/raid1/www/Hosts/bankrupt/TCR_Public/220222.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, February 22, 2022, Vol. 26, No. 52

                            Headlines

ADVANCED TISSUE: Wins Cash Collateral Access on Final Basis
AGEMO HOLDINGS: Forbearance Deal with Omega to Expire Feb. 28
AME ZION: Trustee Seeks to Tap Hilton Auction & Realty as Broker
AMPLUS ACADEMY: S&P Affirms 'BB' Long-Term Rating on Revenue Bonds
AZUSA PACIFIC: Moody's Affirms 'Ba2' Issuer Rating; Outlook Stable

CAJUN COMPANY: Wins Summary Judgment in Crossland's Asbestos Suit
CALLAWAY GOLF: Moody's Affirms 'B1' CFR, Rates New Term Loan 'B1'
CALYXT, INC: Raises Going Concern Doubt
CANNABICS PHARMACEUTICALS: Has Forbearance Deal with Investor
CARPENTER TECHNOLOGY: Moody's Cuts CFR to B1, Unsecured Notes to B2

CATHOLIC HEALTH: Moody's Rates New Series 2022 Revenue Bonds 'B1'
CENTER FLORENCE: Share Purchase Deal with Wave Now Closed
CFX US CO: Seeks to Hire Arent Fox as Bankruptcy Counsel
CLASSIC ACQUISITION: Seeks to Tap Gerald Yarborough as Accountant
CREATIVE ARTISTS: Moody's Hikes CFR, First Lien Debt Rating to B2

DARLING INGREDIENTS: Fitch Affirms 'BB+' LT IDR, Outlook Stable
DAYBREAK VENTURES: Omega Terminates Master Lease
DEALER TIRE: Moody's Affirms 'B2' CFR, Alters Outlook to Stable
DEI SALES: Masimo Deal No Impact on Moody's B2 CFR
DIAMOND SPORTS: Issues Going Concern Doubt Warning

DIOCESE OF CAMDEN: Abuse Victims Objects to $90-Million Plan
DIOCESE OF CAMDEN: Legal-Bay Reopens Funding on Bankruptcy Case
ECO MATERIAL: Fitch Assigns Final 'B' LongTerm IDR, Outlook Stable
EDWARD ZENGEL: Wins Cash Collateral Access
EIF CHANNELVIEW: Moody's Ups Rating on Senior Secured Debt to Ba1

ELDAN LLC: Voluntary Chapter 11 Case Summary
ELLE JOE: Gets OK to Hire Wright Law Offices as Bankruptcy Counsel
ENGINEERED MACHINERY: Moody's Raises CFR to B2; Outlook Stable
FORESTAR GROUP: Moody's Ups CFR to Ba3, Alters Outlook to Stable
FROZEN FOODS: Wins Cash Collateral Access Thru March 8

FUSE GROUP: Posts $6K Net Income in First Quarter
FUSION LLC: Court Trims Down Intervenor Suit v Barracuda
GALAXY NEXT: Files Series F Shares Certificate of Designation
GALAXY NEXT: Incurs $2.5 Million Net Loss in Second Quarter
GATES GLOBAL: Moody's Ups CFR to B1, Senior Unsecured Notes to B3

GO DADDY: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
GRAND 4141: Seeks to Hire Advantage Law Group as Legal Counsel
GUARDIAN HEALTHCARE: Omega Writes Off $14M in Unpaid Rent
GULF COAST HEALTH: Omega Suit v. Subordinated Debtholders Pending
GULFSLOPE ENERGY: Incurs $505K Net Loss in First Quarter

HERITAGE CHRISTIAN: Objection to HC's $640,000 Claim Sustained
HH ACQUISITION: Dickinson Wright Updates on Equity Holders
HILTON WORLDWIDE: S&P Alters Outlook to Pos., Affirms 'BB' ICR
HLH TIMBER: Updates Several Secured Claims Pay Details
IGLESIAS DIOS: Seeks to Tap Juan Pomales Torres as Accountant

INNOVATION PHARMACEUTICALS: Incurs $1.9M Net Loss in 2nd Quarter
INTELSAT SA: FCC Approves Plan to Emerge From Chapter 11 Bankruptcy
ION GEOPHYSICAL: Has New Forbearance Deal Thru March 8
ISTAR INC: Moody's Puts 'Ba3' CFR Under Review for Upgrade
JOHNSON & JOHNSON: MDL Lawyer Slams Victim Blaming

K ANTHONY INC: Files Emergency Bid to Use Cash Collateral
LATAM AIRLINES: Creditor Group Prepares Alternative Financing
LOGISTICS GIVING: Seeks to Hire 'Ordinary Course' Contractors
LSB INDUSTRIES: S&P Upgrades ICR to 'B', Outlook Stable
LTL MANAGEMENT: Only J&J Benefits From Case, Victims Lawyers Say

MCKISSOCK INVESTMENT: Moody's Affirms B3 CFR Amid Debt Funded Deal
MCKISSOCK INVESTMENT: S&P Affirms 'B-' ICR, Outlook Stable
MEADOWLARK HILLS: Fitch Rates 2022 Bonds 'BB+'
MED-X, INC: Financial Report Should be Restated, Auditor Says
MESQUITE GENERATION: S&P Affirms 'B' Rating on Term Loan B

MMPR MEDICAL: Voluntary Chapter 11 Case Summary
MR. COOPER GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
MURIETTA HOLDINGS: Unsecured Creditors to be Paid in Full in Plan
NAVITAS MIDSTREAM: Moody's Withdraws 'B2' CFR, Other Ratings
NORDIC AVIATION: Claims Filing Deadline Set for March 5

NTI-CA INC: Taps David J. Winterton & Assoc. as Bankruptcy Counsel
OSCEOLA FENCE: Seeks to Hire Kosto & Rotella as Legal Counsel
PADDOCK ENTERPRISES: Asbestos Claimants Have April 8 Vote Deadline
PINECREST PIGEON: Taps Waller Lansden Dortch & Davis as Counsel
PRO MACH: Moody's Ups CFR to B2, Secured First Lien Rating to B1

PURDUE PHARMA: Mediator Will Recommend Ways of Ending Bankruptcy
PURDUE PHARMA: Sacklers to Raise Opioid Settlement Up to $6 Billion
QUICKER LIQUOR: Seeks to Hire Larson & Zirzow as Legal Counsel
ROCKLAND INDUSTRIES: Court Approves $60,000 Fees for Beal LLC
RONGXINGDA DEVELOPMENT: Chapter 15 Case Summary

ROYAL BLUE REALTY: May Use $90,000 of Cash Collateral Thru May 31
SEMPER UTILITIES: Seeks to Hire Kurtzman Steady as Legal Counsel
STRADTMAN PARK: Case Summary & Three Unsecured Creditors
SUPERIOR SEPTIC: Seeks to Tap Chang & Company as Accountant
TELEPHONE AND DATA: Fitch Affirms 'BB+' LT IDR, Outlook Stable

TG MANUFACTURING: Voluntary Chapter 11 Case Summary
TG TURNKEY: Voluntary Chapter 11 Case Summary
TGM COATINGS: Voluntary Chapter 11 Case Summary
TWIN DISC: BMO Harris Forbearance to Expire Feb. 28
UNIQUE FABRICATING: Lenders Agree to Waive Covenant Breach

UNITED STRUCTURES: Seeks to Tap Frost Brown Todd as Legal Counsel
VAL-ELIZ CHILDREN'S: Seeks to Tap Michael Nevarez as Legal Counsel
WATSONVILLE COMMUNITY: Pajaro Valley To Buy Bankrupt Hospital
WEBER INC: S&P Downgrades ICR to 'B+' on Supply Chain Pressures
WEBER-STEPHEN PRODUCTS: Moody's Affirms B1 CFR; Outlook Negative

WELLDYNERX LLC: Moody's Puts B3 CFR Under Review for Downgrade
WESTINGHOUSE ELECTRIC: Former VP Can't File Late Admin Claim
WESTMINSTER-CANTERBURY: Fitch Cuts Rating on $69.8MM Bonds to 'BB+'
WHEELS AMERICA: Unsecured Creditors to Get Nothing in Plan
XEROX HOLDINGS: Moody's Cuts CFR to Ba2, Alters Outlook to Stable

[*] Alissa Brice Joins Dorsey & Whitney's New Phoenix Office
[*] Kate Lattner Joins Claro Group as Managing Director
[*] S&P Takes Various Actions on 395 Classes from 61 US CMBS Deals
[^] Large Companies with Insolvent Balance Sheet

                            *********

ADVANCED TISSUE: Wins Cash Collateral Access on Final Basis
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Arkansas has
authorized Advanced Tissue, LLC to use cash collateral subject to
the interest of Bell Bank on a final basis.

The Court says from and since the filing of the Motion, the Debtor
has entered into multiple temporary and stipulated orders for the
use of the cash collateral of Bell Bank for the period from the
petition date to and through December 31, 2021, the last of which
stipulated order is located on the Court’s docket at no.117.

Based on the foregoing, the Court being advised that notice of the
Motion was adequate and in the absence of any unresolved
objections, the Court finds and orders that the Motion will be
granted on the terms set forth in the Interim Order and that the
Interim Order will be deemed to be a Final Order and effective
immediately.

A copy of the order is available for free at https://bit.ly/3h6CZJy
from PacerMonitor.com.

                    About Advanced Tissue, LLC

Advanced Tissue, LLC is a distributor of wound care products.
Advanced Tissue sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ark. Case No. 21-12261) on August 23,
2021. In the petition signed by Robert Betchley, chief executive
officer, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.

Judge Phyllis M. Jones oversees the case.

Kevin P. Keech, Esq., at Keech Law Firm, PA is the Debtor's
counsel.



AGEMO HOLDINGS: Forbearance Deal with Omega to Expire Feb. 28
-------------------------------------------------------------
Agemo Holdings, LLC's forbearance deal with Omega Healthcare
Investors, Inc. is slated to expire February 28, 2022, according to
Omega's Annual Report on Form 10-K filed with the Securities and
Exchange Commission for the fiscal year ended December 31, 2021.

Omega also agreed to defer collection of rent until February 28.

Omega disclosed that from August 2021 through October 2021 and in
December 2021, Agemo failed to pay contractual rent and interest
due under their lease and loan agreements, but paid rent and
interest in November 2021.

"We placed Agemo on a cash basis of revenue recognition during the
third quarter of 2020 as collection of substantially all
contractual lease payments due from them was deemed no longer
probable because of information received regarding substantial
doubt of their ability to continue as a going concern," Omega sid.
"As a result, we wrote-off approximately $75.3 million of
contractual rent receivables, straight-line rent receivables, and
lease inducements to rental income during the third quarter of
2020. Agemo continued to make their rental and interest payments to
us until August 2021."

"During the third and fourth quarters of 2021, we recorded $8.7
million of revenue by collecting rental and interest payments and
we recorded $8.5 million of revenue by drawing on the letter of
credit and through application of the security deposit balance.

"For the years ended December 31, 2021, 2020 and 2019, Agemo
generated approximately 3.9%, 5.6% and 6.9%, respectively, of our
total revenues (excluding the impact of write-offs).

As part of the 2018 restructuring agreement with Agemo, Omega
agreed to, among other terms, defer rent of $6.3 million per annum
through April 2021. During the year ended December 31, 2021, the
Agemo lease was amended to allow for the extension of the rent
deferral through January 2022, which represents an additional
deferral of approximately $4.7 million of rent.

"Additionally, during the year ended December 31, 2021, we entered
into a forbearance agreement with Agemo pursuant to which we agreed
to forbear from exercising remedies under our lease and loan
agreements until January 31, 2022. The forbearance period and rent
deferral period were subsequently extended to February 28, 2022."

Agemo was formed in May 2018 by Signature Healthcare, LLC, as part
of an out-of-court restructuring agreement, to be the holding
company of their leases and loans with Omega.



AME ZION: Trustee Seeks to Tap Hilton Auction & Realty as Broker
----------------------------------------------------------------
Jeffrey Golden, the trustee appointed in the Chapter 11 case of AME
Zion Western Episcopal District, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of California to employ
Hilton Auction & Realty Inc.-WV as real estate broker.

The trustee needs a broker to assist in selling the estate's two
real properties in North Carolina.

The broker will receive a commission of 6 percent from the sale
proceeds of each property or 5 percent in case the tenant at each
property provides a buyer and that buyer acquires the property from
the trustee.

Mary Wheatley, a real estate agent at Hilton Auction & Realty
Inc.-WV, disclosed in a court filing that his firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
     
     Mary Wheatley
     Hilton Auction & Realty Inc.-WV
     505 West Broad Street
     Elizabethtown, NC 28337
     Telephone: (910)-770-5103
     Email: Mary@hiltoncompanies.com

              About AME Zion Western Episcopal District

AME Zion Western Episcopal District, a non-profit California
religious organization, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 20-23726) on July 30,
2020, listing up to $100 million in assets and up to $50 million in
liabilities.  Lewis Clinton, chief operating officer, signed the
petition.

Judge Fredrick E. Clement oversees the case.

The Law Offices of Gabriel Liberman, APC is the Debtor's legal
counsel.

On March 2, 2021, Jeffrey I. Golden was appointed as Chapter 11
trustee for the Debtor's bankruptcy estate. The trustee tapped
David M. Goodrich, Esq., as his legal counsel and Hahn Fife &
Company, LLP as his accountant.


AMPLUS ACADEMY: S&P Affirms 'BB' Long-Term Rating on Revenue Bonds
------------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB' long-term rating on the Public Finance Authority,
Wis.' series 2019A charter school revenue bonds and series 2019B
taxable bonds, and the authority's series 2017A and series 2017B
taxable charter school revenue bonds, issued for Nevada Charter
Academies (doing business as Amplus Academy).

"The outlook revision reflects our view of the school's improved
financial metrics, with strengthened lease-adjusted maximum annual
debt service coverage and days' cash on hand, and successful
enrollment growth with the academy's expansion to a new
kindergarten through grade six campus in fall 2020," said S&P
Global Ratings credit analyst Chase Ashworth. S&P said, "In our
view, we believe the school's management team has provided
proactive oversight and has positioned itself well to manage recent
enrollment growth, while improving financial operations. While
management is addressing a legal issue following the separation
from its prior management contracted relationship, we believe the
situation is close to resolution and view the leadership team has
highly capable in supporting continued healthy enrollment, demand,
and finances reflective of upward rating potential."

S&P said, "We assessed the academy's enterprise profile as
adequate, characterized by a waitlist that exceeds enrollment
levels, rapid enrollment growth since inception, healthy enrollment
size, and a recent charter renewal of five years, although offset
by the academy's still short institutional tenure. We assessed the
academy's financial profile as vulnerable, with variable but
recently improved operating performance, improved maximum annual
debt service coverage in fiscal 2021, but an elevated debt burden.
The school improved unrestricted days' cash on hand through
continued surpluses generated through operations since fiscal 2019,
and is currently at 129 days, which we view as good for the rating.
We believe that, combined, these credit factors lead to an anchor
of 'bb' and a final rating of 'BB'."



AZUSA PACIFIC: Moody's Affirms 'Ba2' Issuer Rating; Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Azusa Pacific University's
(CA) Ba2 issuer rating and Ba1 debt rating. The bonds have a final
maturity in 2041. At June 30, 2021 the university had $116 million
of outstanding debt. The outlook is stable.

RATINGS RATIONALE

The affirmation of Azusa Pacific University's (APU) Ba2 issuer
rating is supported by the university's growing cash and
investments, improving liquidity and management's ongoing measures
to align expenses with declining revenue. While modest deficits may
persist through at least fiscal 2022, management has reduced
expenditures by approximately $70 million since fiscal 2019 to
account for a similar decline in revenue. Improved internal
monitoring and reporting lessen the likelihood of covenant
violations due to budget overruns. The university also holds a
sizeable real estate portfolio in Los Angeles County, and
management is assessing possible sale of non-core assets, which has
prospects to further bolster liquidity.

Additionally incorporated in the rating is a highly challenging
student market reflected in ongoing declines in enrollment and net
tuition revenue. The public university systems in the state are
well funded and limit pricing APU's pricing power. There are also
many nearby private universities that heighten the competitive
landscape and contributes to APU's fair brand and strategic
positioning. Further, the university's debt structure is an
operating environment constraint for current management with
approximately half of its debt in variable rate mode and hedged
with an interest rate swap that is currently marked as a $14
million liability.

The affirmation of the Ba1 debt rating, which is one notch above
the issuer rating, reflects an enhanced security package that
includes a secured interest in APU's East Campus and personal
property of the university. As mentioned, the university's campus
contains marketable real estate holdings.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that APU will
likely generate modest deficits through at least fiscal 2022, but
will generate sufficient headroom above its financial covenants. It
additionally incorporates maintenance of healthy wealth and
liquidity levels.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Material and sustained improvement in operating performance

Improved strategic positioning reflected in at least stable
enrollment and gradual net tuition revenue growth.

Continued strengthening of liquidity and overall wealth levels

Reduction of debt structure risks

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Evidence of material further weakening of the college's brand and
strategic position

Significant deterioration of EBIDA margins and debt service
coverage

Violations of debt covenants increasing risk of potential
acceleration

Material weakening of leverage profile either through increased
debt or decline in cash and investments.

LEGAL SECURITY

The Series 2015B Bonds are a general obligation of the university,
secured on a parity basis with the Series 2015A direct placement by
a gross revenue pledge, the East Campus (core campus of the
university) and personal property of the university. The mortgage
pledge on the East Campus adds bondholder security beyond an
unsecured obligation, and leads to a one notch upward lift, to a
Ba1, for the bonds.

PROFILE

Azusa Pacific University (APU) was founded in 1899 as an
evangelical, Christian university and is located 26 miles northeast
of Los Angeles in the City of Azusa in the San Gabriel Valley. The
university has two main campuses, an online entity and six regional
centers throughout the area. APU has over 7,300 full-time
equivalent students and total operating revenue of $231 million.

METHODOLOGY

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


CAJUN COMPANY: Wins Summary Judgment in Crossland's Asbestos Suit
-----------------------------------------------------------------
Judge Sarah S. Vance of the United States District Court for the
Eastern District of Louisiana grants The Cajun Company's motion for
summary judgment in the case captioned LINDA CROSSLAND, v.
HUNTINGTON INGALLS, INC., ET AL., SECTION "R" (2), Civil Action No.
20-3470 (E.D. La.).

This case arises from the plaintiff's alleged exposure to asbestos.
The Plaintiff filed suit in the Civil District Court for the Parish
of Orleans on September 16, 2020. The Plaintiff's petition for
damages named several defendants under the category of
"Contractor/supplier/manufacturer/professional vendor defendants,"
including Cajun. The case was removed to the District Court on
December 20, 2020.

On March 26, 2021, Cajun filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code in the United States
Bankruptcy Court for the Western District of Louisiana.  In its
petition, Cajun named plaintiff, Linda Crossland, as an unsecured
creditor, with a contingent, unliquidated, and disputed claim. This
petition was mailed to plaintiff's attorneys.

On March 30, 2021, defendant filed a "Notice of Suggestion of
Bankruptcy" in this Court, thereby staying further action against
Cajun. In an order dated April 28, 2021, the bankruptcy court set a
bar date of June 7, 2021. In that same order, the bankruptcy court
explicitly stated that any proof of claims not received by June 7
"shall not be allowed and shall be barred and the Debtor shall be
forever discharged from any liability as to any such claim,
PROVIDED that a copy of this Order and Notice is mailed to each
scheduled creditor by the Debtor's attorney."

Although plaintiff received notice of the bankruptcy proceeding and
bar date, she did not file a timely proof of claim in the
bankruptcy proceeding. On October 7, 2021, the bankruptcy court
entered an order confirming Cajun's Chapter 11 reorganization plan.
The plan, as confirmed by the bankruptcy court, discharged any of
defendant's pre-reorganization plan debt unless otherwise provided
for in the order. Based on the bankruptcy court's order, Cajun now
moves for the dismissal of plaintiff's claims against it,
contending that, because plaintiff failed to timely file a proof of
claim, her claims against Cajun have been discharged in
bankruptcy.

Judge Vance finds that the Bar Data notice was reasonably
calculated to inform plaintiff of the bar date, as a matter of due
process.  Moreover, given that plaintiff has not filed an
opposition to Cajun's motion for summary judgment, the Court finds
undisputed Cajun's statement in its motion that "Plaintiff received
notice of the bankruptcy proceeding and bar date through, at least,
the Petition for Chapter 11 Bankruptcy Protection . . . and Order
for Notice of Final Date for Filings Proofs of Claim."  For these
reasons, the Court finds that plaintiff received reasonable notice
of the deadline for filing a proof of claim.

Although plaintiff received notice of the bar date, she did not
file a timely proof of claim in the bankruptcy proceeding by June
7.  On October 7, 2021, the bankruptcy court confirmed the Chapter
11 plan of reorganization and thus discharged any pre-plan debtors
except as provided by the plan.  Under the terms of the
reorganization plan and 11 U.S.C. Section 1141, plaintiff's claims
have been discharged.

Accordingly, the Court grants Cajun's motion for summary judgment
and dismisses Cajun from this matter.  Plaintiff's claims against
Cajun are dismissed with prejudice.

A full-text copy of Judge Vance's Order and Reasons dated February
14, 2022, is available at https://tinyurl.com/5n7ete92 from
Leagle.com.

                      About The Cajun Company

The Cajun Company -- http://cajunco.net/-- is a family-owned and
operated business that provides industrial insulation services.

The Cajun Company filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. 21-50174) on
March 26, 2021.  Julia E. Davis, corporate secretary and
comptroller, signed the petition.  At the time of the filing, the
Debtor had estimated assets of less than $50,000 and liabilities of
between $1 million and $10 million.

Judge John W. Kolwe oversees the case.

The Debtor tapped H. Kent Aguillard, Esq., as bankruptcy counsel;
Darnall, Sikes & Frederick, Inc., as accountant; and Steve Gardes,
an accountant practicing in Lafayette, La., as financial
consultant.  Neuner Pate, Mickey S. deLaup, Esq., and Stephen M.
DuValle, Esq., of Maricle & Associates, serve as the Debtor's
special counsel.


CALLAWAY GOLF: Moody's Affirms 'B1' CFR, Rates New Term Loan 'B1'
-----------------------------------------------------------------
Moody's Investors Service affirmed Callaway Golf Company's
Corporate Family Rating at B1 and Probability of Default Rating at
B1-PD. Moody's also assigned a B1 rating to the company's new
senior secured term loan B. The company's Speculative Grade
Liquidity is unchanged at SGL-2. The outlook remains negative.

Callaway plans to simplify its existing capital structure by
refinancing its term debt at Callaway and Topgolf International,
Inc. ("Topgolf" CFR B3, Stable). Topgolf was acquired by Callaway
in March 2021 in an all-stock transaction valued at $1.7 billion.
Callaway plans to issue a $950 million 7-year term loan B, proceeds
of which will be used to repay existing term debt at both Callaway
and TopGolf while also returning approximately $166 million of cash
to the balance sheet. The Company also plans to put in place a new
$500 million ABL to replace existing revolvers at both Callaway and
Topgolf. The B1 rating on Callaway's existing term loan B due in
2026 and the ratings of Topgolf are not affected. Upon closing of
this transaction and repayment of the existing debt, Moody's will
withdraw the ratings of Topgolf and of the existing term loans at
Callaway and Topgolf.

The affirmation of Callaway's CFR at B1 reflects its large and
growing product diversification within its three business segments
which include golf equipment, golf-themed restaurants and
entertainment, and apparel. However, despite this diversification,
the rapid expansion of Topgolf brings with it the potential for
high future business execution risk given the Topgolf business is
capital intensive, cyclical, and discretionary. There also remains
some risk that local entertainment may decline as consumers start
to travel more following easing of travel restrictions. Moody's
expects golfing will remain strong in 2022 given it is conducive to
social distancing. However, there remains risk that some
participants may reduce golfing as the coronavirus subsides. As
families and office workers return to normal activities, there may
also be constraints on the availability of golfers' time to play
the sport given the sizable time investment necessary to practice
and play. Further, the broadening of vacation travel or
inflationary pressure on the consumer may reduce participation and
spending on golf equipment and local entertainment activities.

Callaway's new capital structure will result in high financial
leverage at close of 5.7x pro-forma Debt to EBITDA (as of December
31, 2021) inclusive of the operating leases at Topgolf that were
written up due to purchase accounting at the time of the
acquisition of Topgolf and which Moody's regards as debt. The write
up of leases added about half a turn to leverage. Moody's expects
financial leverage will remain high throughout 2022 due to
investments in Topgolf and then moderate to below 5.5x
debt-to-EBITDA by mid-2023. However, the potential for future
execution challenges with its Topgolf expansion strategy or an
unexpected waning in demand of its highly discretionary categories
could derail its ability to deleverage. If the company cannot
improve its EBITDA, leverage could increase as the company
continues to invest in Topgolf venues. While Callaway beleives its
future Topgolf investment requirements have declined from
approximately $200 million at acquisition to approximately $70
million at present, Moody's expects that Callaway will curtail new
investment at Topgolf and preserve free cash flow if operating
conditions turn negative. Moody's further expects liquidity to
remain good with cash on hand of $352 million as of December 31,
2021 and full availability of its contemplated $500 million of ABL
facility.

The negative outlook reflects execution risk in Callaway's plans to
expand its Topgolf locations and improve EBITDA, which could impact
its ability to reduce leverage to below 5.5x debt to EBITDA within
the next 12 to 18 months since debt is likely to continue to
increase to fund Topgolf venue construction. The negative outlook
also reflects the potential for a pullback in golfing-related
activities from elevated levels seen during the pandemic that may
subside as participation in a broader array of other leisure
activities is restored.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Callaway Golf Company

Senior Secured Term Loan B, Assigned B1 (LGD4)

Ratings Affirmed:

Issuer: Callaway Golf Company

Corporate Family Rating, Affirmed B1


Outlook Actions:

Issuer: Callaway Golf Company

Outlook, Remains Negative

RATINGS RATIONALE

Callaway's B1 Corporate Family Rating reflects its high financial
leverage and participation in the niche golfing-related products
and apparel business that is highly discretionary. Callaway's
credit profile is also constrained by high execution risk in its
expansion plans for Topgolf, a business that is capital intensive
and vulnerable to competition from other entertainment options and
pullbacks in discretionary consumer spending, and requires
significant investment outside of Callaway's traditional golf
equipment business. Callaway's credit profile is supported by its
strong market position and good geographic and product
diversification in the broader golf-related category. The credit
profile also reflects Callaway's good liquidity, large scale, and
meaningful improvement in the golf equipment business over the last
year driven by increased participation in golfing.

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, it is tenuous, and its continuation will be closely tied
to containment of the virus. As a result, there is uncertainty
around Moody's forecasts. Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. The consumer durables
industry is one of the sectors most meaningfully affected by the
coronavirus because of exposure to discretionary spending. Moody's
expects that consumer interest in golf will continue to benefit
Callaway over the next year as golfing will remain strong given it
is conducive to social distancing, but there is risk of demand
falling as the coronavirus pandemic eases.

Because the company utilizes various metals, resins, energy, and
other raw materials in its production process and distributes
products, there is some environmental risk. The company must
responsibly source raw materials and refine manufacturing processes
to minimize the environmental effects. However, the environmental
risks are not a significant credit factor.

Callaway is publicly-traded and on a stand-alone basis has
generally kept a conservative financial profile with modest
leverage. However, combined company debt and leverage have
increased following the acquisitions of Jack Wolfskin in January
2019 and Topgolf in March 2021 that requires significant
investment. The all-stock investment in Topgolf is a conservative
approach, but continued increases in debt to fund future investment
needs in Topgolf could impede deleveraging.

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

Ratings could be downgraded if operating performance weakens,
liquidity deteriorates, or ongoing investments in Topgolf detracts
from the company's ability to reduce financial leverage from
current high levels. Leverage maintained above 5.5x debt to EBITDA
could result in a downgrade.

Ratings could be upgraded if operating performance is stable or
improves across the company's golf and apparel businesses, and
returns on the Topgolf investments are good. An upgrade would also
require the company to maintain good liquidity, generate
comfortably positive free cash flow before growth related
investments and to improve EBITDA materially such that
debt-to-EBITDA is sustained below 4.0x.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following: Incremental debt
capacity up to the greater of (A) $455 million and (B) an amount
equal to 100% of Consolidated EBITDA of the Borrower calculated on
a pro forma basis as of the most recently completed four
consecutive fiscal quarters plus unlimited amounts subject to the
First Lien Leverage Ratio not to exceed 3.0x. Incremental debt
amounts up to $455 million and an amount equal to 100% of
Consolidated EBITDA may be incurred with an earlier maturity date
than the initial term loans. Non-wholly-owned subsidiaries are not
required to provide guarantees; dividends or transfers resulting in
partial ownership of subsidiary guarantors could jeopardize
guarantees, with no explicit protective provisions limiting such
guarantee releases. The credit agreement provides some limitations
on up-tiering transactions, including no amendment, waiver or
consent, shall, without the prior written consent of each Lender
directly affected thereby (i) subordinate, or have the effect of
subordinating, the obligations under the Credit Documentation to
any other indebtedness or other obligation, or (ii) subordinate, or
have the effect of subordinating, the liens securing the
obligations under the Credit Documentation to liens securing any
other indebtedness or other obligation. The above are proposed
terms and the final terms of the credit agreement may be materially
different.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Callaway Golf Company, headquartered in Carlsbad, CA, manufactures
and sells golf clubs, golf balls, and golf and lifestyle apparel
and accessories. The company's portfolio of global brands includes
Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin.
Callaway also owns the Topgolf golf entertainment business. Topgolf
owns and operates 64 golfing centers in the US and 3 centers in the
U.K. Revenue for the publicly-traded company, pro-forma for full
year benefit of Topgolf, was $3.3 billion for the last twelve-month
period ended December 31, 2021.


CALYXT, INC: Raises Going Concern Doubt
---------------------------------------
Calyxt, Inc., warned in a regulatory filing with the Securities and
Exchange Commission that, even following its offering announced on
February 17, 2022, it expects there will be substantial doubt about
its ability to continue as a going concern.

To finance the Company's continued operations under its current
business plan over the next 12 months, the Company anticipates
needing to raise additional capital.

"This estimate is based on assumptions that may prove to be wrong.
Although management anticipates that can implement cost reduction
and other cash-focused measures in order to manage liquidity to a
certain extent, expenses could prove to be significantly higher
than expected, leading to a more rapid consumption of the Company's
existing resources," Calyxt said.

The Company said its primary sources of liquidity are its cash and
cash equivalents, with additional liquidity accessible, subject to
market conditions and other factors, from the capital markets. As
of December 31, 2021, the Company had $14.3 million of cash, cash
equivalents, and restricted cash. Current liabilities were $4.1
million as of December 31, 2021.

The Company said its ability to continue as a going concern will
depend on its ability to obtain additional public or private equity
or debt financing, attain further operating efficiencies, reduce or
contain expenditures, and, ultimately, to generate revenue.

On February 17, 2022, Calyxt filed a preliminary prospectus
supplement with the Securities and Exchange Commission under Rule
424(b) under the Securities Act of 1933, as amended, in connection
with an SEC-registered offering of its common stock and warrants to
purchase its common stock pursuant to an effective shelf
registration statement filed on Form S-3 (File No. 333-233231) with
the Commission.

"If the Company is unable to continue as a going concern, it may
have to liquidate its assets and may receive less than the value at
which those assets are carried on its audited consolidated
financial statements, and it is likely that investors will lose all
or part of their investment. If the Company seeks additional
financing to fund its business activities in the future and there
is substantial doubt about the Company’s ability to continue as a
going concern, investors or other financing sources may be
unwilling to provide additional funding to the Company on
commercially reasonable terms or at all," the Company said.

As of December 31, 2021, Calyxt had approximately $228.5 million of
net operating losses, or NOLs, for federal and state income tax
purposes, which may be available to offset federal income tax
liabilities in the future. In addition, Calyxt may generate
additional NOLs in future years. Calyxt has established a full
valuation allowance for its deferred tax assets, including NOLs,
due to the uncertainty that enough taxable income will be generated
to utilize the assets.

                       About Calyxt, Inc.

Calyxt, Inc. was founded in 2010 and incorporated in Delaware.
Calyxt is a plant-based synthetic biology company that leverages
its proprietary PlantSpring(TM) technology platform to engineer
plant metabolism to produce innovative, high-value plant-based
chemistries for use in customers' materials and products.

As of December 31, 2021, Cellectis owned 61.8% of Calyxt's
38,773,994 outstanding shares of common stock.



CANNABICS PHARMACEUTICALS: Has Forbearance Deal with Investor
-------------------------------------------------------------
Cannabics Pharmaceuticals Inc., on February 15, 2022, entered into
a forbearance agreement with an institutional investor relating to
a Senior Secured Promissory Note in the original principal amount
of $1,375,000 due on December 21, 2021.

The Note was issued by the Company to the Investor in connection
with a Securities Purchase Agreement dated as of December 16, 2020,
and amended as of February 22, 2021.

The Company did not name the Investor.  Its December 2020 filings
also did not identify the Investor.

The Investor, through March 7, 2022, agreed to forbear from
exercising any rights and remedies against the Company related to
the outstanding payments under the Note and to waive certain other
defaults under the Note and related rights pursuant to the
Registration Rights Agreement entered into in December 2020 between
the Company and the Investor.

Cannabics Pharmaceuticals Inc., is an early-stage pharmaceutical
company primarily focused on the development of novel oncological
therapies.  The Company was incorporated in the State of Nevada, on
September 15, 2004, under the name of Thrust Energy Corp.

As of November 30, 2021, the Company listed $2.12 million in total
assets against $1.5 million in total current liabilities.  The
Company said it has incurred a net loss of $1.32 million for the
three months ended November 30, 2021; and has incurred cumulative
losses since inception of $18 million. These conditions raise
substantial doubt about the ability of the Company to continue as a
going concern, it said in its quarterly report on Form 10-Q for the
quarterly period ended November 30, 2021.

"The ability of the Company to continue as a going concern is
dependent upon its abilities to generate revenues, to continue to
raise investment capital, and develop and implement its business
plan. No assurance can be given that the Company will be successful
in these efforts," the Company said.


CARPENTER TECHNOLOGY: Moody's Cuts CFR to B1, Unsecured Notes to B2
-------------------------------------------------------------------
Moody's Investors Service downgraded Carpenter Technology
Corporation's Corporate Family Rating to B1 from Ba3, its
Probability of Default rating to B1-PD from Ba3-PD, its senior
unsecured notes rating to B2 from Ba3 and its senior unsecured
shelf rating to (P)B2 from (P)Ba3. Carpenter's Speculative Grade
Liquidity rating of SGL-3 remains unchanged. The ratings outlook
was changed to stable from negative.

"The downgrade of Carpenter's ratings reflects our expectation for
a weaker than previously anticipated recovery in its operating
performance and credit metrics due to ongoing labor and production
issues and the protracted recovery in its key aerospace end market"
said Michael Corelli, Moody's Senior Vice President and lead
analyst for Carpenter Technology.

The following ratings/assessments are affected by the action:

Ratings Downgraded:

Issuer: Carpenter Technology Corporation

Corporate Family Rating, Downgraded to B1 from Ba3

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

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 (LGD4)
from Ba3 (LGD4)

Senior Unsecured Shelf, Downgraded to (P)B2 from (P)Ba3

Outlook Actions:

Issuer: Carpenter Technology Corporation

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Carpenter Technology Corporation's B1 corporate family rating
incorporates Moody's expectation for improved operating results
over the next 12 to 18 months, which will enable its credit metrics
to return to a level that is more commensurate with its rating. It
also reflects its very high near-term leverage and weak interest
coverage due to the gradual recovery in the commercial aerospace
sector along with labor and productivity issues that have limited
the improvement in its operating performance. Carpenter's rating
benefits from its position in the specialty metals markets as a
producer of high strength, high temperature and corrosion resistant
alloys. The company's technological capabilities enable it to
produce specialty alloys and titanium products for demanding end
use applications in the aerospace, medical, transportation, energy,
industrial and consumer sectors. These attributes position the
company to achieve a materially improved operating performance as
these markets recover, although its ability to overcome labor
shortages and production issues and the duration of the recovery
time remains uncertain. The rating also incorporates its adequate
liquidity position which provides support to its credit profile and
enables it to navigate the near-term weakness in its operating
performance and potential investments in working capital as its
business recovers.

Carpenter's operating performance is reliant on demand from the
commercial aerospace sector which typically accounts for about half
of its revenues. This sector has begun to recover along with
leisure travel as vaccinations become more widespread, but
worldwide air traffic remains below pre-pandemic levels and the
recovery in this sector is likely to be protracted as business and
international travel take longer to recover. The pace of
improvement in some of the company's other end markets should track
more closely to the economic recovery in the US and a few other
countries. Carpenter will also benefit from cost reduction
initiatives related to facility closures and exiting
underperforming businesses.

The improvement in Carpenter's end market demand should provide a
tail wind to its near-term operating performance, but COVID-19
outbreaks and associated quarantines combined with labor shortages
and production issues related to a press outage have impacted its
ability to ramp up production and will continue to negatively
impact its operating performance in the near-term. This will delay
its ability to achieve credit metrics commensurate with its B1
corporate family rating. Moody's anticipate the company will
achieve a 15% - 20% increase in revenues to $1.70 billion - $1.78
billion in fiscal 2022 (ends June 2022) and generate adjusted
EBITDA of $80 million - $90 million versus about $1.476 billion in
revenues and modestly negative adjusted EBITDA in fiscal 2021
(ended June 2021). However, this will remain well below the $2.2
billion in revenues and $300 million of adjusted EBITDA reported in
fiscal 2020 when only the fourth quarter was impacted by the
pandemic.

Carpenter's credit metrics will remain very weak for its rating
with a leverage ratio (debt/EBITDA) around 11.0x and negative
interest coverage (EBIT/Interest) in fiscal 2022. However, the
company's operating performance should materially strengthen, and
its credit metrics should become more commensurate with its B1
corporate family rating in fiscal 2023 as it moves past its labor
and production issues and benefits from its growing backlog of
orders.

Carpenter's Speculative Grade Liquidity rating of SGL-3 considers
its adequate liquidity profile with $96.9 million of cash and
$294.7 million of borrowing availability on its $300 million credit
facility which had no borrowings outstanding and $5.3 million of
letters of credit issued. The credit facility matures in March
2024, subject to a springing maturity of November 30, 2022 if the
company's $300 million 4.45% senior notes due March 2023 are not
redeemed, repurchased or refinanced with indebtedness having a
maturity date of October 1, 2024 or later. Moody's anticipate the
company will refinance the notes prior to November and avoid the
springing maturity. The credit facility has maintenance covenants
including an interest coverage ratio. The company received a waiver
on this covenant through March 2022 when it amended the credit
facility in March 2021, but had to seek another amendment in
February 2022 to get it waived through June 2022 since it would not
have been in compliance. The amendment reduced the interest
coverage requirement to 2.0x for the period ending June 30, 2022,
3.0x for the period ending September 30, 2022 and 3.5x for each
measurement period thereafter.

Carpenter has consumed about $190 million of cash in the first half
of fiscal 2022 due to its weak operating performance and about $140
million in working capital investments to support increased demand.
However, it should generate enough cash in the second half to
offset most of its first half consumption as working capital
becomes a source of cash and its performance gradually improves.
The company could generate free cash flow supported by much
stronger earnings in fiscal 2023, but the amount will likely be
tempered by investments in working capital.

Carpenter and other companies in the steel, specialty metals and
alloys industry are engaged in manufacturing processes that are
energy intensive and produce carbon dioxide and greenhouse gas
emissions. The company must comply with numerous environmental
regulations and faces pressure to reduce greenhouse gas and air
pollution emissions, among a number of other sustainability issues
and will continue to incur costs to meet increasingly stringent
regulations.

Carpenter's senior unsecured notes were downgraded by two notches
to B2 since they are subordinated to the company's secured $300
million revolving credit facility which has a first priority lien
on accounts receivable and inventory and because the LGD model
assumes a higher level of incremental credit facility borrowings
for an entity with a B1 CFR. The unsecured notes were previously
rated the same as the corporate family rating when the company had
a Ba3 CFR and an unsecured credit facility.

The stable outlook reflects the expectation that Carpenter's
operating performance will materially strengthen in fiscal 2023 and
its credit metrics will become more commensurate with its rating.

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

Moody's would consider an upgrade of Carpenter's credit ratings if
it sustains leverage (debt/EBITDA) below 3.75x, interest coverage
(EBIT/Interest) above 2.75x, adjusted EBIT margins above 6% and
consistently generates free cash flow.

Carpenter's ratings could be downgraded if its liquidity evidences
a material deterioration or it consistently consumes cash. A
downgrade could also occur if the leverage ratio is sustained above
4.5x, interest coverage below 2.0x and adjusted EBIT margins below
4%.

The principal methodology used in these ratings was Steel published
in November 2021.

Carpenter Technology Corporation, headquartered in Philadelphia,
PA, is a producer and distributor of specialty materials, including
stainless steel, titanium alloys and specialty alloys for the
aerospace, medical, transportation, energy, industrial, consumer
and defense sectors. The company operates through two business
segments: Specialty Alloys Operations (SAO) and Performance
Engineered Products (PEP), with the SAO segment contributing about
80% of LTM revenues. The company also provides metal powder
solutions and has additive manufacturing capabilities. Revenues for
the twelve months ended December 31, 2021 were $1.56 billion.


CATHOLIC HEALTH: Moody's Rates New Series 2022 Revenue Bonds 'B1'
-----------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Catholic Health
System's (CHS) (NY) proposed Tax-Exempt Multi-Modal Revenue Bonds
(Catholic Health System, Inc. Project), Series 2022 ($60 million).
The bonds will be issued through Niagara Area Development
Corporation. The outlook remains negative. At the same time, the
existing revenue bond ratings were downgraded to B1 from Ba2. The
system will have approximately $360 million in debt following the
financing.

RATINGS RATIONALE

The downgrade to B1 anticipates minimal cashflow and a further
significant decline in liquidity this year, following material
losses in fiscal 2021 from a 40-day labor strike and the
disproportionately severe impact of the pandemic, both social risks
under Moody's ESG classification. The downgrade also reflects
higher risk of an event of default in the event debt service
coverage is below 1.0 times for a second consecutive year in fiscal
2022; the required debt service coverage of 1.1 times is not
expected to be met for fiscal 2021 when the audited financial
statements are delivered. While the terms of a new union contract
will aid in recruitment and retention amid national shortages and
reducing agency staff, its ongoing costs will add to already high
labor expenses. Volume recovery will be prolonged because of the
severity of the pandemic in western New York and multiple and long
state imposed restrictions on elective surgeries, the most recent
of which was just lifted this month. These challenges will result
in the fourth year of minimal or negative operating cashflow.
Leverage metrics will remain weak, including projected cash-to-debt
of around 70%, compared with prior estimates of 100%. Favorable
factors supporting the rating include CHS' essential market
position and expected benefits from the expansion of surgery
centers and investments in Niagara County, which will provide
revenue and market share opportunities in a competitive region. The
system will continue to gain efficiencies from the installation of
a comprehensive electronic medical record system. Proceeds from
prior and proposed bonds and New York State grants will partly fund
an expected increase in capital spending this year. Also, the New
York State governor's proposal to provide hospitals funding for
recruiting and retaining workers is positive, although its
likelihood and distribution method are unknown at this time.

RATING OUTLOOK

The negative outlook reflects risks of achieving sizable projected
cashflow improvement in fiscal 2022, including the pace of volume
recovery and the ability to reduce agency costs. Lower than
projected cashflow would result in further liquidity decline and
increase the risk of a covenant breach and event of default.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Material and sustained improvement in operating cashflow margin

Reduction in risk of covenant breach

Significant growth in unrestricted investments and days cash on
hand

Improvement in leverage metrics

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Increased risk of event of default

Greater than expected losses during fiscal 2022

Decline in liquidity in fiscal 2022 below expectations

Increase in leverage beyond proposed 2022 financing or weakening
of debt metrics

Dilutive merger or acquisition

LEGAL SECURITY

With the 2019 financing, CHS executed supplemental indentures to
amend and restate the MTI. Legal security for the bonds is a gross
receipts pledge as well as mortgage liens and security interests in
certain properties, including some of the acute care campuses of
the obligated group. The Series 2019A Bonds are secured by the
mortgages only for so long as the existing obligations, which
include the Series 2012 and Series 2015 bonds, that are currently
secured by the mortgages, remain outstanding. The obligated group,
which is 92% of system revenue, consists of Catholic Health System,
Inc. (parent), Mercy Hospital of Buffalo, Sisters of Charity
Hospital of Buffalo, Kenmore Mercy Hospital, Mount St. Mary's
Hospital of Niagara Falls, McAuley Seton Home Care Corporation, and
Niagara Homemaker Services, Inc. d/b/a Mercy Home Care. The largest
entity not included in the obligated group is Trinity Medical WNY,
P.C., which is the corporation that employs physicians. The MTI
allows a substitution of notes if certain ratings tests are met;
such substitution could result if a substantial change to
security.

USE OF PROCEEDS

Proceeds from the Series 2022 issuance will be used for capital
projects.

PROFILE

Catholic Health System serves the residents of Buffalo, New York
and surrounding areas in Erie and Niagara Counties. The system
includes four acute-care hospitals on five campuses, primary care
and diagnostic centers, long-term care facilities, home care
agencies and other healthcare services.

METHODOLOGY

The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.


CENTER FLORENCE: Share Purchase Deal with Wave Now Closed
---------------------------------------------------------
Hong Kong-based Centurion ZD CPA & Co. said Feb. 18, 2022, it has
audited the consolidated balance sheets of Center Florence, Inc.
and its subsidiaries as of December 31, 2019 and 2020, and the
related consolidated statements of operations, changes in
stockholders' equity (deficit) and cash flows for each of the two
year in the period ended December 31, 2020, and the related notes.


Centurion said the Company has suffered from negative net current
assets, recurring net losses, and recorded accumulated deficits as
of December 31, 2020. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

In the firm's opinion, the consolidated financial statements
present fairly, in all material respects, the consolidated
financial position of the Company at December 31, 2019 and 2020,
and the consolidated results of its operations and its cash flows
for each of the two years in the period ended December 31, 2020, in
conformity with accounting principles generally accepted in the
United States of America.

The firm has been the Company's independent auditor since 2021.

The Company has certain related party transactions that involved
especially challenging judgment on amounts due from related parties
of $1,182,173 and $1,311,667, and amounts due to related parties of
$7,302,355 and $7,909,670 as of December 31, 2019 and 2020,
respectively. The Company identified related parties on the basis
of having common executive officers, directors, shareholders or
entities with direct relationship with those parties, and conducted
business or non-business transactions with the Company.

"We identified management's assessment of the Company's
identification and recognition of related party transactions as a
critical audit matter. Management made judgments to conclude that
related parties have common executive officers, directors or
shareholders of the Company to conduct business or non-business
transactions with the Company," the firm said.

                           *     *     *

Also on February 18, Wave Sync Corp. said it has closed a Share
Purchase/Exchange Agreement with Center Florence Holding LLC and
Center Florence, Inc., a wholly owned subsidiary of the Parent. In
accordance with the Share Exchange Agreement, on December 1, 2021,
the Parent sold and transferred 100% of its shares in Center
Florence, Inc., to Wave in exchange for 4,600,000 shares of Wave's
common stock, par value $0.001 per share, at an agreed price of
$4.00 per share of the Common Stock for a total valuation of
$18,400,000 of Center Florence, Inc.  The parties entered into the
deal on November 18, 2021.

In connection with the acquisition pursuant to the Share Exchange
Agreement, Wave said it is entering into commercial and industrial
real estate business through its newly acquired subsidiary, which
owns three operating entities: (i) Florence Development LLC (in the
business of purchasing, holding, salvaging, renovating, leasing
and/or mortgaging real property and related improvements located in
Florence, South Carolina); (ii) Royal Park LLC (dba The Country
Club of South Carolina, operating as a golf club in Florence, South
Carolina), and (iii) Center St. Louis, LLC (operating a
recreational sports facility located in Affton, Missouri). Pursuant
to the Share Exchange Agreement, the Parent shall not offer, sell,
pledge or otherwise dispose of any of the Exchange Shares until
one-year anniversary from November 18, 2021.

Center Florence, Inc. had $9.58 million in total assets and $10.08
million in total liabilities as of September 21, 2021.

Wave was formerly known as China Bio-Energy Corp., and as China
INSOnline Corp.  It was initially incorporated on December 23, 1988
under the name Lifequest Medical, Inc., a Delaware corporation. On
December 6, 2010, Wave entered into an Amendment to a share
exchange agreement dated November 12, 2010 with Ding Neng Holdings,
a British Virgin Islands company, wherein it acquired 100% of Ding
Neng Holdings.


CFX US CO: Seeks to Hire Arent Fox as Bankruptcy Counsel
--------------------------------------------------------
CFX US Co., Inc. and CFX CDO Co., Inc. seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Arent Fox, LLP as their legal counsel.

Arent Fox will render these legal services:

     (a) take all necessary action to protect and preserve the
estates of the Debtors;

     (b) advise the Debtors regarding their powers and duties in
the continued operation of their businesses and management of their
properties;

     (c) negotiate, prepare, and pursue confirmation of a plan;

     (d) prepare legal papers;

     (e) appear in court and protect the interests of the Debtors
before this court;

     (f) review all pleadings filed in the Debtors' Chapter 11
cases; and

     (g) perform all other legal services in connection with these
Chapter 11 cases as may reasonably be required.

The hourly rates of Arent Fox's counsel and staff are as follows:

     Partners        $740 - $1,235
     Of Counsel      $610 - $1,160
     Associates        $460 - $760
     Paraprofessionals $195 - $420

In addition, the firm will seek reimbursement for expenses
incurred.

George Angelich, Esq., an attorney at Arent Fox, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     George P. Angelich, Esq.
     Arent Fox LLP
     1301 Avenue of the Americas, Floor 42
     New York, NY 10019-6040
     Telephone: (212) 484-3900
     Email: george.angelich@arentfox.com

                       About CFX US Co. Inc.

CFX US Co., Inc. and CFX CDO Co., Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-10022) on Jan. 11, 2022. Michael G. Long, chief financial
officer and chief operating officer, signed the petitions.  In its
petition, CFX US Co. disclosed up to $1 million in assets and up to
$50 million in liabilities.

Judge David S. Jones oversees the cases.

Arent Fox, LLP serves as the Debtors' bankruptcy counsel.


CLASSIC ACQUISITION: Seeks to Tap Gerald Yarborough as Accountant
-----------------------------------------------------------------
Classic Acquisition, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of North Carolina to employ Gerald
Yarborough, a certified public accountant at Gerald Yarborough, CPA
PC.

The Debtor needs an accountant to prepare and file its tax returns
and assist in matters incidental thereto.

Mr. Yarborough will be paid at his hourly rate of $300. He also
requested a retainer of $5,000 to perform his services.

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

Mr. Yarborough holds office at:

     Gerald Yarborough, CPA
     Gerald Yarborough, CPA PC
     8045 Corporate Center Dr., Ste. 300
     Charlotte, NC 28226
     Telephone: (704) 759-3900

                   About Classic Acquisition

Asheville, N.C.-based Classic Acquisition, LLC filed a petition for
Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-10164) on Sept.
1, 2021, listing as much as $10 million in both assets and
liabilities. Anne Morrow, a member, signed the petition.  

Judge George R. Hodges oversees the case.  

Pitts, Hay & Hugenschmidt, PA and Grier Wright Martinez, PA serve
as the Debtor's legal counsels while Benjamin C. Hamrick and Gerald
Yarborough are the Debtor's accountants.


CREATIVE ARTISTS: Moody's Hikes CFR, First Lien Debt Rating to B2
-----------------------------------------------------------------
Moody's Investors Service upgraded Creative Artists Agency, LLC's
(CAA) Corporate Family Rating and first lien credit facility rating
to B2 from B3 and the Probability of Default Rating to B2-PD from
B3-PD. The outlook remains stable.

The upgrade reflects CAA's strong recovery from the pandemic, which
led to a substantial reduction in leverage (currently estimated at
5.5x excluding Moody's standard lease adjustments), an improved
liquidity position, and Moody's expectation of good revenue and
profitability growth through 2023. The acquisition of talent
agency, International Creative Management LLC (ICM) is currently
pending regulatory approval and will be funded in part with
additional debt, but Moody's expects pro forma leverage levels will
remain consistent with the B2 CFR. The ICM purchase will be
complementary to CAA's motion picture, television, and sports
divisions, and expand its publishing services. CAA will also have a
larger market position in European soccer representation following
the acquisition which Moody's expects will expand international
growth opportunities going forward.

CAA's overall operating performance will continue to improve due to
strong demand for media content from traditional media and
streaming services, ongoing sports representation growth, and the
return of CAA's smaller live event business to pre-pandemic levels
in 2022. CAA also benefited from an additional investment of $100
million led by TPG Capital Partners as well as proceeds from a
one-time legal settlement and asset sale in 2021.

Upgrades:

Issuer: Creative Artists Agency, LLC

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B2
(LGD3) from B3 (LGD3)

Outlook Actions:

Issuer: Creative Artists Agency, LLC

Outlook, Remains Stable

RATINGS RATIONALE

CAA's B2 CFR reflects the high leverage level and pending
acquisition of ICM as well as Moody's expectation that leverage
will eventually decline due to growth in the company's different
business segments. CAA will benefit from the increasing value of
original content worldwide over the next several years given the
strong demand for content from existing media companies and new
streaming services. CAA's music division represents a modest
portion of total revenue historically and was the most
significantly affected by the pandemic, but the division started to
recover in 2021 and Moody's expects the division will improve
toward pre pandemic levels in 2022. CAA benefits from its size and
diversified operations in client representation with leading
positions in motion pictures, television, music, publishing, and
sports and includes television packaging rights, commercial
endorsements, and other business services.

A substantial amount of CAA's costs are variable and the company
was able to reduce expenses to offset a significant portion of the
declines in revenue during the pandemic which supported cash flow.
A portion of the cost savings implemented during the pandemic will
likely be permanent and support EBITDA growth going forward.
Contractual revenue streams will continue to be a recurring source
of revenue and cash flow which provide some stability to
performance going forward.

A governance consideration that Moody's considers in CAA's credit
profile is the company's aggressive financial policy. CAA has
completed numerous acquisitions and issued additional debt on
several occasions during the past few years including almost $400
million of debt to buy back employee equity in November 2019. The
pending acquisition of ICM will be funded in part with additional
debt and Moody's expects CAA to consider additional acquisitions
going forward. CAA is a privately owned company.

Moody's expects CAA's liquidity will be good as a result of CAA's
cash balance of $428 million and access to an undrawn ($11 million
of L/Cs outstanding) $125 million revolver due 2024 as of December
31, 2021. CAA's cash balance benefited from the receipt of an
additional $100 million equity investment led by TPG in July 2021,
proceeds from a one-time legal settlement, and asset sale proceeds
in FY 2021. A portion of the cash balance will be used to fund part
of the ICM acquisition. Moody's projects CAA will generate good
operating cash flow, but it will be seasonal and a portion of the
cash flow will be used to make distributions to membership holders.
Capex is likely to be modest in the near term and cash flow will be
supported by contractual revenue streams going forward.

The first lien term loan is covenant lite. The revolver is subject
to a springing senior secured first lien net leverage covenant of
7.5x when greater than 35% of the revolver is drawn. Moody's
expects CAA will remain well within compliance with the financial
covenant going forward.

The stable outlook reflects Moody's expectation that CAA will
continue to benefit from good demand for media content over the
next several years and the company's strong position in the client
representation industry. While leverage will likely increase as a
result of the ICM acquisition, Moody's projects leverage will be
under 6x by the end of 2022. Moody's expects organic revenue growth
in the low to mid-teens in 2022 as operations continue to recover
from the pandemic and in the mid-single digits in 2023 which will
support a further reduction in leverage. However, future
acquisition activity is likely to have a substantial impact on the
pace of deleveraging going forward.

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

The ratings could be upgraded if CAA's leverage declined to the low
4x range on a sustained basis and free cash flow as a percentage of
debt is maintained in the mid to high single percent range. Good
organic growth and confidence that the private equity sponsor would
pursue a financial policy in line with a higher rating would also
be required.

The ratings could be downgraded if CAA's leverage was sustained
above 6.5x due to additional debt issue or poor operating
performance. A weakened liquidity position could also lead to a
downgrade.

Creative Artists Agency, LLC (CAA) is a global talent
representation agency with leading positions in motion pictures,
television, music, publishing, and sports and includes television
packaging rights, commercial endorsements, and other business
services. TPG Capital Partners has a significant ownership position
in the company.

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


DARLING INGREDIENTS: Fitch Affirms 'BB+' LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed all ratings for Darling Ingredients,
Inc. and subsidiaries, including the Long-Term Issuer Default
Rating (IDR), at 'BB+'. Darling Ingredients Germany Holding GmbH
and Darling Ingredients Belgium Holding B.V. are additional
borrowers under the senior secured revolving facility that is rated
'BBB-/RR1'. As such, Fitch has assigned Long-Term IDRs of 'BB+' to
each entity and 'BBB-'/'RR1' ratings to the senior secured
revolving facility. The Rating Outlook is Stable.

Darling's 'BB+' rating reflects the company's leading market
position as a globally diversified ingredient processor that is
currently benefitting from higher profitability given increasing
demand for low carbon fuels that supports higher fat prices.
Fitch's forecast assumes these tailwinds moderate over forecast
period but remain at structurally higher levels that when combined
with Valley Proteins, Inc. acquisition could result in a
sustainable core EBITDA approaching $700 million.

Fitch's forecast assumes Darling will remain acquisitive through
tuck-ins or geographical expansion opportunities while managing
leverage around 3x or less, with leverage potentially creeping
above 3x to consummate the transaction and deleveraging largely
through a combination of EBITDA growth and debt reduction post
transaction.

KEY RATING DRIVERS

Sustainable EBITDA Approaching $700 Million: While the company's
formula-based animal feed contracts pass a significant portion of
the commodity risk to the supplier, the company retains some
commodity exposure such that when prices are low for commodities
like soy oil, palm oil, soy meal and corn, earnings power is muted
with material upside potential when prices normalize through the
cycle. Darling's core EBITDA from 2015 to 2019, based on Fitch
adjustments, averaged roughly $450 million with commodity prices
near 10-year lows. As fat and protein prices increased during 4Q20
and continued through 2021, EBITDA has risen materially, increasing
to $528 million in 2020 and Fitch's expectation in the mid $800
million range in 2021.

Fitch believes the increased demand for low carbon fuels underpins
structurally higher fat prices over the cycle that supports
increased profitability for Darling. As such, Fitch believes
Darling's core sustainable EBITDA approaches $700 million which
includes Animal Feed segment EBITDA in the mid-$300 million range,
Food segment EBITDA in the upper $100 million range reflecting
increased mix of higher margin specialty collagen and EBITDA from
the Valley Proteins, Inc. acquisition.

DGD Operations Scaling: Fitch expects DGD will become a significant
contributor to Darling's cash flows once the Port Arthur facility
plant comes on-line during 1Q23. The new facility expands the joint
venture's (JVs) renewable diesel (RD) production capacity to almost
1.2 billion gallons annually from around 700 million gallons.
Increasing demand for lower carbon biofuels support RD supply
expansion driven by state, federal, and international government
mandates for increasingly stringent carbon emission standards to
reduce green-house gas emissions.

Fitch believes DGD has a first mover advantage with significantly
greater operating experience relative to peers that can leverage a
low-cost competitive position including access to lower carbon
intensity feedstocks. Fitch's forecast, which assumes the Blender
Tax Credit is not extended past 2022, contemplates a material
dividend distribution from DGD in the upper $400 million range for
2023 that supports projections for EBITDA after associates and
minorities absent further M&A at around $1.2 billion.

Leading Core Market Positions: Darling maintains a unique global
market position as a collector and processor of waste streams from
the food industry, transforming the products into sustainable
ingredients across diverse applications in the food, feed and fuel
sectors particularly biomass-based fuels. Supply growth has been
supported by increasing global meat consumption, which has risen
linearly in the low-single digits during the past two decades and
is expected to continue to increase driven by growth in population
and per capita protein consumption. Long-term global demand for
animal feed, pet food, specialty collagen and other food and fuel
products is supported by growth in GDP, urbanization and consumer
spending.

Shifting Capital Allocation Priorities: Fitch expects Darling's
capital allocation policy will evolve during the next 12 to 18
months. In 2022, Darling will target capital investments to support
the base business, potential M&A and opportunistic share
repurchases. Fitch's forecast assumes capital spending in the mid
$300 million range reflecting modest investment for growth-related
initiatives. Darling's board recently approved a two-year extension
of the share repurchase program and increased the aggregate amount
to $500 million. Darling repurchased $98 million in common shares
through 3Q21.

Fitch believes Darling may seek additional opportunities to bolster
its global supply chain and increase access to low-carbon-intensity
feedstocks. In December 2021, Darling announced an agreement to buy
Valley Proteins Inc.'s U.S.-based rendering and used cooking oil
plants for around $1.1 billion. Fitch views the acquisition as a
good strategic fit with no geographic overlap that materially
increases feedstock capacity for its U.S. operations. Closing of
the transaction is subject to customary closing conditions and
expected during 1H21. Given expectations for meaningful dividends
from DGD, Fitch's base case for 2023 anticipates that Darling will
increase shareholder returns, including the implementation of a
dividend.

Leverage Expectations: Pro forma for the Valley Proteins
acquisition, Fitch projects leverage (total debt to operating
EBITDA after associates and minorities) in the mid-to-upper 2x
range for 2021. This compares to leverage of 2.1x in 2020. Fitch's
forecast assumes Darling could remain acquisitive through tuck-ins
or geographical expansion opportunities.

Fitch expects Darling to manage leverage around 3x or less, with
leverage potentially creeping above 3x to consummate the
transaction and deleveraging largely through a combination of
EBITDA growth including DGD dividend contribution and debt
reduction post transaction. Darling has demonstrated past
commitment toward debt reduction following acquisitions with more
than $500 million of debt reduction following the 2014 acquisition
of VION Ingredients prior to Valley Proteins.

Parent Subsidiary Linkage: Fitch's analysis includes a strong
parent/weak subsidiary approach between the parent, Darling
Ingredients, and its subsidiaries. Fitch assesses the quality of
the overall linkage as high that results in an equalization of IDRs
across the corporate structure.

DERIVATION SUMMARY

Darling's 'BB+'/Outlook Stable ratings reflect its unique global
market position as a collector and processor of waste streams from
the food industry, transforming the products into sustainable
ingredients across diverse applications in the food, feed and fuel
sectors. According to the company, Darling processes roughly 10% of
the world's animal by-products in a highly fragmented market. The
company benefits from global diversification with more than 50% of
sales in North America, roughly one-third of sales in Europe and
the remainder in rest of world in 2020. The company's acquisition
of Valley Proteins, Inc. increases exposure to North America.

The ratings are tempered by exposure to commodity volatility as a
material portion of the company's finished products primarily
within the Feed segment compete with other commodity substitutes
with some price risk that mutes earnings power in lower commodity
price environment. The potential for change in the regulatory
environment or for crude oil volatility also poses earnings risk.
Darling has exposure to currency fluctuations with roughly half of
earnings (pre-Valley Proteins acquisition) from international
markets including Europe, South America and China.

The company's formula-based contracts pass a significant portion of
the commodity risk to the supplier. However, the company retains
some commodity exposure that when combined with foreign exchange
risk, can mute earnings when commodity prices are low. Darling also
has significant exposure as the largest clean energy producer of
renewable diesel in North America through its 50% interest in the
DGD JV with Valero Energy Corporation (BBB/Stable). Darling's
vertically-integrated supply chain supports access to low carbon
feedstock for DGD including animal fats and used cooking oil.

Compared to other companies in Fitch's agribusiness coverage,
Darling maintains higher profitability except for Ingredion Inc.
(BBB/Stable). Darling's capital intensity is higher than
agribusiness peers due to the corrosive nature of animal by-product
processing. Similarly rated credits in Fitch's agriculture and
protein portfolio include Primary Products (BB EXP)/Stable),
Ingredion (BBB/Stable) and Pilgrim's Pride Corp. (BBB-/Stable).

Primary Products' 'BB EXP' rating considers the company's strong
market position in the mature corn-derived products industry for
the food and industrial markets, ample liquidity supported by
strong FCF expectations, and moderate Fitch-calculated leverage
(total debt to EBITDA after associates and minorities) of
approximately 3.0x at deal close. These factors are offset by
narrow product diversification and limited scale with LTM June 2021
EBITDA of $325 million. Fitch projects annual FCF in the $125
million-$150 million range, which will provide Primary with
financial flexibility to invest in organic growth, acquisitions,
and to return capital to shareholders.

Pilgrim's Pride Corporation's (PPC) 'BBB-' rating reflects PPC's
solid business position as one of the world's largest chicken
processors with vertically integrated operations across U.S.,
Europe and Mexico, strong liquidity, moderate leverage, and the
linkage to its majority owner and parent company JBS S.A.
(BBB-/Stable) PPC generated close to $1.3 billion of EBITDA in
2021, up from $787 million in 2020 with leverage (net debt/EBITDA)
in the low 2x range.

Ingredion's 'BBB' Long-Term IDR is supported by its globally
diverse product portfolio and stable underlying business model
focused on starches and sweeteners, with increasing exposure to
higher value, on-trend specialty ingredients. Ingredion's business
model remained relatively resilient during coronavirus restrictions
with manageable pressure on food-away-from-home given its exposure
to stable product categories. Leverage (total debt/EBITDA) was
approximately 2.3x for 2021.

KEY ASSUMPTIONS

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

-- Darling core EBITDA around $850 million in 2021 including
    Animal Feed segment EBITDA around $600 million reflecting
    higher commodity prices and Food segment EBITDA approaching
    $200 million reflecting growth in collagen markets and higher
    edible fat prices. Core EBITDA in the upper $800 million range
    for 2022 including Animal Feed segment EBITDA in mid to upper
    $500 million range reflecting some moderation in commodity
    prices, Food segment EBITDA in the upper $100 million range
    and EBITDA from the Valley Proteins acquisition.

-- To the extent commodity prices remain higher during 2022 as
    projected by the January WASDE 2022, there could be additional
    upside to Fitch's EBITDA forecast as Fitch's projections
    consider a modest decrease in commodity prices. The WASDE
    (February 2022) projects soybean oil prices of $.66 per pound
    in the 2021/2022 marketing year compared to an estimated $0.57
    per pound for 2020/2021 and $0.30 per pound in 2019/2020. The
    WASDE projects an increase in the usage of soy oil feedstock
    for biofuels to 11 billion pounds in 2021/2022 compared to an
    estimated 8.85 billion pounds in 2020/2021 and 8.66 billion
    pounds in 2019/2020. The WASDE also projects increased soymeal
    prices at $410 per short ton for 2021/2022 compared to $392 in
    2020/2021 and $300 in 2019/2020.

-- Fitch believes Darling's core longer-term sustainable EBITDA
    approaches $700 million including Animal Feed segment EBITDA
    in the mid-$300 million range reflecting a further moderation
    in fat prices, Food segment EBITDA in the upper $100 million
    range and new EBITDA from the Valley Proteins acquisition.

-- Capital spending in the low $300 million range in 2021,
    increasing to the mid $300 million range in 2022.

-- The forecast assumes phase three of the DGD capacity expansion
    completes during 1Q23. Fitch's forecast does not assume the
    BTC is extended beyond 2022. Consequently, the forecast
    assumes DGD EBITDA per gallon in the low $1 range for 2023
    that results in dividend distributions from DGD in the upper
    $400 million range.

-- FCF in the upper $200 million range in 2021 and 2022.

-- Pro forma for the Valley Proteins acquisition, Fitch projects
    leverage (total debt to operating EBITDA after associates and
    minorities) in the mid-to-upper 2x range for 2021. This
    compares to leverage of 2.1x in 2020. Fitch's base case
    assumes Darling will continue an acquisitive strategy through
    tuck-ins or geographical expansion opportunities. Fitch
    expects Darling to manage leverage around 3x or less, with
    leverage potentially creeping above 3x to consummate the
    transaction and deleveraging largely through a combination of
    EBITDA growth including DGD dividend contribution and debt
    reduction post transaction.

RATING SENSITIVITIES

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

-- Publicly articulated financial framework or a demonstrated
    record of maintaining a consistent credit profile, yielding
    increased confidence in leverage (total debt/EBITDA after
    associates and minorities) sustaining under 3x combined with
    operating performance that is in line with Fitch's current
    expectations with sustained core EBITDA of $700 million and
    EBITDA after associates and minorities dividends (with
    dividend distribution from DGD JV) above $1 billion in 2023.

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

-- Gross leverage (total debt/operating EBITDA after associates
    and minorities) sustained above 3.5x as a result of weaker
    than expected core EBITDA or lack of a material dividend
    distribution from DGD and/or capital allocation polices
    outside of Fitch's expectations, such as large debt-funded M&A
    and increased shareholder returns.

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

Ample Committed Liquidity: At Oct. 2, 2021, Darling had ample
liquidity consisting of $67 million in cash and availability of
$913 million under the $1 billion secured revolving credit
facility, which had $33 million in outstanding borrowings, $50
million in ancillary facilities and $4 million of issued letters.
In December 2021, Darling amended and extended the revolving
facility by increasing the amount to $1.5 billion from $1.0 billion
and extending the maturity to December 2026. The revolving credit
facility also features a $400 million delayed draw five-year term
loan A maturing December 2026. The remainder of Darling's debt
structure includes a $200 million term loan B due 2024, EUR515
million senior notes due 2026 and $500 million senior notes due
2027.

Covenants on the revolving facility require total leverage to not
exceed 5.5x and interest coverage of 3.0x or greater for which
Darling has significant cushion. Terms for the revolving facility
include a collateral release mechanism, subject to term loan B
lender consent, upon Darling achieving investment grade credit
ratings.

ISSUER PROFILE

Darling maintains a leading position as a globally diversified
collector and processor of food waste streams, transforming the
products into sustainable ingredients in the food, feed and fuel
sectors. Darling also has a 50% interest in the DGD JV, largest
producer of RD in North America.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fair value of debt adjusted to reflect debt amount payable on
maturity, stock-based compensation, and adjusted for associate
dividends.

ESG CONSIDERATIONS

Darling has an ESG Relevance Score of '4' [+] for Exposure to
Social Impacts. Darling's base business focuses on the collection
of animal by-products and repurposing into sustainable ingredients.
Fitch expects the company should benefit from market preferences
and healthy lifestyle trends toward collagen products. The
company's biomass-based diesel JV is also benefiting from social
and regulatory changes which are creating higher demand for
renewable products and as a consequence increased renewable fuel
mandates for the JV. This has a positive impact on the credit
profile, and is relevant to the rating in conjunction with other
factors.

Darling has an ESG Relevance Score of '4' [+] for Energy
Management, as the company's is benefitting from its strategic
decision to invest in the biomass-based diesel industry that is
expected to lead to higher stability and visibility of cash flows,
as a result of the legislative mandates and consumer and corporates
preference for the consumption of renewable products that improve
air quality. This has a positive impact on the credit profile, and
is relevant to the rating 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.


DAYBREAK VENTURES: Omega Terminates Master Lease
------------------------------------------------
Omega Healthcare Investors, Inc. disclosed in its Annual Report on
Form 10-K filed with the Securities and Exchange Commission for the
fiscal year ended December 31, 2021, that the Company in 2021
terminated the Daybreak Ventures, LLC master lease and fully exited
its relationship after transitioning 14 Daybreak facilities to
existing operators and selling the four remaining Daybreak
facilities.

During the third quarter of 2017, Omega placed Daybreak on a cash
basis for revenue recognition as a result of nonpayment of funds
owed to Omega. During the fourth quarter of 2017, Omega executed a
Settlement and Forbearance Agreement with Daybreak which permitted
Daybreak to defer payments up to 23% of their contractual rent
until January 2018, subject to certain conditions.  During the
fourth quarter of 2018, Daybreak was no longer in compliance with
the 2017 Settlement and Forbearance Agreement.

On January 30, 2019, Omega entered into a Second Amendment to the
Settlement and Forbearance Agreement under which Omega agreed to
defer approximately $4.2 million of rent in the fourth quarter of
2018 and approximately $2.5 million (or approximately one month's
rent) in each of the first two quarters of 2019. Except for $1.1
million in required real estate tax escrows, Daybreak met their
contractual payment obligations through the second quarter of 2019;
however, during the second half of 2019, Daybreak did not meet
their full contractual payment obligations to Omega as it received
approximately $1.3 million of cash rent.

During 2020, as part of Omega's plan to transition and sell its
Daybreak facilities, Omega transitioned 31 Daybreak facilities to
existing operators. The total annual contractual rent from the 31
transitioned facilities was approximately $12.4 million. In 2021,
Omega transitioned 14 additional facilities to existing operators
with annual contractual rent of approximately $4.0 million and sold
the remaining four Daybreak facilities. The transition and sale of
these facilities completed Omega's exit from its relationship with
Daybreak.


DEALER TIRE: Moody's Affirms 'B2' CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Dealer Tire
Financial, LLC, including the corporate family rating at B2, the
probability of default rating at B2-PD, the senior secured rating
at B1 and the senior unsecured rating at Caa1. The outlook has been
revised to stable from negative.

The rating affirmation and change in outlook to stable reflects
Moody's expectation that Dealer Tire will demonstrate steady top
line growth and maintain margins in an inflationary environment
through 2022. As a result, Moody's expects debt/EBITDA to trend
toward 5.5x by end of 2022 while the company generates moderate
free cash flow.

Affirmations:

Issuer: Dealer Tire Financial, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

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

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

Outlook Actions:

Issuer: Dealer Tire Financial, LLC

Outlook, Changed To Stable From Negative

RATING RATIONALE

Dealer Tire's ratings reflect the company's niche position as the
primary tire distributor serving the automotive dealer channel with
exclusive, long-term relationships with many premium-brand auto
manufacturers. The company typically outperforms the broader
replacement tire market in the US with its focus on providing tires
for the first replacement cycle on a vehicle. The ratings, though,
also consider Dealer Tire's relatively high customer (automotive
OEMs) and supplier concentrations (tire manufacturers). These
concentrations expose the company to potential shifts in industry
dynamics, including consumer buying preferences and production
disruptions at its suppliers.

Dealer Tire's top line improved significantly in 2021 through a mix
of volume and pricing, and the company maintained high fill rates
at dealerships despite uneven production of tires from its
suppliers. Moody's expects demand fundamentals, specifically
vehicle miles traveled, to continue to improve and pricing actions
to be sustained, such that Dealer Tire's revenue increases at least
10% in 2022. In addition, Moody's expects the company to maintain
its EBITDA margin above 10% as the company continues to demonstrate
an ability to manage costs as a distributor in an inflationary
environment.

Moody's expects Dealer Tire's financial leverage to improve to
about 5.5x debt/EBITDA by the end of 2022, which is down from above
6.5x at September 30, 2021. Dealer Tire's leverage has been very
high since its early 2020 acquisition of Dent Wizard, but Moody's
expects a run rate debt/EBITDA approaching 5x to be sustained
beyond 2022. Moody's anticipates additional tuck-in acquisitions at
Dent Wizard given the fragmented market of the automotive
reconditioning space.

The stable outlook reflects Moody's view for continued revenue
growth, steady earnings margin and moderately positive free cash
flow over the next 12 to 18 months.Moody's expects Dealer Tire's
liquidity to be adequate through 2022. The company's cash burn in
2021 was slightly more than

Moody's originally anticipated due to increased working capital
investments, specifically building inventory in order to sustain
high fill rates at dealerships. Moody's expects Dealer Tire's free
cash flow to meaningfully improve in 2022 through continued
earnings growth and some release of working capital. Moody's
expects the company's $225 million revolving credit facility to
largely remain undrawn, but may at times be used to support
inventory builds or fund tuck-in acquisitions.

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

The ratings could be upgraded if the company grows profitably with
higher than historic margins. Debt/EBITDA expected to be sustained
below a 5x and EBITA/interest expense above 3x would indicate
potential for a higher rating. The expectation for continual
generation of moderately positive free cash flow, maintenance of a
good liquidity profile and a less aggressive financial policy could
also support a higher rating.

The ratings could be downgraded if Dealer Tire experiences a
deterioration in EBITDA margins or if debt/EBITDA is expected to be
sustained above 6x through weaker earnings or a more aggressive
financial policy. A downgrade could also occur if the company's
liquidity position weakens, resulting in an increased usage on its
revolver. A lower rating could also result from changing industry
dynamics that result in falling market share from the loss of a key
customer or supplier.

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

Dealer Tire Financial, LLC, headquartered in Cleveland, Ohio, is
engaged primarily in the business of distributing replacement tires
through alliance relationships with automobile OEMs and their
dealership networks in the US. Through its Simple Tire platform,
the company is engaged in the distribution of tires through the
e-commerce channel. Dent Wizard is a leading provider of automotive
reconditioning services and vehicle protection products. Dealer
Tire is majority owned by Bain Capital since 2018 and generated
about $2.7 billion in revenue for the twelve month period ended
September 30, 2021.


DEI SALES: Masimo Deal No Impact on Moody's B2 CFR
--------------------------------------------------
Moody's Investors Service said that DEI Sales, Inc. (dba Sound
United, B2, stable) had entered into a definitive agreement to be
acquired by Masimo Corporation ("Masimo", not rated), for a
purchase price of approximately $1.025 billion. Sound United's debt
is expected to be repaid upon closing of the acquisition, at which
time Moody's will withdraw the company's ratings.

Headquartered in Vista, California; DEI Sales, Inc., through its
subsidiary, Sound United, LLC (Sound United) is a designer and
manufacturer of home audio equipment under brands Denon, Polk
Audio, Marantz, Definitive Technology, HEOS, Classe, Boston
Acoustics, and Bowers & Wilkins. The company has been
majority-owned by affiliates of Charlesbank Capital Partners, LLC
since 2011, with FS KKR Capital Corp holding a minority stake since
2020. Sound United reported revenue for the last twelve months
period ending September 30, 2022 is approximately $900 million.


DIAMOND SPORTS: Issues Going Concern Doubt Warning
--------------------------------------------------
In their Confidential Offering Memorandum, Offer to Exchange and
Consent Solicitation Statement, dated February 14, 2022, Diamond
Sports Intermediate Holdings LLC and all of its subsidiaries,
including Diamond Sports Group, LLC and Diamond Sports Finance
Company warned that, absent additional funding, they do not
anticipate their "existing cash and cash equivalents, cash flow
from our operations, and borrowing capacity will be sufficient to
satisfy our debt service obligations, capital expenditure
requirements, and working capital needs beginning in the quarter
ended March 31, 2023 and through the quarter ending March 31,
2023," and there is "substantial doubt about our ability to
continue as a going concern through the end of the quarter ended
March 31, 2023."

As of September 30, 2021, Diamond Sports had net working capital of
approximately $618 million, including $476 million in cash and cash
equivalent balances. As of September 30, 2021, there were no
outstanding borrowings and $227.5 million available under its
existing revolving credit facility together with the existing
letter of credit swingline sub-facilities.

Diamond Sports said, "Our ability to make scheduled payments on our
debt obligations depends on our financial condition and operating
performance, which are subject to prevailing economic and
competitive conditions and to certain financial, business,
competitive, legislative, regulatory and other factors beyond our
control. The impact of the outbreak of COVID-19 continues to create
significant uncertainty and disruption in the global economy and
financial markets. Further, our success is dependent upon, among
other things, the terms of our agreements with Distributors,
over-the-top and other streaming providers and the successful
execution of our [direct-to-consumer] strategy. Primarily as a
result of losses of Distributors, increased subscriber churn and
the COVID-19 pandemic, we have experienced operating losses since
the second quarter of 2020 and we expect to continue incurring
operating losses in future periods.

"We have taken steps to mitigate the impacts of this uncertainty,
including managing our controllable costs, amending our accounts
receivable facility and entering into a transaction support
agreement relating to a new money financing and recapitalization
(the "Transactions"), including a newly funded $635 million
first-priority lien term loan (the "New First Lien Term Loan").

"Unless we receive the proceeds of the New First Lien Term Loan,
which is conditioned on, but not guaranteed by, the success of our
exchange offer and consent solicitation announced on February 14,
2022 (the "Exchange Offer"), while we have resources sufficient to
satisfy our debt service obligations, capital expenditure
requirements and working capital needs through the end of the
quarter ending March 31, 2022 (approximately 12 months from the
original issuance date of our audited financial statements for the
year ended December 31, 2020), we do not anticipate our existing
cash and cash equivalents, cash flow from our operations, and
borrowing capacity will be sufficient to satisfy our debt service
obligations, capital expenditure requirements, and working capital
needs beginning in the quarter ended March 31, 2023 and through the
quarter ending March 31, 2023.

Diamond Sports' new senior secured term loan is being raised as
part of a proposed exchange transaction whereby holders of existing
term senior secured debt are being offered the opportunity to
exchange their existing senior secured debt into new senior secured
second-priority debt. Existing senior secured lenders who do not
consent to the exchange will see their holdings granted third lien

priority security. If raised, $33 million of the new facility will
be used to repay the company's 12.75% senior secured notes due
December 2026, and the remainder will be kept on balance sheet.

"We expect to conclude that, absent the New First Lien Term Loan,
the conditions described above raise substantial doubt about our
ability to continue as a going concern through the end of the
quarter ended March 31, 2023," Diamond Sports said.  Accordingly,
absent the New First Lien Term Loan, we expect our consolidated
financial statements for the year ended December 31, 2021 will
include disclosures surrounding the substantial doubt about our
ability to continue as a going concern and we expect our
independent registered public accounting firm to include in its
audit opinion for the year ended December 31, 2021, a paragraph
that there is substantial doubt as to our ability to continue as a
going concern. A substantial doubt going concern opinion would
constitute an event of default under DSG's existing credit
agreement, which through default acceleration clauses, could cause
the Issuer's outstanding secured and unsecured notes to become due
and payable, which would have a material adverse impact to our
operations and liquidity. In addition, the lenders under DSG's
existing credit agreement could terminate their commitments to loan
us money, foreclose against the assets securing their obligations
and we could be forced into bankruptcy or liquidation."

On January 13, 2022, Diamond Sports announced it entered into an
agreement with the National Basketball Association to renew digital
(for in market and outer market territories) and outer market
linear distribution rights to regional sports network (RSN) partner
NBA team games and ancillary programming. Under the agreement,
Diamond Sports has the right to offer streaming content, including
live games, on an authenticated (TV Everywhere) and direct to
consumer ("DtC") basis, to local territories of 16 NBA teams. The
agreement also includes expanded content and highlight rights as
well as access to the distribution of classic games in local
markets. The agreement has a term of one year with three successive
one-year renewal offers, subject to compliance with the agreement.

Diamond Sports also has agreements with Major League Baseball, NBA
and National Hockey League whereby "we have been granted in-market
and outer market rights for each of our RSNs (which include our
Bally Sports branded RSNs and Marquee), which rights are also made
available to our multi-channel video programming distributors and
virtual multi-channel programming distributors ("Distributors"), to
stream games and affiliated content over the internet (commonly
referred to as "TV Everywhere"). To have access to streaming, our
customers must be authenticated by logging in either through our
Bally Sports app or our Distributors' apps using the customers'
Distributor username and password. In addition, pursuant to the
same agreements with the NBA and NHL described above, we have been
granted in-market and outer market DtC rights for each of our RSNs
to stream games and affiliated content over the internet. The DtC
rights for MLB are held directly by the MLB teams, who may grant
those rights to the RSNs as part of our team rights agreements
(subject to approval by MLB as to the determination of fair market
value secured by the applicable team for such rights). As of
September 30, 2021, our RSNs have secured DtC rights for five MLB
teams. We intend to leverage these DtC rights as part of our DtC
strategy described below under "Direct to Consumer Strategy." As
part of our DtC strategy, we intend to work with MLB and seek to
acquire DtC rights from teams with whom we have existing rights
agreements.:

Diamond Sports said, "As our consumers' viewing habits continue to
evolve, we need to be positioned to offer our products to our
consumers in the manner in which they desire to interact with
sports. Our mission is to build a transformative, participatory
digital sports platform, anchored by the most exclusive and
relevant live professional games that provides fans a year-round
opportunity to engage with content and communities they are most
passionate about."

"Through this platform, which includes our existing TV Everywhere
offerings and is currently available on the internet, mobile
websites, mobile applications and connected television
applications, we intend to offer DtC products and services. The
primary product, a streaming subscription, is expected to launch in
the first half of 2022, and would make available the content
currently available on our RSNs on a subscription basis. In
addition, during the second half of 2022, we plan to offer a
features-only subscription. This product would include content
offerings and data features that do not include live MLB, NBA, or
NHL games. Both of these products are expected to be available in
monthly and annual plans. Our goal is to offer our consumers
greater freedom, choice, and flexibility in terms of the content
they want to receive.

"Building a participatory platform also positions us to offer
products and services in large and growing markets, including
ecommerce, merchandising, digital collectibles, non-fungible tokens
(NFTs), and "watch & play" gaming-oriented partnerships.

According to Diamond Sports, in the near term, it is seeking
renewal of certain distribution agreements. "Our largest near term
distribution agreement expires in February 2022. We are currently
in negotiations with the Distributor regarding this renewal. For
the twelve months ended September 30, 2021, distribution revenue
from the Distributor under this agreement accounted for 28.5% of
our distribution revenues. While we have already begun negotiations
with the Distributor, there can be no assurance that we will be
able to enter into a renewal of the distribution agreement or a new
agreement with the Distributor prior to the expiration of our
existing agreement, and, if we are able to enter into an agreement
with the Distributor, there can be no assurance that such agreement
will be on terms as favorable to us as the terms in our current
agreements with the Distributor."

Diamond Sports is the local sports segment of Sinclair Broadcast
Group, Inc.

Diamond Sports Intermediate Holdings LLC is an indirect subsidiary
of Sinclair.


DIOCESE OF CAMDEN: Abuse Victims Objects to $90-Million Plan
------------------------------------------------------------
James Nani of Bloomberg Law reports that a sexual abuse victim
group seeking compensation in the Diocese of Camden in New Jersey's
bankruptcy case charged that the Catholic church organization's
proposed $90 million reorganization plan is deficient and lacks
adequate funding from insurers.

The diocese's insurers are proposing to kick in $30 million towards
the $90 million victims trust, but the insurers' contribution is
"woefully inadequate," according to an objection filed Wednesday,
February 15, 2022, by the official committee representing about 300
abuse victims.

                    About The Diocese of Camden

The Diocese of Camden, New Jersey is a non-profit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. It is the secular legal embodiment of the Roman
Catholic Diocese of Camden, a juridic person recognized under Canon
Law.

The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
Reverend Robert E. Hughes, vicar general and vice president, signed
the petition. In the petition, the Debtor disclosed total assets of
$53,575,365 and liabilities of $25,727,209.

Judge Jerrold N. Poslusny Jr. oversees the case.

The Debtor tapped McManimon, Scotland & Baumann, LLC, as its
bankruptcy counsel, Eisneramper, LLP, as financial advisor, Cooper
Levenson P.A. and Duane Morris LLP as special counsel. Prime Clerk
LLC is the Debtor's claims and noticing agent and administrative
advisor.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured trade creditors in the Debtor's Chapter 11
case. The committee is represented by Porzio, Bromberg & Newman,
P.C.





DIOCESE OF CAMDEN: Legal-Bay Reopens Funding on Bankruptcy Case
---------------------------------------------------------------
Legal-Bay, The Pre Settlement Funding Company, on Feb. 17 disclosed
that they are reopening funding on the Camden Diocese sex abuse
bankruptcy case. Legal-Bay's sources report that the church has
upped their total offer to $90MM, which survivors' attorneys have
turned down as inadequate. The current offer would equate to a
$300K average settlement value for the 300 victims in the suit,
although exact amounts would be based on individual levels of
abuse.

The south New Jersey diocese holds almost $200MM in insurance and
over $1B worth of assets of which $250MM in cash is reportedly
immediately available.

Chris Janish, CEO of Legal-Bay, commented, "Legal-Bay has always
been an advocate for plaintiffs in sexual abuse cases throughout
the country. It has been disappointing to see the various
organizations from New York to California utilize bankruptcy to
minimize damages that are due to the victims. Settlement funding on
these cases can create obstacles, but our team continues to be a
leader in doing all we can to help victims in their time of need."


If you have been a victim of any type of sexual assault and need an
immediate cash advance, please visit Legal-Bay HERE or call
toll-free at 877.571.0405.

Legal-Bay advocates for victims of sexual abuse, and is well-versed
in clergy abuse litigation, especially in situations where Catholic
churches have filed for bankruptcy to limit payouts. Even in those
cases, the loan settlement cash company was able to provide
settlement loans to victims across the country, including NY and
NJ. Legal-Bay provides settlement loan funding for all types of
cases including personal injury, car accidents, medical
malpractice, and more.

Legal-Bay's loans for lawsuits have helped numerous plaintiffs by
providing immediate cash in advance of a lawsuit's anticipated
monetary award. The non-recourse law suit loans—sometimes
referred to as loans for lawsuit or loans on settlement—are
risk-free, as the money doesn't need to be repaid should the
recipient lose their case. Therefore, the lawsuit loans aren't
really a loan, but rather a cash advance.

To apply now, please visit us HERE or call toll-free at:
877.571.0405 where agents are standing by.

Contact: Chris Janish, CEO
                Email:  info@Legal-Bay.com
                Ph.: 877.571.0405
                Website: www.Legal-Bay.com

                   About The Diocese of Camden

The Diocese of Camden, New Jersey is a non-profit religious
corporation organized pursuant to Title 16 of the Revised Statutes
of New Jersey. It is the secular legal embodiment of the Roman
Catholic Diocese of Camden, a juridic person recognized under Canon
Law.

The Diocese of Camden sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-21257) on Oct. 1, 2020.
Reverend Robert E. Hughes, vicar general and vice president,
signed the petition. In the petition, the Debtor disclosed total
assets of $53,575,365 and liabilities of $25,727,209.

Judge Jerrold N. Poslusny Jr. oversees the case.

The Debtor tapped McManimon, Scotland & Baumann, LLC, as its
bankruptcy counsel, Eisneramper, LLP, as financial advisor, Cooper
Levenson P.A. and Duane Morris LLP as special counsel.  Prime Clerk
LLC is the Debtor's claims and noticing agent and administrative
advisor.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured trade creditors in the Debtor's Chapter 11
case.  The committee is represented by Porzio, Bromberg & Newman,
P.C.


ECO MATERIAL: Fitch Assigns Final 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has assigned Eco Material Technologies, Inc. a final
'B' Long-Term Issuer Default Rating (IDR) following the completion
of the acquisition of Boral Resources from Boral Limited (ASX:
BLD), and combination with Green Cement, Inc. In addition, Fitch
has assigned a final 'B+'/'RR3' rating to Eco's $525 million senior
secured notes due 2027. The Rating Outlook is Stable.

KEY RATING DRIVERS

Acquisition of Boral Resources: In February 2022, Eco completed the
acquisition of Boral Limited's North American Fly Ash business
(Boral Resources) for $755 million, and subsequently combined it
with Green Cement, Inc.

Stable Earnings Outlook: Fitch expects a relatively beneficial
operating environment for building materials producers in 2022 and
2023. Fitch expects Eco's revenues to increase high-single digit
percentage this year, driven by price increases and volume growth,
supported by increased non-residential construction activity and
the company's Kirkland, AZ plant coming online.

Fitch forecasts low-double digit revenue growth in 2023, driven by
selling price increases, new plants coming online, and benefits
from the recently-passed infrastructure bill. Fitch expects
adjusted EBITDA margins to decline slightly yoy to 17.0% in 2022
from increased standalone costs and the contribution of Green
Cement's relatively lower-margin results. Fitch expects further
EBITDA margin contraction in 2023 due to higher costs stemming from
higher labor and transportation costs as well as renewals of supply
contracts at less-favorable terms.

Weak Credit Metrics: Pro forma for the acquisition of Boral
Resources and combination with Green Cement, Eco's Fitch-calculated
total debt to operating EBITDA is estimated to be about 5.8x. Fitch
expects EBITDA growth to drive modest deleveraging in the
intermediate term. Fitch's rating case projects total debt to
operating EBITDA to decline to 5.4x by YE 2022 and 5.0x by YE 2023,
which is appropriate for the 'B' rating.

Leadership Position in Niche Market: Eco, through the combination
of Boral Resources and Green Cement, is poised to remain a dominant
player in the U.S. SCM market. Fitch believes Eco's established
position as the dominant supplier and distributor of fly ash adds
stability to profitability and cash flows, and situates the company
well to further grow its sales from other sustainable cementitious
products.

Adequate Financial Flexibility: Eco will has adequate financial
flexibility, with more than $30.0 million of cash on the balance
sheet and full availability under its $50 million ABL that matures
in 2026. The company's liquidity position is supported by its
ability to generate free cash flow, long-dated debt maturity
schedule, absence of required amortization payments, and the low
fixed and working capital requirements of the business. Fitch
forecasts FFO interest coverage to sustain above 2.0x during the
forecast period.

Diverse Revenue Sources: Eco's revenues are predominately derived
from U.S. construction activity, but are balanced between public
infrastructure, residential, and nonresidential end-markets, which
typically have differing cycles. While the exposure to the highly
cyclical new construction markets is a risk to the stability of
profitability through economic cycles, Fitch believes the strong
diversity of those end-markets helps partially insulate the company
from cyclical downturns in any individual end-market. Further,
public construction represents the greatest proportion of Eco's
end-market exposure, which Fitch views favorably as this end-market
tends to have lower volatility through a cycle relative to private
construction end-markets.

The company's operations are geographically diverse across the
U.S., which Fitch views as beneficial to the credit profile, as it
provides some additional cushion against regional construction
downturns. The company is well-positioned to benefit from
construction markets that are currently experiencing - and are
expected to continue to experience - relatively higher growth such
as the South Central and South Eastern parts of the U.S.

Aggressive Growth Strategy: The company has set forth a fairly
aggressive growth strategy centered around a shift in its current
operating model of harvesting, treating, and distributing fresh fly
ash, which currently constitutes 97% of volumes. Fresh fly ash is a
by-product of coal combustion in coal-fired power stations, which,
given the increased scrutiny in recent years from their significant
greenhouse gas emissions, are likely to continue to reduce in
number in lieu of greener alternatives.

Therefore, Eco plans to make meaningful investments in capital
projects to increase additional sources of SCMs, such as harvesting
landfilled fly ash and using natural pozzolans. In the short to
intermediate term, Fitch views the company's growth strategy as
neutral to the credit profile as the execution risk of ramping up
sourcing and production of SCMs (which are only a small part of
Eco's volumes currently) is offset by its strong position in its
fresh fly ash operations, which should have a modest runway in
terms of available supply. Longer term, Fitch views the shift
favorably due to the expectation of continued reduction of
coal-fired power plants and increasing focus on green
alternatives.

Strong Profitability: Eco's Fitch-adjusted EBITDA margins are
expected to remain around 16.5%-17.5%, which are strong relative to
similarly-rated producers of building products and materials, but
below the margins of large aggregates producers and cement
manufacturers. Due to the low capital intensity of its core
business, the company has the ability to generate modest free cash
flow. However, Fitch expects FCF margins will be in the low single
digits in the near- to intermediate-term due to elevated levels of
growth capex as the company ramps up production of other SCM
product offerings.

Despite the risk that margins could contract in a modestly weaker
demand environment, Fitch expects the company to maintain neutral
to positive FCF over the forecast period due to the limited working
capital and maintenance capex needs of the business.

Pricing Power: Fly ash is generally less expensive than cement, but
has experienced strong pricing power over at least the last decade.
Fitch expects Eco to continue increasing the prices of its products
to offset any input cost inflation, given strong demand, the
company's strong market position in SCMs and expectation of
declining supply of fly ash. Additionally, upstream products like
aggregates and cement have traditionally benefitted from stronger
pricing power relative to downstream products such as concrete and
asphalt, which have lower entry barriers and markets that are
relatively more saturated.

DERIVATION SUMMARY

Eco's IDR reflects the high leverage levels following the close of
the transactions, the company's relatively weaker competitive
position compared to larger aggregates producers and cement
manufacturers, the cyclicality of its end-markets, and its adequate
liquidity position. Fitch's expectation for growth in the public
construction and private nonresidential construction end-markets in
2022 supports modest deleveraging in the intermediate-term through
EBITDA growth. The company's dominant position within the niche
supplementary cementitious materials (SCMs) market, strong
profitability metrics, and extended debt maturity schedule are also
factored into the ratings.

Eco has weaker credit and profitability metrics than Fitch's
publicly-rated universe of building materials companies, which are
concentrated in low-investment grade rating categories. These peers
are larger in size, and typically have total debt-to-operating
EBITDA of less than or equal to 3x and a greater share of the
broader building materials market. The company has similar
end-market exposure and profitability metrics compared with its
closest publicly-traded peer, Summit Materials, Inc. (NYSE: SUM),
but SUM is significantly larger and has stronger credit metrics.
However, Eco's SCM product offerings are entirely upstream, which
generally result in relatively more consistent pricing power.

Eco also has modestly lower leverage than large building products
distributors rated by Fitch, including Park River Holdings, Inc.
(B/Negative) and LBM Acquisition, LLC (B/Negative). Both Park River
and LBM are expected to have debt to operating EBITDA around
6.0x-6.5x in the intermediate term. Eco is smaller in scale, but
has meaningfully higher profitability and FCF metrics compared with
these distributors.

KEY ASSUMPTIONS

-- Fitch-calculated pro forma total debt to operating EBITDA of
    about 5.8x following the close of the transactions;

-- High-single digit organic revenue growth in 2022 supported by
    rebounding private nonresidential and public construction end-
    markets;

-- Fitch-adjusted EBITDA margins sustain in the 16.5%-17.5%
    range;

-- Elevated capex levels due to growth projects, with annual
    spend between $40 million and $60 million, resulting in flat
    to slightly positive FCF;

-- Total debt to operating EBITDA of 5.4x at YE 2022 and 5.0x at
    YE 2023 and FFO interest coverage sustaining above 2.0x.

Recovery Analysis Assumptions

The recovery analysis assumes that Eco Material Technologies, Inc.
would be reorganized as a going concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

The going-concern EBITDA reflects Fitch's assumption that distress
would likely occur from a combination of weak construction
activity, increasing and sustained competitive pressures and poor
operating performance. Fitch estimates annual revenues that are
about 15% below Fitch-adjusted LTM Sep. 30, 2021 pro forma levels
and Fitch-adjusted EBITDA margins of about 15% would capture the
lower revenue base of the company after emerging from a downturn
plus a sustainable margin profile after right sizing, which leads
to Fitch's $70 million going-concern EBITDA assumption. The
going-concern EBITDA assumption is about 25% lower than
Fitch-calculated LTM EBITDA of $93 million.

To calculate the EV, Fitch used a going-concern EBITDA multiple of
5.0x, which is below the 6.6x multiple for the acquisition of Boral
Resources, LLC. The 5.0x multiple is also lower compared to
building products and distributor peers, which are meaningfully
larger than Eco. Fitch applied a 6.5x EV multiple to Chariot
Holdings, LLC, a leading North American provider of garage door
openers and a 5.5x EV multiple to Park River Holdings, Inc., a
leading national provider of specialty branded interior and
exterior building products. Fitch does not have recent data on
recovery multiples for building materials producers.

The ABL revolver is assumed to be 66% drawn at default, which
accounts for potential shrinkage in the available borrowing base
during a contraction in revenues that provokes a default, and is
assumed to have prior-ranking claims to the senior secured notes in
the recovery analysis. The analysis results in a recovery
corresponding to an 'RR3' for the $525 million senior secured
notes.

RATING SENSITIVITIES

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

-- Successful execution on growth strategy as demonstrated by
    increased revenues from SCMs other than fresh fly ash while
    maintaining EBITDA margins in the high-teen percentages;

-- Fitch's expectation that total debt to operating EBITDA will
    sustain below 5.0x.

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

-- Fitch's expectation that total debt to operating EBITDA will
    sustain above 6.0x;

-- FFO interest coverage falling below 2.0x;

-- Failure to execute on growth strategy or material
    deterioration in current operating performance, resulting in
    EBITDA margins contracting into the low-teen percentages and
    neutral to negative FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: Following the close of the
transactions, the company has over $30.0 million of cash on the
balance sheet, and full availability under the proposed $50.0
million ABL. Fitch also projects Eco to generate some FCF in 2022
and 2023, given its high EBITDA margins and relatively low
requirements for maintenance capex. The FCF generation and ABL
should provide the company with ample liquidity to fund current
operations and the planned growth projects. Eco has no maturities
until the ABL and notes come due in 2026 and 2027, respectively.

ESG CONSIDERATIONS

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.

ISSUER PROFILE

Eco Material Technologies Inc. (Eco) is a harvester, producer,
marketer, and distributor of supplementary cementitious materials
(SCMs) used in the production of concrete.


EDWARD ZENGEL: Wins Cash Collateral Access
------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Fort
Myers Division, has authorized Edward Zengel & Son Express, Inc. to
use cash colalteral on an interim basis in accordance with the
budget, with a 10% variance.

The Debtor requires the use of cash collateral to pay ordinary and
necessary business expenses.

Synovus Bank is the Debtor's pre-petition senior secured lender.

As adequate protection for the extent of the Debtor's use of cash
collateral, Synovus will have a perfected post-petition lien
against the Prepetition Collateral to the same extent and with the
same validity and priority as the alleged prepetition lien, without
the need to file or execute any document as may otherwise be
required under applicable non-bankruptcy law. Additionally, on or
before February 15th and every 15th day of the month thereafter
during the term of the Interim Budget, the Debtor will remit to
Synovus the total sum of $12,254. Debtor will provide an actual to
budget on a biweekly basis to Synovus.

A further hearing on the matter is scheduled for March 28, 2022 at
2 p.m.

A copy of the order and the Debtor's budget for the period from
January 15 to April 2, 2022 is available at https://bit.ly/3sNtG6Y
from PacerMonitor.com.

The Debtor projects $3,043,357 in total income and $98,200 in total
cost of goods sold.

                 About Edward Zengel & Son Express

Edward Zengel & Son Express, Inc., a company in Fort Myers, Fla.,
filed its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00001) on Jan. 1,
2022, listing up to $500,000 in assets and up to $10 million in
liabilities.  Edward Zengel, Jr., president, signed the petition.

Judge Caryl E. Delano oversees the case.

The Debtor tapped Mike Dal Lago, Esq., at Dal Lago Law as legal
counsel; AG Employment Law, PLLC as special labor counsel; and The
Spires Group, PA as accountant.




EIF CHANNELVIEW: Moody's Ups Rating on Senior Secured Debt to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba3 the rating
on EIF Channelview Cogeneration, LLC's (Project) senior secured
credit facilities. The facilities consist of a $275 million senior
secured term loan B due 2025 (roughly $93 million currently
outstanding) and a $30 million revolving credit facility due 2023.
The outlook remains stable.

Upgrades:

Issuer: EIF Channelview Cogeneration, LLC

Gtd. Senior Secured First Lien Bank Credit Facility, Upgraded to
Ba1 from Ba3

Outlook Actions:

Issuer: EIF Channelview Cogeneration, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The rating action reflects significant debt paydowns at the Project
that reduced debt outstanding to $93 million at the end of 2021
relative to $213 million at the end of 2020. Included in this debt
paydown is a $105 million repayment during 2021 following strong
financial results during Winter Storm Uri. The rating also
considers the Project's partially contracted structure as
meaningful cash flows come from contractual arrangements for
electricity and steam with Equistar Chemicals, LP (Equistar), a
subsidiary of LyondellBasell Industries N.V. (Lyondell: Baa2
stable).

The Project's energy margins in 2021 were exponentially above
budget because power outages and gas supply constraints borne due
to Winter Storm Uri pushed power prices in the Electric Reliability
Council of Texas, Inc. (ERCOT, A1 negative) market to the
$9,000/MWh market cap for several days. The Project did not
experience gas supply problems or material operational disruptions
during the storm and benefited from the high prices. As a result,
the Project generated a one-time cash flow windfall that was used
to repay debt under the terms of the loan's 75% excess cash flow
sweep. Current debt outstanding is now 34% of the initial issuance
of $275 million, a repayment level that is well below Moody's
expectations at the time of the 2019 financing. Also, because of
the debt large repayment, refinancing risk is greatly reduced.

Moody's views the storm income as a one-time event and expects cash
flows to normalize in 2022, particularly in light of moderating
power prices in Texas. As such, credit metrics will moderate
year-over-year. Moody's projected credit metrics in 2022 forecasts
a debt service coverage ratio (DSCR) around 3x, Project CFO/Debt
around 40% and Debt/EBITDA around 1.3x. The Project's adjusted
credit metrics for the twelve months ended September 30, 2021
reflect the one-time windfall and are very strong, with a debt
service coverage (DSCR) of 6.5x, a Project CFO/Debt ratio around
160% and a Debt/EBITDA ratio of 0.55x.

The Project's contracts to sell steam and energy to Equistar and
the importance of the Equistar Channelview plant in Lyondell's
portfolio is a key credit consideration. The Equistar facility is a
key Lyondell holding because it is among Lyondell's largest
ethylene facilities and is integrated with Lyondell's sizeable Gulf
Coast refinery and downstream petrochemical operations. Moody's
also understand that Equistar is exploring the possibility of
expanding the size of its plant with additional capacity for
ethylene and polyethylene polymers. The Project also benefits from
hedging arrangements of 333 megawatts (MWs) with Equistar, in
addition to other hedging arrangements that total 80 MWs of
physical energy hedged between June 2022 and May 2023.

The rating is constrained by the Project's position as a merchant
generator, which can result in volatile cash flows for the
uncontracted portion of its energy sales. Owing to the plant's
location in ERCOT, Channelview is largely dependent on the revenues
from the sale of energy at market prices in an energy-only market.
This is somewhat balanced by the typical project finance
protections that includes a trustee administered cash flow
waterfall of accounts, a six-month debt service reserve, and a
pledge of assets and the sponsor's equity interest in the Project.
As previously noted, there is a mandatory cash flow sweep of 75% of
excess cash flow after scheduled debt service with a leverage-based
step down to 50%.

OUTLOOK

The stable outlook reflects the expectations for adequate operating
performance as well as strong financial metrics for the 'Ba' rating
category owing primarily to the recent debt paydown.

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

Prospects for further upward ratings movement are limited given the
plant's ongoing merchant exposure and the historical volatility in
cash flow. That said, an upgrade could occur if an additional
substantial debt repayment occurred or if a recontracting event
eliminated the Project's merchant cash flow exposure.

The rating could come under negative pressure if incremental debt
is added to the capital structure such that metrics weakened
materially; if the plant experiences major operating problems; or
if key contract counterparties experience a severe deterioration in
credit quality.

PROFILE

Channelview owns an 856 MW and 1.9 MM lbs/hr of steam, natural-gas
fired, combined-cycle cogeneration facility located in the Houston
zone of ERCOT. The Project has been in commercial operation since
2002 and provides an economic and reliable source of high and
low-pressure steam and power to the adjacent petrochemical
facility, Equistar, a subsidiary of Lyondell, one of the world's
largest independent petrochemical companies. The Project also
serves the Houston zone of the ERCOT market with baseload power and
ancillary services. The Project is indirectly owned by EIF
Channelview, LLC (Sponsor). The indirect majority owner of the
Sponsor is EIF United States Power Fund IV, a fund managed by Ares'
Infrastructure and Power Group.

The principal methodology used in these ratings was Power
Generation Projects Methodology published in January 2022.


ELDAN LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Eldan, LLC
          d/b/a Eldan Center
        5878 S. Rainbow Suite #204
        Las Vegas, NV 89118

Business Description: Eldan, LLC is a Single Asset Real Estate (as
                      defined in 11 U.S.C. Section 101(51B)).  The
                      Debtor is the fee simple owner of a
                      commercial property with a mixed
                      retail/office use located at 5875 S.
                      Rainbow, Las Vegas, NV having an appraised
                      value of $7 million

Chapter 11 Petition Date: February 21, 2022

Court: United States Bankruptcy Court
       District of Nevada

Case No.: 22-10589

Judge: Hon. August B. Landis

Debtor's Counsel: Christopher P. Burke, Esq.
                  CHRISTOPHER P. BURKE, ESQ.
                  218 S. Maryland Parkway
                  Las Vegas, NV 89101
                  Tel: (702) 385-7987
                  Fax: (702) 385-7986
                  Email: atty@cburke.lvcoxmail.com

Total Assets: $7,392,463

Total Liabilities: $3,623,919

The petition was signed by Daniel Itzhaki as managing member.

The Debtor stated it has no creditors holding unsecured claims.

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

https://www.pacermonitor.com/view/VCUHM6I/ELDAN_LLC__nvbke-22-10589__0001.0.pdf?mcid=tGE4TAMA


ELLE JOE: Gets OK to Hire Wright Law Offices as Bankruptcy Counsel
------------------------------------------------------------------
Elle Joe Investments Corporation received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Wright Law
Offices, PLC as its legal counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its Chapter 11 case and
reorganization;

     (b) represent the Debtor in connection with negotiations
involving creditors in this case;

     (c) represent the Debtor at hearings set by the court in this
case;

     (d) prepare legal papers; and

     (e) perform all other legal services for the Debtor.

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

     Benjamin Wright   $350
     Shawn A. McCabe   $350
     Paralegals        $170

Prior to the petition date, the Debtor paid the firm a retainer of
$11,000.

Shawn McCabe, Esq., an attorney at Wright Law Offices, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Shawn A. McCabe, Esq.
     Wright Law Offices, PLC
     2999 N. 44th St., Ste. 250
     Phoenix, AZ 85018
     Telephone: (602) 344-9695
     Facsimile: (480) 717-3380
     Email: shawn@azbklawyer.com

             About Elle Joe Investments Corporation

Elle Joe Investments Corporation filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz.
Case No. 22-00799) on Feb. 8, 2022, listing as much as $1 million
in both assets and liabilities.

Judge Madeleine C. Wanslee oversees the case.

Wright Law Offices, PLC serves as the Debtor's legal counsel.


ENGINEERED MACHINERY: Moody's Raises CFR to B2; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service upgraded Engineered Machinery Holdings,
Inc.'s (dba Duravant) corporate family rating to B2 from B3 and
probability of default rating to B2-PD from B3-PD. Concurrently,
Moody's upgraded the company's senior secured first lien rating to
B1 from B2 and the senior secured second lien rating to Caa1 from
Caa2. The outlook is stable.

The ratings upgrade reflects Moody's expectations for strong
revenue growth over the next few years, supported by Duravant's
sizable backlog and favorable industry demand fundamentals. On
attractive margins, the company will generate significant and
stable free cash over that period. However, Duravant's acquisitive
appetite will sustain leverage at elevated levels.

Upgrades:

Issuer: Engineered Machinery Holdings, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B1
(LGD3) from B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Upgraded to Caa1
(LGD5) from Caa2 (LGD6)

Outlook Actions:

Issuer: Engineered Machinery Holdings, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Duravant's B2 CFR reflects the company's elevated leverage with
debt-to-EBITDA above 7.0x (on proforma basis as of December 2021)
and inherent cyclicality of the business. The company's credit
metrics exhibit volatility due to its aggressive growth strategy
with periodic debt-financed acquisitions. Nonetheless, Duravant has
demonstrated the ability to deleverage its balance sheet through
combination of earnings growth and debt reduction shortly after
debt-funded acquisitions.

The ratings are supported by the company's strong profitability
with EBITDA margins in excess of 20% and low capital needs that
lends to a strong free cash flow. The company benefits from its
defendable niche position in the specialized machinery with
long-established customer relationships. In addition, the company's
favorable exposure to food and beverage and e-commerce sector as
well as growing presence in aftermarket businesses supports the
ratings.

The stable outlook reflects Moody's expectation of continued
earnings growth that will reduce leverage to below 7.0x, with
stable positive free cash flow and substantial cash reserves
supporting the company's very good liquidity.

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

Ratings could be upgraded if the strong operating performance and
conservative financial policy result in debt-to-EBITDA below 5.0x
and EBITA-to-interest expense above 2.0x on a sustained basis.

Ratings could be downgraded if there is a deterioration in
Duravant's earnings as a result business integration issues, weaker
operating environment or competitive pressures. A downgrade could
be prompted if adjusted debt-to-EBITDA is sustained meaningfully
above current levels, EBITA-to-interest falls below 1.5x or
liquidity weakens.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

Engineered Machinery Holdings, Inc. is the indirect parent of
Duravant LLC. Headquartered in Downers Grove, Illinois, Duravant
designs and assembles packaging, material handling and food
processing equipment for a number of industries, including food and
beverage, consumer products, e-commerce and distribution, retail,
and agriculture and produce. Duravant is owned by affiliates of
Warburg Pincus, LLC. Sales in fiscal 2021 were $1.2 billion.


FORESTAR GROUP: Moody's Ups CFR to Ba3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Forestar Group Inc.'s Corporate
Family Rating to Ba3 from B1, Probability of Default Rating to
Ba3-PD from B1-PD and senior unsecured rating to Ba3 from B1. The
outlook was revised to stable from positive. Moody's also
maintained the company's SGL-2 Speculative Grade Liquidity Rating.

The rating upgrade reflects Moody's expectation for continued
strong operating fundamentals for this year and next, and for
further improvement in Forestar's credit profile, including higher
revenue and profitability, as well as good execution.

The Ba3 rating on the company's senior unsecured notes is on par
with Forestar's CFR reflecting its position as the preponderance of
debt in Forestar's capital structure. At fiscal year-end (September
30) 2022, Moody's projects total debt-to-capitalization will be
around 41%.

"Over the past two years, Forestar has successfully grown revenue,
profitability, and materially improved lot deliveries while
maintaining a disciplined approach to balance sheet management and
liquidity." said Emile El Nems, a Moody's VP-Senior Credit Officer.
"Going forward, we expect Forestar to benefit from continued robust
operating fundamentals, achieve higher profitability and remain
committed to a conservative financial policy."

The following rating actions were taken:

Upgrades:

Issuer: Forestar Group Inc.

Corporate Family Rating, Upgraded to Ba3 from B1

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

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 (LGD4)
from B1 (LGD4)

Outlook Actions:

Issuer: Forestar Group Inc.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Forestar's Ba3 CFR reflects the company's market position as a
leading US land developer across 23 states and 55 markets,
differentiated business model, solid execution, good liquidity
profile and strategic relationship with D.R. Horton Inc., (DHI) a
premier homebuilder in the US (Baa2 stable). At the same time,
Moody's rating takes into consideration the risk associated with
being a land developer such as potential impairment charges,
industry cyclicality, the competitive nature of the business it
operates in, and the absence of any guarantees by DHI for
Forestar's debt.

Forestar's SGL-2 Speculative Grade Liquidity Rating reflects
Moody's expectation of good liquidity over the next 12 to 18
months. At December 31, 2021, Forestar had $162.5 million in cash
and $343.7 million of undrawn availability (net of $66.3 million in
letters of credit) under its $410 senior unsecured revolving credit
facility expiring April 2025. Moody's liquidity analysis also takes
into consideration the company's reliance on external sources to
fund its rapid expansion during this year and next.

The stable outlook reflects Moody's expectation that Forestar will
maintain a conservative approach to balance sheet management and
liquidity, organically grow revenue and profitability, and maintain
modest leverage. This is largely driven by Moody's view that the US
economy will improve sequentially and remain supportive of the
company's underlying growth drivers.

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

The ratings could be upgraded if (all ratios include Moody's
standard adjustments): the company improves liquidity and free cash
flow, EBIT-to-interest expense is approaching 6.0x,
debt-to-capitalization is sustained below 40%.

The rating could be downgraded if: debt-to-capitalization is
sustained above 45%, EBIT-to-interest expense is below 5.0x, the
company's liquidity profile deteriorates, the homebuilding outlook
becomes increasingly tenuous.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Headquartered in Arlington, Texas, Forestar Group Inc. is a
publicly traded land developer that is currently operating in 55
markets in 23 states. On October 5, 2017, it became 75%-owned by
D.R. Horton, Inc., one of the country's largest homebuilder by unit
volume. As of December 31, 2021, D.R. Horton owns 63% of Forestar.
For the fiscal year ended September 30, 2021 Forestar's revenue
were $1,326 million.


FROZEN FOODS: Wins Cash Collateral Access Thru March 8
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized Frozen Foods Partners, LLC, d/b/a Gourmet Express, LLC,
d/b/a Gourmet Express, to continue using cash collateral on an
interim basis through March 8, 2022, in an aggregate amount not to
exceed, at any time, $3,428,252.

The Court says all other terms set forth in the previous interim
orders are reaffirmed and will continue in full force and effect
and the Lender will continue to be entitled to all of the same
rights, liens, priorities and protections provided for under the
Interim Order, as amended by the First Amended Interim Order, the
Second Amended Interim Order, the Third Amended Interim Order, the
Fourth Amended Interim Order, the Fifth Amended Interim Order, the
Sixth Amended Interim Order, the Seventh Amended Interim Order and
this Eighth Amended Interim Order, the Credit Agreement, and Loan
Documents.

The terms and provisions of the Eighth Amended Interim Order will
be valid and binding upon the Debtor, all creditors of the Debtor
and all other parties-in-interest from and after the date of the
entry of the Eighth Amended Interim Order by the Court, will
continue in full force and effect, and will survive entry of any
such other order, including without limitation, any order
converting one or more of the Cases to any other chapter under the
Bankruptcy Code, or dismissing one or more of the Cases.

A further cash collateral hearing is scheduled for March 8, 2022 at
2 p.m.

A copy of the order and the Debtor's budget from February 7 to
March 7, 2022 is available at https://bit.ly/3BCtdsi from
PacerMonitor.com.

The budget provided for total expenses, on weekly basis, as
follows:

     $270,165 for the week starting February 7, 2022;
     $303,084 for the week starting February 14, 2022;
     $199,977 for the week starting February 21, 2022;
     $197,666 for the week starting February 28, 2022; and
     $193,500 for the week starting March 7, 2022.

                 About Frozen Foods Partners, LLC

Frozen Foods Partners, LLC is a Delaware limited liability company,
which was established in 2015. Frozen Foods is a consumer products
company engaged in the production, distribution and marketing of
frozen skillet meals under multiple consumer brands. It offers a
diversified portfolio of frozen products including meal kits,
skillet meals, combination of proteins, sauces, pastas and
vegetables, Asian and Mediterranean cuisines, as well as authentic
Latin specialties. Its products offer a quality dining solution for
working families and young adults. Its brands include Gourmet
Dining, Rosetto, La Sabrosa, and Tru Earth, which can presently be
found in many retailers, including Associated Grocers and
SuperValu, as well as private label brands.

Frozen Foods sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11897) on November 1,
2021. In the petition signed by Jeffrey Lichtenstein as chief
executive officer, the Debtor disclosed up to $10 million in both
assets and liabilities.

Judge Martin Glenn oversees the case.

Adam P. Wofse, Esq., at LaMonica Herbst and Maniscalco, LLP, is the
Debtor's counsel.



FUSE GROUP: Posts $6K Net Income in First Quarter
-------------------------------------------------
Fuse Group Holding Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $5,904 on $200,000 of revenue for the three months ended Dec.
31, 2021, compared to a net loss of $79,942 on $100,000 of revenue
for the three months ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $145,608 in total assets,
$114,934 in total liabilities, and $30,674 in total stockholders'
equity.

Fuse Group stated, "If we are not successful in developing the
mining business and establishing profitability and positive cash
flow, additional capital may be required to maintain ongoing
operations.  We have explored and continue to explore options to
provide additional financing to fund future operations as well as
other possible courses of action.  Such actions may include, but
are not limited to, securing lines of credit, sales of debt or
equity securities (which may result in dilution to existing
shareholders), loans and cash advances from other third parties or
banks, and other similar actions.  There can be no assurance we
will be able to obtain additional funding (if needed), on
acceptable terms or at all, through a sale of our common stock,
loans from financial institutions, or other third parties, or any
of the actions discussed above.  If we cannot sustain profitable
operations, and additional capital is unavailable, lack of
liquidity could have a material adverse effect on our business
viability, financial position, results of operations and cash
flows."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1636051/000118518522000192/fuseent20211231_10q.htm

                         About Fuse Group

Headquartered in Arcadia, CA, Fuse Group provides consulting
services to mining industry clients to find acquisition targets
within the parameters set by the clients, when the mine owner is
considering selling its mining rights.  The services of Fuse Group
and Fuse Processing, Inc. include due diligence on the potential
mine seller and the mine, such as ownership of the mine and whether
the mine meets all operation requirements and/or is currently in
operation.

Fuse Group reported a net loss of $1.02 million for the year ended
Sept. 30, 2021, compared to a net loss of $51,411 for the year
ended Sept. 30, 2020.

New York, NY-based Paris, Kreit & Chiu CPA LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated Feb. 11, 2022, citing that as of Sept. 30, 2021, the
Company had recurring losses from operations, an accumulated
deficit, and a negative cash flows from operating activities.  As
such there is substantial doubt about its ability to continue as a
going concern.


FUSION LLC: Court Trims Down Intervenor Suit v Barracuda
--------------------------------------------------------
Pending before the United States District Court for the District of
Massachusetts in the case captioned Zoll Medical Corp., et al.,
Plaintiff, v. Barracuda Networks, Inc., et al., Defendant, Civil
Action No. 20-11997-NMG (D. Mass.), is the motion of defendants
Barracuda Networks, Inc. and Sonian, Inc., to dismiss an intervenor
complaint filed by Fusion, LLC, and the motion of Zoll, Fusion, and
Axis Insurance Company to substitute Axis for Zoll and Fusion.

This action arises out of a data breach which compromised certain
confidential, protected health information ("PHI") of more than
277,000 patients of Zoll Services LLC, an indirect subsidiary of
Zoll Medical. In 2012, Fusion entered into a contract with Sonian
to provide its customers (which later included Zoll) with software
and related services for the management of customer communications
and email.  Fusion alleges that although Barracuda represented that
its data management capabilities would enable customers to identify
and reduce risks it in fact lacked the "reasonable and readily
available security protocols and products" to provide such
security.

The data breach began on November 8, 2018, when a Barracuda
employee allegedly left a data port open in its system during a
standard migration of data within its network. None of Barracuda's
supervisory, security or oversight mechanisms detected the error
until approximately seven weeks later, on December 28, 2018. In the
meantime, the confidential and protected health information of Zoll
patients was apparently accessed by unauthorized third parties.

In June 2019, Fusion filed for bankruptcy protection under Chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court for
the Southern District of New York. Zoll filed a proof of claim in
Fusion's bankruptcy proceeding seeking damages allegedly arising
out of the data breach. Fusion's bankruptcy plan, which became
effective in January, 2020, contained language which provided that
nothing in the plan would preclude Zoll from subsequently seeking
damages from Fusion for harm suffered as a result of the data
breach, provided that such damages were "solely to the extent of
available insurance coverage and proceeds."

In March 2020, Zoll initiated arbitration proceedings with Fusion,
asserting claims for negligence and breach of contract. Fusion's
insurer, Axis, confirmed coverage of claims related to the data
breach and assumed defense. After Zoll's insurer, Ace American
Insurance Company paid Zoll its claims for damages incurred due to
the data breach, Ace was subrogated as the real party in interest
in the arbitration.

In November 2021, Fusion, Axis, Zoll and Ace settled the
arbitration claims. Fusion and Zoll confirm that, pursuant to the
settlement agreement, Zoll and Ace have assigned to Axis all claims
that they have against Barracuda in connection with the data
breach. They contend Axis is therefore the real party-in-interest
with respect to the claims asserted by Fusion and Zoll against
Barracuda in this action.

In November 2020, Zoll filed the action against the Barracuda
parties, alleging claims for (1) negligence (Count I), (2) breach
of the implied warranty of merchantability (Count II), (3) breach
of the implied warranty of fitness (Count III), (4) breach of
contract (Count IV) and (5) equitable indemnification (Count V).
The Barracuda parties moved to dismiss those claims and the Court
allowed their motion except as to Count V.

In June 2021, Fusion intervened in the action and filed an
eight-count complaint against the Barracuda parties, alleging
claims for (1) breach of contract, (2) breach of the implied
covenant of good faith and fair dealing, (3) negligent
misrepresentation, (4) tortious interference with contractual
relations, (5) indemnification on the basis of a special
relationship, (6) indemnification on the basis of tortious conduct,
(7) breach of the implied warranty of merchantability and (8)
breach of the implied warranty of fitness. Shortly thereafter, the
Barracuda parties filed the pending motion to dismiss Fusion's
intervenor complaint for failure to state a claim upon which relief
can be granted.

District Judge Nathaniel M. Gorton granted the defendants' motions
to dismiss with respect to Counts III, IV, V, VI, VII and VIII.

Judge Gorton finds that Fusion has failed to state a claim for
negligent misrepresentation. While it alleges that Barracuda made
false statements regarding the data breach, it fails to allege that
the harm it suffered was due to those allegedly false statements
rather than the data breach itself, the judge points out.

Fusion's claim of tortious interference is incompatible with the
facts it has alleged, Judge Gorton further points out. As with its
claim for negligent misrepresentation, Fusion has failed to allege
that it suffered any harm from Barracuda's post-breach actions
distinct from the harm occasioned by the data breach, the judge
says. Moreover, to the extent Fusion alleges that the data breach
constituted tortious interference with contractual relations, it
has not alleged that Barracuda acted with the requisite impropriety
in its motive or means. Consequently, Fusion has not stated a claim
for tortious interference with contractual relations, Judge Gorton
holds.

The judge also holds that Fusion fails to state a claim for
tort-based equitable indemnification because it does not allege
that it has been held liable as a tortfeasor, or will be. Rather,
its potential liability appears to derive from its contractual
relationship with Zoll. Under such circumstances tort-based
equitable indemnity is inappropriate, the judge says.

In a prior memorandum and order allowing, in part, and denying, in
part, Barracuda's motion to dismiss plaintiff Zoll's claims, the
Court held that the Barracuda parties validly waived the implied
warranties of merchantability and fitness in the OEM Agreement and
that Zoll thus could not maintain its claims for breach of
warranty. Zoll was a third party to the OEM Agreement and as such
its implied warranty claims were derivative of those of Fusion, the
principal. In finding that Barracuda had waived the implied
warranties as to Zoll, the Court concluded that Barracuda had made
the same waiver as to Fusion. That holding controls here and thus
for the reasons stated in the Court's prior M&O, Fusion has failed
to state a claim for breach of the implied warranties of
merchantability and fitness, Judge Gorton rules.

As to the joint motion to substitute Axis as plaintiff and
intervenor, Judge Gorton allows it to the extent it seeks to
introduce Axis into the action as plaintiff, but otherwise, the
motion is denied.

According to Judge Gorton, Fusion and Zoll represent that, pursuant
to the November 2021 settlement of the arbitration proceeding,
they, along with Axis and Zoll's insurer, Ace, agreed to assign to
Axis "all claims that Zoll and/or Ace may have against Barracuda in
connection with [the breach]". They consequently seek substitution
under Rule 25. Barracuda opposes substitution on the ground that
the settlement agreement has not been produced and its legal effect
is therefore uncertain.

Judge Gorton says the Court is disinclined to declare the legal
effect of documents it has not seen. The Court will, therefore, in
order to "facilitate the conduct of the litigation," allow the
joinder of Axis (which apparently possesses an interest of some
kind in this litigation) as plaintiff and intervenor but will not
dismiss Zoll and Fusion until it is shown that they retain no
continuing interest in the action, Judge Gorton concludes.

A full-text copy of the Memorandum & Order dated February 14, 2022,
is available at https://tinyurl.com/5t399hsw from Leagle.com.


GALAXY NEXT: Files Series F Shares Certificate of Designation
-------------------------------------------------------------
Galaxy Next Generation, Inc., filed a Certificate of Designation of
Series F Convertible Preferred Stock with the Secretary of State of
the State of Nevada on Feb. 10, 2022.  The Certificate of
Designation authorized the issuance of 15,000 shares of Series F
Convertible Preferred Stock with a stated value of $1,000 per
share.

The shares of Series F Convertible Preferred Stock are initially
convertible at any time, in whole or in part, at the option of the
holders, at an initial conversion price of $0.37 per share into
shares of the Company's common stock, have no voting rights (except
as required by law) and are entitled to dividends on an
as-converted basis in the event dividends are declared on shares of
the Company's common stock.  The Certificate of Designation further
provides for a mandatory conversion of the shares of Series F
Convertible Preferred Stock upon the listing of the Company's
company stock on the New York Stock Exchange, the NYSE American,
the Nasdaq Capital Market, the Nasdaq Global Market or the Nasdaq
Global Select Market.

                      About Galaxy Next Generation

Headquartered in Toccoa, Georgia, Galaxy Next Generation, Inc. --
http://www.galaxynext.us-- is a manufacturer and distributor of
interactive learning technologies and enhanced audio solutions.  It
develops both hardware and software that allows the presenter and
participant to engage in a fully collaborative instructional
environment.

Galaxy Next reported a net loss of $24.43 million for the year
ended June 30, 2021, compared to a net loss of $14.03 million for
the year ended June 30, 2020.  As of Sept. 30, 2021, the Company
had $7.20 million in total assets, $7.89 million in total
liabilities, and a total stockholders' deficit of $697,562.

Indianapolis, Indiana-based Somerset CPAs PC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Sept. 16, 2021, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.


GALAXY NEXT: Incurs $2.5 Million Net Loss in Second Quarter
-----------------------------------------------------------
Galaxy Next Generation, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $2.46 million on $904,055 of revenues for the three months ended
Dec. 31, 2021, compared to a net loss of $7.77 million on $798,793
of revenues for the three months ended Dec. 31, 2020.

For the six months ended Dec. 31, 2021, the Company reported a net
loss of $2.85 million on $2.59 million of revenues compared to a
net loss of $20.90 million on $1.98 million of revenues for the six
months ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $4.94 million in total assets,
$4.87 million in total liabilities, and $74,118 in total
stockholders' equity.

Galaxy Next stated, "Although our revenues generated from
operations have become more sufficient, in order to support our
operational activities our revenues we may still need to be
supplemented by the proceeds from the issuance of securities,
including equity and debt issuances.  At December 31, 2021, we had
a working capital deficit of $1,761,132 and an accumulated deficit
of $50,779,175.  As stated in Note 14 to the notes to the unaudited
condensed consolidated financial statements included in this
Report, our ability to continue as a going concern is dependent
upon management's ability to raise capital from the sale of its
equity and, ultimately, the achievement of sufficient operating
revenues.  We anticipate that our current cash and revenue
generated from operations will be sufficient for day-to-ay
operations; however, we anticipate that we will need additional
capital for business expansion and new product development.  If our
revenues continue to be insufficient to support our operational
activities, we intend to raise additional capital through the sale
of equity securities or borrowings from financial institutions and
possibly from related and nonrelated parties who may in fact lend
to us on reasonable terms and ultimately generating sufficient
revenue from operations.  Our operating loss continues to shrink,
and investments will allow us to continue for several months until
sufficient revenue is met.  Management believes that its actions to
secure additional funding will allow us to continue as a going
concern.  We currently do not have any committed sources of
financing other than our accounts receivable factoring agreement,
each of which requires us to meet certain requirements to utilize.
There can be no assurance that we will meet all or any of the
requirements pursuant to our line of credit, our Equity Purchase
Agreement, and accounts receivable factoring agreement, and
therefore those financing options may be unavailable to us.  There
is no guarantee we will be successful in raising capital outside of
our current sources, and if so, that we will be able to do so on
favorable terms."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1127993/000109181822000020/gaxy10q1221.htm

                    About Galaxy Next Generation

Headquartered in Toccoa, Georgia, Galaxy Next Generation, Inc. --
http://www.galaxynext.us-- is a manufacturer and distributor of
interactive learning technologies and enhanced audio solutions.  It
develops both hardware and software that allows the presenter and
participant to engage in a fully collaborative instructional
environment.

Galaxy Next reported a net loss of $24.43 million for the year
ended June 30, 2021, compared to a net loss of $14.03 million for
the year ended June 30, 2020.  As of Sept. 30, 2021, the Company
had $7.20 million in total assets, $7.89 million in total
liabilities, and a total stockholders' deficit of $697,562.

Indianapolis, Indiana-based Somerset CPAs PC, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Sept. 16, 2021, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raises substantial doubt about its ability to continue as a
going concern.


GATES GLOBAL: Moody's Ups CFR to B1, Senior Unsecured Notes to B3
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Gates Global
LLC's, including the corporate family rating and probability of
default rating to B1 and B1-PD from B2 and B2-PD, respectively.
Concurrently, Moody's upgraded the ratings on Gates' senior secured
bank credit facilities to Ba3 from B1 and senior unsecured notes to
B3 from Caa1. The rating outlook is stable. Moody's also upgraded
the company's speculative grade liquidity (SGL) rating to SGL-1
from SGL-2.

The upgrade of the CFR to B1 is based on Moody's expectation that
Gates will maintain a well-balanced financial policy resulting in
debt-to-EBITDA around 3.5x and EBITDA margin at about 22%. The
company is demonstrating strong operating performance and
maintaining very good liquidity as many of the company's markets
rebound, despite supply chain and inflationary cost pressures. The
company's track record of debt repayment (about $422 million over
the past 24 months) and Moody's expectation that the company will
continue to generate strong annual free cash flow also support the
upgrades.

The following rating actions were taken:

Upgrades:

Issuer: Gates Global LLC

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Senior Secured Bank Credit Facilities, Upgraded to Ba3 (LGD3) from
B1 (LGD3)

Senior Unsecured Notes, Upgraded to B3 (LGD6) from Caa1 (LGD5)

Outlook Actions:

Issuer: Gates Global LLC.

Outlook, Remains Stable

RATING RATIONALE

The ratings reflect Gates' narrow focus on power transmission and
fluid power businesses, which are supplied to industrial end
markets and the automotive sector, both of which are highly
cyclical. Further, Moody's believes that the company will continue
to face constrains amid wage inflation and commodity cost pressures
through next year. However, Moody's anticipates that cost measures
and efficiency gains initiated in 2020 will support EBITDA margin
of at least 20% (Moody's adjusted) and positive free cash flow. The
company's competitive strength as a premium brand as well as its
diversified footprint and large aftermarket presence (roughly 65%
of sales) that underpin relatively healthy margins and good
liquidity are positive considerations in the CFR. Moody's also
expects volume growth, especially bolstered by China's
strengthening performance, and restructuring actions will support
the rating. Lastly, given the company's strong operating recovery
and the repayment of about $422 million in debt, the company's
debt-to-EBITDA improved to 3.7x for the fiscal year ended January
1, 2022 from 5.8x the prior year. Moody's expects debt-to-EBITDA to
remain about 3.5x for fiscal 2023.

Following the company's IPO in January 2018 Blackstone retained a
significant ownership interest at 65%. While Gates has adopted a
more conservative financial policy than in prior years,
Blackstone's controlling interest and board representation remains
a rating constraint. Given the potential for additional debt to
accommodate a dividend distribution or fund acquisitive growth,
event risk is moderate. At the same time, Moody's note the
company's publicly stated intentions to lower leverage in the near
term.

The stable outlook reflects Moody's expectation of a steady demand
improvement in the company's base business, absent any supply chain
delay challenges. This should enable Gates to generate positive
free cash flow that can support debt repayment. Moody's expects the
company to maintain very good liquidity over the next year,
including ample revolver availability, to help offset seasonal
working capital swings and fund small bolt-on acquisitions.

Moody's considers Gates' liquidity will be very good, as reflected
in the SGL-1 speculative grade liquidity rating. The company had a
sizeable cash balance of about $658 million at January 1, 2022. In
addition, the company has a $250 million ABL and a $250 million
revolving credit facility that are both fully available and due
2026, net of letters of credit of about $45.3 million. Moody's
expects free cash flow to remain strong in 2023, with free cash
flow to debt (including Moody's standard adjustments) of about
10%.

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

The ratings could be upgraded with the maintenance of very good
liquidity and stronger credit metrics, such that debt-to-EBITDA is
expected to remain around 3.5x, and retained cash flow-to-debt
above 20%. This would be accompanied, with a maintenance of a
conservative financial policy and movement to an independent board
of directors

A downward ratings change would be driven by weaker than expected
free cash flow or diminishing revolver availability. The ratings
could also be downgraded with debt-to-EBITDA sustained above 4.5x,
or a material decline in EBITA margin and interest coverage
metrics. Debt funded acquisitions or shareholder distributions that
increase leverage or weaken liquidity could also drive downward
ratings pressure.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

Gates Global LLC, located in Denver, Colorado, is a leading global
manufacturer of power transmission belts and fluid power products
and critical components used in diverse industrial and automotive
applications. The company is a wholly-owned subsidiary of Gates
Industrial Corporation plc, which was formed at the time of its IPO
in January 2018. Revenue for fiscal year ended January 1, 2022 was
$3.5 billion. Gates Global LLC became a portfolio company of The
Blackstone Group L.P in 2014.


GO DADDY: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Go
Daddy Operating Co. LLC (GoDaddy) because it expects the company to
continue to maintain debt-to-EBITDA below its downgrade trigger of
4x.

The outlook is stable, reflecting S&P's view that despite initial
leverage in the high-3x area, robust growth prospects and healthy
free operating cash flow (FOCF) of around $900 million will allow
GoDaddy to get leverage to the mid-3x area by the end of 2022.

GoDaddy announced its plans to repurchase $3 billion of outstanding
shares over the next three years of which $750 million will be
repurchased through an accelerated share repurchase in the first
quarter of 2022.

S&P said, "The affirmation reflects our expectation that GoDaddy's
strong cash flow generation will provide it with enough flexibility
to conduct its share repurchase strategy without a major
deterioration in credit quality. The company's stated financial
policies include a target net leverage range of between 2x-4x
(which includes changes in deferred revenue). Therefore, our rating
had already incorporated an expectation that the company could
increase its net leverage as it deploys excess cash for activities
other than debt reduction. More specifically, we expect GoDaddy's
pro forma leverage to rise to 3.8x following the accelerated share
repurchase at the end of first-quarter 2022 before declining to the
mid-3x area by the end of 2022 supported by organic revenue growth
in the high-single-digit percent area, couple with strong free cash
flow generation."

The pivot to share repurchases reduces GoDaddy's ability to engage
in sizable acquisitions over the next two to three years, without a
meaningful equity component. The recently announced share-buyback
initiative appears to demonstrate a shift in GoDaddy's capital
allocation strategy which has historically emphasized acquisitions
over shareholder return. S&P said, "Given that GoDaddy's new
capital allocation plan will emphasize shareholder returns, we
expect that it will temper its acquisition strategy to focus on
smaller tuck-in acquisitions which will help bolster its expansive
portfolio. If a large acquisition materializes, we would expect
balanced funding such that it maintains leverage within
management's targeted range."

GoDaddy's top-line growth is fueled by high customer retention
rates consistently in the 85% area, strong brand recognition, and
the ability to upsell and cross-sell products into the existing
user base. S&P said, "The company has managed to increase its
average revenue per user (ARPU) by 6%-8% for seven consecutive
years, and we expect GoDaddy's customer base to increase in the
low- to mid-single-digit percent range. Over the next year, we
expect revenue growth to be broad-based with the strongest momentum
stemming from its applications and commerce segment underpinned by
new payments capabilities that will build on GoDaddy's core Website
+ Marketing tools. GoDaddy's commerce solutions should further
support the stickiness of its SMB-focused client base by creating a
unified payments platform with a diverse product set, along with
further cross-selling capabilities, which we expect will lead to
incremental ARPU. The company is already benefiting from good
adoption of its newer payment solutions as it reported that 60% of
customers within the commerce tier of Websites + Marketing have
chosen GoDaddy payments over other established providers since it
launched. We expect that GoDaddy will ramp up its current pace of
5,000 new additions to the platform per month."

GoDaddy remained largely unaffected by COVID-19-related pressures.
The company's performance benefited from new trends in the retail
industry with more businesses moving online. S&P said, "We forecast
its EBITDA margins will grow slightly and remain in the low-20%
area over the next 12 months as the company takes a more moderate
and strategic view on sales and marketing spend. Historically,
GoDaddy spent more than its competitors on sales and marketing.
Though we expect sales and marketing spend to increase in the next
two years, we forecast that it will be a smaller percentage of
revenue, leading to slightly enhanced profitability. We expect the
company's FOCF to debt to remain in the high-20% area over the next
12 months and forecast it to generate FOCF of $905 million to $915
million in 2022."

S&P said, "The stable outlook reflects our expectation that GoDaddy
will decrease leverage to the mid-3X area as it executes its share
repurchase program over the next 12 months. We expect deleveraging
to stem from consistent ARPU growth of 6%-8% and net user adds,
relatively stable EBITDA margin, and S&P Global Ratings-adjusted
FOCF to debt in the high-20% area over the next year.

"We could lower the rating if GoDaddy deviates from its stated
financial policies such that overly aggressive acquisition policies
or extra shareholder returns result in leverage rising above 4x on
a sustained basis. We could also lower the rating if weakening
industry dynamics lead to lower product demand and deterioration of
GoDaddy's operating performance such that leverage rises to above
4x.

"Although unlikely over the next year given the company's stated
financial policy, we could raise the rating if GoDaddy exceeds
current operating trends and reduces leverage below 3x with a
commitment to remain at this lower level of leverage, including the
potential to accommodate acquisition and shareholder returns."

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

ESG factors have had no material influence on S&P's credit rating
analysis of Go Daddy Operating Co. LLC.



GRAND 4141: Seeks to Hire Advantage Law Group as Legal Counsel
--------------------------------------------------------------
The Grand 4141, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Advantage Law Group,
PA as its bankruptcy counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued management of its business operations;

     (b) advise 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) file adversary proceedings and prepare legal documents
necessary in the administration of the Debtor's Chapter 11 case;

     (d) protect the interest of the Debtor in all matters pending
before the court; and

     (e) represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan.

The Debtor requests to employ the firm on a general retainer.

Stan L. Riskin, Esq., an attorney at Advantage Law Group, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Stan L. Riskin, Esq.
     Advantage Law Group, PA
     20801 Biscayne Blvd., Ste. 506
     Aventura, FL 33180
     Tel: (305) 936-8844
     Cell: (954) 648-9040
     Fax: (305) 627-3831
     Email: stan.riskin@gmail.com

                       About The Grand 4141

The Grand 4141, LLC filed a petition for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 22-11043) on Feb. 9, 2022, listing up to
$500,000 in assets and up to $1 million in liabilities. Izad N.
Djahanshahi, manager, signed the petition.

Judge Robert A. Mark oversees the case.

Stan L. Riskin, Esq., at Advantage Law Group, PA, serves as the
Debtor's legal counsel.


GUARDIAN HEALTHCARE: Omega Writes Off $14M in Unpaid Rent
---------------------------------------------------------
Omega Healthcare Investors, Inc., disclosed in its Annual Report on
Form 10-K filed with the Securities and Exchange Commission for the
fiscal year ended December 31, 2021, that from October 2021 through
December 2021, Guardian Healthcare failed to make contractual rent
and interest payments under its lease agreement for 26 operating
facilities and on its $112.5 million mortgage loan agreement,
bearing interest at 10.81%, for nine facilities, due to ongoing
liquidity issues. Omega is currently in on-going negotiations to
restructure and amend Guardian's lease and loan agreements.

"As part of the restructuring negotiations, on December 30, 2021,
we acquired 2 facilities, previously subject to the Guardian
mortgage loan, in consideration for a reduction of $8.7 million in
the mortgage principal and added the facilities to the master lease
agreement. Subsequent to year end, in February 2022, we completed
additional restructuring activities related to Guardian, including
selling and re-leasing certain facilities," Omega said.

As a result of Guardian's non-payment of contractual rent and the
anticipated restructuring, in the fourth quarter of 2021, Omega
placed Guardian on a cash basis of revenue recognition and
wrote-off approximately $14.0 million of straight-line rent
receivables and lease inducements through rental income.

"As of December 31, 2021, we have $7.4 million of letters of credit
from Guardian as collateral which could be applied against our
uncollected rent and interest receivables," Omega said. "Guardian
represents approximately 2.5%, 3.5% and 3.8% of our total revenues
(excluding the impact of straight-line write-offs) for the years
ended December 31, 2021, 2020 and 2019, respectively."


GULF COAST HEALTH: Omega Suit v. Subordinated Debtholders Pending
-----------------------------------------------------------------
Omega Healthcare Investors, Inc., disclosed in its Annual Report on
Form 10-K filed with the Securities and Exchange Commission for the
fiscal year ended December 31, 2021, that during the second quarter
of 2021, Gulf Coast Health Care LLC stopped paying contractual rent
under its master lease agreement with because of on-going liquidity
issues.

Gulf Coast operates 24 facilities subject to a master lease with
Omega and represents approximately 3.3%, 2.8% and 2.7% of Omega's
total revenues (excluding the impact of write-offs) for the years
ended December 31, 2021, 2020 and 2019, respectively.

As a result of Gulf Coast's default under its master lease
agreement, in August 2021, Gulf Coast exercised its right to
accelerate the full amount of rent due under Gulf Coast's master
lease agreement.

On October 14, 2021, Gulf Coast commenced voluntary cases under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the District of Delaware. The payment of Omega's accelerated
rent will be subject to the Bankruptcy Code and approval of the
bankruptcy court in Gulf Coast's Chapter 11 cases. Omega entered
into a Restructuring Support Agreement that forms the basis for
Gulf Coast's intended restructuring and liquidation. The Support
Agreement establishes a timeline for the implementation of Gulf
Coast's planned restructuring and liquidation, including the
transition of management of the operations of the facilities to a
third-party operator.

As part of the Support Agreement, Omega committed to provide up to
$25 million of senior secured debtor-in-possession financing to
Gulf Coast. In November 2021, Gulf Coast entered into management
and operations transfer agreements ("MOTAs") with a new manager,
pursuant to which the management of 23 of the 24 facilities subject
to the master lease with Omega would be performed by New Manager
during an interim period until the license for the facilities
subject to the MOTAs could be obtained by a new operator.  During
the interim period, no rent is being paid by Gulf Coast, and Omega
provided a $20 million working capital loan to New Manager. The
Bankruptcy Court approved the MOTAs on November 24, 2021 and the
operations were transitioned effective December 1, 2021.

As a result of Gulf Coast's non-payment of contractual rent, in the
second quarter of 2021, Omega placed Gulf Coast on a cash basis of
revenue recognition and wrote-off straight-line rent receivable
balances of $17.4 million through rental income. Subsequent to
placing Gulf Coast on a cash basis of revenue recognition in June
2021, Omega recognized $24.6 million of rental income over the
remaining period of 2021, based on Omega's ability to offset any
uncollected rent receivables against Gulf Coast's security deposit
and against certain debt obligations of Omega.

"We held a security deposit of $3.3 million from Gulf Coast, which
we have applied against Gulf Coast's obligations in the second and
third quarters of 2021," Omega said.

In relation to Gulf Coast, a subsidiary of Omega is the obligor on
five notes due to third parties with aggregate outstanding
principal of $20.0 million that bear interest at 9% per annum with
a maturity date of December 21, 2021.  Under the terms of this
Subordinated Debt, to the extent Gulf Coast fails to pay rent when
due to Omega under its master lease, Gulf Coast's unpaid rent can
be used to offset Omega Obligor's obligations under the
Subordinated Debt (on a quarterly basis with respect to interest
and, under some circumstances, on an annual basis with respect to
principal). As of December 31, 2021, Omega has offset $1.3 million
of accrued interest and $20.0 million of principal under the
Subordinated Debt against the uncollected rent under the master
lease with Gulf Coast. Following the application of these offsets,
Omega has no further obligations under the Subordinated Debt.

In August 2021, following an assertion by the holders of the
Subordinated Debt that Omega's prior exercise of offset rights had
resulted in defaults under the terms of the Subordinated Debt,
Omega filed suit in the Circuit Court for Baltimore County against
the holders of the Subordinated Debt seeking a declaratory judgment
to, among other items, declare that the aggregate amount of unpaid
rent due from Gulf Coast under the master lease agreement exceeds
all amounts which otherwise would be due and owing by Omega Obligor
under the Subordinated Debt, and that all principal and interest
due and owing under the Subordinated Debt may be (and was) offset
in full as of December 31, 2021.

In October 2021, the defendants in the case filed a motion to
dismiss for lack of personal jurisdiction. While Omega believes
Omega Obligor is entitled to the enforcement of the offset rights
sought in the action, the outcome of litigation is unpredictable,
and Omega cannot predict the outcome of the declaratory judgment
action.

                   About Gulf Coast Health Care

Gulf Coast Health Care, LLC is a licensed operator of 28 skilled
nursing facilities comprising nearly 3,350 licensed beds across
Florida, Georgia, and Mississippi.  It provides short-term
rehabilitation, comprehensive post-acute skilled care, long-term
care, assisted living, and therapy services in each of its
facilities.

Gulf Coast Health Care and 61 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14,
2021.  In the petition signed by Benjamin M. Jones as chief
restructuring officer, Gulf Coast Health Care listed up to $50
million in assets and up to $500 million in liabilities.

The cases are handled by Judge Karen B. Owens.

The Debtors tapped McDermott Will & Emery LLP and Ankura Consulting
Group LLC as legal counsel and restructuring advisor, respectively.
M. Benjamin Jones of Ankura serves as the Debtors' chief
restructuring officer. Epiq Corporate Restructuring, LLC, is the
claims, noticing and administrative agent.

On Oct. 25, 2021, the U.S. Trustee for Region 3 appointed an
official committee of unsecured creditors in the Debtors' Chapter
11 cases. Greenberg Traurig, LLP and FTI Consulting, Inc., serve as
the committee's legal counsel and financial advisor, respectively.


GULFSLOPE ENERGY: Incurs $505K Net Loss in First Quarter
--------------------------------------------------------
Gulfslope Energy, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $504,884 on zero revenue for the three months ended Dec. 31,
2021, compared to a net loss of $358,489 on zero revenue for the
three months ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $13.37 million in total
assets, $13.78 million in total liabilities, and a total
stockholders' deficit of $413,275.

The Company has incurred accumulated losses for the period from
inception to Dec. 31, 2021, of approximately $60.7 million, and has
a negative working capital of $12.6 million.  For the three months
ended Dec. 31, 2021, the Company has net cash used in operations of
approximately $0.6 million.  As of Dec. 31, 2021, there was $0.9
million of cash on hand.  The Company estimates that it will need
to raise a minimum of $10 million to meet its obligations and
planned expenditures through February 2023.  The $10 million is
comprised primarily of capital project expenditures as well as
general and administrative expenses.  It does not include any
amounts due under outstanding debt obligations and accrued
interest, which amounted to approximately $12.1 million as of Dec.
31, 2021.  

Gulfslope stated, "The Company plans to finance operations and
planned expenditures through the issuance of equity securities,
debt financings, farm-out agreements, mergers or other
transactions.  The Company's policy has been to periodically raise
funds through the sale of equity on a limited basis, to avoid undue
dilution while at the early stages of execution of our business
plan.  Short term needs have been historically funded through loans
from executive management.  There are no assurances that financing
will be available with acceptable terms, if at all.  If the Company
is not successful in obtaining financing, operations would need to
be curtailed or ceased.  The accompanying financial statements do
not include any adjustments that might result from the outcome of
this uncertainty.

"The Company will need to raise additional funds to cover planned
expenditures, as well as any additional, unexpected expenditures
that we may encounter.  Future equity financings may be dilutive to
our stockholders.  Alternative forms of future financings may
include preferences or rights superior to our common stock.  Debt
financings may involve a pledge of assets and will rank senior to
our common stock.  We have historically financed our operations
through private equity and debt financings.  We do not have any
credit or equity facilities available with financial institutions,
stockholders or third-party investors, and will continue to rely on
best efforts financings.  The failure to raise sufficient capital
could cause us to cease operations, or the Company would need to
sell assets or consider alternative plans up to and including
restructuring."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1341726/000138713122001965/gspe-10q_123121.htm

                           About Gulfslope

Headquartered in Houston, Texas, Gulfslope Energy, Inc. --
http://www.gulfslope.com-- is an independent crude oil and natural
gas exploration and production company whose interests are
concentrated in the United States Gulf of Mexico federal waters.
GulfSlope Energy commenced commercial operations in March 2013.

Gulfslope reported a net loss of $2.23 million for the year ended
Sept. 30, 2021, compared to a net loss of $2.42 million for the
year ended Sept. 30, 2020.  As of Sept. 30, 2021, the Company had
$13.70 million in total assets, $13.64 million in total
liabilities, and $59,834 in total stockholders' equity.

Houston, Texas-based Pannell Kerr Forster of Texas, P.C., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated Dec. 29, 2021, citing that the
Company has accumulated losses, and further losses are anticipated
in developing the Company's business, which raise substantial doubt
about its ability to continue as a going concern.


HERITAGE CHRISTIAN: Objection to HC's $640,000 Claim Sustained
--------------------------------------------------------------
On July 1, 2002, Heritage Christian Schools of Ohio, Inc., borrowed
$300,000 from Unizan Bank, National Association and executed a
promissory note for the same amount -- the note was renewed and
restated on August 1, 2013, for $310,000 -- which was secured by a
mortgage on the Debtor's real property. That same day, the Debtor
also granted Unizan a security interest in non-real property
including inventory, equipment, accounts, etc. ("non-real
collateral") via a commercial security agreement and Unizan
properly perfected the security interest on July 3, 2002, by filing
a UCC financing statement with the Ohio Secretary of State.

In 2006, Unizan merged with Huntington National Bank and Huntington
succeeded Unizan in these agreements. On September 15, 2014, the
Debtor borrowed $250,000 from Huntington and executed a promissory
note. This debt was secured by another mortgage on the Debtor's
real property as well as an amendment to the prior commercial
security agreement covering the non-real collateral and another
financing statement was filed.

On November 1, 2019, Huntington transferred both promissory notes
and assigned both mortgages to Private Capital Lending. A few days
later, Huntington assigned both financing statements to Quest
Solutions, Inc. On December 27, 2019, PCL assigned both notes and
both mortgages to Heritage Canton, LLC. That same day, PCL executed
a document that purported to assign "all rights, title and
interests of [PLC], as Secured Party, in a Business Loan Agreement
and Commercial Security Agreement and related documents . . . with
[Debtor]" to Quest, who, per the agreement, immediately assigned
them to HC. Quest eventually assigned the financing statements to
HC on March 3, 2021 (the "post-petition assignment"). PCL, Quest,
and HC were all entirely owned and controlled by the same person,
Charles Ahmad.

The Debtor filed its Chapter 11 Subchapter V petition on February
2, 2021. HC filed a claim for $640,989.65, the total amount of the
unpaid debt on both promissory notes, on March 24, 2021. There is
no dispute on the amount of the claim. The dispute before the Court
is about the extent to which the debt is secured. Both sides agree
that at least $500,000, from the mortgages on the real property, is
secured. HC claims that all the debt is secured because it has
security interests in the non-real collateral from the commercial
security agreements and UCC financing statements. However, the
Debtor argues that HC does not have a security interest in the
non-real collateral because it did not receive the financing
statements from Quest until after the petition date.

In a Memorandum of Opinion dated February 14, 2022, Judge Russ
Kendig of the United States Bankruptcy Court for the Northern
District of Ohio, Eastern Division, finds that the Debtor met its
burden of showing evidence that HC's claim for a security interest
in the non-real collateral was not valid. The Debtor showed that
the attempted assignment on December 27, 2019, was not effective
and that Quest, not HC, owned the security interest on the petition
date. It was not assigned to HC until after the petition date.

According to Judge Kendig, when the burden shifted to HC, it was
unable to prove that its claim was valid. HC's arguments that it
owned the security interest the whole time or that Quest was
holding the financing statements as an agent were without merit.
The financing statements were assigned directly from Huntington to
Quest and there was no evidence of an agent-principal relationship
between Quest and HC, the judge notes.

Also, the post-petition assignment violated the automatic stay
because it attempted to give HC new secured debt after the petition
date, Judge Kendig points out. Allowing HC to "bootstrap" the
security interest through the later assignment would drastically
improve HC's position and be unfair to Debtor, who would face a
larger secured debt than if the freeze was applied at the petition
date, the judge says.

The fact that the post-petition assignment could not be avoided
under Section 549 of the Bankruptcy Code is irrelevant, the judge
said.

Accordingly, Judge Kendig sustains the Debtor's objection and only
the $500,000 relating to the mortgages on Debtor's real property
should be recognized as secured debt, with the remaining
$140,989.65 as unsecured debt.

A full-text copy of the decision is available at
https://tinyurl.com/2s3t2zeu from Leagle.com.

             About Heritage Christian Schools of Ohio

Heritage Christian Schools of Ohio, Inc. --
https://heritagechristianschool.org/ -- is a tax-exempt private
Christian school located in Canton, Ohio.  Heritage Christian
Schools of Ohio filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
21-60124) on Feb. 2, 2021.  In the petition signed by Sharla Elton,
superintendent, the Debtor disclosed $1,206,968 in assets and
$626,431 in liabilities.  Judge Russ Kendig presides over the
case.

The Debtor tapped Anthony J. DeGirolamo, Esq., as legal counsel and
Carolyn Valentine Co. Inc. as accountant and financial advisor.

Fredric P. Schwieg has been appointed as the Debtor's Subchapter V
Trustee.

Heritage Canton, LLC, as lender, is represented by Brennan, Manna &
Diamond as counsel.


HH ACQUISITION: Dickinson Wright Updates on Equity Holders
----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Dickinson Wright PLLC submitted an amended verified
statement to update its list of members of RHK Noble Capital
Markets that it is representing.

RHK1 is an investment banking firm that served as lead placement
agent for the sale of equity units in the Debtor pursuant to a Lead
Placement Agent Agreement dated May 16, 2019 between the Debtor and
RHK and in accordance with the Debtor's Confidential Private
Placement Memorandum dated May 8, 2019 as supplemented August 19,
2019. The purpose of the PPM was to acquire funds to purchase the
Hyatt House Colorado Springs Hotel, the property that was sold
during this bankruptcy case.

As of Feb. 17, 2022, the Equity Holders and their disclosable
economic interests are:

                                           Kind of Interest
                                           ----------------

Bernard and Lera Bertrand              Preferred Capital Investors
536 Irish Settlement Road
Ogdensburg, NY 13669

Brigid Vine                            Preferred Capital Investors
9493 Five Mile Line Road
Ogdensburg, NY 13669

Cathy and Marc McDonell                Preferred Capital Investors
101 Country Route 28
Ogdensburg, NY 13669

Charles Butler                         Preferred Capital Investors
3519 Cobblestone Terrace
Hopewell, VA 23860

Debbie Williams                        Preferred Capital Investors
1955 Zinia Street
Golden, CO 80401

Deboarah Polniak                       Preferred Capital Investors
814 Washington Street
Ogdensburg, NY 13669

Diyana, LLC                            Preferred Capital Investors
535 Fifth Ave., 20th Floor
New York, NY 10017

Elizabeth Zimmerman                    Preferred Capital Investors
6795 Terry Court
Arvada, CO 80007

Ezrine Alternative Investments, LLC    Preferred Capital Investors
530 Avellino Circle, #7301
Naples, FL 34119

Gary Blok                              Preferred Capital Investors
6817 W. Yale Ave.
Denver, CO 80227

Gilbert Douglas Ingram                 Preferred Capital Investors
1701 Native Dancer Drive
Helena, AL 35080

Gulnn Webb                             Preferred Capital Investors
14140 Elk Mountain Trail
Littleton, CO 80127

Counsel for RHK Noble Capital Markets can be reached at:

          Carolyn J. Johnsen, Esq.
          DICKINSON WRIGHT PLLC
          1850 North Central Avenue, Suite 1400
          Phoenix, AZ 85004
          Tel: (602) 285-5000
          Fax: (844) 670-6009
          E-mail: cjjohnsen@dickinsonwright.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3s20nOR and https://bit.ly/3v1FCF1

                    About HH Acquisition CS

HH Acquisition CS, LLC, a company based in Colorado Springs,
Colo.,
filed a petition for Chapter 11 protection (Bankr. D. Ariz. Case
No. 21-05211) on July 6, 2021, listing as much as $50 million in
both assets and liabilities.  Ian Clifton, the Debtor's authorized
representative, signed the petition.

Judge Daniel P. Collins oversees the case.

James E. Cross, Esq., at Cross Law Firm, P.L.C., and MCA Financial
Group, Ltd. serve as the Debtor's legal counsel and financial
advisor, respectively.  The Debtor also tapped Hostmark
Hospitality
Group, LLC to manage its Hyatt House hotel in Colorado Springs,
Colo.




HILTON WORLDWIDE: S&P Alters Outlook to Pos., Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Hilton Worldwide Holdings
Inc. to positive from negative and affirmed all of its ratings,
including its 'BB' issuer credit rating.

The positive outlook reflects the potential for a one-notch upgrade
over the next year given our updated forecast that Hilton will
continue to improve its systemwide RevPAR and EBITDA margin, which
we anticipate will reduce its S&P Global Ratings-adjusted debt to
EBITDA below 5x in 2022.

S&P said, "The outlook revision reflects our updated and more
favorable expectations for Hilton's credit metrics for 2022 and
2023 due to ongoing leisure demand and an anticipated rebound in
business transient and group bookings, which will likely translate
into 2022 leverage below 5x absent unanticipated financial policy
choices. Our estimate of 2021 S&P Global Ratings-adjusted debt to
EBITDA is about 5.5x based on reported fourth-quarter 2021 results,
which outperformed our base case forecast and results in an
accelerated deleveraging path in 2022. Leisure demand has remained
resilient despite the omicron variant, resulting in Hilton's
fourth-quarter 2021 systemwide comparable RevPAR that was 13.5%
below the same period in 2019, and we believe leisure demand will
mostly hold up over the next few months because of ongoing pent-up
leisure travel combined with some continued remote work
arrangements and extended weekend travel. Hilton's recovery is also
helped by having a majority of its rooms base in North America,
which has experienced a faster rebound in leisure travel compared
with other regions. In addition, after a significant setback in
weekday occupancy due to the negative effect of the omicron variant
on travel in January and so far in February 2022, we believe
business transient and group bookings may recover in the coming
months, which could contribute to more midweek demand and bring
about a more well-rounded RevPAR recovery as some return-to-office
plans are implemented and conference season begins in the spring
season of 2022.

"Our updated leverage forecast is in the 4x-4.5x range for 2022,
which is below our 5x upgrade threshold at the 'BB' rating. Because
Hilton is starting 2022 with higher RevPAR and lower leverage than
we previously assumed, we updated our assumption for 2022
systemwide RevPAR to be 5%-15% below 2019 levels, compared with our
previously published assumption of 15%-25% below 2019 levels. The
improvement in RevPAR will likely be supported by continued pent-up
leisure demand in 2022. Consumers will likely concentrate their
travel plans around long holiday weekends and the summer, as they
did during 2021. We assume Hilton can generate S&P Global
Ratings-adjusted EBITDA margin in the mid-60% area in 2022 given
the robust leisure demand, a relatively low share of total revenue
currently from low-margin owned and leased hotels, and improvements
to the cost structure implemented during the pandemic. Owned leased
hotels almost achieved breakeven profitability in the fourth
quarter of 2021, and as they continue to recover, Hilton's EBITDA
will increase while EBITDA margin could be somewhat offset due to a
mix shift toward more revenues from these hotels. Over time,
however, we believe margin could expand due to more revenues from
franchise and management fees, as well as cost structure
initiatives. Based on these assumptions, we believe Hilton will be
better positioned to restore credit metrics in line with a
one-notch higher 'BB+' issuer credit rating. We believe leverage
will increasingly be in the company's control and a function of
financial policy choices over the coming quarters."

The forecast is partly dependent on Hilton's financial policy
choices. On the fourth quarter earnings call, Hilton stated that it
could restart dividends in the second quarter of 2022 at the same
payout per share as pre-COVID levels. In addition, the company
suggested that free cash flow after dividend payments during the
remainder of 2022 could be mostly utilized for share repurchases,
particularly if the company becomes increasingly certain about the
trajectory of operating performance. S&P has incorporated these
assumptions into our base case. However, to the extent that Hilton
engages in shareholder capital returns beyond these levels, which
the company has not indicated and it has not assumed, the
deleveraging path would be slower.

Hilton's historical financial policy targets 3.0x-3.5x net leverage
based on the company's measure of adjusted EBITDA. Even if Hilton
reaches its leverage target, S&P believes the company might raise
leverage from time to time to finance investments or return capital
to shareholders, as it has indicated it will do this year. Hilton
set its historical financial policy in 2017 when it spun off its
real estate and timeshare businesses and the debt that went with
them, resulting in significant cash flow and debt reduction. Hilton
accomplished a significant reduction in leverage after 2013,
primarily through a highly visible, publicly stated strategy of
reducing debt with available free cash flow until the company
reached it leverage policy goal.

S&P's rating reflects Hilton's business strengths. Hilton benefits
from its sizable and geographically diverse lodging system,
portfolio of brands that targets multiple price points, favorable
brand recognition, and strong loyalty program. In addition,
Hilton's ability to attract hotel owners and developers to its
expanded collection of quality brands has endured this crisis
relatively well, which can be seen in the net unit growth of 5.6%
in 2021 and about 5% in 2022. In addition, Hilton's S&P Global
Ratings-adjusted EBITDA margin is typically very high and was in
the mid-60% area even in 2021. The company also has a fairly
variable cost structure because of its primarily management and
franchising business model, which is reflected in its projection
that a 1% change in RevPAR should translate into an approximately
1% change in Hilton-adjusted EBITDA for RevPAR fluctuations of up
to 30%.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Social-Health and safety

The positive outlook reflects the potential for a one-notch upgrade
over the next year given S&P's updated forecast that Hilton will
continue to improve its systemwide RevPAR and EBITDA margin, which
it anticipates will reduce its S&P Global Ratings-adjusted debt to
EBITDA below 5x in 2022.

S&P said, "To raise the rating, we would need to believe the
recovery were robust enough to enable Hilton to maintain leverage
under 5x, incorporating its future capital allocation plans.

"We could revise the outlook to stable if we believe Hilton's
leverage will likely stay in the 5x-6x range. While unlikely given
our base case forecast, we could lower the rating if we believed
that Hilton's leverage would be sustained above 6x. Such a scenario
would likely be the result of a new and materially impactful
COVID-19 variant that impairs RevPAR and EBITDA."

ESG credit indicators: To E-2, S-3, G-2; From E-2, S-4, G-2

S&P said, "Health and safety factors have improved in our view and
are now a moderately negative consideration in our credit rating
analysis of Hilton. As a result, we changed our social credit
indicator to S-3 from S-4. The S-3 reflects the unprecedented
decline in systemwide RevPAR due to the pandemic, which we assume
will gradually recover over the next two years under our base-case
scenario." Safety and health scares are an ongoing risk. Although
this was a rare and extreme disruption, Hilton is unlikely to
recover to 2019 systemwide RevPAR until 2023. Regional health
concerns and travel restrictions will likely slow recovery in
Europe for Hilton, partly due to the company's portfolio of leased
hotels in this region with high operating leverage and EBITDA
sensitivity to revenue fluctuations. Hilton's leased portfolio
could also cause EBITDA margin to recover more slowly, despite the
company's primarily high-margin, fee-based hotel management and
franchising business model. Risk also centers around regional
health concerns, a slower recovery among upscale and luxury hotels,
and uncertainty around long-term disruption to group and business
travel.



HLH TIMBER: Updates Several Secured Claims Pay Details
------------------------------------------------------
HLH Timber Company, LLC, submitted a First Amended Plan of
Reorganization dated Feb. 15, 2022.

Debtor's Plan of Reorganization provides for the continued
operations of the Debtor in order to make payments to its creditors
as set forth in this Plan. Debtor seeks to confirm a consensual
plan or reorganization so that all payments to creditors required
under the Plan will be made directly by the Debtor to its
creditors.

Regardless, if the Debtor has to seek confirmation of this Plan
pursuant to 11 U.S.C. Sec. 1191(b), then the Debtor will likewise
seek approval from the Court to act as the payment administrator
under the Plan pursuant to § 1194(b).  The Debtor asserts that it
is in the creditors best interests for the Debtor to act as payment
administrator under the Plan even if the Plan is confirmed pursuant
to § 1191(b), as it will reduce administrative expenses, providing
greater payout to general unsecured creditors.  The Debtor asserts
that cause exists for the Court to allow the Debtor to act as
payment administrator even if confirmed pursuant to Sec. 1191(b).

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

Class 1-1 Texas Workforce Commission filed an amended claim (Claim
No. 18) in the amount of $1,012.06 as an Administrative Expense
Claim pursuant to 11 U.S.C. Sec. 503.  The Debtor will pay the full
amount of the Administrative Expense Claim on the Effective Date of
the Plan.

Class 2-1 Comptroller of Public Accounts filed a claim in the
amount of $2,790.01 (Claim No. 13). This claim has since been
withdrawn. No payment is due at this time. The Debtor will continue
to pay amounts to the Comptroller of Public Accounts as they come
due.

Class 2-2 Texas Workforce Commission filed an amended claim in the
amount of $5,345.48 (Claim No. 5). The Debtor will pay the full
amount of the claim two equal payments. $2,672.74 will be paid on
the Effective Date of the Plan, and the remaining $2,672.740 will
be paid within 60 days of the Effective Date.

Class 3 consists of Priority Unsecured Tax Claim. This claim is
impaired. Shelby County filed an amended claim in the amount of
$7,999.99 for 2020 and 2021 ad valorem taxes. The Debtor will pay
the full amount of the claim at 6% interest over 6 months. The
payments will be $1,356.76 per month with the first monthly payment
being due and payable within 60 days after the Effective Date,
unless this date falls in a weekend or federal holiday, in which
case the payment will be due on the next business day.

Class 4 consists of Secured Claims. These claims are not impaired.
U.S. Small Business Administration filed a proof of claim in the
amount of $156,734.59 (Claim No. 1). This claim is secured by a
blanket lien on all assets of the Debtor. The Debtor will pay the
full claim of $156,734.59 pursuant to the original terms of the
agreement. As set forth in the Note, the monthly payment will be
$731.00. The first monthly payment is currently not due until June
2022. In the event the U.S. Small Business Administration further
extends that initial payment date, the Debtor shall be permitted to
wait until that later date.

Class 5-3 Kubota Credit Corporation, U.S.A. filed a secured claim
(Claim No. 19) in the amount of $25,299.85. Debtor will pay the
full amount of the at 5.25% interest per annum in monthly
installments and the claim will be paid in full in 60 equal monthly
payments. The payments will be $480.34 per month with the first
monthly payment being due and payable 30 days after the effective
date, unless this date falls on a weekend or federal holiday, in
which case the payment will be due on the next business day.

Class 5-4 TD Auto Finance filed a secured claim (Claim No. 17) in
the amount of $71,311.85. Debtor will pay the full amount of the
claim at the contract rate of 3.94% interest per annum in monthly
installments and the claim will be paid in full in 60 equal monthly
payments. The payments will be $1,311.39 per month with the first
monthly payment being due and payable 30 days after the effective
date, unless this date falls on a weekend or federal holiday, in
which case the payment will be due on the next business day.

Class 6-1 Shelby Savings Bank filed a secured claim (Claim No. 14)
in the amount of $35,793.99. This claim is secured by a 2015 Viking
Log Trailer VIN #2216, 2015 Viking Log Trailer VIN #2231, and a
2007 Viking Log Trailer #2966. The Debtor will pay the full amount
of the claim at 5.25% interest per annum in monthly installments
and the claim will be paid in full in 60 equal monthly payments.
The payments will be $679.58 per month with the first monthly
payment being due and payable 30 days after the effective date,
unless this date falls on a weekend or federal holiday, in which
case the payment will be due on the next business day.

Class 8 consists of Special Secured Claim. This claim is impaired.
B1 Bank filed a proof of claim (Claim No. 6) in the amount of
$1,573,024.04. B1 Bank asserts it is fully secured by Debtor's
personal property including an extensive list of vehicles. Debtor
has determined it is willing to surrender several pieces of
equipment totaling $1,102,684.00, based on the values of B1 Bank's
Appraisal. The remaining $470,340.04 will be paid as a secured
claim up to the fair market value of the retained collateral. Any
remaining balance will be treated as a general unsecured claim.
Payments will begin within 30 days after the filing of an amended
proof of claim, unless this date falls on a weekend or federal
holiday, in which case the payment will be due on the next business
day.

Like in the prior iteration of the Plan, Debtor will distribute up
to $12,777.90 to the Class 7 General Allowed Unsecured creditor
pool over the 5 year term of the plan. The Debtor's Allowed
Unsecured Claimants will receive 3% of their allowed claims under
this plan.

A full-text copy of the First Amended Plan dated Feb. 15, 2022, is
available at https://bit.ly/3BBPVAB from PacerMonitor.com at no
charge.

Debtor's Counsel:

     Robert Chamless Lane, Esq.
     The Lane Law Firm
     6200 Savoy Dr Ste 1150
     Houston,TX 77036-3369
     Tel: (713) 595-8200
     Email: notifications@lanelaw.com

                     About HLH Timber Company

Joaquin, Texas-based HLH Timber Company, LLC, a privately held
company that operates in the logging industry, filed its voluntary
petition for Chapter 11 protection (Bankr. E.D. Texas Case No. 21
90155) on Aug. 20, 2021.  Heith Harper, owner, signed the petition.
At the time of the filing, the Debtor disclosed total assets of up
to $1 million and liabilities of up to $10 million.  Robert
Chamless Lane, Esq., at The Lane Law Firm, is the Debtor's legal
counsel.


IGLESIAS DIOS: Seeks to Tap Juan Pomales Torres as Accountant
-------------------------------------------------------------
Iglesias Dios Es Amor, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Juan Pomales
Torres, an accountant practicing in Rio Grande, P.R., to provide
general accounting and financial counseling services.

Mr. Torres will be paid at his hourly rate of $200.

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

The accountant can be reached at:

     Juan C. Pomales Torres
     Urb. Ponderosa
     668 Trinitaria St.
     Rio Grande, PR 00745
     Telephone: (787) 564-1935
     Email: juancarlos.pomales@gmail.com

                    About Iglesias Dios Es Amor

Iglesias Dios Es Amor, Inc. filed its voluntary petition for relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case
No. 21-03508) on Nov. 29, 2021, listing as much as $1 million in
both assets and liabilities. Elias Reyes Ortiz, president, signed
the petition.

Judge Edward A. Godoy oversees the case.

The Debtor tapped Gerardo L. Santiago Puig, Esq., at Santiago Puig
Law Offices as legal counsel and Juan C. Pomales Torres as
accountant.


INNOVATION PHARMACEUTICALS: Incurs $1.9M Net Loss in 2nd Quarter
----------------------------------------------------------------
Innovation Pharmaceuticals Inc. filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $1.87 million on zero revenue for the three months
ended Dec. 31, 2021, compared to a net loss of $6.17 million on
zero revenue for the three months ended Dec. 31, 2020.

For the six months ended Dec. 31, 2021, the Company reported a net
loss of $3.93 million on zero revenue compared to a net loss of
$7.35 million on zero revenue for the six months ended Dec. 31,
2020.

As of Dec. 31, 2021, the Company had $13.07 million in total
assets, $6.12 million in total liabilities, and $6.95 million in
total stockholders' equity.

As of Dec. 31, 2021, the Company's cash amounted to $9.9 million
and current liabilities amounted to $4.5 million.  The Company has
expended substantial funds on its clinical trials and expects to
continue its spending on research and development expenditures.
The Company had working capital of approximately $5.5 million and
$4.2 million at Dec. 31, 2021 and June 30, 2021, respectively.

On July 31, 2020, the Company entered into a new common stock
purchase agreement with Aspire Capital Fund, LLC which provides
that, upon the terms and subject to the conditions and limitations
set forth therein, Aspire Capital is committed to purchase up to an
aggregate of $30.0 million of the Company's common stock over the
24-month term of the 2020 Agreement.  In consideration for entering
into the 2020 Agreement, the Company issued to Aspire Capital
6,250,000 shares of its Class A Common Stock as a commitment fee.
The commitment fee of approximately $1.4 million was recorded as
deferred financing costs and additional paid-in capital and this
asset will be amortized over the life of the 2020 Agreement.  As of
Dec. 31, 2021, the available balance was $25.4 million.

"We anticipate that future budget expenditures will be
approximately $8.3 million for the next 12 months, including
approximately $6.3 million for clinical activities, supportive
research, and drug product.  Alternatively, if we decide to pursue
a more aggressive plan with our clinical trials, we will require
additional sources of capital during the fiscal year 2022 to meet
our working capital requirements for our planned clinical trials.
Potential sources for capital include grant funding for COVID-19
research and equity financings.  There can be no assurances that we
will be successful in receiving any grant funding for our
programs," Innovation said.

Management believes that the amounts available from Aspire Capital
and under the Company's effective shelf registration statement will
be sufficient to fund the Company's operations for the next 12
months.

"If we are unable to generate enough working capital from our
current or future financing agreements with Aspire Capital (which
expires in the first quarter of fiscal 2023) when needed or secure
additional sources of funding, it may be necessary to significantly
reduce our current rate of spending through reductions in staff and
delaying, scaling back or stopping certain research and development
programs, including more costly Phase 2 and Phase 3 clinical trials
on our wholly-owned development programs as these programs progress
into later stage development.  Insufficient liquidity may also
require us to relinquish greater rights to product candidates at an
earlier stage of development or on less favorable terms to us and
our stockholders than we would otherwise choose in order to obtain
up-front license fees needed to fund operations.  These events
could prevent us from successfully executing our operating plan,"
the Company said.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1355250/000147793222000779/ipix_10q.htm

                    About Innovation Pharmaceuticals

Innovation Pharmaceuticals Inc. (IPIX) -- http://www.IPharmInc.com
-- is a clinical stage biopharmaceutical company developing a
portfolio of innovative therapies addressing multiple areas of
unmet medical need, including inflammatory diseases, cancer,
infectious disease, and dermatologic diseases.

Innovation reported a net loss of $13.87 million for the year ended
June 30, 2021, a net loss of $6.65 million for the year ended June
30, 2020, and a net loss of $8.68 million for the year ended June
30, 2019.  As of Sept. 30, 2021, the Company had $14.73 million in
total assets, $6.43 million in total liabilities, and $8.30 million
in total stockholders' equity.


INTELSAT SA: FCC Approves Plan to Emerge From Chapter 11 Bankruptcy
-------------------------------------------------------------------
Hailey Konnath of Law360 reports that the Federal Communications
Commission on Wednesday, February 16, 2022, gave its blessing to
Intelsat SA's plan to emerge from Chapter 11, finding that a
transfer of control from the bankrupt commercial satellite operator
to a planned new parent company is in the public interest.

FCC International Bureau chief Thomas P. Sullivan, Wireless
Telecommunications Bureau acting chief Joel D. Taubenblatt and
Office of Engineering and Technology acting chief Ronald T. Repasi
signed off on an order granting Intelsat's applications for consent
to the assignment and transfer of control of authorizations from
the old company to the new parent.

                      About Intelsat SA

Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers.  The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors.  The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.

Intelsat S.A. and its debtor-affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020.  The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer.  At
the time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.

Judge Keith L. Phillips oversees the cases.   

The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal
counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; PJT Partners LP as financial advisor & investment banker;
Deloitte LLP as tax advisor; Deloitte Financial Advisory Services
LLP as fresh start accounting services provider; and Deloitte
Transactions and Business Analytics LLP as valuation services
provider.  Stretto is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.  The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc., as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.


ION GEOPHYSICAL: Has New Forbearance Deal Thru March 8
------------------------------------------------------
ION Geophysical Corporation last week announced it has entered into
a Second Forbearance and Sixth Amendment with PNC Bank, National
Association.

The bank has agreed to waive, through and including March 8, 2022,
a cross default that would have occurred under the parties' Credit
Agreement by virtue of ION's missing, and still not having paid,
the interest payment on its 8.00% Senior Secured Second Priority
Notes due in 2025 that was due on December 15, 2021.

In addition, ION and PNC agreed, among other things, that ION would
pay down the outstanding balance under the Credit Agreement by
$1.25 million, to reduce the total commitment thereunder to $15.6
million, and that the cash dominion and covenant testing trigger
would be set at below $3.75 million US non-restricted cash for five
consecutive business days.

On December 16, 2021, ION elected to miss the December 15, 2021 due
date to pay the outstanding principal and interest on its 9.125%
Note, and the interest payment on its 8.00% Senior Secured Second
Priority Notes due in 2025.  Missing payment on the 2021 Notes did
not result in any cross default on the Company's outstanding
indebtedness or its credit facility. Under the 2025 Notes, the
Company had a 30-day grace period to cure missed interest payments.


On January 14, 2022, the Company and PNC entered into a Forbearance
and Fifth Amendment to the Revolving Credit and Security Agreement
dated August 22, 2014, pursuant to which PNC agreed (i) to waive,
through and including February 15, 2022, a cross default that would
have occurred under the Credit Agreement and (ii) to other changes
to the terms of the Credit Agreement.  Also on that date, the
Company entered into a Forbearance Agreement with holders of more
than 79% of its 2025 Notes to forbear until February 15, 2022 from
enforcing, or taking any action to direct the 2025 Notes indenture
trustee to enforce, their rights and remedies arising as a result
of the missed interest payment.

The parties entered into the Second Forbearance and Sixth Amendment
to Credit Agreement on February 15, 2022.

ION also entered into Amendment No. 1 to the Forbearance Agreement
with holders of more than 79% of its 2025 Notes.  By the 2025 Notes
Forbearance Agreement Amendment, the joining noteholders agree to
forbear (subject to certain early termination events) until March
8, 2022 from enforcing, or taking any action to direct the 2025
Notes indenture trustee to enforce, their rights and remedies
arising as a result of ION's failure to make the December 15, 2021
interest payment due on the 2025 Notes.

ION remains in continuing discussions with PNC and the holders of
its 2025 Notes and other indebtedness regarding various strategic
alternatives to strengthen its financial position and maximize
stakeholder value. These strategic alternatives include, among
others, a sale or business combination transaction or sales of
assets, any of which may be executed as part of an in-court or
out-of-court restructuring process.

                  Executive Retention Program

On February 11, 2022, the Company entered into an Executive
Retention Program designed to retain certain key executives of the
Company in their current roles while the Company continues its
strategic alternatives process.  Pursuant to the ERP, the
executives must continue their employment with the Company
generally through the conclusion of the strategic alternatives
process or they will forfeit the full amount of the retention
payment. If an executive is terminated for cause or voluntarily
terminates his or her employment with the Company without good
reason (other than as a result of death or disability) such
executive must repay his or her retention payment in full. The ERP
was formulated with the input and based upon the recommendations of
the Board's advisors.

The Company's named executive officers received the following
amounts under the ERP:

     Named Executive Officer             Retention Award Amount

     Christopher T. Usher
        President and CEO                     $262,500

     Michael L. Morrison
        Executive Vice President
        and Chief Financial Officer           $200,000

     Dale J. Lambert
        Executive Vice President,
        E&P Technology & Services             $175,000

     Kenneth G. Williamson
        Executive Vice President,
        Innovation & Strategic
        Marketing                             $125,000

     Matthew R. Powers
        Executive Vice President,
        General Counsel and
        Corporate Secretary                   $175,000

Houston, Texas-based ION Geophysical provides acquisition
equipment, software, planning and seismic processing services, and
seismic data libraries to the global oil & gas industry.  As of
September 30, 2021, ION had $191 million in total assets and $256
million in total liabilities.

In its quarterly report for the quarter ended September 30, 2021,
the Company warned there is substantial doubt about its ability to
continue as a going concern.

On April 20, 2021, the Company completed restructuring transactions
that extended the maturity of the notes tendered in the an exchange
offer by four years to December 2025 and provided additional
liquidity. While the Company completed the Restructuring
Transactions and revenues in the third quarter significantly
improved, the Company said the timing of the market recovery
remains uncertain and overall revenues were lower than expected.
Though the significant revenues generated during the third quarter
are expected to have a positive impact on the Company's near-term
cash collection, it may not be sufficient to fund the Company's
operations and meet the Company's debt and other obligations.

In the same quarterly report, the Company noted that amounts
totaling $16.8 million would become due and payable in the fourth
quarter and that, based on the Company's current available
liquidity, the near-term payment obligations, and its obligations
from the Company's on-going operations, such as amounts due to its
seismic acquisition partners and royalty obligations, there is
substantial doubt about the Company's ability to continue as a
going concern. Furthermore, any failure to make the required
payments on the Company's Old Notes or the newly issued 8.00%
Senior Secured Second Priority Notes due 2025 -- would likely
result in a default under that indebtedness and likely cause
cross-defaults under the Company's other indebtedness further
limiting its ability to access capital, including under its Credit
Agreement.  

"As a result of these liquidity issues, the Company is considering
various strategic alternatives, which include, among others, a sale
or other business combination transaction, sales of assets, private
or public equity transactions, debt financing, or some combination
of these alternatives. This process is ongoing and there can be no
assurance that the Company's efforts will be successful. If the
Company is unable to significantly increase its revenues and cash
collection in the fourth quarter or raise additional funds through
equity issuances, further debt financing arrangements, sales of
assets or through other means of preserving cash through cost
reduction initiatives, the Company would be unable to continue as a
going concern," the Company said.

The Company also disclosed in the same report it was implementing a
significant cost reduction program, building on the over $40
million eliminated last year, in an effort to right size its
business. Approximately $16 million of additional annualized
savings were identified through a combination of both short-term
and long-term reductions. In addition to maintaining ongoing cost
discipline, the Company would continue to identify opportunities
for government relief such as employee retention credits.


ISTAR INC: Moody's Puts 'Ba3' CFR Under Review for Upgrade
----------------------------------------------------------
Moody's Investors Service has placed iStar Inc.'s ('iStar' or 'the
REIT') Ba3 corporate family and senior unsecured ratings on review
for upgrade based on expected improvement in its liquidity and
secured leverage when the pending sale of the net lease portfolio
is completed. The REIT's B2 preferred stock and Ba2 senior secured
credit facility ratings have also been placed on review. The
Speculative Grade Liquidity Rating remains unchanged at SGL-2.

The review will focus on the utilization of the sale proceeds and
the post-transaction portfolio strategy.

The following ratings were placed on review for upgrade:

Issuer: iStar Inc.

Corporate family rating currently Ba3, placed on review for
upgrade

Senior Secured Bank Credit Facility currently Ba2, placed on review
for upgrade

Senior Unsecured Rating currently Ba3, placed on review for
upgrade

Senior Unsecured shelf currently (P)Ba3, placed on review for
upgrade

Preferred stock currently B2, placed on review for upgrade

Subordinate shelf currently (P)B2, placed on review for upgrade

Preferred shelf currently (P)B2, placed on review for upgrade

Preferred shelf Non-cumulative shelf currently (P)B2, placed on
review for upgrade

Issuer: iStar Inc.

Outlook, Changed To Rating Under Review From Stable

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

iStar Inc.'s ("iStar" or "the REIT") ratings have reflected its
high quality net lease portfolio, material equity investment in
Safehold Inc. - its affiliate (NYSE: SAFE, ' Safehold', senior
unsecured rating of Baa1), elevated leverage metrics and sound
liquidity. With the proposed sale of the net lease assets,
Safehold, a rapidly growing ground lease platform, will become
iStar's largest exposure.

iStar expects to receive $1.6 billion of net proceeds from the
transaction after repayment of the mortgage debt, about $700
million, related to the net lease assets. The REIT's plan to pay
down the senior secured term loan will reduce secured leverage and
improve the unencumbered asset ratio. Moody's estimates that,
post-transaction, iStar will have almost $1.5 billion in cash
relative to $2.1 billion of unsecured debt and $300 million of
preferred stock. Near-term capital needs are moderate with $288
million of convertible debt maturing in Q4 2022 and modest other
commitments. Additional debt repayment from the remaining proceeds
could strengthen the debt plus preferred to gross assets ratio.

With prudent asset selection, the ground lease structure is a low
risk business due to the high level of capital subordination to the
lease position. Safehold is an important asset for iStar with a
current market value at almost 2x the book value of its holdings.
Nevertheless, operational cashflows from the investment, primarily
dividends, have been modest so far. In contrast, the net lease
segment, which accounted for 47% of the REIT's investment at the
end of Q3 2021, has been a steady source of operating cashflows
used to service debt.

The primary credit considerations during the review would be the
use of sale proceeds and the REIT's post-transaction portfolio
strategy including allocation to investments that generate
predictable cashflows. Moody's will also reassess the suitability
of the metrics it uses to evaluate iStar during the review given
the upcoming changes in its portfolio mix.

The ratings could be upgraded if a sizeable portion of the proceeds
are used to pay down debt, reducing financing costs to a level that
can be sustained by recurring operating cash flows. Articulation of
a portfolio strategy reliant upon businesses with a larger
proportion of recurring revenue would also create positive ratings
momentum.

A downgrade of the ratings is unlikely given the direction of the
review. The ratings could be confirmed if aggregate leverage
remains at current levels and there is limited clarity on future
capital and portfolio strategy.

iStar Inc. [NYSE: STAR] finances, invests in and develops real
estate and real estate related projects. The New York City-based
REIT had total assets of $4.8 billion as of September 30, 2021,
including the $1.1 billion investment in its ground lease
affiliate, Safehold Inc. [NYSE: SAFE].

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.


JOHNSON & JOHNSON: MDL Lawyer Slams Victim Blaming
--------------------------------------------------
Attorney Leigh O'Dell of Beasley Allen, Co-Lead Counsel for the
Plaintiffs' Steering Committee in consolidated multidistrict
litigation (MDL) in New Jersey federal court, on behalf of
approximately 38,000 women and families harmed by Johnson &
Johnson's Baby Powder, released the following statement at the
conclusion of a hearing regarding Johnson & Johnson's LTL
bankruptcy filing:

"In the closing arguments in the LTL bankruptcy hearing, J&J
attorneys implored the court to 'protect the claimants from their
greedy lawyers.' Johnson & Johnson's talc products have harmed or
killed thousands of consumers. Now, desperate to avoid
responsibility, its high-priced lawyers -- some making considerably
more than $1000 an hour -- are criticizing ovarian cancer victims
and those suffering from mesothelioma for hiring lawyers of their
own. This attempt at blaming and shaming won't work and ultimately,
we believe our clients will prevail in the face of J&J's
reprehensible conduct."

                    About Johnson & Johnson

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

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

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

                      About LTL Management

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

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

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

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

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


K ANTHONY INC: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
K. Anthony, Incorporated dba K. Anthony Pre-School Inc. asks the
U.S. Bankruptcy Court for the Central District of California, Los
Angeles Division, for authority to use the cash collateral of its
secured creditors and provide adequate protection.

The Debtor requires access to cash collateral to pay the reasonable
expenses it incurs during the ordinary course of operating its
elementary school, pre-school, and kindergarten.

The Debtor's principal liability is the obligation owed to the
Internal Revenue Service for unpaid payroll taxes and unpaid taxes
owed to Employment Development Department.

The Debtor does not own any real property. The principal assets of
the Debtor's estate are the personal property located at 8420,
8440, 8702, 8708 Crenshaw Blvd., Inglewood, California 90301 which
has a scheduled value of approximately $30,280. The Debtor also has
approximately $55,000 in accounts receivable from Chrystal Stairs.

The Debtor derives its income from tuition paid by students and
from Crystal Stairs, which offers subsidized child care programs
for low-income families.

The major event that precipitated the filing of the present Chapter
11 was the IRS levy.

The Debtor proposes to use the cash collateral it has on hand and
the future income from business operation to pay the allowed
expenses pursuant to the Debtor's budget, with a variance of 10%.

The Debtor's secured creditors are the IRS and the Employment
Development Department. The Debtor proposes to give the IRS a
replacement lien on its post-petition assets pursuant to the
collateral described in IRS's tax lien notices with the same
priority as existed prior to the filing and up to the value of the
cash collateral actually used post-petition. The Debtor is also
proposing a monthly adequate protection payment to the IRS in the
amount of $1,500, subject to the Court's approval of the emergency
cash collateral motion.

The Debtor proposes to give EDD a replacement lien on its
post-petition assets pursuant to the collateral described in EDD's
tax lien notices with the same priority as existed prior to the
filing and up to the value of the cash collateral actually used
post-petition. The Debtor is offering a $500 monthly adequate
protection payment to Employment Development Department for the
state tax liens.

A copy of the motion and the Debtor's budget for the period from
February to March 2022 is available at https://bit.ly/3JInO5S from
PacerMonitor.com.

The Debtor projects $90,000 in gross income and $76,343 in gross
expenses for February 2022.

                  About K. Anthony, Incorporated

K. Anthony, Incorporated operates the K. Anthony's School in
Inglewood, California which was established in 1982, and offers
education to kindergarten, pre-school and elementary school
students.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No 2:22-bk-10852-SK) on
February 16, 2022. In the petition signed by Margaret Johnson,
chief executive officer, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.

Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger is
the Debtor's counsel.



LATAM AIRLINES: Creditor Group Prepares Alternative Financing
-------------------------------------------------------------
Becky Yerak of The Wall Street Journal reports that a group of
Latam Airlines Group SA's creditors said they are prepared to
provide alternative financing if a bankruptcy judge rejects a
financial lifeline from another creditor group.

The splinter group of creditors, which includes Pentwater Capital
Management LP, Invictus Global Management LLC and Avenue Capital
Group, said it is ready to backstop $400 million of a rights
offering and roughly $3.27 billion in the sale of convertible
notes, according to people familiar with the matter.

                         About Intelsat SA

Intelsat S.A. -- http://www.intelsat.com/-- is a publicly held
operator of satellite services businesses, which provides a diverse
array of communications services to a wide variety of clients,
including media companies, telecommunication operators, internet
service providers, and data networking service providers. The
Company is also a provider of commercial satellite communication
services to the U.S. government and other select military
organizations and their contractors. The Company's administrative
headquarters are in McLean, Virginia, and the Company has extensive
operations spanning across the United States, Europe, South
America, Africa, the Middle East, and Asia.

Intelsat S.A. and its debtor-affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Lead Case No. 20-32299) on May 13, 2020. The
petitions were signed by David Tolley, executive vice president,
chief financial officer, and co-chief restructuring officer.  At
the time of the filing, the Debtors disclosed total assets of
$11,651,558,000 and total liabilities of $16,805,844,000 as of
April 1, 2020.

Judge Keith L. Phillips oversees the cases.   

The Debtors tapped Kirkland & Ellis LLP and Kutak Rock LLP as legal
counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; PJT Partners LP as financial advisor & investment banker;
Deloitte LLP as tax advisor; Deloitte Financial Advisory Services
LLP as fresh start accounting services provider; and Deloitte
Transactions and Business Analytics LLP as valuation services
provider.  Stretto is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 27, 2020.  The committee tapped Milbank LLP and
Hunton Andrews Kurth LLP as legal counsel; FTI Consulting, Inc. as
financial advisor; Moelis & Company LLC as investment banker; Bonn
Steichen & Partners as special counsel; and Prime Clerk LLC as
information agent.


LOGISTICS GIVING: Seeks to Hire 'Ordinary Course' Contractors
-------------------------------------------------------------
Logistics Giving Resources, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Utah to employ Ignite Spot
Outsourced Accounting Services, Strategic Business Systems, LCC,
and 2ones LLC as its ordinary course contractors.

Ignite Spot Outsourced Accounting Services serves as the Debtor's
bookkeeper and receives $1,800 per month for its services.
Strategic Business Systems assists the Debtor in obtaining ERC
clients and receives 2 percent fee based on the amount of ERC,
while 2ones LLC assists the Debtor in offering ERC to its clients
and receives $2,000 per week.

Michael Perog of Strategic Business Systems, Brett Fritz of 2ones
LLC, and Dan Luthi of Ignite, disclosed in court filings that the
firms are "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

The firms can be reached through:

     Michael Perog
     Strategic Business Systems, LCC
     Telephone: (435) 602-0208
     Email: michael@perog.net

            - and –

     Brett Fritz
     2ones LLC
     Telephone: (872) 588-8558

            - and –

     Dan Luthi
     Ignite Spot Outsourced Accounting Services
     1188 W. Sportsplex Drive, Suite 203
     Kaysville, UT 84037
     Telephone: (855) 694-4648
     Email: dan@ignitespot.com

                 About Logistics Giving Resources

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.


LSB INDUSTRIES: S&P Upgrades ICR to 'B', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on LSB
Industries Inc. to 'B' from 'B-'. S&P also raised its rating on the
company's senior secured notes one-notch to 'B'.

Prices for LSB Industries Inc.'s nitrogen-based products such as
ammonia, urea ammonium nitrate (UAN), and high-density ammonium
nitrate (HDAN) have risen dramatically, and are now significantly
higher than realized 2019-2020 levels.

In the short term, LSB should continue to benefit from a number of
macroeconomic factors, which together have led to a substantial
rise in nitrogen product prices over the past 12 months. Tightness
in nitrogen fertilizer markets has propelled prices for
agricultural ammonia, UAN, and HDAN substantially higher in recent
quarters, with Tampa ammonia and UAN selling for over $1,000 per
metric ton and $500 per short ton, respectively, as of February
2022. Market tightness began to surface in early 2021, when
weather-related disruptions in North America caused unplanned
outages across the industry, while a number of planned plant
turnarounds, postponed from 2020, further tightened supply. More
recently, extremely high natural gas prices in Europe have made
production uneconomical for local producers, leading to
curtailments and plant shutdowns, with LSB benefiting from the
widening differential between high European and relatively lower
North American natural gas costs. Additionally, marginal supply has
been removed from the international market by China and Russia, who
have announced actions restricting urea and ammonia nitrate
exports, respectively, in an effort to reign in fertilizer costs
for domestic farmers. U.S. anti-dumping duties on Russian and
Trinidadian UAN producers also loom as a potential catalyst for
continued pricing strength, although a final determination on the
duties has not been made, and they are not expected to go into
effect for several months. The supply crunch has coincided with
strong agricultural demand, supported by rising corn prices and
expectations for stable to slightly higher U.S. corn acres planted.
S&P said, "While we see potential demand destruction on the margin
from farmers switching production away from corn to less
nitrogen-intensive crops such as soybeans, we note that unlike
other fertilizers where application could potentially be skipped
for a planting season, nitrogen leaches from the soil and must be
applied annually. Overall, we expect LSB's volume to remain
relatively flat year over year due to the company's two scheduled
turnarounds, and expect demand will remain supportive of EBITDA
growth in the company's industrial and mining segments, underpinned
by our assumptions for elevated housing starts, mineral prices, and
an eventual rebound in new vehicle production."

S&P said, "The stable outlook on LSB reflects our view that
elevated nitrogen fertilizer pricing will persist for longer than
previously expected, driven by tighter domestic supply from rising
worldwide natural gas costs, curtailed exports from key producers,
and strong agricultural demand. We expect higher market prices for
LSB's key agricultural and industrial products will lead to a
continued improvement in credit metrics on a year-over-year basis,
with S&P Global Ratings-adjusted EBITDA improving to about 3x in
2021 and funds from operations (FFO) to debt rising above 20%.
However, while short-term market fundamentals remain favorable, we
continue to incorporate potential future commodity price volatility
and potential leveraging acquisitions into our analysis."

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

-- Significant unplanned operating disruptions or outages occur at
any of the company's facilities, leading to lost production/sales
and potentially impairing liquidity.

-- Tampa ammonia, UAN, and HDAN prices revert to levels realized
over the past few years or fall below historical levels. In this
scenario, we envision the company would generate negative free cash
flow, which would weaken liquidity.

-- The company consistently generates negative free cash flow.

-- Management pursues more aggressive financial policies than
expected in our base case. This could include large, leveraging,
acquisitions or shareholder rewards.

-- If any of these factors contributed to credit metrics
deteriorating to a level that is not commensurate with our current
'B' rating, with debt to EBITDA approaching 5x on a
weighted-average basis or FFO to debt falling below 12%.

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

-- The company improves leverage, either through further debt
reduction, or stronger-than-expected operating performance, which
would most likely result from a prolonged period of higher
commodity prices and sustained demand in key end markets. In such a
scenario, S&P would expect credit metrics to improve modestly, with
debt to EBITDA falling below 3x and FFO to debt rising above 30%.

-- S&P believes the improvement in EBITDA and free cash flow is
sustainable even when factoring in volatile commodity pricing and a
future demand/pricing downturn in markets for the company's
products.

-- S&P expects no significant increase in debt used to fund growth
initiatives or returns to shareholders.

-- The company develops a longer record of improved operational
performance, including higher operating rates and minimal plant
disruptions, and/or it improves its competitive advantage through
inorganic or organic expansion and growth initiatives.



LTL MANAGEMENT: Only J&J Benefits From Case, Victims Lawyers Say
----------------------------------------------------------------
Vince Sullivan of Law360 reports that two committees representing
talc injury claimants in the Chapter 11 case of Johnson & Johnson's
talc unit summed up their arguments for the dismissal of the
bankruptcy case Thursday, February 17, 2022, telling a New Jersey
judge that no one benefits from the case except for J&J, which
isn't a debtor.

During closing arguments, Ian Shapiro of Cooley LLP said on behalf
of the committee representing mesothelioma claimants that J&J had
more than enough cash to continue handling the 38,000 tort claims
against it and that bankruptcy was filed for newly created
subsidiary LTL Management LLC to shield the parent's assets from
recovery.

                         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.


MCKISSOCK INVESTMENT: Moody's Affirms B3 CFR Amid Debt Funded Deal
------------------------------------------------------------------
Moody's Investors Service affirmed McKissock Investment Holdings,
LLC.'s ("Colibri") B3 Corporate Family Rating and B3-PD Probability
of Default Rating following the proposed acquisition of Becker
Professional Education (Becker) and OnCourse Learning (OCL) from
Adtalem Financial Services. Additionally, Moody's also assigned B2
ratings for the proposed new senior secured first lien bank credit
facilities consisting of a revolver and term loan. The outlook is
stable.

Proceeds from the proposed $645 million first lien term loan and
$180 million second lien term loan (unrated) along with new equity
from its sponsor and a small amount of balance sheet cash will be
used to repay Colibri's existing debt ($404 million), fund the
acquisition of Becker and OCL, and pay related fees and expenses.
At the same time, Colibri is raising a new $50 million five year
revolving credit facility (undrawn at close) due 2027.

The transaction is credit negative because of the increase in debt
and leverage. Pro forma for the proposed transaction, Moody's
adjusted debt-to-EBITDA leverage will increase from the mid 6x for
the LTM period ended December 31, 2021 to the mid 7x range (Moody's
adjusted EBITDA deducts capitalized content development cost). This
pro forma leverage is an improvement from the leverage in June 2021
(about 8x) when the company came to the market for a refinancing
that included a dividend to owners. Financial policy is aggressive
given this is the second debt funded acquisition since June 2021.

Nevertheless, Moody's is affirming the B3 CFR and maintaining the
stable outlook because the company will be able to de-lever with
solid earnings growth over the next year. Colibri is also expected
to maintain good liquidity over the next year with $10 million cash
on the balance sheet at the close of the transaction, access to the
new $50 million undrawn revolver, and expected free cash flow of
about $30 million over the next year.

The B2 ratings on the proposed credit facility are one notch above
the B3 CFR to reflect the priority lien on the collateral relative
to the proposed second lien term loan. The second lien term loan
would absorb first losses in the event of a default. Moody's is
taking no action on the B3 ratings on the existing senior secured
first lien credit facilities (revolver and term loan) because the
company plans to repay these instruments as part of the proposed
refinancing. Moody's will withdraw these ratings if the instruments
are retired as expected.

Moody's took the following ratings actions:

Issuer: McKissock Investment Holdings, LLC

Ratings affirmed:

Corporate Family Rating, affirmed B3

Probability of Default Rating, affirmed B3-PD

Ratings assigned:

Proposed Senior Secured First Lien Credit Facilities (revolver and
term loan), Assigned B2 (LGD3)

Outlook Action:

Outlook: Remains Stable

Ratings Rationale

Colibri's B3 CFR broadly reflects its high financial leverage with
Moody's adjusted debt-to-EBITDA in the mid 7x (after deducting
content development costs from EBITDA) for the trailing twelve
months ended December 31, 2021, pro forma for the proposed
acquisitions of Becker and OCL. Moody's expects debt-to-EBITDA
leverage will decline to the high 6x over the next 12 to 18 months
with earnings growth, barring any additional borrowings. The rating
is also constrained by its private equity ownership and the
aggressive financial policy including debt funded acquisitions and
dividend. The rating also reflects the company's small scale as
measured by revenue and competition in the fragmented end markets
it serves. However, the rating is supported by Colibri's
established market position for the end markets it serves. The
company has grown both organically and through tuck-in
acquisitions, and the rating acknowledges its track record of
successfully integrating acquired companies. The rating also
benefits from the company's improving end market diversity though
the company remains meaningfully exposed to cyclical end markets
such as real estate and financial services. The non-discretionary
nature of the services Colibri provides a partial mitigant to the
exposure with qualifying and continuing education for licensure
based professions in financial services, real estate, property
valuation and appraisal, healthcare, and teaching a requirement for
individuals choosing to participate in such professions. Colibri's
good liquidity provides some flexibility to integrate acquisitions
and execute its growth strategies.

Moody's views Colibri's governance risk as high given its private
equity ownership by Gridiron Capital. Financial policy is
aggressive given this is the second debt funded acquisition since
the new issuer transaction in June 2021 when the company accessed
the market to refinance its debt and fund a dividend to its owners.
Moody's expects additional debt funded acquisitions in the future
as the company has adopted a very active growth through acquisition
strategy. Furthermore, as a private company, financial disclosures
are also more limited than for public companies.

Moody's regards the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety. Although an economic recovery is
underway, and its continuation will be closely tied to containment
of the virus, there is uncertainty around Moody's forecasts.

Other social risks include the need to maintain good customer
relations and a skilled workforce necessary to develop the content
and deliver the service including through technology-based
distribution.

Environmental considerations are minimal and primarily related to
energy usage, and are not a material credit driver

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

The stable outlook reflects Moody's expectation that barring any
additional borrowings, the company will be able to de-lever to a
high 6x debt-to-EBITDA range over the next 12 to 18 months through
earnings growth. However, given its private equity ownership,
Moody's expects re-leveraging transactions including debt funded
acquisitions or sponsor distributions to keep leverage in this
range over the longer term. The stable outlook also reflects
Moody's expectation for good liquidity over the next year.

The ratings could be downgraded if there is deterioration in
operating performance, market share declines, EBITA-to-interest
expense is less than 1.0x, free cash flow is weak or negative, or
liquidity otherwise deteriorates. The ratings could also be
downgraded if credit metrics weaken due to an aggressive financial
policy.

The ratings could be upgraded if the company delivers sustained
organic revenue and earnings growth, with Moody's adjusted
debt-to-EBITDA sustained below 6.5x and free cash flow as a
percentage of debt sustained above 5%.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms: 1) Incremental debt capacity subject to a
4.9x pro forma net first lien net leverage requirement (if pari
passu with first lien) or 6.25x secured net leverage on junior
secured debt or 6.25x total net leverage for unsecured debt. No
portion of the incremental may be incurred with an earlier maturity
than the initial term loans. 2) Only wholly owned subsidiaries must
provide guarantees; partial dividends or transfers of ownership
interest resulting in partial ownership of subsidiary guarantors
could jeopardize guarantees, with no explicit protective provisions
limiting such guarantee releases. 3) There are no expressed
"blocker" provisions which prohibit the transfer of specified
assets to unrestricted subsidiaries; such transfers are permitted
subject to covenant carve-out capacity and other conditions. 4) The
credit agreement is expected to provide some limitations on
up-tiering transactions, including the requirement that 100% of
lenders consent to the subordination of liens on all or
substantially all of the collateral or all or substantially all of
the value of the guarantees; a consent of each lender directly and
adversely affected will be required with respect to modifications
of the pro rata sharing and pro rata repaying provisions.

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

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

Headquartered in St Louis, Missouri, Colibri is a provider of
mandatory professional education solutions across four core end
markets including financial services, real estate, valuation and
appraisal, healthcare, and teaching. The company has been owned by
the private equity firm Gridiron Capital since May 2019. Pro forma
for the acquisitions of Becker, OCL, InforMed and TeachNow, the
company generated revenue of about $362 million for the trailing
twelve months ended December 31, 2021.


MCKISSOCK INVESTMENT: S&P Affirms 'B-' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its ratings on U.S.-based professional
education solutions provider McKissock Investment Holdings LLC,
including the 'B-' issuer credit rating.

The stable outlook reflects our expectation that Colibri's organic
growth will stabilize in the high-single-digit percent area in 2022
as it expands into more markets, and that the company will be able
to generate positive free cash flow despite its heavy debt burden.
We forecast leverage will decline although still remaining elevated
at about 8x over the next 12 months.

McKissock, which does business as Colibri Group, proposed $645
million first-lien term loan and $50 million revolving credit
facility.

The company will use proceeds, along with equity from its sponsor,
to fund Becker Professional Education and OnCourse Learning's
acquisition and refinance Colibri's existing term loan.

The affirmation reflects S&P's view that Colibri will continue to
generate sufficient free operating cash flow (FOCF) despite its
debt-funded acquisitions of Becker and OnCourse Learning, which
will increase Colibri's leverage to 8x in 2022. Colibri plans to
acquire Becker Professional Development Corp. and OnCourse Learning
Corp. Becker is an educational solution provider to accounting and
finance professionals, and OnCourse Learning provides educational
technology offerings for governance, risk and compliance (GRC)
training and mortgage professionals. The company is purchasing
these companies from Adtalem Global Education Inc., which it will
fund with the proceeds from a new $645 million first-lien term loan
and $180 million second-lien term loan (unrated) as well as an
equity contribution from its financial sponsor. Along with the
acquisition, the company plans to fully repay its existing $405
million outstanding term loan and issue a new $50 million revolver.
Pro forma for the acquisition and refinancing, we estimate
Colibri's adjusted leverage for the 12 months ended Dec. 31, 2021,
will increase to the high-8x area from the low-8x area. S&P said,
"We expect it to gradually reduce its leverage to 8x in 2022 as
margins continue to improve from operating leverage, reduced
one-time expenses, and more favorable business mix. Nonetheless, we
forecast Colibri will generate adjusted FOCF of between $35 million
and $45 million in 2022 and 2023."

S&P said, "We expect Colibri's adjusted leverage to remain high and
FOCF to debt to remain low due to its increased debt load and
aggressive financial policy. We expect Colibri to continue pursuing
acquisitions that provide additional scale, diversification, and
capabilities in line with historical periods. As such, we believe
any significant credit-metric improvements will be temporary and
that Colibri will continue to opportunistically reward its
private-equity sponsors with debt-funded dividends rather than
prioritizing debt repayment. Furthermore, although we expect the
company to generate FOCF to debt of about 5% in the next 12 months,
cash flow generation could be thin with increased debt obligations
and rising interest rates or weakened operating performance.

The proposed Becker and OnCourse Learning acquisitions will
modestly diversify its business mix. Becker is the leading player
in the certified public accountant (CPA) exam review industry and
also provides continuing professional education (CPE) and certified
management accountant (CMA) training solutions, whereas OnCourse
Learning is an educational technology provider for GRC training and
mortgage professionals. S&P said, "We believe the acquisitions will
increase revenue diversification by growing the company's
participation in its financial services end market and create a
more favorable business mix with increased revenue contributions
from business to business (B2B) and continuing education offerings,
which we view to be more stable than B2C and qualifying education
offerings. As part of its new go-to-market strategy to generate
more recurring revenue, both acquisitions will deepen Colibri's
existing B2B customer relationships and reduce the company's high
degree of revenue from qualifying education courses in its real
estate segment, which poses a risk during economic and industry
downturns. However, we expect pro forma Colibri to grow at a slower
rate due to Becker and OnCourse Learning's more mature growth
profiles."

Colibri has a small but growing revenue base in a fragmented
industry. S&P views the professional education solutions industry
as highly fragmented and competitive, as there has been an
increased demand for specialized training, certifications, and
licensing for working professionals. In addition, COVID-19-related
restrictions have accelerated the shift of content delivery and
exams to online platforms. While Colibri has more resources and
more course offerings than most small family-owned direct regional
competitors, it also has a much smaller scale than rated peers in
the broader professional education market with more diverse course
offerings. Colibri competes by acquiring direct regional
competitors and improving operations through scale, a common
content delivery platform, and a multi-channel marketing platform.
As such, the company has made several recent tuck-in acquisitions,
driving strong double-digit revenue growth in 2020 and 2021.
Nevertheless, S&P believes Colibri faces integration risk from
combining multiple acquisitions into its operations in a short
timeframe.

S&P said, "The stable outlook reflects our expectation that
Colibri's organic growth will stabilize in the high-single-digit
percent area in 2022 as it expands into more markets, and that the
company will be able to generate positive free cash flow despite
its heavy debt burden. We forecast leverage will decline although
still remaining elevated at about 8x over the next 12 months.

"We could lower the rating if Colibri generates reported free cash
flow below $15 million, which in our view would raise uncertainty
regarding the sustainability of the capital structure." This could
occur under a combination of the following factors:

-- The company faces operating challenges, such as declining
average order volume, because of increased competition or an
inability to integrate tuck-in acquisitions; or

-- Has revenue growth challenges, margin pressure, or interest
rate increases; or

-- Aggressive financial policy decisions such as poorly timed,
large debt-funded acquisitions or substantial debt-funded
distributions to its sponsor.

Although unlikely over the next 12 months, S&P could raise the
issuer credit rating if the company exhibits:

-- A track record of significantly growing its EBITDA base with
good operating leverage and synergies from acquisitions; and

-- A financial policy that develops a record of reducing leverage
below 5.5x on a sustained basis.

ESG credit indicators: E2, S2, G3

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



MEADOWLARK HILLS: Fitch Rates 2022 Bonds 'BB+'
----------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the following health
care facilities revenue bonds expected to be issued by the City of
Manhattan, Kansas on behalf of Meadowlark Hills:

-- $16,575,000 series 2022A;

-- $2,250,000 tax exempt mandatory paydown securities (TEMPS),
    series 2022B-1; and

-- $3,000,000 TEMPS, series 2022B-2.

Fitch has also affirmed Meadowlark Hills' 'BB+' Issuer Default
Rating (IDR) and the 'BB+' rating on $41.7 million in series 2021A
health care facilities revenue bonds, and $3.5 million in series
2021B taxable health care facilities revenue bonds issued by the
City of Manhattan, Kansas on behalf of Meadowlark Hills.

The Rating Outlook is Stable.

Proceeds from the series 2022 bonds will be used to finance the
Monarch project, and approximately $4.5 million of additional
capex, 15 months of capitalized interest and various debt service
reserve fund (DSRF) deposits, as well as pay the costs of issuance.
The bonds are expected to sell via negotiation on or about March
2.

SECURITY

Bondholders are granted a security interest in the gross revenues
of Meadowlark Hills and a first mortgage lien on the Meadowlark
Hills campus. A fully-funded DSRF provides additional security.

ANALYTICAL CONCLUSION

The affirmation of the 'BB+' ratings reflects Fitch's expectations
that Meadowlark Hills will maintain cash-to-adjusted debt and
maximum annual debt service (MADS) coverage consistent with current
levels through a moderate stress scenario. The affirmation also
factors in the series 2022 plan of finance to construct a 24-unit
IL expansion known as Monarch.

The rating also reflects Meadowlark Hills' steady market position
as the leading life plan community (LPC) in a weak service area, as
well as its predominantly type-B contracts, which provide for good
profitability, despite a high exposure to skilled nursing facility
(SNF) operations, particularly those reimbursed by Medicaid.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Limited Competition; Adequate Demand

Fitch's 'bbb' revenue defensibility assessment reflects Meadowlark
Hills' market position as a single-site LPC. While there are no
competitive entrance fee communities in its primary market area
(PMA), Meadowlark Hills has numerous competitors that offer select
continuum of care services, such as standalone assisted living (AL)
providers. Demand is supported by Meadowlark Hills' good reputation
in the community and high SNF quality ratings. The 24 IL expansion
units in Monarch are 71% presold with 10% deposits. However, the
service area has experienced a large population decline over the
past five years, which Fitch views as a longer-term risk.

Operating Risk: 'bb'

Solid Core Profitability, High SNF and Medicaid Exposure

Fitch's 'bb' assessment of Meadowlark Hills' operating risk
reflects a historical track record of strong cost management, and
the community's predominantly type-B contract mix. The assessment
also considers risks associated with Meadowlark Hills' high
exposure to skilled nursing operations and Medicaid payor mix
exposure, which accounted for 40% of SNF net revenues through the
fiscal 2022 six-month interim period ended Dec. 31, 2021.

Meadowlark Hills has a modest debt burden, and the average age of
plant has increased modestly over the last three fiscal years.
Meadowlark's debt burden and capex plans are expected to increase,
but remain solidly midrange, as management pursues the series 2022
debt issuance to fund an IL expansion project and other capital
investments.

Financial Profile: 'bb'

Financial Profile Consistent with Rating Through Moderate Stress

Meadowlark Hills has historically maintained a relatively modest
leverage profile, with pro forma cash-to-adjusted debt of 44.7% at
fiscal YE 2021. Given Meadowlark Hills' 'bbb' revenue defensibility
and 'bb' operating risk assessments, and Fitch's forward-looking
scenario analysis, Meadowlark Hills is expected to maintain key
leverage metrics that are consistent with the 'BB+' rating through
a moderate stress, incorporating the series 2022 plan of finance
and expectations for successful construction and fill of the
Monarch project.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations are relevant to the rating.

RATING SENSITIVITIES

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

-- Improved financial profile such that cash to adjusted debt is
    expected to stabilize above 100% and MADS coverage is
    consistently above 2x;

-- Reduced concentration of net resident service revenues in
    skilled nursing;

-- Improved SNF payor mix where Medicaid consistently accounts
    for less than 25% of the skilled nursing net revenues.

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

-- Weakening in the operations/financial profile or issuance of
    additional debt such that cash to adjusted debt is sustained
    below 40% and/or MADS coverage is expected to be consistently
    at or below 1.5x.

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

Meadowlark Hills is a predominantly type-B LPC located on
approximately 55 acres in Manhattan, KS. The campus currently
consists of 167 IL units (54 duplexes/cottages and 113 apartments),
38 AL units (all private, with 14 utilized as memory care units)
and 134 skilled nursing beds (74 semi-private and 60 private).
Meadowlark Hills generated about $26.0 million in total operating
revenue at FYE June 30, 2021.

Revenue Defensibility

Meadowlark Hills has a total of 167 IL units on its campus, which
generate approximately 21% of the community's total net resident
service revenues. Despite a drop in IL occupancy to 87% in fiscal
2021, IL occupancy is assessed as midrange given the 94% average
over the three fiscal years leading up to 2021. IL occupancy showed
modest improvement to 88% as of the six months ended Dec. 31, 2021.
Management reports there are currently four IL units under
contract, which once converted to move ins will bring IL occupancy
up to about 90%.

Fitch expects IL occupancy to continue to improve in fiscal 2022
when marketing apartments during the coronavirus pandemic had been
a challenge and activity has been increasing on campus with the
removal of restrictions on in person sales and marketing
restrictions. Fitch also notes favorably that the Monarch expansion
IL units are currently 71% presold with 10% deposits.

Similar to IL, AL, memory care and skilled nursing occupancy levels
fell from their previous three-year averages of 93%, 89% and 87%
from fiscal 2018 to fiscal 2020, to 87%, 86% and 83% in fiscal
2021. However, occupancy in these service lines improved to 96%,
91% and 94% in the first six months of fiscal 2022.

Competition in Meadowlark Hills' PMA is limited as there is one
entrance-fee community in the area with only eight independent
living units and one rental community that is expected to open in
the near future. The remaining Meadowlark Hills' competitors are
providers who offer select healthcare services. Though the
community's historical IL demand is healthy and competition is
light, population trends are unfavorable as Manhattan, KS and Riley
County have experienced respective 4.4% and 6.9% population
declines over the last five years. Fitch does not currently view
this as a major risk at this time given the community's robust wait
list of 458 prospective residents.

Meadowlark Hills has a consistent history of rate increases for its
monthly fees for all levels of care, but entrance fee increases
have been inconsistent with 5% and 2.5% increases in 2019 and 2020.
Management did not raise entrance fees, but implemented a 2%
increase to ILU monthly service fees in fiscal 2021 and is
budgeting for a 2.5% increase in monthly service fees and 5%
increase to entrance fees for fiscal 2022.

Entrance fees on Meadowlark Hills' existing IL units range between
$60,000 and $250,000, which Fitch views as comparable to home
values based on a review of public data that shows average home
values of approximately $250,000 in Manhattan, KS and $220,000 in
Riley County. Average entrance fees on the Monarch IL units are
higher than those for existing units, ranging from about $186,000
to $370,624. However, pre-sale levels on the new units indicate
market acceptance of the higher price point and management reports
that the largest, most expensive units, are 100% presold.

Operating Risk

Meadowlark Hills offers two contract types: a type-B residential
entrance-fee agreement and a rental agreement. Approximately 47% of
contracts currently outstanding are 75% refundable contracts, 39%
of the contracts outstanding are nonrefundable contracts and 14%
are rental contracts. Entrance fees are refundable within six
months of vacancy. Upon resident transfer from an ILU to a higher
level of care, the unamortized portion of the entrance fee is
transferred to a resident deposit for care (RDC) and used to pay
the cost of healthcare services.

Once the RDC is exhausted, the resident is responsible for payment
for the cost of healthcare services. The usage of entrance fees for
healthcare service payment lowers the community's entrance fee
refunds and provides for increased balance sheet stability, which
is viewed favorably.

Meadowlark Hills had a track record of strong cost management prior
to the effects of the coronavirus pandemic on operations. The
community's operating ratio and net operating margin (NOM) averaged
87.4% and 15.2%, respectively, from fiscal 2018 to fiscal 2020.
Furthermore, despite a heavy SNF concentration and the fact that
half of the community's contracts are 75% refundable, Meadowlark
Hills NOM-adjusted has averaged a good 23.1%, which is supported by
the drawdown of the RDC that reduces the refund liability.

In fiscal 2021, Meadowlark Hills experienced increased census
volatility associated with the coronavirus pandemic, but was still
able to produce an adequate operating ratio of 89.2%, NOM of 14.2%
and NOM-adjusted of 21.2%, due in part to the recognition of a $2.5
million Paycheck Protection Program (PPP) loan as revenue and
growth in census across service lines. These metrics remained
largely stable at 89.5%, 12.1% and 18.9%, respectively in the first
six months of fiscal 2022.

Meadowlark Hills' capex-to-depreciation has averaged 99.6% over the
last four fiscal years. Fitch views Meadowlark Hills' average age
of plant of 12.8 years as of Dec. 31, 2021 as adequate, although it
has moderately increased from 11.2 years in fiscal 2018. Spending
was particularly high in fiscal 2020 at 182.4% of depreciation as
management invested into the renovation and expansion of an
eatery/pub on campus.

Proceeds from the series 2021 bonds were used refinance a bank
construction loan that was converted to a project fund. The project
fund was used to construct a primary care clinic, which is leased
to and operated by a privately-owned physician group, serving both
residents and the general public.

Proceeds from the series 2022 bonds will be used to finance an IL
unit expansion project, Monarch, which is expected to include 24 IL
hybrid homes in two towers within a single building and 36
underground parking spaces. Project costs for the Monarch project
are estimated at $17 million and the new IL units are expected to
generate approximately $5.5 million in initial entrance fees that
will be used to repay the temporary debt.

Construction on the Monarch project is expected to commence in
April 2022 and last approximately 15 months. A guaranteed maximum
price (GMP) contract is expected to be in place prior to bond
pricing. Management is forecasting a 6 month fill up period and is
expecting fiscal 2025 to be the first full year of project
stabilization.

Management is also contemplating the construction of a wellness
center that has an approximately $11 million preliminary cost
estimate, which management believes will be primarily covered by
fundraising. This project is currently on hold and has not been
factored into Fitch's analysis.

Following the series 2022 transaction, Meadowlark Hills' pro forma
MADS on permanent debt will increase to about $3.5 million from
about $2.9 million. However, resultant pro forma capital-related
metrics remain solidly midrange, with pro forma MADS equating to a
moderate 12.2% of fiscal 2021 revenues. Based on fiscal 2021
results, pro forma permanent debt to net available was good 6.4x
and four-year average pro forma revenue-only MADS coverage was
1.5x.

Meadowlark Hills derives nearly 60% of its net resident service
revenue from SNF operations. Of this amount, an average of about
34% of SNF net revenues have been derived from Medicaid over the
past four fiscal years. Medicaid revenues have made up an
increasing percentage of SNF net revenues over the past few fiscal
years (35% in fiscal 2020, 40% in fiscal 2021 and 41% in the six
months ended Dec. 31, 2021), but this is partially a result of
substantial rate increases from Medicaid that Meadowlark Hills has
received over the last few years.

Despite the fact that Medicaid reimbursement rates have recently
improved, Fitch views the high exposure to SNF operations and
Medicaid as an asymmetric additional risk consideration as Medicaid
programs provide the lowest reimbursement rates among all payors
for SNF services. Furthermore, SNF demand/revenues are highly
dependent on external factors including hospital referrals and
local aging and SNF utilization trends, which are a major risk in
the midst of trends to refer discharges to home.

Financial Profile

Given Meadowlark Hills' midrange revenue defensibility and weak
operating risk assessments, and Fitch's forward-looking scenario
analysis, Fitch expects key leverage metrics to remain consistent
with a below investment-grade rating throughout the current
economic and business cycle. The series 2022 plan of finance will
add approximately $16.9 million of new debt (par amount), resulting
in pro forma debt of approximately $58.4 million. At Dec. 31, 2021
Meadowlark Hills had approximately $26.0 million of unrestricted
cash and investments (inclusive of debt service reserve funds).
Fitch calculated days cash on hand (DCOH) was 405 days at Dec. 31,
2021.

Fitch's base case scenario, a reasonable forward look of financial
performance over the next five years given current economic
expectations, shows Meadowlark Hills maintaining operating and
financial metrics that are largely consistent with historical
levels of performance, as census rebounds across all service lines.
The scenario analysis also assumes successful construction and fill
of the Monarch project and repayment of the temporary debt, which
Fitch believes is reasonable based on the high level of presales to
date. Capex is expected to be above depreciation to fund the
upcoming clinic project and Monarch IL expansion project.

As part of the forward look, Fitch assumes an economic stress (to
reflect financial market volatility), which is specific to
Meadowlark Hills' asset allocation. As a result of the stress and
additional debt, Meadowlark Hills' cash-to-adjusted debt drops to a
low of about 41%, but shows recovery to current levels by year four
of Fitch's stress case scenario, consistent with the 'BB+' rating.
MADS coverage remains at or above 2.1x and DCOH remains comfortably
above 300 days throughout Fitch's stress case scenario.

Asymmetric Additional Risk Considerations

Meadowlark Hills' unfavorable reliance on SNF and particularly
Medicaid revenues is incorporated into Fitch's 'bb' assessment of
operating risk and reflected in the 'BB+' rating. No other
asymmetric risk considerations are relevant to the rating.

ESG CONSIDERATIONS

Meadowlark Hills' ESG Relevance Score for Exposure to Social
Impacts has been revised to '3' from '2' to align the issuer with
sector guidance.

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.


MED-X, INC: Financial Report Should be Restated, Auditor Says
-------------------------------------------------------------
Med-X, Inc., said in a regulatory filing with the Securities and
Exchange Commission that Prager Metis CPAs, LLC (Prager Metis), the
Company's independent registered public accounting firm, discussed
with the Company that its previously issued financial statements
for the fiscal years ended December 31, 2020 and December 31, 2019
should be restated and should no longer be relied upon.

Subsequent to the issuance of the Company's 2020 financial
statements for the years ended December 31, 2020 and December 31,
2019, Prager Metis on February 10, 2022, told Med-X it recently
determined that the Company did not record the correct expense
formula associated with the issuance of shares provided for stock
options to employees, consulting services, shares to the Company's
landlord and its selling shareholder.

Prager Metis determined that when issuing stock options to
employees and consultants, the Company incorrectly recorded stock
option expense at the then share price of $.60 which was based upon
its Regulation D 506(c) at that time. The Company restated its
stock option expense based upon estimating the Fair Value of the
ordinary shares on the grant dates. The Company considered factors
we believe are material to the valuation process, including, but
not limited to, actual and projected financial results, risks,
economic and market conditions, and estimates of weighted average
cost of capital. Similarly, Prager Metis determined that the
Company did not appropriately record the fair value of shares
issued to its landlord for prepaid rent at the time of its lease
renewal in 2020.

Med-X, a Nevada corporation, has been conducting an offering under
Regulation A+ of the Securities Act of 1933, as amended.  Under the
Company's Regulation A+ Offering, one of its Executives and Founder
was allowed to sell a portion of his common shares. Under
Accounting Standards Codification 718 Prager Metis concluded that
the Company did not appropriately record compensation expense and
payroll tax expense for shares sold by the Executive and Founder
during fiscal years 2020 and 2019.

Med-X also said an opening adjusting entry for the year ended
December 31, 2018, in the amount of $620,855 was made as a
reduction to Additional Paid in Capital and a reduction in
Accumulated Deficit. The cumulative effect of all restatement
adjustments resulted in a reduction in the Company's Accumulative
Deficit as of December 31, 2020 of $113,161.

                           About Med-X

Med-X, Inc. is a Nevada corporation formed in February 2014 and is
engaged in product development, distribution, and marketing.  In
April 2018, the Company through a merger acquired Pacific Shore
Holdings, Inc. The Company and PSH developed a series of
proprietary natural "green" branded products under the product
names: Nature-Cide(R), Thermal-Aid(R), Home Spa(TM) and Malibu
Brands.

Med-X reported $3 million in total assets and $2.2 million in total
liabilities as of December 31, 2020.

El Segundo, California-based Prager Metis, in its April 28, 2021
audit report, said that as of December 31, 2020, the Company had
recurring losses from operations and an accumulated deficit. These
conditions, among others, raise substantial doubt about its ability
to continue as a going concern.


MESQUITE GENERATION: S&P Affirms 'B' Rating on Term Loan B
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on Mesquite Generation
Holdings LLC's term loan B (TLB) due in March 2026.

S&P's recovery rating of '2' indicates its expectations for
meaningful (70%-80%, rounded estimate: 70%) recovery in the event
of default.

The stable outlook reflects S&P's expected minimum debt service
coverage ratio (DSCR) of 1.8x and material expected excess cash
sweeps in 2022 and 2023 given an increase in forward power prices
in ERCOT.

Mesquite Generation Holdings LLC, formerly known as Lonestar II
Generation Holdings includes a coal-fired power plant, Major Oak
Power LLC, and two gas-fired power plants, Bastrop Energy Partners
L.P., and Paris Generation L.P. in the Electric Reliability Council
of Texas (ERCOT) market.

Bastrop Energy Partners L.P. (Bastrop) is a 552-megawatt (MW)
natural gas-fired facility located in Cedar Creek, Texas. It
achieved commercial operations in 2002. Bastrop is connected to the
Kinder Morgan Texas Pipeline and Enterprise Texas Pipeline LLC, and
it receives firm gas transportation of up to 75,000 million (mm)
Btu per day. The power plant is equipped with two GE 7FA natural
gas-fired gas turbines, and a Toshiba DF-408 steam turbine.

Paris Generation L.P. (Paris) is a 248 MW gas-fired peaking
facility that provides service in Lamar County, Texas. The power
plant has been in operation since 1990. It is connected to and
receives natural gas from the Natural Gas Pipeline Co. of America,
an interstate pipeline system owned by Kinder Morgan.

Paris uses two GE 7EA gas turbines and a GE SAC-STAG steam
turbine.

GE and Toshiba turbines deployed by the two power plants have a
proven track record with operational data for several decades.

Major Oak Power LLC (Twin Oaks) is a 308 MW coal-fired baseload
power plant in Robertson County, Texas. It achieved commercial
operations in 1991 and is equipped with two circulating fluidized
bed boilers and two steam turbines. Adjacent to the power plant is
an open-pit coal mine, Walnut Creek, which provides at-cost coal to
the plant and is a part of the collateral package.

Independent engineers concluded that the assets were well
maintained and had a good physical conditions compared to assets of
a similar vintage. S&P estimates that each asset has a useful life
of about 25 more years.

Twin Oaks has an adjacent coal mine, which provides it with at-cost
coal, at about $1 per mmBtu, which is lower than the average cost
of $2 per mmBtu in the U.S. in 2021.

Accessibility of relatively low-cost natural gas in ERCOT due to
its close proximity to the Permian Basin and Eagle Ford Shale.
45% of Twin Oaks' generation volumes and 20% of Bastrop's volumes
are hedged in 2022. S&P expects similar hedges in the following
years.

High cash flow volatility stemming from highly seasonal demand for
power in ERCOT and the lack of a capacity revenue mechanism.
Walnut Creek, a coal mine that provides at-cost coal to Twin Oaks,
will be depleted by 2030 and management will need to source coal
from third party suppliers.

In addition, S&P anticipates more stringent regulation of fossil
fuels over the next decade combined with the penetration of
low-cost wind and solar power to have a negative impact on
Mesquite's capacity factors and margins.

S&P said, "The affirmation of the 'B' rating with the stable
outlook on Mesquite's senior secured term loan B reflects our
expected minimum DSCR of 1.8x and a material increase in expected
cash flow generation during the life of the loan driven by an
upward movement of the forward price curve in ERCOT. We assume
spark spreads of about $10 per MW hour (MWh) for Bastrop and Paris,
and dark spreads in the range of $20 for Twin Oaks during the tenor
of the term loan B."

The project benefits from its access to relatively inexpensive
natural gas due to the proximity to the Permian basin, as well as
availability of at-coast coal from Walnut Creek. Given the cost
profile of operating assets, S&P expected power prices result in
cash flows available for debt service (CFADS) that are 45%-55%
higher than we formerly projected for 2022 and 2023.

As of the end of third quarter 2021, the project's outstanding TLB
balance was $285 million. Given the 100% excess cash sweep, S&P now
expects an outstanding loan balance of about $100 million at
maturity in March 2026. However, the refinancing risk is not a
material constraint to the rating as S&P's estimated project life
coverage ratio is 2.35x, which it considers high.

S&P said, "The stable outlook reflects our expected minimum DSCR of
1.8x in December 2026 and excess cash sweep in the range of $50
million to $60 million in 2022 and 2023 supported by improving
forward power prices in ERCOT. We anticipate a lower than
previously projected outstanding TLB balance of about $100 million
at maturity in March 2026 and a strong project life coverage ratio
(PLCR) of 2.35x."

S&P could take a negative rating action if:

-- Power price volatility in ERCOT results in the min. DSCR
declining to below 1.5x, or

-- If due to higher than expected debt balance at maturity PLCR
declines to below 1.1x.

Although unlikely at this time, S&P could take a positive rating
action if:

-- Spark spreads in ERCOT improved significantly in the medium
term and brought the minimum DSCR to above 2.25x in all years of
the project;

-- Downside resilience improves such that it is commensurate with
a 'bb' resilience stress; and

-- The project does not add material debt.



MMPR MEDICAL: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: MMPR Medical Constulting LLC
        9669 SW 96 St
        Miami, FL 33176

Business Description: MMPR Medical is a Single Asset Real Estate
                      debtor (as defined in 11 U.S.C. Section
                      101(51B)).  The Debtor owns an investment
                      property located at 9669 SW 96 St, Miami, FL

                      having a liquidation value of $900,000.

Chapter 11 Petition Date: February 21, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-11369

Judge: Hon. Robert A. Mark

Debtor's Counsel: Michael A. Frank, Esq.
                  LAW OFFICES OF FRANK & DE LA GUARDIA
                  10 NW Le Jeune Rd
                  Suite 620
                  Miami, FL 33126
                  Tel: (305) 443-4217
                  Email: Pleadings@bkclawmiami.com

Total Assets: $901,000

Total Liabilities: $1,565,584

The petition was signed by Vidal A. Jimenez, mgmr.

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

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

https://www.pacermonitor.com/view/UFOY6JI/MMPR_Medical_Constulting_LLC__flsbke-22-11369__0001.0.pdf?mcid=tGE4TAMA


MR. COOPER GROUP: Moody's Assigns 'B1' CFR; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
to Mr. Cooper Group Inc. (Mr. Cooper). Concurrently, Moody's
withdrew the B2 CFR and upgraded to B1 from B2 the backed long-term
senior unsecured rating of Mr. Cooper's indirect, wholly-owned
subsidiary, Nationstar Mortgage Holdings Inc. (Nationstar) and
upgraded to B1 from B2 the issuer rating of Mr. Cooper's operating
subsidiary, Nationstar Mortgage LLC. A stable outlook was assigned
to Mr. Cooper, and Nationstar's and Nationstar Mortgage LLC's
outlooks were changed to stable from positive.

Assignments:

Issuer: Mr. Cooper Group Inc.

Corporate Family Rating, Assigned B1

Upgrades:

Issuer: Nationstar Mortgage Holdings Inc.

Gtd Senior Unsecured Regular Bond/Debenture, Upgraded to B1 from
B2

Issuer: Nationstar Mortgage LLC

Issuer Rating, Upgraded to B1 from B2

Withdrawals:

Issuer: Nationstar Mortgage Holdings Inc.

Corporate Family Rating, Withdrawn, Previously Rated B2

Outlook Actions:

Issuer: Mr. Cooper Group Inc.

Outlook, Assigned Stable

Issuer: Nationstar Mortgage LLC

Outlook, Changed To Stable From Positive

Issuer: Nationstar Mortgage Holdings Inc.

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

Moody's withdrew Nationstar's B2 CFR and assigned a CFR one notch
higher at B1 to Mr. Cooper. The B1 CFR reflects the group's
improved financial profile, including profitability and
capitalization improvements, and its enhanced capacity to grow its
capitalization levels through increased earnings, which improves
its ability to absorb unexpected losses. The B1 CFR also reflects
Mr. Cooper's strong position in the US residential mortgage
origination and servicing market. Additionally, it reflects the
company's solid liquidity position and the streamlining of its
operations through the recent sales of ancillary businesses.

Mr. Cooper's profitability as measured by net income to total
managed assets in 2021 was strong at 6.9%, and benefitted from
gains from the sales of its title and valuations businesses, and
reverse mortgage loan portfolio.

Mr. Cooper's solid profitability has led to a substantial
improvement in capital levels, with adjusted tangible common equity
(tangible common equity minus deferred tax assets) to adjusted
tangible managed assets (tangible assets minus Ginnie Mae loans
eligible for repurchase and Home Equity Conversion Mortgages) of
19.4 % as of year-end 2021, compared to 9.0% as of year-end 2020.
The recent sales of the ancillary businesses and the reverse
mortgage portfolio is also viewed as a credit positive as it
simplified the business allowing the company to focus on its core
origination and servicing business.

Mr. Cooper has continued to maintain solid liquidity, as evidenced
by the extension of the maturity of its corporate debt and its
solid cash position. In November 2021, its subsidiary, Nationstar,
issued $600 million of 5.75% senior unsecured notes due in 2031,
with the proceeds used for general corporate purposes, including
the purchase of mortgage servicing rights. Mr. Cooper's liquidity
profile also benefits from unrestricted cash of $895 million as of
year-end 2021.

The stable outlooks reflect Moody's expectation that Mr. Cooper
will maintain solid, albeit somewhat lower, profitability and
likely will modestly improve its leverage over the next 12-18
months.

The B1 senior unsecured bond rating is based on Mr. Cooper's B1 CFR
and the application of Moody's Loss Given Default (LGD) for
Speculative-Grade Companies methodology and model, which
incorporate their priority of claim and strength of asset
coverage.

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

Moody's said that the ratings could be upgraded if the company
continues to demonstrate solid financial performance, whereby
long-term, through-the-cycle profitability as measured by net
income to average assets averages at least 3.0%. In addition, the
company would need to maintain solid capital levels, such as
adjusted tangible common equity to adjusted tangible assets of at
least 17.5%, while preserving its servicing performance and
franchise value, and maintaining its current liquidity and funding
profile.

Moody's said that the ratings could be downgraded if the company's
financial performance materially deteriorates, for example, if
capitalization falls and is expected to remain below 13.5% as
measured by adjusted tangible common equity to adjusted tangible
managed assets, or if net income to assets falls to less than 1.5%
for an extended period of time, or if the company's liquidity
position deteriorates beyond an adequate buffer to its debt
covenants. In addition, the ratings could be downgraded in the
event of material negative regulatory actions that would impair Mr.
Cooper's franchise and ability to remain profitable. The long-term
senior unsecured debt and issuer ratings could be downgraded if the
company's ratio of secured debt to unsecured debt increases to and
remains above 1 to 7.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


MURIETTA HOLDINGS: Unsecured Creditors to be Paid in Full in Plan
-----------------------------------------------------------------
Murietta Holdings 2012-12 LLC filed with the U.S. Bankruptcy Court
for the Central District of California a Disclosure Statement for
First Amended Plan of Reorganization.

The Debtor is a Limited Liability Company which owns a tract of
real property, which Debtor proposes to develop.  The property has
a market value of approximately $2,400,000.

Based on the financial information, there is substantial equity in
this property, and all creditors, both, secured, unsecured, and
priority, can be paid in full. The Debtor can refinance the
property, paying all creditors in full, including all
administrative claims, priority claims and general unsecured
claims, leaving a substantial sum for equity holders.

There is $35,000 in general unsecured debt, consisting of legal
fees on various matters incurred prepetition.  There are current
property taxes for the prior year 2021 of about $3,200.

Class 4 consists of General Unsecured Claims with $35,000 total
amount of claim. This creditor shall be paid in full on the
effective date of the Plan. The source of the funds to pay this
creditor is the refinance of the Debtor's property. This Class is
unimpaired.

The Plan provides that these interests are the equity holders of
the Debtor.  As required by the absolute Rule, this class of
interests shall receive no money, property, or distributions from
the Debtor until all other creditors in all other classes have been
fully paid.  At that time, all remaining property if any, shall
revert to the Debtor, and equity security holders shall retain
their interest in the Debtor.

The Plan provides for its implementation by funding the Plan
through the refinancing of the Debtor's real property. Creditors
should be aware that the Bankruptcy Code requires that the Debtor
receive Court permission for the borrowing of these funds. The Plan
requires the Debtor to petition the Court in advance of incurring
said Debt. Until the refinancing of the property, miscellaneous
expenses of this Chapter 11 case, including U.S. Trustee fees, are
being funded by David Thomas.

A full-text copy of the Disclosure Statement dated Feb. 15, 2022,
is available at https://bit.ly/3H9Cv0c from PacerMonitor.com at no
charge.

Attorney for the Debtor:

     Alan M. Lurya, Esq.
     Law Offices of Alan M. Lurya
     15615 Alton Parkway, Suite 450
     Irvine, CA 92618
     Tel: (949) 440-3230
     Email: alanlurya@yahoo.com

              About Murrieta Holdings 2012-12

Murrieta Holdings 2012-12, LLC is a Laguna Beach, Calif.-based
company engaged in activities related to real estate.

Murrieta Holdings filed a petition for Chapter 11 protection
(Bankr. C.D. Calif. Case No. 21-12430) on Oct. 6, 2021, listing up
to $10 million in assets and up to $1 million in liabilities. D.
Scott Abernethy, authorized representative of the Debtor, signed
the petition.

The Debtor tapped the Law Offices of Alan M. Lurya as legal
counsel.


NAVITAS MIDSTREAM: Moody's Withdraws 'B2' CFR, Other Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn all of Navitas Midstream
Midland Basin, LLC's ratings, including its B2 Corporate Family
Rating, B2-PD Probability of Default Rating, and B2 senior secured
term loan rating.

Withdrawals:

Issuer: Navitas Midstream Midland Basin, LLC

Corporate Family Rating, Withdrawn, previously B2, Placed on
Review for Upgrade

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

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

Outlook Actions:

Issuer: Navitas Midstream Midland Basin, LLC

Outlook, Changed To Rating Withdrawn From Rating Under Review

RATINGS RATIONALE

Navitas' term loan balance was fully repaid on February 17, 2022,
after the company was acquired by Enterprise Products Partners L.P.
(Enterprise Products Operating, LLC, Baa1 stable). All of Navitas'
ratings have been withdrawn since all of its rated debt is no
longer outstanding.

Navitas Midstream Midland Basin, LLC is a natural gas gathering and
processing company with primary operations in the Midland, Martin,
Howard, Glasscock, Reagan and Upton Counties. It is now a wholly
owned subsidiary of Enterprise Products Partners L.P., one of the
largest publicly-traded midstream energy master limited
partnerships, headquartered in Houston, Texas.


NORDIC AVIATION: Claims Filing Deadline Set for March 5
-------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia set
March 5, 2022, at 4:00 p.m. (Prevailing Eastern Time) for
individuals, partnerships, estates and trust to file proofs of
claim against Nordic Aviation Capital Designated Activity Company
and its debtor-affiliates.  The Court also set June 17, 2022, at
4:00 p.m. (Prevailing Eastern Time) as deadline for governmental
units to file their claims against the Debtors.

Each proof of claim must be filed or submitted, including
supporting documentation, by electronic submission through Epiq's
website at http://dm.epiq1.com/nac,or if submitted through
non-electronic means by U.S. mail, other hand delivery system,
which proof of claim must include an original signature, or other
overnight mail, so as to be actually received by Epiq on or before
the general relevant Debtors claim bar date or other applicable
relevant Debtors bar date at:

a) if by first-class mail:

   Nordic Aviation Capital Designated Activity Company
   Claims processing Center
   c/o Epiq Corporate Restructuring LLC
   PO Box 4419
   Beaverton, OR 97076-4419

b) if by hand delivery or overnight mail:

   Nordic Aviation Capital Designated Activity Company
   Claims processing Center
   c/o Epiq Corporate Restructuring LLC
   10300 SW Allen Blvd.
   Beaverton, OR 97005

                       About Nordic Aviation

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 esignated 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.


NTI-CA INC: Taps David J. Winterton & Assoc. as Bankruptcy Counsel
------------------------------------------------------------------
NTI-CA, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Nevada to employ the law firm of David J. Winterton &
Assoc., Ltd. as its legal counsel.

The firm will render these legal services:

     (a) attend hearings;

     (b) file required schedules and papers;

     (c) prepare a disclosure statement and a plan of
reorganization;

     (d) counsel the client; and

     (e) perform other necessary services.

The firm's hourly rates are as follows:

     Attorneys $250 - $400
     Paralegals       $150

David  Winterton, Esq., an attorney at David J. Winterton & Assoc.,
Ltd., 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:

     David J. Winterton, Esq.
     David J. Winterton & Assoc., Ltd.
     7881 W. Charleston Blvd., Suite 220
     Las Vegas, NV 89117
     Telephone: (702) 363-0317
     Facsimile: (702) 363-1630
     Email: david@davidwinterton.com

                         About NTI-CA Inc.

NTI-CA, Inc. sought Chapter 11 protection (Bankr. D. Nev. Case No.
22-10459) on Feb. 10, 2022, listing up to $50,000 in assets and up
to $1 million in liabilities. Judge August B. Landis oversees the
case.

David J. Winterton, Esq., at David J. Winterton & Assoc., Ltd.,
serves as the Debtor's legal counsel.


OSCEOLA FENCE: Seeks to Hire Kosto & Rotella as Legal Counsel
-------------------------------------------------------------
Osceola Fence Supply, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Kosto & Rotella,
PA as its legal counsel.

Kosto & Rotella will render these legal services:

     (a) advise the Debtor regarding its rights, powers, duties and
obligations in the operation of its business and management of its
property;

     (b) prepare pleadings and applications and conduct
examinations incidental to administration;

     (c) advise and represent the Debtor in connection with all
applications, motions or complaints;

     (d) examine and object to the claims of creditors in this
case;

     (e) advise and assist the Debtor in the formulation and
presentation of a plan of reorganization; and

     (f) perform other legal services for the Debtor.

The firm's hourly rates are as follows:

     Attorneys   $400
     Paralegal   $100

Lawrence Kosto, Esq., an attorney at Kosto & Rotella, 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:

     Lawrence M. Kosto, Esq.
     Kosto & Rotella, PA
     619 East Washington Street
     Post Office Box 113
     Orlando, FL 32802
     Telephone: (407) 425-3456
     Facsimile: (407) 423-9002
     Email: lkosto@kostoandrotella.com

                   About Osceola Fence Supply

Osceola Fence Supply, LLC filed its voluntary petition for Chapter
11 protection (Bankr. M.D. Fla. Case No. 22-00512) on Feb. 14,
2022, listing up to $50,000 in assets and up to $10 million in
liabilities. Anthony Paradiso, managing member, signed the
petition.

Lawrence M. Kosto, Esq., at Kosto & Rotella, PA serves as legal
counsel.


PADDOCK ENTERPRISES: Asbestos Claimants Have April 8 Vote Deadline
------------------------------------------------------------------
With respect to the bankruptcy of Paddock Enterprises, LLC, Prime
Clerk, LLC, announced that if you have a General Asbestos Claim or
Indirect Asbestos Claim against Paddock Enterprises, LLC
("Paddock"), formerly Owens-Illinois, Inc., which made Kaylo
products, your rights may be affected by an upcoming vote on the
Plan (available at PaddockVote.com) as part of the Paddock
bankruptcy proceedings. Your vote will help determine whether the
Plan will be confirmed.

The Bankruptcy Court approved a disclosure statement (available at
PaddockVote.com) containing information that will help you decide
how to vote on the Plan. The Plan proposes to set up a trust to
resolve all Asbestos Claims.

Your legal rights may be affected if the Plan is approved. Only
holders of General Asbestos Claims or Indirect Asbestos Claims, or
their attorneys on their behalf, are entitled to receive a ballot
to vote on the Plan. Holders of Claims and Equity Interests in all
other Classes under the Plan are presumed to accept the Plan and
are not entitled to vote.

The voting deadline, by which ballots must be actually received by
Paddock's balloting agent, Prime Clerk LLC, is April 8, 2022 at
4:00 p.m. ET. If you are unsure whether your attorney is authorized
to vote on the Plan and intends to vote on your behalf, please
contact your attorney.

If the Plan is approved by the Bankruptcy Court, all Asbestos
Claims (whether or not you voted in favor of or against the Plan)
will be channeled to the Asbestos Trust and resolved pursuant to
the Trust Distribution Procedures.

Please read the Plan and other Plan Documents carefully for details
about how the Plan, if approved, may affect your rights.

The Plan contains release provisions that may impact your rights,
which include, among others, a "Release by Holders of Claims" in
Section 10.6 of the Plan.  You should read this provision, as well
as all other release, injunction, and exculpation provisions in the
Plan, in their entirety.

If you have an Asbestos Claim, you will be deemed to have agreed to
all "Releases by Holders of Claims" set forth in Section 10.6 of
the Plan if you fall into any of the following categories:

(a)  you vote to accept the Plan;

(b)  you vote against the Plan, but you do not opt out of the
releases by affirmatively checking the appropriate box on your
ballot; or

(c)  you do not vote for or against the Plan and do not opt out of
the releases provided for in the Plan.

You have the right to object to the Plan. The deadline to file an
objection to the Plan is May 5, 2022 at 4:00 p.m. ET. There are
specific requirements that must be followed to file an objection.
The requirements are found in the Solicitation Procedures Order and
other notices relating to Paddock's Plan (which can be found at
PaddockVote.com). Objections received after the deadline may not be
considered by the Bankruptcy Court and may be deemed overruled
without further notice.

This is only a summary. You can obtain additional information or
instructions, review the Plan Documents, or obtain a solicitation
package with a ballot to vote (as applicable), by contacting Prime
Clerk LLC. Capitalized terms used but not otherwise defined herein
have the meanings ascribed to such terms in the Plan.

For more information:

Paddock Ballot Processing
c/o Prime Clerk LLC
850 Third Avenue, Suite 412
Brooklyn, NY 11232

Visit: PaddockVote.com

Request More Information: paddockinfo@primeclerk.com

Request Ballot with Solicitation Package to Vote on the Plan:
paddockballots@primeclerk.com

Call: (877) 425-8665 (Toll-Free) or +1 (917) 947-6267
(International)

                  About Paddock Enterprises

Paddock Enterprises, LLC's business operations are exclusively
focused on (i) owning and managing certain real property and (ii)
owning interests in, and managing the operations of, its non debtor
subsidiary, Meigs, which is developing an active real estate
business. It is the successor-by-merger to Owens-Illinois, Inc.,
which previously served as the ultimate parent of the company.
Paddock Enterprises is a direct, wholly-owned subsidiary of O-I
Glass.

Paddock Enterprises sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-10028) on Jan. 6, 2020.
At the time of the filing, the Debtor disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Judge Laurie Selber Silverstein oversees the case.

The Debtor tapped Richards, Layton & Finger P.A. and Latham &
Watkins LLP as legal counsel, Alvarez & Marsal North America LLC as
a financial advisor, Riley Safer Holmes & Cancila, LLP as special
counsel, and David J. Gordon of DJG Services, LLC as a chief
restructuring officer. Prime Clerk, LLC is the claims, noticing,
and solicitation agent and administrative advisor.


PINECREST PIGEON: Taps Waller Lansden Dortch & Davis as Counsel
---------------------------------------------------------------
Pinecrest Pigeon Forge HOA, Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Waller Lansden Dortch & Davis, LLP as its legal counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued management and operation of its business and property;

     (b) advise and consult on the conduct of the Debtor's Chapter
11 case;

     (c) attend meetings and negotiate with representatives of
creditors and other parties-in-interest;

     (d) take all necessary actions to protect and preserve the
Debtor's estate;

     (e) prepare pleadings;

     (f) represent the Debtor in connection with obtaining
authority to continue using cash collateral and obtaining
post-petition financing;

     (g) advise the Debtor in connection with any potential sale of
assets;

     (h) appear before the bankruptcy court and any appellate
courts;

     (i) advise the Debtor regarding tax matters;

     (j) take any necessary action to negotiate, prepare and obtain
approval of a disclosure statement and confirmation of a Chapter 11
plan; and

     (k) perform all other necessary legal services for the
Debtor.

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

     Partner        $430 - $895
     Sr. Counsel    $555 - $770
     Counsel        $455 - $620
     Sr. Associate  $395 - $470
     Associate      $330 - $420
     Staff Attorney $235 - $415
     Paralegal      $195 - $315

In addition, the firm will seek reimbursement for expenses
incurred.

Blake Roth, Esq., an attorney at Waller Lansden Dortch & Davis,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Blake D. Roth, Esq.
     Courtney K. Stone, Esq.
     Waller Lansden Dortch & Davis LLP
     511 Union Street, Suite 2700
     Nashville, TN 37219
     Telephone: (615) 244-6380
     Facsimile: (615) 244-6804
     Email: Blake. Roth@wallerlaw.com
            Courtney.Stone@wallerlaw.com

                 About Pinecrest Pigeon Forge HOA

Tennessee-based Pinecrest Pigeon Forge HOA, Inc. filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 21-03759) on Dec. 10, 2021, listing
up to $10 million in assets and up to $100,000 in liabilities.
Jerry Bailey, president, signed the petition. Judge Randal S.
Mashburn oversees the case. Waller Lansden Dortch & Davis LLP
serves as the Debtor's legal counsel.


PRO MACH: Moody's Ups CFR to B2, Secured First Lien Rating to B1
----------------------------------------------------------------
Moody's Investors Service upgraded Pro Mach Group, Inc.'s corporate
family rating to B2 from B3 and probability of default rating to
B2-PD from B3-PD. Concurrently, Moody's upgraded the company's
senior secured first lien rating to B1 from B2. The outlook is
stable.

The ratings upgrade reflects continued strength in Pro Mach's
operating performance and credit metrics. The company has
demonstrated meaningful resilience in operations and the ability to
generate free cash flow in recent years. Good execution with
respect to bolt-on acquisitions and organic growth has resulted in
a significant expansion in scale, offerings and customer reach.
Leverage at close to 7.0x is high for the B2 rating and the
company's appetite for acquisitions will sustain leverage at
elevated levels. That said, the high leverage is mitigated by the
strong demand fundamentals which will drive continued earnings
growth and the company's good liquidity.

Upgrades:

Issuer: Pro Mach Group, Inc.

Corporate Family Rating, Upgraded to B2 from B3

Probability of Default Rating, Upgraded to B2-PD from B3-PD

Senior Secured 1st Lien Bank Credit Facility, Upgraded to B1
(LGD3) from B2 (LGD3)

Outlook Actions:

Issuer: Pro Mach Group, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Pro Mach's B2 CFR broadly reflects the company's elevated leverage
as it undertakes an aggressive growth strategy in the fragmented
packaging equipment industry. Demand for Pro Mach's machinery sales
exhibit volatility and are cyclical in nature. Due to the capital
goods nature of the company's products, risk of order delays and
contract deferrals are heightened in a recessionary environment,
with machinery sales exhibiting sharper declines than their end
markets. The rating is also constrained by Pro Mach's private
equity ownership and ensuing aggressive financial policy that
exposes the company to future leveraging events.

Nonetheless, the rating benefits from the company's diversified
product offerings and large installed base that supports a high
margin aftermarket business. The company's exposure to food &
beverage and pharmaceutical end-markets are generally stable and
growing, mitigating some of the cyclicality associated with selling
expensive capital equipment. The low capital requirements inherent
in the company's assembly-based business model provides ongoing
support to cash flow. Liquidity is also good supported by $95
million of cash and full availability under its $200 million of
revolving credit facility.

The stable outlook reflects Moody's expectation of continued
earnings growth and good liquidity over the next 12-18 months.

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

The ratings could be upgraded if strong earnings growth or a shift
to a more conservative financial policy results in adjusted
debt-to-EBITDA being sustained below 5.0x and EBITA-to-interest
above 2.0 times.

The ratings could be downgraded if the company's organic growth
stalls or EBITDA margins decline. A large debt funded acquisition
or shareholder dividend could also result in a downgrade.
Specifically, adjusted debt-to-EBITDA sustained meaningfully above
current levels, EBITA-to-interest falling below 1.5x, or
deterioration in liquidity could result in a downgrade.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

Headquartered in Covington, Kentucky, Pro Mach Group, Inc.
manufactures a broad range of packaging equipment and related
aftermarket parts and services for a number of industries including
the food, beverage, household goods and pharmaceutical industries.
Pro Mach is owned by Leonard Green & Partners. Pro Mach's revenue
for fiscal 2021 were $1.5 billion.


PURDUE PHARMA: Mediator Will Recommend Ways of Ending Bankruptcy
----------------------------------------------------------------
Tom Hals and Dietrich Knauth of Reuters report that a mediator will
soon outline recommendations for ending Purdue Pharma's bankruptcy
which is expected to provide billions of dollars to address the
opioid crisis that the OxyContin maker has been accused of fueling,
a company lawyer said on Thursday, February 17, 2022.

The Sackler family owners of Purdue and attorneys general from
eight states and the District of Columbia have been negotiating in
court-ordered mediation since early January.

The mediator will file a report with the court late on Thursday or
early Friday, Purdue attorney Marshall Huebner told U.S. Bankruptcy
Judge Robert Drain during Thursday's hearing in White Plains, New
York.

U.S. Bankruptcy Judge Shelley Chapman, the mediator, said in court
filings in recent weeks that the parties were close to an agreement
and that the Sacklers would make a "substantial" additional
contribution. She has twice asked Drain to extend the deadline for
the mediation, which in the latest court order expired on
Wednesday.

Drain granted a Purdue request to extend a legal shield through
March 3 that prevents opioid lawsuits from going forward against
members of the Sackler family.

The legal shield, which Purdue has said is needed while the parties
try to work out a settlement, has been in place since 2019.

The nine attorneys general led the opposition to a previous $4.33
billion settlement that was rejected in December on appeal by a
U.S. District judge in Manhattan. The attorneys general had argued
that the Sacklers should contribute more in return for the legal
releases they obtained through the bankruptcy plan.

Purdue filed for bankruptcy in 2019 in the face of thousands of
lawsuits accusing it and Sackler family members of helping cause
the U.S. opioid epidemic through deceptive marketing that played
down addiction and overdose risks.

The company pleaded guilty to misbranding and fraud charges related
to its marketing of OxyContin in 2007 and 2020. The Sacklers have
denied wrongdoing.

                     About Purdue Pharma LP

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

Purdue filed its Chapter 11 Plan on March 15, 2021.  A 12th amended
Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on
Sept. 17. Purdue divides the claims against it into several
categories, one of which it calls "PI Claims," consisting of claims
"for alleged opioid-related personal injury." The plan provides
for the creation of the "PI Trust," which will administer all PI
Claims. The trust will be funded with an initial distribution of
$300 million on the effective date of the Chapter 11 plan, followed
by a distribution of $200 million in 2024, and distributions of
$100 million in 2025 and 2026. In sum, "[t]he PI Trust will
receive
at least $700 million in value, and may receive an additional $50
million depending on the amount of proceeds received on account of
certain of Purdue's insurance policies."

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


PURDUE PHARMA: Sacklers to Raise Opioid Settlement Up to $6 Billion
-------------------------------------------------------------------
Jeremy Hill and Jef Feeley of Bloomberg News report that members of
the billionaire Sackler family that own Purdue Pharma LP have
offered to pay as much as $6 billion to revive the OxyContin
maker's imperiled opioid settlement, a more-than $1 billion
increase from their existing proposal.

The new settlement offer would see the Sackler family pay at least
$5.5 billion, with additional money contingent on certain asset
sales, a court appointed mediator, U.S. Bankruptcy Judge Shelley
Chapman, said in a report Friday. A final deal hasn't been reached,
according to the mediator.

The Sacklers and a handful of state attorneys general have been in
mediation for the past two months, after a New York judge rejected
an earlier deal negotiated as part of the company's bankruptcy.
That settlement would have resolved trillions of dollars in claims
by state and local governments over the company's role in the
opioid crisis and give Sackler family members broad immunity from
future lawsuits.

As part of the deal, Purdue will hand over nearly all of its assets
to the states, cities and counties that are suing the drugmaker
over its handling of the pain killer OxyContin. Billions of dollars
also would be provided to fund anti-addiction programs.

But the plan to give Purdue's owners immunity from future opioid
lawsuits has been a sticking point, drawing the ire of some states
and local politicians. Attorneys general from eight states and the
District of Columbia, along with an arm of the U.S. Justice
Department, succeeded in having the settlement overturned on appeal
after Purdue’s bankruptcy judge approved it last year.

                           More Support

Most, but not all, of the dissenting states have agreed to the new
settlement offer, according to mediator's report. The Sacklers'
offer is contingent on unanimous support, the report says.

"We remain focused on achieving our goal of providing urgently
needed funds to the American people for opioid crisis abatement,"
Michele Sharp, a Purdue spokeswoman, said in an email. "We believe
a global settlement is the swiftest and most cost-effective exit
path from Chapter 11 and we will continue working to build
consensus as we proceed through the appeal process with the United
States Court of Appeals for the Second Circuit."

Connecticut Attorney General William Tong, who was among those who
opposed the earlier offer, declined to comment Friday on the
mediator's report. Representatives of Maryland Attorney General
Brian Frosh didn’t immediately return an email seeking comment.

Representatives for the Mortimer Sackler and Raymond Sackler wings
of the family didn’t immediately respond to requests for
comment.

Chapman requested the court-ordered mediation be extended to Feb.
28. The previous order lapsed on Wednesday.

                      About Purdue Pharma LP

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

Purdue filed its Chapter 11 Plan on March 15, 2021.  A 12th amended
Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on
Sept. 17. Purdue divides the claims against it into several
categories, one of which it calls "PI Claims," consisting of claims
"for alleged opioid-related personal injury." The plan provides for
the creation of the "PI Trust," which will administer all PI
Claims. The trust will be funded with an initial distribution of
$300 million on the effective date of the Chapter 11 plan, followed
by a distribution of $200 million in 2024, and distributions of
$100 million in 2025 and 2026. In sum, "[t]he PI Trust will receive
at least $700 million in value, and may receive an additional $50
million depending on the amount of proceeds received on account of
certain of Purdue's insurance policies."

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


QUICKER LIQUOR: Seeks to Hire Larson & Zirzow as Legal Counsel
--------------------------------------------------------------
Quicker Liquor, LLC and Nevada Wine Cellars, Inc. seek approval
from the U.S. Bankruptcy Court for the District of Nevada to employ
Larson & Zirzow, LLC as their legal counsel.

Larson & Zirzow will provide these legal services:

     (a) prepare legal papers;

     (b) take all necessary or appropriate actions in connection
with a plan of reorganization and all related documents;

     (c) take all necessary actions to protect and preserve the
Debtors' estates; and

     (d) perform all other necessary legal services in connection
with the prosecution of the Chapter 11 cases.

The firm's hourly rates are as follows:

     Matthew C. Zirzow, Attorney    $600
     Patricia Huelsman, Paralegal   $220

In addition, Larson & Zirzow will seek reimbursement for expenses
incurred.

The firm currently holds a balance of $27,8166 in its trust account
as of the petition date.

Matthew Zirzow, Esq., an attorney at Larson & Zirzow, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Zachariah Larson, Esq.
     Matthew C. Zirzow, Esq.
     Larson & Zirzow, LLC
     850 E. Bonneville Ave.
     Las Vegas, NV 89101
     Telephone: (702) 382-1170
     Facsimile: (702) 382-1169
     Email: zlarson@lzlawnv.com
            mzirzow@lzlawnv.com

                        About Quicker Liquor

Quicker Liquor, LLC and its affiliate, Nevada Wine Cellars, Inc.,
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Lead Case No. 22-10331) on Jan. 31,
2022.  At the time of the filing, the Debtors listed as much as $10
million in both assets and liabilities. Kathy Trout, managing
member, signed the petitions.

Judge Mike K. Nakagawa oversees the cases.

Larson & Zirzow, LLC serves as the Debtors' legal counsel.


ROCKLAND INDUSTRIES: Court Approves $60,000 Fees for Beal LLC
-------------------------------------------------------------
Pending before the United States Bankruptcy Court for the District
of South Carolina are two fee applications submitted by Beal, LLC,
seeking fees totaling $66,970.50 and reimbursement of out-of-pocket
expenses totaling $5,088.76 for the period of October 5, 2021
through November 30, 2021, for its work as Rockland Industries,
Inc.'s general counsel.

The United States Trustee for Region 4 filed an objection to the
Fee Applications and expressed concern that the amount of counsel's
fees does not appear consistent with the cost-saving goal for
Subchapter V cases. Based on a review of the Fee Applications, the
UST notes that some of the fees are for tasks that appear
duplicative, unnecessary or excessive. Accordingly, the UST objects
to the allowance of the fees and suggests that the total amount
sought in the combined applications be reduced by a total of
$14,763.

Bankruptcy Judge David R. Duncan grants, in part, and denies, in
part, the UST's Objection. Judge Duncan finds that while not
adopted in full, the UST's review, objection, and argument have
been particularly helpful and in aid of the Court's duty to approve
compensation.

Judge Duncan holds that "[p]rofessional services rendered in
bankruptcy cases are scrutinized for necessity and reasonableness,
and following the testimony of counsel at the Hearing, the Court is
satisfied that this case presents more complexity than originally
acknowledged by the UST and that this complexity should not prevent
the Debtor from availing itself of the advantages of the Subchapter
V designation. While the streamlined nature of Subchapter V means
that reduced fees is a likely natural consequence, it should not be
a forced result. It also bears mentioning that an email from
Rockland's CEO and former General Counsel describes the 'unusually
complicated situation' of the Debtor and states his opinion that
'the work [in the Fee Applications] was justified and should be
compensated in full, as submitted.'"

Subject to certain reductions, the Court finds the remaining fees
and expenses requested to be reasonable, applying the lodestar
method for determining reasonableness as set forth in Weatherford
v. Timmark, 413 B.R. 273 (Bankr. D.S.C. 2009) and applying the
factors set forth in Barber v. Kimbrell's Inc., 577 F.2d 216, 226
n. 28 (4th Cir. 1978). The hourly rate of counsel is not at issue
in the UST's Objection, which primarily contends that multiple time
entries are without sufficient detail to determine reasonableness
or necessity. The Court has already disallowed fees where the time
and labor billed has appeared overstated, finding this factor
weighed in favor of a reduction of fees. Although this case does
not demonstrate unusual novelty, it does present more difficulty
than previously afforded by the UST. Finally, the remaining factors
do not tilt the scales one way or the other in favor of the
reasonableness of the requested fees.

The total amount of $60,946.75 is authorized by the Court on an
interim basis based on representations made in the fee application
and attachments filed with the Court and at the hearing. The Debtor
is authorized to issue payment to the firm in the total sum of
$60,946.75, provided, however, that the firm will first draw down
on any retainer it has remaining on its trust account. The expenses
are likewise approved and authorized for payment.

A full-text copy of the Order dated February 14, 2022, is available
at https://tinyurl.com/wdwnyzne from Leagle.com.

                  About Rockland Industries

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

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

Judge David R. Duncan presides over the case.

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


RONGXINGDA DEVELOPMENT: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Debtor:        RongXingDa Development (BVI) Limited
                          P.O. Box 173
                          Road Town, Tortola
                          British Virgin Islands

Type of Business:         The Debtor is a real estate developer
                          based in China.

Foreign Proceeding:       Scheme proceedings under the BVI
                          Business Companies Act, 2004, Section
                          179A

Chapter 15 Petition Date: February 14, 2022

Court:                    United States Bankruptcy Court
                          Southern District of New York

Case No.:                 22-10175

Judge:                    Hon. David S. Jones

Foreign Representative:   Liu Jingrui
                          Room 1925, 19/F
                          Two International Finance Centre
                          Central, Hong Kong

Foreign
Representative's
Counsel:                  Anthony Grossi, Esq.
                          Shafaq Hasan, Esq.
                          SIDLEY AUSTIN LLP
                          787 Seventh Avenue
                          New York, NY 10019
                          Tel: (212) 839-5599
                          Email: agrossi@sidley.com

Estimated Assets:         Unknown

Estimated Debt:           Unknown

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

https://www.pacermonitor.com/view/QALJKTI/RongXingDa_Development_BVI_Limited__nysbke-22-10175__0001.0.pdf?mcid=tGE4TAMA


ROYAL BLUE REALTY: May Use $90,000 of Cash Collateral Thru May 31
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Royal Blue Realty Holdings, Inc. to continue using cash
collateral on an interim basis in accordance with the budget, with
a 10% variance.

Specifically, the Debtor is authorized to use cash collateral in
the amount of at most $90,233 through May 31, 2022.  This amount
includes $40,801 in property tax payments reimbursed by Comm-U and
approximately $43,173 in other payments reimbursed by Comm-U.

Deutsche Bank National Trust Company (DB), as Trustee for American
Home Mortgage Asset Trust 2006-6 Mortgage-Backed Pass-Through
Certificates, Series 2006-6; or Deutsche Bank National Trust
Company as Trustee for American Home Mortgage Asset Trust 2007-1
Mortgage-Backed Pass-Through Certificates, Series 2007-1, may
assert an interest in the cash collateral.

The Debtor's cash collateral access under the Fifth Interim Order
will terminate immediately upon the earliest to occur of: (i)
February 28, 2022 [sic]; (ii) the entry of an order dismissing the
Case, (iii) the entry of an order converting the Case to one under
Chapter 7; (iv) the entry of an order appointing a trustee or an
examiner with expanded powers with respect to the Debtor's estate;
(v) entry of an order reversing, vacating, or otherwise amending,
supplementing, or modifying the Order, (vi) entry of an order
granting relief from the automatic stay to any creditor (other than
DB) holding or asserting a lien in the Prepetition Collateral, or
(vii) the Debtor's breach or failure to comply with any material
term or provision of the Seventh Interim Order after receipt of no
less than five business days' notice to cure DB has consented to
the Debtor's use of the cash collateral.

As adequate protection for the Debtor's use of cash collateral, DB
is granted valid, binding, enforceable, and automatically perfected
post-petition liens on all property, whether now owned or hereafter
acquired or existing and wherever located, of the Debtor and the
Debtor's estate.  DB's replacement liens include avoidance actions
under Chapter 5 of the Bankruptcy Code.  

As additional adequate protection, the Debtor will, among other
things, maintain all of its insurance policies in full force and
effect, and will make timely payments of all property taxes and
common charges relating to the prepetition collateral.

It is anticipated that DB will make a payment of approximately
$31,031 for property taxes relating to the Prepetition Collateral
before March 28.

A final hearing on the matter is scheduled for May 18 at 10 a.m.

A copy of the stipulated order is available for free at
https://bit.ly/3s5BJwU from PacerMonitor.com.

                 About Royal Blue Realty Holdings

Royal Blue Realty Holdings, Inc., holding business at 162-174
Christopher Street, New York, N.Y., is primarily engaged in renting
and leasing real estate properties.  Royal Blue filed a Chapter 11
petition (Bankr. S.D.N.Y. Case No. 21-10802) on April 26, 2021.

As of the Petition Date, the Debtor estimated between $1 million to
$10 million in assets, and between $10 million to $50 million in
liabilities.  The petition was signed by Andrew Nichols, chief
restructuring officer.

Davidoff Hutcher & Citron LLP represents the Debtor as counsel.

Judge Hon. Lisa G. Beckerman oversees the case.

Elaine Shay was appointed as temporary receiver with respect to the
Debtor by order of the Supreme Court of New York on March 9, 2021.



SEMPER UTILITIES: Seeks to Hire Kurtzman Steady as Legal Counsel
----------------------------------------------------------------
Semper Utilities, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Kurtzman Steady, LLC as
its legal counsel.

The firm will render these legal services:

     (a) advise the Debtor regarding its powers and duties;

     (b) prepare legal documents;

     (c) represent the Debtor in court;

     (d) represent the Debtor in its dealings with creditors;

     (e) represent the Debtor in negotiating, drafting, confirming,
and consummating a plan of reorganization; and

     (f) represent the Debtor in the investigation of potential
causes of action.

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

     Maureen P. Steady   $385
     Jeffrey Kurtzman    $490
     Paralegal            $75

The firm holds a retainer balance of $10,833.50 in its trust
account.

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

The firm can be reached through:

     Jeffrey Kurtzman, Esq.
     Maureen P. Steady, Esq.
     Kurtzman | Steady, LLC
     2 Kings Highway West, Suite 102
     Haddonfield, NJ 08033
     Telephone: (856) 428-1060
     Facsimile: (609) 482-8011

                      About Semper Utilities

Semper Utilities, LLC, a provider of powerline services in
Voorhees, N.J., filed a petition for Chapter 11 protection (Bankr.
D.N.J. Case No. 22-11128) on Feb. 11, 2022, listing up to $100
million in assets and up to $50 million in liabilities. Sotero
Diaz, manager, signed the petition.

Judge Andrew B. Altenburg, Jr., oversees the case.

Kurtzman Steady, LLC serves as the Debtor's legal counsel.


STRADTMAN PARK: Case Summary & Three Unsecured Creditors
--------------------------------------------------------
Debtor: Stradtman Park LLC
        100 Stradtman Street
        Buffalo, NY 14206

Business Description: Stradtman Park is primarily engaged in
                      renting and leasing real estate properties.
                      The Company owns an office building located
                      at 100 Stradtman Street, Buffalo, NY having
                      an appraised value of $4.5 million.

Chapter 11 Petition Date: February 9, 2022

Court: United States Bankruptcy Court
       Western District of New York

Case No.: 22-10103

Debtor's Counsel: James D. Tresmond, Esq.
                  TRESMOND & TRESMOND LLP
                  424 Main Street
                  Buffalo, NY 14202
                  Tel: 716-858-3115
                  Fax: 716-858-3116
                  Email: law@tresmondlaw.com

Total Assets: $4,500,000

Total Liabilities: $94,483

The petition was signed by Rosanne DiPizio as manager.

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

https://www.pacermonitor.com/view/MZS3N6A/Stradtman_Park__nywbke-22-10103__0001.0.pdf?mcid=tGE4TAMA


SUPERIOR SEPTIC: Seeks to Tap Chang & Company as Accountant
-----------------------------------------------------------
Superior Septic, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Chang & Company,
CPAs, PC as its accountant.

The Debtor needs the assistance of an accountant to file its 2019,
2020, and 2021 tax returns.

Chang & Company will charge a flat fee of $2,000 per month for its
bookkeeping and other regular accounting services.

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

The firm can be reached at:

     Chang & Company, CPAs, PC
     4360 Chamblee Dunwoody Rd., Suite 206
     Atlanta, GA 30341
     Telephone: (678) 281-0450
     Facsimile: (678) 281-0457
     Email: spencerga@gmail.com

                      About Superior Septic

Superior Septic, LLC filed its voluntary petition for relief under
Chapter 11 protection (Bankr. N.D. Ga. Case No. 22-50200) on Jan.
7, 2022, listing as much as $1 million in both assets and
liabilities. Judge Lisa Ritchey Craig oversees the case.

The Debtor tapped Rountree Leitman & Klein, LLC as legal counsel
and Chang & Company, CPAs, PC as accountant.


TELEPHONE AND DATA: Fitch Affirms 'BB+' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Long-Term Issuer Default
Ratings (IDR) for Telephone and Data Systems, Inc. (TDS) and its
subsidiary United States Cellular Corp. (USM). Fitch has also
affirmed the 'BB+'/'RR4' senior unsecured debt ratings for both
companies and 'BB-'/'RR6' ratings of TDS's preferred stock. USM's
ratings consider the consolidated ratings at TDS. The Rating
Outlook remains Stable.

KEY RATING DRIVERS

Wireless Market Position: Fitch's ratings incorporate the smaller
size of TDS's main operating unit, United States Cellular
Corporation (U.S. Cellular or USM), in a market dominated by three
national wireless operators. Fitch believes the company's market
position as a distant fourth and its limited geographical
diversification limits its rating below investment grade. During
2021, USM posted a net loss of 32,000 postpaid subscribers versus
the 25,000 net additions in 2020, largely due to increase in yoy
churn and as demand for connected devices declined from 2020 levels
that saw increased demand due to the pandemic. As of Dec 31, 2021,
the total postpaid subscriber base was approximately 4.4 million.

Leverage Increases as Investments Ramp-Up: Significant capital
investments in both wireless and wireline businesses are expected
to drive leverage up and result in FCF deficits over the forecast.
USM continues to focus on 5G deployment, initially using low band
spectrum across its footprint and will deploy mmWave and mid-band
spectrum it acquired in recent auctions. On TDS Telecom side, capex
is expected to significantly increase in 2022 focused largely on
fiber deployment and expansion. Fitch expects gross leverage
(without FS activity adjustments) near mid-3x over the forecast.

Fitch views these investments, together with spectrum spending, as
critical to maintain and enhance the network infrastructure to
remain competitive in the longer run. Spectrum spending via
auctions tend to be lumpy in nature and may cause leverage to be
temporarily elevated. Similarly, on the TDS telecom side, Fitch
expects revenue growth and improving profitability in the later
part of the forecast as the company increases market penetration on
its fiber builds.

Adequate Liquidity Profile: TDS and USM's ratings reflect
sufficient financial flexibility over the forecast, supported by
cash balances, approx. $700 million of combined undrawn revolving
credit facilities, and long-dated debt maturity profile. These
factors balance the increased leverage and negative FCFs over the
rating horizon. As of Dec 31, 2021, TDS had a cash balance of $367
million and a combined revolver availability of $699 million,
excluding outstanding LOC.

During 2021, TDS and USM undertook a series of refinancing
transactions including issuing preferred stock at TDS and using
proceeds to pay down senior notes. Fitch views it positively as the
preferreds receive 50% equity credit and the refinancing helped
maintain leverage within Fitch's sensitivities.

Spectrum Acquisitions: USM has actively participated in the recent
mid-band spectrum auctions. In Jan 2022, FCC announced USM as the
fifth largest spender in the 3.45-3.55 Gigahertz (GHz) auction,
winning 380 wireless spectrum licenses for approx. $580 million.
The company was the fourth largest purchaser in the C-Band auction,
spending approx.

$1.28 billion for 254 wireless spectrum licenses in the 3.7-3.98
GHz band. These acquisition build on the company's spectrum
inventory, which includes millimeter wave spectrum licenses in
37GHz, 39GHz and 47GHz bands obtained in June 2020; the 24GHz and
28GHz spectrum licenses acquired in 2019; and the 600 megahertz
spectrum licenses acquired in 2017, all of which will form the
basis for the company's 5G network.

Noncore Assets Provide Flexibility: While Fitch believes TDS
considers USM's 5.5% stake in the Los Angeles partnership and its
tower portfolio as core assets, Fitch also recognizes that these
assets provide the company with financial flexibility should the
need arise as it pursues growth investments.

Parent Subsidiary Linkage: Fitch links the ratings of TDS and USM,
based on a strong subsidiary /weak parent approach. The linkage
incorporates TDS's significant ownership (82%) and control of USM,
and 'open' legal ring fencing under Fitch's criteria. Thus, the
IDRs are equalized.

DERIVATION SUMMARY

TDS' ratings reflect USM's weaker competitive position in the U.S.
wireless industry, which is dominated by three national players:
AT&T Inc. (BBB+/Stable), Verizon Communications Inc. (A-/Stable)
and T-Mobile USA, Inc. (BBB-/Stable), based on scale and number of
subscribers. The smaller scale and limited geographic footprint in
comparison to the top three carriers is balanced against adequate
financial flexibility, supported by cash balances and approximately
$700 million in combined (TDS and USM) revolver availability over
the forecast and its generally longer-dated maturity profile.

Additionally, the EIP receivables securitizations provide an
additional funding opportunity. Fitch expects FCF to be negative
for the next several years, due to the elevated capital
investments. However, the company has the ability to roll back
capex if needed, as a significant part of the capex is
success-based.

On the wireline side, TDS is comparable with rural-focused
incumbent wireline providers such as Windstream Services, LLC
(B/Stable) and Frontier Communications Holdings, LLC. (BB-/Stable).
However, compared with these companies, TDS has a conservative
balance sheet, long-dated maturities and greater financial
flexibility.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the ratings.

KEY ASSUMPTIONS

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

-- Fitch assumes 2022 revenue growth in the low single digits,
    driven by relatively stable gross adds and continued strength
    in ARPU partially offset by a slightly higher churn than 2021
    levels. Postpaid churn is expected to remain in 1.1% to 1.2%
    range over the forecast;

-- Fitch expects overall EBITDA margins to decline but remain in
    the low 20s as both wireless and wireline businesses ramp up
    investments related to 5G deployment and fiber expansion,
    respectively. Increased competitive activity is also expected
    to keep margins subdued over the forecast;

-- Capex intensity is expected to be elevated in the low- to mid-
    20% range, resulting in negative FCFs over the forecast;

-- Share repurchases of $25 million each year are assumed over
    the forecast;

-- Fitch provides 50% equity credit to TDS's $1.1 billion
    preferred stock; a small incremental add-on offering is
    assumed over the forecast.

RATING SENSITIVITIES

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

-- Fitch believes that competitive factors coupled with TDS's
    relative position in the wireless industry would not likely
    allow a positive rating action in the near term.

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

-- In the longer term, Fitch believes TDS and USM's ability to
    grow revenues and cash flows while competing effectively
    against much larger national operators will be key to
    maintaining their 'BB+' IDRs. In addition, if core telecom
    leverage (total debt/EBITDA) calculated including credit for
    material wireless partnership distributions in EBITDA
    approaches 3.5x, a negative rating action could be
    contemplated.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Profile: TDS has a cash balance of $367 million
as of Dec. 31, 2021. Of this, USM holds approximately $156 million.
In addition, the company has a combined availability of
approximately $699 million, net of LCs, on the revolvers at TDS and
USM. In July 2021, the revolvers at TDS and USM were amended and
restated to extend the maturities to July 20, 2026 and increase
leverage covenant to 3.75x.

In addition, USM has a $450 million EIP receivables securitization
facility that was fully drawn as of Dec 2021. In January 2022, the
company entered into a new $200 million EIP receivables
securitization facility.

Debt Structure Updates:

In July 2021, TDS's and USM's term loans with CoBank were amended
to provide $300 million and $200 million, respectively, of
additional borrowing capacity, increasing the size of each term
loan to $500 million. The leverage covenant was updated to 3.75x
from 3.25x. As of Sept. 30, 2021, $200 million was outstanding on
the TDS term loan and $300 million is outstanding on the USM term
loan. Fitch expects both term loans will be fully drawn in 2022.

In Dec 2021, USM entered into a $300 million senior unsecured term
loan credit agreement. The agreement permits delayed draw by March
9, 2022. USM also entered into a $150 million export credit
agreement for equipment purchases from Nokia.

The main financial covenants in the TDS' and USM's term loan
facilities and revolving facilities require total consolidated
interest coverage to be no less than 3.0x and the total
consolidated leverage ratio to be no more than 3.75x.

During 2021, the company also undertook a series of refinancing
transactions at both TDS and USM that helped push out the maturity
wall and reduced average interest cost. TDS redeemed all its
outstanding notes over the course of the year, largely from
proceeds of preferred stock issuances in March and August. USM
issued $500 million of 5.5% senior notes due in June 2070 and
redeemed $275 million of 7.25% senior notes due 2063, $300 million
of 7.25% senior notes due 2064, and $342 million of 6.95% senior
notes due 2060.

During 2021, TDS issued approx. $1.11 billion of perpetual
preferred stock in two separate series. Fitch provides a 50% equity
credit to the preferred notes.

ISSUER PROFILE

TDS is the fourth largest diversified telecom company in the United
States that serves about six million customers nationwide. The
company provides wireless services through its 82%-owned
subsidiary, United States Cellular Corporation (U.S. Cellular or
USM). TDS also provides wireline and cable services through its
wholly-owned subsidiary, TDS Telecommunications Corporation (TDS
Telecom). The company's operations also include hosted and managed
services (HMS) that are carried out under a separate wholly-owned
subsidiary, under the OneNeck IT Solutions brand, and whose results
are not significant to TDS operations.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch provides 50% equity credit to TDS's preferred stock.

Until 3Q21, Fitch performed FS activity adjustments for outstanding
equipment installment plan receivables related to financial
services operations using a debt-to-equity ratio of 1.0x. Fitch
stopped making these adjustments beginning 4Q21 due to a change in
Corporates Rating criteria that was applicable to TDS and USM.

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.


TG MANUFACTURING: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: TG Manufacturing, LLC
        1530 Eastern Avenue
        Grand Rapids, MI 49507

Business Description: TG Manufacturing is a diverse group of
                      manufacturing companies serving a multitude
                      of industrial sectors including aerospace,
                      automotive, material handling, furniture,
                      appliances, renewable energy and
                      construction, among others.

Chapter 11 Petition Date: February 21, 2022

Court: United States Bankruptcy Court
       Western District of Michigan

Case No.: 22-00302

Judge: Hon. John T. Gregg

Debtor's Counsel: W. Todd Van Eck, Esq.
                  KOTZ SANGSTER WYSOCKI, P.C.
                  3333 Deposit Drive NE, Suite 320
                  Grand Rapids, MI 49546
                  Tel: 616-481-9593
                  Email: tvaneck@kotzsangster.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Richard Achtenberg, sole
member/authorized member.

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

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

https://www.pacermonitor.com/view/FSJBBDQ/TG_Manufacturing_LLC__miwbke-22-00302__0001.0.pdf?mcid=tGE4TAMA


TG TURNKEY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: TG Turnkey, LLC
        739 Cottage Grove SE
        Grand Rapids, MI 49507

Business Description: TG Turnkey is a fully-integrated metals
                      manufacturing company.

Chapter 11 Petition Date: February 21, 2022

Court: United States Bankruptcy Court
       Western District of Michigan

Case No.: 22-00303

Judge: Hon. John T. Gregg

Debtor's Counsel: W. Todd Van Eck, Esq.
                  KOTZ SANGSTER WYSOCKI, P.C.
                  333 Deposit Drive NE, Suite 320
                  Grand Rapids, MI 49546
                  Tel: 616-481-9593
                  Email: tvaneck@kotzsangster.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Richard Achtenberg, sole
member/authorized member.

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

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

https://www.pacermonitor.com/view/KMB4VDY/TG_Turnkey_LLC__miwbke-22-00303__0001.0.pdf?mcid=tGE4TAMA


TGM COATINGS: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: TGM Coatings, LLC
        1840 142nd Ave
        Dorr, MI 49323

Business Description: TGM Coatings, LLC offers metal coating,
                      engraving, and allied services to
                      manufacturers.

Chapter 11 Petition Date: February 21, 2022

Court: United States Bankruptcy Court
       Western District of Michigan

Case No.: 22-00304

Judge: Hon. John T. Gregg

Debtor's Counsel: W. Todd Eck, Esq.
                  KOTZ SANGSTER WYSOCKI, P.C.
                  3333 Deposit Drive NE, Suite 320
                  Grand Rapids, MI 49546
                  Tel: 616-481-9593
                  Email: tvaneck@kotzsangster.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Richard Achtenberg, sole
member/authorized representative.

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

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

https://www.pacermonitor.com/view/KYPLGYQ/TGM_Coatings_LLC__miwbke-22-00304__0001.0.pdf?mcid=tGE4TAMA


TWIN DISC: BMO Harris Forbearance to Expire Feb. 28
---------------------------------------------------
Twin Disc, Incorporated's amended and restated forbearance
agreement with BMO Harris Bank N.A., is scheduled to expire
February 28, 2022.

On January 27, 2021, the Company and BMO entered into a forbearance
agreement and amendment to the parties' credit agreement dated June
29, 2018. Under this agreement, BMO agreed to forbear from
exercising its rights and remedies against the Company with respect
to its noncompliance with the minimum EBITDA covenant, for the
period beginning with the date of the amendment through September
30, 2021.

On September 30, 2021, the Company and BMO entered into an amended
and restated forbearance agreement and amendment to the Credit
Agreement. The Amended and Restated Forbearance Agreement extends
the forbearance period through February 28, 2022, or if earlier,
through the date on which a default under the Amended and Restated
Forbearance Agreement or Credit Agreement occurs.

During the extended forbearance period, BMO will continue to
forbear from exercising its rights and remedies against the Company
under the Credit Agreement with respect to the Company's
noncompliance with its minimum EBITDA covenants. The Amended and
Restated Forbearance Agreement also makes certain adjustments to
the Credit Agreement. When the forbearance period ends, the Company
is subject to a maximum total funded debt to EBITDA ratio of 3.00
to 1.00.

For the quarter ended December 31, 2021, as a result of the Amended
and Restated Forbearance Agreement, the Company was not required to
meet the minimum EBITDA financial covenant. The Company expects to
be in compliance with the terms of the Credit Agreement following
the forbearance period, and therefore continues to classify its
debt as long term, the Company said in its report on Form 10-Q for
the quarter ended December 31, 2021.

The Company remains in compliance with its liquidity and other
covenants, and has agreed to provide additional financial reports
to BMO.

As of Dec. 31, 2021, current maturities include $2,000,000 of term
loan payments due within the coming year.

Twin Disc, Incorporated and its subsidiaries are engaged in the
manufacture and sale of marine and heavy-duty off-highway power
transmission equipment.  As of Dec. 31, 2021, the Company listed
$264.5 million in total assets and $136.6 million in total
liabilities.


UNIQUE FABRICATING: Lenders Agree to Waive Covenant Breach
----------------------------------------------------------
Unique Fabricating NA, Inc. and Unique-Intasco Canada, Inc. and
certain of their subsidiaries entered into a Fourth Amendment to
Forbearance Agreement with respect to the Amended and Restated
Credit Agreement, as amended, among the Borrowers, certain of their
subsidiaries, with a group of lenders led by Citizens Bank,
National Association, a national banking association, as
Administrative Agent for the lenders.

As of December 31, 2021, the Company was in violation of the
required minimum Liquidity covenant, as provided in the Second
Amendment to the Forbearance Agreement, dated September 21, 2021.
The Lenders in the Fourth Amendment dated February 4, 2022, agreed
to waive the minimum Liquidity covenant violation. The Company did
have the required minimum liquidity as of January 3, 2022.

As consideration for the waiver, the Company will pay Citizens for
the ratable benefit of the Lenders consenting to and executing this
Amendment a fee of $46,286, which is equal to 10 basis points of
the outstanding amount of the Loans.  The waiver fee is deemed
earned, and when paid is non-refundable.

The Company acknowledges, agrees, and confirms it is in default of
the obligations under the Loan Documents.   The Company
acknowledges, confirms, and agrees that as of the close of business
on February 1, 2022, the Company is indebted to the Lenders in
respect of the Loans, as follows:

     a. With respect to the Revolving Credit, the outstanding
principal amount of $17,108,034, plus accrued and unpaid interest
in the amount of $71,638; and

     b. With respect to the US Term Loan, the outstanding principal
amount of $20,584,402, plus accrued and unpaid interest in the
amount of $3,144; and

     c. With respect to the CA Term Loan, the outstanding principal
amount of $7,525,727, plus accrued and unpaid interest in the
amount of $1,149; and

     d. With respect to the CAPEX Loan, the outstanding principal
amount of $1,067,945, plus accrued and unpaid interest in the
amount of $163; and

    e. With respect to the Swing Line Loan, the outstanding
principal amount of $984,279, plus accrued and unpaid interest in
the amount of $4,543.

The lending group consists of:

     * CITIZENS BANK, NATIONAL ASSOCIATION, as Agent and Lender;
     * COMERICA BANK, as Lender;
     * FLAGSTAR BANK, FSB, as Lender; and
     * KEYBANK NATIONAL ASSOCIATION, as Lender




UNITED STRUCTURES: Seeks to Tap Frost Brown Todd as Legal Counsel
-----------------------------------------------------------------
United Structures of America, Inc. and Green Head Financial, LLC
seek approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Frost Brown Todd, LLC as their
bankruptcy counsel and litigation counsel.

Frost Brown Todd will render these legal services:

     (a) advise the Debtors regarding their powers and duties in
the continued winddown of their business;

     (b) attend meetings and negotiate with representatives of
creditors and other parties-in-interest;

     (c) taking all necessary action to protect and preserve the
Debtors' assets;

     (d) prepare legal papers;

     (e) prepare and negotiate the Debtors' Subchapter v plan,
related agreements and documents, and take any necessary action to
obtain confirmation of such plan;

     (f) appear before the bankruptcy court, appellate courts, and
any other courts to protect the interests of the Debtors and their
estates; and

     (g) perform other legal services in connection with the
Debtors' bankruptcy cases.

Mark Platt, Esq., an attorney at Frost Brown Todd, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Mark A. Platt, Esq.
     Bryan J. Sisto, Esq.
     Frost Brown Todd LLC
     Rosewood Court
     2101 Cedar Springs Road, Suite 900
     Dallas, TX 75201
     Telephone: (214) 580-5852
     Facsimile: (214) 545-3473
     Email: mplatt@fbtlaw.com
            bsisto@fbtlaw.com

               About United Structures of America

United Structures of America, Inc., a Houston-based manufacturer of
steel products, and its affiliate, Green Head Financial LLC, sought
Chapter 11 bankruptcy protection (Bankr. S.D. Texas Case No.
22-30104) on Jan. 11, 2022.  Dain R. Drake, president, signed the
petitions.  In its petition, United Structures of America disclosed
up to $10 million in both assets and liabilities.  

Judge Jeffrey P. Norman oversees the cases.

Frost Brown Todd, LLC serves as the Debtors' bankruptcy counsel.


VAL-ELIZ CHILDREN'S: Seeks to Tap Michael Nevarez as Legal Counsel
------------------------------------------------------------------
The Val-Eliz Children's Trust seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to employ
Michael Nevarez, Esq., an attorney practicing in El Paso, Texas, to
handle its Chapter 11 case.

Mr. Nevarez will render these legal services:

     (a) advise the Debtor regarding its powers and duties in the
continued operation of its real estate and management of its
properties;

     (b) review all of the various contracts entered into by the
Debtor;

     (c) represent the Debtor in the collection and settlement of
its accounts receivable;

     (d) represent the Debtor in litigation necessary to its
successful reorganization;

     (e) prepare legal papers;

     (f) assist the Debtor in the negotiation of a plan of
reorganization with its creditors; and

     (g) perform all other legal services for the Debtor.

The hourly rates of Mr. Nevarez, other attorneys and staff at his
firm are as follows:

     Michael R. Nevarez (Trial)   $350
     Michael R. Nevarez           $300
     Senior Associate Attorney    $150
     Associate Attorney           $100
     Accountant                   $100
     Senior Bookkeeper             $75
     Law Clerk                     $75
     Senior Paralegal              $75
     Bookkeeper                    $50
     Paralegal                     $50
     Legal Assistant               $35
     Clerical Assistant            $25

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

The attorney can be reached at:

     Michael R. Nevarez, Esq.
     The Nevarez Law Firm, PC
     A Professional Corporation
     7362 Remcon Circle
     El Paso, TX 79912
     Telephone: (915) 225-2255
     Facsimile: (915) 845-3405
     Email: MNevarez@LawOfficesMRN.com

                About The Val-Eliz Children's Trust

The Val-Eliz Children's Trust filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
22-30074) on Jan. 28, 2022, listing up to $10 million in assets and
up to $1 million in liabilities. Valor D. Blazer, trustor, signed
the petition. Michael R. Nevarez, Esq., serves as the Debtor's
legal counsel.


WATSONVILLE COMMUNITY: Pajaro Valley To Buy Bankrupt Hospital
-------------------------------------------------------------
Lauren Coleman-Lochner of Bloomberg News reports that a health-care
group is poised to become the new owner of bankrupt Watsonville
Community Hospital after no other qualified bids for the facility
were received.

Pajaro Valley Healthcare District Project, a not-for-profit group
that includes Santa Cruz County and the city of Watsonville, will
take over the hospital if the sale is approved, according to court
filings. An auction scheduled for Thursday, February 17, 2022, was
canceled.

Watsonville filed for bankruptcy Dec. 5, 2022 after years of losses
heightened by the pandemic. It's one of thousands of facilities
struggling to pay the bills as they treat some of America's poorest
patients.

             About Watsonville Community Hospital

Watsonville Community Hospital -- https://watsonvillehospital.com/
-- is your community healthcare provider that offers a
comprehensive portfolio of medical and surgical services to the
culturally diverse tri-county area along California's Central
Coast.

Watsonville Community Hospital sought Chapter 11 protection (Bankr.
N.D. Cal. Case No. 21-51477) on Dec. 5, 2021.  The case is handled
by Honorable Judge Elaine Hammond.  The Debtor's attorneys are
Debra Grassgreen, Maxim Litvak and Steven Golden of Pachulski Stang
Ziehl & Jones LLP.  Force 10 Partners is the Debtor's financial
advisor.


WEBER INC: S&P Downgrades ICR to 'B+' on Supply Chain Pressures
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
outdoor grill manufacturer Weber Inc. to 'B+' from 'BB-'. S&P also
revised the outlook to developing from stable.

S&P said, "At the same time, we assigned our 'B+' issue-level and
'3' recovery ratings to the proposed incremental term loan. We also
lowered our rating on the company's existing senior secured debt to
'B+' from 'BB' and revised our recovery rating to '3' from '2'. The
lower issue and recovery levels reflect the lower issuer credit
rating and senior secured term loan increase.

"The developing outlook reflects the potential that we could
affirm, raise, or lower the ratings depending on Weber's ability to
manage its supply chain challenges such that it restores
profitability in the second half of the year while maintaining
adequate liquidity through the completion of the proposed debt
issuance and sufficient availability on its revolver."

The downgrade reflects Weber's elevated leverage primarily due to
ongoing supply chain challenges, high input-cost inflation, and
elevated working capital borrowings. In the first fiscal quarter
(ended Dec. 31, 2021), Weber's S&P Global Ratings-adjusted EBITDA
declined to a loss of $46 million from positive EBITDA of about $34
million during the same prior-year quarter, as the company faced
significant supply chain disruptions. High shipping container costs
and commodity input-cost inflation led to significant margin
deterioration. Working capital usage also increased substantially
during the quarter to about $160 million due to higher inventory
costs, port congestion that led to extended lead times, delayed
component parts, and start-up investments at Weber's new Poland
manufacturing facility. As a result of these developments, leverage
spiked to well above 6x and the company had to draw on its revolver
to fund its working capital build.

The company has implemented initiatives that should provide relief
in the second half of the fiscal year. Management has taken several
actions to mitigate current operational challenges, most notably
price increases, strategically shifting its production locations,
and cutting general and administrative costs. S&P said, "However,
we don't expect Weber will begin to realize the full benefit of
these actions until the second half of fiscal 2022. As such, we
forecast Weber's leverage will remain elevated above 5x for the
remainder of fiscal 2022 before gradually improving to the mid-4x
area in 2023 as its price increases and cost-savings measures fully
take hold. Our base-case forecast assumes management initiatives
will alleviate supply chain bottlenecks and the company will be
able to meet most demand ahead of the peak spring selling season."
This should enable the company to unwind its working capital
position and, combined with price increases, support still moderate
positive free cash flow for year. However, the company will need to
ease supply chain bottlenecks in the near term to get finished
product to its customers ahead of peak spring selling season. Due
to the high seasonality of the business, the company could suffer a
significant drain on profits and cash flow if it cannot deliver
product to customers in time for its peak season, which could
further pressure the ratings.

S&P said, "Notwithstanding short-term setbacks, we still view
Weber's long-term operating outlook favorably. We believe Weber
will continue to benefit from favorable long-term growth for new
grills and associated grilling equipment and expect its top-line
revenue will rise at a modestly faster pace than the industry
average (in the low-single-digit-percent area)." Absent the ongoing
supply chain and foreign exchange headwinds, the company's global
manufacturing footprint and sales diversity provide it with a
competitive advantage in accessing the high-growth developing
markets and securing distribution partners supporting these more
favorable growth prospects. Further, Weber's leading global market
share in the outdoor grill category, brand strength, new product
innovation, particularly in smart appliances, support its superior
pricing power.

The developing outlook reflects the potential that S&P could
affirm, raise, or lower the rating depending on Weber's ability to
manage its supply chain challenges such that it restores
profitability in the second half of the year, and also maintain
adequate liquidity through the completion of the proposed debt
issuance and sufficient availability on its revolver.

S&P could lower its rating on Weber if it does not gain traction
deleveraging to about 5x. This could occur if:

-- It is unable to alleviate supply chain bottlenecks and deliver
product on a timely basis ahead of spring peak selling season; and

-- Margins remain depressed because of continued freight and input
cost inflation.

S&P could raise its rating on Weber if it restores its leverage
well below 5x. This could occur if:

-- Its mitigating actions help relieve the supply chain
bottlenecks and improve the availability of materials; and

-- Consumer demand remains steady despite substantially higher
prices.



WEBER-STEPHEN PRODUCTS: Moody's Affirms B1 CFR; Outlook Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Weber-Stephen Products LLC's
("Weber") ratings, including its Corporate Family Rating at B1, its
Probability of Default Rating at B1-PD, and the B1 rating on the
company's senior secured first lien credit facility consisting of a
$300 million first lien revolver due 2025 and a $1,250 million
original amount first lien term loan due 2027. At the same time,
Moody's assigned a B1 rating to the company's proposed incremental
$250 million first lien term loan due 2027. The outlook was changed
to negative from stable. Moody's also assigned a Speculative Grade
Liquidity of SGL-2.

The company plans to use the proceeds from the proposed $250
million incremental first lien term loan due 2027 to repay
approximately $161 million of borrowings outstanding on its
revolver, pay related fees, and the remainder to cash on the
balance sheet.

The outlook change to negative reflects the difficulties that Weber
faces to reduce its high leverage due to challenges from rising
input, labor and freight costs, the recently initiated quarterly
dividend, and planned increases in capital spending to expand and
geographically diversify production capacity. Weber's weaker than
anticipated operating results for the first quarter of fiscal year
2022 weakened credit metrics considerably. The company reported a
year-over-year revenue decline of -8% for the first quarter period
of fiscal 2022 ending December 31, 2021 compared to very strong
revenue growth of 83% during the same period last year. During the
first quarter of fiscal 2022, the company's gross margin contracted
by about half to 22.6%, and management-adjusted EBITDA was negative
-$36 million. Weber's gross margin and EBITDA was materially and
negatively impacted by supply chain and commodity cost inflation,
particularly freight, steel and aluminum, during a period in which
the company typically builds inventory ahead of the grilling season
that starts in the spring. As a result, the company's debt/EBITDA
leverage increased to 5.4x for the last twelve months (LTM) period
ending December 31, 2021 and pro forma for the proposed incremental
term loan, up from 3.7x at fiscal year-end September 30, 2021.
Moody's debt/EBITDA leverage calculation excludes the historically
high non-cash stock compensation, primarily related to the
company's August 2021 initial public offering (IPO).

Moody's affirmed the ratings because the proposed term loan add on
improves Weber's liquidity by increasing revolver availability and
balance sheet cash. The liquidity sources will provide much needed
financial flexibility to fund business operations over the next 12
months, including continued working capital seasonality ahead of
the grilling season and elevated capital expenditures expected in
fiscal 2022. In addition, Moody's expects the company's pricing
initiatives will help offset cost inflation pressures, resulting in
the EBITDA margin recovering during the second half of fiscal 2022,
and the company generating positive free cash flow. As a result,
Moody's projects Weber's debt/EBITDA leverage will gradually
improve to below 5.0x over the next 12 months. However, there is
uncertainty around the sustainability of the high levels of
consumer demand over the next 12-18 months, and the pricing
initiatives could also lead to lower volumes or consumers trading
down to lower priced grills. Weber's high financial leverage
provides limited cushion to absorb prolonged margin compression or
a potential demand pullback and necessitates deleveraging at the B1
CFR.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Weber-Stephen Products LLC

Speculative Grade Liquidity Rating, Assigned SGL-2

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

Ratings Affirmed:

Issuer: Weber-Stephen Products LLC

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured 1st Lien Bank Credit Facility (Revolver and Term
Loan), Affirmed B1 (LGD3)

Outlook Actions:

Issuer: Weber-Stephen Products LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Weber's B1 CFR reflects its improving scale with revenue of $2.0
billion, its solid market-leading position and good brand
recognition within the outdoor grill industry, its good geographic
diversification, and growing ecommerce business. Consumer demand
for the company's products has been very strong over the past 18
months, as consumers continue to spend more time at home resulting
in increased outdoor grill utilization. Weber has a track record of
good free cash flow generation supported by a relatively good EBIT
margin. However, free cash flows will be pressured by lower
profitability, higher growth capital expenditures and the
introduction of a quarterly dividend that is roughly $47 million
annually in fiscal 2022. Moody's projects that the company will
continue to generate positive free cash flow in fiscal 2022 in the
$25-$30 million range, improving to $50 million in fiscal 2023. The
company's SGL-2 Speculative Grade Liquidity reflects its good
liquidity supported by its relatively healthy cash balance of
around $133 million and access to a $300 million undrawn revolver
due 2025 as of December 31, 2021, pro forma for the transaction.

Weber's rating also considers its narrow product focus in the
somewhat mature and discretionary outdoor grills product category
and high seasonality that creates business volatility. The
company's financial leverage is high with debt/EBITDA at around
5.4x for the LTM period ending December 31, 2021, and pro forma for
the term loan add on and excluding the historically high non-cash
stock compensation expense associated with the August 2021 initial
public offering. Moody's projects debt/EBITDA will improve to 5.0x
or lower as the company's EBITDA margin benefit from recent pricing
initiatives to offset cost inflation. Moody's believes it will be
challenging to sustain the elevated demand levels in fiscal 2021
but that solid US housing market trends and a large installed base
will support healthy outdoor grill replacement. These factors along
with price increases will support stable revenue over the next
12-18 months. The company has high customer concentration, and its
profitability and cash flows are highly seasonal, centered around
the summer months. Governance considerations primarily relate to
the company's aggressive financial policies under ownership by its
controlling shareholder BDT Capital Partners, LLC, highlighted by
its history of debt-financed shareholder distributions.

Weber relies on raw materials primarily steel and aluminum as part
of its manufacturing process. The company is moderately exposed to
the carbon transition and waste and pollution risks related to the
very energy intensive metals production, which could increase input
costs. However, costs increases can generally be passed on to the
consumer.

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 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, its continuation will be closely
tied to containment of the virus. As a result, there is uncertainty
around Moody's forecasts. Social risk factors also consider the
company's exposure to changes in consumer discretionary spending
power. The company is exposed to health and safety risks typical in
a manufacturing environment. Factors such as responsible sourcing
and production should help protect Weber's strong brand image and
market position.

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

The negative outlook reflects the downward rating pressure if the
company's EBITDA margin fails to recover to historical levels, or
if consumer demand for the company's products wanes resulting in
debt/EBITDA leverage remaining above 5.0x or weaker than expected
free cash flow.

The ratings could be upgraded if the company demonstrates
consistent organic revenue growth and EBITDA margin expansion,
while debt/EBITDA is sustained below 4.0x and retained cash flow
(RCF)/net debt is sustained above 17.5%. A ratings upgrade would
also require the company to maintain at least good liquidity, and
Moody's expectations of more balanced financial policies.

Ratings could be downgraded if the company's operating performance
including the EBITDA margin does not improve, resulting in
debt/EBITDA sustained above 5.0x or weaker than anticipated free
cash flow. The ratings could also be downgraded if the company
completes a debt-financed acquisition or shareholder distribution
that impedes deleveraging. A deterioration in liquidity for any
reason, including an inability to complete the proposed financing
and high revolver utilization could also lead to a downgrade.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Headquartered in Palatine, Illinois, Weber-Stephen Products LLC
(Weber) is a global manufacturer, marketer and distributor of
barbecue grills and accessories. Weber reported revenue for the
fiscal year-end September 30, 2021 of $1.98 billion and its largest
market is the Americas (56% of 2021 revenue). Following the August
2021 initial public offering of Weber, Inc., the company remains
controlled by its merchant bank financial sponsor BDT Capital
Partners, LLC with more than 50% voting power (as of September 30,
2021). Weber, Inc. is the indirect parent of Weber-Stephen Products
LLC, and its shares are listed on the New York Stock Exchange under
the ticker symbol "WEBR".


WELLDYNERX LLC: Moody's Puts B3 CFR Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the ratings of WellDyneRx, LLC
("WellDyne") under review for downgrade, including the B3 Corporate
Family Rating, the B3-PD Probability of Default Rating, and the B2
senior secured rating. The outlook is revised to Rating Under
Review from Stable. The co-borrowers under the credit facility are
U.S. Specialty Care, LLC, Clearview Procurement, LLC and WellCard,
LLC.

The review reflects Moody's view that refinancing risk has
increased following a 30-day extension of the revolving credit
facility which was due February 16, 2022 and based on the August
2022 maturity of WellDyne's term loan. Governance considerations
are material to the rating action. In the absence of refinancing of
its capital structure, WellDyne's ratings face downward pressure.

Moody's took the following action on WellDyneRx, LLC:

On Review for Downgrade:

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Senior Secured First Lien Revolving Credit Facility, Placed on
Review for Downgrade, currently B2 (LGD3)

Senior Secured First Lien Term Loan, Placed on Review for
Downgrade, currently B2 (LGD3)

Outlook actions

Issuer: WellDyneRx, LLC

Outlook, Changed To Rating Under Review From Stable

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

Notwithstanding the ratings review, WellDyne's B3 Corporate Family
Rating is constrained by the company's small market share compared
to national pharmacy benefit managers (PBMs), several of which have
merged with large health insurers creating formidable healthcare
enterprises. The PBM industry faces event risk related to proposals
to reduce US drug prices. The rating also reflects high, albeit
declining financial leverage, with debt/EBITDA above 7x on Moody's
basis. Profits faced significant contraction in 2020 due to
challenges in collections from a rebate aggregator. The company has
switched rebate aggregators, and Moody's does not anticipate
another earnings step-down. Tempering these risks, WellDyne's
independent business model with in-house capabilities including
mail order appeals to many clients. Customer diversity is good, and
positive free cash flow will support debt reduction overtime.

Moody's views WellDyne's liquidity profile as weak reflecting
growing refinancing risk based on the August 2022 maturity of its
term loan ($220 million outstanding). However, this risk is
somewhat mitigated by WellDyne's good free cash flow generation and
cash balances ($69 million as of December 31, 2021).

The review will focus on the management's strategy to improve
near-term liquidity together with recent operating performance, and
the outlook for cash generation and financial leverage over the
next 12-18 months.

ESG risk factors are material to WellDyne's ratings. Social risks
are related to potential for changes in the US healthcare market,
driven by a combination of legislative and regulatory factors that
in turn are driving industry consolidation. It remains unclear the
type of healthcare insurance and PBM financial model that will most
effectively meet clients' needs. Among governance considerations,
WellDyne's private equity ownership poses risks with respect to
financial policies including high leverage.

WellDyneRx, LLC and its co-borrowers are the borrowing entities for
WellDyneRx, a privately owned independent PBM headquartered in
Lakeland, Florida. The company operates three main business
segments -- commercial/consumer PBM, a mail order and specialty
pharmacy, as well as a discount card business. The company is owned
by the Carlyle Group.

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


WESTINGHOUSE ELECTRIC: Former VP Can't File Late Admin Claim
------------------------------------------------------------
Timothy Ellis, a former employee of Westinghouse Electric Company
LLC, sought bankruptcy court permission to file a tardy
administrative expense claim in the Chapter 11 cases. The motion
was filed on November 2, 2021, which was more than three years
after the August 31, 2018 deadline that the United States
Bankruptcy Court for the Southern District of New York set for the
filing of administrative claims. More importantly, the motion was
filed almost two years after Mr. Ellis was clearly notified -- in
connection with court proceedings in Pennsylvania -- that he had
missed the administrative claims deadline and that if he wished to
pursue a late claim he needed permission from the Court.

Mr. Ellis worked at Westinghouse in early 2018, at which time he
held the position of Vice President, Global Projects Management
Operations. However, on May 16, 2018 -- after the confirmation of
the Plan, but before its Effective Date -- Westinghouse informed
Mr. Ellis that his employment would be terminated. That termination
became effective on May 31, 2018.

The record shows Mr. Ellis and his Pennsylvania counsel made a
deliberate tactical decision not to proceed in Bankruptcy Court and
instead to argue, in Pennsylvania, that Mr. Ellis's claim had not
been discharged and that Mr. Ellis was entitled to pursue that
claim against the reorganized company that had emerged from the
Westinghouse bankruptcy. His decision, though erroneous, was
knowing and deliberate, and there is no just cause to grant the
relief he now seeks, Bankruptcy Judge Michael E. Wiles holds in a
Decision dated February 15, 2022, a full-text copy of which is
available at https://tinyurl.com/45r6fmcu from Leagle.com.

LAW OFFICES OF JOEL SANSONE, Joel Sansone, Esq., Pittsburgh,
Pennsylvania, Attorney for Timothy Ellis.

PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP, Kyke Kimpler, Esq. --
kkimpler@paulweiss.com -- New York, New York, Attorney for W Wind
Down Co LLC.

                    About Westinghouse Electric

Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S.-based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components. Westinghouse manufactures and supplies the commercial
fuel products needed to run the plants, and it offers training,
engineering, maintenance, and quality management services. Almost
50% of nuclear power plants around the world and about 60% of U.S.
plants are based on Westinghouse's technology. Westinghouse's world
headquarters are located in the Pittsburgh suburb of Cranberry
Township, Pennsylvania.

On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share). After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba obtained ownership of 87% of
Westinghouse.

Amid cost overruns at U.S. nuclear reactors it was building,
Westinghouse Electric Company LLC, along with 29 affiliates, filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 17-10751) on March 29,
2017. The petitions were signed by AlixPartners' Lisa J. Donahue,
the Debtors' chief transition and development officer.

The Debtors disclosed total assets of $4.32 billion and total
liabilities of $9.39 billion as of Feb. 28, 2017.

The Hon. Michael E. Wiles presides over the cases.

Weil, Gotshal & Manges LLP serves as counsel to the Debtors. The
Debtors hired AlixPartners LLP as financial advisor; PJT Partners
Inc. as investment banker; Kurtzman Carson Consultants LLC as
claims and noticing agent; K&L Gates as special counsel; and KPMG
LLP as tax consultant and accounting and financial reporting
advisor.

The Debtors retained PricewaterhouseCoopers LLP as independent
auditor and tax services provider to perform audit services in
connection with Toshiba Nuclear Energy Holdings (US) Inc. and
Toshiba Nuclear Energy Holdings (UK) Ltd.

Toshiba Nuclear Energy Holdings (UK) Ltd. is represented by Albert
Togut, Esq., Brian F. Moore, Esq., and Kyle J. Ortiz, Esq., at
Togut, Segal & Segal LLP.

The Board of Directors of Westinghouse appointed a special panel
called the U.S. AP1000 Committee to oversee the company's
activities related to certain AP1000 nuclear plants located in
Georgia and South Carolina.

On April 7, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  Proskauer Rose LLP is
the committee's bankruptcy counsel and Houlihan Lokey Capital,
Inc., serves as its investment banker.


WESTMINSTER-CANTERBURY: Fitch Cuts Rating on $69.8MM Bonds to 'BB+'
-------------------------------------------------------------------
Fitch Ratings has downgraded the rating on approximately $69.8
million series 2018 revenue refunding bonds issued by the City of
Virginia Beach Development Authority on behalf of
Westminster-Canterbury on Chesapeake Bay Obligated Group (WCCB OG)
to 'BB+' from 'A-'. For purposes of this analysis, references to
WCCB will mean the Obligated Group (OG), unless otherwise noted.

Fitch has also assigned a 'BB+' Issuer Default Rating (IDR) to
WCCB.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a gross revenue pledge of the OG and a
first mortgage lien. There is no debt service reserve fund (DSRF).

ANALYTICAL CONCLUSION

The four-notch downgrade to 'BB+' from 'A-' reflects a
forward-looking financial and operating risk profile for WCCB that
is more consistent with ratings in the 'BB' category and considers
the full scope of management's aggressive growth strategy,
including plans to materially increase the OG's leverage in support
of two major campus expansion projects.

At the time Fitch affirmed its 'A-' rating and assigned the
Negative Outlook, only an assisted living (AL)/memory care
(MC)project was contemplated. The full scope of management's growth
plans including the projects and how they would be funded was
undetermined.

Management's current plans include the construction of the new
AL/MC tower and then the construction of a new independent living
(IL) tower, assuming litigation challenging the height and density
of the independent living tower is successfully resolved. If both
projects are pursued over the next two to three years, WCCB will
increase its debt by about 4.5x the amount currently outstanding,
which will likely materially constrain both financial and operating
metrics, particularly when evaluated under Fitch's five-year
forward looking stress scenario. Fitch's scenario analysis also
considers WCCB's guarantee of $12 million of debt that was incurred
outside of the OG in 1Q22 in support of an affiliate's acquisition
of a 172-unit age restricted rental community (The Overture)
located near the WCCB campus.

Historically, WCCB has exhibited mixed but somewhat weak operating
metrics and a balance sheet that was only just adequate for the
'A-' rating level. However, operating metrics are supported by
strong cash flows from net entrance fees with fiscal 2021 being a
record year for entrance fees from turnover units. WCCB's balance
sheet was weakened a few years ago by a campus revitalization
project funded from reserves. As expected, the balance sheet has
improved, enhanced by historically strong cash flows and the
obligated group's predominantly non-refundable contract mix.

WCCB consistently exhibits strong revenue defensibility
characterized by a robust waitlist and history of good demand for
its upscale location and amenities. Fitch believes that the planned
projects once stabilized will further enhance WCCB's competitive
position and will be accretive to operations. However, the amount
of incremental debt and potential challenges associated with
construction and achieving stabilized occupancy introduce risks
Fitch believes to be more consistent with the 'BB+' rating.

KEY RATING DRIVERS

Revenue Defensibility: 'a'

Solid Occupancy; Favorable Location and Market Position

WCCB has a distinct marketing advantage over its primary
competition due to its position as an upscale destination
community, and owing to its unique, beachfront location.
Demographic and wealth indicators remain very favorable, supporting
a fair degree of pricing flexibility. Regular annual increases to
entrance and monthly fees support the strong revenue defensibility
assessment.

Management believes that a recent non-OG acquisition of an age
restricted rental community located nearby (for which the OG
provided a $12 million debt guarantee), and the phased planned
expansions of its AL and IL capacity (within the OG) will help
enhance WCCB's marketability to regional seniors desiring an
upscale life plan community as well as address existing and future
demand in an underbuilt market while discouraging new market
entrants seeking to compete with WCCB.

Pre-marketing for the new facilities has not started, pending
resolution of litigation brought by two local condominium
associations over height and density of the proposed IL tower.
Management expects to resolve the litigation and begin pre-sales
later this year.

Operating Risk: 'bb'

Consistent Cash Flow Supplements Weaker Operations; Aggressive
Capital Plans

WCCB's operating metrics have historically been just adequate and
more typical of below investment grade metrics, such as the
operating ratio that has averaged close to 107% over the past three
years, although its cash flow performance has been robust, owing to
a largely non-refundable contract mix. Although Fitch expects unit
turnover to continue to be additive to WCCB's cash flows, the
community's operating performance is likely to be further pressured
once the new debt is incurred to fund WCCB's largescale AL and IL
expansions. Moreover, Fitch expects the organization's
capital-related metrics to weaken significantly once it proceeds
with its capital plans.

Financial Profile: 'bb'

Financial Profile Constrained Under Stress Scenario

WCCB historically demonstrated an adequate although a less robust
profile than typical for credits rated in the 'A' category.
However, with the WCCB OG's recent $12 million guarantee of non-OG
debt and $420 million of debt plans to facilitate construction of
two new resident towers, Fitch believes that WCCB's financial
profile will be constrained over the near to intermediate term and
more in-line with the 'BB' rating category. Under Fitch's stress
scenario, cash to adjusted debt declines to 30%-40% from 76% and
maximum annual debt service (MADS) coverage declines to 1.5x-1.7x
from 5.7x at FYE 2021.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations are relevant to the rating.

RATING SENSITIVITIES

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

-- Should WCCB suspend, revise, or materially delay its plans,
    for both the AL and IL projects, Fitch will reevaluate whether
    or not the ratings still properly reflect its assessment of
    WCCB's debt and repayment capacity, which could result in a
    positive rating revision. However, Fitch believes WCCB's
    pursuit of only the AL project would continue to justify the
    'BB+' rating.

-- An operating ratio approaching a sustained level at or below
    100%.

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

-- New project construction or fill-up issues that constrain
    operations or the balance sheet beyond what is contemplated
    under Fitch's stress scenario analysis.

-- Material weakening of days cash on hand (DCOH) below 200 days,
    or cash/adjusted debt falling to below 30%.

-- Failure to sustain MADS coverage in excess of 1.2x after the
    issuance of the new debt.

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.

WCCB is a type A (lifecare) life plan community (LPC) located on a
12.2-acre site fronting the Chesapeake Bay in Virginia Beach, VA.
The LPC opened in 1982 and is currently comprised of 448 IL units
(ILUs), 80 AL units (ALUs) and 93 skilled nursing facility (SNF)
beds (15 SNF beds were taken off-line in 2021 due to COVID). WCCB
OG had total operating revenues of $58.0 million and total assets
of $216.8 million in fiscal 2021 (YE Sept. 30).

Upon completion of the new towers and conversion of the East Tower
units to IL, WCCB will have 682 ILUs, 75 ALUs, 48 dedicated MC
units (MCUs), and 108 skilled nursing beds.

Fitch bases its financial analysis on the results of the OG, which
consists of WCCB (the senior living campus) and the
Westminster-Canterbury on Chesapeake Foundation (the Foundation).
WCCB OG accounted for 98% of total assets and 80% of total revenues
of the consolidated entity in fiscal 2021. WCCB also has six non-OG
affiliated organizations, Westminster-Canterbury at Home, LLC;
Senior Options, LLC; S.O. Realty, LLC; Ballentine Home Corporation;
Lynnhaven Inlet Fishing Pier and the recently formed Senior Options
Community created to acquire The Overture, a 172-unit, age 62+
rental apartment community located nearby to WCCB's campus. The
non-OG entities were additive to consolidated operating performance
in fiscal 2021; however, the financial results of these affiliates
are not included in the metrics reported in this press release.

Revenue Defensibility

WCCB's strong revenue defensibility reflects solid and stable ILU
occupancy averaging 91% for fiscal 2021. Currently, 95% ILUs are
currently occupied or reserved, with a wait-list for ILUs currently
numbering 580 that is updated monthly. Outside of IL, WCCB's
average 2021 AL occupancy was 84%, while average healthcare
occupancy was 86%, reflecting 15 HC beds temporarily taken off-line
in 2021 during the COVID-19 pandemic.

WCCB is well positioned as the leading upscale LPC in its primary
market area (PMA), supported by its beachfront location in Virginia
Beach, a popular destination for seniors. The area is characterized
by favorable wealth and income levels relative to surrounding
communities and to the state of Virginia. There are two smaller
competing life plan communities within WCCB's primary market area
and two LPCs outside of the PMA located in Newport News, VA and
Suffolk, VA, but these do not represent meaningful competition for
WCCB.

WCCB's entrance fees range from between $170,000 and $1.0 million
for its standard, non-refundable contracts and differ between the
mix of generally more affordable and typically smaller units in the
East Tower and larger more expensive West Tower units. WCCB's
favorable occupancy and robust wait-list suggest that the campus is
meeting the needs of prospective residents and units are affordable
for the target demographic relative to the $319,000 average home
price in Virginia Beach (realtor.com). Average IL entrance fees for
the planned Bay Tower are expected to be approximately $1 million.
Management has successfully implemented 3%-5% annual increases to
entrance and monthly fees without a negative effect on demand.

Performance of WCCB's Early Advantage Program, through which
prospective residents pay reduced entrance and monthly fees for
access to the campus and to insure against unforeseen health events
before they move in, also supports Fitch's strong revenue
defensibility assessment. The Early Advantage program has grown to
112 members, increasing by 51 new members in fiscal 2021, while
generating $3.5 million of additional program fees. Early Advantage
produced an additional $2 million of fees through 1Q22.

Operating Risk

WCCB offers a type-A (lifecare) contract, which Fitch believes
represents the highest degree of operating risk, as the
organization is unable to pass through the cost volatility
associated with providing higher levels of healthcare to its
revenue base.

WCCB offers four refund options. Approximately 95% of current
residents are covered under the Standard Agreement, which deducts a
4% administrative charge plus 2% per month and is non-refundable
after 48 months. WCCB also offers a 50-Month Declining Balance
Agreement, which is non-refundable after 48 months; a 50%
refundable contract; and an 80% refundable contract. Management
stopped offering the 90% refundable contract in fiscal 2021.

Some of WCCB's operating metrics have been historically just
adequate and more typical of below investment grade metrics, such
as the operating ratio that has averaged close to 107% over the
past three years. However, WCCB has historically generated strong
cash flows from net entrance fees, as the majority of residents are
covered under non-refundable contracts. supporting strong cash
flows from net entrance fees. At just under $24 million (inclusive
of entrance fees from the Early Advantage Program) net entrance
fees were at record levels for fiscal 2021. These cash flows
supported an adjusted net operating margin (NOMA) averaging 25%
over the past three years and 36% for fiscal 2021. With a
combination of rate increases and growth in the Early Advantage
program, Fitch expects that unit turnover will continue to be
additive to cash flows, although Fitch expects WCCB's operating
performance to be pressured once the new debt is incurred.

WCCB OG completed its last campus revitalization in early 2019 on
budget. That project included the renovation and expansion of the
existing SNF that added 13 new beds, the addition of a wellness
center and a rehab center, and upgrades to its Market Place and
other common spaces.

Subject to the resolution of recent litigation, the WCCB OG will
issue up to $420 million of new debt (in separate offerings of $120
million initially and $300 million in the next two to three years)
to finance a new AL/MC tower with 75 AL and 48 MCUs, and build a
new 200-unit IL tower on land adjacent to the WCCB campus. Vacated
ALUs in WCCB's East Tower will be converted to 34 ILUs. The unit
conversions will be funded with internal cash flow. Management
expects initial entrance fees from the new IL tower to be
sufficient to pay down 60% of the associated temporary construction
debt.

WCCB has historically maintained largely midrange capital-related
metrics, with MADS representing an average of 9.1% of revenues and
debt-to net available averaging 5.1x over the last five fiscal
years. However, WCCB's debt burden will increase significantly once
it moves ahead with its aggressive capital plan, which will
materially weaken it capital-related metrics.

Financial Profile

WCCB historically demonstrated an adequate although a somewhat less
robust profile than typical for credits rated in the 'A' category
principally due to reserve draws a few years ago to fund a $36
million campus revitalization project funded from internal cash
flows. For fiscal 2021 (Sept. 30), WCCB had 472 DCOH and 76%
cash-to-debt. WCCB's MADS coverage has historically ranged from
2.5x to 3.4x with fiscal 2021 MADS increasing to 5.7x on record net
entrance fees from turnover units.

While historical liquidity and leverage metrics are adequate, and
in-line with investment grade medians, Fitch is rating to the
expectation that WCCB OG will incur up to $420 million of new debt
to fund its capital spending plans, which will weaken its
cash-to-adjusted debt and MADS coverage to levels consistent with
the 'BB+' rating in Fitch's forward look.

During the first quarter of fiscal 2022, WCCB guaranteed $12
million of debt incurred outside of the OG in support of an
affiliate's acquisition of a 172-unit age restricted rental
community (The Overture) located near the WCCB campus. During the
next 18-24 months, WCCB plans to incur an estimated $120 million of
new debt to build an AL and MC tower, and incur approximately $300
million of construction financing to build a new IL tower. Both
projects are adjacent to WCCB's Virginia Beach campus. The debt is
expected to be incurred in two phases with an estimated $120
million to be borrowed in the third or fourth quarter of fiscal
2022, and approximately $300 million to be borrowed in the first
fiscal quarter of fiscal 2024 (October 2023). After issuance,
WCCB's debt will increase from $76.7 million to approximately $509
million, inclusive of its $12 million guarantee of non- OG debt.
Management expects 60% of the debt incurred to finance construction
of the new IL tower to be repaid with initial entrance fees.

On a forward-looking basis and assuming WCCB is able to proceed
with the full scope of its capital plans, debt is expected to
increase from $76 million to $496 million (or $508 million
inclusive of it $12 million debt guarantee for the Senior Options
Community's acquisition of The Overture). Even with the expected
$200 million paydown of debt from initial entrance fees from the
Bay Tower project, MADS and cash-to-adjusted debt on a
forward-looking basis are materially constrained, declining to 1.5x
and 31%, respectively.

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.


WHEELS AMERICA: Unsecured Creditors to Get Nothing in Plan
----------------------------------------------------------
Wheels America San Francisco, LLC, filed with the U.S. Bankruptcy
Court for the Northern District of California a Plan of
Reorganization for Small Business dated Feb. 14, 2022.

WASF successfully operates a business selling and
repairing/remanufacturing aluminum vehicle wheels. In April of
2017, WASF entered into a long-term lease with Young Enterprises L.
P. ("YELP") for certain premises located in San Leandro, California
and shortly thereafter commenced operations from those premises.

The Pandemic prevented WASF from subletting the premises or
generating sufficient profits to fund its current lease and the San
Leandro Lease. Notwithstanding various pandemic moratoria and
relief enacted by local and State authorities, YELP vigorously
pursued enforcement of its rights under the Lease, retaking
possession of the premises and terminating the lease in May of
2020. YELP commenced an arbitration against WASF, seeking more than
$400,000 in damages respecting the prior lease. YELP's collection
efforts precipitated the Chapter 11 filing.

The Debtor has separately filed a detailed statement of projected
profitability, which concludes that projected profitability for the
three years post-confirmation is likely to amount to $107,750.00.

This Plan of Reorganization proposes to pay creditors of Wheels
America San Francisco, LLC from the Operating Cash Flow generated
by the Debtor's business and, if necessary, funds obtained from
affiliates.

The Plan will treat claims as follows:

     * Class 1.1 consists of Priority claims of employees. Class
1.1 is unimpaired by this Plan, and each holder of a Class 1.1
Priority Claim will be paid in full, in cash, upon the later of (a)
the effective date of this Plan, (b) the date on which such claim
is allowed by a final non-appealable order, or (c) when it becomes
due under the terms of the contract, agreement or applicable non
bankruptcy law, to the extent not already paid.

     * Class 1.2 consists of All other priority claims. The holders
of the Class 1.2 Claims shall be paid in their Order of Priority
from Operating Cash Flow until paid in full, together with interest
at the Interest Rate.

     * Class 2 consists of the Secured claim of Small Business
Administration. The Class 2 Claim shall be unimpaired as
contemplated by Section 1124 of the Code, and its loan terms shall
be restored, cured and reinstated as of the Effective Date.

     * Class 3 consists of Non-priority unsecured creditors. Class
3 Claims will receive nothing under this Plan, and are deemed to
reject it.

     * Class 4 consists of Equity security holders of the Debtor.
Equity holders are unimpaired under this Plan and are deemed to
accept it.

Following the Effective Date, the Debtor shall dedicate Operating
Cash Flow to the payment of creditor claims in their Order of
Priority. Such payments shall continue until the Class 1.2 Claims
have been paid in full. On the third anniversary of the Effective
Date, if the Class 1.2 Claims have not been paid in full by that
date, then the Debtor shall pay the remaining balance due on such
Claim(s) on that date by obtaining a loan or contribution from an
affiliate sufficient to do so. Nothing shall prevent the Debtor
from obtaining funds and prepaying all or any claims subject to
treatment hereunder. This Plan shall conclude upon the payment in
full of the Class 1.2 Claim.

A full-text copy of the Plan of Reorganization dated Feb. 14, 2022,
is available at https://bit.ly/3oTQfWe from PacerMonitor.com at no
charge.

Attorney for the Plan Proponent:

     Michael St. James, Esq.
     St. James Law, PC
     22 Battery Street, Suite 810
     San Francisco, CA 94111
     Telephone: (415) 391-7566
     Facsimile: (415) 391-7568
     Email: michael@stjames-law.com

              About Wheels America San Francisco

Wheels America San Francisco, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif.
Case No. 21-41479) on Dec. 11, 2021, disclosing $665,210 in assets
and $1,254,346 in liabilities. Robert Stretch, member, signed the
petition.

Judge Roger L. Efremsky oversees the case.

Michael St. James, Esq., at St. James Law, PC, serves as the
Debtor's legal counsel.


XEROX HOLDINGS: Moody's Cuts CFR to Ba2, Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Xerox Holdings Corporation to Ba2 from Ba1 and the Probability of
Default Rating to Ba2-PD from Ba1-PD driven by Moody's expectation
that revenue growth in 2022 will remain challenged by supply chain
disruptions and the slowdown in return to office trends.
Additionally, Xerox's willingness to fund significant share
buybacks in 4Q21 evidences aggressive financial policies in light
of weak 4Q operating results, elevated debt to EBITDA (Moody's
adjusted), and the company's decision to increase growth
investments in 2022. As part of the rating actions, Moody's
downgraded the senior unsecured credit facility and senior
unsecured notes ratings to Ba2 from Ba1. The Speculative Grade
Liquidity (SGL) rating of SGL-1 is unchanged, and the outlook was
revised to stable from negative.

Downgrades:

Issuer: Xerox Holdings Corporation

Corporate Family Rating, Downgraded to Ba2 from Ba1

Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD

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

Issuer: Xerox Corporation

Gtd Senior Unsecured Bank Credit Facility, Downgraded to Ba2
(LGD4) from Ba1 (LGD4)

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4)
from Ba1 (LGD4)

Affirmations:

Issuer: Xerox Corporation

Senior Unsecured Commercial Paper, Affirmed NP

Outlook Actions:

Issuer: Xerox Holdings Corporation

Outlook, Changed To Stable From Negative

Issuer: Xerox Corporation

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The CFR downgrade to Ba2 reflects the ongoing challenges Xerox
faces to grow overall revenues and maintain profit margins. Supply
chain disruptions contributed to a greater than expected decline in
the number of equipment installs in 4Q21 and will continue through
at least mid-2022. Operating performance will continue to be
hindered by delays in the return to office trends as a result of
the lingering pandemic. The downgrade also considers Xerox's
aggressive financial policies which favor shareholder interests.
The company funded $388 million of share buybacks in 4Q21 bringing
total 2021 repurchases to just under $890 million despite weaker
than expected operating results in 4Q21, elevated leverage, and
guidance for tepid operating performance in 2022.

Over the next year, Moody's expects organic revenue growth will be
pressured due to ongoing supply chain disruptions which contributed
to equipment shortages and the remaining impact of coronavirus.
Revenues for fiscal December 2021 increased only modestly to $7.04
billion as a (7.9%) revenue decline for the three months of 4Q21
offset top line gains through the first half of 2021 due to supply
chain issues. For 2022, Moody's expects only modest overall revenue
growth given secular pressures from declining print demand combined
with only partial recovery in the percentage of workers returning
to their offices.

The Ba2 CFR incorporates higher financial leverage for Xerox with
debt to EBITDA exceeding 3.5x (Moody's adjusted) for the majority
of 2022 and reduced free cash flow reflecting the company's plans
to increase investments in growth businesses by roughly 50% to $200
million. Xerox has gained market share in the past year,
particularly for office-centric offerings, but competition remains
intense in this mature industry with new equipment and service
offerings from other providers, a few of whom have deeper financial
pockets, more stable top lines due to significant revenue
diversification, or better penetration in certain higher growth
Asian and other emerging markets.

Xerox's ratings are supported by the company's good market position
in its core mid-range print and document outsourcing markets as
well as very good liquidity. Excluding the impact of COVID-19, more
than 70% of Xerox's revenue is typically derived from post-sale
activities that include document outsourcing, managed print
services, maintenance service, supplies (toner and paper), and
finance income. These elements come with higher operating margins
and often provide recurring revenue streams. Xerox engages in
customer financing as part of its overall selling proposition to
provide a competitive advantage and greater flexibility in
structuring large technology purchases. However, financing
equipment receivables weigh on the company's risk assessment due to
the ongoing need to manage sizable debt maturities and cost of
funding.

Demand for office copiers and printers remains in secular decline
driven by the substitution of traditional physical copies with
digital documents and the social trend to go paperless. Governance
is also a key consideration given the company's aggressive
financial policies including Xerox's debt-financed proposal to
acquire HP Inc. in November 2019 and funding over $1 billion of
dividends and share buybacks in 2021. In addition, Xerox
established a new holding company, Xerox Holdings Corporation
("Xerox"), with the intent of providing strategic, operational, and
financial flexibility. Xerox guarantees the credit facility of
Xerox Corporation but does not guarantee the senior notes of Xerox
Corporation which could favor shareholders, debt investors of
Xerox, and revolver lenders at the expense of Xerox Corporation
noteholders. Xerox's board is comprised of ten members of which
nine are considered independent. Xerox's shareholder base includes
funds of Icahn Associates owning roughly 20.5% of outstanding
shares as of the end of January 2022, followed by Vanguard and
Blackrock owning 6% - 8%, and other investment firms owning less
than 5%.

The Speculative Grade Liquidity (SGL) rating of SGL-1 reflects the
company's very good liquidity supported by more than $1.8 billion
of cash as of December 2021, an undrawn $1.8 billion revolver, and
good free cash flow in 2022 despite stepped up investments in
growth businesses as well as the ongoing impact of global supply
chain disruptions and the pandemic.

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

The stable outlook reflects Moody's expectation that top line gains
over the next year will be modest with revenues from newer growth
businesses, such as 3D Printing, CareAR, and Xerox Financial
Services, largely offsetting potential revenue declines for Xerox's
core copier and printing operations. The outlook also incorporates
Moody's expectation that debt to EBITDA (Moody's adjusted) will
improve over the next year from current elevated levels through
growth in adjusted EBITDA or debt reduction and liquidity will
remain very good with ample cash balances and revolver
availability. Although Xerox intends to increase investments in
growth businesses by roughly 50% to $200 million in 2022, Moody's
expect adjusted free cash flow to debt will be in the low double
digit percentage range. The stable outlook does not contemplate
further share repurchases beyond the remaining authorization for an
additional $113 million.

Ratings could be upgraded if Xerox demonstrates consistent revenue
growth, stable to improving operating margins, and growing free
cash flow. An upgrade would also require conservative financial
discipline, ensuring classes of unsecured debt at Xerox and Xerox
Corporation will have similar instrument ratings despite
potentially asymmetric investment activities, and maintaining the
asset quality of its expanded finance operations to non-Xerox
offerings. These results would be evidenced by achieving and
maintaining adjusted operating margins in the low double-digit
percentage range, adjusted total debt to EBITDA approaching 2.5x,
and improving free cash flow generation.

Ratings could be downgraded if Xerox is unable to stabilize total
revenues or if operating margins weaken. Downward rating actions
could also occur if liquidity deteriorates, including cash balances
approaching $500 million or revolver availability declining to less
than $800 million, or if Moody's expects adjusted debt to EBITDA
will be sustained above 3.50x after 2022 or adjusted free cash flow
to debt will fall below 10%. Ratings could also be downgraded if
the company funds share buybacks beyond the remaining $113 million
currently authorized, classes of unsecured debt at Xerox or Xerox
Corporation have different instrument ratings reflecting asymmetric
credit metrics, or the asset quality of the finance operations
erodes.

Xerox Holdings Corporation, based in Norwalk, CT, is a leader in
document processing systems and related supplies for enterprises
including SMBs, governmental entities, and Fortune 100 companies.
Revenues are generated primarily in the Americas and EMEA.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.


[*] Alissa Brice Joins Dorsey & Whitney's New Phoenix Office
------------------------------------------------------------
Dorsey & Whitney LLP continues to expand its presence in Phoenix
with the addition of Partners Alissa Brice Castañeda and Gabriel
Hartsell and a team of four associates and two legal assistants.
They join Partners Scott Jenkins, Isaac Gabriel, and Andrea Palmer
who opened the office on January 18, 2022. Dorsey now has 13
attorneys licensed to practice in Arizona.

Alissa Brice Castañeda's practice focuses on bankruptcy,
creditors' rights litigation, commercial litigation and healthcare
litigation. Ms. Castañeda advises banks, lending institutions, and
other creditors and corporate clients in chapter 11 bankruptcies,
loan workouts and restructuring, receiverships, and other
enforcement, foreclosure and deficiency actions. In addition to her
restructuring practice, she also represents clients in commercial
litigation matters in both state and federal court. Alissa also
handles healthcare litigation and frequently advocates for her
clients in administrative hearings.

Before joining Dorsey, Ms. Castañeda was a partner with Quarles &
Brady LLP in the Phoenix office. She received her B.A. from the
University of Southern California and her J.D. from the Boston
College Law School.

"We are delighted to be joining Dorsey & Whitney," noted Ms.
Castañeda. "The Firm has superb lawyers across all major practice
areas and a significant presence in industries worldwide that are
crucial to the Mountain West region. We look forward to serving our
clients from the Dorsey platform and further supporting Dorsey's
extraordinary client base."

Gabriel Hartsell represents creditors in Chapter 7, 11, and 13
filings, as well as pursuing their claims against debtors in those
matters. His practice focuses on the protection of creditors'
rights throughout all facets of bankruptcy reorganizations,
restructurings, workouts, and other financial transactions. He
regularly represents commercial equipment lenders and lessors in
substantial business reorganization cases, in addition to
commercial landlords in all aspects of lease enforcement disputes
and resolution. He routinely advises financial institutions,
creditors, debt servicers, and a variety of corporate clients on a
diverse array of commercial and contractual disputes. This includes
guiding clients through pre-suit lien enforcement efforts under the
UCC, as well as protecting secured creditors' collateral interests
and rights through the application of provisional remedies like
receiverships.

Mr. Hartsell's litigation experience extends to defending clients
across the financial services industry against class action and
individual statutory claims, including the Telephone Consumer
Protection Act, the Fair Debt Collection Practices Act, the Real
Estate Settlement Procedures Act, the Fair Credit Reporting Act,
the Truth in Lending Act, and related state claims, with a primary
focus on federal court practice. He incorporates a business mindset
into his legal practice, aiming to resolve clients' legal issues
through efficient litigation management, while always bearing in
mind the cost and liability associated with each individual case.

Before joining Dorsey, Mr. Hartsell was with Quarles & Brady LLP in
the Phoenix office. He received his B.S. from Palm Beach Atlantic
University and his J.D. from the Florida State University College
of Law.

"We are all very excited to be joining Dorsey. It is a great Firm
with a tremendous reputation and provides a great fit for us," said
Mr. Hartsell. "Dorsey has a broad footprint—having resources in
New York, Delaware and all of the Western U.S. and international
offices will be an immediate benefit to our clients."

In addition, Associates Madison Burr, Michael Galen, Hannah Torres,
and Julie Walters, and legal assistants Lizzie Norman and Cheryl
Duff are part of this growing Phoenix team.

"Continuing to add top legal talent to Dorsey's new Phoenix office
is a top priority," said Bill Stoeri, Managing Partner of Dorsey.
"We are pleased to add these lawyers and other professionals to our
team in Phoenix and to continue our growth in the Mountain West
region."

                    About Dorsey & Whitney LLP

Clients have relied on Dorsey since 1912 as a valued business
partner. With locations across the United States and in Canada,
Europe and the Asia-Pacific region, Dorsey provides an integrated,
proactive approach to its clients' legal and business needs. Dorsey
represents a number of the world's most successful companies from a
wide range of industries, including leaders in banking & financial
institutions, development & infrastructure (with a strong emphasis
on real estate transactions), energy & natural resources, food,
beverage & agribusiness, healthcare and technology, as well as
major non-profit and government entities.


[*] Kate Lattner Joins Claro Group as Managing Director
-------------------------------------------------------
The Claro Group has bolstered its Midwest presence with the
addition of Kate Lattner as a Chicago-based Managing Director in
its growing Disputes & Investigations practice.

Ms. Lattner has close to fifteen years' experience providing expert
forensic accounting, dispute consulting and damages analyses in
complex litigation, commercial disputes, restructuring and
bankruptcy matters, and fraud, internal and white collar
investigations. Her work primarily involves breach of contract
issues, lost profits, forensic accounting, working capital
adjustments and earn-out analyses, intricate asset tracing analyses
and solvency and fraudulent conveyance issues. She also provides
expert evaluation of complex accounting issues inclusive of
Generally Accepted Accounting Principles (GAAP) and Generally
Accepted Auditing Standards (GAAS). She comes with substantial
experience across a variety of industries including, but not
limited to, financial services, healthcare, manufacturing,
agriculture, energy, retail, and food & beverage.

After beginning her career at PricewaterhouseCoopers in its
Investment Management practice where she audited private equity,
hedge and mutual funds, Ms. Lattner ascended to leadership roles in
Duff & Phelps's Disputes & Investigations practice and Grant
Thornton's Forensic Advisory group. Ms. Lattner is credentialed as
a Certified Public Accountant (CPA) and Certified Insolvency and
Restructuring Advisor (CIRA). Additionally, Ms. Lattner spends a
significant amount of time supporting working mothers in the
Chicago region as a board member of Big Careers Little Kids.

Claro's Chairman, John Cadarette, adds: "The Firm is fortunate to
have added Kate to the team. Her vast experience and expertise --
particularly in the Disputes and Investigations areas -- will
broaden Claro's capabilities and enable us to further service our
clients with unmatched knowledge and insight. She's hit the ground
running, and we're excited for our shared success ahead."

                           About Claro

Founded by former "Big 5" accounting and consulting firm partners,
Claro is a highly respected, privately-owned financial and economic
consulting firm. Claro provides analytics and solutions in
high-stakes litigation matters, investigations, insurance claims,
corporate finance and restructuring, government contracts, and the
technology solutions that support them. Claro's offices are located
in Chicago, Houston, Los Angeles, and Washington, D.C.


[*] S&P Takes Various Actions on 395 Classes from 61 US CMBS Deals
------------------------------------------------------------------
S&P Global Ratings raised its ratings on 154 classes of commercial
mortgage pass-through certificates from 43 U.S. CMBS transactions
and removed them from CreditWatch with positive implications. At
the same time, S&P affirmed its ratings on 241 classes from 60
transactions, removing 72 of them from CreditWatch positive.

A list of Affected Ratings can be viewed at:

              https://bit.ly/3v5fuZJ

S&P said, "We had placed our ratings on 226 classes from 57 U.S.
CMBS transactions on CreditWatch positive on Feb. 3, 2022,
following the revision of our baseline capitalization rate
assumptions for multifamily (including manufactured, student, and
cooperative housing), industrial (including warehouse), and
self-storage assets as detailed in the recently updated criteria
guidance article "Guidance: CMBS Global Property Evaluation
Methodology," originally published March 13, 2019. As detailed in
the related press release, "Guidance On Global CMBS Property
Evaluation Methodology Updated," published Jan. 28, 2022, market
capitalization rates for the aforementioned asset types have
compressed for years, widening the spread between them and our
published baseline capitalization rates (which were initially
established in 2012). As such, we lowered our baseline
capitalization rate assumptions related to multifamily, industrial,
and self-storage assets by 50, 75, and 100 basis points,
respectively, to better align with market conditions.




[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
                                               Total
                                              Share-      Total
                                   Total    Holders'    Working
                                  Assets      Equity    Capital
  Company         Ticker            ($MM)       ($MM)      ($MM)
  -------         ------          ------    --------    -------
ACCELERATE DIAGN  AXDX* MM          81.2       (39.7)      64.0
AEMETIS INC       DW51 GR          147.0      (132.1)     (57.6)
AEMETIS INC       AMTX US          147.0      (132.1)     (57.6)
AEMETIS INC       AMTXGEUR EZ      147.0      (132.1)     (57.6)
AEMETIS INC       AMTXGEUR EU      147.0      (132.1)     (57.6)
AEMETIS INC       DW51 GZ          147.0      (132.1)     (57.6)
AEMETIS INC       DW51 TH          147.0      (132.1)     (57.6)
AEMETIS INC       DW51 QT          147.0      (132.1)     (57.6)
AERIE PHARMACEUT  AERIEUR EU       351.8       (72.9)     157.8
AERIE PHARMACEUT  0P0 GR           351.8       (72.9)     157.8
AERIE PHARMACEUT  AERI US          351.8       (72.9)     157.8
AERIE PHARMACEUT  0P0 GZ           351.8       (72.9)     157.8
AERIE PHARMACEUT  0P0 TH           351.8       (72.9)     157.8
AERIE PHARMACEUT  0P0 QT           351.8       (72.9)     157.8
ALPHA CAPITAL -A  ASPC US          231.1       212.7        1.0
ALPHA CAPITAL AC  ASPCU US         231.1       212.7        1.0
ALTENERGY ACQU-A  AEAE US            0.5        (0.1)      (0.1)
ALTENERGY ACQUIS  AEAEU US           0.5        (0.1)      (0.1)
ALTICE USA INC-A  ATUS* MM      33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  15PA GZ       33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  ATUS US       33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  15PA GR       33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  15PA TH       33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  ATUSEUR EU    33,215.0      (870.9)  (1,945.5)
ALTICE USA INC-A  ATUS-RM RM    33,215.0      (870.9)  (1,945.5)
ALTIRA GP-CEDEAR  MOC AR        39,523.0    (1,606.0)  (2,496.0)
ALTIRA GP-CEDEAR  MOD AR        39,523.0    (1,606.0)  (2,496.0)
ALTIRA GP-CEDEAR  MO AR         39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO* MM        39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  PHM7 TH       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO TE         39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  PHM7 GR       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MOEUR EU      39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO SW         39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO US         39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  PHM7 QT       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  ALTR AV       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MOEUR EZ      39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO CI         39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  PHM7 GZ       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  0R31 LI       39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MOUSD SW      39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP INC  MO-RM RM      39,523.0    (1,606.0)  (2,496.0)
ALTRIA GROUP-BDR  MOOO34 BZ     39,523.0    (1,606.0)  (2,496.0)
AMC ENTERTAINMEN  AMC US        11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AH9 GR        11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AMC* MM       11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AH9 TH        11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AH9 QT        11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AMC4EUR EU    11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AH9 GZ        11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  AMC-RM RM     11,057.5    (1,642.7)     173.8
AMC ENTERTAINMEN  A2MC34 BZ     11,057.5    (1,642.7)     173.8
AMERICAN AIR-BDR  AALL34 BZ     66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL US        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL* MM       66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  A1G GR        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  A1G TH        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  A1G QT        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL11EUR EZ   66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL11EUR EU   66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL AV        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL TE        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  A1G SW        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  A1G GZ        66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL-RM RM     66,442.0    (7,340.0)  (1,669.0)
AMERICAN AIRLINE  AAL_KZ KZ     66,442.0    (7,340.0)  (1,669.0)
AMPLIFY ENERGY C  2OQ TH           405.9      (100.2)     (69.3)
AMPLIFY ENERGY C  MPO2EUR EU       405.9      (100.2)     (69.3)
AMPLIFY ENERGY C  2OQ GR           405.9      (100.2)     (69.3)
AMPLIFY ENERGY C  AMPY US          405.9      (100.2)     (69.3)
AMPLIFY ENERGY C  2OQ GZ           405.9      (100.2)     (69.3)
AMPLIFY ENERGY C  2OQ QT           405.9      (100.2)     (69.3)
AMYRIS INC        3A01 GR          542.3       (53.3)    (182.0)
AMYRIS INC        3A01 TH          542.3       (53.3)    (182.0)
AMYRIS INC        AMRS US          542.3       (53.3)    (182.0)
AMYRIS INC        AMRSEUR EU       542.3       (53.3)    (182.0)
AMYRIS INC        3A01 QT          542.3       (53.3)    (182.0)
AMYRIS INC        3A01 SW          542.3       (53.3)    (182.0)
AMYRIS INC        AMRSEUR EZ       542.3       (53.3)    (182.0)
AMYRIS INC        3A01 GZ          542.3       (53.3)    (182.0)
AMYRIS INC        AMRS* MM         542.3       (53.3)    (182.0)
APELLIS PHARMACE  APLS US          525.7       (57.3)     381.2
APELLIS PHARMACE  1JK TH           525.7       (57.3)     381.2
APELLIS PHARMACE  1JK GR           525.7       (57.3)     381.2
APELLIS PHARMACE  APLSEUR EU       525.7       (57.3)     381.2
APOLLO ENDOSURGE  HQ8F GR           71.1        (0.1)      39.0
APOLLO ENDOSURGE  APEN US           71.1        (0.1)      39.0
APOLLO ENDOSURGE  APEN1EUR EU       71.1        (0.1)      39.0
APOLLO ENDOSURGE  HQ8F TH           71.1        (0.1)      39.0
ARCH BIOPARTNERS  ARCH CN            2.7        (3.9)      (0.5)
ARCHIMEDES TECH   ATSPU US         133.8       133.5        0.6
ARCHIMEDES- SUB   ATSPT US         133.8       133.5        0.6
ARTERIS INC       AIP US            40.6       (15.0)     (12.2)
ASCENT SOLAR TEC  ASTID US          11.4        (4.6)       1.8
ATLAS TECHNICAL   ATCX US          420.1      (144.9)     103.2
AUSTERLITZ ACQ-A  AUS US           692.9       614.7       (5.4)
AUSTERLITZ ACQUI  AUS/U US         692.9       614.7       (5.4)
AUTOZONE INC      AZ5 GR        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZ5 TH        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZOEUR EU     14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZ5 QT        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZO US        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZ5 GZ        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZOEUR EZ     14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZO AV        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZ5 TE        14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZO* MM       14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC      AZO-RM RM     14,460.9    (2,124.7)  (1,738.7)
AUTOZONE INC-BDR  AZOI34 BZ     14,460.9    (2,124.7)  (1,738.7)
AVID TECHNOLOGY   AVID US          248.9      (126.4)      (6.5)
AVID TECHNOLOGY   AVD GR           248.9      (126.4)      (6.5)
AVID TECHNOLOGY   AVD TH           248.9      (126.4)      (6.5)
AVID TECHNOLOGY   AVD GZ           248.9      (126.4)      (6.5)
AVIS BUD-CEDEAR   CAR AR        22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CUCA GR       22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CAR US        22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CUCA QT       22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CAR2EUR EU    22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CAR* MM       22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CAR2EUR EZ    22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CUCA TH       22,600.0      (209.0)    (561.0)
AVIS BUDGET GROU  CUCA GZ       22,600.0      (209.0)    (561.0)
BACKBLAZE INC-A   BLZE US           60.4       (12.1)     (32.1)
BANYAN ACQUISITI  BYN/U US           0.4        (0.0)      (0.4)
BATH & BODY WORK  LTD0 GR        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  BBWI US        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  LTD0 TH        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  LBEUR EU       6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  BBWI* MM       6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  LTD0 QT        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  LBEUR EZ       6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  BBWI AV        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  LTD0 GZ        6,031.0    (1,675.0)   1,550.0
BATH & BODY WORK  BBWI-RM RM     6,031.0    (1,675.0)   1,550.0
BAUSCH HEALTH CO  BHC US        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BHC CN        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BVF GR        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  VRX SW        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BHCN MM       29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  VRX1EUR EU    29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BVF QT        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  VRX1EUR EZ    29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BVF GZ        29,252.0      (135.0)    (113.0)
BAUSCH HEALTH CO  BVF TH        29,252.0      (135.0)    (113.0)
BELLRING BRAND-A  BR6 GZ           600.6       (46.9)     151.9
BELLRING BRAND-A  BRBR1EUR EU      600.6       (46.9)     151.9
BELLRING BRAND-A  BRBR US          600.6       (46.9)     151.9
BELLRING BRAND-A  BR6 TH           600.6       (46.9)     151.9
BELLRING BRAND-A  BR6 GR           600.6       (46.9)     151.9
BENEFITFOCUS INC  BNFT US          252.4        (2.0)      65.9
BENEFITFOCUS INC  BTF GR           252.4        (2.0)      65.9
BENEFITFOCUS INC  BNFTEUR EU       252.4        (2.0)      65.9
BIGBEAR.AI HOLDI  BBAI US          360.3       344.9       (1.1)
BIGBEAR.AI HOLDI  28K1 GR          360.3       344.9       (1.1)
BIGBEAR.AI HOLDI  GIG2EUR EU       360.3       344.9       (1.1)
BIGBEAR.AI HOLDI  28K1 GZ          360.3       344.9       (1.1)
BIOCRYST PHARM    BCRX US          265.8      (147.0)     119.1
BIOCRYST PHARM    BO1 GR           265.8      (147.0)     119.1
BIOCRYST PHARM    BO1 TH           265.8      (147.0)     119.1
BIOCRYST PHARM    BO1 QT           265.8      (147.0)     119.1
BIOCRYST PHARM    BCRXEUR EU       265.8      (147.0)     119.1
BIOCRYST PHARM    BO1 SW           265.8      (147.0)     119.1
BIOCRYST PHARM    BCRX* MM         265.8      (147.0)     119.1
BIOCRYST PHARM    BCRXEUR EZ       265.8      (147.0)     119.1
BIOHAVEN PHARMAC  BHVN US        1,131.2      (531.2)     482.1
BIOHAVEN PHARMAC  2VN GR         1,131.2      (531.2)     482.1
BIOHAVEN PHARMAC  BHVNEUR EU     1,131.2      (531.2)     482.1
BIOHAVEN PHARMAC  2VN TH         1,131.2      (531.2)     482.1
BLUEACACIA LTD    BLEUU US         254.7        (7.8)      (7.8)
BLUEACACIA LTD-A  BLEU US          254.7        (7.8)      (7.8)
BOEING CO-BDR     BOEI34 BZ    138,552.0   (14,846.0)  26,674.0
BOEING CO-CED     BAD AR       138,552.0   (14,846.0)  26,674.0
BOEING CO-CED     BA AR        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BOE LN       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BCO TH       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA PE        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BOEI BB      138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA US        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA SW        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA* MM       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA TE        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BCO GR       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BAEUR EU     138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA EU        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BCO QT       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BCOD PO      138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA-RM RM     138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BAEUR EZ     138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA EZ        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA CI        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA AV        138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BAUSD SW     138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BCO GZ       138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BACL CI      138,552.0   (14,846.0)  26,674.0
BOEING CO/THE     BA_KZ KZ     138,552.0   (14,846.0)  26,674.0
BOEING CO/THE TR  TCXBOE AU    138,552.0   (14,846.0)  26,674.0
BOMBARDIER INC-B  BBDBN MM      12,764.0    (3,089.0)     713.0
BRIDGEBIO PHARMA  2CL GR           781.5      (735.9)     543.9
BRIDGEBIO PHARMA  BBIOEUR EU       781.5      (735.9)     543.9
BRIDGEBIO PHARMA  2CL GZ           781.5      (735.9)     543.9
BRIDGEBIO PHARMA  2CL TH           781.5      (735.9)     543.9
BRIDGEBIO PHARMA  BBIO US          781.5      (735.9)     543.9
BRIDGEMARQ REAL   BRE CN            84.3       (55.8)       9.9
BRIGHTSPHERE INV  2B9 GR           714.8       (17.6)       -
BRIGHTSPHERE INV  BSIGEUR EU       714.8       (17.6)       -
BRIGHTSPHERE INV  BSIG US          714.8       (17.6)       -
BRINKER INTL      EAT US         2,457.3      (327.4)    (348.8)
BRINKER INTL      BKJ GR         2,457.3      (327.4)    (348.8)
BRINKER INTL      EAT2EUR EZ     2,457.3      (327.4)    (348.8)
BRINKER INTL      EAT2EUR EU     2,457.3      (327.4)    (348.8)
BRINKER INTL      BKJ QT         2,457.3      (327.4)    (348.8)
BRINKER INTL      BKJ TH         2,457.3      (327.4)    (348.8)
BROOKFIELD INF-A  BIPC US        9,176.0    (1,148.0)  (2,097.0)
BROOKFIELD INF-A  BIPC CN        9,176.0    (1,148.0)  (2,097.0)
BRP INC/CA-SUB V  DOOEUR EU      4,572.6      (226.8)     252.5
BRP INC/CA-SUB V  B15A GZ        4,572.6      (226.8)     252.5
BRP INC/CA-SUB V  DOO CN         4,572.6      (226.8)     252.5
BRP INC/CA-SUB V  B15A GR        4,572.6      (226.8)     252.5
BRP INC/CA-SUB V  DOOO US        4,572.6      (226.8)     252.5
BRP INC/CA-SUB V  B15A TH        4,572.6      (226.8)     252.5
CACTUS ACQUISITI  CCTS US            0.2        (0.3)      (0.3)
CACTUS ACQUISITI  CCTSU US           0.2        (0.3)      (0.3)
CALUMET SPECIALT  CLMT US        1,833.9      (300.2)    (273.4)
CEDAR FAIR LP     FUN US         2,313.0      (698.5)    (117.9)
CENTRUS ENERGY-A  4CU GR           487.2      (229.1)      79.0
CENTRUS ENERGY-A  LEUEUR EU        487.2      (229.1)      79.0
CENTRUS ENERGY-A  4CU TH           487.2      (229.1)      79.0
CENTRUS ENERGY-A  LEU US           487.2      (229.1)      79.0
CENTRUS ENERGY-A  4CU GZ           487.2      (229.1)      79.0
CHOICE CONSOLIDA  CDXX-U/U CN      173.8        (3.3)       -
CHOICE CONSOLIDA  CDXXF US         173.8        (3.3)       -
CINEPLEX INC      CPXGF US       2,114.8      (219.7)    (414.4)
CINEPLEX INC      CX0 GR         2,114.8      (219.7)    (414.4)
CINEPLEX INC      CGX CN         2,114.8      (219.7)    (414.4)
CINEPLEX INC      CX0 TH         2,114.8      (219.7)    (414.4)
CINEPLEX INC      CGXEUR EU      2,114.8      (219.7)    (414.4)
CINEPLEX INC      CGXN MM        2,114.8      (219.7)    (414.4)
CINEPLEX INC      CX0 GZ         2,114.8      (219.7)    (414.4)
CITIC CAPITAL     CCAC/U US        278.1       (28.1)       -
CLEAR CHANNEL OU  CCO US         5,365.3    (3,287.8)     110.8
CLEAR CHANNEL OU  C7C1 GR        5,365.3    (3,287.8)     110.8
CLEAR CHANNEL OU  CCO1EUR EU     5,365.3    (3,287.8)     110.8
CLEARWATER AN-A   CWAN US          326.6       242.4      272.9
COEPTIS THERAPEU  COEP US            0.2        (0.6)      (0.6)
COGENT COMMUNICA  OGM1 GR        1,008.7      (356.8)     337.1
COGENT COMMUNICA  CCOI US        1,008.7      (356.8)     337.1
COGENT COMMUNICA  CCOIEUR EU     1,008.7      (356.8)     337.1
COGENT COMMUNICA  CCOI* MM       1,008.7      (356.8)     337.1
COMMUNITY HEALTH  CG5 GR        15,217.0      (810.0)   1,115.0
COMMUNITY HEALTH  CYH US        15,217.0      (810.0)   1,115.0
COMMUNITY HEALTH  CG5 TH        15,217.0      (810.0)   1,115.0
COMMUNITY HEALTH  CG5 QT        15,217.0      (810.0)   1,115.0
COMMUNITY HEALTH  CYH1EUR EU    15,217.0      (810.0)   1,115.0
COMMUNITY HEALTH  CG5 GZ        15,217.0      (810.0)   1,115.0
COVEO SOLUTIONS   CVO CN           273.7       210.6      157.3
CPI CARD GROUP I  PMTS US          252.3      (122.5)      86.0
CRIXUS BH3 ACQ-A  BHAC US            0.3        (0.0)      (0.3)
CRIXUS BH3 ACQUI  BHACU US           0.3        (0.0)      (0.3)
D2L INC           DTOL CN          123.1      (201.4)    (224.6)
DECARBONIZATIO-A  DCRD US          321.4       (57.0)       0.9
DECARBONIZATION   DCRDU US         321.4       (57.0)       0.9
DELEK LOGISTICS   DKL US           930.5      (104.8)     (61.5)
DENNY'S CORP      DENN US          435.5       (65.3)     (28.3)
DENNY'S CORP      DE8 GR           435.5       (65.3)     (28.3)
DENNY'S CORP      DENNEUR EU       435.5       (65.3)     (28.3)
DENNY'S CORP      DE8 TH           435.5       (65.3)     (28.3)
DENNY'S CORP      DE8 GZ           435.5       (65.3)     (28.3)
DIALOGUE HEALTH   CARE CN          142.0       126.1      112.3
DIEBOLD NIXDORF   DBD GR         3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBD US         3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBD QT         3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBD TH         3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBD SW         3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBDEUR EZ      3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBDEUR EU      3,507.2      (837.0)     137.9
DIEBOLD NIXDORF   DBD GZ         3,507.2      (837.0)     137.9
DIGITAL MEDIA-A   DMS US           267.9       (46.2)      19.5
DINE BRANDS GLOB  DIN US         1,922.5      (254.3)     148.7
DINE BRANDS GLOB  IHP GR         1,922.5      (254.3)     148.7
DINE BRANDS GLOB  IHP TH         1,922.5      (254.3)     148.7
DINE BRANDS GLOB  IHP GZ         1,922.5      (254.3)     148.7
DMY TECHNOLOGY G  DMYS US            0.5        (0.1)      (0.5)
DMY TECHNOLOGY G  DMYS/U US          0.5        (0.1)      (0.5)
DOMINO'S P - BDR  D2PZ34 BZ      1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    EZV TH         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    EZV GR         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZ US         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    EZV QT         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    EZV GZ         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZEUR EZ      1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZEUR EU      1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZ AV         1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZ* MM        1,764.4    (4,127.5)     429.6
DOMINO'S PIZZA    DPZ-RM RM      1,764.4    (4,127.5)     429.6
DOMO INC- CL B    DOMO US          211.1      (112.6)     (46.2)
DOMO INC- CL B    1ON GR           211.1      (112.6)     (46.2)
DOMO INC- CL B    1ON GZ           211.1      (112.6)     (46.2)
DOMO INC- CL B    DOMOEUR EU       211.1      (112.6)     (46.2)
DOMO INC- CL B    1ON TH           211.1      (112.6)     (46.2)
DROPBOX INC-A     DBX AV         3,091.3      (293.9)     674.0
DROPBOX INC-A     DBXEUR EZ      3,091.3      (293.9)     674.0
DROPBOX INC-A     DBX US         3,091.3      (293.9)     674.0
DROPBOX INC-A     1Q5 GR         3,091.3      (293.9)     674.0
DROPBOX INC-A     1Q5 TH         3,091.3      (293.9)     674.0
DROPBOX INC-A     1Q5 SW         3,091.3      (293.9)     674.0
DROPBOX INC-A     1Q5 QT         3,091.3      (293.9)     674.0
DROPBOX INC-A     DBXEUR EU      3,091.3      (293.9)     674.0
DROPBOX INC-A     DBX* MM        3,091.3      (293.9)     674.0
DROPBOX INC-A     1Q5 GZ         3,091.3      (293.9)     674.0
DROPBOX INC-A     DBX-RM RM      3,091.3      (293.9)     674.0
EAST RESOURCES A  ERESU US         345.3       (40.5)     (40.5)
EAST RESOURCES-A  ERES US          345.3       (40.5)     (40.5)
EFFECTOR THERAPE  EFTR US           59.9        (7.7)      12.6
EFFECTOR THERAPE  EFTREUR EU        59.9        (7.7)      12.6
EFFECTOR THERAPE  LWK1 TH           59.9        (7.7)      12.6
EFFECTOR THERAPE  LWK1 GR           59.9        (7.7)      12.6
ENFUSION INC - A  ENFN US           49.6       (59.8)      19.2
ESPERION THERAPE  0ET GR           225.3      (362.7)      92.2
ESPERION THERAPE  ESPREUR EU       225.3      (362.7)      92.2
ESPERION THERAPE  0ET TH           225.3      (362.7)      92.2
ESPERION THERAPE  0ET QT           225.3      (362.7)      92.2
ESPERION THERAPE  ESPREUR EZ       225.3      (362.7)      92.2
ESPERION THERAPE  ESPR US          225.3      (362.7)      92.2
ESPERION THERAPE  0ET GZ           225.3      (362.7)      92.2
EXCELFIN ACQUI-A  XFIN US            0.4        (0.2)      (0.6)
EXCELFIN ACQUISI  XFINU US           0.4        (0.2)      (0.6)
EXPRESS INC       02Z TH         1,324.1        (8.2)    (112.7)
EXPRESS INC       EXPR US        1,324.1        (8.2)    (112.7)
EXPRESS INC       02Z GR         1,324.1        (8.2)    (112.7)
EXPRESS INC       02Z QT         1,324.1        (8.2)    (112.7)
EXPRESS INC       EXPREUR EU     1,324.1        (8.2)    (112.7)
EXPRESS INC       02Z GZ         1,324.1        (8.2)    (112.7)
F45 TRAINING HOL  FXLV US          166.6       110.9       59.9
F45 TRAINING HOL  4OP GR           166.6       110.9       59.9
F45 TRAINING HOL  FXLVEUR EU       166.6       110.9       59.9
F45 TRAINING HOL  4OP TH           166.6       110.9       59.9
F45 TRAINING HOL  4OP GZ           166.6       110.9       59.9
F45 TRAINING HOL  4OP QT           166.6       110.9       59.9
FAIR ISAAC CORP   FRI GR         1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FICO US        1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FICOEUR EU     1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FRI GZ         1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FICO1* MM      1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FICOEUR EZ     1,463.3      (538.3)     140.2
FAIR ISAAC CORP   FRI QT         1,463.3      (538.3)     140.2
FARADAY FUTURE I  FFIE US          229.9        (9.4)      (2.4)
FARMERS EDGE INC  FDGE CN          194.0       150.0      101.2
FERRELLGAS PAR-B  FGPRB US       1,776.6      (196.4)     262.4
FERRELLGAS-LP     FGPR US        1,776.6      (196.4)     262.4
FLUENCE ENERGY I  FLNC US        1,482.7       778.1      679.0
FOREST ROAD AC-A  FRXB US          351.3       (26.2)       0.9
FOREST ROAD ACQ   FRXB/U US        351.3       (26.2)       0.9
GAMES & ESPORTS   GEEXU US           0.6        (0.0)      (0.5)
GAMES & ESPORTS   GEEX US            0.6        (0.0)      (0.5)
GLOBAL CLEAN ENE  GCEH US          352.9       (53.4)     (50.1)
GLOBAL SPAC -SUB  GLSPT US         169.8       (11.0)      (5.4)
GLOBAL SPAC PART  GLSPU US         169.8       (11.0)      (5.4)
GLOBAL TECHNOL-A  GTAC US            1.3        (0.1)      (0.6)
GLOBAL TECHNOLOG  GTACU US           1.3        (0.1)      (0.6)
GOGO INC          GOGO US          443.2      (560.2)      20.1
GOGO INC          G0G QT           443.2      (560.2)      20.1
GOGO INC          G0G TH           443.2      (560.2)      20.1
GOGO INC          G0G GR           443.2      (560.2)      20.1
GOGO INC          GOGOEUR EU       443.2      (560.2)      20.1
GOGO INC          G0G GZ           443.2      (560.2)      20.1
GOGREEN INVESTME  GOGN/U US          0.3        (0.1)      (0.3)
GOGREEN INVESTME  GOGN US            0.3        (0.1)      (0.3)
GOLDEN NUGGET ON  GNOG US          289.0       (45.4)     106.9
GOLDEN NUGGET ON  LCA2EUR EU       289.0       (45.4)     106.9
GOLDEN NUGGET ON  5ZU TH           289.0       (45.4)     106.9
GOOSEHEAD INSU-A  GSHD US          247.1       (75.7)      16.8
GOOSEHEAD INSU-A  2OX GR           247.1       (75.7)      16.8
GOOSEHEAD INSU-A  GSHDEUR EU       247.1       (75.7)      16.8
GOOSEHEAD INSU-A  2OX TH           247.1       (75.7)      16.8
GOOSEHEAD INSU-A  2OX QT           247.1       (75.7)      16.8
GORES HOLD VII-A  GSEV US          551.9       515.7      (15.0)
GORES HOLDINGS V  GSEVU US         551.9       515.7      (15.0)
GORES TECH-B      GTPB US          461.7       425.9      (18.1)
GORES TECHNOLOGY  GTPBU US         461.7       425.9      (18.1)
GRAPHITE BIO INC  GRPH US          416.2       400.1      390.0
GREEN VISOR FI-A  GVCI US            0.7        (0.1)      (0.8)
GREEN VISOR FINA  GVCIU US           0.7        (0.1)      (0.8)
GREENSKY INC-A    GSKY US        1,405.0       (74.5)     668.4
GULFPORT ENERGY   GPOR US        2,088.2        49.0     (836.2)
GULFPORT ENERGY   G2U0 GR        2,088.2        49.0     (836.2)
H&R BLOCK - BDR   H1RB34 BZ      3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB TH         3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB US         3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB GR         3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB QT         3,100.1      (372.7)      68.2
H&R BLOCK INC     HRBEUR EU      3,100.1      (372.7)      68.2
H&R BLOCK INC     HRBEUR EZ      3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB GZ         3,100.1      (372.7)      68.2
H&R BLOCK INC     HRB-RM RM      3,100.1      (372.7)      68.2
HAGERTY INC-A     HGTY US          117.4       102.3        1.1
HERBALIFE NUTRIT  HLF US         2,853.0    (1,333.4)     488.4
HERBALIFE NUTRIT  HOO GR         2,853.0    (1,333.4)     488.4
HERBALIFE NUTRIT  HLFEUR EU      2,853.0    (1,333.4)     488.4
HERBALIFE NUTRIT  HOO QT         2,853.0    (1,333.4)     488.4
HERBALIFE NUTRIT  HOO TH         2,853.0    (1,333.4)     488.4
HERBALIFE NUTRIT  HOO GZ         2,853.0    (1,333.4)     488.4
HEWLETT-CEDEAR    HPQD AR       38,610.0    (1,650.0)  (6,926.0)
HEWLETT-CEDEAR    HPQC AR       38,610.0    (1,650.0)  (6,926.0)
HEWLETT-CEDEAR    HPQ AR        38,610.0    (1,650.0)  (6,926.0)
HILTON WORLD-BDR  H1LT34 BZ     15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HI91 TH       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HI91 GR       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HI91 QT       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLT US        15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLTEUR EZ     15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLTW AV       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLT* MM       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HI91 TE       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLTEUR EU     15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HI91 GZ       15,441.0      (819.0)    (148.0)
HILTON WORLDWIDE  HLT-RM RM     15,441.0      (819.0)    (148.0)
HP COMPANY-BDR    HPQB34 BZ     38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ TE        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ US        38,610.0    (1,650.0)  (6,926.0)
HP INC            7HP TH        38,610.0    (1,650.0)  (6,926.0)
HP INC            7HP GR        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ* MM       38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ SW        38,610.0    (1,650.0)  (6,926.0)
HP INC            7HP QT        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQEUR EZ     38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ CI        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQEUR EU     38,610.0    (1,650.0)  (6,926.0)
HP INC            7HP GZ        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ AV        38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQUSD SW     38,610.0    (1,650.0)  (6,926.0)
HP INC            HPQ-RM RM     38,610.0    (1,650.0)  (6,926.0)
HPX CORP          HPX US           253.9       (21.3)       0.4
HPX CORP          HPX/U US         253.9       (21.3)       0.4
IMMUNITYBIO INC   IBRX US          214.4      (189.9)      29.0
IMMUNITYBIO INC   26CA GR          214.4      (189.9)      29.0
IMMUNITYBIO INC   NK1EUR EU        214.4      (189.9)      29.0
IMMUNITYBIO INC   26CA GZ          214.4      (189.9)      29.0
IMMUNITYBIO INC   NK1EUR EZ        214.4      (189.9)      29.0
IMMUNITYBIO INC   26CA TH          214.4      (189.9)      29.0
IMMUNITYBIO INC   26CA QT          214.4      (189.9)      29.0
IMPINJ INC        PI US            315.5       (11.1)     220.3
IMPINJ INC        27J TH           315.5       (11.1)     220.3
IMPINJ INC        PIEUR EZ         315.5       (11.1)     220.3
IMPINJ INC        27J GZ           315.5       (11.1)     220.3
IMPINJ INC        27J QT           315.5       (11.1)     220.3
IMPINJ INC        27J GR           315.5       (11.1)     220.3
IMPINJ INC        PIEUR EU         315.5       (11.1)     220.3
INFINITE AC-CL A  NFNT US            0.4        (0.1)      (0.5)
INFINITE ACQUISI  NFNT/U US          0.4        (0.1)      (0.5)
INSEEGO CORP      INO TH           220.5       (15.3)      61.2
INSEEGO CORP      INO QT           220.5       (15.3)      61.2
INSEEGO CORP      INSGEUR EZ       220.5       (15.3)      61.2
INSEEGO CORP      INO GZ           220.5       (15.3)      61.2
INSEEGO CORP      INSG US          220.5       (15.3)      61.2
INSEEGO CORP      INO GR           220.5       (15.3)      61.2
INSEEGO CORP      INSGEUR EU       220.5       (15.3)      61.2
INSEEGO CORP      INSG-RM RM       220.5       (15.3)      61.2
INSPERITY INC     NSP US         1,753.1        (1.8)     116.3
INSPERITY INC     ASF GR         1,753.1        (1.8)     116.3
INSPIRED ENTERTA  INSE US          303.8      (120.9)      14.7
INSPIRED ENTERTA  4U8 GR           303.8      (120.9)      14.7
INSPIRED ENTERTA  INSEEUR EU       303.8      (120.9)      14.7
INSTADOSE PHARMA  INSD US            -          (0.1)      (0.1)
INTERCEPT PHARMA  I4P TH           523.1      (156.0)     352.5
INTERCEPT PHARMA  ICPT* MM         523.1      (156.0)     352.5
INTERCEPT PHARMA  ICPT US          523.1      (156.0)     352.5
INTERCEPT PHARMA  I4P GR           523.1      (156.0)     352.5
INTERCEPT PHARMA  I4P GZ           523.1      (156.0)     352.5
J. JILL INC       JILL US          466.2       (48.9)     (20.2)
JACK IN THE BOX   JACK US        1,750.1      (817.9)    (160.1)
JACK IN THE BOX   JBX GR         1,750.1      (817.9)    (160.1)
JACK IN THE BOX   JACK1EUR EU    1,750.1      (817.9)    (160.1)
JACK IN THE BOX   JACK1EUR EZ    1,750.1      (817.9)    (160.1)
JACK IN THE BOX   JBX GZ         1,750.1      (817.9)    (160.1)
JACK IN THE BOX   JBX QT         1,750.1      (817.9)    (160.1)
JAGUAR GLOBAL     JGGCU US           0.4        (0.0)      (0.3)
JUNIPER II COR-A  JUN US            12.5        (0.0)      (0.4)
JUNIPER II CORP   JUN/U US          12.5        (0.0)      (0.4)
KARYOPHARM THERA  25K GR           305.3       (79.7)     258.1
KARYOPHARM THERA  KPTIEUR EU       305.3       (79.7)     258.1
KARYOPHARM THERA  KPTI US          305.3       (79.7)     258.1
KARYOPHARM THERA  25K QT           305.3       (79.7)     258.1
KARYOPHARM THERA  25K TH           305.3       (79.7)     258.1
KARYOPHARM THERA  25K GZ           305.3       (79.7)     258.1
KIMBELL TIGER AC  TGR/U US           0.6        (0.3)      (0.3)
KL ACQUISI-CLS A  KLAQ US          288.6       267.7        0.7
KL ACQUISITION C  KLAQU US         288.6       267.7        0.7
KNIGHTSCOPE IN-A  KSCP US           17.5        (6.9)      (6.6)
L BRANDS INC-BDR  B1BW34 BZ      6,031.0    (1,675.0)   1,550.0
LDH GROWTH C-A    LDHA US          232.6       216.7        2.1
LDH GROWTH CORP   LDHAU US         232.6       216.7        2.1
LENNOX INTL INC   LXI GR         2,171.9      (269.0)     348.3
LENNOX INTL INC   LII US         2,171.9      (269.0)     348.3
LENNOX INTL INC   LII* MM        2,171.9      (269.0)     348.3
LENNOX INTL INC   LXI TH         2,171.9      (269.0)     348.3
LENNOX INTL INC   LII1EUR EU     2,171.9      (269.0)     348.3
LESLIE'S INC      LESL US          811.3      (381.3)     121.3
LESLIE'S INC      LE3 GR           811.3      (381.3)     121.3
LESLIE'S INC      LESLEUR EU       811.3      (381.3)     121.3
LESLIE'S INC      LE3 TH           811.3      (381.3)     121.3
LESLIE'S INC      LE3 QT           811.3      (381.3)     121.3
LIFESPEAK INC     LSPK CN           83.9        54.0       67.5
LIFESPEAK INC     81F GR            83.9        54.0       67.5
LIFESPEAK INC     LSPKEUR EU        83.9        54.0       67.5
LION ELECTRIC CO  LEV US           551.0       332.8      386.7
LION ELECTRIC CO  LEV CN           551.0       332.8      386.7
LION ELECTRIC CO  70U TH           551.0       332.8      386.7
LION ELECTRIC CO  LEVEUR EU        551.0       332.8      386.7
LION ELECTRIC CO  70U GR           551.0       332.8      386.7
LION ELECTRIC CO  70U QT           551.0       332.8      386.7
LOWE'S COS INC    LWE GR        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOW US        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LWE TH        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LWE QT        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOWEUR EU     49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOWE AV       49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOWEUR EZ     49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LWE GZ        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOW* MM       49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LWE TE        49,400.0    (1,576.0)   4,015.0
LOWE'S COS INC    LOW-RM RM     49,400.0    (1,576.0)   4,015.0
LOWE'S COS-BDR    LOWC34 BZ     49,400.0    (1,576.0)   4,015.0
LULU'S FASHION L  LVLU US          145.3       (19.9)     (81.2)
MADISON SQUARE G  MSGS US        1,349.4      (209.6)    (233.2)
MADISON SQUARE G  MS8 GR         1,349.4      (209.6)    (233.2)
MADISON SQUARE G  MSG1EUR EU     1,349.4      (209.6)    (233.2)
MADISON SQUARE G  MS8 TH         1,349.4      (209.6)    (233.2)
MADISON SQUARE G  MS8 QT         1,349.4      (209.6)    (233.2)
MADISON SQUARE G  MS8 GZ         1,349.4      (209.6)    (233.2)
MAGNET FORENSICS  MAGT CN          148.9        86.7       82.3
MAGNET FORENSICS  91T GR           148.9        86.7       82.3
MAGNET FORENSICS  MAGTEUR EU       148.9        86.7       82.3
MAGNET FORENSICS  MAGTF US         148.9        86.7       82.3
MANNKIND CORP     NNFN TH          238.2      (184.7)     109.2
MANNKIND CORP     MNKD US          238.2      (184.7)     109.2
MANNKIND CORP     NNFN GR          238.2      (184.7)     109.2
MANNKIND CORP     NNFN QT          238.2      (184.7)     109.2
MANNKIND CORP     MNKDEUR EU       238.2      (184.7)     109.2
MANNKIND CORP     NNFN GZ          238.2      (184.7)     109.2
MARKETWISE INC    MKTW US          403.4      (441.9)    (198.5)
MASON INDUS-CL A  MIT US           502.3       (33.8)       1.7
MASON INDUSTRIAL  MIT/U US         502.3       (33.8)       1.7
MATCH GROUP -BDR  M1TC34 BZ      5,063.3      (194.6)      50.0
MATCH GROUP INC   MTCH US        5,063.3      (194.6)      50.0
MATCH GROUP INC   MTCH1* MM      5,063.3      (194.6)      50.0
MATCH GROUP INC   4MGN TH        5,063.3      (194.6)      50.0
MATCH GROUP INC   4MGN QT        5,063.3      (194.6)      50.0
MATCH GROUP INC   4MGN GR        5,063.3      (194.6)      50.0
MATCH GROUP INC   MTC2 AV        5,063.3      (194.6)      50.0
MATCH GROUP INC   4MGN GZ        5,063.3      (194.6)      50.0
MATCH GROUP INC   MTCH-RM RM     5,063.3      (194.6)      50.0
MBIA INC          MBJ TH         4,816.0      (157.0)       -
MBIA INC          MBI US         4,816.0      (157.0)       -
MBIA INC          MBJ GR         4,816.0      (157.0)       -
MBIA INC          MBJ QT         4,816.0      (157.0)       -
MBIA INC          MBI1EUR EU     4,816.0      (157.0)       -
MBIA INC          MBJ GZ         4,816.0      (157.0)       -
MCAFEE CORP - A   MCFE US        3,484.0    (1,765.0)    (398.0)
MCAFEE CORP - A   MC7 GR         3,484.0    (1,765.0)    (398.0)
MCAFEE CORP - A   MCFEEUR EU     3,484.0    (1,765.0)    (398.0)
MCAFEE CORP - A   MC7 TH         3,484.0    (1,765.0)    (398.0)
MCDONALD'S CORP   TCXMCD AU     53,606.4    (4,601.0)   3,128.5
MCDONALDS - BDR   MCDC34 BZ     53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD US        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD SW        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MDO GR        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD* MM       53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD TE        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MDO TH        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MDO QT        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCDEUR EZ     53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    0R16 LN       53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD CI        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCDEUR EU     53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MDO GZ        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD AV        53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCDUSD SW     53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCD-RM RM     53,606.4    (4,601.0)   3,128.5
MCDONALDS CORP    MCDCL CI      53,606.4    (4,601.0)   3,128.5
MCDONALDS-CEDEAR  MCD AR        53,606.4    (4,601.0)   3,128.5
MCDONALDS-CEDEAR  MCDC AR       53,606.4    (4,601.0)   3,128.5
MCDONALDS-CEDEAR  MCDD AR       53,606.4    (4,601.0)   3,128.5
MCKESSON CORP     MCK US        63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK* MM       63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK GR        63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK TH        63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK1EUR EU    63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK QT        63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK1EUR EZ    63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK GZ        63,708.0      (787.0)    (954.0)
MCKESSON CORP     MCK-RM RM     63,708.0      (787.0)    (954.0)
MCKESSON-BDR      M1CK34 BZ     63,708.0      (787.0)    (954.0)
MEDIAALPHA INC-A  MAX US           245.5       (72.9)      46.6
MELI KASZEK PI-A  MEKA US           10.7       (55.9)      (6.6)
MEWCOURT ACQUISI  NCACU US           0.2        (0.1)      (0.3)
MINERVA SURGICAL  UTRS US           85.2      (122.1)     (10.9)
MINORITY EQUAL-A  MEOA US          129.5       (18.8)       0.8
MINORITY EQUALIT  MEOAU US         129.5       (18.8)       0.8
MONEYGRAM INTERN  MGI US         4,483.9      (185.9)      18.3
MONEYGRAM INTERN  9M1N GR        4,483.9      (185.9)      18.3
MONEYGRAM INTERN  9M1N QT        4,483.9      (185.9)      18.3
MONEYGRAM INTERN  MGIEUR EZ      4,483.9      (185.9)      18.3
MONEYGRAM INTERN  9M1N TH        4,483.9      (185.9)      18.3
MONEYGRAM INTERN  MGIEUR EU      4,483.9      (185.9)      18.3
MOTOROLA SOL-BDR  M1SI34 BZ     12,189.0       (23.0)   1,349.0
MOTOROLA SOL-CED  MSI AR        12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MTLA GR       12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MOT TE        12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MSI US        12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MTLA TH       12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MTLA QT       12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MSI1EUR EZ    12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MOSI AV       12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MSI1EUR EU    12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MTLA GZ       12,189.0       (23.0)   1,349.0
MOTOROLA SOLUTIO  MSI-RM RM     12,189.0       (23.0)   1,349.0
MSCI INC          MSCI US        5,506.7      (163.5)     892.5
MSCI INC          3HM GR         5,506.7      (163.5)     892.5
MSCI INC          3HM GZ         5,506.7      (163.5)     892.5
MSCI INC          3HM SW         5,506.7      (163.5)     892.5
MSCI INC          MSCIEUR EZ     5,506.7      (163.5)     892.5
MSCI INC          3HM QT         5,506.7      (163.5)     892.5
MSCI INC          MSCI* MM       5,506.7      (163.5)     892.5
MSCI INC          3HM TH         5,506.7      (163.5)     892.5
MSCI INC          MSCI AV        5,506.7      (163.5)     892.5
MSCI INC          MSCI-RM RM     5,506.7      (163.5)     892.5
MSCI INC-BDR      M1SC34 BZ      5,506.7      (163.5)     892.5
MUDRICK CAP ACQ   MUDSU US         321.3       (33.8)      (4.7)
MUDRICK CAPITA-A  MUDS US          321.3       (33.8)      (4.7)
N/A               CC-RM RM       1,949.7      (658.4)     468.9
NATHANS FAMOUS    NATH US          114.5       (55.3)      48.2
NATHANS FAMOUS    NFA GR           114.5       (55.3)      48.2
NATHANS FAMOUS    NATHEUR EU       114.5       (55.3)      48.2
NATIONAL CINEMED  NCMI US          820.1      (385.2)      92.2
NEIGHBOURLY PHAR  NBLY CN          558.2       344.7       53.5
NEW ENG RLTY-LP   NEN US           288.9       (44.8)       -
NEWCOURT ACQ-A    NCAC US            0.2        (0.1)      (0.3)
NOBLE ROCK ACQ-A  NRAC US          243.1       224.7        1.3
NOBLE ROCK ACQUI  NRACU US         243.1       224.7        1.3
NORTHERN OIL AND  NOG US         1,244.1      (157.7)    (187.6)
NORTHERN OIL AND  4LT1 GR        1,244.1      (157.7)    (187.6)
NORTHERN OIL AND  NOG1EUR EU     1,244.1      (157.7)    (187.6)
NORTHERN OIL AND  4LT1 TH        1,244.1      (157.7)    (187.6)
NORTHERN OIL AND  4LT1 GZ        1,244.1      (157.7)    (187.6)
NORTONLIFEL- BDR  S1YM34 BZ      6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYM TH         6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYM GR         6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYMC TE        6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYM QT         6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  NLOK US        6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYM SW         6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYMCEUR EZ     6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYMCEUR EU     6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYM GZ         6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  SYMC AV        6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  NLOK* MM       6,873.0       (98.0)    (726.0)
NORTONLIFELOCK I  NLOK-RM RM     6,873.0       (98.0)    (726.0)
NUTANIX INC - A   NTNX US        2,254.6      (698.7)     647.6
NUTANIX INC - A   NTNXEUR EZ     2,254.6      (698.7)     647.6
NUTANIX INC - A   0NU GZ         2,254.6      (698.7)     647.6
NUTANIX INC - A   0NU GR         2,254.6      (698.7)     647.6
NUTANIX INC - A   NTNXEUR EU     2,254.6      (698.7)     647.6
NUTANIX INC - A   0NU TH         2,254.6      (698.7)     647.6
NUTANIX INC - A   0NU QT         2,254.6      (698.7)     647.6
NUTANIX INC - A   NTNX-RM RM     2,254.6      (698.7)     647.6
NUTANIX INC-BDR   N2TN34 BZ      2,254.6      (698.7)     647.6
O'REILLY AUT-BDR  ORLY34 BZ     11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  OM6 TH        11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  OM6 QT        11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLY* MM      11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  OM6 GR        11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLY US       11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLYEUR EZ    11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLYEUR EU    11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  OM6 GZ        11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLY AV       11,718.7       (66.4)  (1,370.4)
O'REILLY AUTOMOT  ORLY-RM RM    11,718.7       (66.4)  (1,370.4)
OMEROS CORP       OMER US          123.4      (262.7)      48.5
OMEROS CORP       3O8 GR           123.4      (262.7)      48.5
OMEROS CORP       3O8 TH           123.4      (262.7)      48.5
OMEROS CORP       OMEREUR EU       123.4      (262.7)      48.5
OMEROS CORP       3O8 QT           123.4      (262.7)      48.5
OMEROS CORP       3O8 GZ           123.4      (262.7)      48.5
ONCOLOGY PHARMA   ONPH US            0.0        (0.4)      (0.4)
OPTIVA INC        OPT CN            95.5       (34.3)      27.5
OPY ACQUISIT-A    OHAA US            0.2        (0.0)      (0.2)
OPY ACQUISITION   OHAAU US           0.2        (0.0)      (0.2)
ORACLE BDR        ORCL34 BZ    106,897.0    (9,658.0)  12,197.0
ORACLE CO-CEDEAR  ORCLD AR     106,897.0    (9,658.0)  12,197.0
ORACLE CO-CEDEAR  ORCLC AR     106,897.0    (9,658.0)  12,197.0
ORACLE CO-CEDEAR  ORCL AR      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORC TH       106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL TE      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL* MM     106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL US      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORC GR       106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL SW      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCLEUR EU   106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORC QT       106,897.0    (9,658.0)  12,197.0
ORACLE CORP       0R1Z LN      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL AV      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCLEUR EZ   106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL CI      106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORC GZ       106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCLUSD SW   106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCLCL CI    106,897.0    (9,658.0)  12,197.0
ORACLE CORP       ORCL-RM RM   106,897.0    (9,658.0)  12,197.0
ORACLE CORP TRAC  TCXORC AU    106,897.0    (9,658.0)  12,197.0
ORGANON & CO      OGN US        11,335.0    (1,618.0)   1,200.0
ORGANON & CO      OGN-WEUR EU   11,335.0    (1,618.0)   1,200.0
ORGANON & CO      7XP TH        11,335.0    (1,618.0)   1,200.0
ORGANON & CO      OGN* MM       11,335.0    (1,618.0)   1,200.0
ORGANON & CO      7XP GR        11,335.0    (1,618.0)   1,200.0
ORGANON & CO      7XP GZ        11,335.0    (1,618.0)   1,200.0
ORGANON & CO      7XP QT        11,335.0    (1,618.0)   1,200.0
ORGANON & CO      OGN-RM RM     11,335.0    (1,618.0)   1,200.0
OTIS WORLDWI      OTIS US       12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      4PG GR        12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      OTISEUR EZ    12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      4PG GZ        12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      OTISEUR EU    12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      OTIS* MM      12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      4PG TH        12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      4PG QT        12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      OTIS AV       12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI      OTIS-RM RM    12,279.0    (2,984.0)   2,014.0
OTIS WORLDWI-BDR  O1TI34 BZ     12,279.0    (2,984.0)   2,014.0
PANAMERA HOLDING  PHCI US            0.0        (0.0)      (0.0)
PAPA JOHN'S INTL  PP1 GR           890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PZZA US          890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PZZAEUR EU       890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PP1 GZ           890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PP1 TH           890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PP1 QT           890.0      (129.5)     (46.4)
PAPA JOHN'S INTL  PZZAEUR EZ       890.0      (129.5)     (46.4)
PARATEK PHARMACE  PRTK US          182.3      (105.0)     123.9
PARATEK PHARMACE  N4CN GR          182.3      (105.0)     123.9
PARATEK PHARMACE  N4CN TH          182.3      (105.0)     123.9
PARATEK PHARMACE  N4CN GZ          182.3      (105.0)     123.9
PEPPERLIME HEA-A  PEPL US            4.8        (0.0)      (0.6)
PEPPERLIME HEALT  PEPLU US           4.8        (0.0)      (0.6)
PET VALU HOLDING  PET CN           542.1      (152.2)      19.5
PHILIP MORRI-BDR  PHMO34 BZ     41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  4I1 GR        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM US         41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM1CHF EU     41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM1 TE        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  4I1 TH        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM1EUR EU     41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PMI SW        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  4I1 QT        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PMIZ IX       41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PMIZ EB       41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PMOR AV       41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM1EUR EZ     41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM1CHF EZ     41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  0M8V LN       41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM* MM        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  4I1 GZ        41,290.0    (8,208.0)  (1,538.0)
PHILIP MORRIS IN  PM-RM RM      41,290.0    (8,208.0)  (1,538.0)
PLANET FITNESS I  P2LN34 BZ      1,949.7      (658.4)     468.9
PLANET FITNESS-A  PLNT US        1,949.7      (658.4)     468.9
PLANET FITNESS-A  3PL TH         1,949.7      (658.4)     468.9
PLANET FITNESS-A  3PL GR         1,949.7      (658.4)     468.9
PLANET FITNESS-A  PLNT1EUR EZ    1,949.7      (658.4)     468.9
PLANET FITNESS-A  3PL QT         1,949.7      (658.4)     468.9
PLANET FITNESS-A  PLNT1EUR EU    1,949.7      (658.4)     468.9
PLANET FITNESS-A  3PL GZ         1,949.7      (658.4)     468.9
POTBELLY CORP     PBPB US          256.8        (0.3)     (44.6)
PROJECT ENERGY R  PEGRU US           0.7        (0.0)      (0.7)
PROJECT ENERGY R  PEGR US            0.7        (0.0)      (0.7)
QUANERGY SYSTEMS  QNGY US          278.1       (28.1)       -
RADIUS HEALTH IN  RDUS US          186.2      (242.5)      87.4
RADIUS HEALTH IN  1R8 GR           186.2      (242.5)      87.4
RADIUS HEALTH IN  1R8 TH           186.2      (242.5)      87.4
RADIUS HEALTH IN  1R8 QT           186.2      (242.5)      87.4
RADIUS HEALTH IN  RDUSEUR EU       186.2      (242.5)      87.4
RAPID7 INC        RPD US         1,296.0      (126.0)     (35.9)
RAPID7 INC        R7D GR         1,296.0      (126.0)     (35.9)
RAPID7 INC        R7D SW         1,296.0      (126.0)     (35.9)
RAPID7 INC        RPDEUR EU      1,296.0      (126.0)     (35.9)
RAPID7 INC        R7D TH         1,296.0      (126.0)     (35.9)
RAPID7 INC        RPD* MM        1,296.0      (126.0)     (35.9)
RAPID7 INC        R7D GZ         1,296.0      (126.0)     (35.9)
RAPID7 INC        R7D QT         1,296.0      (126.0)     (35.9)
RENT THE RUNWA-A  RENT US          478.4       104.9      220.3
REVLON INC-A      REV US         2,448.2    (2,066.3)     248.3
REVLON INC-A      RVL1 GR        2,448.2    (2,066.3)     248.3
REVLON INC-A      REV* MM        2,448.2    (2,066.3)     248.3
REVLON INC-A      REVEUR EU      2,448.2    (2,066.3)     248.3
REVLON INC-A      RVL1 TH        2,448.2    (2,066.3)     248.3
RIMINI STREET IN  RMNI US          256.7      (160.2)     (64.2)
RIMINI STREET IN  0QH GR           256.7      (160.2)     (64.2)
RIMINI STREET IN  RMNIEUR EU       256.7      (160.2)     (64.2)
RIMINI STREET IN  0QH QT           256.7      (160.2)     (64.2)
ROSE HILL ACQU-A  ROSE US            0.4        (0.0)      (0.4)
ROSE HILL ACQUIS  ROSEU US           0.4        (0.0)      (0.4)
RR DONNELLEY & S  DLLN TH        3,131.4      (164.9)     487.8
RR DONNELLEY & S  DLLN GR        3,131.4      (164.9)     487.8
RR DONNELLEY & S  RRD US         3,131.4      (164.9)     487.8
RR DONNELLEY & S  RRDEUR EU      3,131.4      (164.9)     487.8
RR DONNELLEY & S  DLLN GZ        3,131.4      (164.9)     487.8
RYMAN HOSPITALIT  4RH GR         3,537.8       (27.1)      (6.8)
RYMAN HOSPITALIT  RHP US         3,537.8       (27.1)      (6.8)
RYMAN HOSPITALIT  4RH TH         3,537.8       (27.1)      (6.8)
RYMAN HOSPITALIT  4RH QT         3,537.8       (27.1)      (6.8)
RYMAN HOSPITALIT  RHPEUR EU      3,537.8       (27.1)      (6.8)
SABRE CORP        SABR US        5,291.3      (499.7)     685.8
SABRE CORP        19S GR         5,291.3      (499.7)     685.8
SABRE CORP        19S TH         5,291.3      (499.7)     685.8
SABRE CORP        SABREUR EZ     5,291.3      (499.7)     685.8
SABRE CORP        19S QT         5,291.3      (499.7)     685.8
SABRE CORP        SABREUR EU     5,291.3      (499.7)     685.8
SABRE CORP        19S GZ         5,291.3      (499.7)     685.8
SBA COMM CORP     4SB QT         9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     SBACEUR EU     9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     4SB GR         9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     SBAC US        9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     SBACEUR EZ     9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     4SB TH         9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     4SB GZ         9,668.1    (4,943.1)    (188.2)
SBA COMM CORP     SBAC* MM       9,668.1    (4,943.1)    (188.2)
SBA COMMUN - BDR  S1BA34 BZ      9,668.1    (4,943.1)    (188.2)
SCIENTIFIC GAMES  TJW TH         7,850.0    (2,191.0)   1,077.0
SCIENTIFIC GAMES  TJW GZ         7,850.0    (2,191.0)   1,077.0
SCIENTIFIC GAMES  SGMS US        7,850.0    (2,191.0)   1,077.0
SCIENTIFIC GAMES  TJW GR         7,850.0    (2,191.0)   1,077.0
SCIENTIFIC GAMES  TJW QT         7,850.0    (2,191.0)   1,077.0
SCIENTIFIC GAMES  SGMS1EUR EU    7,850.0    (2,191.0)   1,077.0
SCULPTOR ACQUI-A  SCUA US            0.4        (0.0)      (0.4)
SCULPTOR ACQUISI  SCUA/U US          0.4        (0.0)      (0.4)
SHARECARE INC     SHCR US          783.7       608.5      336.5
SHELL MIDSTREAM   SHLX US        2,329.0      (469.0)     352.0
SHOALS TECHNOL-A  SHLS US          382.8       (11.1)      73.1
SHOALS TECHNOL-A  SHLS-RM RM       382.8       (11.1)      73.1
SINCLAIR BROAD-A  SBGI US       12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBTA GR       12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBGIEUR EZ    12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBGIEUR EU    12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBTA GZ       12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBTA TH       12,845.0    (1,366.0)   1,652.0
SINCLAIR BROAD-A  SBTA QT       12,845.0    (1,366.0)   1,652.0
SIRIUS XM HO-BDR  SRXM34 BZ     10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  SIRI US       10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  RDO GR        10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  RDO TH        10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  RDO QT        10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  SIRIEUR EZ    10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  SIRIEUR EU    10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  RDO GZ        10,274.0    (2,625.0)  (1,800.0)
SIRIUS XM HOLDIN  SIRI AV       10,274.0    (2,625.0)  (1,800.0)
SIRNAOMICS LTD    2257 HK          110.2       (94.2)      11.0
SIX FLAGS ENTERT  6FE GR         3,054.9      (452.1)      99.8
SIX FLAGS ENTERT  SIX US         3,054.9      (452.1)      99.8
SIX FLAGS ENTERT  6FE QT         3,054.9      (452.1)      99.8
SIX FLAGS ENTERT  6FE TH         3,054.9      (452.1)      99.8
SIX FLAGS ENTERT  SIXEUR EU      3,054.9      (452.1)      99.8
SKYWATER TECHNOL  SKYT US          271.7        85.1       23.1
SLEEP NUMBER COR  SL2 GR           883.6      (440.1)    (695.6)
SLEEP NUMBER COR  SNBR US          883.6      (440.1)    (695.6)
SLEEP NUMBER COR  SNBREUR EU       883.6      (440.1)    (695.6)
SLEEP NUMBER COR  SL2 TH           883.6      (440.1)    (695.6)
SLEEP NUMBER COR  SL2 QT           883.6      (440.1)    (695.6)
SLEEP NUMBER COR  SL2 GZ           883.6      (440.1)    (695.6)
SMILEDIRECTCLUB   SDC* MM          886.1       (45.7)     387.3
SOFTCHOICE CORP   SFTC CN          513.3        45.8      (36.6)
SOFTCHOICE CORP   90Q GR           513.3        45.8      (36.6)
SOFTCHOICE CORP   SFTCEUR EU       513.3        45.8      (36.6)
SOFTCHOICE CORP   90Q GZ           513.3        45.8      (36.6)
SONIDA SENIOR LI  SNDA US          674.2      (153.6)    (186.5)
SONIDA SENIOR LI  13C0 GR          674.2      (153.6)    (186.5)
SONIDA SENIOR LI  CSU2EUR EU       674.2      (153.6)    (186.5)
SONIDA SENIOR LI  13C0 GZ          674.2      (153.6)    (186.5)
SOUTHWESTRN ENGY  SW5 TH         9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SW5 GR         9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SWN US         9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SW5 QT         9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SWN1EUR EU     9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SWN1EUR EZ     9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SW5 GZ         9,241.0      (286.0)  (3,260.0)
SOUTHWESTRN ENGY  SWN-RM RM      9,241.0      (286.0)  (3,260.0)
SPRAGUE RESOURCE  SRLP US        1,231.6      (101.9)    (139.0)
SQL TECHNOLOGIES  SKYX US            7.0       (22.9)     (19.6)
SQUARESPACE -BDR  S2QS34 BZ        905.8       (15.9)     (41.3)
SQUARESPACE IN-A  SQSP US          905.8       (15.9)     (41.3)
SQUARESPACE IN-A  8DT GR           905.8       (15.9)     (41.3)
SQUARESPACE IN-A  8DT GZ           905.8       (15.9)     (41.3)
SQUARESPACE IN-A  SQSPEUR EU       905.8       (15.9)     (41.3)
SQUARESPACE IN-A  8DT TH           905.8       (15.9)     (41.3)
SQUARESPACE IN-A  8DT QT           905.8       (15.9)     (41.3)
STARBUCKS CORP    SRB GR        28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SRB TH        28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX* MM      28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX SW       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SRB QT        28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX PE       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX US       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    TCXSBU AU     28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUXEUR EZ    28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    0QZH LI       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX CI       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX AV       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUXEUR EU    28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX TE       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX IM       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUXUSD SW    28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SRB GZ        28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX-RM RM    28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUXCL CI     28,833.9    (8,450.3)  (1,666.0)
STARBUCKS CORP    SBUX_KZ KZ    28,833.9    (8,450.3)  (1,666.0)
STARBUCKS-BDR     SBUB34 BZ     28,833.9    (8,450.3)  (1,666.0)
STARBUCKS-CEDEAR  SBUX AR       28,833.9    (8,450.3)  (1,666.0)
STARBUCKS-CEDEAR  SBUXD AR      28,833.9    (8,450.3)  (1,666.0)
TAILWIND INTERNA  TWNI/U US        347.0       (22.0)       1.1
TAILWIND INTERNA  TWNI US          347.0       (22.0)       1.1
TALON 1 ACQUIS-A  TOAC US            0.4        (0.0)      (0.4)
TALON 1 ACQUISIT  TOACU US           0.4        (0.0)      (0.4)
TASTEMAKER ACQ-A  TMKR US          279.5       254.3        0.4
TASTEMAKER ACQUI  TMKRU US         279.5       254.3        0.4
THUNDER BRIDGE C  TBCPU US         414.9       394.0       (5.6)
THUNDER BRIDGE-A  TBCP US          414.9       394.0       (5.6)
TKB CRITICAL T-A  USCT US            0.5        (0.0)      (0.5)
TKB CRITICAL TEC  USCTU US           0.5        (0.0)      (0.5)
TORRID HOLDINGS   CURV US          636.3      (214.6)     (31.5)
TRANSAT A.T.      TRZ CN         1,897.7      (315.1)      89.7
TRANSAT A.T.      TRZBF US       1,897.7      (315.1)      89.7
TRANSDIGM - BDR   T1DG34 BZ     19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   TDG US        19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   T7D GR        19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   TDG* MM       19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   TDGEUR EZ     19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   T7D TH        19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   T7D QT        19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   TDGEUR EU     19,242.0    (2,626.0)   5,593.0
TRANSDIGM GROUP   TDG-RM RM     19,242.0    (2,626.0)   5,593.0
TRANSPHORM INC    TGAN US           14.3       (19.5)     (11.7)
TRAVEL + LEISURE  WD5A GR        6,601.0      (849.0)     658.0
TRAVEL + LEISURE  TNL US         6,601.0      (849.0)     658.0
TRAVEL + LEISURE  WD5A TH        6,601.0      (849.0)     658.0
TRAVEL + LEISURE  WD5A QT        6,601.0      (849.0)     658.0
TRAVEL + LEISURE  WYNEUR EU      6,601.0      (849.0)     658.0
TRAVEL + LEISURE  0M1K LI        6,601.0      (849.0)     658.0
TRAVEL + LEISURE  WD5A GZ        6,601.0      (849.0)     658.0
TRISTAR ACQUISIT  TRIS/U US          0.7        (0.1)      (0.8)
TRISTAR ACQUISIT  TRIS US            0.7        (0.1)      (0.8)
TRIUMPH GROUP     TG7 GR         1,752.5      (812.0)     365.1
TRIUMPH GROUP     TGI US         1,752.5      (812.0)     365.1
TRIUMPH GROUP     TG7 TH         1,752.5      (812.0)     365.1
TRIUMPH GROUP     TGIEUR EU      1,752.5      (812.0)     365.1
TRIUMPH GROUP     TG7 GZ         1,752.5      (812.0)     365.1
TUPPERWARE BRAND  TUP GR         1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP US         1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP QT         1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP1EUR EZ     1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP GZ         1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP TH         1,207.7      (223.3)    (461.6)
TUPPERWARE BRAND  TUP1EUR EU     1,207.7      (223.3)    (461.6)
UBIQUITI INC      UI US            890.8        (4.2)     418.7
UBIQUITI INC      3UB GR           890.8        (4.2)     418.7
UBIQUITI INC      UBNTEUR EU       890.8        (4.2)     418.7
UBIQUITI INC      3UB TH           890.8        (4.2)     418.7
UNISYS CORP       USY1 TH        2,321.4      (250.1)     463.6
UNISYS CORP       USY1 GR        2,321.4      (250.1)     463.6
UNISYS CORP       UIS US         2,321.4      (250.1)     463.6
UNISYS CORP       UIS1 SW        2,321.4      (250.1)     463.6
UNISYS CORP       UISEUR EU      2,321.4      (250.1)     463.6
UNISYS CORP       UISCHF EU      2,321.4      (250.1)     463.6
UNISYS CORP       UISCHF EZ      2,321.4      (250.1)     463.6
UNISYS CORP       UISEUR EZ      2,321.4      (250.1)     463.6
UNISYS CORP       USY1 GZ        2,321.4      (250.1)     463.6
UNISYS CORP       USY1 QT        2,321.4      (250.1)     463.6
UNITI GROUP INC   UNIT US        4,784.3    (2,118.2)       -
UNITI GROUP INC   8XC GR         4,784.3    (2,118.2)       -
UNITI GROUP INC   8XC TH         4,784.3    (2,118.2)       -
UNITI GROUP INC   8XC GZ         4,784.3    (2,118.2)       -
VAXXINITY INC-A   VAXX US          134.9        93.6       73.4
VECTOR GROUP LTD  VGR US         1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGR GR         1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGR QT         1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGREUR EZ      1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGR TH         1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGREUR EU      1,536.0      (573.1)     470.3
VECTOR GROUP LTD  VGR GZ         1,536.0      (573.1)     470.3
VENTYX BIOSCIENC  VTYX US          148.7       136.9      133.9
VERA THERAPEUTIC  VERA US           91.2        85.5       85.7
VERISIGN INC      VRSN US        1,983.8    (1,260.5)     194.7
VERISIGN INC      VRS GR         1,983.8    (1,260.5)     194.7
VERISIGN INC      VRS TH         1,983.8    (1,260.5)     194.7
VERISIGN INC      VRS QT         1,983.8    (1,260.5)     194.7
VERISIGN INC      VRSNEUR EZ     1,983.8    (1,260.5)     194.7
VERISIGN INC      VRSNEUR EU     1,983.8    (1,260.5)     194.7
VERISIGN INC      VRS GZ         1,983.8    (1,260.5)     194.7
VERISIGN INC      VRSN* MM       1,983.8    (1,260.5)     194.7
VERISIGN INC      VRSN-RM RM     1,983.8    (1,260.5)     194.7
VERISIGN INC-BDR  VRSN34 BZ      1,983.8    (1,260.5)     194.7
VERISIGN-CEDEAR   VRSN AR        1,983.8    (1,260.5)     194.7
VINCO VENTURES I  BBIG US          336.9      (172.0)     137.5
VIVINT SMART HOM  VVNT US        2,916.4    (1,709.5)    (508.5)
W&T OFFSHORE INC  WTI US         1,243.3      (296.9)       2.8
W&T OFFSHORE INC  UWV GR         1,243.3      (296.9)       2.8
W&T OFFSHORE INC  UWV SW         1,243.3      (296.9)       2.8
W&T OFFSHORE INC  WTI1EUR EU     1,243.3      (296.9)       2.8
W&T OFFSHORE INC  UWV TH         1,243.3      (296.9)       2.8
W&T OFFSHORE INC  UWV GZ         1,243.3      (296.9)       2.8
WALDENCAST ACQ-A  WALD US          345.7       309.6        0.4
WALDENCAST ACQUI  WALDU US         345.7       309.6        0.4
WARBURG PINCUS C  WPCA/U US        285.7       (20.6)       1.5
WARBURG PINCUS-A  WPCA US          285.7       (20.6)       1.5
WAVERLEY CAPIT-A  WAVC US          217.2        (5.2)       2.3
WAVERLEY CAPITAL  WAVC/U US        217.2        (5.2)       2.3
WAYFAIR INC- A    W US           4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    1WF GR         4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    1WF TH         4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    WEUR EU        4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    W* MM          4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    1WF GZ         4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    WEUR EZ        4,466.2    (1,530.1)     924.7
WAYFAIR INC- A    1WF QT         4,466.2    (1,530.1)     924.7
WAYFAIR INC- BDR  W2YF34 BZ      4,466.2    (1,530.1)     924.7
WEBER INC - A     WEBR US        1,690.9      (169.4)      91.7
WINGSTOP INC      WING US          249.2      (309.5)      30.5
WINGSTOP INC      EWG GR           249.2      (309.5)      30.5
WINGSTOP INC      WING1EUR EU      249.2      (309.5)      30.5
WINGSTOP INC      EWG GZ           249.2      (309.5)      30.5
WINMARK CORP      WINA US           55.0       (12.8)      33.6
WINMARK CORP      GBZ GR            55.0       (12.8)      33.6
WORLDWIDE WEBB A  WWACU US           0.7        (0.0)      (0.7)
WORLDWIDE WEBB-A  WWAC US            0.7        (0.0)      (0.7)
WW INTERNATIONAL  WW6 GR         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW US          1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW6 TH         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WTWEUR EU      1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW6 QT         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW6 SW         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WTWEUR EZ      1,467.9      (491.4)      53.5
WW INTERNATIONAL  WTW AV         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW6 GZ         1,467.9      (491.4)      53.5
WW INTERNATIONAL  WW-RM RM       1,467.9      (491.4)      53.5
WYNN RESORTS LTD  WYR TH        12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYNN* MM      12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYNN US       12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYR GR        12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYR QT        12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYNNEUR EZ    12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYNNEUR EU    12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYR GZ        12,607.7      (592.6)   1,569.3
WYNN RESORTS LTD  WYNN-RM RM    12,607.7      (592.6)   1,569.3
WYNN RESORTS-BDR  W1YN34 BZ     12,607.7      (592.6)   1,569.3
XILIO THERAPEUTI  XLO US           120.7        86.4       92.7
YELLOW CORP       YELL US        2,425.6      (363.5)     219.4
YELLOW CORP       YEL GR         2,425.6      (363.5)     219.4
YELLOW CORP       YEL1 TH        2,425.6      (363.5)     219.4
YELLOW CORP       YEL QT         2,425.6      (363.5)     219.4
YELLOW CORP       YRCWEUR EU     2,425.6      (363.5)     219.4
YELLOW CORP       YRCWEUR EZ     2,425.6      (363.5)     219.4
YELLOW CORP       YEL GZ         2,425.6      (363.5)     219.4
YUM! BRANDS -BDR  YUMR34 BZ      5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   TGR TH         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   TGR GR         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUMEUR EU      5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   TGR QT         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUM SW         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUM US         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUM* MM        5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUMEUR EZ      5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   TGR GZ         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUM AV         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   TGR TE         5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUMUSD SW      5,966.0    (8,373.0)     117.0
YUM! BRANDS INC   YUM-RM RM      5,966.0    (8,373.0)     117.0
ZETA GLOBAL HO-A  ZETA US          354.3        55.8       95.4



                            *********

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
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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.

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                   *** End of Transmission ***