---

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

              Friday, March 11, 2022, Vol. 26, No. 69

                            Headlines

12TH & K ST. MALL: Court OKs Deal on Cash Collateral Access
12TH & K ST. MALL: Unsecured Creditors to be Paid in Full in Plan
544 YORK PARTNERS: Case Summary & Two Unsecured Creditors
A.G. DILLARD: Seeks Approval to Employ Michie as Special Counsel
ALLIED DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors

ALPHA METALLURGICAL: Swings to $288.8 Million Net Income in 2021
APDI LIQUIDATION: Unsecureds Will Recover 3.2%-8.9% of Their Claims
ARCHBISHOP OF AGANA: Rival Disclosures Hearing Deferred to March 11
ARCHDIOCESE OF NEW ORLEANS: Heller Draper Updates on Apostolates
AVMED INC: A.M. Best Affirms B(Fair) Financial Strength Rating

BAYRIDGE LOK: Unsecureds Will Recover 100% Under Plan
BOULDER BOTANICAL: Seeks to Use $2,500 in Cash Collateral
BOY SCOUTS: Court Judge Admonished Bickering Lawyers as Trial Looms
BRIGHT MOUNTAIN: Incurs $4.5 Million Net Loss in Second Quarter
CARPENTER TECHNOLOGY: Fitch Gives 'BB' Rating to New Unsec. Notes

CARPENTER TECHNOLOGY: S&P Rates New $300MM Unsecured Notes 'BB+'
CASSWAY CONTRACTING: Seeks Chapter 11 Bankruptcy Protection
COMMUNITY VISION: Seeks Access to IRS Cash Collateral
CORPORATE RESOURCE: Status Report in Vaccaro Case Due March 22
DANIEL T. LEE: Wins Final Cash Collateral Access

DERMATOLOGY INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
DOUBLE EAGLE: S&P Assigns 'B' Issuer Credit Rating After Buyout
EVOKE PHARMA: Incurs $8.5 Million Net Loss in 2021
FORE MACHINE: March 16 Deadline Set for Panel Questionnaires
FORTUNE PROPERTIES: Taps Church Harris Johnson as Legal Counsel

GREG & ALICE: Seeks to Employ Belinda King as Tax Preparer
GROM SOCIAL: Rosenberg Rich Replaces BF Borgers as Accountant
GROWLIFE INC: Bucktown Capital, et al. Hold 9.99% Equity Stake
GRP ASSET: Case Summary & 20 Largest Unsecured Creditors
GULF COAST HEALTH: U.S. Trustee Balks at Solicitation Procedures

HERITAGE RAIL: April 26 Plan Confirmation Hearing Set
HERITAGE RAIL: Trustee Updates Liquidating Plan Disclosures
HHCS PHARMACY: Seeks Cash Collateral Access
HOUSTON BLUEBONNET: Jones Gill, Skelton Represent Multiple Parties
HOVNANIAN ENTERPRISES: Posts $24.8M Net Income in First Quarter

HUDBAY MINERALS: Fitch Raises IDRs to 'BB-', Outlook Stable
HUMANIGEN INC: May Sell $200 Million Worth of Securities
IMPRIVATA INC: S&P Downgrades ICR to 'B-' on Increased Debt
INSPIREMD INC: Incurs $14.9 Million Net Loss in 2021
INTELLIPHARMACEUTICS INT'L: Incurs $5.1M Loss in FY Ended Nov. 30

INTERTAPE POLYMER: S&P Places 'BB-' LT ICR on CreditWatch Negative
K. ANTHONY INC: Court OKs IRS Deal on Cash Collateral Access
LIT'L PATCH OF HEAVEN: Wins Cash Collateral Access
LTL MANAGEMENT: Court Reluctant to Send Chapter 11 to 3rd Circuit
LTL MANAGEMENT: Jones Day Can Continue as Chapter 11 Counsel

MADISON COVE: Voluntary Chapter 11 Case Summary
MALLINCKRODT PLC: Court Confirms Fourth Amended Plan
NESV ICE: CSM Says Plan Not in "Best Interests" of Creditors
NESV ICE: Plan Patently Unconfirmable, SHS Says
NESV ICE: US Trustee Says Plan Disclosures Inadequate

NORDAM GROUP: Fitch Affirms 'CCC+' LongTerm IDR
NORDIC AVIATION: Restructuring Transactions Provide Infusion $537MM
NUVERRA ENVIRONMENTAL: Suspending Filing of Reports With SEC
ONDAS HOLDINGS: Expands Investor Relations With Gateway Appointment
OWENS & MINOR: Fitch Rates Proposed Term Loan 'BB+'

OWENS & MINOR: S&P Rates New $1.2BB Secured Term Loan B 'BB-'
R.R. DONNELLEY: S&P Rates $1,032MM Unsec. Holdco PIK Notes 'CCC+'
RESOLUTE FOREST: S&P Alters Outlook to Pos., Affirms 'B+' ICR
ROBERT WEAVER: Taps Law Offices of Charles N. Kendall as Counsel
ROCKALL ENERGY: Case Summary & 20 Largest Unsecured Creditors

ROCKALL ENERGY: In Chapter 11 for Sale or Debt-for-Equity Plan
RUSSELL INVESTMENTS: S&P Alters Outlook to Stable, Affirms BB- ICR
SALAD & CO: Bid to Use Cash Collateral Denied
SANUWAVE HEALTH: Inks Second Amendment to NH Expansion Agreement
SCIENTIFIC GAMES: Registers Additional 3.5M Shares Under 2003 Plan

SHELL LLC: Case Summary & Eight Unsecured Creditors
STATERA BIOPHARMA: Revises Preliminary 2021 Financial Results
TD HOLDINGS: Gets 180-Day Extension to Regain Nasdaq Compliance
TECT AEROSPACE: Gets Court Okay to Liquidate in Bankruptcy
TOPAZ SOLAR: Fitch Affirms BB Rating on $1.1-Billion Secured Notes

URBAN ONE: Posts $40.7 Million Net Income in 2021
VBI VACCINES: Incurs $69.8 Million Net Loss in 2021
WC 511 BARTON: Unsecured Creditors to be Paid in Full in Plan
WC MANHATTAN PLACE: Taps Hayward as Bankruptcy Counsel
WC MANHATTAN: Must Show Cause that Ch.11 Trustee Unnecessary

WIRELESS SYSTEMS: Case Summary & 10 Unsecured Creditors

                            *********

12TH & K ST. MALL: Court OKs Deal on Cash Collateral Access
-----------------------------------------------------------
12th & K St. Mall Partners, LLC and the U.S. Small Business
Administration sought and obtained entry of an order from the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division, approving their stipulation governing the
Debtor's use of cash collateral and adequate protection of the
SBA's interests.

The parties agreed that the Debtor may use cash collateral  for the
ordinary and necessary expenses set forth in the Budget.

Prepetition, on September 21, 2021, the Debtor executed a U.S.
Small Business Administration Note, pursuant to which the Debtor
obtained a loan in the amount of $500,000. The terms of the Note
require the Debtor to pay principal and interest payments of $2,505
every month beginning 18 months from the Effective Date over the
30-year term of the SBA Loan. The SBA Loan has an annual rate of
interest of 3.75% and may be prepaid at any time without notice of
penalty.

Pursuant to the SBA Loan Authorization and Agreement executed on
September 21, 2021, the Debtor is required to "use all the proceeds
of this Loan solely as working capital to alleviate economic injury
caused by disaster occurring in the month of January 31, 2020 and
continuing thereafter and to pay Uniform Commercial Code lien
filing fees and a third-party UCC handling charge of $100.00 which
will be deducted from the Loan amount."

As evidenced by a Security Agreement executed on September 21, 2021
and a validly recorded UCC-1 filing on October 5, 2021, as Filing
Number U210090819228, the SBA Loan is secured by all tangible and
intangible personal property.

The Debtor requires use of cash collateral to operate the business
and pay reasonable ongoing expenses during the Chapter 11 case.

As adequate protection, retroactive to the Petition Date, SBA will
receive a replacement lien on all postpetition revenues of the
Debtor to the same extent, priority and validity that its lien
attached to the cash collateral. The scope of the replacement lien
is limited to the amount (if any) that cash collateral diminishes
postpetition as a result of the postpetition use of cash collateral
by the Debtor. The replacement lien is valid, perfected and
enforceable and shall not be subject to dispute, avoidance, or
subordination, and this replacement lien need not be subject to
additional recording.

The Stipulation will remain in effect until May 31, 2022, or until
the Parties enter into an amended Stipulation or confirmation of
the Debtor's Chapter 11 plan of reorganization, or until the case
is converted or dismissed, whichever first occurs.

A copy of the stipulation is available at https://bit.ly/3IYbT3R
from PacerMonitor.com.

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

               About 2th & K St. Mall Partners, LLC

2th & K St. Mall Partners, LLC  is a California limited liability
company created on November 12, 2003, as a real estate investment
company. Robert W. Clippinger is the managing member of the Debtor.
2th & K St. Mall Partners currently owns and operates a mixed-use
property located at 1020 12th Street Sacramento, CA 95814; APN
006-0105-009-0000. On July 29, 2019, the Debtor transferred 8.1%
equity ownership in the Property to the Ziegelman Family Trust.
Ziegelman Family Trust is not a member of the Debtor. The Ziegelman
Family Trust used sale proceeds from another investment to purpose
a fractional interest in the Property.

2th & K St. Mall Partners sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10061) on
January 6, 2022. In the petition signed by Robert W. Clippinger,
managing member, the Debtor disclosed up to $50 million in assets
and up to $50 million in liabilities.

Matthew D. Resnik, Esq., at Resnick Hayes Moradi, LLP, is the
Debtor's counsel.



12TH & K ST. MALL: Unsecured Creditors to be Paid in Full in Plan
-----------------------------------------------------------------
12th & K St. Mall Partners, LLC, filed with the U.S. Bankruptcy
Court for the Central District of California a Disclosure Statement
describing Chapter 11 Plan of Reorganization dated March 7, 2022.

The Debtor is a California limited liability company created on
November 12, 2003, as a real estate investment company. The Debtor
currently owns and operates a mixed-use property located at 1020
12th Street Sacramento, CA 95814 (the "Property"); APN 006-0105
009-0000.

DCR worked with the Debtor while it looked for refinancing during
the initial forbearance period, even postponing the foreclose sale
to January 6, 2022. The Debtor negotiated a second forbearance
agreement with DCR that would postpone the sale, but DCR withdrew
from the agreement on January 5, 2022. This case was filed in order
to stop a foreclosure sale of the Debtor's Property and so that it
can reorganize its financial affairs.

Class 1 consists of the Secured Claim of DCR Mortgage 10 Sub 3,
LLC. Claimant holds the senior lien on the Debtor's real property
located at 1020 12th Street Sacramento, CA 95814, in the amount of
approximately $12,284,105. This claim will be paid in full through
escrow via the refinance, that is expected to close by the end of
April 2022, or shortly thereafter. The Debtor will continue to make
adequate protection payments to claimant until that time.

Class 2 consists of the Secured Claim of City of
Sacramento-Redevelopment Agency. Claimant holds the junior lien on
the Debtor's real property located at 1020 12th Street Sacramento,
CA 95814 (APN 006-0105-009-0000), in the amount of approximately
$2,300,000. The Plan does not modify this claim and it will be paid
pursuant to the note and deed of trust which state the loan is due
in full within 30-years of February 24, 2005, or upon sale of the
property.

Class 3 consists of the Secured Claim of Northern California
Collection Service, Inc. Claimant holds judgment lien on the
Debtor's real property located at 1020 12th Street Sacramento, CA
95814 (APN 006-0105 009-0000), in the amount of approximately
$14,898. This claim will be paid in full through escrow via the
refinance, that is expected to close by the end of April 2022, or
shortly thereafter.

Class 4 consists of the Secured Claim of U.S. Small Business
Administration ("SBA"). Claimant holds a claim in the amount of
approximately $500,000 that is secured by all of the Debtor's
assets. The note and deed of trust state that the claim will be
paid at 3.75% fixed interest amortized over 30-years, with monthly
payments of $2,505 starting within 18-months of September 21, 2021,
and the maturity date is 30-years from September 21, 2021. This
claim will be paid in full pursuant to the original terms of the
note and deed of trust, but payments will begin by the Plan
Effective Date.

Class 6 consists of General Unsecured Claims:

     * In the present case, the Debtor estimates that Class 6(a)
general unsecured claims total approximately $212,566. These claims
will be paid in full without interest by the Effective Date. This
Class is impaired.

     * In the present case, the Debtor estimates that Class 6(b)
general unsecured insider claim totals approximately $95,927. These
insider claims are subordinated to the claims held by Class 6(a)
claimants, such that these insider claims will be paid only in the
event that all other Class 6(a) general unsecured claims have first
been satisfied. If that condition is met, then Class 6(b) will be
paid in full without interest, by month two of the Plan, or within
30-days of payment in full to Class 6(a). This Class is impaired.

Class 7 consists of Interest Holder. The Debtor's owners will
retain their ownership interest in the Debtor.

The Debtor intends to fund the Plan from the refinance of its
Property, the funds it has/will have accumulated in its Debtor-in
Possession bank account and future rental income.

A full-text copy of the Disclosure Statement dated March 7, 2022,
is available at https://bit.ly/3sYByE3 from PacerMonitor.com at no
charge.  

Attorneys for Debtor:

     RHM LAW LLP
     Roksana D. Moradi-Brovia
     W. Sloan Youkstetter

                 About 12th & K St. Mall Partners

12th & K St. Mall Partners, LLC, is a California limited liability
company created on November 12, 2003, as a real estate investment
company. Robert W. Clippinger is the managing member of the Debtor.
2th & K St. Mall Partners currently owns and operates a mixed-use
property located at 1020 12th Street Sacramento, CA 95814.  On July
29, 2019, the Debtor transferred 8.1% equity ownership in the
Property to the Ziegelman Family Trust. Ziegelman Family Trust is
not a member of the Debtor.  The Ziegelman Family Trust used sale
proceeds from another investment to purpose a fractional interest
in the Property.

12th & K St. Mall Partners sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10061) on
Jan. 6, 2022.  In the petition signed by Robert W. Clippinger,
managing member, the Debtor disclosed up to $50 million in assets
and up to $50 million in liabilities.  Matthew D. Resnik, Esq., at
Resnick Hayes Moradi, LLP, is the Debtor's counsel.


544 YORK PARTNERS: Case Summary & Two Unsecured Creditors
---------------------------------------------------------
Debtor: 544 York Partners, LLC
        4411 Main Street
        Philadelphia, PA 19127

Business Description: 544 York Partners is a Single Asset Real
                      Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: March 10, 2022

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania

Case No.: 22-10603

Debtor's Counsel: Albert A. Ciardi III, Esq.
                  CIARDI CIARDI & ASTIN
                  1905 Spruce Street
                  Philadelphia, PA 19103
                  Tel: 215-557-3550
                  Email: aciardi@ciardilaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Eric S. Kretschman as member.

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

https://www.pacermonitor.com/view/LQK4TGQ/544_York_Partners_LLC__paebke-22-10603__0001.1.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/LUVLZWI/544_York_Partners_LLC__paebke-22-10603__0001.0.pdf?mcid=tGE4TAMA


A.G. DILLARD: Seeks Approval to Employ Michie as Special Counsel
----------------------------------------------------------------
A.G. Dillard, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Virginia to hire Michie, Hamlett,
Lowry, Rasmussen & Tweel, PLLC as special counsel.

The firm's services include:

     (a) advising the Debtor and its advisors concerning
construction contracts and the Debtor's rights, powers, and duties
under such contracts;

     (b) representing the Debtor in any matter involving Kings Walk
Development, LLC and any future matter in which there exists a
conflict with the Debtor's bankruptcy counsel, Hirschler Fleischer,
P.C.;

     (c) advising the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;

     (d) assisting the Debtor in reviewing, estimating, and
resolving claims asserted against the Debtor's estate;

     (e) commencing and conducting litigation necessary and
appropriate to assert rights held by the Debtor, protect assets of
the Debtor's Chapter 11 estate, or otherwise further the goal of
completing the Debtor's successful reorganization; and

     (f) providing non-bankruptcy services to the extent requested
by the Debtor.

The firm's hourly rates are as follows:

     David Thomas, Esq.        $375
     Joshua Johnson, Esq.      $350
     Matthew Baldwin           $135

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

The firm can be reached at:

     David Thomas, Esq.
     Michie, Hamlett, Lowry, Rasmussen & Tweel, PLLC
     310 4th Street N.E., P.O. Box 298
     Charlottesville, VA 22902
     Tel.: 434.951.7224
     Fax: 434.951.7544
     Email: dthomas@michiehamlett.com

                        About A.G. Dillard

A.G. Dillard, Inc. is an excavating contractor in Troy, Va. It
provides a wide variety of site construction services, including
site remodeling, clearing and demolition, pond repair or
conversion, excavating and grading, site concrete, and paving.

A.G. Dillard sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Va. Case No. 22-60115) on Feb. 9, 2022. In the
petition signed by Alan G. Dillard, III, president, the Debtor
disclosed up to $50 million in both assets and liabilities.

Judge Rebecca B. Connelly oversees the case.

The Debtor tapped Robert S. Westermann, Esq., at Hirschler
Fleischer, PC as bankruptcy counsel and Michie, Hamlett, Lowry,
Rasmussen & Tweel, PLLC as special counsel.

Blue Ridge Bank, as lender, is represented by:

     Michael D. Mueller, Esq.
     Williams Mullen
     200 South 10th St., Suite 1600
     Richmond, VA 23219
     Email: mmueller@williamsmullen.com


ALLIED DIVERSIFIED: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Allied Diversified Construction, Inc.
        881 3rd Ave., SW, Suite 100
        Carmel, IN 46032

Business Description: Allied Diversified is a privately held
                      company in the nonresidential building
                      construction industry.

Chapter 11 Petition Date: March 9, 2022

Court: United States Bankruptcy Court
       Southern District of Indiana

Case No.: 22-00739

Judge: Hon. James M. Carr

Debtor's Counsel: KC Cohen, Esq.
                  KC COHEN, LAYWER, PC
                  151 N Delaware St., Ste. 1106
                  Indianapolis, IN 46204
                  Tel: 317-715-1845
                  Email: kc@esoft-legal.com

Total Assets: $3,719,565

Total Liabilities: $1,195,431

The petition was signed by Anthony Birkla as president.

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

https://www.pacermonitor.com/view/U7GW6AA/Allied_Diversified_Construction__insbke-22-00739__0001.0.pdf?mcid=tGE4TAMA


ALPHA METALLURGICAL: Swings to $288.8 Million Net Income in 2021
----------------------------------------------------------------
Alpha Metallurgical Resources, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing net
income of $288.79 million on $2.26 billion of total revenues for
the year ended Dec. 31, 2021, compared to a net loss of $446.90
million on $1.42 billion of total revenues for the year ended Dec.
31, 2020.

For the three months ended Dec. 31, 2021, the Company reported net
income of $257.44 million on $828.21 million of total revenues
compared to a net loss of $100.15 million on $323.85 million of
total revenues for the three months ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $1.86 billion in total assets,
$1.31 billion in total liabilities, and $546.91 million in total
stockholders' equity.

"Thanks to the continued dedication of our team, Alpha closed out
the fourth quarter with an impressive $315.8 million in EBITDA and
continued significant reduction in our long-term debt level," said
David Stetson, Alpha's chair and chief executive officer.  "In
looking back on 2021, it was truly a transformational time for the
company, complete with a name change to Alpha Metallurgical
Resources at the start of the year and a series of important steps
in solidifying our role as a leading pure-play metallurgical coal
company and building on our role as the largest U.S. met coal
producer.  We transitioned our portfolio towards lower-cost and
higher-quality operations, refreshed our board of directors, and
completed refinancing of our ABL.  Importantly, we are also making
swift work of our balance sheet transformation.  In a few short
months we dramatically reduced the company's long-term debt and
legacy liabilities, further strengthening the already firm
foundation that Alpha enjoys.  We have continued this momentum with
an excellent start in 2022 and, if coal markets remain robust, we
expect to be in a position to eliminate our long-term debt within
the calendar year.  Given our cash generation projections for the
year, I'm pleased to announce that our board has approved a $150
million share repurchase program to continue increasing shareholder
value."

Additionally, the board of directors has scheduled the Company's
annual meeting of stockholders for May 3, 2022.

Financial Performance

In the third quarter 2021, the company had net income from
continuing operations of $83.7 million or $4.43 per diluted share.

Total Adjusted EBITDA was $315.8 million for the fourth quarter,
compared with $148.2 million in the third quarter 2021.

In the fourth quarter the Company's net realized pricing for the
Met segment was $180.66 per ton, while net realization in the All
Other category was $62.56.

"Realizations for the fourth quarter continued to trend upward as
expected, with our export business highlighting the benefit of the
elevated global pricing dynamics in the metallurgical market," said
Andy Eidson, Alpha's president and chief financial officer.  "We
look forward to future quarters when our 2022 domestic realizations
are expected to improve significantly as a result of the
negotiations completed by our sales team late last year.  Even with
lower domestic pricing that had been locked in long ago, our
realizations on met coal for the quarter still came in at an
average of $197 per ton."

"As pricing for our products remains higher, we encounter elevated
costs of coal sales levels as a result, especially for factors such
as royalties and taxes which are tied directly to sales price,"
said Jason Whitehead, executive vice president and chief operating
officer.  "We've discussed this in prior quarters, but my focus for
the operations teams is to continue positively influencing the
factors directly within our control, such as safety and
productivity.  These are the foundational elements that allow us to
effectively manage our costs.  On the whole, our teams have done a
good job in this regard."

In the fourth quarter, the company's Met segment cost of coal sales
increased to an average of $92.46 per ton as compared to $76.62 per
ton in the prior quarter.  Cost of coal sales for the All Other
category increased to $60.77 per ton in the fourth quarter from an
average cost of $47.47 per ton in the third quarter.

Liquidity and Capital Resources

"As we've reiterated consistently over the last several quarters,
our focus continues to be debt reduction and creating a fortress
balance sheet," said Eidson.  "In the fourth quarter, we made
another $50.0 million in voluntary principal prepayments on the
term loan.  To put that in perspective, in the second half of 2021,
we paid an aggregate of $101.1 million in principal, coupled with
the previously announced payments to satisfy certain legacy
liabilities. Since then, we've made another $150.0 million in
principal prepayments on the term loan, bringing our current debt
level to under $300 million.  Assuming market conditions remain at
levels similar to the last few months, we will be able to achieve
our goal of aggressively paying off our debt in short order, while
also maintaining an appropriate level of liquidity.  In addition,
we have enough visibility into near term cash flows to support the
share repurchase program we have announced today."

Cash provided by operating activities increased for the fourth
quarter of 2021 to $104.3 million as compared to third quarter's
$96.0 million.  Cash provided by operating activities includes
discontinued operations.  Capital expenditures for the fourth
quarter were $22.9 million compared to $22.3 million for the third
quarter of 2021.

In December 2021, Alpha announced the successful completion of its
ABL refinancing.

As of Dec. 31, 2021, Alpha had $81.2 million in unrestricted cash
and $131.2 million in restricted cash, deposits and investments.
Total long-term debt, including the current portion of long-term
debt as of Dec. 31, 2021, was $448.6 million.  At the end of the
fourth quarter, the Company had total liquidity of $115.2 million,
including cash and cash equivalents of $81.2 million and $34.0
million of unused availability under the ABL.  The future available
capacity under the ABL is subject to inventory and accounts
receivable collateral requirements and the maintenance of certain
financial ratios.  As of Dec. 31, 2021, the company had no
borrowings and $121.0 million in letters of credit outstanding
under the ABL.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001704715/000170471522000012/amr-20211231.htm

                     About Alpha Metallurgical

Alpha Metallurgical Resources (NYSE: AMR) (formerly known as
Contura Energy) -- http://www.AlphaMetResources.com/-- is a  
Tennessee-based mining company with operations across Virginia and
West Virginia.

                           *     *     *

This concludes the Troubled Company Reporter's coverage of Alpha
Metallurgical Resources, Inc. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


APDI LIQUIDATION: Unsecureds Will Recover 3.2%-8.9% of Their Claims
-------------------------------------------------------------------
APDI Liquidation LLC, f/k/a Automotive Parts Distribution
International, LLC, submitted a Plan and a Disclosure Statement.

On the Petition Date, the Debtor was in the business of purchasing,
warehousing, and distributing aftermarket automotive parts.  As
part of the Chapter 11 case, the Debtor sold substantially all of
its assets to Agility Auto Parts, Inc., pursuant to the Sale Order
dated August 24, 2021.  The sale closed on Aug. 31, 2021.  On Sept.
13, 2021, the Debtor filed its notice of sale closing and name
change, in which Automotive Parts Distribution International, LLC
changed its name to APDI Liquidation, LLC.

The Plan proposes the establishment of a Trust to liquidate the
Debtor's remaining assets, reconcile claims, and distribute the
Debtor 's assets, including proceeds from the sale of substantially
all of its
assets, to its creditors in accordance with the priority scheme set
forth in the Bankruptcy Code.

Under the Plan, all Allowed Administrative Claims, Allowed Priority
Tax Claims, and Other Priority Claims shall be paid in full on or
promptly after the Effective Date.  While the Debtor and the
Creditors Committee are not aware of any significant secured
creditors, all holders of Allowed Secured Claims will either, in
accordance with the priority of such Allowed Secured Claim with
respect to the collateral securing such claim: (i) be paid up to
the extent of such Allowed Secured Claim; or (ii) receive their
collateral, without representation of warranty.

Allowed General Unsecured Claims and Allowed Class 4A Insider
Claims will receive trust Interests.  Under the Plan, Class 3
General Unsecured Claims totaling $6,355,023 will receive, a Trust
Interest, which shall entitle each holder thereof to its Pro Rata
share of Trust Assets after satisfaction in full of Allowed
Administrative Claims, Allowed Priority Tax Claims, Allowed Other
Priority Claims, Allowed Secured Claims (each in accordance with
this Plan), payment of, or provision for, all other amounts payable
under the Wind Down Budget, and Trust Expenses.  Allowed General
Unsecured Claims shall be treated pari passu with Allowed Class 4A
Insider Claims.  Class 3 will recover 3.2% to 8.9% of their claims.
Class 3 is impaired.

The hearing on confirmation of the Plan will be on April 12, 2022,
at 1:30 p.m. (Central Time).  The date by which ballots must be
received on April 4, 2022, at 4:00 p.m. (Central Time).  The
deadline by which objections to confirmation of the Plan must be
filed and served will be on April 4, 2022, at 4:00 p.m. (Central
Time).

Counsel for the Debtor:

     Rakhee V. Patel, Esq.
     Annmarie Chiarello, Esq.
     WINSTEAD PC
     500 Winstead Building, 2728 N. Harwood St.
     Dallas, Texas 75201
     Telephone: (214) 745-5400
     Facsimile: (214) 745-5390
     E-mail: rpatel@winstead.com
             achiarello@winstead.com

          - and -
   
     Jeff Hokanson, Esq.
     Mary T. Morris, Esq.
     ICE MILLER, LLP
     One American Square, Suite 2900
     Indianapolis, Indiana 46282-0200
     Telephone: (317) 236-2236
     Facsimile: (317) 592-4809
     E-mail: Jeff.Hokanson@icemiller.com
             Mary.Morris@icemiller.com

A copy of the Disclosure Statement dated March 2, 2022, is
available at https://bit.ly/3vBJyMR from PacerMonitor.com.

                     About Automotive Parts

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

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

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

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

The Debtor and the unsecured creditors' committee jointly filed a
Chapter 11 plan of liquidation on Jan. 10, 2022.


ARCHBISHOP OF AGANA: Rival Disclosures Hearing Deferred to March 11
-------------------------------------------------------------------
The Archbishop of Agana, a Corporation Sole, and the Official
Committee of Unsecured Creditors, stipulated and agreed to request
the Court vacate the March 4, 2022 hearing set for consideration of
Disclosure Statements filed by the Archbishop of Agana and the
Official Committee of Unsecured Creditors.  They requested that
such hearing date be extended to March 11, 2022.

The attorneys for the parties state that they have had preliminary
discussions with the Honorable Judge Faris for the purpose of
setting mediation sessions for the purpose of resolving all maters
with the goal of arriving at a joint or consensual plan of
reorganization.  The parties may request additional extensions
should be made in the mediation sessions.

Counsel for the Debtor:

     Ford Elsaesser, Esq.
     Bruce A. Anderson, Esq.
     ELSAESSER ANDERSON, CHTD.
     320 East Neider Avenue, Suite 102
     Coeur d'Alene, ID 83815
     Tel: (208) 667-2900
     Fax: (208) 667-2150
     E-mail: ford@eaidaho.com
             brucea@eaidaho.com

          - and -

     John C. Terlaje, Esq.
     LAW OFFICE OF JOHN C. TERLAJE
     Terlaje Professional Bldg., Suite 216, 194 Hernan Cortez Ave.
     Hagatna, Guam 96910
     Tel: (671) 477-8894/5
     E-mail: john@terlaje.net

Counsel for the Official Committee of Unsecured Creditors:

     Andrew J. Glasnovich, Esq.
     STINSON LLP

                   About Archbishop of Agana

Roman Catholic Archdiocese of Agana -- https://www.aganaarch.org/
-- is an ecclesiastical territory or diocese of the Catholic Church
in the United States.  It comprises the United States dependency of
Guam. The Diocese of Agana was established on Oct. 14, 1965, as a
suffragan of the Archdiocese of San Francisco, California.  It is a
tax-exempt entity (as described in 26 U.S.C. Section 501).

The Archbishop of Agana, also known as the Roman Catholic
Archdiocese of Agana, sought Chapter 11 protection (D. Guam Case
No. 19-00010) on Jan. 16, 2019.  Rev. Archbishop Michael Jude
Byrnes, S.T.D., Archbishop of Agana, signed the petition.  The
Archdiocese scheduled $22,962,686 in assets and $45,662,941 in
liabilities as of the bankruptcy filing.

The Hon. Frances M. Tydingco-Gatewood is the case judge.

The archdiocese tapped Elsaesser Anderson, Chtd. as bankruptcy
counsel, Deloitte & Touche, LLP as human resource consultant, and
Pacific Human Resource Services, Inc. as accountant.  Blank Rome
LLP, LegalWorks Apostolate PLLC, Davis & Davis P.C., and Camacho
Calvo Law Group serve as the archdiocese's special counsels.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 6, 2019. Stinson Leonard Street LLP,
The Law Offices of William Gavras, and Hiller Law, LLC serve as the
committee's bankruptcy counsel, local counsel, and special counsel,
respectively.


ARCHDIOCESE OF NEW ORLEANS: Heller Draper Updates on Apostolates
----------------------------------------------------------------
In the Chapter 11 cases of The Roman Catholic Church of the
Archdiocese of New Orleans, the law firm of Heller, Draper,
Patrick, and Horn, LLC submitted an amended verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose an updated list of Apostolates that it is representing.

The Apostolates consist of 183 church parishes, schools, nursing
homes, senior living facilities, and other community, service
agencies and facilities.

The Apostolates are incorporated legal entities that possess their
own employees, articles of incorporation, EIN numbers, and bank
accounts separate from the Archdiocese. Directly or indirectly the
Archdiocese or the Archbishop is the sole shareholder, member or
partner of each Apostolate.

An Ad Hoc Committee of the Apostolates was formed to address the
concerns of the Apostolates, to advance the positions of the
Apostolates as a group, and as necessary to defend the legal
interests of the Apostolates in the Debtor's chapter 11 case.  The
Ad Hoc Committee agreed that it is in the best interest of the
Apostolates to retain Heller Draper on behalf of all the
Apostolates which would save costs and resources and further their
interests to participate in this case as a group.

Heller Draper is empowered to act on behalf of all Apostolates in
the Debtor's bankruptcy case.

As of May 1, 2020, and the date of this Amendment, the Apostolates,
in their capacity as a collective group being represented by Heller
Draper, did not own any equity securities of the Debtor.

Counsel for the Apostolates can be reached at:

          Douglas S. Draper, Esq.
          Leslie A. Collins, Esq.
          Greta M. Brouphy, Esq.
          Heller, Draper, Patrick, & Horn, LLC
          650 Poydras Street, Suite 2500
          New Orleans, LA 70130-6103
          Tel: (504) 299-3300
          Fax: (504) 299-3399
          Email: ddraper@hellerdraper.com
                 lcollins@hellerdraper.com
                 gbrouphy@hellerdraper.com

A copy of the Rule 2019 filing, including a list of the
Apostolates, is available at https://bit.ly/3tKPsbV at no extra
charge.

                About The Roman Catholic Church of
                 the Archdiocese of New Orleans

The Roman Catholic Church of the Archdiocese of New Orleans is a
non-profit religious corporation incorporated under the laws of the
State of Louisiana.  On the Web: https://www.nolacatholic.org/

Created as a diocese in 1793, and established as an archdiocese in
1850, the Archdiocese of New Orleans has educated hundreds of
thousands in its schools, provided religious services to its
churches and provided charitable assistance to individuals in need,
including those affected by hurricanes, floods, natural disasters,
war, civil unrest, plagues, epidemics, and illness. Currently, the
archdiocese's geographic footprint occupies over 4,200 square miles
in southeast Louisiana and includes eight civil parishes:
Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John
the Baptist, St. Tammany, and Washington.

The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020. The archdiocese was estimated to have $100 million to $500
million in assets and liabilities as of the bankruptcy filing.

Judge Meredith S. Grabill oversees the case.

Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's
bankruptcy counsel and special counsel, respectively.  Donlin,
Recano & Company, Inc., is the claims agent.

The U.S. Trustee for Region 5 appointed an official committee of
unsecured creditors on May 20, 2020.  The committee is represented
by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke
Lord, LLP.  Berkeley Research Group, LLC is the committee's
financial advisor.


AVMED INC: A.M. Best Affirms B(Fair) Financial Strength Rating
--------------------------------------------------------------
AM Best has removed from under review with developing implications
and affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb" (Fair) of AvMed, Inc.
(AvMed) (Miami, FL). The outlook assigned to these Credit Ratings
(ratings) is negative. Concurrently, AM Best has withdrawn the
ratings as the company has requested to no longer participate in AM
Best's interactive rating process.

The ratings reflect AvMed's balance sheet strength, which AM Best
assesses as adequate, as well as its marginal operating
performance, limited business profile and appropriate enterprise
risk management.

The assigned negative outlooks reflect AM Best's expectation that
AvMed's risk-adjusted capitalization is unlikely to remain at the
strong assessment level and operating losses are likely to persist
through year-end 2021. Given the sizeable decline in AvMed's
absolute capital and surplus, which decreased to $105.4 million
with net losses of $17.5 million reported through the third quarter
of 2021, AM Best does not expect that these two metrics will
improve over the near-term, but will rather likely worsen. AvMed's
September 2021 year-to-date net loss was driven by COVID-19 related
hospitalizations and testing costs due to spikes in COVID-19 cases
related to the Delta variant. As the positivity rates related to
the Omicron variant have emerged significantly higher when compared
to the Delta variant during the fourth quarter of 2021, AM Best
expects AvMed's full-year 2021 operating results and capitalization
will likely continue to deteriorate. Given reported positivity and
hospitalization rates in the Florida market were severe, absolute
capital and surplus may further deteriorate and operating losses
could be significant through December 2021, and possibly leading
into 2022. The final ratings do not reflect future reported
operating results or changes in capitalization levels.



BAYRIDGE LOK: Unsecureds Will Recover 100% Under Plan
-----------------------------------------------------
Bayridge Lok Holdings LLC submitted a Plan and a Disclosure
Statement.

The Debtor is a limited liability company currently under contract
to purchase the real property located at 699 92nd Street, Brooklyn,
New York 11228 and 9012 7th Avenue, Brooklyn, New York 11228. The
Property is currently owned by Sunset LG Realty LLC ("Sunset"). The
Property's sole tenant is Northwell Healthcare, Inc., which
operates the Property with SUNY Downstate Health Sciences
University as an urban medical center that offers comprehensive
ambulatory surgery services.

Prior to the Commencement Date, the Debtor and Sunset entered into
an Agreement for Purchase and Sale of Real Property dated December
1, 2021 ("Sunset Contract") for Sunset to sell the Property to the
Debtor for a purchase price of $153,000,000. Pursuant to the Sunset
Contract, Seller currently holds a $3,000,000 deposit, which was
funded by Bordeaux Capital LLC pursuant to the Bordeaux Note. The
Bordeaux Note is secured by the Debtor's interest in the Sunset
Contract. The Sunset Contract currently has a "time of the essence"
closing deadline of March 29, 2022.

The Debtor's filing was precipitated by the Debtor's need for new
financing to pay off the Bordeaux Note and avoid forfeiture of the
Debtor's rights under the Purchase and Sale Agreement. While the
Debtor was seeking financing sufficient to close on the Sunset
Contract, the Debtor was also approached with offers to purchase
the Property. One such purchaser was 699 92nd Street LLC who
offered to purchase the property for $160,000,000, $7,000,000 more
than what the Debtor is paying for the Property under the Sunset
Contract, and subsequently entered into the 699 Contract.  Pursuant
to the 699 Contract, the Purchaser made a $4,000,000 good faith
deposit which is being held by the escrow agent under the 699
Contract.  The Purchaser has procured a financing commitment for
$128,000,000.  The balance of the purchase price will be funded by
the equity required under the 699 loan commitment as well as a
$7,000,000 note Additionally, should the Debtor sell to a
third-party in good faith satisfaction of its fiduciary duties for
more than $160,000,000, the Purchaser shall be entitled to damage
claim for an amount equal to the purchase price in excess of
$160,000,000, up to a maximum of $5,000,000, as liquidated
damages.

The 699 Contract contemplates that the closing under the Sunset
Contract and the 699 Contract will take place pursuant to two
contemporaneous closings whereby the Property will be transferred
from Sunset to the Debtor and then from the Debtor to the
Purchaser. At the Sunset and 699 Closings, the Sale Proceeds from
the 699 Closing will be used to assume the Sunset Contract and
acquire title to the Property under the Plan and immediately
transfer title to the Property under the Plan by deed to the
Purchaser under the 699 Contract. The remaining Sale Proceeds will
be used to pay all Claims under the Plan and any remaining Sale
Proceeds after payment of Claims will be distributed to holders of
the Debtor's Equity Interests.

Under the Plan, Class 2 General Unsecured Claims totaling
$150,000,000. The Unsecured Claim of JBBNY LLC is held by an entity
controlled by Joel Wertzberger who is the brother of Pearl
Schwartz, the trustee of the Trust that is the managing member of
Prospect Bayridge LLC. Prospect Bayridge LLC is the sole member of
the Debtor. Each holder of an Allowed General Unsecured Claim shall
receive on the Effective Date, in full and final satisfaction of
such Claim, Cash from the Sale Proceeds in an amount equal to such
Claim, payable at the 699 Closing. Creditors will recover 100% of
their claims. Class 2 is unimpaired.

The funds necessary to pay all Claims under the Plan, which
includes assuming the Sunset Contract and closing in accordance
with its terms, paying the closing costs of that sale, paying all
Claims in full with interest and the statutory claims owed to the
United States Trustee which will be paid from the proceeds of the
sale of the Property to the Purchaser for $160,000,000 pursuant to
the 699 Contract. Purchaser has deposited $4,000,000 into the
Escrow Holder's escrow account. Purchaser has already secured a
commitment for $128,000,000 and prior to the Confirmation Hearing
Purchaser will evidence proof of additional equity necessary to
close on the 699 Contract.

Attorneys for the Debtor:

     Fred B. Ringel, Esq.
     Clement Yee, Esq.
     ROBINSON BROG LEINWAND
     GREENE GENOVESE & GLUCK P.C.
     875 Third Avenue
     New York, New York 10022
     Tel: (212) 603-6300

A copy of the Disclosure Statement dated March 2, 2022, is
available at https://bit.ly/3CazYSg from PacerMonitor.com.

                    About Bayridge Lok Holdings

Bayridge Lok Holdings, LLC is a Brooklyn, N.Y.-based company
engaged in activities related to real estate.

Bayridge Lok Holdings filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
21-43128) on Dec. 21, 2021, listing as much as $500 million in both
assets and liabilities.  Judge Jil Mazer-Marino oversees the case.

Fred B. Ringel, Esq., at Robinson Brog Leinwand Greene Genovese &
Gluck P.C., serves as the Debtor's legal counsel.


BOULDER BOTANICAL: Seeks to Use $2,500 in Cash Collateral
---------------------------------------------------------
Boulder Botanicals and Biosciences Laboratories, Inc. asks the U.S.
Bankruptcy Court for the District of Colorado for authority to use
up to $2,500 in cash collateral to pay the Debtor's portion of the
mediator expense.

Previously, the Court has entered Orders authorizing interim use of
cash collateral upon a filing of notice of agreement between the
Debtor and two parties who assert security interests against the
Debtor's property including cash collateral, Frankens Investment
Fund, LLC and Patrick Zuber.

Currently, the parties are scheduled to attend mediation on March
10, 2022. The parties agreed to select John Page, Esq., as the
mediator.

The hourly rate of the mediator is $550, which will be split in
half with the Debtor paying half.

The counsel for the Debtor conferred with counsel for Frankens and
Zuber who do not oppose the Debtor paying up to $2,500 from the
cash collateral towards the payment of the Debtor's portion of the
mediation expense.

A copy of the motion is available at https://bit.ly/3MDbq9y from
PacerMonitor.com.

                      About Boulder Botanical

Boulder Botanical & Bioscience Laboratories, Inc. filed a voluntary
petition for Chapter 11 protection (Bankr. D. Colo. Case No.
21-15340) on Oct. 21, 2021, listing up to $500,000 in assets and up
to $10 million in liabilities.

Judge Elizabeth E. Brown oversees the case.

Berken Cloyes PC serves as the Debtor's counsel.



BOY SCOUTS: Court Judge Admonished Bickering Lawyers as Trial Looms
-------------------------------------------------------------------
Vince Sullivan of Law360 reports that during the final pretrial
conference Monday, March 7, 2022, before the Boy Scouts of
America's bankruptcy plan confirmation trial next week, a Delaware
bankruptcy judge admonished the organization and the objectors to
its proposed Chapter 11 for repeatedly failing to meet
court-imposed deadlines and not cooperating to streamline the
trial.

During a virtual hearing, U.S. Bankruptcy Judge Laurie Selber
Silverstein said the lack of cooperation between the parties on
preparing consensual lists of exhibits and witnesses during the
confirmation trial was more of the same, even after the trial was
delayed several times at the request of one party or another.

                   About Boy Scouts of America

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

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

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

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

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


BRIGHT MOUNTAIN: Incurs $4.5 Million Net Loss in Second Quarter
---------------------------------------------------------------
Bright Mountain Media, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $4.49 million on $2.43 million of revenues for the three months
ended June 30, 2021, compared to a net loss of $4.13 million on
$2.27 million of revenues for the three months ended June 30,
2020.

For the six months ended June 30, 2021, the Company reported a net
loss of $6.20 million on $4.83 million of revenues compared to a
net loss of $7.16 million on $4.54 million of revenues for the six
months ended June 30, 2020.

As of June 30, 2021, the Company had $31.58 million in total
assets, $31.26 million in total liabilities, and $315,466 in total
shareholders' equity.

The Company used net cash in operating activities of $2,059,030 for
the six months ended June 30, 2021.  The Company had an accumulated
deficit of ($100,130,666) at June 30, 2021.

Bright Mountain stated, "The report of our independent registered
public accounting firm on our audited consolidated financial
statements at December 31, 2020 and 2019 and for the years then
ended contained an explanatory paragraph regarding substantial
doubt of our ability to continue as a going concern based upon our
net losses, cash used in operations and accumulated deficit.  These
factors, among others, raise substantial doubt about our ability to
continue as a going concern.  Our unaudited condensed consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.  There are no
assurances we will be successful to manage our working capital
deficit, or to manage our cash versus liabilities, or our ability
to continue obtaining investment capital and loans from related
parties and outside investors or to continue as a going concern, in
which event investors would lose their entire investment in our
company.

"Our ability to fully implement the Bright Mountain Media Ad
Exchange Network and maximize the value of our assets are dependent
upon our ability to raise additional capital sufficient for our
short-term and long-term growth plans.  Historically, we have been
dependent upon debt financing and equity capital raises to provide
adequate funds to meet our working capital needs.  During the three
months ended June 30, 2021, we raised $1,500,000 of debt financing.
During the three months ended March 31, 2021, we did not raise any
debt or equity capital.  During the three months ended June 30,
2020, we raised a gross amount of $512,500 through the sale of our
securities in a private placement; after fees and commissions, we
received a net of $434,625.  During the six months ended June 30,
2020, we raised a gross amount $3,071,250 through the sale of our
securities in a private placement; after fees and commissions, we
received a net of $2,170,563.

"While we have engaged a placement agent to assist us in raising
capital, the placement agent is acting on a best-efforts basis and
there are no assurances we will be successful in raising additional
capital during 2022 through the sale of our securities.  Any delay
in raising sufficient funds will delay the implementation of our
business strategy and could adversely impact our ability to
significantly increase our revenues in future periods.  In
addition, if we are unable to raise the necessary additional
working capital, absent a significant increase in our revenues,
most particularly from our advertising segment, of which there is
no assurance, we will be unable to continue to grow our company and
may be forced to reduce certain operating expenses to conserve our
working capital."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001568385/000149315222006189/form10-q.htm

                       About Bright Mountain

Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
www.brightmountainmedia.com -- is an end-to-end digital media and
advertising services platform, efficiently connecting brands with
targeted consumer demographics.  In addition to its corporate
website, the Company owns and/or manages 24 websites which are
customized to provide its niche users, including active, reserve
and retired military, law enforcement, first responders and other
public safety employees with products, information and news that
the Company believes may be of interest to them.  The Company also
owns an ad network which was acquired in September 2017.

Bright Mountain reported a net loss of $72.71 million for the year
ended Dec. 31, 2020, a net loss of $4.17 million for the year ended
Dec. 31, 2019, and a net loss of $5.22 million for the year ended
Dec. 31, 2018.  As of March 31, 2021, the Company had $33.07
million in total assets, $30.67 million in total liabilities, and
$2.41 million in total shareholders' equity.

East Brunswick, New Jersey-based WithumSmith+Brown, PC, the
Company's auditor since 2021, issued a "going concern"
qualification in its report dated Dec. 23, 2021, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.


CARPENTER TECHNOLOGY: Fitch Gives 'BB' Rating to New Unsec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned 'BB'/'RR4' ratings to Carpenter
Technology Corporation's new senior unsecured note issuance.
Proceeds of the new notes are to be used for general corporate
purposes, including the repayment of the $300 million 4.45% senior
notes due in March 2023. The notes rank pari-passu with the
company's existing senior unsecured notes.

Carpenter's ratings reflect its position in specialty metal
products with demanding applications and higher barriers to entry,
strong asset profile, and limited commodity price exposure. The
ratings also reflect the company's high concentration in aerospace,
which is recovering from a material down-cycle resulting in high
near-term leverage and low interest coverage. Fitch believes the
long-term fundamentals of the aerospace industry are supportive of
the company's business model.

The Stable Outlook reflects Fitch's expectation that total
debt/EBITDA will drop below 3.3x in fiscal 2024 and that liquidity
will be sufficient to support recovery in aerospace demand through
fiscal 2022.

KEY RATING DRIVERS

Leverage to Moderate: Fitch expects fiscal 2022 EBITDA to be about
$62 million compared with 1H fiscal 2022 EBITDA of about $20
million, as recovery in key aerospace and defense (A&D) and medical
end-use markets accelerate with a continued improvement in
mobility. Fitch expects total debt/EBITDA to be about 3.3x in
fiscal 2023, and improve to the 2.5x-3.0x range thereafter, as
EBITDA is expected to exceed $270 million on average for fiscal
2023 through fiscal 2025. Since operations are scalable, Fitch
expects capex in the $125 million per year range.

Strong Business Model: Carpenter's focus on specialty alloy
products for critical end-use applications generally supports
EBITDA margins in the mid-to-high teens. The severe downturn in
demand for the company's products coupled with the 25% to 30% fixed
cost nature of the business, resulted in negative EBITDA in FYE
June 30, 2021 and modest EBITDA in the six months ended Dec. 31,
2021.

The company's products are required to meet complex customer
specifications, which results in those products commanding a
premium, and provides significant barriers to entry. Timely
qualification processes and testing, strict regulations for
aircraft use, technical capabilities and manufacturing processes
enhance competitive advantage. Carpenter continues to achieve
additional qualifications at its Athens, Alabama facility
(commissioned in 2014). The company constructed a hot strip mill at
Reading, PA to strengthen its soft magnetics capabilities.

During fiscal years 2020 and 2021, the company divested the Amega
West oil & gas business, idled two domestic powder metals
production facilities to consolidate its additive manufacturing
sites, and reduced staffing and capital expenditures to manage
costs. Fitch expects some of the cost savings to survive labor
inflationary pressures as the business continues to recover.

Reading Press Outage Impacts Modest: Fitch expects modest impacts
from the 4,500-ton press outage from mechanical failure announced
on Dec. 20, 2021. Given that the majority of spare parts were on
hand, the press returned to service on March 4, 2022. The
maintenance performed during the repair will eliminate 14 days of
planned maintenance. Inventories built during the repair are
expected to liquidate in the second half of FYE June 30, 2022.

High, Diverse Aerospace Exposure: The severe contraction in the
aerospace and defense (A&D) industry associated with
pandemic-related decreased mobility resulted in the bulk of fiscal
2021 net sales, excluding surcharge revenue declines, of 32%. Fitch
believes the diversity of Carpenters A&D offerings and actions
taken during the pandemic position the company well for A&D
recovery. The A&D end-use typically accounts for between 50% and
60% of net sales excluding surcharge revenues.

Carpenter estimates that about 10% of its A&D products are related
to defense, 40% to engines, 20% to fasteners and 30% to structural
avionics such as landing gear, slat tracks and electrification and
that its products are represented on all programs.

The company reports that it was able to negotiate increased share
on key growth platforms in exchange for deferrals and order push
outs early in the downturn. More recently, Carpenter reported that
it signed several contracts with aerospace customers that include
favorable pricing and expanded share opportunities.

Fitch's A&D Outlook Improving: Fitch views the 2022 A&D sector
outlook as improving following a bottoming out in early 2021, and a
moderate improvement in 2H21. Fitch expects commercial aircraft
delivery rates to materially increase over the course of the next
year as airlines look to add capacity and refresh fleets in
response to pent up demand and improving air traffic.

Fitch expects passenger aircraft deliveries from The Boeing
Company, Airbus SE and Embraer S.A. will materially improve to
around 1,450 in 2022, up from around 1,000 in 2021, but still below
the 2018 peak of over 1,600. Much of the delivery increase depends
on the continuation of air traffic improvement, minimal operational
disruptions, steady or increasing production rates, and avoiding
the reinstatement of broad travel restrictions. Fitch also believes
OEMs will likely initially draw down on inventory while they ramp
up production, causing the recovery for suppliers to lag the
industry.

Raw Material Volatility Mitigated: Carpenter has been able to
mitigate exposure to volatile metal prices by applying surcharges.
The surcharge is based on published raw material prices for the
previous month, which correlate to the price of raw material
purchases. This allows the company to effectively pass through most
raw material price fluctuations, albeit with some lag. Surcharge
revenue has a percentage of total revenue as fluctuated between 13%
and 20% since 2016, but tends to rise and fall in line with metal
price fluctuations. Fitch believes that raw materials prices may
have peaked in late 2021 and will moderate through 2023.

DERIVATION SUMMARY

Carpenter Technology's products are further upstream than those of
Howmet Aerospace Inc. (BBB-/Stable), Arconic Corporation
(BB+/Stable) and The Timken Company (BBB-/Stable). Carpenter is
more concentrated in aerospace than Kaiser Aluminum Corporation
(BB/Positive), especially following the acquisition of the Warrick
rolling mill, Howmet and Arconic. Prior to the Aerospace down-turn,
Carpenter had similar margins to Kaiser Aluminum and higher margins
than Arconic.

In addition, Fitch expects Carpenter to be larger in earnings than
Kaiser, but significantly smaller than Arconic. Leverage metrics
longer term are expected to be similar to Kaiser, lower than Howmet
and higher than Arconic.

KEY ASSUMPTIONS

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

-- Overall volumes recover by about 12% in fiscal 2022, nearly
    36% in 2023 nearly 10% in 2024 and grow at 3% in 2025;

-- Revenues excluding surcharges to run about $6.20/lb. beginning
    in fiscal 2023;

-- Surcharge revenues at about $2.20/lb. in fiscal years 2022 and
    2023, falling to about $1.70/lb., thereafter, roughly
    reflecting Fitch's view of moderating metals prices;

-- The new notes are issued on terms consistent with the 2028
    notes;

-- Dividends are maintained at roughly historic levels.

RATING SENSITIVITIES

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

-- Total debt/EBITDA expected to be sustained below 2.5x;

-- EBIT margins expected to be sustained above 8% reflective of
    improved market conditions.

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

-- Total debt/EBITDA expected to be sustained above 3.5x;

-- EBIT margins expected to be sustained below 7%.

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: As of Dec. 31, 2021, Carpenter had $96.9
million of cash on hand in addition to $294.7 million in available
borrowings under the $300 million secured revolving credit facility
maturing March 31, 2024 ($5.3 million utilized for LOCs). Proceed
of the new senior unsecured notes are to be used to redeem the
company's outstanding $300 million 4.45% senior notes due in March
2023.

The revolver is subject to financial covenants which include a
minimum interest coverage ratio of 2.00 to 1.00 at June 30, 2022
stepping up to 3.00 to 1.00 at Sept. 30, 2022 and 3.50 to 1.00
thereafter and a maximum debt to capital ratio of less than 55%.
The company has covenanted to maintain $150 million of liquidity
through the period for which the interest coverage is less than
2:00 to 1:00.

Security for the facility consists of inventory and receivables and
there is an asset coverage minimum covenant of 1.10 to 1.00.

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.

ISSUER PROFILE

Carpenter Technology Corporation is a leader in high-performance
specialty alloy-based materials and process solutions for critical
applications in the aerospace, defense, transportation, energy,
industrial, medical, and consumer electronics markets.


CARPENTER TECHNOLOGY: S&P Rates New $300MM Unsecured Notes 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to U.S.-based specialty alloys producer Carpenter
Technology Corp.'s proposed $300 million senior unsecured notes due
2030. The '3' recovery rating indicates its expectation for average
(50%-70%; rounded estimate: 65%) recovery in the event of a payment
default. The company plans to use the proceeds from the proposed
notes to refinance its $300 million senior notes due March 2023.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- The company's capital structure comprises a $300 million
secured credit facility (not rated), $400 million of unsecured
notes due July 2028, and the proposed $300 million of unsecured
notes due March 2030.

-- S&P rates the unsecured notes, including the proposed notes,
'BB+' with a '3' recovery rating. The '3' recovery rating indicates
its expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of a payment default.

-- S&P assesses the company's recovery prospects based on a
reorganization value of approximately $805 million, which reflects
its emergence EBITDA assumption of $150 million and a 5.5x
multiple. This EBITDA figure incorporates S&P's adjusted assumption
for minimum capital expenditure of 4% of revenue and its standard
15% cyclicality adjustment for issuers in the metals and mining
downstream sector.

-- The 5.5x multiple is in line with multiples S&P uses for other
companies in the metals and mining downstream sector.

-- S&P's recovery analysis assumes that, in a hypothetical default
scenario, Carpenter's asset-based lending (ABL) facility would be
fully covered. It assumes a 60% utilization rate for the company's
$300 million ABL facility at default, which results in about $180
million outstanding at default.

Simulated default assumptions

-- Simulated year of default: 2027
-- EBITDA at emergence: $150 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value: $825 million

Simplified waterfall

-- Net enterprise value (after 5% administrative cost): $785
million

-- Priority claims (ABL revolving facility): $185 million

-- Value available for unsecured claims: $600 million

-- Estimated senior unsecured notes claim: $720 million

    --Recovery expectations: 50%-70% (rounded estimate: 65%)

Note: All debt amounts at default include six months of accrued
prepetition interest.



CASSWAY CONTRACTING: Seeks Chapter 11 Bankruptcy Protection
-----------------------------------------------------------
New York-based general construction company Cassway Contracting
Corp  has filed for Chapter 11 bankruptcy protection.

The filing of the chapter 11 case was caused by a combination of
the economic downturn caused by COVID-19 and the supply
chain-related delays and increased costs.

The Debtor intends to utilize the bankruptcy process in order to
restructure and reorganize its affairs and propose a plan of
reorganization that is in the best interests of its creditors
and affords them the greatest recovery possible.

As of the Petition Date, approximately $1,450,0002 remains due
under the revolving term note with TD Bank N.A.

The Debtor says in the Chapter 11 petition that funds are available
to its unsecured creditors, according to its petition.

                 About Cassway Contracting Corp

Yonkers, New York-based Cassway Contracting Corp is a drywall
contractor to commercial and residential buildings in the New York
and New Jersey metro areas.

Cassway Contracting Corp sought Chapter 11 bankruptcy protection
(Bankr. S.D.N.Y. Case No. 22-22107) on March 5, 2022.  In the
petition filed by James Cassidy, as president, Cassway Contracting
estimated total assets between $1 million and $10 million and
liabilities between $1 million and $10 million.  Dawn Kirby, of
Kirby Aisner & Curley, LLP, is the Debtor's counsel.


COMMUNITY VISION: Seeks Access to IRS Cash Collateral
------------------------------------------------------
Community Vision Development Programs, LLC asks the U.S. Bankruptcy
Court for the District of Minnesota for authority to use cash
collateral and provide adequate protection.

The Debtor is proposing to continue using cash collateral to pay
essential operating expenses and grant a replacement lien in the
Debtor's assets to the Internal Revenue Service. The replacement
liens will have the same priority, dignity and effect as the
prepetition lien held by the IRS, all pending the hearing on the
Debtor's request.

The IRS claims a lien in virtually all assets of the Debtor by
reason of four tax liens filed by the IRS with the Minnesota
Secretary of State. The IRS is owed approximately $461,146.

The Debtor proposes to continue to make their monthly payments to
the IRS in the amount of $2,000 per month.  

A hearing on the matter is scheduled for March 31, 2022 at 10 a.m.

A copy of the motion and the Debtor's budget is available at
https://bit.ly/3pRDJaz from PacerMonitor.com.

The Debtor projects $29,236.60 in total income and $27,717 in total
expenses for March 2022.

         About Community Vision Development Programs, LLC

Community Vision Development Programs, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No.
21-42019) on November 12, 2021. In the petition signed by Marbue
Watkins, manager, the Debtor disclosed up to $50,000 in both assets
and liabilities.

Steven B. Nosek, Esq., at Steven B. Nosek, P.A. is the Debtor's
counsel.



CORPORATE RESOURCE: Status Report in Vaccaro Case Due March 22
--------------------------------------------------------------
On July 27, 2015, Corporate Resource Services, Inc., advised the
United States District Court for the Southern District of New York
that it had filed for Chapter 11 bankruptcy and that the action
styled styled FRANK VACCARO, Plaintiff, v. CORPORATE RESOURCE
SERVICES, INC., Defendant, No. 15-CV-3895 (RA)(S.D.N.Y.), was thus
subject to the automatic stay provision of the Bankruptcy Code, 11
U.S.C. Section 362.

On July 28, 2015, the Court directed the Clerk of Court to place
this action on the suspense docket. Since then, the Court has
requested periodic status updates from the parties, the most recent
of which was filed on January 8, 2021. Plaintiff is directed to
submit another status report no later than March 25, 2022.

A full-text copy of the Order dated February 25, 2022, is available
at https://tinyurl.com/4cny568v from Leagle.com.

                 About Corporate Resource Services

Corporate Resource Services, Inc. was a provider of corporate
employment and human resource solutions headquartered in New York.
CRS leased its headquarters and does not own any real property.
About 90% of CRS shares were owned by Robert Cassera and the
balance were traded OTC.

As of Dec. 31, 2014, CRS was one of the largest employment staffing
companies in the U.S., providing employment and human resources
solutions for corporations with annual sales of about one billion
dollars. In February 2015, CRS began an orderly wind down of
operations after discovering that TS Employment, Inc., a privately
held company owned by Mr. Cassera, failed to remit tens of millions
of dollars of the Debtors' withholding taxes to taxing
authorities.

TS Employment Inc., a professional employer organization that
provided payroll-related services for CRS, sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb.
2, 2015. The case was before Judge Martin Glenn. TSE tapped Scott
S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, in New York, as
its legal counsel.

CRS and its subsidiaries sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 15-11546) on July 23, 2015, to complete their
orderly wind down of operations.  The cases were transferred to New
York (Bankr. S.D.N.Y. Lead Case No. 15-12329) on Aug. 18, 2015, and
assigned to Judge Glenn. CRS estimated $10 million to $50 million
in assets and $50 million to $100 million in debt.

CRS and its subsidiaries tapped Gellert Scali Busenkell & Brown,
LLC as bankruptcy counsel; Wilmer Cutler Pickering Hale & Dorr, LLP
and Carter Ledyard & Milburn, LLP as special counsel; and SSG
Capital Advisors as financial advisor and investment banker.  Rust
Omni, LLC is the claims agent.

James S. Feltman was appointed as Chapter 11 trustee in the
Debtors' Chapter 11 cases.  The trustee tapped Togut, Segal &
Segal, LLP as bankruptcy counsel.  Jenner & Block, LLP, Greenberg
Traurig, P.A., and Jeffer Mangels Butler & Mitchell, LLP serve as
the trustee's special counsel.


DANIEL T. LEE: Wins Final Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
has authorized Daniel T. Lee Dental Corporation to use the cash
collateral of secured creditor Bank of West on a final basis.

The Debtor is permitted to use cash collateral, subject to these
limitations:

(1) the salary of Dr. Daniel T. Lee will be limited to $6,923 on a
biweekly basis, and (2) Bank of the West will be paid on account of
its secured claim the sum of $6,000 per month payable on or before
the 17th of the month.

A copy of the final order is available at https://bit.ly/3sZPcqc
from PacerMonitor.com.

                    About Daniel T. Lee Dental

Daniel T. Lee Dental Corporation d/b/a Northern California Dental,
based in San Jose, CA, filed a Chapter 11 petition (Bankr. N.D.
Cal. Case No. 20-51022) on July 8, 2020. In the petition signed by
Daniel T. Lee, president, the Debtor disclosed $259,121 in assets
and $1,640,036 in liabilities.

The Hon. Elaine M. Hammond oversees the case.

Stanley Zlotoff, Esq., serves as bankruptcy counsel to the Debtor.



DERMATOLOGY INTERMEDIATE: S&P Assigns 'B' ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Dermatology Intermediate Holdings II Inc. and its 'B' issue-level
and '3' recovery rating to the company's proposed $535 million
first-lien term loan, $95 revolving credit facility and $100
million delayed draw first-lien term loan. The '3' recovery rating
on the first-lien debt represents its expectation of meaningful
(50%-70%; rounded estimate: 50%) recovery in the event of a
hypothetical default.

Private equity investors Partners Group has agreed to acquire
Wisconsin-based dermatology physician practice, Dermatology
Intermediate, in a debt-and equity-funded transaction.

S&P said, "The ratings incorporate our view that Dermatology
Intermediate operates on a modest scale in a highly fragmented
market with few barriers to entry, has exposure to reimbursement
risk and integration risk, given its acquisition and de novo based
growth strategy.

"The stable outlook reflects our expectation for adjusted leverage
to be about 7.2x after the transaction closes and to remain in the
7x-7.5x range over the next couple of years given the company's
acquisition-driven growth strategy, and for the company to generate
modest free cash flow."

"Dermatology Intermediate's business strength is constrained by its
narrow focus in a highly fragmented market with modest scale and
market share. Dermatology Intermediate (d/b/a Forefront
Dermatology) operates in a highly fragmented dermatology market
that has relatively limited barriers to entry, in our view. The
company generates about $430 million in annual revenue, which is on
the smaller end of the range for the rating. Although we believe
Dermatology Intermediate is the largest dermatology physician
practice in the U.S., its market share in the U.S. dermatology
market is less than 2%, limiting the company's pricing power with
insurers. Although we are not aware of any pending adverse changes
to reimbursement, we view the potential for adverse changes to
reimbursement as a key risk for the company, similar to most other
health care service companies. The company generates 51% of revenue
from private insurers, with those split among many different
contracts and different payors across many states. The company also
generates 25% of revenue from Medicare and 14% from Medicare
Advantage plans. The company has relatively good geographic
diversification, compared with peers, with its top state,
Wisconsin, representing about 21% of revenue.

"The company's aggressive pursuit of growth through acquisitions
and de novo strategy is another key risk for the company. We
believe its plan to spend at least $30 million annually to acquire
practices exposes it to heightened integration and operational
risks.

"We believe the dermatology industry is growing in the low-single
digit range supported by the aging population, increased prevalence
of skin cancer, growing awareness of skin protection, and
constrained by a shortage of dermatologists in the U.S. We expect
the company will grow significantly more quickly than the industry
helped by acquisitions and de novo offices. We also believe the
company's scale provides it efficiencies that support profitability
(EBITDA margins), relative to smaller medical group, providing the
company a competitive advantage, and an opportunity for
consolidation and incremental margin expansion as the company
grows.

"We view the variable nature of the company's compensation expense
as a strength, with the physicians earnings, tied closely to
revenue or profitability. We believe Dermatology Intermediate
maintains good relationships with its providers with annual
retention of over 90% and that the company benefits from its
in-house pathology lab (about 11% of revenues), which is the
company's most profitable business segment. The lab's high-end
technology and efficiency result in a more accurate and quicker
diagnosis, than available from competitors.

"The company generates less than 15% of revenue related to acne
treatments and about 12% from cosmetic related treatments, which we
view as more discretionary in nature and may face pressure during
an economic downturn. However, other services including Mohs
surgery and Pathology accounts for 21% (combined) of revenue and
are life-saving, medically necessary procedures. Other surgeries to
prevent skin cancer such as destructions, cryosurgery, biopsies,
and excisions account for another 31% of revenue. The company's new
and established office visits account for approximately 30% of
revenue and these visits are for a variety of medical conditions
such as rosacea, psoriasis, cancerous skin checks, dermatitis,
cysts, warts, and eczema. We believe the company's focus on medical
dermatology and resilient performance during the pandemic (with
volumes only diminished during March-May of 2020, returning to
pre-pandemic levels by end of June) limit the company's exposure to
economic cycles.

"We saw an increase in telehealth including tele-dermatology,
during the pandemic, as payors expanded reimbursement for those
services. We believe telehealth continues to grow, from a very
small base, and there are certain non-acute medical conditions
(e.g., acne and dermatitis) served by dermatologists that might be
particularly conducive to diagnoses via virtual visits. It's
unclear how this development may influence the company, especially
given uncertainty around reimbursement levels for future virtual
visits, and unclear utilization trends in tele-dermatology in the
U.S. over the past year, as vaccines have helped quell the impact
of the pandemic.

"We expect leverage to remain in the 7x-7.5x range over the next
couple of years given the company's private equity sponsor
ownership and the company's acquisition and de novo-driven growth
strategy. Over the past couple of years the company has pursued
multiple acquisitions, increasing its geographic reach and scale.
With the investment from Partners Group, we expect Dermatology
Intermediate will continue to prioritize growth over reducing
leverage. Pro forma for the proposed transaction, we expect S&P
Global Ratings-adjusted debt leverage of about 7.2x and for
leverage to remain near this level over time.

"Other rated companies we view as comparable are Pediatric
Associates Holding Co. LLC, OMERS Relief Acquisition LLC, SBHC
Holdings LLC, and Women's Care Holdings Inc.While we do not
currently rate any other physician service companies focus on
dermatology, we compare Dermatology Intermediate to peers within
the health care services subsector that pursue acquisition and de
novo growth strategies. Although Dermatology Intermediate operates
on a larger scale compared to SBHC Holdings and similar scale to
Pediatric Associates, its profitability is weaker. Dermatology
Intermediate has the largest geographic footprint, operating in 22
states with decent geographic diversity (Wisconsin accounts for 21%
of revenue and top three states are 40%), and is significantly more
diverse than Pediatric Associates, OMERS Relief Acquisition and
Women’s Care, which all operate in less states and have more
significant concentration (e.g., Pediatric Associates and Women's
Care both generate more than 50% of revenues in Florida).
Additionally, although we view Dermatology Intermediate's payor mix
as relatively favorable, with 51% of revenues from commercial
payors, this is still below the portion of revenues that Women's
Care (80%) and OMERS Relief Acquisition (72%) receive from
commercial payors.

"Our stable outlook reflects our expectation for the company to
pursue an aggressive pace of de novo and acquisition activity, and
for adjusted leverage to remain at or near 7x-7.5x over the next
two years.

"We could consider lowering our rating within the next 12 months if
the company's operating performance deteriorates such that we
expect its S&P Global Ratings-adjusted debt leverage to exceed 8x
or if adjusted free operating cash flow to debt falls well below 3%
for a sustained period. This could occur if the company does not
realize their expected benefit of their aggressive growth strategy.
Other factors that could contribute to this outcome include weaker
reimbursement that could include actual rate cuts, or weaker
patient volumes.

"It is unlikely we will raise our rating on Dermatology
Intermediate within the next 12 months given its financial-sponsor
ownership and our expectation that it will use excess cash flows
for acquisitions. That said, we could consider upgrading the
company if it reduces leverage to below 5x, and we believe the
company will maintain that over time."

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

Governance structure

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



DOUBLE EAGLE: S&P Assigns 'B' Issuer Credit Rating After Buyout
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Double
Eagle Buyer Inc. (d/b/a Restaurant Technologies Inc.). The rating
is the same as the existing rating on Restaurant Technologies,
which S&P will withdraw when the transaction closes.

S&P assigned its 'B' issue-level rating and '3' recovery rating to
the new first-lien senior secured credit facility, which includes
the seven-year term and a five-year $100 million revolver.

The negative outlook reflects the high starting leverage in the 8x
area and negligible free operating cash flow (FOCF) generation in
2022 primarily due to elevated growth capital expenditure (capex).

ECP has entered into an agreement to acquire Restaurant
Technologies Inc., a provider of oil management solutions to the
restaurant and hospitality industry. It will finance the
transaction with an $810 million first-lien term loan and equity.

S&P said, "We expect Restaurant Technologies' debt burden will be
elevated at transaction close but expect it to reduce leverage over
the next year. Pro forma for the acquisition, we expect the
company's S&P Global Ratings'-adjusted leverage will increase to
the 8x area, up from our 5x fiscal year-end 2021 estimate.
Compounded with increasing capex over the next 12 months, we
believe FOCF will remain very tight for the rating, potentially
resulting in revolver borrowings to fund new oil system
installations. In our base-case scenario, we assume substantial
deleveraging to the mid- to high-6x area as the company executes
its backlog, which should contribute to meaningful earnings
expansion. We believe there are ample opportunities to focus on new
client wins and increase penetration with its existing clients. We
expect financial policy plans will continue supporting our
deleveraging expectations.

"New customer installations and high retention rates provide
revenue predictability. We expect customer count to grow in the
mid-single-digit area in 2022 and organic net revenue growth to be
15%-20% in 2022 and 2023. Driving this will be new customer
installations and an increase in fresh oil volumes, as we expect
strong growth in the quick service and casual dining restaurant
segments." The company has focused on expanding their client
base,and reducing their customer concentration in Mc Donald's (88%
penetrated). Customer contracts are typically 5-10 years, with more
than 45% of the customer base contracted through 2025. Near-term
backlog represents more than 18 months of installation without any
incremental contract wins.

The used cooking oil (UCO) business is subject to commodity price
fluctuations, which could drive earnings volatility. The company
generates more than 25% of its revenues from the UCO business.
Changes in the renewable diesel market have led to an
outperformance in the UCO segment as favorable regulation has
driven diesel prices up. The company engages in hedging activities
to somewhat mitigate this risk and S&P believes its base-case
scenario has some cushion if there were an unexpected modest
pullback in UCO prices.

The negative outlook reflects the high starting leverage in the 8x
area and negligible FOCF generation in 2022 primarily because of
elevated growth capex spend.

S&P said, "We could lower our ratings if S&P Global Ratings'
adjusted leverage remains higher than 6.5x or revolver borrowing
exceeds 35% of the revolving commitment. A downgrade could also
occur if there are ongoing delays in new installations, elevated
capex requirements, volatile UCO prices, or intensifying
competitive pressures.

"Over the next 12 months, we could raise our ratings if the company
demonstrates strong operating performance resulting in S&P Global
Ratings'-adjusted leverage trending toward 6.5x and improves FOCF
to debt to the 2%-4% area on a sustained basis. We would also have
to believe that there is minimal risk of a leveraging event
including a meaningful debt-funded dividend."

Restaurant Technologies provides end-to-end, closed-loop oil for
the restaurant industry. The company has three main segments: fresh
oil delivery; UCO sales; and other revenue (which includes oil
equipment rental, AutoMist, and Grease Lock). The company generates
about 60% of revenues from quick-service restaurants, with the rest
from casual dining restaurants, grocery and convenience stores,
hospitality, and noncommercial, and independent customers. The
company has a pricing protocol arrangement with its largest
customer, McDonald's, in addition to roughly 2,000 individual
contracts with franchisees. Service fees are recurring and come
from equipment rentals and monitoring the frequency and duration of
filtration activities. UCO sales involve the collection of oil from
customer locations (with rebate incentives) and the resale to
either the biodiesel or animal feed markets. The company competes
with several large and well-established food service distributors
in the oil delivery market, including Sysco Corp. and Reinhart
Foodservice (a subsidiary of Performance Food Group Inc.).

U.S. real GDP expands by 3.9% in 2022 and by 2.7% in 2023.

U.S. consumer price index (CPI) growth of 3.9% in 2022 and 2.4% in
2023, which affects the company's inflation-linked contracts that
allows for cost-pass throughs to customers.

S&P expects revenue growth in the 15%-20% area in 2022 and 2023
driven by growth in installations, new customer wins, and stable
UCO pricing. This follows a solid top-line performance in 2021 when
revenues grew more than 20% as the company rebounded from lower
pandemic-related demand as well as a significant price increase for
used cooking oil.

Adjusted EBITDA margins expand to the 20% area in 2022 and 2023 up
from the 18% area in 2021 as the company benefits from increased
operating leverage in the core oil business, partially offset by
higher sales and marketing investments.

S&P estimates an uptick in capex of about $70 million annually from
about $60 million last year to support investments for customer
installations and increases in truck maintenance. Growth capex is
primarily on new oil system installations but is only spent with an
executed contract (5-10 years tenure) and at extremely attractive
returns (17-month payback period, 70% EBITDA margins).

Based on these assumptions, S&P arrives at the following credit
metrics:

-- S&P Global Ratings'-adjusted debt to EBITDA in the mid-6x area
in 2022, which should improve further to the mid- to high-5x area
by 2023.

-- S&P Global Ratings'-adjusted FOCF to be about breakeven in 2022
and improving to the 2% to 4 % area in 2023.

S&P said, "We assess liquidity as adequate given our expectation
that cash sources will exceed uses by 1.2x over the next 12 months
and believe its net sources would exceed its uses even if EBITDA
were to decline by 15%. Our assessment also reflects the company's
high cash needs to fund new client installations to support strong
revenue growth and our belief that it would have limited ability to
absorb high-impact, low-probability events without refinancing.
Still, we expect a majority of capex will be related to new
installations and other growth investments, and hence highly
discretionary, which allows the company to limit the investments to
preserve cash if necessary." Underpinning our assessment is the
company's full availability under its proposed $100 million
revolver due 2027 and $5 million pro-forma cash balance.

Principal liquidity sources:

-- Modest cash balances;
-- Availability under its revolving credit facility; and
-- Projected funds from operations (FFO) of around $65 million to
$85 million over the next 12 months.

Principal liquidity uses:

-- Annual principal amortization of $8.1 million;
-- Modest working capital outflows over the next 12 months; and
-- Annual capex of around $70 million mostly for growth
initiatives.

The proposed revolver will be subject to a springing maximum
first-lien net leverage ratio covenant no greater than 9x, tested
quarterly (triggered at 35% utilization with $7.5 million L/C
carve-out). S&P is not expecting any covenant compliance issues
given our forecast assumption.

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

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

The company's new debt capitalization consists of a $100 million
first-lien revolver due 2027 and $810 million first-lien term loan
due 2029.

Eagle Parent Corp. is the borrower under the first-lien credit
facility. The facilities also benefit from guarantees from the
parent, existing and future direct or indirect wholly owned
domestic restricted subsidiaries.

S&P's simulated default scenario contemplates a default in 2025
stemming from financial stress because of high debt services, new
client onboarding investment needs, the loss of a key customer or
lower renewal rates, high pricing pressure from competitors, and
lower demand for cooking oil.

S&P believes the company would likely reorganize in its default
scenario due to its established relationships with key suppliers
and customers as well as its nationwide physical footprint.

-- Simulated year of default: 2025

-- Capex as percentage of sales: 3.5% (to reflect increased
investment to support growth)

-- EBITDA at emergence: about $90 million

-- EBITDA multiple: 5.5x

-- Gross enterprise value: about $495 million

-- Net emergence enterprise value (after 5% administrative
expenses): $470 million

-- Valuation split in (obligors/non-obligors): 100%/0%

-- Value available to first-lien debt claims: about $470 million

-- Estimated first-lien debt claims: $901 million

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

Note: Estimated claims amounts include about six months accrued but
unpaid interest.



EVOKE PHARMA: Incurs $8.5 Million Net Loss in 2021
--------------------------------------------------
Evoke Pharma, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$8.54 million on $1.62 million of net product sales for the year
ended Dec. 31, 2021, compared to a net loss of $13.15 million on
$23,020 of net product sales for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $10.57 million in total
assets, $7.02 million in total liabilities, and $3.56 million in
total stockholders' equity.

San Diego, California-based BDO USA, LLP, the Company's auditor
since 2014, issued a "going concern" qualification in its report
dated March 8, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations since inception.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.

                  Fourth Quarter Financial Review

For the fourth quarter of 2021, net product sales were
approximately $361,000 compared with $23,000 during the fourth
quarter of 2020, the first quarter of Gimoti's launch, and the net
loss was approximately $1.7 million, or $0.05 cents per share
compared with $2.3 million, or $0.09 per share, for the fourth
quarter of 2020.

Research and development expenses totaled approximately $36,000 for
the fourth quarter of 2021 compared with $0.1 million for the
fourth quarter of 2020.  Since receiving FDA approval of GIMOTI in
June 2020, Evoke's research and development costs have decreased
and shifted to commercialization and selling costs.  For the fourth
quarter of 2021, selling, general and administrative expenses were
approximately $1.7 million compared with $2.0 million for the
fourth quarter of 2020.

The Company expects that selling, general and administrative
expenses will increase in the future as it continues to progress
with the commercialization of GIMOTI and it reimburses Eversana
from the net profits attained from the sales of GIMOTI.
  
Total operating expenses for the fourth quarter of 2021 were
approximately $1.9 million compared with $2.2 million for the same
period of 2020.

As of Dec. 31, 2021, cash and cash equivalents were approximately
$9.1 million.  The Company believes, based on its current operating
plan, that its existing cash and cash equivalents, as well as
future cash flows from net product sales of GIMOTI, will be
sufficient to fund its operations into the first quarter of 2023.

"We are happy to report that, by several key metrics, we showed
encouraging progress over the course of 2021 -- especially during
the fourth quarter -- and continuing into 2022 by calling attention
to GIMOTI's value proposition," said David A. Gonyer, R.Ph.,
president and CEO of Evoke Pharma.  "Our net product sales from
prescriptions increased sequentially by 46%, to $361,000 in the
fourth quarter of 2021 from $247,000 in the third quarter.  In
addition, the number of GIMOTI prescribers increased by
approximately 23%, to 425 healthcare providers (HCPs) through
December 31, 2021, from 345 through September 30, 2021.  This
metric continues to increase reaching 499 prescribers as of the end
of February.  We are encouraged by the positive trends we are
seeing in these future revenue indicators for GIMOTI and look
forward to continued success in the market.  Together with
Eversana, we look forward to employing more strategies to ensure
GIMOTI is reaching the patients who need it most."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001403708/000156459022009118/evok-10k_20211231.htm

                        About Evoke Pharma

Headquartered in Solana Beach, California, Evoke Pharma, Inc. --
http://www.evokepharma.com-- is a specialty pharmaceutical company
focused primarily on the development of drugs to treat GI disorders
and diseases.  The Company is developing Gimoti, a nasal spray
formulation of metoclopramide, for the relief of symptoms
associated with acute and recurrent diabetic gastroparesis in adult
women.


FORE MACHINE: March 16 Deadline Set for Panel Questionnaires
------------------------------------------------------------
The United States Trustee is soliciting members for committee of
unsecured creditors in the bankruptcy case of Fore Machine, LLC, et
al.

If a party wishes to be considered for membership on any official
committee that is appointed, it must complete a questionnaire
available at https://bit.ly/3pU7JCA and return it by email to
Elizabeth A. Young at elizabeth.a.young@usdoj.gov at the Office of
the United States Trustee so that it is received no later than 4:00
p.m., on March 16, 2022.

If the U.S. Trustee receives sufficient creditor interest in the
solicitation, it may schedule a meeting or telephone conference for
the purpose of forming a committee.

                    About Fore Machine, LLC

Fore Machine, LLC manufactures aircraft engines and engine parts.
Fore Machine and its affiliates Aero Components, LLC, Fore Aero
Holdings, LLC, and Fore Capital Holding, LLC, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead
Case No. 22-40487-11) on March 7, 2022. The cases are jointly
administered.  In the petitions signed by Jens Verloop, chief
financial officer, Fore Machine disclosed up to $50 million in both
assets and liabilities.

Katherine A. Preston, Esq., at Winston & Strawn LLP, is the
Debtor's counsel.

Stevens & Lee, led by Robert Lapowsky, Esq., represents the lenders
NewSpring Mezzanine Capital III, L.P. and Southfield Mezzanine
Capital, L.P.


FORTUNE PROPERTIES: Taps Church Harris Johnson as Legal Counsel
---------------------------------------------------------------
Fortune Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Montana to hire Church, Harris, Johnson
and Williams, P.C. to serve as legal counsel in its Chapter 11
Subchapter V case.

The firm's hourly rates are as follows:

     Steve M. Johnson, Esq.     $350 per hour
     Grant R. Kelly, Esq.       $230 per hour
     Lynette D. Lee             $140 per hour

The Debtor paid $15,000 to the firm as a retainer fee.

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

The firm can be reached at:

     Steve Johnson, Esq.
     Grant R. Kelly, Esq.
     Church, Harris, Johnson and Williams, P.C.
     Suite 400, 6000 Poplar Avenue
     114 Third Street South, PO Box 1645
     Great Falls, MT 59403-1645
     Telephone: (406) 761-3000
     Facsimile: (406) 453-2313
     Email: sjohnson@chjw.com
            gkelly@chjw.com
   
                     About Fortune Properties

Fortune Properties, LLC is a limited liability company in Great
Falls, Mont., engaged in oilseed and grain farming.

Fortune Properties filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Mont. Case No. 22-40009) on Feb.
22, 2022, listing up to $10 million in assets and up to $500,000 in
liabilities. Christy L. Brandon is the Subchapter V trustee
appointed in the case.

Judge Benjamin P. Hursh oversees the Debtor's case.

The Debtor tapped Steven M. Johnson, Esq., and Grant R. Kelly,
Esq., at Church Harris Johnson & Williams, PC as legal counsel.


GREG & ALICE: Seeks to Employ Belinda King as Tax Preparer
----------------------------------------------------------
Greg & Alice Logging, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to hire King's Tax
Services, LLC to prepare corporate tax returns and provide
bookkeeping services necessary to prepare its monthly operating
reports.

Belinda King, the firm's accountant who will be providing the
services, will be paid directly by the principals of the Debtor for
tax preparation as well as other services to be rendered. In the
event that the firm seeks compensation from the estate, an
application for compensation will be filed.

Ms. King disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

     Belinda F. King
     King's Tax Services, LLC
     29340 Hwy 191
     Many, LA 71449
     Tel: 318-256-2079

                    About Greg & Alice Logging

Greg & Alice Logging, Inc. filed a petition for Chapter 11
protection (Bankr. W.D. La. Case No. 22-10026) on Jan. 11, 2022,
listing up to $500,000 in assets and liabilities.  Gregory
Williams, member, signed the petition.

Judge John S. Hodge oversees the case.

The Debtor tapped L. Laramie Henry, Esq., as legal counsel and
Belinda F. King at King's Tax Services, LLC as tax preparer.


GROM SOCIAL: Rosenberg Rich Replaces BF Borgers as Accountant
-------------------------------------------------------------
The Board of Directors of Grom Social Enterprises, Inc. dismissed
BF Borgers CPA PC as the Company's independent registered public
accounting firm, effective as of Feb. 17, 2022.

The audit reports of BFB on the consolidated financial statements
of the Company for each of the two most recent fiscal years ended
Dec. 31, 2020 and Dec. 31, 2019 did not contain an adverse opinion
or a disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.  The audit
reports for the years ended Dec. 31, 2020 and Dec. 31, 2019
contained an explanatory paragraph disclosing the uncertainty
regarding the Company's ability to continue as a going concern.

During the Company's two most recent fiscal years ended Dec. 31,
2020 and Dec. 31, 2019 and during the subsequent interim period
from Jan. 1, 2021 through Feb. 17, 2022, (i) there were no
disagreements with BFB on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedures that, if not resolved to BFB 's satisfaction, would have
caused BFB to make reference to the subject matter of the
disagreement in connection with its reports and (ii) there were no
"reportable events" as defined in Item 304(a)(1)(v) of Regulation
S-K.

On Feb. 17, 2022, the Board of Directors engaged Rosenberg Rich
Baker Berman P.A. as the Company's independent registered public
accounting firm for the year ending Dec. 31, 2021.

The Company stated that during the two most recent fiscal years
ended Dec. 31, 2020 and Dec. 31, 2019 and during the subsequent
interim period from Jan. 1, 2021 through Feb. 17, 2022, neither the
Company nor anyone on its behalf consulted RRBB regarding either
(i) the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's financial
statements, and neither a written report nor oral advice was
provided to the Company that RRBB concluded was an important factor
considered by the Company in reaching a decision as to any
accounting, auditing or financial reporting issue, or (ii) any
matter that was either the subject of a "disagreement" or a
"reportable event", each as defined in Regulation S-K Item
304(a)(1)(iv) and 304(a)(1)(v), respectively.

                         About Grom Social

Boca Raton, Florida-based Grom Social Enterprises, Inc. --
www.gromsocial.com -- is a media, technology and entertainment
company focused on delivering content to children under the age of
13 years in a safe secure Children's Online Privacy Protection Act
("COPPA") compliant platform that can be monitored by parents or
guardians.  The Company operates its business through the following
four wholly-owned subsidiaries: Grom Social, Inc., TD Holdings
Limited, Grom Educational Services, Inc., and Grom Nutritional
Services, Inc.

Grom Social reported a net loss of $5.74 million for the year ended
Dec. 31, 2020, compared to a net loss of $4.59 million for the year
ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had $31.19
million in total assets, $5.71 million in total liabilities, and
$25.48 million in total stockholders' equity.

BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated April 13, 2021, citing that the Company has incurred
significant operating losses since inception and has a working
capital deficit which raises substantial doubt about its ability to
continue as a going concern.


GROWLIFE INC: Bucktown Capital, et al. Hold 9.99% Equity Stake
--------------------------------------------------------------
Bucktown Capital LLC, Fife Trading, Inc., and John M. Fife
disclosed in a Schedule 13G filed with the Securities and Exchange
Commission on March 7, 2022, that they beneficially own 11,052,305
shares of common stock of Growlife, Inc., representing 9.99 percent
based on 110,633,688 shares outstanding on Nov. 22, 2021 (as
reporting in the company's 10-Q filed Nov. 23, 2021).  A full-text
copy of the regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/1161582/000156761922006480/doc1.htm

                           About GrowLife

GrowLife, Inc. (PHOT)-- http://www.shopgrowlife.com-- aims to
become the nation's largest cultivation service provider for
cultivating organics, herbs and greens and plant-based medicines.
GrowLife is headquartered in Kirkland, Washington and was founded
in 2012.

GrowLife reported a net loss of $6.38 million in 2020, a net loss
of $7.37 million in 2019, and a net loss of $11.47 million in 2018.
As of Sept. 30, 2021, the Company had $4.53 million in total
assets, $9.49 million in total current liabilities, $696,093 in
total long-term liabilities, and a total stockholders' deficit of
$5.65 million.

Walnut Creek, California-based BPM LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
April 15, 2021, citing that the Company has sustained recurring
losses from operations and has an accumulated deficit since
inception.  These factors raise substantial doubt about the
Company's ability to continue as a going concern.


GRP ASSET: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: GRP Asset Management, LLC
           DBA Garfields Restaurant & Pub
        516-D River Hwy. PMB 376
        Mooresville, NC 28117

Business Description: GRP Asset Management is part of the
                      restaurants industry.

Chapter 11 Petition Date: March 10, 2022

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 22-60014

Debtor's Counsel: Nathaniel Peter Holzer, Esq.
                  ATTORNEY AT LAW
                  4102 Ocean Drive
                  Corpus Christi, TX 78411
                  Tel: 361-563-6175
                  Email: pete@npholzerlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jimmie Lee Peterson as manager.

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

https://www.pacermonitor.com/view/GNPZCIQ/GRP_Asset_Management_LLC__txsbke-22-60014__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/GDENSHQ/GRP_Asset_Management_LLC__txsbke-22-60014__0001.0.pdf?mcid=tGE4TAMA


GULF COAST HEALTH: U.S. Trustee Balks at Solicitation Procedures
----------------------------------------------------------------
The United States Trustee for Region 3 filed this objection and
reservation of rights to the Gulf Coast Health Care, LLC, et al.'s
motion for entry of an order approving the Disclosure Statement.

The U.S. Trustee objects to three aspects of the proposed
solicitation procedures.

First, the Debtors propose a one-week period between their deadline
to file claims objections (for voting purposes) and the deadline
for affected creditors to file Rule 3018 motions. The proposed
period is too short; affected creditors will be receiving notice by
United States mail, which may not even reach them within a week,
let alone in enough time for them to have their counsel to prepare
and file a Rule 3018 motion. Therefore, the period between the
deadline to file claim objections and the deadline to file Rule
3018 motions should be extended to at least 2 weeks.

Second, the U.S. Trustee objects to what is set forth in the
Paragraph 11 of the proposed order on the Solicitation Procedures
Motion, which provides for the Treatment of Certain Unliquidated,
Contingent, or Disputed Claims for Notices, Voting, and
Distribution Purposes.  The U.S. Trustee objects to the proposed
provision regarding treatment of claims to the extent it seeks to
address such treatment other than for Plan voting purposes. Such
relief is not appropriate to include in a solicitation procedures
order. In order to provide sufficient notice, any relief regarding
the treatment of claims that goes beyond plan voting should be the
subject of a separate motion or objection, served on the parties
who hold the affected claims.

Lastly, the U.S. Trustee requests that the Court deny the Debtors'
requested finding that, with respect to non-voting classes, the
Non-Voting Packages be deemed alternative disclosure statements and
summary plans.  There is no basis for any such finding, according
to the U.S. Trustee.

                  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.

The Debtor filed its proposed Chapter 11 plan and disclosure
statement on Oct. 28, 2021.


HERITAGE RAIL: April 26 Plan Confirmation Hearing Set
-----------------------------------------------------
On March 7, 2022, Chapter 11 trustee of Heritage Rail Leasing, LLC,
submitted a Disclosure Statement which accompanies the Amended
Chapter 11 Liquidating Plan, as Modified, for the Debtor.  Judge
Thomas B. McNamara approved the Disclosure Statement and ordered
that:

     * April 12, 2022 is fixed as the last day to submit ballots
accepting or rejecting the Plan.

     * April 12, 2022 is fixed as the last day to file any
objection to confirmation of the Plan.

     * April 12, 2022 is fixed as the last day for filing written
acceptances or rejections of the Plan.

     * April 26, 2022, at 1:30 p.m., in the United States
Bankruptcy Court for the District of Colorado, Courtroom E, U.S.
Custom House, 721 19th Street, Denver, Colorado is the hearing for
consideration of confirmation of the Plan.

A full-text copy of the order dated March 7, 2022, is available at
https://bit.ly/3vVzbDC from PacerMonitor.com at no charge.

Attorneys for Chapter 11 Trustee:

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

                  About Heritage Rail Leasing

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

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

Judge Thomas B. McNamara oversees the case.   

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

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

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


HERITAGE RAIL: Trustee Updates Liquidating Plan Disclosures
-----------------------------------------------------------
The Chapter 11 trustee of Heritage Rail Leasing, LLC, submitted a
Disclosure Statement which accompanies the Amended Chapter 11
Liquidating Plan, as Modified, for the Debtor dated March 7, 2022.


Tom Connolly, Chapter 11 trustee of Heritage, believes that the
Plan represents the best alternative for resolving this bankruptcy
case. The Plan provides for creation of a Liquidating Trust to
manage liquidation of the remaining assets, satisfy remaining
secured creditors, pursue recoveries, settle disputed Claims, and
make distributions to unsecured creditors.

As of the date of this Disclosure Statement, Trustee has concluded
sales of 78 railcars and locomotives for over $5.5 million in the
aggregate. From those proceeds Trustee has paid $1,910,000 toward
the Big Shoulders settlement amount leaving $800,000 still due.
Trustee holds over $1,700,000 in the MDOT separate escrow account
securing an outstanding balance on the Granada loan of $1,357,136,
as of December 30, 2021. In addition, Trustee holds over $800,000
in the estate's general account.

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

The Plan is a liquidating Plan based on the recognition that
Heritage has no employees or active business to reorganize.
Consequently, the Plan provides for the satisfaction of its
remaining secured creditors from the sale of collateral; pays all
of its Administrative and Priority Claims in full and distributes
its remaining assets and cash to the Liquidating Trust.

The Liquidating Trust will then complete the administration of
Heritage's affairs, sell remaining assets, pursue or settle the
litigation clams retained and transferred to the Liquidating Trust,
and distribute the net proceeds to the holders of Allowed Unsecured
Claims.

Allowed Unsecured Claims will be paid pro rata by the Liquidating
Trust from funds available for distribution after payment of the
items. Funds available for distribution will be all funds in the
Liquidating Trust net of Liquidating Trust expenses. Distributions
will be made periodically. The Plan calls for a Minimum Initial
Distribution to unsecured creditors of $500,000 on or before June
30, 2022, which will be distributed pro rata to holders of general
unsecured claims. Distributions will be made quarterly thereafter.
The source of additional payments is expected to be proceeds from
remaining sales, litigation recoveries, if any, and release of
funds from the MDOT escrow from time to time as that obligation is
reduced.

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

Following the Effective Date of the Plan, the Liquidating Trust
will be formed and all remaining assets will be transferred to it
in trust. The Trustee, Tom H. Connolly, will be Liquidating Trustee
and estate agent pursuant to 11 U.S.C. § 1142(b) for the purpose
of carrying out the terms of the Plan and taking all actions deemed
necessary or convenient to consummating the terms of the Plan. He
will receive $300 per hour in compensation and may hire attorneys
and other professionals as he deems necessary.

Trustee believes that the Plan as proposed offers the best option
for creditors. The Plan provides for full payment in cash of all
remaining Secured Claims, Administrative Claims, Priority Claims
and for a pro rata distributions to unsecured creditors.

A full-text copy of the Amended Liquidating Plan, as Modified,
dated March 7, 2022, is available at https://bit.ly/3u51g9l from
PacerMonitor.com at no charge.

Attorneys for Chapter 11 Trustee:

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

                About Heritage Rail Leasing

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

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

Judge Thomas B. McNamara oversees the case.   

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

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

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


HHCS PHARMACY: Seeks Cash Collateral Access
-------------------------------------------
HHCS Pharmacy, Inc. asks the U.S. Bankruptcy Court for the Middle
District of Florida, Orlando Division, for authority to use cash
collateral and provide adequate protection to AmerisourceBergen
Drug Corporation and Smith Drug Company.

The Debtor requires the use of cash collateral to continue
operating its business.

The Debtor will use the cash collateral to make payroll, pay
utilities, pay suppliers and vendors, and pay other ordinary course
expenses to maintain its business, which may be subject to the
alleged liens of Creditor.

HHCS Pharmacy, Inc. and Cystic Fibrosis Pharmacy were both
established officially in 1998. However, the practice was up and
running for several years prior to that filing in 1984. Known as
the very first specialty pharmacy servicing rare chronic
respiratory children afflicted with Cystic Fibrosis. The pharmacy
serviced chronically ill children around the county in all 50
states.

The cash collateral the Debtor seeks to use is comprised of funds
on deposit in the bank and accounts receivable. As of the Petition
Date, the Debtor had $20,600 in bank accounts (subject to a writ of
garnishment) and $116,647 in accounts/healthcare receivable.

As adequate protection for the use of cash collateral, the Debtor
proposes to grant the Secured Creditor a replacement lien on the
Debtor's post-petition cash collateral with the same extent,
priority, and validity as their pre-petition lien(s).

The Debtor believes it will operate on a positive cash flow basis
during the interim six-month period and asserts all interests in
cash collateral will be adequately protected by replacement liens
and that the proposed adequate protection is fair and reasonable
and sufficient to satisfy any diminution in value of the Secured
Creditor's alleged prepetition collateral.

A copy of the motion and the Debtor's budget is available for free
at https://bit.ly/3IW9giR from PacerMonitor.com.

The Debtor projects $102,450 in receipts and $99,356 in total
expenses for March 2022.

                     About HHCS Pharmacy, Inc.

HHCS Pharmacy, Inc., d/b/a Freedom Pharmacy Cystic Fibrosis
Pharmacy, Inc., provides complete specialty pharmacy services and
disease management programs for its patients throughout the world.
The Company fills outpatient prescriptions, plus scripts for all
types of intravenous solutions, medical supplies, aerosol equipment
and much more.  In addition, the Company offers natural medicines,
vitamins, dietary supplements and a full online store of
over-the-counter care products.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00703) on February
25, 2022. In the petition signed by Naomi Lois Adams, president,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.

Kenneth D. Herron, Jr., Esq., at Herron Hill Law Group, PLLC is the
Debtor's counsel.



HOUSTON BLUEBONNET: Jones Gill, Skelton Represent Multiple Parties
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Jones, Gill, Porter & Crawford, LLP and Attorney
Barnet B. Skelton, Jr. submitted a verified statement to disclose
that they are representing the Japhet Parties and Hamman Parties in
the Chapter 11 cases of Houston Bluebonnet, LLC.

--- Japhet Parties

JPMorgan Chase Bank NA and Lloyd Bentsen III, Independent Executors
of the Estate of Jane Japhet Guinn; JPMorgan Chase Bank NA, Lloyd
Bentsen III and Gayle F. Bentsen, Co-Trustees of the Gayle F.
Bentsen GST Non-Exempt Trust under the will of Jane Japhet Guinn
712 Main Street, Floor 11 Houston, Texas 77002
Attn: Shelby Tidwell

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/18 of $224,251.60 through 12/31/2017
                 ($12,458.42), plus 1/18 of 27.125% of $213,764.65
                 for period from 1/1/2018 through 12/31/2021
                 ($3,221.31) per paragraph 24 of Final Judgment,
                 plus 1/18 of Japhet Net Profits Interest accruing
                 from and after 1/1/2022

JPMorgan Chase Bank NA, Lloyd Bentsen III and John F. Flannery,
Co-Trustees of the John F. Flannery, Jr. GST Non-Exempt Trust under
the will of Jane Japhet Guinn
712 Main Street, Floor 11 Houston, Texas 77002
Attn: Shelby Tidwell

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/18 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($12,458.42), plus
                 1/18 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($3,221.31) per
                 paragraph 24 of Final Judgment, plus 1/18 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Jill Baucum Flannery, Independent Executor of the Estate of Dan
Japhet Flannery, Deceased
4620 Trail Crest Circle
Austin, Texas 78735

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/18 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($12,458.42), plus
                 1/18 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($3,221.31) per
                 paragraph 24 of Final Judgment, plus 1/18 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Lynn Menking Sahin
10010 Park Trail
Houston, Texas 77024

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Perry B. Menking, Jr.
Apartado 35
Santa Cruz Guanacaste
Costa Rica

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Kate Lutken Bruno
212 E. Livingston Pl.
Metairie, Louisiana 70005

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/6 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($37,375.27), plus
                 1/6 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($9,663.94) per
                 paragraph 24 of Final Judgment, plus 1/6 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Wesley C. Lutken, Jr.
1888 Main Street, Suite C
134 Madison, MS 39110

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/6 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($37,375.27), plus
                 1/6 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($9,663.94) per
                 paragraph 24 of Final Judgment, plus 1/6 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Daniel R. Japhet, Jr.
10830 Kinghurst Drive
Houston, Texas 77099

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Gretchen Japhet
210 Seneca Rd.
Richmond, Virginia 23226

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Larken Japhet Sutherland
5 Camden Place
Corpus Christi, Texas 78412

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

Susan Japhet Scotty
502 Byrne Street
Houston, Texas 77009

Nature of Claim: Japhet Net Profits Interest Owner; judgment
                 creditor under 4/9/2018 Final Judgment in Cause
                 No. 30776, District Court of Brazoria County,
                 Texas

Amount of Claim: 1/12 of $224,251.60 through 12/31/2017 per
                 paragraph 1 of Final Judgment ($18,687.63), plus
                 1/12 of 27.125% of $213,764.65 for period from
                 1/1/2018 through 12/31/2021 ($4,831.97) per
                 paragraph 24 of Final Judgment, plus 1/12 of
                 Japhet Net Profits Interest accruing from and
                 after 1/1/2022

--- Hamman Parties

The George and Mary Josephine Hamman Foundation
3336 Richmond Ave., Suite 310
Houston, Texas 77098

Nature of Claim: Hamman Net Proceeds Interest Owner; judgment
                 creditor under 11/1/2021 Amended Final Judgment
                 in Adversary Proceeding No. 16-03251, Bankruptcy
                 Court for the Southern District of Texas

Amount of Claim: $67,343.49 through 8/31/2021 per paragraph 2 of
                 Amended Final Judgment, plus 1/2 of Hamman Net
                 Proceeds Interest accruing from and after
                 9/1/2021

Henry R. Hamman
3270 West Main
Houston, Texas 77098

Nature of Claim: Hamman Net Proceeds Interest Owner; judgment
                 creditor under 11/1/2021 Amended Final Judgment
                 in Adversary Proceeding No. 16-03251, Bankruptcy
                 Court for the Southern District of Texas

Amount of Claim: $42,089.68 through 8/31/2021 per paragraph 2 of
                 Amended Final Judgment, plus 5/16 of Hamman Net
                 Proceeds Interest accruing from and after
                 9/1/2021

Elizabeth Hamman Oliver
P. O. Box 130883
Houston, Texas 77219

Nature of Claim: Hamman Net Proceeds Interest Owner; judgment
                 creditor under 11/1/2021 Amended Final Judgment
                 in Adversary Proceeding No. 16-03251, Bankruptcy
                 Court for the Southern District of Texas

Amount of Claim: $9,718.39 through 8/31/2021 per paragraph 2 of
                 Amended Final Judgment, plus 3/32 of Hamman Net
                 Proceeds Interest accruing from and after
                 9/1/2021

Laura Hamman Fain
c/o Regions Bank
P. O. Box 2020
Tyler, Texas 75710
Attn: Joseph E. Hand, Jr.
Senior Vice President

Nature of Claim: Hamman Net Proceeds Interest Owner; judgment
                 creditor under 11/1/2021 Amended Final Judgment
                 in Adversary Proceeding No. 16-03251, Bankruptcy
                 Court for the Southern District of Texas

Amount of Claim: $9,718.39 through 8/31/2021 per paragraph 2 of
                 Amended Final Judgment, plus 3/32 of Hamman Net
                 Proceeds Interest accruing from and after
                 9/1/2021

The parties listed on Exhibit A are each judgment creditors
of the Debtor and other non-debtor parties under a Final Judgment
signed on April 29, 2018 by Judge Terri J. Holder in No. 30776,
Jane Guinn Estate, et al v. Kennenth R. Lyle, et al, in the 149th
District Court of Brazoria County, Texas and own fractional
interests in the "Japhet Net Profits Interests", defined in the
Judgment as "52/60 of 1⁄4  of the Net Money Profits from
operations on the Hogg-Japhet Lease, being the interest reserved to
Dan A Japhet in the 1919 Assignment."

The parties listed on Exhibit B are each judgment creditors of the
Debtor and other non-debtor parties under a Final Judgment entered
October 5, 2021, as amended by Amended Judgment entered November 1,
2021, in Adv. No. 16-3251, Henry Hamman, et al vs. Kenneth R. Lyle,
et al, in the United States Bankruptcy Court for the Southern
District of Texas. Pursuant to the Judgment, as Amended, the Hamman
Parties own "a valid 5.00% Net Proceeds Interest that burdens
Defendants' working interest in the Hogg-Japhet Lease."

Each of the parties listed on Exhibits A and B have consented to
this multiple representation by Lee Gill and Barnet B. Skelton,
Jr.

Counsel for the Japhet Parties and Hamman Parties can be reached
at:

          Barnet B. Skelton, Jr., Esq.
          815 Walker, Suite 1502
          Houston, TX 77002
          Telephone: (713) 659-8761
          Mobile: (713) 516-7450
          Facsimile: (713)659-8764
          Email: barnetbjr@msn.com

             - and -

          JONES GILL PORTER & CRAWFORD LLP
          Lee S. Gill, Esq.
          6363 Woodway, Suite 1100
          Houston, TX 77057
          Telephone: 713-651-1275
          Facsimile: 713-651-0716
          E-mail: gill@jonesgill.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3hSW6ar and https://bit.ly/3CyUaNV

                    About Houston Bluebonnet

Houston Bluebonnet, LLC is a Texas limited liability company formed
Dec. 5, 2007. It owns and manages a working interest in two
producing oil and gas wells under an operating agreement for an
oil, gas and mineral lease covering 20 acres in Brazoria County,
Texas. The value of its working interest fluctuates with the price
of oil. As of the filing of its bankruptcy case, Houston Bluebonnet
valued its working interest at $90,000, based on the tax-assessed
value calculated from the sales in 2015.

Houston Bluebonnet filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Texas Case No. 16-34850) on Sept. 30, 2016.  In the
petition signed by Allyson Davis, authorized representative, the
Debtor listed as much as $500,000 in both assets and liabilities.

Judge Marvin Isgur oversees the case.

Johnie Patterson, Esq., at Walker & Patterson, P.C. is the
Debtor's
bankruptcy counsel. Gary E. Ellison PC, Snelling Law Firm and
Cokinos Young serve as special counsels.

The Debtor filed its Chapter 11 small business plan and disclosure
statement on June 14, 2017.


HOVNANIAN ENTERPRISES: Posts $24.8M Net Income in First Quarter
---------------------------------------------------------------
Hovnanian Enterprises, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $24.81 million on $565.31 million of total revenues for the
three months ended Jan. 31, 2022, compared to net income of $18.96
million on $574.66 million of total revenues for the three months
ended Jan. 31, 2021.

As of Jan. 31, 2022, the Company had $2.31 billion in total assets,
$2.11 billion in total liabilities, and $196.89 million in total
equity.

The Company's total liquidity at Jan. 31, 2022 was $271.0 million,
including $137.9 million in homebuilding cash and cash equivalents
and $125.0 million of borrowing capacity under its senior secured
revolving credit facility.  The Company's total liquidity was above
its target liquidity range of $170.0 to $245.0 million.  The
Company said the unprecedented public health and governmental
efforts to contain the COVID-19 pandemic have created significant
uncertainty as to general economic and housing market conditions
for fiscal 2022 and beyond.  The Company believes that these
sources of cash together with available borrowings on its senior
secured revolving credit facility will be sufficient through fiscal
2022 to finance its working capital requirements.

The Company spent $194.8 million on land and land development
during the first quarter of fiscal 2022.  After considering this
land and land development and all other operating activities,
including revenue received from deliveries, cash used for
operations was $115.7 million.  During the first quarter of fiscal
2022, cash used in investing activities was $2.9 million, primarily
due to the acquisition of certain fixed assets, partially offset by
distributions from existing unconsolidated joint ventures.  Cash
provided by financing activities was $17.1 million during the first
quarter of fiscal 2022, which was due to net proceeds for
nonrecourse mortgage financings and land banking and model sale
leaseback financings during the period, partially offset by net
payments related to our mortgage warehouse lines of credit.  The
Company intends to continue to use nonrecourse mortgage financings,
model sale leaseback, joint ventures, and, subject to covenant
restrictions in its debt instruments, land banking programs as our
business needs dictate.

The Company's cash uses during the three months ended Jan. 31, 2022
and 2021 were for operating expenses, land purchases, land
deposits, land development, construction spending, state income
taxes, interest payments, litigation matters and investments in
unconsolidated joint ventures.  During these periods, the Company
provided for its cash requirements from available cash on hand,
housing and land sales, model sale leasebacks, land banking
transactions, unconsolidated joint ventures, financial service
revenues and other revenues.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000357294/000143774922005398/hov20220131_10q.htm

                    About Hovnanian Enterprises

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian
and headquartered in Matawan, New Jersey, designs, constructs,
markets, and sells single-family detached homes, attached townhomes
and condominiums, urban infill, and active lifestyle homes in
planned residential developments.  The Company is a homebuilder
with operations in Arizona, California, Delaware, Florida, Georgia,
Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina,
Texas, Virginia, Washington, D.C. and West Virginia.  The Company's
homes are marketed and sold under the trade names K. Hovnanian
Homes, Brighton Homes.

                             *   *   *

In August 2021, Moody's Investors Service upgraded Hovnanian
Enterprises, Inc.'s Corporate Family Rating to Caa1 from Caa2.
Moody's said the Corporate Family Rating upgrade to Caa1 reflects
the reduced risk of restructuring activity given the improvement in
Hovnanian's operating and financial performance and the extension
of the company's debt maturity profile given the recent debt
redemptions.

As reported by the TCR on July 28, 2021, S&P Global Ratings
affirmed its ratings on U.S.-based homebuilder Hovnanian
Enterprises Inc., including its 'CCC+' issuer credit rating, and
S&P revised its outlook to positive.  The positive outlook
indicates that S&P could raise the rating to 'B-' if the company
reduces debt and EBITDA to interest coverage is sustained above 2x
over the next 12 months, amid further profit improvements.


HUDBAY MINERALS: Fitch Raises IDRs to 'BB-', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has upgraded the IDRs of Hudbay Minerals Inc. and
Hudbay Peru S.A.C. to 'BB-' from 'B+'. The Rating Outlook is
Stable.

Fitch has also affirmed the first lien senior secured revolving
credit facilities at 'BB+', and revised the recovery rating to
'RR2' from 'RR1', in line with Fitch's updated criteria, given the
credit facilities are issued by non-U.S. borrowers. In addition,
Fitch has upgraded the unsecured notes to 'BB-'/'RR4' from
'B+'/'RR4'.

The upgrade reflects Fitch's expectation for significantly improved
FCF generation over the forecast horizon, driven by the significant
increase in gold production from Lalor and Pampacancha, lower capex
and a supportive copper and gold price environment. The upgrade
also reflects Fitch's expectation that improved EBITDA generation
will lead to total debt/EBITDA sustained below 2.5x.

KEY RATING DRIVERS

Declining Leverage Profile: Fitch expects total debt/EBITDA, 2.1x
as of Dec. 31, 2021, to have peaked in 2020, and to remain below
2.5x over the rating horizon, driven by higher copper and gold
production and an improved price environment. Rosemont spending,
not included in Fitch's forecast, will require substantial capital
and could add more debt on Hudbay's balance sheet should the
project move forward, although Fitch does not anticipate
significant capex until 2025 or after. Fitch believes Hudbay will
likely pursue a partnership for Rosemont and any other considerably
large capital spending projects in order to de-risk projects and
protect its balance sheet.

Hudbay has a stream agreement with Wheaton Precious Metals
contemplating an upfront initial deposit of $230 million in
exchange for the delivery of approximately 100% of payable gold and
silver produced from Rosemont at a cash price of $450/ounce for
gold and $3.90/ounce for silver. This arrangement provides upfront
capital to fund Rosemont development. The company also has
approximately $271 million in cash and cash equivalents, and $347
million of availability under its credit facilities as of Dec. 31,
2021. Fitch expects Hudbay to build cash on its balance sheet and
pay off its gold prepay obligation to de-risk funding associated
with bringing Rosemont and/or Copper World to production.

Heightened Gold Production: The New Britannia mill restart was
completed with first gold production in August 2021, in concert
with higher grade gold production at Lalor beginning in 2022. The
combination results in significantly higher gold production, which
Fitch expects will account for roughly 20% of sales in 2022 and
2023, given Fitch's price assumptions.

Annual gold production from Snow Lake, Manitoba, is expected to
increase to over 180,000 ounces (from ~120,000 oz. in 2020) during
the first six years of New Britannia's operation at an all-in
sustaining cash cost, net of by-product credits, of approximately
$788/ounce of gold, placing it in the 1st quartile of the CRU
global cost curve. Fitch views the higher gold production as
diversifying Hudbay's commodity exposure and benefiting FCF
generation.

Improving FCF Generation: The combination of lower copper
production and elevated growth capital spending resulted in
relatively neutral FCF in 2021. In 2Q20, Hudbay announced it
entered into a gold forward sale and pre-pay, in which it received
$115 million for delivery of approximately 80,000 ounces of gold in
2022 and 2023. This transaction bolstered liquidity and pre-funded
the majority of the required capital for the New Britannia mill
refurbishment. Fitch expects significantly higher FCF generation,
averaging around $170 million per year from 2022 through 2024,
following a period of elevated capital spend, driven by higher
copper and gold production and reduced growth capital spending.

Low-Cost Position: Hudbay's key mines have a first-quartile cost
position and are located in low-risk mining-friendly jurisdictions
in Canada and Peru. The mine plan for Constancia (Peru) supports a
16-year mine life; Lalor (Canada) supports a 16-year mine life;
Pampacancha (Peru) supports a 4-year mine life; and the 777 mine
(Canada) is expected to be depleted in 1H22.

Hudbay has an extensive track record of operating copper mines from
exploration to production and has a number of projects in the
exploration and development phases. Fitch expects annual copper
production to increase around 20% to 120,000 tonnes in 2022 from
99,000 tonnes in 2021 and average around135,000/year from
2023-2024.

Exposure to Copper: Fitch believes Hudbay has meaningful commodity
diversification through its gold production, and to a lesser degree
its zinc production. However, the company has a longer-term focus
on copper, which accounted for 54% of consolidated revenues in
2021. Hudbay estimated, as of YE 2021, a $0.40/lb change in the
price of copper from the company's 2022 base case of $4.00/lb would
change operating cash flow before working capital changes by $87
million in 2022. Hudbay's average realized copper price was $4.19
in 2021 compared with $2.86/lb in 2020 and $2.73/lb in 2019.
Current spot prices are around $4.71/lb, which compares with
Fitch's assumptions of $3.86/lb in 2022, $3.63/lb in 2023 and
$3.40/lb in 2024.

High-Grade Pampacancha Deposit: Production of copper in Peru
declined by approximately 36% in 2020 compared with 2019, primarily
due to planned lower copper grades at Constancia and
pandemic-related suspension of mining activities. Hudbay received
approval in February 2020 of a surface rights agreement for the
Pampacancha deposit and began mining ore in April 2021. The
addition of Pampacancha, a higher grade deposit, helps offset lower
grade Constancia production and results in total expected copper
and gold production in Peru increasing by roughly 54% and more than
five times in 2022 compared with 2020, respectively.

Rosemont Development Delayed: Rosemont is a $1.9 billion project in
Arizona expected to average 112,000 tonnes of copper over the
19-year life-of-mine plan at cash costs of $1.29/lb. The Final
Record of Decision (FROD), the final administrative step in the
permitting process before the project can move forward to
development, was received from the U.S. Forest Service (USFS) in
June 2017. The U.S. Army Corps of Engineers issued the Section 404
Water Permit in March 2019 for Rosemont.

The USFS approved the Mine Plan of Operations for Rosemont in March
2019. The U.S. District Court issued a ruling on July 31, 2019,
where it vacated the USFS's issuance of the FROD, suspending
construction work at Rosemont. The USFS appealed the decision to
the U.S. 9th District Court of Appeals, expecting a decision by YE
2021; however, a decision has not yet been reached.

Fitch has not included Rosemont production or meaningful spending
over the rating horizon in its rating case, given the uncertainty
in timing of completion of the court process. Fitch views Hudbay's
exploration success, organic growth pipeline and its ability to
offer operational expertise in a potential partnership, as
providing optionality if the Rosemont project is delayed beyond
expectations.

Copper World Project Potential: The 100% owned Copper World project
is located in close proximity to the 100% owned Rosemont deposit
(AZ), with mineralization closer to surface than Rosemont, offering
the potential for a low- cost attractive operation in addition to
providing synergies with Rosemont. Copper World has initial
indicated mineral resources of 272 million tonnes at 0.36% copper
and consists of seven deposits. Hudbay intends to release a
preliminary economic assessment (PEA) in 1H22 and a pre-feasibility
study in 2022 after the PEA is complete.

Fitch views the project favorably, and believes it provides some
flexibility even if Rosemont is held up longer than expected.
However, Fitch does not include production or capital spending,
outside of relatively minimal capex to advance studies and permits,
in its forecast as the project is still in early stages.

DERIVATION SUMMARY

Hudbay compares favorably in size, in terms of EBITDA, and in
commodity diversification, with Canadian gold miner Eldorado Gold
(B+/Stable). However, Eldorado has modestly favorable projected
leverage metrics. Hudbay is significantly smaller than copper
producer First Quantum Minerals Ltd. (B+/Positive). However, Hudbay
has a lower cost position with mines located in the first quartile
compared with First Quantum's mines located in the third quartile.
First Quantum also has significant exposure to higher risk
jurisdictions, as roughly half of its EBITDA is generated from
Zambia (rated RD), whereas Hudbay's EBITDA is generated in low-risk
mining-friendly jurisdictions Canada (rated AA+) and Peru (rated
BBB).

First Quantum is also less diversified and has had significantly
higher leverage metrics historically compared with Hudbay. Hudbay
is significantly larger, more diversified, operates mines in
lower-risk jurisdictions, and has modestly lower leverage compared
with copper producer Ero Copper (B/Stable). However, the companies
have a similar cost position. Hudbay is larger, more diversified,
more profitable, has a lower cost position and has favorable
leverage metrics compared with single operating mine Canadian
copper producer Taseko Mines Ltd. (B-/Stable).

KEY ASSUMPTIONS

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

-- Production generally in line with the midpoint of guidance;

-- Copper prices of $8,500/tonne in 2022, $8,000/tonne in 2023
    and $7,500 in 2024;

-- Zinc prices of $2,500/tonne in 2022 and $2,200/tonne in 2023
    and 2024;

-- Gold prices of $1,600/ounce in 2022, $1,400/ounce in 2023 and
    $1,300/ounce in 2024;

-- Significant Rosemont and Copper World capital spending is
    delayed beyond the ratings horizon.

RATING SENSITIVITIES

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

-- Reduced completion risks and funding strategy which mitigates
    risk associated with the Rosemont and/or Cooper World
    projects;

-- Improved size and scale;

-- Total debt/EBITDA sustained below 2.5x;

-- FFO net leverage sustained below 2.5x.

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

-- Total debt/EBITDA sustained above 3.5x;

-- FFO net leverage sustained above 3.5x;

-- Sustained negative FCF excluding Rosemont and/or Copper World
    development capital;

-- Shift in financial policy resulting in shareholder returns
    being prioritized in combination with the average mine life
    depleting materially.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: Cash and cash equivalents were $271 million as of
Dec. 31, 2021, and $347 million was available under the $450
million, in aggregate, revolving credit facilities after
utilization for LOC. The Hudbay Minerals Inc. revolver and the
Hudbay Peru S.A.C. revolver both mature on Oct. 26, 2025. Debt
maturities are modest before the $600 million 4.50% notes due April
2026.

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.

ISSUER PROFILE

Hudbay Minerals Inc. is an Americas based integrated mining company
primarily producing copper concentrate (containing copper, gold and
silver), zinc and molybdenum concentrate. Hudbay is focused on the
discovery and production of base and precious metals.


HUMANIGEN INC: May Sell $200 Million Worth of Securities
--------------------------------------------------------
Humanigen, Inc. filed a Form S-3 registration statement with the
Securities and Exchange Commission relating to the offer and sale,
from time to time, in one or more offerings, together or
separately, the Company's common stock, preferred stock, warrants,
rights or any combination of the foregoing, either individually or
as units composed of one or more of the other securities.  The
Company may also offer securities as may be issuable upon
conversion or exchange of any securities registered hereunder.  The
aggregate public offering price of all securities issued by the
Company under this prospectus may not exceed $200,000,000.

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

No securities may be sold without delivery of this prospectus and
the applicable prospectus supplement describing the method and
terms of the offering of such securities.

The Company's common stock is listed on the Nasdaq Capital Market
under the symbol "HGEN."  On Feb. 28, 2022, the last reported sale
price of the Company's common stock on the Nasdaq Capital Market
was $2.03 per share.

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

https://www.sec.gov/Archives/edgar/data/1293310/000121465922003426/h226220s3.htm

                        About Humanigen, Inc.

Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly
known as KaloBios Pharmaceuticals, Inc. --
http://www.humanigen.com-- is a clinical stage biopharmaceutical
company developing its clinical stage immuno-oncology and
immunology portfolio of monoclonal antibodies.  The Company is
focusing its efforts on the development of its lead product
candidate, lenzilumab, its proprietary Humaneered anti-human GM-CSF
immunotherapy, through a clinical research agreement with Kite
Pharmaceuticals, Inc., a Gilead company to study the effect of
lenzilumab on the safety of Yescarta, axicabtagene ciloleucel
including cytokine release syndrome, which is sometimes also
referred to as cytokine storm, and neurotoxicity, with a secondary
endpoint of increased efficacy in a multicenter Phase Ib/IIclinical
trial in adults with relapsed or refractory large B-cell lymphoma.

Humanigen reported a net loss of $236.65 million for the 12 months
ended Dec. 31, 2021, a net loss of $89.53 million for the 12 months
ended Dec. 31, 2020, and a net loss of $10.29 million for the 12
months ended Dec. 31, 2019.  As of Dec. 31, 2021, the Company had
$71.06 million in total assets, $94.75 million in total
liabilities,  and a total stockholders' deficit of $23.69 million.


IMPRIVATA INC: S&P Downgrades ICR to 'B-' on Increased Debt
-----------------------------------------------------------
S&P Global Ratings downgraded Imprivata Inc. to 'B-' from 'B'
because of its nearly doubled funded debt, which will lead to
leverage (including increased class A equity, which S&P treats as
debt) over 20x.

At the same time, S&P maintained its '3' recovery ratings to
Imprivata's first-lien secured debt, and are therefore lowering the
issue-level rating to 'B-' from 'B'.

S&P said, "We assigned our 'B-' issue-level rating and '3' recovery
rating to Imprivata's secured $383 million incremental first-lien
term loan due 2027. The '3' recovery rating indicates our
expectation for meaningful (50%-70%; rounded estimate 60%) recovery
in the event of a payment default.

"The stable outlook reflects our expectation that consistent
top-line growth and profitability will allow Imprivata to generate
sufficient cash flow to service its increased debt burden while
maintaining adequate liquidity."

On Feb. 20, 2022, Imprivata Inc., a digital identity service
provider, signed a definitive agreement to acquire SecureLink, a
vendor privileged access management software provider.
Concurrently, the company's equity sponsor is selling Imprivata
from one of its managed funds to a newer fund.

The transaction will be funded with an incremental $383 million
first-lien term loan and a new $300 million second-lien term loan
(unrated), the transaction also includes an upsized $100 million
undrawn revolving credit facility.

S&P said, "This transaction will nearly double Imprivata's funded
debt to over $1.4 billion, significantly increasing leverage in
spite of progress increasing EBITDA and cash flow in 2021. We
primarily base our downgrade on the deterioration to credit metrics
from incremental debt issuance. We see pro forma leverage excluding
class A equity of approximately 10x for 2021, declining to a
still-high 8x by the end of 2022. Including the impact of class A
equity, which we treat as debt under our criteria, we expect fully
adjusted leverage to remain over 20x into 2023. Low capital
expenditure (capex) needs, impressive margins for a firm of
Imprivata's scale, and high retention rates should help generate
sufficient cash to service Imprivata's substantial debt load
despite very high leverage. Nevertheless, the company has been
acquisitive, and we expect it to remain so given a competitive
landscape for highly fragmented identity and access management,
constraining prospects for deleveraging beyond EBITDA growth.

"Appealing industry fundamentals in identity management software,
solid bookings growth, and strong retention rates provide credit
support. Although Imprivata's revenue growth rates have declined
since 2019, organic growth remained strong at just under 10% in
2021. High gross and net retention rates give visibility into the
continued growth trajectory. We view identity and access management
as one of the most appealing subsectors of the information
technology security software market. We expect Imprivata to benefit
from increasing spending across enterprises on these products and
heightened awareness of cybersecurity risks. While SecureLink
offers modest EBITDA scale upside to Imprivata--even including the
impact of cost savings--it broadens the firm's product portfolio
into vendor privileged access management and may improve
opportunities to expand beyond a current focus on the health care
sector.

"The stable outlook on Imprivata reflects our expectation that it
will increase organic revenue by at least the mid-single-digit
percent area while modestly improving its profitability and
maintaining strong cash flow generation. We also expect the company
to expand its recurring revenue base (over 70% of total revenue) as
it transforms its business to a subscription-based model."

S&P could lower its rating on Imprivata if:

-- It experiences weaker-than-expected revenue growth or a
deterioration in its profitability such that its free operating
cash flow (FOCF) approaches break-even levels on a sustained basis;
or

-- The company's sources of cash are insufficient to cover its
uses and S&P assesses its liquidity as less than adequate.

Given Imprivata's extremely high leverage and financial sponsor
ownership, it is unlikely S&P would upgrade the company over the
next 12 months. However, over the longer term, S&P would consider
upgrading Imprivata if the company:

-- Maintains and accelerates revenue growth through customer gains
and expansion into more diversified end-market verticals;

-- Maintains profitability and cash flow conversion as the firm
increases scale;

-- Sustains FOCF to debt over than 2.5%; and

-- Although less likely in our view, meaningfully reduces debt
with free cash flow.

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

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





INSPIREMD INC: Incurs $14.9 Million Net Loss in 2021
----------------------------------------------------
InspireMD, Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $14.92
million on $4.50 million of revenues for the year ended Dec. 31,
2021, compared to a net loss of $10.54 million on $2.49 million of
revenues for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $39.71 million in total
assets, $6.18 million in total liabilities, and $33.53 million in
total equity.

InspireMD stated, "As of the date of issuance of the consolidated
financial statements, we have the ability to fund our planned
operations for at least the next 12 months.  However, we expect to
continue incurring losses and negative cash flows from operations
until our products (primarily CGuard EPS) reach commercial
profitability.  Therefore, in order to fund our operations until
such time that we can generate substantial revenues, we may need to
raise additional funds."

At Dec. 31, 2021, the Company had cash and cash equivalents of
$12,004,000 and Short-term bank deposits of $22,036,000 as compared
to $12,645,000 of cash and cash equivalents and $0 Short-term bank
deposits as of Dec. 31, 2020.  The Company has historically met its
cash needs through a combination of issuing new shares, borrowing
activities and product sales.  The Company's cash requirements are
generally for research and development, marketing and sales
activities, finance and administrative cost, capital expenditures
and general working capital.

For the twelve months ended Dec. 31, 2021, net cash used in its
operating activities increased by $4,129,000 to $13,210,000, from
$9,081,000 during the same period in 2020.  The primary reason for
the increase in cash used in the Company's operating activities was
an increase of $2,739,000 in payments for third party related
expenses and for professional services (primarily due to payments
related to its ongoing FDA trial, payments related to ongoing
projects and production related payments), an increase of
$1,658,000 in salary and bonus payments from $6,098,000 in the
twelve months ended Dec. 31, 2020 to $7,756,000 during the same
period in 2021 offset, in part, by an increase of $268,000 in
payments received from customers to $3,715,000 during the twelve
months ended Dec. 31, 2021, from $3,447,000 during the same period
in 2020.

Cash used by the Company's investing activities was $22,457,000
during the twelve months ended Dec. 31, 2021 compared to $187,000
during the twelve months ended Dec. 31, 2020.  The primary reasons
for the increase in cash used by its investing activities was
investment in short-term deposits of $24,000,000 an increase of
$278,000 in net payments made for purchase of property, plant and
equipment to $344,000 during the twelve months ended Dec. 31, 2021,
from $66,000 during the same period in 2020, offset, in part, by
the withdrawal of $2,000,000 of short-term deposits and a decrease
of $8,000 in cash deposited to employee funds, to $113,000 during
the twelve months ended Dec. 31, 2021, from $121,000 during the
same period in 2020.

Cash provided by financing activities for the twelve months Dec.
31, 2021 was $35,034,000, compared to $16,395,000 during the same
period in 2020.  The principal sources of the cash provided by
financing activities during the twelve months ended Dec. 31, 2021
were the Company's February 2021 public offering of common stock
and warrants, exercise of Series F and Series G warrants, proceeds
from an At-the-market offering as well as proceeds from the
issuance of shares to Chinese distributor that resulted in
approximately $35,034,000 of aggregate net proceeds.  The principal
sources of the cash provided by financing activities during the
twelve months ended Dec. 31, 2020 were the Company's June 2020
public offering of common stock, pre-funded warrants and warrants,
the subsequent exercise of the pre-funded warrants sold in the
offering, as well as exercise of warrants F and Unit Purchase
Options, that resulted in approximately $12,169,000 of aggregate
net proceeds, and funds received from our ATM Facility that
resulted in approximately $ 4,126,000 of aggregate net proceeds.

As of Dec. 31, 2021, the Company's current assets exceeded its
current liabilities by a multiple of 8.5.  Current assets increased
by $21,755,000 during the period and current liabilities increased
by $642,000 during the period.  As a result, the Company's working
capital increased by $21,113,000 to $32,747,000 as of Dec. 31,
2021.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001433607/000149315222006180/form10-k.htm

                          About InspireMD

Headquartered in Tel Aviv, Israel, InspireMD --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.

InspireMD reported a net loss of $10.54 million for the year ended
Dec. 31, 2020, a net loss of $10.04 million for the year ended Dec.
31, 2019, and a net loss of $7.24 million for the year ended Dec.
31, 2018.  As of Sept. 30, 2021, the Company had $42.61 million in
total assets, $5.54 million in total liabilities, and $37.06
million in total equity.


INTELLIPHARMACEUTICS INT'L: Incurs $5.1M Loss in FY Ended Nov. 30
-----------------------------------------------------------------
Intellipharmaceutics International Inc. reported a net loss and
comprehensive loss of $5.14 million on zero revenue for the year
ended Nov. 30, 2021, compared to a net loss and comprehensive loss
of $3.39 million on $1.40 million of revenue for the year ended
Nov. 30, 2020.

In the year ended Nov. 30, 2021, the net loss is attributed to the
decrease in licensing revenues from commercial sales of generic
Focalin XR, combined with ongoing administrative expenses related
to professional and legal fees as well as ongoing R&D expenses, as
well as the Company realizing an impairment expense on its fixed
assets.

Expenditures for R&D for the year ended Nov. 30, 2021 were lower by
$855,145 compared to the year ended Nov. 30, 2020.  After adjusting
for the stock-based compensation expenses stated above,
expenditures for R&D for the year ended Nov. 30, 2021 were lower by
$804,416 compared to the year ended Nov. 30, 2020.  The decrease is
mainly due to the decrease in patent and litigation expenses, lower
third-party consulting fees, and a reduction in R&D staff.

Selling, general and administrative expenses were $1,249,676 for
the year ended Nov. 30, 2021 in comparison to $2,147,432 for the
year ended Nov. 30, 2020, resulting in a decrease of $897,756.  The
decrease is mainly due to a decrease in administrative costs and a
decrease in wages, marketing costs and occupancy cost.

The Company had cash of $771,945 as at Nov. 30, 2021 compared to
$202,046 as at Nov. 30, 2020.  The increase in cash was due to the
completion of a non-brokered private placement of 9,414,560 common
shares of the Company at a price of CAD$0.41 per Common Share for
total gross proceeds of CAD$3,859,969 in April 2021, as well as
lower expenditures for R&D, selling and general, and administrative
expenses.

As of Nov. 30, 2021, the Company had $2.10 million in total assets,
$10.28 million in total liabilities, and a shareholders' deficiency
of $8.18 million.

As of Nov. 30, 2021, the Company's cash balance was $771,945.  The
Company currently expects to meet its short-term cash requirements
from the proceeds of the private placement financing just completed
and quarterly profit share payments from Par and by cost savings
resulting from reduced R&D activities and staffing levels, as well
as from potential revenues for approved generic products or other
collaborations.  Effective May 5, 2021 the Company's exclusive
license agreements with Tris Pharma, Inc. for generic Seroquel XR,
generic Pristiq and generic Effexor XR were mutually terminated.
Products were never supplied nor distributed under the licenses.
Termination of the exclusive agreements may provide opportunity for
the Company to explore options of supplying the products to
multiple sources on non-exclusive bases.  However, there can be no
assurance that the products previously licensed to Tris Pharma will
be successfully commercialized and produce significant revenues for
the Company.

The Company stated, "We will still need to obtain additional
funding to, among other things, further product commercialization
activities and development of our product candidates.  Potential
sources of capital may include, if conditions permit, equity and/or
debt financing, payments from licensing and/or development
agreements and/or new strategic partnership agreements.  The
Company has funded its business activities principally through the
issuance of securities, loans from related parties ... and funds
from development agreements.  There is no certainty that such
funding will be available going forward or, if it is, whether it
will be sufficient to meet our needs.  Our future operations are
highly dependent upon our ability to source additional funding to
support advancing our product candidate pipeline through continued
R&D activities and to expand our operations.  Our ultimate success
will depend on whether our product candidates are approved by the
FDA, Health Canada, or the regulatory authorities of other
countries in which our products are proposed to be sold and whether
we are able to successfully market our approved products.  We
cannot be certain that we will receive such regulatory approval for
any of our current or future product candidates, that we will reach
the level of revenues necessary to achieve and sustain
profitability, or that we will secure other capital sources on
terms or in amounts sufficient to meet our needs, or at all.

"There can be no assurance that we will not be required to conduct
further studies for our Aximris XRTM product candidate, that the
FDA will approve any of our requested abuse-deterrence label
claims, that the FDA will meet its deadline for review or that the
FDA will ultimately approve the NDA for the sale of the product
candidate in the U.S. market or that the product will ever be
successfully commercialized and produce significant revenue for us.
If the Aximris XR NDA is approved, there can be no assurance that
the Company and Purdue will resolve any potential asserted patent
infringement claims relating to the NDA within a thirty (30) day
period following the final approval as provided in the stipulated
dismissal agreement of the Purdue litigations.  There can be no
assurance that the Purdue parties will not pursue an infringement
claim against the Company again.  There can be no assurance that
the products previously licensed to Tris Pharma will be
successfully commercialized and produce significant revenues for
us."

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

https://www.sec.gov/Archives/edgar/data/0001474835/000165495422002240/ipii_ex993.htm

                    About Intellipharmaceutics

Intellipharmaceutics International Inc. is a pharmaceutical company
specializing in the research, development and manufacture of novel
and generic controlled-release and targeted-release oral solid
dosage drugs.  The Company's patented Hypermatrix technology is a
multidimensional controlled-release drug delivery platform that can
be applied to a wide range of existing and new pharmaceuticals.
Intellipharmaceutics has developed several drug delivery systems
based on this technology platform, with a pipeline of products
(some of which have received FDA approval) in various stages of
development.  The Company has ANDA and NDA 505(b)(2) drug product
candidates in its development pipeline. These include the Company's
abuse-deterrent oxycodone hydrochloride extended release
formulation ("Oxycodone ER") based on its proprietary nPODDDS novel
Point Of Divergence Drug Delivery System (for which an NDA has been
filed with the FDA), and Regabatin XR (pregabalin extended-release
capsules).

Intellipharmaceutics reported a net loss and comprehensive loss of
$3.39 million for the year ended Nov. 30, 2020, compared to a net
loss and comprehensive loss of $8.08 million for the year ended
November 30, 2019.  As of Aug. 31, 2021, the Company had $3.46
million in total assets, $9.62 million in total liabilities, and a
shareholders' deficiency of $6.17 million.

Toronto, Canada-based MNP LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated Feb. 28,
2021, citing that the Company has suffered recurring losses from
operations and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.


INTERTAPE POLYMER: S&P Places 'BB-' LT ICR on CreditWatch Negative
------------------------------------------------------------------
S&P Global Ratings placed its ratings on Intertape Polymer Group
Inc., including its 'BB-' long-term issuer credit rating, on
CreditWatch with negative implications.

Intertape Polymer, a Canadian-based diversified tape producer,
announced that it has entered into an agreement to be acquired by
private equity firm Clearlake Capital Group L.P.

The proposed all-cash transaction values Intertape at approximately
US$2.6 billion, including assumed debt, and is expected to close in
third-quarter 2022 (subject to regulatory/shareholder approvals).

On completion of the proposed transaction, S&P Global Ratings
believes Intertape's ownership by a financial sponsor is likely to
result in more aggressive financial policies that materially weaken
the company's credit measures.

S&P said, "The CreditWatch placement reflects the high likelihood
we will downgrade Intertape on closing of the transaction given our
belief that the company's credit measures could materially weaken
under the financial sponsor ownership. In our view, private
equity-owned companies typically adopt aggressive financial
policies that favor shareholders over creditors. Intertape's future
capital structure under the expected new owners is unknown.
However, we believe it likely that Intertape's adjusted
debt-to-EBITDA ratio will increase well above its trailing 12
months to the Sept. 30, 2021, level of 2.5x.

According to the announced agreement, Clearlake will acquire
Intertape's common shares outstanding for C$40.50 per share in
cash, taking full ownership control of the company--an 82% premium
to Intertape's March 7, 2022, closing common share price. On
completion of the deal, which is expected in third-quarter 2022,
Intertape will become private. The transaction is subject to
shareholder approvals, which S&P views as likely given the
substantial premium. U.S. and Canadian regulatory approvals are
also required but there are no financing conditions.

Intertape has US$400 million of unsecured notes outstanding that
S&P rates. The 4.375% notes are due in 2029 and contain a
change-of-control clause. Intertape might be required to make an
offer to purchase the notes at a price equal to 101% of their
principal amount shortly after close of this transaction.

S&P said, "The CreditWatch placement reflects the high likelihood
that we could lower the ratings by at least one notch at the close
of the transaction, or when more details about the pro forma
capital structure for the company are announced. We intend to
resolve the CreditWatch after we receive final details of
Intertape's company's capital structure, business strategy, and
financial policies under the new ownership."



K. ANTHONY INC: Court OKs IRS Deal on Cash Collateral Access
------------------------------------------------------------
K. Anthony, Incorporated dba K. Anthony PreSchool Inc. and the U.S.
Internal Revenue Service sought and obtained entry of an order
approving their stipulation on the Debtor's use of cash
collateral.

The parties agree that the Debtor may use cash collateral from
March 9, 2022, through and including April 29, 2022, for ordinary
and necessary expenses in accordance with its proposed budget.

On February 25, 2022, the IRS filed a proof of claim totaling
$1,010,644, comprised of a secured claim in the amount of $821,498,
a priority unsecured claim in the amount of $43,008, and a general
unsecured claim in the amount of $146,138.

The Debtor agrees not use the IRS's cash collateral for payment to
insiders, unless and until the Debtor has satisfied all
requirements under the Bankruptcy Code and Local Bankruptcy Rule
2014-1(a) for payment to insiders.

The Debtor will make monthly adequate protection payments of $1,500
to the IRS to be received by the first of each month.  The payments
will continue on a monthly basis until the effective date of a
confirmed plan.

As further adequate protection, the IRS will receive a replacement
lien secured with a first priority lien on all post-petition
accounts receivable and all other property acquired by Debtor up to
the full extent of the value of its prepetition lien(s). This lien
will be in addition to any other liens of the IRS against the
assets and property of Debtor as of the Petition Date.

The replacement lien is valid, perfected, and enforceable and will
not be subject to dispute, avoidance, or subordination. The
replacement lien need not be subject to additional recording. The
IRS is authorized to file a certified copy of the cash collateral
order and any other necessary and related documents.

Any diminution in the value of the collateral over the life of the
bankruptcy case will entitle the IRS to a superpriority claim
pursuant to section 507(b). The superpriority claim will not
entitle the U.S. government to seek disgorgement of any payments
previously paid to any administrative creditors. However, the U.S.
government does not waive its right to seek disgorgement on any
other grounds of payments made to administrative creditors or to
object to any fee application.

A copy of the stipulation is available at https://bit.ly/3hWVH7c
from PacerMonitor.com.

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

                  About K. Anthony, Incorporated

K. Anthony, Incorporated, dba K. Anthony PreSchool Inc., operates a
pre-school educational facility in Inglewood, California. K.
Anthony PreSchool sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10852) 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.

Judge Sandra R. Klein oversees the case.

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



LIT'L PATCH OF HEAVEN: Wins Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has
authorized Lit'l Patch of Heaven Inc. to to continue to use cash
collateral pursuant to the Budget and in accordance with the Cash
Collateral Agreement dated August 5, 2021.

The pertinent terms of the Cash Collateral Agreement are as
follows:

     a. The Debtor is authorized to use cash collateral in
accordance with the budget, with a variance on the budget of no
more than 10% per month.

     b. The Debtor will make an adequate protection payment of
$4,500 to Well Fargo.

     c. There are certain enumerated defaults.

As adequate protection, the Debtor will grant Wells Fargo a lien
and security interest in all accounts, contract rights and accounts
receivable generated by the Debtor post-petition. The lien granted
is provided to the extent the bankruptcy stay or the Debtor's use
of accounts, contract rights and cash collateral result in a
decrease in the value of Wells Fargo's interest in such property.
Any new post-petition project undertaken by the Debtor, which is
unrelated to the Debtor's existing projects and/or the Property,
will not be subject to the Wells Fargo post petition lien or
security interest.

The Cash Collateral Agreement provides a reasonable and equitable
balance between the Debtor and Wells Fargo Bank, National
Association to allow the Debtor to continue operations and use cash
collateral.

The Debtor projects $166.229 in total receipts and $165,340 in
total disbursements for the period from February to July 2022.

A copy of the order is available at https://bit.ly/3I3ECml from
PacerMonitor.com.

                    About Lit'l Patch of Heaven

Lit'l Patch of Heaven Inc., a Thornton, Colo.-based owner and
operator of an assisted living residence facility, filed a Chapter
11 petition (Bankr. D. Colo. Case No. 19-16119) on July 17, 2019.
In the petition signed by Jeff Kraft, chief executive officer, the
Debtor disclosed total assets of up to $10 million and total
liabilities of up to $1 million.

Judge Michael E. Romero oversees the case.

Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C.,
serves as the Debtor's bankruptcy counsel.

Jeremy Bell has been appointed as Patient Care Ombudsman in the
Debtor's case.



LTL MANAGEMENT: Court Reluctant to Send Chapter 11 to 3rd Circuit
-----------------------------------------------------------------
Jeannie O'Sullivan of Law360 reports that the New Jersey bankruptcy
judge who declined to toss a Johnson & Johnson talcum powder
liability unit's, LTL Management, Chapter 11 case hesitated to
allow the litigants' planned appeal to bypass district court review
and go directly to the Third Circuit, saying Tuesday he wasn't sure
he could certify an interlocutory order.

During a hearing on several matters in LTL Management LLC's closely
watched case, U.S. Bankruptcy Judge Michael B. Kaplan briefly
addressed the motion filed Monday, March 7, 2022, by a committee
representing mesothelioma patients to have his decision from last
February 2022 declared a final judgment, so they can pursue a Third
Circuit appeal.

                       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.


LTL MANAGEMENT: Jones Day Can Continue as Chapter 11 Counsel
------------------------------------------------------------
Jeannie O'Sullivan of Law360 reports that Jones Day can continue
serving as Chapter 11 counsel for Johnson & Johnson's talcum powder
liability unit, LTL Management, following a New Jersey bankruptcy
judge's determination Tuesday, March 8, 2022, that the firm's
former role as the personal care product giant's restructuring
counsel doesn't create a conflict of interest.

U.S. Bankruptcy Judge Michael B. Kaplan overruled objections by the
U. S. Trustee's Office and talc claimants, finding during a hearing
that Jones Day doesn't hold interests adverse to J&J unit LTL
Management LLC and is "disinterested" for the purposes of U.S.
Bankruptcy Code rules for retaining professionals.

                        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.


MADISON COVE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Madison Cove LLC
        951 Bushwick Avenue
        Brooklyn, NY 11221

Chapter 11 Petition Date: March 10, 2022

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 22-40467

Judge: Hon. Elizabeth S. Stong

Debtor's Counsel: Karamvir Dahiya, Esq.
                  DAHIYA LAW OFFICES, LLC
                  75 Maiden Lane Suite 606
                  New York
                  New York, NY 10038
                  Tel: 212-766-8000
                  E-mail: karam@bankruptcypundit.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Joyce P. Bennett as operating 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/UAYFOBQ/Madison_Cove_LLC__nyebke-22-40467__0001.0.pdf?mcid=tGE4TAMA


MALLINCKRODT PLC: Court Confirms Fourth Amended Plan
----------------------------------------------------
Judge John T. Dorsey has entered an order confirming the Fourth
Amended Joint Plan of Reorganization of Mallinckrodt PLC, et al.

All objections, responses, statements, reservation of rights, and
comments in opposition to the Plan, other than those withdrawn with
prejudice in their entirety, waived, settled, resolved prior to the
Confirmation Hearing, resolved or sustained on the terms set forth
herein and as reflected in the Modifications to the Plan, or
otherwise resolved on the record of the Confirmation Hearing and/or
herein, are overruled. The record of the Confirmation Hearing is
closed.

On October 21, 2021, the Court entered the Scheduling Order, which,
among other things: (a) affirmed October 13, 2021 at 4:00 p.m.
(prevailing Eastern time) as the new deadline for voting to accept
or reject the Plan; (b) set October 13, 2021 at 4:00 p.m.
(prevailing Eastern time) as the new deadline for objecting to the
Plan; (c) affirmed October 20, 2021 at 4:00 p.m. (prevailing
Eastern time) as the new deadline for voting to accept or reject
the Plan solely with respect to Class 8 (Governmental Opioid
Claims) and Class 9 (Non-Governmental Opioid Claims) and all
related voting subclasses; and (d) set November 1, 2021, at 10:00
a.m. (prevailing Eastern time) as the new date and time for the
commencement of the Confirmation Hearing. The Phase II Pretrial
Order established, among other things, (x) November 24, 2021 at
6:00 p.m. (prevailing Eastern time) as the deadline for filing
supplemental plan objections regarding the UCC Settlement and (y)
December 6, 2021, as the new date for the commencement of Phase II
of the Confirmation Hearing.

Promptly following entry of the Disclosure Statement Order, in
compliance with the Bankruptcy Code, the Bankruptcy Rules, the
Local Rules, and the Disclosure Statement Order, and as evidenced
by the Solicitation Affidavits, Prime Clerk effectuated service of
the appropriate Solicitation Packages on: (a) each Holder of Claims
entitled to vote on the Plan (i.e., Class 2(b) (2024 First Lien
Term Loan Claims), Class 2(c) (2025 First Lien Term Loan Clams),
Class 3 (First Lien Notes Claims), Class 4 (Second Lien Notes
Claims), Class 5 (Guaranteed Unsecured Notes Claims), Class 6(a)
(Acthar Claims), Class 6(b) (Generics Price Fixing Claims), Class
6(c) (Asbestos Claims), Class 6(d) (Legacy Unsecured Notes Claims),
Class 6(e) (Environmental Claims), Class 6(f) (Other General
Unsecured Claims), Class 6(g) (4.75% Unsecured Notes Claims), Class
7 (Trade Claims), Class 8(a) (State Opioid Claims), Class 8(b)
(Municipal Opioid Claims), Class 8(c) (Tribe Opioid Claims), Class
8(d) (U.S. Government Opioid Claims), Class 9(a) (Third-Party Payor
Opioid Claims), Class 9(b) (PI Opioid Claims), Class 9(c) (NAS PI
Opioid Claims), Class 9(d) (Hospital Opioid Claims), Class 9(e)
(Ratepayer Opioid Claims), Class 9(f) (NAS Monitoring Opioid
Claims), Class 9(g) (Emergency Room Physicians Opioid Claims),
Class 9(h) (Other Opioid Claims), and Class 10 (Settled
Federal/State Acthar Claims) (the Classes of Claims entitled to
vote to accept or reject the Plan, the "Voting Classes"), and (b)
each Holder of Claims or Interests in a Class not entitled to vote
on the Plan (i.e., Class 1 (Other Secured Claims), Class 2(a)
(First Lien Revolving Credit Facility Claims), Class 9(i) (No
Recovery Opioid Claims), Class 9(j) (Released Co-Defendant Claims),
Class 11 (Intercompany Claims), Class 12 (Intercompany Interests),
and Class 14 (Equity Interests).

At the time Prime Clerk effectuated service of the Solicitation
Packages, no creditors or Holders of Claims were classified under
Class 13 (Subordinated Claims) and any claimants not otherwise
classified under Class 13 (Subordinated Claims) were treated as a
Holder of a Claim under Class 6(f) (Other General Unsecured Claims)
for solicitation purposes.

Further, although the Plan provides for potential treatment which
would render Claims in Classes 2(b), 2(c), and 3 Unimpaired, in
which case such Claims would be conclusively presumed to accept the
Plan and would not be entitled to vote, the Debtors served such
Classes of Claims with Solicitation Packages.

As set forth in the Plan, Holders of Claims in the Voting Classes
for each of the Debtors were eligible to vote on the Plan pursuant
to the Disclosure Statement Order and the Solicitation Procedures
therein. In addition, Holders of Claims and Interests in Classes 1
and 2(a) are Unimpaired and conclusively presumed to have accepted
the Plan and, therefore, are not entitled to vote to accept or
reject the Plan.

Holders of Claims and Interests in Classes 11 and 12 either are
Unimpaired, in which case they are conclusively deemed to have
accepted the Plan, or Impaired, in which case they are conclusively
deemed to have rejected the Plan, and therefore, are not entitled
to vote to accept or reject the Plan.

Holders of Claims and Equity Interests in Classes 9(i), 9(j), and
13-14 (together with Holders of Claims and Interests in Classes 11
and 12, to the extent Impaired under the Plan, collectively, the
"Deemed Rejecting Classes") are Impaired under the Plan, are
entitled to no recovery under the Plan, and are therefore
conclusively deemed to have rejected the Plan.

As evidenced by the Final Voting Report, Classes 2(b), 2(c), 4, 5,
6(c) (solely as to Debtors Mallinckrodt APAP LLC, Mallinckrodt LLC,
Mallinckrodt plc, Mallinckrodt US Holdings LLC, and Mallinckrodt US
Pool LLC), 6(d) (solely as to Debtor Ludlow LLC), 6(e) (solely as
to Debtors Mallinckrodt International Finance SA, Mallinckrodt
Veterinary, Inc., and SpecGx LLC), 6(f) (solely as to certain
Debtors entities), 6(g) (solely as to Debtors Mallinckrodt
International Finance SA and Mallinckrodt plc), 7, 8(a)-8(d),
9(a)-9(g), and 10 each voted to accept the Plan (collectively, the
"Accepting Voting Classes").

As evidenced by the Final Voting Report, Class 6(a) (solely as to
Debtors Mallinckrodt ARD LLC, Mallinckrodt LLC, and Mallinckrodt
plc), Class 6(b) (solely as to Debtors Mallinckrodt APAP LLC,
Mallinckrodt LLC, Mallinckrodt Pharmaceuticals Ireland Limited,
Mallinckrodt Pharmaceuticals Limited, Mallinckrodt plc, and SpecGx
LLC), Class 6(e) (solely as to Debtors Mallinckrodt Brand
Pharmaceuticals LLC, Mallinckrodt LLC, Mallinckrodt plc,
Mallinckrodt US Holdings LLC, and MNK 2011 LLC), Class 6(f) (solely
as to Debtors Mallinckrodt ARD LLC, Mallinckrodt Hospital Products
Inc., Mallinckrodt LLC, Mallinckrodt Pharmaceuticals Ireland
Limited, Mallinckrodt Pharmaceuticals Limited, Mallinckrodt plc,
and ST Shared Services LLC), and Class 9(h) voted to reject the
Plan (collectively, the "Rejecting Voting Classes").

Pursuant to sections 1122(a) and 1123(a)(l) of the Bankruptcy Code,
Article III of the Plan designates Classes of Claims and Interests,
other than for Administrative Claims, Priority Tax Claims, and
Other Priority Claims. As required by section 1122(a), each Class
of Claims and Interests contains only Claims or Interests that are
substantially similar to the other Claims or Interests within that
Class. The Plan contains thirty-four (34) Classes of Claims and
Interests, designated as Classes 1, 2(a)-2(c), 3-5, 6(a)-(g), 7,
8(a)-(d), 9(a)-(j), and 10 through 14. Such classification is
proper under section 1122(a) of the Bankruptcy Code, because such
Classes of Claims and Interests have differing rights among each
other and against the Debtors' assets or differing interests in the
Debtors.

Pursuant to section 1123(a)(2) of the Bankruptcy Code, Article III
of the Plan specifies all Classes of Claims and Interests that are
not Impaired under the Plan. The Plan specifies that Class 1 (Other
Secured Claims) and Class 2(a) (First Lien Revolving Credit
Facility Claims) are Unimpaired.

Pursuant to section 1123(a)(3) of the Bankruptcy Code, Article III
of the Plan specifies all Classes of Claims and Interests that are
Impaired under the Plan. The Plan specifies that Class 2(b) (2024
First Lien Term Loan Claims) (to the extent Impaired), Class 2(c)
(2025 First Lien Term Loan Clams) (to the extent Impaired), Class 3
(First Lien Notes Claims) (to the extent Impaired), Class 11
(Intercompany Claims) (to the extent Impaired), and Class 12
(Intercompany Interests) (to the extent Impaired) are potentially
Impaired Classes under the Plan.

It further specifies that Class 4 (Second Lien Notes Claims), Class
5 (Guaranteed Unsecured Notes Claims), Class 6(a) (Acthar Claims),
Class 6(b) (Generics Price Fixing Claims), Class 6(c) (Asbestos
Claims), Class 6(d) (Legacy Unsecured Notes Claims), Class 6(e)
(Environmental Claims), Class 6(f) (Other General Unsecured
Claims), Class 6(g) (4.75% Unsecured Notes Claims), Class 7 (Trade
Claims), Class 8(a) (State Opioid Claims), Class 8(b) (Municipal
Opioid Claims), Class 8(c) (Tribe Opioid Claims), Class 8(d) (U.S.
Government Opioid Claims), Class 9(a) (Third-Party Payor Opioid
Claims), Class 9(b) (PI Opioid Claims), Class 9(c) (NAS PI Opioid
Claims), Class 9(d) (Hospital Opioid Claims), Class 9(e) (Ratepayer
Opioid Claims), Class 9(f) (NAS Monitoring Opioid Claims), Class
9(g) (Emergency Room Physicians Opioid Claims), Class 9(h) (Other
Opioid Claims), Class 9(i) (No Recovery Opioid Claims), Class 9(j)
(Released Co-Defendant Claims), Class 10 (Settled Federal/State
Acthar Claims), Class 13 (Subordinated Claims), and Class 14
(Equity Interests) are Impaired Classes under the Plan, each within
the meaning of section 1124 of the Bankruptcy Code. The Plan
specifies the treatment of each of the aforementioned Classes,
thereby satisfying section 1123(a)(3) of the Bankruptcy Code.

The Plan provides for recoveries that are no less than, and in all
cases greater than, what creditors might receive in a hypothetical
chapter 7 liquidation with specific regard to creditors in classes
5 through 10. The testimony of the Debtors' expert witnesses,
specifically, Mr. Randall S. Eisenberg (see generally the Eisenberg
Declaration), evidenced that no creditor would receive or retain an
amount under the Plan on account of its Claim that is less than the
amount that such holder would receive or retain if the Debtors were
liquidated under Chapter 7 of the Bankruptcy Code. Specifically, on
an aggregate basis, Class 5 Guaranteed Unsecured Notes Claims'
recoveries under the Liquidation Analysis would be reduced to
between 15% and 58% as compared to the Plan mid-point recovery of
72%. See Eisenberg Declaration at ¶¶ 22-24. Furthermore, the Plan
proposes providing the General Unsecured Claims Trust Consideration
to Class 6 General Unsecured Claims pursuant to the Plan which is
comprised of (a) Cash in the amount of $135,000,000 ($18,000,000 of
which will go directly from the Reorganized Debtors to the Asbestos
Trust), paid on the Effective Date; (b) the GUC Assigned Preference
Claims; (c) the GUC Terlivaz CVR; (d) the GUC Assigned Sucampo
Avoidance Claims; (e) the GUC Share Repurchase Proceeds; (f) the
GUC VTS PRV Share; and (e) the GUC StrataGraft PRV Share, which is
significantly more than the aggregate recoveries estimated under
the Liquidation Analysis for Class 6 General Unsecured Claims of
approximately $1 million to $6 million. Distributions under the
Plan are subject to ensuring Class 6 General Unsecured Claims
receive no less than they are entitled to under the Debtors'
Liquidation Analysis.  Similarly, Class 7 Trade Claims will receive
a cash distribution of up to $50 million under the Plan which is
significantly higher than the aggregate recoveries under the
Liquidation Analysis of $0.1 million to $1 million. With respect to
individual recoveries at every Debtor, each class of creditors will
receive equal to or more under the Plan than what they would
receive in a Chapter 7 liquidation.

Classes 1 and 2(a) (and 11-12 to the extent Unimpaired under the
Plan) are each Classes of Unimpaired Claims or Interests that are
conclusively presumed to have accepted the Plan under section
1126(f) of the Bankruptcy Code. As set forth in the Final Voting
Report, the Accepting Voting Classes have voted to accept the Plan
in accordance with section 1126(c) of the Bankruptcy Code. The
Deemed Rejecting Classes are deemed to have rejected the Plan
pursuant to section 1126(g) of the Bankruptcy Code. The Rejecting
Voting Classes have voted to reject the Plan. Although section
1129(a)(8) of the Bankruptcy Code is not satisfied with respect to
the Deemed Rejecting Classes and the Rejecting Voting Classes, the
Plan may nevertheless be confirmed because the Plan satisfies
section 1129(b) of the Bankruptcy Code with respect to each such
Class.

As indicated in the Final Voting Report and as reflected in the
record of the Confirmation Hearing, at least one Class of Claims or
Interests that is Impaired under the Plan has voted to accept the
Plan, disregarding any votes by insiders. Each of Classes 2(b)-(c)
(to the extent Impaired under the Plan), Classes 4-9(g), and Class
10 are Impaired and have voted to accept the Plan, determined
without including any acceptance of the Plan by an insider. The
Plan therefore complies with Section 1129(a)(10) of the Bankruptcy
Code.

Pursuant to Section 1129(b)(1) of the Bankruptcy Code, the Plan may
be confirmed despite the fact that the Deemed Rejecting Classes and
the Rejecting Voting Classes have not accepted the Plan because the
Plan meets the "cramdown" requirements for confirmation under
section 1129(b) of the Bankruptcy Code. Other than the requirement
in section 1129(a)(8) of the Bankruptcy Code with respect to the
Deemed Rejecting Classes and the Rejecting Voting Classes, all of
the requirements of section 1129(a) of the Bankruptcy Code have
been met. The Plan does not discriminate unfairly and is fair and
equitable with respect to the Deemed Rejecting Classes and the
Rejecting Voting Classes; provided, however, with respect to Class
9(h), nothing in this paragraph or in any other provision of this
Confirmation Order shall alter or modify the rights, protections,
and treatment set forth in the Plan for Holders of Allowed Claims
in such Class, including as described in the definition of "Other
Opioid Claimant Pro Rata Share" in the Plan. No Class of Claims and
Interests junior to any of the Deemed Rejecting Classes or the
Rejecting Voting Classes will receive or retain any property on
account of their Claims and Interests, and no Class of Claims or
Interests senior to the Deemed Rejecting Classes or the Rejecting
Voting Classes is receiving more than full payment on account of
the Claims and Interests in such Class. The Plan therefore is fair
and equitable, does not discriminate unfairly with respect to any
of these Classes, and complies with section 1129(b) of the
Bankruptcy Code.

The classes affected (i.e., the opioid creditor classes in the
Class 8 and 9 subclasses) by the non-consensual third-party
releases under Article IX.D-E of the Plan voted to accept the Plan
by the percentages required by section 1126 of the Bankruptcy Code.
The final voting results from Prime Clerk demonstrate that the
Opioid Claimants overwhelmingly, and nearly unanimously, voted in
favor of the Plan. Overall, over 250,000 Opioid Claimants voted to
accept the Plan, while approximately 5,000 Opioid Claimants voted
to reject the Plan. Of the 12 opioid-related classes and subclasses
entitled to vote (Classes 8 and 9(a)-(h)), 11 voted to accept the
Plan with each of those subclasses having at least 90% in amount
and number accepting the Plan. Specifically, of the Holders of
Opioid Claims in Classes 8(a)-(d) that voted, well over 95 percent
voted to accept the Plan. Similarly, of the Holders of Opioid
Claims in Classes 9(a)-(h) that voted, well over 95 percent voted
to accept the Plan. The only rejecting opioid class was Class 9(h)
(Other Opioid Claims) which had less than a thousand Opioid
Claimants vote to reject the Plan.

                        4th Amended Plan

Mallinckrodt PLC, et al. submitted a Fourth Amended Joint Plan of
Reorganization.

The Plan will treat claims as follows:

    * Class 5 - Guaranteed Unsecured Notes Claims. The Guaranteed
Unsecured Notes Claims shall be Allowed in the following amounts:

      (i) the 5.75% Senior Notes Claims shall be Allowed in the
amount of not less than $610,304,000.00, plus accrued but unpaid
interest as of the Petition Date;

     (ii) the 5.625% Senior Notes Claims shall be Allowed in the
amount of not less than $514,673,000.00, plus accrued but unpaid
interest as of the Petition Date; and

    (iii) the 5.50% Senior Notes Claims shall be Allowed in the
amount of not less than $387,207,000.00, plus accrued but unpaid
interest as of the Petition Date.

      Each Holder of an Allowed Guaranteed Unsecured Notes Claim
shall receive its Pro Rata Share of (i) the Takeback Second Lien
Notes and (ii) 100% of New Mallinckrodt Ordinary Shares, subject to
dilution on account of the New Opioid Warrants and the Management
Incentive Plan. Class 5 is impaired.

    * Class 6 - General Unsecured Claims. Each Holder of an Allowed
Claim in Class 6(a)-(g) shall receive, in full and final
satisfaction, settlement, release and discharge of such Claim, the
recoveries set forth in Class 6(a)-(g) below, subject to adjustment
to the allocation of General Unsecured Claims Trust Consideration
solely to ensure that the recoveries of each Class 6 subclass
satisfies the requirements of the Bankruptcy Code:

      -- Class 6(a) - Acthar Claims. Each Holder of an Allowed
Acthar Claim shall receive its Pro Rata Share of the Acthar Claims
Recovery. Class 6(a) is impaired.

      -- Class 6(b) - Generics Price Fixing Claims. Each Holder of
an Allowed Generics Price Fixing Claim shall receive its Pro Rata
Share of the Generics Price Fixing Claims Recovery. Class 6(b) is
impaired.

      -- Class 6(c) - Asbestos Claims. Each Holder of an Allowed
Asbestos Claim shall receive its Pro Rata Share of the Asbestos
Claims Recovery. Class 6(c) is impaired.

      -- Class 6(d) - Legacy Unsecured Notes Claims. Each Holder of
an Allowed Legacy Unsecured Notes Claim shall receive its Pro Rata
Share of the Legacy Unsecured Notes Recovery. Class 6(d) is
impaired.

      -- Class 6(e) - Environmental Claims. Each Holder of an
Allowed Environmental Claim shall receive its Pro Rata Share of the
Environmental Claims / Other General Unsecured Claims Recovery.
Class 6(e) is impaired.

      -- Class 6(f) - Other General Unsecured Claims. Each Holder
of an Allowed Other General Unsecured Claim shall receive its Pro
Rata Share of the Environmental Claims / Other General Unsecured
Claims Recovery. Class 6(f) is impaired.

      -- Class 6(g) - 4.75% Unsecured Notes Claims. Each Holder of
an Allowed 4.75% Unsecured Notes Claim shall receive its Pro Rata
Share of the 4.75% Unsecured Notes Recovery. Class 6(g) is
impaired.

Counsel to the Debtors:

     Mark D. Collins, Esq.
     Michael J. Merchant, Esq.
     Amanda R. Steele, Esq.
     Brendan J. Schlauch, Esq.
     RICHARDS, LAYTON & FINGER, P.A.
     One Rodney Square, 920 N. King Street
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     Facsimile: (302) 651-7701
     Email: collins@rlf.com
            merchant@rlf.com
            steele@rlf.com
            schlauch@rlf.com

          - and -

     George A. Davis, Esq.
     George Klidonas, Esq.
     Andrew Sorkin, Esq.
     Anupama Yerramalli, Esq.
     LATHAM & WATKINS LLP
     1271 Avenue of the Americas
     New York, New York 10020
     Telephone: (212) 906-1200
     Facsimile: (212) 751-4864
     Email: george.davis@lw.com
            george.klidonas@lw.com
            andrew.sorkin@lw.com
            anu.yerramalli@lw.com

          - and -

     Jeffrey E. Bjork, Esq.
     LATHAM & WATKINS LLP
     355 South Grand Avenue, Suite 100
     Los Angeles, California 90071
     Telephone: (213) 485-1234
     Facsimile: (213) 891-8763
     Email: jeff.bjork@lw.com

          - and -

     Jason B. Gott, Esq.
     LATHAM & WATKINS LLP
     330 North Wabash Avenue, Suite 2800
     Chicago, Illinois 60611
     Telephone: (312) 876-7700
     Facsimile: (312) 993-9767
     Email: jason.gott@lw.com

A copy of the Order dated March 2, 2022, is available at
https://bit.ly/3HA8K8U from PacerMonitor.com.

A copy of the Plan dated March 2, 2022, is available at
https://bit.ly/3HFFHAP from PacerMonitor.com.

                     About Mallinckrodt PLC

Mallinckrodt -- http://www.mallinckrodt.com/-- is a global
business consisting of multiple wholly-owned subsidiaries that
develop, manufacture, market and distribute specialty
pharmaceutical products and therapies. The company's Specialty
Brands reportable segment's areas of focus include autoimmune and
rare diseases in specialty areas like neurology, rheumatology,
nephrology, pulmonology and ophthalmology; immunotherapy and
neonatal respiratory critical care therapies; analgesics; and
gastrointestinal products. Its Specialty Generics reportable
segment includes specialty generic drugs and active pharmaceutical
ingredients.

On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates
sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case
No. 20-12522) to seek approval of a restructuring that would reduce
total debt by $1.3 billion and resolve opioid-related claims
against them.

Mallinckrodt plc disclosed $9,584,626,122 in assets and
$8,647,811,427 in liabilities as of  Sept. 25, 2020.

Judge John T. Dorsey oversees the cases.

The Debtors tapped Latham & Watkins LLP and Richards, Layton &
Finger P.A. as their bankruptcy counsel; Arthur Cox and Wachtell,
Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray
LLP as litigation counsel; Torys LLP as CCAA counsel; Guggenheim
Securities LLC as investment banker; and AlixPartners LLP as
restructuring advisor. Prime Clerk, LLC, is the claims agent.

The official committee of unsecured creditors retained Cooley LLP
as its legal counsel, Robinson & Cole LLP as co-counsel, and Dundon
Advisers LLC as its financial advisor.

On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an
official committee of opioid related claimants. The OCC tapped Akin
Gump Strauss Hauer & Feld LLP as its lead counsel, Cole Schotz as
Delaware co-counsel, Province Inc. as financial advisor, and
Jefferies LLC as investment banker.

                                                  *     *     *

Mallinckrodt in February announced that its Plan of Reorganization
was confirmed by the Bankruptcy Court.  The Plan will deleverage
Mallinckrodt's balance sheet by approximately $US1.3 billion and
resolve thousands of lawsuits the company was facing prior to the
Chapter 11 proceedings by channeling opioid claims and many other
litigation and general unsecured claims to various creditor trusts.
The Plan was confirmed after a 16-day trial.


NESV ICE: CSM Says Plan Not in "Best Interests" of Creditors
------------------------------------------------------------
Construction Source Management, LLC ("CSM"), a secured creditor of
the Debtor, NESV Ice, LLC, objects to the Disclosure Statement with
Respect to Joint Plan of Reorganization of NESV Ice, LLC, et al.

CSM points out that the Plan cannot be deemed in the "best
interests" of creditors as required by Bankruptcy Code section
1129(a)(7).

   * the Plan Proponents submit that: (a) upon conversion, SHS
would be granted relief from the automatic stay to foreclose its
liens on the Debtors' properties; (b) SHS would either credit bid
its claim at the foreclosure sale or make claim to all of the
proceeds of the foreclosure sale; (c) no other creditors, other
than taxing authorities, would receive anything; and (d) a chapter
7 trustee is not likely to litigate the amount of SHS's claims, as
there would be no unencumbered funds to prosecute the litigation,
and the primary beneficiaries of the litigation would be CSM and
ASVL as junior lienholders.

   * At a minimum, the Plan Proponents must amend the Disclosure
Statement to reflect a thorough liquidation analysis and current
appraisals such that creditors can determine whether Bankruptcy
Code Sec. 1129(a)(7) is met.

CSM also asserts that the Plan is not fair and equitable with
respect to CSM:

   * The Plan Proponents offer no explanation regarding the
proposed treatment of CSM nor provide evidence that the proposed
treatment meets cramdown requirements.

   * The Plan contemplates a ten-year term to pay CSM's secured
claims with a twenty year amortization rate. Both the length of
this term and the amortization rate are unreasonable.

CSM further points out that the Plan discriminates unfairly among
CSM and other secured creditors.

   * The Plan proposes disparate treatment among CSM and other
secured creditors and, therefore, is unconfirmable. The Plan
Proponents dispute the amount of SHS's and CSM's secured claims and
indicate that they will seek to have such claims estimated for
confirmation purposes. Notwithstanding these similarities, SHS, the
senior secured creditor, will receive a significant payment of
$11.5 million on the Plan Effective Date. CSM, however, will
receive interest only payments on its estimated claims.

According to CSM, disclosures regarding feasibility of the Plan are
insufficient:

   * The Disclosure Statement provides only a very cursory summary
of projections and fails to provide material details regarding
post-confirmation Plan payments to CSM and other parties, legal
fees and other expenses incurred through post-confirmation
litigation, and possible impediments.

   * Significantly, the Debtors dismiss and provide no
contingencies for negative litigation outcomes – particularly
with respect to the claims of CSM and SHS. The failure to account
for these litigation risks in the Plan's feasibility analysis
renders the Disclosure Statement wholly inadequate.

Moreover, CSM asserts that the disclosures regarding
post-confirmation management are insufficient.

   * Disclosing the identity and affiliations of post-confirmation
officers is a requirement of confirmation. See 11 U.S.C. section
1129(a)(5). Without the appropriate disclosures identifying the
managing member of the Reorganized Debtors, the Disclosure
Statement is deficient and cannot be approved.

   * The proponents give no justification for gifting Mr.
Silberberg with such a consulting contract when his efforts to date
have resulted in nothing but losses.

   * The Disclosure Statement provides no evidence that Shubh Patel
has any experience in operating or developing a project like the
Debtors.

CSM joins in the objections of other parties to the Disclosure
Statement, to the extent that such objections supplement and are
not otherwise inconsistent with this Objection. CSM reserves the
right to supplement this Objection as may be necessary or
appropriate.

Counsel for the Construction Source Management, LLC:

     Paul W. Carey, Esq.
     Kate P. Foley, Esq.
     MIRICK, O'CONNELL, DEMALLIE & LOUGEE, LLP
     100 Front Street
     Worcester, MA 01608
     Tel: 508.791.8500
     Fax: 508.791.8502
     E-mail: pcarey@mirickoconnell.com
             kfoley@mirickoconnell.com

                      About NESV Ice, LLC

NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV
Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East,
LLC, offer fitness and sports training services. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Mass. Case No. 21-11226) on August 26, 2021. The petitions were
signed by Stuart Silberberg as manager.

Judge Christopher J. Panos oversees the case.

William McMahon, Esq., at Downes McMahon LLP is the Debtor's
counsel.


NESV ICE: Plan Patently Unconfirmable, SHS Says
-----------------------------------------------
SHS ACK, LLC ("SHS") objects to the approval of the Disclosure
Statement filed by the Debtors, Shubh Patel, LLC and Ashcroft
Sullivan Sports Village Lender, LLC (collectively referred to as
the "Plan Proponents").

SHS says the Disclosure Statement should not be approved because it
does not provide adequate information as required by 11 U.S.C. Sec.
1125(a) and because the Plan is facially not confirmable.

According to SHS, the Disclosure Statement should not be approved
because it does not contain: (i) an adequate description of the
basis for, or even the source of, the reorganized debtors'
projections of their future revenues; (ii) sufficient financial
information concerning Patel's ability to make the Plan Loan; (iii)
an adequate description of the future ownership of the reorganized
debtors; (iv) an adequate description of the future management of
the reorganized debtors; (v) an adequate description of the value
of all of the Debtors' assets that would be available in a
liquidation; (vi) an estimation of the value of the avoidance
action claims against Ashcroft Sullivan, which are being waived
under the Plan; or (vii) an adequate description of the actual
treatment of SHS' claim under the Plan.

"When viewed in the context of the Debtors' financial disclosures
made prior to and during these cases, the Disclosure Statement is
merely a continuation of the Debtors' and their insiders practice
of making wholly unsupported, and hopelessly over optimistic,
financial projections in order to buy more time to make a success
of the "New England Sports Village" concept that has failed to come
to fruition, despite the millions of dollars and over six (6) years
of time being invested therein. Tellingly, the Disclosure Statement
contains absolutely no information about the Debtors' pre-petition
or post-petition financial performance, which information is
critical to the evaluation of the Plan, and without which creditors
will not be able to make an informed decision on the Plan," SHS
tells the Court.

"Moreover, even if the Court were to find that the Disclosure
Statement does contain adequate information under Section 1125,
which it does not, Courts within this jurisdiction, as well as many
others, have declined to approve disclosure statements where, as is
the case here, the plan is facially unconfirmable. In fact, the
success of the Plan is fundamentally premised on the reorganized
debtors improving their annual gross revenues by hundreds of
thousands of dollars based solely on the unsubstantiated
"assumption" that the Ice Rink's revenues will begin to improve
immediately upon, and as a result of, confirmation of the Plan.
However, this "assumption" is utterly belied by the evidence in the
record of Ice's dismal financial performance throughout these
cases, while under the protection of bankruptcy. Because these
unsubstantiated projected revenues of the Ice Rink will be the sole
source of funding for the reorganized debtors' ongoing payment
obligations under the Plan, and the Debtors' actual revenues during
these cases would not cover the monies needed to make all of the
Plan payments, the Plan cannot meet the feasibility requirements of
11 U.S.C. Sec. 1129(a)(11)."

Attorneys for SHS ACK, LLC:

     Thomas H. Curran, Esq.
     Peter Antonelli, Esq.
     Christopher Marks, Esq.
     CURRAN ANTONELLI, LLP
     Ten Post Office Square, Suite 800 South
     Boston, MA 02109
     Tel: (617) 207-8670
     Fax: (617) 850-9001
     E-mail: tcurran@curranantonelli.com
             pantonelli@curranantonelli.com
             cmarks@curranantonelli.com

                        About NESV Ice, LLC

NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV
Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East,
LLC, offer fitness and sports training services. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Mass. Case No. 21-11226) on August 26, 2021. The petitions were
signed by Stuart Silberberg as manager.

Judge Christopher J. Panos oversees the case.

William McMahon, Esq., at Downes McMahon LLP is the Debtor's
counsel.


NESV ICE: US Trustee Says Plan Disclosures Inadequate
-----------------------------------------------------
The United States Trustee states that the disclosure statement
submitted by Nesv Ice, LLC, et al. in the Chapter 11 cases fails to
provide adequate information regarding the proposed plan of
reorganization of even date.

The UST points out that the Disclosure Statement and Plan should be
amended to discuss in detail the nature of the released Avoidance
Actions against ASVL, DS at 21 and Plan at 17.

The UST further points out that the Disclosure Statement should be
amended to discuss in detail the terms and conditions of any
consulting agreement relating to Stuart Silberberg (and to identify
the person charged with managing the Reorganized Debtors' day to
day operations), DS at 23.

The UST asserts that the provision relating to Preservation of
Causes of Action should include a discussion of other potential
causes of action including, but not limited to, the
payments/transfers by NESV Ice, LLC to Ajax 5Cap NESV, LLC in 2021,
DS at 24-25.

Moreover, the UST complains that the Disclosure Statement should be
amended to indicate that the Debtors have currently filed all
Federal and State tax returns or when any outstanding returns will
be filed and resulting taxes paid.

According to the UST, the liquidation analysis should be amended to
show what would occur if each Debtor's assets were liquidated
including disclosure of the values for the assets of each Debtor,
the liabilities of each Debtor, the cost of each sale (or
litigation) as well as any assumptions relating to each category of
information. Without any discussion of the figures relating to each
Debtor's material assets, including real properties and Avoidance
Actions, creditors will be unable to assess best interest and
comparison with Chapter 7 Liquidation, DS at 32.

Furthermore, the UST points out that the Plan should be amended to
include the following language:

    * Until the Effective Date of the confirmed plan, each
Reorganized Debtor shall timely pay the U.S. Trustee the
appropriate sums required pursuant to 28 U.S.C. §1930(a)(6)(the
"Quarterly Fees"). Post confirmation, each Reorganized Debtor and
any other authorized parties who have been charged with
administering the confirmed plan shall timely pay the U.S. Trustee
Quarterly Fees until the earlier of: (1) administrative closure of
the case; (2) the entry of a final decree; (3) conversion of the
case to a case under another chapter; or (4) dismissal of the
case.

    * After confirmation of the Plan, each Reorganized Debtor will
continue to file the UST Form 11-MOR, Monthly Operating Report
through the Effective Date. After the Effective Date, each
Reorganized Debtor and any other authorized parties who have been
charged with administering the confirmed plan shall file the UST
Form 11-PCR, Post Confirmation Report every calendar quarter until
the earlier of: (1) administrative closure of the case; (2) the
entry of a final decree; (3) conversion of the case to a case under
another chapter; or (4) dismissal of the case.

                       About NESV Ice, LLC

NESV Ice, LLC and affiliates NESV Swim, LLC, NESV Field, LLC, NESV
Hotel, LLC, NESV Tennis, LLC, NESV Land, LLC, and NESV Land East,
LLC, offer fitness and sports training services. The Debtor sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Mass. Case No. 21-11226) on August 26, 2021. The petitions were
signed by Stuart Silberberg as manager.

Judge Christopher J. Panos oversees the case.

William McMahon, Esq., at Downes McMahon LLP is the Debtor's
counsel.


NORDAM GROUP: Fitch Affirms 'CCC+' LongTerm IDR
-----------------------------------------------
Fitch Ratings has affirmed The NORDAM Group LLC's Long-Term Issuer
Default Rating (IDR) at 'CCC+'. Fitch has also affirmed NORDAM's
senior secured ABL facility at 'B+'/'RR1', and term loan B at
'B'/'RR2'.

NORDAM's 'CCC+' IDR reflects the significant deterioration of
NORDAM's financial metrics during the current aviation downturn due
to the pandemic. Fitch expects leverage will likely exhibit
improving trends, but remain elevated above 6x until at least 2024,
as end markets begin to approach pre-pandemic levels. Fitch also
considered the fragility of the commercial aviation recovery in the
company's ratings.

Fitch believes NORDAM's current liquidity will provide sufficient
near-term financial flexibility to support improving operational
performance, asset utilization, and cash flow generation before
refinancing risk becomes a material concern. The company has a
strong portfolio of sole source contracts, which are vital to its
customers and provides the company with a strategic position within
the aerospace industry, supporting recovery with the overall
market.

KEY RATING DRIVERS

Recovery Following Weak 2021: Fitch expects NORDAM will begin to
recover in 2022 following weaker-than-expected performance during
2021. NORDAM's revenue declined approximately 13% in 2021 due to
continued weakness in commercial aerospace maintenance, repair and
overhaul (MRO) and manufacturing operations, with revenue off 37%
from 2019 pre-pandemic levels. Fitch adjusted EBITDA margins
declined to less than 3% as fixed cost under-absorption remained a
challenge in the low revenue environment.

Fitch forecasts 2022 revenue growth of more than 25% as MRO demand
increases on the back of higher air traffic and key commercial
aerospace programs ramp up production. Increased revenue should
result in greater asset utilization, increased margins, and
improved FCF. Risks to Fitch's forecast include execution on key
contracts, the fragility of the aviation market recovery, and
prudent working capital management.

Elevated 6x Leverage Forecast: Fitch expects NORDAM's leverage to
remain above 6x until at least 2024. Fitch estimates the company's
leverage spiked to more than 30x at YE 2021 from 4.1x at YE 2019
due to the decline in EBITDA as a result of the sharp downturn in
commercial aerospace. While leverage will be high for the rating
through the near term, the company is not subjected to a leverage
covenant under its credit agreements.

Fitch believes NORDAM's strategic position in the industry with a
high-percentage of sole source contracts supports recovery with the
overall market. The near-term pressures are also somewhat mitigated
by the company's strong liquidity position, which limits the
possibility of default over the near term.

Adequate Financial Flexibility: Fitch believes that NORDAM has
adequate liquidity and financial flexibility in the near term to
manage through the current downturn. The company had cash of
approximately $77 million at YE 2021, which was supported by $117
million of total CARES Act payroll support funds received in 2020
and 2021. The company also had working capital-constrained ABL
availability of approximately $51 million (no outstanding
borrowings) at YE 2021.

Despite the near-term pressures, the company has sufficient
liquidity headroom due to manageable debt amortization of $2.5
million per year, lack of material near-term maturities and a fixed
charge coverage covenant of 1.1x that springs only if ABL
availability is less than $10 million.

Fitch would consider it a positive credit development if the
company deployed excess cash to repay debt, while still maintaining
adequate financial flexibility. It is possible that NORDAM utilizes
the cash for a bolt-on acquisition, which Fitch would view as more
neutral to the credit profile as less financial flexibility would
be mostly offset by incremental accretive EBITDA.

Neutral-to-Positive FCF: Fitch currently projects that FCF will be
close to breakeven in 2022 with modestly positive FCF generation in
2023 and beyond. Fitch's forecasts are dependent on the expected
aviation market recovery, as well as prudent management of working
capital and capital expenditures. NORDAM generated negative FCF of
$1.5 million in 2021, or positive $3.6 million before distributions
to non-controlling interests, which was an improvement over free
cash burn of $10 million in 2020. This follows significantly
negative cash flow from 2016 to 2019 due to cost overruns related
to the PW800 program.

Customer Concentration, End Market Diversification: Fitch views the
company's customer concentration as a modest credit concern;
however, the blue-chip nature and NORDAM's long-term relationships
with these customers somewhat offset the risk. Fitch estimates that
the top 10 customers accounted for approximately 65% of 2021
revenue.

NORDAM has historically generated the majority of its revenue from
the business jet market, which has historically been more cyclical
than the commercial and military aviation markets during previous
downturns, but somewhat acted as a stabilizing factor through the
pandemic. Fitch expects the company to execute on its plan to
continue improving its business mix and diversification over the
next few years targeting more military and commercial aerospace
manufacturing exposure.

Small Size, Limited Scale: Fitch views NORDAM's size and scale as
limiting factors to its credit profile. Larger companies are able
to more easily absorb cost overruns and changes in production rates
in the face of adverse market conditions or contract terms. The
company's lack of scale ultimately led to its 2019 bankruptcy when
one program, the PW800, experienced significant design changes and
certification process delays. However, Fitch believes cost overruns
similar to the magnitude of those experienced between 2017 and 2018
are less likely to occur in the intermediate term, as the company
is not currently exposed to a contract the size of the PW800.

Strategic, Sole-Source Position: NORDAM's strategic position as a
niche supplier to the aerospace and defense industry results in
approximately 70% of its manufacturing revenue and 40% of its MRO
revenue through sole-source contracts, which provide a heightened
level of confidence in future profitability and cash flow. NORDAM's
pipeline for growth has become less certain due to the
pandemic-driven downturn. However, the company plans to target
programs with smaller size and exposure than the PW800, which will
limit any significant improvement to scale that would help
materially mitigate individual project risk without pursuing
acquisitions.

DERIVATION SUMMARY

The NORDAM Group, LLC is one of the smaller suppliers in Fitch's
aerospace and defense portfolio, lacking meaningful size and scale
compared to peers such as Spirit Aerosystems, Inc. (Not Publicly
Rated). The company compares well operationally to other private
aerospace companies. NORDAM had a stronger pre-pandemic credit
profile than Sequa Corporation (CCC+) with lower historical
leverage and a path to positive FCF generation, which is an
important factor for the rating category. Compared to StandardAero
parent Dynasty Acquisition Co., Inc., (B-/Stable), NORDAM has
similar historical margins, but may experience a higher degree of
cyclicality due to its manufacturing operations and smaller scale.

KEY ASSUMPTIONS

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

-- Revenue increases in the mid- to high-20% range in 2022 as MRO
    demand increases with recovering commercial travel and
    aircraft production rates begin to pick up;

-- Steady medium-term growth as end markets recover; however, the
    company does not return to pre-pandemic levels of revenue
    until 2025;

-- EBITDA margins increase to the 5% to 7% range in 2022 as
    higher revenue puts less stress on the fixed-cost base, with
    margins progressing to approximately 10% by 2024;

-- Capex, including the purchase of rotables, totals between 3.0%
    to 4.0% of annual revenue;

-- FCF is approximately breakeven in 2022 before turning modestly
    positive in 2023 and beyond;

-- Liquidity remains adequate through the near term;

-- The company may use its cash balance for bolt-on acquisitions.

Recovery Assumptions

The recovery analysis assumes that NORDAM would be considered a
going concern (GC) in bankruptcy and that the company would be
reorganized rather than liquidated. A 10% administrative claim is
assumed in the recovery analysis.

In Fitch's recovery analysis, potential default is assumed to come
from a combination of one or more of the following scenarios: a
materially negative hit to the company's reputation affects its
ability to retain contracts or win new business; certification or
design delays cause several periods of large cash outflows; or a
significant disruption to the aerospace and defense industry that
materially affects production. Fitch's recovery assumptions are
based on NORDAM's high percentage of sole source contracts, program
diversification, and long-term relationships with key OEMs. Fitch
also considered the meaningful execution risk and potential for
cost overruns.

Fitch assumes $50 million as the GC EBITDA in the analysis,
representing Fitch's estimate of a multi-year post-pandemic
recovery. Fitch believes a GC EBITDA greater than 2021 EBITDA is
appropriate in this instance, due to the highly cyclical nature of
the industry, particularly following one of the greatest aviation
downturns in history as a result of the coronavirus pandemic and
based on Fitch's assumption that liquidity/refinancing issues,
rather than a further deterioration in the business, would be the
catalyst for a restructuring.

The actual emergence EBITDA for the company's recent bankruptcy in
2019 was $69 million, which included $16 million of additional
annual cost savings expected to be realized following actioned
headcount reductions and other measures; however, a future
bankruptcy would likely be driven by contract cost overruns or
significantly deteriorated end markets.

Fitch assumes NORDAM will receive a GC recovery multiple of 6.0x
EBITDA under this scenario. Fitch calculates the enterprise value
(EV) multiple used in the actual NORDAM bankruptcy at approximately
7.5x. The company received $250 million in debt financing through a
term loan B, with an equity valuation of $311 million based on
Carlyle's purchase of a 45% stake for $140 million. NORDAM's
creditors received a 100% cash recovery in conjunction with their
restructuring. Another bankruptcy would further diminish the value
prospects of the company resulting in a lower multiple.

Fifty-six percent of industrial and manufacturing defaulters had
exit multiples in the range of 5.0x to 8.0x according to the
"Industrial, Manufacturing, Aerospace and Defense Bankruptcy
Enterprise Values and Creditor Recoveries" report published by
Fitch in December of 2021. Within the report, Fitch observed that
approximately 90% of the bankruptcy cases analyzed were resolved as
a GC. Most of the defaulters observed in the Fitch report were
smaller in scale, had less diversified product lines or customer
bases and were operating with leveraged capital structures.

Fitch assumes the company's $100 million ABL revolver was 85%
drawn, which demonstrates the contraction of the borrowing base as
a company becomes distressed. This is in line with other companies
observed in Fitch's various bankruptcy case studies.

The 'B+' rating and Recovery Rating of 'RR1' on the ABL revolver
are based on Fitch's recovery analysis under a GC scenario, which
indicates outstanding recovery prospects. The 'B' rating and
Recovery Rating of 'RR2' on the company's first lien term loan B
would indicate strong recovery prospects for the credit facility.

RATING SENSITIVITIES

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

-- Leverage (total debt/EBITDA) sustains below 6.5x;

-- EBITDA interest coverage sustains around or above 1.5x;

-- Improved operating performance including sustained positive
    FCF and EBITDA margins approaching pre-pandemic levels.

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

-- The ABL availability is reduced to the point where liquidity
    may be constrained, including availability of 50% or less;

-- Inability to improve operating margins and FCF that leads to
    heightened refinancing risk;

-- The company fails to refinance its ABL revolver and Term Loan
    B as they become current;

-- Fixed charge coverage ratio sustains below 1.1x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects that NORDAM will have sufficient
liquidity to cover near-term expenses without additional external
sources. Liquidity as of Dec. 31, 2021 consisted of approximately
$51 million of availability on the $100 million ABL revolver and
cash of $77 million. Liquidity was supported by $54 million of
CARES Act payroll support funds in 2020 and $62.9 million in 2021,
of which $14.2 million is in the form of notes payable. Fitch
believes this is adequate, along with internally generated cash, to
cover amortization of $2.5 million per year and capex. Liquidity
could be constrained if the ABL experiences significant borrowing
base reductions.

Debt Structure: NORDAM's debt structure at YE 2021 consisted of a
$243 million term loan B balance and no borrowings under the $100
million ABL revolver. The term loan is priced at LIBOR + 550bp with
1% annual amortization, with a maturity date of April 2026. The ABL
revolver is subject to a pricing grid of LIBOR + 175 to 225bps
depending on a fixed-charge coverage ratio with maturity in April
2024.

Additionally, as of YE 2021 the company had approximately $7.7
million of other borrowings tied to its European operations, and a
$14.6 million unsecured 10-year note related to CARES Act funding.
The CARES Act note has cash interest payments of 1% per year and 3%
PIK. After five years the PIK interest increases by 1% and steps up
an additional 1% each year.

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.

ISSUER PROFILE

The NORDAM Group LLC is a Tulsa, OK based manufacturer of aerospace
products and provider of MRO services. The company serves business
jet, military and commercial aviation markets.


NORDIC AVIATION: Restructuring Transactions Provide Infusion $537MM
-------------------------------------------------------------------
Nordic Aviation Capital Designated Activity Company, et al.,
submitted a Second Amended Joint Chapter 11 Plan of Reorganization
and a corresponding Disclosure Statement.

On January 24, 2022, the Court entered that certain stipulation and
agreed order between the Debtors and the NYL Lenders, authorizing
the NYL Debtors to transfer $190,928.15 in cash collateral subject
to a security interest in favor of the NYL Lenders in order to
satisfy certain imminent and critical aircraft equipment orders.
The stipulation and agreed order also permitted the NYL Debtors
(with the consent of the NYL Lenders) to transfer an additional
€84,672.11 in cash collateral to facilitate the delivery of
certain aircraft to a customer of the Debtors. On February 14,
2022, the Court entered an amended stipulation and agreed order
permitting the Debtors to transfer $850,928.15 in cash collateral
to satisfy the equipment orders. On February 25, 2022, the Court
entered a second amended stipulation and agreed order permitting
the Debtors to transfer $1,650,928.15 to satisfy the equipment
orders. Following entry of the second amended agreed order, the
Debtors transferred the funds to the relevant contract
counterparty.

As of the Petition Date, the Debtors are liable for approximately
$5.9 billion in aggregate funded-debt obligations on account of
various different financing, lease, and security structures that
enable the Group to maximize tax efficiencies and business
flexibility. The primary financing structures - the substantial
majority of which are secured structures - include: (a) direct
facilities; (b) finance leases; (c) JOLCOs; and (d) swaps.

The Restructuring Transactions embodied by the Restructuring
Support Agreement and Plan will deleverage the Group's balance
sheet by approximately $4.3 billion in debt pursuant to various
equitization and sale transactions, provide the Reorganized
Remaining Debtors with an infusion of approximately $537 million in
new money in the form of an approximately $337 million equity
rights offering and a $200 million new revolving credit facility,
and, importantly, preserve customer relationships and the Group's
market leading position in the aircraft leasing industry.

To accommodate the Debtors' diverse creditor constituencies, the
Restructuring Support Agreement, the terms and conditions of which
are embodied by the Plan, reflects a variety of differing
restructuring and recapitalization transactions specific to each
(or multiple) ad hoc group of creditors, as reflected by the
various bespoke term sheets appended thereto. Specifically, the
transactions contemplated under the Restructuring Support Agreement
include, among others:

   * DIP Facility: the effectuation of an $170 million
superpriority senior secured DIP debtor-in-possession financing
facility provided by certain of the Debtors' existing prepetition
lenders;

   * Option A/D Equitization Restructuring Transaction: the
equitization of approximately $[583 million] in secured note
obligations and facility agreement obligations held by Holders  of
NAC 29 Funded Debt Claims, KfW Funded Debt Claims, and DB Nightjar
Funded Debt Claims, in exchange for the issuance of New Ordinary
Shares to such Holders, as well as the issuance of the New NAC 29
Debt (comprised of New NAC 29 Notes and/or New NAC 29 Term Loan
Facility Loans) to the aforementioned classes' funded-debt
claimants and Holders of SMBC Funded Debt Claims (together with the
other restructuring transactions relating to the aforementioned
Holders of Claims, collectively, the "Option  A/D Equitization
Restructuring Transaction");

   * Rights Offering: the implementation of an approximately $337
million equity rights offering, backstopped by the Backstop
Commitment Parties, representing Holders of NAC 29 Funded Debt
Claims, KfW Funded Debt Claims, and DB Nightjar Funded Debt Claims
to fund new aircraft investment and provide go-forward liquidity;

   * Option C2 Restructuring Transaction: the amendment and
restatement of that certain prepetition term loan credit agreement,
by and among the Reorganized Investec NAC 27 Debtor and the Holders
of Investec NAC 27 Funded Debt Claims (together with the other
transactions relating to the Investec NAC 27 Debtor and the Holders
of Investec NAC 27 Funded Debt Claims, collectively, the "Option C2
Restructuring Transaction");

   * Option E Transactions

     -- JOLCO Restructuring Transactions: among other things, (i)
the consensual rejection of the Leveraged Aircraft Leases of the
JOLCO Debtors, (ii) the remarketing and mortgage enforcement sale
(outside of the chapter 11 process) of the related aircraft by the
applicable security trustees to a third-party or to the
corresponding Reorganized JOLCO Debtor, (iii) transfer, or as
applicable, surrender and cancellation of the Debtors' existing
Interests in the JOLCO Debtors and issuance of new shares in the
Reorganized JOLCO Debtors, in each case to either (x) an entity for
the benefit of the Holders of the A Termination Claims, or (y) the
winning cash bidder for the aircraft (if they have elected to also
purchase the shares in the Reorganized JOLCO Debtors), (iv) the
discharge of certain claims (i.e., the "A Termination Claims")
against the JOLCO Debtors and, if applicable, the issuance of the
New Profit Participating Notes to the relevant JOLCO Lenders, in
each case coupled with the extinguishment and release of other
claims against the JOLCO Debtors (the "B Termination Claims")
(together with the other transactions relating to the JOLCO Debtors
and the Holders of Claims against the JOLCO Debtors, collectively,
the "JOLCO Restructuring Transactions");

     -- NAC 8 Restructuring Transactions: among other things, (i)
the amendment and restatement of that certain prepetition term loan
credit agreement, entered into by and among NAC Aviation 8 Limited
and the Holders of Investec NAC 8 Senior Funded Debt Claims, (ii)
the amendment and restatement of that certain prepetition term loan
credit agreement, entered into by and among NAC Aviation 8 Limited
and the Holders of Investec NAC 8 Junior Funded Debt Claims, (iii)
the issuance of the New Investec NAC 8 Equity to the Investec NAC 8
Buyer, and (iv) entry into the Investec NAC 8 Exit Facility,
(together with the other transactions relating to the Investec NAC
8 Debtors and the Holders of Investec NAC 8 Funded Debt Claims,
collectively, the "NAC 8 Restructuring Transactions");

     -- NAC 33/34 Transactions: the recapitalization of the NAC
33/34 Debtors through the New Money Investment Transaction, which
will result in the (i) surrender and cancellation of the Interests
in NAC 33/34 and (ii) issuance of the New NAC 33/34 Equity to a new
holding company, 90 percent of which holding company will be
indirectly owned by Azorra Aviation Holdings, LLC and/or its
affiliates as the New Money Investors and 10 percent of which will
be owned by the NAC 33/34 Lenders, among other things, which NAC
33/34 Transactions are more fully described herein and in the
Plan;

     -- EDC Exiting Restructuring Transactions: among other things,
(i) the servicing and remarketing of twelve NAC CRJ Aircraft, and,
to the extent the sale of such aircraft to a third party is not
effectuated during the Chapter 11 Cases, the abandonment and
transfer of such aircraft to a nominee of EDC under the Plan, and
(ii) the servicing of six additional EDC-financed CRJ aircraft
(collectively, the "EDC Exiting Restructuring Transactions");

   * EDC Reinstating Restructuring Transactions: the amendment and
restatement of the EDC Remaining Facilities entered into by and
between certain of the EDC Debtors and the Holders of EDC Remaining
Facilities Claims (collectively, the "EDC Reinstating Restructuring
Transaction"); and

   * Exit Facility: the entry into a $200 million super senior
revolving credit facility, fully underwritten by Holders of NAC 29
Funded Debt Claims, KfW Funded Debt Claims, SMBC Funded Debt
Claims, and DB Nightjar Funded Debt Claims pursuant to the Exit
Facility Underwriting Agreement, or, at the Debtors' election, and
subject to certain conditions, an alternative exit facility.

In addition to the transactions contemplated under the
Restructuring Support Agreement, the Debtors have continued to
engage with certain creditors that are not party to the
Restructuring Support Agreement on the terms of additional bespoke
restructuring transactions outlining the treatment of such
creditors' Claims in these Chapter 11 Cases. Although the Debtors
have not reached definitive agreements on these bespoke
transactions, these transactions would likely include the
following:

   * ECA Transactions

     -- ECA Reinstating Transaction: the amendment and restatement
of the ECA Remaining Facilities entered into by and between the ECA
Debtors and the Holders of ECA Remaining Facilities Claims
(collectively, the "ECA Reinstating Transaction");

     -- ECA Exiting Transaction: among other things, the
enforcement of security interests over the Aircraft leased under
certain leases to which the ECA Debtors are Lessors and the
assignment of those ECA Debtors' interests in the ECA Leases for
those Aircraft to the Holders of ECA Funded Debt Claims (Garuda)
(among other things, collectively, the "ECA Exiting Transaction,"
and together with the ECA Reinstating Transaction, the "ECA
Transactions");

   * New York Life Transaction: the amendment and assumption of the
NAC 17 Head Lease and the NAC 20 Head Lease, together with the
subsequent prepayment of certain additional principal amounts owed
by the NY Life Debtors under the NAC 17 Head Lease and the NAC 20
Head Lease; and

The Debtors will continue to negotiate with the lenders under the
ECA Exiting Facilities, the ECA Remaining Facilities, and the NYL
Financing Arrangements, and anticipate reaching definitive
agreements with these lenders in the near future, which will be
reflected by further amendments to the RSA to incorporate such
lenders as Consenting Creditors under the RSA.

              Claims Against / Interests in NAC DA

Under the Plan, Class C1 NAC DAC Unsecured Funded Debt Claims total
$6.304 billion. Each Holder of an Allowed NAC DAC Unsecured Funded
Debt Claim shall receive, at the option of such Holder (unless
otherwise stated in the Plan), its Pro Rata share of the NAC DAC
Unsecured Funded Debt Claims Recovery Pool, either: (i) in Cash; or
(ii) as a Pro Rata share of the NAC DAC Unsecured Funded Debt
Claims New Ordinary Shares Allocation; provided that,
notwithstanding the foregoing option, (x) Option A/D Holders shall
receive such Pro Rata share of the NAC DAC Unsecured Funded Debt
Claims Recovery Pool as a Pro Rata share of the NAC DAC Unsecured
Funded Debt Claims New Ordinary Shares Allocation and for the
purposes of the Plan shall be deemed to have elected to receive
such treatment, and (y) the Moelis/Weil/NRF Consenting Exiting
Creditors and Holders of NAC 33/34 Loan Claims shall receive such
Pro Rata share of the NAC DAC Unsecured Funded Debt Claims Recovery
Pool in Cash; provided, further, that, to the extent the NAC DAC
Unsecured Funded Debt Claims New Ordinary Shares Allocation equals
5.00 percent of the New Ordinary Shares (prior to consummation of
the Rights Offering (including issuance of the Backstop Shares),
payment of the Rights Offering Premiums, and implementation of the
Management Incentive Plan), any remaining balance of the NAC DAC
Unsecured Funded Debt Claims Recovery Pool that is payable to
Holders electing the NAC DAC Unsecured Funded Debt Claims New
Ordinary Shares Allocation shall be paid in Cash to such Holders
electing the NAC DAC Unsecured Funded Debt Claims New Ordinary
Shares Allocation on a Pro Rata basis. Creditors will recover 0.03%
of their claims. Class C1 is impaired.

Class C2 General Unsecured Claims Against NAC DAC total $0.  Each
Allowed General Unsecured Claim against NAC DAC will be reinstated
and are unimpaired.

                    Claims Against NAC 29 Debtors

Class D2 General Unsecured Claims Against the NAC 29 Debtors total
$41,697.  Class D2 claims will be reinstated and are unimpaired.

                     Claims Against KfW Debtors

Class E2 General Unsecured Claims Against the KfW Debtors total $0.
Class E2 claims will be reinstated and are unimpaired.

                  Claims Against DB Nightjar Debtors

Class F2 General Unsecured Claims Against the DB Nightjar Debtors
total $21,921.  Class F2 claims will be reinstated and are
unimpaired.

                      Claims Against SMBC Debtor

Class G2 General Unsecured Claims Against the SMBC Debtor total $0.
Class G2 is unimpaired.

               Claims Against Investec NAC 27 Debtor

Class H2 General Unsecured Claims Against the Investec NAC 27
Debtor total $0.  Class H2 is unimpaired.

                   Claims Against EDC Debtors

Class I3 General Unsecured Claims Against the EDC Debtors total $0.
Class I3 is unimpaired.

                    Claims Against ECA Debtors

Class J3 comprises General Unsecured Claims Against the ECA
Debtors. Class J3 is unimpaired.

                     Claims Against NYL Debtors

Class K2 comprises General Unsecured Claims Against the NYL
Debtors. (i) If the Debtors, the Majority Consenting Equitizing
Creditors, and the Requisite Holders of the NYL Financing Claims
agree, each Allowed General Unsecured Claim against the NYL Debtors
shall, at the option of the applicable Debtor, either (A) be
Reinstated, or (B) its Holder shall receive Cash in an amount equal
to such Allowed General Unsecured Claim on the later of (x) the
Plan Effective Date and (y) the date on which such payment would
otherwise be due in the ordinary course of business in accordance
with the terms and conditions of the particular transaction giving
rise to such Allowed General Unsecured Claim; or (ii) if the
Debtors, the Majority Consenting Equitizing Creditors, and the
Requisite Holders of the NYL Financing Claims do not agree, each
Holder of a General Unsecured Claim against the NYL Debtors shall
receive its Pro Rata share of the Liquidation Recovery. Creditors
will recover 0% - 100% of their claims. Class K2 is
unimpaired/impaired.

                   Claims Against NASL Debtor

Class L2 General Unsecured Claims Against the NASL Debtor total
$1,750.  Class L2 is unimpaired.

                  Claims Against Other NAC Debtors

Class M1 General Unsecured Claims Against the Other NAC Debtors
total $613,144.  Class M1 claims are unimpaired.

         Claims Against / Interests in DB JOLCO Debtors

Class O3 General Unsecured Claims Against the DB JOLCO Debtors
totaling $4,649.  Class O3 is impaired.

       Claims Against / Interests in MUFG JOLCO Debtors

Class P3 General Unsecured Claims Against the MUFG JOLCO Debtors
total $0.  Each Holder of an Allowed General Unsecured Claim
against the MUFG JOLCO Debtors shall receive its Pro Rata share of
the Liquidation Recovery. Creditors will recover 0% of their
claims. Class P3 is impaired.

      Claims Against / Interests in Investec NAC 8 Debtors

Class Q3 General Unsecured Claims Against the Investec NAC 8
Debtors total $0.  Each Holder of an Allowed General Unsecured
Claim against any of the Investec NAC 8 Debtors shall receive its
Pro Rata share of the NAC 8 General Unsecured Claims Recovery Pool.
Creditors will recover 0% of their claims. Class Q3 is impaired.

          Claims Against / Interests in NAC 33/34 Debtors

Class R4 General Unsecured Claims Against any of the NAC 33/34
Debtors total $7,964.  Each Holder of an Allowed General Unsecured
Claim against any of the NAC 33/34 Debtors (which, for the
avoidance of doubt, shall not include any claims in respect of
liabilities owing to any Debtor) shall receive Cash in an amount
equal to its Pro Rata share of the NAC 33/34 General Unsecured
Recovery Cash Pool Amount. Creditors will recover 100% of their
claims. Class R4 is impaired.

The sources of cash and other consideration required to fund the
Plan include the New Ordinary Shares, the New NAC 33/34 HoldCo
Interests, the New Moelis/Weil/NRF Equity (if applicable), the
Reorganized JOLCO Equity, cash proceeds from the New Money
Investment Transaction, the cash proceeds and/or New Ordinary
Shares on account of the Rights Offering, the New NAC 29 Debt, the
Investec NAC 27 Amended & Restated Loans, the Investec NAC 8
Amended & Restated Loans, the New Profit Participating Notes, the
Investec NAC 8 Exit Facility, the NAC 33/34 Liquidity Credit
Facility, the NAC CRJ Aircraft, the NAC 33/34 Take-Back Debt, the
Amended & Restated EDC Debt, the New ECA Debt (if applicable), the
New NYL Notes (if applicable), the Exit Facility (if any), the
Alternative Exit Facility (if any), and Cash on hand.

The Disclosure Statement hearing date will be on March 10, 2022.
The voting deadline will be on April 12, 2022, at 5:00 p.m.,
prevailing Eastern Time.  The confirmation objection deadline will
be on April 12, 2022, at 5:00 p.m., prevailing Eastern Time, or
such other date as the Court may direct.  The Plan confirmation
hearing date will be on April 19, 2022, or such other date as may
be scheduled by the Court.

Co-Counsel to the Debtors:

     Edward O. Sassower, Esq.
     Emily Geier, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900

          - and -

     Chad J. Husnick, P.C., Esq.
     David R. Seligman, P.C., Esq.
     Jaimie Fedell, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     300 North LaSalle Street
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200

          - and -

     Michael A. Condyles, Esq.
     Peter J. Barrett, Esq.
     Jeremy S. Williams, Esq.
     KUTAK ROCK LLP
     901 East Byrd Street, Suite 1000
     Richmond, Virginia 23219-4071
     Telephone: (804) 644-1700
     Facsimile: (804) 783-6192

A copy of the Disclosure Statement dated Mar. 2, 2022, is available
at https://bit.ly/3ttIoR1 from Epiq11, the claims agent.

                    About Nordic Aviation Capital

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

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

Judge Kevin R. Huennekens oversees the cases.

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


NUVERRA ENVIRONMENTAL: Suspending Filing of Reports With SEC
------------------------------------------------------------
Nuverra Environmental Solutions, Inc. filed a Form 15 with the
Securities and Exchange Commission certifying and notifying the
termination of registration of the Company's common stock, $0.01
par value, under Section 12(g) of the Securities Exchange Act of
1934 or suspension of duty to file reports under Sections 13 and
15(d) of the Securities Exchange Act of 1934.

Nuverra Environmental merged with and into Navy Holdco, LLC on Feb.
23, 2022, at which time the separate corporate existence of the
Company ended.

                           About Nuverra

Nuverra Environmental Solutions, Inc. provides water logistics and
oilfield services to customers focused on the development and
ongoing production of oil and natural gas from shale formations in
the United States.  Its services include the delivery, collection,
and disposal of solid and liquid materials that are used in and
generated by the drilling, completion, and ongoing production of
shale oil and natural gas.  The Company provides a suite of
solutions to customers who demand safety, environmental compliance
and accountability from their service providers.

Nuverra Environmental reported a net loss of $44.14 million for the
year ended Dec. 31, 2020, a net loss of $54.94 million for the year
ended Dec. 31, 2019, and a net loss of $59.26 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $169.31
million in total assets, $55.02 million in total liabilities, and
$114.29 million in total shareholders' equity.


ONDAS HOLDINGS: Expands Investor Relations With Gateway Appointment
-------------------------------------------------------------------
Ondas Holdings Inc. has appointed Gateway Group, a strategic
financial communications and capital markets advisory firm, to
oversee the Company's expanding investor relations program
initiatives.

Gateway is partnering with Ondas management to develop and
implement a comprehensive outreach and communications program.
Activities will include but are not limited to: refining overall
company and investment-oriented messaging and corporate
positioning; strategic advisory services; and introductions to
institutional investors, sell-side analysts and other key contacts
in the broader financial community.  Gateway will also assist in
organizing non-deal roadshows and securing invitations to select
financial conferences, including its annual Gateway Conference.

"After closing our public offering a little over a year ago, Ondas
has made significant progress executing our business plan,
including acquiring American Robotics, building an experienced
leadership team, and securing strategic partnerships that provide
significant growth opportunities," said Eric Brock, chairman and
CEO of Ondas. "Through a refreshed and proactive communications
plan, we believe Gateway will help to ensure investors fully
understand Ondas' mission, strategy and long-term potential for
increased shareholder value.  We look forward to working closely
with the Gateway team to deploy a comprehensive IR program that
will strengthen our corporate positioning, while also supporting
and expanding our shareholder base."

In conjunction with Gateway's appointment, Ondas will attend the
34th Annual ROTH Conference, which is being held in-person at the
Ritz-Carlton in Laguna Niguel, California from March 13 to 15,
2022. Ondas Chairman and CEO Eric Brock and president and CFO Derek
Reisfield will be holding one-on-one meetings on March 15, 2022.
For additional information or to schedule a one-on-one meeting with
Ondas management, please contact the Gateway team at
ONDS@gatewayir.com.

                     About Ondas Holdings Inc.

Ondas Holdings Inc., is a provider of private wireless data and
drone solutions through its wholly owned subsidiaries Ondas
Networks Inc. and American Robotics, Inc.  Ondas Networks is a
developer of proprietary, software-based wireless broadband
technology for large established and emerging industrial markets.
Ondas Networks' standards-based (802.16s), multi-patented,
software-defined radio FullMAX platform enables Mission-Critical
IoT (MC-IoT) applications by overcoming the bandwidth limitations
of today's legacy private licensed wireless networks. Ondas
Networks' customer end markets include railroads, utilities, oil
and gas, transportation, aviation (including drone operators) and
government entities whose demands span a wide range of mission
critical applications.  American Robotics designs, develops, and
markets industrial drone solutions for rugged, real-world
environments.  AR's Scout System is a highly automated, AI-powered
drone system capable of continuous, remote operation and is
marketed as a "drone-in-a-box" turnkey data solution service under
a Robot-as-a-Service (RAAS) business model.  The Scout System is
the first drone system approved by the FAA for automated operation
beyond-visual-line-of-sight (BVLOS) without a human operator
on-site.  Ondas Networks and American Robotics together provide
users in rail, agriculture, utilities and critical infrastructure
markets with improved connectivity and data collection
capabilities.

Ondas Holdings reported a net loss of $13.48 million for the year
ended Dec. 31, 2020, a net loss of $19.39 million for the year
ended Dec. 31, 2019, and a net loss of $12.10 million for the year
ended Dec. 31, 2018.  As of Sept. 30, 2021, the Company had $132.69
million in total assets, $17.76 million in total liabilities, and
$114.93 million in total stockholders' equity.


OWENS & MINOR: Fitch Rates Proposed Term Loan 'BB+'
---------------------------------------------------
Fitch Ratings has assigned a 'BB+'/'RR2' senior secured debt rating
to the proposed term loan to be jointly borrowed by Owens & Minor
Medical, Inc.; Barista Acquisition I, LLC; Barista Acquisition II,
LLC; Owens & Minor Distribution, Inc.; O&M Halyard, Inc.; and Byram
Healthcare Centers, Inc. These issuers are subsidiaries of Owens &
Minor, Inc. (OMI; BB-/Stable). The proceeds will be used to fund
the acquisition of previously announced acquisition of Apria Inc.

KEY RATING DRIVERS

Integration of Apria, Inc.: The proposed acquisition of Apria, Inc.
is strategically sound and will permit OMI to remain within the
current rating sensitivities that Fitch set at the time of the LT
IDR upgrade to 'BB-' (March 2021). Fitch believes that the addition
of Apria will complement the business of Byram Healthcare,
diversifies OMI's revenues streams into higher margin operations
and will contribute meaningful FCF.

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

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

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

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

Customer Concentration: OMI's 2021 10-K stated that its top-10
customers in the U.S. represented approximately 20% of its
consolidated net revenue. Additionally, in 2021, approximately 71%
of its consolidated net revenue was from sales to member hospitals
under contract with its largest Group Purchasing Organizations
(GPOs): Vizient, Inc.; Premier, Inc. and Healthcare Performance
Group. As a result of this concentration, OMI could lose a
significant amount of revenue due to the termination of a key
customer or GPO relationship.

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

DERIVATION SUMMARY

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

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

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

KEY ASSUMPTIONS

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

-- Slight volume declines in 2022 in OMI base business sees
    normalization in PPE volumes;

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

-- Operating EBITDA margins are expected to increase to a pro
    forma range between 5% - 6% as a result of continued benefits
    from higher product demand, growth in higher-margin, home
    health care products and services, better absorption of
    overhead and customer stability;

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

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

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

ISSUER PROFILE

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

SUMMARY OF FINANCIAL ADJUSTMENTS

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

ESG CONSIDERATIONS

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


OWENS & MINOR: S&P Rates New $1.2BB Secured Term Loan B 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to the proposed $1.2 billion secured term loan B
issued by Owens & Minor Inc.'s subsidiaries. The '3' recovery
rating indicates our expectation for average (50%-70%; rounded
estimate: 60%) recovery in the event of a payment default. The
borrowers of the proposed debt will be the same as the borrowers of
the company's existing secured debt (Owens & Minor Distribution
Inc., Owens & Minor Medical Inc., Barista Acquisition I LLC,
Barista Acquisition II LLC, O&M Halyard Inc., and Byram Healthcare
Center Inc.) and the term loan B will guaranteed by parent Owens &
Minor Inc. (OMI) The company will use the proceeds from the term
loan, along with the anticipated proceeds from $500 million of
unsecured debt it will issue at a later date, to fund its
acquisition of Apria Inc. and pay related fees and expenses.

S&P said, "Our rating on Owens & Minor reflects its position as one
of the top three medical distributors in the U.S., as well as its
operation in a consolidated but competitive industry. It also
reflects our expectation that the company's leverage will remain
between 3.5x and 4.5x. We project the acquisition will increase
Owens & Minor's pro forma leverage to about 4x. We believe
management will remain acquisitive as it works to close the gap
between it and its larger competitors."



R.R. DONNELLEY: S&P Rates $1,032MM Unsec. Holdco PIK Notes 'CCC+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating and '6'
recovery rating to R.R. Donnelley & Sons Co.'s $1,032 million
unsecured holdco payment-in-kind (PIK) notes due October 2031. The
'6' recovery rating indicates its expectation for negligible
recovery (0%-10%; rounded estimate: 0%) in the event of a default.
S&P's issue-level rating on the unsecured notes is two notches
below its 'B' issuer credit rating on R.R. Donnelley. The
instrument will be issued at a new parent entity Chatham Delta
Parent, Inc.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates a default
occurring in 2025 stemming from an economic downturn and ongoing
pricing pressure due to overcapacity in the commercial printing
industry.

-- R.R. Donnelley is the borrower under the senior secured
asset-based lending (ABL) facility due 2026 and the senior secured
term loan due 2026. It is also the issuer of the senior notes with
maturities from 2022-2031.

-- The company's domestic wholly owned subsidiaries (other than
its immaterial subsidiaries) guarantee the ABL, the $750 million
term loan, and the $203 million of outstanding 6.125% senior
secured notes due 2026.

-- The term loan and senior secured notes have a second-lien on
the ABL collateral. The obligations outstanding under the senior
secured term loan and senior notes are secured by the guarantors'
assets (subject to exclusions) and a 65% pledge of the capital
stock of its first-tier foreign subsidiaries.

-- The senior unsecured notes do not benefit from subsidiary
guarantees and limit liens on principal property (generally defined
as U.S. manufacturing facilities with a gross book value over 1% of
consolidated net tangible assets).

--- The $1,032 million unsecured holdco PIK notes are structurally
subordinated to all of the company's existing indebtedness.

-- In S&P's analysis, it assumes entities that guarantee the
senior secured credit facilities represent about 60% of the
company's net emergence value while its foreign non-guarantor
entities and unpledged assets represent about 40%.

Simulated default assumptions

-- Year of default: 2025
-- EBITDA at emergence: About $202 million
-- Implied enterprise value (EV) multiple: 5x
-- ABL credit facility is about 60% drawn at default

Simplified waterfall

-- Net enterprise value (after bankruptcy administrative costs):
About $960 million

-- Value available to ABL facility: $828 million

-- Secured ABL facility claims: About $400 million

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available to term loan claims: $430 million

-- Senior secured debt claims: About $960 million

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

-- Value available to senior unsecured claims: $135 million

-- Senior notes and pari passu deficiency claims: About $704
million

    --Recovery expectations: 10%-30% (rounded estimate: 15%)

-- Value available to subordinated debt: $0 million

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



RESOLUTE FOREST: S&P Alters Outlook to Pos., Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Resolute Forest Products
Inc. to positive from stable and affirmed all of its ratings on the
company, including the 'B+' long-term issuer credit rating.

The positive outlook primarily reflects the potential that Resolute
can generate an adjusted debt-to-EBITDA ratio in the 3x area in
2022 and exhibit lower prospective volatility in its credit
measures.

Resolute materially improved its credit measures and balance sheet
over the past year and is on track to generate positive free cash
flow in 2022. The company's operating results in 2021 were well
above our previous expectations, notably led by the sharp increase
in lumber prices that reached historical peak levels earlier in the
year. Higher earnings underpinned the improvement in adjusted debt
to EBITDA (leverage) to below 2x last year compared with our
previous estimate in the mid-5x area. In addition, lower adjusted
debt --notably from an unexpected decline in the company's pension
deficit--was also a key contributor to much improved credit ratios.
S&P estimates Resolute will generate leverage in the 3x area this
year, which would represent a second consecutive year of leverage
it views as strong for the rating.

S&P said, "Resolute strengthened its financial risk profile, and we
believe there are greater prospects for the company to maintain
leverage below 5x on a sustained basis, which is a key requirement
for an upgrade. The improvement in its gross debt was a notable
positive development, led by an approximate US$400 million
reduction in its pension deficit (accounting basis). We believe
Resolute's pension liabilities, which account for over 60% of
estimated adjusted debt, could further decline from ongoing
contributions and a potentially higher discount rate this year.
Lower total debt should reduce the future volatility of its credit
measures, which have exhibited significant year-over-year
fluctuations in the past. The company is on track to increase
lumber shipments following its Conifex acquisition, and we expect
its wood products segment will continue to account for the largest
share of Resolute's earnings.

"We expect lumber fundamentals will have the greatest impact on
Resolute's credit profile. Over the past several years, Resolute
has pivoted its business toward a growing share of wood products
and away from paper, which underpinned the significant improvement
in operating results last year. We assume average lumber prices
will decline from very strong levels over the next couple of years
but remain above historical trend. Steady demand for
wood-constructed homes (as people continue to relocate to the
suburbs from big cities) and an aging housing stock should support
generally stable and favorable housing starts. We also believe
repair and remodel activity should remain solid (as older homes are
renovated) over the next two years, although below levels witnessed
during the COVID-19 pandemic. In our view, these factors should
provide a degree of downside support to prices that are likely to
come under pressure from added supply. That said, there is inherent
volatility in this business, and prices can dramatically swing
throughout a given year.

"We estimate that Resolute will realize an average sales price in
its wood products segment in the mid-US$500 per thousand board feet
(mfbm) area over the next two years. Our assumptions represent a
significant correction from a little more than US$800/mfbm in 2021
linked to lower lumber prices. We believe realized prices will be
sufficient to facilitate positive free cash flow generation for the
company. We also expect generally stable pulp and paper earnings
through next year, although margins from these businesses are also
prone to material change. Based mainly on these assumptions, we
estimate the company's leverage in the 3x area in 2022 and the
mid-4x area in 2023.

"Potential future margin pressure and acquisitions are key risk
factors. Notwithstanding the recent and anticipated strength in
Resolute's credit measures, we believe it is too early to conclude
that the company will generate leverage below 5x on sustained
basis. The recent reduction in gross debt should help, but our
earnings and cash flow estimates are highly sensitive to small
changes in our price and unit costs assumptions. Resolute's
operating results will remain highly dependent on the company's
wood products business, which accounted for most of its earnings in
2021. In addition, pulp earnings have historically been volatile
and the structural decline in paper demand will likely continue.
Lastly, we no longer expect meaningful contributions from the
company's tissue segment and Resolute is exploring strategic
options for this business.

"We believe our estimates are sufficiently conservative in 2022 and
2023 but relatively modest changes in historically volatile lumber
prices can have a significant impact on Resolute's EBITDA and
leverage. For example, an average realized price 10% below our
assumptions in 2022 or 2023 (about US$50/mfbm) in its wood products
segment results in estimate leverage above 5x (all else being
equal). Moreover, we have assumed a modest increase in unit costs
over the next couple of years, but further inflationary headwinds
are a notable risk to earnings and cash flow.

"The company is expected to remain acquisitive, and this could add
further pressure to leverage. Future investments are likely to
increase Resolute's wood products exposure and potentially enhance
the company's business mix. We assume the company will remain
judicious with future purchases as we believe it is committed to
conservative leverage through a business cycle. However, the
incurrence of debt amid unexpected weakness in Resolute's core
product end markets could limit the company's ability to sustain
credit measures that we view as strong for the current rating
beyond this year.

"The positive outlook primarily reflects the potential that
Resolute can generate an adjusted debt-to-EBITDA ratio in the 3x
area in 2022, even if average lumber prices materially decline this
year. The company's cash flow sharply improved last year mainly due
to peak lumber market conditions, and its adjusted debt levels are
much lower than in the past. However, we expect Resolute's
prospective cash flow and credit measures will remain highly
sensitive to commodity price and unit cost pressure.

"We could raise the ratings if, over the next 12 months, the
company delivers on our base-case leverage of about 3x in 2022, and
we expect this ratio will remain in the 4x area in 2023. In this
scenario, we would expect average lumber prices to decline about in
line with our assumptions, with no material increase in unit costs.
We would also expect generally steady cash flow contributions from
its pulp and paper segments that keep EBITDA above previous cycle
lows. In our view, sustained balance-sheet strength mainly from
relatively stable adjusted debt could reduce the volatility of
credit measures and the pressure on liquidity that the company has
exhibited during previous cycle troughs.

"We could revise the outlook to stable if, over the next 12 months,
Resolute's adjusted debt to EBITDA were to increase to the 4x area,
with reduced prospects for this ratio to remain below 5x in 2023.
We believe this could occur if realized lumber, pulp, or paper
prices decline below our estimates, or from rising costs that
meaningfully weaken forecast margins. In this scenario, we believe
Resolute could also generate negative free cash flow, thereby
increasing debt and the risk of sustainably higher leverage related
to potential acquisitions."

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

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of Resolute. The majority of the
diversified forest products producer's pulp and paper operations
are highly energy, water, and chemical intensive. As a result, the
production of these commodities adds exposure to waste treatment
costs and emissions, about in line with the broader pulp and paper
industry. However, Resolute's wood products business (lumber)
generates low waste and emissions. In addition, the company
internally generates energy (satisfying 100% of steam requirements
at all pulp, paper, and tissue mills) and has very high rates of
recycled water used for papermaking that mitigates environment risk
exposure.



ROBERT WEAVER: Taps Law Offices of Charles N. Kendall as Counsel
----------------------------------------------------------------
Robert Weaver LLC seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to hire the Law Offices of Charles N.
Kendall, Jr., PLLC to serve as legal counsel in its Chapter 11
case.

The firm's services include:

     (a) analyzing the Debtor's financial situation and rendering
advice to the Debtor in determining a course of action necessary to
reorganize effectively, subject to court approval;

     (b) preparing and filing the Debtor's statement of financial
affairs, schedule of assets and liabilities, and plan of
reorganization;

     (c) representing the Debtor at the meeting of creditors and
plan confirmation hearing;

     (d) representing the Debtor in adversary cases, contested
matters and other court proceedings;

     (e) negotiating with the Debtor's creditors and other
parties-in-interest;

     (f) preparing pleadings and other documents related to, among
other things, real estate lease and sales of assets; and

     (g) making other representation as necessary, exclusive of
tax-related matters.

The firm's hourly rates are as follows:

     Charles N. Kendall, Jr., Esq.           $250 per hour  
     Paralegals or other legal assistants    $65 per hour

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

The firm can be reached at:

     Charles N. Kendall, Jr., Esq.
     Law Offices of Charles N. Kendall, Jr., PLLC
     Suite 400, 6000 Poplar Avenue
     Memphis, TN 38119
     Tel: 901-525-1322
     Fax: 901-525-2389
     Email: mcoury@glankler.com

                        About Robert Weaver

Robert Weaver, LLC filed a petition for Chapter 11 protection
(Bankr. D. Ariz. Case No. 22-00807) on Feb. 9, 2022, listing as
much as $500,000 in both assets and liabilities. Bruce Kuehline,
manager, signed the petition.

The Debtor tapped the Law Office of Charles N. Kendall as legal
counsel.


ROCKALL ENERGY: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Rockall Energy Holdings, LLC
             5005 Lyndon B. Johnson Freeway
             Suite 700
             Dallas, TX 75244

Business Description:     Rockall Energy Holdings, LLC, together
                          with the other Debtors, is a privately
                          held energy company, headquartered in
                          Dallas, Texas.  The Debtors are
                          primarily engaged in oil and natural gas
                          exploration and production, with over
                          100,000 net acres located in the
                          Williston Basin in North Dakota and the
                          Salt Basin plays in Louisiana and
                          Mississippi.  The Debtors also own
                          assets in Mississippi that they believe
                          would be well-suited to develop a carbon
                          capture utilization and storage
                          business, including enhanced oil
                          recovery and CO2 sequestration.

Chapter 11 Petition Date: March 9, 2022

Court: United States Bankruptcy Court
       Northern District of Texas

Sixteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                          Case No.
     ------                                          --------
     Rockall Energy Holdings, LLC (Lead Case)        22-90000
     Arrow Rock Energy, LLC                          22-90001
     Petro Harvester Operating Company, LLC          22-90002
     Rockall Agent Corporation                       22-90003
     Rockall Energy, LLC                             22-90004
     Rockall EOR, LLC                                22-90005
     Rockall Exploration Company, LLC                22-90006
     Rockall Intermediate, Inc.                      22-90007
     Rockall LA, LLC                                 22-90008
     Rockall Laurel, LLC                             22-90009
     Rockall Midstream, LLC                          22-90010
     Rockall MS, LLC                                 22-90011
     Rockall ND, LLC                                 22-90012
     Rockall Pine Prairie, LLC                       22-90013
     White Marlin Investment Company, LLC            22-90014
     White Marlin Midstream, LLC                     22-90015

Judge: Hon. Mark X. Mullin

Debtors' Counsel:     Michael A. Garza, Esq.
                      Matthew J. Pyeatt, Esq.
                      Trevor G. Spears, Esq.
                      VINSON & ELKINS LLP
                      2001 Ross Avenue, Suite 3900
                      Dallas, TX 75201
                      Tel: 214.220.7700
                      Fax: 214.999.7787
                      Email: mgarza@velaw.com;
                             mpyeatt@velaw.com;
                             tspears@velaw.com        

                         - and -

                      David S. Meyer, Esq.
                      George R. Howard, Esq.
                      Lauren R. Kanzer, Esq.
                      VINSON & ELKINS LLP
                      1114 Avenue of the Americas, 32nd Floor
                      New York, NY 10036
                      Tel: 212.237.0000
                      Fax: 212.237.0100
                      Email: dmeyer@velaw.com;
                             ghoward@velaw.com;
                             lkanzer@velaw.com

Debtors'
Investment
Banker:                LAZARD FRERES & CO., LLC

Debtors'
Restructuring
Advisor:               ANKURA CONSULTING GROUP, LLC

Debtors'
Notice,
Claims &
Solicitation
Agent:                 STRETTO, INC.

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by David Mirkin as chief financial
officer.

A full-text copy of Rockall Energy Holdings' petition is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/IY6NPGI/Rockall_Energy_Holdings_LLC__txnbke-22-90000__0001.0.pdf?mcid=tGE4TAMA

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. WBI Energy Corrosion Services      Contract        Undetermined
Attn: Mark Anderson
1250 West Century Ave
Bismarck, ND 58503, US
Tel: 701-530-1623
Email: mark.anderson@WBIEnergy.com

2. Steel Reef Burke, LLC                Trade           $1,032,906
Attn: Scott Southward/Adam Voss
333 7th Avenue SW, Suite 1200
Calgary, AB T2P 2Z1, CA
Tel: 403-263-833
Email: scott.southward@steelreef.ca

3. Baker Hughes Oilfield                Trade             $830,414
Operations, LLC
Attn: Ron Davis
2929 Allen Parkway, Suite 2100
Houston, TX 77019, US
Tel: 713-439-8600
Email: Ron.Davis@bakerhughes.com

4. W. C. Schmitz                       Suspense           $738,967
ATTN: W. C. Schmitz
P.O. Box 12019
Austin, TX 78711, US

5. Talco Petroleum, LLC                Settlement         $612,973
Attn: Nigel E. Solida                  Agreement
1415 Louisiana St.
Houston, TX 77002, US
Tel: 620-314-8780
Email: nes@talcopetro.com

6. ExxonMobil Corporation            Joint Interest       $486,104
Attn: Mary Hayes                    Billing/Royalty
PO Box 840791
Dallas, TX 75284, US
Tel: 817-885-3291
Email: Mary_Hayes@xtoenergy.Com

7. Daryl G. Peterson and               Litigation         $483,000
Christine Peterson                     Settlement
Attn: Daryl Peterson/
Christine Peterson
2610 100th Street NW
Antler, ND 58711, US
Tel: 701-756-6275
Email: christinepeterson68@gmail.com

8. Halliburton Energy Service, Inc.       Trade           $341,962
Attn: Terry Smith
PO Box 42806
Houston, TX 77072, US
Tel: 972-418-3206

9. Verde Services, LLC                    Trade           $341,740
Attn: Audrey J Phillips
P.O. Box 144
Laurel, MS 39441, US
Tel: 601-425-9684
Email: audrey.phillips@verdeservices.net

10. Robert W Salsman Jr.                Suspense          $318,711
Attn: Robert W Salsman Jr
209 Londonderry Square
Lafayette, LA 70508, US

11. V. A. Sauls Inc.                      Trade           $316,294
P.O. Box 299
Heidleberg, MS 39439, US
Tel: 601-787-4321

12. International Oil &                 Suspense          $307,520

Gas Corporation
P.O. Box 2165
Spring, TX 77383, US

13. Steel Reef Pipelines                 Trade            $305,641
Canada Corporation
Attn: Scott Southward/Adam Voss
333 7th Avenue SW, Suite 1200
Calgary, AB T2P 2Z1, CA
Tel: 403-263-833
Email: scott.southward@steelreef.ca

14. Basin Service Company                Trade            $302,895
Attn: Allen Boettcher
P.O. Box 397
Westhope, ND 58793, US
Tel: 701-245-6479
Email: basinservice@srt.com

15. J-W Power Company                    Trade            $280,809
Attn: John Daniels
15505 Wright Brothers Drive
Addison, TX 75001, US
Tel: 972-233-8191
Email: contracts@jwenergy.com

16. Lillian B Harmon                   Suspense           $277,012

17. ND&T Services, Inc.                  Trade            $260,452
Attn: Randi Jung
PO Box 756
Mohall, ND 58761, US
Tel: 701-263-5360
Email: rathole@art.com

18. Prosper Operators, Inc.              Trade            $241,915
Attn: Charles Abshire
P.O. Box 52134
Lafayette, LA 70505, US
Tel: 337-267-7440
Email: cabshire@prosperoperators.com

19. Frances W Pick Trust                Suspense          $222,803
Attn: JPM Chase Bank, NA Co-Trustee
P.O. Box 99084
Fort Worth, TX 76199, US

20. Archrock Partners                     Trade           $214,082
Operating, LLC
9807 Katy Freeway, Suite 100
Houston, TX 77024, US
Tel: 281-836-8000


ROCKALL ENERGY: In Chapter 11 for Sale or Debt-for-Equity Plan
--------------------------------------------------------------
Rockall Energy Holdings sought Chapter 11 plan with a prepackaged
plan that provides for a sale of the business.  If no buyer
emerges, the secured term lenders will take control of the company
as part of a debt-for-equity plan.

Rockall is a multi-faceted oil and gas company with an E&P business
currently operating in over 100,000 net acres split between the
Williston Basin in North Dakota in the north and the Salt Basin
plays in Mississippi and Louisiana in the south.  The Company's E&P
segment produces approximately 5,608 BOE/D across its nearly 300
active wells.  The Company also has oil and gas assets in the
Pickens Field in Central Mississippi that could be used as a
development site for carbon capture, utilization and storage
("CCUS") operation.

As of the Petition Date, the Company's secured debt obligations
total $150 million, consisting primarily of obligations under the
term loan credit agreement and the Shell master agreement.  The
Company's primary secured creditors are the term loan lenders (owed
$104 million) and Shell Trading Risk Management, LLC ($46 million
in hedge claims).

The Company estimates that general unsecured claims that could be
asserted against it total $27.6 million, which includes $16 million
in royalty suspense obligations, and the balance consisting mainly
of trade claims related to the Company's E&P operations.

                          Sale Process

In consultation with the term loan agent and its advisors, the
Company began exploring an out-of-court process to sell some or all
of the Company's assets in September 2021.  During the marketing
phase, the Company and advisors targeted over 150 strategic and/or
financial parties, resulting in 28 parties executing NDAs and
accessing the data room.  Of these 28 parties, six submitted
initial indications of interest, which are non-binding proposals
that a potential buyer submits to the Company. The out-of-court
sales process ultimately generated less interest than the Company
anticipated and did not result in acceptable bids.  The Company
decided not to pursue the out-of-court sales process any further.

The Company engaged Lazard Freres & Co. LLC as investment banker,
Ankura Consulting Group, LLC as restructuring advisor, and Vinson &
Elkins LLP as restructuring counsel in November and December 2021
in connection with the Company's exploration of liability
management transactions.  In conjunction with hiring the Advisors,
the Company also appointed Ankura Consulting Group, LLC's Scott
Pinsonnault as its Chief Restructuring Officer in January 2022.

At the same time, the Term Loan Lenders and Term Loan Agent
retained Cleary Gottlieb Steen & Hamilton LLP, as legal advisor,
and Houlihan Lokey, Inc., as financial advisor.

In late 2021, together with its Advisors, the Company began
analyzing holistic in-court and out-of-court solutions that would
address the Company's capital structure and funded debt
obligations, in addition to its operational and liquidity issues.
Given that the Term Loan Lenders held the largest secured claims,
secured by substantially all of the Company's assets, and had been
constructively working with the Company on a series of forbearances
and waivers since summer of 2020, the Company and its Advisors
recognized the need to find a restructuring solution that the Term
Loan Lenders and Term Loan Agent supported.

In February, after significant, arms'-length negotiations, the
Company and the Term Loan Agent reached an agreement in principle
regarding the terms of a plan sale and began working on the
Restructuring Support Agreement.  Soon thereafter, Shell entered
into discussions with the Term Loan Lenders and the Company.

While these negotiations were ongoing, Rockall appointed an
independent director who has significant restructuring experience,
William Transier, to its board.  The Company is not aware of, and
does not believe there are, colorable causes of action held by the
Company, other than those claims arising on account of outstanding
tax liabilities arising under a contribution agreement between the
Company and Krewe Energy, LLC.  Out of an abundance of caution,
Rockall's Board of Directors authorized Mr. Transier to conduct an
investigation of claims and estate causes of action of the Company,
including those that are proposed to be released under the Plan
against the released parties (as defined in the Plan). Part of this
delegation authorized Mr. Transier to select his own counsel to
assist in this effort, and Mr. Transier engaged Weil, Gotshal &
Manges LLP in late February 2022 to assist him with the
investigation.

The results of the investigation are not a condition precedent to
confirmation or the effective date of the Plan, but could impact
the releases under the Plan.  To the extent that Mr. Transier
concludes that the Company holds colorable causes of action against
any of the Released Parties that are worthwhile to pursue, such
causes of action may be identified in the Plan Supplement and
retained by the Liquidating Trust or Reorganized Debtors.  Mr.
Transier anticipates he will complete his investigation within 45
days after the Petition Date.

             Restructuring Support Agreement and Plan

After extensive, arm's-length negotiations, the Company, the Term
Loan Lenders, the Term Loan Agent, and Shell agreed on the terms of
a consensual in-court sale process, with a backup alternative
equitization, and entered into the Restructuring Support Agreement
on March 9, 2022.

Pursuant to the Restructuring Support Agreement, the Company and
the Secured Parties agreed to a comprehensive sale process to be
implemented in accordance with a joint prepackaged chapter 11 plan
for the Debtors.  Certain key elements of the Restructuring
Support
Agreement and Plan include:

   * the Company agrees to run a value-maximizing Sales Process
and, if a Payout Event occurs, the Company will sell any portions
of its assets in a sale consummated via the Plan;

   * the Consenting Creditors (as defined in the Plan) agree to
vote in favor of the Plan and, if no Payout Event (as defined in
the Plan) occurs, the Secured Parties Claims would convert to
equity in the Reorganized Debtors (or potentially be partially
satisfied in cash if a sale of less than all assets occurs);

   * as part of the Sales Process, the Company will seek rejection
of the Steel Reef Contracts to enable a competitive and robust
Sales Process that maximizes the potential value of the Company's
assets;

   * the DIP Lenders agree to provide the Company with a senior
secured superpriority credit facility in an aggregate principal
amount of at least $17 million of new money term loans, of which $5
million shall be available on an interim basis and the remaining
$12 million shall be available on a final basis;

   * the Holders of General Unsecured Claims and Rockall Equity
Interests (each as defined in the Plan) shall not receive any
distribution unless all senior Claims are paid in full or otherwise
treated as Unimpaired as a result of the Sales Process; and

   * the Company and the Consenting Creditors agree that,
notwithstanding anything in the Restructuring Support Agreement,
the Company and the Term Loan Lenders may terminate the
Restructuring Support Agreement in certain circumstances,
including, with respect to the Company, to the extent necessary to
comply with their fiduciary duties under applicable law.

                  About Rockall Energy Holdings

Rockall Energy Holdings is a mid-sized oil exploration and
production company.

Rockall Energy and its affiliates sought Chapter 11 bankruptcy
protection (Bank. N.D. Tex. Lead Case No. 22-90000) on March 9,
2022.

In the petition filed by David Mirkin, as chief financial offer,
Rockall Energy Holdings estimated assets and debt between $100
million and $500 million.

The cases are handled by Honorable Judge Mark X. Mullin.

The Debtors tapped VINSON & ELKINS LLP as counsel; LAZARD FRERES &
CO., LLC as investment banker; and ANKURA CONSULTING GROUP, LLC, as
restructuring advisor.  STRETTO, INC., is the claims agent.


RUSSELL INVESTMENTS: S&P Alters Outlook to Stable, Affirms BB- ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Russell Investments
Cayman Midco Ltd. to stable from negative and affirmed its 'BB-'
issuer credit and first-lien term loan ratings. The recovery rating
on the first-lien term loan remains '4', indicating its expectation
for an average (40%) recovery in our simulated default scenario.

S&P said, "The outlook revision is based on our expectation that
Russell will operate with leverage of 4.0x-5.0x over the next 12
months. The company issued a $275 million incremental term loan in
April 2021 to fund a $403 million distribution to its sponsors. As
a result, leverage increased in 2021, though earnings growth
exceeded our expectations and ultimately supported the higher debt
level. We do not expect the company to issue dividends in the next
12 months."

The company's investment performance has improved--80% of funds
beat their benchmarks gross of fees on a trailing-12-month basis as
of year-end 2021, compared with 48% as of year-end 2020. Net
outflows decreased in 2021 to $5.2 billion versus $18.5 billion the
previous year.

Continued improvements in investment performance could further
improve net flows. Additionally, Russell's partnership with
Hamilton Lane offers additional alternative investing services to
institutional clients, which could lead to improving net flows.

S&P said, "The stable outlook reflects our expectation that
Russell's leverage will remain 4.0x-5.0x in the next 12 months.

"We could lower the ratings if leverage increases above 5x owing to
further debt issuance, declining earnings, or declining assets
under management (AUM).

"We do not anticipate raising the ratings in the next 12 months. We
could raise the rating over the longer term if the company operates
with leverage below 3x on a sustained basis.

"Our recovery analysis includes the company's $1.271 billion
first-lien term loan B due May 2025 and assumes 85% usage of the
$50 million secured revolving credit facility signed in conjunction
with the term loan.

"We apply a 5.0x multiple for all asset managers because we believe
this represents an average multiple for asset managers emerging
from a default.

"Our simulated default scenario includes poor investment
performance or market depreciation, leading to a substantial
outflow of AUM, and a reduction in EBITDA sufficient to trigger a
payment default.

-- Emergence EBITDA: $121 million
-- Multiple: 5.0x
-- Gross recovery value: $606 million
--Net recovery value for waterfall after administrative expenses  
(5%) (and pensions, if applicable): $575 million
-- Obligor/nonobligor valuation split: 100%/0%
-- Estimated priority claims (ABL or other): None
-- Remaining recovery value: $575 million
-- Estimated first-lien claim: $1.30 billion
-- Value available for first-lien claim: $575 million
-- Recovery range: 40%

All debt amounts include six months of prepetition interest.



SALAD & CO: Bid to Use Cash Collateral Denied
---------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Miami Division, has denied as moot the Motion to Authorize Use of
Cash Collateral filed by Salad & Co. LLC as the Debtor has agreed
that it is not using any cash collateral belonging to the lenders
Armando Gutierrez, Jr., Victor Bao, and Miami Cake Lounge, LLC.

The Court held that any rent collected by the Debtor from its
tenants will be paid to Michael A. Frank, Trust Account, in the
amount of the rental payment, plus state sales tax. Immediately
upon receipt of cleared funds, the Debtor will send to the lender's
attorney, Pichardo Law Group Trust Account, the amount of rent,
less the sales tax, presently in the amount of $230.

Upon any new lease to be entered into between the tenant, Cake
Lounge Miami, LLC or any future tenant, as approved by the Court,
the payments will be made payable to Michael A. Frank's trust
account.

The Debtor is allowed to recover from lenders Armando Gutierrez,
Jr., and Victor Bao, the amount of $691.08, (691.08 ÷ 3= $230.36,
(per month) from the next rental payment received, which represents
the Florida and Local sales tax in the amount of 6.5% from the
months of December 2021, January 2022 and February 2022. These
funds will be paid by the Lenders, made payable to Salad & Co.,
LLC, and sent to:

     Michael A. Frank, Esq.
     Law Offices of Frank & De La Guardia
     10 Northwest LeJeune Road, Suite 620
     Miami, FL 33126
     Telephone: (305) 443-4217
     Facsimile: (305) 443-3219
     E-mail: Pleadings@bkclawmiami.com

A copy of the order is available at https://bit.ly/37kqqZN from
PacerMonitor.com.

                      About Salad & Co. Inc.

Salad & Co. Inc. is a single asset real estate debtor (as defined
in 11 U.S.C. Section 101(51B)).  It owns an investment property
located at 1245 SW 22 St Miami, Fla., valued at $630,000.

Salad & Co. filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-21629) on
Oct. 13, 2021, listing $630,000 in assets and $1,262,353 in
liabilities.  

Judge Laurel M. Isicoff oversees the case.

Michael A. Frank, Esq., at the Law Offices of Frank & De La Guardia
serves as the Debtor's legal counsel.



SANUWAVE HEALTH: Inks Second Amendment to NH Expansion Agreement
----------------------------------------------------------------
SANUWAVE Health, Inc. entered into a Second Amendment to Note and
Warrant Purchase and Security Agreement, which amends that certain
Note and Warrant Purchase and Security Agreement, dated as of Aug.
6, 2020, with the noteholder party thereto and NH Expansion Credit
Fund Holdings LP, as agent.  

The Amendment provides for (i) the sale and purchase of incremental
secured notes in an aggregate original principal amount of
$3,000,000, (ii) the issuance of 20,666,993 shares of Common Stock
as advisory shares and (iii) the amendment and restatement of the
existing warrant issued to the noteholder party to the NWPSA to
permit such warrant to be exercisable for an additional 2.0% of the
fully-diluted Common Stock of the Company as of the amendment
effective date.  The warrant has an exercise price of $0.18 per
share and a 10 year term from Aug. 6, 2020.

The principal amount outstanding on the Notes will accrue interest
at the per annum rate applicable to the existing notes issued under
the NWPSA, which equals the sum of (A) the greater of (x) the Prime
Rate (as defined in the NWPSA) in effect as of each interest
payment date, and (y) 3.00%, plus (B) 9.00%.  All unpaid principal
and accrued interest with respect to the Notes are due and payable
in full on Sept. 30, 2025.  In addition, interest at a per annum
rate equal to 3.00% shall be paid in kind.  The Notes are secured
by substantially all of the assets of the Company, SANUWAVE, Inc.,
a Delaware corporation, and their respective domestic subsidiary
guarantors.

The NWPSA contains customary representations, warranties, events of
default and covenants, including limitations on incurrences of
indebtedness and liens, dispositions, distributions, investments,
mergers and a minimum liquidity covenant.

                       About SANUWAVE Health

Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is a shock wave
technology company using a patented system of noninvasive,
high-energy, acoustic shock waves for regenerative medicine and
other applications.  The Company's initial focus is regenerative
medicine utilizing noninvasive, acoustic shock waves to produce a
biological response resulting in the body healing itself through
the repair and regeneration of tissue, musculoskeletal, and
vascular structures.

SANUWAVE reported a net loss of $30.94 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.43 million for the
year ended Dec. 31, 2019.  As of June 30, 2021, the Company had
$19.74 million in total assets, $44.99 million in total
liabilities, and a total stockholders' deficit of $25.25 million.

New York, NY-based Marcum LLP, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated Oct. 21,
2021, citing that the Company has violated its debt covenants,
incurred significant losses and needs to raise additional funds to
meet its obligations and sustain its operations.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.


SCIENTIFIC GAMES: Registers Additional 3.5M Shares Under 2003 Plan
------------------------------------------------------------------
Scientific Games Corporation filed a Form S-8 registration
statement with the Securities and Exchange Commission for the
purpose of registering 3,500,000 additional shares of common stock
of the Company that may be issued under the Amended and Restated
2003 Incentive Compensation Plan.  A full-text copy of the
prospectus is available for free at:

https://www.sec.gov/Archives/edgar/data/750004/000095015722000212/form-s8.htm

                       About Scientific Games

Based in Las Vegas, Nevada, Scientific Games Corporation
(NASDAQ:SGMS) -- http://www.scientificgames.com-- is a developer  
of technology-based products and services and associated content
for the worldwide gaming, lottery, social and digital gaming
industries.  Its portfolio of revenue-generating activities
primarily includes supplying gaming machines and game content,
casino-management systems and table game products and services to
licensed gaming entities; providing instant and draw-based lottery
products, lottery systems and lottery content and services to
lottery operators; providing social casino solutions to retail
consumers and regulated gaming entities, as applicable; and
providing a comprehensive suite of digital RMG and sports wagering
solutions, distribution platforms, content, products and services.

Scientific Games reported net income of $390 million for the year
ended Dec. 31, 2021, a net loss of $548 million for the year
ended Dec. 31, 2020, a net loss of $118 million for the year ended
Dec. 31, 2019, and a net loss of $352 million for the year ended
Dec. 31, 2018.  As of Dec. 31, 2021, the Company had $7.88 billion
in total assets, $9.99 billion in total liabilities, and a total
shareholders' deficit of $2.11 billion.


SHELL LLC: Case Summary & Eight Unsecured Creditors
---------------------------------------------------
Debtor: Shell LLC
        837 Chesapeake Dr
        Unit B
        Cambridge, MD 21613-9401

Business Description: Shell LLC offers a fully integrated system
                      for oyster production.

Chapter 11 Petition Date: March 10, 2022

Court: United States Bankruptcy Court
       District of Maryland

Case No.: 22-11252

Debtor's Counsel: Daniel Staeven, Esq.
                  FROST LAW
                  839 Bestgate Rd. Ste. 400
                  Annapolis, MD 21401
                  Tel: (410) 497-5947
                  Email: daniel.staeven@frosttaxlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by William R. Fitzhugh, Jr. as manager.

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

https://www.pacermonitor.com/view/WNQJ4LI/Shell_LLC__mdbke-22-11252__0001.0.pdf?mcid=tGE4TAMA


STATERA BIOPHARMA: Revises Preliminary 2021 Financial Results
-------------------------------------------------------------
Statera Biopharma, Inc. released its revised unaudited, preliminary
financial results for fiscal year ended Dec. 31, 2021.

   * Revenues for the year ended Dec. 31, 2021 were $1,487,036
representing an increase of 100%, from $0 for the same period in
2020.  The increase in revenues was due to the acquisition of
ImQuest Life Sciences, Inc. and its subsidiaries (ImQuest) in June
2021 by Old Cytocom.  ImQuest is a research and development company
focused specifically on cancer, inflammation and infectious disease
treatments.  The Company reported no revenue in 2020.

   * Cost of revenues for the year ended Dec. 31, 2021 was
$488,314, representing an increase 100% for the same period in
2020.  The increase was due to the acquisition of ImQuest.  Cost of
revenues as a percentage of revenue was 33% for the year ended Dec.
31, 2021.

   * Operating costs for the year ended Dec. 31, 2021 were
$31,587,009, representing an increase of $20,086,619, or 191%, from
$10,501,668 for the 2020.  The increase in operating costs was
principally due to increases in research and development expense
(an increase of $6,566,403 or 125% year over year) and general and
administrative expense (an increase of $14,441,905 or 276% year
over year).  The increase in research and development expense was
the result of increased costs for the expansion in 2021 of clinical
trial programs for Crohn's disease and COVID-19.  The increase in
general and administrative expense reflects the costs incurred for
the Merger and Old Cytocom's acquisition of ImQuest, legal and
other fees incurred to raise additional capital in 2021, increases
in employee compensation, benefits and stock based compensation,
and insurance expense.

   * Other expense for the year ended Dec. 31, 2021 was
$68,667,633, representing an increase of $67,075,440, or 728%, from
other expense of $1,592,193 for the same period in 2020.  The
change is primarily due to the Company's expectation that it will
fully impair the goodwill it recorded after it allocated the total
purchase price paid for Cleveland BioLabs, Inc. to tangible and
identifiable intangible assets acquired and liabilities assumed on
the basis of their estimated fair values as of the transaction
closing date on July 27, 2021.  Such an impairment would result in
a charge of $64,338,810.  In addition, the Company incurred an
increase of $5,458,954 in interest and other non-operating expense,
offset by an increase of $2,722,324 in gains on extinguishment of
debt.

   * On the basis of the preliminary financial results presented
above, the Company expects to report positive shareholders' equity
as of year-end 2021.

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

https://www.sec.gov/Archives/edgar/data/0001318641/000143774922005570/ex_344678.htm

                           About Statera

Statera Biopharma, Inc. (formerly known as Cytocom, Inc. and
Cleveland Biolabs) is a clinical-stage biopharmaceutical company
developing novel immunotherapies targeting autoimmune,
neutropenia/anemia, emerging viruses and cancers based on a
proprietary platform designed to rebalance the body's immune system
and restore homeostasis.

The Company reported a net loss of $2.44 million for the year ended
Dec. 31, 2020, a net loss of $2.69 million for the year ended Dec.
31, 2019, a net loss of $3.71 million for the year ended Dec. 31,
2018, and a net loss of $9.84 million for the year ended Dec. 31,
2017.  As of Sept. 30, 2021, the Company had $98.04 million in
total assets, $23.84 million in total liabilities, and $74.19
million in total stockholders' equity.


TD HOLDINGS: Gets 180-Day Extension to Regain Nasdaq Compliance
---------------------------------------------------------------
TD Holdings, Inc. received notice from the Listing Qualifications
Department of the NASDAQ Stock Market LLC, indicating that while
the company has not regained compliance with the minimum bid price
requirement, the staff has determined that the company is eligible
for an additional 180 calendar day period, or until Aug. 29, 2022,
to regain compliance.  

The staff indicated that its determination is based on the company
meeting the continued listing requirement for market value of
publicly held shares, and all other applicable requirements for
initial listing on the Nasdaq Capital Market with the exception of
the bid price requirement, and the company's written notice of its
intention to cure the deficiency during the second 180-day
compliance period by effecting a reverse stock split, if
necessary.

TD Holdings previously received a letter from NASDAQ notifying the
company that it was not in compliance with the Nasdaq Listing Rule
5550(a)(2) because the closing bid price for the company's common
stock had closed below $1.00 per share for the previous 30
consecutive business days.  The company was provided an initial
grace period to regain compliance, which ended on Feb. 28, 2022.

If at any time during the second 180-day compliance period the
closing bid price of the company's common stock is at least $1.00
per share for a minimum of 10 consecutive business days, the staff
will provide written confirmation of compliance.

The company will continue to monitor the closing bid price of its
common stock and may, if appropriate, consider implementing
available options, including but not limited to, implementing a
reverse stock split of its outstanding securities, to regain
compliance with the minimum bid price requirement.  If the company
does not regain compliance within the allotted compliance period,
Nasdaq will provide notice that the company's common stock will be
subject to delisting.  The company would then be entitled to appeal
that determination to a Nasdaq hearings panel.  There can be no
assurance that the company will regain compliance with the minimum
bid price requirement during the second 180-day compliance period.

                         About TD Holdings

TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China.  Its commodities trading business primarily involves
purchasing non-ferrous metal product from upstream metal and
mineral suppliers and then selling to downstream customers.  Its
supply chain service business primarily has served as a one-stop
commodity supply chain service and digital intelligence supply
chain platform integrating upstream and downstream enterprises,
warehouses, logistics, information, and futures trading. For more
information, please visit http://ir.tdglg.com.

TD Holdings reported a net loss of $5.95 million for the year ended
Dec. 31, 2020, compared to a net loss of $6.94 million for the year
ended Dec. 31, 2019.  As of June 30, 2021, the Company had $186.59
million in total assets, $37.33 million in total liabilities, and
$149.26 million in total equity.


TECT AEROSPACE: Gets Court Okay to Liquidate in Bankruptcy
----------------------------------------------------------
Alex Wolf of Bloomberg Law reports that TECT Aerospace Group
Holdings Inc., a former Boeing supplier, won court approval to wind
down in bankruptcy following the sale of its manufacturing
facilities and other assets.

Judge Karen B. Owens approved the plan during a hearing Tuesday,
March 8, 2022,in the U.S. Bankruptcy Court for the District of
Delaware. The company filed for Chapter 11 last year in the state
following declines in business caused by the pandemic and
production problems with Boeing's 737 Max aircraft.

While in bankruptcy, the company sold a manufacturing facility in
Washington state to competitor Wipro Givon USA Inc. for $31
million.

                       About TECT Aerospace

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

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

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

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

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

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


TOPAZ SOLAR: Fitch Affirms BB Rating on $1.1-Billion Secured Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Topaz Solar Farms, LLC's (Topaz) $1.100
billion ($777.9 million outstanding) senior secured notes at 'BB'.
The Rating Outlook is Stable.

RATING RATIONALE

The rating of Topaz's notes is constrained by the rating of Pacific
Gas and Electric Company (PG&E), reflecting the risk associated
with revenue payments from the sole PPA counterparty. The credit
profile is otherwise strong, supported by the project's fully
contracted revenue structure, low operating risk, standard project
finance debt structure, and history of strong financial performance
that is projected to continue. Topaz's displays a strong
operational performance and healthy financial metrics, with modest
leverage and strengthening debt service coverage ratios (DSCR).
Metrics are consistent with the 'A' category, but the project
rating is constrained by the offtaker.

KEY RATING DRIVERS

Stable Contracted Revenues - Revenue Risk (Price): Stronger

The fixed-price, 25-year PPA with below investment grade PG&E
(BB/Stable) extends one month beyond debt maturity. This structure
is consistent with a stronger assessment under Fitch's current
criteria. All PG&E's obligations were confirmed under its
post-filing plan as the utility emerged from bankruptcy.

Solid Solar Resource - Revenue Risk (Volume): Midrange

Total generation output in Fitch's rating case is based on a
one-year P90 estimate of electric generation to mitigate the
potential for lower-than-expected solar resources. The PPA provides
reimbursement for curtailment directed by the utility. The project
can meet debt obligations under a one-year P99 generation
scenario.

Proven Technology and Experienced Operator - Operation Risk:
Midrange

Thin-film photovoltaic (PV) technology has a long operating
history, which mitigates plant performance risks. First Solar, as
the plant operator, has a track record of high plant availability.
Long-term agreements support routine and unscheduled maintenance
needs. Fitch's financial analysis incorporates operating cost
increases to mitigate unforeseen events, including the risk of
contractor replacement.

Conventional Debt Structure - Debt Structure: Stronger

The senior-ranking, fully amortizing, fixed-rate debt benefits from
a six-month debt service reserve backed by a letter of credit and
strong 1.20x forward and backward-looking debt service coverage
equity distribution test.

Financial Summary

Under Fitch's base case DSCRs average 2.19x with a minimum of 1.88x
for the period 2022- 2039. Fitch's rating case includes stresses
that increase expenses and reduce energy output, resulting in an
average DSCR of 1.95x with a minimum of 1.70x. In both scenarios,
annual DSCRs generally increase over time, reflecting a profile
supportive of the rating.

PEER GROUP

Fitch privately rates several renewable project financings that
demonstrate rating case DSCRs consistent with a strong investment
grade profile but are constrained to sub-investment grade by the
credit quality of PG&E as the sole revenue counterparty. Publicly
rated Solar Star Funding, LLC (BBB-/Stable) has an average rating
case DSCR of 1.44x and is rated investment grade due to the
relative strength of its sole revenue counterparty, Southern
California Edison Co. (BBB-/Stable).

RATING SENSITIVITIES

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

-- A decline in the credit quality of PPA off-taker, PG&E;

-- A Fitch rating case DSCR profile below around 1.15x.

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

-- An improvement in the credit quality of PPA off-taker, PG&E.

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 UPDATE

Topaz continues to display a very stable operational profile to
date. In 2021, actual output was 9% above the sponsor's P50
forecast and 12% above Fitch's base case. Plant effective
availability was also strong at 99.5% (compared to Fitch's base
case estimate of 97%). The energy lost due to maintenance events
and soiling did not impact operations significantly. PG&E requested
curtailment totaled approximately 27,600 MWh in 2021 or 2% of
generation, up from 7,300 MWh last year. All curtailed generation
is paid for by PG&E as per the terms of the PPA. PG&E does not
disclose why it is curtailing generation, but it does tend to occur
more frequently during shoulder periods when demand is lower.

Cash flow available for debt service (CFADS) decreased from $208.2
million in 2020 to $206.1 million in 2021 despite higher operating
revenue and lower operating costs. This is due to PG&E completing
its reimbursement payments to Topaz for interconnection
construction costs in 2020. Total costs decreased 4% from $13.8
million in 2020 to $13.3 in 2021, coming in under 2021's budget by
nearly 18%.

The ultimate DSCR impact was an increase up to 2.30x compared to
2.15x in 2020, which exceeds Fitch's prior base case scenario of
1.87x and rating case scenario of 1.69x for 2021.

FINANCIAL ANALYSIS

Fitch's base case utilizes the P50 electric generation estimate,
97% availability, 0.9% annual panel degradation, and a 2% energy
output reduction.

Fitch's rating case utilizes the same degradation, output
reduction, and inflation assumptions but further sensitizes
performance using the P90 electric generation estimate and a 10-15%
increase in costs.

The resulting profile produces improved metrics with average DSCR
of 1.95x and a minimum DSCR of 1.70x for the rating case
(previously was 1.93x and 1.69x, respectively) and an average DSCR
2.19x with minimum DSCR of 1.88x for the base case (it was 2.17x
and 1.87, respectively). These metrics are well above the minimum
threshold for investment grade. Moreover, annual DSCR projections
grow over time, providing a greater cushion for debt repayment
during the latter years.

SECURITY

Topaz is a 550-MW AC solar PV facility operating on 4,900
project-owned acres in San Luis Obispo County, California. Topaz
employs PV modules designed and manufactured by First Solar using
commercially proven thin-film cadmium telluride PV cell technology
mounted at a fixed tilt of 25-degrees with no tracking risks.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ratings are constrained by the credit quality of PG&E (BB/Stable),
reflecting the risk associated with revenue payments from the sole
PPA counterparty.

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.


URBAN ONE: Posts $40.7 Million Net Income in 2021
-------------------------------------------------
Urban One, Inc. reported consolidated net income of $40.67 million
on $441.46 million of net revenue for the year ended Dec. 31, 2021,
compared to a consolidated net loss of $6.57 million on $376.34
million of net revenue for the year ended Dec. 31, 2020.

For the three months ended Dec. 31, 2021, the Company reported
consolidated net income of $7.27 million on $130.97 million of net
revenue, compared to consolidated net income of $27.12 million on
$113.54 million of net revenue for the three months ended Dec. 31,
2020.

For the year ended Dec. 31, 2021, the Company reported consolidated
net income of $40.67 million on $441.46 million of net revenue
compared to a consolidated net loss of $6.57 million on $376.34
million of net revenue for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $1.26 billion in total assets,
$989.97 million in total liabilities, $17.02 million in redeemable
noncontrolling interest and $254.12 million in total stockholders'
equity.

Alfred C. Liggins, III, Urban One's CEO and president stated, "We
had another very strong quarter, with revenue exceeding
expectations, allowing us to significantly exceed our previous
Adjusted EBITDA guidance for the year of $140-$145 million.  There
was some noise in the expenses, predominantly related to returning
events, TV programming amortization and annual staff bonuses, all
of which were anticipated and factored into our guidance.  Demand
for our audience remains extremely robust across the platform, and,
excluding political, advertising revenues for the quarter were up
double-digit percentages in all of our operating segments.  Digital
revenues were up 42.9%, and we exceeded $50 million in annual
digital revenue for the first time.  Cable TV revenues were up
43.6% helped by strong upfront demand and higher average unit rates
across both TV One and Cleo.  Looking back at pre-pandemic
revenues, when we aggregate our radio broadcasting, syndication,
events and digital operations, net revenues were up 25% compared to
Q4 2019, and Adjusted EBITDA up 21%.  We expect to continue to
exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this
is supported by first quarter 2022 core radio pacings up low double
digits, and up mid-teens including digital revenues."

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

https://www.sec.gov/Archives/edgar/data/0001041657/000155837022002951/uone-20220303xex99d1.htm

                           About Urban One

Headquartered in Silver Spring, Maryland, Urban One, Inc. (together
with its subsidiaries) -- www.urban1.com -- is a diversified media
company that primarily targets Black Americans and urban consumers
in the United States.  The Company owns TV One, LLC (tvone.tv), a
television network serving more than 59 million households,
offering a broad range of original programming, classic series and
movies designed to entertain, inform and inspire a diverse audience
of adult Black viewers.  As of Dec. 31, 2021, the Company owned
and/or operated 64 independently formatted, revenue producing
broadcast stations (including 54 FM or AM stations, 8 HD stations,
and the 2 low power television stations it operates) branded under
the tradename "Radio One" in 13 urban markets in the United
States.

Urban One reported a consolidated net loss of $6.57 million for the
year ended Dec. 31, 2020 compared to a consolidated net income of
$2.06 million for the year ended Dec. 31, 2019. As of March 31,
2021, the Company had $1.17 billion in total assets, $957.19
million in total liabilities, $12.74 million in redeemable
noncontrolling interests, and $198.83 million in total
stockholders' equity.


VBI VACCINES: Incurs $69.8 Million Net Loss in 2021
---------------------------------------------------
VBI Vaccines Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a net loss of $69.75
million on $631,000 of revenues for the year ended Dec. 31, 2021,
compared to a net loss of $46.23 million on $1.06 million of
revenues for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $210.28 million in total
assets, $32.59 million in total current liabilities, $33.81 million
in total non-current liabilities, and $143.88 million in total
stockholders' equity.

Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated March 7, 2022, citing that the Company has an accumulated
deficit as of Dec. 31, 2021 and cash outflows from operating
activities for the year-ended Dec. 31, 2021 and, as such, will
require significant additional funds to conduct clinical and
non-clinical trials, achieve regulatory approvals, and subject to
such approvals, commercially launch its products.  These factors
raise substantial doubt about its ability to continue as a going
concern.

Annual Note from Jeff Baxter, president and CEO:

"Despite the ongoing impact and disruption of the pandemic, 2021
was a remarkable year for VBI with notable achievements and
advancement across all of our lead programs.  Our fight against
hepatitis B was bolstered by the FDA approval of the only 3-antigen
HBV vaccine for adults in the United States, PreHevbrio, and by its
subsequent inclusion in the list of ACIP-recommended adult HBV
vaccines in February.  On the therapeutic HBV front, VBI-2601
progressed into two Phase 2 studies in chronically infected adults,
including the first clinical study in the field to evaluate the
combination of an HBV vaccine immunotherapeutic candidate and an
siRNA candidate. Hepatitis B remains a persistent public health
problem and an effective solution will require both prevention and
treatment options.

"In preparation for the commercial launch of PreHevbrio in the
U.S., we have partnered with Syneos Health since 2019.  Over the
last 18 months, we have expanded this relationship to build the
leadership team and now also have more than 80 field-based team
members fully dedicated to VBI.  The experience, expertise, and
drive across the team is a true testament to this partnership and
our combined commitment to the fight against HBV.  With the
commercial team ready to go, we look forward to making PreHevbrio
available in the U.S., with an expected commercial launch at the
end of March 2022.

"COVID-19, as well as the collective response to the pandemic,
continues to evolve with ongoing updates to our understanding and
knowledge of the current and potential long-term situation.  We
remain steadfast in our belief that the next-generation of COVID-19
vaccines should not chase variants, but rather add meaningful
clinical benefit by broadening immunity to coronaviruses and
SARS-CoV-2 variants of concern.  The clinical data from the ongoing
study of VBI-2905, our monovalent eVLP candidate targeting the Beta
variant, is expected to further inform our understanding of the
eVLP platform for betacoronaviruses.  We are excited to initiate
the first clinical study of our multivalent, pan-coronavirus eVLP
candidate, VBI-2901, expected mid-year.

"Glioblastoma remains one of the most devastating malignant tumors
with very few treatment options available to patients.  We continue
to be encouraged by the data we have seen to-date in clinical
studies of VBI-1901, our GBM immunotherapeutic candidate, with two
partial tumor responses, one of which remains on protocol past week
100 with a 93% tumor reduction compared to baseline measured at the
beginning of treatment, and seven stable disease observations.  On
the strength of these data, and the substantial unmet need for
effective treatment options, the FDA granted VBI-1901 Fast Track
Designation in the recurrent setting in June 2021.  We are driving
hard to initiate the next stages of clinical development, which are
expected to be two randomized, controlled studies in the recurrent
and the primary GBM settings, increasing our opportunity to help
more patients at each step of the GBM diagnosis.

"We are committed to being part of the fight against these
significant unmet medical and public health needs and the
achievements of 2021 have further strengthened our promise.  We
have already continued this momentum into the early part of 2022,
and we look forward to another transformational year ahead."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/764195/000149315222006140/form10-k.htm

                         About VBI Vaccines

VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease.  Through its innovative approach to
virus-like particles ("VLPs"), including a proprietary enveloped
VLP ("eVLP") platform technology, VBI develops vaccine candidates
that mimic the natural presentation of viruses, designed to elicit
the innate power of the human immune system.  VBI is committed to
targeting and overcoming significant infectious diseases, including
hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as
aggressive cancers including glioblastoma (GBM).  VBI is
headquartered in Cambridge, Massachusetts, with research operations
in Ottawa, Canada, and a research and manufacturing site in
Rehovot, Israel.


WC 511 BARTON: Unsecured Creditors to be Paid in Full in Plan
-------------------------------------------------------------
WC 511 Barton Blvd, LLC, filed with the U.S. Bankruptcy Court for
the Western District of Texas a Disclosure Statement describing
Plan of Reorganization dated March 7, 2022.

The Debtor is a Texas limited liability company and owns one parcel
of real property located at 511 Barton Blvd., Austin, Texas (the
"Property"). The Debtor was formed in 2018 when the property was
purchased and is wholly owned by World Class X Holdings, LLC.
Debtor was created as a special purpose entity to own the
property.

Prior to filing the bankruptcy, Debtor engaged in negotiations with
Security State Bank and Trust to cure the loan default, but before
an agreement could be reached Security State Bank and Trust
informed the Debtor that it would not be able to reach an
agreement. Debtor is informed this is because another party
approached Security State Bank about purchasing the underlying
note. The lender would not agree to terms to cure the note and had
already put into place the process to foreclose upon the property.
Due to the foregoing, Debtor was forced to file Bankruptcy to
protect the substantial equity in the property.

Under the Plan, Debtor will continue to manage and operate the
Property while the equity interest holder will make financial
contributions to cure and reinstate the note with SSB and pay any
outstanding debts owed to other creditors, be they administrative,
priority, statutory, secured, or unsecured. In short, Debtor
proposes to either cure any defaults or pay all creditors in full
on the Effective Date of the Plan by making a capital contribution
of $410,000.

Class 1 consists of the Allowed Secured Claim of Security State
Bank and Trust. SSB is the holder of a Claim against the Debtor
asserting a total amount of $3,639,258 as of the Petition Date. Of
that amount, Debtor owed outstanding principal of $3,492,244.38,
plus $61,719 in interest and $85,294.55 in default interest. The
per diem interest charges are $460.78. Debtor proposes to cure the
default amount of $197,505.70 (10 Monthly payments at $19,750.57)
with a capital contribution to come from the Equity Interest
Holder. The excess proceeds are intended to create a reserve equal
to three-months of payments ($59,251.71) to provide adequate
assurance to SSB that the Reorganized Debtor will be able to
continue making payments after reinstating the loan.

Class 2 consists of the Allowed Secured Claim of Travis County Tax
Collector. The allowed Class 2 Claims shall be paid as follows -
the allowed claim of $98,576.65 will be paid in full, with interest
at 12% per year, from a capital contribution made by the Equity
Interest Holder on or by the Effective Date. Ad valorem taxes for
the years 2022 forward will be paid when due (on January 31st of
the following year). The Class 2 Claimant shall retain its Lien on
Debtor's real property to secure its Allowed Claims until paid in
full, however so long as the Debtor is current on plan payments to
the Claimant, the Claimant shall not be able to exercise its state
law rights.

Class 3 consists of Allowed Unsecured Claims. Debtor believes there
are general unsecured creditors with claims up to $14,670; one
claim for $7,862 has been filed. The allowed Class 3 Claims shall
be paid in full as follows - the balance of the allowed claim will
be paid in full, with interest, from a capital contribution made by
the Equity Interest Holder on or by (i) the Effective Date, (ii) 14
days after such Claim becomes an Allowed Claim, or (iii) if the
Unsecured Claim is for a refund of a security deposit, in the
ordinary course of business as provided under the applicable lease.
This Class is Unimpaired.

Class 5 consists of Equity Interest Holder. Each holder of an
Equity Interest shall retain such interests but shall not receive
any distribution on account of such interests until Classes 1, 2, 3
and 4 Allowed Claims are paid in full.

The Debtor's ability to pay SSB and the other Allowed Claims
depends upon the ability of the Equity Interest Holder to make a
capital contribution in the amount sufficient to cure the default
on the Note with SSB, pay any outstanding ad valorem taxes, and any
general unsecured claims. Debtor and the Equity Interest Holder are
affiliates of the World Class business enterprises which include
numerous real properties holdings throughout Texas. The Equity
Interest Holder will have sufficient cash or access to cash to cure
the Note Default and pay the other Allowed Claims in full.

A full-text copy of the Disclosure Statement dated March 7, 2022,
is available at https://bit.ly/3pOw3FZ from PacerMonitor.com at no
charge.   

Counsel for the Debtor:

     Todd Headden
     HAYWARD PLLC
     State Bar No. 24096285
     901 Mopac Expressway South
     Building 1, Suite 300
     Austin, Texas 78746
     Tel/Fax: 737.881.7104
     E-mail: theadden@haywardfirm.com

                       About WC 511 Barton

WC 511 Barton Blvd, LLC, a company based in Austin, Texas, filed a
petition for Chapter 11 protection (Bankr. W.D. Texas Case No.
21-10943) on Dec. 7, 2021, listing up to $50 million in assets and
up to $10 million in liabilities.  Natin Paul, president of WC 511
Barton, signed the petition.

Judge Tony M. Davis oversees the case.

Mark H. Ralston, Esq., at Fishman Jackson Ronquillo, PLLC, is the
Debtor's legal counsel.


WC MANHATTAN PLACE: Taps Hayward as Bankruptcy Counsel
------------------------------------------------------
WC Manhattan Place Property, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to hire Hayward,
PLLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

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

     (b) advising the Debtor of its responsibilities under the
Bankruptcy Code;

     (c) assisting the Debtor in preparing and filing bankruptcy
schedules, statement of affairs, monthly financial reports, the
initial report and other documents required by U.S. bankruptcy
law;

     (e) representing the Debtor in adversary proceedings and other
contested and uncontested matters, both in the court and in other
courts of competent jurisdiction, related to its bankruptcy
proceedings and financial affairs;

     (f) representing the Debtor in the negotiation and
documentation of any sales or refinancing of property of the
estate, and in obtaining the necessary approval of such sales or
refinancing by the court; and

     (g) assisting the Debtor in the formulation of a plan of
reorganization and in taking the necessary steps to obtain approval
of the plan.

The firm's hourly rates are as follows:

     Ron Satija, Esq.      $450
     Todd Headden, Esq.    $325
     Other attorneys       $275 - $450
     Paralegal             $195

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

The firm can be reached at:

     Todd Headden, Esq.
     Ron Satija, Esq.
     Hayward PLLC
     901 MoPac Expressway South, Bldg. 1, Suite 300
     Austin, TX 78746
     Tel: (737) 881-7100
     Email: theadden@haywardfirm.com   
            rsatija@haywardfirm.com

                 About WC Manhattan Place Property

WC Manhattan Place Property, LLC is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)). The company is
based in Austin, Texas.

WC Manhattan Place Property filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No.
22-10047) on Jan. 25, 2022, listing as much as $50 million in both
assets and liabilities. Natin Paul, authorized signatory, signed
the petition.

Judge Tony M. Davis oversees the case.

The Debtor tapped Ron Satija, Esq., at Hayward, PLLC as legal
counsel and Friedman Real Estate Management LA, LLC as interim
property manager.


WC MANHATTAN: Must Show Cause that Ch.11 Trustee Unnecessary
------------------------------------------------------------
Judge Tony M. Davis of the U.S. Bankruptcy Court for the Western
District of Texas issued an order directing WC Manhattan Place
Property, LLC to show cause by March 23, why a Chapter 11 trustee
should not be appointed in the case.

The Court said the Debtor should appear and show cause why a
Chapter 11 trustee should not be appointed in the case to ensure
that no unauthorized transfers are made by the Debtor, and to
ensure that monthly operating reports are timely filed. Due to the
expense this would entail, the Court invites participation and
comment by the Debtor's owners, affiliates, lenders, and the U.S.
Trustee's office.

            About WC Manhattan Place Property

Austin, Texas-based WC Manhattan Place Property, LLC is a single
asset real estate debtor (as defined in 11 U.S.C. Section
101(51B)). WC Manhattan Place Property filed its voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Texas Case No. 22-10047) on Jan. 25, 2022, listing as much as $50
million in both assets and liabilities. Natin Paul, authorized
signatory, signed the petition.

Judge Tony M. Davis oversees the case.

The Debtor tapped Ron Satija, Esq., at Hayward, PLLC as legal
counsel and Friedman Real Estate Management LA, LLC as interim
property manager.


WIRELESS SYSTEMS: Case Summary & 10 Unsecured Creditors
-------------------------------------------------------
Debtor: Wireless Systems Solutions, LLC
        630 Davis Drive
        Suite 250
        Morrisville, NC 27560

Chapter 11 Petition Date: March 9, 2022

Court: United States Bankruptcy Court
       Eastern District of North Carolina

Case No.: 22-00513

Debtor's Counsel: William P. Janvier, Esq.
                  STEVENS MARTIN VAUGHN & TADYCH, PLLC
                  6300 Creedmoor Road
                  Suite 170-370
                  Raleigh, NC 27612
                  Tel: 919-582-2323
                  Fax: 866-809-2379
                  Email: wjanvier@smvt.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 billion to $10 billion

The petition was signed by Susan Gross as vice president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/CYNBGAQ/Wireless_Systems_Solutions_LLC__ncebke-22-00513__0001.0.pdf?mcid=tGE4TAMA


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***