's FFO leverage to improve in 2023 and 2024 to around 5.7x and
5.5x, respectively, returning to levels supportive of APUC's
ratings but remaining somewhat weak.

Ownership Interest in Atlantica

APUC's ratings also consider the company's ownership interest in
renewable energy yield company Atlantica Sustainable Infrastructure
plc (Atlantica; BB+/Stable). Atlantica is owned approximately 44%
by Liberty (AY Holdings) B.V., an entity whose voting interests are
99.9% indirectly owned by APUC. Atlantica represents a relatively
small amount of APUC's consolidated EBITDA, limiting the impact
that any negative event at Atlantica could have on APUC's credit
quality.

Parent/Subsidiary Linkage

Parent and subsidiary linkage exists and is determined by Fitch's
"Parent and Subsidiary Linkage Rating Criteria". Fitch determines
APUC's standalone credit profile (SCP) based on consolidated
financial metrics; a bottom-up approach is used in determining the
SCP of LUCo and APCo. APUC centrally manages the treasury function
for its subsidiaries and is the sole source of equity; however,
APCo issues its own long-term debt and LUCo issues long-term debt
through an affiliate financing company, Liberty Utilities Finance
GP1 (Liberty Finance).

LUCo is rated the same as APUC. If Fitch were to consider LUCo's
SCP to be stronger than APUC's, the linkage would follow a weak
parent/strong subsidiary approach. Emphasis would be placed on the
utilities' low-risk regulated operations and APUC's exposure to
APCo's relatively riskier unregulated power generation business.
The legal ring-fencing factor would be considered "open" due to
APUC's control over LUCo's financial policy; the access & control
factor would be considered "porous." Fitch considers LUCo to be
strategically important to APUC, accounting for a majority of
APUC's consolidated EBITDA. Fitch would not rate APUC's Long-Tern
IDR higher than LUCo's; however, LUCo's Long-Term IDR could be up
to one notch higher than APUC's.

APCo is rated the same as APUC. If Fitch were to consider APCo's
SCP to be weaker than APUC's, the linkage would follow a strong
parent/weak subsidiary approach. Fitch would consider legal ties to
be weak because APUC does not guarantee APCo's debt. Strategic ties
would be considered medium due to APCo's renewable energy
generation expertise, which benefits LUCo's operations. Operational
ties would be considered weak due to a lesser importance of APCo's
operations to APUC's consolidated business. Fitch would not rate
APCo's Long-Term IDR higher than APUC's; however, APUC's Long-Term
IDR could be up to one notch higher than APCo's.

DERIVATION SUMMARY

APUC's 'BBB' Long-Term IDR is appropriately positioned relative to
peer parent holding companies NextEra Energy, Inc. (A-/Stable) and
AVANGRID, Inc. (BBB+/Negative). APUC's proportion of consolidated
EBITDA from regulated utility operations is 75%-80%, more than
NextEra (70%-75%) and AVANGRID (75%). Fitch forecasts APUC's
consolidated FFO leverage to approximate 5.5x-5.7x in 2021,
increase to slightly more than 6.0x in 2022 due to the acquisition
of Kentucky Power and then return to around 5.5x-5.7x in 2023 and
2024.

Fitch expects NextEra's FFO leverage to be elevated in the near
term before improving to around 4.5x by 2023. Fitch expects
AVANGRID's large capex plan and spending on renewable projects to
weaken leverage in the near term, with FFO leverage expected to
average over 6.5x through 2022 before improving to around 5.0x in
2023. APUC's weaker sustainable leverage metrics and much smaller
scale of operations support APUC's lower relative rating compared
with those of NextEra and AVANGRID.

KEY ASSUMPTIONS

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

-- Kentucky Power acquisition to close mid-2022 and be funded in
    a credit-supportive manner that won't meaningfully increase
    leverage at APUC or LUCo;

-- Timely recovery of costs associated with LUCo's 600MW wind
    power investment in Missouri and Kansas;

-- Normal weather and renewable energy production.

RATING SENSITIVITIES

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

-- APUC's ratings are capped by the ratings on LUCo; LUCo's Long-
    Term IDR would need to be upgraded in order for APUC's Long-
    Term IDR to be upgraded;

-- Consolidated FFO leverage expected to remain at less than 4.5x
    on a sustained basis.

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

-- Consolidated FFO leverage expected to exceed 5.7x on a
    sustained basis;

-- An additional material increase to the ratio of parent-level
    debt to consolidated debt;

-- A downgrade of LUCo's Long-Term IDR would result in a
    commensurate downgrade of APUC's Long-Term IDR.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch considers APUC's liquidity to be
adequate.

APUC has a $500 million senior unsecured RCF that matures July 12,
2024. APUC had $30 million drawn and $3.7 million of letters of
credit (LCs) issued as of Sept. 30, 2021, leaving $466.3 million of
unused availability under its RCF. APUC has a separate $50 million
uncommitted bilateral LC facility that had $16.1 million of LCs
issued as of Sept. 30, 2021.

APUC's subsidiaries require modest cash on hand to fund their
operations. APUC had $190.8 million of unrestricted cash and cash
equivalents as of Sept. 30, 2021, of which $62.4 million was at
LUCo and $65.1 million was at APCo.

Long-term debt maturities are manageable. APUC does not have any
long-term parent-level debt maturing within the next five years.

ISSUER PROFILE

APUC is a holding company that owns diversified international
utility and power generation operations through LUCo, APCo and its
other subsidiaries and investments.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statement adjustments that depart materially from those
contained in the published financial statements of the relevant
rated entity are disclosed below:

-- APUC's junior subordinated notes are given 50% equity credit;

-- APUC's preferred stock series A and D are given 50% equity
    credit.

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.


ALGONQUIN POWER: S&P Rates New Junior Subordinated Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to
Algonquin Power & Utilities Corp.'s (APUC's) proposed junior
subordinated notes due 2082. The company intends to use the net
proceeds to partially finance the previously announced acquisition
of Kentucky Power Co. and AEP Kentucky Transmission Co. Inc. Prior
to the closing of the acquisition, APUC expects to use the net
proceeds to partially repay outstanding debt under existing credit
facilities of APUC and its subsidiaries.

S&P said, "We classify these notes as hybrid securities with
intermediate equity content (50%). We rate the securities two
notches below our 'BBB' long-term issuer credit rating on APUC to
reflect their subordination and the company's ability to defer its
interest payments on the notes.

"We base our intermediate equity treatment on the instrument's
permanence, subordination, and deferability features as defined in
our criteria for hybrid securities. The securities' long-dated
nature and the company's limited ability and lack of incentives to
redeem them for a long-dated period meet our standards for
permanence. In addition, the interest payments are deferrable,
which fulfills the deferability requirement. The instruments are
also subordinated to all of APUC's existing and future senior debt
obligations, thereby satisfying the condition for subordination."



AMAZING ENERGY: Secured Creditors to Credit Bid, File Sale Plan
---------------------------------------------------------------
Secured creditors Arnold Jed Miesner and Lesa Renee Miesner, Petro
Pro, Ltd, and JLM Strategic Investments, LP, submitted a First
Amended Joint Plan of Liquidation and a corresponding Disclosure
Statement for Amazing Energy MS, LLC, et al.

The Secured Creditors intend to credit bid up to the full amount of
their respective secured claims with regard to the sale of assets
contemplated by the First Amended Joint Plan of Liquidation and/or
Debtors Motion to Sell.

The Plan shall constitute a sale of the Debtors' assets pursuant to
Section 1123 of the Bankruptcy Code.  The sale proceeds from the
sale shall be placed into the Plan Trust to fund the distributions
under the Plan.  

The initial bid for the sale assets is made by the Plan Proponents
via the SPV.  The below bid is subject to higher and better offers
made pursuant to the Bidding Procedures.

The Plan Proponents will create the SPV, which will be owned by Jed
Miesner (and/or his designated person(s)/entity(ies)).  The Plan
Proponents' bid is for the SPV to purchase the Sale Assets.  The
Plan Proponents will credit bid $2,600,000 toward the purchase of
the SPV Assets that are part of the Plan Proponents Collateral. For
the remaining portion of the SPV Assets, the SPV will pay: (1)
$300,000 cash to the Plan Trust; 2) plus Plan Proponents' Cash
Collateral in Amazing Energy which Amazing Energy reports to be in
the amount of $59,757.00 as of November 30, 2021; plus (3) the
assumption of the plugging liabilities of Wyatt Petroleum, LLC and
Wyatt Permian, LLC (collectively "Wyatt") attributable to Amazing
Energy and/or AEH estimated by Wyatt to be an administrative
expense claim in the amount of $560,000; plus (4) the waiver of any
Plan Proponents' administrative expense claims, including but not
limited to claims for a substantial contribution to the Debtors
relating to confirmation of the Plan, which would be in an amount
of not less than $25,000 and could be as high as $75,000.

As soon as reasonably possible after the Effective Date, the
Debtors and/or the Winning Bidder, or their designated agents, will
take the appropriate steps with the appropriate regulatory agencies
to remove Wyatt Petroleum, LLC as a responsible party from all
plugging and other liabilities associated with the Debtors' oil and
gas wells. Jilpetco is the present operator for the Debtors and
shall remain the responsible party with the Texas Railroad
Commission, the New Mexico Oil Conservation Division and/or the New
Mexico State Land Office for any Pecos County or Lea County Leases
and Pecos County or Lea County Wells not sold to the Winning
Bidder. The Winner Bidder will have its designated operator
appointed for the Pecos County or Lea County Leases and Pecos
County or Lea County Wells assigned to the Winning Bidder with the
appropriate regulatory agency as the responsible party for all
plugging and other liabilities associated with such Sale Assets
from the Effective Date forward.

Upon Confirmation of the Plan, all of the Sale Leases shall be
deemed and adjudicated to be in full force and effect. All
continuous drilling requirements under the Sale Leases shall be
deemed to have been met through August 2024. Any rights to utilize
unused and/or un-credited lease prepayments made under the Joy Lina
White Ubina Amendment of Oil and Gas Lease and the JPMorgan Chase
Bank, N.A. Amendment of Oil and Gas Lease and/or any other leases
shall be deemed and adjudicated to be available to the SPV and/or
the Winning Bidder or their designated agents.

This Plan shall be funded in accordance with the provisions of this
Plan from (a) Available Cash on the Effective Date, and (b) Cash
available after the Effective Date from, among other things, any
reserves established by the Plan Trustee, the liquidation of the
Debtors' remaining assets, funding from the SPV and/or the Winning
Bidder,and the prosecution and enforcement of causes of action of
the Debtors after the Effective Date.  All Available Cash realized
from (a) the liquidation of the Debtors' Remaining Assets (provided
that it does not constitute Collateral for the Secured Claims) and
(b) the prosecution and enforcement of the Retained Causes of
Action shall be maintained by the Plan Trustee for distribution to
the holders of Allowed Claims as provided in this Plan and the Plan
Trust Agreement.

Class 6 General Unsecured Claims will each receive a pro rata share
of Available Cash available after payment in full of or reserve for
all Allowed Administrative Expense Claims, Allowed Priority Tax
Claims, required payments to Classes 1-5, and all Plan Trust
expenses.  According to the register of Claims filed in these
Chapter 11 Cases, the amount of General Unsecured Claims is almost
$19,000,000.00.  However, such amount includes Claims filed in both
cases by Plan Proponents, Wyatt, and AAPIM, among others.  The
General Unsecured Claims amount used by Plan Proponents eliminates
all duplicate claims in the Chapter 11 Cases.  The General
Unsecured Claims amount used by Plan Proponents on a substantive
consolidated basis is $5,372,592.  Class 6 is impaired under the
Plan.

Counsel for the Plan Proponents:

     Carol Lynn Wolfram
     Law Office of Carol Lynn Wolfram
     P.O. Box 1925
     Denton, Texas 76202-1925
     Tel: (940) 321-0019
     Fax: (940) 497-1143
     E-mail: clwolframlegal@gmail.com

     ORENSTEIN LAW GROUP, P.C.
     Rosa R. Orenstein
     Nathan M. Nichols
     Orenstein Law Group, P.C.
     1201 Elm Street, Suite 4020
     Dallas, Texas 75270
     Tel: (214) 757-9101
     Fax: (972) 764-8110
     E-mail: rosa@orenstein-lg.com
             nathan@orenstein-lg.com

     THE WOLFRAM LAW FIRM, P.C.
     Frederic M. Wolfram
     Texas Bar I.D. No. 21869900
     Colorado Bar I.D. No. 48867
     THE WOLFRAM LAW FIRM, P.C.
     FirstBank Southwest Tower
     600 S Tyler St Ste 1406
     Amarillo, Texas 79101-2553
     Tel: (806) 372-3449
     Fax: (806) 372-3324
     E-mail: eric@wolframlaw.com

A copy of the Disclosure Statement Jan. 7, 2022, is available at
https://bit.ly/3GbItOm from PacerMonitor.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,
201245 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 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.

Arnold Jed Miesner, Lesa Renee Miesner, and JLM Strategic
Investments, LP, as secured creditors are represented by:

     Carol Lynn Wolfram, Esq.
     Rosa R. Orenstein, Esq.
     Nathan M. Nichols, Esq.
     LAW OFFICE OF CAROL LYNN WOLFRAM
     P.O. Box 1925
     Denton, TX 76202-1925
     Tel: (940) 321-0019
     Fax: (940) 497-1143
     E-mail: clwolframlegal@gmail.com


APOLLO ENDOSURGERY: Fourth Quarter 2021 Revenue Grew 25% Over 2020
------------------------------------------------------------------
Apollo Endosurgery, Inc. announced preliminary unaudited revenue
results for the fourth quarter and full year ended Dec. 31, 2021.

Preliminary, Unaudited 2021 Revenue

                             Quarter Ended       Year Ended
                             Dec. 31, 2021      Dec. 31, 2021
                           ----------------    ----------------
Total Revenue              $16.1M to $16.3M    $62.9M to $63.1M

Preliminary, unaudited full year 2021 revenue increased
approximately 50% compared to 2020.  In addition, preliminary,
unaudited fourth quarter 2021 revenue grew approximately 25%
year-over year, despite the impact of the recent surge in COVID-19
cases, which pressured procedural volumes in several key
geographies, both domestic and international.

"Our 2021 performance gives me great confidence in our ability to
capitalize on momentum in our business.  Even with the recent
pandemic-related procedure volume variability that returned in the
fourth quarter, we continue to see strong adoption of our products
for gastrointestinal and weight loss procedures in markets around
the world," said Chas McKhann, president and CEO.  "2021 was a
transformational year for Apollo.  We have revitalized our
organization and built a strong foundation to positively impact
patient care and address enormous unmet clinical needs in
gastrointestinal and weight loss applications."

Anticipated revenue growth for 2021 was led by the Company's
endoscopic suturing (ESS) portfolio, which grew between 37% and 38%
in the fourth quarter and between 55% and 56% for the full year
compared to 2020, highlighting continued demand for Apollo's
OverStitch and X-Tack products across a range of patient
indications.  Anticipated intragastric balloon (IGB) revenue grew
between 19% and 20% in the fourth quarter and between 49% and 50%
for the full year compared to 2020, reflecting recovery in elective
procedures for the ORBERA balloon from lower volumes experienced at
the outset of the global COVID pandemic in 2020.

The Company expects to announce its fourth quarter and full-year
2021 financial and operating results and full year 2022 revenue
guidance on Feb. 22, 2022, after market close.

                       About Apollo Endosurgery

Apollo Endosurgery, Inc. -- http://www.apolloendo.com-- is a
medical technology company focused on less invasive therapies to
treat various gastrointestinal conditions, ranging from
gastrointestinal complications to the treatment of obesity.
Apollo's device-based therapies are an alternative to invasive
surgical procedures, thus lowering complication rates and reducing
total healthcare costs.  Apollo's products are offered in over 75
countries and include the OverStitch Endoscopic Suturing System,
the OverStitch Sx Endoscopic Suturing System, and the ORBERA
Intragastric Balloon.

Apollo Endosurgery reported a net loss of $22.61 million for the
year ended Dec. 31, 2020, compared to a net loss of $27.43 million
for the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the
Company had $71.08 million in total assets, $71.17 million in total
liabilities, and a total stockholders' deficit of $92,000.


BIKRAM'S YOGA: IP & Bankruptcy Adversary Claims Offered for Sale
----------------------------------------------------------------
Hilco Streambank said Jan. 11, 2022, it is seeking offers for the
intellectual property assets associated with the Bikram Yoga brand,
as well as offers for certain adversary claims filed by the
bankruptcy trustee overseeing the Bikram-affiliated bankruptcy
estates against various individual and corporate defendants.

The iconic Bikram Yoga brand was popularized in the early 1970s as
a system of hot yoga practice with a fixed sequence of 26 postures
and 2 breathing exercises.  The fixed sequence, combined with a
heated room and elevated humidity, brings the yogi through an
intense and invigorating 90-minute workout that connects body,
mind, and spirit.  Bikram Yoga has become the internationally
renowned standard for the hot yoga method, reaching a peak of more
than 1,600 studios in 40 countries.

Hilco Streambank Chief Executive Officer, Gabe Fried, commented
"this sale represents an extraordinary opportunity to acquire a
widely recognized brand with numerous paths for monetization. These
paths include branded yoga products and apparel, teacher training
seminars, franchised yoga studios, and entertainment, as well as
expansion into existing fitness studios, hotels, spas, mobile
classes, and online or virtual spaces. This brand has an extremely
loyal following and offers a high quality entry point into the
growing fitness and wellness markets."

Available intellectual property assets include trademarks, domain
names, and copyrighted class instruction as well as teacher
training materials.  The bankruptcy trustee is also offering for
sale her position as plaintiff under seven adversary proceedings
brought on behalf of the bankruptcy estates, in which the trustee
seeks damages in excess of $13 million.

Bids are due on February 8, 2022 at 3:00 p.m. Eastern / 12:00 noon
Pacific. An auction is scheduled for February 10, 2022 at 1:00 p.m.
Eastern / 10:00 a.m. Pacific.

Interested parties should CLICK https://bit.ly/3tpgY0h

or contact Hilco Streambank at:

      Gabe Fried
      Chief Executive Officer
      gfried@hilcoglobal.com
      617.458.9355

      Richelle Kalnit
      Senior Vice President
      rkalnit@hilcoglobal.com
      212.993.7214

      Jordon Parker
      Vice President
      jparker@hilcoglobal.com
      719.821.0894

The sale is being conducted on behalf of Robbin L. Itkin solely in
her capacity as Chapter 7 trustee of the Bikram Yoga bankruptcy
estates and is subject to Bankruptcy Court approval.  The founder
of Bikram Yoga, Bikram Choudhury, is not affiliated with the
Chapter 7 trustee and has no authority to sell the assets in this
offering.

Hilco Streambank is a market-leading advisory firm specializing in
intellectual property disposition and valuation. Having completed
numerous transactions, including sales in publicly reported
transactions, private transactions, and online sales through
IPv4.Global, Hilco Streambank has established itself as the premier
intermediary in the consumer brand, internet, and telecom
communities. Hilco Streambank is part of Northbrook, Illinois-based
Hilco Global, the world's leading authority on maximizing the value
of business assets by delivering valuation, monetization, and
advisory solutions to an international marketplace. Hilco Global
operates more than 20 specialized business units offering services
that include asset valuation and appraisal, retail and industrial
inventory acquisition and disposition, real estate, and strategic
capital equity investments.

                     About Bikram's Yoga

Indian yoga guru Bikram Choudhury founded Bikram Choudhury Yoga,
the studio that popularized doing yoga in sauna heat.  Choudhury
built a worldwide following with 26 yoga postures, known as Bikram
Yoga, in rooms heated to 105 degrees Fahrenheit.

Bikram's Yoga College of India, and related entities Bikram
Choudhury Yoga Inc., Bikram Inc., Yuz Inc., and Int'l Trading
Representative sought Chapter 11 protection (Bankr. C.D. Cal. Lead
Case No. 17-12045) on Nov. 9, 2017 after being dogged by $16.7
million in legal judgments.

Mr. Choudhury is facing allegations and lawsuits of sexual
misconduct by a number of his yoga practitioners, students,
instructors and teacher trainees.  The yoga guru has denied
wrongdoing but has fled the U.S. after a warrant has been issued
for his arrest in May.  A warrant for his arrest was issued for his
arrest after he failed to pay a judgment awarded to Minakshi
Jafa-Bodden, his former legal counsel.

Bikram's Yoga College of India estimated under $100,000 in assets.

Bikram Choudhury Yoga Inc. estimated under $50,000 in assets.
Bikram Inc. estimated under $1 million in assets.  Yuz Inc.
estimated under $100,000 in assets.  Int'l Trading Representative
listed under $500,000 in assets.  The Debtors, other than Int'l
Trading, estimated under $50 million in estimated liabilities.
Int'l Trading said its liabilities are under $500,000.

The Chapter 11 petitions were signed by John A. Bryan, Jr., as CEO.
An Oct. 15, 2017 document attached to the petition showed that Mr.
Choudhury, general partner, appointed Mr. Bryan as CEO and Chief
Restructuring Officer.  Mr. Bryan is the CEO of restructuring firm
The Watley Group, LLC.

The case judge is Hon. Deborah J. Saltzman.  

Levene, Neale, Bender, Yoo & Brill LLP serves as counsel to the
Debtors.  The Watley Group is the restructuring advisor.

Robbin Itkin was appointed Chapter 11 trustee for the Debtor on
April 4, 2018.  The trustee hired DLA Piper LLP (US) as her legal
counsel.

The California bankruptcy judge in September 2020 granted a request
by the Chapter 11 trustee of hot yoga chain Bikram Choudhury Yoga
Inc. to convert the case to a Chapter 7 liquidation, saying there
is "no reasonable likelihood" the company can reorganize.


BILL STARKS: Updates Plan to Include FCCI Claims Pay Details
------------------------------------------------------------
Bill Starks Construction Company submitted a First Amended Plan of
Reorganization dated Jan. 3, 2022.

The Plan provides for a reorganization and restructuring of the
Debtor's financial obligations.  The Plan provides for a
distribution to Creditors in accordance with the terms of the Plan
from the Debtors over the course of 5 years from the Debtor's
continued business operations.

Class 1H consists of the secured claim of FCCI Insurance Company
related to bonded contract proceeds and receivables arising from
surety bonds, GIA and equitable subordination.  While the claim as
filed is in the sum of $6,148,273, the vast majority relates to
potential liabilities that are not expected to come to fruition.
The Debtor believes that, absent the occurrence of some unexpected
event, the balance that will actually be payable on this claim
should be substantially less than $50,000.  The Debtor has been in
discussion with FCCI Insurance Company and believes that it can
stipulate to the correct amount of this claim or that the parties
can reasonably work together to submit any dispute to this court
for determination.

The Allowed Class 1H Claim, if less than $50,000, will be paid in
three equal payments 30 days, 60 days, and 90 days from the
Effective Date.  In the event that the Allowed Class 1H Claim
exceeds $50,000 then the Allowed Class 1H Claim shall be paid in
equal consecutive monthly installments of principal and interest
amortized over 60 months commencing on the first days of the first
calendar month following the Effective Date and continuing the same
date each month thereafter until paid in full or maturity at the
60th month.

The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:

     * Class 3A consists Non-Priority Unsecured Claims (excluding
insider claims). Each holder of an Allowed Unsecured Claim in Class
3A shall be paid by Reorganized Debtor as follows in full
satisfaction of such creditor's claim: holders of an allowed Class
3A shall receive their pro-rata share of the Unsecured Creditor
Payment of $20,000.00 monthly which sum approximates 100% payment
to this class in 56 monthly installments beginning the first day of
the first full month after all Administrative Expense Claims have
been paid in full .

     * Class 3B consists of Non-Priority Unsecured Claims
(Administrative Convenience Class). Each holder of an Allowed
Unsecured Claim in Class 3B shall be paid the amount of their
Allowed Claim, in full, by Reorganized Debtor in full on the 20th
day of the fourth full calendar month following the last day of the
month of the Effective Date.

      * Class 4 consists of the holder of Allowed Interests of
Debtor. The holder of an Allowed Class 4 Interest shall retain his
interest in Reorganized Debtor.

A full-text copy of the First Amended Plan of Reorganization dated
Jan. 03, 2022, is available at https://bit.ly/31KGIZx from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     Weldon L. Moore, III, Esq.
     Sussman & Moore, LLP
     2911 Turtle Creek Blvd., Suite 1100
     Dallas, TX 75219
     Tel.: 214-378-8270
     Fax: 214-378-8290

                About Bill Starks Construction

Bill Starks Construction Co., Inc., an Abilene, Texas-based company
operating in the utility system construction industry, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Tex. Case No. 21-10081) on June 9, 2021.  In the petition signed by
William Starks, president, the Debtor disclosed up to $10 million
in both assets and liabilities.  Judge Robert L. Jones oversees the
case.  The Debtor tapped Weldon L. Moore, III, Esq., at Sussman and
Moore, LLP as legal counsel and Kohutek, PC as accountant.


CARVANA CO: FMR LLC, A. Johnson Hold 10.8% of Class A Common Shares
-------------------------------------------------------------------
FMR LLC and Abigail P. Johnson disclosed in an amended Schedule 13G
filed with the Securities and Exchange Commission that as of Dec.
31, 2021, they beneficially own 9,290,614 shares of Class A common
stock of Carvana Co., representing 10.855% of the shares
outstanding.

Members of the Johnson family, including Ms. Johnson, are the
predominant owners, directly or through trusts, of Series B voting
common shares of FMR LLC, representing 49% of the voting power of
FMR LLC.  The Johnson family group and all other Series B
shareholders have entered into a shareholders' voting agreement
under which all Series B voting common shares will be voted in
accordance with the majority vote of Series B voting common shares.
Accordingly, through their ownership of voting common shares and
the execution of the shareholders' voting agreement, members of the
Johnson family may be deemed, under the Investment Company Act of
1940, to form a controlling group with respect to FMR LLC.

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

https://www.sec.gov/Archives/edgar/data/1690820/000031506622000030/filing.txt

                           About Carvana

Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is a holding company that was formed as
a Delaware corporation on Nov. 29, 2016.  Carvana is an e-commerce
platform for buying and selling used cars.  The Company owns and
operates Carvana.com, which enables consumers to quickly and easily
shop vehicles, finance, trade-in or sell the ir current vehicle to
Carvana, sign contracts, and schedule as-soon-as-next-day delivery
or pickup at one of Carvana's patented, automated Car Vending
Machines.

Carvana Co. reported a net loss of $462.22 million in 2020, a net
loss of $364.64 million in 2019, and a net loss of $254.74 million
in 2018.  As of Sept. 30, 2021, the Company had $5.36 billion in
total assets, $4.65 billion in total liabilities, and $708 million
in total stockholders' equity.

                             *   *   *

As reported by the TCR on May 24, 2021, S&P Global Ratings revised
its ratings outlook to positive from stable and affirmed its 'CCC+'
issuer credit rating on online used-car retailer Carvana Co.  "The
positive outlook indicates that we could raise the ratings on
Carvana if the company continues to make progress in leveraging its
scale to improve margins such that it can achieve near breakeven
EBITDA while maintaining sufficient liquidity to pay for its cash
burn for at least 18 months," S&P said.


CDW CORP: Moody's Hikes Unsecured Notes to Ba1 Amid Refinancing
---------------------------------------------------------------
Moody's Investors Service upgraded the senior unsecured notes
issued by CDW LLC, a wholly-owned subsidiary of CDW Corporation
("CDW"), to Ba1 following the refinancing of the company's secured
credit facilities with an unsecured revolver and term loan (both
unrated). All other ratings for CDW are unchanged.

Upgrades:

Issuer: CDW LLC

  Gtd Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
  (LGD4) from Ba2 (LGD5)

RATINGS RATIONALE

Following the issuance of $2.5 billion of senior unsecured notes in
December 2021 to fund the acquisition of Sirius Computer Solutions,
Inc. ("Sirius"), CDW completed a refinancing of its credit
agreement which released security on the revolver (unrated) and
term loan. Given the credit facility is no longer secured, Moody's
treats the revolver and term loan as being pari passu with the
senior unsecured notes. The Ba1 rating on the senior unsecured
notes is in line with CDW's CFR given unsecured debt instruments
now represent the preponderance of outstanding debt capital.

CDW's Ba1 CFR is supported by the company's track record of
consistent top line gains, improved operating margins, and growing
free cash flow. As a leading multi-brand provider of IT solutions
with a history of good execution, CDW benefits from favorable
prospects for continued market share gains due to its scale,
diverse offerings of IT product and services, and broad market
access relative to smaller value-added resellers of IT products.
The debt-funded acquisition of Sirius enhances CDW's scale and
expands services and solutions offerings related to hybrid
infrastructure, security, as well as cloud and managed services.
Although the transaction increases revenues generated by the
company's services portfolio by 45% to an estimated $1.3 billion,
financial leverage is elevated to the mid-3x range (Moody's
adjusted), which approaches Moody's 3.5x downgrade trigger.
Adjusted free cash flow to debt will decrease but remain in the low
to mid-teens percentage range. Moody's expects the majority of free
cash flow will be applied to debt reduction consistent with CDW's
unchanged target for 2.5x -- 3.0x net leverage (roughly 2.9x  
-- 3.4x Moody's adjusted). CDW has a good track record for debt
repayment after a leveraging acquisition and has generally been
disciplined with its financial policies. CDW also committed to
restoring credit metrics to pre-transaction levels, so Moody's does
not expect additional debt financed acquisitions or sizable share
buybacks in 2022. In contrast, CDW repurchased $1.185 billion of
common shares in the first nine months of 2021 with excess cash.

Ratings benefit from good revenue diversification across five
market segments and CDW's track record of revenue growth since 2009
with expanding free cash flow. Despite weakness in the Government
segment, net revenues increased 12% to $20.2 billion for LTM
September 2021 driven by good growth in CDW's other four segments.
Moody's expects CDW will grow revenues over the next year,
consistent with Moody's positive outlook for the diversified IT
sector. Adjusted operating margins improved to a record high of 7%
for LTM September 2021, and Moody's expects margins will remain in
this range supported by even higher profit margins for Sirius.
Nevertheless, CDW is exposed to high vendor concentration among its
major suppliers, the more volatile spending patterns of small and
medium-sized businesses (SMB), as well as budgetary risks of the
public sector, each of which can heighten the volatility of
technology cycles.

CDW issues debt at its wholly-owned subsidiary CDW LLC, which holds
all material assets and conducts all business activities and
operations. The Ba1 rating for the senior notes matches the
Corporate Family Rating (CFR) given guaranteed unsecured debt
instruments now represent the preponderance of funded debt. At the
beginning of December 2021, CDW raised the new unsecured revolver
and term loan, which refinanced the prior ABL revolver and secured
term loan and eliminated their priority position ahead of the
unsecured notes

Leading up to the Sirius acquisition, CDW had a good track record
for maintaining financial leverage within its public target range
and adjusted free cash flow to debt in the mid teen percentage
range or better, despite growing dividends. CDW historically
adhered to disciplined financial policies which included
maintaining net leverage ratios between 2.5x and 3.0x (as defined).
CDW is publicly traded with its two largest shareholder, Vanguard
and Blackrock, each owning roughly 7% to 12% of common shares,
followed by other investment management companies holding less than
5% or less. Good governance is supported by a board of directors
with nine of the company's ten board seats being held by
independent directors.

CDW's Speculative Grade Liquidity (SGL) Rating of SGL-1 reflects
very good liquidity supported by $1.2 billion of revolver
availability as of September 2021, roughly $200 million of cash,
the absence of significant near-term debt maturities, and
expectations for more than $700 million of free cash flow annually
despite higher interest expense in 2022 and growing quarterly
dividends. Moody's expects excess cash will be applied to debt
repayment consistent with CDW's objective to return leverage ratios
to pre-acquisition levels.

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

The stable outlook reflects Moody's expectation that CDW will grow
its top line and adjusted EBITDA in the low to mid-single digit
percentage range over the next year reflecting continued good
demand for IT offerings and Moody's macroeconomic forecast for 4.3%
- 4.8% GDP growth in the US, UK, and Canada in 2022. Despite the
negative impact of supply constraints, Moody's expects overall
solid performance across most of the company's five industry
verticals. Moody's expects CDW will be successful integrating
Sirius as planned given targeted cost synergies are expected to
provide a reasonable 30 basis points of margin improvement. The
stable outlook also reflects Moody's expectation that CDW will
prioritize debt reduction over shareholder payouts to improve
adjusted leverage to the company's target range by the end of
2022.

Ratings could be upgraded if the integration of Sirius progresses
as planned, CDW demonstrates continued revenue and free cash flow
growth with stable to improving adjusted operating margins. The
company would also need to adhere to conservative financial
policies including total adjusted debt to EBITDA being sustained
below 2.5x and adjusted free cash flow to debt above 20%. Ratings
could be downgraded if CDW experiences market share losses or
pricing pressures resulting in erosion of profit margins, interest
coverage, or adjusted free cash flow. Adjusted debt to EBITDA being
sustained above 3.5x could also lead to a downgrade.

Based in Vernon Hills, IL, CDW Corporation is a leading IT products
and solutions provider to business, government, education, and
healthcare customers in the U.S., UK, and Canada. Moody's expects
net revenue will exceed $23 billion over the next year pro forma
for the acquisition of Sirius.


CERTA DOSE: Trustee Taps Lindenwood Associates as Financial Advisor
-------------------------------------------------------------------
Kenneth Silverman, the Chapter 11 trustee for Certa Dose Inc.,
received approval from the U.S. Bankruptcy Court for the Southern
District of New York to hire Lindenwood Associates, LLC as his
financial advisor.

The firm's services include:

     (a) assisting the trustee with the safeguarding and
maintenance of the Debtor's information technology systems and data
integrity;

     (b) analyzing the financial information of the Debtor for the
period prior to its bankruptcy filing;

     (c) scrutinizing cash disbursements for the period prior to
the bankruptcy filing;

     (d) reconciling proofs of claim, as requested by the trustee;

     (e) performing an investigation and analyses of potential
recovery of Chapter 5 claims;

     (f) attending conferences with the trustee and his
professionals, as may be required;

     (g) assisting the trustee with any investigation into the
pre-bankruptcy actions, conduct, transfers of property, liabilities
and financial condition of the Debtor;

     (h) assisting the trustee and his legal counsel in any
litigation proceedings against potential adversaries;

     (i) assisting the trustee in the preparation of any proposed
plan of reorganization or liquidation of the Debtor's business or
assets; and

     (j) performing other necessary financial advisory services.  

The hourly rate charged for the firm's services is $485.

Nat Wasserstein, member of Lindenwood Associates, disclosed in a
court filing that he is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Nat Wasserstein
     Lindenwood Associates, LLC
     328 North Broadway, 2nd Floor
     Upper Nyack, NY 10960
     Phone: 845.398.9825
     Fax: 212.208.4436
     Email: info@lindenwoodassociates.com

                       About Certa Dose Inc.

Certa Dose Inc. develops, sells, and licenses pharmaceutical
products and technology.  It was designated as an innovation
company by Johnson & Johnson and has received a grant and
mentorship from J&J.

Certa Dose sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 21-11045) on May 30, 2021, listing
up to $50 million in assets and up to $100 million in liabilities.
Judge Lisa G. Beckerman presides over the case.

Norma Ortiz, Esq., at Ortis & Ortiz, LLP is the Debtor's legal
counsel.

Kenneth P. Silverman, Esq., is the Chapter 11 trustee appointed in
the Debtor's bankruptcy case.  SilvermanAcampora, LLP and
Lindenwood Associates, LLC serve as the trustee's legal counsel and
financial advisor, respectively.


CHICAGO BOARD OF EDUCATION: S&P Rates 2022A-B GO Bonds 'BB'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to the Chicago Board of
Education's anticipated $500 million series 2022A unlimited-tax
general obligation (GO) bonds (dedicated revenues) and $358.5
million series 2022B unlimited-tax GO refunding bonds (dedicated
revenues). At the same time, S&P affirmed its 'BB' rating on the
board's existing GO bonds. The outlook is stable.

The board's unlimited ad valorem tax GO full faith and credit
pledge secures the bonds. Series 2022A and B bonds are alternate
revenue source (ARS) bonds secured by pledged state aid revenues to
the extent that such revenue is insufficient, by the board's
unlimited ad valorem-tax GO pledge. The ratings are based on the
board's unlimited ad valorem-tax GO pledge, and do not reflect the
other sources of security.

Series 2022A bond proceeds will be used to provide funds for the
continued implementation of the board's capital improvement plan.
Series 2022B bond proceeds will be used to refund the board's
series 2011A bond for expected interest cost savings.

The board's full faith and credit and unlimited taxing power
secures the outstanding bonds. Many series of outstanding bonds are
ARS bonds with the pledged revenues consisting of pledged state aid
revenue and other revenue. All ratings are based on the board's
unlimited ad valorem tax pledge. Including rated and unrated bonds,
the board has approximately $8.8 billion in direct debt outstanding
(including the series 2022A and B bonds and excluding tax
anticipation notes [TANs]).

"The board's financial position has continued a positive
trajectory, bolstered by substantial federal stimulus funds the
board was allocated in the American Rescue Plan (ARP; $1.8
billion), which, combined with funds from the CARES Act ($206
million) and the December Consolidated Appropriations Act ($796
million), should allow for it to report positive operations in
fiscal years 2022 and 2023 despite rising expenditures tied to the
pandemic and the five-year Chicago Teachers' Union (CTU) contract,"
said S&P Global Ratings credit analyst Blake Yocom. In our view,
the board's liquidity, while still weak, should markedly
improve--potentially by reducing the amount of maximum TANs
outstanding. Additionally, direct stimulus aid to the State of
Illinois from the ARP has likely eliminated potential state aid
cuts or other state-induced pressure. The improving economic
conditions are more certain and an articulated spending plan from
management and other administrative actions support the stable
outlook. We note the board's financial position was improving prior
to the COVID-19 pandemic and the receipt of the associated federal
revenue. However, rising operating expenditures would have
pressured the budget absent the additional federal relief, in our
opinion, and management's ability to dedicate the funds to one-time
expenditures will be critical in avoiding structural imbalance."

Illinois (BBB/Positive) held public school district funding flat in
fiscal 2021 for this first time under the state's evidence-based
funding (EBF) formula (enacted in 2017), and the governor's
proposed 2022 budget would have held EBF flat for the second
consecutive year. S&P said, "However, Illinois restored this
funding, and its own stabilized fiscal position has eased pressure
on the board, in our view. At the onset of the pandemic, we viewed
state aid cuts or delays as likely, but this risk has subsided
because of a stronger economic recovery, leading to stronger state
revenues than forecast on top of substantial direct federal aid."

"In our view, the noninvestment-grade rating reflects significant
short- and long-term challenges. We see a variety of systemic
challenges: negative cash flow, notably increased operational
spending despite enrollment declines, and an ongoing contentious
relationship with CTU. Long-term credit pressures include the
board's sizable debt burden (approximately $8.8 billion including
the series 2022A and B bonds), pension liability ($15.4 billion and
42% funded), and a capital footprint that is not aligned with its
enrollment after a long period of significant enrollment decline,"
added Mr. Yocom. An obligation rated in the 'BB' category is less
vulnerable to nonpayment than other speculative issues. However, it
faces major ongoing uncertainties or exposure to adverse business,
financial, or economic conditions that could lead to the obligor's
inadequate capacity to meet its financial commitments on the
obligation.

The historically contentious relationship between the board and the
CTU, reflected in recent strikes and strike votes, represents an
elevated governance structure risk. The pandemic intensified this
challenge, stemming from opposing viewpoints on in-class
instruction and potential virus exposure risks. Should this
relationship continue and become disruptive to educational outcomes
or reputation risks for the district, it could be reflected
negatively in our rating analysis. Additionally, risk management
governance concerns regarding the poorly funded pension plan (42%;
source: fiscal 2021 ACFR) and oversight of plan assumptions remain
an ongoing risk that will likely lead to higher fixed costs, albeit
with dedicated revenue streams from the state and pension levy.

Somewhat offsetting these risks is a positive governance structure
aspect related to the state evidence-based funding formula (EBF)
and the hold harmless provision in its distribution of state aid.
Under the EBF, the district's long history of enrollment decline
does not negatively affect state aid which makes up 27% of general
operating fund revenue. The change in board composition to elected
from appointed members is currently considered neutral in S&P's
credit rating analysis, and it will update its view if the outcome
of the new governance structure begins to influence the district's
credit profile.

S&P said, "The rating also incorporates our view of the health and
safety social risks posed by the COVID-19 pandemic; despite robust
vaccine supply and distribution, the emergence of more contagious
variants could stymie progress in improving the health and safety
environment of students and staff and lead to uncertainty over
keeping facilities open. We view the environmental risks as being
in line with our view of the sector."



CHINA FISHERY: UST Says Releases in Plans Impermissible
-------------------------------------------------------
William K. Harrington, the United States Trustee for Region 2,
submitted an objection to confirmation of both:

    (I) the Revised Fourth Amended Joint Chapter 11 Plan of
Reorganization of China Fishery Group Limited (Cayman), Pacific
Andes Resources Development Limited (Bermuda) and Certain of Their
Affiliated Debtors, and

   (II) the Revised Fourth Amended Chapter 11 Plan of
Reorganization of Pacific Andes International Holdings Limited
(Bermuda) and Certain of Its Affiliated Debtors.

The United States Trustee objects to confirmation of the CFGL/PARD
Plan and the PAIH Plan (collectively, the "Plans") because the
Plans impermissibly impose third-party releases on parties who have
not affirmatively and unambiguously demonstrated their consent to
grant such releases.  The Debtors are relying in part on the notion
that the relief they are seeking is typical and ordinary, and that
the third party-releases in the Revised Plans are consensual.
However, the Debtors have not procured appropriate consent from all
parties subject to the releases in the Plans.  Moreover, absent
such consent, the Bankruptcy Code does not authorize third-party
releases.

In addition, consent is not the only factor that courts consider in
determining whether third-party releases are permissible.  Here,
the Debtors have not shown that the releases are permissible under
any test.

The United States Trustee also objects to the scope of the
injunction and exculpation provisions of the Plans in connection
with such defenses as recoupment and contribution on creditors who
did not have a right to vote on the Plans.

                    About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore).  Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors.  The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


CIENA CORP: Moody's Rates New Senior Unsecured Notes 'Ba1'
----------------------------------------------------------
Moody's Investors Service upgraded CIENA Corporation's ("CIENA" or
"Ciena") senior secured term loan, which constitutes the
preponderance of the debt structure, to an investment grade rating
of Baa3 from Ba1. Moody's assigned a Ba1 rating to the company's
proposed senior unsecured notes, reflecting investment grade
notching practices. Moody's has concurrently withdrawn CIENA's Ba1
Corporate Family Rating, Ba1-PD Probability of Default Rating and
SGL-1 speculative grade liquidity rating. The outlook is stable.

The upgrade and stable outlook "reflect expectations that CIENA
will continue to grow above the mid-single digit fiber optic
networking market rate and continue to expand profit margins and
cash flow while leverage remains very modest," said Moody's Richard
Lane. Moody's expects CIENA will enhance its already solid business
profile that includes leading or near-leading positions across a
broad portfolio, with an estimated doubling of worldwide market
share, outside China, over the last decade to approximately 25%.
Within North America, Ciena's primary market that accounts for 70%
of revenue, the company continues to maintain a leading and growing
market share, with about 35-40% market share. Reduced reliance by
European and Indian customers on Huawei networking equipment serves
as a longer term growth opportunity for Ciena as customers in these
regions update and expand their networks.

Moody's expects CIENA's scale, consistent investment in research
and development (over $500 million annually), and periodic tuck-in
acquisitions will continue to support its ability to deliver
enhancements to its customers' networking needs including emerging
technologies, such as 5G, and to provide software and services that
reduce networking operational costs while enhancing the ability to
provide improved services to end users. While larger acquisition
opportunities could always present themselves, Moody's believes the
company is more likely to engage in bolt-on acquisitions.

Upgrades:

Issuer: CIENA Corporation

  Senior Secured Term Loan, Upgraded to Baa3 from Ba1 (LGD3)

Assignments:

Issuer: CIENA Corporation

  Senior Unsecured Regular Bond/Debenture, Assigned Ba1

Withdrawals:

Issuer: CIENA Corporation

  Corporate Family Rating, Withdrawn , previously rated Ba1

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

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

Outlook Actions:

Issuer: CIENA Corporation

  Outlook, Remains Stable

RATINGS RATIONALE

Ciena's credit profile reflects its solid market position in the
approximate $15 billion fiber optic networking sector. Moody's
expects service providers, web-scale customers, and enterprises
will continue investing to augment the capacity of their optical
backbone networks to drive down unit costs and create the
economics/cost structure to handle the huge and growing amounts of
IP traffic that they transport to and from customers. With a
leading market presence, strong product positioning and a
broadening customer base, Ciena should benefit from a market that
Moody's anticipates will grow in the mid-single digits over the
next few years, following expected low-double digit revenue growth
in fiscal 2022. Ciena's profitability is improving through revenue
growth, scale, and cost containment, with adjusted EBITDA margins
exceeding 18%, up from 7% seven years ago. Leverage is very modest,
with adjusted gross debt to EBITDA at 1.3 times and free cash flow
to adjusted gross debt of 55% for fiscal October 2021.

Ciena has a very good liquidity profile with $1.7 billion in cash
and short term investments as of October 2021. Ciena also maintains
a $300 million secured ABL facility maturing October 2024 that is
primarily used to support LC's, with $83 million used at October
2021. Moody's anticipates Ciena will generate about $350 million of
free cash flow over the next year, including investments in working
capital to support strong growth. Ciena's next maturity is a $681
million secured term loan due in September 2025, under which there
are $7 million annual repayments until such maturity date.

The stable outlook reflects Moody's expectations that Ciena's
operating performance will continue to improve, and that Ciena will
continue its strong execution, good product positioning and solid
cash flow generation. The stable outlook also reflects Moody's
expectations that Ciena will maintain and likely expand its market
share in the fiber optic market, growing revenue more than the
industry.

CIENA's senior secured term loan is rated Baa3 and reflects the
preponderance of secured debt in the capital structure. The term
loan has a first priority security interest in the assets of
certain domestic subsidiaries and guarantees. The collateral and
guarantees for the loan, which matures September 2025, do not have
fall away provisions. The unsecured notes are Ba1 and are notched
down from the Baa3 secured rating reflecting investment grade
notching practices.

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

The ratings could be upgraded if Ciena is likely to continue
outgrowing the market, sustains Moody's adjusted EBITDA margins
above 20%, and continues to maintain conservative financial
policies including a good liquidity profile. The ratings could be
downgraded if there is a deterioration in business fundamentals
evidenced by revenue declines and EBITDA margins sustained below
13%. Additionally, adjusted debt to EBITDA sustained above 3.0x
times could pressure the rating.

CIENA Corporation is a provider of networking equipment, software
and services that support the transport, switching, aggregation,
and management of voice, video, and data traffic primarily deployed
in optical telecom networks. Ciena's customers are mainly telecom
service providers, cable operators, webscale providers, enterprises
and governments. Moody's expects Ciena will generate about $4
billion in revenue in fiscal 2022.


CIENA CORP: S&P Rates New $400MM Senior Unsecured Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '5'
recovery rating to Hanover, Md.-based telecommunications equipment
provider Ciena Corp.'s proposed $400 million senior unsecured notes
due 2030. The '5' recovery rating indicates S&P's expectation for
modest recovery (10%-30%; rounded estimate: 10%) in the event of a
payment default.

S&P said, "At the same time, we affirmed our 'BB+' issue-level
rating on the company's existing senior secured term loan. Our '3'
recovery rating on the facility is unchanged. Ciena intends to use
the net proceeds from the proposed senior unsecured notes for
general corporate purposes.

"Our 'BB+' issuer credit rating and stable outlook on Ciena are
unchanged. Our rating incorporates the company's strong market
position in fiber optic networking, our expectation for continued
market share gains, and its net cash position. The stable outlook
reflects our expectation that Ciena will benefit from continued
demand for its products and an increasingly diverse customer base,
which will support strong free operating cash flow (FOCF)
generation over the next 12 months. We could lower our rating on
the company if it falls behind on its product development and faces
EBITDA declines or it undertakes debt-funded share buybacks that
cause its net leverage to rise above the 2x area."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a default
occurring in 2027 due to intensified competition, the loss of key
customers, or high research and development (R&D) spending that
does not produce profitable new technologies.

-- S&P has valued the company as a going concern to estimate its
recovery using an assumed distressed emergence EBITDA of $110
million and an EBITDA multiple of 6x.

Simulated default assumptions

-- Year of default: 2027
-- EBITDA at emergence: $110 million
-- EBITDA multiple: 6x
-- LIBOR at default: 2.5%

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $625
million

-- Valuation split (obligors/nonobligors): 60%/40%

-- Priority claims: $183 million

-- Value available to senior secured debt claims: $392 million

-- Total senior secured claims: $665 million

    --Recovery expectations: 50%-70% (rounded estimate: 55%)

-- Total senior unsecured claims: $408 million

    --Recovery expectations: 10%-30% (rounded estimate: 10%)



CIRCUIT CITY: Supreme Court to Review Bankruptcy Fee Hike Dispute
-----------------------------------------------------------------
Maria Chutchian of Reuters reports the U.S. Supreme Court will
review a dispute over a recent increase in fees that Chapter 11
debtors are required to pay the federal government.

The issue, which stems from a 2017 law that hiked the government
fees that most large companies in bankruptcy must pay, has divided
top appellate courts across the country.

The law's imposition of higher fees in most, but not all, U.S.
bankruptcy courts has caused uncertainty over the legal status of
around $324 million in fees imposed under the law, according to the
U.S. Trustee, which serves as the U.S. Department of Justice's
bankruptcy watchdog.

The underlying lawsuit was brought by Alfred Siegel, the trustee
who oversaw Circuit City's liquidation process.  He argued the 2017
law violated the U.S. Constitution's Bankruptcy Clause, which
requires bankruptcy laws to be uniform, because it hiked fees for
Chapter 11 debtors in most states but failed to do the same for
Alabama and North Carolina.  Those two states use a different
government entity, known as the Bankruptcy Administrator program,
to perform similar duties as the U.S. Trustee in large corporate
bankruptcies.

The law was eventually amended to include Alabama and North
Carolina, but Siegel argued in his September petition to the
Supreme Court that companies that filed for Chapter 11 in those two
states were still permitted to go several months without being
subject to the same fee increases that were imposed in the other
states.

The government responded that the constitution's bankruptcy clause
gives Congress flexibility in creating new statutes that govern
bankruptcy court administration.

The law has been challenged in several districts with conflicting
outcomes. The 4th U.S. Circuit Court of Appeal, which ruled in
Siegel's case, and the 5th Circuit have upheld the law while the
2nd and 10th Circuits have deemed it unconstitutional.

Though they oppose each other's interpretation of the law, the U.S.
Trustee and Siegel both asked the Supreme Court to weigh in on the
case.

The case is Alfred Siegel v. John Fitzgerald III, No. 21-441
(U.S.).

For the Circuit City liquidating trustee: Jeffrey Pomerantz, Andrew
Caine and Robert Feinstein of Pachulski Stang Ziehl & Jones; and
Daniel Geyser and Ben Mesches of Haynes and Boone.

For the U.S. Trustee: Solicitor General Elizabeth Prelogar, Acting
Assistant Attorney General Brian Boynton, DOJ Attorneys Mark Stern
and Jeffrey Sandberg, U.S. Trustee General Counsel Ramona Elliott,
Associate General Counsel Matt Sutko, Trial Attorneys Beth Levene
and Wendy Cox.

                        About Circuit City

Circuit City -- http://www.circuitcity.com/-- is a specialty
retailer of consumer electronics, home office products,
entertainment software and related services.

Headquartered in Richmond, Virginia, Circuit City Stores Inc.
together with 17 affiliates filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Lead Case
No. 08-35653) on Nov. 10, 2008. InterTAN Canada, Ltd., which ran
Circuit City's Canadian operations, also sought protection under
the Companies' Creditors Arrangement Act in Canada.  The Debtors
disclosed total assets of $3,400,080,000 and debts of
$2,323,328,000 as of Aug. 31, 2008.

Lawyers at Skadden, Arps, Slate, Meagher & Flom, LLP, served as the
Debtors' general restructuring counsel. McGuireWoods LLP, acted as
the Debtors' local counsel. The Debtors also tapped Kirkland &
Ellis LLP as special financing counsel; Wilmer, Cutler, Pickering,
Hale and Dorr, LLP, as special securities counsel; and FTI
Consulting, Inc., and Rotschild Inc. as financial advisors.  The
Debtors' Canadian general restructuring counsel was Osler, Hoskin &
Harcourt LLP. Kurtzman Carson Consultants LLC served as the
Debtors' claims and voting agent.

Circuit City liquidated its 721 stores and obtained the Bankruptcy
Court's approval to pursue going-out-of-business sales, and sell
its store leases in January 2009.  In May 2009, Systemax Inc., a
multi-channel retailer of computers, electronics, and industrial
products, acquired certain assets, including the name Circuit City,
from the Debtors through a Court-approved auction.

On Sept. 14, 2010, the Court entered an order confirming the
Debtors' Plan of Liquidation, which created the Circuit City
Stores, Inc. Liquidating Trust and appointed Alfred H. Siegel as
Trustee.  The Plan became effective Nov. 1, 2010.


CMA HOLDINGS: Seeks to Hire Tittle Law Group as Legal Counsel
-------------------------------------------------------------
CMA Holdings, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire Tittle Law Group, PLLC to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

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

     (c) preparing legal papers;

     (d) assisting the Debtor in preparing for and filing a plan of
reorganization at the earliest possible date;

     (e) performing such legal services as the Debtor may request
with respect to any matter, including, but not limited to,
corporate finance and governance, contracts, antitrust, labor, and
tax; and

     (f) performing all other legal services for the Debtor in
connection with its bankruptcy case.

Tittle Law Group charges $325 per hour for the services of its
attorneys and $225 per hour for paralegal services.  Brandon
Tittle, Esq., the firm's attorney who will be providing the
services, charges an hourly fee of $495.

The firm received a $6,818 retainer from a non-related entity
associated with Kenny Thomas, the Debtor's president and managing
member.  In addition, the firm will request reimbursement for its
out-of-pocket expenses.

As disclosed in court filings, Tittle Law Group neither holds nor
represents any interest adverse to the Debtor or its estate.

The firm can be reached through:

     Brandon J. Tittle, Esq.
     Tittle Law Group, PLLC
     5550 Granite Pkwy, Suite 220
     Plano, TX 75024
     Telephone: 972.987.5094
     Email: btittle@tittlelawgroup.com

                         About CMA Holdings

CMA Holdings, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-30031) on Jan. 5, 2022, listing up to $1 million in assets and
up to $500,000 in liabilities.  Brandon J. Tittle, Esq., at Tittle
Law Group, PLLC, serves as the Debtor's legal counsel.


COMFORT JET: Chapter 15 Case Summary
------------------------------------
Chapter 15 Debtor:         Comfort Jet Aviation, Ltd.
                           13-15 Hope Street
                           IM1 1AQ
                           Douglas, Isle of Man

Business Description:      CJA managed and operated
                           aircraft.

Foreign Proceeding:        Creditors Voluntary Liquidation
                           in the Isle of Man

Chapter 15 Petition Date:  January 11, 2022

Court:                     United States Bankruptcy Court
                           Western District of Oklahoma

Case No.:                  22-10039

Judge:                     Hon. Janice D. Loyd

Foreign Representative:    Mr. Andrew Paul Shimmin as Liquidator
                           of Comfort Jet Aviation Limited
                           13-15 Hope Street
                           Im1 1AQ
                           Douglas
                           Isle of Man

Foreign
Representative's
Counsel:                    Douglas A. Rice, Esq.
                            DERRYBERRY & NAIFEH, LLP
                            4800 North Lincoln Boulevard
                            Oklahoma City, OK 73105
                            Tel: (405) 528-6569
                            Email: drice@derryberrylaw.com

Estimated Assets:           Unknown

Estimated Debt:             Unknown

A full-text copy of the Chapter 15 is available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/PXP567A/Comfort_Jet_Aviation_Ltd__okwbke-22-10039__0001.0.pdf?mcid=tGE4TAMA


CORTLAND ENERGY: Taps Fertitta & Reynal as Special Counsel
----------------------------------------------------------
Cortland Energy, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Fertitta & Reynal, LLP
to serve as its special litigation counsel in an adversarial
proceeding.

The firm will be paid as follows:

     Senior Attorneys        $600 per hour
     Associate Attorneys     $400 per hour
     Legal Assistants        $75 per hour

The firm received a retainer in the amount of $30,000.

As disclosed in court filings, Fertitta & Reynal is a
"disinterested person" within the definition of Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     F. Andino Reynal, Esq.
     Fertitta & Reynal, LLP
     917 Franklin Street, Sixth Floor
     Houston, TX 77002
     Tel: (713) 228-5900
     Email: areynal@frlaw.us

                       About Cortland Energy

Cortland Energy, LLC is an LPG blending and packaging company that
blends high purity propane, butane, and isobutane then packages the
LPG into cylinders at its facility located in El Campo, Texas, and
distributes its products to its regional distributors and direct
customers.

Cortland Energy sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 21-60098) on Dec. 1,
2021, listing as much as $10 million in assets and liabilities.
Stephen Murphy, managing member of Cortland Energy, signed the
petition.

Judge David R. Jones oversees the case.
  
Susan Tran Adams, Esq., at Tran Singh, LLP and Fertitta & Reynal,
LLP serve as the Debtor's bankruptcy counsel and special litigation
counsel, respectively.


CROCS INC: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
Colorado-based footwear seller Crocs Inc. and removed all its
ratings on the company and its debt from CreditWatch, where S&P
placed them with negative implications on Dec. 23, 2021. The
outlook is negative.

S&P said, "We assigned our 'BB-' issue-level rating to the
company's proposed $2 billion senior secured term loan B. The
recovery rating is '3', indicating our expectation for meaningful
(50%-70%, rounded estimate: 60%) recovery in the event of a payment
default.

"At the same time, we lowered our issue-level rating on the
company's existing senior unsecured notes to 'B' from 'BB-' and
revised its recovery rating to '6' from '4', reflecting the $2
billion incremental senior secured debt ahead of the unsecured
notes in the capital structure. The '6' recovery rating indicates
our expectation for negligible (0%-10%, rounded estimate: 0%)
recovery in the event of a payment default."

Colorado-based footwear seller Crocs Inc. recently announced that
it entered into a definitive agreement to acquire casual footwear
brand HEYDUDE for $2.5 billion. The company plans to fund the
transaction with $2.05 billion of incremental debt and $450 million
of its equity, which it will distribute to HEYDUDE's founder.

S&P said, "We view Crocs' acquisition of HEYDUDE as its first
significant attempt to diversify its product offerings and lessen
brand concentration, but execution risks remain, and leverage is
elevated at 3x. We view Crocs' attempt to diversify its product
portfolio favorably, as its signature clog silhouette accounted for
75% of 2021 sales. We estimate the company's clog concentration
will decrease to about 60% with this acquisition. The company has
increased revenue and EBITDA dramatically over the past two years
but has also been aggressively adding debt. It raised $700 million
of unsecured notes to fund several accelerated share repurchases
totaling $1 billion and is adding another $2 billion for this
acquisition all within a 12-month period. Pro forma for this
transaction, Crocs will have approximately $2.83 billion of funded
debt outstanding, and leverage will increase to 3x (from 1.2x at
the end of September 2021), which is our downgrade trigger on the
company. We currently believe that 3x is the maximum leverage Crocs
is willing to take on for an acquisition, as evidenced by the $450
million planned equity issuance to help fund this transaction.
HEYDUDE will be the first material acquisition for Crocs and if
executed as planned, will improve the company's product and brand
diversification and increase its scale. Although the timing of this
acquisition is aggressive because of the debt the company recently
took on for share repurchases, we believe Crocs should be able to
integrate the business, and HEYDUDE should benefit from Crocs'
expertise in taking a niche brand to scale. However, execution
risks remain as management's ability to integrate large-scale
acquisitions is unproven. In addition, both brands are subject to
potential volatility from rapidly evolving consumer preferences and
the inevitable weakening of current demand levels for discretionary
products.

"The company has publicly committed to debt reduction following the
acquisition, and we believe leverage should improve to the high 2x
area in 2022. We project that the company has generated over $400
million of free operating cash flow (FOCF) in 2021 and will
generate over $300 million in 2022, despite increasing capital
spending to invest in its distribution infrastructure and support
HEYDUDE. We expect the company to use most of its FOCF generation
in 2022 and 2023 toward debt reduction. This also incorporates our
assumption that the company will continue to invest heavily in
sales and marketing for both Crocs and HEYDUDE so the brands can
continue to take share from competitors and grow above industry
levels. Our current projection assumes total revenue growth in the
mid-teen percentage area for the combined company in 2022, compared
with Euromonitor's global footwear projected growth of 7.5%, and
5.7% for North America, respectively. In addition, since digital
marketing is now mostly variable expenses tied to internet searches
and social media views (compared with the traditional marketing,
such as large-scale fashion campaigns that are more fixed-cost
like), we believe Crocs will have some flexibility to toggle its
expenses should growth be slower than expected."

HEYDUDE is a fast-growing, mid-price casual footwear brand with
limited brand recognition. Similar to Crocs, HEYDUDE has benefited
from the casualization of apparel and footwear trends accelerated
by the pandemic. Specifically, it more than doubled its revenue and
EBITDA in 2020 from a very limited base and doubled again in 2021.
Nonetheless, Crocs' execution risk remains high, especially given
HEYDUDE's participation in the highly competitive and fragmented
casual shoe segment, where the levels of competition are higher
than in the clog category where Crocs is the leader. HEYDUDE
currently is a regional player, with the majority of its sales
coming from the southern and mid-western region of the U.S. The
brand is mid-priced and currently distributed through regional
specialty retailers, such as Journeys and Shoe Show, and through
its own digital channels. S&P believes Crocs and HEYDUDE target a
similar core customer base: mostly millennial and Gen-Z shoppers
and increasingly children. HEYDUDE also skews slightly to male
consumers, which it believes complements Crocs' overall
demographics. However, HEYDUDE competes in the much more fragmented
and competitive casual footwear segment and to continue to grow it
will be pitted against larger competitors with better brand
recognition and more financial wherewithal, such as Wolverine
Worldwide and Skechers. In addition, it will increasingly compete
with sportswear behemoths such as Nike and Adidas since the global
casualization trend is attracting investment and competition from
other segments in the industry.

S&P said, "We view positively Crocs' planned investment in branding
and marketing to increase HEYDUDE's consumer reach and brand
equity. Rapidly expanding companies typically experience growing
pains as they try to scale beyond their initial loyal customer
base. However, Crocs has a proven track record of expanding its own
signature shoe and will leverage its experience to scale HEYDUDE by
expanding its distribution and deepening its brand reach leveraging
Croc's marketing expertise.

"We believe Crocs are still in favor with consumers and will
continue to grow for the next 12 months. We project that Crocs will
have organically increased its revenue by over 60% in 2021 and that
its EBITDA will more than double 2020 levels. This was achieved
partially by the acceleration of digital channel growth for apparel
and footwear globally and the continuation of the casualization of
consumer wardrobes. In addition, Crocs has executed its digital
marketing strategies well by staying relevant with younger and more
digital savvy consumers, such that its products are well
represented by Millennial and Gen-Z celebrities and influencers.
While we continue to view its key clog category to be a niche
segment and expect its demand to be volatile due to the ebb and
flow of global fashion trends, our current view is that Crocs will
continue to be in favor for at least the next 12 months, and the
company will use the profits and cash flow generated from this
segment to support product diversification efforts in its own
sandals category and deleverage from this acquisition.

"As uncertainty in the macroeconomic environment increases with the
Omicron variant, we believe its impact on Crocs will be relatively
muted. The Delta variant's impact on Crocs was relatively low
because consumer demand remained strong for casual footwear with
longer-than-expected working from home mandates. Despite most of
its manufacturing being concentrated in Vietnam (which faced severe
shutdowns in the second half of 2021), Crocs' supply chain was less
disrupted than peers because its production process is less
complicated than traditional footwear. While we expect supply chain
congestion and manufacturing disruptions will continue well into
2022, we expect the impacts on the company's performance will be
manageable. We expect that the company should be able to manage
incremental supply chain and input costs through price increases
and promotional activities and if necessary, cutting back on
investment spend to preserve profitability."

The negative outlook indicates the possibility of a downgrade in
the next 12 months if the company fails to integrate HEYDUDE as
planned or does not prioritize debt repayment or if Crocs fall out
of trend such that its performance deteriorates, and leverage
remains elevated above 3x.

S&P could downgrade the company if leverage were sustained above
3x. This could occur if:

-- The company's financial policy became more aggressive such that
it undertook shareholder returns or additional acquisitions without
deleveraging first.

-- Crocs failed to integrate HEYDUDE as planned or had to spend
more than currently forecast to drive revenue growth, leading to
lower free operating cash flow being applied to debt reduction.

-- Consumer trends or macro-economic conditions worsened such that
its products fell out of favor with consumers or spending on
discretionary footwear declined.

S&P could revise its outlook to stable if the company performed to
its expectations and were able to reduce leverage to comfortably
below 3x and sustain it at that level. This could occur if:

-- The company demonstrated adherence to its stated financial
policy and prioritized debt reduction ahead of shareholder
returns.

-- Crocs integrated HEYDUDE as planned and did not have to spend
more than S&P's forecast to drive revenue growth.

-- The combined company continued to track favorably with
consumers, and the business continued to grow.



CRYOMASS TECHNOLOGIES: All Four Proposals Passed at Annual Meeting
------------------------------------------------------------------
Cryomass Technologies Inc. held its Annual Meeting of Stockholders
on Jan. 10, 2022, at which the stockholders:

   1. elected Messrs. Delon Human, Christian Noel, Mark Radke and
Mario Gobbo to serve as directors until the next 2022 annual
meeting of stockholders and until their respective successors are
duly elected and qualified;

   2. ratified the appointment of BF Borgers, CPA PC as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2021;

   3. approved and adopted the 2022 Stock Incentive Plan; and

   4. approved the proposal to grant the Board of Directors the
discretionary authority to amend the Company's articles of
incorporation to effect a reverse stock split of the Company's
common stock.

On Jan. 10, 2022, during the Annual Meeting of the Stockholders of
the Company, the Chief Executive Officer of the Company, Mr.
Christian Noel, provided verbal remarks.  A transcript of his
remarks is as follows:

Good day, everyone and thank you for joining us for CryoMass
Technologies 1st annual meeting of stockholders.  We all have much
to be excited about.  We are now approaching the Beta testing of
our first, fully functional and user-ready machine for the
high-efficiency processing of harvested hemp and cannabis plants.
We don't expect the device to represent just a marginal improvement
on traditional practices.  Instead, we expect the device to deliver
cost savings and product enhancements that could fundamentally
change the way the hemp and cannabis industries operate.  A key
objective of the Beta testing is to gather the data that will allow
us to measure those cost savings and product enhancements more
precisely and reliably.  Updates will be provided over the next
several months of Beta testing.

As mentioned before, the technology we are developing for hemp and
cannabis may have profitable application for other high-value
plants species.  We eventually intend to find out.

In the near future, we plan to invite you to a shareholder event at
which we will share what we've learned and provide more details on
our progress.

                           About Cryomass

Formerly known as Andina Gold Corp., Cryomass Technologies Inc.'s
business portfolio includes the accounts of Cryomass LLC (formerly
known as General Extract), which is controlled by the Company
through its 100% ownership interest, and CMI, a variable interest
entity for which the Company is deemed to be the primary
beneficiary and therefore is a consolidated entity of Cryomass
Technologies for GAAP purposes.

Andina Gold reported a net loss of $11.82 million for the year
ended Dec. 31, 2020, compared to a net loss of $3.06 million for
the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company
had $13.88 million in total assets, $10.54 million in total
liabilities, and $3.33 million in total shareholders' equity.

Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2020, issued a "going concern" qualification in its report dated
March 30, 2021, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.


CYTODYN INC: Incurs $36.6 Million Net Loss in Second Quarter
------------------------------------------------------------
Cytodyn, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $36.60
million on $225,000 of total revenue for the three months ended
Nov. 30, 2021, compared to a net loss of $35.43 million on zero
revenue for the three months ended Nov. 30, 2020.

For the six months ended Nov. 30, 2021, the Company reported a net
loss of $68.06 million on $266,000 of total revenue compared to a
net loss of $66.26 million on zero revenue for the same period
during the prior year.

As of Nov. 30, 2021, the Company had $103.70 million in total
assets, $116.40 million in total liabilities, and a total
stockholders' deficit of $12.70 million.

The Company's cash position of approximately $8.9 million as of
Nov. 30, 2021 decreased by $25.1 million, when compared to the
balance of approximately $33.9 million at May 31, 2021.  This
decrease was primarily caused by $60.6 million in cash used in
operating activities, partially offset by $35.6 million in cash
provided by financing activities.

Net cash used in operating activities totaled approximately $60.6
million during the six months ended Nov. 30, 2021, representing an
improvement of approximately $0.5 million over the comparable
period a year ago.  The decrease in net cash used in operating
activities was due primarily the change in the Company's net loss,
working capital fluctuations, and changes in its non-cash expenses,
all of which are highly variable.

Net cash used in investing activities was immaterial for the six
months ended Nov. 30, 2021, compared to the six months ended
Nov. 30, 2020.

Net cash provided by financing activities totaled approximately
$35.6 million during the six months ended Nov. 30, 2021, a decrease
of approximately $40.7 million from net cash provided by financing
activities during the six months ended Nov. 30, 2020.  The decrease
in net cash provided from financing activities was primarily
attributable to a decrease in proceeds received from convertible
notes of $50.0 million, and stock option and warrant transactions
and exercises of approximately $20.8 million.  These decreases were
partially offset by increased proceeds of approximately $27.8
million from the sale of common stock and warrants.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001175680/000155837022000190/cydy-20211130x10q.htm

                        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.


DCM-P3 LLC: Plan & Disclosure Statement Due April 30
----------------------------------------------------
The Honorable Theodor Albert, United States Bankruptcy Judge,
ordered that:

   * The deadline for the DCM-P3, LLC to file and serve a chapter
11 plan and disclosure statement is April 30, 2022.

   * The claims bar date will be 60 days after dispatch of notice
to creditors advising of the bar date.

   * The Debtor shall give notice of the claims bar date by Jan.
31, 2022.

Proposed attorneys for Chapter 11 Debtor DCM-P3, LLC

     STEVEN T. GUBNER
     SUSAN K. SEFLIN
     BG LAW LLP
     21650 Oxnard Street, Suite 500
     Woodland Hills, CA 91367
     Telephone: (818) 827-9000
     Facsimile: (818) 827-9099
     Email: sgubner@bg.law
            sseflin@bg.law

                         About DCM-P3 LLC

Irvine, Calif.-based DCM-P3, LLC filed a petition for Chapter 11
protection (Bankr. C.D. Calif. Case No. 21-12507) on Oct. 14, 2021,
listing as much as $10 million in both assets and liabilities.
Judge Theodor Albert oversees the case.  Brutzkus Gubner Rozansky
Seror Weber, LLP is the Debtor's legal counsel.


EMINENT CYCLES: Plan Not Proposed in Good Faith, Creditor Says
--------------------------------------------------------------
Creditor Stella Mondo, LLC, filed an objection to Eminent Cycles,
LLC's First Amended Chapter 11 Plan.

The Debtor's principal Jeffery Soncrant and Humberto Zavaleta (his
father-in-law, "Mr. Zavaleta") have planned out this bankruptcy
filing for over 8+ months before filing, in order to devise a
scheme whereby Mr. Soncrant would acquire 100% ownership of the
Debtor, Eminent Cycles, LLC ("Eminent"), without paying the
outstanding debt owed to Stella Mondo, LLC. Therefore, the Debtor's
First Amended Plan was not proposed in good faith, and thus should
be denied pursuant to 11 U.S.C. section 1129(a)(3).

In 2018, via a mutually executed settlement agreement, Mr. Soncrant
on behalf of the Debtor agreed to buy out Kevin Sigismondo ("Mr.
Sigismondo")'s 50% interest in the company, in exchange for paying
Mr. De Souza (Mr. Sigismondo's father-in-law)'s loan at the reduced
amount of $365,000.00. However, despite Mr. De Souza willing to
wait two (2) years to receive the first payment on said note, the
Debtor failed to make a single payment when the agreed upon
settlement payments came due. Instead of making a single payment,
the Debtor hired a bankruptcy lawyer, committed multiple
preferential payments to its insiders, and intentionally lowered
its value, for the sole purpose of cramming down Stella Mondo,
LLC's loan.

In 2020 alone, the Debtor made $228,886.91 in preferential payments
to Mr. Soncrant's personal credit cards, made $41,666.65 in
preferential payments to Mr. Soncrant directly, paid off a $50,000
SBA Emergency Disaster Relief Loan (over 9 months before the first
payment on said 3% loan was due), and further intentionally doubled
the Debtor's expenses in the 6 months leading up to this
Bankruptcy, all in a blatant attempt to appear insolvent and thus
lower its value, thereby avoiding paying the agreed upon debt owed
to Stella Mondo (See Operating Reports & financials).

On October 1, 2020, through the assistance of Debtor's own Counsel,
Mr. Gupta, the insiders Mr. Soncrant and Mr. Zavaleta committed six
(6) further preference actions, as defined by 11 U.S.C. section
547(b), by recording six UCC-1 liens against the Debtor's property
within the one-year look back period before filing.  Thus,
according to Stella Mondo, in fact Stella Mondo, LLC, currently
holds the only valid secured claim against the Debtor, and the
Debtor's attempt to use said insider preferences to pay the very
same insider (i.e., Mr. Soncrant) for committing said preferences
should be disallowed for being committed in bad faith, and Stella
Mondo should be treated as the sole secured claim, and thereby paid
the full "cramdown" amount value of the business totaling:
$363,000.00.

Further, the Debtor's First Amended Plan does not comply with 11
U.S.C. section 1129(b)(2)(A), in that the proposed plan does not
call for all disposable income to be contributed to the Debtor's
plan. Lastly, the proposed interest rate of 3% to be paid to Stella
Mondo's secured claim does not comply with 11 U.S.C. section
1129(b)(2)(A)(i), as the Creditor's note calls for 10% interest,
and prime interest rates are currently at 3.25%.

Attorneys for Creditor STELLA MONDO, LLC

     Ahren A. Tiller [SBN 250608]
     Bankruptcy Law Center, APC
     1230 Columbia Street, Suite 1100
     San Diego, CA 92101
     Phone: (619) 894-8831
     Fax: (866) 444-7026
     Email: Ahren.tiller@blc-sd.com

                      About Eminent Cycles

Eminent Cycles, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 21-01006) on March 16,
2021.  In the petition signed by Jeffrey Soncrant, chief executive
officer, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.  Judge Christopher B. Latham oversees the
case. Ajay Gupta, Esq., at Gupta Evans and Associates, PC is the
Debtor's legal counsel.


FRANZEN FOREST: Seeks to Hire Pittman & Pittman as Legal Counsel
----------------------------------------------------------------
Franzen Forest Products, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Wisconsin to hire
Pittman & Pittman Law Offices, LLC to serve as legal counsel in its
Chapter 11 case.

The firm's services include representation relating to actions by
creditors and the preparation of Chapter 11 plan, valuation motions
and other legal documents.

The firm's hourly rates are as follows:

     Galen W. Pittman, Esq.   $300 per hour
     Greg P. Pittman, Esq.    $275 per hour
     Wade M. Pittman, Esq.    $275 per hour
     Paralegal                $75 per hour

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

The firm can be reached at:

     Greg P. Pittman, Esq.
     Pittman & Pittman Law Offices, LLC
     712 Main Street
     La Crosse, WI 54601
     Tel: (608) 784-0841
     Email: Info@PittmanandPittman.com

                        About Franzen Forest

Franzen Forest Products, Inc. filed a petition for Chapter 11
protection (Bankr. W.D. Wis. Case No. 21-12579) on Dec. 30, 2021,
listing up to $1 million in both assets and liabilities. Andrew
Franzen, vice president, signed the petition.

Judge Catherine J. Furay oversees the case.

The Debtor tapped Greg P. Pittman, Esq., at Pittman & Pittman Law
Offices, LLC as legal counsel.


GENEVER HOLDINGS: Unsecureds to Get Full Payment in Sale Plan
-------------------------------------------------------------
Genever Holdings LLC submitted a Plan and a Disclosure Statement.

The Debtor is a New York limited liability company and the owner of
a luxury apartment and auxiliary units on the 18th floor of The
Sherry-Netherland Inc. ("The Sherry"), located at 781 Fifth Avenue,
New York, NY 10022 (the "Residence").

At its core, the Global Settlement establishes a consensual
framework for the sale of the Residence under the stewardship of
Melanie L. Cyganowski as the Debtor's employee and duly appointed
Sales Officer. The Sales Officer has the authority to direct the
sale and marketing process of the Residence, and Ms. Cyganowski has
subsequently selected Serena Boardman of Sotheby's International
Realty ("Sotheby's") to serve as the Debtor's real estate agent and
broker for the Sale. For purposes of the Plan, the Global
Settlement is expressly incorporated by reference and shall remain
fully enforceable and binding on the signatories thereto, to wit,
the Debtor, Bravo Luck and PAX on a post-confirmation basis.
Fundamentally, the Plan provides the mechanism to implement the
Global Settlement and sell the Residence pending resolution of the
Ownership Dispute.

It is contemplated that the Ownership Dispute will be determined
outside of the Bankruptcy Court, unless Bravo Luck's alternate
contention that it retains an unsecured monetary claim against the
Debtor is not determined in the BVI Action on the merits. In such
event, the validity of Bravo Luck's monetary claim may be
adjudicated in the Bankruptcy Court, or such other court of
competent jurisdiction to hear the matter. Since approval of the
Global Settlement, PAX has sought a turnover of the Membership
Interest of Genever Holdings Corporation based upon judgment
enforcement against Miles Kwok. The turnover proceeding is
currently being litigated in the BVI Court. Notwithstanding the
pending turnover proceeding, the Global Settlement and the terms of
this Plan shall continue in full force and effect without change or
modification through the completion of the Sale and consummation of
the Plan.

Class 4: Unsecured Claims are impaired.

nsecured Claims have been filed by Golden Spring New York Ltd. and
Qiang Guo for monies expended to establish the Sherry Security
Deposit and maintain the Residence pre-petition and fund certain
expenses, costs, and attorneys' fees in connection with the
original acquisition of the Residence in 2015, each as set forth
more fully in the applicable proof of Claim.

To the extent Allowed, the Class 4 Claims of GSNY and Guo shall be
paid in full from the Escrow created at Closing prior to any
distribution of the Net Sale Proceeds to either Bravo Luck or PAX.
If the Class 4 Claims are subject to an objection filed on or
before the Claim Objection Date, then in such event, a separate
reserve shall be established with the Escrow Agent from the Net
Sale Proceeds in an amount sufficient to pay the Class 4 Claims in
full, should the Claims to GSNY and Guo be ultimately allowed
pursuant to Final Order.

The Plan is predicated upon the Sale of the Residence pursuant to
the Global Settlement.

Attorneys for the Debtor:

     Goldberg Weprin Finkel Goldstein LLP
     1501 Broadway, 22nd Floor
     New York, NY 10036

A copy of the Disclosure Statement dated January 7, 2022, is
available at https://bit.ly/3GpJxhP from PacerMonitor.com.

                     About Genever Holdings

Genever Holdings LLC is the owner of the entire 18th floor
apartment and auxiliary units in the Sherry Netherland Hotel
located at 781 Fifth Ave., New York

Genever Holdings filed its voluntary petition for Chapter 11
protection (Bankr. S.D.N.Y. Case No. 20-12411) on Oct. 12, 2020,
listing up to $100 million in both assets and liabilities.  Judge
James L. Garrity, Jr. oversees the case.

Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP,
serves as the Debtor's legal counsel.


GIRARDI & KEESE: CA Bar Judge Recommends Girardi's Disbarment
-------------------------------------------------------------
Dave Simpson of Law360 reports that a California state bar judge
recommended Monday, January 10, 2022, that the state supreme court
disbar disgraced trial attorney Thomas Girardi and saddle him with
more than $2.2 million in restitution for misappropriation and
several acts of "moral turpitude.

State Bar Judge Yvette D. Roland ordered Girardi, who did not
respond to the petition for disbarment, transferred to involuntary
inactive status and recommended disbarment, which will be
considered by the California justices. The California State Bar
filed its disciplinary action against Girardi in March, claiming he
stole roughly $2.26 million from his clients in three recent cases,
lied about his actions and flagrantly violated.

                       About Girardi & Keese

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

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

The petitioners' attorneys:

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

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

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

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

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


GOLDEN NUGGET: Moody's Rates New $1.85BB Secured Notes 'B1'
-----------------------------------------------------------
Moody's Investors Service assigned a B1 to Golden Nugget, LLC's
proposed $1.85 billion senior secured notes and a Caa2 to the
company's proposed $1.85 billion senior unsecured notes. All other
ratings remain unchanged. The outlook is positive. The ratings are
subject to the receipt and review of final documentation.

Proceeds from the proposed senior secured and senior unsecured
notes along with its $1.85 billion proposed senior secured term
loan B will be used to refinance all of Golden Nugget's existing
debt, fund a $250 million dividend and place an additional $650
million of cash on the balance sheet.

RATINGS RATIONALE

Golden Nugget's credit profile is constrained by its high leverage
and history of debt financed acquisitions and shareholder returns.
Moody's estimates pro forma for the January 2022 refinancing and
debt financed dividend, Golden Nugget's debt to EBITDA will be
about 6.9x for the twelve months ended September 30, 2021. Looking
forward, Moody's expects improving operating performance and the
maintenance of a lower cost structure to result in debt to EBITDA
falling toward 6.0 times over the next 12 to 18 months. However,
labor and commodity inflation present a key risk which could
pressure operating margins in 2022. Golden Nugget benefits from its
material scale, the brand value of its various restaurant and
gaming properties, good geographic diversification and very good
liquidity.

The B1 rating on the $1.85 billion senior secured notes due 2029
reflects the notes pari passu first lien secured position in the
capital structure alongside the senior secured revolver and term
loan B as well as the support received from a significant amount of
liabilities that are ranked junior to these facilities,
particularly the senior unsecured notes. The Caa2 rating on the
$1.85 billion senior unsecured notes due 2030 reflect their junior
position in the capital structure and the lack of any material
liabilities that rank junior to these notes.

Assignments:

Issuer: Golden Nugget, LLC

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

  Senior Unsecured Regular Bond/Debenture, Assigned Caa2 (LGD5)

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.

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, The Palm, 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. Revenues were approximately
$3.1 billion for the twelve months ended September 30, 2021.


GOLDEN NUGGET: S&P Rates New $1.85BB Senior Secured Notes 'B+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to Golden Nugget LLC's proposed $1.85 billion
senior secured notes due 2029. The '2' recovery rating indicates
its expectation for substantial (70%-90%; rounded estimate: 70%)
recovery for the senior secured lenders in the event of a payment
default. This reflects the notes' pari passu ranking with the
company's proposed term loan of the same size and $500 million
revolver.

S&P said, "At the same time, we assigned our 'CCC+' issue-level
rating and '6' recovery rating to Golden Nugget's proposed $1.85
billion senior unsecured notes due 2030. The '6' recovery rating
indicates our expectation for negligible (0%-10%; rounded estimate:
0%) recovery for the unsecured lenders in the event of a payment
default.

"The refinancing transaction will bolster the company's cash
balance, which it will use a portion of to fund a $250 million
dividend to its owner, Tilman Fertitta. Our 'B' issuer credit
rating and stable outlook on Golden Nugget reflect its highly
leveraged capital structure and our expectation that its good
performance will support elevated EBITDA and cash generation."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a hypothetical
default occurring in 2025 due to a substantial increase in
competitive pressure in the restaurant and gaming industries that
dampens its traffic and profitability while its ability to control
its costs is hampered by a weak economic environment. Together,
these events lead to a significant deterioration in Golden Nugget's
credit metrics and free operating cash flow generation.

-- S&P's simulated default scenario also assumes the company
reorganizes as a going concern to maximize its lenders' recovery
prospects. S&P used an enterprise valuation approach to assess its
recovery prospects and have applied a 6x multiple to its projected
emergence-level EBITDA. This is higher than the multiples S&P uses
for some of its restaurant peers to reflect its gaming operations
and its view of its competitive position.

-- S&P's recovery analysis assumes that about $425 million of
borrowings will be outstanding under the company's proposed $500
million revolving credit facility at the point of default.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: $535 million
-- Implied enterprise value (EV) multiple: 6x
-- Estimated gross EV at emergence: About $3.2 billion

Simplified waterfall

-- Net EV after 5% administrative costs: $3.1 billion

-- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0%

-- First-lien term loan and cash flow revolver claims: $2.3
billion

-- Senior secured notes claims: $1.9 billion

    --Recovery expectations: 70%-90% (rounded estimate: 70%)

-- Senior unsecured notes claims and non-debt unsecured claims:
$1.9 billion

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



GOLDEN TITLE: Seeks to Hire Wood, Smith & Ellzey as Accountant
--------------------------------------------------------------
Golden Title Loan, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ Wood, Smith,
& Ellzey CPA's, PLLC as its accountant.

The firm's services include the preparation of reports and other
accounting functions, including the Debtor's monthly operating
reports, budgets for bankruptcy reorganization, and periodic
reports required by the bankruptcy court.

As disclosed in court filings, Wood, Smith, & Ellzey is a
"disinterested person" within the meaning of Section 104 of the
Bankruptcy Code.

The firm can be reached through:

     Michael Wood, CPA
     Wood, Smith, & Ellzey CPA's PLLC
     1089 Oakhaven Road
     Memphis, TN 38119
     Phone: (901) 682-4097, Ext. 106
     Email: mwoodcpa@gmail.com

                      About Golden Title Loan

Golden Title Loan, LLC, a company engaged in the title loan
business, filed a petition for Chapter 11 protection (Bankr. W.D.
Tenn. Case No. 21-24148) on Dec. 16, 2021, listing as much as $1
million in both assets and liabilities.  Judge Denise E. Barnett
oversees the case.

The Debtor is represented by its bankruptcy counsel, John L. Ryder,
Esq., at Harris Shelton Hanover Walsh, PLLC.  Lewis Thomason, P.C.
and The Law Offices of Libby & Nahmias serve as the Debtor's
special counsel.  Wood, Smith, & Ellzey CPA's PLLC is the Debtor's
accountant.


GPMI CO: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: GPMI, Co.
        190 South McQueen Road
        Suite 102
        Gilbert, AZ 85233

Business Description: GPMI is engaged in developing new concepts,
                      innovating products, program development,
                      and marketing.  GPMI is an Arizona based
                      company established in 1989, with production
                      facilities in multiple United States
                      locations.

Chapter 11 Petition Date: January 10, 2022

Court: United States Bankruptcy Court
       District of Arizona

Case No.: 22-00150

Judge: Hon. Eddward P Ballinger Jr.

Debtor's Counsel: Steven N. Berger, Esq.
                  ENGELMAN BERGER, P.C.
                  2800 North Central Avenue
                  Suite 1200
                  Phoenix, AZ 85004
                  Tel: 602-271-9090
                  E-mail: snb@eblawyers.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Yarron Bendor, president/CEO.

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

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

https://www.pacermonitor.com/view/S56JLAI/GPMI_CO__azbke-22-00150__0001.0.pdf?mcid=tGE4TAMA


GRUPO AEROMEXICO: Plan Receives Strong Support From Creditors
-------------------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. on Jan. 11, 2022, announced that
its Reorganization Plan has received overwhelming support from
voting creditors.

On Dec. 10, 2021, the Bankruptcy Court entered an order approving
(i) the Disclosure Statement with respect to the Joint Plan of
Reorganization for Aeromexico and its subsidiaries that are debtors
in the Company's Chapter 11 restructuring process, and (ii) the
solicitation of votes on the Plan.

The solicitation process concluded on January 7, 2022, with strong
creditor support throughout the Company's and the subsidiaries'
debt structure.  Votes on account of claims totaling approximately
$2.68 billion were submitted, of which approximately 86% (or the
equivalent of approximately $2.3 billion) in votes were submitted
in favor the Plan.

On Jan. 11, a formal certification of the votes was filed with the
Court, by the Court-approved solicitation and claims agent, which
provided that the Company and each of its subsidiaries, except
Aerovias Empresa de Cargo, S.A. de C.V -- a subsidiary with less
than $2 million in claims in the aggregate -- obtained the required
affirmative votes in favor of the Plan.  The Debtors believe
certain votes were improperly cast at Cargo, and the outcome of
that vote will ultimately be determined at an upcoming hearing
before the Bankruptcy Court on the Company's motion to enforce
certain court-approved Plan support provisions.

At a Meeting held on December 21, 2021, the Board of Directors
resolved that a Shareholders Meeting will be held on January 14,
2022, to discuss and adopt the corporate resolutions required to
effectuate the Plan, which would be subject to the occurrence of
the "Effective Date" under the Plan.

The Court hearing to consider confirmation of the Plan is scheduled
to begin January 27, 2022.

The conclusion of voting and the strong support from the Company's
creditors represents a key milestone in Aeromexico's restructuring
process and well-positions the Company to obtain Court approval of
the Plan.  Aeromexico will continue working with all of its key
stakeholders to obtain Court approval of the Plan and emerge from
Chapter 11 as expeditiously as possible, following the Effective
Date under the Plan.

                    About Grupo Aeromexico

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

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

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

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



GS MORTGAGE 2022-PJ1: Moody's Gives (P)B3 Rating to Cl. B-5 Debt
----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to 38
classes of residential mortgage-backed securities (RMBS) issued by
GS Mortgage-Backed Securities Trust 2022-PJ1. The ratings range
from (P)Aaa (sf) to (P)B3 (sf).

GS Mortgage-Backed Securities Trust 2022-PJ1 (GSMBS 2022-PJ1) is
the first prime jumbo transaction in 2022 issued by Goldman Sachs
Mortgage Company (GSMC), the sponsor and the primary mortgage loan
seller. Overall, pool strengths include the high credit quality of
the underlying borrowers, indicated by high FICO scores, strong
reserves for prime jumbo borrowers, mortgage loans with fixed
interest rates and no interest-only loans. As of the cut-off date,
none of the mortgage loans are subject to a COVID-19 related
forbearance plan.

GSMC is a wholly owned subsidiary of Goldman Sachs Bank USA and
Goldman Sachs. The mortgage loans for this transaction were
acquired by GSMC, the sponsor and the primary mortgage loan seller
(approximately 98.1% by UPB), and MCLP Asset Company, Inc. (MCLP)
(approximately 1.9% by UPB), the mortgage loan sellers, from
certain of the originators or the aggregator, MAXEX Clearing LLC
(which aggregated 3.2% of the mortgage loans by UPB).

NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint) will
service 100.0% (by loan balance) Computershare Trust Company, N.A.
(Computershare) will be the master servicer for this transaction.

Moody's analyzed the underlying mortgage loans using Moody's
Individual Loan Analysis (MILAN) model. In addition, Moody's
adjusted its losses based on qualitative attributes, including
origination quality, the strength of the R&W framework and
third-party review (TPR) results.

Distributions of principal and interest and loss allocations are
based on a typical shifting interest structure with a five-year
lockout period that benefits from a senior and subordination floor.
Moody's coded the cash flow to each of the certificate classes
using Moody's proprietary cash flow tool.

The complete rating actions are as follows:

Issuer: GS Mortgage-Backed Securities Trust 2022-PJ1

Cl. A-1, Rating Assigned (P)Aaa (sf)

Cl. A-2, Rating Assigned (P)Aaa (sf)

Cl. A-3, Rating Assigned (P)Aa1 (sf)

Cl. A-4, Rating Assigned (P)Aa1 (sf)

Cl. A-5, Rating Assigned (P)Aaa (sf)

Cl. A-6, Rating Assigned (P)Aaa (sf)

Cl. A-7, Rating Assigned (P)Aaa (sf)

Cl. A-7-X*, Rating Assigned (P)Aaa (sf)

Cl. A-8, Rating Assigned (P)Aaa (sf)

Cl. A-9, Rating Assigned (P)Aaa (sf)

Cl. A-10, Rating Assigned (P)Aaa (sf)

Cl. A-11, Rating Assigned (P)Aaa (sf)

Cl. A-11-X*, Rating Assigned (P)Aaa (sf)

Cl. A-12, Rating Assigned (P)Aaa (sf)

Cl. A-13, Rating Assigned (P)Aaa (sf)

Cl. A-14, Rating Assigned (P)Aaa (sf)

Cl. A-15, Rating Assigned (P)Aaa (sf)

Cl. A-15-X*, Rating Assigned (P)Aaa (sf)

Cl. A-16, Rating Assigned (P)Aaa (sf)

Cl. A-17, Rating Assigned (P)Aaa (sf)

Cl. A-17-X*, Rating Assigned (P)Aaa (sf)

Cl. A-18, Rating Assigned (P)Aaa (sf)

Cl. A-18-X*, Rating Assigned (P)Aaa (sf)

Cl. A-19, Rating Assigned (P)Aaa (sf)

Cl. A-20, Rating Assigned (P)Aaa (sf)

Cl. A-21, Rating Assigned (P)Aa1 (sf)

Cl. A-X-1*, Rating Assigned (P)Aa1 (sf)

Cl. A-X-2*, Rating Assigned (P)Aaa (sf)

Cl. A-X-3*, Rating Assigned (P)Aa1 (sf)

Cl. A-X-4*, Rating Assigned (P)Aa1 (sf)

Cl. A-X-5*, Rating Assigned (P)Aaa (sf)

Cl. A-X-9*, Rating Assigned (P)Aaa (sf)

Cl. A-X-13*, Rating Assigned (P)Aaa (sf)

Cl. B-1, Rating Assigned (P)Aa3 (sf)

Cl. B-2, Rating Assigned (P)A3 (sf)

Cl. B-3, Rating Assigned (P)Baa3 (sf)

Cl. B-4, Rating Assigned (P)Ba3 (sf)

Cl. B-5, Rating Assigned (P)B3 (sf)

*Reflects Interest-Only Classes

RATINGS RATIONALE

Summary Credit Analysis and Rating Rationale

Moody's expected loss for this pool in a baseline scenario-mean is
0.49%, in a baseline scenario-median is 0.31% and reaches 3.71% at
stress level consistent with our Aaa rating.

Moody's said, "We base our ratings on the certificates on the
credit quality of the mortgage loans, the structural features of
the transaction, our assessments of the origination quality and
servicing arrangement, strength of the TPR and the R&W framework of
the transaction."

Collateral Description

As of the December 1, 2021 cut-off date, the aggregate collateral
pool comprises 672 (96.8% by UPB) prime jumbo (non-conforming) and
90 (3.2% by UPB) conforming, 30-year loan-term, fully-amortizing
fixed-rate mortgage loans, none of which have the benefit of
primary mortgage guaranty insurance, with an aggregate stated
principal balance (UPB) $789,150,675 and a weighted average (WA)
mortgage rate of 3.0%. The WA current FICO score of the borrowers
in the pool is 772. The WA Original LTV ratio of the mortgage pool
is 70.8%, which is in line with GSMBS 2021-PJ11 and also with other
prime jumbo transactions. Top 10 MSAs comprise 59.5% of the pool,
by UPB. The high geographic concentration in high cost MSAs is
reflected in the high average balance of the pool ($1,035,631).

All the mortgage loans in the aggregate pool are QM, with the prime
jumbo non-conforming mortgage loans meeting the requirements of the
QM-Safe Harbor rule (Appendix Q) or the new General QM rule (see
below), and the GSE eligible mortgage loans meeting the temporary
QM criteria applicable to loans underwritten in accordance with GSE
guidelines. The other characteristics of the mortgage loans in the
pool are generally comparable to that of GSMBS 2021-PJ11 and recent
prime jumbo transactions.

A portion of the loans purchased from various sellers into the pool
were originated pursuant to the new general QM rule (82.7% of the
pool by loan balance). The majority of these loans are UWM loans
underwritten to GS AUS underwriting guidelines. The third-party
reviewer verified that the loans' APRs met the QM rule's
thresholds. Furthermore, these loans were underwritten and
documented pursuant to the QM rule's verification safe harbor via a
mix of the Fannie Mae Single Family Selling Guide, the Freddie Mac
Single-Family Seller/Servicer Guide, and applicable program
overlays. As part of the origination quality review and in
consideration of the detailed loan-level third-party diligence
reports, which included supplemental information with the specific
documentation received for each loan, Moody's concluded that these
loans were fully documented loans, and that the underwriting of the
loans is acceptable. Therefore, Moody's ran these loans as "full
documentation" loans in its MILAN model, but increased its Aaa and
expected loss assumptions due to the lack of performance, track
records and substantial overlays of the AUS-underwritten loans.

Aggregator/Origination Quality

GSMC is the loan aggregator and the primary mortgage seller for the
transaction. GSMC's general partner is Goldman Sachs Real Estate
Funding Corp. and its limited partner is Goldman Sachs Bank USA.
Goldman Sachs Real Estate Funding Corp. is a wholly owned
subsidiary of Goldman Sachs Bank USA. GSMC is an affiliate of
Goldman Sachs & Co. LLC. GSMC is overseen by the mortgage capital
markets group within Goldman Sachs. Senior management averages 16
years of mortgage experience and 15 years of Goldman Sachs tenure.
The mortgage loans for this transaction were acquired by GSMC, the
sponsor and the primary mortgage loan seller (98.1% by UPB), and
MCLP Asset Company, Inc. (MCLP) (1.9% by UPB), the mortgage loan
sellers, from certain of the originators or the aggregator, MAXEX
Clearing LLC (which aggregated 3.2% of the mortgage loans by UPB).
The mortgage loans in the pool are underwritten to either GSMC's
underwriting guidelines, or seller's applicable guidelines. The
mortgage loan sellers do not originate any mortgage loans,
including the mortgage loans included in the mortgage pool.
Instead, the mortgage loan sellers acquired the mortgage loans
pursuant to contracts with the originators or the aggregator.

Moody's said, "Overall, we consider GSMC's aggregation platform to
be comparable to that of peer aggregators and therefore did not
apply a separate loss-level adjustment for aggregation quality. In
addition to reviewing GSMC's aggregation quality, we have also
reviewed the origination quality of each of the originators which
contributed at least approximately 10% of the mortgage loans (by
UPB) to the transaction. For these originators, we reviewed their
underwriting guidelines, performance history, and quality control
and audit processes and procedures (to the extent available,
respectively). Approximately 35.2% and 11.0% of the mortgage loans,
by UPB as of the cut-off date, were originated by United Wholesale
Mortgage, LLC (UWM) and loanDepot.com, LLC respectively. No other
originator or group of affiliated originators originated more than
approximately 10% of the mortgage loans in the aggregate. We
increased our base case and Aaa loss expectations for certain
originators of non-conforming loans where we do not have clear
insight into the underwriting practices, quality control and credit
risk management (neutral for CrossCountry Mortgage, Guaranteed
Rate, loanDepot.com, LLC, NewRez LLC, Caliber Homes and Proper Rate
under the old QM guidelines). We did not make an adjustment for
GSE-eligible loans, regardless of the originator, since those loans
were underwritten in accordance with GSE guidelines.We made an
adjustment to our losses for loans originated by UWM primarily due
to the fact that underwriting prime jumbo loans mainly through DU
is fairly new and no performance history has been provided to
Moody's on these types of loans. More time is needed to assess
UWM's ability to consistently produce high-quality prime jumbo
residential mortgage loans under this program. Also, we applied an
adjustment for loanDepot loans originated under the new QM rules as
more time is needed to fully evaluate this origination program."

Servicing Arrangement

Moody's added, "We consider the overall servicing arrangement for
this pool to be adequate, and as a result we did not make any
adjustments to our base case and Aaa stress loss assumptions based
on the servicing arrangement."

Shellpoint will act as the servicer for this transaction.
Shellpoint will service 100.0% of the pool by balance. Shellpoint
is an approved servicer in good standing with Ginnie Mae, Fannie
Mae and Freddie Mac. Shellpoint's primary servicing location is
located in Greenville, South Carolina. Shellpoint services
residential mortgage assets for investors that include banks,
financial services companies, GSEs and government agencies.
Furthermore, Computershare as master servicer.

Computershare is a national banking association and a wholly-owned
subsidiary of Computershare Ltd. (Baa2, long term rating), an
Australian financial services company with over $5 billion (USD) in
assets as of June 30, 2021. Computershare Ltd. and its affiliates
have been engaging in financial service activities, including stock
transfer related services since 1997, and corporate trust related
services since 2000.

Third-party Review

The transaction benefits from TPR on 100% of the mortgage loans for
regulatory compliance, credit and property valuation. The TPR
results confirm compliance with the originator's underwriting
guidelines for the vast majority of loans, no material regulatory
compliance issues, and no material property valuation issues. The
loans that had exceptions to the originator's underwriting
guidelines had significant compensating factors that were
documented.

Similar to GSMBS 2021-PJ11, a relatively high number of the B
graded exceptions were related to title insurance, compared to
those in prime transactions we recently rated. While many of these
may be rectified in the future by the servicer or by subsequent
documentation, there is a risk that these exceptions could impair
the deal's insurance coverage if not rectified and because the R&Ws
specifically exclude these exceptions. We have considered this risk
in our analysis.

Representations & Warranties

Moody's said, "GSMBS 2022-PJ1's R&W framework is in line with that
of prior GSMBS transactions we have rated where an independent
reviewer is named at closing, and costs and manner of review are
clearly outlined at issuance. Our review of the R&W framework takes
into account the financial strength of the R&W providers, scope of
R&Ws (including qualifiers and sunsets) and the R&W enforcement
mechanism. The loan-level R&Ws meet or exceed the baseline set of
credit-neutral R&Ws we have identified for US RMBS. R&W breaches
are evaluated by an independent third-party using a set of
objective criteria. The transaction requires mandatory independent
reviews of mortgage loans that become 120 days delinquent and those
that liquidate at a loss to determine if any of the R&Ws are
breached. There is a provision for binding arbitration in the event
of a dispute between the trust and the R&W provider concerning R&W
breaches.

"The creditworthiness of the R&W provider determines the
probability that the R&W provider will be available and have the
financial strength to repurchase defective loans upon identifying a
breach. An investment-grade rated R&W provider lends substantial
strength to its R&Ws. We analyze the impact of less creditworthy
R&W providers case by case, in conjunction with other aspects of
the transaction. Here, because most of the R&W providers are
unrated and/or exhibit limited financial flexibility, we applied an
adjustment to the mortgage loans for which these entities provided
R&Ws. In addition, a R&W breach will be deemed not to have occurred
if it arose as a result of a TPR exception disclosed in Appendix I
of the Private Placement Memorandum. There were a relatively high
number of B-grade exceptions in the TPR review, the disclosure of
which weakens the R&W framework."

Tail Risk and Locked Out Percentage

The transaction cash flows follow a shifting interest structure
that allows subordinated bonds to receive principal payments under
certain defined scenarios. Because a shifting interest structure
allows subordinated bonds to pay down over time as the loan pool
balance declines, senior bonds are exposed to eroding credit
enhancement over time, and increased performance volatility as a
result. To mitigate this risk, the transaction provides for a
senior subordination floor of 0.85% of the cut-off date pool
balance, and as subordination lock-out amount of 0.85% of the
cut-off date pool balance. The floors are consistent with the
credit neutral floors for the assigned ratings according to Moody's
methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down. Losses could rise above Moody's original expectations
as a result of a higher number of obligor defaults or deterioration
in the value of the mortgaged property securing an obligor's
promise of payment. Transaction performance also depends greatly on
the US macro economy and housing market. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud.

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings up. Losses could decline from Moody's original
expectations as a result of a lower number of obligor defaults or
appreciation in the value of the mortgaged property securing an
obligor's promise of payment. Transaction performance also depends
greatly on the US macro economy and housing market.


HARDY ALLOYS: Unsecureds Will Get 12% in Subchapter V Plan
----------------------------------------------------------
Hardy Alloys Inc. filed with the U.S. Bankruptcy Court for the
Western District of Texas a Subchapter V Plan of Reorganization.

The Debtor operates as a broker for alloy materials and related
products. More specifically, the Debtor supplies high-quality
stainless steel products from domestic and foreign manufactures.
The Debtor offers a wide range of materials in commercial grade
stainless steel and special alloys for all piping and fluid control
requirements.

The COVID epidemic hit Debtor pretty hard as business essentially
came to a stand-still. The disruption of the supply chain affected
orders and sales. During that time, the Debtor was unable to make a
payment to a supplier.  That supplier has initiated legal
proceeding against the Debtor in state court.  The total amount due
to the supplier is approximately $320,000.

In July of 2021, a lawsuit was initiated against the Debtor in
attempt to collect on that receivable.  Such collection activity
ran the risk of interference with all business activity for the
Debtor.  The Debtor was left with no choice other than file another
chapter 11 bankruptcy.

The Debtor is proposing a plan of reorganization that contemplates
the repayment of all secured and priority unsecured claims as well
as a 12% dividend payout to all general unsecured creditors.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow generated by the sale of the Ranch and by net income
generated by the operation of Debtor's business.  The Debtor plans
to pay-off 12% of its existing general unsecured creditor
liabilities.  All allowed administration expenses, secured claims
and priority unsecured claims will be paid in full.

Class 1 consists of the Secured Claim of U.S. Small Business
Administration. Claim to be paid in as per the terms of the
promissory note beginning August 1, 2022.

Class 2 consists of Non-priority Unsecured Claims. All claims to be
paid in pro-rata monthly payment in a variable amount over the 36
month term of the Plan for a total amount of $50,400.00, or 12% of
the unsecured claims total.

The Ranch is currently listed with a licensed real estate broker
and Debtor expects to generate sufficient proceeds after the
payment of brokers fees and selling expenses to pay the claims of
Class 2 in full upon closing of the sale of the Ranch.
Additionally, Debtor has sufficient cash flow to meet the
obligation of monthly plan payment in the amount of $3,485.77.

A full-text copy of the Subchapter V Plan dated Jan. 3, 2022, is
available at https://bit.ly/3r2G6qB from PacerMonitor.com at no
charge.

Attorney for Debtor:

     Morris E. "Trey" White III, Esq.
     Villa & White LLP
     1100 Northwest Loop 410, Suite 802
     San Antonio, TX 78213
     Phone: +1 210-225-4500
     E-mail: treywhite@villawhite.com

                   About Hardy Alloys Inc.

Hardy Alloys, Inc., filed a petition for Chapter 11 protection
(Bankr. W.D. Texas Case No. 21-51184) on Sept. 30, 2021, listing
under $1 million in both assets and liabilities.  Morris E. White
III, Esq., at Villa & White, LLP, is the Debtor's legal counsel.


HILLTOP AT DIA: Feb. 3 Hearing on Disclosure Statement Set
----------------------------------------------------------
Judge Thomas B. McNamara, entered an order that the Hilltop at Dia,
LLC's Disclosure Statement for the First Amended Plan of
Reorganization dated Dec. 21, 2021, is conditionally approved.  

Objections to the Plan and the Disclosure Statement are due Jan.
27, 2022.

Objections, if any, to the Disclosure Statement or Plan shall be
filed on served so as to be actually received on or before on the
later of January 18, 2022.

                      About Hilltop at DIA

Englewood, Colo.-based Hilltop at DIA, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-13309) on June 23, 2021, listing as much as $50 million in both
assets and liabilities.  Judge Thomas B. McNamara oversees the
case.  Onsager Fletcher Johnson, LLC is the Debtor's legal counsel.


INTERNATIONAL PETROLEUM: S&P Assigned 'B' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Vancouver, B.C.-based exploration and production (E&P) company
International Petroleum Corp. (IPC).

S&P Global Ratings also assigned its 'B+' senior unsecured debt
issue rating to IPC's proposed US$300 million debt issue. The
recovery rating is '2', which indicates S&P's expectation of
substantial recovery for debtholders under its simulated default
scenario.

IPC's heavy oil exposure amplifies revenue and cash flow
volatility. With heavy oil continuing to represent a large portion
of IPC's product mix, estimated to account for about half of S&P's
projected daily average production, the company's revenue and cash
flow generation will remain vulnerable to both West Texas
Intermediate (WTI) price and Western Canadian Select (WCS)
differential volatility. The combined exposure contributes to
amplified cash flow volatility. During the 2020 COVID-19
pandemic-related downturn, IPC's fully adjusted funds from
operations (FFO)-to-debt ratio deteriorated below 20% from about
70% in 2019; heavy oil accounted for 43%and 42%, respectively, of
the company's product mix in 2019 and 2020. Although S&P's
base-case scenario assumes a constant US$15 per barrel WCS
differential during its 2022-2023 forecast period, an unanticipated
US$5 increase in the WCS differential would cause IPC's annual
fully adjusted FFO-to-debt ratio to fall by one rating category. As
heavy oil continues to account for a significant portion of the
company's daily average production during S&P's cash flow forecast
period, IPC's cash flow and leverage metrics will remain vulnerable
to WCS fluctuations. Despite the potential cash flow volatility
inherent in the company's product mix, S&P Global Ratings
attributes little risk to its near-to-medium term production
forecasts for the company, due to the high (63%) proved developed
(PD) component of IPC's reported year-end 2020 170 million barrels
of oil equivalent (boe) net proven reserves. Furthermore, IPC's
consolidated decline rate of less than 10% should limit future
finding and development cost increases.

The company's heavy oil focused product mix limits profitability
upside. The high proportion of heavy oil in IPC's product mix, and
associated exposure to the WCS differential, will likely continue
to constrain the company's profitability in the mid-range of the
E&P peer group ranking for both its unit earnings before interest
and taxes (EBIT), and return on capital (RoC). Supported by the
recent increase in WTI benchmark prices and the narrowing of the
WCS differential, IPC has restarted some higher-cost production in
Canada (heavy oil and some small conventional fields). As a result
of higher production costs for these incremental barrels, in
conjunction with higher natural gas fuel costs for its thermal
heavy oil production, the company expects full year 2021 cash
operating costs (excluding diluent blending costs) will increase to
about US$15.50 per boe from US$12.80 per boe consolidated operating
costs in 2019. S&P said, "Despite the projected higher operating
costs, we estimate the company's five-year (2019-2023)
profitability metrics, both its unit EBIT and RoC, rank in the
mid-range of the E&P peer group ranking. Specifically, we estimate
the five-year unit EBIT and RoC at US$0.70 per thousand cubic feet
equivalent and 9.7%, respectively. Although the company's
profitability can deteriorate significantly at troughs in the
hydrocarbon price cycle, due to the compounding effects of low oil
prices and the heavy oil quality differential (for example, IPC's
RoC fell to negative 2% in 2020 from 12.8% in 2019), our projected
RoC should remain within the mid-range of the E&P peer group
ranking at our reduced 2023 oil and gas price assumptions."

S&P said, "Projected positive discretionary cash flow in each of
our forecast years should ensure gross fully adjusted debt does not
increase. Although our fully adjusted FFO-to-debt ratio weakens
beyond 2022, in tandem with our reduced oil and gas price
assumptions in that year, we expect IPC will generate sufficient
internal cash flow to fully fund projected capital spending to
maintain production at the level we are estimating for 2022. Our
base-case scenario estimates IPC will generate meaningful free
operating cash flow during our 2022-2023 forecast period, which we
believe the company will likely allocate to future
acquisition-related growth. Net of our assumed share repurchases
during the forecast period, we estimate IPC could generate positive
discretionary cash flow of more than US$300 million between 2021
and 2023.

"The stable outlook reflects S&P Global Ratings' expectation that
IPC should be able to achieve targeted production in all operating
regions, and generate sufficient internal cash flow to fully fund
all spending requirements. Moreover, maintaining total cash
operating and full cycle costs within our projected ranges should
ensure the company generates positive discretionary free cash flow,
which could partially fund future organic or acquisition-related
growth.

"In the absence of a material expansion of its operational scale,
or strengthened profitability, we could raise the issuer credit
rating to 'B+', if IPC is able to strengthen and sustain its
weighted-average FFO-to-debt ratio above 45% at our reduced
long-term oil and gas price assumptions. Alternatively, expanded
operational diversification that increases its scale and reduces
the portion of heavy oil in the company's product mix, and the
company's ability to consistently generate profitability metrics in
the upper quartile of the E&P peer group ranking could strengthen
its business risk profile, and support a 'B+' credit rating.

"We would lower the rating, if IPC's cash flow generation
deteriorated and its leverage increased such that its two-year
average FFO-to-debt ratio fell to the lower end of the 12%-20%
range. With heavy oil accounting for half of IPC's daily average
production, the company's cash flow metrics could weaken to this
level during a prolonged period of very weak WTI prices or
wider-than-anticipated heavy oil price discounts."

ESG Credit Indicators

Scores: E-4, S-3, G-2

Climate transition risk; Social capital

Environmental and social factors are negative and moderately
negative considerations in our credit rating analysis of IPC. S&P
Global Ratings' perception of heightened industry risk for the
global oil and gas industry, underpinned by the risks inherent in
the emerging energy transition, the industry's deteriorated
profitability over the past decade, and a muted growth outlook have
collectively contributed to weaker credit fundamentals for global
oil and gas producers. Specific to IPC, as heavy oil accounts for
half of its daily average production, the high greenhouse gas
emissions associated with heavy oil production influence S&P's
assessment of the company's cost structure, profitability, and
rating. In addition, we believe the company's credit profile is
somewhat constrained by the social risks in the supply chain.
Notably, the protracted delays in completing new Canadian export
pipeline projects drove heavy oil price differentials well above
pipeline transportation costs in the recent past. Furthermore, the
uncertain outlook for meaningful future pipeline capacity
expansions has tempered the growth outlook for Canadian crude oil
production.



ION GEOPHYSICAL: Misses $12.3 Million Notes Payment
---------------------------------------------------
ION Geophysical Corporation disclosed that it elected to miss the
Dec. 15, 2021 due date to pay the outstanding principal and
interest (a combined total of $7.7 million) on its 9.125% notes, as
well as the interest payment (totaling $4.6 million) on its 8.00%
senior secured second priority notes due in 2025.  Missing payment
on the 2021 notes does not result in any cross default on the
company's outstanding indebtedness or its credit facility.  Under
the 2025 notes, the company still has a 30-day grace period to cure
missed interest payments.

As announced on Sept. 15, 2021, the company initiated a review of
its strategic alternatives.  This review has since advanced to the
stage where the company may implement one or more transactions to
improve its capital structure and achieve a more stable financial
position.  Pending the outcome of these potential transactions and
ongoing discussions with its key stakeholders, the company elected
to defer making these payments in order to protect the value of the
enterprise and preserve liquidity as these matters continue to
advance.  During this process, ION will continue servicing its
clients and operating the business as usual.

                             About ION

Headquartered in Houston, Texas, ION (NYSE: IO) --
http://www.iongeo.com-- is an innovative, asset light global
technology company that delivers powerful data-driven
decision-making offerings to offshore energy, ports and defense
industries.  The Company is entering a fourth industrial revolution
where technology is fundamentally changing how decisions are made.
The Company provides its services and products through two business
segments -- E&P Technology & Services and Operations Optimization.

ION Geophysical reported a net loss of $37.11 million for the year
ended Dec. 31, 2020, compared to a net loss of $47.21 million on
$174.68 million for the year ended Dec. 31, 2019.  As of Sept. 30,
2021, the Company had $190.91 million in total assets, $256.07
million in total liabilities, and a total deficit of $65.17
million.

Houston, Texas-based Grant Thornton LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated Feb. 11, 2021, citing that as of Dec. 31, 2020, the Company
had outstanding $120.6 million aggregate principal amount of its
9.125% Senior Secured Second Priority Notes, which mature on Dec.
15, 2021.  The Notes, classified as current liabilities, caused the
Company's current liabilities to exceed its current assets by
$150.9 million and its total liabilities exceeds its total assets
by $71.1 million.  These conditions, along with other matters,
raise substantial doubt about the Company's ability to continue as
a going concern.

                             *   *   *

As reported by the TCR on Jan. 6, 2022, S&P Global Ratings lowered
its issuer credit rating on U.S.-based marine seismic data company
ION Geophysical Corp. to 'D' from CCC'.  S&P said the downgrade
reflects ION Geophysical's missed interest and principal payments
on its 8% senior secured notes due 2025 and its 9.125% unsecured
notes due 2021.


JACKSON FINANCIAL: Fitch Withdraws BB+ on Series A Preferred Stock
------------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+' rating assigned to Jackson
Financial Inc.'s delayed issuance of series A preferred stock. The
ratings previously assigned to Jackson and its insurance operating
subsidiaries are unaffected by the rating action.

Fitch is withdrawing the 'BB+' rating assigned to the series A
preferred stock as the securities were cancelled prior to
issuance.

KEY RATING DRIVERS

The rating has been withdrawn following Jackson's decision to delay
the issuance of the series A preferred stock.

RATING SENSITIVITIES

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

-- Significant diversification of Jackson's liability profile;

-- Improved capital metrics for Jackson, as measured by a Prism
    capital score consistently above 'Strong'.

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

-- An increase in the degree of reported financial performance
    volatility driven by equity market volatility, a low-for-long
    interest rate environment and broader macroeconomic-related
    headwinds;

-- A decline in Jackson's Prism capital-model output consistently
    below 'Strong', along with declines in reported risk-based
    capital ratio and profitability;

-- Financial leverage consistently in excess of 25%;

-- Fixed charge coverage that consistently falls below 7.0x;

-- Unexpected economic or operational disruptions as a result of
    Jackson's transition to a standalone company.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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


JAGUAR HEALTH: Oasis Capital Has 9.99% Stake as of Jan. 11
----------------------------------------------------------
Oasis Capital, LLC disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Jan. 11, 2022, it
beneficially owns 4,604,484 shares of common stock of Jaguar
Health, Inc., representing 9.99 percent of the shares outstanding.
This percentage is calculated based on approximately 46,090,931
shares of common stock outstanding of Jaguar Health.  

Oasis Capital is deemed to beneficially own 9.99% of the common
stock of Jaguar Health, as a result of its equity purchase
agreement, which gives it the rights to own an aggregate number of
shares of the company's common stock in an amount not to exceed
9.99% of shares of common stock then outstanding.  A full-text copy
of the regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/0001585608/000121390022001543/ea153861-13goasiscap_jaguar.htm

                        About Jaguar Health

Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial
stage pharmaceuticals company focused on developing novel,
sustainably derived gastrointestinal products on a global basis.
The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc.,
focuses on developing and commercializing proprietary human
gastrointestinal pharmaceuticals for the global marketplace from
plants used traditionally in rainforest areas.  Its Mytesi
(crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.

Jaguar Health reported a net loss and comprehensive loss of $33.81
million for the year ended Dec. 31, 2020, a net loss and
comprehensive loss of $38.54 million for the year ended Dec. 31,
2019, and a net loss of $32.15 million for the year ended Dec. 31,
2018.  As of Sept. 30, 2021, the Company had $59.26 million in
total assets, $37.70 million in total liabilities, and $21.55
million in total stockholders' equity.


KELLEY HYDRAULICS: Continued Operations to Fund Plan
----------------------------------------------------
Kelley Hydraulics, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of Texas a Subchapter V Plan of
Reorganization dated Jan. 03, 2022.

KHI is the owner of a ±10 acre tract of real property near Waller,
Waller County, Texas (the "Subject Property") that serves as the
location of the hydraulics repair business of KHI and also serves
as the homestead of Joe Kelley.

KHI commenced the Chapter 11 case (under Subchapter V)  in order to
stop the foreclosure of the Subject Property by the first lien
holder Next Level and following the exhaustion of attempts to delay
foreclosure in order to potentially resolve the first lien
indebtedness.

Class 1 consists of the allowed secured claim of Waller County and
other governmental entities with respect to 2021 ad valorem taxes
related to the Subject Property and due and payable by January 31,
2022. The Debtor/Reorganized Debtor shall pay allowed claims in
this class over in regular installments paid over a period not
exceeding 5 years from the order of relief, which is estimated to
be a period of 54 months from the anticipated Effective Date. All
statutory tax liens will remain intact. Alternatively, if
sufficient cash is available, the Debtor may pay all such taxes on
or before the normal statutory due date of January 31, 2022.

Class 2 consists of the allowed secured claim of Waller County and
other governmental entities with respect to 2021 ad valorem taxes
related to the business personal property of KHI and due and
payable in 2022. The Debtor/Reorganized Debtor shall pay allowed
claims in this class over in regular installments paid over a
period not exceeding 5 years from the Petition Date, which is
estimated to be a period of 54 months from the anticipated
Effective Date. All statutory tax liens will remain intact.
Alternatively, if sufficient cash is available, the Debtor may pay
all such taxes on or before the normal statutory due date of
January 31, 2022.

Class 3 consists of Next Level Capital Group ("NLCG ") Claim. The
treatment of Next Level will be effectuated by a Forbearance
Agreement to be entered into among KHI, Joe Kelley, and Next Level.
KHI will pay the allowed secured claim of NLCG in full on or before
June 30, 2022 a sale of some or all of the Subject Property or by a
refinance of the Subject Property. KHI will resume normal debt
service as required under the Note commencing with the first
payment that is on April 1, 2022.

Class 5 general unsecured creditors consist of general unsecured
claims in aggregate minimum amount of at least / approximately
$12,158.00, which derives from the IRS estimated claim. The Debtor
anticipates that this amount will be reduced and/or eliminated upon
the completion and filing of the 2019 and 2020 tax returns. The
Class 5 creditors will receive a pro rata distribution of the net
disposable income of the Debtor to allow Class 5 claims, to be paid
pro rata to such class in equal installments over 60 months from
the Effective Date. This class is impaired.

Payments and distributions under the Plan will be funded
going-forward by business operations of KHI. The reorganized KHI
shall be the disbursing agent for payments under the Plan, or, in
the event of a confirmation under Code §1191(b), then the
Subchapter V Trustee shall act as the disbursing agent.

A full-text copy of the Subchapter V Plan dated Jan. 03, 2022, is
available at https://bit.ly/3GfmhTx from PacerMonitor.com at no
charge.

Proposed Counsel to the Debtor:

     Jeff Carruth, Esq.
     Weycer, Kaplan, Pulaski, & Zuber, P.C.
     3030 Matlock Road, Suite 201
     Arlington, TX 76105
     Tel: (713) 341-1158
     Fax: (866) 666-5322
     E-mail: jcarruth@wkpz.com

          - and -

     Christopher M. Lee
     LEE LAW FIRM, PLLC
     8701 Bedford Euless Rd, Ste 510
     Hurst, TX 76053
     Tel: 469-646-8995
     Fax: 469-694-1059

                  About Kelley Hydraulics Inc.

Kelley Hydraulics, Inc. filed a petition for Chapter 11 protection
(Bankr. S.D. Tex. Case No. 21-33269) on Oct. 5, 2021, listing as
much as $50,000 in both assets and liabilities.  Joe Kelley,
president and director, signed the petition.

Judge Marvin Isgur oversees the case.

The Debtor tapped Jeff Carruth, Esq., at Weycer, Kaplan, Pulaski, &
Zuber, P.C., as legal counsel.


LATAM AIRLINES: UST Wants Opt-In Procedure in Plan
--------------------------------------------------
William K. Harrington, the United States Trustee for Region 2
submitted an objection to the Revised Disclosure Statement to the
Joint Plan Of Reorganization of LATAM Airlines Group S.A. et al.

According to the U.S. Trustee, the Disclosure Statement should not
be approved because the Plan fails to provide an Opt-In procedure
in order to impose non-consensual third-party releases upon
creditors and equity interest holders.

The U.S. Trustee avers that while seeking to implement the
disfavored Opt-out procedure, the Disclosure Statement fails to
provide creditors and equity interest holders with sufficient
information to allow them to make an informed choice as to whether
to approve or reject the Revised Joint Plan Of Reorganization Of
LATAM Airlines Group S.A. et al., Under Chapter 11 Of The
Bankruptcy Code dated Dec. 17, 2021.  The Disclosure Statement
fails to provide adequate information justifying the non-consensual
non-debtor releases that will be imposed under the Plan.  Two out
of eleven Classes are entitled to vote, and four classes will have
reinstated claims not subject to the releases, while all remaining
non-voting classes will be subject to the Plan's non-consensual
releases.

Moreover, according to the U.S. Trustee, the Plan fails to provide
for a creditor or interest holder to affirmatively consent to a
third party release through an Opt-in procedure. Instead, the Plan
provides for an Opt-Out1 procedure for classes entitled vote and
then imposes consent or "deems" consent upon any creditor that
either (i) abstains from voting or that (ii) votes to reject the
Plan but neglects to separately Opt-Out of the releases.
Affirmative consent through an Opt-In Form, however, would be the
clearest and most transparent procedure to demonstrate informed and
knowing consent with respect to third party releases, and the
Disclosure Statement should explain why the Opt-Out procedure set
forth in the Plan is justified and effectively demonstrates that
the creditors knowingly consented to the releases. Even if an
Opt-out procedure were to be approved, the Disclosure Statement
should affirmatively state that Opt-out designations will be
honored, or, if not, why not.

According to the U.S. Trustee, if, in fact, the Debtors seek to
impose releases upon holders of non-voting claims or interests, the
Plan must make that intent clear, and provide for a means of
allowing the affected party to affirmatively consent to such
releases. As Judge Wiles discussed in Chassix, 2 creditors whose
rights do not simply pass through the bankruptcy process are not
truly unimpaired. Accordingly, these classes should be provided
with a Notice of Non-voting status with an optional Release Opt-In
Form.

The U.S. Trustee avers that if the Plan seeks to impose
non-consensual third-party releases, the Disclosure Statement
should provide adequate information regarding what the Debtors
consider to be the rare and exceptional circumstances that would
justify this Court imposing a third-party release on a
non-consenting creditor or interest holder, when there is no
statutory justification for the same. The Disclosure Statement
provides no information concerning any unique circumstances that
would justify such extraordinary relief or what statutory provision
under the Bankruptcy Code authorizes such releases. As such,
without further clarification, the releases do not appear to
comport with Second Circuit law or the Bankruptcy Code, and the
Debtors should provide information to explain why they believe
otherwise.

Finally, the Disclosure Statement should provide sufficient
information to determine whether the Management Incentive Plan
complies with Section 503(c) of the Bankruptcy Code.

Respectfully submitted:

     WILLIAM K. HARRINGTON
     UNITED STATES TRUSTEE, Region 2
     Brian S. Masumoto
     Trial Attorney
     201 Varick Street, Room 1006
     New York, New York 10014
     Tel. (212) 510-0500

                  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: Messy Auction Generates Increased Recoveries
----------------------------------------------------------
In an article for Lexology.com, Squire Patton Boggs' Kyle F.
Arendsen said Limetree Bay Services LLC, et al.'s auction disorder
is actually bringing increased creditor recoveries.

Bankruptcy professionals, financially distressed companies and
acquirers of distressed assets can learn valuable lessons from this
odd bankruptcy auction process, according to Arendsen, which shows
the importance of (1) debtors preserving their flexibility during
an auction, and (2) investors having appropriate expectations and
resources before bidding on a debtor's assets. Contentious auctions
are nothing new, but the unique facts in Limetree Bay highlight
these critical principles.

                       The Initial Auction

Limetree Bay owned an oil refinery business in the U.S. Virgin
Islands. The refinery business was shuttered by prior owners in
2012, but was acquired in 2015 by Limetree Bay out of a bankruptcy
auction. Limetree Bay ultimately invested approximately $4.1
billion in an effort to modernize the refinery to bring operations
into regulatory compliance. On July 12, 2021, Limetree Bay and
affiliates filed for Chapter 11 bankruptcy protection in the
Southern District of Texas after experiencing significant
operational issues.

Limetree Bay's bankruptcy strategy was to sell substantially all of
its assets for the benefit of its stakeholders. The auction process
was initially typical of bankruptcy auctions. On August 11, 2021,
the bankruptcy court approved bidding procedures and scheduled an
auction for substantially all of Limetree Bay's assets. The
deadline for bidders to make a 10% deposit of their offering price
was November 12, 2021 and an auction was held on November 18, 2021.
The bidding procedures permitted Limetree Bay, in consultation with
certain notice parties, to re-open the auction at any time before
the sale hearing or reject any bid that was contrary to Limetree
Bay's best interests.

On November 30, 2021, Limetree Bay announced that St. Croix Energy,
LLLP was the winning bidder with a going concern bid of $33 million
bid (which includes $20 million cash). Sabin Metal Corporation and
Bay, Ltd. were collectively designated as back-up bidders with an
approximate $39 million bid that contemplated liquidation of the
assets.  On December 2, Bay filed an objection to Limetree Bay's
designation of St. Croix as the winning bidder, arguing that Sabin
and Bay had in fact offered more cash than St. Croix based on
potential future liquidation sales, and that St. Croix intended to
liquidate the Limetree Bay assets and not maintain the business as
a going concern.

                     Auction Process Reopened

On December 6, 2021, Limetree Bay filed an emergency motion to
reopen the auction to allow West Indies Petroleum Limited ("WIPL")
to acquire substantially all of their assets for $30 million ($10
million more cash than St. Croix's bid), with a projected December
22, 2021 closing date. Although WIPL had timely submitted a bid in
accordance with the bidding procedures, WIPL had failed to make the
required 10% good faith deposit by the November 12th deadline.
Limetree Bay explained that the reason WIPL did not submit its
deposit was because WIPL's CEO had "a sudden and unforeseen medical
emergency" that left him incapacitated.  The CEO, Charles Chambers,
was the only person at WIPL who had (1) sufficient knowledge of the
Limetree Bay transaction, and (2) authorization to make the deposit
or execute an asset purchase agreement.

That evening, Judge David Jones granted the emergency motion and
reopened the auction based upon the unforeseen medical crisis of
Mr. Chambers, and Judge Jones' conclusion that WIPL's story was not
a strategic maneuver.  Judge Jones found that the facts presented a
"compelling reason to veer from past practice."

                        The Second Auction

On December 18, 2021, Limetree Bay announced that the new winning
bid was a joint bid submitted by WIPL and Port Hamilton Refining
and Transportation for substantially all of the assets for $62
million and a projected closing date of January 21, 2022. St. Croix
was designated the back-up bidder, with a bid of $57 million.

In response, St. Croix and Bay, along with two other parties in
interest, filed objections to the sale. Bay argued that the second
auction process was invalid by permitting a "late and nonqualified
entrant" to bid and also relied on arguments from their first
objection. St. Croix argued that the proposed sale was contrary to
the initial bidding procedures order, that the auction should not
have been reopened based on the inaccurate statements presented by
Limetree Bay on December 6th since the winning bidder was both WIPL
and Port Hamilton (not just WIPL) and the sale is scheduled to
close by January 21st (not December 22nd), and that there were
additional regulatory hurdles that the winning bidder may have
difficulty obtaining as a non-U.S. Virgin Islands entity.

On December 21, 2021, Judge Jones overruled the objections filed by
Bay and St. Croix and approved the $62 million sale to WIPL and
Port Hamilton. Judge Jones held that the WIPL/Port Hamilton bid was
the "highest and best" offer and that Limetree Bay had exercised
its prudent business judgment in choosing the bid. St. Croix and
Bay separately appealed both the order reopening the auction and
the order approving the sale to WIPL/Port Hamilton. That appeal
remains pending, as does the emergency motion filed by St. Croix
for a stay pending appeals of both orders.

                            Takeaways

A debtor must always preserve its flexibility during an auction
process to maximize asset value. As demonstrated by Limetree Bay,
this would include ensuring that the debtor maintains the ability
to re-open the auction.  Furthermore, debtors should always ensure
that the assets have been fully marketed and should follow-up with
prospective buyers until the sale has concluded.  If Limetree Bay
had failed to take either of these steps, it may not have received
the second offer for its refinery, substantially increasing
recovery to the estates.

Potential acquirers of distressed companies should avoid WIPL's
procedural missteps (even though those missteps were ultimately
rectified).  To avoid missing bid and other deadlines, an acquirer
should have multiple people involved in the potential deal, each of
whom have knowledge about the transaction and authority to submit
bids and execute necessary documentation.  Furthermore, having
access to the necessary financing is critical. St. Croix reportedly
had to seek approximately $40 million in additional financing once
the auction process was reopened.  The time between reopening the
auction and the announcing the winning bidder was 12 days, and it
is unclear whether St. Croix's bidding efforts during the second
auction were negatively impacted by having to secure access to
additional financing during this abbreviated time period. Immediate
and continuing access to capital is critical to competitively bid
in bankruptcy auctions, where time is of the essence.

Finally, the Limetree Bay auction saga is a reminder that sometimes
the highest bid is not always the best bid. In the initial auction
process, Bay and Sabin may have bid the highest amount with a $39
million bid that envisioned liquidation of the assets. However, St.
Croix's lower going concern bid, which contemplated on-going
business operations, including most importantly hundreds of
continuing jobs, was ultimately determined to be the "best" bid
during the first auction.  All parties-in-interest should take note
that bankruptcy courts and debtors will often times consider
matters apart from dollar amounts, including for instance the
interests of employees and surrounding communities, when
determining the "highest and best" bid.

                        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.


LIVINGSTON INT'L: Moody's Withdraws 'B2' CFR
--------------------------------------------
Moody's Investors Service has withdrawn Livingston International
Inc.'s B2 corporate family rating, B2-PD probability of default
rating, B1 guaranteed senior secured first lien term loan rating,
B1 guaranteed senior secured revolving credit facility rating, and
Caa1 guaranteed senior secured second lien term loan rating. At the
same time, Moody's has withdrawn the ratings outlook.

Withdrawals:

Issuer: Livingston International Inc.

  Corporate Family Rating, Withdrawn, previously rated B2

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

  Gtd Sr Sec 1st Lien Term Loan, Withdrawn, previously rated B1
  (LGD3)

  Gtd Sr Sec Revolving Credit Facility, Withdrawn , previously
  rated B1 (LGD3)

  Gtd Sr Sec 2nd Lien Term Loan, Withdrawn, previously rated Caa1
  (LGD5)

Outlook Actions:

Issuer: Livingston International Inc.

   Outlook, Changed To Rating Withdrawn From Stable

RATING RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

COMPANY PROFILE

Based in Toronto, Ontario, Livingston is a logistics provider in
North America, with services including customs brokerage, global
trade management, trade consulting, and international freight
forwarding.


LTL MANAGEMENT: Injunction of Suits vs. J&J Extended to Jan. 28
---------------------------------------------------------------
Bloomberg News reports that Johnson & Johnson will continue to
receive a temporary break from lawsuits over claims that its baby
powder caused asbestos-related illnesses.  The decision from Judge
Michael B. Kaplan of the U.S. Bankruptcy Court for the District of
New Jersey extends to Jan. 28 an existing preliminary injunction
blocking the litigation against the health care giant.  The
short-term extension provides time for a federal district court
judge to decide whether to oversee a lawsuit by LTL Management LLC
-- a company J&J created to manage asbestos-related claims -- to
block asbestos litigation against J&J throughout LTL's bankruptcy.

               LTL's Bid to Extend Injunction

LTL Management on Jan. 5, 2022, filed with the New Jersey
Bankruptcy Court documents responding to objections by the Official
Committee of Talc Claimants and Alystock, Witkin, Kreis &
Overholtz, PLLC to LTL's motion to extend the automatic stay ruling
and preliminary injunction now in place by order of the Bankruptcy
Court for the Western District of North Carolina.

LTL argued: "The Debtor has established that a denial of its
request to extend the automatic stay ruling and preliminary
injunction, now in place by order of the United States Bankruptcy
Court for the Western District of North Carolina (the 'NC
Bankruptcy Court'), would undermine the Debtor's efforts to
reorganize and impose substantial and irreparable harm on the
estate.  That is why it is critical that the Court make final what
the NC Bankruptcy Court approved on an interim basis: order that
the Defendants are stayed and enjoined from prosecuting actions
against the Protected Parties on account of any Debtor Talc Claim
while the Debtor's Chapter 11 Case remains pending.  Without such a
ruling, talc claimants will seek to prosecute the exact same
talc-relate personal injury claims that are pending against the
Debtor against J&J, other Non-Debtor Affiliates, the Retailers and
the Indemnified Parties, and the Debtor's Insurers.  The Debtor's
reorganization would 'almost surely end' and 'it would be all but
impossible to negotiate or confirm a Section 524(g), or any other,
plan.' DBMP LLC v. Those Parties Listed on Appendix A to Complaint
(In re DBMP LLC), 2021 WL 3552350, at *43 (Bankr. W.D.N.C. Aug. 11,
2021)."

"The objectors fail to dispute, much less rebut, the central reason
why a preliminary injunction is critical to the Debtor's
reorganization. Nowhere in the Objections do they explain how
ending the stay ruling and preliminary injunction -- and permitting
the Debtor Talc Claims to be pursued day after day in thousands of
individual actions across the country at the same time the Debtor
seeks to resolve the very same claims fully and equitably here --
could do anything other than thwart the Debtor's reorganization
efforts, which efforts, in turn, stand to benefit claimants.  That
is the irreparable harm that the preliminary injunction prevents.
The stay ruling and the preliminary injunction should be
continued."

The Debtor has requested that the PI Hearing proceed as scheduled
and as agreed on January 11, 2022, based on the existing record.
The Committees, on the other hand, requested that the Court adjourn
the hearing on the PI Motion until January 21, or such later date
as may be acceptable to the Court.

                       About LTL Management

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

LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021.  The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time
of the filing, the Debtor was estimated to have $1 billion to $10
billion in both assets and liabilities.

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

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

                      About Johnson & Johnson

Johnson & Johnson is an American multinational corporation founded
in 1886 that develops medical devices, pharmaceuticals, and
consumer packaged goods. It is the world's largest and most broadly
based healthcare company.

Johnson & Johnson is headquartered in New Brunswick, New Jersey,
the consumer division being located in Skillman, New Jersey.  The
corporation includes some 250 subsidiary companies with operations
in 60 countries and products sold in over 175 countries.

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


MAINSTREET PIER: Claims to be Paid From Sale of Property
--------------------------------------------------------
Mainstreet Pier, LLC, filed a Chapter 11 Plan of Reorganization and
a Disclosure Statement dated January 7, 2022.

Class 5: Allowed Unsecured Claims are impaired.  Class 5 shall
consist of all general unsecured claims.  The pool of potential
Class 5 Creditors is $2,052,290, of which $1,677,126 was scheduled
as disputed.  The Debtor shall pay Class 5 claimants within one
year of the Effective Date via the sale of the Property.  In the
event the Property does not sell within one year of the Effective
Date, the Debtor shall pay pro rata to Allowed Class 5 Creditors
all funds in its bank account on that date.

After filing for bankruptcy in September 2020, the Debtor obtained
authority to use cash collateral and has been operating the hotel.
Additionally, on Oct. 22, 2021, the Debtor moved to employ Marcus &
Millichap as its broker for purposes of listing the Property for
sale at a proposed list price of $20,000,000.

The Debtor's assets:

   Asset                                        Estimated Value
   -----                                        ---------------
18595 Mainstreet, Parker, CO 80134                  $15,000,000
Bank Accounts                                           $68,917
Beds, mattresses, chairs and tables                     $30,000
Fitness Center, Safes, General FFE
    and Kitchen Equipment                              $350,000
Customer List                                            $1,000

The Debtor's Plan is feasible based upon the value of the Property.
The Debtor obtained an appraisal of the Property at $23,500,000.
The Property is currently on the market for $20,000,000.  Secured
claims provided for in the Plan are slightly more than $12,310,929.
The sole priority claim is the $4,100.00 claim of CDOR.  The
universe of general unsecured claims in the case is $2,152,290.12
of which all but $375,164 is disputed. Accordingly, the Debtor
asserts the Plan is feasible.

Attorneys for the Debtor:

     Jonathan M. Dickey
     KUTNER BRINEN DICKEY RILEY, P.C.
     1660 Lincoln Street, Suite 1720
     Denver, CO 80264
     E-mail: jmd@kutnerlaw.com
     Telephone: 303-832-3047

A copy of the Disclosure Statement dated Jan. 7, 2022, is available
at  https://bit.ly/3Gm7uWU from PacerMonitor.com.

                      About Mainstreet Pier

Mainstreet Pier, LLC is a Colorado limited liability company which
owns and operates a boutique hotel, commonly known at The Ascent on
Main Street. The Ascent has 51 hotel rooms, operates two
restaurants and an event center, and leases out another two
restaurants and a jewelry store.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 21-14682) on September
10, 2021. In the petition signed by Rick Hill, manager, the Debtor
disclosed up to $50,000 in assets and up to $50 million in
liabilities.

Judge Elizabeth E. Brown oversees the case.

Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. is
the Debtor's counsel.

Independent Bank, as Secured Lender, is represented by Markus
Williams Young & Hunsicker LLC.


MERCURY CHILE: Moody's Rates New Secured Guaranteed Notes 'Ba1'
---------------------------------------------------------------
Moody's Investors Service assigned a first-time Ba1 rating to
Mercury Chile Holdco LLC's proposed senior secured guaranteed notes
issuance of up to $425 million. The rating outlook is stable.

The assigned ratings are based on preliminary documentation.
Moody's does not anticipate changes in the main conditions that the
notes will carry. Should issuance conditions and/or final
documentation deviate from the original ones submitted and reviewed
by the rating agency, Moody's will assess the impact that these
differences may have on the rating and act accordingly.

Mercury, the indirect parent company of Inversiones Cachagua SpA
("Cachagua") and AES Andes S.A. (AES Andes, Baa3 stable), plans to
use the proceeds raised in connection with the notes issuance to
prepay a same-sized bridge loan. The group used this bridge loan
along with an equity contribution received from the ultimate parent
company, AES Corporation (The) (AES; Ba1 positive) to pay the
tender offer consideration of approximately $517 million and
related transaction costs. As a result of the tender offer, the
indirect and direct interests in AES Andes held by AES, Mercury and
Cachagua, the offerer, increased to 98.13% from around 67%.

The notes will be unconditionally guaranteed by four intermediate
companies in-between AES and AES Andes, including Cachagua, Mercury
Chile Co II Ltd, Invesiones LK SpA, and Omega SpA. Moody's
understands that these intermediate holding parent companies
between Mercury and AES Andes will remain unencumbered. The notes
will be secured by a first-priority security interest in the around
31.2% shares acquired in the tender offer. Concurrently, the
negative covenants clause embedded in the proposed notes includes a
negative pledge over all shares of AES Andes held by Mercury other
than the shares representing the around 31.2% new interest in the
power generation company.

RATINGS RATIONALE

Mercury's Ba1 senior secured rating reflects the structurally
subordinated position of Mercury's proposed notes issuance
vis-a-vis the senior unsecured debt outstanding at the power
generation company AES Andes.

In the absence of material ring-fencing provisions, AES Andes' cash
distributions are the only source of cash flow to service the
intermediate holding companies' debt. The proposed notes (i) limit
both the financial flexibility of AES Andes and its intermediate
parent companies, and (ii) constrain this operational subsidiary's
credit quality, while it also (iii) drives the notch differential
between AES Andes' senior unsecured rating (Baa3) and Mercury's
senior secured notes (Ba1). The differential in the notching
between the proposed notes and AES Andes' senior unsecured rating
considers Moody's expectation that the ratio of debt outstanding at
the intermediate companies (including Mercury and the intermediary
holding companies) to total consolidated debt will remain below
20%.

The structural subordination considerations also factor in the
Minimum Legally Required Dividends that applies in Chile. Moody's
understands that this requirement will continue to apply to AES
Andes should it be fully privatized. Unless unanimously agreed
otherwise by AES, and any remaining minority shareholders, AES
Andes must distribute a cash dividend on a yearly basis of at least
30% of the net consolidated profits from the previous year, except
for when accumulated losses from prior years must still be
absorbed. It also considers that the interest payments due under
AES Andes' 2079 junior subordinated notes (Ba2 stable) may be
deferred in order for AES Andes to meet this legal dividend
requirement, which underpins Moody's expectations that the Obligors
will be able to comfortably meet the annual interest payments of
around $18 million due under the proposed notes.

AES Andes' exposure to decarbonization risk amid the legal
uncertainty around the final retirement date of its coal-fired
facilities temper the rating. However, the Ba1 rating assumes
further progress in the group's Greentegra strategy to grow the
long-term contracted renewables footprint, reduce its carbon
transition risk and strengthen the group's business risk profile.
AES Andes' aggressive dividend policy that targets to distribute
100% of its recurrent net income tempers Moody's credit view of the
financial policies. However, Moody's assumes that AES Andes will
fund its dividend distributions to the ultimate parent company AES
with available free cash flows after the subsidiaries' scheduled
debt repayments and that it will not incur incremental debt to fund
its dividend distributions.

The Ba1 rating and stable outlook are premised on the expectation
that Moody's-adjusted ratio of Mercury consolidated credit metrics
will remain supportive of the group's credit quality, including a
Moody's adjusted ratio of CFO pre-W/C to debt of at least 22% and
debt/EBITDA of 3.5x in 2022 and 2023. These credit metrics include
Mercury's obligations of up to $425 million and AES Andes' reported
leverage adjusted with the application of proportional
consolidation of certain not-wholly owned subsidiaries. Also, the
adjusted consolidated debt currently reflects a hybrid equity
credit that results related to the basket "C" treatment applied to
AES Andes' $1 billion junior subordinated notes.

Moody's acknowledges the secured nature of Mercury's obligations.
However, the collateral consists only of the around 33% interest in
shares of AES Andes, which in Moody's view limits the expected
recovery value for the Obligor's noteholders under a material
financial distress of AES Andes.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward pressure on Mercury's rating is likely following an upgrade
of AES Andes' senior unsecured rating. Assuming AES Andes makes
progress in the implementation of its Greentegra strategy, and more
certainty is gained regarding an orderly retirement of its
coal-fired fleet in Chile, including securing replacement power for
Alto Maipo. An upgrade of the ratings of Mercury and AES Andes
would also depend on the Moody's-adjusted ratio of Mercury
consolidated CFO pre-W/C to debt remaining in excess of 25%, on a
sustained basis.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward pressure on Mercury's rating is likely following a
downgrade of AES Andes' senior unsecured rating. In the absence of
a deterioration in AES Andes' business risk profile, Moody's could
downgrade the rating of Mercury and AES Andes if Moody's-adjusted
ratio of CFO pre-W/C to debt, calculated for Mercury on a
consolidated basis, falls below 20% or if the retained cash flow to
debt remains less than 15%, both on a sustained basis. A negative
rating action could also occur if management is not able to address
the residual impact of the Alto Maipo bankruptcy in a
credit-neutral manner.

Mercury and the guarantors are intermediate holding companies that
do not have any material assets or liabilities other than their
indirect and direct interests in the Chilean power generation
company AES Andes. The guarantors of note are Mercury Chile Co II
Ltd. (Cayman Islands) as well as the Chilean companies Inversiones
LK SpA, Omega SpA and Cachagua.

Assignments:

Issuer: Mercury Chile HoldCo LLC

  Gtd Senior Secured Regular Bond/Debenture, Assigned Ba1

Outlook Actions:

  Outlook, Assigned Stable

Headquartered in Santiago, AES Andes is the largest thermal
generation company in the Chilean Sistema Energetico Nacional
(SEN). The capacity of AES Andes' directly and indirectly owned
plants in this system currently aggregate around 2,690 MW. AES
Andes' key Chilean subsidiaries include Empresa Electrica Cochrane
SpA (Cochrane; Ba1 negative), Empresa Electrica Angamos SpA and
Norgener that own plants that operate in the most northern part of
the SEN (former SING). In the Colombian interconnection system, the
installed capacity of AES Andes' wholly-owned subsidiary. AES
Colombia, aggregates 1,102 MW and consists of 1,021 MW of
hydro-electric facility, including the 20 MW Tunjita run-of-the
river mini-plant and two solar facilities. Located in Salta,
Argentina, the 643MW combined cycle gas turbine (CCGT) plant at
Termoandes currently sells its output exclusively in the
Argentinean electricity system SADI.


MJH HEALTHCARE: S&P Assigns 'B-' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to MJH
Healthcare Holdings LLC, reflecting its expectation for lease- and
preferred share-adjusted leverage above 10x in fiscal 2022, which
translates to leverage excluding preferred shares in the
mid-to-high 5x range, and discretionary cash flow to debt of 2%-3%
in 2022.

S&P said, "We also assigned our 'B-' issue-level and '3' recovery
ratings to the company's proposed first-lien revolver and term loan
B.

"The stable outlook reflects our expectation that despite lease-
and preferred share-adjusted leverage of above 10x, the company
will generate healthy cash flow sufficient to cover its fixed
charges."

BDT Capital Partners has entered into an agreement to acquire MJH
Healthcare Holdings LLC (MJH Life Sciences). The company will fund
the transaction with a $650 million first-lien secured term loan B,
$75 million first-lien secured revolver (undrawn at close), common
equity, and preferred equity.

S&P's rating reflects MJH's small size and high leverage, its
narrow focus on medical content generation and advertising, and its
exposure to the highly fragmented digital advertising and media
industries. These factors are partially offset by the company's
strong positioning in the niche it operates in, the relative
stability of the pharmaceutical and medical industries, and strong
EBITDA margin growth since the start of the COVID-19 pandemic.

MJH is a niche player in the medical content generation and
advertising industry with a core concentration in the U.S. and
limited business diversification. It hosts virtual and in-person
events for medical providers and has a limited scope and scale
within the greater media industry. The company's event business,
which hosts in-person and virtual events, generated about 29% of
2020 revenue. S&P said, "Its digital platforms business, which
includes websites, digital subscriptions, and broadcast video, and
which we believe generates most of its revenue through advertising
and sponsored content, generated about 29% of 2020 revenue. Its
custom print publications accounted for about 20% of 2020 revenue.
MJH produces video programming, which includes talks from industry
experts, panels, and webinars; this accounted for about 15% of 2020
revenue. We believe MJH depends highly on revenue from
pharmaceutical industry advertising, that it operates in a small
niche segment of the media industry, and that its small user,
revenue, and EBITDA bases are key business risks." Partially
offsetting these risks are the company's relatively strong position
within these niche spaces, and its focus on rapidly growing fields
within the medical space, including its key focus on oncology.

Margins expanded during the pandemic due to a shift toward virtual
events. The company's events business has seen significant margin
expansion because it is significantly cheaper for the company to
host events virtually, which has resulted in better gross margins
in 2020 and 2021, and greater flow-through of revenue to EBITDA and
cash flow in the same period. The company's EBITDA margins improved
from the about 20% in 2019 to about 40% in 2021. S&P said,
"However, we expect this margin trend to reverse in 2022 and 2023
as medical professionals begin to feel more comfortable with
in-person meetings and demand for in-person events returns. Under
our base-case forecast, we expect that margin compression will
outpace revenue growth, resulting in EBITDA that is flat to
slightly down in 2022 and 2023 compared to 2021, before beginning
to grow again in 2024 and onward."

S&P said, "Elevated S&P Global Ratings-adjusted leverage, the
company's financial sponsor ownership, and its dividend policy
limit our rating. We expect the MJH will have S&P Global Ratings
lease- and preferred share-adjusted leverage of above 10x in fiscal
2022. We anticipate leverage will remain at or above 10x through
our forecast period. Under our base-case forecast, we expect MJH to
pay out tax distributions to its owners at about 40% of net income.
We also expect that the company will elect to pay cash dividends on
its preferred equity at a rate of 6%, though it has the option to
pay-in-kind at 7.5% if it needs to conserve cash. The dividend
payment structure will result in discretionary cash flow (DCF) to
debt of about 1% in 2022 and the low 2% range in 2023, which does
not allow for a significant amount of cash generation to repay
debt. We also include the company's preferred shares in our measure
of adjusted debt because of the risk that the preferred equity
could be replaced with externally financed debt.

"The stable outlook reflects our expectation that despite
lease-adjusted leverage of above 10x, MJH will generate healthy
cash flow sufficient to cover its fixed charges.

"We could lower our rating on MJH or revise our outlook to negative
if we believe the company's DCF -to-debt ratio could decline below
1.5%. Our measure of DCF to debt includes the company's expected
tax distributions to its owners. This would likely be the result of
a loss of market share or an unfavorable shift in the company's
revenue and margin in a post-pandemic competitive environment.

"We could raise our rating on MJH or revise our outlook to positive
if we believe the company can sustain lease- and preferred
share-adjusted leverage below 8.5x and DCF to debt above 3.5%. This
could occur if MJH generates stronger-than-expected margins and
revenue grows significantly faster than what we forecast."

E-2 S-2 G-3

Governance factors are a moderately negative consideration, as is
the case for most rated entities owned by private-equity sponsors.
S&P believes the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns.



MLK ALBERTA: Seeks to Hire Michael D. O'Brien as Legal Counsel
--------------------------------------------------------------
MLK Alberta, LLC seeks authority from the U.S. Bankruptcy Court for
the District of Oregon to employ Michael D. O'Brien & Associates
P.C. as its legal counsel.

The firm will represent the Debtor's estate for all purposes
related to the petition for relief including, among other things,
formulating a plan of reorganization.

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

     Michael D. O'Brien, Partner     $430 per hour
     Theodore J. Piteo, Partner      $350 per hour
     Hugo Zollman, Senior Paralegal  $175 per hour
     Lauren Gary, Paralegal          $125 per hour
     Law Clerks                      $160 per hour
     Senior Paralegal                $175 per hour
     Paralegal                       $125 per hour
     Support Staff                   $60 - $100 per hour

The firm received a retainer of $15,000. From this amount, $1,738
was paid to the court for the filing fee; $2,011 was billed prior
to the filing; and $11,251 was retained in the trust account.

As disclosed in court filings, Michael D. O'Brien & Associates does
not hold interest materially adverse to the interest of the estate,
creditors and equity security holders.

The firm can be reached through:

    Theodore J. Piteo, Esq.
    Michael D. O'Brien & Associates, P.C.
    12909 SW 68th Pkwy, Suite 160
    Portland, OR 97223
    Phone: (503) 786-3800
    Email: enc@pdxlegal.com

                         About MLK Alberta

MLK Alberta, LLC, a company based in Portland, Ore., filed a
Chapter 11 petition (Bankr. D. Ore. Case No. 22-30019) on Jan. 7,
2022, listing up to $50 million in assets and $10 million in
liabilities.  Meron Alemseghed, sole member of MLK Alberta, signed
the petition.

Judge Teresa H. Pearson oversees the case.  

Theodore J. Piteo, Esq., at Michael D. O'Brien & Associates, P.C.
serves as the Debtor's bankruptcy counsel.


MORNINGSIDE MINISTRIES: Fitch Assigns 'BB+' IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' Issuer Default Rating (IDR) to
Morningside Ministries and Subsidiary (Morningside) and the same
rating to the following bonds expected to be issued by the New Hope
Cultural Education Facilities Finance Corporation on behalf of
Morningside:

-- $51 million series 2022.

In addition, Fitch has affirmed the 'BB+' rating on the following
bonds issued by the New Hope Cultural Education Facilities Finance
Corporation on behalf of Morningside:

-- $29 million, series 2020A;

-- $46 million, series 2013.

The Rating Outlook is Stable.

The bonds are expected to be issued as fixed-rate. Proceeds from
the bonds will be used to refinance and pay the total outstanding
amount of Morningside's series 2013, fund a debt service reserve
fund, fund $8 million in capital projects and pay a portion of the
costs of issuance of the bonds. The bonds are expected to sell via
negotiation the week of Feb. 14, 2022.

SECURITY

The bonds are secured by a pledge of all revenues, first mortgage
on all assets and a debt service reserve fund.

ANALYTICAL CONCLUSION

On a combined basis, Morningside's Menger Springs (Menger) and
Meadows campuses result in a solid midrange revenue defensibility
assessment. Demand, market assessment and pricing flexibility are
somewhat strong for the midrange assessment at the Menger campus
and somewhat weak on the Meadows campus. Management is developing
strategies to address the Meadow's challenges including plans to
reduce Medicaid use. The elevated Medicaid census at Meadows has
weakened Morningside's profitability ratios, driving the weak
overall operating risk assessment. Morningside's financial profile
has been stable with a manageable long-term debt burden.

Management has also been considering plans for a new health center
on the Meadows campus that would lower the number of assisted
living units to 43 and the skilled nursing beds to 72 (24
traditional SNF beds, 24 short term stay beds and 24 memory care
beds). Projected costs related to that project are not incorporated
into the 'BB+' rating. The 'BB+' rating affirmation assumes no
additional debt beyond the $8 million of additional debt for capex
included in the series 2022 bonds. Fitch notes that at the 'BB+'
rating level and absent improved profitability, Morningside's
capacity for additional debt is limited.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Mixed Occupancy, Adequate Overall Demand

Morningside operates two life plan communities (LPCs): Menger
Springs and the Meadows. Occupancy at Menger Springs has been and
continues to be strong, above 90% in the ILUs while occupancy at
the Meadows has historically been challenged near 80%. Healthcare
occupancy has been consistently weak as well, averaging 75% over
the past five years in assisted living and skilled nursing.
Management has not sought to increase healthcare occupancy at the
Meadows as it is considering plans to consolidate healthcare
services on that campus by replacing the healthcare center in order
to better align with market demand.

While flagging occupancy on the Meadows campus remains a concern,
Fitch believes Morningside's overall demand indicators are solid
and should support adequate census levels over the longer-term in
the ILUs. The weighted average entrance fees at Menger are in line
with local home values in the market area and rate increases in
monthly service fees at both the Menger and Meadows campuses occur
regularly, supporting the midrange assessment.

The combined market assessment for the Meadows and Menger is
midrange, reflecting greater competition in the San Antonio market
(Meadows) balanced against the dearth of competition 30 miles away
in Boerne, TX (Menger). Similarly, Menger enjoys relatively high
average income and home values in its primary market vs the Meadows
with lower income levels and home values. Population growth is
favorable in both communities.

Operating Risk: 'bb'

Weak Profitability

Morningside's weak 'operating risk' assessment reflects weak
profitability and elevated capital expenditure requirements
balanced against a favorable contract type and adequate capital
related metrics.

Morningside produced slightly improved profitability in 2020
compared to historic levels. Through 2020 profitability improved
and Morningside's 95% operating ratio,14% net operating margin
(NOM) and 12.9% NOMA compare favorably to historical ratios above
100%, below 6% and below 8%. Results for the interim nine months
ended Sept. 30, 2021 are consistent with historical levels with OR,
NOM and NOMA as follows: 106%, 4.7% and 3.9%.

Fitch views Morningside's aggregate profitability as weak given the
prevalence of rental/fee-for-service residence agreements.
Occupancy challenges and elevated Medicaid census were the main
drivers of the consistent operating losses. In 2020, these losses
were mitigated by the recognition of $2.6 million in Coronavirus
Aid, Relief, and Economic Security (CARES) Act provider relief
funds.

Despite expectations for Morningside to continue to produce stable
operating metrics, Fitch's assessment of its 'operating risk' is
constrained to some degree by its relatively high exposure to
Medicaid, which has accounted for about 30% of Morningside's
healthcare revenues for the past four years. Healthcare revenue
consistently makes up about a third of all of Morningside's
revenue. Fitch notes that management is developing strategies to
align its Medicaid admissions with its charitable revenue to
mitigate the downward pressure on operating risk. Charitable giving
exceeded $1.9 million annually in 2018, 2019 and 2020.

Morningside has shown limited capital spending with the average
capex near 60% of depreciation over the past five years and a
relatively elevated average age of plant of approximately 15 years.
However, capital spending is budgeted to exceed depreciation in
2022 and if management proceeds with a healthcare repositioning on
the Meadows campus, future spending is expected to significantly
increase resulting in a lower average age of plant.

Proforma capital-related metrics have been midrange with
revenue-only MADS coverage averaging 1.4 and MADS averaging 10% of
revenue over the past five years, including the third quarter of
2021. Debt to net available averaged a weaker 12x indicating
limited additional debt capacity at the current rating level.

Financial Profile: 'bb'

Stable Financial Profile

Fitch expects Morningside will maintain a financial profile that is
consistent with the 'bb' assessment even during the economic and
financial volatility assumed in Fitch's stress case scenario,
within the context of Morningside's midrange revenue defensibility
and weak operating risk assessments. MADS coverage has been
consistent the weak assessment, averaging 1.2x over the past five
years. Though proforma MADS for the same time frame improves to
1.5x reflecting annual debt service savings of about $1 million as
part of the refunding.

Morningside's balance sheet has been stable and consistent with
unrestricted cash and investments at $32 million in 2020, or 52%
cash-to-adjusted debt at year-end 2020. Unrestricted cash
represented 345 days cash on hand (DCOH) in 2020, which is neutral
to the assessment of Morningside's financial profile.
Morningstide's financial profile remains consistent with these
levels with cash-to -adjusted debt of roughly 30% in the recovery
years of Fitch's stress case.

In 2020, Morningside received notification of a $4.6 million
unrestricted gift. The gift was received over the course of three
payments: $1 million in May of 2020, $658,096 in May of 2021 and
the final $2,984,132 in December of 2021. The final distribution
was not included in the liquidity calculations. Including the
remainder of the gift increases cash to adjusted debt to 56%.

Asymmetric Additional Risk Considerations

Apart from the high reliance on Medicaid as discussed in Operating
Risks, no asymmetric risk considerations were relevant to the
rating determination.

RATING SENSITIVITIES

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

-- Given Morningside's occupancy challenges and expected
    healthcare repositioning at Meadows, a rating upgrade is
    considered unlikely over the Outlook period.

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

-- Weakening in operating performance or debt issuance that leads
    to a decline in liquidity approaching 25% cash to adjusted
    debt;

-- Decline in profitability such that operating ratios exceed
    105% consistently;

-- Softening of ILU demand such that combined ILU occupancy falls
    below 88% with expectations to be sustained at that level.

BEST/WORST CASE RATING SCENARIO

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

Morningside operates two senior living communities in the greater
San Antonio, TX metropolitan area, subsequent to the 2018 closure
of its Chandler Estate campus. Menger is a retirement community
consisting of 93rental ILUs, 40 entrance fee ILU cottages, 68
entrance fee ILUs in the Overlook Expansion, 48 ALUs, 42 memory
care units and 40 SNF beds located in Boerne, TX. Meadows includes
144 rental ILUs, 64 ALUs and 100 SNF beds (down from 170 beds in
2019) and is located in San Antonio, TX.

Morningside closed its Chandler Estate campus effective Feb. 28,
2018 after a sustained period of low occupancy and operating
losses. Residents were relocated to the Meadows and Menger, as well
as to other campuses. In December 2019, Morningside transferred the
Chandler Estate assets and $8 million in cash to Morningside Senior
Living (MSL). MSL is not a member of the OG and is not obligated
under the Series 2020 and 2022 bonds. Management does not expect to
make any additional transfers outside of the obligated group. The
Chandler Estate was redeveloped in 2021 into an exclusively IL
community and does not provide security for the payment of the
Series 2020 and Series 2022 bonds.

The large majority of residents are on rental/fee for service
contracts, but ILU residents that have entrance fee contracts are
typically 90% refundable agreements with a limited amount of health
care services. In 2020, Morningside began only offering
non-refundable and 50% refundable contracts. While Fitch views the
resulting lower entrance fee refund liability as favorable, the
reduced interim cash flows and balance sheet softening cause some
concern. Morningside will deposit $2.5 million into a coverage
support fund designed to allow Morningside to continue to meet its
coverage covenant requirements while undergoing this contract
conversion.

Morningside also operates a home care service, mmCare LLC. In
fiscal 2020 (Dec. 31 year-end), Morningside had total operating
revenue of $37 million.

ESG CONSIDERATIONS

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


MULLEN AUTOMOTIVE: Registers 6M Shares Under 2013 Incentive Plan
----------------------------------------------------------------
Mullen Automotive Inc. filed a Form S-8 registration statement with
the Securities and Exchange Commission to register 5,979,500
additional shares of the company's common stock, par value $0.001
per share, for issuance under the company's 2013 Equity Incentive
Plan, as amended.  

The company previously registered a total of 1,520,500 shares of
common stock issuable under the plan on registration statements on
Form S-8 filed with the SEC on April 24, 2014 (File No.
333-195476), Dec. 7, 2015 (File No. 333-208364), June 28, 2016
(File No. 333-212277), Oct. 24, 2017 (File No. 333-221082), Dec. 3,
2018 (File No. 333-228647), Feb. 27, 2020 (File No. 333-236719),
Feb. 5, 2021 (File No. 333-252767) and Nov. 5, 2021 (File No.
333-260793).  

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

https://www.sec.gov/Archives/edgar/data/0001499961/000185173422000035/muln20220105_s8.htm

                           About Mullen

Mullen (fka Net Element Inc.) is a Southern California-based
automotive company that owns and partners with several synergistic
businesses working toward the unified goal of creating clean and
scalable energy solutions.  Mullen has evolved over the past decade
in sync with consumers and technology trends.  Today, the Company
is working diligently to provide exciting EV options built entirely
in the United States and made to fit perfectly into the American
consumer's life.  Mullen strives to make EVs more accessible than
ever by building an end-to-end ecosystem that takes care of all
aspects of EV ownership.

Mullen Automotive reported a net loss of $44.24 million for the
year ended Sept. 30, 2021, compared to a net loss of $30.18 million
for the year ended Sept. 30, 2020.  As of Sept. 30, 2021, the
Company had $17.17 million in total assets, $78.88 million in total
liabilities, and a total deficiency of $61.71 million.

Fort Lauderdale, Florida-based Daszkal Bolton LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Dec. 29, 2021, citing that the Company has sustained
net losses, has indebtedness in default, and has liabilities in
excess of assets of approximately $42.5 million at Sept. 30, 2021,
which raise substantial doubt about its ability to continue as a
going concern.


NAVITAS MIDSTREAM: Moody's Reviews Ratings for Upgrade
------------------------------------------------------
Moody's Investors Service placed the ratings of Navitas Midstream
Midland Basin, LLC ("Navitas") under review for upgrade. The review
follows Enterprise Products Operating, LLC's (Enterprise, Baa1
stable) announcement on January 10, 2022 that it has agreed to
acquire Navitas' parent company, Navitas Midstream Partners, LLC
(unrated), for $3.25 billion in cash.

"The proposed transaction is highly value enhancing for Navitas's
owners and creditors, given Enterprise's much stronger credit
profile," said Sajjad Alam, Moody's Vice President.

On Review for Upgrade:

Issuer: Navitas Midstream Midland Basin, LLC

  Corporate Family Rating, Placed on Review for Upgrade, currently

  B2

  Probability of Default Rating, Placed on Review for Upgrade,
  currently B2-PD

  Senior Secured Bank Credit Facility, Placed on Review for
  Upgrade, currently B2 (LGD4)

Outlook Actions:

Issuer: Navitas Midstream Midland Basin, LLC

  Outlook, Changed To Rating Under Review From Positive

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

Navitas' ratings were placed on review for upgrade based on its
sale to Enterprise, which has a larger and more diversified
midstream asset platform with vastly greater financial resources.
Navitas's credit profile has been on an improving path with
declining financial leverage and strong growth in the heart of
Midland Basin. Navitas has benefitted from contractual
relationships with a diverse group of E&P companies and
connectivity to multiple major pipelines. The planned start of the
200 MMcf/d Leiker processing plant in early-2022 is expected to
further boost cash flow and operational diversity of Navitas'
gathering and processing operations that were built in recent
years.

Navitas will be debt free post-closing based on Enterprise's plan
to repay Navitas' existing bank debt. Moody's will likely withdraw
all of Navitas' ratings upon full extinguishment of its debt.
Moody's estimates Navitas had approximately $771 million of balance
sheet debt outstanding at December 31, 2021. The transaction is
expected to close in the first quarter of 2022, subject to
customary regulatory approvals.

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


OWENS & MINOR: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term (LT) Issuer Default
Ratings (IDR) at 'BB-' of Owens & Minor, Inc. (OMI) and its
subsidiaries following the company's announced plan to purchase
Apria, Inc. The Rating Outlook is Stable. The ratings apply to
approximately $1.0 billion of debt at Sept. 30, 2021.

The affirmation of the OMI's ratings reflects the complementary
nature of Apria's business to Byram Healthcare, the potential for
another growth platform and the expected pro forma CFO generation
of more than $300 million per annum relative to pro forma debt of
approximately $2.7 billion. Those benefits are somewhat offset by
the continued uncertainty surrounding the effects of the pandemic
on cost inflation and supply chain disruption along with the
incremental financial risk of the acquisition.

KEY RATING DRIVERS

Integration of Apria, Inc.: The proposed acquisition of Apria, Inc.
is strategically sound and will permit OMI to remain within the
current rating sensitivities that Fitch set at the time of the LT
IDR upgrade to 'BB-' (March 2021). Fitch believes that the addition
of Apria will complement the business of Byram Healthcare,
diversifies OMI's revenues streams into higher margin operations
and will contribute meaningful FCF. Fitch expects OMI to return to
gross leverage (debt/operating EBITDA) closer to 3.0x within 18-24
months following the close of the acquisition.

Favorable Outlook for Home Health Care: The outlook for increased
demand of products and services in the home health care market
represents an opportunity for continued growth and the Apria
acquisition fits well within this market. The combination of an
aging population in the U.S., rising levels of chronic conditions
and an increasing preference for home care bode well for growth of
the home health care segment.

Operating Performance Pandemic Tailwinds: Fitch anticipates the
increased demand for personal protective equipment (PPE) driven by
the coronavirus pandemic will benefit OMI over the near to medium
term. OMI has established a significant level of vertical
integration between manufacturing and distribution operations
within its Global Products segment to provide supply chain
resilience that serves acute care customers and, therefore, creates
revenue stability. Additional direct costs from supply chain
challenges may create some downward pressure on EBITDA margins over
the near to medium term, but are expected to be manageable.

Competitive Environment: The med-surg supply distribution industry
in the U.S. is highly competitive and characterized by pricing
pressure. Fitch expects margin pressure to continue over the coming
years. OMI competes with other national distributors (e.g. Cardinal
Health, Inc. and Medline Industries, Inc.) and a number of regional
and local distributors, as well as customer self-distribution
models, and to a lesser extent, certain third-party logistics
companies.

OMI's success depends on its ability to compete on price, product
availability, delivery times and ease of doing business, while
managing internal costs and expenses. OMI's focus on customer
service has helped it improve retention levels and prevent
additional contract losses, as seen in prior years.

Customer Concentration: OMI's 2020 10-K stated that its top-10
customers in the U.S. represented approximately 21% of its
consolidated net revenue. Additionally, in 2020, approximately 72%
of its consolidated net revenue was from sales to member hospitals
under contract with its largest Group Purchasing Organizations
(GPOs): Vizient, Inc.; Premier, Inc. and Healthcare Performance
Group. As a result of this concentration, OMI could lose a
significant amount of revenue due to the termination of a key
customer or GPO relationship.

The termination of a relationship with a given GPO would not
necessarily result in the loss of all of the member hospitals as
customers, but the termination of a GPO relationship, or a
significant individual health care provider customer relationship,
could adversely affect OMI's debt-servicing capabilities.

DERIVATION SUMMARY

OMI's 'BB-' LT IDR reflects its competitive position, gross
debt/EBITDA, which is generally expected to remain between 3.0x and
4.0x over the medium term. Fitch estimates the gross debt/EBITDA
for on a pro forma basis following the acquisition of Apria, Inc.
will increase to a range of 3.6x to 4.0x for the year ending Dec.
31, 2022. The ratings also reflect improved funds from operations
resulting from improved efficiency and top line growth. The
anticipated revenue and cash flow growth related to the continued
solid demand for PPE and the contribution from Apria position OMI
well within the 'BB-' rating category.

For purposes of the Parent-Subsidiary Linkage, Fitch has
consolidated the IDR across the entire capital structure to reflect
the cross-default provisions between the company's credit
agreement, 2024 notes, 2029 notes and an accounts receivable
securitization facility.

OMI's smaller scale in an industry with high fixed costs, where
scale influences leverage with suppliers and customers leads Fitch
to rate the company below AmerisourceBergen Corp. (A-/Stable),
Cardinal Health, Inc. (BBB/Stable) and McKesson Corp (BBB+/Stable).
OMI competes with other large national distributors, such as
Medline (B+/Stable) as well as certain customer self-distribution
models, and to a lesser extent, certain third-party logistics
companies. In contrast to other larger distributors, Fitch
considers OMI less diversified in terms of customers, revenues and
supplier, however, the addition of Apria will help to improve its
profile.

KEY ASSUMPTIONS

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

-- Pro forma revenues increase approximately at a 3% CAGR over
    the forecast period through 2025 driven by solid demand for
    PPE products among health care systems and expansion of the
    home health segment from Apria;

-- Operating EBITDA margins are expected to increase to a pro
    forma range of 5% as a result of continued benefits from
    higher product demand, growth in higher-margin, home health
    care products and services, better absorption of overhead and
    customer stability;

-- Debt balances peak at FYE 2022 and decline at approximately
    $100 to $125 million per year over the forecast period; CFO is
    assumed to be adequate to fund internal growth and capital
    expenditures of approximately 1.5% to 2.0% of pro forma
    revenues;

-- Working capital investment creates a demand on cash in order
    to meet increased product demand, but is manageable without a
    sustained increase in borrowing;

-- Fitch's estimates sustainable FCF/debt will be sustained above
    5.0% on a pro forma basis; common stock dividends are not
    assumed to increase and there is no assumption for share
    repurchases.

RATING SENSITIVITIES

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

-- Continued reduced dependence on short-term borrowing for
    working capital needs;

-- Top line growth sustained at 4% or higher balanced across
    segments and geographies, supported by consistent service
    levels and customer persistency;

-- Debt/EBITDA sustained below 3.0x and FCF/debt above 12.5%.

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

-- Substantial dependence on external liquidity facilities for
    working capital needs;

-- Increased level of debt for shareholder returns (dividend or
    share repurchases) or highly leveraged acquisitions that are
    expected to raise business and financial risks without
    sufficient returns;

-- Loss of health care provider customers or Group Purchasing
    Organizations that cause a material loss of revenues and
    EBITDA;

-- Debt/EBITDA sustained above 4.0x and FCF/debt sustained below
    5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Good Liquidity: OMI has good sources of liquidity that are derived
from cash flow from operations, an accounts receivable
securitization program (up to $450 million) and a revolving credit
facility (up to $300 million). Fitch anticipates that CFO on a pro
forma basis following the Apria acquisition will be adequate to
fund operations and capital expenditure needs. Fitch notes that CFO
estimates are subject to potential large swings in working capital.


Favorable Maturity Profile: Following the acquisition of Apria, OMI
will have minimal contractual debt obligations until 2024. The
acquisition debt will increase OMI's cost of debt and dampen FCF
somewhat, but it is anticipated that OMI will prioritize the use of
FCF for debt repayment in the two years following the acquisition
to move the gross leverage ratio between 3.0x-3.5x.

ISSUER PROFILE

Owens & Minor, Inc. and subsidiaries, a Fortune 500 company
headquartered in Richmond, Virginia, is a global health care
solutions company with integrated technologies, products and
services created to serve health care providers, manufacturers and
directly to patients across the continuum of care in over 70
countries.

SUMMARY OF FINANCIAL ADJUSTMENTS

Historical and projected EBITDA is adjusted principally for
nonrecurring expenses, including acquisition related and exit and
realignment costs.

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.


PHENOMENON MARKETING: Case Summary & 15 Unsecured Creditors
-----------------------------------------------------------
Debtor: Phenomenon Marketing & Entertainment, LLC
          d/b/a Phenomenon Marketing Inc.
          f/d/b/a Phenomenon Marketing and Entertainment, Inc.
          d/b/a Phenomenon
        5900 Wilshire Blvd., 28th Floor
        Los Angeles, CA 90036

Business Description: The Debtor provides marketing consulting
                      services.

Chapter 11 Petition Date: January 10, 2022

Court: United States Bankruptcy Court
       Central District of California

Case No.: 22-10132

Judge: Hon. Ernest M. Robles

Debtor's Counsel: Michael Jay Berger, Esq.
                  LAW OFFICES OF MICHAEL JAY BERGER
                  9454 Wilshire Boulevard, 6th Floor
                  Beverly Hills, CA 90212
                  Tel: (310) 271-6223
                  Fax: (310) 271-9805
                  E-mail: michael.berger@bankruptcypower.com

Total Assets: $359,080

Total Liabilities: $2,289,737

The petition was signed by Ranvir Gujral, Board of Managers of
Phenomenon Holdings LLC, as the sole member of Phe.no LLC, which is
the sole member of the Debtor.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 15 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/Q5WL2JQ/Phenomenon_Marketing__Entertainment__cacbke-22-10132__0001.0.pdf?mcid=tGE4TAMA


PUERTO RICO: Judge to Confirm Plan, Orders Changes by Jan. 14
-------------------------------------------------------------
Having received and reviewed the Fifth Modified Eighth Amended
Title III Joint Plan of Adjustment of the Commonwealth of Puerto
Rico, et al. dated December 20, 2021, District Judge Laura Taylor
Swain said she is prepared to file its findings of fact and
conclusions of law, concurrently with a confirmation order,
promptly upon the Debtors' filing of a Sixth Modified Eighth
Amended Plan.

The judge ordered Jan. 10, 2022, that for the avoidance of doubt,
the following sections of the Proposed Plan must be modified as
follows:

     (a) With respect to Eminent Domain and Inverse Condemnation
         Claims, revisions must be made, but not limited, to
         sections 1.178, 1.285, 4.1(bbb), 58.1, 62.2, 62.3,
         82.1(b), and 84.15 to --

              (i) Conform to the Alternative Full-Payment
                  Proposal (as that term is defined in
                  Attachment 1 hereto and provided for in
                  sections 58.1 and 77.1(e) of the Proposed
                  Plan) such that, as of the Effective Date,
                  and upon the effective date of a Final Order
                  of a court of competent jurisdiction
                  determining the validity and amount of just
                  compensation attributable to an Allowed Eminent
                  Domain Claim or Allowed Inverse Condemnation
                  Claim, the holder of such a Claim shall be
                  entitled to receive, in full consideration,
                  satisfaction, release, and exchange of such
                  holder's unpaid balance of its Allowed Eminent
                  Domain/Inverse Condemnation Claim, in Cash, one
                  hundred percent (100%) of such Allowed Eminent
                  Domain/Inverse Condemnation Claim;

             (ii) Clarify that Allowed Eminent Domain/Inverse
                  Condemnation Claims shall not be treated in any
                  way as CW General Unsecured Claims for purposes
                  of distribution; and

            (iii) Confirm that nothing in the Sixth Modified
                  Eighth Amended Plan shall prevent, or be
                  construed to prevent, any determination of just
                  compensation by a court of competent
                  jurisdiction from including, where appropriate,
                  interest on an Allowed Eminent Domain/Inverse
                  Condemnation Claim.

     (b) With respect to preemption, section 89.3 of the Fifth
         Modified Eighth Amended Plan and Exhibit K thereto must
         be revised such that they are limited to the scope of
         preemption set forth in paragraphs 151 and 153-55 of the
         findings of fact and conclusions of law as set forth in
         Attachment 1 hereto and paragraph 3(B) of the
         confirmation order as set forth in Attachment 2 hereto,
         including the removal of Act 80-2020, Act 81-2020, and
         Act 82-2020 from Exhibit K

     (c) The Oversight Board is further directed to review and
         suggest any necessary clarification of the language the
         Debtors have proposed for paragraph 61(e) of the
         confirmation order as set forth in Attachment 2 hereto,
         including the first three words therein, and the
         Debtors' use of the defined term "Related Persons" in
         connection with AFSCME in the Proposed Plan, the
         findings of fact and conclusions of law as set forth
         in Attachment 1 hereto, and the confirmation order as
         set forth in Attachment 2 hereto.

It could mean that Puerto Rico's more than four-year bankruptcy
process, the largest ever in the $4 trillion municipal-bond market,
may finally begin to wind down this month, according to Michelle
Kaske at Bloomberg News. Once the board files the revised plan on
Friday, Swain would then "promptly" submit her confirmation order
approving the debt restructuring plan, according to the judge's
order.

The oversight board is reviewing Swain's order and intends to file
the revised debt plan by Friday, Matthias Rieker, spokesperson for
the board, said in a statement following Swain's order.

"The oversight board welcomes this latest progress towards
confirmation of the plan, which would significantly reduce the
Puerto Rico government's total liabilities," Rieker said.

The restructuring deal would reduce $33 billion of debt and other
obligations, including cutting $22 billion of bonds to $7.4
billion. It would ease Puerto Rico's annual debt service payments
and establish a reserve trust for its broke pension system, which
owes current and future retirees an estimated $55 billion.

Judge Swain's revisions including treating allowed eminent domain
claims as secured, rather than unsecured, and that Puerto Rico must
pay the full amount of what a court determines is the value of
those claims, according to the order.

Swain's order included a 149-page findings of fact and conclusions
of law and a 93-page confirmation order for the plan of adjustment
that the court is prepared to file "promptly" once the board
submits its revised debt plan, according to Bloomberg.

The Court order provides that overruled objections and the
Oversight Board's positions as to the proper scope of preemption
and the proper treatment of Eminent Domain/Inverse Condemnation
Claims are preserved for appeal.  The Oversight Board shall file a
compliant Sixth Modified Eighth Amended Plan by January 14, 2022,
at 11:59 p.m. (Atlantic Standard Time), which is 10:59 p.m. Eastern
Standard Time.

A copy of the Order Regarding Plan Modifications Necessary To The
Entry Of An Order Confirming plan of adjustment for the
Commonwealth of Puerto Rico, The Employees Retirement System of the
Government of the Commonwealth of Puerto Rico, And The Puerto Rico
Public Buildings Authority is available at https://bit.ly/3tkJXlQ

                   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.


QUADRUPLE D TRUST: Taps Frank Hernandez of Harvest Realty as Broker
-------------------------------------------------------------------
Quadruple D Trust seeks approval from the U.S. Bankruptcy Court for
the District of Colorado to hire Frank Hernandez, a real estate
broker at Harvest Realty.

Mr. Hernandez will handle the sale of the Debtor's real property
located at 10450 Dunsford Drive, Lone Tree, Colo.  The broker will
receive a commission of 5.6 percent of the gross purchase price of
the property.

In court papers, Mr. Hernandez disclosed that he is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

Mr. Hernandez can be reached at:

     Frank Hernandez
     Harvest Realty
     P.O. Box 9
     Eastlake, CO 80614
     Phone: 303-204-2970

                      About Quadruple D Trust

Quadruple D Trust, a Denver-based company engaged in activities
related to real estate, filed its voluntary petition for Chapter 11
protection (Bankr. D. Colo. Case No. 21-16233) on Dec. 28, 2021,
listing $1,084,100 in assets and $695,999 in liabilities.  Donald
Lopez, trustee, signed the petition.  

Stephen Berken, Esq., at Berken Cloyes, PC serves as the Debtor's
legal counsel.


QUANTUM CORP: Registers 361,010 Common Shares for Possible Resale
-----------------------------------------------------------------
Quantum Corporation filed with the Securities and Exchange
Commission a Form S-3 registration statement relating to the offer
and sale from time to time by Rolf Howarth, Dave Clack, George
Vaudin, Neil Bundle, Hannah Colchester, Martin Howarth-Moore, and
Paul Douglas of up to an aggregate of 361,010 shares of the
company's common stock.

The selling stockholders may offer and sell the securities to or
through one or more underwriters, dealers, and agents, or directly
to purchasers, or through a combination of these methods.  If any
underwriters, dealers or agents are involved in the sale of any of
the securities, their names and any applicable purchase price, fee,
commission or discount arrangement between or among them will be
set forth, or will be calculable from the information set forth, in
the applicable prospectus supplement.

Quantum is not selling any shares of its common stock pursuant to
the prospectus, and it will not receive any of the proceeds from
the sale of shares of its common stock by the selling stockholders.
The compay's common stock is listed on the Nasdaq Global Market
under the symbol "QMCO."  The closing price of the company's common
stock on Dec. 16, 2021 was $5.12 per share.

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

https://www.sec.gov/Archives/edgar/data/709283/000070928321000077/fy22s-3forsquarebox2.htm#ic78d2080a7d144d884a3dc36604ae5b0_31

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
stores and manages video and video-like data delivering the
industry's top streaming performance for video and rich media
applications, along with low cost, high density massive-scale data
protection and archive systems. The Company helps customers
capture, create and share digital data and preserve and protect it
for decades.

Quantum reported a net loss of $35.46 million for the year ended
March 31, 2021, compared to a net loss of $5.21 million for the
year ended March 31, 2020.  As of Sept. 30, 2021, the Company had
$198.46 million in total assets, $314.45 million in total
liabilities, and a total stockholders' deficit of $115.99 million.


ROCKLAND INDUSTRIES: Creditors to Get Proceeds From Liquidation
---------------------------------------------------------------
Rockland Industries, Inc., filed with the U.S. Bankruptcy Court for
the District of South Carolina a Chapter 11 Plan of Liquidation
dated Jan. 3, 2022.

The Company's manufacturing operation (Rockland-Bamberg Industries
Division) is located on three sites totaling 40 acres in or near
Bamberg, South Carolina.  Rockland owns all of its South Carolina
facilities. Rockland also owns real property (either directly or
through Warehouse Property Investments, LLC ("Warehouse").

In 2000, the Debtor entered into an asset-based revolver loan with
Fleet Capital, which was subsequently acquired by Bank of America
("BOA").  After unsuccessfully marketing its business as a going
concern for almost a year and failing to find a lender to replace
BOA, the Debtor determined that the best way to maximize the value
of the Assets was an orderly liquidation through a Chapter 11 sale
or multiple Chapter 11 sales.  Rockland is still maintaining a
skeleton crew of employees at its Bamberg facilities to secure the
real property and to maintain and preserve the Assets in
preparation for the liquidation proposed and to prepare, sell, and
ship the remaining inventories.

The Debtor's Plan is a liquidating plan, which proposes that the
Debtor will liquidate all of its assets in order to generate funds
to be used to repay its creditors.  Pursuant to the Plan, the
Debtor is proposing to liquidate its assets with the assistance of
Gibbs International, Inc.

Gibbs estimates that it will take up to 15 months to sell the
Debtor's real property.  Gibbs estimates that it can sell the real
property, via a traditional sale, for a gross sales price of $2.2
million, with the Debtor netting $1,980,000.  Gibbs will also
explore other opportunities for the use of the Debtor's real
property, which could result in Rockland receiving an ongoing
income stream from the use of the real property.  These potential
options could result in a greater net recovery.

Through the liquidation measures, the Debtor believes that it will
generate net proceeds of at least $1,004,350.  The Debtor does not
anticipate any significant Claims in any classes other than Class 2
General Unsecured Creditors.  At this time, the total general
unsecured Claims against the Debtor are estimated at approximately
$2.8 million, subject to adjustment through the Claims resolution
process.

The funds generated by the liquidation of the Debtor's assets will
be used to first pay all administrative expenses, then all priority
claims, and, finally, the general unsecured claims.  After payment
of administrative expenses and priority claims, the Debt or
anticipates having at least $991,550 available for distribution to
Class 2 creditors.  Each Class 2 creditor shall be entitled to
receive a pro rata share of its claim against the Debt or based on
the amounts available for distribution.

Because the Debtor is proposing to pay its creditors on a pro rata
basis upon the liquidation of its assets and the Debtor anticipates
having at least $991,550 available for distribution to creditors,
the Debtor has shown that it has the ability to make the payments
required by the Plan.

Class 2 consists of Unsecured Claims. Each holder of an Allowed
Unsecured Claim will receive in respect of such Claim its Pro Rata
Distribution Proceeds which shall be made from time to time by the
Debtor in accordance with this Plan. Class 2 is impaired.

Class 3 consists of Interest Holders. Holders of Allowed Interests
in Class 3 shall be authorized to receive a Distribution if, and
only if, all Allowed Administrative Claims, Allowed Priority Tax
Claims and Allowed Claims in Classes 1 and 2 have been paid in
full. If a distribution to Holders of Allowed Interests in Class 3
is authorized, each holder of an Allowed Interest shall receive its
Pro Rata share of the available Distributable Proceeds after the
payment of all Allowed Administrative Claims, Allowed Priority Tax
Claims and Allowed Claims in Classes 1 and 2. Class 3 is impaired.

This Plan is a liquidating Chapter 11 plan. The funds for
implementation of this Plan are comprised of all Cash on hand in
the Debtor's bank account(s); the net proceeds from the sale of
substantially all of the Debtor's Assets; the liquidation of any
remaining Assets of the Debtor and the Estate; collection of a duty
drawback; potential tax refund based on employee retention credits;
and potential recoveries from the pursuit of Causes of Action.

A full-text copy of the Liquidating Plan dated Jan. 3, 2022, is
available at https://bit.ly/3GdGVmZ from PacerMonitor.com at no
charge.

Counsel for the Debtor:

      Michael M. Beal, Esq.
      Adam J. Floyd, Esq.
      Beal, LLC
      1301 Gervais St., Suite 1040 (29201)
      Post Office Box 11277
      Columbia, SC 29211
      Tel: (803) 728-0803
      Email: mbeal@bealllc.com
             afloyd@bealllc.com

                  About Rockland Industries

Bamberg, S.C.-based Rockland Industries, Inc. is part of the
textile and fabric finishing and fabric coating mills industry.
Its products are designed for both commercial and residential
applications.

Rockland Industries filed its voluntary petition for Chapter 11
protection (Bankr. D.S.C. Case No. 21-02590) on Oct. 5, 2021,
listing $4,555,746 in asset and $3,878,693 in liabilities.  Mark
Berman, president of Rockland Industries, signed the petition.  

Judge David R. Duncan presides over the case.

Michael M. Beal, Esq., at Beal, LLC, represents the Debtor.


SEADRILL NEW FINANCE: Files for Quick Prepackaged Chapter 11 Case
-----------------------------------------------------------------
Seadrill New Finance Limited and 11 affiliated debtors ("NSN
Debtors") have joined parent and affiliate Seadrill Ltd. et al. in
Chapter 11 bankruptcy to implement a one-day prepackaged Chapter 11
case.

A hearing on the Debtors' first day motions and Plan and Disclosure
Statement will be held today, January 12, 2022 at 3:00 p.m. (CT)
before the Honorable David R. Jones, United States Bankruptcy Court
for the Southern District of Texas, in Courtroom 400, 4th floor,
515 Rusk Avenue, Houston, Texas 77002.  Participation at the
hearing will only be permitted by audio and video connection.

The NSNCo Group's proposed one-day prepackaged case is the final
component of the broader Seadrill Group's comprehensive
restructuring efforts. The NSNCo Group was established as part of
the Seadrill Limited Debtors' first Chapter 11 restructuring as a
set of holding companies that were wholly owned by the Seadrill
Limited Debtors.  

On the effective date of Seadrill's first restructuring in 2018,
the NSNCo Group issued $880 million of new secured notes in
exchange for $875 million in cash.  As collateral for the Secured
Notes, the NSNCo Group granted security interests in various joint
ventures and minority-owned companies. Today, there is
approximately $535 million in aggregate principal amount of Secured
Notes outstanding externally.

With the consent of approximately 99.99% of voting creditors by
amount and NSNCo's sole shareholder, Seadrill Investment Holding
Company Limited ("IHCo"), the NSN Debtors commenced the Chapter 11
Cases to implement a restructuring on the terms set forth in the
NSN Plan.  The NSN Plan contemplates:

   * an amendment and extension of the Secured Notes;

   * the transfer of majority ownership of the NSNCo Group to
     the Secured Noteholders;

   * entry by Seadrill Management Ltd. into new management
     services agreements with NSNCo and SeaMex Holdings Ltd.
     and certain of its subsidiaries; and

   * the satisfaction of all trade, customer, and other
     non-funded debt claims in full in the ordinary course
     of business.

The NSN Debtors are seeking to have their NSN Plan confirmed at the
first-day hearing.  The NSN Debtors and their stakeholders elected
to effectuate this restructuring pursuant to a prepackaged chapter
11 plan of reorganization with an expedited confirmation schedule
because it was the most effective and least costly implementation
alternative available.  The NSN Debtors are a relatively
straightforward group of holding companies with ownership stakes in
non-Debtor operating companies that currently have constrained
liquidity.  The only parties that are impaired under the NSN Plan
are the Secured Noteholders and IHCo, the sole shareholder of
NSNCo. The NSN Debtors and the Secured Noteholders share a strong
desire to implement the NSN Plan in the most efficient and least
costly restructuring process available.

                       Expedited Confirmation

An expedited confirmation schedule will benefit of the NSN Debtors
and their stakeholders, in particular the Secured Noteholders, as
this shortened timeframe will dovetail with consummation of
Seadrill Limited's plan of reorganization.  

To that end, on December 8, 2021, the Seadrill Limited Debtors
sought Court authorization under 11 U.S.C. Section 363 to
participate in the NSN Debtors' Chapter 11 Cases.  An expedited
timeframe ensures the smooth effectuation of the related
transactions contemplated by the NSN Plan and the Seadrill Limited
Debtors' plan.

The voting results also reflect the overwhelming consensus of
voting creditors reflected in the NSN Plan and the proposed
schedule. Only one creditor holding approximately $22,000 in
Secured Notes has voted to reject the NSN Plan, whereas
approximately 79.46% by principal amount of impaired creditors
submitted ballots in favor of the NSN Plan.  In addition, the NSN
Debtors have taken all appropriate procedural steps to provide
sufficient notice to all stakeholders of this bankruptcy filing and
the confirmation of the NSN Plan.

All of the NSN Debtors' stakeholders are or should be aware that
the NSN Debtors are seeking confirmation of the NSN Plan at the
first day hearing.  No party in interest has objected to the NSN
Plan to date.

On December 8, 2021 -- more than 30 days in advance of the Petition
Date -- the NSNCo Group commenced solicitation of votes on the NSN
Plan and provided actual notice of the NSN Plan and the disclosure
statement in support of the NSN Plan to voting creditors and other
core notice parties.

The Confirmation Hearing Notice explicitly stated that the NSN
Debtors would request that the Court confirm their prepackaged NSN
Plan at the first day hearing, on January 12, 2022 at 3:00 p.m.
prevailing central time before the Honorable David R. Jones and
that the proposed objection deadline for the NSN Plan and
Disclosure Statement was January 7 at 4:00 p.m. prevailing central
time.  

A form of the Confirmation Hearing Notice was also published in the
New York Times (national edition) on December 13, 2021 and in the
Financial Times (global edition) on December 14, 2021.

                   Ride-Through Nature of Plan

The NSN Plan does not impair any stakeholders other than those that
have overwhelmingly voted in favor of the NSN Plan, including
Seadrill and the Secured Noteholders.  The NSN Debtors are not
aware of any general unsecured claims outstanding; however, if any
such claims are outstanding, they will ride through the Chapter 11
Cases and will be paid in the ordinary course of business.  All
contracts and leases will be assumed.  The NSN Debtors have also
provided the ability for all releasing parties under the NSN Plan
to opt out of the releases under the NSN Plan by checking the
opt-out box on their applicable ballot or opt-out form.

Unsurprisingly, due to the ride-through nature of the NSN Plan, no
party in interest has objected to the NSN Plan. The NSN Debtors
have incorporated comments to the NSN Plan from various parties and
have resolved potential objections through the inclusion of
language in the NSN Plan, Confirmation Order , and first-day
orders. Of the more than 440 parties who received an opt-out form,
11 elected to opt out of the releases under the NSN Plan.

In short, the NSN Debtors' prepetition noticing efforts, designed
to accord with what is required under the applicable Bankruptcy
Rules, were successful. The NSNCo Group is poised to confirm a
consensual, value-maximizing NSN Plan, and there can be no question
that it is in the best interests of the NSN Debtors' Estates that
the NSN Debtors remain in bankruptcy for as short a time period as
possible.

                        About Seadrill Ltd.

Seadrill Limited (OSE: SDRL, OTCQX: SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry.  As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deepwater drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees.  Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court.  The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the 2021 Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May as co
corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel.  Prime
Clerk LLC is the claims agent.

On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board.  Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA
CapitalPartners, LLC, as a financial advisor at the sole direction
of independent directors.

                      About NSN Debtors

On Jan. 11, 2022, Seadrill New Finance Limited and eleven
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex.
Lead Case No. 22-90001).  The cases are pending before the
Honorable David R. Jones.

Seadrill New Finance estimated $500 million to $1 billion in assets
and liabilities as of the bankruptcy filing.

The NSN Debtors tapped Kirkland as general bankruptcy counsel;
Jackson Walker LLP as local bankruptcy counsel; Slaughter and May
as co-corporate counsel; and Prime Clerk LLC as claims agent.


SEADRILL NEW FINANCE: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Twelve affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                          Case No.
      ------                                          --------
      Seadrill New Finance Limited (Lead Case)        22-90001
      Par-la-Ville Place
      14 Par-la-Ville Road
      Hamilton HM 08, Bermuda
   
      Seadrill Mobile Units UK Limited                22-90005
      2nd Floor, Building 11
      Chiswick Business Park,
      566 Chiswick High Road
      London W4 5YS, United Kingdom

      Seadrill SKR Holdco Limited                     22-90009
      
      Seadrill JU Newco Bermuda Limited               22-90003
      Par-La-Ville Place
      14 Par-La-Ville Road
      Hamilton HM 08, Bermuda

      Seadrill Partners LLC Holdco Limited            22-90006
      Par-La-Ville Place
      14 Par-La-Ville Road
      Hamilton HM 08, Bermuda

      Seadrill Member LLC                             22-90002
      Par-La-Ville Place
      14 Par-la-Ville Road
      Hamilton HM 08, Bermuda

      Seadrill Seadragon UK Limited                   22-90012
      2nd Floor Building 11
      Chiswick Business Park
      566 Chiswick High Road
      London W4 5YS, United Kingdom

      Seadrill SeaMex 2 de Mexico S. de R.L. de C.V.  22-90011
      Av. Isla de Tris, No.35
      Col. Fracc Isla de Carmen 2000
      CD. Del Carmen Campeche
      C.P. 24190, Mexico
      
      Seadrill Seabras SP UK Limited                  22-90008
      2nd Floor, Building 11
      Chiswick Business Park
      566 Chiswick High Road
      London W4 5YS, United Kingdom

      Sevan Drilling Rig VI AS                        22-90007
      Finnestadveien 28
      4029 Stavanger
      1103 Stavanger, Norway

      Sevan Drilling Rig VI Pte. Ltd.                 22-90004
      20 Collyer Quay
      #23-01
      Singapore, 049319 Singapore

      Seadrill SeaMex SC Holdco Limited               22-90010
      Par-la-Ville Place
      14 Par-la-Ville Road
      Hamilton HM 08, Bermuda

Business Description:     Seadrill is an offshore drilling
                          contractor utilizing advanced technology
                          to unlock oil and gas resources for
                          clients across harsh and benign
                          locations across the globe.  Seadrill's
                          fleet spans all asset classes allowing
                          its experienced crews to conduct its
                          operations from shallow to ultra-deep-
                          water environments.

Chapter 11 Petition Date: January 11, 2022

Court:                    United States Bankruptcy Court
                          Southern District of Texas

Judge:                    Hon. David R. Jones

Debtors'
General
Bankruptcy
Counsel:                  Anup Sathy, P.C.
                          Ross M. Kwasteniet, P.C.
                          Spencer Winters, Esq.
                          Jaimie Fedell, Esq.
                          KIRKLAND & ELLIS LLP
                          KIRKLAND & ELLIS INTERNATIONAL LLP
                          300 North LaSalle Street
                          Chicago, Illinois 60654                  
     
                          Tel: (312) 862-2000
                          Fax: (312) 862-2200
                          Email: asathy@kirkland.com
                                 rkwasteniet@kirkland.com
                                 spencer.winters@kirkland.com
                                 jaimie.fedell@kirkland.com

                            - and -

                          Christopher Marcus, P.C.
                          KIRKLAND & ELLIS LLP
                          KIRKLAND & ELLIS INTERNATIONAL LLP
                          601 Lexington Avenue
                          New York, New York 10022
                          Tel: (212) 446-4800
                          Fax: (212) 446-4900
                          Email: cmarcus@kirkland.com

Debtors'
Local
Bankruptcy
Counsel:                  Matthew D. Cavenaugh, Esq.
                          Jennifer F. Wertz, Esq.
                          Vienna F. Anaya, Esq.
                          Victoria Argeroplos, Esq.
                          JACKSON WALKER LLP
                          1401 McKinney Street, Suite 1900
                          Houston, TX 77010
                          Tel: (713) 752-4200
                          Fax: (713) 752-4221
                          Email: mcavenaugh@jw.com
                                 jwertz@jw.com
                                 vanaya@jw.com
                                 vargeroplos@jw.com

Debtors'
Co-Corporate
Counsel:                  SLAUGHTER AND MAY

Debtors'
Claims,
Noticing,
Solicitation,
and Administrative
Agent:                    PRIME CLERK LLC

Estimated Assets
(on a consolidated basis): $500 million to $1 billion

Estimated Liabilities
(on a consolidated basis): $500 million to $1 billion

The petitions were signed by Tyson de Souza, authorized signatory.

The Debtors stated they have paid all general unsecured claims
against them that have been billed as of the Petition Date.

Full-text copies of the petitions are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/4RD3WBI/Seadrill_New_Finance_Limited__txsbke-22-90001__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NI4EV5Q/Seadrill_Mobile_Units_UK_Limited__txsbke-22-90005__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/N3UOETI/Seadrill_SKR_Holdco_Limited__txsbke-22-90009__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/MT7R4RI/Seadrill_JU_Newco_Bermuda_Limited__txsbke-22-90003__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NUSALLA/Seadrill_Partners_LLC_Holdco_Limited__txsbke-22-90006__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/MKTVAEQ/Seadrill_Member_LLC__txsbke-22-90002__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/XZVCRWQ/Seadrill_Seadragon_UK_Limited__txsbke-22-90012__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/X7WFI2Q/Seadrill_SeaMex_2_de_Mexico_S__txsbke-22-90011__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/N7VXP5Q/Seadrill_Seabras_SP_UK_Limited__txsbke-22-90008__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NQE7YJQ/Sevan_Drilling_Rig_VI_AS__txsbke-22-90007__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/NOIMCXY/Sevan_Drilling_Rig_VI_Pte_Ltd__txsbke-22-90004__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/SHHJSLI/Seadrill_SeaMex_SC_Holdco_Limited__txsbke-22-90010__0001.0.pdf?mcid=tGE4TAMA


SEQUENTIAL BRANDS: Amends Term B Secured Claim Pay Details
----------------------------------------------------------
Sequential Brands Group, Inc., and its Debtor Affiliates submitted
a First Amended Disclosure Statement for the First Amended Joint
Plan of Liquidation dated Jan. 3, 2022.

Pursuant to the Plan, each Holder of an Allowed Term B Secured
Claim will receive a percentage of the Liquidating Trust Interests
that equals such Holder's Allowed Term B Secured Claim when divided
by the sum of all Allowed Term B Secured Claims. The Liquidating
Trustee will distribute the appropriate Net Proceeds of the
Liquidating Trust Assets to Holders of Allowed Term B Secured
Claims in proportion to the Liquidating Trust Interests held by
such Holder.

If the Debtors and the Requisite Consenting Lenders agree, the
Liquidating Trust may assume certain Term B Secured Claim(s) in an
amount to be agreed; provided, however, no Holder of a Term B
Secured Claim will recover more than the full amount of its Term B
Secured Claim. Notwithstanding anything to the contrary in this
Plan or any Plan Document, if the Liquidating Trust assumes any
Term B Secured Claim, such Term B Secured Claim shall continue to
be secured by the Prepetition Term B Liens, which for the avoidance
of doubt, shall provide a first priority security interest in, and
continuing lien on, the Liquidating Trust Assets.

Class 3 consists of Term B Secured Claims. Each Holder of an
Allowed Class 3 Claim shall receive its Pro Rata share of the
Liquidating Trust Interests on account of such Holder's Term B
Secured Claim(s) against the Debtors, which shall entitle such
holder to distributions from the Liquidating Trust as and to the
extent set forth in the Plan and the Liquidating Trust Agreement;
provided, however, that if the Debtors and the Requisite Consenting
Lenders agree, the Liquidating Trust may assume certain Term B
Secured Claim(s) in an amount to be agreed; provided, further,
however, no Holder of a Term B Secured Claim will recover more than
the full amount of its Term B Secured Claim. This Class shall
receive a 95-98% total recovery in the Chapter 11 Cases.

The Plan is being proposed as a joint plan of liquidation of the
Debtors for administrative purposes only and constitutes a separate
chapter 11 plan of liquidation for each Debtor. The Plan is not
premised upon the substantive consolidation of the Debtors with
respect to the Classes of Claims or Interests set forth in the
Plan.

The Plan also provides for the Wind-Down Reserve Accounts. On the
Effective Date, Cash shall be placed into the Wind-Down Reserve
Accounts comprised of the (i) Administrative/Priority Claims
Reserve Account, (ii) Other Secured Claims Reserve Account, (iii)
Professional Fee Claims Reserve Account, and (iv) Liquidating Trust
Reserve Account, in each case, pursuant to the terms of the Plan.

As to such Wind-Down Reserve Accounts, (i) the funds in the
Administrative/Priority Claims Reserve Account shall be used solely
for the payment of Allowed Administrative/Priority Claims (other
than Professional Fee Claims), (ii) the funds in the Other Secured
Claims Reserve Account shall be used solely for the payment of
Allowed Other Secured Claims, (iii) the funds in the Professional
Fee Claims Reserve Account shall be used solely for the payment of
Allowed Professional Fee Claims, and (iv) the funds in the
Liquidating Trust Reserve Account shall be in an amount set forth
in the Wind-Down Budget and used for the purpose of paying the
expenses incurred by the Liquidating Trustee (including fees and
expenses for professionals retained by the Liquidating Trust) in
connection with the Liquidating Trust and any obligations imposed
on the Liquidating Trustee or the Liquidating Trust.

"Chubb Companies" means ACE American Insurance Company and Federal
Insurance Company and each of their U.S.-based affiliates and
predecessors and each in their capacity as an insurer.

"Chubb Insurance Contracts" means all insurance policies that have
been issued by any of the Chubb Companies and provide coverage at
any time to any of the Debtors (or any of their predecessors), and
all agreements, documents or instruments relating thereto. The
Chubb Insurance Contracts shall not include surety bonds, surety
indemnity agreements or surety-related products.

A full-text copy of the First Amended Disclosure Statement dated
Jan. 03, 2021, is available at https://bit.ly/3n8DaHJ from Kurtzman
Carson Consultants, LLC, claims agent.

Co-Counsel for the Debtors:

     GIBSON DUNN & CRUTCHER LLP
     Scott J. Greenberg
     Joshua K. Brody
     Jason Zachary Goldstein
     200 Park Avenue
     New York, NY 10166
     Telephone: (212) 351-4000
     Facsimile: (212) 351-4035

     PACHULSKI STANG ZIEHL & JONES LLP
     Laura Davis Jones
     Timothy P. Cairns
     919 North Market Street, 17th Floor
     P.O. Box 8705
     Wilmington, DE 19899 (Courier 19801)
     Telephone: (302) 652-4100
     Facsimile: (302) 652-4400

                    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.


SEVEN THREE DISTILLING: Unsecureds to Get Share of Income for 3 Yrs
-------------------------------------------------------------------
Seven Three Distilling Co., LLC, filed with the U.S. Bankruptcy
Court for the Eastern District of Louisiana a First Amended
Subchapter V Plan of Reorganization dated Jan. 3, 2022.

The Debtor was formed on April 15, 2015 by Sal and Eileen
Bivalacqua in order to develop a locally owned and managed
distillery, making spirits with a strong connection to New Orleans.
The Debtor settled on the mark "Seven Three" after some initial
consideration.

On February 22, 2021, the Petitioning Creditors, 301 North
Claiborne, LLC, Debra Levis, as Exox. for Robert Levis, Patrick
Dubendorfer, Cher Levis Hunt, M. Theresa Turla, filed an
Involuntary Petition Against a Non-Individual, pursuant to which an
involuntary case under Chapter 11 of the Bankruptcy Code was
commenced against the Debtor.

At the time Petitioning Creditors filed their petition, the Debtor
had a cash reserve of over $250,000. The involuntary petition and
the administrative costs of this case, along with other
extraordinary events such as the Pandemic, Hurricane Ida, and the
relentless litigation tactics of Jeff Rogers, have had a
devastating effect on the Debtor's cash position.

This Plan has two key mechanisms relevant to claim and interest
holders. First, the Debtor will pay the Debtor's creditors and
interest holders from cash flow from operations or other future
income over three years, as per Section 1191(c)(2)(B) of Title 11
of the United States Code (the "Bankruptcy Code"), and which may be
enhanced substantially by the Court-approved Debtor-in-Possession
Finance transaction, upon funding of same. Second, the Debtor will
fund post-confirmation capital needs through issuance of new equity
interests in the Reorganized Debtor.

As to the first of these two aspects, the treatment of creditors
and interest holders of the Debtor will be as follows:

     * Administrative and priority claimants will receive payment
in full on the Effective Date, except that certain administrative
claimants will receive deferred payments pursuant to 11 U.S.C.
§1191(e) as provided in the Financial Projections;

     * Secured creditors will retain their security interests or
other liens and be paid in accordance with their contracts;

     * General unsecured creditors will receive their pro rata
portion of the Debtor's Projected Disposable Income over the
three-year period following the Effective Date, pursuant to Section
1191(c)(2)(B) of Title 11 of the United States Code (the
"Bankruptcy Code"), in quarterly installments;

     * Holders of convertible notes that had not declared their
notes to be mature or in default as of the Petition Date will
receive membership units in the Reorganized Debtor in an amount
commensurate with the amount due under such holder's note as of the
Petition Date;

     * Section 510(b) Claimant, that is, an individual who claims
damages arising from the purchase or sale of securities in the
Debtor, and which is determined by the Court to be subject to
Section 510(b), will receive any amounts remaining from the
Debtor's Projected Disposable Income after all of the above classes
are paid in full;

     * Holders of Pre-Petition Equity Interests will receive their
pro rata share of any amounts remaining from the Debtor's Projected
Disposable Income after all of the above classes are paid in full.

Secondly, the Debtor will restructure its equity holders pursuant
to Section 1123(a)(5)(J) of the Bankruptcy Code. After careful
review, the Debtor's management has concluded that new capital is
necessary for a successful reorganization. The Debtor has further
determined that a new equity contribution was and is the best
alternative to fund such costs. The Debtor's Plan therefore
provides for an issuance of new membership interests in the
Reorganized Debtor in exchange for cash contribution by one or more
Equity Sponsors. This capital contribution will enable the
Reorganized Debtor to meet necessary expenditures to move its
operations, pay its expenses and fund payments under the Plan.

On and after the Effective Date, the Debtor has two principal
expenditures that it intends to pay with the New Capital in the
amount of $1,100,000.00. These two principal expenditures are the
cost of moving and building out operations at the new location, and
the cost of payments to anticipated administrative expenses as set
forth in this Plan. The estimated cost of moving and building out
operations at 2123 Tchoupitoulas are $800,000, and the estimated
payments of administrative and other payments due on the Effective
Date of the Plan are $280,000. The New Capital investment would
therefore also provide an approximate $20,000 of working capital to
the Debtor to enable it to make more substantial payments to
creditors and interest holders under the Plan.

The Debtor has concluded that this Plan is the most effective
manner of reorganizing the Debtor's estate, is in the best
interests of creditors and interest holders, and is feasible.
Insofar as the Plan proposes to provide to creditors and interest
holders an amount equal to the Debtor's Projected Disposable Income
over the three-year period following the Effective Date, the Plan
is "fair and equitable" within the meaning of Section 1191 of the
Bankruptcy Code. The Plan further provides a substantially greater
recovery for creditors and interest holders than would a Chapter 7
Liquidation.

A full-text copy of the First Amended Plan dated Jan. 3, 2022, is
available at https://bit.ly/3HRoOn5 from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     CHRISTOPHER T. CAPLINGER
     JOSEPH P. BRIGGETT
     JAMES W. THURMAN
     Lugenbuhl Wheaton Peck Rankin & Hubbard
     601 Poydras St., Suite 2775
     New Orleans, LA 70130
     Tel: (504) 568-1990
     Fax: (504) 310-9195
     Email: jbriggett@lawla.com

              About Seven Three Distilling Company

301 North Claiborne, LLC, and four other alleged creditors of Seven
Three Distilling Company, LLC, filed an involuntary Chapter 11
petition (Bankr. E.D. La. Case No. 21-10219) against the company on
Feb. 22, 2021.  

Judge Meredith S. Grabill oversees the Debtor's bankruptcy case.

Leo Congeni, Esq., at Congeni Law Firm, LLC, is representing the
petitioning creditors.

The Debtor tapped Lugenbuhl, Wheaton, Peck, Rankin & Hubbard as
legal counsel and Patrick J. Gros CPA APAC as accountant.


SOTO'S AUTO: Unsecureds to Get $128K via Quarterly Payments
-----------------------------------------------------------
Soto's Auto & Truck Repairs Service, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Plan of
Reorganization for Small Business dated Jan. 3, 2022.

The Debtor is a family-owned diesel truck repair company founded in
or about March 2004.  The Debtor provides heavy-duty truck repair
and maintenance service, including engine repairs, overhauls, and
replacements, as well as mobile truck repair and maintenance
service.

In or about July 2015, John Soto assumed responsibility for the
Debtor's operations. After Mr. Soto assumed responsibility for the
Debtor's operations, the Debtor was audited by the Florida
Department of Revenue (the "FDOR") and was assessed several hundred
thousand dollars in sales taxes.  The Debtor applied for and
received a Paycheck Protection Program loan in the amount of
$70,000 from Fifth Third Bank. While those funds provided immediate
interim relief, the Debtor was unable to sustain its obligations to
creditors in the long-term due to its overleveraged status. The
FDOR and another creditor froze the Debtor's bank accounts prior to
the Petition Date, disrupting operations.

After evaluating alternatives, the Debtor determined that a
Subchapter V Chapter 11 filing would provide a venue in which to
effectively address its current debts and best serve the interests
of its creditors, customers, and employees. The Debtor will utilize
the Chapter 11 process to efficiently and effectively reorganize
its business and make distributions to creditors.

The Debtor's financial projections show that the Debtor will be
able to distribute projected disposable income to the holders of
allowed administrative, priority tax, secured, and unsecured
creditors. The Debtor anticipates that the Plan will be confirmed
in March of 2022, distributions to administrative, priority and
secured creditors will begin to accrue monthly on May 1, 2022, and
be paid quarterly with the first quarterly payment to begin on July
1, 2022.

Payments to Class 9 unsecured creditors shall be made quarterly
commencing April 1, 2024, and ending April 1, 2027. The Debtor
projects that total distributions to unsecured creditors will be
approximately $128,000. The distributions under the Plan will be
derived from (i) existing cash on hand on the Effective Date and
(ii) revenues generated by continued business operations.

Class 9 consists of all non-priority unsecured claims. The Debtor
estimates that Class 9's claims will total approximately
$313,508.00. Every holder of a non-priority unsecured claim against
the Debtor shall receive its pro-rata share of the Debtor's
projected disposable income after payment of administrative,
priority tax, and secured claims. Payments shall be made quarterly
commencing on or about April 1, 2024. The Debtor projects that
total distributions to unsecured creditors will be approximately
$128,000. Class 9 is impaired by the Plan.

Payments required under the Plan will be funded from (i) existing
cash on hand on the Effective Date and (ii) revenues generated by
continued operations.

A full-text copy of the Small Business Plan of Reorganization dated
Jan. 03, 2022, is available at https://bit.ly/3tgb0Pe from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     Becky Ferrell-Anton
     Stichter Riedel Blain & Postler, P.A.
     110 East Madison Street, Suite 200
     Tampa, FL 33602
     Phone: (813) 229-0144  
     Email: bfanton@srbp.com

              About Soto's Auto & Truck Repairs

Soto's Auto & Truck Repairs Service, Inc., is a family-owned diesel
truck repair company founded in March 2004.  The Company provides
heavy-duty truck repair and maintenance services, including engine
repairs, overhauls, and replacements, as well as mobile truck
repair and maintenance services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-04131) on August 6,
2021.  In the petition filed by John Soto, president, the Debtor
estimated up to $500,000 in assets and up to $1 million in
liabilities.

Judge Roberta A. Colton oversees the case.

Emily S. Clendenon, Esq., at Stichter, Riedel, Blain & Postler,
P.A. is the Debtor's counsel.


SPECTRUM GLOBAL: Changes Name to 'High Wire Networks, Inc.'
-----------------------------------------------------------
Spectrum Global Solutions, Inc. filed an amendment to its Articles
of Incorporation with the Secretary of State of the State of Nevada
to change its name to High Wire Networks, Inc., effective Jan. 10,
2022.

Spectrum filed appropriate documents with FINRA to effect the name
change.  FINRA declared an effective date of Jan. 10, 2022 for the
name change.  The company's new trading symbol is "HWNI".  The new
CUSIP number for the company is 42981W104.

                  About Spectrum Global Solutions

Boca Raton, Florida-based Spectrum Global Solutions Inc. --
https://SpectrumGlobalSolutions.com -- operates through its
subsidiaries ADEX Corp., Tropical Communications Inc. and AW
Solutions Puerto Rico LLC.  The Company is a provider of
telecommunications engineering and infrastructure services across
the United States, Canada, Puerto Rico and Caribbean.

Spectrum Global reported a net loss attributable to the company of
$17.71 million for the year ended Dec. 31, 2020, compared to a net
loss attributable to the company of $5.83 million for the year
ended Dec. 31, 2019.  As of March 31, 2021, the Company had $6.38
million in total assets, $22.17 million in total liabilities, $1.02
million in total mezzanine equity, and a total stockholders'
deficit of $16.81 million.

Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's
auditor since 2014, issued a "going concern" qualification in its
report dated April 1, 2021, citing that the Company has incurred
losses since inception, has negative cash flows from operations,
and has negative working capital, which creates substantial doubt
about its ability to continue as a going concern.


STARWOOD PROPERTY: Fitch Gives 'BB+(EXP)' to $500MM Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to
Starwood Property Trust, Inc.'s (Starwood) planned issuance of $500
million of senior unsecured notes. Proceeds from the proposed
issuance are expected to be used for general corporate purposes,
including to pay down borrowings under secured repurchase
facilities.

KEY RATING DRIVERS

SENIOR DEBT

The expected rating on the new senior unsecured notes is equalized
with the ratings assigned to Starwood's existing senior unsecured
debt as the new notes will rank equally in the capital structure.
The unsecured debt rating is equalized with the Long-Term Issuer
Default Rating (IDR), reflecting the availability of unencumbered
assets and average recovery prospects for creditors in a stressed
scenario.

This transaction is expected to be neutral to Starwood's leverage,
given that proceeds are expected to be used to repay existing
borrowings. Starwood's leverage, calculated by Fitch as gross
debt-to-tangible equity including off-balance sheet, non-recourse
funding comprised of CLO liabilities, CRE A-Note sales and
securitizations, and residential lending securitizations, adding
back accumulated depreciation on real estate to tangible equity,
was 3.6x at Sept. 30, 2021.

Fitch believes it is appropriate to add accumulated depreciation on
the real estate portfolio back to tangible equity, as the firm has
a strong track record of recognizing the gross book value of the
portfolio at exit. While Starwood's baseline leverage is higher
than rated peers, Fitch notes that leverage would be considerably
lower, at 2.1x, if all non-recourse borrowings were excluded from
the calculation.

Approximately 15.8% of Starwood's debt was unsecured pro forma the
issuance at Sept. 30, 2021, which is up from 12.3%. The firm's
unsecured funding profile remains below the peer average and at the
lower-end of Fitch's 'bb' category benchmark range of 10%-40% for
finance and leasing companies with an operating environment score
of 'a'. Fitch views Starwood's ability to access the unsecured debt
markets and extend its debt maturity profile favorably.

However, unsecured debt as a proportion of total debt will remain
below-average following the issuance. Fitch would view an increase
in Starwood's unsecured funding mix favorably as it would enhance
its financial flexibility. Still, Starwood's secured funding is
diverse and comprised of warehouse lines, repurchase facilities,
mortgages and securitizations, with a well-laddered maturity
profile.

Starwood's ratings reflect the strength of its affiliation with
Starwood Capital Group (SCG) and its affiliate manager, SPT
Management, LLC. The affiliation provides access to deal flow and
deep industry and collateral expertise; a solid market position as
a commercial real estate (CRE), residential real estate and
infrastructure lender, special servicer and property investor;
diversity of its business model; strong asset quality; consistent
operating performance; relatively low leverage; appropriate
interest coverage; a diverse and well-laddered funding profile, and
solid liquidity.

Rating constraints include Starwood's primary focus on the CRE
market, which exhibits volatility through the credit cycle, a
continued challenging environment for certain CRE property types
such as office and hotel, a largely secured funding profile and
potential for margin calls on secured credit facilities, although
the exposure is more modest than peers.

The Stable Outlook for the Long-Term IDR reflects Fitch's view that
Starwood will continue to maintain strong asset quality, generate
stable and consistent operating cash flows and maintain leverage at
a level appropriate for the risk profile of the portfolio.
Additionally, Fitch believes the company will continue to
opportunistically issue unsecured debt, to enhance its funding
flexibility, and appropriately manage its debt maturity profile.

RATING SENSITIVITIES

The expected unsecured debt rating is primarily linked to changes
in the Long-Term IDR and would likely move in tandem with it.
However, an increase in secured debt and/or a sustained decline in
the level of unencumbered assets that weakens recovery prospects on
the unsecured debt could result in the unsecured debt ratings being
notched down from the IDR.

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

-- A sustained increase in the proportion of unsecured
    approaching 40% of total debt; a reduction in margin call
    exposure; and the maintenance of leverage at-or-below 2.5x on
    a Fitch-calculated basis, excluding all non-recourse debt.
    Positive rating action would also be conditioned on the
    maintenance of strong asset quality performance, consistent
    core earnings generation; and a solid liquidity profile.

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

-- A sustained increase in Fitch-calculated leverage, excluding
    all non-recourse debt, above 3.0x and/or a material increase
    in total leverage; an inability to maintain sufficient
    liquidity relative to near-term debt maturities, unfunded
    commitments and margin call potential;

-- A reduction in business line diversity, material deterioration
    in credit performance, a reduction in core earnings and
    coverage of the dividend, and/or a sustained reduction in the
    proportion of unsecured debt funding below 10% could all yield
    a negative rating action.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).


STARWOOD PROPERTY: Moody's Rates Senior Unsecured Notes 'Ba3'
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Starwood
Property Trust, Inc.'s new senior unsecured notes due 2027.
Starwood's Ba2 corporate family and Ba3 long-term senior unsecured
ratings are unaffected by the new transaction. The company's
outlook is stable.

Assignments:

Issuer: Starwood Property Trust, Inc.

  Senior Unsecured Regular Bond/Debenture, Assigned Ba3

RATINGS RATIONALE

Moody's has rated Starwood's senior unsecured notes Ba3 based on
Starwood's ba2 standalone assessment as well as the priority and
proportion of the notes in Starwood's debt capital structure and
the strength of the notes' asset coverage. The new notes feature
terms that are consistent with those of the company's existing
senior unsecured notes. Starwood intends to use the proceeds of the
transaction to finance or refinance recently completed or future
Green and/or Social Projects and for other corporate purposes
including repayment of secured debt.

Factors supporting Starwood's ratings include the company's
effective credit and liquidity risk management during the pandemic
induced downturn in the commercial real estate sector, its superior
revenue diversity compared to peers, history of strong operating
performance and affiliation with Starwood Capital Group, the
well-established commercial real estate investment and asset
management firm. Credit challenges include Starwood's high reliance
on confidence-sensitive secured funding and its high exposure to
the cyclicality of the certain commercial property segments,
especially hotels. Moody's expects that the new senior notes
transaction will have no material effect on Starwood's net
debt-to-equity leverage and will moderately reduce the proportion
of the company's funding under repurchase agreements, which Moody's
views as a positive development for the company's funding structure
and liquidity profile.

Starwood's outlook is stable, based on the resilience of the
company's asset performance and strong liability and liquidity
management over the past year, which Moody's expects positions the
company well to generate improving operating results even as
uncertainties regarding asset performance linger in certain
property sectors and regions.

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

Moody's could upgrade Starwood's ratings if the company: 1) further
diversifies its funding sources to include additional senior
unsecured debt, resulting in a ratio of secured debt to tangible
assets declining to not more than 45%; 2) maintains strong, stable
profitability and low credit losses; and 3) maintains a ratio of
adjusted debt to adjusted tangible equity of not more than 3.0x.

Starwood's ratings could be downgraded if the company: (1)
increases exposure to volatile funding sources or otherwise
encounters material liquidity challenges, (2) increases its
adjusted debt to adjusted tangible equity leverage to more than
4.5x, (3) rapidly accelerates growth, or (4) suffers a sustained
decline in profitability.


STONEPEAK TAURUS: Moody's Assigns B2 CFR; Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned ratings to Stonepeak Taurus
Lower Holdings LLC ("TRAC Intermodal"), including a B2 Corporate
Family Rating and B2-PD Probability of Default Rating. Stonepeak
Taurus Lower Holdings is the parent entity of TRAC Intermodal
Holdings Corporation; these two entities are co-borrowers. Moody's
also assigned a Caa1 rating to TRAC Intermodal's senior secured
second lien term loan. The rating outlook is stable.

Proceeds from the senior secured second lien term loan will be used
to fund a $342 million cash dividend to the company's owners and
pay fees and expenses related to this transaction.

Ratings assigned:

Assignments:

Issuer: Stonepeak Taurus Lower Holdings LLC

  Corporate Family Rating, Assigned B2

  Probability of Default Rating, Assigned B2-PD

  Senior Secured 2nd Lien Term Loan due 2029, Assigned Caa1
  (LGD5)

Outlook Actions:

Issuer: Stonepeak Taurus Lower Holdings LLC

  Outlook, Assigned Stable

RATINGS RATIONALE

TRAC Intermodal's B2 Corporate Family Rating is constrained by
execution risk associated with the company's re-entry into the
domestic chassis business, the containers for which are designed
for travel by railroad. The expiration of a non-compete agreement
in early 2021 enabled TRAC Intermodal to begin rebuilding its
domestic chassis business, which it had previously sold.
Reestablishing the domestic chassis business will require a
significant amount of management attention and financial resources.
The rating is also limited by the company's lack of business
diversity and its moderate scale. Despite Moody's expectation for
good demand for the company's products well into 2022, the rating
also reflects that business conditions beyond that point appear far
less certain. For this reason, Moody's believes that TRAC
Intermodal's moderate level of pro forma adjusted debt/EBITDA of
roughly 3.8 times at September 30, 2021 will likely decline in 2022
before increasing in 2023 to around 4.5 times. The rating also
reflects TRAC's customer concentration, with its top 5 customers
accounting for 24% of annual revenue.

The rating is supported by the company's position as one of the
largest providers of chassis to the intermodal transportation
industry and its attractive operating margins. Measured by chassis
fleet size, TRAC estimates that it holds roughly 30% market share
within the marine chassis rental market. The company provides
chassis to its customers predominantly through chassis pools at
port locations with lease payments calculated on a per diem basis.
Access to port terminals, capital to build a sizeable fleet and the
efficiency of the pool structure establish barriers to enter this
market and mitigate the risk of equipment ownership by chassis
users. Lastly, the rating is supported by good liquidity.

The stable outlook reflects Moody's expectation that demand for the
company's marine chassis will remain strong over the next year. It
is also underpinned by Moody's view that TRAC will not experience
significant business disruption as it develops its domestic chassis
business.

TRAC Intermodal is not highly exposed to environmental risks, a
distinction from the broader surface transportation and logistics
sector, because its chassis rental operations do not result in the
emission of a significant amount of carbon dioxide or air
pollutants. With respect to governance, Moody's views TRAC
Intermodal's planned $342 million dividend as being representative
of aggressive financial policies that the rating agency expects
over the rating horizon will favor the company's private equity
owners.

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

The ratings could be upgraded if the company achieves business
diversification through the domestic chassis market while
sustaining its leadership position in the marine chassis market.
Achieving greater scale and a track record of generating
consistently positive free cash flow while sustaining debt/EBITDA
around 4.5 times could contribute to upward pressure on TRAC
Intermodal's ratings.

The ratings could be downgraded if demand for chassis materially
weakens. A downgrade could also result if TRAC Intermodal
encounters significant pitfalls in reestablishing its domestic
chassis business. Persistently negative free cash flow while
debt/EBITDA exceeds 5.5 times could also give rise to a ratings
downgrade.

As proposed, the new second lien credit facility is expected to
provide covenant flexibility that if utilized could negatively
impact creditors. The facility includes incremental debt capacity
up to the greater of $270 million and 100% of consolidated EBITDA,
plus unused capacity from the general debt basket and general lien
basket, plus unlimited amounts so long as secured net leverage does
not exceed 4.50 times (if pari passu secured). Amounts up to the
greater of $270 million and 100% of consolidated EBITDA and amounts
incurred in connection with a permitted acquisition or other
permitted investments may be incurred with an earlier maturity date
than the initial term loans. There are no express "blocker"
provisions which prohibit the transfer of specified assets to
unrestricted subsidiaries; such transfers are permitted subject to
carve-out capacity and other conditions. 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.

TRAC Intermodal is a leading provider of marine chassis in North
America. The company's asset base includes approximately 175,000
marine chassis. Annualized revenue is roughly $685 million. The
company is privately owned by Stonepeak, an investment firm that
specializes in infrastructure and real assets.


STONEPEAK TAURUS: S&P Assigns 'B' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Stonepeak Taurus Lower Holdings LLC (which operates under the name
TRAC Intermodal).

S&P said, "At the same time, we assigned our 'B+' issue-level
rating and '2' recovery rating (70%-90%; rounded estimate: 80%) to
the proposed $350 million second-lien term loan due 2030.

"The stable outlook indicates our expectation for credit metrics
that will remain commensurate with the rating as the company's
operations will continue to benefit from favorable market
conditions through the first half of 2022, with some moderation
thereafter.

"Our weak assessment of TRAC's business risk reflects its position
as one of the three major chassis lessors in North America, which
is offset by its dependence on cyclical macroeconomic factors.TRAC,
along with Drive Chassis Holdco LLC (DCLI) and Flexi-Van (not
rated), is one of the three largest chassis lessors in North
America. A chassis is a steel frame with eight wheels, brakes, and
lights that--when combined with a cargo container--is the
equivalent of a trailer. TRAC primarily leases marine chassis,
which are chassis designed to transport international marine cargo
containers by truck between port terminals and distribution centers
or end users. With a fleet of about 175,000 marine chassis, the
company operates as the largest marine chassis lessor in North
America but has a very small presence in the domestic leasing
segment (chassis that handle domestic intermodal containers
primarily moved by train). Demand and pricing in the marine chassis
leasing sector are largely dependent on cyclical macroeconomic
factors, including U.S. import and export volumes and marine cargo
container shipping volumes. TRAC recently re-entered the domestic
chassis leasing segment (current fleet of only about 2,000 domestic
chassis) and plans to grow its presence over time, which we believe
would add some diversity to its business because demand in the
domestic segment is typically not as dependent on international
trade volumes. However, we expect the segment to remain a very
small part of TRAC's operations through our forecast period.

"We believe TRAC's operating performance will continue to benefit
from favorable demand trends for chassis.Chassis lessors were
negatively affected in the early part of the COVID-19 pandemic by
the economic shutdowns, factory closures, and severe global trade
disruption. However, beginning in late-2020, trade began to recover
substantially, driven by growing consumer spending as well as an
acceleration in e-commerce demand. U.S. import volumes have
increased significantly and are expected to remain strong through
the first half of 2022, which will support continued strong demand
for chassis. Further, because the company generally rents chassis
on a per diem basis, it has also benefited from the ongoing
congestion at ports, as well as the labor shortages at warehouses
and other cargo-handling facilities, which has resulted in longer
rentals for the company's equipment as trucks wait for longer
periods to pick up or deliver containers at ports. However, we do
not believe such favorable market conditions will persist over the
longer term. Although we expect demand to normalize somewhat in the
second half of 2022 as import volumes stabilize and supply chain
disruptions ease, allowing transportation providers to work through
their container backlogs, this could be delayed by continued labor
shortages.

"We expect the company to increase its revenue by about 40% in
2021, reflecting strong fleet utilization and favorable pricing
dynamics. We forecast its revenue will remain relatively flat in
2022 as demand conditions moderate somewhat in the second half of
the year, albeit remaining much stronger than pre-pandemic levels.

"Our highly leveraged assessment of TRAC's financial risk
incorporates its ownership by financial-sponsor Stonepeak as well
as our forecast credit metrics.We view Stonepeak, which has owned
TRAC since early-2020, as a financial sponsor. The company will use
the proceeds from the proposed transaction to fund a dividend to
Stonepeak. This planned dividend, together with the over $200
million of dividends it paid in the second half of 2021, will
result in the company paying about $550 million in dividends to its
sponsor through early 2022. While its operational track record
under Stonepeak's ownership is still limited, we believe the
company will continue to periodically undertake dividend payouts to
its financial sponsor when the opportunity arises.

"We expect TRAC's credit metrics to decline somewhat in 2022 due to
the additional debt and interest expense associated with the
proposed transaction, which will be partly offset by the continued
strength of its operating performance. Specifically, we forecast
its EBIT interest coverage will moderate to the low-3x area in
2022, from over 9x in 2021 (compared with less than 1x in 2020),
and project its funds from operations (FFO) to debt will decline to
the low-20% area in 2022 from about 40% in 2021 (compared with the
low-teens percent area in 2020). TRAC's 2021 credit metrics are not
directly comparable because they do not include the additional debt
and interest expense associated with the proposed transaction. We
expect the company's debt to capital to increase above 90% in 2022
from about 70% in 2021 (compared with about 60% in 2020).

"The stable outlook reflects our expectation that TRAC's operating
performance and credit metrics will continue to benefit from strong
U.S. import volumes through the first half of 2022, with some
moderation thereafter. We expect the company's EBIT interest
coverage to moderate somewhat to the low-3x area in 2022, from over
9x in 2021, and project its FFO to debt will decline to the low-20%
area in 2022 from about 40% in 2021. TRAC's 2021 credit metrics are
not directly comparable because they do not include the additional
debt and interest expense associated with the proposed transaction.
We expect the company's debt to capital to increase above 90% in
2022 from about 70% in 2021 (compared with about 60% in 2020)."

S&P could lower its ratings on TRAC over the next 12 months if its
credit metrics weaken such that its EBIT interest coverage declines
below 1.1x or its FFO to debt declines below 12% on a sustained
basis. This could occur if:

-- Shipping volumes decline significantly amid deteriorating
macroeconomic conditions; or

-- The company's owner pursues a more aggressive financial
policy.

Although unlikely over the next 12 months, S&P could raise its
ratings on TRAC if its debt to capital declines below 90% while its
EBIT interest coverage remains above 1.1x. S&P would also need to
believe that the company's financial sponsor will remain supportive
of these improved credit metrics.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of TRAC. We view
financial sponsor-owned companies with aggressive or highly
leveraged financial risk profiles as demonstrating corporate
decision making that prioritizes the interests of the controlling
owners, typically with finite holding periods and a focus on
maximizing shareholder returns."



SUMMIT BEHAVIORAL: Moody's Affirms B3 CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed Summit Behavioral Healthcare,
LLC's ratings, including the B3 Corporate Family Rating ("CFR"),
B3-PD Probability of Default("PDR"), B2 first lien senior secured
rating, and Caa2 second lien senior secured rating. The outlook
remains stable.

The affirmation follows Summit's acquisition of Strategic
Behavioral Health in December 2021 that is funded with a $150
million increase in first lien term loan and new sponsor equity.
The affirmation reflects Summit's elevated financial leverage with
debt/EBITDA of around 9.5x at the end of 2021 pro forma for the
acquisition. While Moody's expects leverage to decrease through
earnings growth it is nonetheless expected to remain high at
approximately 6.5x by the end of 2023, resulting in a weakly
positioned B3 Corporate Family Rating. Summit has no headroom to
make additional debt-funded acquisitions until it reduces its
leverage. Further, Summit faces significant execution risk over the
next 12 months integrating the acquisition.

Rating Actions:

Issuer: Summit Behavioral Healthcare, LLC

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

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

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

  Senior Secured 2nd Lien Term Loan, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: Summit Behavioral Healthcare, LLC

  Outlook, Remains Stable

RATINGS RATIONALE

The B3 rating reflects the company's modest scale and narrow
business focus on substance use disorder ("SUD") treatment and
acute psychiatric treatment ("Acute Psych"). Further, Moody's
believes Summit will continue to expand aggressively through growth
of existing facilities, new facility openings, and acquisitions.
There is risk that the company's growth strategy will lead to lower
utilization at facilities or failure to earn adequate returns on
its investments.

The rating is supported by Summit's good reputation in the
substance abuse treatment market and solid - albeit short - track
record of growth that Moody's expects will continue. Given the
company's solid profit margins and low maintenance capex, Moody's
expects the company to generate near break-even free cash flow
after making likely investments in expansion capex. The B3 rating
is also supported by Summit's good geographic and customer
diversity. The company has some exposure to direct government
reimbursement (about 30% of revenue) and maintains in-network
contracts with its commercial payors, with whom it generates the
majority of its revenue.

Summit will maintain adequate liquidity over the next 12-18 months,
with no near-term debt maturities. While the company has little
cash following the acquisition, liquidity is supported by a 5-year
revolving credit facility that provides for borrowings of $75
million. Moody's expects the company may rely temporarily on the
revolver over the next 12 months. Alternative sources of liquidity
are limited as substantially all assets are pledged. There is no
financial covenant on the term loans.

The stable outlook reflects Moody's view that Summit will reduce
its currently high leverage towards 6.5-7.0 times range over the
next 12-18 months and will maintain at least adequate liquidity.

Social and governance considerations are material to Summit's
credit profile. As a provider of addiction and mental health
treatment, Summit faces high social risk. Any incident, such as a
patient fatality or a patient not receiving appropriate care at one
of Summit's facilities, can result in increased regulatory burdens,
government investigations, and negative publicity. Positive social
considerations include the societal benefits from Summit's
behavioral health and addiction treatment programs. Among
governance considerations, Summit's financial policies under
private equity ownership are aggressive, reflected in high debt
levels and acquisitive growth strategy.

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

The ratings could be downgraded if the company's expansion strategy
fails to produce profitable revenue growth or leads to operating
disruption. If Summit engages in debt-financed acquisitions or
dividends, the ratings could also be downgraded. Further, weakening
of liquidity, sustained negative free cash flow, or EBITA interest
coverage below 1 time could lead to a downgrade.

The ratings could be upgraded if Summit demonstrates a track record
of positive free cash flow, and effectively manages its growth with
prudent financial policies. Increased scale and diversification
would also support an upgrade. Further, the ratings could be
upgraded if adjusted debt to EBITDA is sustained below 6 times.

Summit Behavioral Healthcare, LLC is a leading service provider of
substance abuse and mental health treatment in a highly fragmented
industry. Summit operates 25 facilities in 16 states with a focus
on inpatient, detox, residential and outpatient services. The
company has been growing rapidly reflecting a strategy focused on
acquisitions and the opening of new facilities. Summit generated
$224 million revenue in the LTM to June 30, 2021. Summit is owned
by private equity firm Patient Square Capital.


TRANS-LUX CORP: Gabelli Equity Has 11.99% Stake as of Dec. 31
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Gabelli Equity Series Funds, Inc. - The Gabelli Small
Cap Growth Fund disclosed that as of Dec. 31, 2021, it beneficially
owns 1,612,500 shares of common stock of Trans-Lux Corporation,
representing 11.99 percent based on 13,446,276 shares outstanding
as reported in the issuer's most recently filed Form 10-Q for the
quarterly period ended Sept. 30, 2021.  

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

https://www.sec.gov/Archives/edgar/data/0000099106/000080724922000013/tlx13g_10.htm

                          About Trans-Lux

Headquartered in New York, New York, Trans-Lux Corporation --
http://www.trans-lux.com-- designs and manufactures TL Vision
digital video displays for the financial, sports and entertainment,
gaming, education, government, and commercial markets.  With a
comprehensive offering of LED Large Screen Systems, LCD Flat Panel
Displays, Data Walls and scoreboards (marketed under Fair-Play by
Trans-Lux), Trans-Lux delivers comprehensive video display
solutions for any size venue's indoor and outdoor display needs.

Trans-Lux reported a net loss of $4.84 million for the 12 months
ended Dec. 31, 2020, a net loss of $1.40 million for the year ended
Dec. 31, 2019, and a net loss of $4.69 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $7.01 million
in total assets, $16.84 million in total liabilities, and a total
stockholders' deficit of $9.83 million.

New Haven, CT-based Marcum LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated April
15, 2021, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WALHONDE TOOLS: United States Trustee Says Plan Not Feasible
------------------------------------------------------------
The United States Trustee objects to the Small Business Plan of
Reorganization filed by debtor Walhonde Tools, Inc.

The United States Trustee asserts that the projections included in
the plan are not consistent with the Monthly Operating Reports
filed by the Debtor and no reasonable explanation for this
discrepancy has been proffered. The five monthly operating reports
that have been filed show an average of less than $3,000.00 in
gross monthly revenue.

The United States Trustee further asserts that the projections in
the plan forecast monthly revenue of $20,000.00 the first 12
months, then $30,000.00 for the next subsequent 12 months. The
projections of revenue then regularly increase until it reaches
$50,000.00 per month in year 5. Prior to confirmation, the Debtor
must demonstrate why the Court and creditors can rely on these
projections.

Similarly, the plan does not appear to be feasible as the Debtor
has operated at a $92,106.00 loss since filing. The record does not
contain evidence that the Debtor can operate at the level of
profitability forecast in the projections.

The United States Trustee claims that the Debtor has not remained
current on post-petition obligations. The Debtor has accrued
$17,051.16 in post-petition debt. While the majority of that
post-petition debt is owed to a company owned by parents of the
Debtor's principals for rent, a portion of that post-petition debt
is owed for property taxes.

A full-text copy of the United States Trustee's objection dated
Jan. 3, 2022, is available at https://bit.ly/3GbvlIW from
PacerMonitor.com at no charge.

                      About Walhonde Tools

Walhonde Tools, Inc., is a South Charleston, W.Va.-based company
that produces and markets precision tube and pipe fitting tools for
the power, pulp and paper, petro-chemical, food and drug
processing, shipbuilding, and repair industries worldwide.

Walhonde Tools filed a Chapter 11 petition (Bankr. S.D. W.Va. Case
No. 21-20150) on June 29, 2021.  In the petition signed by  Matthew
McClure, president, the Debtor disclosed $866,207 in assets and
$1,660,552 in liabilities.  Judge Mckay B. Mignault presides over
the case.  The Debtor tapped Pepper and Nason as its bankruptcy
counsel and Jeremy B. Simms of Simms and Company as its accountant.


WD WOLVERINE: S&P Affirms 'B' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on WD Wolverine Holdings
LLC (doing business as WellDyneRx), including its 'B' issuer credit
rating and 'B' rating on its first-lien senior secured debt. The
outlook is negative.

S&P said, "EBITDA and cash flow generation are trending lower than
we previously expected. Changes to WellDyneRx's rebate aggregator
in 2019 and 2020 led to operating disruptions and contributed to
the loss of several key customers. We believe the company has
returned to its previous rebate aggregator. We expect revenue to
increase 3%-4% per year as the company makes progress on winning
new customers. Additionally, as the pandemic subsides and hiring
practices return, we estimate utilization will be higher.
WellDyneRx still operates in a highly competitive environment with
customers that seek greater pass-through of rebates. Thus, we
expect adjusted EBITDA margins to be just over 5% for the next few
years, about 2%-3% lower than we expected in August 2020, when we
revised our outlook to negative from stable. We also expect the
company to generate adjusted debt to EBITDA of 6.5x-7x and annual
FOCF at least $10 million above scheduled debt amortization. While
these credit measures remain commensurate with our rating, there is
little room for the company to underperform before we could lower
it.

"Our rating reflects our expectation that WellDyneRx will extend
its maturity profile within the next few weeks. The company's
revolving credit facility and term loan mature in 2022, which
increases refinancing risk, in our view. We believe WellDyneRx is
likely to extend its maturity profile within the next few weeks. We
also recognize that the short period reduces its ability to manage
potential business or financial market-related setbacks.

"We expect debt to EBITDA to remain about 6.5x-7x over the next few
years. We continue to believe WellDyneRx will not pursue
significant acquisitions. It will instead focus on expanding its
client base of small to midsize customers, which typically warrant
higher margins.

"The negative outlook reflects the company's thin FOCF after
scheduled debt amortization and adjusted EBITDA margins that we
expect to remain just over 5%, which leaves little room for
underperformance."

S&P could lower its rating on the company if:

-- It cannot extend its debt maturity profile in the near term;

-- S&P expects FOCF generation to exceed scheduled annual debt
amortization by less than $10 million.

-- Profitability further deteriorates, potentially due to adjusted
EBITDA margins trending lower than S&P expects.

S&P could revise its outlook to stable within the next 12 months if
the company:

-- Extends its debt maturity profile; and

-- Earnings and cash flow generation trend in line with or better
than S&P's base-case expectations. This includes adjusted EBITDA
margins at or above 5% and annual FOCF at least $10 million above
scheduled debt amortization.



WESTERN ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to
Western Academy Charter School (WACS), a Florida not-for-profit
corporation. The outlook is stable.

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

-- Modest enrollment and small operating base, with 510 students
enrolled in fall 2021 and about $5.1 million in fiscal 2021 total
revenues;

-- High leverage, as measured by debt per student and
debt-to-capitalization;

-- Limited charter renewal history, with the initial 2003 charter
contract successfully renewed in 2008 for a 15-year period ending
in June 2023; and

-- Risk, as with all, charter schools, that the school can be
closed for nonperformance of its charter or for financial distress
before the final maturity of the bonds.

"We assessed Western Academy Charter School's enterprise profile as
adequate," said S&P Global Ratings credit analyst Jesse Brady,
"characterized by a relatively small but stable enrollment base,
which S&P expects to grow upon moving to a larger facility, as well
as very strong student retention and excellent academics, an
experienced and stable management team, and a strong charter
standing. S&P assessed the school's financial profile as
vulnerable, based on its expectations of modest, yet sufficient,
pro forma lease-adjusted maximum annual debt service (MADS)
coverage, considering the new debt issuance, historically positive
financial operations, a strong liquidity profile, and an elevated
pro forma debt burden. Combined, these credit factors lead to an
anchor of 'bb' and a final rating of 'BB'.

S&P said, "We view the risks posed by COVID-19 to public health and
safety as an elevated social risk for all charter schools under our
environmental, social, and governance factors, given the potential
for shifts in modes of instruction or an impact on state funding,
on which charter schools depend to support operations. For Western
Academy, despite modest enrollment declines even prior to the
pandemic, per-pupil funding has been trending positively, with
expectations of improved enrollment through the outlook, which, in
our view, mitigates some near-term risk. Environmental risks are
also somewhat elevated for this area of the state due to its
exposure to rising sea levels along the Atlantic coast and
vulnerability to acute weather events, which could lead to lower
enrollment as a result of displacement and/or property damage.
Partly mitigating this risk is a wind and storm insurance policy,
as well as a separate flood insurance policy, covering any
potential damage from such weather events. The school also
maintains a comprehensive emergency response plan aimed not only at
ensuring the safety and preparedness of its students and staff but
also to adequately restore the school to optimal operational and
educational conditions. Despite the elevated social and
environmental risks, we consider the school's governance risks to
be in line with our view of the sector as a whole.

"We could consider a positive rating action if the school meets
projected enrollment targets, such that debt metrics moderate to
levels commensurate with those of higher-rated peers while
maintaining a sustained trend of positive operations and sufficient
coverage of the increased lease-adjusted MADS burden. We would also
view positively maintenance of a strong cash position during the
expansion phase.

"We could consider a negative rating action should WACS fail to
meet its enrollment targets, experience weakened MADS coverage, or
see a notable decline in liquidity. Though not currently planned,
we would view a material increase in debt negatively."



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
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then-ending.

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                            *********

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