/raid1/www/Hosts/bankrupt/TCR_Public/220121.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, January 21, 2022, Vol. 26, No. 20

                            Headlines

175 NE 55TH STREET: Voluntary Chapter 11 Case Summary
488 EAST 98: Seeks to Employ Sobers Law as Bankruptcy Counsel
5524 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
5700 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
5900 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary

5901 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
5911 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
6200 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
96 WYTHE ACQUISITION: Benefit Street Challenges Ch.11 Exit Plan
APPLIED ENERGETICS: Appoints Mary O'Hara as General Counsel

ARIZONA AIRCRAFT: United States Trustee Says Disclosure Inadequate
ARRAY MIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
ASP CHROMAFLO: S&P Stays B-' ICR on CreditWatch Developing
ATHLETICO HOLDINGS: S&P Affirms 'B' ICR on Acquisition Agreement
AUDACY INC: S&P Alters Outlook to Stable, Affirms 'B' ICR

AUTOMOTIVE PARTS: Seeks More Time to Solicit Plan Acceptances
BAKELITE US: Fitch Assigns First Time 'BB' IDR, Outlook Stable
BH COSMETICS: Doja Cat Is Among Largest Creditors
BOLT DIESEL: Amends Reeves County Secured Claims Pay Details
CAN COMMUNITY: Fitch Affirms 'BB-' IDR, Outlook Stable

CRECHALE PROPERTIES: March 24 Plan Confirmation Hearing Set
DIOCESE OF ROCKVILLE: FCR Gets Court OK to Hire Financial Advisor
DUNN PAPER: S&P Downgrades ICR to 'CCC' on Refinancing Risk
EMERALD TECHNOLOGIES: S&P Assigns 'B-' ICR on Sponsor Sale
ENSTROM HELICOPTER: Closes Doors, To File Chapter 7 Bankruptcy

FERRO CORP: S&P Stays 'BB-' ICR on CreditWatch Negative
FLEXIBLE FUNDING: Exclusivity Period Extended to April 18
FULL HOUSE: Expects Q4 Consolidated Total Revenues of Up to $43.5M
GENESIS HEALTHCARE: Unsecureds to Get 100% in Plan
GLOBAL CARIBBEAN: Court Denies Approval of Disclosure Statement

GRUPO AEROMEXICO: OpCo Creditors, UCC Oppose Plan Approval
HOTEL CUPIDO: Court Confirms Liquidating Plan
JACOBS TOWING: Files Amendment to Disclosure Statement
JBS USA: S&P Assigns 'BB+' Rating on New Senior Unsecured Notes
JINZHENG GROUP: Exclusivity Period Extended to April 21

KLAUSNER LUMBER TWO: March 18 Hearing on Committee-Backed Plan
KRISJENN RANCH: Unsecured Claims Unimpaired in Sale Plan
LATAM AIRLINES: Opposes Bid to Terminate Exclusivity Period
LATAM AIRLINES: Plan Patently Unconfirmable, Says Committee
LEGENDS HOSPITALITY: Fitch Affirms 'B-' LT IDR, Outlook Stable

LINDERIAN COMPANY: Voluntary Chapter 11 Case Summary
LSC FURNITURE: Unsecured Claims Under $5K to Get 50% Dividend
LTL MANAGEMENT: 2 Victim Panels Are Too Many, Says Judge
LUCKIN COFFEE: Plans to Relist Shares on Nasdaq
N & G Properties: March 10 Hearing on Disclosure Statement

PETROTEQ ENERGY: Posts $2.6 Million Net Loss in First Quarter
PIPELINE FOODS: Lone Pine Says Joint Plan Patently Unconfirmable
PMHC II: S&P Affirms 'B-' ICR on Ferro Acquisition, Outlook Stable
PURDUE PHARMA: 2nd Circuit Court to Move Quickly on Opioid Deal
PURDUE PHARMA: Rejection Ruling Echoes Through Bankruptcy System

ROCHESTER DRUG: Ex-CEO Laurence Doud Accused of 'Greed'
ROCKDALE MARCELLUS: Seeks to Extend Plan Exclusivity to March 7
S & N PROPERTY: Unsecureds Will Get 100% of Claims in Plan
SENIOR HEALTHCARE: Feb. 22 Plan Confirmation Hearing Set
SPEED INDUSTRIAL: Intends to File Objections to Matheson's Claim

SUNSHINE ADULT: Unsecured Claims to Get 24.8% in Plan
SUR LA TABLE: Plans to Reopen Old Town After Bankruptcy Filing
TEAM SYSTEMS: Shelters in Chapter 11 vs. $6 Million Judgment
TECT AEROSPACE: Exclusivity Period Extended to April 4
TELKONET INC: VDA Group, et al., Report 54.4% Equity Stake

TOZ-BEL LLC: To Seek Plan Confirmation on Feb. 10
TWO RIVERS WATER: Investors Get Court Okay for $1.5 Million Deal
US ACUTE CARE: S&P Affirms 'B-' ICR on Acquisition Plan
WAYNE BARTON: Case Summary & One Unsecured Creditor
WISHING WELL: Taps Law Office of Christopher P. Burke as Counsel

ZAPPELLI BODY SHOP: Taps Law Offices of Brian A. Barboza as Counsel
[^] BOOK REVIEW: Transnational Mergers and Acquisitions

                            *********

175 NE 55TH STREET: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 175 NE 55th Street, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 175 NE 55th Street, LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10391

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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/W745DEY/175_NE_55th_Street_LLC__flsbke-22-10391__0001.0.pdf?mcid=tGE4TAMA


488 EAST 98: Seeks to Employ Sobers Law as Bankruptcy Counsel
-------------------------------------------------------------
488 East 98 LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ Sobers Law, PLLC to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. attending meetings and negotiating with representatives of
creditors and other parties-in-interest;

     b. preparing and prosecuting legal papers;

     c. negotiating and preparing a Chapter 11 plan, disclosure
statement and related documents;

     d. advising the Debtor regarding any sale of assets and
negotiating and preparing agreements related thereto;

     e. appearing before the court; and

     f. performing all other legal services in connection with the
case.

Vivian Sobers, Esq., the firm's attorney who will be handling the
case, charges an hourly fee of $400.  The attorney received a
$10,000 pre-bankruptcy retainer.

Ms. Sobers disclosed in court filings that her firm is
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Vivian C. Sobers, Esq.
     Sobers Law, PLLC
     11 Broadway, Suite 615
     New York, NY 10004
     Telephone: (917) 225-4501
     Email: vsobers@soberslaw.com

                       About 488 East 98 LLC

488 East 98 LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-42171) on Aug. 26,
2021, listing as much as $1 million in both assets and liabilities.
Judge Elizabeth S Stong oversees the case.  

Vivian Sobers, Esq., at Sobers Law, PLLC represents the Debtor as
legal counsel.


5524 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 5524 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 5524 NE 2nd Avenue, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10392

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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

https://www.pacermonitor.com/view/XFJNXUA/5524_NE_2nd_Avenue_LLC__flsbke-22-10392__0001.0.pdf?mcid=tGE4TAMA


5700 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 5700 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 5700 NE 2nd Avenue, LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10390

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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/Y4R4RFQ/5700_NE_2nd_Avenue_LLC__flsbke-22-10390__0001.0.pdf?mcid=tGE4TAMA


5900 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 5900 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 5900 NE 2nd Avenue, LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10388

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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/YQ6MJUA/5900_NE_2nd_Avenue_LLC__flsbke-22-10388__0001.0.pdf?mcid=tGE4TAMA


5901 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 5901 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 5901 NE 2nd Avenue, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10387

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  E-mail: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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/YKHXL7A/5901_NE_2nd_Avenue_LLC__flsbke-22-10387__0001.0.pdf?mcid=tGE4TAMA


5911 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 5911 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 5911 NE 2nd Avenue, LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10386

Judge: Hon. Laurel M. Isicoff

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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

https://www.pacermonitor.com/view/YDLC6XY/5911_NE_2nd_Avenue_LLC__flsbke-22-10386__0001.0.pdf?mcid=tGE4TAMA


6200 NE 2ND AVENUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: 6200 NE 2nd Avenue, LLC
        300 NE 71st Street
        Miami, FL 33138

Business Description: 6200 NE 2nd Avenue, LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10385

Judge: Hon. Robert A. Mark

Debtor's Counsel: Steven Beiley, Esq.
                  AARONSON SCHANTZ BEILEY P.A.
                  2 South Biscayne Boulevard Suite 3450
                  Miami, FL 33131
                  Tel: (786) 594-3000
                  Email: sbeiley@aspalaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mallory Kauderer, manager.

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/UHXBWYQ/6200_NE_2nd_Avenue_LLC__flsbke-22-10385__0001.0.pdf?mcid=tGE4TAMA


96 WYTHE ACQUISITION: Benefit Street Challenges Ch.11 Exit Plan
---------------------------------------------------------------
An affiliate of Benefit Street Partners LLC, the top lender of the
bankrupt Williamsburg Hotel, challenged the hotel's chapter 11 exit
plan, asserting that it was not proposed in good faith and is
unfair to the creditor.

"The Debtor has consistently run this case for the benefit of its
dishonest, self-dealing insiders. The proposed Plan -- issued
unilaterally rather than negotiated with key stakeholders -- is the
culmination of those efforts.  It allows the Insiders (defined
below) to keep their ownership interests (and all potential upside)
for a minimal, non-market-tested cash contribution while placing
virtually all reorganization risk onto Benefit Street without
anything approaching fair compensation or treatment," Benefit
Street Partners Realty Operating Partnership, L.P., said.

Benefit Street asserts that the Plan is unconfirmable for myriad,
overlapping reasons:

   * First, and permeating all other issues, is the fundamental
lack of good faith underlying this Plan. This is true in both
senses contemplated by Bankruptcy Code section 1129(a)(3): The
Insiders running the Debtor have repeatedly acted in subjective bad
faith, and the Plan cannot be viewed as a serious, good faith
effort to effect a feasible reorganization.  Among
other malfeasance, the Insiders:

     -- fraudulently induced the Benefit Street loan by concealing
a grossly unfair, off-market, insider management agreement that
purports to strip the Debtor of key assets;

     -- collected but apparently improperly diverted millions of
dollars in hotel occupancy taxes, thereby permitting massive
additional priority claims to accrue; and

     -- engaged in millions of dollars of other, as-yet-unexplained
insider transactions (including diverting PPP funds) still being
unraveled by the Examiner (whose investigation the insiders have
tried to thwart).

    * Second, the Plan would leave the Debtor's conflicted,
dishonest, and inadequate Insiders in place as managers of the
reorganized company -- against the best interests of creditors
and public policy. The Insiders' appalling history would make it
impossible in the real world for them to obtain the financing they
hope to force upon Benefit Street. Among other things, they:

     -- have never successfully managed a hotel (their sole
experience being their failed, pre-pandemic stewardship of the
Debtor) and have a shocking track record of other failed
real estate ventures that have left them mired in litigation and
other bankruptcy proceedings;

     -- failed to file tax returns or to pay millions of dollars in
various City taxes;

     -- blatantly disregarded loan and governance documents to
effectuate insider transactions, including perhaps running all of
the estate's revenues through the non-Debtor management company,
which actually appears to have claimed title to them;

     -- diverted tax revenues collected from hotel guests as well
as other hotel revenues;

     -- stubbornly refused to explore alternative plan structures
that could have preserved more value for creditors; and

     -- have sought to block the Examiner investigation at every
turn, in gross violation of their fiduciary duty to preserve estate
claims.

   * Third, the Plan fails the Best Interests test because, under
the Debtor's own valuation of the hotel property (but without
applying an unjustified discount), Benefit Street would
fare better in a liquidation than under the Plan.

   * Fourth, the Plan is not feasible because the Debtor has not
demonstrated that it will have the cash to pay unsecured creditors
in full, as promised, within six months, and the Debtor's purported
ability to satisfy its other obligations -- including eventually
paying Benefit Street (through an illusory refinancing) -- is based
on projected growth far greater than the Debtor has ever achieved.
If the value of the hotel property proves inadequate to fully
secure Benefit Street's loan, Benefit Street could have a
substantial unsecured claim that would have to be paid in full, in
cash, and that could also affect the vote in the unsecured class.

   * Fifth, the Plan cannot be crammed down over Benefit Street's
objection because it is not fair and equitable: It impermissibly
shifts virtually all of the risks of reorganization onto Benefit
Street by permitting the Insiders to keep their equity interests
without any market test and unrealistically promising relatively
quick, full, cash payment to certain unsecured creditors, while
forcing Benefit Street to wait six years for an enormous balloon
payment of all its principal that may never be made if the business
fails again.  The interest rate proposed to be paid on Benefit
Street's claim reflects only a tiny premium over the prime rate
customarily reserved for a lender's best customers and is wholly
inadequate to compensate it for bearing the risks of this Plan.
This is particularly troubling since the Plan includes no controls
to prevent the Insiders from simply distributing their capital
contribution back to themselves as dividends or resuming their
practice of material unexplained transfers to affiliates.  Further,
it is impossible to fully determine the Plan's treatment of Benefit
Street's claim because the Debtor has not provided a single
document concerning how its claim will be treated -- only vague
statements about modifying the terms of Benefit Street's debt.
This is particularly unacceptable given that Benefit Street's is by
far the most material claim under the Plan.

   * Sixth, the Plan fails to satisfy the "new value" exception to
the absolute priority rule because (i) the Insiders' purported $9
million equity contribution is (at best) really only $7.5 million,
excluding the $1.5 million "settlement" of the PPP claims, without
taking account of the value of their releases or other diverted
funds they will have to repay; and (ii) the infused capital will
mostly not be used to pay creditors but only to increase the value
of the Insiders' equity stake, with nothing to prevent them from
"round housing" the money back out again.

   * Seventh, the Plan would improperly permit the Debtor to assume
a management agreement that the Insiders concealed from Benefit
Street, which, together with other misconduct, fraudulently induced
the very loan they are trying to force Benefit Street to extend.
The agreement was neither negotiated nor re-evaluated in bankruptcy
at arm's length and contains grossly off-market terms that shift
significant value away from the reorganized Debtor to the
management entity controlled by the Insiders. This result is barred
both by the Debtor's own operating agreement and by the Debtor's
inability to demonstrate the "entire fairness" of this interested
transaction.  In any event, the Debtor's representation to Benefit
Street that no such management agreement existed estops it from
seeking to enforce this lopsided agreement now, and the form of
management agreement adopted at the closing of the Benefit Street
loan should be viewed as a novation that wiped out any previous
(undisclosed) agreements.

                  About 96 Wythe Acquisition

96 Wythe Acquisition, LLC, a privately held company in Brooklyn,
N.Y., filed a petition for Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-22108) on Feb. 23, 2021, disclosing zero assets and
$79,990,206 in liabilities.  CRO David Goldwasser signed the
petition.  

Judge Robert D. Drain oversees the case.  

The Debtor tapped Backenroth Frankel & Krinsky, LLP and Mayer
Brown, LLP as bankruptcy counsel; and Fern Flomenhaft, PLLC as
insurance counsel.  Getzler Henrich & Associates, LLC and Hilco
Real Estate, LLC serve as the Debtor's financial advisors.


APPLIED ENERGETICS: Appoints Mary O'Hara as General Counsel
-----------------------------------------------------------
The Board of Directors of Applied Energetics, Inc. appointed Mary
P. O'Hara, to serve as general counsel and chief legal officer,
effective Jan. 1, 2022.  Ms. O'Hara has represented the Company as
outside counsel for several years and is a member of its board of
directors.

Ms. O'Hara has been in private law practice for twenty-nine years'
and has broad experience in all facets of securities, corporate and
commercial law.  Previously, she was with the law firm of Masur
Griffitts Avidor LLP, and prior to that she was a partner at
Hodgson Russ LLP and an associate at Fulbright & Jaworski LLP (now
known as Norton Rose Fulbright) and Mayer Brown & Platt, LLP (now
known as Mayer Brown LLP).  Ms. O'Hara has a J.D. from New York
University School of Law and a B.A. in Economics, magna cum laude,
from the University of New Mexico.

Applied Energetics has further extended the term of Christopher
Donaghey to serve on its Board of Advisors, adding an exclusivity
agreement with Mr. Donaghey.  Chris Donaghey currently serves as
the senior vice president and head of corporate development for
Science Applications International Corporation, a defense and
government agency technology integrator.  In his role on Applied
Energetics' Board of Advisors, Mr. Donaghey provides input into the
strategic direction of the Company and assistance in building
relationships in the Defense markets.

Gregory J. Quarles, Ph.D., chief executive officer of Applied
Energetics, commented, "On behalf of the Board of Directors, I
would like to congratulate Mary on this appointment as I believe
that she will be a tremendous asset to Applied Energetics and a
great addition to our executive team.  Mary joins our management
team at an important stage in the Company's development.  With her
extensive legal and public company experience, and having worked as
outside counsel to the Company for many years, Mary brings the
skill set required to strengthen our corporate infrastructure, SEC
reporting and contract review process.  This helps set the stage
for our next chapter of development."

Dr. Quarles, added, "We are delighted Chris has extended his term
as a member of our Advisory Board.  Chris has played a valuable
role in guiding our strategic decisions and our innovation plans."

Since moving its corporate headquarters to UA Tech Park, a
strategic location that can support the Company's anticipated
future growth and provide greater capacity for research and product
development, the Company has continued the development of its
ultra-short pulse laser capabilities utilizing its ITAR and laser
safety compliant facility and dedicated Class 1000 (ISO 6)
Cleanroom.

In addition to the ongoing development of its technology and
strengthening of its patent portfolio, the Company has also
recently added two employees for scientific and technical support,
full human resource capabilities through MNichols Consulting,
financial and accounting advisory services, and engaged vendors for
public relations and development of a new corporate and investor
relations website.  "We're excited about the staff we added to our
scientific team and corporate capabilities in 2021, and we have
several open positions we look to fill in early 2022," said Dr.
Quarles.  "We will remain prudent in our hiring rollout and look
forward to a strong and successful 2022."

                     About Applied Energetics

Headquartered in Tucson, Arizona, Applied Energetics, Inc. --
www.aergs.com -- specializes in the development and manufacture of
advanced high-performance lasers, high voltage electronics,
advanced optical systems, and integrated guided energy systems for
prospective defense, aerospace, industrial, and scientific
customers worldwide.

Applied Energetics reported a net loss of $3.23 million for the
year ended Dec. 31, 2020, compared to a net loss of $5.56 million
for the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the
Company had $6.63 million in total assets, $2.39 million in total
liabilities, and $4.24 million in total stockholders' equity.

Henderson, Nevada-based RBSM LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated
April 12, 2021, citing that the company has suffered recurring
losses from operations, will require additional capital to fund its
current operating plan, and has stated that substantial doubt
exists about the company's ability to continue as a going concern.


ARIZONA AIRCRAFT: United States Trustee Says Disclosure Inadequate
------------------------------------------------------------------
The United States Trustee ("UST") objects to the First Amended
Disclosure Statement and to the First Amended Chapter 11 Plan filed
by debtor Arizona Aircraft Painting, LLC.

The United States Trustee claims that the Disclosure Statement is
clearly inadequate insofar it makes no mention of the settlement
agreement between Debtor and the lessor, the City of Mesa, or the
Debtor's apparent obligation to sell its leasehold interest in the
Falcon Property by July 3, 2023. The Debtor should be required to
explain the nature of its ownership interest, the terms of the
settlement agreement with the City of Mesa, the Debtor's
obligations under that agreement, and the extent to which that
settlement agreement bears upon the Debtor's payment prospects
under the Plan.

Additionally, the Debtor provides no specific facts or information
to explain or justify the Debtor's conclusory assertion at page 20
of the Disclosure Statement that the Falcon Property has a
liquidation value of $1,113,269 even though it has a market value
of $2,000,000. Debtor should explain the factual basis for its
valuation and explain why it contends that the liquidation value is
$886,000 less than the market value.

The United States Trustee points out that the Debtor should
therefore revise the Disclosure Statement to itemize and provide
current valuations for all currently held assets. The Debtor should
also be required to explain the basis for its valuations, providing
specific facts and data to substantiate such valuations. Only then
can creditors properly ascertain whether the best interest test has
been satisfied.

Additionally, the Debtor's liquidation analysis needs to be amended
to explicitly state the total amount that would be recovered from
the estate in a hypothetical liquidation and the amount that would
be distributed to each class of creditors from that recovery. The
Debtor's liquidation table at page 20 of the Disclosure Statement
reflects that the Scheduled value of all the Debtor's assets totals
$3,138,974.22. Yet, Debtor has listed the liquidation value of all
of its assets (except the Falcon Property) as being zero.

The United States Trustee asserts that the Debtor should be
required to explicitly state the total amount that it proposes to
pay to each creditor class and allowed claim and then state the
basis upon which Debtor contends that the amount proposed satisfies
its payment obligations under the Code. For clarification, the
Debtor should also itemize or list the specific amount being paid
to each allowed creditor.

The United States Trustee further asserts that Debtor's average
yearly loss has been $7,355 since the inception of this case. Going
from net yearly losses of $7,355 to over $161,000 of yearly profits
represents a 2,296% increase in income, which is patently
unrealistic. Since the Debtor's conclusory projections lack any
evidentiary support and are belied by the only financial data
provided by Debtor, i.e., the operating reports, the Plan should be
rejected for lack of feasibility.

A full-text copy of the United States Trustee's objection dated
Jan. 13, 2022, is available at https://bit.ly/3qGR7z2 from
PacerMonitor.com at no charge.

                About Arizona Aircraft Painting

Arizona Aircraft Painting, LLC, specializes in aerospace
performance coatings.  It also offers design services, interior
refurbishment, vortex generators, aircraft cleaning and detailing
services, and window replacement services.  Arizona Aircraft
Painting operates out of a 10,000-square-foot facility in Mesa,
Ariz.

Arizona Aircraft Painting filed a Chapter 11 petition (Bankr. D.
Ariz. Case No. 19-05477) on May 3, 2019, listing up to $10 million
in assets and up to $1 million in liabilities.  Judge Daniel P.
Collins oversees the case.

Keery McCue, PLLC, serves as the Debtor's bankruptcy counsel.  

Wells Fargo Bank, N.A., secured creditor, is represented by its
counsel, Engelman Berger, PC.


ARRAY MIDCO: S&P Assigns 'B-' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
Toronto-based Array Midco Corp. and assigned its 'B-' issue-level
rating and '3' recovery rating to Array Midco's first-lien senior
secured term loan A. At the same time, S&P withdrew its 'SD' issuer
credit rating on Array Marketing Canada and withdrew its 'D' rating
on Array Marketing Canada's debt facilities.

S&P said, "With Array's current capital structure and favorable
operating performance for last 12 months ended September 2021, we
expect Array to maintain debt-to-EBITDA on an S&P Global
Ratings-adjusted basis in the mid-6x area through 2022.

"The negative outlook reflects Array's vulnerability to shifts in
its macro environment, given the company's EBITDA base, which could
lead to higher-than-expected volatility in EBITDA and pressure
credit measures.

"We expect Array will maintain a debt-to-EBITDA ratio in the
low-mid 6x area through 2022. Array has reduced its total debt by
approximately US$180 million following its recapitalization. The
company's total debt (S&P Global Ratings adjusted) is about US$220
million, consisting of about US$174 million of term loans (A and
B), about US$15 million outstanding on the new ABL credit facility,
and about US$30 million of operating lease obligations."

Array's last 12 months (LTM) ended September 2021 operating
performance on an S&P Global Ratings-adjusted basis improved 66%
from the same period last year. The improvement was aided by a
stronger-than-expected operating recovery, particularly in North
America. Furthermore, due to significantly lower balance-sheet
debt, debt to EBITDA on an S&P Global Ratings-adjusted basis is
about 7x. S&P said, "We view this as a meaningful improvement from
about 20x at LTM September 2020. We expect Array will sustain its
improved operating performance through 2022 due to continuity in
consumer mobility, fewer government-imposed restrictions, and the
company's efforts to diversify its customer base into non-beauty
segments. As a result, we forecast a debt-to-EBITDA ratio in the
low-mid 6x area through 2022. We also expect the company will
maintain a healthy fixed-charge coverage ratio (fixed charges
consisting of interest expense, maintenance capital expenditure
[capex], and debt amortization) of about 1.35x."

Heavy concentration in the beauty segment, small scale of
operations, and a niche business are key credit risks. Array is
still heavily dependent on customers in the beauty segment (close
to 70%). Its performance was already struggling before the COVID-19
pandemic as the color cosmetics market began to decline and
consumers shifted to skincare. To diversify its revenues, Array has
onboarded large retailers such as CVS and Starbucks in its customer
portfolio. S&P said, "Although we view this as a source of customer
diversification and potentially higher volumes, there is a risk
that Array could have limited pricing and margin expansion
capabilities when working with larger retailers. Furthermore, the
company's operating performance is susceptible to marketing and
spending decisions made by the larger consumer packaged goods
brands and retailers, which could result in fewer overhauls and
refreshes, thereby affecting EBITDA and margins. Finally, in our
view, risks remain that the pandemic-related uncertainties caused
by new vaccine-resistant variants and the ongoing supply chain
pressures and freight and raw material cost inflation could very
quickly weaken EBITDA and credit measures from current levels,
leading to an unsustainable capital structure."

S&P said, "We assess Array's liquidity position as adequate. Pro
forma the recapitalization, Array's fixed charges have declined
meaningfully from 2020. Fixed charges including interest expense,
debt amortization, and maintenance capex total to about US$17
million-US$18 million. We also expect Array will generate modestly
positive free cash flows in the next 12 months. Furthermore, the
availability of US$20 million under the new US$35 million ABL
facility and cash on balance sheet of US$40 million as of Sept. 30,
2021, should provide sufficient liquidity cushion for working
capital swings during the next 12 months."

The negative outlook reflects Array's vulnerability to shifts in
its macro environment, given the company's EBITDA base, which could
lead to higher-than-expected volatility in EBITDA and pressure
credit measures.

S&P said, "We could lower our ratings on Array if
lower-than-expected demand from customers or cost pressures lead to
weaker-than-expected operating performance and stall the company's
turnaround. We could also lower the ratings if weak operating
performance leads to negative free cash flow and deteriorating
liquidity.

"We could revise the outlook to stable if the company sustains its
operating performance at current levels and demonstrates further
improvement through maintaining market share and existing
customers."



ASP CHROMAFLO: S&P Stays B-' ICR on CreditWatch Developing
----------------------------------------------------------
S&P Global Ratings retained all of its ratings on ASP Chromaflo
Holdings L.P. (Chromaflo Technologies), including its 'B-' issuer
credit rating, on CreditWatch, where S&P placed them with
developing implications on May 12, 2021.

PMHC II Inc. (doing business as Prince International Corp.) has
proposed issuing debt to fund its previously announced acquisition
of Ferro Corp. through an all-cash transaction valued at
approximately $2.1 billion (including the assumption of debt).

In conjunction with the close of the transaction, which S&P expects
to occur in the first half of 2022 (subject to regulatory
approval), the company plans to combine with ASP Chromaflo Holdings
L.P. (Chromaflo Technologies). Private-equity sponsor American
Securities owns both Prince and Chromaflo.

The CreditWatch placement followed Prince's announcement that it
has entered into a definitive agreement to acquire Ferro for about
$2.1 billion in an all-cash transaction. In conjunction with the
close of the transaction, the newly merged business will be
combined with Chromaflo Technologies. Following Prince's proposed
debt financing to fund the transaction, all of our ratings on
Chromaflo Technologies remain on CreditWatch with developing
implications. Based on the announcement, S&P expects the
transaction to close in the first half of 2022. Private-equity
sponsor American Securities owns both Chromaflo and Prince. Ferro
Corp. is a publicly-traded company.

S&P said, "The CreditWatch reflects the likelihood that we'll
affirm, lower, or raise our issuer credit rating on Chromaflo in
the next few months following the close of Prince's acquisition of
Ferro Corp. and subsequent combination with Chromaflo. Once the
deal closes and all of Chromaflo's existing debt has been repaid,
we will equalize our ratings on the company with our ratings on
Prince, resolve the CreditWatch, and then withdraw the ratings.

"If the transaction is not completed as proposed, we will review
our ratings on Chromaflo and remove them from CreditWatch. At that
time, we could affirm our 'B-' issuer credit rating on Chromaflo if
we believe its credit measures will remain within our expected
range for the rating."


ATHLETICO HOLDINGS: S&P Affirms 'B' ICR on Acquisition Agreement
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Athletico Holdings LLC. As part of this transaction, S&P also
assigned a 'B' issue-level rating on the new first-lien debt. The
'3' recovery rating on the first-lien debt represents its
expectation for meaningful recovery (50%-70%; rounded estimate:
50%) in the event of a hypothetical default.

Athletico Holdings has entered into a definitive agreement to
acquire Pivot Health Solutions, a provider of physical therapy
(PT), occupational health, and onsite corporate health services.
The company will fund the $550 million acquisition by refinancing
its existing debt with a $100 million revolving credit facility
(undrawn at close) a $875 million first-lien term loan, and $220
million of new sponsor equity.

The acquisition strengthens Athletico's business, via an increase
in scale (by about 50%, adding 250 PT clinics and 150 onsite
services locations) and reducing its geographic concentration,
including the revenue concentration in Illinois to about 44% of
revenues (from 64%). The acquisition also enhances business
diversification as Athletico will now offer onsite corporate health
services, which is not exposed to traditional reimbursement risk
and offers near- to medium-term revenue visibility (via three- to
five-year contracts). This is only partially offset by moderate
erosion in margin, as the target has margins in the low-teens,
relative to Athletico's margins in the mid-20's.

The transaction will increase leverage by about 1.5x, to about 6.5x
for 2022, and lower free operating cash flow (FOCF) to debt. S&P
expects leverage to improve to about 5.5x-6x in 2023, and to
generally remain in the 5.5x-6.5x range.

S&P said, "We see strong top-line growth for Athletico. Through the
first nine months of 2021 the company has delivered revenue growth
of about 19% as most operational metrics such as patient visit
volumes and new patients have recovered to above pre-pandemic
levels. We expect revenue growth of about 60% in 2022 and mid- to
high-single-digit growth in 2023. We see revenue growth supported
by significant investment in de novo clinics as well as the aging
U.S population, active lifestyles, and increased utilization of
outpatient physical therapy as a relatively cost efficient and
effective option.

"The stable outlook reflects our expectation that the company will
maintain S&P Global Ratings-adjusted debt to EBITDA of about
5.5x-6.5x over the next couple of years, with potential for
temporary increases in leverage due to occasional acquisitions. We
assume annual organic revenue growth in the mid- to
high-single-digit percentage area as patient volumes continue to
rise, supplemented through its investment in de novo clinics.

"We could lower our rating on Athletico within the next 12 months
if adjusted debt to EBITDA increases above 8x or the ratio of
adjusted discretionary cash flow (DCF) to debt falls below 3% for a
sustained period. This could occur from a resurgence of COVID-19
cases that meaningfully reduces patient volumes at Athletico's
clinics, poor execution of new site openings, or bad debt expenses
that drag down profitability.

"We view an upgrade within the next 12 months as unlikely, given
Athletico's private-equity ownership. That said, we could raise our
ratings on the company within this period if we expect the company
to sustain adjusted debt to EBITDA below 5x."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."



AUDACY INC: S&P Alters Outlook to Stable, Affirms 'B' ICR
---------------------------------------------------------
S&P Global Ratings revised its outlook on Audacy Inc. to stable
from negative and affirmed the 'B' issuer credit rating on the
company.

S&P said, "The stable outlook reflects our expectation that
leverage will improve to about 6x in 2022 from about 10x in 2021
due to EBITDA growth of more than 50%, driven by the continued
recovery in broadcast radio advertising revenue and strong digital
revenue growth.

"We expect leverage will materially improve. We expect leverage
will materially decline to about 6x in 2022 from about 10x in 2021
due to EBITDA growth of more than 50%, driven by a continued
recovery in broadcast radio advertising, the benefit of political
advertising revenue in an election year, and healthy digital
revenue growth. The strong growth rate in 2022 also reflects
relatively low levels of EBITDA in the first half of 2021 because
performance was still largely weighed down by the coronavirus,
particularly given Audacy's higher percentage of stations in large
urban markets that were slower to reopen. We expect the company
will generate between $60 million and $80 million of FOCF in 2022,
which could potentially be used for voluntary debt reduction absent
acquisition opportunities. Management has a public net leverage
target of 4x, but we believe it will likely take a few years for
the company to reach this target.

"We expect Audacy's total revenue will recover to pre-pandemic
levels in the second half of 2022. We expect some incremental
recovery in broadcast radio advertising in 2022 as economic
conditions continue to improve but believe it will only recover to
about 85% of pre-pandemic levels as advertising dollars continue to
shift toward digital formats. As a result, we believe Audacy's
recovery to pre-pandemic revenue levels will be largely supported
by strong digital revenue growth. While digital revenue represents
about 20% of Audacy's total revenue, it is not as scaled as larger
peer iHeartMedia, which generates more than 3x the amount of
digital revenue. In addition, Audacy's recovery in broadcast radio
has lagged that of iHeartMedia given its smaller scale, greater
exposure to auto advertising (which continues to be negatively
affected by supply chain challenges), and higher percentage of
stations in large markets. Due to the combination of these factors,
we revised our business risk assessment on Audacy to weak from
fair.

"The stable outlook reflects our expectation that leverage will
improve to about 6x in 2022 from about 10x in 2021 due to EBITDA
growth of more than 50%, driven by the continued recovery in
broadcast radio advertising revenue and strong digital revenue
growth."

S&P could lower the rating over the next year if leverage remained
above 6.5x, with FOCF to debt below 5%. This could occur if:

-- Broadcast radio advertising revenue lost greater market share
to other advertising mediums than S&P currently expects,

-- Digital revenue growth underperformed S&P's expectations due to
increased competition,

-- Increased digital investments prevented EBITDA margins from
approaching pre-pandemic levels, or

-- The company used its cash for acquisitions that were not
immediately accretive rather than paying down debt.

S&P could raise the rating if:

-- Leverage improved below 5x and S&P expected it to remain there
on a sustained basis, and

-- EBITDA margins recovered to the mid-20% area despite digital
investments.

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



AUTOMOTIVE PARTS: Seeks More Time to Solicit Plan Acceptances
-------------------------------------------------------------
APDI Liquidation LLC, formerly known as Automotive Parts
Distribution International, LLC, asked the U.S. Bankruptcy Court
for the Northern District of Texas to extend the deadline for
soliciting acceptances for its Chapter 11 plan of liquidation to
April 1, 2022.

The company and the official committee of unsecured creditors
jointly filed the liquidating plan on Jan. 10, 2022.  

The additional time will enable APDI to solicit votes for the plan
on the timeline also agreed to by the committee, which is working
with the company to confirm the plan.  The timeline provides for
APDI's swift exit from bankruptcy while also providing time between
objection deadlines and hearing dates to further consensual
resolution of potential issues, according to court filings.

                     About Automotive Parts

Automotive Parts Distribution International, LLC, now known as APDI
Liquidation LLC, was established in January 2008 as a distribution
and marketing company to cover the North American aftermarket. It
offers radiators, condensers, fan assemblies, heater cores,
intercoolers, heavy duty radiators, and fuel pump module
assemblies.

Automotive Parts filed a voluntary petition for Chapter 11
protection (Bankr. N.D. Texas Case No. 21-41655) on July 12, 2021,
listing up to $10 million in assets and up to $50 million in
liabilities.  Kevin O'Connor, chief executive officer, signed the
petition.  Judge Edward L. Morris oversees the case.

The Debtor tapped Winstead PC, and Ice Miller, LLP as legal counsel
and Howard, LLP as tax services provider.

The U.S. Trustee for Region 6 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case on Aug. 6,
2021.  Kelley Drye & Warren, LLP and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.


BAKELITE US: Fitch Assigns First Time 'BB' IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a first-time 'BB' rating for Bakelite US
Holdco, Inc.'s Issuer Default Rating. Fitch has also assigned a
'BB+'/'RR2' to its first lien term loan. The Rating Outlook is
Stable.

Bakelite's 'BB' rating reflects the company's leading market share
in formaldehyde-based resins in both North America and Europe and
its attractive pricing mechanism that allows for raw material price
pass-through. In addition, the company's expected 3.5x
post-acquisition leverage and sufficient cash flow generation to
support deleveraging bodes well for the rating.

These strengths are tempered by the company's exposure to the
cyclical construction and automotive end-markets and exposure to
formaldehyde and phenol. The Stable Outlook reflects the company's
ability to pass through raw material costs and the expectation that
Bakelite will be a consistent positive FCF generator over the
rating horizon.

KEY RATING DRIVERS

High Barriers to Entry: The resins sold in this industry are
typically developed in close coordination with the company's
customers, leading to products that are specified into customers'
process and products. Competitors in the space need to be able to
continuously improve their products to meet customer manufacturing
requirements. Bakelite has served most of its top 10 customers for
over 20 years. In addition, formaldehyde-based resins have a high
water content and a short shelf-life (~4wks). This creates a
maximum economic shipping radius of approximately 200 miles. The
incumbent players have locational advantages with facilities
located in close proximity to customers' locations.

Conservative Capital Structure: With significant equity financing
($138MM of new equity and $338MM of rolled equity), the company
expected pro forma leverage of 3.5x is considered adequate. The
company's ability to generate positive FCF should enable Bakelite
to de-lever expeditiously. Although the Term Loan includes Excess
Cash Flow Sweep language, which requires 50% of ECF to be used for
term loan prepayments, the language includes carveouts for
acquisition earn out payments and leverage-based step-downs that
somewhat dilutes its benefits.

Fitch expects Bakelite's EBITDA to range between $140MM to $170MM
and for the company's debt to be only composed of the $485MM
proposed term loan and its $100MM ABL revolver (anticipated to be
undrawn at close).

Raw Material Pass-Through: While Bakelite's raw materials exhibit
price volatility, the company's resin pricing contracts remove much
of it. Eighty-five percent of Bakelite's volumes are covered by
contracts or pricing mechanisms that allow for raw material price
pass-through. Key raw materials (phenol, methanol and urea) are
tied to market-based indices and the resin price moves monthly
based on published market changes. In addition, annual adjustments
are made for other costs such as overheads, freight and other raw
materials.

Exposure to Cyclical End Markets: Fifty-four percent of Bakelite's
gross margin is derived from the home construction market with 34%
from new builds and 20% from the repair and renovation market.
While the repair and renovation market provides some stability, the
new build market can be volatile. A further 11% is derived from
industrial applications and 10% from automotive applications.

Established Position in Rationalized Market: On a pro forma basis,
Bakelite maintains a #2 market position (with 27% of volume) in
North America and a #1 market position (with 25% of volume) in
Europe. The formaldehyde-based resins industry is rational and
well-structured with the top three players accounting for 86% of
volumes in North America and 53% of volumes in Europe.

Regulatory Tailwinds: Within the construction market there is
growing emphasis on increasing use of cladding and insulating
materials that exhibit favorable fire, smoke and toxicity (FST)
resistance. Phenolic resins can withstand high heat loads while
maintaining mechanical strength and providing good FST resistance.
Beyond the construction industry these features are highly sought
after in the electric vehicle (EV) market where phenolic resins are
used to supply battery boxes to EV automakers.

Phenol and Formaldehyde Exposure: Bakelite, as a formaldehyde-based
resin producer, has exposure to formaldehyde, which has been
classified by the EPA as a "probable human carcinogen". Phenol is
also a hazardous monomer. The industry, and Bakelite, have been
responsive to concerns around phenol and formaldehyde emissions by
changing formulations and using alternative bio-based materials. It
is important to note that both phenol and formaldehyde naturally
occur in the environment and emissions of these chemicals from
products using Bakelite resins are below that of background
emissions of these substances. The company has developed
formaldehyde-free resin options; however, at this point in time
they are expensive and not widely used.

DERIVATION SUMMARY

Bakelite is smaller and maintains lower margins than its 'BB'-rated
peers, H.B. Fuller, Avient, Axalta, and Ingevity. This is offset by
Bakelite's lower leverage and stronger FFO Fixed Charge Coverage.
Relative to 'B'-rated peers, S.K. Invictus and Hexion, Bakelite is
similar in size to S.K. Invictus and smaller than Hexion while
maintaining lower leverage and stronger FFO Fixed Charge Coverage
than either.

KEY ASSUMPTIONS

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

-- 2% volume growth per annum;

-- Slight decline in average selling price from YTD 2021 to 2022
    with modest improvement thereafter;

-- Improvement in materials margin/ton in 2022 to reflect
    expected achievement of procurement improvements;

-- Achievement of anticipated cost savings by 2023;

-- $25MM per annum bolt-on acquisitions included in 2023 and
    2024.

RATING SENSITIVITIES

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

-- Significant increase in size and scale while maintaining
    conservative credit metrics;

-- Sustainably migrating EBITDA margins toward the mid-teens
    through raw material procurement improvements and improved
    pricing power;

-- Sustained total debt with equity credit/operating EBITDA
    leverage below 3.0X;

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

-- Sustained EBITDA margins below 10% indicating inability to
    successfully pass on raw material costs or operating
    inefficiencies;

-- Sustained total debt with equity credit/operating EBITDA
    leverage above 4.0X;

-- Large debt-funded acquisitions or aggressive sponsor
    distribution policies.

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

Bakelite should maintain adequate liquidity with access to a $100MM
asset-based revolving credit facility (anticipated to be undrawn at
close) and $5MM of pro forma cash. Required debt amortization is
modest at approximately $5.0MM per year; however, Fitch notes that
Bakelite also has approximately $34MM in earn-out payments due to
Hexion through 2024 ($14MM in 2022 and 2023, $6MM in 2024) as part
of Black Diamond's and InvestIndustrial's acquisition of Bakelite
in 2021.

ISSUER PROFILE

Bakelite is a global integrated producer of phenolic specialty
resins and engineered thermoset molding compounds that are used in
building materials, automotive products, industrial applications
and specialty chemical intermediates, with sales across multiple
end markets in Europe and North America. Bakelite intends to
acquire the chemicals unit of Georgia-Pacific (GP Chemicals) for
~$425MM, representing a 7.7x multiple of GP Chemical's pro forma
adjusted EBITDA of ~$55.0MM.

ESG CONSIDERATIONS

Bakelite US Holdco, Inc. has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to exposure to formaldehyde, which
has a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors. The '4' score reflects
potential shifts in consumers patterns away from formaldehyde-based
resins notwithstanding the endemic nature of the material and the
strong strides that Bakelite and the industry have taken in
reducing emissions.

Formaldehyde emissions are endemic in the environment, as most
living organisms emit it, and Fitch does not consider Bakelite's
use of formaldehyde as an issue. Bakelite, and the broader
formaldehyde-based resins industry, has been responsive to concerns
regarding formaldehyde and the company has engineered their resins
to have emissions below background levels and has formaldehyde-free
product lines.

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.


BH COSMETICS: Doja Cat Is Among Largest Creditors
-------------------------------------------------
Claire Boston of Bloomberg News reports that rapper Doja Cat is
among BHCosmetics Holdings LLC's largest unsecured creditors in the
makeup company's bankruptcy case.

The chart-topping artist, known for hits like "Say So" and "Need to
Know" and her outlandish Internet presence, is owed $200,000 by the
company via an LLC in her name, according to the bankruptcy
petition. Doja Cat launched a makeup line with BH Cosmetics last
year, featuring products like $12 plumping lip gloss and a $36
"mega" eyeshadow palette in gold and hot pink packaging.

Los Angeles-based BH Cosmetics filed for bankruptcy protection in
Delaware on Friday, January 14, 2022, with plans to sell itself.

                       About BH Cosmetics

Originally launched in 2009, BH Cosmetics is a beauty brand
specializing in high quality, clean, vegan, and cruelty-free
cosmetics and other beauty products. BH Cosmetics sells its
products on its Shopify e-commerce platform directly to consumers
and wholesale to various global retailers.

On Jan. 14, 2022, BHCosmetics Holdings, LLC and three of its
affiliates filed petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10050), to pursue
a sale of the assets.

BHCosmetics Holdings estimated assets and debt of $50 million to
$100 million as of the bankruptcy filing.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, as
bankruptcy counsel; and RIVERON MANAGEMENT SERVICES, LLC, as
financial advisor.  TRAVERSE LLC provides the controller and other
accounting personnel.  SB360 CAPITAL PARTNERS LLC and HILCO IP
SERVICES, LLC are the sale and liquidation agents. EPIQ CORPORATE
RESTRUCTURING, LLC, is the claims agent.


BOLT DIESEL: Amends Reeves County Secured Claims Pay Details
------------------------------------------------------------
Bolt Diesel Services, Inc., submitted a First Amended Consensual
Plan of Reorganization dated Jan. 13, 2022.

The Debtor will continue operating its business. The Debtor's Plan
will break the existing claims into six classes of Claimants. These
claimants will receive cash repayments over a period of time
beginning on the Effective Date.

Class 2 Claimant (Allowed Secured Tax Claim; Unimpaired) pertains
to the allowed secured claim of Reeves County in the amount of
$1,004.93 (Claim No. 2-2). Reeves County's allowed secured claim in
the amount of $1,004.93 shall be paid in full on or before the
Effective Date. Post-petition statutory interest will accrue at the
rate of 12% per annum from the Petition Date until the taxes are
paid in full.

Class 3 Claimant (Allowed Secured Tax Claim; Unimpaired). The
County of Reeves has filed a priority secured claim in the amount
of $427.03 (Claim No. 6-1) and will be paid in full on the
Effective Date of the Plan. Post-petition statutory interest will
accrue at the rate of 12% per annum from the Petition Date until
the taxes are paid in full.

Class 4 Claimant (Allowed Secured Tax Claim; Unimpaired). The
County of Reeves has filed a priority claim in the amount of
$1,769.41 (Claim No. 7-1) and will be paid in full on the Effective
Date of the Plan. Post-petition statutory interest will accrue at
the rate of 12% per annum from the Petition Date until the taxes
are paid in full.

Class 5-1 U.S. Small Business Administration (Claim No. 3-1) has a
secured claim in the amount of $14,320.60 on all Schedule B assets
of the Debtor. Debtor will pay the fair market value of the assets
pursuant to Schedule B value of $14,320.60 at 3.75% interest per
annum in monthly installments and the claim will be paid in full in
60 equal monthly payments. The payments will be $262.12 per month
with the first monthly payment being due and payable on the 15th
day of the first full calendar month following the effective date
of the plan. Any unsecured portion of this claim will be treated as
general unsecured pursuant to Class 7 of the Plan.

Class 6-1 Independence Bank (Claim No. 4-1) filed a proof of claim
in the secured amount of $86,614.73. Independence Bank asserts it
is fully secured by Debtor's personal property pursuant to a UCC
Lien that was recorded on October 25, 2021, which was after the
Chapter 11 Bankruptcy case was filed on October 8, 2021. The Debtor
proposes to pay Independence Bank's claim as a general unsecured
claim in the amount of $8,670.92 which is 10% of the total claim,
over five years at 0% interest per annum. The first monthly payment
will be due and payable after the effective date, unless this date
falls on a weekend or federal holiday, in which case the payment
will be due on the next business day. The monthly payment will be
$144.51. Nothing prevents Debtor from making monthly or quarterly
distributions, so as long as the required yearly distribution of
$1,734.18 is paid.

Class 7 consists of Allowed Impaired Unsecured Claims which are
impaired. All allowed unsecured creditors shall receive a pro rata
distribution at zero percent per annum over the next 5 years
beginning not later than the 15th day of of the first full calendar
month following 30 days after the effective date of the plan and
continuing every year thereafter for the additional 4 years
remaining on this date.

Nothing prevents Debtor from making monthly or quarterly
distributions that may begin on the 15th day of the month after the
effective date of confirmation, so as long as 1/5 of the annual
distributions to the general allowed unsecured creditors are paid
by each yearly anniversary of the confirmation date of the plan.
Debtor will distribute up to $18,500.00 to the general allowed
unsecured creditor pool over the 5-year term of the plan. The
Debtors' General Allowed Unsecured Claimants will receive 10% of
their allowed claims under this plan.

Class 8 consists of Equity Interest Holders(Current Owner). The
current owner will receive no payments under the Plan; however,
they will be allowed to retain their ownership in the Debtor. Class
8 Claimants are not impaired under the Plan.

Debtor anticipates the continued operations of the business to fund
the Plan.

A full-text copy of the First Amended Plan of Reorganization dated
Jan. 13, 2022, is available at https://bit.ly/3tKsXp9 from
PacerMonitor.com at no charge.

Debtor's Counsel:

     Robert C. Lane, Esq.   
     The Lane Law Firm, PLLC
     6200 Savoy, Suite 1150
     Houston, Texas 77036
     Tel: (713) 595-8200
     Fax: (713) 595-8201
     Email: notifications@lanelaw.com

                  About Bolt Diesel Services

Bolt Diesel Services Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
21-70150) on Oct. 8, 2021, listing up to $50,000 in assets and up
to $500,000 in liabilities.  Judge Tony M. Davis presides over the
case.  Robert Chamless Lane, Esq., at The Lane Law Firm, PLLC,
serves as the Debtor's legal counsel.


CAN COMMUNITY: Fitch Affirms 'BB-' IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed CAN Community Health, Inc., FL's (CAN)
'BB-' Issuer Default Rating (IDR), and has affirmed the 'BB-'
ratings on CAN's series 2020 taxable bonds.

The Rating Outlook is Stable.

SECURITY

The bonds are secured under a master trust indenture (MTI) by a
pledge of and security interests in the gross revenues and
effectively all assets of obligated group (OG), including its stock
in owned pharmacy businesses.

The bonds also feature a debt service reserve fund equal to at
least the next two semi-annual interest payments. In addition to
restrictive covenants, the bonds also feature a quarterly cash
sweep equal to 25% of excess cash flow (EBITDA less debt service
payments) to a trustee-held account for debt payments; cash
accumulated in this account can be released in the future under
certain conditions.

ANALYTICAL CONCLUSION

The 'BB-' ratings reflect CAN's healthy business profile and good
growth prospects, but anchored by currently high leverage, risk
from its debt structure, and high dependence on the federal 340B
drug discount program. Fitch expects CAN's fundamental credit
profile, with healthy cash flow and a likely deleveraging
trajectory, could support higher 'BB' category ratings over time.
However, the ratings are constrained by currently high leverage and
refinancing risk related to the three-year put option (March 2024
tender date) on the bonds.

CAN has a solid position in a relatively narrow but stable market
segment. It provides medical care, pharmaceuticals and other
services related to human immunodeficiency virus (HIV), hepatitis C
(HCV) and other sexually transmitted diseases (STDs). Access to
heavily discounted drugs through the federal 340B program generates
a strong margin on 340B drug sales, although total margins are
lower after subsidizing other types of patient care, medication and
various mission-related services.

Leverage remains high, but consistent with the current rating
level, and is likely to improve over the next few years, even if
CAN's cash flow grows more slowly than in its prior projections.
Fitch believes CAN is well-positioned to maintain strong revenue
and cash flow growth from continued development of its 340B patient
base and related high-margin 340B pharmaceutical sales.

KEY RATING DRIVERS

Revenue Defensibility: 'Midrange'

CAN's growing patient base, driven by its clinic network, supports
its ability to achieve significant growth in pharmacy sales and
total revenues. Good prospects for 340B volume growth, with a focus
on increasing utilization of existing clinics, but with some
further geographic expansion, together with strong margins on 340B
sales, and the lifelong treatment of HIV through a pharmaceutical
regimen, are key revenue defensibility considerations that outweigh
CAN's weaker pricing power with limited ability to negotiate higher
reimbursement for drugs or medical services. CAN's very high
dependence on the 340B program and uncertainty about potential
program changes also limit Fitch's revenue defensibility assessment
to 'Midrange'.

Operating Risk: 'Midrange'

Strong margins on the sale of 340B-discounted drugs and a highly
variable cost structure for pharmacy activity are tempered by CAN's
continued growth plans. While growth plans have shifted to focus
more heavily on utilization in existing clinics, new clinics will
also entail some additional near-term capex and higher operating
costs through integration or ramp-up periods. CAN's total margins
are markedly lower, though still adequate, due to its
mission-driven need to use 340B margins, in line with the program's
purpose, to subsidize less profitable but impactful services.

Financial Profile: 'Weaker'

CAN's Fitch-adjusted leverage (net of unrestricted cash and cash
swept to the trustee, and including Fitch-capitalized operating
leases at 8x expense) remains high, above 6x at FYE (June 30) 2021.
Fitch expects net leverage will improve toward 3x or better, or to
around 4x to 5x in a moderate stress scenario, over the next few
years due to growing total cash flow and a quarterly sweep of 25%
of excess cash flow to the trustee.

Liquidity is a neutral consideration and does not constrain the
ratings despite a liquidity cushion ratio below 0.33x. CAN's
concentration in the relatively working capital-efficient pharmacy
businesses, and its focus on a narrower range of specialized drugs,
largely by direct mail delivery, support efficient inventory
management. Strong margins on 340B drugs also help fund related
working capital requirements, and the organization generates
adequate consolidated debt service coverage.

Asymmetric Risk Additive Considerations

The three-year put option on the bonds is a risk-additive debt
feature that will constrain the ratings until resolved. CAN's
unrestricted cash position is improving as expected but will not
likely be sufficient to pay down the bonds if tendered, exposing
CAN to refinancing risk by March 2024.

In context of CAN's limited market access track record and
currently below-investment grade fundamental profile, the potential
need to explore refinancing options as early as calendar 2023
results in the ratings weighting nearer-term expectations,
including still-higher leverage, more heavily than CAN's likely
medium-term or longer-term performance.

The put feature does not constrain the ratings below the 'BB'
category due to improvement, both to date and expected over the
next one to two years, in CAN's leverage and liquidity. In
addition, certain structural protections, including a reasonable
notice period ahead of a put, debt service reserve fund, sweep of
25% of annual excess cash flow to the trustee, and lien on stock in
owned pharmacies support the rating.

These ratings do not incorporate recovery prospects or collateral
value, but Fitch believes CAN's financial trajectory and bond
security features together improve the likelihood of timely and
orderly refinancing if the put option is exercised.

RATING SENSITIVITIES

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

-- Growth in cash flow resulting in some cash accumulation and
    stronger net leverage (Fitch-adjusted) sustained at 3x-4x or
    better through Fitch's stress analysis;

-- Resolution of refinancing risk.

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

-- Failure to achieve and maintain net leverage below about 6x or
    better over the next one to two years.

-- Significant 340B compliance issues, loss of program
    eligibility or material changes to the program that limit
    CAN's access to or margins from discounted drugs through the
    program.

-- Failure to form a credible plan for refinancing the bonds in
    advance of the March 2024 put, if notified by holders that
    they may or will exercise that option.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

CAN is a not-for-profit 501(c)(3) corporation that provides a
continuum of medical, social, and educational services essential to
the health and well-being of those infected with HIV/AIDS, HCV,
STDs and other diseases, and that seeks to enhance public awareness
of these diseases. CAN was established in Sarasota, FL in 1991 and
now owns or operates 35 clinics in Florida, South Carolina,
Arizona, New Jersey, Virginia and Texas.

A key part of CAN's current strategy is to become a pharmaceutical
provider for its patients. According to management, this approach
has significantly improved drug regimen adherence and patient
health outcomes, as well as driven revenue growth. CAN opened its
first owned pharmacies mid-2018 and now generally places a pharmacy
in each new clinic.

In the same year, CAN acquired two pharmacies with mail-order
experience and which already served significant numbers of CAN
patients: JTJ Medical Supply (80% owned), which operates Mail-Meds
(MM) and specializes in providing HIV drugs by mail, and Tampa
Family Pharmacy (TFP, now 100% owned), which specializes in HCV
drugs. In December 2020, CAN also acquired Midland, a medical and
pharmaceutical provider in South Florida, with series 2020 bond
proceeds.

Obligated Group Structure; Fitch Looks to Consolidated Entity

In addition to the CAN parent, the OG will include MM, TFP,
MidlandCAN, LLC, the individual Midland entities acquired in 2020,
and CANTransport, LLC, which owns CAN's airplane. Other
non-obligated affiliates are not material to the consolidated
entity but include Sarasota-Bradenton Aviation, Inc. (35%
interest), which owns and operates a hangar; MetroCAN, LLC, a 50%
joint venture with a mission-aligned not-for-profit, Metro
Inclusive Health, Inc., to develop and operate a medical office
building; and Midland Cares, Inc., a Midland-related entity that
helps populations facing economic or social barriers access care
and community-based services.

Fitch focuses on the consolidated entity because current OG members
make up the bulk of consolidated assets and activity. In addition,
members could be withdrawn from the OG in the future, and certain
financial covenants relate to a combined group that could in the
future include designated or restricted affiliate members beyond
the OG.

Asymmetric Risk Additive Considerations

Management and governance considerations are currently neutral to
the ratings despite recent CEO turnover and a lawsuit related to
the change. The new CEO, remaining CFO and other key leaders are
experienced with CAN and in the sector, and CAN does carry
insurance relevant to potential losses. CAN does not believe the
suit will result in material financial repercussions.

ESG CONSIDERATIONS

CAN has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to high reliance on the federal 340B drug discount
program, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors. Access
to the program, which entails significant regulatory scrutiny and a
high compliance burden, is a key component of CAN's strategy and
financial performance. There have also been disputes over specific
provisions of the program and proposals to reform or narrow the
program.

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.


CRECHALE PROPERTIES: March 24 Plan Confirmation Hearing Set
-----------------------------------------------------------
On Sept. 7, 2021, debtor Crechale Properties, LLC, filed with the
U.S. Bankruptcy Court for the Southern District of Mississippi a
Disclosure Statement and the Plan of Reorganization.

On Jan. 13, 2022, Judge Katharine M. Samson approved the Disclosure
Statement and ordered that:

     * March 17, 2022, is fixed as the last day for filing written
objections to confirmation of the Plan.

     * March 21, 2022, is fixed as the last day for submitting
ballots of acceptance or rejection of the Plan with the attorney
for the Debtor.

     * March 24, 2022, at 1:30, in the William M. Colmer Federal
Building, Courtroom 2, 701 Main Street, Hattiesburg, Mississippi is
the hearing on confirmation of the Plan.
  
A full-text copy of the order dated Jan. 13, 2022, is available at
https://bit.ly/3AhMpe0 from PacerMonitor.com at no charge.

Counsel for the Debtor:

     W. Jarrett Little, Esq.
     William J. Little, Jr., Esq.
     Lentz & Little, PA
     2505 14th Street, Suite 500e
     Gulfport, MS 39501
     Tel: (228) 867-6050
     Email: jarrett@lentzlittle.com
            bill@lentzlittle.com

                   About Crechale Properties

Crechale Properties, LLC, is a Hattiesburg, Miss.-based company
engaged in the operation of apartment buildings.

Crechale Properties filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Miss. Case No. 21-50079) on Jan. 21, 2021,
listing up to $10 million in assets and up to $50 million in
liabilities.  Elizabeth Crechale, manager of Crechale Properties,
signed the petition.

Judge Katharine M. Samson presides over the case.

W. Jarrett Little, Esq., at Lentz & Little, PA, serves as the
Debtor's legal counsel.


DIOCESE OF ROCKVILLE: FCR Gets Court OK to Hire Financial Advisor
-----------------------------------------------------------------
Robert Gerber, the legal representative for future claimants in The
Roman Catholic Diocese of Rockville Centre's Chapter 11 case
received approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Michael Hogan, a retired judge, as
his financial advisor.

Mr. Hogan's services include:

   a. analysis of the estimated number of unknown and future claims
and the amount of each of those claims;

   b. filing proofs of claim;

   c. negotiating with the Debtor, official unsecured creditors'
committee, and insurers of satisfactory reserves or other claims
treatment to satisfy future claimants' needs and concerns; and

   d. advising Mr. Gerber  with respect to pleadings and evidence
if all future claimants' needs could not be consensually resolved.

Mr. Hogan will be paid at the rate of $850 per hour and will be
reimbursed for out-of-pocket expenses.

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

                 About The Roman Catholic Diocese
                   of Rockville Centre, New York

The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island. The Diocese has
been under the leadership of Bishop John O. Barres since February
2017. The State of New York established the Diocese as a religious
corporation in 1958. The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York. The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million. The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.

The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020, listing as much as $500 million in both assets and
liabilities.  The Hon. Shelley C. Chapman is the case judge.

The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant. Epiq Corporate
Restructuring, LLC is the claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case.  The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC as its bankruptcy counsel and special real
estate counsel, respectively

Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.  Michael A. Hogan, a retired judge, serves as the
Diocese's financial advisor.


DUNN PAPER: S&P Downgrades ICR to 'CCC' on Refinancing Risk
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
specialty paper and tissue manufacturer Dunn Paper Holdings Inc. to
'CCC' from 'CCC+'.

S&P said, "At the same time, we lowered our issue-level rating on
the company's first-lien secured credit facilities to 'CCC' from
'CCC+'. The recovery rating remains '3', indicating our expectation
of meaningful (50%-70%; rounded estimate: 60%) recovery of
principal in the event of a payment default.

"We also lowered our issue-level rating on the company's
second-lien term loan to 'CC' from 'CCC-'. The recovery rating
remains '6', indicating our expectation of negligible (0%-10%;
rounded estimate: 0%) recovery of principal in the event of a
payment default.

"The negative outlook reflects Dunn Paper's near-term debt
maturities and diminishing liquidity. We view the company's capital
structure as unsustainable and believe challenging operating
conditions increase the risk of default.

"The downgrade reflects Dunn Paper's increased refinancing risk
given its upcoming maturities. Dunn Paper has engaged an advisor to
lead its capital structure refinancing efforts. However, we believe
there is a heightened risk of default or restructuring due to
difficult operating conditions resulting in protracted high
leverage and weak liquidity. As of Sept. 30, 2021, the company had
$18.3 million outstanding on its revolving credit facility and
$259.6 million outstanding on its first-lien term loan, both of
which are due Aug. 26, 2022. We believe the company must refinance
its capital structure to avoid defaulting on these commitments.

"We continue to view Dunn Paper's liquidity as weak.We believe its
liquidity remains constrained. After accounting for its upcoming
maturities, we estimate the company's liquidity sources will be
less than 1x its uses over the next 12 months. During the third
quarter, Dunn Paper's year-to-date free cash flow deficit grew to
$23.4 million. With no cash or cash equivalents, the company
continues to fund its shortfall with overdraft facilities and
borrowings under its $30 million revolving credit facility.
Although we expect free cash flow to significantly improve in 2022,
we believe its diminished liquidity position could lead to a
restructuring or debt exchange that we view as tantamount to a
default.

"During the third quarter, Dunn Paper required an equity cure to
remain in compliance with its first-lien financial covenant. As of
Sept. 30, 2021, bank-reported leverage of 7.4x exceeded the
first-lien leverage covenant of 6.75x. Dunn Paper received an
equity cure of $4.7 million to bring bank-adjusted EBITDA to $51
million and debt to EBITDA within the maximum total net leverage
ratio. We believe Dunn Paper's financial covenant will continue to
pressure liquidity until it amends or refinances its credit
agreement.

"The negative outlook reflects Dunn Paper's near-term debt
maturities and diminishing liquidity. We view the company's capital
structure as unsustainable and believe challenging operating
conditions increase the risk of default."

S&P could lower its rating on Dunn Paper if:

-- S&P is not confident it will address its upcoming debt
maturities by the end of the first quarter; or

-- The company announces an exchange or restructuring that we deem
tantamount to a default.

S&P could raise its rating on Dunn Paper if:

-- The company addresses its upcoming debt maturities, through a
refinancing or maturity extension, such that S&P would not consider
it a distressed exchange or restructuring; and

-- It mitigates the rise in pulp prices through pricing and
strengthens EBITDA such that leverage improves and S&P no longer
envisions specific default scenarios.


EMERALD TECHNOLOGIES: S&P Assigns 'B-' ICR on Sponsor Sale
----------------------------------------------------------
S&P Global Ratings assigned electronic manufacturing services (EMS)
provider Emerald Technologies (U.S.) AcquisitionCo Inc. a 'B-'
issuer credit rating. S&P also assigned its 'B-' issue-level and
'3' recovery ratings to its $45 million RCF and $250 million
first-lien term loan.

The stable outlook reflects S&P's expectation that Emerald will
maintain stable business operations through its significant
customer concentration and the semiconductor chip shortage issues
such that it improves leverage to the high-4x area in 2022,
supported by good growth expectations and stable EBITDA margins.

Emerald Technologies announced its acquisition by financial sponsor
Crestview Partners L.P.

Crestview will fund this transaction with a new $45 million
revolving credit facility (RCF), $250 million first-lien term loan,
and cash equity.

Even though Emerald has significant customer concentration, it has
a strong track record working with its largest customers. Emerald
has significant customer concentration; its two largest customers
combine for more than 50% of its revenue. S&P said, "We believe
this customer concentration could pressure Emerald's credit metrics
in cases where the top customer sees decline in demand because of
the historical volatility in the semiconductor industry or leaves
Emerald for another EMS competitor. We also believe that the top
customer could exert pricing pressure on Emerald such that Emerald
must accept lower pricing on its products, which could inhibit
Emerald's top line and EBITDA margins."

S&P said, "The stable outlook reflects our expectation that Emerald
will maintain stable business operations through its significant
customer concentration and the semiconductor chip shortage issues
such that it improves leverage to the high-4x area in 2022,
supported by good growth expectations and stable EBITDA margins.

"We could raise the rating if we believe that Emerald can sustain
leverage below 5x and generate more than $25 million of free
operating cash flow (FOCF), inclusive of additional debt-funded
acquisitions or shareholder returns. Although less likely, we could
raise the rating if Emerald improves its scale and decreases its
customer concentration such that we believe it can handle typical
semiconductor volatility without affecting credit quality.

"We could lower the rating if we believe that Emerald's capital
structure is unsustainable. This could occur if free cash flow
after debt service is breakeven because of a drop in demand from
its two largest customers due to competition, a worsening
semiconductor chip shortage that hampers Emerald's revenue, or
additional debt-funded acquisitions or shareholder returns."

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 Emerald, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."



ENSTROM HELICOPTER: Closes Doors, To File Chapter 7 Bankruptcy
--------------------------------------------------------------
YV16 reports that Enstrom Helicopter Corp. announced Wednesday that
after 64 years of near-continuous operations, Enstrom will be
closing its doors on Friday, January 14, 2022.

Due to several financial difficulties, Enstrom's owners have
directed the company to declare Chapter 7 bankruptcy. The closure
marks the end of a storied helicopter brand, said a press release
from the corporation.

"We've built more than 1300 helicopters, operated in over 50
countries around the world," said Enstrom's Director of Sales &
Marketing, Dennis Martin. "Millions of hours flown, tens of
thousands of pilots trained, think of all the lives these aircraft
have touched. It's an incredible legacy, and the people of Northern
Michigan and Wisconsin who helped start the company, and especially
the hard-working employees who kept it going all these years should
be proud of what we accomplished."

Enstrom says it has laid off about 125 employees over the last two
years, leading up to this announcement.

Enstrom delivered its final helicopters, a pair of 280FX’s for
the Peru Air Force, in December 2021.

"I can't say enough about the team of people we have here," said
Enstrom's President, Matt Francour. "They've continued to work
throughout the pandemic and our financial difficulties to get
aircraft out the door and supply parts and technical support to our
large in-service fleet. Their dedication to our customers is truly
special."

As of Jan. 7, Enstrom has ceased taking new parts orders and
supplying overhauls. Technical support will continue to be provided
through Jan. 19.

As stated in the corporation's press release Wednesday, Enstrom
wishes to thank all of its past and present employees, dealers,
service centers, and most importantly customers. Butzel & Long Law
Firm, located in Troy, MI, will be handling the bankruptcy.
Francour noted that multiple groups have already expressed interest
in buying Enstrom’s assets out of bankruptcy and restarting the
company.

                 About Enstrom Helicopter Corp.   

Enstrom Helicopter Corp. is a Chinese-owned helicopter design and
manufacturing company, based at the Menominee–Marinette Twin
County Airport in Michigan.


FERRO CORP: S&P Stays 'BB-' ICR on CreditWatch Negative
-------------------------------------------------------
S&P Global Ratings retained all of its ratings on Ferro Corp.,
including its 'BB-' issuer credit rating, remaining on CreditWatch,
where S&P placed them with negative implications on May 12, 2021.

The CreditWatch reflects the possibility that S&P could lower its
ratings on the company by at least one notch when the transaction
closes and all of its debt is repaid.

PMHC II Inc. (doing business as Prince International Corp.) has
proposed issuing debt to fund its previously announced acquisition
of Ferro Corp. through an all-cash transaction valued at
approximately $2.1 billion (including the assumption of debt).

In conjunction with the close of the transaction, which S&P expects
to occur in the first half of 2022 (subject to regulatory
approval), Prince plans to combine with ASP Chromaflo Holdings L.P.
(Chromaflo Technologies). Private-equity sponsor American
Securities owns both Prince and Chromaflo.

The CreditWatch placement followed Prince's announcement that it
entered into a definitive agreement to acquire Ferro for about $2.1
billion in an all-cash transaction. S&P said, "Following Prince's
proposed debt financing to fund the transaction, our ratings on
Ferro remain on CreditWatch with negative implications. Under the
terms of the agreement, which Ferro's board of directors has
approved, Prince will acquire all of the company's outstanding
common stock (for $22.00 per share in cash) and assume all of its
outstanding debt. We expect the transaction will be credit negative
for Ferro given our weaker ratings on Prince, its high debt
leverage, and its ownership by a private-equity sponsor. The
CreditWatch listing indicates that we could lower our issuer credit
rating on Ferro by one or more notches upon the close of the
transaction, which we expect will be completed in the first half of
2022."

S&P said, "We expect to resolve the CreditWatch when the
transaction closes and it becomes clear that all of Ferro's debt
will be repaid. We expect the transaction will be credit negative
for Ferro given PMHC's high debt leverage, weaker credit metrics,
and ownership by a financial sponsor, which we believe will result
in more aggressive financial policies. If the transaction is
completed as proposed, we will likely lower our issuer credit
rating on Ferro to equalize it with our rating on Prince and then
withdraw all of our ratings on Ferro once its debt has been
repaid.

"If the transaction is not completed as proposed, we will review
our ratings on Ferro and remove them from CreditWatch. We could
then affirm our 'BB-' issuer credit rating if we believe its credit
measures will remain within our expected range for the rating. Our
base-case scenario continues to assume that Ferro's existing
business will increase its revenue by the mid-single-digit percent
area during the next two years while it expands its EBITDA margins
supported by strong economic growth over the next 12 months."



FLEXIBLE FUNDING: Exclusivity Period Extended to April 18
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
extended the exclusivity period for Flexible Funding, Ltd.
Liability Co. to file a Chapter 11 plan to April 18, 2022.  

The company can solicit acceptances for the plan until June 16,
2022.

                      About Flexible Funding

Flexible Funding Ltd. and Instapay Flexible LLC filed petitions for
Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 21-42215) on
Sept. 19, 2021.  Judge Mark X. Mullin oversees the cases.

At the time of the filing, Flexible Funding listed $100 million to
$500 million in both assets and liabilities while Instapay listed
as much as $50 million in both assets and liabilities.

Jeff P. Prostok, Esq., and Lynda L. Lankford, Esq., at Forshey &
Prostok, LLP are the Debtors' bankruptcy attorneys.


FULL HOUSE: Expects Q4 Consolidated Total Revenues of Up to $43.5M
------------------------------------------------------------------
Full House Resorts, Inc. announced preliminary results for the
fourth quarter ended Dec. 31, 2021.  The preliminary results are
subject to the completion of the final financial statements and our
final closing procedures.  The preliminary results have not been
audited or reviewed by the Company's independent registered public
accounting firm, Deloitte & Touche LLP, and should not be viewed as
a substitute for full financial statements prepared in accordance
with generally accepted accounting principles.  The Company's
actual results may differ as a result of the Company's financial
closing procedures, final adjustments and other developments that
may arise between now and the time that the Company's results for
the fourth quarter and annual period are finalized.

For the fourth quarter of 2021, consolidated total revenues are
expected to be in the range of $43.0 million to $43.5 million,
compared to $38.3 million for the fourth quarter of 2020.
Consolidated operating income for the fourth quarter of 2021 is
expected to be in the range of $4.9 million to $6.1 million,
compared to operating income of $7.7 million for the fourth quarter
of 2020.  Net income is expected to be in the range of $4.2 million
to $5.9 million for the fourth quarter of 2021, compared to $3.5
million in the fourth quarter of 2020.  Adjusted EBITDA is expected
to be in the range of $7.3 million to $8.5 million for the fourth
quarter of 2021, which reflects adverse hold in the Company's
Nevada and Indiana segments and approximately $1.7 million of
expenses related to corporate initiatives that are not expected to
recur in future periods.  Adjusted EBITDA for the fourth quarter of
2020 was $9.8 million, including the sale of "free play" at Rising
Star for $2.1 million.  A similar "free play" sale for $2.1 million
also occurred during 2021, but in the third quarter.  As of Dec.
31, 2021, the Company had approximately $265 million of cash and
equivalents, including approximately $177 million of restricted
cash dedicated to the construction of its Chamonix Casino Hotel
project.

Given the Company's estimated preliminary results for the fourth
quarter, results for the full year are expected to be its highest
for at least the past eight years.  Consolidated total revenues in
2021 are expected to be in the range of $179.9 million to $180.4
million, compared to $125.6 million in 2020.  Consolidated
operating income in 2021 is expected to be in the range of $36.9
million to $38.1 million, compared to operating income of $10.5
million in 2020.  Net income in 2021 is expected to be in the range
of $10.9 million to $12.6 million, compared to $0.1 million in
2020.  Adjusted EBITDA in 2021 is expected to be in the range of
$46.6 million to $47.8 million, including approximately $2.1
million of expenses related to corporate initiatives that are not
expected to recur in future years.  Adjusted EBITDA in 2020 was
$19.7 million.

Additionally, the Company announced today details regarding its
plans for a temporary casino in Waukegan, Illinois.  Named The
Temporary by American Place, the Company plans to invest
approximately $100 million in its temporary facility, which
includes significant upfront gaming license payments and the
purchase of slot machines that are expected to be transferred to
the permanent casino once opened.  The Company intends to finance
The Temporary with new debt and expects to open the facility in
mid-2022 with approximately 1,000 slot machines and 50 table games,
subject to regulatory approval.  The Company has agreed to purchase
approximately ten acres of strategically-important land adjoining
the 29-acre casino site to be leased from the City of Waukegan.
The temporary casino will be in a "sprung structure" at one end of
the combined 39-acre site and will utilize many of the same parking
lots that will serve the permanent casino, to be built at the other
end.  For detailed renderings and a video flythrough of the
permanent American Place facility, please visit
www.AmericanPlace.com.

The Company also has increased the anticipated investment for its
luxury Chamonix Casino Hotel, currently under construction in
Cripple Creek, Colorado.  The revised Chamonix budget is $250
million, reflecting completion of sub-contracting of much of its
hard-dollar construction budget.  The increased construction costs
reflect supply chain issues, inflation, and a difficult
construction environment.  Management believes that there will not
be further budget increases.  The Company has sufficient cash and
resources to complete the project at the higher budget number and
is, accordingly, transferring cash to its restricted construction
cash account to fund the increased construction costs, in
accordance with its debt covenants.

From July 2021 through November 2021, Colorado's statewide reported
gaming revenues increased 42% versus the prior-year period.  During
such period, Cripple Creek's gaming revenues increased 26%, while
Black Hawk's gaming revenues increased 50% when compared to the
similar 2020 period.  These increases reflect the elimination of
betting limits in mid-2021, as well as the opening of a
516-guestroom, four-star hotel in Black Hawk and an approximately
100-guestroom, "comfort style" hotel built by a competitor in
Cripple Creek.  Reported statewide gaming revenues for all of 2019
were $834 million.  Due to the strong recent increases in
Colorado's overall gaming revenues, management remains confident
that its high-end Chamonix Casino Hotel project will earn a high
return on investment. For detailed renderings of the project and
two webcams of the construction underway, please visit
www.ChamonixCO.com.  The Company continues to expect to open
Chamonix in the second quarter of 2023.

                   About Full House Resorts Inc.

Headquartered in Las Vegas, Nevada, Full House Resorts --
www.fullhouseresorts.com -- owns, leases, develops and operates
gaming facilities throughout the country.  The Company's properties
include Silver Slipper Casino and Hotel in Hancock County,
Mississippi; Bronco Billy's Casino and Hotel in Cripple Creek,
Colorado; Rising Star Casino Resort in Rising Sun, Indiana; and
Stockman's Casino in Fallon, Nevada.  The Company also operates the
Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and
Casino in Incline Village, Nevada under a lease agreement with the
Hyatt organization.  The Company is currently constructing a new
luxury hotel and casino in Cripple Creek, Colorado, adjacent to its
existing Bronco Billy's property.

Full House reported net income of $147,000 for the year ended Dec.
31, 2020, compared to a net loss of $5.82 million for the year
ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had $470.09
million in total assets, $362.77 million in total liabilities, and
$107.32 million in stockholders' equity.

                             *   *   *

As reported by the TCR on Feb. 9, 2021, Moody's Investors Service
assigned a Caa1 Corporate Family Rating and Caa1-PD Probability of
Default Rating to Full House Resorts Inc. (FHR).  The Caa1 CFR
reflects the long, approximately 24 months, Bronco Billy's
construction period, uncertainty related to the level of visitation
and earnings at the redesigned property, FHR's modest scale, and
exposure to cyclical discretionary consumer spending.


GENESIS HEALTHCARE: Unsecureds to Get 100% in Plan
---------------------------------------------------
Genesis Healthcare Institute, LLC, submitted a Second Amended
Chapter 11 Subchapter V Plan of Reorganization.

The Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of Genesis Healthcare Institute, LLC,
from net cash flow from operations of the Debtor for a 3-year
period.

Based on the Projected Plan Base, the Debtor estimates that all
administrative, secured, priority claims and creditors holding
allowed unsecured claims will receive distributions, which is
estimated at approximately 100%.

The Debtor will begin paying non-priority unsecured creditors in
Class 3 after administration claims, Class 1 and Class 2 have been
paid in full.  The Debtor will begin paying non-priority unsecured
creditors in Class 4 after Class 3 has been paid in full.

Class 3 is as follows:

      IRS:              $16,752
      Warrenville:     $125,000
      PTMJ, Inc:         $3,525
                       --------
      Total:           $145,277

As part of its settlement with Warrenville, within 14 days of the
Effective Date, each of the creditors in class 3 will receive a
payment equal to 28% of their allowed claim.  It is anticipated the
gross amount of this payment will be approximately $40,677.42 pro
rata.  Thereafter, a fixed amount equal to $26,491 quarterly will
be paid pro rata and pari passu as follows:

       IRS:              $3,007
       Warrenville:     $22,849
       PTMJ:               $635

Class 4 - Non-priority unsecured creditors of Insiders. Class 4
includes all allowed unsecured non-priority claims of any insiders
outlined below and will not receive any distributions until all
prior classes and Administrative claims are paid in full. To the
extent the Debtor is unable to pay 100% to this class of creditors,
this class will receive an amount equal to the Disposable Income of
the Reorganized Debtor after payment in full of all prior classes
and Administrative claims. Payments will be made quarterly on a pro
rata and pari passu basis.

       Von Garcia:             $7,532
       Renzl Catignas:         $3,000
       Michelle Asbury:        $5,538
       Geogie Cordero:         $7,692
       M. Elena Catignas:     $52,466
       Corazon Cordero:       $24,362
       Encarnacion Hedriana: $138,000
                             --------
       Total:                $238,591

The Plan will be funded by the cash on hand and net Disposable
Income of the Debtor following the Effective Date of the Plan.

Attorney for the Debtor:

     Konstantine Sparagis
     Law Offices of Konstantine Sparagis, P.C.
     900 W. Jackson Blvd., Ste. 4E
     Chicago, IL 60607
     Tel: (312) 753-6956
     E-mail: gus@konstantinelaw.com

A copy of the Plan dated Jan. 14, 2021, is available at
https://bit.ly/3fAJxPT from PacerMonitor.com.

                     About Genesis Healthcare

Genesis Healthcare Institute, LLC is a provider of short-term
post-acute, rehabilitation, skilled nursing and long-term care
services.  As of January 2017, Genesis operates approximately 500
skilled nursing centers and assisted/senior living residences in 34
states across the United States.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-00245) on January 9,
2021. In the petition signed by Corazon Cordero, member-manager,
the Debtor disclosed up to $500,000 in both assets and
liabilities.

The Law Office of Konstatine Sparagis serves as the Debtor's
counsel.


GLOBAL CARIBBEAN: Court Denies Approval of Disclosure Statement
---------------------------------------------------------------
Following a hearing on Jan. 12, 2022, Judge Scott M. Grossman has
entered an order denying the approval of the Disclosure Statement
of Global Caribbean, Inc., without prejudice to the Debtor filing
an Amended Disclosure Statement.

The Debtor will have through and including the close of January 28,
2022 to file an Amended Disclosure Statement.

                    About Global Caribbean Inc.

Global Caribbean, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-14402) on May 4,
2021, disclosing total assets of up to $500,000 and total
liabilities of up to $1 million. Judge Scott M. Grossman oversees
the case.

Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. and Berkowitz
Pollack Brant Advisors CPAS, LLP serve as the Debtor's legal
counsel and accountant, respectively.


GRUPO AEROMEXICO: OpCo Creditors, UCC Oppose Plan Approval
----------------------------------------------------------
Grupo Aeroméxico SAB de CV is close to clinching court approval
for a proposed corporate reorganization about 18 months after
filing for chapter 11, but some unsecured creditors say the
bankruptcy plan unfairly enriches certain shareholders and
shouldn't be confirmed.

"The Plan as presently constructed demonstrates how, when left
unchecked, powerful insiders (incentivized to preserve their
substantial ownership interests) can partner with a select number
of professional investors to engineer a restructuring that shifts
value away from general unsecured creditors to themselves.  To
guard against this type of conflict of interest, drafters of the
Bankruptcy Code included important statutory protections for
general unsecured creditors.  Put simply, when a debtor is
dominated by conflicted insiders who are incentivized to pursue
impermissible ends that are contrary to the purposes of the
Bankruptcy Code, the last line of defense is the Bankruptcy Code
itself. To ensure that general unsecured creditors are treated
fairly and equitably in this case, the Court must enforce the
Bankruptcy Code's protections and safeguards by denying
confirmation of the proposed Plan," the Ad Hoc Group of OpCo
Creditors said in a court filing.

"The Plan fails to satisfy several basic requirements of the
Bankruptcy Code.  First, the Plan violates Bankruptcy Code section
1123(a)(4) by not providing the same opportunity for recovery to
all general unsecured creditors of the same class.  Second, the
Plan violates Bankruptcy Code section 503(c)(1) by providing for
impermissible transfers of value to certain members of the Debtors'
board of directors for the purpose of inducing their continued
board service.  Third, the Plan is not confirmable as it provides
for distributions to prepetition equity holders while general
unsecured creditors are significantly impaired.  Fourth, the Plan
fails to satisfy Bankruptcy Code section 1129(a)(10) to the extent
it has not been accepted by at least one class of impaired
creditors at each Debtor.  Fifth, the Plan impermissibly provides
certain creditors with more than full consideration for their
claims.  Sixth, the Plan constitutes a settlement curated by
current equity holders and insiders, which requires the Debtors to
prove that the Plan satisfies the entire fairness standard—which
they cannot."

The Ad Hoc Group of OpCo Creditors is comprised of Invictus Global
Management, LLC, Corvid Peak Capital Management LLC, Hain Capital
Group, LLC, and Livello Capital Management LP.

The OpCo Creditors say they are supporting the Unsecured Creditors'
Committee's objection to the Plan.

"The Plan is the product of a flawed process whereby the Debtors
abdicated their fiduciary duties and allowed a group of
sophisticated creditors to negotiate directly with the
Debtors' insider prepetition shareholders.  At no point, either
before or during those negotiations, did the Debtors make clear
what should be obvious: if shareholders want to maintain equity
interests under the Plan, they must contribute market value.  As a
result, the creditors that ultimately negotiated the Plan and the
insider shareholders stand to enjoy enormous recoveries, while the
general unsecured creditors that were excluded from the
negotiations will foot the entire bill," the Creditors' Committee
said in a court filing.

"The Debtors will try to convince the Court that it should confirm
the Plan without question because the voting report reflects that
all classes of unsecured creditors (other than Aerovias Empresa de
Cargo, S.A. de C.V. ("Aeroméxico Cargo")) voted in favor of the
Plan.  But the voting report must be closely scrutinized,
especially because the settlement embodied in the Plan must satisfy
the heightened scrutiny/entire fairness standard applicable to
transactions with insiders.  The Court must consider the following
key facts in conducting this analysis.  First, the vast majority of
the actual votes in favor of the Plan (approximately 55% of classes
3(b) and 3(c)) came from creditors that were already obligated to
vote in favor, either because they were invited to the negotiating
table and are receiving special benefits or were obligated to vote
in favor of a so-called "Complying Plan" before they had a chance
to see the actual Plan (or an approved Disclosure Statement) ––
or even have a basic understanding of it.  Second, the Debtors
specifically targeted key creditors with calls pressuring them to
vote in favor of the Plan due to longstanding relationships and
hopes of doing future business.  Third, the Debtors were able to
use a procedural loophole to value unliquidated claims at $1 for
voting purposes, even though the Debtors know that the class of
general unsecured creditors at Debtor Aerolitoral, S.A. de C.V.
("Aeroméxico Connect") would have voted to reject the Plan if the
Debtors counted votes using their own low-end estimates of the
value of allowed claims at Aeromexico Connect.  Finally, the few
remaining general unsecured creditors that actually voted on the
Plan were faced with a Hobson's choice when presented with a
ballot: vote "yes" to support the Debtors' restructuring, which
results in an unfairly low recovery for them, or vote "no" and
possibly endure the parade of horribles the Debtors allege would
result if the Plan were rejected—including a plan with even lower
recoveries for them than the one on file."

WILLKIE FARR & GALLAGHER LLP is counsel to the Unsecured Creditors
Committee.

KATTEN MUCHIN ROSENMAN LLP and ARNOLD & PORTER KAYE SCHOLER LLP are
advising the OpCo Creditors.

                   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.


HOTEL CUPIDO: Court Confirms Liquidating Plan
---------------------------------------------
Judge Edward A. Godoy has entered an order that the Plan filed
Hotel Cupido Inc., et al., dated October 15, 2021 is confirmed.

Hotel Cupido Inc. filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a Plan of Liquidation and a Disclosure
Statement referring to a Plan.  On Dec. 6, 2021, Judge Edward A.
Godoy approved the Disclosure Statement.

On Aug. 6, 2021, REMLIW and Monte Idilio executed an option to
purchase agreement with IPVI and with the consent of OSP for the
short sale of the real properties that comprise Destiny Motel in
the aggregate amount of $830,000.  The proposed sale will be
conducted within the Plan of Reorganization to be funded with the
liquidation of the assets of the respective estates.  The net
proceeds of the sale will be distributed according to the terms of
the proposed Plan of Reorganization.

A copy of the Disclosure Statement dated Oct. 15, 2021, is
available at
https://www.pacermonitor.com/view/USODCNA/HOTEL_CUPIDO_INC__prbke-19-03799__0128.0.pdf?mcid=tGE4TAMA

                      About Hotel Cupido

Wilmer Tacoronte Ortiz owns a motel in Aguadilla at Road 101, KM
1.1 and sole shareholder of REMLIW Inc. and Hotel Cupido Inc.
REMLIW Inc. owns Destiny Motel, a motel at the State Road 639, Km.
2.1, Arecibo, Puerto Rico.  Hotel Cupido operates the Cupido HOtel,
a 52-bedroom motel, at State Road 110, Km. 24.3, Arenales Ward, in
Aguadilla, Puerto Rico.

Wilmer Tacoronte Ortiz sought Chapter 11 protection (Bankr. D.P.R.
Case No. 19-01178) on March 2, 2019.  REMLIW, Inc. (Monte Idilio
Inc.) also sought Chapter 11 protection (Bankr. D.P.R. Case No.
19-01178) on March 2, 2019.  Hotel Cupido Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
19-03799) on June 30, 2019.  

The cases are jointly administered under Hotel Cupido, Inc.'s.

At the time of the filing, Hotel Cupido disclosed $488,176 in
assets and $3,213,031 in liabilities.  

The cases are assigned to Judge Edward A. Godoy.  

The Debtors are represented by Bufete Quinones Vargas & Asoc.


JACOBS TOWING: Files Amendment to Disclosure Statement
------------------------------------------------------
Jacobs Towing, LLC, d/b/a B & R Wrecker and Recovery, submitted a
First Amended Disclosure Statement describing Plan of
Reorganization dated Jan. 13, 2022.

The Amended Disclosure Statement discusses the alterations made to
Debtor's Liabilities:

   * Priority Claims:

     -- Proof of Claim Number 9 ("POC #9") - $146,727.55. On or
about December 15, 2021, the Debtor objected to this claim as
averred to contain a duplicate liability for WT-FICA taxes
regarding the second quarter of 2021, which is also alleged in POC
#16 infra.

     -- Proof of Claim Number 16 ("POC #16") - $13,812.66.

   * General, Unsecured Debt:

     -- Billy Raybon - $133,500.00 per Proof of Claim #15 ("POC
#15"). This claim was filed as secured; however, the Debtor
objected to the secured nature thereof to which the claimant
responded. See Doc. No.'s 104 & 134. To that end, a hearing is
scheduled for January 20, 2022.

      -- BMO Harris (contingent) - $225,727.39 per Proof of Claim
#6 ("POC #6"). On or about December 23, 2021, this claim was
withdrawn.

Based upon the aggregate value of the real estate, personal
property, accounts, etc. in which the Debtor possessed an interest
as of the Petition Date, relative to the perfected mortgages and/or
liens, it is believed there to be sufficient equity (i.e.,
$921,943.99) so as to require the claims of unsecured creditors to
be paid in full pursuant to the terms of the Chapter 11 Plan. To
that end, the proposed Plan will propose to fully repay unsecured
creditors relative to non-contingent and contingent nature of such
creditors' respective unsecured claims.

Although the Debtor's Schedules reflected accounts receivable of
both less than 90-days and over 90-days exceeding $864,000,00 since
filing it has been determined there was a significant backlog in
crediting accounts for funds that had been received. Hence the
amount set forth opposite is what management now believes to be an
accurate figure of the total amount of receivables outstanding as
of the Petition date. All disclosed equipment herein is further
identified by the parenthetical identifying the specific unit by
the last four (4) digits of the relevant VIN / Serial number,
according to a footnote in the Disclosure Statement.

A full-text copy of the First Amended Disclosure Statement dated
Jan. 13, 2022, is available at https://bit.ly/3A9ApLE from
PacerMonitor.com at no charge.

Attorney for Debtor:

     J. Kaz Espy
     Post Office Drawer 6504
     Dothan, Alabama 36302-6504
     Tel: (334) 793-6288
     Fax: (334) 712-1617
     E-mail: kaz@espymetcalf.com

                       About Jacobs Towing

Jacobs Towing, LLC, doing business as B&R Wrecker & Recovery in
Troy, Ala., filed a Chapter 11 petition (Bankr. M.D. Ala. Case No.
21-31004) on June 10, 2021.  At the time of the filing, the Debtor
had between $1 million and $10 million in both assets and
liabilities. Donnie L. Jacobs, member, signed the petition.  

Judge William R. Sawyer oversees the case.

Espy Metcalf & Espy, PC and Misty Tindol of Wilkerson, Bowden &
Associates, P.C. serve as the Debtor's legal counsel and
accountant, respectively.


JBS USA: S&P Assigns 'BB+' Rating on New Senior Unsecured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating to JBS USA
Lux S.A., JBS USA Finance Inc., and JBS USA Food Co.'s proposed
senior unsecured notes due 2029 and 2052. S&P also assigned a '3'
recovery rating to the proposed notes, which indicates average
recovery expectation of 50%-70% in the event of default. The parent
company, JBS S.A. (JBS; BB+/Positive/--), will fully and
unconditionally guarantee the notes. Therefore, recovery
expectations for the proposed notes are in line with all of JBS
USA's other senior unsecured notes.

JBS will use the proceeds for debt refinancing and to strengthen
cash position, lowering the cost of debt. The use of the proposed
issuance is the same as those of recent issuances. The company
could use part of the cash to call the 5.75% 2028 bonds, or for
general corporate purposes.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P's simulated default scenario assumes a default in the first
half of 2026 amid a combination of high grain and cattle prices and
a weak global demand, pressuring margins and raising working
capital, resulting in EBITDA and cash flow deterioration that leads
to a payment default.

-- S&P's approach is to perform separate valuations and default
scenarios for JBS and JBS USA, due to the different jurisdictions
the companies are subject to.

-- S&P has valued both companies using a 6x multiple applied to
emergence EBITDA. The multiple is in line with that it uses for
other U.S.-based protein processing issuers.

-- JBS USA's senior unsecured creditors benefit from a higher
recovery than JBS's senior unsecured creditors, given that they
would have a claim against JBS (guarantor of the debts) as well.

Simulated default assumptions

-- Simulated year of default: 2026

-- Emergence EBITDA: R$2.5 billion for JBS and $1.7 billion for
JBS USA

-- Multiple: 6x

-- Estimated gross enterprise value at emergence: R$15.2 billion
for JBS and $10.5 billion for JBS USA

Simplified waterfall

JBS USA

-- Net value available to creditors (after 5% administrative
costs): $9.9 billion

-- Senior secured debt: $3.6 billion (including the company's term
loan and revolving credit facilities)

-- Senior unsecured debt: $9.6 billion (including all of the
company's senior notes)

-- Recovery expectations for secured debt: 95%

-- Recovery expectations for unsecured debt guaranteed by JBS:
66%

JBS S.A.

-- Net value available to creditors (after 5% administrative
costs): R$14.4 billion

-- Senior secured debt: R$48 million (FINAME and FINEP lines)

-- Senior unsecured debt: R$30.9 billion (including the deficiency
claims from JBS USA debt that's guaranteed by JBS)

-- Recovery expectation for unsecured debt: 46%



JINZHENG GROUP: Exclusivity Period Extended to April 21
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended the exclusivity period for Jinzheng Group (USA) LLC to
file a Chapter 11 plan to April 21, 2022.  

The company can solicit acceptances for the plan until May 20,
2022.

                    About Jinzheng Group (USA)

Jinzheng Group (USA), LLC, a company based in Alhambra, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Case No. 21-16674) on Aug. 24, 2021, listing as much as
$50 million in both assets and liabilities.  Judge Ernest M. Robles
oversees the case.

Shioda Langley and Chang LLP serves as the Debtor's legal counsel.


KLAUSNER LUMBER TWO: March 18 Hearing on Committee-Backed Plan
--------------------------------------------------------------
Klausner Lumber Two LLC and its Official Committee of Unsecured
Creditors on Jan. 18, 2022, submitted a First Amended Disclosure
Statement with respect to a Chapter 11 Plan for the Debtor.

The Court on Jan. 18, 2022, approved the Disclosure Statement and
set a hearing for March 8, 2022, to consider confirmation of the
Plan.  Objections are due Feb. 21.

Under the Plan, Class 5 general unsecured claims totaling $27.0
million to $41.5 million and Class 6 Klausner Group Unsecured
Claims totaling $0 to $43.8 million will recover 0 to 100%.

For purposes of additional disclosure, the Proponents estimate
that: (a) in the hypothetical scenario in which all Claims asserted
by Carolina Sawmills are placed into Class 7 (Subordinated Claims)
as requested by the Creditors' Committee pursuant to the CS
Adversary Proceeding, the estimated potential recovery range would
be 57.64% – 69.51%; (b) in the hypothetical scenario in which all
Claims asserted by the Klausner Group are placed into Class 7
(Subordinated Claims), the estimated potential recovery range would
be 32.93% – 36.50%; and (c) in the hypothetical scenario in which
all Claims asserted by Carolina Sawmills and the Klausner Group are
placed into Class 7 (Subordinated Claims), the estimated potential
recovery would be 100%.  For the avoidance of doubt, the Debtor
takes no position with regard to the classification of any Claims
asserted by Carolina Sawmills.

The Debtor's marketing and sale efforts were wildly successful. On
Dec. 10, 2020, the Debtor filed a Notice of Successful Bidder for
the Sale of Substantially All of the Debtor's Assets. As set forth
in the Successful Bidder Notice, although MM-H had been designated
as the Stalking Horse Bidder, after a fulsome auction process and
qualifying, competing bids, the Debtor selected Binder Beteiligungs
AG, acting through Binderholz Enfield LLC as the successful bidder,
with a cash offer of $83,400,000, plus assumption of liabilities
aggregating $3,287,500.  On Jan. 12, 2021, the Debtor filed a
Notice of Closing of Sale of Substantially all of the Debtor's
Assets to Binderholz.

Attorneys for the Debtor:

     Thomas A. Draghi
     William C. Heuer
     WESTERMAN BALL EDERER MILLER
     ZUCKER & SHARFSTEIN, LLP
     1201 RXR Plaza
     Uniondale, New York 11556
     Telephone: (516) 622-9200
     Facsimile: (516) 622-9212

     Robert J. Dehney
     Eric Schwartz
     Daniel B. Butz
     MORRIS, NICHOLS, ARSHT & TUNNELL LLP
     1201 North Market Street, 16th Floor
     P.O. Box 1347
     Wilmington, Delaware 19899
     Telephone: (302) 658-9200
     Facsimile: (302) 658-3989

Attorneys for the Official Committee of Unsecured Creditors:

     Eric M. Sutty
     Jonathan M. Stemerman
     ARMSTRONG TEASDALE LLP
     300 Delaware Avenue, Suite 210
     Wilmington, Delaware 19801
     Telephone: (302) 824-7089

A copy of the Disclosure Statement dated Jan. 14, 2021, is
available at https://bit.ly/3KeHors from PacerMonitor.com.

                  About Klausner Lumber Two

Klausner Lumber Two, LLC, a sawmill company in Enfield, N.C.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Case No. 20-11518) on June 10, 2020.  Robert Prusak, chief
restructuring officer, signed the petition.  At the time of the
filing, the Debtor had estimated assets of between $10 million and
$50 million and liabilities of between $100 million and $500
million.

Judge Karen B. Owens oversees the case.

The Debtor has tapped Westerman Ball Ederer Miller Zucker &
Sharfstein, LLP and Morris, Nichols, Arsht & Tunnell, LLP as its
bankruptcy counsel; Fallace & Larkin, L.C. as litigation counsel;
Asgaard Capital LLC as restructuring advisor; and Cypress Holdings
LLC as investment banker.

The U.S. Trustee for Region 3 appointed a committee of unsecured
creditors in the Debtor's Chapter 11 case on June 25, 2020.
Armstrong Teasdale, LLP and EisnerAmper, LLP, serve as the
committee's legal counsel and financial advisor, respectively.


KRISJENN RANCH: Unsecured Claims Unimpaired in Sale Plan
--------------------------------------------------------
KrisJenn Ranch, LLC, KrisJenn Ranch LLC, Series Uvalde Ranch, and
KrisJenn Ranch LLC, Series Pipeline Row submitted a Third Amended
Joint Disclosure Statement.

The Plan proposes to substantially consolidate the assets and
liabilities of all three Debtors into KrisJenn Ranch, LLC.

Debtors' remaining assets are as follows:

   * Thunder Rock Holdings - $699,000
   * Series Uvalde Ranch - $893,938
   * Series Pipeline ROW - $6,000,000

The remaining Ranch proceeds shall be used to pay the Mcleod debt,
all unsecured debt and the administrative expenses of the
bankruptcy.

The Debtors anticipate the Ranch will sell for a minimum of $7.5
million.  Even if the Court agreed with Mcleod that it was entitled
to 10.5% interest, a sale price of $7.5 million would be sufficient
to pay all prepetition and postpetition debts of the estate.

Under the Plan, holders of Class 5 General Unsecured Creditor
Claims totaling $2,945.  The Class 5 claims will be paid their
allowed claim within 120 days of the effective date.  Class 5 is
impaired.

Class 6 - General Unsecured Administrative Convenience Claims
scheduled at $1,000 or less will be paid in full on the Effective
Date.  Class 6 is unimpaired.

Class 7 - General Unsecured Claim of insider Larry Wright totaling
$648,209 will be subordinated to all other claims in the bankruptcy
except equity claims.  The claim shall be paid in 120 equal monthly
installments beginning the 5th year anniversary of the Effective
Date with interest at the judgment rate of interest in effect on
the Effective Date. Class 7 is unimpaired.

Attorney for the Debtors:

     Ronald J. Smeberg
     SBN: 24033967
     THE SMEBERG LAW FIRM, PLLC
     4 Imperial Oaks
     San Antonio, Texas 78248
     Tel: (210) 695-6684
     Fax: (210) 598-7357

A copy of the Disclosure Statement dated Jan. 14, 2021, is
available at https://bit.ly/3KiTm3p from PacerMonitor.com.

                                               About KrisJenn
Ranch

KrisJennRanch, LLC, is a Texas limited liability company with two
series. The first series is KrisJennRanch, LLC Series Uvalde Ranch
and the second is KrisJennRanch, LLC Series Pipeline Row.  Series
Pipeline owns a pipeline and right of way.  Additionally, Series
Unvalde owns the KrisJennRanch located at 6048 CR 365, Uvalde,
Texas 78801.  The Express Pipeline and the Ranch were each
encumbered by a $5.9 million loan from Mcleod Oil related to an
investment in a pipeline and its right of way.

KrisJenn Ranch, LLC, KrisJenn Ranch, LLC Series Uvalde Ranch and
KrisJenn Ranch, LLC Series Pipeline Row sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No.
20-50805) on April 27, 2020.  

At the time of the filing, KrisJenn Ranch, LLC disclosed total
assets of $16,246,409 and total liabilities of $6,548,315.  

Judge Ronald B. King oversees the cases.  Muller Smeberg PLLC is
the Debtors' legal counsel.

No creditors' committee has yet been appointed in this case by the
United States Trustee. No trustee or examiner has been requested or
appointed.


LATAM AIRLINES: Opposes Bid to Terminate Exclusivity Period
-----------------------------------------------------------
LATAM Airlines Group S.A. asked the U.S. Bankruptcy Court for the
Southern District of New York to deny the motion filed by the
official committee of unsecured creditors to terminate the period
during which only the company can file a Chapter 11 plan.

The creditors committee has sought to terminate the exclusivity
period to allow others to file an alternative plan such as a plan
based on a proposed transaction with Azul S.A., one of LATAM's
major competitors in Brazil.

LATAM's attorney, Lisa Schweitzer, Esq., at Cleary Gottlieb Steen &
Hamilton, LLP, said the committee's slide presentation about the
Azul transaction lacks details, which puts into question whether
the transaction is feasible and confirmable.

"Even from the limited discovery adduced on this issue, it is
beyond debate that the Azul slide outline touted by the creditors'
committee is nothing more than a straw man propped up in service of
the objecting parties' effort to derail the plan," Ms. Schweitzer
said, referring to the plan proposed by LATAM to exit bankruptcy.

Ms. Schweitzer said LATAM's proposed plan of reorganization
provides the company with a "viable path" to exit bankruptcy in the
second half of 2022.

The plan proposes, among other things, full payment of all
subsidiary claims and $8.192 billion in new capital to fund
distributions and post-emergence operations of the company.  The
plan has already secured the support of more than 70% in value of
LATAM's general unsecured creditors, according to court filings.

                    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.


LATAM AIRLINES: Plan Patently Unconfirmable, Says Committee
-----------------------------------------------------------
The Official Committee of Unsecured Creditors (the "Committee") of
LATAM Airlines Group S.A., et al., filed an objection to LATAM
Airlines Group S.A., et al.'s Motion to Approve the Disclosure
Statement explaining the Debtors' Plan.

The Committee points out that the Debtors have proposed a patently
unconfirmable plan ("Plan") that violates virtually every
fundamental norm of reorganization practice, including:

    (1) equality of distribution among similarly situated
claimants, codified in Sections 1123(a)(4) and 1129(b);

    (2) principles of absolute priority, codified in section
1129(b);

    (3) the obligation to maximize the value of the estate for the
creditors' benefit, inherent in the debtor's fiduciary duties and
codified in section 1129(a)(7);

    (4) the obligation to avoid burdening the estate with
unreasonable fees and expenses, codified in Section 1129(a)(4); and


    (5) the prohibition against vote-buying schemes and
disenfranchising voting restrictions, codified in section
1129(a)(3).

Indeed, the defects in the Plan and the proposed voting and
solicitation procedures are so numerous and extreme, there is a
risk that the flaws that are merely improper will be overshadowed
by those that are truly egregious.

The Committee further points out that the Plan's flaws are an
outgrowth of the Debtors' relentless effort to salvage as much
value as possible for controlling insiders (the "Insider
Shareholders").  To achieve this goal, the Debtors and their
Insider Shareholders have struck an illicit bargain with a
preferred group of creditors holding a large voting block (the
"Evercore Group"). In exchange for the group's agreement that the
Insider Shareholders may retain a significant ownership stake in
the Debtors on terms favorable to them, the Debtors and the Insider
Shareholders have agreed that the Evercore Group may enjoy a basket
of arbitraged benefits that vastly overcompensates their funding
contributions and claims as both general unsecured creditors and
bondholders. This bargain has not been subject to any market test.
Rather, in executing their restructuring support agreement ("RSA")
the Debtors have formally bound themselves to avoid exposing this
bargain to any true market light. In and of itself, this dooms the
Plan, for it is established law that, absent a truly meaningful
market test, a plan that provides shareholders with property on
account of their interests cannot be approved.

According to Committee, the Plan's remarkable unfairness is
revealed by reference to the Debtors' own valuation of their
business (between $13 and $15 billion with a midpoint of $14
billion) and a simple comparison of distribution recoveries. The
Plan allocates the Debtors' enterprise value chiefly among the
Insider Shareholders and the Evercore Group, yielding general
unsecured creditors a paltry return of less than 20%. In contrast,
based on a pro rata allocation amongst unsecured creditors, a sale
of the Debtors at a lower enterprise value of $13 billion would
yield general unsecured creditors a far more robust recovery. The
discrepancy stems from the Debtors' proposed diversion of
approximately $1.9 billion in fees and discounts to the Evercore
Group and shareholders. This illustrates how far the Plan's
economics stray from any reasonable market-based proposal: no
reasonable business would agree to such financial terms. Of course,
these costs have to be paid by someone, and under the Debtors' Plan
that "someone" is the Debtors' general unsecured claimants who will
receive far less under the Plan than they would if the Debtors'
business were sold to a third party such as Azul.

The Committee asserts that in addition, the Disclosure Statement
lacks the necessary completeness and candor demanded under section
1125.  This is an unusually complicated plan, under which impaired
creditors are proposed to be compensated with complex convertible
debt instruments.  More than vague, boilerplate statements and
requiring voting creditors to parse through complex term sheets
that are part of an RSA to reveal intricate economic terms is
required to put creditors in a position to make an informed
judgment regarding the Plan.

Moreover, many disclosures of central importance to creditors --
such as how much value the Plan diverts to other stakeholders --
are either materially incomplete or misleading.  For example, the
Disclosure Statement asserts that the Debtors "explored numerous
other alternatives" and negotiated with "many different parties
with widely disparate interests" before concluding that "the Plan
represents the best opportunity to maximize the value of the
Debtors' estates."

Finally, the Debtors' proposed voting and solicitation procedures
are designed simultaneously to enhance the voting clout of the
Evercore Group while disenfranchising potentially dissenting
claimants.  These procedures, together with the Plan they support,
are reminiscent of the worst abuses of equity receivership practice
that current reorganization law prohibits.  Because the Motion is
inconsistent with the requirements of Section 1125, it should be
denied.

Counsel to the Official Committee of Unsecured Creditors:

     Allan S. Brilliant
     G. Eric Brunstad, Jr.
     Craig P. Druehl
     David A. Herman
     DECHERT LLP
     1095 Avenue of the Americas
     New York, NY 10036
     Phone: (212) 698-3500
     Facsimile: (212) 698-3599
     Email: allan.brilliant@dechert.com
            eric.brunstad@dechert.com
            craig.druehl@dechert.com
            david.herman@dechert.com

                   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 serve as the Debtors' strategic advisors.
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 to the
Ad Hoc Committee of Shareholders.


LEGENDS HOSPITALITY: Fitch Affirms 'B-' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Legends Hospitality Holding Company,
LLC's Long-Term Issuer Default Rating (IDR) at 'B-', and the
company's $150 million super-priority revolver issue-level ratings
at 'BB-'/'RR1'. In addition, Fitch has affirmed the company's $400
million senior secured notes, which are co-borrowed by Legends
Hospitality Co-Issuer, Inc., at 'B'/'RR3'. The Rating Outlook is
Stable.

Legends' rating reflects the continuing recovery of the company's
financial metrics following severe pandemic-related disruptions to
its business. Fitch expects improving trends for live events in
2H21 will continue into 2022, with full attendance at all U.S.
facilities supporting a return above pre-pandemic revenues owing to
new business wins.

KEY RATING DRIVERS

Recovery in Progress as Consumer Behavior Normalizes: Legends
experienced major pandemic - related disruptions, as attendance at
live events and attractions was severely limited and consumers
redirected much of their spending away from experiences towards
home-related goods. As vaccines were rolled out, Legends' revenue
improved with 2Q21 revenue up over 300% yoy, and 3Q21 revenue up
over tenfold and within 6% of 3Q19 revenue.

With restrictions fully lifted across most major U.S. stadiums and
arenas, Fitch expects the upward trends to continue, with 2022
revenues expected to exceed 2019 levels, bolstered by the company's
onboarding of new business. However, the improvement may not be
linear as new variants like Omicron could stall progress.

2021 Refinancing Provides Liquidity, Runway: Legends executed a
refinancing in early 2021 that included the issuance of $400
million of 5% notes due 2026, and establishing a $150 million
revolver due 2025. The refinancing eliminated near-term maturities
and provided significant liquidity considering elevated cash
balances, strong revolver availability and no debt amortizations.
While Fitch expects FCF in 2022 could remain negative as supply
chain, labor issues and inflation weigh on margins resulting in
EBITDA in the $70 million range, Fitch expects liquidity to be more
than ample to bridge the company to 2023 when EBITDA could reach
around $90 million and FCF returns to neutral.

Attractive Industry, Model Over Long-Term: Legends' services
include hospitality sales, including on-site food and beverage
services (approximately 53% of 2019 EBITDA pre-overhead);
consulting and agency businesses (27%); attractions operations,
including development and management of properties (15%);
merchandise distribution and sales (4%); and other solutions
including technology ranging from web services to major tech
installations for stadiums and arenas (less than 1%).

The consulting and agency businesses include consulting and project
management relating to venue remodel and construction, venue sales
including season tickets, boxes, events and tours, and partnership
sales including venue sponsorships and naming rights.

While the pandemic negatively impacted customers' willingness and
ability to attend live events, Fitch expects that, over the medium
term, the shift in consumer spending from products to experiences
is likely to resume and provide Legends a tailwind. Demand for
sports content, including live consumption of games and matches,
has historically been robust, even during challenging economic and
social periods such as the global financial crisis of 2008-2009 and
the aftermath of Sept. 11, 2001. While the current health crisis
stands in stark contrast to those periods, Fitch continues to
believe the medium- to long-term demand for sports content will be
healthy.

In addition to strong industry dynamics pre-pandemic, Legends'
business model benefits from other favorable characteristics,
including long-duration contracts that provide high medium-term
revenue visibility (Legends estimates the profit-weighted average
remaining contract term to be in excess of 15 years); high quality
customers (sports franchise owners tend to be individuals and
consortiums of very high net worth); and captive audiences within
the venues it services.

Experienced Operator with Strong Competitive Position: From its
founding in 2008 as a partnership between Jones Co. (an affiliate
of the Dallas Cowboys organization) and YGE SubCo (an affiliate of
the New York Yankees organization) to provide premium hospitality
services in their affiliated new stadiums, Legends has grown to a
full-service consulting and operations agency for the sports,
entertainment and attractions industry.

Legends' unique position as the only fully integrated provider of
services makes it an attractive partner to potential clients
seeking upscale offerings for their customers while providing the
company the inside track on further revenue opportunities that
arise throughout their clients' lifecycle.

Legends' reputation as a provider of premium services and its track
record of improving growth in customer spend has enabled the
company to win key contracts in many high profile projects, such as
providing its full suite of services for the estimated $5 billion
development of the SoFi Stadium in Los Angeles (new home to the
NFL's Los Angeles Rams and Los Angeles Chargers), as well as a
comprehensive partnership with premier European soccer club, Real
Madrid, to manage the team's omnichannel retail operations.

While Legends competes with several larger, better-capitalized
companies in its core hospitality segment, including Aramark,
Compass Group and Sodexo, it leads in other segments, including the
planning segment, where the company is the premier provider of
feasibility studies in the U.S. and Europe, and its partnerships
segment, where the company has delivered over $2.6 billion in
naming rights and founding partnerships.

DERIVATION SUMMARY

Legends' rating reflects the ongoing recovery of the company's
financial metrics following pandemic-related disruptions to its
business model, which drove EBITDA negative in 2020, with leverage
expected to return to the low-7x in 2022 and FCF approaching
neutral in 2023.

Other rated consumer peers in the 'B-' space include quick-serve
restaurant franchisees Sizzling Platter, LLC (B-/Stable) and GPS
Hospitality Holding Company, LLC (B-/Stable). Sizzling Platter, a
leading franchisee of the Little Caesars and Wingstop quick-serve
chains, and a franchisee of Dunkin', Red Robin and Sizzler.

Sizzling Platter's rating considers the company's limited scale,
high adjusted leverage expected in the 7.0x area, acquisitive
growth strategy and its reliance on Little Caesars for over 75% of
its cash flow. Fitch's rating also considers high expected cash
burn over the next couple of years as the company invests excess
proceeds from its debt refinancing in 2020.

GPS's rating considers the company's status as a leading U.S.
franchisee of Burger King, the second largest quick-serve
restaurant (QSR) burger company in the U.S. and the world, as well
as Fitch's expectation of high leverage with adjusted debt/EBITDAR
of around 7.0x following the refinancing, the company's small scale
with EBITDA around $60 million and the risks inherent with the
company's acquisition strategy.

Sysco Corporation's (BBB/Negative) rating reflects the company's
large scale, good market position, and diverse customer base with
broad geographical distribution of an extensive line of food and
non-food items, including Sysco-branded products, with an estimated
16% share of the U.S. foodservice market. Sysco is substantially
larger than its main competitors, US Foods Holding, Corp and
Performance Food Group, with annual sales of $60 billion in fiscal
2019 (ended June 2019) with its scale, stronger product mix and
higher route density enabling higher margins. Sysco's leverage
pre-pandemic was in the 2x range though following a spike to over
10x in fiscal 2021, Fitch expects leverage to trend towards the low
3x area by 2022.

KEY ASSUMPTIONS

-- Fitch assumes revenues in 2021 rebound to around $670 million
    from around $200 million in 2020 as the lifting of capacity
    restrictions helps drive 2H21 revenue within 8% of 2019
    levels. Revenue in 2022 could approach $1.1 billion, up over
    20% from 2019 levels supported by a return to more normalized
    consumer behavior patterns as well as new business wins;

-- Fitch expects gross margins return to around 80% in 2022, up
    from around 76% in 2019 and 2020 but still below the low-to
    mid 80% area recorded pre-pandemic weighed down by inflation
    and negative mix. Fitch expects EBITDA margin of around 6.5%
    in 2022, improving to around 8% in 2023 as volumes fully
    recover and the company benefits from fixed-cost leveraging
    from new business;

-- After turning sharply negative in 2020, EBITDA turns positive
    in 2021. Fitch expects EBITDA could approach pre-pandemic
    levels in the low-$70 million range in 2022 and could reach
    the low-$90 million area in 2023;

-- Fitch forecasts negative FCF to continue through 2022 given
    the expected revenue and margin trajectory and as the company
    continues to invest in growth projects. FCF returns to neutral
    in 2023 as volumes fully recover and the company gets the cash
    flow benefit of currently contracted new business wins;

-- Leverage recovers to the low-7x area in 2022 on the rebound in
    EBITDA and stable debt levels with the potential for further
    deleveraging.

RATING SENSITIVITIES

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

-- Sustained growth in top line resulting in EBITDA around $100
    million such that FCF is consistently positive and leverage
    (total debt/EBITDA) is sustained below 6.0x.

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

-- Capacity restrictions and event cancelations return, resulting
    in greater-than-expected cash burn leading to liquidity
    concerns or leverage sustained above 7.5x, raising questions
    about the sustainability of the company's capital structure.

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

Legends' debt structure consists of a $150 million super-priority
revolving credit facility due in 2025, $400 million of 5% senior
secured notes due in 2026, and a $100 million senior unsecured PIK
loan due in 2027. The revolver and secured notes are secured on a
first priority basis by substantially all domestic assets of the
company with the revolver benefiting from first-out status with
respect to the collateral.

Legends Hospitality Co-Issuer, Inc. is a co-issuer on the $400
million secured notes. All the debt is guaranteed by Legends'
current and future domestic restricted subsidiaries, certain to
certain exceptions.

Fitch estimates liquidity as of Sept. 28, 2021 of $321 million
including the undrawn revolver (net of $30 million LOCs) and over
$200 million in cash.

ISSUER PROFILE

Legends is a leading provider of outsourced facilities and
consulting services for professional and college sports teams, live
entertainment venues, and attractions.



LINDERIAN COMPANY: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: The Linderian Company, Ltd.
           DBA Summer Meadows
        301 Hollybrook Dr.
        Longview, TX 75605

Business Description: The Linderian Company, Ltd. operates
                      a nursing care facility (skilled nursing
                      facility).

Chapter 11 Petition Date: January 19, 2022

Court: United States Bankruptcy Court
       Eastern District of Texas

Case No.: 22-60024

Judge: Hon. Joshua P. Searcy

Debtor's Counsel: Mark A. Castillo, Esq.
                  CURTIS | CASTILLO PC
                  901 Main Street
                  Suite 6515
                  Dallas, TX 75202
                  Tel: 214-752-2222
                  Email: mcastillo@curtislaw.net

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Greg Sechrist, managing partner.

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/ACHQKIY/The_Linderian_Company_Ltd__txebke-22-60024__0001.0.pdf?mcid=tGE4TAMA


LSC FURNITURE: Unsecured Claims Under $5K to Get 50% Dividend
-------------------------------------------------------------
LSC Furniture, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Texas a Small Business Plan of Reorganization
dated Jan. 13, 2022.

LSC Furniture is a retail furniture outlet with one location, at El
Paso, Texas at 11140 Montana Ave., El Paso, Texas 79936. The LLC
was formed in 2017 after doing business since 2016 as a sole
proprietorship.

The business was profitable up unti the covid-19 pandemic began in
March of 2020. The Texas Comptroller levied on the business' bank
account and recovered approximately $20,000 in late September of
2021. The Comptroller next removed the sales tax permit because of
further sales tax obligations, and LSC was left with no feasible
choice but to file for Chapter 11 relief in order to stay in
business.

The members of LSC Furniture are Juan Tarango and his step-brother
Michael Reyes. Their percentages of ownership are respectively 96%
and 4% because Juan was the wealthier of the two when LSC was
formed. Neither has any significant wealth left. Their hope is to
remain in control of the business and pay back to their creditors
at least the value of the assets, and as much more as the business
can generate out of cash flow.

The Subchapter V Trustee Brad Odell is to have the distribution
function in this case, even if the Plan is confirmed on a
consensual basis. That is because LSC's management already has all
the supervisory tasks they can handle.

Class 1 consists of the secured claim of the City of El Paso Tax
Collector. The Trustee shall pay the secured claim of the City of
El Paso, Tax Collector in the allowed amount of $2,042.17, together
with interest at the rate of 12% per annum from the petition date
forward.

Class 2 consists of the secured claim of On Deck Capital, Inc. The
Trustee shall pay the secured claim of On Deck Capital, Inc. in the
allowed amount of $107,000 in level payments over 50 months
including 4% interest per annum beginning on petition date.

Class 3 consists of the secured claim of HYG Financial Services,
Inc. The Trustee shall pay the secured claim of HYG in the allowed
amount of $2,645.86 in 24 level monthly installments with 4%
interest from petition date forward.

Class 4 consists of the secured claim of the United States Small
Business Administration (SBA). This claim shall be paid according
to its deferred terms, but only to the extent of the value of the
collateral therefore, over the contractual life of the loan. The
unsecured balance of the claim shall share in the general unsecured
creditors' pool in Class 5.

Class 5 consists of general unsecured claims filed or scheduled in
amounts of $5,000.00 or more. These claims shall be paid pro rata
in a pool that is to grow to $100,000 as the Debtor contributes to
it in 50 monthly payments of $2,000 each, to commence on the first
anniversary of effective date.

Class 6 consists of Administrative Convenience Class. The Trustee
shall pay the claims of any general unsecured creditors under
$5,000.00 a total dividend of 50% of their allowed amounts, in two
equal payments on the 70th and 140th day after Confirmation
Effective Date. This is an administrative convenience class.

A full-text copy of the Small Business Plan of Reorganization dated
Jan. 13, 2022, is available at https://bit.ly/3fBkY5w from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     E.P. Bud Kirk, Esq.
     Law Office of E.P. Bud Kirk
     600 Sunland Park Drive, Suite 400
     El Paso, TX 79912
     Tel: (915) 584-3773
     Fax: (915) 581-3452
     Email: budkirk@aol.com

                      About LSC Furniture LLC

LSC Furniture, LLC, sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 21-30773) on Oct.
15, 2021, listing up to $500,000 in assets and up to $1 million in
liabilities.  Judge H Christopher Mott oversees the case.  The Law
Office of E.P. Bud Kirk serves as the Debtor's legal counsel.


LTL MANAGEMENT: 2 Victim Panels Are Too Many, Says Judge
--------------------------------------------------------
Steven Church of Bloomberg News reports that Johnson & Johnson
won't have to fight against two separate committees of victims who
say they were harmed by the company's baby-powder after a
bankruptcy judge threw out one of the panels.

U.S. Bankruptcy Judge Michael B. Kaplan ruled that the federal
bankruptcy watchdog must abide by a court order issued last year
that set up a single official committee to represent more than
38,000 people who claim J&J's baby powder gave them cancer.

Judge Kaplan then threw out a December 2021 decision by the
watchdog, known as the U.S. Trustee, to reorganize that committee
and add a second panel.

                     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.

                      About LTL Management

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

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

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

An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021.  On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.

The official committee of talc claimants I tapped Genova Burns LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its
legal counsel.  Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.


LUCKIN COFFEE: Plans to Relist Shares on Nasdaq
-----------------------------------------------
Luckin Coffee is exploring plans to relist its shares on Nasdaq,
possibly as soon as the end of the year, the Financial Times
reports, citing two people with knowledge of the discussions.

Meetings with investors and advisers were held ahead of the
proposed relisting as well as to discuss other options for capital
raising, FT says.

                    About Luckin Coffee

Luckin Coffee Inc., was a Xiamen, Fujian-based coffee chain.

In July 2020, Luckin Coffee called in liquidators to oversee a
corporate restructuring and negotiate with creditors to salvage its
business, less than four months after shocking the market with a
US$300 million accounting fraud, South China Morning Post said.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York.

The move was in response to a winding-up petition by an undisclosed
creditor.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of title 11 of the
United States Code with the United States Bankruptcy Court for the
Southern District of New York. The Chapter 15 Petition seeks, among
other things, recognition in the United States of the Company's
provisional liquidation pending before the Grand Court of the
Cayman Islands, Financial Services Division, Cause No. 157 of
2020 (ASCJ) and related relief.


N & G Properties: March 10 Hearing on Disclosure Statement
----------------------------------------------------------
The Court will convene a hearing on the adequacy of the Disclosure
Statement on the Chapter 11 Plan of N & G Properties, LLC, will be
held before the Honorable Vincent F. Papalia on March 10, 2022 at
11:00 a.m. by phone via Court Solutions.

Written objections to the adequacy of the Disclosure Statement will
be filed and served no later than 14 days prior to the hearing
before this Court.

                     About N & G Properties

N & G Properties, LLC, is a New Jersey Limited Liability Company
that owns a single asset commercial real property located at
1572-1574 Sussex Turnpike, Randolph, NJ.  The real property is
currently being marketed for sale at a listing price of $2,750,000
and is actively receiving interest from prospective purchasers.

On Jan. 24, 2020, the Debtor filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case
No. 20-11146).  In the petition signed by Joon Tae Yi, a managing
member, N & G Properties estimated $0 to $50,000 in assets and $1
million to $10 million in liabilities.  The Honorable Vincent F.
Papalia oversees the case.  The Debtor tapped Steven D. Pertuz,
Esq. of the Law Offices of Steven D. Pertuz, LLC, as legal counsel.


PETROTEQ ENERGY: Posts $2.6 Million Net Loss in First Quarter
-------------------------------------------------------------
Petroteq Energy Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
and comprehensive loss of $2.55 million on zero revenue from
licensing fees for the three months ended Nov. 30, 2021, compared
to a net loss and comprehensive loss of $410,514 on $2 million of
revenue from licensing fees for the same period during the prior
year.

As of Nov. 30, 2021, the Company had $79.79 million in total
assets, $10.67 million in total liabilities, and $69.12 million in
total shareholders' equity.

As at Nov. 30, 2021, the Company had cash of approximately $68,662.
The Company also had a working capital deficiency of approximately
$2,979,405, due primarily to accounts payable, short term debt,
convertible debentures and accrued interest thereon which remain
outstanding as of Nov. 30, 2021.  During the three months ended
Nov. 30, 2021, the Company raised $499,970 from restitution
payments.  These funds were primarily used on to fund the working
capital requirements of the business.

Petroteq stated, "We have spent, and expect to continue to spend, a
substantial amount of funds in connection with implementing our
business strategy and do not have sufficient cash on hand to
implement our business strategy.  Our financial statements have
been prepared assuming we are a going concern.  To date, we have
generated minimal revenue from operations and have financed our
operations primarily through sales of our securities, and we expect
to continue to seek to obtain our required capital in a similar
manner.  There can be no assurance that we will be able to generate
sufficient revenue to cover our operating costs and general and
administrative expense or continue to raise funds through the sale
of debt.  If we raise funds by securities convertible into common
shares, the ownership interest of our existing shareholders will be
diluted."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001561180/000121390022002717/f10q1121_petroteqenergy.htm

                    About Petroteq Energy Inc.

Petroteq Energy Inc. -- www.Petroteq.energy -- is a clean
technology company focused on the development, implementation and
licensing of a patented, environmentally safe and sustainable
technology for the extraction and reclamation of heavy oil and
bitumen from oil sands and mineable oil deposits.  Petroteq is
currently focused on developing its oil sands resources at Asphalt
Ridge and upgrading production capacity at its heavy oil extraction
facility located near Vernal, Utah.

Petroteq Energy reported a net loss and comprehensive loss of $9.47
million for the year ended Aug. 31, 2021, compared to a net loss
and comprehensive loss of $12.38 million on zero revenue for the
year ended Aug. 31, 2020. As of Aug. 31, 2021, the Company had
$81.03 million in total assets, $14.88 million in total
liabilities, and $66.15 million in total shareholders' equity.

Vancouver, British Columbia, Canada-based Hay & Watson, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated Dec. 14, 2021, citing that the
Company has had recurring losses from operations and has a net
capital deficiency, which raises substantial doubt about its
ability to continue as a going concern.


PIPELINE FOODS: Lone Pine Says Joint Plan Patently Unconfirmable
----------------------------------------------------------------
Lone Pine Enterprises, LLLP, a creditor, objects to the Disclosure
Statement for the Amended Joint Plan of Liquidation filed by
Pipeline Foods, LLC, and its affiliated debtors and the Official
Committee of Unsecured Creditors of Pipeline Foods, LLC, et al.

Lone Pine asserts that the Disclosure Statement should not be
approved, in that it fails to provide adequate information
pertaining to the Lone Pine Contract no. 150110343 as it relates to
the Plan, including with respect to the treatment of executor
contracts and with respect to the so-called "Designated Purchase
Contract Proceeds." In particular, its lack of adequate information
includes the following:

     * It fails to disclose that the Lone Pine Contract is one of
the three grain contracts comprised within the meaning of the term
"Designated Purchase Contract Proceeds" – a term used in the
Disclosure Statement but only defined in the Plan.

     * In turn, it fails to disclose that the Lone Pine Contract is
an executory contract for Pipeline to purchase certain organic
grains – and that, as such, describing the contract as "proceeds"
is misleading.

     * It fails to disclose that the Debtors already defaulted
under the Lone Pine Contract by failing to arrange for trucking
pickup of grains prior to the contract's commencement date of
November 1, 2021.

     * It fails to disclose that in September, 2021, the Debtors
moved to reject the Lone Pine Contract, in recognition of the fact
that the Debtors had and have no ability to assume the contract –
which would require the Debtors to pay for the grain -- in large
part because "the Debtors do not have the funding to purchase any
additional inventory."

     * It fails to disclose that the Debtors have no ability to
assume the Lone Pine Contract because the Debtors lack a grain
dealer's license in Arkansas, such as would enable them legally to
purchase the grain. It further fails to disclose that the Debtors'
legal incapacity to perform constitutes an uncurable nonmonetary
default that precludes assumption of the Lone Pine Contract.

     * It fails to disclose that, due to the foregoing, the
treatment of the Lone Pine Contract may be regarded as not being in
good faith, thereby precluding plan confirmation.

Lone Pine further asserts that the Disclosure Statement should not
be approved because it describes a Plan that is patently
unconfirmable under Section 1129(a)(1) of the Bankruptcy Code, on a
number of grounds, including:

     * The Plan would violate the Arkansas state regulatory scheme
governing grain dealers, without justification for the exercise of
federal preemption, insofar as it would seek to skirt or override
the state's requirements for licensed grain dealers, including the
requirement of a surety bond.

     * The Plan would violate § 365(d(2) of the Bankruptcy Code by
improperly allowing the Debtors until the Effective Date – rather
than before plan confirmation – to assume or reject any executory
contract.

     * The Plan would violate Section 553 of the Code by purported
to eliminate creditors' rights to assert setoffs against any claims
asserted by the Debtors against them.

A full-text copy of Lone Pine's objection dated Jan. 13, 2022, is
available at https://bit.ly/3KvjwjA from Stretto, claims agent.

Counsel for Lone Pine Enterprises:

     MORRIS JAMES LLP
     Carl N. Kunz, III
     Douglas N. Candeub
     500 Delaware Avenue, Suite 1500
     P.O. Box 2306
     Wilmington, DE 19899-2306
     Telephone: (302) 888-6800
     Facsimile: (302) 571-1750
     E-mail: ckunz@morrisjames.com
     E-mail: dcandeub@morrisjames.com

                     About Pipeline Foods

Pipeline Foods, LLC -- https://www.pipelinefoods.com/ -- is the
first U.S.-based supply chain solutions company focused exclusively
on non-GMO, organic, and regenerative food and feed. It is based in
Fridley, Minn.

Pipeline Foods and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11002) on July 8, 2021. The
affiliates are Pipeline Holdings, LLC, Pipeline Foods Real Estate
Holding Company, LLC, Pipeline Foods, ULC, Pipeline Foods Southern
Cone S.R.L., and Pipeline Foods II, LLC. In the petition signed by
CRO Winston Mar, Pipeline Foods disclosed between $100 million and
$500 million in both assets and liabilities.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Saul Ewing Arnstein & Lehr, LLP as legal
counsel; Ocean Park Securities, LLC as investment banker; Baker
Tilly US, LLP and Baker Tilly Windsor, LLP as tax consultants; and
The Finley Group, Inc. as financial advisor.  Matthew Smith,
managing director at Finley Group, serves as chief restructuring
officer.  Stretto is the claims, noticing and administrative
agent.

Bryan Cave Leighton Paisner, LLP serves as legal counsel to the
Board of Directors.

On July 22, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors. The committee tapped
Barnes & Thornburg, LLP as its legal counsel and Dundon Advisers,
LLC as its financial advisor.

Bryan Cave Leighton Paisner LLP serves as special counsel to the
board of managers of Pipeline Holdings, LLC, one of the affiliated
debtors.


PMHC II: S&P Affirms 'B-' ICR on Ferro Acquisition, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on PMHC
II Inc. (doing business as Prince International Corp.) II. S&P
assigned its 'B-' issue-level and '3' recovery ratings to the
company's new proposed senior secured debt and 'CCC+' issue-level
and '5' recovery ratings to the new proposed senior unsecured
debt.

The stable outlook reflects S&P's expectation that the new proposed
capital structure and consolidated entity's operating performance
will lead to adjusted debt to EBITDA of 7x-8x.

PMHC II announced a proposed debt offering related to its
acquisition of Ferro Corp.

Following the close of the transaction, S&P expects PMHC's pro
forma leverage to increase in the near term.

S&P said, "We expect Prince to acquire Ferro, a publicly listed
company, in a transaction valued at about $2.1 billion, including
the assumption of debt. Subsequently, the newly formed entity will
combine with ASP Chromaflo Holdings L.P. (Chromaflo Technologies).
Both Prince and Chromaflo are owned by private-equity firm American
Securities LLC.

"We expect credit measures to weaken because of increased book debt
to finance the Ferro acquisition, a company more than double
Prince's size in terms of revenues. It will fund the transaction
with a mix of new secured and unsecured debt. However, with the
company expected to benefit from cost synergies and stronger
margins from the acquired firms, we expect pro forma S&P Global
Ratings-adjusted leverage to slightly improve to the 7x-8x range in
2022. The company will remain sponsor-owned with American
Securities the financial sponsor for the combined entity. To obtain
U.S. and European regulatory clearances for the transaction, Prince
is also pursuing a divestiture of its North American and European
porcelain enamel and specialty glass businesses across three of its
legacy plants.

"The combination should be accretive to Prince's margins, although
we believe it carries significant integration risks.

"While both Prince and Chromaflo have shown they can manage
volatility in raw material costs and maintain margins in recent
quarters, we believe Ferro has also improved its ability to pass on
material cost increases following the divestiture of its tile
coatings business in 2021. We expect the company will continue to
generate positive free cash flow and adequate liquidity over the
next 12 months. As a combined entity, we expect EBITDA margins from
2022 onward to improve to the mid-20% area, above average for a
specialty chemicals company, due to the relatively higher
stand-alone margins and expected cost synergies. However, we
believe there is significant integration risk with a transaction of
this scale, which entails the combination of three companies. We
will continue to monitor performance of margins and realization of
synergies."

The combined entity benefits from larger operating scale and
leading positions in niche markets.

Prince will have a significantly higher revenue base, over $2
billion pro forma for 2022, and leading market positions in color
solutions, functional coatings, and specialty minerals. Although
the company remains smaller in scale than market leaders
Sherwin-Williams Co., RPM International Inc., and PPG Industries
Inc., it has moderate geographic diversity. S&P expects the
combination of Chromaflo's and Ferro's operations to reduce overall
revenue exposure to North America (to about 47% from about 73%) and
expand the number of facilities to 63 from 18. The company also
benefits from its improved product, end-market, customer, and
supplier diversity and somewhat variable raw material cost
structure. Meanwhile, it does not benefit from long-term contracts
and has a significant exposure to cyclical end markets, such as oil
and gas, refractory and steel, agriculture and construction, which
can lead to operating performance volatility.

S&P said, "The stable outlook on Prince reflects our expectation
that post-transaction the company's S&P Global Ratings-adjusted
debt to EBITDA will range between 7x and 8x (on a pro forma basis)
over the next 12 months. We expect the favorable operating
environment to continue and the company's near-term focus will be
on trying to integrate operations, while achieving targeted
synergies. We expect it to maintain adequate liquidity over the
next 12 months."

S&P could take a negative rating action on Prince over the next 12
months if:

-- The transaction does not close and operating performance on a
stand-alone basis is weaker than S&P's base case;

-- Consolidated earnings are lower than projected;

-- Integration is more challenging than expected such that the
company cannot achieve targeted synergies, execute other growth
initiatives, or adequately pass through increases in raw material
costs. In such a scenario, S&P would expect its weighted-average
debt to EBITDA to trend toward double digits due to a decline in
margins relative to its base case;

-- Prince's free cash flow turns negative, causing liquidity to
deteriorate such that S&P views a covenant breach under its
revolving credit facility as likely over the next 12 months. This
could occur if its borrowing under its proposed $325 million
revolving credit facility rises above 35% of the facility's
commitment, causing the covenant to spring. Coupled with
weaker-than-expected EBITDA, this may lead to a tight covenant
cushion; or

-- Prince pursues further large debt-funded acquisitions or
shareholder rewards.

S&P could take a positive rating action on Prince over the next 12
months if:

-- It improves EBITDA margins to over 24% by leveraging its larger
scale post acquisitions and achieving synergies such that it
sustains S&P Global Ratings-adjusted leverage consistently below 7x
for consecutive quarters. S&P believes this may occur due to
increased demand in its key end markets (particularly electronics,
a fast-expanding market along with building & construction,
industrial, automotive electronics), elevated volumes, and a
continued improvement in the conditions in its battery segment; or

-- Elevated end-market demand increases the company's consolidated
volumes more than we project.



PURDUE PHARMA: 2nd Circuit Court to Move Quickly on Opioid Deal
---------------------------------------------------------------
Maria Chutchian of the Reuters reports that Purdue Pharma LP's
effort to revive its reorganization plan and $4.5 billion opioid
litigation settlement will be considered quickly, an appeals court
said on Wednesday.

The 2nd U.S. Circuit Court of Appeals said in a one-page order on
Wednesday, January 19. 2022, that it will consider the OxyContin
maker's appeal on an expedited basis but did not provide a detailed
timeline.

Purdue has appealed a December ruling that reversed a bankruptcy
court's approval of its plan and settlement. The judge who
overturned the settlement said the bankruptcy court did not have
the authority to approve the legal protections against
opioid-related litigation for the company's Sackler family owners,
which are an essential part of the deal.

Purdue, which filed for bankruptcy in 2019 to resolve thousands of
lawsuits accusing it and the Sacklers of fueling the U.S. opioid
epidemic through deceptive marketing, said in court papers that the
December ruling upended decades of precedent allowing so-called
"nondebtor releases" in corporate bankruptcies.

The releases were a source of conflict throughout the bankruptcy.
Several states and the U.S. Department of Justice’s bankruptcy
watchdog, the U.S. Trustee, argued that the Sacklers, who have
denied wrongdoing, should not receive protection against future
opioid lawsuits since they didn't file for bankruptcy themselves.

The Sacklers, meanwhile, say they are entitled to the releases in
exchange for the approximately $4.5 billion they contributed to the
settlement, which directs funds toward opioid abatement programs.

Purdue has requested that arguments be held before the court in
April 2022.

Purdue said in a statement on Wednesday that it hopes to move as
quickly as possible through the appeals process. Additionally, the
company is continuing to work with states on a revised settlement.

The case is In re Purdue Pharma LP, 2nd U.S. Circuit Court of
Appeals, No. 22-85.

For Purdue: Marshall Huebner, Benjamin Kaminetzky, Timothy
Graulich, Eli Vonnegut, James McClammy, Christopher Robertson and
Gerard McCarthy of Davis Polk & Wardwell

                      About Purdue Pharma LP

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

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

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


PURDUE PHARMA: Rejection Ruling Echoes Through Bankruptcy System
----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that the surprise rejection
of Purdue Pharma LP's sweeping opioid settlement is already
reverberating through the rest of the bankruptcy system.

Ascena Retail Group, the former owner of women's fashion brands
including Ann Taylor and Lane Bryant, is the latest company to see
a bankruptcy deal fall apart over its use of so-called third-party
releases.  The federal judge who struck down the deal last week
called back to Purdue in his decision, citing U.S. District Judge
Colleen McMahon's rejection of the opioid maker's proposed
settlement.

                    About Purdue Pharma LP

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

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

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


ROCHESTER DRUG: Ex-CEO Laurence Doud Accused of 'Greed'
-------------------------------------------------------
Dietrich Knauth of Reuters reports that prosecutors on Tuesday
urged a jury to convict Rochester Drug Co-operative Inc (RDC) Chief
Executive Laurence Doud III, saying that he funneled addictive
opioids to "bad pharmacies" and street-level drug dealers out of
"greed."

Assistant U.S. Attorney Thomas Burnett said during opening
statements in Manhattan federal court on Tuesday, January 18, 2022,
that Doud directed employees to continue selling oxycodone and
fentanyl to pharmacies and doctors despite "clear signs" that the
drugs were being sold to street dealers and opioid addicts.

"The defendant corrupted his company," Mr. Burnett said.  "He knew
the rules, and he also knew the dangers involved in selling
opioids."

Mr. Doud, 78, has pleaded not guilty to conspiring to distribute
illegal narcotics and conspiring to defraud the United States.

The case marks the first time prosecutors have criminally charged a
drug distributor and company executives with drug trafficking
opioids.

RDC, which filed for bankruptcy in 2020, agreed in 2019 to pay $20
million to settle criminal and civil charges related to its opioid
sales.

Over 100,000 people in the United States died from drug overdoses
during the 12-month period ending April 2021, according to a
November report from the U.S. Centers for Disease Control and
Prevention.

Doud's attorney, Derrelle Janey, told the jury on Tuesday, January
18, 2022, that the charges against his client were false, and that
Doud had always responded appropriately to signals that drugs were
being diverted for nonmedical use.

RDC's oversight of opioid sales may not have been "perfect," but it
was not a "sham or a front for peddling illegal drugs," Janey
said.

"The accusation that Larry Doud is a drug dealer is absurd," Janey
said.

RDC chief compliance officer William Pietruszewski pleaded guilty
in 2019 to conspiring to distribute controlled substances and other
charges. He is expected to testify against Doud during the trial.

U.S. District Judge George Daniels told the jury that he expects
the trial to last up to three weeks.

                About Rochester Drug Co-Operative

Rochester Drug Cooperative, Inc., is an independently owned New
York cooperative corporation formed in 1905 and incorporated in
1948 with a principal office and place of business located at 50
Jet View Drive, Rochester, New York 14624. Its principal business
is to warehouse, merchandise, and then distribute, on a cooperative
basis, drugs, pharmaceutical supplies, medical equipment and other
merchandise commonly sold in drug stores, pharmacies, health and
beauty stores, and durable medical equipment business.  It is a
wholesale regional drug cooperative that operates as both a buying
cooperative and a traditional drug distribution company created for
the purpose of helping independent pharmacies compete in the
current healthcare environment.

Rochester Drug Cooperative sought Chapter 11 protection (Bankr.
W.D.N.Y. Case No. 20-20230) on March 12, 2020.

The Debtor was estimated to have $50 million to $100 million in
assets and $100 million to $500 million in liabilities.

The Hon. Paul R. Warren is the case judge.

The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A.
Donato, as counsel and Epiq Corporate Restructuring, LLC, as claims
and noticing agent.


ROCKDALE MARCELLUS: Seeks to Extend Plan Exclusivity to March 7
---------------------------------------------------------------
Rockdale Marcellus Holdings, LLC and Rockdale Marcellus, LLC asked
the U.S. Bankruptcy Court for the Western District of Pennsylvania
to extend the exclusivity period for filing a Chapter 11 plan to
March 7, 2022, and for soliciting acceptances for the plan to May
6, 2022.

The request, if granted by the court, will give the companies more
time to prepare for the next stage of their Chapter 11 cases, which
include seeking a recovery of their assets and negotiating a
Chapter 11 plan with their stakeholders.

The companies used the first three months of their bankruptcy cases
to stabilize their business, pursue rejection of burdensome
contracts, and running an auction process for the sale of most of
their assets in order to lay down the framework of a successful
Chapter 11 plan, according to court filings.

                     About Rockdale Marcellus

Rockdale Marcellus is a northeast Pennsylvania natural gas driller.
It owns and operates 66 producing wells on 42,897 net acres in
three northeast Pennsylvania counties.

On Sept. 21, 2021, Rockdale Marcellus, LLC and Rockdale Marcellus
Holdings, LLC filed petitions for Chapter 11 protection (Bankr.
W.D. Pa. Lead Case No. 21-22080). The Debtors' cases have been
assigned to Judge Gregory L. Taddonio.

Rockdale Marcellus, LLC listed $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

The Debtors tapped Reed Smith, LLP as bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special litigation counsel;
Houlihan Lokey Capital, Inc. as financial advisor and investment
banker; and Huron Consulting Services, LLC as restructuring
advisor. John C. DiDonato, managing director at Huron, serves as
the Debtors' chief restructuring officer. Epiq is the claims and
noticing agent and administrative agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Oct. 1, 2021. The committee tapped Pachulski Stang Ziehl &
Jones, LLP as lead bankruptcy counsel; Whiteford Taylor & Preston
LLP as local counsel; and Riveron RTS, LLC as financial advisor.


S & N PROPERTY: Unsecureds Will Get 100% of Claims in Plan
----------------------------------------------------------
S & N Property, LLC, submitted a First Amended Disclosure Statement
in support of First Amended Chapter 11 Plan of Liquidation dated
Jan. 13, 2022.

The proposed payment structure under the Plan provides for Holders
of Allowed Unsecured Claims to receive no less than the approximate
sum of 100 percent of their Allowed Claims in monthly installments
prior to the closing of the Property Sale and the balance of such
Claims paid in one lump sum payment at the closing of the Property
Sale, which shall occur no later than 180 days after the Effective
Date.

Holders of Priority Tax and Administrative Expense Claims shall
receive payment for the full amount of their Claims from Cash
maintained within the DIP Account as of the date hereof, and the
balance of the Administrative Expense Claim remaining owed to
BERKEN CLOYES, P.C. shall be paid in one lump sum contemporaneously
with the closing of the Property Sale, or as soon as practicable
thereafter.

Upon Confirmation of the Plan up to and through the closing of the
Property Sale, the Plan Proponent shall continue to deposit any and
all monthly rental income generated from the operation of Villa
Manor on the Dodge City Property and distribute such funds to
Holders of Allowed Claims on or before the 14th day of each month
following the Effective Date up to and through the closing of the
Property Sale; and shall pay the balance of each Allowed Claim
contemporaneously with, or as soon as practicable after, the
closing of the Property Sale.

Class 2 consists of the Secured Claim of Wilmington Trust, National
Association, to the extent allowed under 11 U.S.C. § 506(a),
arising from the Note executed in favor of the Lender and Security
Interest granted by the Debtor contemporaneously therewith against
the Dodge City Property and rents collected from Villa Manor
tenants. Pursuant to Claim No. 2, Wilmington Trust asserts to hold
a Secured Claim in the amount of $1,478,873.07 together with
interest assessed at the rate of 10.75% per annum. Conversely, the
Debtor asserts that Wilmington Trust holds an Allowed Claim of
$1,266,062.52.

Class 3 consists of Allowed Unsecured Claims against the Bankruptcy
Estate that include, but are not limited to, as follows: (a) the
portion of any Allowed Secured Claim subordinated under 11 U.S.C.
§§ 506 and 507(g); (b) any penalties and interest, assessed by
the Holder of a Priority Tax Claim, that is not compensation for
actual pecuniary loss under 11 U.S.C. Sec. 507(8)(G); and (c)
Unsecured Claims neither entitled to Priority under 11 U.S.C. Sec.
507(a) nor subject to nondischargeability under 11 U.S.C. Sec. 523.


Pursuant to the Claims Analysis, Unsecured Claimants – including
Disputed but not Disallowed as of the date hereof – hold Claims
against the Bankruptcy Estate in the amount of $1,309,720.96.
However, should the Bankruptcy Court enter a Final Order to
Disallow any Claim, or a portion thereof, upon the determination of
an objection to any Disputed Claim; the amount of Allowed Unsecured
Claims may change as the Estimated amount of Disputed Claims is the
maximum amount of the Claim for distribution purposes under the
Plan.

The Plan provides for Holders of Allowed Unsecured Claims to
receive monthly distributions of their Pro-Rata Share of the
Monthly Rental Income deposited into the DIP Account commencing on
the Effective Date and continuing up to and until the closing of
the Property Sale. Each Holder of an Allowed Unsecured Claim shall
receive their Pro Rata Share of the Monthly Rental Income on or
before the 14th day of each month following the Effective Date, and
shall receive a one-time lump sum payment of the balance of their
Allowed Claims contemporaneously with the closing of the Property
Sale, or as soon as practicable thereafter.

Over the course of the Plan, Holders of Allowed Unsecured Claims
shall receive distributions equal to 100.0% of their Allowed
Claims. Nonetheless, Class 2 is Impaired under the Plan as
Claimants shall not be entitled to collect interest accruing on
account of their Claims. Therefore, Holders of Allowed Unsecured
Claims shall receive a Ballot as they are entitled to vote to
accept or reject the Plan.

Post-Petition Income maintained within the DIP Account as of the
Effective Date shall be distributed to Holders of Priority Tax and
Administrative Expense Claims in full, or the Allowed portion
thereof, on or before 14 days following the Effective Date in such
order, as follows: (a) Priority Tax Claim of the United States
Internal Revenue Service, (b) Priority Tax Claim of the Colorado
Department of Revenue, (c) Administrative Expense Claim of DENNIS &
COMPANY, P.C., (d) Administrative Expense Claim of BROCK AND
COMPANY, CPAS, P.C. and (e) Administrative Expense Claim of BERKEN
CLOYES, P.C.

Pursuant to the Calculation of Monthly Disposable Income, 36 the
Plan Proponent has determined the actual, necessary and reasonable
sum of expenses for the ordinary affairs of he and his family over
the next 60 months; and shall deposit the remaining balance of
monthly income less expenses – Monthly Disposable Income – into
the DIP Account to use solely as an escrow account to preserve
Plan Payments. The Monthly Disposable Income accounts for monthly
installments in the amount of $500.00 distributed to BERKEN CLOYES,
P.C. as consideration for the balance of its Allowed Administrative
Expense Claim.

A full-text copy of the First Amended Disclosure Statement dated
Jan. 13, 2022, is available at https://bit.ly/3GIkeaP from
PacerMonitor.com at no charge.

Attorney for Debtor:

     Stephen E. Berken, #14926
     1159 Delaware Street
     Denver, Colorado 80204
     Tel: (303) 623-4357
     Fax: (303) 554-7853
     E-mail: stephenberkenlaw@gmail.com

                       About S & N Property

S & N Property, L.L.C., is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The company filed a
Chapter 11 petition (Bankr. D. Col. Case No. 21-14180) on Aug. 11,
2021.

On the Petition Date, the Debtor disclosed $1,719,500 in total
assets and $1,529,549 in total liabilities.  The petition was
signed by Sam Wen, member/manager.

Berken Cloyes, PC, is the Debtor's counsel.


SENIOR HEALTHCARE: Feb. 22 Plan Confirmation Hearing Set
--------------------------------------------------------
On Dec. 22, 2021, Debtor Senior Healthcare, Inc. filed with the
U.S. Bankruptcy Court for the District of Maryland a Disclosure
Statement referring to a Plan under Chapter 11.

On Jan. 13, 2022, Judge Thomas J. Catliota approved the Disclosure
Statement and ordered that:

     * Feb. 16, 2022, is fixed as the last day of filing written
acceptances or rejections of the Plan.

     * Feb. 22, 2022, at 2:00 p.m. in Virtual Courtroom is fixed
for the hearing on confirmation of the Plan.

     * Feb. 16, 2022, is fixed as the last day for filing and
serving written objections to confirmation of the Plan.  

A full-text copy of the order dated Jan. 13, 2022, is available at
https://bit.ly/3qLsMIu from PacerMonitor.com at no charge.

Counsel for the Debtor:

     Steven H. Greenfeld
     COHEN, BALDINGER & GREENFELD, LLC
     2600 Tower Oaks Boulevard, Suite 290
     Rockville, MD 20852
     Tel: (301) 881-8300
     E-mail: Steveng@cohenbaldinger.com

                   About Senior Healthcare Inc.

Senior Healthcare, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D. Md. Case No. 21-15037) on Aug. 2, 2021, listing as much
as $1 million in assets and as much as $500,000 in liabilities.
Judge Thomas J. Catliota oversees the case.  Cohen Baldinger &
Greenfeld, LLC serves as the Debtor's legal counsel.


SPEED INDUSTRIAL: Intends to File Objections to Matheson's Claim
----------------------------------------------------------------
Speed Industrial Gas, LLC, submitted an Amended Combined Disclosure
Statement and Chapter 11 Plan dated Jan. 13, 2022.

The Plan is structured to provide all parties with the opportunity
to be paid in full on the Effective Date through the Exit Financing
provided by Mr. Speed. All amounts advanced pursuant to the Exit
Financing will be carried as a post-Effective Date obligation of
the Debtor that will be paid upon sale of the Reorganized Debtor's
business. Such sale is not projected to occur for at least two
years following the confirmation of the Plan.

The Debtor anticipates the proposed $1 million in Exit Financing
should be more than sufficient to satisfy the Claims of all
Creditors in this Case, in the amount set forth in the Schedules,
and, after a diligent review of its records, does not believe that
it has failed to schedule any Creditor.

Additionally, the Debtor is projected to become cash flow positive
in or around March, 2022, which means that the Reorganized Debtor
should be able to meet its post-Effective Date ordinary course of
business operating expenses until the Reorganized Debtor's business
is sold. To the extent that the Debtor's projected cash flow is
insufficient to satisfy all of its post-Effective Date ordinary
course of business operating expenses, the Debtor will use the Exit
Financing to supplement its cash flow and pay such expenses. The
Debtor, therefore, believes that the Plan meets the feasibility
requirements of the Bankruptcy Code.

However, in the event Matheson's claim is determined to be an
amount more than $500,000.00, the Debtor anticipates that the Plan
will likely become unfeasible, and that it will need to make a
decision regarding whether to seek to amend this Plan, or to seek
conversion of this Case to Chapter 7. The Debtor anticipates that
it will have incurred at least $250,000 in unpaid Administrative
Claims as of January 14, 2022, which the Debtor is required to pay
in full and in cash pursuant to Section 1129(a)(9) of the
Bankruptcy Code.

The Debtor is anticipated to incur between $200,000 and $150,000 in
additional Administrative Claims prior to, and in connection with,
a hearing on the confirmation of the Plan. Accordingly, if this
Plan is not confirmed, the most likely scenario is that the Debtor
will seek convert this Case to Chapter 7 in order to avoid
incurring additional Administrative Expenses that will likely
render any future Plan not feasible and/or the  Debtor's continued
operations economically unviable.

The Debtor asserts in its Schedules that Matheson's Claim is in the
amount of $1. Even if the Debtor has incorrectly scheduled
Matheson's Claim, the Debtor asserts that Matheson's Claim will be
allowed in an amount significantly less than $500,000 because the
total amount of revenues from all sales to Matheson's alleged
customers was only $151,113, and the Debtor's gross margins from
such sales were only $59,507. Matheson, however, asserts in the
Amended Complaint that its Claim may be in excess of $1,000,000,
and such amount is likely based on various damage models that
Matheson's counsel it has testified to at hearings before the
Court. Risk that the Plan will be rendered not feasible, therefore,
exists that if Matheson's assertion as to its Claim amount is
correct.

In the alternative, the Debtor may choose to amend this Plan to
provide less than full recovery for Holders of General Unsecured
Claims, but this scenario is unlikely unless the Debtor is able to
obtain additional financing to fund its Plan obligations. As of the
filing of this amendment to the Disclosure Statement, the Debtor,
after having had discussions with several potential sources of
financing, has been unable to identify suitable additional
financing. To the extent that the Debtor is able to obtain
additional financing, and amends this Plan to provide less than
full recovery for Holders of General Unsecured Claims, the Debtor
will be required to solicit Creditor acceptance of such amended
Plan pursuant to Section 1125 of the Bankruptcy Code.

The amount of Matheson's Claim is not yet determined; however, the
Debtor will seek a determination of Matheson's Claim in connection
with the confirmation of this Plan. On 2021, the Debtor filed its
Motion for an Order Shortening the Bar Date for Filing Proofs of
Claims ("Motion to Shorten Bar Date") in which it seeks to shorten
the deadline (the "par Date") by which Creditors, if required by
the Bankruptcy Code, must file proofs of claim asserting their
contention as to the amount of their Claim against the Debtor by 30
days.

The Debtor filed the Motion to Shorten Bar Date in order to
expedite the confirmation of this Plan, reduce the amount of
Administrative Claims that the Debtor will have to pay on the
Effective Date, and increase the feasibility of the Plan. The
Debtor will file objections to any and all Claims, including
Matheson's Claim, that reflect amounts that are disputed by the
Debtor ("Claim Objections"), and will seek to have such Claim
Objections heard at the Plan confirmation hearing. The Debtor
asserts that any Claim Objection to Matheson's Claim must be
determined prior to the confirmation of the Plan because the amount
of Matheson's Claim directly impacts the feasibility to the Plan.

In the event the Bankruptcy Court determines the Claim of Matheson
exceeds $500,000.00, the Debtor anticipates that the Plan will
become unfeasible. In such event, the Plan will not satisfy Section
1129(a)(11) of the Bankruptcy Code, barring Confirmation. While the
Debtor believes the amount of Matheson's Claim is well below
$500,000, there is no assurance that the Bankruptcy Court will
agree.  Additionally, the most likely result of Matheson's Claim
exceeding $500,000 will be that the Debtor will seek to convert
this Case to Chapter 7.

The Debtor Proposes to assume its obligations under the Broadway
Secured Loan Documents, and pay all principal and interest amounts
as and when such amounts come due pursuant thereto. The Borrower
will also assume all obligations owed to the Holders of any Other
Secured Claims, and pay all principal and interest owed thereunder
as and when due. Furthermore, the Debtor proposes payment in full
of all General Unsecured Claims. Within 30 days of the Effective
Date, the Debtor will pay all General Unsecured Claims using the
proceeds of the Exit Financing provided by Mr. Speed in an amount
up to $1,000,000.

Mr. Speed's General Unsecured Insider Claims against the Debtor,
including all prepetition advances and the general unsecured
portion of the postpetition DIP Loan advances, shall be carried as
a post-Effective Date unsecured claim of the Reorganized Debtor,
and shall be paid upon a sale of the Reorganized Debtor's business.
Such sale, however, is not projected to occur for at least two
years following the confirmation of the Plan. Finally, Holders of
Interests in the Debtor will retain their equity interests in the
Reorganized Debtor. All equity interest in the Reorganized Debtor
will vest in Mr. Speed on the Effective Date.

The Plan contemplates that Mr. Speed will provide the Reorganized
Debtor with Exit Financing up to $1,000,000.00 at an interest rate
of 0% per annum. The Exit Financing will be available on the
Effective Date pursuant to the Exit Financing Agreement included in
the Plan Supplement. Additionally, the Debtor is projected to
become cash flow positive in or around March, 2022, which means
that the Reorganize Debtor will be able to meet its ordinary course
of business operating expenses until the Reorganized Debtor's
business is sold.

A full-text copy of the Amended Combined Disclosure Statement and
Plan dated Jan. 13, 2022, is available at https://bit.ly/33PqzSY
from PacerMonitor.com at no charge.

Proposed Co-counsel to Debtor:

     Lloyd A. Lim
     State Bar No. 24056871
     Rachel T. Kubanda
     State Bar No. 24093258
     KEAN MILLER LLP
     711 Louisiana Street, Suite 1800
     Houston, Texas 77002
     Phone: (713) 844-3000
     E-mail: Lloyd.Lim@KeanMiller.com
             Rachel.Kubanda@KeanMiller.com

                  About Speed Industrial Gas

Speed Industrial Gas, LLC is a San Antonio, Texas-based company
that offers welding supplies, industrial and specialty gas
products.

Speed Industrial Gas filed a petition for Chapter 11 protection
(Bankr. W.D. Tex. Case No. 21-51297) on Oct. 22, 2021, listing as
much as $10 million in both assets and liabilities.  Ernest W.
Speed, III, owner and sole member of Speed Industrial Gas, signed
the petition.

The Debtor tapped Lloyd A. Lim, Esq., at Balch & Bingham, LLP as
legal counsel.


SUNSHINE ADULT: Unsecured Claims to Get 24.8% in Plan
-----------------------------------------------------
Sunshine Adult Social Center, Corp., submitted a Plan and a
Disclosure Statement.

As provided in the Plan, all payments, distributions, and transfers
of cash or property, under the Plan are in full and final
satisfaction, and release of all claims whatsoever existing as of
the Confirmation Date against the Debtor, the Estate and the
Reorganized Debtor, of any kind or nature whatsoever.  These
releases shall be effective upon substantial consummation of the
Plan.

The Plan proposed to pay 24.79% of dividend to remaining allowed
general unsecured claims to be paid over 24 months in equal monthly
installment payments, commencing on the effective date of the
Plan.

Class I – (Unsecured Claim) shall consist of:

    * General Unsecured Claim of Consolidated Edison Company of New
York, Inc. in the amount of $6,245 will be paid 24.79% dividend
($1,548.08) over 24 months in equal monthly installment payments in
the amount of $64.50 commencing on the Effective date of the Plan.


    * The claim of NYS Department of Labor is a place holder claim
with no monetary amount assigned, thus no monetary distribution
shall be made to such claimant.

    * General Unsecured Claim of CitiBusiness in the amount $39,100
will not receive any treatment under the Plan of Reorganization as
the debt will be forgiven.

    * General Unsecured Claim of Citi Business Card in the amount
of $5,869 will be paid 24.79% dividend (1,454.91) over 24 months in
equal monthly installment payments in the amount of $60.61
commencing on the Effective date of the Plan.

Class II – General Unsecured Claim of Ellen Rose Associates, LLC
in the amount of $202,689 will receive a treatment toward the base
rent portion of the claim as follows: the parties shall enter into
a cure agreement, by the terms of which, the amount of $50,000 be
paid in full and final satisfaction of the claim of Ellen Rose
Associates, LLC over the terms of 25 months in equal monthly
installments of $2,083.33 in addition to the agreed upon modified
monthly rental amount. Class II is impaired.

The Plan will be financed from continuing operating income,
reorganized business operations of the Debtor, from the timely
collections of outstanding receivables, as well as from funds
accumulated in the Debtor's DIP account.

Attorney for Debtor Sunshine Adult Social Center, Corp.:

     Alla Kachan, Esq.
     2799 Coney Island Ave., Suite 202
     Brooklyn, NY 11235
     Tel: (718) 513-3145
     Fax: (347) 342-315
     E-mail: alla@kachanlaw.com

A copy of the Disclosure Statement dated Jan. 14, 2021, is
available at https://bit.ly/3txETun from PacerMonitor.com.

              About Sunshine Adult Social Center

Sunshine Adult Social Center sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
20-44231) on Dec. 9, 2020, disclosing $50,001 to $100,000 in assets
and $100,001 to $500,000 in liabilities.  

Judge Jil Mazer-Marino oversees the case.

The Debtor tapped the Law Offices of Alla Kachan as its legal
counsel and Wisdom Professional Services Inc. as its accountant.


SUR LA TABLE: Plans to Reopen Old Town After Bankruptcy Filing
--------------------------------------------------------------
James Cullum of ALXnow reports that 16 months after being forced to
closed due to bankruptcy reorganization, Seattle-based kitchenware
retailer Sur La Table is planning to reopen at 326 King Street at
Old Town, in Alexandria, Virginia.

The company won't say exactly when the reopening will happen, but
ALXnow was tipped off after Sur La Table posted a $70,000 a year
job for a full-time manager for the store.

"We can confirm that Sur La Table is reopening in the area, but we
do not have a timeline we can share at this time," the company told
ALXnow in an email.

Sur La Table, which opened at 326 King Street in 2013, had to close
approximately half of its 121 stores around the country. The Old
Town store closed at the end of September 2022.

                     About Sur La Table Inc.

Sur La Table, Inc. -- https://www.surlatable.com/ -- is a privately
held retail company that sells kitchenware products, including
cookware, bakeware, kitchen tools, knives, small appliances, dining
and home products, coffee and tea, food, and outdoor cookware.

SLT Holdco, Inc. and affiliate, Sur La Table, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex.
Lead Case No. 20-18368) on July 8, 2020. The petition was signed by
Jason Goldberger, chief executive officer.

At the time of the filing, SLT Holdco was estimated to have assets
and liabilities of between $10 million to $50 million. Sur La Table
was estimated to have assets and liabilities of between $100
million to $500 million.  

Michael D. Sirota, Esq., Warren A. Usatine, Esq., David M. Bass,
Esq., Jacob S. Frumkin, Esq. of Cole Schotz P.C., serve as counsel
to the Debtors.  SOLIC Capital is the Debtors' financial advisor
and investment banker. A&G Realty Partners LLC acts as the Debtors'
real estate advisor. Great American Group, LLC, and Tiger Capital
are the Debtors' sales consultant. Omni Agent Solutions is the
Debtors' claims and noticing agent.


TEAM SYSTEMS: Shelters in Chapter 11 vs. $6 Million Judgment
------------------------------------------------------------
Jeff Montgomery of Law360 reports that a multifaceted government
contractor has moved to shield its business behind a Delaware
bankruptcy action while simultaneously fighting more than $6
million in allied contractor judgments and battling to collect $20
million in unpaid federal agency claims.

Team Systems International LLC, a minority - and woman - owned
business, described the Chapter 11 action filed Tuesday, January
18, 2022, as a bid to give breathing room to its services business.
A case-opening declaration filed by TSI reported that the business
has no secured or unsecured debt beyond a pair of judgments
totaling more than $6 million with interest.

               About Team Systems International

Team Systems International LLC -- formed in 2001, TSI is a small
business serving the United States government as a contractor with
offices in Lewes, Delaware and Ponte Vedra Beach, Florida. TSI has
performed government projects as a prime contractor and
subcontractor in the areas of program management, financial and
contracts management, tactical and specialized military training
development, naval ordinance engineering, information systems
design and integration, military firearms training, Department of
State overseas foreign officer training, vehicle/weapons platform
simulation, training enter/classroom A/V system integration, force
protection services, maritime security, and administrative staffing
for government projects.

Team Systems International sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022.  In the
petition signed by signed by Deborah Devans Mott, member, Team
Systems International LLC estimated assets between $10 million and
$50 million and estimated liabilities between $1 million and $10
million.  Jamie L. Edmonson, Esq., of ROBINSON & COLE LLP, is the
Debtor's counsel.


TECT AEROSPACE: Exclusivity Period Extended to April 4
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended the
exclusivity period for TECT Aerospace Group Holdings, Inc. and its
affiliates to file a Chapter 11 plan to April 4, 2022.  

The companies can solicit acceptances for the plan until May 31,
2022.

                       About TECT Aerospace

TECT Aerospace Group Holdings, Inc., and its affiliates manufacture
high precision components and assemblies for the aerospace
industry, specializing in complex structural and mechanical
assemblies and machined components for various aerospace
applications.  TECT produces assemblies and parts used in flight
controls, fuselage/interior structures, doors, wings, landing gear,
and cockpits.

TECT operates manufacturing facilities in Everett, Washington, and
Park City, and Wellington, Kansas, and their corporate headquarters
are located in Wichita, Kansas. TECT currently employs
approximately 400 individuals nationwide.

TECT and its affiliates are privately held companies owned by Glass
Holdings, LLC and related Glass-owned or Glass-controlled
entities.

TECT Aerospace Group Holdings, Inc. and six affiliates sought
Chapter 11 protection (Bankr. D. Del. Case No. 21-10670) on April
6, 2021.  TECT Aerospace estimated assets of $50 million to $100
million and liabilities of $100 million to $500 million as of the
bankruptcy filing.

The Debtors tapped Richards, Layton & Finger, P.A. as counsel;
Winter Harbor, LLC as restructuring advisor; and Imperial Capital,
LLC as investment banker. Kurtzman Carson Consultants, LLC is the
claims agent.

The Boeing Company, as DIP Agent, is represented by Alan D. Smith,
Esq. and Kenneth J. Enos, Esq.

As reported by Troubled Company Reporter on June 2, 2021, Judge
Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized the bidding procedures proposed by
TECT Aerospace Group Holdings Inc. and affiliates in connection
with the auction sale of their Everett, Washington assets.


TELKONET INC: VDA Group, et al., Report 54.4% Equity Stake
----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, VDA Group, S.p.A., VDA Holding S.A., Meti Holding Sarl,
and Flavio De Paulis disclosed that as of Jan. 7, 2022, they
beneficially own 162,900,947 shares of common stock of Telkonet,
Inc., representing 54.4% of the shares outstanding.  

As previously reported on the Schedule 13D, on Aug. 6, 2021, the
Issuer and VDA Group entered into the Stock Purchase Agreement and
the Closing of the Stock Purchase Agreement occurred on Jan. 7,
2022.  Pursuant to the terms and conditions of the Stock Purchase
Agreement, VDA Group acquired, in consideration of a capital
contribution to the Issuer of $5,000,000, (A) 162,900,947 Shares of
the Issuer, and (B) a warrant to purchase 105,380,666 additional
Shares.  Under the terms of the Warrant, VDA Group is entitled to
purchase the Warrant Shares, at an exercise price of $.001 per
share, at any time beginning on the date the Issuer achieves a
volume weighted average price of the aggregate outstanding Shares
of at least $17,000,000, measured for a period of time consisting
of 60 consecutive trading days and ending five years after the date
of issuance of the Warrant; provided, however, that the Warrant may
not be exercised for the first 12 months from the Closing.  The
162,900,947 Shares reported represent 54.4% of the Issuer's Shares
based upon 136,311,335 Shares outstanding as of Sept. 23, 2021, as
reported in the Issuer's Proxy Statement, all determined in
accordance with Rule 13d-3.  If the Warrant were exercised, the
Reporting Persons would own beneficially 66.3% of the Issuer's
Shares, as determined in accordance with Rule 13d-3.  Because of
certain conditions associated with the exercisability of the
Warrant, the Reporting Persons do not believe the Warrant Shares
are beneficially owned as of this filing.

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

https://www.sec.gov/Archives/edgar/data/0001094084/000110465922005372/tm222696d1_sc13da.htm

                            About Telkonet

Headquartered in Waukesha, WI, Telkonet, Inc. is an IOT innovator
focused on Intelligent Automation and Energy Management through the
use of individualized climate controls that enable guests or
residents of hotels or homes to intelligently control energy usage
in accordance with their preferences, while reducing energy
consumption and improving facility management capabilities.
Telkonet was founded in 1999 and has successfully deployed over
700,000 intelligent climate control devices across more than 4,000
properties.

Telkonet reported a net loss attributable to common stockholders of
$3.15 million for the year ended Dec. 31, 2020, compared to a net
loss attributable to common stockholders of $1.93 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$6.97 million in total assets, $5.72 million in total liabilities,
and $1.25 million in total stockholders' equity.

Minneapolis, Minnesota-based Wipfli LLP, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company has suffered
operating losses, has negative operating cash flows and is
dependent upon its ability to generate profitable operations in the
future and obtaining the necessary financing to meet its
obligations and repay its liabilities arising from normal business
operations when they come due.  These conditions raise substantial
doubt about its ability to continue as a going concern.


TOZ-BEL LLC: To Seek Plan Confirmation on Feb. 10
-------------------------------------------------
The Court has entered an order conditionally approving the
Disclosure Statement explaining the Plan of Toz-Bel, LLC.

A hearing will be held on Feb. 10, 2022 at 11:00am (a date within
45 days of the filing of the Plan) for final approval of the
Disclosure Statement (if a written objection has been timely filed)
and for confirmation of the Plan before the Honorable Vincent F.
Papalia, United States Bankruptcy Court, District of New Jersey.
The hearing will take place by phone via Court Solutions.

Feb. 3, 2022, is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.

Feb. 3, 2022, is fixed as the last day for filing written
acceptances or rejections of the Plan.

                         About Toz-Bel LLC

Toz-Bel, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J.
Case No. 16-15415) on March 22, 2016.  The Debtor is represented by
Anthony Sodono III, Esq., of the firm Trenk, DiPasquale, Della Fera
& Sodono, PC.


TWO RIVERS WATER: Investors Get Court Okay for $1.5 Million Deal
----------------------------------------------------------------
Hailey Konnath of Law360 reports that a Colorado federal judge on
Wednesday, January 19, 2022, gave preliminary approval to a $1. 5
million settlement in a suit brought by investors of a bankrupt
marijuana greenhouse leasing business, paving the way for
resolution of a yearslong spat over the company's disclosures
leading up to its offerings.

Chief Judge Philip A. Brimmer held that the settlement is fair and
reasonable, and it was the product of significant negotiations and
discussion between investor John Paulson and defendants GrowCo
Inc., the founder of its parent company Two Rivers Water and
Farming Co., and other executives.

                  About Two Rivers and Farming

Two Rivers -- http://www.2riverswater.com/-- is a Colorado-based
company with a diverse asset base of land and water that plans to
monetize assets through recently acquired hemp companies to form an
integrated seed-to-consumer enterprise. The Company is positioned
to grow various strains of hemp with proprietary genetics, to sell
bulk biomass, process and extract Phytocannabinoids, and to develop
and distribute consumer products.  The Company has developed a line
of proprietary whole-plant hemp-products, based on an innovative
first-to-market Nature's Whole Spectrum approach.

As of Sept. 30, 2019, the Company had $45.50 million in total
assets, $22.45 million in total liabilities, and $23.05 million in
total stockholders' equity.

GrowCo, Inc., was incorporated on May 4, 2014, by John R. McKowen
as the funding vehicle for two large scale commercial greenhouse
operations in Pueblo, Colorado. t was originally intended that the
greenhouses would be leased to commercial marijuana growers.

GrowCo, Inc., sought Chapter 11 protection (Bankr. D.D.C. Case No.
19-10512) on Jan. 24, 2019.  At the time of filing, the Debtor
estimated assets and debt are $1 million to $10 million. The case
is assigned to Hon. Joseph G. Rosania Jr. The Debtor is represented
by:

        WADSWORTH GARBER WARNER CONRARDY, P.C.
        David V. Wadsworth
        David J. Warner
        2580 W. Main St., Suite 200
        Littleton, CO 80120
        Tel: (303) 296-1999
        Fax: (303) 296-7600


US ACUTE CARE: S&P Affirms 'B-' ICR on Acquisition Plan
-------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.
Acute Care Solutions Inc. At the same time S&P has affirmed the
'B-' issue-level ratings on secured debt, including the incremental
add-on which has increased the total secured notes amount to $725
million. The recovery rating remains '3'.

The outlook remains positive and reflects the potential for an
upgrade, if cash flow continues to improve through the contribution
from recent acquisitions and stabilizing collections. S&P expects
the ratio of free cash flow to debt to rise above 3% in 2022.

Canton, Ohio and Dallas, Texas-based emergency and hospital
medicine provider U.S. Acute Care Solutions Inc. (USACS) has signed
a definitive agreement to acquire emergency and hospital medicine
provider Alteon Health for $560 million. The company will fund the
acquisition with the issuance of incremental $225 million in senior
secured notes, $275 million in new preferred equity, $34 million in
new common equity, and cash from the balance sheet.

The Alteon acquisition modestly increases adjusted leverage, but
improves the company's scale and we expect it will be accretive to
free cash flow. The Alteon acquisition increases the scale of USACS
by adding 800 physicians and 500 advanced practice providers.
Following the acquisition, S&P expects USACS to generate revenue of
over $1.6 billion in 2022. This increased scale is meaningful, but
the company remains significantly smaller than staffing peers
Envision Healthcare and Team Health Holdings Inc., which generate
over $4.5 billion revenue. S&P said, "We view the Alteon
acquisition as relatively low in complexity due to Alteon and USACS
operating on the same RCM system, which should help to facilitate a
relatively low cost integration process. We expect pro forma
adjusted EBITDA margins in the 10% to 13% range in 2022, and we
expect margins to modestly improve in 2023 as USACS realizes
synergies from the acquisition and integration costs decline."

S&P said, "The acquisition was primarily funded from debt
(including preferred equity that we treat as debt-like), resulting
in a modest increase to expected leverage in 2022. We expect
leverage to temporarily increase above 8x in 2022 due to
incremental debt associated with the acquisition, followed by
improvement to below 8x in 2023. We expect the acquisition to be
accretive to free cash flow, with acquired EBITDA more than
covering the incremental interest expense and low capex
requirements."

U.S. Acute Care Solutions Inc.'s performance through the first nine
months of 2021 has demonstrated that margin improvements from 2020
are sustainable. The company's operating results for the first 9
months of 2021 benefitted from a rebound in revenue along with
EBITDA margins that have remained strong following the significant
improvement in 2020. Revenue have grown by about 20% on a
year-over-year basis for the first 9 months, benefitting from a
rebound in billable encounter volumes along with consolidation of
VEP Healthcare Inc. in the third quarter. S&P said, "We attribute
this improvement in part to progress made in rolling out vaccines
throughout 2021, which resulted in patients being more comfortable
going to hospitals for health care services. More recently there
has also been increased patient visit volumes due to the omicron
variant. Despite these tailwinds, we believe COVID-19 remains a
material risk factor, and any future outbreaks could be disruptive
to USACS."

The positive outlook reflects the potential for a higher rating if
the company generates FOCF to debt above 3%, and adjusted leverage
below 8x. S&P said, "Following a strong 2021, we expect that the
rebound of patient volumes will continue and margins remain stable,
enabling the company to generate strong free cash flow in 2022. Our
adjusted credit measures includes treatment of the company's
preferred equity as debt. Following the Alteon acquisition we
expect the company's EBITDA margins to be in the 10% to 13% range
leading to free cash flow in the $80 million to $100 million
range."

S&P said, "The positive outlook on US Acute Care Solutions Inc.
reflects the potential for an upgrade if the company meets our base
case expectations despite pandemic related uncertainty. We expect
free operating cash flow to debt of above 3%, supported by low
double digit percentage EBITDA margins. For purposes of evaluating
credit measures, we treat the company's preferred equity as debt.

"We could raise our rating if free operating cash flow (FOCF) to
debt sustainably improves to over 3% with adjusted debt to EBITDA
below 8x. This could occur if the company continues to demonstrate
that recent profitability improvements are sustainable, leading to
expanded EBITDA margins and free cash flow generation. For an
upgrade, we would also expect to have better visibility on the
pandemic trajectory and not be in a time period of escalating
cases.

"We could revise the outlook to stable if the company's cash flow
generation deteriorates such that the ratio of free operating cash
flow to debt falls below 3% with adjusted debt to EBITDA remaining
at or above 8x, along with our expectations that a near term and
sustainable return to stronger cash generation is unlikely." This
could occur if:

-- Cash flow is burdened more than expected by items such as
acquisition and integration costs, consulting fees, or other
non-recurring items; or

-- Pricing is unfavorable leading to margin declines; or

-- The company loses a major contract.



WAYNE BARTON: Case Summary & One Unsecured Creditor
---------------------------------------------------
Debtor: Wayne Barton Study Center, Inc.
        269 NE 14th Street
        Boca Raton, FL 33432

Business Description: Wayne Barton Study Center, Inc. is a tax-
                      exempt entity whose purpose is to enhance
                      the health, welfare, and education of
                      children in need in its community.

Chapter 11 Petition Date: January 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-10384

Judge: Hon. Mindy A. Mora

Debtor's Counsel: Aaron A. Wernick, Esq.
                  WERNICK LAW, PLLC
                  2255 Glades Road Suite 324A
                  Boca Raton, FL 33431
                  Tel: 561-961-0922
                  Email: awernick@wernicklaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Wayne Barton, president.

The Debtor listed Tecta America South Florida, Inc. as its only
creditor holding unsecured claim.

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

https://www.pacermonitor.com/view/ZTUKAIY/Wayne_Barton_Study_Center_Inc__flsbke-22-10384__0001.0.pdf?mcid=tGE4TAMA


WISHING WELL: Taps Law Office of Christopher P. Burke as Counsel
----------------------------------------------------------------
Wishing Well Property Investments, LLC Series 1 seeks approval from
the U.S. Bankruptcy Court for the District of Nevada to employ The
Law Office of Christopher P. Burke to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     (1) advising the Debtor concerning the rights and remedies of
the estate with respect to the assets of the estate and claims of
creditors;

     (2) representing the Debtor in financial and business matters,
including the sale of its assets;

     (3) assisting the Debtor in the investigation of potential
causes of action against persons or entities, including, but not
limited to, avoidance actions, and the litigation thereof if
warranted;

     (4) representing the Debtor in any proceeding or hearing in
the bankruptcy court, and in any action in other courts in which
the rights of the estate may be litigated or affected;

     (5) conducting examinations of witnesses, claimants, or
adverse parties and preparing reports, accounts, applications, and
orders;

     (6) representing the Debtor in the negotiation, formulation
and drafting of a plan of reorganization and disclosure statement;

     (7) assisting the Debtor in the performance of its duties and
exercise of its powers under the Bankruptcy Code, Bankruptcy Rules,
Local Rules, and the Trustee Guidelines; and

     (8) providing other necessary legal services to the Debtor.

The firm will bill $595 per hour for attorney's services and $125
per hour for paraprofessionals.  It received a retainer in the
amount of $21,738.

Christopher Burke, 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:

     Christopher P. Burke, Esq.
     Law Office of Christopher P. Burke
     218 S. Maryland Pkwy.
     Las Vegas, Nevada 89101
     Tel: (702) 385-7987
     Email: atty@cburke.lvcoxmail.com

              About Wishing Well Property Investments

Las Vegas-based Wishing Well Property Investments, LLC Series 1
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 22-10005), disclosing
$2,899,046 in assets and $1,433,401 in liabilities.  Russell Roth,
managing member, signed the petition.

Judge Mike K. Nakagawa oversees the case.

Christopher P. Burke, Esq., at The Law Office of Christopher P.
Burke serves as the Debtor's legal counsel.


ZAPPELLI BODY SHOP: Taps Law Offices of Brian A. Barboza as Counsel
-------------------------------------------------------------------
Zappelli Body Shop, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire the Law
Offices of Brian A. Barboza to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     (a) advising the Debtor regarding matters of bankruptcy law;

     (b) representing the Debtor in proceedings or hearings in the
bankruptcy court;

     (c) assisting the Debtor in the preparation of legal papers
and litigation of adversary proceedings;

     (d) advising the Debtor concerning the requirements of the
Bankruptcy Code and Rules relating to the administration of the
case and the operation of its business;

     (e) assisting the Debtor in the negotiation, preparation,
confirmation, and implementation of a plan of reorganization; and

     (f) performing all other legal services.

Brian Barboza, Esq., the firm's attorney who will be providing the
services, will bill $400 per hour.  The attorney was paid a
retainer in the amount of $15,000.

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

The firm can be reached through:

     Brian A. Barboza, Esq.
     Law Offices of Brian A. Barboza
     131A Stony Circle, Suite 500
     Santa Rosa, CA 95401
     Tel: (707) 527-8553
     Email: bbarboza@barbozaesq.com

                      About Zappelli Body Shop

Zappelli Body Shop, Inc., a company based in Santa Rosa, Calif.,
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Calif. Case No. 21-10510) on Dec. 16,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities.  Samantha Zappelli, chief executive officer, signed
the petition.

Judge Charles Novack oversees the case.

Brian A. Barboza, Esq., at the Law Offices of Brian A Barboza
serves as the Debtor's legal counsel.


[^] BOOK REVIEW: Transnational Mergers and Acquisitions
-------------------------------------------------------
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.
At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today. With its nearly 100 tables of
data and numerous examples, Khoury provides a wealth of information
for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in 1970
to 188 in 1978. The tables had turned an Americans were worried.
Acquisitions in the banking and insurance sectors were increasing
sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions. Khoury answers many of the questions arising from the
situation as it stood in 1980, many of which are applicable today:
What are the motives for transnational acquisitions? How do foreign
firms plans, evaluate, and negotiate mergers in the U.S.? What are
the effects of these acquisitions on competition, money and capital
markets; relative technological position; balance of payments and
economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location in
the U.S., and methods for penetrating the U.S. market. He notes the
importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy at
just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.




                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
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                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
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Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
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Peter A. Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9474.

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