/raid1/www/Hosts/bankrupt/TCR_Public/220203.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, February 3, 2022, Vol. 26, No. 33

                            Headlines

ABDOUN ESTATE: Unsecureds be Paid From Net Income Over 60 Months
ALGOMA STEEL: Moody's Withdraws B3 CFR Following Debt Repayment
ALPHA LATAM: Changes Definition of Releasing Party in Plan
ALTO MAIPO: U.S. Trustee Appoints Creditors' Committee
ALUMINUM SHAPES: Unsecureds Will Recover up to 60% of Their Claims

ANKURA HOLDINGS: Moody's Assigns B3 CFR, Alters Outlook to Stable
APPLIED DNA: Hedgehog, David Lu Ceased as Shareholder as of Dec. 31
BAMBOO PALACE: Case Summary & One Unsecured Creditor
BENNETT ROSA: Trustee Taps Bachecki Crom & Co. as Accountant
BITNILE HOLDINGS: Ceases to Own Medalist Diversified Common Shares

BITNILE HOLDINGS: Owns 12.23% Equity Stake in Houston American
BITNILE HOLDINGS: Registers 17.5M Shares for Possible Resale
BOY SCOUTS OF AMERICA: Wants More Sex Abuse Settlement Votes
BOY SCOUTS: Questions Catholic Group's Chapter 11 Standing
CADIZ INC: Hoving & Partners Ceased as Shareholder as of Dec. 31

CHRISTOPHER WEATHERFORD: Bar Brawl Victim Wins Summary Judgment
COCRYSTAL PHARMA: Sabby Entities Report 5.89% Equity Stake
COMMERCIAL METALS: Fitch Rates USD150MM Rev. Bonds 'BB+'
DALTON CRANE: March 9 Hearing on Disclosure Statement
DEL MONTE FOODS: Moody's Rates New Senior Secured Term Loan 'B3'

DEL MONTE FOODS: S&P Alters Outlook to Positive, Affirms 'B' ICR
EASTERN ILLINOIS UNIVERSITY: Moody's Upgrades Issuer Rating to Ba3
EVO TRANSPORTATION: Incurs $46.9 Million Net Loss in 2020
EVO TRANSPORTATION: Incurs $8.4M Net Loss in Third Quarter 2020
FAMOUS ANTHONY'S BROOKSIDE: Taps Gentry Locke as Special Counsel

FAMOUS ANTHONY'S: Taps Gentry Locke Rakes as Special Counsel
FIRST TO THE FINISH: Wins Cash Collateral Access
FLOWORKS INTERNATIONAL: Moody's Assigns 'B3' CFR; Outlook Stable
FLOWORKS INTERNATIONAL: S&P Assigns 'B-' ICR, Outlook Stable
FOUNDATION FOR IUP: S&P Cuts Long-Term ICR to 'CCC', Outlook Neg.

FOUNDATION FOR IUP: S&P Lowers 2007A Revenue Bonds Rating to 'B'
FOUNTAINS OF ST. AUGUSTINE: Seeks to Hire Adam Law Group as Counsel
FOUNTAINS OF ST. AUGUSTINE: Taps Coldwell to Sell Florida Property
FULL HOUSE: $100MM Tack-on No Impact on Moody's Caa1 Note Rating
GOLDEN FLEECE: Gets Court OK to Hire Clark Hill as IP Counsel

GREAT CANADIAN: Fitch Corrects Error, Lowers Unsec. Notes to 'B-'
HEO INC: Plan Exclusivity Extended Until June 15
INTERPACE BIOSCIENCES: Terminates Rights Offering
JPA NO. 49: Creditors, Jet Owners Clash on Ch.11 Asset Bids
KBK ENTERPRISES: Taps Gentry Locke Rakes & Moore as Special Counsel

LATAM AIRLINES: Gets Court Okay to Seek Chapter 11 Votes
LEATHERWOOD MARINA: Case Summary & Six Unsecured Creditors
LINDEN PONDS: Fitch Places 'BB' IDR on Watch Positive
LOGISTICS GIVING: Gets OK to Hire Cohne Kinghorn as Legal Counsel
LOGISTICS GIVING: Gets OK to Hire Rocky Mountain as Accountant

LTL MANAGEMENT: Urged to Show Report Undermining Bankruptcy
LWO ACQUISITIONS: Case Summary & 20 Largest Unsecured Creditors
MAGNACOUSTICS INC: Seeks to Hire Sherwood Partners as Sales Agent
MAJESTIC HILLS: Four Creditors Step Down as Committee Members
MARICOPA COUNTY IDA: Moody's Rates $150MM Tax Exempt Bonds 'Ba2'

MEDNAX INC: Moody's Hikes CFR to Ba3, Rates New Unsecured Notes Ba3
MEDNAX INC: S&P Rates New $400MM Senior Secured Notes 'B+'
MEGNA REAL ESTATE: Parties Move Plan Filing Deadline to March 4
METRO PUERTO RICO: Unsecureds to Recover 100% in 60 Months
METRONET SYSTEMS: $95MM Loan Add-on No Impact on Moody's B3 CFR

MONSTER INVESTMENTS: Wants August 15 Plan Exclusivity Extension
NATURE COAST: March 8 Plan Confirmation Hearing Set
NEW CITY AUTO: Court Approves Disclosure Statement
NORDIC AVIATION:  Affiliates Tap Epiq as Administrative Advisor
NORDIC AVIATION: Affiliates Seek Approval to Hire Financial Advisor

NORTHERN ILLINOIS UNIVERSITY: Moody's Affirms Ba2 Issuer Rating
PARTY CITY: Fitch Raises LT IDR to 'B-', Outlook Stable
PG&E CORP: Certified 'Safe' Again by Gov. Newsom Administration
PG&E CORP: Fire Victims to Get More Compensation
PRESTIGE PAVERS: Seeks to Hire Joyce W. Lindauer as Legal Counsel

PROFESSIONAL TECHNICAL: Case Summary & 20 Top Unsecured Creditors
PROSPECT-WOODWARD: Amended Plan & Disclosures Due Feb. 16
PWM PROPERTY: Meritz Asks Court to Compel Plan Filing
REAL GRANITE: Seeks to Hire Langley & Banack as Legal Counsel
RIVERSTONE RESORT: Unsecureds to Get 100% in Sale Plan

RVS CONSIGNMENTS.COM: Taps Law Offices of David Smith as Counsel
SAN DIEGO TACO: Gets Cash Collateral Access Thru May 1
SAVI TECHNOLOGY: Wins Access to Cash Collateral Thru March 31
SPRUCE POWER: Moody's Assigns B1 Rating to $600MM Secured Term Loan
TAKATA CORP: Montreal May Proceed with Appeal

TENRGYS LLC: Seeks to Hire Jones Walker as Special Counsel
TIBCO SOFTWARE: Fitch Places All Ratings on Watch Negative
TPC GROUP: Fitch Lowers LT IDR to 'CCC-'
TPC GROUP: S&P Downgrades ICR to 'D' on Expected Default
TWISTED OAK: Wins Cash Collateral Access

UNIVISION COMMUNICATIONS: Moody's Hikes CFR to B1; Outlook Positive
UNIVISION COMMUNICATIONS: S&P Raises ICR to 'B+', Outlook Stable
WATERS RETAIL: Liquidating Trustee Taps KenWood as Accountant
WELDING & FABRICATION: Gets OK to Hire Wernick Law as Counsel
WING DINGERS: Unsecureds to Recover 20% in Plan

WJA ASSET: Unsecureds Will be Paid in Full in Plan
WORK & SON INC: Trustee Taps Meenan Law as Special Counsel
[*] Big Bankruptcies Disappear; January Posts Slowest Since 2008
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

ABDOUN ESTATE: Unsecureds be Paid From Net Income Over 60 Months
----------------------------------------------------------------
Abdoun Estate Holdings, LLC, submitted an Amended Combined Plan and
Disclosure Statement.

This Plan is intended to deal with all claims against the Debtor or
property of the Debtor of whatever character, whether or not
contingent or liquidated, or whether or not allowed by this Court
pursuant to Section 502(a) of the Code.  However, only those claims
allowed pursuant to Section 502(a) of the Code will receive the
treatment afforded by the Plan.

Under the Plan, Class 3 General Unsecured Creditors total $206,124.
The Debtor intends to pay these claims on a pro-rata basis to the
extent funds are available from net income over 60 months.
Payments shall be made monthly, beginning 30 days following the
Effective Date and continuing for the next 60 months.  Class 3 is
impaired.  These claimants include:

1. Schafer and Weiner, PLLC                 $2,425
2. Consumers Energy Company                $33,699
3. DTE Energy                              $50,000
4. IB Electric (Disputed)                  $10,000
5. Marble and Granite Express               $6,700
6. Mark L. Shreeman & Assoc. (disputed)    $17,000
7. Stuart Mechanical                      $100,000
8. Trademark Drywall                       $20,000

The Plan will be funded from rental income, sale, claims and/or
insurance proceeds, and contribution of new value from equity
security holders.

Attorneys for Abdoun Estate Holdings, LLC:

     Anthony J. Miller, Esq.
     OSIPOV BIGELMAN P.C.
     20700 Civic Center Drive, Suite 420
     Southfield, MI 48076
     Tel: (248) 663-1804
     Fax: (248) 663-1801
     E-mail: am@osbig.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3o9q0eh from PacerMonitor.com.

                   About Abdoun Estate Holdings

Abdoun Estate Holdings, LLC is a single asset real estate debtor
(as defined in 11 U.S.C. Section 101(51B)) based in Southfield,
Mich.

Abdoun Estate Holdings filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Mich. Case No. 21-48063) on Oct. 11, 2021,
listing as much as $10 million in both assets and liabilities.
Ahmad Abulabon, managing member of Abdoun Estate Holdings, signed
the petition.

Judge Thomas J. Tucker oversees the case.

The Debtor tapped Yuliy Osipov, Esq., at Osipov Bigelman, P.C., as
its bankruptcy counsel.  The Blum Law Firm and Frasco Caponigro
Wineman Scheible Hauser & Luttmann, PLLC serve as the Debtor's
special counsel.


ALGOMA STEEL: Moody's Withdraws B3 CFR Following Debt Repayment
---------------------------------------------------------------
Moody's Investors Service has withdrawn Algoma Steel Inc.'s ratings
including the B3 Corporate Family Rating, the B3-PD Probability of
Default Rating, and the B3 senior secured rating. The stable
outlook has also been withdrawn. The rating action follows the full
repayment and cancellation of the term loan.

The following ratings/assessments are affected by the action:

Withdrawals:

Issuer: Algoma Steel Inc.

Corporate Family Rating, Withdrawn, previously rated B3

Probability of Default Rating, Withdrawn, previously rated B3-PD

Senior Secured Bank Credit Facility, Withdrawn, previously rated
B3 (LGD3)

Outlook Actions:

Issuer: Algoma Steel Inc.

Outlook, Changed To Rating Withdrawn From Stable

RATINGS RATIONALE

Moody's has withdrawn the ratings because Algoma's debt previously
rated by Moody's has been fully repaid.

Algoma Steel Inc., headquartered in Sault Ste. Marie, Ontario, is a
steel producer with one operating blast furnace, which shipped 2.1
million tons during fiscal 2021. Algoma's revenue for the last
twelve months ending September 30, 2021 was CAD2.9 billion.


ALPHA LATAM: Changes Definition of Releasing Party in Plan
----------------------------------------------------------
On Jan. 26, 2022, Alpha Latam Management, LLC and its affiliate
debtors filed their Chapter 11 Plan and Disclosure Statement.

Also on Jan. 26, 2022, the U.S. Bankruptcy Court for the District
of Delaware entered an order approving the Disclosure Statement.
The Disclosure Statement Order, among other things, authorizes the
Debtors to solicit votes to accept or reject the Plan and
establishes procedures related thereto.

On Jan. 28, 2022, the Debtors filed a First Amended Chapter 11 Plan
to make a conforming change.  The definition of "Releasing Parties"
as set forth in Article I.A.141 of the Amended Plan now provides as
follows:

    "Releasing Party" means each of the following, in their
capacity as such: (a) the DIP Note Purchasers; (b) the DIP Agent;
(c) the Notes In denture Trustee; (d) all holders of Claims and
Equity Interests that are deemed to accept the Plan; (e) all
holders of Claims (including, but not limited to, Notes Claims) and
Equity Interests who vote to accept the Plan; (f) all
holders in voting Classes who abstain from voting on the Plan and
who do not opt out of the releases provided by the Plan; (g) all
holders of Claims and Equity Interests who vote to reject the Plan
and who do not opt out of the releases provided by the Plan; (h)
the Debtors; and (i) with respect to each of the foregoing Persons
listed in clauses (a) through (h), such Persons' current and former
Affiliates’ and such Persons’ and such Affiliates'
predecessors, successors and assigns, subsidiaries, managed
accounts or funds, current and former directors, principals,
managers, officers, equity holders (regardless of whether such
interests are held directly or indirectly), members, partners,
employees, agents, advisory board members, financial advisors,
attorneys,accountants, investment bankers consultants,
representatives, management companies, fund advisors and other
professionals, provided that notwithstanding anything provided in
this Plan, none of the Mexican Affiliates, any other Non-Debtor
Affiliate or and any of their respective Related Parties in such
Related Parties’ capacity as such shall be Releasing Parties.

A hearing to consider confirmation of the Amended Plan has been
scheduled for
March 3, 2022 at 10:30 a.m. (Prevailing Eastern Time) (the
"Confirmation Hearing") before the Honorable J. Kate Stickles,
United States Bankruptcy Judge for the District of Delaware, at the
Court, located at 824 North Market Street, Third Floor, Courtroom
7, Wilmington, Delaware 19801.

Co-Counsel to the Debtors:

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

          - and -

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

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

A copy of the Plan dated Jan. 28, 2021, is available at
https://bit.ly/32IIgnj from Prime Clerk, the claims agent.

                   About Alpha Latam Management

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

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

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

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


ALTO MAIPO: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 3 on Jan. 31 appointed an official
committee to represent unsecured creditors in the Chapter 11 cases
of Alto Maipo Delaware, LLC and its affiliates.

The committee members are:

     1. Compania Industrial El Volcan S.A.
        Attn: Gonzalo Romero
        Agustinas 1357 Piso 10,
        Santiago, Chile
        Phone: 56-2-24830500
        E-mail: gromero@volcan.cl

     2. Parque Arenas SpA
        Attn: Francisco Larrain Amunategui
        Badajoz number 45, floor 45
        comuna de Las Condes, Santiago
        Region Metropolitana, Chile
        Phone 56 9 95999048,
        E-mail: parquearenas@gmail.com

     3. Comunidad de Aguas Canal El Manzano
        Attn: Pablo Cortes
              Leopoldo Fajuardo
              Patricio Pulgar
        Camino al Volcan #11.323
        San Jose de Maipo, Chile
        E-mail: pacortes@gmail.com
        E-mail: ppulgar@praxispersonas.cl
        E-mail: viceaguariego@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                         About Alto Maipo

Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The project
comprises two run-of-the-river plants with a combined installed
capacity of 531 megawatts. The run-of-the-river project is a joint
venture between U.S. utility subsidiary AES Gener and Chilean
mining company Antofagasta Minerals (AMSA).

Alto Maipo Delaware LLC and Alto Maipo SpA sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17,
2021. Javier Dib, board president and chief restructuring officer,
signed the petitions. At the time of the filing, Alto Maipo
Delaware LLC estimated between $1 billion and $10 billion in both
assets and liabilities.

The cases are handled by Judge Karen B. Owens.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Cleary
Gottlieb Steen & Hamilton LLP as legal counsel; Nelson Contador
Abogados & Consultores SpA as local Chilean counsel; AlixPartners,
LLP as financial advisor; and Lazard Freres & Co. LLC and Lazard
Chile SpA as investment banker. Prime Clerk, LLC is the claims,
noticing and administrative agent.


ALUMINUM SHAPES: Unsecureds Will Recover up to 60% of Their Claims
------------------------------------------------------------------
Aluminum Shapes, L.L.C., submitted a Chapter 11 Plan and a
Disclosure Statement.

Pursuant to the order approving the sale motion, as amended, the
Debtor conducted an auction on Nov. 10, 2021.  At the conclusion of
the auction, VV9000 (the "Purchaser"), prevailed as the highest and
best bidder for the Debtor's Assets.  The Purchaser's winning bid
resulted in proceeds of $31,987,000.  On Nov. 19, 2021, the Court
entered an order approving the sale to the Purchaser (the "Sale
Order").  In accordance with the Sale Order, the Debtor
successfully closed on the sale of the Assets to the Purchaser on
Nov. 24, 2021 and all of the Debtor's outstanding obligations to
Tiger were paid in full and indefeasibly.

Under the Plan, the Holders of Class 3 Allowed General Unsecured
Claims will receive a pro rata share of the net proceeds of the
Liquidating Trust Assets transferred to the Liquidating Trust. The
Plan Proponent estimates that the aggregate amount of Allowed Class
3 Claims is approximately $17,820,182 (including the PPP loans
which total $6,870,015 and are anticipated to be forgiven) and that
holders of such claims will receive a recovery of up to 60%.

"Liquidating Trust Assets" means, collectively, all of the Debtor's
Assets as of the Effective Date, including but not limited to,
Cash, any Estate Funds remaining in the Estate on the Effective
Date, and any Causes of Action. After the funding of the
Liquidating Trust, the Liquidating Trust Assets shall also include
any fiduciary accounting income and appreciation in trust
principal.

Counsel to the Debtor:

     Edmond M. George, Esq.
     Michael D. Vagnoni, Esq.
     Turner N. Falk, Esq.
     OBERMAYER REBMANN MAXWELL & HIPPEL LLP
     1120 Route 73, Suite 420
     Mount Laurel, NJ 08054-5108
     Telephone: (856) 795-3300
     Facsimile: (856) 482-0504
     E-mail: edmond.george@obermayer.com
             michael.vagnoni@obermayer.com
             turner.falk@obermayer.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3IP8S5n from Epiq11, the claims agent.

                      About Aluminum Shapes

Aluminum Shapes, L.L.C., is presently engaged in the business of
fabrication and processing of aluminum by extrusion and is the
owner of certain commercial/industrial real estate located at 9000
River Road, Delair, New Jersey.

Jacky Cheung, an Australian national and resident of Vietnam, owns
100% of the membership interests and is the sole member of the
Company.

Aluminum Shapes filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 21-16520) on August 15, 2021, with a deal to sell
the business to Reich Brothers, LLC.

The Debtor estimated $10 million to $50 million in assets and
liabilities as of the bankruptcy filing.

Obermayer Rebmann Maxwell & Hippel LLP, led by Edmond M. George, is
the Debtor's bankruptcy counsel.  Riveron Consulting's Winter
Harbor, LLC, is the interim management provider.  Cowen and
Company, LLC, is the investment banker.  Berwyn Capital Interests
is the restructuring agent.


ANKURA HOLDINGS: Moody's Assigns B3 CFR, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Ankura Holdings, LP. The CFR
and PDR are re-assigned to the parent entity where the financial
statements are issued, and therefore will be withdrawn from Ankura
Consulting Group, LLC. Based on the incremental debt raised,
Moody's also downgraded the instrument ratings of the first lien
senior secured credit facilities at Ankura Consulting Group, LLC to
B2 (from B1). The Caa2 instrument rating of the $175 million second
lien senior secured term loan At Ankura Consulting Group, LLC was
affirmed. The rating outlook was changed to stable from positive.

These ratings actions follow the issuance of $75 million in
incremental first lien term loan, which brings leverage up to 5.8x
based on Moody's adjusted EBITDA for the last twelve-month period
ended September 2021, from 5.3x. Proceeds from the incremental debt
will be used for future M&A activity. The change in the outlook to
stable is driven by the resulting higher leverage and the
expectation that the company will now take longer to achieve
metrics required for an upgrade. The stable outlook incorporates
the view that Ankura will continue to attain earnings growth
organically and via acquisitions, margins will remain stable and
leverage will decline in the absence of additional re-leveraging
transactions. Governance was a consideration in the ratings actions
-- Moody's believes the sponsor ownership increases the risk of
aggressive financial policies that includes debt funded
distributions or M&A.

The following ratings/assessments are affected by the action:

Ratings Downgraded:

Issuer: Ankura Consulting Group, LLC

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3)

New Assignments:

Issuer: Ankura Holdings, LP

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Ratings Affirmed:

Issuer: Ankura Consulting Group, LLC

Senior Secured Bank Credit Facility, Affirmed Caa2 (LGD5)

Ratings Withdrawn:

Issuer: Ankura Consulting Group, LLC

Corporate Family Rating, Withdrawn , previously rated B3

Probability of Default Rating, Withdrawn , previously rated B3-PD


Outlook Actions:

Issuer: Ankura Consulting Group, LLC

Outlook, Changed To Stable From Positive

Issuer: Ankura Holdings, LP

Outlook, Assigned Stable

RATINGS RATIONALE

The B3 CFR reflects Ankura's: 1) established market position within
the US across its client base and track record in creating revenue
growth; 2) diversified and highly specialized business practices
that are well positioned for growth; 3) cash generative model and
ability to delever; 4) relatively stable EBITDA margin through the
cycle supported by a balanced business profile that includes a mix
of cyclical, non-cyclical and counter-cyclical businesses. Moody's
expects that Ankura will delever to 5.5x by year-end 2022, driven
by these factors.

The ratings also reflects the company's: 1) small scale when
compared to consulting company peers, 2) high leverage and low free
cash flow to debt of below 5% expected for the next 12-18 months;
3) reliance on attraction and retention of key staff; and 4) lack
of recurring revenue with reliance on winning repeat business with
new and existing customers, exacerbating the company's exposure to
cyclicality. In addition, the ratings take into account private
equity ownership that could lead to aggressive financial policies
and additional complexity of introducing several equity structures
and new equity holders.

The stable outlook reflects the expectation that the company will
maintain its solid market position with clients and continue to
achieve revenue growth and stable or improving margins. The outlook
also incorporates the view that the company will be able to build
upon successful engagements with clients that will help in winning
bids for future engagements with new and existing clients. Moody's
expects the strategic initiatives undertaken by the company will
result in increased earnings and international expansion will
diversify the business. It also assumes that employee turnover
rates will remain stable. The stable outlook incorporates the view
that Ankura's clients generally will not need to pull back on
spending for consulting projects and will maintain their budgets
for projects. Importantly, the outlook assumes that the company
will continue to delever as the earnings base increases, with free
cash flow to debt improving to the high single digit area over the
projection period, both on a Moody's-adjusted basis. The stable
outlook assumes that distributions may be made from time to time to
retain senior talent as part of compensation.

Moody's expects revenue growth and operating leverage to continue
to drive increasing EBITDA and profitability, leading to cash
generation and drive de-leveraging. Revenue is based on fees from
advisory projects with limited duration and scope, but the company
has deep relationships across its customer base that enable
cross-selling of new projects and a growing revenue base. Ankura's
business profile is well diversified with little customer
concentration. Organic revenue growth has been in the high single
digit area and Moody's expects the company will be able to drive
overall revenue growth in the mid-teens area over the next 12
months. Several of the strategic initiatives that the company has
undertaken aim to increase the international presence of the
company and deepen expertise in various practice areas. Given the
balance between cyclical, counter-cyclical and non-cyclical
business Moody's expects that the company will be able to generate
revenue growth through economic cycles.

Under Moody's ESG framework the company has governance risk. The
company's ratings factor in its private ownership, its financial
policy, which is tolerant of high leverage, and its track record of
combining organic growth with acquisitions that contribute market
share or significant expertise in certain areas. As a mitigant to
this risk the company has good track record of integration and
completion of acquisitions.

Liquidity is good, supported by the $70 million revolving credit
facility which is expected to be undrawn, and $87.4 million of cash
on the balance sheet pro forma for the transaction (after accrued
bonus). Free cash flow is expected to improve and be generative
over the next 12-18 months, driven by EBITDA growth and assuming no
additional distributions or acquisitions. Free cash flow to debt is
projected to be around 3% for this year. There is seasonality
associated with the payment of variable compensation in the first
quarter of the year, which could cause the company to rely on the
revolver temporarily. Moody's assumes no large debt funded
acquisitions in the projection period. However, Moody's expects
that the company will execute bolt-on acquisitions that would be
funded primarily with cash. Ankura will have healthy cash balances
that can be used for such acquisitions.

Using Moody's Loss Given Default (LGD) methodology, the PDR of
B3-PD is in line with the B3 CFR based on a 50% recovery rate. The
1st Lien TLB and RCF are rated B2, one notch higher than the CFR,
reflecting the first-lien position in the capital structure. The
2nd Lien TLB is rated Caa2 and this rating reflects its junior
position in the capital structure and first loss feature.

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

The ratings could be upgraded if (all metrics Moody's adjusted) 1)
Ankura demonstrates stable growth, margins and free cash flow
generation capacity over time; 2) the company is able to complete
and integrate acquisitions that leads to a more diversified
business practice offering and results in winning new engagements;
3) debt/EBITDA decreases toward 5.5x and free cash flow to debt
approaches 5%; and 4) the company maintains good liquidity and
exhibits prudent financial policies.

The ratings could be downgraded if (all metrics Moody's adjusted)
1) revenue or profitability are lower than anticipated, or
financial policies become more aggressive, leading to the
expectation for debt/EBITDA sustained above 7.5x or free cash flow
to debt stays at break-even; 2) the company is not able to win new
engagements or loses clients to competitors leading to impairment
in reputation or if the company loses a significant number of
senior consultants; or 3) liquidity deteriorates.

Ankura Consulting Group, LLC is a global provider of a broad range
of consulting services in the areas of: disputes and economics,
data and technology, risk, forensics and compliance, turnaround and
restructuring, strategy and performance and in transactions and
operations advisory. The company has over 1,500 employees that
includes over 400 consultants at the senior level. The company is
majority owned by Madison Dearborn Partners with a minority equity
stake owned by employees. Pursuant to the equity transaction HPS
Investment Partners ("HPS") will also own a portion of the equity.
Ankura generated revenue of approximately $600 million for the LTM
ended September 2021.

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


APPLIED DNA: Hedgehog, David Lu Ceased as Shareholder as of Dec. 31
-------------------------------------------------------------------
Hedgehog Capital, LLC and David T. Lu disclosed in an amended
Schedule 13G filed with the Securities and Exchange Commission that
they no longer own shares of common stock of Applied DNA Sciences,
Inc. as of Dec. 31, 2021.

Mr. Lu is the managing member of Hedgehog Capital and has sole
voting and dispositive power with respect to shares owned by the
Hedgehog Capital.

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

https://www.sec.gov/Archives/edgar/data/744452/000121465922000107/j13221sc13ga1.htm

                          About Applied DNA

Applied DNA -- http//www.adnas.com -- is a provider of molecular
technologies that enable supply chain security, anti-counterfeiting
and anti-theft technology, product genotyping, and pre-clinical
nucleic acid-based therapeutic drug candidates.  Applied DNA makes
life real and safe by providing innovative, molecular-based
technology solutions and services that can help protect products,
brands, entire supply chains, and intellectual property of
companies, governments and consumers from theft, counterfeiting,
fraud and diversion.

Applied DNA reported a net loss of $14.28 million for the year
ended Sept. 30, 2021, compared to a net loss of $13.03 million for
the year ended Sept. 30, 2020.  As of Sept. 30, 2021, the Company
had $14.42 million in total assets, $3.30 million in total
liabilities, and $11.11 million in total equity.

Melville, NY-based Marcum LLP, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated Dec. 9,
2021, citing that the Company incurred a net loss of $14,278,439
and generated negative operating cash flow of $13,387,955.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


BAMBOO PALACE: Case Summary & One Unsecured Creditor
----------------------------------------------------
Debtor: Bamboo Palace, Inc.
        349 West Side Avenue
        Jersey City, NJ 07305

Chapter 11 Petition Date: February 2, 2022

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 22-10861

Debtor's Counsel: David Beslow, Esq.
                  GOLDMAN & BESLOW, LLC
                  7 Glenwood Avenue
                  Suite 311B
                  East Orange, NJ 07017
                  Tel: 973-677-9000
                  Fax: 973-675-5886
                  Email: yrodriguez@goldmanlaw.org

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Angaad Sooknandan as president.

PSE&G is listed as the Debtor's only unsecured creditor holding an
unknown amount of claim.

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

https://www.pacermonitor.com/view/QUZ2LTY/Bamboo_Palace_Inc__njbke-22-10861__0001.0.pdf?mcid=tGE4TAMA


BENNETT ROSA: Trustee Taps Bachecki Crom & Co. as Accountant
------------------------------------------------------------
Christopher Hayes, the Chapter 11 trustee for Bennett Rosa, LLC,
received approval from the U.S. Bankruptcy Court for the Northern
District of California to employ Bachecki, Crom & Co., LLP as his
accountant.

The firm's services include:

  -- preparing monthly operating reports, tax returns and tax
projections, and performing tax analysis;

  -- analyzing tax claims filed in the Debtor's Chapter 11 case, if
necessary;

  -- analyzing the tax impact of potential transactions, if
necessary;

  -- analyzing and testifying as to avoidance issues, if necessary;


  -- preparing a solvency analysis, if necessary; and

  -- serving as the trustee's general accountant and consulting
with the trustee and his legal counsel as to those matters during
the pendency of the Debtor's Chapter 11 proceeding and during any
subsequent Chapter 7 proceeding.

The hourly rates charged by the firm for its services are as
follows:

     Partners              $450 - $575 per hour
     Senior Accountant     $340 - $425 per hour
     Junior Accountant     $175 - $280 per hour

As disclosed in court filings, Bachecki, Crom & Co. is a
disinterested person within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Jay D. Crom, CPA
     Bachecki, Crom & Co., LLP
     400 Oyster Point Blvd #106
     South San Francisco, CA 94080
     Phone: +1 415-398-3534
     Email: jcrom@bachcrom.com

                        About Bennett Rosa

Bennett Rosa, LLC, a company based in San Mateo, Calif., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Calif. Case No. 21-30623) on Sept. 3, 2021, disclosing up to
$50,000 in assets and up to $10 million in liabilities.  Judge
William J. Lafferty oversees the case.

The Law Offices of David A. Boone serves as the Debtor's legal
counsel.

Christopher Hayes is the Chapter 11 trustee appointed in the
Debtor's case.  Charles P. Maher, Esq., at Rincon Law, LLP and
Bachecki, Crom & Co., LLP serve as the trustee's legal counsel and
accountant, respectively.


BITNILE HOLDINGS: Ceases to Own Medalist Diversified Common Shares
------------------------------------------------------------------
BitNile Holdings, Inc. disclosed in an amended Schedule 13D filed
with the Securities and Exchange Commission that as of Dec. 30,
2021, it beneficially owns zero shares of common stock of Medalist
Diversified REIT, Inc.  A full-text copy of the regulatory filing
is available for free at:

https://www.sec.gov/Archives/edgar/data/896493/000121465922000098/g13220sc13da4.htm

                      About BitNile Holdings

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

BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, a net loss of $32.94 million for the year ended
Dec. 31, 2019, and a net loss of $32.98 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $225.72
million in total assets, $24.74 million in total liabilities, and
$200.98 million in total stockholders' equity.


BITNILE HOLDINGS: Owns 12.23% Equity Stake in Houston American
--------------------------------------------------------------
BitNile Holdings, Inc. disclosed in an amended Schedule 13D filed
with the Securities and Exchange Commission that as of Jan. 28,
2022, it beneficially owns 1,220,000 shares of common stock of
Houston American Energy Corp., representing 12.23 percent of the
shares outstanding.  

The aggregate percentage of shares owned by BitNile Holdings is
based upon 9,928,338 shares outstanding, which is the total number
of shares outstanding as of Nov. 10, 2021, as reported in the
issuer's Quarterly Report on Form 10-Q filed with the SEC on Nov.
12, 2021.  A full-text copy of the regulatory filing is available
for free at:

https://www.sec.gov/Archives/edgar/data/896493/000121465922001466/g131226sc13da2.htm

                      About BitNile Holdings

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

BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, a net loss of $32.94 million for the year ended
Dec. 31, 2019, and a net loss of $32.98 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $225.72
million in total assets, $24.74 million in total liabilities, and
$200.98 million in total stockholders' equity.


BITNILE HOLDINGS: Registers 17.5M Shares for Possible Resale
------------------------------------------------------------
BitNile Holdings, Inc. filed a Form S-3 registration statement with
the Securities and Exchange Commission relating to the resale or
other disposition from time to time in one or more offerings of up
to 17,519,462 shares of its common stock issuable upon the exercise
of warrants to be offered by the selling stockholders.  The selling
stockholders are:

   * Esousa Holdings LLC
   * Jess Mogul
   * James Fallon
   * JADR Consulting Group Pty Ltd.
   * John Lowry
   * William Coons
   * Doug Atkin

On Nov. 19, 2020, the Company issued promissory notes to Esousa
Holdings LLC and two individuals.  In connection therewith, the
Company issued warrants to purchase an aggregate of 1,323,531
shares of common stock to the 2020 Investors, 661,766 of which
remain outstanding.

On Dec. 30, 2021, the Company entered into a Securities Purchase
Agreement with Esousa and certain other investors pursuant to
which, among other items, the 2021 Investors acquired approximately
$66 million in promissory notes due March 31 2022, as well as Class
A Warrants and Class B Warrants.  The Class A Warrants entitle the
2021 Investors to purchase an aggregate of 14,095,350 shares of
common stock if exercised for cash.  The Class B Warrants entitle
the 2021 Investors to purchase an aggregate of 1,942,508 shares of
common stock if exercised for cash.  If all the Class A Warrants
and the Class B Warrants were exercised for cash, the 2021
Investors would receive 16,037,858 shares of our common stock.  The
Class B Warrants may be exercised via cashless exercise at the
option of the Investors.  If the Investors elect to exercise the
Class B Warrants on a cashless basis, then the Company would be
required to issue up to an aggregate of 2,762,346 shares of its
common stock upon a cashless exercise of Class B Warrants and up to
an aggregate of 16,857,696 for the 2021 Warrants.

The selling stockholders may, from time to time, sell, transfer or
otherwise dispose of any or all of its shares of the Company's
common stock on any stock exchange, market or trading facility on
which the shares are traded or in private transactions.  These
dispositions may be at fixed prices, at prevailing market prices at
the time of sale, at prices related to the prevailing market price,
at varying prices determined at the time of sale, or at negotiated
prices.

The Company is not offering any shares of its common stock for sale
under this prospectus.  The Company will not receive any of the
proceeds from the sale of common stock by the selling stockholders,
though it will receive the proceeds from any exercise of the
Warrants for cash.  The Company will pay all the expenses,
estimated to be approximately $27,413, in connection with this
offering, other than underwriting commissions and discounts and
counsel fees and expenses of the selling stockholders.  The shares
of the Company's common stock are being registered to satisfy
contractual obligations owed by the Company to the selling
stockholders pursuant to their respective transaction documents.

The Company's common stock is traded on the NYSE American under the
symbol "NILE."  The last reported sale price for the common stock
on the NYSE American on Jan. 21, 2022 was $0.84 per share.

A full-text copy of the Form S-3 is available for free at:

https://www.sec.gov/Archives/edgar/data/896493/000121465922001136/g125224s3.htm

                      About BitNile Holdings

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

BitNile reported a net loss of $32.73 million for the year ended
Dec. 31, 2020, a net loss of $32.94 million for the year ended
Dec. 31, 2019, and a net loss of $32.98 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $225.72
million in total assets, $24.74 million in total liabilities, and
$200.98 million in total stockholders' equity.


BOY SCOUTS OF AMERICA: Wants More Sex Abuse Settlement Votes
------------------------------------------------------------
Piper Jones Castillo of The Legal Examiner reports that lawyers for
the Boy Scouts of America (BSA) have spent the last six months
working to rescue the youth club from bankruptcy by reaching an
agreement on the $2.7-billion settlement with thousands of sexual
abuse victims.

U.S. Bankruptcy Judge Laurie Seiber Silverstein will review the
proposed settlement and begin the hearing on the Boy Scouts'
Chapter 11 reorganization plan on Feb. 22, 2022 in Delaware. In the
days leading up to the hearing, the BSA's legal team is in
mediation and drumming up last-minute support for the settlement.
It would become the largest sexual abuse settlement in U.S. history
if granted.

While the 112-year-old organization has been forced to reckon with
abuse allegations involving scout leaders, volunteers and employees
for many years, legal pressures escalated in 2019 when several
states passed laws waving the statute of limitations, giving
victims of sexual abuse earlier in life a new opportunity to hold
the perpetrators responsible.

Within less than a year, the Boy Scouts of America took a swift hit
from hundreds of new lawsuits, which prompted their decision to
file for bankruptcy protection.

The settlement has seen strong support and opposition and includes
the Boys Scouts and its 250 councils across the country. They plan
to deposit $820 million in cash and property into a fund for
victims and assign certain insurance rights.

In return, BSA's local councils and national organizations would be
released from further liability for sexual abuse claims.

BSA had hoped that the plan would have the required 75% approval of
the claimants by the end of 2021.  But as of January 18, according
to bankruptcy court records, they are still short of that amount.
The percentage stands at 73.57 after 54,000 votes.

Although the count does fall short of the BSA's goal, it does
exceed the minimum required under bankruptcy law, meaning the
organization could still persuade a judge to approve it.  According
to a recent filing, thousands of votes still need to be counted.

Voters have until the day the bankruptcy judge hears the case to
change their mind.

            Why Does Boy Scouts Settlement Have Mixed Reviews?

While some -- including the ad hoc group Coalition of Abused Scouts
for Justice, representing about 18,000 abuse claimants -- have
supported the settlement for months, others disapproved from the
beginning, including the official abuse claimants committee
appointed by the U.S. bankruptcy trustee.

The committee has said the plan is "grossly unfair" and represents
only a fraction of "...the settling parties' potential liabilities"
and what they should and can pay.

Committee members have also expressed concern that organizations
like churches and civic groups who support BSA can avoid liability
for more abuse claims dating to 1976 easily by transferring their
interests in insurance policies purchased by the BSA and local
councils to the victims’ fund without having to contribute any
existing cash or property.

On the other side, many opponents have been concerned BSA would not
be able to make good on the necessary funding. Perhaps in response
to those skeptics, BSA revealed one large funding source on Dec.
14, 2021 by announcing an agreement with Century Indemnity Co. and
its affiliated companies. They pledged $800 million for the fund in
exchange for immunity from further abuse claim liability.

Another one of the BSA's major insurers, Hartford, has agreed to
pay $787 million into the victims' fund.  And the BSA's former
largest troop sponsor, the Mormon church -- officially known as the
Church of Jesus Christ of Latter-day Saints -- has also agreed to
contribute $250 million.

Both Hartford and the Mormon church will be released from further
liability involving BSA child sex abuse claims.

Some oppose the settlement because they believe the amount is
simply not enough.  Tim Kosnoff, the co-founder of the advocacy
group Abused in Scouting, told NPR last year that the settlement is
a "failure" and noted it would not be final until a judge signs off
on it.

If the settlement is approved in bankruptcy court, a compensation
program will be formed, under which claims would be valued and paid
based on the severity of the alleged abuse and where it occurred.
Those from states that have suspended the statutes of limitations
will recover more than those in states that haven't.

                   About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Questions Catholic Group's Chapter 11 Standing
----------------------------------------------------------
Rick Archer of Law360 reports that the Boy Scouts of America, its
insurers and an ad hoc committee of Roman Catholic organizations
faced off Tuesday, February 1, 2022,  before a Delaware bankruptcy
judge on both discovery issues and who the committee is supposed to
represent.

At the virtual hearing, the ad hoc Catholic committee accused the
Boy Scouts of attempting to trap it into admissions that would
class Catholic groups as objectors to the group's Chapter 11 plan,
while the Boy Scouts claimed that the committee was trying to
object to the plan as a group while parties that it represents
support it.

                  About Boy Scouts of America

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

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

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

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

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


CADIZ INC: Hoving & Partners Ceased as Shareholder as of Dec. 31
----------------------------------------------------------------
Hoving & Partners SA disclosed in a Schedule 13G/A filed with the
Securities and Exchange Commission that as of Dec. 31, 2021, it has
ceased to beneficially own shares of common stock of Cadiz Inc.
The Reporting Person's investment mandate for its clients has
ceased.  A full-text copy of the regulatory filing is available for
free at:

https://www.sec.gov/Archives/edgar/data/727273/000101905622000002/cadiz_13ga4.htm

                         About Cadiz Inc.

Founded in 1983 and headquartered in Los Angeles, California, Cadiz
Inc. -- http://www.cadizinc.com-- is a natural resources
development company dedicated to creating sustainable water and
agricultural opportunities in California.  The Company owns 70
square miles of property with significant water resources in
Southern California and are the largest agricultural operation in
San Bernardino, California, where we have sustainably farmed since
the 1980s.  The Company is also partnering with public water
agencies to implement the Cadiz Water Project, which was named a
Top 10 Infrastructure Project that over two phases will create a
new water supply for approximately 400,000 people and make
available up to 1 million acre-feet of new groundwater storage
capacity for the region.

Cadiz Inc. reported a net loss and comprehensive loss applicable to
common stock of $37.82 million for the year ended Dec. 31, 2020, a
net loss and comprehensive loss applicable to common stock of
$29.53 million for the year ended Dec. 31, 2019, and a net loss and
comprehensive loss of $26.27 million for the year ended Dec. 31,
2018.  As of Sept. 30, 2021, the Company had $120.11 million in
total assets, $72.99 million in total liabilities, and $47.12
million in total stockholders' equity.


CHRISTOPHER WEATHERFORD: Bar Brawl Victim Wins Summary Judgment
---------------------------------------------------------------
The issue before the United States Bankruptcy Court for the
Northern District of Texas, Dallas Division, in the adversary
proceeding captioned Alford Lee III, Plaintiff, v. Christopher Lee
Weatherford, Debtor, Adversary No. 21-03059-sgj (Bankr. N.D. Tex.)
is whether a debtor who attacked a man during a bar brawl is
entitled to a discharge of a prepetition judgment debt resulting
therefrom in his Chapter 11 bankruptcy case.

Before Christopher Lee Weatherford filed for bankruptcy, a state
court awarded Alford Lee, III, a final judgment for injuries he
sustained at the Debtor' hands. The jury awarded $167,865.49 in
actual damages, plus $60,000 in punitive damages, plus additional
interest and court costs. The Plaintiff now seeks summary judgment
against the Debtor. He asks the court to declare the prepetition
judgment debt non-dischargeable under 11 U.S.C. Section 523(a)(6)
as the product of the Debtor's willful and malicious conduct. In
doing so, he asks the court to give estoppel effect to the jury's
verdict and the resulting final judgment.

The Debtor admits to striking the Plaintiff, but he disputes
whether the summary judgment evidence -- namely, the underlying
judgment and jury findings -- establishes willful injury as a
matter of law. Therefore, he argues that the character of his
assault on the Plaintiff is a question of fact not proper for
summary judgment.

11 U.S.C. Section 523(a)(6) states "a discharge under section 727 .
. . of this title does not discharge an individual debtor from any
debt . . . [that is the result of] willful and malicious injury by
the debtor to another entity."  The Supreme Court has held that
"[t]he word ‘willful' in (a)(6) modifies the word ‘injury,'
indicating that nondischargeability takes a deliberate or
intentional injury, not merely a deliberate or intentional act that
leads to injury."  Therefore, "debts arising from recklessly or
negligently inflicted injuries do not fall within the compass of
section 523(a)(6)."

Bankruptcy Judge Stacey G.C. Jernigan notes the Fifth Circuit has
concluded that "willful and malicious" are to be examined together
with a single two-prong test. There must be either an "objective
substantial certainty of harm or a subjective motive to cause
harm."  For the first prong, according to Judge Jernigan, the court
must determine whether the summary judgment evidence proves as a
matter of law that the Debtor's punches were substantially certain
to cause injury.

"It does.  Unfortunately, the present fact pattern is not
uncommon," Judge Jernigan says. The Fifth Circuit has decided that
most punches to the face are substantially certain to cause an
injury. "[H]aymakers, like most garden-variety punches to the face,
are objectively very likely to cause harm."  In this case, the
Debtor does not suggest he accidentally harmed the Plaintiff, as if
by swatting at a fly or even slapping the Plaintiff with an open
hand.  The Debtor's own words were that he "threw punches" at the
Plaintiff. The court easily concludes the Debtor's fighting punches
were substantially certain to cause harm.

For the second prong, the court must determine whether the summary
judgment evidence proves as a matter of law that the Debtor had a
subjective motive to cause harm. The court concludes it does. Most
cases turn on the first prong because debtors rarely admit to
having a nefarious subjective motive, Judge Jernigan says. However,
personal animosity, the force and location of the punch, and the
severity of the damage can reflect the attacker's subjective
intent. Here, the escalating events at Fat Dawg and the severity of
the Plaintiff's injury (both in the summary judgment evidence)
support the court's conclusion the Debtor subjectively intended to
harm the Plaintiff. The Debtor's Affidavit states the conflict
began immediately after his party arrived at Fat Dawg and escalated
over the course of the night. Animus was so high that violence
erupted as soon as the parties were left unsupervised. Furthermore,
the damage that the Debtor inflicted was substantial. The jury's
award in the Charge of the Court awards $57,000 for damages related
to physical impairment and disfigurement. Such damage from punches
would not seem to occur absent a subjective motive to cause harm.

Judge Jernigan concludes the undisputed summary judgment evidence
establishes as a matter of law that the Debtor's punches were
objectively certain to cause harm and that the Debtor acted with a
subjective motive to cause harm. But the analysis does not stop
there. "[T]he Fifth Circuit has constructed an exception to the
general two-prong test." For a debtor's action to be considered
willful and malicious, it must not have been "sufficiently
justified under the circumstances" such as in self-defense. In the
present case, the state court jury has already decided the issue.
It determined that the Debtor did not act in self-defense and that
he was 95% responsible for the Plaintiff's injuries. Since the
state court's Final Judgment incorporates the Charge of the Jury,
the Debtor is collaterally estopped from arguing self-defense.

The elements of collateral estoppel are satisfied for the issue of
self-defense, Judge Jernigan says. The parties were the same, and
the issues were identical. The jury expressly decided on the
Debtor's lack of self-defense after the parties litigated the
issue. Since self-defense was an affirmative defense asserted by
the Debtor, the issue was a necessary part of the Final Judgment
against him. The Debtor provided no alternative justification for
the assault. As such, the court can conclude as a matter of law
that the Debtor's attack on the Plaintiff was not "sufficiently
justified under the circumstances."

Accordingly, Judge Jernigan grants the Plaintiff's Motion for
Summary Judgment.  The Plaintiff is directed to upload a Judgment
of Nondischargeability consistent herewith.

A full-text copy of the Memorandum Opinion and Order dated January
19, 2022, is available at https://tinyurl.com/4xp7k9st from
Leagle.com.

Christopher Lee Weatherford filed a Chapter 11 Petition (Bankr.
N.D. Tex. Case No. 21-30975) on May 26, 2021. He is represented by
Joyce Lindauer, Esq.



COCRYSTAL PHARMA: Sabby Entities Report 5.89% Equity Stake
----------------------------------------------------------
Sabby Volatility Warrant Master Fund, Ltd., Sabby Management, LLC,
and Hal Mintz disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2021, they
beneficially own 5,738,120 shares of common stock of Cocrystal
Pharma, Inc., representing 5.89 percent of the shares outstanding.
A full-text copy of the regulatory filing is available for free
at:

https://www.sec.gov/Archives/edgar/data/1412486/000153561022000022/cocp0122.txt

                      About Cocrystal Pharma

Headquartered in Creek Parkway Bothell, WA, Cocrystal Pharma, Inc.
-- http://www.cocrystalpharma.com-- is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, noroviruses, and coronaviruses.

Cocrystal Pharma reported a net loss of $9.65 million for the year
ended Dec. 31, 2020, a net loss of $48.17 million for the year
ended Dec. 31, 2019, and a net loss of $49.05 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $82.60
million in total assets, $1.59 million in total liabilities, and
$81.01 million in total stockholders' equity.



COMMERCIAL METALS: Fitch Rates USD150MM Rev. Bonds 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR4' rating to Commercial
Metals Company (CMC) $150 million of series 2022 exempt facilities
revenue bonds issued by the Industrial Development Authority of the
County of Maricopa on behalf of CMC.

The ratings reflect CMC's low-cost position and the flexible
operating structure of its electric arc furnace (EAF) steel
production. CMC benefits from exposure to strong construction
demand regions within the U.S. and the European Union, which
provides geographical diversification. The ratings also reflect
Fitch's expectation total debt/EBITDA will generally remain at or
below 2.0x barring any additional acquisitions. A commitment to
maintaining an investment-grade credit profile could lead to an
upgrade of CMC's ratings.

KEY RATING DRIVERS

Conservative Leverage Profile: CMC has maintained total debt/EBITDA
below 3.5x over the past seven years, despite operating in a highly
cyclical industry that experienced a meaningful downturn during
2015-2016. Total debt/EBITDA was below 1.5x at fiscal 2021 and
Fitch expects it to generally remain at or below 2.0x, barring any
material leveraging acquisitions.

Leverage Neutral Tensar Acquisition: In December 2021, CMC
announced an acquisition of Tensar, a global provider of engineered
solutions for subgrade reinforcement and soil stabilization used in
road, infrastructure and commercial construction projects. Tensar
generates around 60% of its sales in North America with additional
exposure to EMEA and other parts of the world, providing additional
geographic diversification.

Fitch views the Tensar Acquisition as expanding upon CMC's existing
operational mix while being complimentary to servicing CMC's
current end markets. Tensar's exposure to economic cycles, through
its exposure to the construction sector, is in line with how Fitch
views CMC's current business profile.

Tensar's 2021 EBITDA was approximately $60 million according to
CMC, which is around 7.5% of CMC's Fitch-calculated fiscal 2021
EBITDA of $806 million. The acquisition size is significant, but
the majority of earnings will continue to be generated from CMC's
steel production. Fitch believes the Tensar acquisition will
benefit overall EBITDA margins as the company has significantly
higher margins compared with CMC.

Fitch expects CMC's total debt/EBITDA to peak around 2.0x in fiscal
2022, pro forma the transaction, and views the acquisition as
neutral to CMC's credit ratings. CMC expects the acquisition to
close in the first half of the 2022 calendar year with a purchase
price of $550 million.

Heavily Levered to Rebar: CMC, the largest producer of rebar in the
U.S., is highly levered to nonresidential construction demand and
rebar in particular. Fitch views CMC's heavy exposure to rebar as
partially offset by its low-cost position and its fabrication
operations, which provide a steady and consistent source of
demand.

Construction remained relatively resilient in 2020 as opposed to
some other end markets such as auto and energy which were more
heavily impacted by the pandemic. Fitch expects nonresidential
construction to continue to be relatively resilient over the
forecast period and will benefit from an infrastructure bill.

International Footprint Provides Diversification: CMC's operations
are concentrated primarily in strong nonresidential construction
demand regions within the U.S. and secondarily in Central Europe.
CMC's operations in Poland, which account for approximately 20% of
total mill capacity, provide diversification from U.S. construction
exposure. Europe EBITDA margins have contracted in fiscal 2020
partially driven by elevated imports in Europe but have since
recovered significantly in FY21. Fitch expects Europe EBITDA
margins to benefit from EU infrastructure spending and CMC's
investment in its Polish assets to lower the cost structure and
provide a wider variety of products to the markets it serves.

Vertically Integrated Business Model: CMC's vertically integrated
business model and focus on pull-through volumes benefits
consistent capacity utilization and positions the company as a
low-cost producer. Approximately 50%-60% of scrap from CMC's
recycling operations gets sold to CMC's mill operations.
Additionally, nearly 100% of steel supply for its fabrication
operations was sourced internally in fiscal 2020. CMC's recycling
facilities are often located in close proximity to mills, resulting
in reduced transportation costs. Mills also have a steady and
captive source of demand through internal shipments to fabrication
facilities leading to consistent utilization rates across these
segments.

Fitch believes the company's vertically integrated model also
provides some margin resiliency through the cycle. Mills and
fabrication operations tend to have lower margins in periods of
rapidly increasing scrap prices, whereas recycling operations tend
to perform well under the same conditions. The inverse correlation
and timing difference of peak profitability during volatile scrap
and rebar price environments across different segments helps
provide some insulation against price volatility.

FCF Provides Flexibility: In FY20, CMC announced its intention to
construct a new 300,000-ton mini mill in Arizona. The mill is
expected to cost $300 million to construct with expected completion
in early 2023. In 1Q FY22, CMC announced a $350 million share
repurchase program, which Fitch expects to be exhausted over the
next year or two. Fitch believes CMC's stable margin profile and
minimal capex requirements provides the ability to consistently
generate FCF, which allows CMC to fund internal growth and
shareholder returns largely with cash.

In addition, in December 2021, CMC completed a sale of a large
parcel of California land for $313 million, benefitting liquidity
during a period of elevated capex.

DERIVATION SUMMARY

Commercial Metals is smaller in terms of annual shipments compared
with EAF steel producer Steel Dynamics (BBB/Stable) and majority
blast furnace producers United States Steel Corporation (U.S.
Steel; BB-/Positive) and Cleveland-Cliffs (BB-/Positive) although
the flexible operating structure of its EAF production and CMC's
low-cost position results in much less volatile profitability and
more consistent leverage metrics.

Commercial Metals has lower product diversification compared with
Steel Dynamics, U.S. Steel and Cleveland-Cliffs given its
concentration in rebar although has geographic diversification
through its European operations. CMC generally has lower margins,
although more stable through-the-cycle margins and leverage
metrics, compared with U.S. Steel and Cleveland-Cliffs and less
favorable margins and leverage compared with Steel Dynamics.

KEY ASSUMPTIONS

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

-- Rebar prices decline in FY23 and remain relatively flat
    thereafter;

-- Annual North America external shipments of around 3 million
    tons;

-- EBITDA margins in the 11%-12% range;

-- Elevated capex of $520 million in FY22 associated with the
    construction of the new Arizona mini mill, declining to
    roughly $200 million per year thereafter;

-- Flat dividends and no additional acquisitions;

-- Share repurchases of around $200 million per year.

RATING SENSITIVITIES

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

-- Commitment to maintaining a conservative financial policy and
    investment-grade credit profile;

-- Total debt/EBITDA sustained below 2.5x;

-- EBITDA margins sustained above 8%, representing an improved
    pricing environment for rebar, further cost reduction, and/or
    an expansion of the product portfolio into higher value-add
    mix.

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

-- Total debt/EBITDA sustained above 3.5x;

-- Prolonged negative FCF driven by a material reduction in steel
    demand or an influx of rebar imports causing rebar prices to
    be depressed for a significant time period;

-- Depressed metal margins leading to overall EBITDA margins
    sustained below 6%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: On Nov. 30, 2021, CMC had cash and cash
equivalents of USD415 million and USD397 million available under
its USD400 secured revolving credit facility due 2026. In addition,
the company has approximately USD150 million available under its
USD150 million U.S. accounts receivable securitization program and
a PLN288 million (USD40 million available as of Nov. 30, 2021)
accounts receivable securitization program. CMC also has
approximately USD72 million of availability under its Poland credit
facilities.

ISSUER PROFILE

CMC manufactures, recycles, and markets steel and metal products,
related materials and services through a network of facilities in
the United States and Poland. The company manufactures long steel
products, primarily rebar, which is particularly tied to
construction demand.

ESG CONSIDERATIONS

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


DALTON CRANE: March 9 Hearing on Disclosure Statement
-----------------------------------------------------
Judge Eduardo Rodriguez has entered an order that the hearing to
consider the approval of the Disclosure Statement of Dalton Crane,
L.C. will be held at the United States Courthouse, Bob Casey
Federal Building, 515 Rusk Ave., Courtroom #402, Houston Texas,
77002, on March 9, 2022 at 10:30 a.m. (CST).

March 1, 2020, is fixed as the last day for filing and serving
written objections to the Disclosure Statement.

As reported in the TCR, Dalton Crane filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Chapter 11 Plan and a
Disclosure Statement on Jan. 27, 2022.  The Plan provides for a
sale of substantially all Debtor's assets through a turnkey process
to enable the conveyance of Debtor's
business as a going concern to a stalking horse or qualified
bidder.  Alternatively, if no turnkey sale is consummated within a
reasonable period Debtor will sell substantially all equipment
within an auction process where Tiger/Global have guaranteed that a
minimum amount of gross revenue of at least $13.5 million.

A full-text copy of the Disclosure Statement dated Jan. 27, 2022,
is available at https://bit.ly/3433vAS from PacerMonitor.com at no
charge.

                         About Dalton Crane

Dalton Crane, L.C. provides crane and related services within the
Texas oil and gas industry, typically at wellhead or drill
locations for oil and gas drilling and operational businesses. Its
activities involve acquisition, renting, operating and disposition
of crane and related assets currently deployed to various oil and
gas operational cites within south Texas.

Dalton Crane filed a petition for Chapter 11 protection (Bankr.
S.D. Texas Case No. 21-33218) on Oct. 1, 2021, listing $22,113,730
in assets and $14,515,457 in liabilities.  Joshua Dalton, chief
executive officer and member of Dalton Crane, signed the petition.

Judge Eduardo V. Rodriguez oversees the case.

Michael G. Colvard, Esq., at Martin & Drought, P.C. and Michael S.
Klingle, CPA, PLLC serve as the Debtor's legal counsel and
accountant, respectively.

Signature Financial LLC, as creditor, is represented by Frances
Smith, Esq., at Ross and Smith PC and Morrit Hock and Hamroff LLP.

First State Bank, as secured creditor, is represented by Richard
Chapman, Esq., at Anderson, Smith, Null & Stofer, LLP.


DEL MONTE FOODS: Moody's Rates New Senior Secured Term Loan 'B3'
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Del Monte Foods,
Inc.'s proposed senior secured term loan due 2029. Del Monte's
existing ratings including the B2 Corporate Family Rating and
stable outlook are not affected.

Proceeds from the proposed senior secured term loan along with a
partial draw on the ABL will be used to repay the existing $500
million 11.875% senior secured notes due May 2025, and pay fees of
more than $50 million related to the transaction. While the
refinancing transaction will increase debt, free cash flow should
improve going forward as the company takes out the high interest
secured notes. The transaction is expected to close in May 2022 as
the first call date on the secured notes is May 15, 2022 (callable
at 108.906%), but lender commitments for the proposed term loan are
due in February 2022. While the secured notes are first callable in
May 2022, they can be redeemed earlier than the first call date at
an applicable premium.

The B3 rating on the proposed senior secured term loan is one notch
lower than the B2 Corporate Family Rating, reflecting its
subordinate lien on the ABL collateral consisting of working
capital assets. This notching also reflects the absence of any
significant debt instruments that are subordinate to the senior
secured term loan. The B3 rating on the outstanding $500 million
senior secured notes will be withdrawn after the refinancing
transaction closes, which is expected to be by the first call date
(May 2022).

This rating action follows Moody's 20-Jan-2022 upgrade of Del
Monte's Corporate Family Rating to B2 from B3, Probability of
Default Rating to B2-PD from B3-PD and senior secured notes rating
to B3 from Caa1 with a stable outlook. The asset backed revolving
credit facility ("ABL") is not rated. The rating upgrades reflected
the company's strengthening operating performance following a May
2020 recapitalization and major operational restructuring, which
have improved liquidity and allowed the company to accelerate
deleveraging.

Moody's estimates that at the end of this fiscal year ending in
April 2022, debt-to-EBITDA (on Moody's adjusted basis) will fall to
approximately 4x from just over 10x in fiscal 2020 because of
improved earnings and an equity investment from parent company Del
Monte Pacific Ltd ("DMPL"). Debt-to-EBITDA leverage was somewhat
higher at approximately 4.5x in the LTM period ended October 31,
2021 (pro forma for the proposed refinancing transaction) due to
seasonal working capital needs. The projected decrease in leverage
from October to the FYE April 2022 reflects the expected reduction
of the ABL revolver balance after the peak packing season.

The company's recent performance has been significantly aided by
the effects of the coronavirus pandemic that drove elevated retail
demand for shelf stable fruits, vegetables and broths. However,
Moody's believes that a meaningful portion of the increase in
adjusted EBITDA (on Moody's adjusted basis) from $90 million in
fiscal 2020 to $210 million in the LTM period ended October 31,
2021 was driven by significant cost reductions derived from recent
supply chain restructurings that are sustainable. In addition, the
company has de-emphasized margin-dilutive non-branded sales,
focused on growing in underpenetrated channels, and innovated
around its core brands to expand to the frozen and refrigerated
categories. Moody's expects these initiatives, along with ongoing
pricing and cost cutting initiatives, to mitigate the impact of
inflation and demand shifts as the pandemic abates.

Moody's took the following rating actions:

Assignments:

Issuer: Del Monte Foods, Inc.

Gtd Senior Secured 1st Lien Term Loan B, Assigned B3 (LGD5)

RATINGS RATIONALE

The B2 Corporate Family Rating reflects Del Monte's relatively
volatile free cash flow from inventory swings, weak long-term
category fundamentals in U.S. canned fruit and vegetables, and
execution risk related to the company's ability to manage
inflationary headwinds over the next 12 to 18 months. The company's
ratings are supported by the strength of the Del Monte™ brand,
which holds leading shares in core shelf stable fruits and
vegetables, and strong execution on recent restructuring
initiatives that have improved the margin profile of the business.
As a result, leverage is declining and Del Monte is targeting to
further reduce debt-to-EBITDA leverage (based on the company's
definition, in which total debt reflects average ABL draw over the
LTM period) to 3.0x long term from approximately 4x anticipated as
of April 2022 pro forma for the close of the proposed refinancing.
The ratings are also supported by a history of significant
liquidity support provided by the parent company, DMPL. Moody's
expects such support will continue in periods of earnings weakness,
but that the company's improved operating performance and free cash
flow will reduce the need for DMPL's seasonal cash flow support.

Del Monte's adequate liquidity is supported by a sizable $450
million ABL facility due April 2026 which is the primary source of
external liquidity. As of October 31, 2021, Del Monte had
approximately $341 million drawn on the revolver and $25 million of
letters of credit outstanding, reducing ABL availability to $85
million. Seasonal borrowings typically peak during the first half
of the April fiscal year as the company builds inventory during its
seasonal production cycle ahead of the US holiday season. Moody's
expects the company to maintain at least $75 million of
availability under its ABL throughout the year. Del Monte typically
maintains modest cash ($8 million as of October 2021) and Moody's
projects free cash flow of approximately $60 million in fiscal 2023
to provide adequate coverage of the $6 million required annual term
loan amortization. Moody's anticipates that Del Monte will maintain
a comfortable cushion within the revolver's minimum 1.0x fixed
charge coverage covenant, which applies if ABL revolver borrowings
exceed certain levels.

ESG CONSIDERATIONS

Del Monte is moderately exposed to social risks related to customer
relations, responsible production, health and safety standards and
evolving consumer trends. The company is also moderately exposed to
environmental risks such as soil/water and land use, energy &
emissions impacts, waste and pollution, among others. These factors
will continue to play an important role in evaluating the overall
creditworthiness of food manufacturers like Del Monte, particularly
as the industry continues to evolve globally.

Notwithstanding currently favorable demand dynamics from the
pandemic, longer-term, Moody's expects consumption trends in the
company's core canned fruit and vegetable category to eventually
resume secular declines for the foreseeable future. Moody's expects
that canned food products typically found in the center grocery
aisles will gradually lose market share as consumers gravitate to
fresher produce found on the perimeter of the store. Del Monte is
attempting to offset this negative trend by focusing on innovation
outside of the can, such as fruit cups, aseptic broth and frozen
veggie snacks. Better innovation also strengthens the Del Monte
brand.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, and the government measures put in place to contain it.
Although an economic recovery is underway, it is tenuous, and its
continuation will be closely tied to containment of the virus. As a
result, the degree of uncertainty around Moody's forecasts is high.


In terms of governance, Moody's expects that the parent company,
Del Monte Pacific Ltd, will continue to be supportive of Del Monte
within limitations. DMPL is not a guarantor of Del Monte debt, but
has provided significant liquidity support in the past through
intercompany trade financing and most recently through a $387
million equity contribution in 2020.

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

The stable outlook reflects Moody's expectation that Del Monte will
sustain debt-to-EBITDA below 5.5x, even as favorable pandemic
effects abate, and will begin generating positive free cash flow in
fiscal 2023.

A rating upgrade could occur if Del Monte is able to sustain
operating performance including positive organic revenue growth
with stable to higher margins, and consistent and solid free cash
flow generation. Del Monte would also need to sustain debt/EBITDA
in a low 4x range or lower through strong operating performance or
significant debt repayment. An upgrade is unlikely in the near term
due to the uncertainty of sustainability of recent strong
performance that was partially driven by the favorable pandemic
effects.

A rating downgrade could occur if Del Monte is unable to maintain
stable operating performance, margins were to significantly
deteriorate from current levels, or the financial policy becomes
more aggressive. Quantitatively, a downgrade could occur if
debt/EBITDA is not likely to be sustained below 5.5x, or liquidity
deteriorates.

As proposed, the new first lien term loan credit facility is
expected to provide covenant flexibility that if utilized could
negatively impact creditors. Notable terms: 1) Incremental first
lien debt capacity up to the greater of $184 million and 100% of
the Consolidated EBITDA, plus unlimited amounts subject to pro
forma first lien net leverage less than or equal to closing date
first lien net leverage (if pari passu secured). No portion of the
incremental may be incurred with an earlier maturity than the
initial term loans; 2) Non-wholly-owned subsidiaries are not
required to provide guarantees; dividends or transfers resulting in
partial ownership of subsidiary guarantors could jeopardize
guarantees subject to protective provisions which only permit
guarantee releases if such transaction is a good faith disposition
for fair market value and for a bona fide business purpose; 3) The
credit agreement permits the transfer of assets to unrestricted
subsidiaries, up to the carve-out capacities, with no "blocker"
provisions, but subject to protections which prohibit the
designation of any restricted subsidiary as an unrestricted
subsidiary if such restricted subsidiary owns material intellectual
property; 4) The credit agreement provides some limitations on
up-tiering transactions, including that the consent of each Lender
directly and adversely affected thereby shall be required with
respect to subordination of the Term Loan Facility in right of
payment or liens on the Collateral.

The proposed terms and the final terms of the credit agreement can
be materially different.

CORPORATE PROFILE

Headquartered in Walnut Creek, California, Del Monte Foods, Inc. is
a manufacturer and marketer of branded and private label food
products for the U.S. and South American retail market. Its brands
include Del Monte(TM) in shelf stable fruits, vegetables and
tomatoes; Contadina(TM) in tomato-based products; College Inn(TM)
in broth products; and S&W(TM) in shelf stable fruit, vegetable and
tomato products. The company generates annual sales of
approximately $1.5 billion. Del Monte Foods, Inc. is a wholly owned
subsidiary of Del Monte Foods Holdings Limited, which is in turn
approximately 94% owned by DMPL. DMPL is publicly traded on the
Philippine and Singapore stock exchanges. DMPL is 71%-owned by
NutriAsia Pacific Ltd and Bluebell Group Holdings Limited, which
are beneficially-owned by the Campos family of the Philippines.
Public investors and Lee Pineapple Group (a pineapple supplier in
Malaysia) hold the remaining 29% stake.

The principal methodology used in this rating was Consumer Packaged
Goods Methodology published in February 2020.


DEL MONTE FOODS: S&P Alters Outlook to Positive, Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
U.S.-based Del Monte Foods Inc., and revised the outlook to
positive from stable. S&P could raise the rating over the next year
if the company sustains leverage below 5x and improves its free
operating cash flow generation.

S&P said, "We assigned our 'B' issue-level rating to the proposed
$525 million term loan. The recovery rating is '3', indicating our
expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a default. We expect to withdraw the
rating on the existing bonds after the transaction closes, expected
in May 2022.

"The positive outlook reflects that we could raise the ratings over
the next year if the company maintains improved operating
performance, leverage below 5x, and positive free operating cash
flow. During the second fiscal quarter ended Oct. 31, 2021, Del
Monte Foods Inc.'s revenues grew about 7%, despite exceeding strong
comparisons in fiscal 2020. The company experienced growth across
all channels, and EBITDA grew over 20% from 2021. Overall, the
company increased its market share by about three points in the
quarter, primarily due to share gains in vegetables and fruit, as
it benefitted from higher distribution, improved supply, and
outperformance of its peers and private label products. Greater
sales of multipacks and innovations continue to drive growth. In
addition to robust revenue growth, the company's EBITDA margin
improved to about 15% for the second quarter compared with 11% last
year. The company continues to benefit from its asset-light
manufacturing model and lower cost structure, which eliminated
about $68 million of annual costs over the past year. Its shift to
higher-margin branded products and price increases across all
categories improved margins further. We estimate leverage was about
4.2x for the 12 months ended Oct. 31, 2021, compared with 7.7x for
the prior-year period. Pro forma for the proposed transaction, we
estimate leverage of about about 4.5x for the 12 months ended Oct.
31, 2021, and it will then decline as the company pays down its ABL
revolver and sells inventory from its recent pack season. By the
time this transaction closes in May 2022, we forecast leverage
could drop below 4x.

"We expect inflationary headwinds, but price increases and
productivity actions should largely mitigate them. Like most food
companies, Del Monte is experiencing high inflation across
commodities, packaging, labor, and transportation. We believe it
can largely offset most of the inflation this year through price
increases and productivity initiatives, including reducing overhead
spending, using rail instead of trucking freight, and reducing
waste, among other things. So far, the company has not reported any
material decline in volumes from higher prices. Historically the
category has been highly price sensitive due to heavy discounting
and significant private-label competition. However, since Del Monte
changed its pricing strategies and consumers have preferred brands
during the pandemic, the category is experiencing less price
elasticity. Additionally, Del Monte has supply advantages relative
to competition because it has a higher pack, and it can secure cans
at favorable rates. Furthermore, given its highly automated
processes and limited complexity in its core products, higher labor
costs and worker shortages have not hurt the company.

"Leverage has improved considerably, but free cash flow generation
is still relatively weak. Although our leverage forecast for Del
Monte might indicate a higher rating, the company's free cash flow
generation is still relatively weak, mainly because the company has
very high interest costs and uses high working capital spending to
increase inventory. The company is no longer relying on parent Del
Monte Pacific Ltd. for working capital support. We expect the
proposed refinancing to generate about $30 million in annual
interest savings on its long-term debt. The lower interest cost
along with reduced working capital use should support improved cash
flow in fiscal 2023.

"The positive outlook reflects that we could raise the rating over
the next 12 months. We forecast at least low-single-digit revenue
growth in fiscal 2023 and expect that the company will mitigate
inflation headwinds with price increases and productivity actions.

"We could raise the rating if we believe the company will sustain
leverage under 5x and generate at least $50 million in free
operating cash flow." S&P believes this could occur if Del Monte:

-- Demonstrates sustained organic growth by continuing to expand
its distribution and achieves higher average prices;

-- Demonstrates good working capital and inventory management,
resulting in consistent free cash flow generation;

-- Realizes its planned pricing and productivity initiatives to
lessen inflation, resulting in a stable EBITDA margin; and

-- Demonstrates conservative financial policies by not making
large, debt-financed dividends or acquisitions.

S&P could revise the outlook to stable if it doesn't believe the
company will maintain leverage below 5x or generate consistent free
operating cash flow. This could happen if:

-- The proposed term loan refinancing is not completed as expected
and does not result in significant interest cost savings;

-- The company does not pay down its revolver usage and does not
convert working capital to cash because of lower-than-expected
demand;

-- Revenue declines because the company cannot expand distribution
or demand slows for packaged fruits and vegetables as consumers eat
more away from home;

-- Cost savings are insufficient to offset higher input cost
inflation, leading to significant EBITDA margin erosion compared
with our expectations; or

-- Del Monte demonstrates more aggressive financial policies such
as a large debt-financed acquisition or dividend.

ESG Credit Indicators: E2-S2-G2



EASTERN ILLINOIS UNIVERSITY: Moody's Upgrades Issuer Rating to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded Eastern Illinois
University's issuer and Auxiliary Facilities System Revenue Bond
(AFS) ratings to Ba3 from B1 and its Certificates of Participation
(COP) rating to B1 from B3. Total outstanding direct debt at the
university in fiscal 2021 was approximately $72 million. The
outlook is stable.

RATINGS RATIONALE

The upgrade of Eastern Illinois University's (EIU) issuer rating to
Ba3 reflects notable strengthening of its balance sheet, in part
driven by significant federal pandemic relief combined with ongoing
good expense management and timely payments by the State of
Illinois (Baa2 stable) for its operating appropriations. Total cash
and investments have risen over 50% since fiscal 2017 based on
preliminary fiscal 2021 results, with monthly liquidity also
improving materially.

EIU's rating will continue to be constrained by its high reliance
on the State of Illinois for operating support and a highly
challenging student market. The university receives over 50% of its
revenue from the state, making EIU vulnerable to future funding
volatility or reduced appropriations. Favorably, enrollment has
shown signs of stability over the past few years. The university
has benefited from investment in new programs and expanding
partnerships throughout the state, but growth will be constrained
by challenging demographic projections in the state. Capital
spending has been below depreciation for many years resulting in an
increasing age of plant, which could further weaken the
university's brand and strategic positioning over the long run. A
significant $119 million investment from the state for a new
science building will address some need. Operating performance will
be constrained by near-term inflation and wage pressures, but will
be aided by additional HEERF recognition in fiscal 2022 and the
potential for state appropriations increases in fiscal 2023.

The upgrade of the Auxiliary Facilities System Revenue Bonds to Ba3
incorporates the breadth of pledged revenues for the system's
modest debt service obligations, dedicated system reserves and
strengthening of the university's broader credit profile reflected
in the Ba3 issuer rating.

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


RATING OUTLOOK

The stable outlook reflects Moody's expectations of continued
on-time payments from the State of Illinois and modest improvement
in operating performance while maintaining current levels of
liquidity and overall reserves. It also reflects expectations of
generally stable enrollment and student related charges.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

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

Significant improvement in strategic position, reflected in
growing enrollment leading to increased net tuition revenue and
decreasing reliance on state funding for operations

Sustained strengthening of university-wide operating performance

Continued growth in balance sheet reserves

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

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

Material weakening of liquidity or inability to improve
university-wide operating performance and maintain sound debt
service coverage

Sustained declines in enrollment and student related revenue

LEGAL SECURITY

The AFS bonds are secured by the net revenues of the Auxiliary
Facilities System, as well as mandatory student fees and tuition
revenues, subject to the prior payment of operating and maintenance
expenses of the Auxiliary Facilities System, but only to the extent
necessary. There is a rate covenant to provide 2x coverage of
maximum annual debt service from pledged revenue, as well an
additional bonds test. There is no debt service reserve fund, and
accumulated surpluses from the AFS system may be used to support
any lawful purpose. In fiscal 2021, MADS coverage from total funds
available for debt service was a strengthening 48x.

The COPs are unsecured but payable from both state-appropriated
funds and from budgeted legally available funds of the university
from sources other than state appropriations, including tuition and
fees. The obligation to pay can be terminated in the event that the
university does not receive sufficient state appropriations and
does not have other legally available funds.

PROFILE

Eastern Illinois University, founded in 1895, is a regional public
university located in Charleston, approximately 50 miles south of
Champaign. EIU offers baccalaureate and master's degrees in
education, business, arts, sciences, and humanities. It reported
enrollment of over 8,600 headcount for fall 2021.

METHODOLOGY

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


EVO TRANSPORTATION: Incurs $46.9 Million Net Loss in 2020
---------------------------------------------------------
EVO Transportation & Energy Services, Inc. filed with the
Securities and Exchange Commission its Annual Report on Form 10-K
disclosing a net loss of $46.85 million on $229.28 million of total
revenue for the year ended Dec. 31, 2020, compared to a net loss of
$32.71 million on $179.15 million of total revenue for the year
ended Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $142.32 million in total
assets, $201.42 million in total liabilities, $398,000 in series A
redeemable convertible preferred stock, $6.63 million in series B
redeemable convertible preferred stock, $1.2 million in redeemable
common stock, and a total stockholders' deficit of $67.32 million.

Tulsa, Okla.-based Grant Thornton LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
January 31, 2022, saying that the net loss incurred by the Company
and the Company's current liabilities, which exceeded its current
assets, raise substantial doubt about the Company's ability to
continue as a going concern.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/728447/000095017022000602/evoa-20201231.htm

                     About EVO Transportation

Headquartered in Peoria, AZ, EVO Transportation & Energy Services,
Inc. is a transportation provider serving the United States Postal
Service ("USPS") and other customers.  The Company believes it is
the second largest surface transportation company serving the USPS,
with a diversified fleet of tractors, straight trucks, and other
vehicles that currently operate on either diesel fuel or compressed
natural gas.


EVO TRANSPORTATION: Incurs $8.4M Net Loss in Third Quarter 2020
---------------------------------------------------------------
EVO Transportation & Energy Services, Inc. filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q disclosing a net loss of $8.44 million on $52.39 million of
total revenue for the three months ended Sept. 30, 2020, compared
to a net loss of $4.22 million on $47.26 million of total revenue
for the three months ended Sept. 30, 2019.

For the nine months ended Sept. 30, 2020, the Company reported a
net loss of $32.65 million on $160.07 million of total revenue
compared to a net loss of $18.66 million on $112.08 million of
total revenue for the same period in 2019.

As of Sept. 30, 2020, the Company had $130.29 million in total
assets, $175.30 million in total liabilities, $389,000 in series A
redeemable convertible preferred stock, $6.47 million in series B
redeemable convertible preferred stock, $1.20 million in redeemable
common stock, and a total stockholders' deficit of $53.06 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000728447/000095017022000601/evoa-20200930.htm

                    About EVO Transportation

Headquartered in Peoria, AZ, EVO Transportation & Energy Services,
Inc. is a transportation provider serving the United States Postal
Service ("USPS") and other customers.  The Company believes it is
the second largest surface transportation company serving the USPS,
with a diversified fleet of tractors, straight trucks, and other
vehicles that currently operate on either diesel fuel or compressed
natural gas.

EVO Transportation reported a net loss of $46.85 million for the
year ended Dec. 31, 2020, compared to a net loss of $32.71 million
for the year ended Dec. 31, 2019.


FAMOUS ANTHONY'S BROOKSIDE: Taps Gentry Locke as Special Counsel
----------------------------------------------------------------
Famous Anthony's Brookside, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Virginia to hire
Gentry Locke Rakes & Moore, LLP as its special counsel.

The Debtor needs the firm's legal assistance in matters related to
insurance coverage of personal injury claims.

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

     Partners                $380 - $425 per hour
     Associates              $275 per hour
     Paraprofessionals       $175 per hour

The firm will seek reimbursement for out-of-pocket expenses.

William Callahan, Jr, Esq., a partner at Gentry Locke Rakes,
disclosed in a court filing that he and his firm neither hold nor
represent any interest adverse to the interest of the Debtor's
estate.

The firm can be reached through:

     William E. Callahan, Jr.
     Gentry Locke Rakes & Moore, LLP
     10 Franklin Road S.E., Suite 900
     Roanoke, VA 24011
     Phone: 540-983-9300
     Toll-Free: 866-983-0866
     Fax: 540-983-9400
     Email: callahan@gentrylocke.com

                 About Famous Anthony's Brookside

Famous Anthony's Brookside, Inc. sought Chapter 11 protection
(Bankr. W.D. Va. Case No. 22-70009) on Jan. 10, 2022, listing up to
$50,000 in both assets and liabilities.  Tony Triplette, president,
signed the petition.

Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, PC
and Gentry Locke Rakes & Moore, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


FAMOUS ANTHONY'S: Taps Gentry Locke Rakes as Special Counsel
------------------------------------------------------------
Famous Anthony's Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Virginia to hire Gentry Locke Rakes &
Moore, LLP as its special counsel.

The Debtor requires legal assistance in matters related to
insurance coverage of personal injury claims.

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

     Partners                $380 - $425 per hour
     Associates              $275 per hour
     Paraprofessionals       $175 per hour

The firm will seek reimbursement for out-of-pocket expenses.

William Callahan, Jr, Esq., a partner at Gentry Locke Rakes,
disclosed in a court filing that he and his firm neither hold nor
represent any interest adverse to the interest of the Debtor's
estate.

The firm can be reached through:

     William E. Callahan, Jr.
     Gentry Locke Rakes & Moore, LLP
     10 Franklin Road S.E., Suite 900
     Roanoke, VA 24011
     Phone: 540-983-9300
     Toll-Free: 866-983-0866
     Fax: 540-983-9400
     Email: callahan@gentrylocke.com

                    About Famous Anthony's Inc.

Famous Anthony's Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Va. Case No. 22-70010) on Jan.
10, 2022, listing as much as $1 million in both assets and
liabilities.

Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, PC
and Gentry Locke Rakes & Moore, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


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

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

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

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

The termination date will be the earlier of (i) February 28, 2022,
provided, however, that the Trustee may use Cash Collateral in the
ordinary course of the Debtor's business from March 1, 2022, until
March 7, 2022; (ii) the entry of an Order, on a "final" basis
approving the Trustee's use of cash collateral; (iii) five business
days after notice by any Secured Lender to the Trustee of any
Termination Event, unless within the five-business day period, the
Trustee has cured the Termination Event or unless waived by the
Secured Lender, (iv) the date of the dismissal of the Debtor's
bankruptcy case or the conversion of the Debtor's bankruptcy case
to a case under Chapter 7 of the Bankruptcy Code, (v) the date a
sale of substantially all of the Estate's assets is consummated
after being approved by the Court, (vi) the effective date of any
confirmed Chapter 11 plan.

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

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

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

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

A copy of the order and the Debtor's budget is available for free
at https://bit.ly/3J1avx3 from PacerMonitor.com.

The Debtor projects $200,000 in budgeted cash receipts and
$201,112.61 in total cash disbursements for February 2022.

The final telephonic hearing on the matter is scheduled for March 1
at 9 a.m.  

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

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

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

Judge Laura K. Grandy oversees the case.

The Debtor is represented by Carmody MacDonald P.C.

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

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



FLOWORKS INTERNATIONAL: Moody's Assigns 'B3' CFR; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned ratings to FloWorks
International LLC (NEW) including: a B3 to the new $270 million
first lien term loan, a B3 Corporate Family Rating and a B3-PD
Probability of Default Rating. The rating outlook is stable.

Proceeds from the term loan were primarily being used to fund
FloWorks' acquisition of SemiTorr Group (SemiTorr), to refinance
existing indebtedness, and to pay the related fees and expenses.
Pro forma for the SemiTorr acquisition, FloWorks had about 5x
leverage. The company's moderately high pro forma leverage and its
private equity ownership are key governance considerations
incorporated into FloWorks ratings.

Assignments:

Issuer: FloWorks International LLC (NEW)

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Gtd. Senior Secured 1st Lien Term Loan, Assigned B3 (LGD4)

Outlook Actions:

Issuer: FloWorks International LLC (NEW)

Outlook, Assigned Stable

RATINGS RATIONALE

FloWorks' B3 CFR reflects the company's modest revenue and asset
base, its exposure to the chemical and more cyclical refining
sectors that account for about two-third of its end-market
exposures, and moderately high financial leverage following the
acquisition. As a diversified distributor, FloWorks can experience
some margin variability driven by end-market dynamics as their
customer base evolves or as product sales volumes and / or supply
chain dynamics persist. The B3 CFR is supported by the company's
counter cyclical working capital cycle, its customer and supplier
diversification, and its established strategic footprint in
geographies within North America with high concentrations of
industrial capacity. Moreover, the company has long established
customer and supplier relationships and has considerable revenue
exposure to MRO (maintenance, repair and overhaul) activity that
should help to provide a degree of stability to its revenue through
cycles.

From a corporate governance perspective, event risk is high with
private equity ownership and the propensity of distribution
companies to grow through acquisitions. The leverage profile is
partly the result of the debt funded acquisition of SemiTorr, which
also present integration risks. Additional acquisitions are likely
and could weaken the metrics or liquidity.

The new $270 million senior secured term loan facility maturing
December 2028 is rated B3. Although the $60 million ABL revolver
(unrated and maturing December 2026) has a priority claim to
certain collateral such as inventory and accounts receivable, the
term loan is rated the same as the CFR given the small size of the
revolver relative to the term loan. The lack of notching relative
to the CFR also reflects the fact that the debt under the new
credit facilities comprises all of the company's third party debt
and almost all of its liabilities.

Moody's assesses FloWorks' liquidity as adequate to cover near term
operating and debt service requirements. The company has modest
cash balances at close of the term loan transaction. But with
moderate free cash flow projected, FloWorks will likely have full
access to its $60 million revolving credit facility as little or no
drawings are expected at least through 2023. This revolver has a
fixed charge coverage covenant requirement of 1x. Moody's expects
the company to be able to comfortably comply with the covenant
requirement. There is an excess cash flow sweep mechanism under the
term loan that requires repayment of debt with a portion of excess
cash flow as long as the consolidated net leverage ratio is above
4.25x. The company has no other material indebtedness.

The stable outlook reflects Moody's expectations that credit
metrics will continue to strengthen, building on the revenue and
earnings momentum from a rebound in demand, aided by cost and
efficiency measures.

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

An upgrade could be considered if the company's scale grows
materially, the recent SemiTorr acquisition is successfully
integrated, leverage falls under 4x, and RCF/Net debt remains above
20%. The ratings could be downgraded with deteriorating liquidity,
including diminishing revolver availability or lower than expected
free cash flow, or if EBITA/interest is expected to remain below
2x. Debt funded acquisitions or dividends that weaken credit
metrics or liquidity could also result in downward ratings
pressure.

FloWorks International LLC, headquartered in Houston, TX, wholly
owned by S-I Intermediate Holdings, Inc., is a specialty
distribution company in the flow control category. Since 2017,
FloWorks is a portfolio company of Clearlake Capital Group, L.P., a
private equity sponsor.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.


FLOWORKS INTERNATIONAL: S&P Assigns 'B-' ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
U.S.-based specialty flow control products distributor FloWorks
International LLC, and its 'B-' issue-level and '3' recovery
ratings to its proposed first-lien debt.

The stable outlook reflects S&P's forecast that the company will
continue to experience good demand for its products, improve its
margins, and generate positive free cash flow such that it sustains
S&P Global Ratings-adjusted leverage below 6x over the next 12
months.

FloWorks is issuing debt to fund the acquisition of SemiTorr Group
and to refinance its existing capital structure.

S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA of
more than 5.0x at transaction close (we forecast about 6x in 2021
and improving to about 5x in 2022). FloWorks has a smaller scale
than larger industrial distributors and a narrow business focus on
specialty flow control components. These factors are offset in part
by its maintenance, repair, and operations (MRO)-driven revenue
model, which represents a large share of revenue (about 76%) and
product offerings that are somewhat insulated from commodity price
fluctuations. FloWorks' operating margins are thin, forecast in the
mid-single-digits, but its low capital expenditure (capex) needs
typically allow for positive free cash flow generation. FloWorks
has significant exposure to end markets such as chemicals,
refining, and industrials (together representing 71% of pro forma
revenue). Our general view is that these end markets can be
cyclical, however, we expect demand will either be steady or rise
across these markets in 2022. The company is also exposed to less
cyclical markets such as microelectronic, life sciences, and food
and beverage, but they represent a smaller portion of its overall
sales.

"We believe FloWorks' margin expansion prospects over the next 12
months are modest amid global supply chain constraints, but expect
greater higher-margin volume to improve adjusted EBITDA margins to
around 8%. Given favorable end-market demand prospects, the recent
higher-margin SemiTorr acquisition, and a company-record backlog,
we anticipate increasing volumes and a favorable product mix will
benefit margins over the next 12 months. Particularly, we expect
more revenue to come from higher-margin rotating equipment,
specialty, and automation products. The company usually passes on
rising input costs to customers (albeit with a lag) through
contractual agreements, though we expect that ongoing logistical
slowdowns will continue to be a potential headwind to margin
expansion throughout 2022.

"The SemiTorr acquisition increased debt leverage but will improve
FloWorks' scale of operations and diversify its end markets by
expanding its exposure to high purity and sanitary products.
Instead of larger debt-funded acquisitions like SemiTorr, we expect
the company to remain open to opportunities for tuck-in
acquisitions that complement its MRO business model and enhance its
margin profile. As a result, we have incorporated up to $40 million
in acquisition spend annually into our base-case forecast.

"The stable outlook reflects our forecast that FloWorks will
continue to experience good demand for its products, improve its
margins, and generate positive free cash flow such that it
maintains S&P Global Ratings-adjusted leverage below 6x over the
next 12 months."

S&P could lower the rating if:

-- Supply chain headwinds are worse than S&P expects, pressuring
margins or cash flow such that liquidity sources (including cash
and asset-based lending [ABL] availability) decline materially; or

-- S&P Global Ratings-adjusted debt leverage increases
significantly over the next 12 months compared to S&P's forecast,
leading it to believe the capital structure is unsustainable.

S&P could raise its rating on FloWorks if:

-- It improves margins and cash flow such that EBITDA margins
increase and remain at about 8% or higher, and S&P Global
Ratings-adjusted debt to EBITDA remains below 6x; and

-- Its financial sponsors commit to policies that maintain this
level of leverage throughout the business cycle.

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

S&P said, "Environmental and social credit factors have an overall
neutral influence on our rating analysis of FloWorks. We view its
exposure to environmentally riskier industries such as chemicals
and refining (64% of revenue combined) to be mitigated by its
position in the value chain as a distributor, given that most of
its revenue is derived from MRO-driven demand. Governance is a
moderately negative consideration, 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."



FOUNDATION FOR IUP: S&P Cuts Long-Term ICR to 'CCC', Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'CCC' from 'B-'
on Pennsylvania Higher Educational Facilities Authority's series
2008 (phase III) revenue bonds, issued for the Foundation for
Indiana University of Pennsylvania (FIUP). The outlook remains
negative.

The two-notch downgrade reflects another year of continued
operating and financial risk that the project faces due to social
capital demographic challenges and health and safety risks stemming
from COVID-19," said S&P Global Ratings credit analyst Sean Wiley.
"We consider these risks under our environmental, social, and
governance [ESG] factors." Both have led to the project's current
operating environment of occupancy below break-even, and both
continue to pose risk to the project going forward. Despite the
elevated social risk, we believe the project's environmental and
governance risk are in line with our view of the sector. "The
university's significant enrollment declines led to occupancy of
about 65% in fall 2021 and projected coverage of about 0.8x," added
Mr. Wiley. "Given the existing debt service schedule, combined with
our belief that the university will likely not increase enrollment,
we do not expect that the project will be able to operate at or
near break-even during the outlook period." The project maintains
reserves that will allow them to continue to make debt service
payments over the next few years given current occupancy. However,
absent significant increases in occupancy or a debt restructuring,
S&P believes the project will ultimately exhaust its reserve funds
and not make its debt service obligations at some point in the
future. Additionally, given that the project is in technical
default for covenant violations and failure to replenish the
reserves, the project also faces the risk of acceleration, which
could result in a default depending on the project's ability to pay
funds.

The negative outlook reflects S&P's view that the project could
face further rating pressure if the project's occupancy continues
to decline or if reserve levels deteriorate further than
anticipated.



FOUNDATION FOR IUP: S&P Lowers 2007A Revenue Bonds Rating to 'B'
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Pennsylvania
Higher Educational Facilities Authority's series 2007A (phase II)
revenue bonds, issued for the Foundation for Indiana University of
Pennsylvania (FIUP) to 'B' from 'B+'. The outlook is negative.

"The downgrade reflects another year of continued operating and
financial risk that the project faces due to social capital
demographic challenges and health and safety risks stemming from
COVID-19," said S&P Global Ratings credit analyst Sean Wiley. "We
consider these risks under our environmental, social, and
governance factors." Both have led to the project's current
operating environment of occupancy below break-even, and both
continue to pose risk to the project going forward. "Despite the
elevated social risk, we believe the project's environmental and
governance risk are in line with our view of the sector," added Mr.
Wiley.

S&P said, "Given the existing debt service schedule, combined with
our belief that the university will likely not increase enrollment,
we do not expect that the project will be able to operate at or
near break-even. The project still has a substantial amount of
reserves that will allow it to continue to make debt service
payments over the next few years given current occupancy. However,
absent significant increases in occupancy or a debt restructuring,
we believe the project will ultimately exhaust its reserve funds
and not make its debt service obligations at some point in the
future. Additionally, given that the project is in technical
default for covenant violations and failure to replenish the
reserves, the project also faces the risk of acceleration, which
could result in a default depending on the project's ability to pay
funds.

"The negative outlook reflects our view that the project could face
further rating pressure if its occupancy continues to decline or if
reserve levels deteriorate more than anticipated."



FOUNTAINS OF ST. AUGUSTINE: Seeks to Hire Adam Law Group as Counsel
-------------------------------------------------------------------
The Fountains of St. Augustine, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Adam
Law Group, P.A. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     (a) advising the Debtor with respect to its powers and
duties;

     (b) preparing all necessary pleadings associated with the
administration of the case;

     (c) representing the Debtor at all court proceedings;

     (d) protecting the interests of the Debtor in all matters
pending before the court; and

     (e) representing the Debtor in negotiations with creditors and
in the preparation of its disclosure statement and plan of
reorganization.

Thomas Adam, Esq., the firm's attorney who will be providing the
services, will be paid at an hourly rate of $350.

The Debtor paid $8,000 to the law firm as a retainer fee.

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

Mr. Adam can be reached at:

     Thomas C. Adam, Esq.
     Adam Law Group, P.A.
     326 N. Broad St., Suite 208
     Jacksonville, FL 32202
     Tel: (904) 329-7249
     Fax: (904) 615-6561
     Email: tadam@adamlawgroup.com

               About The Fountains of St. Augustine

The Fountains of St. Augustine, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).  The company is
based in Saint Augustine, Fla.

The Fountains of St. Augustine filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 22-00090) on Jan. 13, 2022, listing as much as $10 million
in both assets and liabilities.  Curt Geisler, manager, signed the
petition.  

Thomas C. Adam, Esq., at the Adam Law Group, P.A. serves as the
Debtor's legal counsel.


FOUNTAINS OF ST. AUGUSTINE: Taps Coldwell to Sell Florida Property
------------------------------------------------------------------
The Fountains of St. Augustine, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire
Coldwell Banker Vanguard Realty, Inc. to sell its property located
at 3969 and 0 Inman Road, St. Augustine, St. Johns County, Fla.

Thomas Hammond and Nancy Hammond, the firm's real estate agents who
will be providing the services, will charge a commission of 8
percent of the gross sale price, and a $325 brokerage fee to be
paid at closing.

As disclosed in court filings, both agents are disinterested within
the meaning of Section 101(14) of the Bankruptcy Code.

The agents can be reached at:

     Thomas Hammond
     Nancy Hammond
     Coldwell Banker Vanguard Realty, Inc.
     240 Ponte Vedra Park Drive
     Ponte Vedra Beach, FL 32082
     Phone: 904-269-7117

               About The Fountains of St. Augustine

The Fountains of St. Augustine, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)).  The company is
based in Saint Augustine, Fla.

The Fountains of St. Augustine filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 22-00090) on Jan. 13, 2022, listing as much as $10 million
in both assets and liabilities.  Curt Geisler, manager, signed the
petition.  

Thomas C. Adam, Esq., at the Adam Law Group, P.A. serves as the
Debtor's legal counsel.


FULL HOUSE: $100MM Tack-on No Impact on Moody's Caa1 Note Rating
----------------------------------------------------------------
Moody's Investors Service said that the Caa1 rating on Full House
Resorts, Inc.'s 8.250% senior secured notes is not affected by the
company's proposed $100 million tack-on.

The new notes will have the same terms as Full House's $310 million
aggregate 8.250% senior notes due 2028 rated Caa1 issued on
February 12, 2021. The new notes and the existing notes will be
treated as a single fungible class of securities under the
indenture with the same CUSIP number.

The senior secured notes are rated the same as Full House's Caa1
Corporate Family Rating given that they comprise a significant
majority of the company's debt capital structure. Full House's only
other debt is an undrawn $15 million senior secured priority
revolver that it expects to increase to $40 million along with the
new senior secured tack-on.

Full House intends to use the net proceeds to develop, construct,
equip and open a temporary casino in Waukegan, Illinois named The
Temporary by American Place. The Temporary casino is scheduled to
open in mid-2022 and will operate while the permanent casino
facility, American Place, is under construction. In December 2021,
Full House was selected by the Illinois Gaming Board to build the
American Place project, a new destination casino hotel in the
northern Chicago suburb of Waukegan, Illinois. While the company
designs and constructs the permanent American Place facility --
details are not yet available for this project regarding budget and
timing -- it intends to operate The Temporary by American Place.

The transaction is credit negative because it increases Full
House's already high debt and leverage to fund the first phase of
the American Place development project. Full House's Caa1 Corporate
Family Rating, Caa1-PD Probability of Default Rating, and stable
rating outlook are nevertheless unaffected by the transaction
because the company's earnings from existing operations have
exceeded Moody's original projections and leverage will remain
within Moody's expectations for the rating.

While the company is taking on additional debt, Moody's expects the
temporary casino, which is scheduled to be completed in mid-2022,
will generate earnings and cash flow that the company can use to
support the development of a permanent casino.

Additionally, since Moody's first assigned a rating to Full House
in February 2021, the company issued $40 million of equity which
was not factored into the original rating assignment, and to date,
the company's EBITDA generation has performed better than Moody's
initially expected. As a result, the latest 12-month debt-to-EBITDA
for the period ended 30-Sep-2022 was 6.7x compared to Moody's
original expectation of 8.6x. As a result, even with the additional
leverage from the $100 million tack-on, Full House's debt-to-EBITDA
will be in a mid 8x range that is in line with Moody's original
expectations.

However, there is considerable risk in Full House's significant
development activities that, when completed, will account for a
significant majority of the company's earnings and cash flow. The
prospective nature of this situation has inherent risks, including
delays, lower than expected ramp-up, cost overruns, and other items
that may be out of the control of the company. The budget for the
Bronco Billy's project in Cripple Creek, Colorado has increased to
approximately $250 million from $180 million due to supply chain
issues, rising costs for commodities such as a steel, and higher
labor costs. Such factors create questions about the final cost of
the company's development projects. Additionally, while Full House
is currently generating enough EBITDA from its existing assets to
service the pro forma debt related to the Bronco Billy's
redevelopment already underway, there is no interest reserve to
support debt service related to the Bronco Billy's construction
redevelopment and expansion project. As a result, that project
itself remains exposed to anything that might impair the EBITDA
performance of existing assets, or debt service related to any
additional debt that the company decides to raise. Additionally,
the development of the Waukegan, Illinois permanent facility does
not have final plans and specifications for construction of The
Temporary or American Place. As a result, Moody's expects a future
financing that will likely involve some amount of debt will be
needed.

RATINGS RATIONALE

Full House's Caa1 Corporate Family Rating reflects the relatively
long Bronco Billy's construction period, uncertainty related to the
level of visitation and earnings at the redesigned property, modest
scale, and exposure to cyclical discretionary consumer spending.
The company is also starting the American Place project in
Waukegan, Illinois in multiple phases without full funding. Rising
labor costs increases in commodity prices and supply chain
challenges add to the development risk with the Bronco Billy's
redevelopment budget already being raised. Moody's also believes
there are structural weaknesses in the debt support that indicate
an aggressive financial policy that is a governance risk. These key
structural credit concerns include the fact that the Bronco Billy's
project budget does not include an interest reserve specifically
designated to support debt service during a long construction
period, and that there are minimal restrictions in the new secured
note indenture on Full House's ability to raise additional debt.
The company's ability to take on additional debt is only limited by
a 2.0x incurrence-based fixed charge coverage, according to the
note indenture.

Positive credit considerations include the introduction of sports
betting in Indiana and Colorado and the passing of Colorado
Amendment 77 both of which will provide a good source of
incremental cash flow. Additionally, once completed, Bronco Billy's
will be the newest product in the Cripple Creek CO market and the
phased approach to the American Place project in an attractive
market can help fund the development of the permanent facility.

The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, the recovery is tenuous, and continuation will be closely
tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.

The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, Full House remains vulnerable to a
renewed spread of the outbreak. Full House also remains exposed to
discretionary consumer spending that leave it vulnerable to shifts
in market sentiment in these unprecedented operating conditions.

Additional social risks for gaming companies include high taxes and
operating restrictions imposed by governments to mitigate the
effects of problem gambling and evolving consumer preferences
related to entertainment choices and population demographics that
may drive a change in demand away from traditional casino-style
gaming. Younger generations may not spend as much time playing
casino-style games (particularly slot machines) as previous
generations. Data security and customer privacy risk is elevated
given the large amount of data collected on customer behavior. In
the event of data breaches, the company could face higher
operational costs to secure processes and limit reputational
damage.

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

The stable rating outlook considers that despite its small size,
the company has some level of diversification and has existing
assets that generate earnings and positive free cash flow.

Ratings could be upgraded once the Bronco Bill's expansion and
American Place Temporary facility are complete and Full House
demonstrates the ability to cover its fixed charges, generate some
level of positive free cash flow, and maintain debt/EBITDA at or
below 6.0x.

Ratings could be downgraded if there is any delay in construction
on either project, the construction budget on either project is
increased materially for any reasons, or there is a decline in the
company's EBITDA performance from existing assets. A deterioration
in liquidity could also lead to a downgrade.

Based in Las Vegas, Full House Resorts, Inc. operates five casino
facilities in Mississippi, Indiana, Nevada, and Colorado. 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. FHR 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. Revenue for the publicly traded company for
the 12 months ended 30-Sep-2021 was approximately $175 million.


GOLDEN FLEECE: Gets Court OK to Hire Clark Hill as IP Counsel
-------------------------------------------------------------
Golden Fleece Beverages, Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Clark Hill, PLC as its special intellectual property counsel.

The firm will assist the Debtor in maintaining the registrations of
its trademarks as well as advising the Debtor on intellectual
property issues germane to its bankruptcy case.

The firm will be paid at hourly rates as follows:

     Attorneys     $235 to $950 per hour
     Paralegals    $140 to $235 per hour

David Mar, Esq., the principal attorney for the matter, charges an
hourly fee of $700.

As disclosed in court filings, Clark Hill neither represents nor
holds an interest adverse to the Debtor or its estate.

The firm can be reached through:

     David J. Mar, Esq.
     Clark Hill, PLC
     130 E. Randolph St., Suite 3900
     Chicago, IL 60601
     Phone:+1 312-985-5900
     Fax: +1 312-985-5999
     Email: dmarr@clarkhill.com

                  About Golden Fleece Beverages

Golden Fleece Beverages, Inc., a Chicago-based company that
operates a beverage manufacturing business, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Ill. Case No.
21-12228) on Oct. 27, 2021, listing $2,489,378 in assets and
$1,658,654 in liabilities.  Candace MacLeod, president of Golden
Fleece Beverages, signed the petition.

Judge David D. Cleary oversees the case.

Robert M. Fishman, Esq., and Peter J. Roberts, Esq., at Cozen
O'Connor represent the Debtor as bankruptcy attorneys.  Clark Hill,
PLC is the Debtor's special intellectual property counsel.


GREAT CANADIAN: Fitch Corrects Error, Lowers Unsec. Notes to 'B-'
-----------------------------------------------------------------
Fitch Ratings identified an error in its recovery analysis of Great
Canadian Gaming Corp. (GCGC) that incorrectly led the senior
unsecured notes to be rated 'B'/'RR5'. Correcting the error led to
a one notch downgrade for the unsecured notes rating to 'B-'/'RR6'.
GCGC's 'BB+'/'RR1' secured debt ratings are unchanged. GCGC's
Issuer Default Rating (IDR) remains 'B+'/Stable.

The downgrade of the unsecured notes by one notch reflects the
correction of an error in which Fitch utilized an enterprise value
(EV) multiple in its prior recovery analysis that exceeded the
permissible range for non-U.S. based assets specified in Fitch's
Corporates Recovery Ratings and Instrument Ratings Criteria. Under
the revised analysis, which utilizes a 7.0x EV multiple, the
reduced recovery prospects for the unsecured notes result in a
Recovery Rating of 6 (RR6).

KEY RATING DRIVERS

GCGC's 'B+' IDR is based on the following factors, which are
unaffected by the correction described above.

Canadian Regional Gaming Recovery: The ratings reflect that GCGC's
portfolio of casinos in Canada have and will generate fairly
durable cash flows as a result of their strong competitive
positions and/or exclusivity agreements. Canadian gaming was
following a similar recovery trajectory as the U.S. during 2H21
with a healthy level of pent-up demand. However, Ontario casinos
were temporarily shut down in January due to rising COVID-19 cases
(properties will be allowed to re-open on January 31 but with some
operating restrictions).

Canada detailed more cautious reopening plans than U.S.
jurisdictions and there is less of a track record regarding
consumers' willingness to gamble upon reopening. Positively, GCGC
will benefit from its reliance on local, drive-in customers and
limited international tourism exposure. Fitch assumes GCGC's
casinos fully recover to pre-pandemic demand levels by 2H22.

Unclear Long-Term Leverage: Fitch estimates GCGC's adjusted
leverage will be in the low-6.0x range in 2022 and improve to
around 5.0x in 2023 and 2024 after GTA JV's expansions have opened
and regional gaming performance normalizes. Fitch proportionally
includes GCGC's 50% share of GTA JV's debt, capitalized rent and
EBITDAR in leverage. Fitch has not assumed FCF will be directed
toward debt repayment given the lack of financial policy and
incentive to do so.

Leverage could increase when the JV's construction credit facility
maturity is addressed in 2023, given its unrestricted designation
and strong debt servicing ability. The 'B+' IDR considers GCGC is
operating with adjusted leverage within the 5.0x-6.0x range and the
likelihood additional debt can be raised at the JV.

Strong FCF Generation: Fitch estimates the restricted group will
generate an annual FCF margin in the high teens once operations
normalize, given the remaining growth capex is at the GTA JV level.
The GTA JV should also generate strong FCF margins in excess of 20%
beginning in 2023 as capex declines and EBITDA grows from the
expansions.

Favorable Regulatory Environment: GCGC enjoys solid competitive
positions and/or economic exclusivity under long-dated operating
agreements. It is the only operator in the GTA, has nearly 50%
share in the Vancouver market and operates three of four casinos in
New Brunswick/Nova Scotia. The average operating agreement
expiration in the more lucrative Ontario and British Columbia
provinces is 2038.

Exclusivity comes at a high cost, with provincial crowns retaining
roughly 60% of gross gaming revenue. This is partially countered by
governmental support for certain capex, including slots in British
Columbia, which is roughly 27% of GCGC's total slot count. These
high barriers to entry and minimal new competitive supply are
viewed positively and set GCGC's operating environment apart from
its U.S. regional peers.

Some Geographic Diversification: GCGC operates 26 properties across
three provinces in Canada. GCGC's diversification improved
following the acquisition of certain gaming bundles in Ontario from
2016 to 2018. Despite being the largest commercial operator in
Canada, the company is concentrated in Ontario and British
Columbia, making up 52% and 40% of its pre-pandemic earnings
attributable to the restricted group, respectively. GCGC has
favorable competitive positions in these two cities, which are
solid markets, which helps offset its more limited diversification
compared with its U.S. regional gaming peers.

Proportional Consolidation of GTA: Fitch proportionally
consolidates the GTA JV in GCGC's credit metrics by removing 50% of
GTA's debt, capitalized rent and EBITDAR attributable to Brookfield
Business Partners. GCGC manages GTA JV's four casinos in Toronto
and fully consolidates the subsidiary's financials into its own
statements. The JV is considered strategically important to both
owners given its casino exclusivity in Toronto and ongoing gaming
and nongaming development. The JV is an unrestricted subsidiary
relative to the GCGC restricted group.

DERIVATION SUMMARY

GCGC's 'B+' IDR reflects it modest leverage, strong discretionary
FCF generation (under normalized operating conditions) and
favorable regulatory environments, in which it enjoys varying
degrees of exclusivity. This is offset by uncertainty surrounding
its financial policy toward long-term leverage. GCGC's exclusivity
in the greater Toronto area compares similarly to Seminole Tribe of
Florida (BBB/Stable; exclusivity in deep Florida market), Crown
Resorts Limited (BBB/Negative) and Star Entertainment, which enjoy
exclusivity in certain Australian markets. Similarly, Las Vegas
Sands Corp (BBB-/Rating Watch Negative) has exposure to Singapore
and Macau, two deep international jurisdictions with only two and
six operators, respectively. Fitch has less tolerance for leverage
at GCGC relative to Las Vegas Sands, as the latter has
international diversification and a well-articulated conservative
financial policy. GCGC's operating environment is more favorable
than most of its U.S. regional gaming peers, most of which have
credit profiles consistent with the mid to high 'B' category.

KEY ASSUMPTIONS

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

-- Gaming revenues recover to pre-pandemic levels during 2H22,
    with 1H22 down roughly 35% relative to 2019. Same-store
    revenues grow by the low to mid-single digits thereafter;

-- EBITDAR margins initially experienced a strong increase upon
    reopening compared with pre-pandemic levels due to pandemic
    savings and reduced amenities, some of which are long-term
    structural savings. Fitch expects 2022 EBITDAR margins above
    historical levels. An additional 300bp-400bp margin benefit
    from cost-saving initiatives (midpoint of guidance) is
    achieved by year two post transaction;

-- Fitch assumes 10%-15% returns on GTA JV's expansion projects,
    with a two- to three-year ramp-up period upon completion.
    CAD800 million of growth capex is spent through YE 2022 at the
    JV level for the Woodbine expansion. Maintenance capex is
    estimated at roughly CAD30 million at both the restricted
    group and GTA JV levels.

-- FCF is allocated primarily toward gaming and nongaming
    investments and some form of shareholder returns. Fitch
    assumes no debt paydown at either the restricted group or GTA
    JV given lack of financial policy.

-- Fitch assumed no cash distributions out of or into the JV from
    the restricted group, and assumed this debt cannot be a
    catalyst for any event of default or similar in the restricted
    group.

KEY RECOVERY RATING ASSUMPTIONS

The 'BB+'/'RR1' and 'B-'/'RR6' ratings for GCGC's senior secured
first-lien debt and senior unsecured notes are notched from its
'B+' IDR based on a bespoke analysis. The recovery analysis assumes
the GCGC restricted group would be reorganized as a going-concern
in bankruptcy rather than liquidated. Fitch estimates an enterprise
value (EV) on a going concern basis of CAD1.6 billion for GCGC's
restricted group. The EV assumption is based on post-reorganization
EBITDA approximately CAD240 million, a 7.0x multiple and a
deduction of 10% for administrative claims

Fitch projects a post-restructuring sustainable cash flow, which
assumes both depletion of the current position to reflect the
distress that provoked a default, and a level of corrective action
Fitch assumes either would have occurred during restructuring, or
would be priced into a purchase price by potential bidders. The GC
EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which it bases the EV.

GCGC's restricted group's going concern EBITDA of about CAD240
million considers recessionary pressures, such as property
closures, competitive openings and/or weaker consumer spending.
This is nearly 30% below normalized EBITDA, but reflects a forward
view of operating pressures that would drive negative FCF and
ultimately a default or restructuring.

The 7.0x EV multiple assumption is higher than that assumed for
most U.S. regional peers given GCGC's strong competitive position
and the high barriers to entry due to long-standing exclusivity
agreements. GCGC's restricted group also has minimal rent expense,
which increases its financial flexibility relative to some U.S.
regional peers.

Fitch uses a range of 5.0x-7.0x recovery multiples for most U.S.
regional peers, dependent on market position, diversification and
materiality of rent expense. In applying the distributable
proceeds, Fitch assumes CAD1.6 billion of senior secured debt,
including a fully drawn revolving credit facility and CAD400
million of senior unsecured notes.

The restricted group could benefit from GCGC's 50% ownership in the
GTA JV. However, Fitch does not include any residual equity in its
recovery analysis given uncertainty surrounding the subsidiary's
long-term capital structure post refinancing of its construction
credit facility. The current JV capital structure of CAD1.1 billion
(if fully drawn) relative to CAD450 million of estimated run-rate
EBITDA (full ramp-up of its expansion) provides a substantial
amount of residual equity.

As Fitch receives greater clarity about the JV's long-term capital
structure, it could begin ascribing residual equity to GCGC's
restricted group's recovery analysis, which could increase the
recovery rating for and notching of the unsecured notes.

RATING SENSITIVITIES

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

-- Gross adjusted leverage sustaining below 5.0x;

-- Greater clarity about the company's financial policy,
    specifically tolerance for leverage or capital allocation;

-- Leverage-neutral refinancing of GTA JV's credit facility
    relative to GCGC's proportionally consolidated leverage
    metrics.

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

-- Gross adjusted leverage increasing above 6.0x;

-- FCF primarily funding shareholder returns, as opposed to
    gaming and nongaming reinvestment;

-- Prolonged operating weakness in GCGC's primary markets,
    including pandemic-related trends (i.e. property closures,
    operating restrictions).

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

GCGC's liquidity at Sept. 30, 2021 consisted of CAD-equivalent 196
million of revolver availability and CAD193 million of cash at the
restricted group. FCF generation at the restricted group will
significantly increase beginning in 2022 as operations normalize
and there are only modest maintenance capex requirements.

The GTA JV has moderate liquidity relative to its remaining
discretionary growth capex. The JV had CAD379 million of credit
facility availability as of June 30, 2021, with the portion of
capex expected to be funded by operating cash flow under Fitch's
base case assumptions. Fitch expects FCF to turn meaningfully
positive in 2023 and increase further in 2024 as the Pickering and
Woodbine developments ramp up. GTA's credit facility matures in
March 2023.

ISSUER PROFILE

GCGC is a large Canadian gaming company, with casinos in Ontario,
British Columbia, Nova Scotia and New Brunswick.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch proportionally consolidates GTA JV's debt, capitalized rent
and EBITDAR when calculating GCGC's leverage metrics.

ESG CONSIDERATIONS

GCGC has an ESG Relevance Score of '4' for Governance Structure due
to the board composition being primarily composed of
non-independent directors and lack of financial policy surrounding
leverage, which are not atypical in sponsor-owned companies. When
coupled with the sponsor's history in the gaming sector, this could
have a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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


HEO INC: Plan Exclusivity Extended Until June 15
------------------------------------------------
At the behest of Heo, Inc., Judge James R. Sacca of the U.S.
Bankruptcy Court for the Northern District of Georgia, Gainesville
Division extended the Debtor's exclusive periods to file and to
solicit acceptances of a Chapter 11 plan through and including June
15, 2022, and August 15, 2022, respectively.  

The Debtor will use the additional time to resolve the issues with
the Yoos and other parties before it can file a plan of
reorganization.

The Debtor is authorized and empowered to take all actions
necessary to implement the relief granted in the Order.

A copy of the Court's Extension Order is available at
https://bit.ly/3ghtKWF from PacerMonitor.com.

                              About Heo, Inc.

Heo, Inc. owns and operates a commercial building located at 1356
Union Avenue Memphis, Tennessee. Heo, Inc. is wholly owned and
operated by Hyo S. Heo.

Heo, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 21-20173) on February 18, 2021. In
the petition signed by Hyo Sook Heo, authorized representative, the
Debtor disclosed up to $100,000 in assets and up to $10 million in
liabilities.

Judge James R. Sacca oversees the case. Rountree Leitman & Klein,
LLC represents the Debtor as counsel.


INTERPACE BIOSCIENCES: Terminates Rights Offering
-------------------------------------------------
Interpace Biosciences, Inc. announced it was terminating its
previously announced rights offering and the mutual termination of
the standby purchase agreement with 3K Limited Partnership.

Interpace also just became aware that the Centers for Medicare &
Medicaid Services (CMS) issued a new billing policy whereby CMS
will no longer reimburse for the use of the Company's ThyGeNEXT and
ThyraMIR tests when billed together by the same provider/supplier
for the same beneficiary on the same date of service.  The Company
is currently evaluating the new policy's potential impact on the
Company while simultaneously preparing an appeal.  The CMS change
does not in any way impact the efficacy of the diagnostic
information provided to clinicians.

Tom Burnell, Interpace's president and CEO stated, "We are
disappointed to terminate the rights offering due to the likely
adverse impact of the change in CMS's policy but we are determined
to seek alternative sources of financing to support the Company's
business.  We will continue to evaluate the impact of the change in
the CMS policy and potential changes on the Company's operations
and will keep our stockholders informed."

Peter Kamin, an affiliate of 3K Limited Partnership, added "In
light of the change in CMS's policy, we are disappointed that we
are unable to proceed with the rights offering and the standby
purchase agreement.  Nevertheless, we look forward to working
together with Interpace to assess the change in CMS's policy and to
develop a new plan to satisfy the Company's financial and
operational goals."

                          About Interpace

Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a
Interpace Diagnostics Group, Inc. -- http://www.interpace.com--
offers specialized services along the therapeutic value chain from
early diagnosis and prognostic planning to targeted therapeutic
applications.  Clinical services, through Interpace Diagnostics,
provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management.  Pharma services,
through Interpace Pharma Solutions, provides pharmacogenomics
testing, genotyping, biorepository and other customized services to
the pharmaceutical and biotech industries.

Interpace Biosciences reported a net loss of $26.45 million for the
year ended Dec. 31, 2020, compared to a net loss of $26.74 million
for the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the
Company had $40.31 million in total assets, $32.42 million in total
liabilities, $46.54 million in preferred stock, and a total
stockholders' deficit of $38.65 million.

Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated April 1, 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 or obtain
additional financing to meet its obligations and repay its
liabilities arising from normal business operations when they come
due.  In addition, the Company has been materially impacted by the
outbreak of a novel coronavirus (COVID-19), which was declared a
global pandemic by the World Health Organization in March 2020.
These conditions raise substantial doubt about its ability to
continue as a going concern.


JPA NO. 49: Creditors, Jet Owners Clash on Ch.11 Asset Bids
-----------------------------------------------------------
PJ D'Annunzio of Law360 reports that the owner of two aircraft
leased to an Asian airline battled with lender FitzWalter Capital
in Manhattan bankruptcy court over its proposed stalking horse
bidders' floor bids, pushing back on the lender's claims that it's
trying to siphon money out of its Chapter 11 bankruptcy and escape
contractual obligations.

Aircraft owners JPA No. 111 Co. Ltd. and JPA No. 49 Co. and
FitzWalter clashed in filings Friday, January 28, 2022, over how
the creditor will be paid back. FitzWalter called for the Chapter
11 cases to be dismissed, alleging the debtors' commitment from the
stalking horse bidders was unsatisfactory.

                   About JPA No. 111 and JPA No. 49

JPA No. 49 Co., Ltd. and JPA No. 111 Co., Ltd. are special purpose
vehicles formed under the laws of Japan.  The Debtors are direct,
wholly owned subsidiaries of JP Lease Products & Services Co. Ltd.
JPL offers financial services based on a financial scheme combining
the borrowings from financial institutions and funds to manage
valuable assets including aircraft, ships, containers for maritime
transportation, and solar power generation equipment.

JPA No. 49 Co. and JPA No. 111 Co. filed petitions for Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 21-12076) on Dec. 17,
2021, listing up to $500 million in both assets and liabilities.
Teiji Ishikawa, representative director, signed the petitions.

Judge David S. Jones oversees the cases.

The Debtors tapped Togut, Segal & Segal, LLP, as legal counsel.


KBK ENTERPRISES: Taps Gentry Locke Rakes & Moore as Special Counsel
-------------------------------------------------------------------
KBK Enterprises of Roanoke, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Virginia to employ
Gentry Locke Rakes & Moore, LLP as its special counsel.

The Debtor needs the firm's legal assistance in matters related to
insurance coverage of claims arising from or related to personal
injuries.

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

     Partners                $380 - $425 per hour
     Associates              $275 per hour
     Paraprofessionals       $175 per hour

The firm will seek reimbursement for out-of-pocket expenses.

William Callahan, Jr, Esq., a partner at Gentry Locke Rakes,
disclosed in a court filing that he and his firm neither hold nor
represent any interest adverse to the interest of the Debtor's
estate.

The firm can be reached through:

     William E. Callahan, Jr.
     Gentry Locke Rakes & Moore, LLP
     10 Franklin Road S.E., Suite 900
     Roanoke, VA 24011
     Phone: 540-983-9300
     Toll-Free: 866-983-0866
     Email: callahan@gentrylocke.com

                 About KBK Enterprises of Roanoke

KBK Enterprises of Roanoke, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va.
Case No. 22-70008) on Jan. 10, 2022, listing up to $50,000 in both
assets and liabilities.  Tony Triplette, president of KBK
Enterprises, signed the petition.

Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, PC
and Gentry Locke Rakes & Moore, LLP serve as the Debtor's
bankruptcy counsel and special counsel, respectively.


LATAM AIRLINES: Gets Court Okay to Seek Chapter 11 Votes
--------------------------------------------------------
Jeff Montgomery of Law360 reports that a New York bankruptcy judge
provisionally cleared Chile-based air carrier LATAM Airlines Group
SA to begin soliciting votes on its $5.4 billion Chapter 11
restructuring plan on Tuesday, February 2, 2022, but put off for a
week a decision on extending its continued exclusive control of the
case.

Although U.S. Bankruptcy Judge James L. Garrity deemed the case
disclosure statement adequate over objections from some creditors,
he cautioned LATAM must still work through objections to a plan
backstop financing agreement at a hearing scheduled for Feb. 10,
2022.

                  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.


LEATHERWOOD MARINA: Case Summary & Six Unsecured Creditors
----------------------------------------------------------
Debtor: Leatherwood Marina and Resort, LLC
        753 Leatherwood Bay Rd.
        Dover, TN 37058

Business Description: Leatherwood Marina and Resort is in the
                      resort hotel business.

Chapter 11 Petition Date: February 1, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-00301

Judge: Hon. Randal S. Mashburn

Debtor's Counsel: Steven L. Lefkovitz, Esq.
                  LEFKOVITZ & LEFKOVITZ
                  618 Church St., #410
                  Nashville, TN 37219
                  Tel: 615-256-8300
                  Fax: 615-255-4516
                  Email: slefkovitz@lefkovitz.com

Total Assets: $3,383,391

Total Liabilities: $1,738,500

The petition was signed by Scott Walin as managing member.

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

https://www.pacermonitor.com/view/P4Z3STY/Leatherwood_Marina_and_Resort__tnmbke-22-00301__0001.0.pdf?mcid=tGE4TAMA


LINDEN PONDS: Fitch Places 'BB' IDR on Watch Positive
-----------------------------------------------------
Fitch Ratings has placed the 'BB' Issuer Default Rating (IDR) for
Linden Ponds, Inc., MA on Rating Watch Positive. Fitch has also
placed approximately $110.6 million of revenue bonds series 2018
issued by Massachusetts Development Finance Agency on behalf of
Linden Ponds on Rating Watch Positive.

SECURITY

The bonds are secured by a pledge of gross revenues, a first
mortgage on the property and a debt service reserve fund (DSRF).
Debt service payments on the bonds are senior to any subordinate
debt obligations and annual management fees.

Upon closing of National Senior Communities obligated group's (NSC
OG -- formerly known as National Senior Campuses obligated group)
series 2022 bonds, Linden Ponds' series 2018 bonds will become an
obligation of the combined new NSC OG (NSC OG including Linden
Ponds) and Linden Ponds' DSRF will be released to be used to pay
scheduled debt service and free up cash for capex and other
liquidity needs of the combined new NSC OG. Pursuant to the
collateral substitution, the series 2018's first mortgage on the
property will also be released in exchange for a master note issued
under the NSC OG's Master Indenture.

ANALYTICAL CONCLUSION

The Rating Watch Positive reflects the pending addition of Linden
Ponds into NSC OG. NSC anticipates that Linden Ponds will join its
OG upon the issuance of its series 2022 bonds, which are expected
to close on or about March 1.

Upon closing, Linden Ponds' series 2018 bonds will become an
obligation of the new NSC OG (NSC OG including Linden Ponds), which
Fitch rates 'A'/Stable. For more information on NSC OG's series
2022 transaction, please see Fitch's report dated Feb. 1, 2022.

Key Rating Driver assessments below apply only to Linden Ponds,
which Fitch currently rates 'BB'/Stable.

KEY RATING DRIVERS

Revenue Defensibility: 'a'

Sizeable, Moderately Priced Single Site LPC Provider with Good
Demand

The strong revenue defensibility reflects the good demand for
services at Linden Ponds as indicated by historical independent
living unit (ILU) occupancy, generally between 92% and 95%, across
a sizeable base of over 1,000 ILUs. The solid demand is supported
by a range of apartment sizes and entrance fee pricing that is
competitive relative to its competition and comfortably below local
area housing prices.

Operating Risk: 'bbb'

Steady Cash Flow; Manageable Capital Needs

The midrange operating risk assessment reflects Linden Ponds'
steady historical operations and coverage levels supported by a
solid census, effective expense controls and added revenue from the
completion of an ILU expansion project.

Financial Profile: 'bb'

Stable Financial Profile Under Stress Scenario

Given Linden Ponds' strong revenue defensibility and midrange
operating risk assessments and Fitch's forward-looking scenario
analysis, Linden Ponds' key leverage metrics remain consistent with
the 'BB' rating level through a moderate stress and recovery
scenario.

Asymmetric Additional Risk Considerations

No asymmetric risks are relevant.

RATING SENSITIVITIES

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

-- Fitch will upgrade Linden Ponds' 'BB' rating to 'A' upon
    successful closing of NSC OG's series 2022 transaction and the
    addition of Linden Ponds into the NSC OG.

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

-- Failure of the series 2022 transaction to close and/or another
    event that leads to Linden Ponds not being added to the NSC OG
    would trigger a review of Linden Ponds' rating as a standalone
    entity.

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

Linden Ponds is a not-for-profit corporation established in 2002
for the purpose of operating a life plan community (LPC). LP
operates a Type-C continuing care retirement community (CCRC),
which is located on a 108-acre campus in Hingham, MA, approximately
17 miles southeast of Boston, MA. The campus, which opened in 2004,
consists of: 1,086 ILUs, 22 ALUs, 44 MCUs, and 66 SNF beds. Linden
Ponds offers only 90% refundable, fee-for-service (Type-C)
contracts to its residents. In fiscal 2020, Linden Ponds had total
operating revenues of approximately $64.9 million.

ESG CONSIDERATIONS

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


LOGISTICS GIVING: Gets OK to Hire Cohne Kinghorn as Legal Counsel
-----------------------------------------------------------------
Logistics Giving Resources, LLC received approval from the U.S.
Bankruptcy Court for the District of Utah to hire Cohne Kinghorn,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor with respect to its duties and powers
under the Bankruptcy Code, Bankruptcy Rules and related laws;

     b. assisting the Debtor with respect to legal issues, which
may arise from time to time in its case;

     c. negotiating and preparing an asset purchase agreement and
seeking entry of an order permitting the sale of assets pursuant to
Section 363 of the Bankruptcy Code and related relief;

     d. negotiating and preparing a plan of reorganization,
disclosure statement (if applicable) and all related documents, and
taking any necessary action to obtain confirmation of such plan;

     e. assisting the Debtor in collecting, preserving and, if
appropriate, disposing of assets;

     f. assisting the Debtor in determining the validity and amount
of claims;

     g. advising the Debtor with respect to causes of action, which
it may have against others;

     h. negotiating, documenting and presenting to the court for
approval pursuant to Bankruptcy Rule 9019 agreements to settle and
compromise the Debtor's causes of action and claims against others;
and

     i. performing other legal services for the Debtor.

The hourly rates charged by the firm for its services are as
follows:

     Matthew M. Boley        $385 per hour
     George B. Hofmann       $390 per hour
     Jeffrey L. Trousdale    $245 per hour
     Mashell Parks           $150 per hour
     Krys Lopez              $120 per hour

Cohne Kinghorn received a retainer in the amount of $10,385.

Matthew Boley, Esq., a partner at Cohne Kinghorn, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

Cohne Kinghorn can be reached at:

     Matthew M. Boley, Esq.
     Cohne Kinghorn, P.C.
     111 E. Broadway, 11th Floor
     Salt Lake City, UT 84111
     Tel: 801-363-4300
     Email: mboley@ck.law

                   About Logistics Giving

Logistics Giving Resources, LLC, an employment agency in Layton,
Utah, filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Utah Case No. 22-20143) on Jan. 14,
2022.  Troy Vaughn Hyde, member, signed the petition.  In its
petition, the Debtor disclosed $6,450,752 in assets and $1,156,332
in liabilities as of Dec. 31, 2021.  

Judge William T. Thurman oversees the case.

Matthew M. Boley, Esq., at Cohne Kinghorn, P.C. represents the
Debtor as legal counsel.  Rocky Mountain Advisory, LLC is the
Debtor's accountant and financial advisor.


LOGISTICS GIVING: Gets OK to Hire Rocky Mountain as Accountant
--------------------------------------------------------------
Logistics Giving Resources, LLC received approval from the U.S.
Bankruptcy Court for the District of Utah to hire Rocky Mountain
Advisory, LLC as its accountant and financial advisor.

The firm's services include:

     a. assisting and overseeing the preparation of financial
reports and other reports and information required to be disclosed
to the Office of the U.S. Trustee or filed with the court;

     b. rendering assistance in connection with the Debtor's
reorganization and other business matters;

     c. assisting the Debtor in keeping reliable and accurate books
and records on a going forward basis;

     d. assisting the Debtor in connection with analysis and
objections to claims;

     e. preparing budgets, financial projections, liquidation
analyses and other financial estimates;

     f. coordinating with and providing information, advice and
input to the Debtor's tax preparers and providing tax preparation
services if needed;

     g. advising the Debtor on any other financial matters that may
arise in the Debtor's estate; and

      h. rendering other accounting services to the Debtor.

The hourly rates charged by the firm for its services are as
follows:

     John Curtis          $315 per hour
     Jordan Colohan       $255 per hour
     Josh Gifford         $255 per  for advisory work;
                          $185 per hour for tax work
     Other professionals  $230 - $425 per hour

The firm requested an initial retainer in the amount of $5,000.

John Curtis, a certified public accountant at Rocky Mountain
Advisory, disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     John Curtis, CPA
     Rocky Mountain Advisory LLC
     215 State St., Suite 550
     Salt Lake City, UT 8411
     Phone: 801-428-1600/801-428-1604
     Fax: 801.428.1612
     Email: jcurtis@rockymountainadvisory.com

                   About Logistics Giving

Logistics Giving Resources, LLC, an employment agency in Layton,
Utah, filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Utah Case No. 22-20143) on Jan. 14,
2022.  Troy Vaughn Hyde, member, signed the petition.  In its
petition, the Debtor disclosed $6,450,752 in assets and $1,156,332
in liabilities as of Dec. 31, 2021.  

Judge William T. Thurman oversees the case.

Matthew M. Boley, Esq., at Cohne Kinghorn, P.C. represents the
Debtor as legal counsel.  Rocky Mountain Advisory, LLC is the
Debtor's accountant and financial advisor.


LTL MANAGEMENT: Urged to Show Report Undermining Bankruptcy
-----------------------------------------------------------
An asbestos injury victim group urged a court to compel Johnson &
Johnson's talc litigation spinoff to hand over a report that could
undermine arguments that its bankruptcy is legitimate.

LTL Management LLC, which is the spinoff formed to handle legal
claims from J&J's talc product users, filed for bankruptcy after
its creation, citing litigation threats.

But it's "highly likely" the report -- commissioned by J&J --
suggests that J&J wasn't threatened by talc litigation in a
separate bankruptcy case of its talc supplier, Imerys Talc America,
an official committee for talc claimants in LTL's Chapter 11 case
said Monday, January 31, 2022, in a court filing.

The Official Committee for Talc Claimants II ("TCC II") has
requested any expert report(s) ("Report") prepared by Charles H.
Mullin, PhD ("Mullin"), in the matter of Imerys Talc America, Inc.,
Case No. 19-10289 ("Imerys").

"The Report is highly relevant to this Matter and may contain
potentially significant evidence undermining a core premise of the
Debtor's assertion that its bankruptcy was filed in good faith.
TCC II notes that the Debtor made no argument about the potential
relevance of the Report; in fact, the lack of such an argument by
the Debtor strongly counsels that the Report contains relevant
evidence.

The keystone of the Debtor's argument in opposition to the pending
Motion to Dismiss (Dkt. No. 632) is that its pre-transactional
consumer division Johnson & Johnson Consumer, Inc. ("Old JJCI") was
facing a serious threat to its long-term viability from talc
litigation, and thus that the "Texas Two-Step" it performed to
isolate talc liabilities in the Debtor just to file for bankruptcy
was done in good faith.  In defense of its gaming of the Bankruptcy
Code, the Debtor has repeatedly argued that talc liabilities placed
Old JJCI's existence in dire straits. E.g., Debtor's Objection to
Motions to Dismiss Chapter 11 Case (Dkt. No. 956) at 11 ("While Old
JJCI . . . was a substantial entity, its resources were finite and
the Talc Claims were an immense drain on its finances and ability
to maintain what was otherwise a healthy business."), 14 ("The
Debtor filed this case to resolve the explosion of potentially
financially crippling Talc Claims . . . ." , 17 ("It filed because
it faced a deluge of enterprise-threatening litigation . . . .").
In support of this proposition, the Debtor has submitted a
purported expert report by Mullin, in which he stated that
"[c]ontinuing to fully investigate, litigate, and value talc claims
in the tort system would be prohibitively expensive." (Expert
Report of Charles H. Mullin, PhD, Dkt. No. 956-7 at ¶ 18) ("Mullin
LTL Report").

                      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.

                     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.


LWO ACQUISITIONS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: LWO Acquisitions Company, LLC
          d/b/a Circuitronics, Inc.
        1900 Diplomat
        Farmers Branch, TX 75234

Business Description: Founded in 1971, Circuitronics is an
                      electronic manufacturing services (EMS)
                      company that caters to the needs of
                      customers that require higher technology and
                      reliability in the industrial, energy,
                      security/mil-aero, communications, audio
                      visual and prototype markets.  Circuitronics
                      offers complete EMS services including PCBA,
                      system assembly, NPI/prototyping, supply
                      chain solutions and advanced engineering
                      support.

Chapter 11 Petition Date: February 2, 2022

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 22-40256

Debtor's Counsel: Jeff P. Prostok, Esq.
                  FORSHEY & PROSTOK LLP
                  777 Main Street
                  Suite 1550
                  Forth Worth, TX 76102
                  Tel: (817) 877-8855
                  Email: jprostok@forsheyprostok.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rob Subia as chief executive officer.

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

https://www.pacermonitor.com/view/XBXBMSQ/LWO_Acquisitions_Company_LLC_dba__txnbke-22-40256__0001.0.pdf?mcid=tGE4TAMA


MAGNACOUSTICS INC: Seeks to Hire Sherwood Partners as Sales Agent
-----------------------------------------------------------------
Magnacoustics, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Sherwood Partners,
Inc. as its sales agent.

The Debtor requires the services of the firm to find a buyer of its
assets or to find new capital as equity or debt.  The firm's
services include:

     (a) advising the Debtor on the structure of the sale process;

     (b) working with the Debtor to develop a target list of
potential purchasers;

     (c) working with the Debtor to prepare an offering memorandum,
non-disclosure statement and data room;

     (d) assisting potential purchasers with due diligence and
formulation of offers; and

     (e) working with the Debtor to assist in the closing of the
sale transaction.

Sherwood, in consultation with the Debtor, may organize an
alternative transaction to reorganize the Debtor, including merger,
joint venture, equity infusion and exit financing.

The Debtor will pay the firm a consulting fee in the following
amounts:

     1. The sum of $7,500 upon entry of an order approving the
retention of Sherwood.

     2. An additional $2,500 upon the Debtor accepting an offer.

     3. A monthly fee of $7,500 for the first three months of
Sherwood's engagement following approval by the court, and
thereafter, a consulting fee of $3,750 per month.

If the Debtor has insufficient funds to pay the portion of the
consulting fee on a monthly basis, the Debtor may accrue the
monthly consulting fee, and pay Sherwood the accrued monthly
consulting fee from the proceeds of any transaction.

In addition to the consulting fee, Sherwood will be paid a "success
fee" in an amount equal to 10 percent of the gross value of any
transaction.  The firm will credit $10,000 of the consulting fee
against the success fee.  The success fee must be paid directly to
the firm upon the closing of any transaction as a cost of sale and
must be approved by the bankruptcy court.

The Debtor has agreed to reimburse Sherwood for out-of-pocket
expenses incurred by the firm.

Peter Hartheimer, a senior managing director at Sherwood, 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:

     Peter Hartheimer
     Sherwood Partners, Inc.
     3945 Freedom Circle, Suite 560
     Santa Clara, CA 95054
     Phone: 650-454-8001
     Fax: 650-454-8040
     Email: info@sherwoodpartners.com

                     About Magnacoustics Inc.

Magnacoustics, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-70670) on April
9, 2021, listing as much as $1 million in both assets and
liabilities.  Judge Robert E. Grossman oversees the case.  

Sandra E. Mayerson, Esq., at Mayerson & Hartheimer, PLLC and A.
Jonathan Trafimow, Esq., at Moritt Hock & Hamroff, LLP serve as the
Debtor's bankruptcy counsel and special counsel, respectively.
CliftonLarsonAllen LLP is the Debtor's bookkeeper, accountant, tax
advisor and IT consultant.


MAJESTIC HILLS: Four Creditors Step Down as Committee Members
-------------------------------------------------------------
Christopher Phillips, Douglas Grimes, Christine Swarek and Rajiv
Bhatt resigned from the official committee of unsecured creditors
in the Chapter 11 case of Majestic Hills, LLC following the
transfer of their claims to another creditor, according to a Jan.
31 notice filed by the U.S. Trustee for Regions 3 and 9.

The remaining members of the committee are:

     1. PA Soil & Rock, Inc.
        Attn: Henri Marcel, Esq.
        Deasey, Mahoney & Valentini, Ltd.
        1601 Market Street, Suite #3400
        Philadelphia, PA 19103
        Tel: (215) 587-9400
        Fax: (215) 587-9456
        E-mail: hmarcel@dmvlawfirm.com

     2. NVR, Inc. d/b/a Ryan Homes
        Attn: Kathleen Gallagher, Esq.
        Porter Wright Morris & Arthur LLP
        6 PPG Place, Third Floor
        Pittsburgh, PA 15222
        Tel: (412) 235-4500
        Fax (412) 235-4510
        E-mail: kgallagher@porterwright.com

     3. Morris Knowles & Assoc., Inc.
        Attn: Samuel Simon, Esq.
        Houston Harbaugh P.C.
        401 Liberty Ave., 22nd Floor
        Pittsburgh, PA 15222
        Tel: (412) 281-5060
        Fax (412) 281-4499
        E-mail: ssimon@hh-law.com

                     About Majestic Hills

Majestic Hills, LLC, is a single purpose, limited liability company
that was formed to develop 179 single family lots in North Strabane
Township, Washington County, Pennsylvania.  Once developed,
Majestic Hills, LLC sold the lots to NVR, Inc., doing business as
Ryan Homes, which then undertook the building and selling of the
homes.  

Majestic Hills filed a Chapter 11 petition (Bankr. W.D. Pa. Case
No. 20-21595) on May 21, 2020, listing as much as $10 million in
both assets and liabilities.  The Hon. Gregory L. Taddonio oversees
the case.

The Debtor's counsel is Donald R. Calaiaro, Esq., at Calairo
Valencik.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtor's case on June 17,
2020.  The committee is represented by Leech Tishman Fuscaldo &
Lampl, LLC.


MARICOPA COUNTY IDA: Moody's Rates $150MM Tax Exempt Bonds 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 senior unsecured rating to
the $150 million Maricopa County Industrial Development Authority,
AZ ("MCIDA") exempt facilities revenue bonds. The bonds will be
repayable under an unsecured loan agreement between Commercial
Metals Company ("Commercial Metals") and the Maricopa County
Industrial Development Authority, AZ. The bonds are considered a
senior unsecured obligation for Commercial Metals and have the same
rating as the company's other unsecured debt. The proceeds of the
bonds are being loaned to Commercial Metals and will be used to
finance a portion of the cost of the new micro mill located in
Mesa, Arizona. Commercial Metals Ba1 Corporate Family Rating (CFR),
Ba1-PD Probability of Default Rating (PDR), Ba2 senior unsecured
note rating, (P)Ba2 senior unsecured shelf rating, its Speculative
Grade Liquidity Rating of SGL-2 and its stable outlook remain
unchanged.

Assignments:

Issuer: Maricopa County Industrial Dev. Auth., AZ

Senior Unsecured Revenue Bonds, Assigned Ba2 (LGD4)

RATINGS RATIONALE

Commercial Metals Ba1 corporate family rating reflects its strong
position in the rebar and merchant bar markets in the US, as well
as its exposure to the steel market in Eastern Europe through its
operations in Poland. It also incorporates Moody's expectation for
the company to maintain relatively low financial leverage, ample
interest coverage and good liquidity as its operating performance
remains historically strong in fiscal 2022 (ends August 2022).
Commercial Metals rating is constrained by its reliance on two
steel product categories, its dependence on cyclical construction
activity, its exposure to volatile steel and scrap prices and its
focus on acquisitive and organic growth investments. Although, the
company has a track record of prudently funding its growth
initiatives without materially impacting its credit profile.

Moody's anticipate that Commercial Metals operating earnings will
remain historically robust in fiscal 2022 and could exceed the
record high adjusted EBITDA of $835 million produced in fiscal
2021. The company will continue to benefit from solid demand which
should be bolstered by spending related to the Infrastructure
Investment and Jobs Act, higher steel prices, historically wide
metal spreads, incremental profits from its new rolling line in
Europe along with the potential EBITDA contribution from the
pending Tensar acquisition. The robust operating results will
enable the company to generate strong operating cash flows, which
along with the proceeds of its recent $300 million note offering
and the proposed $150 million tax-exempt bonds combined with the
$313 million proceeds from the sale of land in Rancho Cucamonga, CA
will be used to fund the $550 million Tensar acquisition, the
remaining investment in its second Arizona micro mill and its new
fourth micro mill that will be situated to serve the Northeast,
MidAtlantic, and Mid-Western US markets. Moody's anticipate the
company will also spend more of its free cash and possibly a
portion of its cash balance on share repurchases and dividends
since it announced a new $350 million share repurchase program in
October 2021 and raised its quarterly dividend to $0.14 per share
from $0.12 per share.

If Commercial Metals generates around $900 million of adjusted
EBITDA and utilizes all free cash on organic growth initiatives,
acquisitions and shareholder returns and does not repay any of its
debt prior to maturity (except the 2027 notes which will be
redeemed in February 2022), then its leverage ratio (debt/EBITDA)
will be about 1.5x and its interest coverage (EBIT/Interest) around
10.0x. While these metrics will be very strong for the company's
Ba1 corporate family rating, they are expected to materially weaken
when steel prices return to a more sustainable level as imports
rise and demand eventually ebbs and additional domestic capacity
comes online. Also, Commercial Metals upside ratings potential is
constrained by the volatility of steel and scrap prices, its
reliance on cyclical construction end markets and its limited scale
and product diversity versus higher rated domestic steel producers.


Commercial Metals has a Speculative Grade Liquidity rating of SGL-2
reflecting its good liquidity profile including $415 million of
cash and availability of about $659 million under its credit and
accounts receivable facilities as of November 2021. The company has
a $400 million (secured by US inventory and US fabrication
receivables) revolving credit facility expiring March 2026, mostly
undrawn except for letters of credit, and a $150 million accounts
receivable securitization program expiring in March 2023. The
company also has $73 million of revolving credit facilities in
Poland with the majority of the facility amounts expiring in March
2024. These facilities are mostly undrawn except for letters of
credit. The company's US credit agreement has financial maintenance
covenants including a minimum interest coverage ratio of 2.5x and a
debt to capitalization ratio not to exceed 60%. It should remain
comfortably in compliance with these covenants.

Commercial Metals along with the rest of the global steel sector
faces high environmental risks and pressure to reduce CO2 and other
greenhouse gas and air pollution emissions, among a number of other
sustainability issues and may incur costs to meet increasingly
stringent regulations. However, Commercial Metals utilizes the
electric arc furnace process which consumes a greater percentage of
scrap steel and has lower greenhouse gas emissions than the
integrated producers who produce steel using the blast furnace
process which consumes coal and iron ore. Additionally, through its
recycling business, the company is a significant recycler of
ferrous and nonferrous metals.

The stable ratings outlook incorporates Moody's expectation the
company will produce historically strong operating results in
fiscal 2022 which will result in credit metrics that are robust for
its Ba1 rating, but will return to a level that is more
commensurate with the rating when steel prices and metal spreads
trend towards historical levels.

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

Commercial Metals' ratings could be upgraded should it sustain an
EBIT margin above 8%, a leverage ratio below 2.75x, interest
coverage above 4.0x and operating cash flow less dividends above
25% of outstanding debt through various steel price points and
metal spread environments.

The ratings could be downgraded if economic weakness or increased
competition leads to a material deterioration in its operating
performance and credit metrics. Quantitatively, the ratings could
be downgraded if its EBIT margin is sustained below 4%, its
leverage ratio above 4.0x and interest coverage below 2.5x.

Headquartered in Irving, Texas, Commercial Metals Company
manufactures steel through its six electric arc furnace mini mills
and two micro mills in the United States and has total rolling
capacity of about 5.9 million tons. It also operates steel
fabrication facilities and ferrous and nonferrous scrap metal
recycling facilities in the US and has a vertically integrated
network of recycling facilities, an EAF mini mill with about 1.2
million tons of rolling capacity and fabrication operations in
Poland. Revenues for the twelve months ended November 30, 2021 were
$7.3 billion.

The principal methodology used in this rating was Steel published
in November 2021.


MEDNAX INC: Moody's Hikes CFR to Ba3, Rates New Unsecured Notes Ba3
-------------------------------------------------------------------
Moody's Investors Service upgraded Mednax, Inc.'s Corporate Family
Rating to Ba3 from B1 and Probability of Default Rating to Ba3-PD
from B1-PD. At the same time, Moody's also assigned Ba3 rating to
the company's proposed $400 million unsecured notes due in 2030.
The Speculative Grade Liquidity rating (SGL) remains unchanged at
SGL-1. Outlook changed to stable from positive.

"The rating upgrade reflects a material improvement in Mednax's
financial metrics and Moody's expectation that the financial
leverage will remain moderate as the company refocuses on its core
pediatrics and obstetrics businesses," stated Kailash Chhaya,
Moody's Vice President and the Lead Analyst for Mednax. "The
proposed refinancing transaction will not only reduce the company's
total debt by approximately $250 million but also reduce the debt
servicing cost going forward", continued Chhaya.

As a part of the refinancing transaction, the company will retire
its $1.0 billion unsecured notes due 2027 and pay transaction
expenses with a combination of $250 million unsecured term loan A
(unrated), $400 million new unsecured notes, $100 million draw on
revolver(unrated) and $305 million internal cash. Moody's expects
that when the transaction closes, the company's leverage will
decline by at least 1x from an estimated 4.2x at the end of
September 30, 2022, due to a combination of improved earnings and a
reduction in total debt.

Ratings upgraded:

Mednax, Inc.

Corporate Family Rating to Ba3 from B1

Probability of Default Rating to Ba3-PD from B1-PD

Ratings assigned:

Mednax, Inc.

Proposed $400 million senior unsecured global notes maturing in
2030 at Ba3 (LGD4)

Outlook Actions:

Mednax, Inc.

Outlook changed to stable from positive

RATINGS RATIONALE

Mednax's Ba3 Corporate Family Rating reflects the company's strong
market position and national footprint in the pediatrics and
obstetrics space, moderately high leverage, and potential
challenges from the regulatory and reimbursement environment. The
company has a strong market position in women's and children's
health, good customer diversity, favorable healthcare services
outsourcing market trends and very good liquidity. Moody's expects
that the company will operate with debt/EBITDA close to 3.0 times
in the next 12-18 months.

In the last two years, Mednax has sold its anesthesia and radiology
businesses and decided to dedicate its resources to pediatrics and
obstetrics. While this strategy has reduced the company's scale and
business diversity, it has provided the company the ability to
focus on its core strength in women's and children's health.
Overall, Moody's considers the company's new strategy as credit
positive on a net basis.

The Speculative Grade Liquidity rating of SGL-1 reflects Moody's
expectation that Mednax will maintain very good liquidity over the
next 12-18 months. Mednax's liquidity is supported by an estimated
$53 million in cash and $350 million of revolver availability when
the company completes its refinancing transaction in February 2022.
In addition, the company will generate positive free cash flow in
the range of $100-$120 million in the next 12 months. Moody's
estimate that the company will use the majority of its free cash
flow not used for mandatory amortization for acquisitions and
earnouts.

Mednax's capital structure includes $400 million of unsecured notes
rated Ba3, the same as the Corporate Family Rating. The capital
structure also includes a $450 million unsecured revolving credit
facility (not rated) and $250 million in unsecured term loan (not
rated). The company has only one class of debt and all individual
debt instruments are pari passu with each other.

ESG factors are material to Mednax's credit analysis. Mednax was
materially impacted by the coronavirus outbreak last year, but the
company's business volumes have largely recovered. The No Surprises
Act, which became effective in January 2022 takes the patient out
of the provider/payor dispute. The impact on Mednax's revenue will
depend on the percentage of out-of-network patients they treat,
specific billing and collections practices, as well as arbitration
process. Mednax's businesses are also affected by social factors
like the birthrate regulations that govern women in childbearing
age and infants' healthcare practices. With respect to governance,
as a publicly traded company, Mednax is subject to rigorous
governance standards in terms of transparency, disclosures,
management's effectiveness, accountability and compliance. The
environmental component of ESG is not considered material to the
overall credit profile of the issuer.

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

The ratings could be upgraded if Mednax effectively executes its
new business strategy focused on pediatrics and obstetrics while
improving its profitability and scale. Quantitatively, ratings
could be upgraded if debt/EBITDA is sustained below 3.0 times.

The ratings could be downgraded if Mednax faces reimbursement,
volume, or payor mix pressures that will weaken operating
performance. Quantitatively, ratings could be downgraded if
debt/EBITDA is sustained above 4.0 times.

Based in Sunrise, FL, Mednax, Inc. is a leading provider of
physician services including newborn, maternal-fetal, pediatric
cardiology and other pediatric subspecialty services. Mednax
provides its services through a network of more than 2,400
physicians in 38 U.S. states and Puerto Rico. Moody's estimates
that the company's revenue from continuing operations (i.e.
excluding divested businesses) for fiscal 2021 was approximately
$1.9 billion.

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


MEDNAX INC: S&P Rates New $400MM Senior Secured Notes 'B+'
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level and '4' recovery
ratings to the proposed $400 million senior secured notes due 2030
issued by Mednax Inc. The '4' recovery rating indicates our
expectation for average (30%-50%; rounded estimate: 45%) recovery
for the debtholders in the event of a payment default. The company
will use the proceeds of the new debt, along with other available
funds and cash on hand, to repay its existing 6.25% senior notes
due 2027.

S&P's other ratings on Mednax, including its 'B+' issuer credit
rating and positive outlook are unchanged and reflect its
expectations for lower leverage due to continued EBITDA
improvement, the company's position as the only large national
provider of neonatology services, and some mitigating factors that
somewhat shield the company from the declining U.S. national birth
rate.

Issue Ratings--Recovery Analysis

Key analytical factors

-- Mednax's capital structure consists of a $450 million senior
unsecured revolver, a $250 million term loan (not rated), and $400
million senior notes due in 2030.

-- S&P's simulated default scenario contemplates a default in 2026
stemming from reimbursement declines and an inability to achieve
projected cost savings.

-- S&P assumes an 85% drawn revolver in default, LIBOR of 250
basis points, and about 600 basis points in increased revolver
borrowing costs, reflecting our expectation that the company would
seek covenant amendments before default.

-- Given its strong reputation and brand recognition, S&P believes
Mednax would likely reorganize rather than liquidate in the event
of default. Consequently, it used an enterprise value methodology
to assess recovery prospects.

-- S&P values the company on a going-concern basis using a 6x
multiple of its projected emergence EBITDA, consistent with the
multiple we use for similar companies and 0.5x above the anchor
multiple for health care services. This reflects the asset-light
nature of the business and stronger projected demand growth than
the health care services industry in general.

Simulated default assumptions

-- Simulated year of default: 2026
-- EBITDA at emergence: $88 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $501
million

-- Senior unsecured debt/pari passu unsecured claims: $501
million/$0 million

    --Recovery expectations: 30%-50% (rounded estimate: 45%)

All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.


MEGNA REAL ESTATE: Parties Move Plan Filing Deadline to March 4
---------------------------------------------------------------
Judge Deborah J. Saltzman has entered an order that approving a
stipulation that provides that the "Motion for Order Determining
Value of Collateral" is withdrawn, the hearing set for April 14,
2022 is vacated, and the deadline for Megna Real Estate Holdings,
Inc., to file a Plan and Disclosure Statement is extended to March
4, 2022.

The Stipulation was signed by the Debtor and secured creditor
DEUTSCHE BANK NATIONAL TRUST COMPANY, as trustee, on behalf of the
holders of the WAMU MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2006-AR5.

Counsel for the Debtor:

     Mark T. Young, Esq.
     Taylor F. Williams, Esq.
     DONAHOE YOUNG & WILLIAMS LLP
     25152 Springfield Court, Suite 345
     Valencia, California 91355
     Telephone: (661) 259-9000
     Facsimile: (661) 554-7088
     E-mail: myoung@dywlaw.com
             twilliams@dywlaw.com

                     About Megna Real Estate

Megna Real Estate Holdings, Inc. is primarily engaged in renting
and leasing real estate properties. Its principal assets are
located at 3751 Lankershim Blvd., Studio City, Los Angeles, Calif.

Megna sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 20-10010) on Jan. 3, 2020.  Megna
President Mahmud Ulkarim signed the petition.  At the time of the
filing, the Debtor had estimated assets of between $1 million and
$10 million and liabilities of the same range.  Judge Deborah J.
Saltzman oversees the case.  Donahoe & Young LLP is Debtor's legal
counsel.


METRO PUERTO RICO: Unsecureds to Recover 100% in 60 Months
----------------------------------------------------------
Metro Puerto Rico LLC submitted an Amended Chapter 11 Small
Business Plan and a Disclosure Statement.

The Debtor operates a newspaper business with presence in Puerto
Rico in physical and digital form.  The sale gross income is
$200,000 per month, and expenses are estimated at $185,000 monthly.


Under the Plan, Class 2 Allowed General Unsecured Claims totaling
$85,989 are impaired.  Class 2 claims will be satisfied via monthly
payments starting the Effective Date of the Plan.  The Distribution
of class 2 claims is estimated at 100%.  The distribution on this
class will be monthly starting on the effective date of the plan
until the month 60.

The Plan establishes that the Plan will be funded from the
Reorganized Debtor's cash flow generated by the Debtor. It
generally consists of the by the operating of the business.  The
Debtor will contribute her cash flow to fund the Plan commencing on
the Effective Date of the Plan and continue to contribute through
the date that Holders of Allowed Class 1, 2 and 3, Claims receive
the payments specified for in the Plan.

Attorney for the Debtor:

     Jose M Prieto Carballo, Esq.
     JPC LAW OFFICE
     PO Box 363565
     San Juan PR 00936
     Tel: (787) 607-2066
     Fax: (787) 200-8837
     Email: jpc@jpclawpr.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3KYKMHs from PacerMonitor.com.

                      About Metro Puerto Rico

Metro Puerto Rico LLC filed its voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-01543) on March
31, 2020.  The petition was signed by Felix I. Caraballo,
president.  At the time of filing, the Debtor estimated $1 million
to $10 million in assets and $500,000 to $1 million in liabilities.
Judge Enrique S. Lamoutte oversees the case.  Jose Prieto, of the
JPC LAW OFFICE, represents the Debtor.


METRONET SYSTEMS: $95MM Loan Add-on No Impact on Moody's B3 CFR
---------------------------------------------------------------
Moody's Investors Service says the ratings on MetroNet Systems
Holdings, LLC (MetroNet or MatureCo) including its B3 corporate
family rating and B2 bank credit facility rating as well as the
stable outlook are unchanged following the company's announcement
that it would be raising an additional $95 million add-on to its
existing term loan.

Proceeds from the new loan will be used to repay $92 million
outstanding under the company's revolving credit facility. The
company also announced that it would be increasing the size of its
revolving credit facility to $175 million from $125 million.

The additional debt will push Metronet's leverage on a historical
basis to above 8x (Debt to EBITDA, Moody's adjusted) which is high.
This said, leverage is more in line with Moody's expectations when
looked at on a run-rate basis, including newly acquired
subscribers, as well as synergies and the EBITDA from the recently
announced and fully equity funded acquisition of Western Texas
fibre operator, Vexus Fiber. Absent further add-ons or debt funded
acquisitions, Moody's expects leverage to decline to 7x by the end
of 2022.

Moody's continues to expect MetroNet to operate with an aggressive
financial policy of elevated leverage and to continue to use its
revolver along with its cash balance to fund growth capex through
MetroNet's sister company, DevCo (through which all of MetroNet's
speculative network build out is performed). The funding of DevCo
is governed by a maximum investment basket. As developments start
generating EBITDA, they are transferred to MetroNet freeing-up
availability under the investment basket.

MetroNet provides fiber-based high-speed broadband, video and voice
services to residential and commercial customers in
small-to-mid-sized communities in the Midwest. Through its 100%
fiber-to-the-premises network, it is able to offer reliable speeds
of up to 1 GB which allows it to compete at the top of current
speed offerings. MetroNet is typically mostly present in markets
where it is the only provider of fiber-based broadband with its
competitors in those markets made up of cable and telecom
operators.


MONSTER INVESTMENTS: Wants August 15 Plan Exclusivity Extension
---------------------------------------------------------------
Monster Investments, Inc. requests the U.S. Bankruptcy Court for
the District of Maryland, Greenbelt Division to extend the
exclusive periods during which the Debtors may file and obtain
confirmation of the Plan through and including August 15, 2022, and
October 14, 2022, respectively.

The Debtor's instant case was precipitated by the Debtor's
discovery that several real estate settlements conducted by Soledad
Herrera and Avance Title Company had been closed, without existing
secured creditors receiving the intended satisfaction of their
respective secured claims.

Since the Petition Date, the Debtor and its creditors have
discovered more numerous and more diverse issues with those
transactions than were known on the Petition Date, including what
appear to be forged and ultra vires signatures on real estate
transaction instruments.

The Debtor and its creditors' respective counsel are still
investigating the extent and nature of the transaction issues,
identifying which transactions were mishandled and how to resolve
or mitigate issues in those transactions, and negotiating adequate
protection arrangements.

The Debtor and several additional parties have filed motions for
examination according to Rule 2004 that must be seen through, among
the additional investigative steps that will be necessary to
establish a shared understanding of the facts in this case.

Additionally, the Debtor expects to discover claims of the Debtor
related to the transactions at issue that could become part of the
plan funding. The Debtor remains in control of its assets and
continues to operate its business as a debtor-in-possession.

Extending the Debtor's exclusivity periods will move the case
forward without harm to creditors, where the additional time will
be used to investigate and develop a shared understanding of the
facts in cooperation with creditors.

The exclusivity period in which only the Debtor is permitted to
file a Plan of Reorganization will expire on February 16, 2022.

A copy of the Debtor's Motion to extend is available at
https://bit.ly/3s8hLAg from PacerMonitor.com.

                         About Monster Investments Inc.

Monster Investments, Inc. is a Hughesville, Md.-based company
primarily engaged in renting and leasing real estate properties. It
is the fee simple owner of 28 real properties in Maryland and
Florida having an aggregate value of $9.95 million.

Monster Investments filed its voluntary petition for Chapter 11
protection (Bankr. D. Md. Case No. 21-16592) on Oct. 19, 2021,
listing $10,018,848 in assets and $16,529,878 in liabilities.
Donald Bernard, president of Monster Investments, signed the
petition.

Judge Lori S. Simpson oversees the case. Michael G. Wolff, Esq., at
Wolff & Orenstein, LLC represents the Debtor as legal counsel while
Gheen Accounting and Tax Service Company serve as the Debtor's
accountant.


NATURE COAST: March 8 Plan Confirmation Hearing Set
---------------------------------------------------
Judge Karen K. Specie has entered an order conditionally approving
the Disclosure Statement of Nature Coast Wellness Clinic, LLC.

A Plan confirmation hearing will be held on March 8, 2022, at 1:30
p.m., Eastern Time, via VIDEO ZOOM CONFERENCE.

Objections to confirmation shall be filed and served 7 days before
the confirmation hearing.

March 1, 2022, is fixed as the last day for filing and serving
written objections to the Disclosure Statement, and is fixed as the
last day for filing acceptances or rejections of the Plan.

On or before Feb. 7, 2022, the plan of reorganization, the
disclosure statement, ballot for accepting or rejecting the plan,
and this Order conditionally approving the disclosure statement
shall be transmitted by mail by the attorney for the proponent of
the plan sought to be confirmed to creditors.

                   About Nature Coast Wellness Clinic

Nature Coast Wellness Clinic, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Fla. Case No. 21-40250) on Aug. 2, 2021,
listing as much as $500,000 in assets and as much as $1 million in
liabilities.  Judge Karen K. Specie oversees the case.  Bruner
Wright, P.A., serves as the Debtor's legal counsel.


NEW CITY AUTO: Court Approves Disclosure Statement
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Indiana has
entered an order approving the Disclosure Statement explaining the
Plan of New City Auto Group, Inc.  The judge ruled that the
Disclosure Statement contains adequate information pursuant to 11
U.S.C. Sec. 1125.

The Court directs the Debtor to file any claim objections by March
4, 2022.  The Court Orders a telephonic pre-hearing conference on
the Amended plan on April 7, 2022 at 1:30 p.m.

                    About New City Auto Group

New City Auto Group, LLC, based in Schererville, IN, filed a
Chapter 11 petition (Bankr. N.D. Ind. Case No. 18-21890) on July
16, 2018.  In the petition signed by CEO Michael Helmstetter, the
Debtor estimated $1 million to $10 million in assets and
liabilities.  The Hon. James R. Ahler presides over the case.
Gordon E. Gouveia II, Esq., at Fox Rothschild LLP, is Debtor's
bankruptcy counsel.


NORDIC AVIATION:  Affiliates Tap Epiq as Administrative Advisor
---------------------------------------------------------------
Nordic Aviation Capital A/S and four other affiliates of Nordic
Aviation Capital Designated Activity Company seek approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Epiq Corporate Restructuring, LLC as their administrative advisor.

The firm's services include:

     a. assisting in the solicitation, balloting, tabulation and
calculation of votes, preparing reports in support of confirmation
of a plan of reorganization, and processing requests for
documents;

     b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;

     c. preparing claims objections and exhibits, and assisting
with claims reconciliation and related matters;

     d. assisting in the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gathering data in conjunction therewith;

     e. providing a confidential data room, if requested; and

     f. managing any distributions pursuant to a confirmed plan of
reorganization.

Epiq will charge these hourly fees:

     Clerical/Administrative Support         $35 - $55 per hour
     IT / Programming                        $65 - $85 per hour
     Case Managers                           $85 - $165 per hour
     Consultants/ Directors/Vice Presidents  $165 - $195 per hour
     Solicitation Consultant                 $195 per hour
     Executive Vice President, Solicitation  $215 per hour

The firm received a retainer in the amount of $25,000.

Kate Mailloux, a senior director at Epiq, disclosed in court
filings that her firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.

Epiq can be reached through:

     Kate Mailloux
     Epiq Bankruptcy Solutions, LLC
     777 Third Avenue, 12th Floor
     New York, NY 10017
     Phone: (646) 282-2523

                   About Nordic Aviation Capital

Nordic Aviation Capital is the leading regional aircraft lessor
serving almost 70 airlines in approximately 45 countries.  Its
fleet of 475 aircraft includes ATR 42, ATR 72, De Havilland Dash 8,
Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family
aircraft.

On Dec. 17, 2021, Nordic Aviation Capital Pte. Ltd., NAC Aviation
17 Limited, NAC Aviation 20 Limited, and Nordic Aviation Capital
A/S each filed petitions seeking relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Va.).  On Dec. 19, 2021, Nordic
Aviation Capital Designated Activity Company and 112 affiliated
companies also filed petitions seeking Chapter 11 relief.  The lead
case is In re Nordic Aviation Capital Designated Activity Company
(Bankr. E.D. Va. Lead Case No. 21-33693).

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Kirkland & Ellis and Kutak Rock, LLP as
bankruptcy counsels and the law firms of Clifford Chance, LLP,
William Fry, LLP and Gorrissen Federspiel as corporate counsels.
N.M. Rothschild & Sons Limited, Ernst & Young, LLP and
PricewaterhouseCoopers, LLP serve as the Debtors' financial
advisor, restructuring advisor and tax advisor, respectively.  Epiq
Corporate Restructuring, LLC is the claims and noticing agent.


NORDIC AVIATION: Affiliates Seek Approval to Hire Financial Advisor
-------------------------------------------------------------------
Nordic Aviation Capital A/S and four other affiliates of Nordic
Aviation Capital Designated Activity Company seek approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Rothschild & Co US Inc. and N.M. Rothschild & Sons Limited as their
financial advisor and investment banker.

The firms' services include:

     a. identifying or initiating potential transactions;

     b. reviewing and analyzing the Debtors' assets and the
operating and financial strategies of the Debtors;

     c. reviewing and analyzing the business plans and financial
projections prepared by the Debtors including, but not limited to,
testing assumptions and comparing those assumptions to historical
company and industry trends;

     d. evaluating the Debtors' debt capacity in light of their
projected cash flows and assisting in the determination of an
appropriate capital structure for the Debtors;

     e. assisting the Debtors and their other professionals in
reviewing the terms of any proposed transaction, in responding
thereto and, if directed, in evaluating alternative proposals for a
transaction;

     f. determining a range of values for the Debtors and any
securities that the Debtors offer or propose to offer in connection
with a transaction;

     g. advising the Debtors on the risks and benefits of
considering a transaction with respect to their intermediate and
long-term business prospects and strategic alternatives to maximize
their business enterprise value;

     h. reviewing and analyzing any proposals the Debtors receive
from third parties in connection with a transaction, including,
without limitation, any proposals for debtor-in-possession
financing, as appropriate;

     i. assisting or participating in negotiations with parties in
interest;

     j. advising the Debtors with respect to, and attending,
meetings of the Board of Directors, creditor groups, official
constituencies and other interested parties, as necessary;

     k. assisting the Debtors with respect to any new capital
raise, including identifying and approaching sources of new capital
and negotiating with new capital providers;

     l. if requested by the Debtors, participating in hearings
before the court and providing relevant testimony; and

     m. rendering such other financial advisory and investment
banking services as may be agreed upon by the firms and the
Debtors.

The firms will be compensated as follows:

     a. Commencing as of the date of the engagement letter, whether
or not a transaction is proposed or consummated, an advisory fee of
$175,000 per month, payable by the Debtors in advance on the first
day of each month.

     b. A completion fee of $14 million payable upon the earlier of
the confirmation and effectiveness of a plan or the closing of a
transaction.

     c. A new capital fee equal to (i) 1.0 percent of the face
amount of any senior secured debt raised including, without
limitation, any debtor-in-possession financing raised; (ii) 3.0
percent of the face amount of any junior secured or senior or
subordinated unsecured debt raised; and (iii) 4.0 percent of any
equity capital, capital convertible into equity or hybrid capital
raised, including, without limitation, equity underlying any
warrants, purchase rights or similar contingent equity securities;
provided, that, in each case, the firms provide services to the
Debtors under the engagement letter with respect to such new
capital raise.

     d. Notwithstanding anything to the contrary in the engagement
letter, and as contemplated by the proposed order, the firms will
credit against the completion fee (i) 50 percent of the monthly
fees paid; (ii) 100 percent of the retainer fees paid under the
prior engagement letter, excluding any retainer fee paid for
December 2021; (iii) $138,306.45 on account of the retainer fee
paid for December 2021; (iv) 50 percent of any new capital fees
paid; and (v) following the application of the new capital fee
credit, $2.35 million of any new capital fee paid solely with
respect to equity capital raised pursuant to the equity rights
offering of at least $337 million, pursuant to the RSA in effect on
the petition date.

     e. Reimbursement of out-of-pocket expenses incurred by the
firms.

Matthew Chou, managing director at Rothschild, disclosed in a court
filing that the firms are "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firms can be reached through:

     Matthew Chou
     Rothschild & Co US Inc.
     1251 Avenue of the Americas
     New York, NY 10020
     Tel: +1 212 403 3500

                   About Nordic Aviation Capital

Nordic Aviation Capital is the leading regional aircraft lessor
serving almost 70 airlines in approximately 45 countries.  Its
fleet of 475 aircraft includes ATR 42, ATR 72, De Havilland Dash 8,
Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family
aircraft.

On Dec. 17, 2021, Nordic Aviation Capital Pte. Ltd., NAC Aviation
17 Limited, NAC Aviation 20 Limited, and Nordic Aviation Capital
A/S each filed petitions seeking relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Va.).  On Dec. 19, 2021, Nordic
Aviation Capital Designated Activity Company and 112 affiliated
companies also filed petitions seeking Chapter 11 relief.  The lead
case is In re Nordic Aviation Capital Designated Activity Company
(Bankr. E.D. Va. Lead Case No. 21-33693).

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Kirkland & Ellis and Kutak Rock, LLP as
bankruptcy counsels and the law firms of Clifford Chance, LLP,
William Fry, LLP and Gorrissen Federspiel as corporate counsels.
N.M. Rothschild & Sons Limited, Ernst & Young, LLP and
PricewaterhouseCoopers, LLP serve as the Debtors' financial
advisor, restructuring advisor and tax advisor, respectively.  Epiq
Corporate Restructuring, LLC is the claims and noticing agent.


NORTHERN ILLINOIS UNIVERSITY: Moody's Affirms Ba2 Issuer Rating
---------------------------------------------------------------
Moody's Investors Service has revised Northern Illinois University,
IL's outlook to positive from stable. Moody's have also affirmed
the university's outstanding Ba2 issuer rating, Ba2 Auxiliary
Facilities System, and Ba3 Certificates of Participation. The
university had approximately $284 million of outstanding debt at
the end of fiscal 2021.

RATINGS RATIONALE

The outlook revision to positive reflects improving operating
performance, driven by federal relief and operating expense
reductions, as well as potential for enrollment growth. After two
years of moderate operating deficits, fiscal 2021 operations were
nearly balanced, with a small deficit to potentially balanced
operations projected for fiscal 2022 and beyond. Northern Illinois
University (NIU) favorably had double-digit first-year enrollment
growth in the fall, continuing a five-year upward trend. The
positive outlook also reflects the improved credit quality of the
State of Illinois (Baa2 stable), with prospects for continued
on-time payments from the state and growth in operating
appropriations in the near-term.

The affirmation of the Ba2 issuer rating reflects continued
constraints because of NIU's heavy reliance on the State of
Illinois (Baa2 stable) for operating support and a highly
competitive student market. NIU receives approximately 40% of its
revenue from the state, which faces significant long-term fiscal
challenges despite recent improvements, making the university
vulnerable to future funding volatility. Student charges
historically account for over 40% of revenue, a source that has
been significantly pressured because of enrollment losses. And,
while operating performance has recently strengthened, improvement
is bolstered by non-recurring federal pandemic support with
longer-term performance reliant primarily on NIU's ability to
generate revenue from student charges, increased state support, and
cost containment efforts. Additionally, the university's capital
spending has been below depreciation for multiple years, resulting
in an elevated age of plant, which could erode the university's
already challenged brand and strategic positioning over the long
term. Other favorable credit factors considered include a
relatively sizable scope of operations and very good overall
wealth. An offsetting consideration is still relatively thin
liquidity.

The Ba2 rating on the auxiliary facilities system (AFS) revenue
bonds incorporates the university's Ba2 issuer rating as well as
the broadness of the pledge and available financial reserves. The
certificates of participation (COPs) are rated one notch below the
issuer and auxiliary facilities bond rating due to the contingent
nature of the obligation.

RATING OUTLOOK

The positive outlook reflects prospects for credit improvement if
the university is able to maintain continued operating performance
stability, driven by increased state funding and enrollment growth.
It also reflects Moody's expectations that management will continue
working towards a goal of modifying NIU's footprint and cost
structure to reflect student demand and operating revenue.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Sustained strengthening of operating performance resulting in
improved liquidity

Improvement in the state's fiscal condition, improving NIU's
operating environment

Evidence of enrollment stabilization and net tuition revenue
growth

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

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

Return to moderate operating deficits, pressuring the university's
liquid reserves

Inability to curb overall full-time equivalent enrollment losses

LEGAL SECURITY

The Auxiliary Facilities System Revenue bonds are secured by the
sum of net revenue, pledged fees and pledged tuition. Net revenue,
pledged fees and pledged tuition are covenanted to be adjusted in
amounts that will maintain 2.0x maximum annual debt service (MADS)
coverage. Pledged fees are derived from the system and may be
adjusted to reflect actual and projected fee increases. Inclusive
of the system's net revenue, pledged fees, and pledged tuition,
fiscal 2020's coverage far exceeded its covenant requirement with
MADS coverage at 12x.

The Series 2014 COPs are payable from state appropriated funds and
budgeted legally available funds of the board. Legally available
funds include student tuition (subject to the prior pledge for AFS
revenue bonds), certain fees, certain investment income, and
indirect cost recoveries on grants and contracts. The board is
required to transfer pledged tuition to pay for the operating and
maintenance costs of the AFS if AFS revenues are insufficient, and
these expenses have a priority position over debt service for the
COPs. The COPs are unsecured, and the installment agreement can be
terminated in the absence of budgeted legally available funds,
resulting in a weaker security than the secured pledge provided to
AFS bonds.

PROFILE

Northern Illinois University is a multi-campus public university
with its main campus in the City of DeKalb, IL (A2), and three
satellite campuses that primarily serve graduate students. The
university has a broad array of undergraduate and graduate academic
programs, including concentrations in education, business,
engineering, health and human science, law, and visual and
performing arts. Fall 2021 total full-time equivalent student
enrollment was 13,153.

METHODOLOGY

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


PARTY CITY: Fitch Raises LT IDR to 'B-', Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded Party City Holdco Inc.'s Long-Term
Issuer Default Rating (IDR) to 'B-' from 'CCC+'; its subsidiaries
Party City Holdings, Inc., Anagram Holdings, LLC and Anagram
International Inc. have been similarly upgraded. The Rating Outlook
is Stable. The upgrade results from improved confidence in Party
City's longer-term operating trajectory, following good 2021
performance including EBITDA modestly above pre-pandemic levels of
$230 million on cost management efforts, and projections of
modestly positive FCF. Adjusted leverage in 2021 improved from
recent levels, but remains elevated in the high-6x range.

Party City's ratings continue to recognize a weak pre-pandemic
operating trajectory, which resulted in EBITDA declines during
2018/2019; while Fitch's confidence regarding competitive
positioning has modestly improved, Party City's ability to
stabilize market share longer term remains unknown.

KEY RATING DRIVERS

Improving Results: The coronavirus pandemic negatively affected the
party supply category, particularly in 2020, given reductions to
large in-home gatherings, mitigated somewhat by increased
occurrence of in-home celebrations due to restaurant and bar
restrictions. Party City's 2020 EBITDA was essentially breakeven as
revenue declined 21% to $1.85 billion from $2.35 billion in 2019,
somewhat affected by the October 2019 sale of its Canadian retail
business (around $100 million and $15 million in annualized revenue
and EBITDA, respectively).

Revenue in 2021 rebounded to $2.2 billion with Fitch-defined EBITDA
around $240 million (per management's Jan. 10, 2022 earnings
pre-announcement), supported by good expense management. Pro forma
for the Canada divestiture and the January 2021 sale of certain
international manufacturing operations, which Fitch estimates
generated around $200 million of revenue and $10 million of EBITDA,
2021 revenue exceeded 2019 levels by around 8%.

Pre-Pandemic Operating Challenges: Following a period of stable
performance, Party City's comparable store sales were modestly
negative in 2016-2018 and negative 3% in 2019. EBITDA declined from
a peak of nearly $400 million in 2017 to $230 million in 2019 on
negative comps, fixed-cost deleverage, SG&A growth, and some
exogenous factors including tariff pressure and a helium shortage.

Fitch believes that Party City's party goods category was
increasingly disrupted by the discount and e-commerce channels
after remaining defensive for years due to low average tickets,
significant breadth of inventory in the category and the importance
of an in-store experience.

Potential EBITDA Stabilization: Prior to the onset of the pandemic,
the company announced a number of initiatives to improve
operations, including store refreshes (95 of approximately 750
corporate stores by the end of 2021 and another 100 to 125 planned
for 2022), improving price perception, building a better selling
culture and expanding omnichannel capabilities. To improve
profitability, the company announced plans to optimize its retail
fleet and leverage in-house manufacturing capabilities.

Overall results in 2021 showed some signs of topline and EBITDA
stabilization. The company has also indicated positive results from
its various efforts, including mid-single digit sales lifts from
remodeled locations. These results offer some support that the
company has addressed its pre-pandemic challenges and can stabilize
operating results near current levels, although Party City's
longer-term operating trajectory remains somewhat uncertain.

Limited FCF, High Leverage: Party City's pre-pandemic operating
challenges, exacerbated by high debt levels dating back to its 2012
leveraged buyout have led to excessive leverage, which was 7.7x in
2019, prior to pandemic-related challenges. Leverage is expected to
trend in the high-6x range beginning 2021, assuming EBITDA
stabilizes in the $240 million to $250 million range with steady
debt levels. Leverage declines from 2019 are largely due to a 2020
distressed debt exchange (DDE), which reduced long-term debt from
$1.7 billion to the current $1.4 billion.

FCF, which has been close to breakeven the past three years, is
expected to be modestly positive in 2021, similar to 2020 despite
EBITDA growth given projections for some reversal to working
capital benefits from 2020 and higher capex. FCF beginning 2022
could improve toward the $50 million range assuming neutral working
capital, and could be used to modestly reduce debt in line with
management's public commentary regarding debt reduction.

Limited Near-Term Refinancing Risk: Following several recent
transactions, including a DDE in 2020 and a refinancing in early
2021, Party City's capital structure matures in 2025/2026 other
than approximately $23 million of unsecured bonds which mature in
August 2023. This provides Party City several years to execute on
its initiatives before needing to address its capital structure
again.

DERIVATION SUMMARY

Party City's upgrade to 'B-'/Stable from 'CCC+' results from
improved confidence in Party City's longer-term operating
trajectory, following good 2021 performance including EBITDA
modestly above pre-pandemic levels of $230 million on cost
management efforts, and projections of modestly positive FCF.
Adjusted leverage in 2021 improved from recent levels although
remains elevated in the high-6x range.

Party City's ratings continue to recognize a weak pre-pandemic
operating trajectory, which resulted in EBITDA declines during
2018/2019; while Fitch's confidence regarding competitive
positioning has modestly improved Party City's ability to stabilize
market share longer term remains unknown.

Rite Aid Corporation's 'B-' rating reflects ongoing operational
challenges, which have heightened questions regarding the company's
longer-term market position and the sustainability of its capital
structure. Persistent EBITDA declines have led to negligible to
modestly negative FCF and elevated adjusted debt/EBITDAR in the
low- to mid-7.0x range in recent years.

The Negative Outlook reflects accelerating operating weakness in
2020, including a 20% EBITDA decline to around $420 million, and
Fitch's reduced confidence in the company's ability to stabilize
EBITDA above $500 million. These concerns are somewhat mitigated by
Rite Aid's ample liquidity of well over $1 billion, supported by a
rich asset base of pharmaceutical inventory and prescription files,
and no notes maturities before 2025.

LSF9 Atlantis Holdings, LLC's (Victra) 'B' rating reflects its
reasonably stable position as the largest authorized retailer for
the leading personal communications provider Verizon Communications
Inc. (A-/Stable), and the company's good long-term operating track
record, albeit mitigated by some declines in recent years. The
rating considers the company's relatively small scale and narrow
product and brand focus within the U.S. retail industry. Finally,
the rating reflects the expectations of good cash flow of around
$40 million annually prior to sponsor dividends and adjusted
debt/EBITDAR trending in the high-5x range following the company's
debt-financed dividend in 2021.

KEY ASSUMPTIONS

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

-- Fitch expects Party City's 2021 revenue grew around 17% to
    $2.2 billion from $1.85 billion in 2020, lower than the $2.35
    billion in 2019. Pro forma for recent sales of Party City's
    Canada business and certain manufacturing assets, Fitch
    estimates 2019 revenue would have been around $2.2 billion,
    similar to projected 2021 levels;

-- EBITDA in 2021 is expected to be around $240, million similar
    to the $230 million level from 2019 and compared to near
    breakeven in 2020. EBITDA margins are expected to improve to
    around 11% from 10% in 2019 on cost optimization efforts;

-- Assuming Party City's recent topline initiatives are somewhat
    successful in reversing pre-pandemic declines, revenue and
    EBITDA could grow around 1% to 2% annually beginning 2022;

-- FCF, which had declined from approximately $200 million in
    2016/2017 to breakeven in 2018/2019 on EBITDA declines and was
    modestly positive in 2020 on working capital swings, could be
    modestly positive in 2021 assuming some working capital
    reversals. FCF is expected to be around $50 million annually
    beginning 2022, assuming neutral working capital. FCF could be
    used to reduce debt, per management's debt reduction targets,
    and for topline initiatives;

-- Adjusted debt/EBITDAR (capitalizing leases at 8x), which was
    7.7x in 2019 and around 13.5x in 2020, is expected to be
    around 6.8x in 2021, lower than 2019 levels following a DDE in
    2020 and slight EBITDA growth. Adjusted leverage could
    moderate slightly but remain over 6.5x over the next two to
    three years, assuming modest EBITDA growth and some FCF
    deployment toward debt reduction.

RATING SENSITIVITIES

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

-- An upgrade could result from EBITDA sustained around $300
    million, which, in combination with debt reduction, could
    yield adjusted leverage (adjusted debt/EBITDAR, capitalizing
    leases at 8x) sustained below 6.0x.

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

-- A downgrade could result from weaker-than-expected results
    such as EBITDA sustained close to $200 million, yielding
    limited FCF, adjusted leverage (adjusted debt/EBITDAR,
    capitalizing leases at 8x) elevated above 7x and questions
    about the sustainability of Party City'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

As of Sept. 30, 2021, which represents peak seasonal borrowing
needs in advance of the Halloween selling season, Party City had
$60.7 million in cash and $294.9 million in availability on its
various million asset-based revolvers. The company's primary ABL is
a $475 million facility, which matures in February 2026. In 2021,
Party City's subsidiary Anagram obtained a $15 million ABL which
matures in May 2024.

Following several transactions the past two years, including a DDE
in 2020 and refinancing in early 2021, the company's debt structure
consists of its ABL facilities, which are limited by a borrowing
base comprised mostly of inventory, $750 million of secured notes
due February 2026 and $162 million of secured notes due July 2025.
These notes tranches are pari passu and are secured by most of
Party City's remaining assets, with a second lien on ABL
collateral. The company also has $115 million in outstanding
unsecured notes, with $23 million due August 2023 and the remaining
$92 million due August 2026.

Party City subsidiary Anagram, which is Party City's helium balloon
business and generates approximately 10% of Party City's overall
EBITDA, has $116 million in first-lien secured notes due August
2025 and $89 million in second-lien secured notes due August 2026.

RECOVERY CONSIDERATIONS

Given the various collateral packages, Fitch has performed separate
recovery analyses for Anagram and the balance of Party City's
businesses.

Party City ex-Anagram

Fitch's recovery analysis for Party City is based on a going
concern value of approximately $625 million, versus approximately
$475 million from an orderly liquidation of assets, much of which
is comprised of inventory. Post-default EBITDA was estimated at
around $125 million, which compares with just under $200 million of
EBITDA forecast at Party City ex-Anagram beginning 2022. The
going-concern EBITDA assumes that the company closes around 25% of
its weaker-performing store base, having already closed around 75
or approximately 8% over the past several years as part of a store
optimization process. EBITDA margins could improve toward 9% on
cost reductions. This scenario would yield revenue of approximately
$1.4 billion, down 25% from 2021 levels, and EBITDA of $125
million.

A multiple of 5.0x to EBITDA is applied, at the midpoint of the
4.0x-6.0x multiple range observed in Fitch retail bankruptcy case
studies given Party City's leadership position in its category
mitigated by concerns regarding weakening category defensibility to
intrusive channels. Together these estimates yield a $625 million
going concern value.

After deducting 10% for administrative claims, the remaining $563
million would lead to outstanding recovery prospects (91%-100%) for
the ABL, which is assumed to be drawn 70% at default. The ABL has
consequently been upgraded to 'BB-'/'RR1' from 'B+'/'RR1'. The $750
million of first-lien secured notes and $157 million of other
first-lien secured notes, which are pari passu, are expected to
have below average recovery prospects (11%-30%), and are thus
upgraded to 'CCC+'/'RR5' from 'CCC'/'RR5'. Party City's $115
million of unsecured notes are expected to have poor recovery
prospects (0%-10%) and are thus upgraded to 'CCC'/'RR6' from
'CCC-'/'RR6'.

Anagram

Fitch's recovery analysis for Anagram is based on a going concern
value of approximately $180 million, versus approximately $45
million from an orderly liquidation of assets, which is comprised
of receivables, inventory and manufacturing assets. Post-default
EBITDA was estimated at around $30 million. This compares to Party
City's indication of approximately $55 million in EBITDA on around
$220 million of revenue for the twelve months ended September
2021.

The $30 million going concern EBITDA represents the scenario of a
loss of some of Anagram's largest retail and distributor customers,
yielding around $150 million in revenue, offset by some expense
management to generate 20% EBITDA margin. Fitch's going concern
EBITDA estimate is modestly higher than the $27 million used in
Fitch's previous analysis given the division's strong performance
in 2021 and greater confidence in higher run-rate EBITDA forecasts.
Fitch assumes Anagram could fetch a 6x multiple, near the midpoint
of Fitch's consumer products bankruptcy studies, given the
business' strong market share and relatively stable category over
the long term.

After deducting 10% for administrative claims, the remaining $162
million would lead to outstanding recovery prospects (91%-100%) for
the recently issued $15 million ABL (assumed 70% drawn) and $116
million first lien secured notes, the latter of which is upgraded
to 'BB-'/'RR1' from 'B+'/'RR1'. The $89 million second lien secured
notes would be expected to have average recovery prospects
(31%-50%), and is thus upgraded to 'B'/'RR4' from 'CCC+'/'RR4'.

ISSUER PROFILE

Party City is the leading party-supply retailer in the U.S., with
830 stores at the end of September 2021 (with stores accounting for
$1,375 million of sales or 74% of total in 2020), e-commerce
operations ($162 million of sales, 7% penetration), and a large
wholesale operation ($468 million of sales, 25% of total) that
supplies retail operations and third parties. International sales
have historically been in the 15% range over the last several
years.

SUMMARY OF FINANCIAL ADJUSTMENTS

Adjustments in 2020 included inventory disposal, restructuring
charges and one-time legal and other expenses.

ESG CONSIDERATIONS

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


PG&E CORP: Certified 'Safe' Again by Gov. Newsom Administration
---------------------------------------------------------------
Brandon Rittiman of ABC10 reports that a group of activists spent
an hour with reporters via Zoom on Tuesday morning urging Gov.
Gavin Newsom to deny PG&E a renewed state safety certificate, a
document that protects PG&E from financial harm if it sparks more
wildfires.

The activists didn't know it yet, but their cause was already
lost.

The "license to burn," as the Reclaim Our Power campaign
unaffectionately dubs the certificate, had been quietly approved
the night before by the Newsom administration.

The state's Office of Energy Infrastructure Safety posted the
certificate online late Monday, January 31, 2022, writing that
"PG&E has additional work to complete, but is taking steps to
improve its operations and culture."

The activists with Reclaim Our Power said they had secured a
meeting with the governor's office to argue their case against
approving the certificate, a decision that had a deadline of next
week.

Word that the certificate had already been approved came as a
jolt.

"That's news to us," said organizer Pete Woiwode. "Terrible,
terrible news."

The group pointed to the fact that PG&E was convicted of 85
felonies in the 2018 Camp Fire, that a federal judge recently
called PG&E a "menace to California" because probation "failed" to
rehabilitate it, and that state fire investigators in January named
PG&E as the cause of the massive 2021 Dixie Fire.

Those investigators don't think the fire was an innocent mistake.
They forwarded their investigation to prosecutors, which means they
found probable cause that a crime was committed.

"Issuance of the safety certification does not constitute an
affirmation by Energy Safety that PG&E has taken all possible steps
to prevent its equipment from causing wildfires," the state Office
of Energy Infrastructure Safety wrote while officially certifying
PG&E as a safe power company.

"Nor does it shield PG&E from liability or litigation," the
statement continued.

While it's fair to say that the certificate can't stop PG&E from
being sued, the document drastically limits PG&E's financial
exposure for causing damage if and when it sparks another fire.

The certificate grants PG&E a presumption that it acted reasonably
if its power lines spark a fire, which means that the cost of
damage can be billed to customers instead of shareholders.

The certificate also grants PG&E access to a multibillion dollar
wildfire insurance fund, half of which was paid for by power
customers statewide. The fund can be tapped to pay damages
directly, avoiding a liability on PG&E's books.

In fact, PG&E has already written $150 million from that fund into
its books on the assumption that the money can be used to pay for
damage caused by the Dixie Fire, which burned more than a million
acres last year.

"We want Gov. Newsom to be fighting for us, not for PG&E," said
Mary Kay Benson, a Butte County activist involved in the campaign.
She pointed out that many of the people who lost homes in the Camp
Fire are still living in campers because they haven't been paid
damages the company owes them.

The trust fund for 68,000 of PG&E's past wildfire victims made more
news on that front Tuesday morning.

Many PG&E creditors received all-cash payments in the company's
bankruptcy. Fire victims did not.

Half of their $13.5 billion settlement was supposed to be paid as
shares of PG&E stock.

But those shares have never been worth the $6.75 billion amount
advertised to the victims when they voted on the deal in bankruptcy
court.

This first week of February 2022, a year and a half after PG&E
exited bankruptcy, the trust finally sold some of the shares for
the very first time.

The sale of 40 million shares raised $480 million in cash. That
sale price reflects an $80 million loss in value from what victims
were told to expect the shares to be worth.

                      About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, faced extraordinary challenges relating to a
series of catastrophic wildfires that occurred in Northern
California in 2017 and 2018. The utility faced an estimated $30
billion in potential liability damages from California's deadliest
wildfires of 2017 and 2018.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept.
30, 2018, the Debtors, on a consolidated basis, had reported $71.4
billion in assets on a book value basis and $51.7 billion in
liabilities on a book value basis.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served
as PG&E's legal counsel, Lazard as its investment banker and
AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk
LLC is the claims and noticing agent.

PG&E has appointed James A. Mesterharm, a managing director at
AlixPartners, LLP, and an authorized representative of AP Services,
LLC, to serve as Chief Restructuring Officer. In addition, PG&E
appointed John Boken also a Managing Director at AlixPartners and
an authorized representative of APS, to serve as Deputy Chief
Restructuring Officer.

Morrison & Foerster LLP served as the Debtors' special regulatory
counsel.  Munger Tolles & Olson LLP also served as special
counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants. The tort claimants' committee is represented by
Baker & Hostetler LLP.


PG&E CORP: Fire Victims to Get More Compensation
------------------------------------------------
Jaxon Van Derbeken of NBC Bay Area reports that PG&E wildfire
victims will soon be able to get a larger share of what is owed to
them, thanks to a recent influx of $1 billion into the victim
compensation trust fund, according to trust officials.

The new payout, effective Feb. 15, 2022 will allow victims to gain
45% of claim value, instead of the current 30%.

"The ability to make this increase is due to several recent
developments," said John Trotter - the trustee the PG&E Fire Victim
Trust - via a statement. "These include the more comprehensive data
now available to the Trust as more and more fire victims’ claims
are filed and analyzed."

In January 2022, PG&E made the final installment on its promised
trust fund contribution, adding $592 million to the fund. Also, the
trust gained another $480 million through the sale of 40 million
shares of PG&E stock. The deal was structured to avoid having to
pay taxes on the sale, authorities said.

Trotter said there had been “significant progress” in paying
out claims.

The trust has paid out $1.88 billion to date to more than 35,000
victims, and the new influx will allow that payment to swell to
about $2.5 billion.

Under the terms of their bankruptcy, PG&E pledged to pay victims
$13.5 billion in cash and expected stock sales.

                      About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, faced extraordinary challenges relating to a
series of catastrophic wildfires that occurred in Northern
California in 2017 and 2018. The utility faced an estimated $30
billion in potential liability damages from California's deadliest
wildfires of 2017 and 2018.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept.
30, 2018, the Debtors, on a consolidated basis, had reported $71.4
billion in assets on a book value basis and $51.7 billion in
liabilities on a book value basis.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served
as PG&E's legal counsel, Lazard as its investment banker and
AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk
LLC is the claims and noticing agent.

PG&E has appointed James A. Mesterharm, a managing director at
AlixPartners, LLP, and an authorized representative of AP Services,
LLC, to serve as Chief Restructuring Officer. In addition, PG&E
appointed John Boken also a Managing Director at AlixPartners and
an authorized representative of APS, to serve as Deputy Chief
Restructuring Officer.

Morrison & Foerster LLP served as the Debtors' special regulatory
counsel.  Munger Tolles & Olson LLP also served as special
counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PRESTIGE PAVERS: Seeks to Hire Joyce W. Lindauer as Legal Counsel
-----------------------------------------------------------------
Prestige Pavers, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Joyce W. Lindauer
Attorney, PLLC to serve as legal counsel in its Chapter 11 case.

The Debtor requires legal assistance to effectuate a
reorganization, propose a plan of reorganization and effectively
move forward in its bankruptcy proceeding.

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

     Joyce W. Lindauer, Esq.      $450 per hour
     Austin Taylor, Associate     $275 per hour
     Other Paralegals             $65 - $125 per hour
     Legal Assistants             $65 - $125 per hour

In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.

The firm received a retainer of $8,000, which included the filing
fee of $1,738.

Joyce Lindauer, Esq., the owner of the firm, disclosed in a court
filing that her firm is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
     
     Joyce W. Lindauer, Esq.
     Joyce W. Lindauer Attorney, PLLC
     1412 Main Street, Suite 500
     Dallas, TX 75202
     Telephone: (972) 503-4033
     Facsimile: (972) 503-4034
     Email: joyce@joycelindauer.com

                       About Prestige Pavers

Prestige Pavers, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No.
21-32271) on Dec. 23, 2021, listing up to $500,000 in assets and up
to $1 million in liabilities. Judge Stacey G. Jernigan oversees the
case.

Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC serves
as the Debtor's legal counsel.


PROFESSIONAL TECHNICAL: Case Summary & 20 Top Unsecured Creditors
-----------------------------------------------------------------
Debtor: Professional Technical Security Services, Inc.
           d/b/a ProTech Bay Area
        111 Sutter St.
        Suite 550
        San Francisco, CA 94104

Business Description: Sergio Reyes founded Professional Security
                      Services, Inc. in June of 1994 to provide
                      personalized and professional security
                      services to the San Francisco Bay Area
                      commercial market.

Chapter 11 Petition Date: February 1, 2022

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 22-30062

Judge: Hon. Hannah L. Blumenstiel

Debtor's Counsel: Stephen D. Finestone, Esq.
                  FINESTONE HAYES LLP
                  456 Montgomery St., 20th Floor
                  San Francisco, CA 94104
                  Tel: 415-421-2624
                  Fax: 415 398-2820
                  E-mail: sfinestone@fhlawllp.com

Total Assets: $14,236,875

Total Liabilities: $26,365,998

The petition was signed by Sergio Reyes, Jr. as president.

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

https://www.pacermonitor.com/view/LL3Z7VI/Professional_Technical_Security__canbke-22-30062__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. 111 Sutter Street                     Rent              $47,689
Owner, LP
P.O. Box 889176
Los Angeles, CA 90088

2. 340 Pine Street LLC                   Rent              $11,516
465 California St,
Ste 1600
San Francisco, CA 94104

3. ABM Parking Services                                     $1,700
Attn: 55 2nd Garage
55 2nd St
San Francisco, CA 94105

4. American Express                  Credit Card              $353
P.O. Box 981535                        Charges
El Paso, TX 79998

5. Capital One                         Business             $3,219
P.O. Box 60599                         Expenses
City of Industry, CA 91716

6. Chase                               Business               $578
P.O. Box 15123                         Expenses
Wilmington, DE
19850

7. Citibank                            Business             $3,038
P.O. Box 790057                        Expenses
Saint Louis, MO
63179

8. City and County of                Business and         $550,000
San Francisco                        Payroll Taxes
Treasurer & Tax
Collector
1 Dr. Carlton B.
Goodlett Pl.
City Hall - Room 140
San Francisco, CA 94102

9. Constangy Brooks,                   Legal Fees         $154,160
Smith & Prophete, LLP
1801 NE 123rd St
Miami, FL 33181

10. Employment                        Tax Lien on       $1,643,000
Development Dept.                      Property
Bankruptcy Unit -
MIC 92E
P.O. Box 826880
Sacramento, CA
94280-0001

11. Internal Revenue Service         Unpaid Payroll    $17,000,000
P.O. Box 7346                            Taxes
Philadelphia, PA
19101-7316

12. Mullberrys Cleaners                Trade Debt           $2,149
244 Townsend St
San Francisco, CA
94107

13. OLSE                               Claim for        $1,159,908
Attn: Bernice Casey                    Ordinance
1 Dr. Carlton B.                       Violation
Goodlett Pl
City Hall - Room 430
San Francisco, CA
94102

14. Pension Management                Trade Debt            $2,622
Consultants, Inc
1165 Scenic Dr, Ste B1
Modesto, CA 95350

15. SEIU National                   Pension Fund           $35,440
Industry Pension                   Contributions
Fund BSEP
P.O. Box 5361
Carol Stream, IL
60197

16. Sergio Reyes, Jr.                   Loans             $206,148
c/o Chris Kuhner
1970 Broadway, Ste. 600
Oakland, CA 94612

17. Toyota Motor Credit                                     $3,000
P.O. Box 105386
Atlanta, GA 30348

18. Toyota Motor Credit                                     $2,000
P.O. Box 105386
Atlanta, GA 30348

19. TYS, LLP                          Accounting            $2,600
800 S Broadway, Ste 450                Services
Walnut Creek, CA
94596

20. Wells Fargo Vendor                   Lease                $685
Financial Services                      Payments
P.O. Box 650073
Dallas, TX 75265


PROSPECT-WOODWARD: Amended Plan & Disclosures Due Feb. 16
---------------------------------------------------------
On Jan. 28, 2022, Judge Bruce A. Harwood of the U.S. Bankruptcy
Court for the District of New Hampshire has entered an order
directing The Prospect-Woodward Home to submit a revised Plan and
Disclosure Statement on or before Feb. 16, 2022.  Objections to the
Plan and Disclosure Statement due on or before Feb. 23, 2022.  The
Debtor are to respond to any objections on or before March 2, 2022.
The hearing on the Plan and Disclosure Statement are continued to
March 7, 2022, at 1:00 p.m.

The Debtor previously filed a Combined Chapter 11 Plan and
Disclosure Statement on Dec. 30, 2021.

                 About Prospect-Woodward Homes

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

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

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

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


PWM PROPERTY: Meritz Asks Court to Compel Plan Filing
-----------------------------------------------------
A secured creditor of office tower owner PWM Property Management
LLC asked a Delaware bankruptcy judge late Monday, January 31,
2022, to require the debtor to file its Chapter 11 plan within 30
days or to begin making monthly interest payments until a plan is
consummated.

In its motion, Meritz Alternative Investment Management said it
owns $225 million in outstanding mezzanine debt issued by the
debtors, and in that capacity it is entitled to secured status
because PWM's bankruptcy cases are single asset real estate cases.


"Notwithstanding the contentiousness of the first several months,
these
chapter 11 cases involve a straightforward set of issues and a
small group of stakeholders. At issue are two office towers, one in
New York and one in Chicago, and the financing obtained by the
Debtors to acquire these properties. Facing what they believed to
be a challenge to their continuing
ownership of one of those towers, 245 Park Avenue, the Debtors
sought chapter 11 protection in a precipitous filing that has
trapped its secured creditors in a limbo not of their own making,
with no clarity as to the timing or means of the Debtors’
eventual exit from bankruptcy," Meritz said in a court filing.

"Stated differently, this is -- as the Court has noted on more than
one
occasion -- a classic "single asset real estate" case. And as such,
it is a case that raises all the concerns about secured creditor
entrapment and abuse that section 362(d)(3) of the Bankruptcy Code
is intended to combat.  The relief afforded by section 362(d)(3) is
available to any "creditor whose claim is secured by an interest"
in "single asset real estate." Meritz, as a Mezzanine Lender whose
claims are secured by the "interest" it holds in the equity of each
of the Mezzanine Borrowers -- which, in turn, own the 245 Park
Avenue and 141 West Madison "single asset real estate" -- qualifies
as a "secured creditor" for all relevant purposes.

Accordingly, Meritz seeks entry of an directing the Debtors to
either (i) file the chapter 11 plan they should have filed within
90 days after the petition date no later than 30 days after entry
of the order approving Meritz's Lift Stay Motion; or (ii) failing
that, to commence monthly payments to Meritz in an amount that
reflects the non-default contract rate of interest under the
Mezzanine Loan Documents.

Counsel to Meritz Alternative Investment Management:

         DLA PIPER LLP (US)
         R. Craig Martin
         Matthew Sarna
         1201 N. Market Street, Suite 2100
         Wilmington, DE 19801
         Telephone: (302) 468-5700
         Facsimile: (302) 394-2341
         E-mail: craig.martin@us.dlapiper.com
                 matthew.sarna@us.dlapiper.com

                - and -

         Dennis C. O'Donnell, Esq.
         Rachel Ehrlich Albanese, Esq.
         1251 Avenue of the Americas
         New York, NY 10020
         Telephone: (212) 335-4500
         Facsimile: (212) 335-4501
         E-mail: dennis.odonnell@us.dlapiper.com
                 rachel.albanese@us.dlapiper.com

                      About PWM Property Management

PWM Property Management LLC, et al., are primarily engaged in
renting and leasing real estate properties. They own two premium
office buildings, namely 245 Park Avenue in New York City, a
prominent commercial real estate assets in Manhattan's prestigious
Park Avenue office corridor, and 181 West Madison Street in
Chicago, Illinois.

On Oct. 31, 2021, PWM Property Management LLC and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
21-11445). PWM estimated assets and liabilities of $1 billion to
$10 billion as of the bankruptcy filing.

The cases are pending before the Honorable Judge Mary F. Walrath
and are being jointly administered for procedural purposes under
Case No. 21-11445.

The Debtors tapped White & Case LLP as restructuring counsel; Young
Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory
Partners, LP as restructuring advisor. Omni Agent Solutions is the
claims agent.


REAL GRANITE: Seeks to Hire Langley & Banack as Legal Counsel
-------------------------------------------------------------
Real Granite, Inc. received approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Langley & Banack, Inc.
to serve as legal counsel in its Chapter 11 case.

The hourly rates of Langley & Banack's attorneys are as follows:

     David S. Gragg, Esq.          $400 per hour
     William R. Davis, Jr., Esq.   $400 per hour

The firm received from the Debtor a retainer fee of $17,822.30,
which includes the filing fee of $1,738.

William Davis, Jr., Esq., a partner at Langley & Banack, disclosed
in court filings 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:

     David S. Gragg, Esq.
     William R. Davis, Jr., Esq.
     Langley & Banack, Inc.
     745 E. Mulberry, Suite 700
     San Antonio, TX 78212
     Telephone: (210) 736-6600
     Facsimile: (210) 735-6889
     Email: wrdavis@langleybanack.com

                      About Real Granite Inc.

Real Granite, Inc. specializes in commercial tile and stone
installation, residential granite, marble and stone fabrication and
installation.  The company is based in San Antonio, Texas.

Real Granite filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 22-50050) on
Jan. 18, 2022, listing $2,596,812 in assets and $2,843,279 in
liabilities.  Roland Martinez, president of Real Granite, signed
the petition.

Judge Craig A. Gargotta presides over the case.

David S. Gragg, Esq., and William R. Davis Jr., Esq., at Langley &
Banack, Inc. serve as the Debtor's attorneys.


RIVERSTONE RESORT: Unsecureds to Get 100% in Sale Plan
------------------------------------------------------
Riverstone Resort, LLC, submitted a First Amended Plan of
Reorganization and Disclosure Statement.

The Debtor acquired the real property by a General Warranty Deed
with Vendor's Lien dated June 28, 2017 and recorded in the Official
Public Records of Fort Bend County, Texas on July 3, 2017.  The
deed was refiled and recorded on July 31, 2017 to include a
detailed description of the real property.

The purchase price of the real property was $2,500,000.  Mr.
Chaudhary paid approximately $700,000 from his personal funds for
the down payment and closing costs.  The Debtor financed the
remaining balance with a loan of $1,856,000 from Prosperity Bank.
Mr. Chaudhary is a guarantor for this loan.

In 2019, the Debtor listed the real property for $7.1 million.  The
Debtor received offers of $6 and $6.5 million but the Debtor
elected not to sell at that price.  In early 2020, the Debtor was
considering using the real property as an RV park and boat storage.
However, the lockdowns arising from the Covid-19 pandemic made
these plans unworkable at the time.

Under the Plan, the Debtor intend to pay all claims from the
revenue generated from the sale of the real properties at 2041
Hagerson Road, Sugar Land, TX 77479 and/or the sale of equity in
the Debtor should the auction not result in a sale.  The Debtor
shall sell the real property by public auction.  The expected date
of the auction is April 22, 2022.

The Plan will treat claims as follows:

    * Class 3 Secured claim of Prosperity Bank.  The Debtor shall
make monthly payments to Claim Holder in the amount of $13,811.67
per month, being the monthly non-default interest on the principal
balance, commencing January 27, 2022, with a grace period of three
days, and continuing on the 20th of each month until the Claim is
paid in full. The claim shall be paid at the contract rate of
interest. The Payment Due Date for this Class is 90 days after the
Effective Date of the Plan. The allowed claim shall be paid in full
the earlier of the date of the sale of the Debtor's real properties
or the Payment Due Date for this Class. In the event that any
dispute on the amount of the claim is not resolved when the claim
is paid, the Debtor will pay the disputed amount of the claim under
protest and thereafter seek to recover any disallowed portion of
the claim. Class 3 is impaired.

    * Class 5 Allowed General Unsecured Claims totaling $371,740.
The Payment Due Date for this Class is 90 days after the Effective
Date of the Plan.  Each holder of an Allowed General Unsecured
Claim shall receive 100% of its Allowed Claim by the Payment Due
Date for this Class.  In addition to the amount of its allowed
unsecured claim, each Class 5 Claim Holder shall be allowed
interest on such claims.  The allowed amount of interest shall be
either the interest provided for under the agreement under which
such claim arises or the federal interest rate.  Class 5 is
impaired.

Attorney for the Debtor:

     David L. Venable, Esq.
     13201 Northwest Freeway, Suite 800
     Houston, TX 77040
     Tel: (713) 956-1400
     Fax: (713) 983-8285
     E-mail: david@dlvenable.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3gaYRTH from PacerMonitor.com.

                  About Riverstone Resort LLC

Riverstone Resort is the fee simple owner of a real property
located in Sugar Land, Texas, having an appraised value of $9.6
million.

Riverstone Resort filed a petition for Chapter 11 protection
(Bankr. S.D. Tex. Case No. 21-33531) on Oct. 29, 2021, disclosing
$9,620,007 in assets and $2,165,951 in liabilities.  Judge Jeffrey
P. Norman oversees the case.

David L. Venable, Esq., a practicing attorney in Houston, Texas,
serves as the Debtor's bankruptcy counsel.


RVS CONSIGNMENTS.COM: Taps Law Offices of David Smith as Counsel
----------------------------------------------------------------
RVS Consignments.com, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to hire the Law
Offices of David Smith, PLLC to serve as legal counsel in its
Chapter 11 case.

The firm's services include:

     a. providing legal advice and assistance to the Debtor with
respect to matters relevant to the case or relating to any
distributions to creditors;

     b. prepare necessary pleadings; and

     c. perform all other necessary legal services for the Debtor
in connection with its bankruptcy case.

The firm received a $10,000 pre-bankruptcy retainer.

David Smith, Esq., the firm's who will be providing the services,
will charge his usual hourly fee of $400.

Mr. Smith disclosed in a court filing that he is a disinterested
person within the meaning of Section 101 of the Bankruptcy Code.

The firm can be reached through:

     David C. Smith, Esq.
     Law Offices of David Smith, PLLC
     201 Saint Helens Ave
     Tacoma, WA 98402
     Tel: 253-272-4777
     Fax: 253-461-8888
     Email: david@davidsmithlaw.com

                    About RVS Consignments.com

RVS Consignments.com LLC, an RV dealer in Washington, filed a
Chapter 11 bankruptcy petition (Bankr. W.D.W. Case No. 21-41184) on
July 15, 2021, listing $1,244,197 in assets and $936,789 in
liabilities.  Ronald Blair, managing member, signed the petition.


Judge Brian D. Lynch oversees the case.  

David C. Smith, Esq., at the Law Offices of David Smith, PLLC is
the Debtor's legal counsel.


SAN DIEGO TACO: Gets Cash Collateral Access Thru May 1
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of California
has approved the Amendment to Stipulation for further interim use
of cash collateral and for adequate protection filed by San Diego
Taco Company, Inc.

The purpose of the Amendment to Stipulation is solely to extend the
Debtor's interim use of cash collateral from February 1, 2022 to
May 1, 2022.

The Debtor is authorized to use the cash collateral up to the
amount and for the specific purposes set forth in the Budget
contained in the Stipulation, through May 1, or such later date as
may be agreed to pursuant to a further written stipulation between
the Debtor and its secured creditor, Pacific Premier Bank, and
approved by the Court without the need for further hearing.

The Court says all other terms and conditions of the stipulation
and the Court's order will remain in effect and binding upon the
Debtor and the Secured Creditor.

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

                About San Diego Taco Company, Inc.

San Diego Taco Company, Inc. operates restaurants that specialize
in Mexican cuisine. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 21-03594) on
September 2, 2021. In the petition signed by Ernie Becerra III,
president, the Debtor disclosed $615,570 in total assets and
$1,597,598 in total liabilities.

Judge Christopher B. Latham oversees the case.

Jason E. Turner, Esq., at J. Turner Law Group, APC is the Debtor's
counsel.



SAVI TECHNOLOGY: Wins Access to Cash Collateral Thru March 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia has
authorized Savi Technology, Inc. to use cash collateral on a final
basis and provide adequate protection.

The Debtor requires authority to use cash collateral pending entry
of a final order to continue operating its business without
interruption -- without such authority, the Debtor may be forced to
shut down and liquidate.

As of the Petition Date, the Debtor owed Eastward Fund Management,
LLC $5,000,000 in original principal amount on account of a Master
Lease Agreement dated November 5, 2018.

Eastward Fund Management consents and the Debtor is permitted to
use cash collateral from February 1, 2022 and ending March 31,
2022, in the ordinary course of its business, and to meet the
Debtor's ordinary cash needs, in accordance with the Budget, with a
10% variance for the following purposes: (a) the maintenance and
preservation of the Debtor's assets; and (b) the continued
operation of the Debtor's business, including, but not limited to,
payroll, payroll taxes, employee expenses and insurance costs, and
such other expenditures.

As adequate protection for the Debtor's use of cash collateral,
Eastward is granted a replacement perfected security interest under
Section 361(2) of the Bankruptcy Code to the extent Eastward's cash
collateral is used by the Debtor, to the extent and with the same
priority in the Debtor's postpetition collateral, and proceeds
thereof, that Eastward held in the Debtor's pre-petition
collateral.

The replacement lien granted to Eastward to protect its interest in
the Cash Collateral used or consumed by the Debtor after the
commencement of the case will at all times be senior to the rights
of the Debtor, and, from February 1, 2022 and continuing until and
including March 31, 2022, the Debtor will make monthly interest
payments to Eastward at the contract rate of interest provided for
under the Loan Documents while Eastward reserves the right to claim
all accrued pre- and post-petition interest at the default rate.

The replacement lien and security interests granted are
automatically deemed perfected upon entry of the Order without the
necessity of Eastward's taking possession or filing financing
statements or any other documents.

To the extent the adequate protection provided for proves
insufficient, Eastward will have a superpriority administrative
expense claim, pursuant to Bankruptcy Code Section 507(b).

A copy of the order is available for free at https://bit.ly/3giTJ04
from PacerMonitor.com.

                    About Savi Technology, Inc.

Savi Technology, Inc. -- https://www.savi.com/ -- is an innovator
in supply chain visibility and sensor technology, providing
real-time information about the location, condition and security of
in-transit goods and assets.  The company sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
21-11369) on August 4, 2021.

On the Petition Date, the Debtor estimated $1 million to $10
million in assets and $10 million to $50 million in liabilities.
The petition was signed by Rosemary Johnston as acting president
and CEO.  

Shulman, Rogers, Gandal, Pordy & Ecker, P.A. serves the Debtor's
counsel.

Eastward Fund Management, LLC, as lender, is represented by Richard
E. Hagerty, Esq. at Troutman Pepper Hamilton Sanders LLP.



SPRUCE POWER: Moody's Assigns B1 Rating to $600MM Secured Term Loan
-------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Spruce Power
Holding, LLC's (SPH) $600 million, seven-year senior secured term
loan. The rating outlook is stable.

Proceeds from the financing will be used to refinance existing debt
totaling $520 million at various SPH subsidiaries or affiliates,
provide for a $42 million distribution, fund the debt service
reserve, and pay for transaction fees including a call premium.

Assignments:

Issuer: Spruce Power Holdings, LLC

Senior Secured Term loan, Assigned B1

Outlook Actions:

Issuer: Spruce Power Holdings, LLC

Outlook, Assigned Stable

RATINGS RATIONALE

The B1 rating reflects SPH's long term contracted revenues sourced
from its PPAs or leases with its residential solar customers, the
location of most of its assets in states with significant support
for renewables, and a large majority of its equipment sourced from
reputable manufacturers. The substantial amount of contracted cash
flows under SPH's PPAs or lease arrangements with a weighted
average remaining life of over 13 years provides substantial
revenue predictability and resiliency that represents SPH's
greatest credit strength. Further supporting SPH's credit quality
is Energy Service Experts' (ESE) experience providing O&M services
in the residential solar sector including to third parties and
certain project finance protections including a six month debt
service reserve (DSRA), major maintenance reserve, an excess cash
sweep provision, and partial security in the underlying assets.

However, the B1 rating also considers high leverage resulting in
low financial metrics in the 'B' to 'Caa' category under Moody's
Case, significant refinancing risk with at least 80% of the debt
expected to be outstanding at maturity, and structural
subordination against operating companies that have tax equity
arrangements. Given SPH's high leverage, existing contracted cash
flows are insufficient to ensure full debt repayment over the long
term. The ultimate repayment of the term loan generally requires
aggressive assumptions of low and steady operating costs, sustained
low cost of capital, and long-term contract renewals with a
significant majority of customers at rates moderately discounted
relative to the original contract rate. Expectations of modest
sponsor support, roughly 20% of the modules with questionable
warranties, minimal financial strength of the broader Spruce
organization excluding SPH, and resource risk inherent to
non-dispatchable renewable projects are additional considerations
for the rating.

DETAILED RATING CONSIDERATIONS

Contracted cash flows provide substantial cash flow stability

A major strength of the borrower are long term revenues split
between PPAs (around 52% of revenues) or leases (around 43% of
revenues) with residential solar customers. The PPAs have fixed
prices or fixed prices with escalation tied to generation output
while the leases provide a fix monthly payment subject to delivery
of a minimum amount of generation. Moody's estimate the remaining
weighted average life of these contracts at more than 13 years.
These revenues are resilient including sensitivities on generation
output given the large and diversified portfolio totaling around
43,500 paying customers, which excludes prepaid or distressed
systems. The next largest source of revenues are renewable energy
credits that represent almost 5% of revenues and most of these
revenues during the financing term are contracted albeit with
counterparties with widely varying credit quality.

Also supportive of SPH's credit quality are the location of its
assets in the West and East coast states that have policies
supportive of renewable energy. California has the largest
concentration of customers with around 47% of the SPH's systems
while the northeastern states of New York, New Jersey, Connecticut,
and Massachusetts together represents around 37%.

Portfolio diversification reduces exposure to equipment with
uncertain warranties

The borrower benefits from a diversified portfolio of residential
solar systems that uses a wide variety of solar modules with a
large majority from reputable manufacturers with valid warranties.
Inverters used in SPH's assets are from mostly well established
companies. Diversification and use of equipment from mostly
reputable manufacturers reduce the risk from solar modules with
uncertain warranties that affects around 20% of the portfolio.
Operations and maintenance (O&M) and portfolio servicing are
provided by ESE, which is an affiliate and guarantor of the
borrower and also provides similar services third parties. As part
of the overall O&M program, ESE also provides life cycle major
maintenance such as replacing inverters, which is likely to occur
within the next seven years and highlights the importance of its
major maintenance reserve.

Large capital return to sponsor

HPS indirectly owns the borrower and is an experienced debt
investor in the infrastructure sector. That said, Moody's assume
modest sponsor support on an ongoing basis given Moody's
understanding of substantial historical dividends paid to funds
managed by HPS since at least 2019, additional dividends from the
expected financing, and minimal remaining net capital exposure.

Financial Profile and Key Credit Metrics

Under the management base case, the borrower expects average debt
service coverage ratio (DSCR) around 1.63x, Project CFO to Debt of
5.1% and Debt to EBITDA of around 9.6x from 2022 through 2024.
These metrics generally fall into the 'B' to 'Caa' category
depending on the metric. Forecasted refinancing risk is high with
approximately 80% million of the original debt outstanding and the
management case incorporates aggressive assumptions including
substantial contract renewals, continued low capital costs, and low
and steady operating costs that enable SPH to ultimately repay its
debt around 2042. Under a more conservative Moody's case, the
borrower's metrics are weaker with DSCR averaging around 1.48x,
Project CFO to debt of 4.1% and Debt to EBITDA of around 10.6x from
2022 through 2024. Refinancing risk is heightened with
approximately $479 million of the debt outstanding. Moody's Case
incorporates more conservative generation levels, higher O&M,
discounts to realized SREC, and no re-contract renewals.

Liquidity Analysis

The project's liquidity primarily consists of a six-month DSRA that
initially is expected to be cash funded and a separate major
maintenance reserve. The DSRA can be alternatively funded with a
letter of credit recourse to the borrower. The major maintenance
reserve is expected to be initially cash funded at around $3
million with additional funding annually to address life cycle
costs such as the replacement of inverters.

Structural Considerations

SPH's term loan is expected to benefit from certain project finance
protections including security in the borrower's assets comprising
mostly of stock in subsidiaries, guarantees from affiliates and
parent companies, pledge of borrower's accounts, a 6-month DSRA,
and an initial 50% excess cash flow sweep that rises to 75% by year
5. For approximately half of SPH's total assets, the term loan is
expected to also have a 1st lien on the residential solar systems
including a pledge of the system's PPA or lease agreements. For the
operating companies with tax equity arrangements that represents
the other half of SPH's total assets, SPH will be structurally
subordinated with no security in the underlying assets. Other
expected debt protections include a 1.15x DSCR financial covenant
test, limitation on asset sales and investments, and limitation on
additional debt and liens including at its operating companies that
allows for up to $50 million of parity debt subject to rating
affirmation.

RATING OUTLOOK

SPH's stable outlook reflects stable revenues and expected low but
steady financial metrics with DSCR averaging at least around 1.48x
and Project CFO to Debt averaging at least 4.1% over the next
several years.

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

SPH rating could be upgraded if it were to substantially pay down
debt much more than expected leading to significantly lower
refinancing risk and financial metrics improve with Project CFO to
Debt above 10%, DSCR above 2.0x, and Debt to EBITDA below 7.0x on a
sustained basis.

The issuer's rating could be downgraded if DSCR drops below 1.45x,
Project CFO to Debt drops below 4%, or adjusted debt to EBITDA
increases to above 11x on a sustained basis.

CORPORATE PROFILE

Spruce Power Holdings, LLC (SPH) indirectly owns approximately
49,500 residential solar systems totaling around 326 MW (dc) of
capacity located across 16 states. SPH's derives most of its
revenue under long term power purchase agreements (PPAs) or lease
agreements with residential customers. Additional sources of
revenues include the sale of renewable energy credits. Energy
Service Experts (ESE), an affiliate of the borrower, provides
operations and maintenance (O&M) and other services. SPH is
indirectly owned by funds managed by HPS Investment Partners (HPS).


The principal methodology used in this rating was Power Generation
Projects Methodology published in January 2022.


TAKATA CORP: Montreal May Proceed with Appeal
---------------------------------------------
Chief Magistrate Judge Mary Pat Thynge of the United States
District Court for the District of Delaware issued a Recommendation
on January 18, 2022, recommending that pursuant to paragraph 2(a)
Procedures to Govern Mediation of Appeals from the United States
Bankruptcy Court for the District of Delaware and 28 U.S.C. Section
636(b), the matter in the appeals case captioned in the case
captioned ROBERT MONTREAL Appellant, v. ERIC D. GREEN, TRUSTEE
Appellee, C.A. No. 21-1589-RGA (D. Del.), be withdrawn from the
mandatory referral for mediation and proceed through the appellate
process of the District Court.

Pursuant to paragraph 2(a) of the Procedures to Govern Mediation of
Appeals from the United States Bankruptcy Court for the District of
Delaware dated September 11, 2012, the Court conducted an initial
review, which included information from counsel, and a joint
teleconference to determine the appropriateness of mediation in
this matter.

As a result of the screening process, the issues involved in this
case are not amenable to mediation and mediation at this stage
would not be a productive exercise, a worthwhile use of judicial
resources nor warrant the expense of the process.

Prior to the teleconference, counsel for Appellee-Trustee advised
by email that, for various reasons, his client did not want to
mediate this matter and requested that it be removed from mandatory
mediation. Because the Appellant was pro se, the Magistrate
scheduled a teleconference with occurred on January 13, 2022, to
discuss the appeal process. The Magistrate informed the Appellant
that removal from the mandatory mediation process was not an
automatic dismissal of his appeal. During this conversation, the
Appellant advised that he wishes to proceed with his appeal. The
Magistrate further suggested that he should review the
Recommendation before he decides whether to forego any objections
to it pursuant to 28 U.S.C. Section 636(b)(1)(B), FED. R. CIV. P.
72(a) and D. DEL. LR 72.1.

The Appellant is allowed until February 7, 2022, to raise any
objections to it. In addition to docketing this Recommendation, a
copy of it shall also be mailed to the Appellant, who resides in
California.

Local counsel is obligated to inform out-of-state counsel of the
Court's Order.

A full-text copy of the Order is available at
https://tinyurl.com/2p8v9y2w from Leagle.com.

                        About TAKATA Corp.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures, and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats, and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide. The
Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China, and other countries.  Takata Corp. filed for bankruptcy
protection in Tokyo and the U.S., amid recall costs and lawsuits
over its defective airbags. Takata and its Japanese subsidiaries
commenced proceedings under the Civil Rehabilitation Act in Japan
in the Tokyo District Court on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.
17-11375) on June 25, 2017. Together with the bankruptcy filings,
Takata announced it has reached a deal to sell all its global
assets and operations to Key Safety Systems (KSS) for US$1.588
billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.  The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of the
Chapter 11 Debtors, obtained an order of the Ontario Superior Court
of Justice (Commercial List) granting, among other things, a stay
of proceedings against the Chapter 11 Debtors pursuant to Part IV
of the Companies' Creditors Arrangement Act.  The Canadian Court
appointed FTI Consulting Canada Inc. as information officer. TK
Holdings, as the foreign representative, is represented by McCarthy
Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson
Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York;
and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy
LLP, in Washington, D.C., as its bankruptcy counsel.  The Committee
has also tapped Chuo Sogo Law Office PC as Japan counsel.  The
Official Committee of Tort Claimants selected Pachulski Stang Ziehl
& Jones LLP as counsel.  Gilbert LLP will evaluate the insurance
policies.  Sakura Kyodo Law Offices is serving as special counsel.
Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and
Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the
Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as
Takata's counsel in the Chapter 15 cases.

In February 2018, the U.S. Bankruptcy Court confirmed the Fifth
Amended Chapter 11 Plan of Reorganization filed by TK Holdings,
Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's
subsidiaries and affiliates.



TENRGYS LLC: Seeks to Hire Jones Walker as Special Counsel
----------------------------------------------------------
Tenrgys, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
Jones Walker, LLP as special counsel.

The firm will represent Telpico, LLC in the arbitration proceeding
styled Telpico, LLC v. Hupecol Operating Co., LLC and Hupecol
Magdalena, LLC, Case No. 01-21-0017-2814.  The suit seeks damages
of more than $27 million.

Telpico holds a 100 percent interest in, and has operating control
of, three Colombian oil and gas concessions.  Tellus Energy, LLC,
one of the debtor-affiliates of Tenrgys, owns 100 percent of the
membership interests of Telpico, which is itself not a debtor.

Jones Walker's customary rates range from $400 per hour for new
associates to $650 per hour for partners.  Time devoted by legal
assistants and paralegals is charged at $275 per hour.

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

The firm can be reached through:

     Luis Enrique Cuervo, Esq.
     Jones Walker LLP
     811 Main St., Suite 2900
     Houston, TX 77002
     Tel: 713-437-1800
     Fax: 713-437-1810
     Email: lcuervo@joneswalker.com

                         About Tenrgys LLC

Tenrgys, LLC operates as an oil and gas exploration and production
company.  It is headquartered in Ridgeland, Miss.

Tenrgys and its affiliates filed their voluntary petitions for
Chapter 11 protection (Bankr. S.D. Miss. Lead Case No. 21-01515) on
Sept. 17, 2021, listing as much as $500 million in both assets and
liabilities.  Richard H. Mills, Jr., manager, signed the
petitions.

Judge Jamie A. Wilson oversees the cases.

Copeland, Cook, Taylor & Bush, P.A. and FTI Consulting, Inc. serve
as the Debtors' legal counsel and financial advisor, respectively.


TIBCO SOFTWARE: Fitch Places All Ratings on Watch Negative
----------------------------------------------------------
Fitch Ratings has placed all ratings for TIBCO Software Inc. and
Balboa Intermediate Holdings LLC on Rating Watch Negative (RWN).
This includes both of their Long-Term Issuer Default Ratings
(IDRs), as well as TIBCO's first lien senior secured rating of
'B+'/'RR3' and the second lien secured rating of 'CCC+'/'RR6'.

The RWN follows the announcement that Vista Equity Partners (Vista)
and Evergreen Coast Capital Corporation (Evergreen, an affiliate of
Elliott Investment Management L.P.), agreed to acquire Citrix
Systems, Inc. (Citrix; BBB/RWN) and combine it with TIBCO. Fitch
expects that the private equity sponsors will structure the
combined entity to be highly levered.

Fitch has also withdrawn Bali Finco Inc.'s (Bali) proposed $1.415
billion first lien senior secured term loan rating of 'B+'/'RR3' as
TIBCO is no longer pursuing the acquisition of Blue Prism Group plc
(LSE: PRSM).

Fitch has withdrawn the rating of Bali Finco Inc.'s first lien
senior secured term loan which has been canceled. Accordingly,
Fitch will no longer provide ratings for Bali Finco Inc.'s term
loan.

KEY RATING DRIVERS

Pending Transactions: Vista and Evergreen have agreed to take
publicly traded Citrix private for approximately $13 billion in
cash plus the assumption of just over $3 billion of debt. In
conjunction with this, TIBCO is to be combined with Citrix. TIBCO
is one of Vista's portfolio companies since 2014 and as of 3Q
fiscal 2021, it had approximately $3.1 billion of debt. No details
on the financing of the transaction have been provided thus far.
Citrix focuses on remote work solutions and networking software,
while TIBCO's focus is on data and analytics.

High Leverage: The 'B' rating reflects TIBCO's leverage profile
despite its scale and recurring revenue characteristics. At the end
of fiscal 2020, leverage was elevated at 9.2x and reflected the
company's strategic decision to focus on subscription revenues,
which are recurring and move away from license revenues.
Consequently, revenues were down 10% during the transition year.
Leverage is forecasted to improve and Fitch projects for it to be
just over 7x at the end of fiscal 2021 due to significant EBITDA
growth. On a standalone basis, Fitch assumed that TIBCO would
prioritize spending for growth over debt reduction.

Evolving Product Mix: As the inventor of the "information bus",
TIBCO has led the industry in developing on-premise middleware for
more than 20 years, with a specific focus on large, under $500
million revenue companies. TIBCO's acquisition of ibi in 2020
increased its cloud-based offerings and is driving subscription
growth. Fitch expects the pending acquisition of PRSM to enhance
TIBCO's top-line growth, expand the total addressable market (TAM),
and expand product offerings as it will soon be able to offer
robotics software. TIBCO largely serves the Americas (primarily the
U.S.), while PRSM focuses on EMEA, therefore, the combination
should allow geographic expansion opportunities for both.

Solid FCF, Stable Profitability: Recent cost containment measures
have helped TIBCO increase adjusted EBITDA margins from the mid-30s
to just over 40% in 1H fiscal 2021. FCF has been positive and Fitch
projects further growth. Despite increased interest costs, higher
EBITDA generation should lead to improved interest coverage ratios
and FCF margin expansion.

Recurring Revenues/High Renewal Rates: For the LTM ending 3Q fiscal
2021, recurring revenues represented 83% of revenues, up from 80%
in the year ago period. It has 118% annualized subscription annual
contract value net retention rates. In addition, TIBCO generates
over 50% of its revenue from maintenance services, which tend to be
stable. With high renewal rates across more than 11,000 customers,
these maintenance revenues are expected to account for a large
portion of TIBCO's revenues over the rating horizon. The
subscription segment (32% of revenues in 1H fiscal 2021) has
contracts that typically range from one to three years in length.

DERIVATION SUMMARY

Fitch's 'B' rating for TIBCO is supported by the company's
established technology platforms that result in a stable customer
base, highly recurring revenues and expectations for strong FCF
generation. Like other Fitch-rated software issuers owned by
private equity, TIBCO is in the 'B' rating category reflecting its
high leverage. Recent growth has been accelerated largely through
debt-funded acquisitions at TIBCO. The ownership structure could
optimize ROE, limiting the prospect for accelerated deleveraging.

KEY ASSUMPTIONS

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

-- Fitch assumes that TIBCO is combined with Citrix, which is
    much larger in size and scope as publicly disclosed. It is
    also assumed that the combined company will be highly levered.

-- Fitch assumes details will emerge about the capital structure
    and will revise ratings accordingly.

RATING SENSITIVITIES

Factor that could, individually or collectively, remove the Rating
Watch Negative:

-- Should the pending transaction not proceed as proposed and
    TIBCO remains a standalone issuer, Fitch may remove the Rating
    Watch.

Factors that could, individually or collectively, lead to positive
rating action/upgrade provided TIBCO remained a standalone entity:

-- Fitch's expectation for organic subscription revenue growth
    while gross leverage is under 6.0x on a sustained basis;

-- (CFO-capex)/total debt with equity credit ratio trending
    toward 8%.

Factors that could, individually or collectively, lead to negative
rating action/downgrade provided TIBCO remained a standalone
entity:

-- (CFO-capex)/total debt with equity credit ratio below 3% on a
    sustained basis;

-- Negative organic revenue growth;

-- FFO interest coverage under 1.3x on a sustained basis;

-- Expectations for gross leverage to be above 7.5x on a
    sustained basis.

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 range
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: On a standalone basis, TIBCO has sufficient
liquidity. As of 3Q fiscal 2021, the company had $160 million of
cash on the balance sheet and full availability on its $125 million
revolver which is due in 2024. The next material maturity is in
fiscal 2026 when the senior secured term loan comes due.

ISSUER PROFILE

TIBCO Software, Inc. is provider of enterprise data space that
offers integration, data management and analytics software.


TPC GROUP: Fitch Lowers LT IDR to 'CCC-'
----------------------------------------
Fitch Ratings has downgraded TPC Group, Inc.'s Long-Term Issuer
Default Rating (IDR) to 'CCC-' from 'B-', its asset-based loan
facility (ABL) rating to 'B-'/'RR1' from 'BB-'/'RR1' and its 10.5%
notes rating to 'CC'/'RR5' from 'B-'/'RR4'. Fitch has also affirmed
the 10.875% notes at 'B-' and revised the recovery rating to 'RR1'
from 'RR4' given that the 10.5% notes are effectively subordinated
to the 10.875% notes.

KEY RATING DRIVERS

Potential Restructuring Talks: Fitch believes TPC will enter
restructuring negotiations with its lenders. The company has
roughly $50 million due in February 2022 across its $153 million of
10.875% first priority lien notes due 2024 and $930 million of
10.500% first-lien notes due 2024. In isolation, Fitch believes the
combination of TPC's operations and proceeds from its insurance
proceeds related to the Port Neches incident should be enough to
support the company's liquidity position through such a payment.
However, frequent operational issues have weighed on the company's
already strained liquidity profile.

Ongoing Operational Issues: A number of TPC's products are used in
the production of synthetic rubbers and fuel additives, the demand
for which was materially affected by the coronavirus pandemic but
has since rebounded. In 2021, a January fire in the company's
Technical Center, used for quality control and R&D, and extreme
weather in February continued to drag on the company's costs and
volumes. Most recently, steam issues in July and August led to a
complete shutdown of the utility steam system in September and
lingering issues thereafter. As a result, the company was unable to
take advantage of strong butene-1 demand.

Strained Liquidity Profile: Fitch views much of the short-to
medium-term risk related to TPC's ongoing operational issues as
stemming from cash burn and coverage metrics, rather than gross
debt levels. The company now faces the challenge of finding the
cash to address its idiosyncratic operational issues at a time when
liquidity is also at roughly a five-year low, with a borrowing base
that is supportive of less than $70 million in additional
borrowings as of Sept. 30, 2021. However, management has taken
steps to bolster liquidity, including issuing $153 million in
secured notes due 2024 and deferring certain charges and capital
projects. The company has begun to realize certain positive
macroeconomic trends, with liquidity having rebounded to over $75
million, but its ability to continue to realize positive liquidity
momentum is constrained by frequent operational disruptions.

Limited Size and Scale: Following the Port Neches incident, TPC now
relies on one manufacturing complex and a third-party processing
arrangement that generate all its earnings; Port Neches was its
second plant. Any operational disruptions can significantly affect
its cash flow generation, as evidenced by the company's pressured
financial profile when the dehydro unit went down for a scheduled
turnaround for nearly all of 1Q18, or more recently, during the
February 2021 Texas Freeze. In the near term, Fitch will monitor
the company's ability to operate the Houston plant at near full
utilization. The Port Neches incident highlights the company's
exposure to the effects of any operational disruptions at its
facilities. Such risk likely caps TPC's rating in the 'B'
category.

DERIVATION SUMMARY

TPC Group has operated with similar leverage to SK Mohawk Holdings,
SARL (B/Negative) and substantially lower leverage than Aruba
Investments, Inc. (B/Stable). Fitch expects TPC's gross leverage to
be consistent with a 'B-' rating despite a number of setbacks
including the Port Neches incident. However, a portion of the
company's cash flow and growth prospects will be determined by the
size and duration of the insurance claims related to the incident.
To date, claims have been timely and sufficient.

Accordingly, liquidity will remain of greater importance than gross
leverage throughout the ratings horizon. If the determination is
made that the incident was the result of negligence or was
otherwise not out of TPC's control, the company will likely find it
difficult to retain customers and receive the anticipated insurance
claims.

This heightened event risk sets TPC apart from its peers, who are
larger in size and scale, as evidenced by access to an expansive
and flexible logistics/production networks both globally and
domestically. This is highlighted by TPC's reliance on its
manufacturing facility in Houston. TPC is relatively more exposed
to commodity prices and historically had high single-digit margins
compared with SK Mohawk's specialized product mix, as evidenced by
SK Mohawk's slightly higher EBITDA margins in the mid-teens. These
credit strengths enable SK Mohawk to support a higher debt load
than TPC, resulting in a higher IDR.

KEY ASSUMPTIONS

-- Highly strained liquidity in the near to medium-term in the
    absence of insurance payments sufficient to support
    operations;

-- Recovery in volumes due to easing demand impacts of
    coronavirus pandemic and high utilization rates;

-- EBITDA generation recovers, with minimal additional
    competitive pressures and easing asset-based issues.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes TPC would be reorganized as a
going-concern (GC) in bankruptcy rather than liquidated. Fitch
believes a GC approach is more likely given the high greenfield
costs. TPC's contracts for its C4 processing segment have a fixed
processing fee of $210/tonne-215/tonne. Management indicated this
fixed cost would need to be in the low $300/tonne range for a large
company that already has C4 processing capacity, the low $400/tonne
range for true greenfield new capacity, and somewhere in between
these two values to add new C4 capacity at a location with related
operations and supporting infrastructure for the project to be
economic.

Fitch's recovery scenario depicts a prolonged period of further
unplanned disruptions or other operational hurdles at the Houston
plant that signal a weakness of the company's asset base and
operations, along with an inability to fully fund the rebuild of
the Port Neches plant and/or a disruption in insurance proceeds. As
a result, the company loses market share, worsening the negotiating
power and renewal rates of the existing contracts, resulting in
increased cash flow risk and potential for losses. The unplanned
disruptions also stress the financial flexibility of the company,
as repairs can be both cost and time extensive.

Going-Concern (GC) Approach

Fitch assumed a GC EBITDA of $110 million, reflective of the
Houston plant operating at nearly full capacity and no contribution
from Port Neches.

The 4.0x multiple reflects Fitch's view that the C4 and isobutylene
derivatives have minimal cash flow risk while the methyl
tertiary-butyl ether (MTBE) assets are rolling off minimum floor
contracting and being renewed at spot. The isobutylene derivatives
are high margin, low growth and have historically operated at high
utilization rates. The single facility risk, uncertainty
surrounding customer contracts and potential for competition due to
the loss of capacity at Port Neches weigh on the multiple.

Fitch assumes a draw of $55 million on the ABL, roughly equal to
the currently outstanding amount, as Fitch's potentially recovery
scenario is possible with the current capital structure.

The enterprise value, $460 million, is deducted by 10% for
administrative claims, leaving $396 million available to creditors.
The ABL facility and 10.875% priority notes recover within the
'RR1' level and are rated 'B-', the 10.5% secured notes recover at
the 'RR5' level and are rated 'CC'.

RATING SENSITIVITIES

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

-- Resolution of liquidity challenges, due in part to timely
    receipt of insurance proceeds, resulting in cessation of
    restructuring talks without bankruptcy or a distressed debt
    exchange (DDE);

-- Improved operational stability signaled by high utilization
    across both segments, a decreased risk of unplanned
    disruptions and increased size and scale;

-- Continued favorable contract terms, allowing TPC to maintain
    its low margin volatility.

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

-- Expectation that the company will enter into bankruptcy or a
    DDE;

-- Reduced liquidity driven by continued negative FCF, increasing
    refinance risk;

-- Continued unplanned disruptions (outside weather/third-party
    incidents), signaling a continued weakness in the company's
    asset base;

-- Inability to renew contracts at current terms leading to
    greater cash flow volatility.

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

Strained Liquidity: A contraction in the borrowing base due to the
February 2021 Texas Freeze resulted in liquidity at a five-year
low. The freeze came after a period during which operations were
already stressed by the coronavirus pandemic and the Port Neches
incident. Though an improving demand profile then drove an
increasing borrowing base, continued operational issues resulted in
continually stressed liquidity, with total liquidity of $75.3
million at Sept. 30, 2021.

The company's maturity profile is otherwise solid, with limited
maturities until 2024, when roughly $1.1 billion in secured notes
come due.

ISSUER PROFILE

TPC, headquartered in Houston, is a leading producer of value-added
products derived from niche petrochemical raw materials, such as C4
hydrocarbons.

ESG CONSIDERATIONS

TPC Group Inc has an ESG Relevance Score of '4' for Management
Strategy due to ongoing operational issues in its aging, single
site, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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


TPC GROUP: S&P Downgrades ICR to 'D' on Expected Default
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
specialty chemicals company TPC Group Inc. to 'D' from 'CCC' and
its issue-level ratings on its senior notes to 'D'.

The downgrade reflects S&P's expectation that TPC Group Inc. will
not make the upcoming interest payments due on both issues of its
senior notes due 2024 before the end of the 30-day grace period.
Therefore, S&P believes the company will either undertake a debt
restructuring or file for bankruptcy.



TWISTED OAK: Wins Cash Collateral Access
----------------------------------------
The U.S. Bankruptcy Court for the Eastern District of California
has authorized Twisted Oak Winery, LLC, to use on an interim basis
the cash collateral in which the U.S. Small Business Administration
asserts an interest, on the terms and conditions stated in their
Stipulation filed on November 30, 2021.

The parties agreed the Debtor may use cash collateral for ordinary
and reasonable disbursements.

The Debtor acknowledges SBA's intention to assert a claim for
post-petition interest and other amounts and costs authorized under
Section 506(b) of Bankruptcy Code to the extent permitted under the
Loan Documents.

Unless SBA otherwise consents in writing, the right to use cash
collateral under the stipulation will expire on the earlier of (a)
the date of confirmation of a plan of reorganization by the Debtor,
or (b) the occurrence of an Event of Default and expiration of any
applicable cure period. Notwithstanding the expiration of SBA's
consent to the Debtor's use of cash collateral pursuant to the
stipulation, the Debtor's obligations and SBA's protections
pursuant to the Stipulation shall remain in effect and SBA will
have the remedies provided, and under the Loan Documents and
applicable law.

These events constitute an "Event of Default:"

     (a) a material breach by the Debtor of any term or condition
of the Stipulation;

     (b) any Court order approving and authorizing Debtor to enter
into and perform under the Stipulation is reversed, vacated or
materially modified;

     (c) appointment of a trustee pursuant to 11 U.S.C. section
1104;

     (d) conversion of the Debtor's chapter 11 case to a chapter 7
case, or dismissal of the Debtor's case;

     (e) appointment of an examiner with any powers of a trustee
pursuant to 11 U.S.C. sections 1104 and 1106; or

     (f) any certificate, statement, report or document furnished
to SBA, the Court or the U.S. Trustee subsequent to the Petition
Date will prove to have been false or misleading in any material
respect on the date as of which the facts set forth therein were
stated or certified.

As adequate protection for the Debtor's use of cash collateral, SBA
is granted a replacement security interest and lien in such of
Bankruptcy Estate's post-petition acquired assets of the same type
and nature as SBA held validly perfected and unavoidable security
interests and liens pre-petition. The Replacement Lien will secure
any diminution in value of the Collateral occurring after the
petition date to the extent of the aggregate amount of Cash
Collateral used by Debtor and such Replacement Lien will be of the
same priority and validity as the pre-petition security interests
and liens of SBA. The Replacement Lien will be deemed granted,
valid, and perfected as of the petition date; will not attach to
any avoidance actions under Chapter 5 Bankruptcy Code; and in
addition to SBA's other liens and interests.

A copy of the stipulation is available at https://bit.ly/3GkJ53p
from PacerMonitor.com.

                       About Twisted Oak

Twisted Oak, LLC, specializes in wines that are made from
Tempranillo, Grenache, Mourvedre, Viognier, and more.  It filed a
Chapter 11 petition (Bankr. E.D. Cal. Case No. 21-90484) on Oct. 4,
2021.  In the petition signed by Jeff Stai, managing member, the
Debtor disclosed $1 million to $10 million in assets and $1 million
to $10 million in liabilities.  The Hon. Ronald H. Sargis oversees
the case. Brian S. Haddix, Esq., at Haddix Law Firm, is the
Debtor's counsel.



UNIVISION COMMUNICATIONS: Moody's Hikes CFR to B1; Outlook Positive
-------------------------------------------------------------------
Moody's Investors Service upgraded Univision Communications, Inc.'s
corporate family rating to B1 from B2 and probability of default
rating to B1-PD from B2-PD and the rating on the company's senior
secured facilities and senior secured notes to B1 from B2. Moody's
also affirmed the B1 rating on the company's $1,050 million term
loan B and the $1,050 senior secured notes due 2029 previously held
in an escrow account. The outlook is positive.

The rating actions follow the completion of Univison's acquisition
of Grupo Telvisa, S.A.B's (Televisa, Baa2 stable) content business
and concludes the ratings review that was initiated in April 2021
at the time of the announcement of the acquisition.

The upgrade reflects the enhanced scale of the combined group as
well as its more prudent financial policy, as evidenced in its
post-transaction financial metrics, in particular, leverage which
is expected to be around 6x on a pro-forma basis at year end 2021
compared to Univision's standalone leverage of around 8.5x
pre-transaction.

Upgrades:

Issuer: Univision Communications Inc.

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Senior Secured Bank Credit Facility, Upgraded to B1 (LGD3) from B2
(LGD3)

Senior Secured Regular Bond/Debenture, Upgraded to B1 (LGD3) from
B2 (LGD3)

Affirmations:

Issuer: Univision Communications Inc.

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

Senior Secured Global Notes, Affirmed B1 (LGD3)

Outlook Actions:

Issuer: Univision Communications Inc.

Outlook, Changed To Positive From Rating Under Review

RATING RATIONALE

The B1 rating reflects the company's enhanced scale and its strong
position in the Spanish language media sector with access to the
US, the number one Spanish speaking population by GDP and Mexico,
the number one Spanish speaking country by population. The vertical
integration of production capabilities will allow the company to
better align its programming to its audience as well as its
advertisers. The rating also incorporates Moody's expectation that
leverage (Moody's adjusted) will trend below 5.5x shortly after the
transaction.

The B1 rating also reflects Univision's heavy dependence on
advertising with more than 60% of revenue derived from TV
advertising. The company's audience has however held strong and
increased over the past two years. Hispanics also represent one of
the fastest growing populations in the US, helping drive ad demand
for Univision's programs.

The company plans to launch an over the top (OTT) platform purely
focused on Spanish language populations. While the acquired content
from Televisa is strong for linear TV, further investments will be
needed in the future to meet demand on the OTT side of things.
Moody's expects Univision to invest a large part of its generated
cash flow to build the OTT content library over the next couple of
years.

The positive outlook reflects Moody's expectation that the
company's leverage will reduce to below 5x in the coming 12-18
months as a result of a combination of both debt repayment and
EBITDA growth.

The B1 ratings on the company's senior secured bank loans and
senior secured notes reflect the probability of default of the
company, as reflected in the B1-PD probability of default rating
(PDR), an average expected family recovery rate of 50% at default
given the secured capital structure with only a springing financial
covenant applicable to the revolver, and the particular
instruments' rankings in the capital structure.

The company has a good liquidity profile, supported by a large cash
balance at close as well as strong free cash flow generation of
more than $400 million in 2022. The company also retains access to
the full amount under its $610 million revolving credit facility
which is expected to remain undrawn. The revolver is subject to a
springing maintenance covenant set at 8.5x net senior secured
debt/EBITDA (as defined in the credit agreement) to be tested if
utilization exceeds 35% of total revolver capacity.

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

Further positive pressure on the ratings could develop should the
company's subscription revenue from OTT grow such that Moody's
adjusted leverage improve to around 4.5x on a sustainable basis and
Moody's adjusted free cash flow to debt trend towards 10%.

Negative ratings pressure could develop should the company's
Moody's adjusted leverage increase above 5.5x on a sustained basis
or should the company's liquidity weaken.

Univision Communications Inc., headquartered in New York, is a
leading Spanish-language media company in the U.S. operating in two
segments, Media Networks and Radio. Univision's Media Networks
segment includes television operations with 61 owned or operated
broadcast stations; two leading broadcast networks (Univision
Network and UniMas); 10 cable networks (including Galavision, TUDN
-- previously Univision Deportes Network - and Univision
tlnovelas), and digital operations (including a network of online
and mobile apps as well as video, music and advertising services).
The company also has rights to the substantial majority of LIGA MX
teams and certain UEFA properties. Univision Radio includes the
company's 58 owned or operated radio stations. In 2020, Univision
reported $2.5 billion in revenue and $966 million in EBITDA
(Management's Adjusted OIBDA).

Headquartered in Mexico City, Mexico, Televisa is a leading
diversified media company in the Spanish-speaking world. The
company is also an important cable and leading direct-to-home (DTH)
satellite operator in Mexico. Televisa's main operations include
Content, which represented around 30% of segment net sales in 2020
and comprises Advertising, Network Subscriptions, and Licensing and
Syndication. In 2020, Televisa reported net sales of around $4.5
billion.

The principal methodology used in these ratings was Media published
in June 2021.


UNIVISION COMMUNICATIONS: S&P Raises ICR to 'B+', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
Spanish-language multimedia company Univision Communications Inc.
to 'B+' from 'B' and removed all its ratings from CreditWatch,
where S&P placed them with positive implications on April 14,
2021.

S&P said, "At the same time, we assigned a 'B+' issue-level rating
and '3' recovery rating to Univision's $1.05 billion senior secured
term loan maturing in 2028 and $1.05 billion senior secured notes
due in 2029, the proceeds of which were used to partially fund the
merger.

"The stable outlook reflects our expectation that leverage will
decline to the low-6x area in 2022 because of the merger and that
free operating cash flow (FOCF) will remain positive despite
elevated content investments to support its streaming service."

Univision has completed its merger with Televisa's media assets.

S&P said, "We expect Univision's leverage will decline to the
low-6x area in 2022. We estimate Univision's leverage was in the
mid-7x area at the end of 2021 on a stand-alone basis. We expect
the combined company's leverage will improve to the low-6x area in
2022 and potentially to the mid-5x area in 2023, due to a
combination of EBITDA growth and growing cash balances, which we
net against debt. In particular, we expect the combined company
will benefit from an increase in streaming revenue as it further
expands its ad-supported streaming service and launches its
subscription-based streaming service in 2022. We also expect
healthy advertising revenue growth in the U.S. due to higher ad
pricing and volume (from greater inventory management, advanced
marketing solutions, and network ratings) and political advertising
in an election year. Outside the U.S., we expect rights to the FIFA
World Cup will materially increase the company's licensing revenue
in 2022. Univision and Televisa's content segment each generate
significant cash flow (with margins of more than 35%) and have
modest capital expenditure requirements, which support
deleveraging. Management has publicly said that it expects to
reduce leverage to 3x-4x over time, which would be roughly
equivalent to 3.5x-4.5x on an S&P Global Ratings-adjusted basis.
While we do not expect this to occur until at least 2024, we
believe the company's deleveraging path will ultimately depend on
the pace and magnitude of content spending as it looks to
aggressively scale its streaming services."

The merger will improve Univision's ability to expand its streaming
business. S&P believes the additional financial resources provided
by the merger will improve Univision's ability to invest in its
streaming strategy, which will require sizable investments for
content. In addition, the company now has ownership of Televisa's
Spanish-language content library, which is the largest in the
world, with over 300,000 hours of programming.

Univision launched PrendeTV (an ad-supported video on demand
streaming service) in March 2021, which has had good momentum, with
a growing audience, advertiser base, and premium advertising rates,
and given the company a chance to test product features and
programming strategies. Univision plans to expand its streaming
offering in the middle of 2022 to a two-tiered service that will
include both an ad-supported component and a subscription-based
component. The company intends to begin offering the service in the
U.S. and Mexico (the largest Spanish-language markets by GDP),
before expanding elsewhere.

S&P believes the company's new streaming service could provide a
significant growth opportunity because only 10% of the Spanish
speaking population currently uses a streaming video product
(compared with 70% for the English language market). Furthermore,
Mexican consumers and the Hispanic population in the U.S. are more
accustomed to watching free over-the-air television than the U.S.'
English speaking population. Notably, management is planning for
its streaming service to complement its linear television offering
rather than replace it.

Univision's U.S. operations have continued to improve. Univision's
network ratings had been declining for several years before 2019,
weighing on the company's advertising revenue and negotiations with
video service distributors and hindering its IPO plans. Efforts by
new senior management in 2019, including increased collaboration
with Televisa and additional content investments, helped
Univision's network ratings begin to stabilize. Under new senior
leadership in 2021, the company has brought on new senior sales
executives, changed its go-to-market strategy, created new product
offerings, and increased its focus on advanced advertising, which
contributed to the highest advertising rates and volumes in the
company's history in the third quarter of 2021. In the third
quarter, Univision's network ratings increased 17% and its share of
the U.S. Spanish-language market increased to about 65% (we
estimate it had dropped below 60% in 2019). Univision also gained
carriage on YouTube TV in Sept. 2021, which we believe will help
stabilize the company's subscription revenue, since growth from
virtual subscribers will help to partially offset declines from
traditional subscribers.

The stable outlook reflects S&P's expectation that leverage will
decline to the low-6x area in 2022 because of the merger and that
FOCF will remain positive despite elevated content investments to
support its streaming service.

S&P could lower the rating if:

-- Leverage increased above 6.5x on a sustained basis; or

-- FOCF became negative because of slower-than-expected streaming
revenue growth and elevated content spending.

S&P could raise the rating if:

-- Leverage declined below 5.5x, and S&P expected it to remain
there;

-- The company consistently increased its streaming revenue;

-- S&P expected FOCF to remain positive despite ongoing content
investments; and

-- The company made steady progress toward realizing cost
synergies identified with the merger.



WATERS RETAIL: Liquidating Trustee Taps KenWood as Accountant
-------------------------------------------------------------
Allison Byman, the liquidating trustee appointed in the Chapter 11
cases of Waters Retail TPA, LLC and its affiliates, seeks authority
from the U.S. Bankruptcy Court for the Northern District of Texas
to hire KenWood & Associates, P.C. as her accountant.

KenWood & Associates' services include:

     a. preparing federal and state income, payroll, sales,
franchise and excise tax returns and reports of the Debtors'
bankruptcy estate;

     b. providing evaluations and advice on tax matters;

     c. locating, obtaining, conducting inventory and preserving
the accounting, business and computer records of the Debtors for
use in the administration of the estate;

     d. analyzing the Debtors' books and records and financial
transactions regarding possible fraudulent, post-petition or
preferential transfers to which the estate may be entitled to a
recovery;

     e. analyzing the books and records and financial transactions
of entities and individuals to which the Debtors are related, may
be related or may have been related at some prior date to determine
the value of any assets and existence of possible fraudulent
transfers to which the estate may be entitled to a recovery; and

     f. assisting as expert witness in litigation, examinations and
discovery under Federal Rule of Bankruptcy Procedure 2004 and the
Federal Rules of Civil Procedures, and preparing any required
expert reports related to litigation matters.

The hourly rates charged by the firm for its services are as
follows:

     David E. Bott               $335 per hour
     Deborah J. Abbott           $230 per hour
     Carolyn E. Crabtree         $160 per hour
     Christopher  W. Hale        $175 per hour
     Sandra Y. Salamanca         $140 per hour
     Associates                  $295 to $80 per hour

The firm will seek reimbursement for out-of-pocket expenses.

As disclosed in court filings, KenWood & Associates does not
represent interests adverse to the liquidating trustee or the
estate in the matters upon which it is to be engaged.

The firm can be reached through:

     David E. Bott, CPA
     KenWood & Associates, PC
     14090 Southwest Freeway, Suite 200
     Sugar Land, TX 77478
     Tel: (281)243-2300
     Fax: (281)243-2326
     Email: info@kenwoodpc.com

                      About Waters Retail TPA

Waters Retail TPA, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  The company is based in
Dallas, Texas.

Waters Retail TPA filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 20-30644) on Feb.
27, 2020.  Its affiliates, MQ Pretty Pond, LLC and MQ Coco Plum,
LLC, sought Chapter 11 protection (Bankr. N.D. Texas Case Nos.
20-30973 and 20-30644) on March 24, 2020.  Judge Stacey G. Jernigan
oversees the cases, which are jointly administered under Case No.
20-30644.

At the time of the filing, the Debtors listed as much as $10
million in both assets and liabilities.  

Vickie L. Driver, Esq., at Crowe & Dunlevy, P.C., serves as the
Debtors' legal counsel.

The court confirmed the joint Chapter 11 plan of liquidation of MQ
Pretty Pond and MQ Coco Plum on Oct. 16, 2020, and the liquidating
plan of Waters Retail TPA on Dec. 16, 2020.  Allison Byman is the
official appointed to oversee the liquidating trusts created under
the plans.


WELDING & FABRICATION: Gets OK to Hire Wernick Law as Counsel
-------------------------------------------------------------
Welding & Fabrication, Inc. received interim approval from the U.S.
Bankruptcy Court for the Southern District of Florida to hire
Wernick Law, PLLC to serve as legal counsel in its Chapter 11
case.

The firm's services include:

     (a) giving advice to the Debtor with respect to its powers and
duties and the continued management of its business operations;

     (b) advising the Debtor with respect to its responsibilities
in complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) preparing adversary proceedings and legal documents;

     (d) protecting the interest of the Debtor in all matters
pending before the court; and

     (e) representing the Debtor in negotiations with creditors in
the preparation of a Chapter 11 plan.  

The firm's hourly rates are as follows:

     Aaron A. Wernick, Esq.     $600 per hour
     Lenore Rosetto Parr, Esq.  $475 per hour
     Paralegal                  $200 per hour

Aaron Wernick, 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:

     Aaron A. Wernick, Esq.
     Wernick Law, PLLC
     2255 Glades Road, Suite 324A
     Boca Raton, FL 33431.
     Tel: 901-525-1322
     Fax: 901-525-2389
     Email: awernick@wernicklaw.com

                    About Welding & Fabrication

Welding & Fabrication, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
22-10364) on Jan. 15, 2022, listing as much as $500,000 im both
assets and liabilities.  Judge Scott M Grossman oversees the case.

Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtor
as legal counsel.


WING DINGERS: Unsecureds to Recover 20% in Plan
-----------------------------------------------
Christopher Fischer and Wing Dingers Texas, LLC submitted a Joint
Chapter 11 Plan of Reorganization and a Disclosure Statement.

The Debtors will continue in business for the purpose of collecting
and disbursing the monthly payments to the creditors.  Claimants
will receive cash payments over a period of time beginning on the
Effective Date.

The Debtors' Plan will break the existing claims into 23 categories
of claimants.   Under the Plan, holders of Class 22 Allowed Claims
of General Unsecured Creditors will share pro rata in the Unsecured
Creditors Pool. The Debtors shall make monthly payments commencing
on the Effective Date of $3,000 into the unsecured creditors' pool.
The Debtors shall make 60 monthly payments. The Unsecured Creditors
Pool shall be distributed to the Class 22 Claimant every 90 days
commencing 90 days after the Effective Date.  Based upon the
Debtors Schedules, the Class 22 creditors will approximately
receive 20% of their Allowed Claims. The Plan proposes to bifurcate
certain secured claims into secured and unsecured portions.  This
recovery does not include any allowed claims of the Litigation
Creditors.  Class 22 is impaired.

Counsel for Christopher Fischer And Wing Dingers Texas LLC:

     Eric A. Liepins, Esq.
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 850
     Dallas, Texas 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788
     E-mail: eric@ealpc.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3ARfldq from PacerMonitor.com.

                   About Wing Dingers Texas LLC

Wing Dingers Texas, LLC, a Mineola, Texas-based owner and operator
of restaurants, filed a Chapter 11 petition (Bankr. E.D. Tex. Case
No. 21-60327) on Aug. 5, 2021, listing up to $50,000 in assets and
up to $10 million in liabilities. Christopher Fischer, sole member,
signed the petition.

Judge Joshua P. Searcy oversees the case.

Eric A. Liepins, P.C. is the Debtor's bankruptcy counsel while
White and Williams, LLP serves as the Debtor's special counsel.


WJA ASSET: Unsecureds Will be Paid in Full in Plan
--------------------------------------------------
TD REO Fund, LLC, a debtor-affiliate WJA Asset Management, LLC,
submitted a Chapter 11 Plan of Liquidation and a Disclosure
Statement.

The Debtor is part of a network of entities or "Funds" formed by
William Jordan to offer investment opportunities to individuals.
William Jordan Investments, Inc. ("WJI"), was the registered
investment advisor.  WJA Asset Management, LLC ("WJAAM") is the
managing member of the Debtors, with the exception of itself and
WJI.  William Jordan is the sole owner of WJI and is the sole
member of WJAAM.

The Plan is a liquidation plan which contemplates that the Debtor
will liquidate its assets and distribute the proceeds and funds on
hand to its creditors and interest holders in accordance with the
priorities set forth in the Bankruptcy Code.  The Effective Date of
the Plan will be the date that is 3 weeks after entry of the
Confirmation Order, provided that there is no stay of the
effectiveness of the Confirmation Order.  If such a stay is issued
other than by operation of Federal Rule of Bankruptcy Procedure
3020(e), then the Effective Date shall be the date that is 2 weeks
after the Confirmation Order becomes a Final Order.

Under the Plan, holders of Class 1 Allowed Priority Unsecured
Claims will be paid in full on the Effective Date.  Class 1 is
unimpaired.

Class 2 General Unsecured Claims totaling $28,333,737 will receive
an initial pro rata distribution of available cash within 120 days
of the Effective Date.  To the extent Allowed Class 2 Claims are
not paid in full by the initial pro rata distribution and provided
that there is available cash, the Debtor will make additional
interim and/or final pro rata distributions of available cash.  If
there is sufficient available cash for all Allowed Class 2 Claims
to be fully satisfied, then payments on Allowed Class 2 Claims will
include simple interest at the federal judgment rate in effect on
the Effective Date from the Petition Date through the date that
each Allowed Class 2 Claim is paid in full.  Class 2 is impaired.

The Debtor will continue to liquidate its estate assets and
distribute the proceeds and funds on hand to its creditors and
interest holders.

As of March 31, 2022, the Debtor is projected to have available
cash of approximately $3,000,000 and no accrued operating
liabilities other than its Professional Fee Claims and ordinary
expenses of its estate.

The hearing where the Court will determine whether or not to
confirm the Plan will take place on April 6, 2022, at 1:30 p.m. in
Courtroom 5C of the United States Bankruptcy Court for the Central
District of California, located at 411 West Fourth Street, Santa
Ana, California 92701.

The objections to the confirmation of the Plan must be filed with
the Court and served upon counsel for the Debtor and counsel for
the Committee no later than March 23, 2022.

The ballot must be received no later than Feb. 28, 2022, at 5:00
p.m., Pacific Time.

Attorneys for the Debtor:

     Philip E. Strok, Esq.
     Kyra E. Andrassy, Esq.
     Robert S. Marticello, Esq.
     Michael L. Simon, Esq.
     SMILEY WANG-EKVALL, LLP
     3200 Park Center Drive, Suite 250
     Costa Mesa, California 92626
     Telephone: 714 445-1000
     Facsimile: 714 445-1002
     E-mail: pstrok@swelawfirm.com
             kandrassy@swelawfirm.com
             rmarticello@swelawfirm.com
             msimon@swelawfirm.com

A copy of the Disclosure Statement dated Jan. 28, 2021, is
available at https://bit.ly/3raCEvk from PacerMonitor.com.

                 About WJA Asset Management

Luxury Asset Purchasing International, LLC, et al., are part of a
network of entities or "Funds" formed to offer a range of
investment opportunities to individuals.  Many of the existing
funds are performing and some Funds had substantial gains. However,
certain Funds, i.e., those invested in private trust deeds secured
by real estate, suffered losses.

William Jordan Investments, Inc. ("Advisor"), is a registered
investment advisor. Laguna Hills, California-based WJA Asset
Management, LLC ("Manager"), is the managing member of Luxury, et
al.  William Jordan was the president and sole owner of Advisor and
was the sole member and manager of Manager.

On May 18, 2017, Luxury and its affiliates filed voluntary
petitions under Chapter 11 of the United States Bankruptcy Code. On
May 25, 2017, four other affiliated filed voluntary Chapter 11
petitions.  On June 6, 2017, CA Real Estate Opportunity Fund III
filed its Chapter 11 petition.  The Debtors' cases are jointly
administered under Bankr. C.D. Cal. Lead Case No. 17-11996, and the
Debtors continue to operate their businesses and manage their
affairs as DIP.

Pursuant to court orders, Howard Grobstein is now serving as the
chief restructuring officer of the Debtors and Mr. Jordan no longer
has any ongoing role in the Debtors' operations.

At the time of the filing, WJA estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.  

Judge Scott C. Clarkson presides over the cases.

Lei Lei Wang Ekvall, Philip E. Strok, Robert S. Marticello, and
Michael L. Simon, at Smiley Wang Ekvall, LLP, are serving as
counsel to the Debtors.  Ann Moore of Norton Moore Adams has been
tapped as special counsel.  Elite Properties Realty is the broker.


WORK & SON INC: Trustee Taps Meenan Law as Special Counsel
----------------------------------------------------------
Stanley Murphy, the Chapter 11 trustee for Work & Son, Inc. and its
affiliates, received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ Meenan Law Firm P.A. as
his special counsel.

The firm's services include representation in administrative law
issues relating to pre-need trusts, appearance before the Board of
Funeral, Cemetery and Consumer Services and any other court or
tribunal, and legal advice on other administrative law issues.

The firm will charge an hourly fee of $425.

As disclosed in court filings, Meenan Law neither represents nor
holds any interest adverse to the trustee, the Debtor or the
bankruptcy estate in the matters upon which it is to be engaged.

The firm can be reached through:

     Thomas P. Crapps, Esq.
     Meenan Law Firm P.A.
     300 S Duval St #410
     Tallahassee, FL 32301
     Phone: +1 850-425-4000

                         About Work & Son

Pinellas Park, Fla.-based Work & Son Inc. and its affiliates are
privately-held companies in the funeral services industry.  

On Nov. 18, 2018, Work & Son and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 18-09917).  At the time of the filing, Work & Son listed as
much as $50,000 in both assets and liabilities.  

The Debtors tapped the Law Offices of Mary A. Joyner, PLLC as their
legal counsel, and Dearolf & Mereness LLP as their accountant.

Stanley Murphy was appointed as the Debtors' Chapter 11 trustee.
McIntyre Thanasides Bringgold Elliot Grimaldi Guito & Matthews,
P.A. and Meenan Law Firm P.A. serve as the trustee's bankruptcy
counsel and special counsel, respectively.


[*] Big Bankruptcies Disappear; January Posts Slowest Since 2008
----------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that a yearlong slowdown in
large corporate bankruptcies culminated in a record low number of
companies seeking court protection from creditors last January
2022.

Just three businesses with at least $50 million of liabilities
filed for bankruptcy in the U.S. last January 2022, marking the
slowest January for formal corporate collapses since at least 2008,
according to data compiled by Bloomberg. The number of large cases
last year fell by about 50% compared to the Covid-driven wave in
2020.




[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re King's Towing and Recovery, LLC
   Bankr. W.D. Ark. Case No. 22-70068
      Chapter 11 Petition filed January 24, 2022
         See
https://www.pacermonitor.com/view/RDQNHZQ/Kings_Towing_and_Recovery_LLC__arwbke-22-70068__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stanley V. Bond, Esq.
                         BOND LAW OFFICE
                         E-mail: attybond@me.com

In re Nevin George Middleton
   Bankr. W.D. Wash. Case No. 22-10114
      Chapter 11 Petition filed January 24, 2022

In re Ramani Srinivasan
   Bankr. N.D. Cal. Case No. 22-40066
      Chapter 11 Petition filed January 25, 2022

In re Chanel Brown
   Bankr. M.D. Fla. Case No. 22-00249
      Chapter 11 Petition filed January 25, 2022

In re Gaurang Mukeshbhai Amin and Krupa Mukund Patel
   Bankr. M.D. Fla. Case No. 22-00253
      Chapter 11 Petition filed January 25, 2022
         represented by: Aldo Bartolone, Esq.

In re Construction Max, LLC
   Bankr. E.D. Pa. Case No. 22-10188
      Chapter 11 Petition filed January 25, 2022
         See
https://www.pacermonitor.com/view/2G3LZDY/Construction_Max_LLC__paebke-22-10188__0001.0.pdf?mcid=tGE4TAMA
         represented by: Paul S. Peters III, Esq.
                         THE PETERS FIRM, PLLC
                         E-mail: ppeters@thepetersfirm.com

In re Recovery Works, Inc.
   Bankr. E.D. Pa. Case No. 22-10177
      Chapter 11 Petition filed January 25, 2022
         See
https://www.pacermonitor.com/view/K64Y76I/Recovery_Works_Inc__paebke-22-10177__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert J. Birch, Esq.
                         E-mail: robert@robertbirchlaw.com

In re Robert J Stroumpos DDS, PC
   Bankr. S.D. Tex. Case No. 22-80010
      Chapter 11 Petition filed January 25, 2022
         See
https://www.pacermonitor.com/view/KEDYBAY/Robert_J_Stroumpos_DDS_PC__txsbke-22-80010__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com

In re Panhandle Pawn & Gun "LLC"
   Bankr. N.D. Fla. Case No. 22-50007
      Chapter 11 Petition filed January 26, 2022
         See
https://www.pacermonitor.com/view/6TR7F2Q/Panhandle_Pawn__Gun_LLC__flnbke-22-50007__0001.0.pdf?mcid=tGE4TAMA
         represented by: Byron W. Wright III, Esq.
                         BRUNER WRIGHT, P.A.
                         E-mail: twright@brunerwright.com

In re HKBH Preschools LLC d/b/a Soaring Eagles Academy
   Bankr. S.D. Fla. Case No. 22-10618
      Chapter 11 Petition filed January 26, 2022
         See
https://www.pacermonitor.com/view/GV6UFOQ/HKBH_Preschools_LLC_dba_Soaring__flsbke-22-10618__0001.0.pdf?mcid=tGE4TAMA
         represented by: Gary M. Murphree, Esq.
                         A.M. LAW, LLC
                         E-mail: pleadings@amlaw-miami.com

In re Tile by Matthew Inc.
   Bankr. S.D. Fla. Case No. 22-10599
      Chapter 11 Petition filed January 26, 2022
         See
https://www.pacermonitor.com/view/3IXM2EA/Tile_by_Matthew_Inc__flsbke-22-10599__0001.0.pdf?mcid=tGE4TAMA
         represented by: David R. Softness, Esq.
                         DAVID R. SOFTNESS, P.A.
                         E-mail: david@softnesslaw.com

In re Jerome S. Graber
   Bankr. N.D. Ind. Case No. 22-10055
      Chapter 11 Petition filed January 26, 2022
          represented by: E. Foy McNaughton, Esq.

In re Robert Earl Pressler
   Bankr. W.D. La. Case No. 22-50047
      Chapter 11 Petition filed January 26, 2022
         represented by: Ryan Richmond, Esq.

In re Charlene Conway
   Bankr. D. Nev. Case No. 22-50040
      Chapter 11 Petition filed January 26, 2022
         represented by: Jeffrey Hartman, Esq.

In re Jeffrey L. Green
   Bankr. S.D.N.Y. Case No. 22-10093
      Chapter 11 Petition filed January 26, 2022

In re Daniel-Dean Alvarado
   Bankr. W.D. Va. Case No. 22-50027
      Chapter 11 Petition filed January 26, 2022
         represented by: Elizabeth Nichols, Esq.

In re Elijah-Robert Spencer
   Bankr. W.D. Va. Case No. 22-50028
      Chapter 11 Petition filed January 26, 2022
         represented by: Elizabeth Nichols, Esq.

In re Daniel Rose Trust
   Bankr. C.D. Cal. Case No. 22-10443
      Chapter 11 Petition filed January 27, 2022
         See
https://www.pacermonitor.com/view/TFKW6KQ/Daniel_Rose_Trust__cacbke-22-10443__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Anthony Lee Allen
   Bankr. D.N.J. Case No. 22-10640
      Chapter 11 Petition filed January 27, 2022

In re Vino Cafe LLP
   Bankr. N.D.N.Y. Case No. 22-60041
      Chapter 11 Petition filed January 27, 2022
         See
https://www.pacermonitor.com/view/VS2EDCA/Vino_Cafe_LLP__nynbke-22-60041__0001.0.pdf?mcid=tGE4TAMA
         represented by: Maxsen D. Champion, Esq.
                         MAXSEN D. CHAMPION
                         E-mail: max2040@live.com

In re John Adrian Beyer, Jr.
   Bankr. W.D. Wash. Case No. 22-10135
      Chapter 11 Petition filed January 27, 2022

In re Herbert L Whitehead, III
   Bankr. W.D. Wash. Case No. 22-40098
      Chapter 11 Petition filed January 27, 2022
         represented by: Benjamin Ellison, Esq.

In re Keisha Moreen Knight
   Bankr. D. Md. Case No. 22-10432
      Chapter 11 Petition filed January 28, 2022
         represented by: Robert Hegerle, Esq.

In re Carl Joseph Braunagel
   Bankr. D.N.J. Case No. 22-10698
      Chapter 11 Petition filed January 28, 2022
         represented by: Melinda Middlebrooks, Esq.
                         MIDDLEBROOKS SHAPIRO, P.C.
                      E-mail: middlebrooks@middlebrooksshapiro.com

In re Charlotte Automotive Center Sales, LLC
   Bankr. W.D.N.C. Case No. 22-30043
      Chapter 11 Petition filed January 28, 2022
         See
https://www.pacermonitor.com/view/REX74RQ/Charlotte_Automotive_Center_Sales__ncwbke-22-30043__0001.0.pdf?mcid=tGE4TAMA
         represented by: R. Keith Johnson, Esq.
                         LAW OFFICES OF R. KEITH JOHNSON, P.A.
                         E-mail: kjparalegal@bellsouth.net

In re Samantha Prunella Zappelli
   Bankr. N.D. Cal. Case No. 22-10041
      Chapter 11 Petition filed January 29, 2022
         represented by: Gina Klump, Esq.

In re Creative Remodeling, Inc.
   Bankr. D. Md. Case No. 22-10452
      Chapter 11 Petition filed January 30, 2022
         See
https://www.pacermonitor.com/view/KGHBGQA/Creative_Remodeling_Inc__mdbke-22-10452__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jill Phillips, Esq.
                         THE PHILLIPS LAW OFFICES, LLC

In re Troy D. Stafford and Xochitl B. Stafford
   Bankr. D. Ariz. Case No. 22-00609
      Chapter 11 Petition filed January 31, 2022
         represented by: Kenneth Neeley, Esq.

In re Tessa Luu
   Bankr. N.D. Cal. Case No. 22-10042
      Chapter 11 Petition filed January 31, 2022
         represented by: Darya Druch, Esq.


In re Phillip Graham Wilson and Tina Marie Wilson
   Bankr. M.D. Fla. Case No. 22-00193
      Chapter 11 Petition filed January 31, 2022
         represented by: Bryan Mickler, Esq.

In re Sandra Nicol
   Bankr. D.N.J. Case No. 22-10740
      Chapter 11 Petition filed January 31, 2022
         represented by: Geoff Neumann, Esq.
                         BROEGE, NEUMANN, FISCHER & SHAVER LLC
                         E-mail: geoff.neumann@gmail.com

In re Petness World LLC dba Petness World
   Bankr. S.D.N.Y. Case No. 22-10118
      Chapter 11 Petition filed January 31, 2022
         See
https://www.pacermonitor.com/view/724JAVA/Petness_World_LLC_dba_Petness__nysbke-22-10118__0001.0.pdf?mcid=tGE4TAMA
         represented by: Julio E. Portilla, Esq.
                         LAW OFFICE OF JULIO E. PORTILLA, P.C.
                         E-mail: jp@julioportillalaw.com

In re John David Bilbrey, II
   Bankr. M.D. Tenn. Case No. 22-00279
      Chapter 11 Petition filed January 31, 2022
         represented by: LEFKOVITZ AND LEFKOVITZ, PLLC

In re Hong Holdings, LLC
   Bankr. W.D. Va. Case No. 22-50029
      Chapter 11 Petition filed January 31, 2022
         See
https://www.pacermonitor.com/view/75XHQRI/Hong_Holdings_LLC__vawbke-22-50029__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se


                            *********

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

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

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

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

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

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

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

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

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

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

                   *** End of Transmission ***