/raid1/www/Hosts/bankrupt/TCR_Public/220314.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 14, 2022, Vol. 26, No. 72

                            Headlines

11500 SPACE: First Amended Reorganizing Plan Confirmed by Judge
96 WYTHE: Gets Cash Collateral Access Thru April 21
968 EAST 48: Brooklyn Property Returns to Chapter 11 Bankruptcy
A & J PHARMACY: Taps Catapult Solutions as Financial Consultant
AADVANTAGE LOYALTY: Fitch Affirms 'BB' Rating on Co-issued Debts

ADTALEM GLOBAL: Moody's Affirms B1 CFR & Alters Outlook to Positive
AH DEVELOPMENT: Unsecureds Will Get 100% in Subchapter V Plan
AIRPORT VAN RENTAL: Seeks Cash Collateral Access Thru Sept 30
ANDOVER SENIOR: Case Summary & 20 Largest Unsecured Creditors
ART VAN: Liquidating Trustee Seeks $105M From Founder's Family

ATLANTIC WORLDWIDE: Unsecureds Will Receive 10% of Their Claims
AUTO BROKERS: Bid to Use Cash Collateral Denied as Moot
BANK 2022-BNK40: Fitch Gives Final B- Rating to 2 Tranches
BAYRIDGE LOK: Updates Plan to Include Insider Claims Pay Details
BBCMS TRUST 2015-SRCH: Fitch Affirms BB+ Rating on Class E Certs

BEAR COMMUNICATIONS: Seeks Cash Collateral Access Thru March 18
BEAR STEARNS 2005-PWR7: Fitch Affirms 'D' Rating on 9 Tranches
BETTER 4 YOU: Wins Interim Cash Collateral Access
BOY SCOUTS: Jacobs, Searcy Represent Class 8 Abuse Claimants
BOY SCOUTS: Liakos Law Represents Personal Injury Claimants

BOY SCOUTS: Michigan AG Nessel Files Criminal Charges
BOY SCOUTS: O'Brien & Ford Represents Unsecured Claimants
CAMP ENERGY: Unsecured Creditors to Split $1.8M in 60 Months
CARNATION HOME: Wins Cash Collateral Access
CARPENTER TECHNOLOGY: Moody's Rates $300MM Unsecured Notes 'B2'

CENTRAL GARDEN: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
CEREMONY SALON: Wins Cash Collateral Access Thru March 24
CHARTER COMMUNICATIONS: Moody's Rates New Sr. Secured Notes 'Ba1'
CHARTER COMMUNICATIONS: S&P Cuts Unsecured Debt Rating to 'BB-'
CITIGROUP COMMERCIAL 2014-GC23: Fitch Affirms B- Rating on F Certs

CREATIVE HAIRDRESSERS: ESRP is Excise Tax Entitled to Priority
DAISEY LLC: Plan Contemplates Property Refinancing
DALTON CRANE: Unsecureds Will Recover At Least 37% Under Plan
DERMATOLOGY INTERMEDIATE III: Moody's Assigns First Time 'B2' CFR
DETROIT, MI: Moody's Ups GOULT Bonds Rating to Ba2, Outlook Pos.

DM LAND: Unsecureds Will Get 100% of Claims in Subchapter V Plan
ELITE TRANSPORTATION: Wins Cash Collateral Access Thru June 30
ENCORE CAPITAL: Moody's Ups CFR to Ba1 & Alters Outlook to Stable
FIRSTENERGY CORP: Executives Must Face Trimmed Bribery Lawsuit
FLUSHING LANDMARK: Unsecureds to Be Paid in Full or Get $20.3K

FROZEN FOODS: Wins Cash Collateral Access Thru March 29
GATEWAY KENSINGTON: Unsecureds to be Paid in Full in 36 Months
GOLDEN ENTERTAINMENT: Moody's Upgrades CFR to B1, Outlook Stable
GPMI CO: Wins Cash Collateral Access Thru March 24
GRATA CAFE: Wins Cash Collateral Access Thru March 17

GUITAR CENTER: Moody's Rates New $200MM Secured Notes Add-on 'B3'
GUITAR CENTER: S&P Upgrades ICR to 'B', Outlook Stable
GULF COAST HEALTH: Court Approves Disclosure Statement
GULF COAST HEALTH: Unsecureds to Recover 17% to 21% in Plan
GVS TEXAS: WWG, CBRE $588-Mil. Bid Wins Bankruptcy Auction

GYPSUM: County Commissioner Jones Accused of Deleting Texts
HILLMAN GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative
HK FACILITY: Wins Cash Collateral Access Thru Dec. 15
INTERSTATE UNDERGROUND: Disclosures Inadequate, Says Reeder
INTERTAPE POLYMER: Moody's Puts Ba2 CFR Under Review for Downgrade

JBL HOSE: Files Emergency Bid to Use Cash Collateral
JBL HOSE: Voluntary Chapter 11 Case Summary
JRX TUNING: Wins Cash Collateral Access
KC CULINARTE: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
KETTNER INVESTMENTS: Court Confirms Reorganization Plan

KKR REAL ESTATE: S&P Affirms 'BB-' ICR, Outlook Stable
LANAI LAND: May Use Cash Collateral Thru March 24
LATAM AIRLINES: Unsecureds Call $1.3-Bil. Claim a Fake Loan
LATAM AIRLINES: White & Case 6th Update on LATAM Bondholders
LATHAN EQUIPMENT: Gets Cash Collateral Access Thru March 21

LATHAN EQUIPMENT: Seeks Chapter 11 Bankruptcy Protection
LIVEWELL ASSISTED: Wins Cash Collateral Access Thru March 31
LOUISIANA CRANE: Unsecureds Will Recover 10% Under Plan
LTL MANAGEMENT: J&J Cancer Victims Group Complicate Chapter 11 Case
LUCKY STAR-DEER: Unsecureds to Paid in Full or Get $15K

MALLETT INC: Unsecureds to Recover 25% in Subchapter V Plan
MALLINCKRODT PLC: Pays $260 Million to Settle Acthar Lawsuits
MAUNESHA RIVER: Wins Cash Collateral Access Thru May 23
MCCLATCHY CO: Objection to Colt-Sarmiento Claim Overruled
MENAHGA, MN: S&P Affirms 'BB+' Rating on GO Debt, Outlook Stable

MID ATLANTIC PRINTERS: Expects to Pay Over 40% to Unsecureds
MYCELL TECHNOLOGIES: Court Confirms Second Modified Plan
NESV ICE: Court Narrows Claims in Avoidance Suit vs SHS
NEW RESIDENTIAL: S&P Affirms 'B' ICR, Outlook Stable
NORDIC AVIATION: Seeks Cash Collateral Access, $15MM DIP Loan

OWENS & MINOR: Moody's Confirms Ba3 CFR & Rates New $1.2BB Loan Ba3
PARAMOUNT RESOURCES: S&P Raises ICR to 'B+', Outlook Stable
PIAGGIO AMERICA: Unsecureds to Get Some Recovery in Plan
PROSPECT-WOODWARD HOME: Says Lienholders Objections Resolved
PURDUE PHARMA: Judge Drain Approves $6-Bil. Opioid Settlement

RAM DISTRIBUTION: Court Junks Suit vs. Gunnar Without Prejudice
RED PROPERTIES: Gets OK to Hire Dentons as Bankruptcy Counsel
RENAISSANCE HOLDING: Moody's Rates New $475MM Loan Add-on 'B2'
REYTECH SERVICES: Seeks to Hire Norred Law as Bankruptcy Counsel
ROCKWORX INC: Wins Cash Collateral Access

RSP PITTSBURGH: April 6 Hearing on Disclosures and Plan Set
RVR GENERAL: Case Summary & Five Unsecured Creditors
SAMARCO MINERACAO: Creditors Postpone Meeting to April 1
SCHULDNER LLC: Creditors to Get Proceeds From Asset Liquidation
SCUNGIO BORST: Case Summary & 20 Largest Unsecured Creditors

SEQUA CORP: Fitch Puts 'CCC+' IDR on Watch Positive
SMYRNA READY: Moody's Ups CFR to Ba3 & Rates New Secured Notes Ba3
SMYRNA READY: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
ST. ANNE RETIREMENT: Fitch Gives 'BB+' Rating to $12.5MM Bonds
STANCE AUTOWORKS: Unsecureds to Split $27K in Subchapter V Plan

STONEWAY CAPITAL: Files Amendment to Disclosure Statement
SUPERIOR ENVIRONMENTAL: Wins Cash Collateral Access Thru March 31
TEAM HEALTH: Fitch Affirms 'CCC+' LT IDR, Outlook Positive
TILDEN MARCELLUS: Taps Tucker Arensberg as Local Bankruptcy Counsel
TILDEN MARCELLUS: Wins Cash Collateral Access, DIP Loan

TON REAL ESTATE: Seeks to Hire Endeavor as Property Manager
U.S. TOBACCO: Unsecureds Unimpaired Under Plan
UNITED RENTALS: S&P Raises Senior Unsecured Debt Rating to 'BB+'
VERNON 4540: Court Confirms Chapter 11 Plan
VICTORIA TOWERS: Claims to be Paid From Sale of Property

VIEQUES FO & G: Gets 60-Day Extension for Plan
WC MANHATTAN: Seeks Cash Collateral Access
WELLS FARGO 2012-CCRE2: Fitch Cuts Class G Certs to 'CC'
WIRELESS SYSTEMS: Files Emergency Bid to Use Cash Collateral
XPO LOGISTICS: Planned Divestitures No Impact on Moody's Ba2 CFR

[^] BOND PRICING: For the Week from March 7 to 11, 2022

                            *********

11500 SPACE: First Amended Reorganizing Plan Confirmed by Judge
---------------------------------------------------------------
Judge David R. Jones has entered an order granting final approval
of First Amended Disclosure Statement and confirming First Amended
Chapter 11 Plan of Reorganization of 11500 Space Center, LLC.

Article IV of the Plan is modified as follows:

     * Section 4.1.2 is modified to delete the term "the Effective
Date" and replace the same with "February 1, 2022."

     * Section 4.2.2 is modified to add the following at the end of
Section 4.2.2: "The following provisions shall also apply to the
Allowed Class 2 Claim of Smart Financial Credit Union ("Smart
Financial"): (i) Smart Financial shall retain its liens on its
collateral until its indebtedness is paid in full in accordance
with the terms of the Plan; (ii) the Net Loan Proceeds or Net Sale
Proceeds will be first applied toward the satisfaction of Smart
Financials' Allowed Class 2 Claim; (iii) Smart Financial shall be
and is entitled to stay relief and relief from any injunction set
forth in the Plan or this Order if its indebtedness is not
indefeasibly satisfied and paid in full within ninety (90) days
after March 31, 2022, notwithstanding Sections 8.2 and 13.5 of the
Plan; to the extent of any inconsistency between the Plan and the
proposed Agreed Stay Relief Order, the Agreed Stay Relief Order
shall govern; (iv) Section 13.9 of the Plan is inapplicable as it
relates to Smart Financial and its Class 2 Claim; (v) no components
of Smart Financial's Class 2 Claim shall be subject to further
Court approval, including, without limitation, attorneys' fees and
costs, late fees, or other charges that be assessed in connection
with the Class 2 Claim."

     * Section 4.2.3 is modified to replace the term unimpaired
with the term "impaired."

     * Section 4.3.2 is modified to add the following at the end of
Section 4.3.2: "PEAH Capital's claim will be paid within thirty
(30) days of the Closing Date in an amount no less than its
currently filed Proof of Claim Number 11 which was calculated as of
July 6, 2021 ("Current Claim Amount") as a condition precedent to
the release of PEAH Capital's liens against the Property. PEAH
Capital may also pursue additional interest and any costs it is
entitled to under its loan documents ("Additional Claim Amount")
although the Debtor reserves the right to object to the same. If
there is no dispute as to the Additional Claim Amount, such amounts
will be paid at Closing. If there is any dispute as to the
Additional Claim Amount, the Current Claim Amount will be paid so
that PEAH Capital's lien(s) against the Property may be released at
Closing and any disputed portion of the Additional Claim Amount
will be maintained in escrow with the Title Company handling such
Closing until such dispute is resolved. If an objection is filed to
the Additional Claim Amount, it will be governed by Section 6.14 of
this Plan except to the extent such Section 6.14 conflicts with
this Section."

     * Section 4.4.2 is deleted in its entirety and replaced with
the following: "4.4.2 Treatment: Propel Proof of Claim No. 7 is
supported by a Property Tax Payment Agreement executed by the
Debtor on February 24, 2017 in the original principal amount of
$212,058.64 (the "Propel Note"). As of the Petition Date, Propel
alleges that the amount owing under the Propel Note is $191,850.23.
The Propel Note is secured by a Tax Lien Contract dated February
24, 2017, and tax liens transferred to Propel pursuant to a
Certified Statements of Transfer of Tax Lien and Sworn Documents
Authorizing Transfer of Tax Lien (together the "Propel Security
Documents"). Because Propel is oversecured, the amount owed to
Propel relating to Propel Proof of Claim No. 7, is entitled to bear
interest at the non-default Annual Interest Rate provided for under
the Propel Note from and after the Petition Date until the
Effective Date, and to accrue costs, charges and fees pursuant to
11 U.S.C. § 506(b)."

A full-text copy of the Plan Confirmation Order dated March 7,
2022, is available at https://bit.ly/3I3x9nz from PacerMonitor.com
at no charge.

                    About 11500 Space Center

11500 Space Center, LLC, a company based in Houston, filed a
Chapter 11 petition (Bankr. S.D. Texas Case No. 21-32299) on July
6, 2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  John Kevin
Munz, president, signed the petition.  Judge David R. Jones
oversees the case.  Haselden Farrow, PLLC, serves as the Debtor's
legal counsel.


96 WYTHE: Gets Cash Collateral Access Thru April 21
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized 96 Wythe Acquisition LLC to use cash collateral on an
further interim basis to pay the ordinary, necessary and reasonable
expenses of operating the Williamsburg Hotel as they come due in
the ordinary course of business during the Interim Period.

The Debtor is permitted to use cash collateral through the earliest
to occur of: (i) April 21, 2022, unless extended by its lender or a
further extension of authority is granted by the Court, (ii) the
entry of a Court order terminating such authority; (iii) the
dismissal of the Chapter 11 case or conversion to a case under
Chapter 7 of the Bankruptcy Code; and (iv) the date that is five
days after the Lender provides a written notice of an Event of
Default, except to the extent the Court has entered a further
interim or final order authorizing the Debtor's continued use of
cash collateral beyond the Interim Period.

The Debtor is also permitted to pay fees and expenses to Leitner
Berman, the Debtor's appraiser, in the amount of $13,500.

As adequate protection, Benefit Street Partners Realty Operating
Partnership, L.P., as lender, is granted additional and replacement
valid, binding, enforceable, nonavoidable, and automatically
perfected postpetition security interests in and liens on, without
the necessity of the execution by the Debtor (or recordation or
other filing) of security agreements, control agreements, pledge
agreements, financing statements, mortgages, or other similar
documents, on all property.

The Adequate Protection Liens will be junior only to: (A) the
Lender's prepetition liens, and (B) other unavoidable liens, if
any, existing as of the Petition Date that are senior in priority
to the Lender's prepetition liens.  The Adequate Protection Liens
will be subject to a $10,000 carve-out for Chapter 7 administration
expenses to the extent necessary for the Debtor's payment of fees
incurred under 28 U.S.C. section 1930 and statutory fees required
to be paid to the Clerk of the Court.

The Lender is also granted an allowed administrative expense claim
ahead of and senior to any and all other administrative expense
claims in the Case, with the exception of the Carve-Out, to the
extent of any diminution.

The final hearing on the matter is scheduled for April 7 at 10 am.

A copy of the order is available at https://bit.ly/3I0KgpF from
PacerMonitor.com.

          About 96 Wythe Acquisition LLC

96 Wythe Acquisition LLC is a privately held company whose
principal property is located at 96 Wythe Ave, Brooklyn, NY 11249.
96 Wythe Acquisition sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 1-22108) on February 23,
2021. In the petition signed by David Goldwasser, chief
restructuring officer, the Debtor disclosed $0 in assets and
$79,990,206 in liabilities.

Judge Robert D. Drain oversees the case.

Backenroth Frankel & Krinsky, LLP, led by Mark Frankel, is the
Debtor's counsel.



968 EAST 48: Brooklyn Property Returns to Chapter 11 Bankruptcy
---------------------------------------------------------------
968 East 48 LLC returned to Chapter 11 bankruptcy after almost
three years.

The Debtor is a single asset real estate -- it owns the property at
968 Eat 48 Street, in Brooklyn, New York.   Secured creditor CIT
Bank, N.A., is owed $760,414.

According to court filing, 968 East 48 LLC has 4 unsecured
creditors, including Cit Bank, ANS Property Management LLC, HUB
International Northeast Ltd., and Prime Fuel Oil Co. Inc.
According to its petition, funds are available to its unsecured
creditors.

                      About 968 East 48 LLC

968 East 48 LLC is a single asset real estate company located at
968 East 48, in Brooklyn, NY 11203.

The Debtor previously sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 19-43306) on May 30, 2019.

968 East 48 LLC again sought Chapter 11 bankruptcy protection
(Bankr. E.D.N.Y. Case No. 22-40457) on March 9, 2022.  In the
petition filed by Yeshaya Silberstein, as principal, 968 East 48
LLC estimated total assets and liabilities between $500,000 to $1
million.  The case is assigned to Honorable Judge Nancy Hershey
Lord.  Vivian Sobers, of Sobers Law, PLLC, is the Debtor's
counsel.



A & J PHARMACY: Taps Catapult Solutions as Financial Consultant
---------------------------------------------------------------
A & J Pharmacy, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of New York to hire Catapult Solutions
Group, Inc. as its financial consultant.

The firm's services include:

     a. advising the Debtor regarding its powers and duties in the
continued operation of its business and in the management of its
property;

     b. assisting in the preparation of monthly operating reports
and confirmation documents once a plan is proposed and filed; and

     c. performing all other necessary financial consulting
services for the Debtor.

The firm has agreed to a monthly flat fee of $3,000 for its
services.

As disclosed in court filings, Catapult does not represent any
interest adverse to the Debtor or the estate in matters upon which
it is to be engaged.

The firm can be reached through:

     Christopher Rollins, CM&AA
     Catapult Solutions Group, Inc.
     1534 Monroe Avenue
     Rochester, NY 14618
     Phone: (585) 270-0350

                          A & J Pharmacy

A & J Pharmacy, LLC, a local woman-owned community pharmacy in
Webster, N.Y., filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. W.D. N.Y. Case No. 21-20679) on Dec. 8,
2021, listing $452,416 in assets and $3,301,354 in liabilities.
Sandra B. Le, managing member, signed the petition.

Judge Warren presides over the case.

Raymond C. Stilwell, Esq., at the Law Offices of Raymond C.
Stilwell and Catapult Solutions Group, Inc. serve as the Debtor's
legal counsel and financial consultant, respectively.


AADVANTAGE LOYALTY: Fitch Affirms 'BB' Rating on Co-issued Debts
----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB'/Stable ratings to the $10
billion in financing co-issued by Aadvantage Loyalty IP Ltd.
(AAdvantage IP) and American Airlines, Inc. (American).

AAdvantage IP is a special purpose vehicle (SPV) incorporated under
the laws of the Cayman Islands for the purpose of this transaction.
AAdvantage IP is an indirect wholly owned subsidiary of American
Airlines.

           DEBT                              RATING        PRIOR
           ----                              ------        -----
AAdvantage Loyalty IP Ltd.

Senior Secured Class A Notes 00253XAA9   LT BB Affirmed    BB
Senior Secured Class B Notes 00253XAB7   LT BB Affirmed    BB
Senior Secured Term Loan 02376CBJ3       LT BB Affirmed    BB

TRANSACTION SUMMARY

The transaction is backed by license-payment obligations from
American and cash flow generated by the AAdvantage Loyalty program.
As part of the financing structure, the intellectual property (IP)
assets associated with the AAdvantage loyalty program and
AAdvantage agreements, including co-branded agreement with
Citibank, N.A. and Barclays Bank Delaware, related to AAdvantage
program are transferred to the bankruptcy-remote IP SPV, AAdvantage
IP. AAdvantage IP grants a worldwide license to American and its
subsidiaries to use the IP to operate the loyalty program.

In return, the licensee, American, will pay a monthly license fee
equivalent to all the cash collections generated by the sale of
miles to American as governed through an Intercompany Agreement.
Additionally, certain third-party agreements will be assigned to
AAdvantage IP and payment for the purchase of AAdvantage miles from
certain third parties will be remitted directly to a collection
account held at Wilmington Trust, National Association in the name
of AAdvantage IP. These third-party agreements include the co-brand
agreements with Citi and Barclays, the two largest third-party
partners of AAdvantage.

The debt facilities are guaranteed, on a joint and several basis,
by the parent, American Airlines Group Inc, and certain
subsidiaries of the parent, American, namely AAdvantage Holdings 1,
Ltd. (HoldCo 1) and AAdvantage Holdings 2, Ltd (HoldCo 2). The
issuers also grant additional security to the lenders/bondholders,
including a first-priority-perfected security interest in cash
flows from the AAdvantage program, a pledge of all rights under
contracts/agreements related to the AAdvantage program, and a
pledge of the transaction accounts (including the collection,
payment and reserve accounts) and a pledge over the equity
interests in AAdvantage IP, HoldCo1 and HoldCo2.

Fitch's rating addresses timely payment of interest and repayment
of scheduled principal when due and by the final legal maturity
date.

KEY RATING DRIVERS

Credit Quality of American: Cash flows backing the transaction will
primarily come from payment obligations from American under the
licensing agreement related to IP owned by the IP SPV and cash
flows received from third-party partners related to miles issued to
the card holders. Therefore, the Issuer Default Rating (IDR) of
American acts as the starting point for the analysis. American is
rated at 'B-'/Stable by Fitch.

Performance Risk and GCA Score: Timely payment on the debt
facilities depends on the ongoing performance of the licensee,
American. American 's going concern assessment (GCA) score of '2'
acts as a cap for the transaction rating. The GCA score provides an
indication of the likelihood that American continues to operate in
the event of default and Chapter 11 bankruptcy. The GCA score of
'2' allows for a four-notch rating differential depending on
American 's IDR and the issuance's default rating.

Strategic Nature of Assets (Likelihood of License Agreement
Affirmation): The affirmation factor, which measures the likelihood
that American would view this obligation as strategic and would
affirm the license in the event of a Chapter 11 bankruptcy, is
considered high by Fitch. The strategic importance of the IP assets
to American 's operations, coupled with the structural incentives
in place, supports this assessment. The assessment of high allows
the transaction to obtain up to a four-notch uplift from American's
current IDR of 'B-'/Stable.

The $10 billion issuance represents approximately 20% of American's
total liabilities, and this ratio is considered small enough to
differentiate the transaction rating from the IDR of American.
Furthermore, in its debt service coverage ratio (DSCR)
calculations, Fitch considers the rebound from the low air-traffic
levels caused by the coronavirus outbreak to be 96% for its base
case by YE 2023. The DSCR during the amortization period, years
three through eight, is expected to average ~2.6x.

Risks Included in Affirmation Factor: Fitch has made assumptions
about the spread of the coronavirus and the economic impact of the
related containment measures. As far as this transaction is
concerned, the time to return to, or near, pre-crisis levels is the
main consideration. In particular, Fitch designed a base case
scenario in which a full recovery occurs by YE 2023, and a downside
scenario, characterized by a more severe and prolonged period of
stress.

Both these scenarios will mainly affect the affirmation factor, as
the utility from a loyalty program may decline if global travel
remains sluggish whether due to impacts from the pandemic,
geopolitical or macroeconomic concerns. Fitch estimates cash flow
to be more than sufficient to meet debt service obligations in both
the baseline and downside scenario it has tested.

Asset Isolation and Legal Structure: Fitch assesses the legal
protections present in the U.S. bankruptcy code, as well as the
structural features incorporated into the transaction. In addition
to having the IP assets and the AAdvantage agreements legally
conveyed, lenders/bondholders have a first-perfected security
interest in the contractual obligations due from American and
third-party partners. The legal structure incentivizes American to
continue to make payments on the license. Creditors would also
benefit from other structural features, including potential
liquidated damages and a three-month interest liquidity reserve.

RATING SENSITIVITIES

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

-- The rating is sensitive to changes in the credit quality of
    American Airlines, Inc., which acts as licensee under the IP
    license agreement. Any change in IDR can lead to a change on
    the rating. Additionally, a reassessment of the GCA score and
    the affirmation factor from high to medium will lead to a
    change in the ratings.

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

-- Fitch does not anticipate developments with a high likelihood
    of triggering an upgrade. If American's IDR is upgraded, Fitch
    will consider whether the same uplift could be maintained or
    if it should be further tempered in accordance with criteria.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

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



ADTALEM GLOBAL: Moody's Affirms B1 CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service affirmed Adtalem Global Education Inc.'s
B1 corporate family rating and its B1-PD probability of default
rating. The company's senior secured first lien credit facility,
which includes an $850 million term loan facility due 2028 and a
$400 million revolving credit facility expiring in 2026, was also
affirmed at B1, and its $800 million senior secured notes due 2028
was also affirmed at B1. The speculative grade liquidity rating was
maintained at SGL-1. The outlook was changed to positive from
stable.

The rating action is driven by Adtalem's announcement it intends to
repay approximately $770 million of debt from the expected $820
million in net proceeds from the pending divestiture of the
financial services segment, which is expected to close by March 31,
2022. Debt is expected to be paid down approximately 30 days after
transaction close.

Governance considerations are a driver for this rating action due
to the meaningful amount of debt paydown expected from the
financial services segment divestiture. Adtalem's credit metrics
will considerably improve from the debt paydown. Leverage as of
December 31, 2021 was 4.3x, and pro-forma for the financial
services divestiture, unrealized synergies from the Walden
University (“Walden”) acquisition and the expected debt
paydown, Moody's estimates leverage improves to about 2.5x.
Excluding unrealized synergies, leverage increases to about 2.8x.
Adtalem should also realize approximately $40 million of annualized
interest expense savings which strengthens its liquidity profile
and improves its interest coverage and cash flow metrics. Moody's
expects student enrollment declines to persist through at least
Adtalem's fiscal year 2022 largely driven by headwinds related to
the coronavirus pandemic, which will increase leverage. While
Adtalem is strongly positioned to capture high employment demand
over the next several years in the nursing, medical and veterinary
fields, there is uncertainty as to when Adtalem will return to
sustained enrollment growth.

All financial metrics cited reflect Moody's standard adjustments
unless otherwise noted.

Affirmations:

Issuer: Adtalem Global Education Inc.

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Secured 1st Lien Term Loan B, Affirmed B1 (LGD3)

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

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

Outlook Actions:

Issuer: Adtalem Global Education Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Adtalem's B1 CFR reflects Adtalem's track record of good financial
performance at its for-profit medical, veterinary, and nursing
programs while operating in a challenging higher education
regulatory environment, good free cash flow generation, and very
good liquidity profile. The rating is constrained by Adtalem's
substantial regulatory requirements for operating for-profit higher
education businesses, integration and execution risks associated
with the Walden acquisition, and Moody's expectation that Adtalem
will prioritize using free cash flow to repurchase shares over the
next three years over voluntary debt repayment, limiting leverage
from meaningfully decreasing. The rating is also constrained by
enrollment declines that have occurred since its September 2021
quarter which Moody's expects to continue at least through fiscal
year 2022.

The SGL-1 rating reflects Moody's expectation that liquidity will
be very good over the next 12 to 18 months supported by pro-forma
cash balances of about $325 million as of December 31, 2021 and
strong free cash flow generation. Amortization payments on the term
loan are expected to be fully satisfied due to the anticipated
sizable repayment of the term loan. The company's $400 million
revolving credit facility expires in 2026. With the exception of an
$84 million letter of credit assumed by Adtalem which allows Walden
to participate in Title IV programs, Moody's does not expect
Adtalem to draw on the revolver. Within its most recent 10-K,
Adtalem noted that it expected its composite score to fall below
1.5 for its fiscal year 2022 financial responsibility test, which
may result in additional letters of credit to continue
participating in Title IV programs. The revolver contains a maximum
total net leverage ratio covenant that cannot exceed 4x until
December 31, 2023 and steps down to 3.25x thereafter. Moody's
expects the company to maintain ample cushion under its financial
covenant. Alternate liquidity is limited as the company's credit
facilities are secured by a first-priority lien on substantially
all tangible and intangible assets.

Debt capital is comprised of the company's senior secured first
lien credit facility, which includes an $850 million term loan
facility due 2028 and a $400 million revolving credit facility
expiring in 2026, and $800 million senior secured notes due 2028.
The B1 credit facility and senior secured notes ratings, the same
as the B1 CFR, reflect the preponderance of debt represented by the
credit facility and notes. The senior secured notes and first lien
credit facilities have a first lien priority on substantially all
assets of the combined company. While the mix of the expected $770
million debt paydown between the term loan and the senior secured
notes is not yet known, it will have no impact on the individual
instrument ratings given that the credit facility and senior
secured notes are ranked pari passu.

The positive outlook reflects Moody's expectation that Adtalem will
return to student enrollment growth in fiscal year 2023, generate
free cash flow to debt at least in the high single digit percentage
range, and successfully integrate Walden into its operations.

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

The ratings could be upgraded if Adtalem returns to and maintains
strong student enrollment growth and if leverage decreases and is
sustained below 2.75x while the company maintains balanced
financial policies and a very good liquidity profile.

Adtalem's ratings could be downgraded if leverage is sustained
above 4x, if enrollments meaningfully decline, its liquidity
position meaningfully deteriorates, or if the company encounters
any substantial challenges in integrating Walden with its
operations. A downgrade may also be warranted if unanticipated
regulatory challenges result in sizeable litigation expenses,
ineligibility for Title IV funding or the removal of accreditation
to one of the company's learning institutions.

Headquartered in Chicago, Illinois, Adtalem Global Education Inc.
is a global provider of educational services with a focus on
Medical and Healthcare. The company operates five educational
institutions across the US and Caribbean. Pro-forma for the
financial services segment divestiture, revenue totaled
approximately $1.1 billion for the last twelve months ended
December 31, 2021.

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


AH DEVELOPMENT: Unsecureds Will Get 100% in Subchapter V Plan
-------------------------------------------------------------
AH Development Group LLC filed with the U.S. Bankruptcy Court for
the Northern District of New York a Small Business Chapter 11 Plan
of Reorganization under Subchapter V dated March 7, 2022.

The Debtor is an LLC in the business of property renovation and
management. The Debtor is operated and managed by its managing
member and majority owner, Mr. Ben Gaspard.

At the time of filing, Debtor owed secured debts in the amount of
one million seventy-four thousand four hundred sixty-six and 82/100
($1,074,466.82.00) and unsecured debts in the amount of $104,000.

Debtor's goal in this reorganization is to restructure its existing
defaulted mortgage notes in order to create an affordable payment
scheme that will allow it to finalize renovations in order to
maximize rental income.

Debtor also plans on streamlining its operations by reducing its
liabilities associated with underperforming properties. Most
notably, 289 First Street, Albany, NY 12210, now a vacant lot,
previously held a condemned building razed by the City of Albany.
While the property was part and parcel of the Champion transaction,
due to the COVID-19 pandemic and reduction in monthly revenues,
Debtor was unable to rehab the building prior to condemnation.
Surrendering the vacant lot back to the City of Albany will reduce
Debtor's secured debt load by over $75,000.00.

The final Plan payment is expected to be paid on 53-months from
date of Confirmation.

This Plan provides for full payment of administrative expenses and
priority claims. Non-priority unsecured creditors holding allowed
claims will receive distributions at 100%.

Class 6 consists of Administrative General Unsecured Claims.
Administrative General Unsecured Claims shall be paid in full under
the Debtor's plan of reorganization. In contemplation of paid
treatment in full, Administrative General Unsecured Creditors agree
to enter into ongoing postpetition business services with the
Debtor. The Debtor shall pay Class 6 Claims $501.85 per month for
60 months.

Class 7 consists of General Unsecured Claims. $20,254.00 to be paid
over 60 months in a monthly payment $337.57/month. Class 7 General
Unsecured Claims shall be paid 5% of their value under the Debtor's
plan of reorganization.

Class 8 consists of Insider General Unsecured Claims. Class 8
Insider General Unsecured Claims shall be paid 100% of their value
under the Debtor's plan of reorganization; however, they shall not
receive disbursements unless and until all other classes of claims
are paid fully pursuant to their proposed treatment. $75,000.00 to
be paid in full at such rate as agreed upon by and between the
Debtor and Class 8 Creditor with payments commencing only after all
other classes of Creditors are paid pursuant to their proposed
treatment.

Class 9 consists of Equity Security Holders Ben Gaspard (80%
owner), Shelby Lemoine (10% owner), and Grace Campbell (10% owner).
Equity Interest holders shall receive 100% of the shareholder
interests in the reorganized Debtor.

The Plan will be implemented by the Debtor remitting payment to
creditors from the Debtor's cash flow derived from income from
solar related contracting services.

A full-text copy of the Plan of Reorganization dated March 7, 2022,
is available at https://bit.ly/3vW0z4E from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     Michael Boyle, Esq.
     Boyle Legal, LLC
     64 2nd Street
     Troy, NY 12180-3927
     Tel: 518-687-1648
     Fax: 518-516-5075
     Email: mike@boylebankruptcy.com

                  About AH Development Group LLC

AH Development Group, LLC filed a petition for Chapter 11
protection (Bankr. N.D. N.Y. Case No. 21-11106) on Dec. 5, 2021,
listing $767,107 in assets and $1,178,466 in liabilities.  Ben
Gaspard, managing member, signed the petition.

The Debtor tapped Michael Boyle, Esq., at Boyle Legal, LLC, as
legal counsel.


AIRPORT VAN RENTAL: Seeks Cash Collateral Access Thru Sept 30
-------------------------------------------------------------
Airport Van Rental, Inc., and its affiliated debtors ask the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division, for entry of an order extending the Debtors'
authority to use cash collateral through the end of September
2022.

Airport Van Rental proposes to continue using cash collateral on
the terms and conditions that the Court earlier approved. The Court
previously authorized cash collateral access after a compromise of
conflicting positions.

The Debtors rent vehicles, especially large passenger vans,
minivans and SUVs, to consumers, corporations and governmental
entities. To finance the purchase of the vehicles, AVR California
borrows money from lenders or enters into potentially
disguised-sale "lease" agreements with vehicle financing companies.
AVR California ultimately is responsible for paying each lender the
full purchase price of every vehicle financed by that lender. Each
lender has at least a security interest in each vehicle financed by
that lender. Some of the lenders may claim to have security
interests in rental income received by the Debtors from their
rental of the lenders' vehicle-collateral to the Debtors'
customers.

According to the Debtor, lenders that may have an interest in the
cash collateral include:

     * 1st Source Bank,
     * AFC Cal, LLC,
     * Hitachi Capital American Corp.,
     * Sumitomo Mitsui Finance and Leasing Co. Ltd., and
     * United Leasing Co.

Another creditor that may have a security interest in the cash
collateral is the U.S. Small Business Administration.  

To protect the Lenders against any decrease in value of their
collateral, the Debtors propose to maintain a "Lender Adequate
Protection Program" or continue making payments pursuant to prior
agreements. The Lender Adequate Protection Program provides two
forms of adequate protection:

     * It pays the Lenders cash to compensate for the depreciation
of vehicles in which they have an interest, pays interest on the
full value of their secured claims, and pays the proceeds from any
sale of their vehicle-collateral.

     * To the extent there is still any decrease in value of their
cash collateral, the Lender Adequate Protection Program gives each
Lender a replacement lien on all of the bankruptcy estate's assets,
excluding avoiding power claims and recoveries, to the extent the
Debtors' use of the party's collateral results in a decrease in the
value of such party's interest in cash collateral.

The Debtor contends the Lender Adequate Protection Program is
consistent with the use of cash collateral that the Court has
already approved and which the Debtors seek to extend by the
Motion.

To protect the SBA against any decrease in value of its cash
collateral, the Debtors propose to maintain what the Debtors refer
to as the "SBA Adequate Protection Program." Specifically, the
Debtors propose to make monthly payments to the SBA in the amount
of $2,437, as required by the terms of the SBA's loan. Also, the
Debtors propose to give the SBA a replacement lien on all of the
bankruptcy estate's assets, excluding avoiding power claims and
recoveries, to the extent that the Debtors' use of the SBA's cash
collateral results in a decrease in the value of the SBA's interest
in cash collateral.

To protect the tax authorities against any decrease in value of
their cash collateral, the Debtors propose what they refer to as
the "Tax Authority Adequate Protection Program," which would grant
the each of the tax authorities a replacement lien on all of the
bankruptcy estate's assets, excluding avoiding power claims and
recoveries, to the extent that the Debtors' use of the tax
authority's cash collateral results in a decrease in the value of
the tax authority's interest in cash collateral.

The Debtors submit that the Lenders, the SBA, and the tax
authorities are adequately protected in that (a) the use of cash
collateral will fund the expenses of preserving, maintaining and
operating the Debtors' business and assets, including the Lenders',
the SBA's, and the tax authorities' collateral, and (b) based on
the Debtors' projections and the proposed payments, the value of
the Lenders' interest in cash collateral will not be diminished
solely by such use, and the Lenders will be compensated in cash for
the actual postpetition depreciation of their vehicle-collateral.

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

The Debtor projects $5,404,848 in cash flow from operating
activities and $384,404 in net cash used in operations.

          About Airport Van Rental, Inc.

Airport Van Rental -- https://www.airportvanrental.com/ -- is a van
rental company offering short and long-term rentals for road trips,
weekend journeys, moving, and any other group outings.  Airport Van
Rental and its affiliates filed their voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Lead Case
No. 20-20876) on Dec. 11, 2020.  Yazdan Irani, its president and
chief executive officer, signed the petitions.

As of the bankruptcy filing date, Airport Van Rental disclosed
between $10 million and $50 million in both assets and
liabilities.

Judge Sheri Bluebond oversees the case.

The Debtors tapped Danning, Gill, Israel & Krasnoff, LLP as their
bankruptcy counsel, CSA Partners LLC as financial consultant, and
Joel Glaser, APC as litigation counsel.  Kevin S. Tierney is the
Debtors' chief reorganization officer.



ANDOVER SENIOR: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Andover Senior Care, LLC
          d/b/a Victoria Falls Assisted Living
          d/b/a Victoria Falls Skilled Nursing Facility
        408 E Central Ave
        Andover, KS 67002-8556

Business Description: Andover Senior Care owns real properties
                      located at 224 E Central & 408 E Central
                      Andover KS valued at $5 million.

Chapter 11 Petition Date: March 11, 2022

Court: United States Bankruptcy Court
       District of Kansas

Case No.: 22-10139

Judge: Hon. Mitchell L. Herren

Debtor's Counsel: Mark Lazzo, Esq.
                  MARK J. LAZZO, ATTORNEY AT LAW
                  3500 N Rock Rd Ste 300B
                  Wichita, KS 67226-1396
                  Tel: (316) 263-6895
                  Fax: (316) 264-4704
                  Email: mark@lazzolaw.com

Total Assets: $5,351,220

Total Liabilities: $16,334,476

The petition was signed by Dennis L. Bush as managing member.

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/X3PQIIA/Andover_Senior_Care_LLC__ksbke-22-10139__0001.0.pdf?mcid=tGE4TAMA


ART VAN: Liquidating Trustee Seeks $105M From Founder's Family
--------------------------------------------------------------
Rick Archer of Law360 reports that the liquidating trustee of Art
Van Furniture has filed a suit in Delaware bankruptcy court
accusing the furniture retailer's founder and his children of
sending the company into insolvency by stripping it of more than
$105 million in assets.

In the Monday, March 7, 2022 filing, trustee Alfred Giuliano seeks
to claw back the assets, claiming Art Van founder Archie Van
Elslander and his family arranged a highly leveraged buyout of the
company that saw them rake in more than the company's total equity
value while leaving it without its most valuable assets and
burdened with unsustainable interest and lease payments.

                     About Art Van Furniture

Art Van is a brick-and-mortar furniture and mattress retailer
headquartered in Warren, Michigan. The Company operates 169
locations, including 92 furniture and mattress showrooms and 77
freestanding mattress and specialty locations. The Company does
business under brand names, including Art Van Furniture, Pure
Sleep, Scott Shuptrine Interiors, Levin Furniture, Levin Mattress,
and Wolf Furniture.

The Company was founded in 1959 and was owned by its founder, Art
Van Elslander, until it was sold to funds affiliated with Thomas H.
Lee Partners, L.P. in March 2017. As part of this transaction, THL
acquired the operating assets of the Company and certain real
estate investment trusts, who closed the transaction alongside THL,
acquired the owned real estate portfolio of the Company, and
entered into long-term leases with Art Van. The proceeds from the
sale-leaseback transaction were used to fund the purchase price
paid to the selling shareholders.

Art Van Furniture, LLC, and 12 affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10553) on March 8,
2020.

Art Van was estimated to have $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtors tapped Benesch, Friedlander, Coplan & Aronoff LLP as
counsel. Kurtzman Carson Consultants LLC is the claims agent.


ATLANTIC WORLDWIDE: Unsecureds Will Receive 10% of Their Claims
---------------------------------------------------------------
Atlantic Worldwide Shipping, LLC, submitted a Third Amended
Subchapter V Plan of Reorganization.

The Debtor filed this case on August 3, 2021, with the goal of
stopping the immediate collection efforts by merchant cash advance
companies and increasing the payment duration on its debts. The
Debtor anticipates having receivables available to fund the plan
and pay the Creditors pursuant to the proposed plan. Attached
hereto as Exhibit "A" which is available at the following link:
https://bit.ly/3MrX8Ze, are projections of gross income, expenses,
and operating income for the next five years. It is anticipated
that after confirmation, the Debtor will continue in business.
Based upon the projections, the Debtor believes it can service the
debt to the Creditors.

The Debtor operates a shipping and freight forwarding business. The
Debtor had approximately $147,559.13 in accounts receivable as of
the Petition Date, subject to the factoring agreement with Advance
Business Capital LLC dba Triumph Business Capital. The Debtor owns
some office furniture and equipment. Debtor also owns a 2020
Freightliner M2-106.

The Plan will treat claims as follows:

   * Class 5 Claimant Special Unsecured Claim totaling $751,000.00.
This claim is allegedly secured by all goods, documents of title or
other property, for which the Debtor performs transportation and/or
logistics services and/or for which the Debtor is referenced as an
owner, shipper, or consignee. However, due to the senior secured
creditors exhausting all secured assets of the Debtor, these claims
are unsecured. The supposed lien is subordinate and junior for
priority purposes, to Triumph's first priority security interest in
the Debtor's assets, and the U.S. Small Business Administration.
PayCargo's rights are and shall remain subject to the Post-Petition
Agreements and the Final Factoring Order. Nonetheless, the Debtor
proposes to pay $375,000.00 at 5.25% interest per annum in monthly
installments. The payments will be $7,119.74 per month with the
first monthly payment being due and payable 30 days after the
Effective Date, unless this date falls on a weekend or a federal
holiday, in which case the payment will be due on the next business
day. Any unsecured portion of this claim will be treated as general
unsecured pursuant to Class 6 of the Plan. The treatment of this
claim under this Plan is in full satisfaction of any and all claims
PayCargo may have against the Debtor. Class 5 is impaired.

   * Class 6 Claimants Allowed Unsecured Claims totaling
$513,112.07. All allowed unsecured Creditors shall receive a pro
rata distribution at zero percent per annum over the next 5 years
beginning not later than 30 days after the Effective Date, unless
this date falls on a weekend or federal holiday, in which case the
payment will be due on the next business day and continuing every
year thereafter for the additional 4 years remaining on this date.
Nothing prevents the Debtor from making monthly or quarterly
distributions, so as long as 1/5 of the annual distributions to the
general allowed Unsecured Creditors are paid by each yearly
anniversary of the confirmation date of the Plan. The Debtor will
distribute up to $50,731.90 to the general allowed Unsecured
Creditor pool over the 5-year term of the Plan. The Debtor's
General Allowed Unsecured Claimants will receive 10% of their
allowed claims under this Plan. Class 6 is impaired.

   * Class 10 Claimant Allowed Unsecured Claim of Manoj Nevis. This
claimant filed a claim in the amount of $200,000.00, with
$12,475.00 being entitled to priority (Claim No. 7). The Debtor
filed an Objection to Claim No. 7. The Court sustained Debtor's
objection and issued an Order allowing Claim 7 in the amount of
$15,000.00. The Debtor will pay the claim at zero percent interest
in 60 equal monthly payments. Nothing prevents the Debtor from
making monthly or quarterly distributions that may begin on the
15th day of the month after the Effective Date, so as long as 1/5
of the annual distributions are paid by each yearly anniversary of
the confirmation date of the Plan. The payments will be $250.00 per
month with the first payment being due and payable not later than
30 days after the Effective Date, unless this date falls on a
weekend or federal holiday, in which case the payment will be due
on the next business day and continuing every year thereafter for
the additional 4 years remaining on this date. Class 10 is
unimpaired.

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

A copy of the Plan dated March 4, 2022, is available at
https://bit.ly/3sKMtRF from PacerMonitor.com.

                  About Atlantic Worldwide Shipping

Advantage Worldwide Shipping, LLC, a freight management and
logistics company, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 21-32642) on Aug. 3,
2021.  In the petition signed by Madhavadas Nair, general manager,
the Debtor listed $252,080 in assets and $4,701,322 in liabilities.
Judge Eduardo V. Rodriguez oversees the case.  The Lane Law Firm,
led by Robert Chamless Lane, Esq., serves as the Debtor's legal
counsel.


AUTO BROKERS: Bid to Use Cash Collateral Denied as Moot
-------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, has denied as moot the Joint Emergency
Motion for Authority to Use Cash Collateral filed by Auto Brokers
of Jacksonville, LLC and Auto Finance Partners, LLC.

The Court held that, in light of confirmation of the Debtors' Joint
Plan of Reorganization, as modified, and the arguments of counsel
present at the hearing, the motion is denied as moot.

A copy of the order is available at https://bit.ly/35LaYWe from
PacerMonitor.com.

                 Auto Brokers of Jacksonville, LLC

Auto Brokers of Jacksonville, LLC owns and operates a used car
dealership and service shop in Duval County, Florida, offering a
wide variety of well-maintained vehicles for all types of car
buyers and budgets. Auto Brokers currently maintains an inventory
of approximately 50 used vehicles which are marketed for sale at
its dealership location on a high traffic thoroughfare in
Jacksonville, Florida, and online at www.autobrokersjax.com.

Auto Finance serves as the finance and leasing branch of Auto
Brokers' operation. To the extent car buyers require lease terms or
financing for the purchase of a vehicle from Auto Brokers, such
options are offered through Auto Finance and the revenues collected
by Auto Finance are used to support the Debtors' collective
operation.

Auto Brokers of Jacksonville sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:21-bk-02814)
on December 3, 2021. In the petition signed by Evan D. Kaufman,
sole manager and majority member, the Debtor disclosed up to $1
million in both assets and liabilities.

Auto Finance sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:21-bk-02815) on
December 3, 2021. In the petition signed by Evan D. Kaufman, sole
manager and majority member, the Debtor disclosed up to $1 million
in both assets and liabilities.

The cases are jointly administered. Auto Brokers is the lead case.

Daniel A. Velasquez, Esq., at Latham Luna Eden and Beaudine LLP is
the Debtor's counsel.


BANK 2022-BNK40: Fitch Gives Final B- Rating to 2 Tranches
----------------------------------------------------------
Fitch Ratings has assigned final ratings and Rating Outlooks to
BANK 2022-BNK40, commercial mortgage pass-through certificates,
series 2022-BNK40 as follows:

BANK 2022-BNK40

-- $11,750,000 class A-1 'AAAsf'; Outlook Stable;

-- $6,857,000 class A-2 'AAAsf'; Outlook Stable;

-- $20,730,000 class A-SB 'AAAsf'; Outlook Stable;

-- $350,000,000a class A-3 'AAAsf'; Outlook Stable;

-- $0a class A-3-1 'AAAsf'; Outlook Stable;

-- $0ab class A-3-X1 'AAAsf'; Outlook Stable;

-- $0a class A-3-2 'AAAsf'; Outlook Stable;

-- $0ab class A-3-X2 'AAAsf'; Outlook Stable;

-- $390,923,000a class A-4 'AAAsf'; Outlook Stable;

-- $0a class A-4-1 'AAAsf'; Outlook Stable;

-- $0ab class A-4-X1 'AAAsf'; Outlook Stable;

-- $0a class A-4-2 'AAAsf'; Outlook Stable;

-- $0ab class A-4-X2 'AAAsf'; Outlook Stable;

-- $780,260,000b class X-A 'AAAsf'; Outlook Stable;

-- $133,759,000a class A-S 'AAAsf'; Outlook Stable;

-- $0a class A-S-1 'AAAsf'; Outlook Stable;

-- $0ab class A-S-X1 'AAAsf'; Outlook Stable;

-- $0a class A-S-2 'AAAsf'; Outlook Stable;

-- $0ab class A-S-X2 'AAAsf'; Outlook Stable;

-- $43,193,000a class B 'AA-sf'; Outlook Stable;

-- $0a class B-1 'AA-sf'; Outlook Stable;

-- $0ab class B-X1 'AA-sf'; Outlook Stable;

-- $0a class B-2 'AA-sf'; Outlook Stable;

-- $0ab class B-X2 'AA-sf'; Outlook Stable;

-- $41,800,000a class C 'A-sf'; Outlook Stable;

-- $0a class C-1 'A-sf'; Outlook Stable;

-- $0ab class C-X1 'A-sf'; Outlook Stable;

-- $0a class C-2 'A-sf'; Outlook Stable;

-- $0ab class C-X2 'A-sf'; Outlook Stable;

-- $45,979,000bc class X-D 'BBB-sf'; Outlook Stable;

-- $23,687,000bc class X-F 'BB-sf'; Outlook Stable;

-- $11,146,000bc class X-G 'B-sf'; Outlook Stable;

-- $26,473,000c class D 'BBBsf'; Outlook Stable;

-- $19,506,000c class E 'BBB-sf'; Outlook Stable;

-- $23,687,000c class F 'BB-sf'; Outlook Stable;

-- $11,146,000c class G 'B-sf'; Outlook Stable.

The following classes are not rated by Fitch:

-- $34,834,001bc class X-HJ;

-- $11,147,000c class H;

-- $23,687,001c class J;

-- $58,666,211cd RR Interest.

(a) Exchangeable Certificates. The class A-3, class A-4, class A-S,
class B and class C are exchangeable certificates. Each class of
exchangeable certificates may be exchanged for the corresponding
classes of exchangeable certificates, and vice versa. The dollar
denomination of each of the received classes of certificates must
be equal to the dollar denomination of each of the surrendered
classes of certificates. The class A-3 may be surrendered (or
received) for the received (or surrendered) classes A-3-1, A-3-X1,
A-3-2, and A-3-X2. The class A-4 may be surrendered (or received)
for the received (or surrendered) classes A-4-1, A-4-X1, A-4-2 and
A-4-X2. The class A-S may be surrendered (or received) for the
received (or surrendered) classes A-S-1, A-S-X1, A-S-2 and A-S-X2.
The class B may be surrendered (or received) for the received (or
surrendered) classes B-1, B-X1, B-2 and B-X2. The class C may be
surrendered (or received) for the received (or surrendered) classes
C-1, C-X1, C-2 and C-X2. The ratings of the exchangeable classes
would reference the ratings of the associate referenced or original
classes;

(b) Notional amount and interest only;

(c) Privately placed and pursuant to Rule 144A;

(d) Represents the "eligible vertical interest" comprising 5.0% of
the pool.

Since Fitch published its expected ratings on Feb. 22, 2022, the
balances for classes A-3 and A-4 were finalized. At the time the
expected ratings were published, the initial certificate balances
of classes A-3 and A-4 were expected to be $740,923,000 in the
aggregate, subject to a 5% variance. The final class balances for
classes A-3 and A-4 are $350,000,000 and $390,923,000,
respectively.

TRANSACTION SUMMARY

The certificates represent the beneficial ownership interest in the
trust, primary assets of which are 70 loans secured by 102
commercial properties having an aggregate principal balance of
$1,173,324,212 as of the cut-off date. The loans were contributed
to the trust by Wells Fargo Bank, National Association, Morgan
Stanley Mortgage Capital Holdings LLC, Bank of America, National
Association, and National Cooperative Bank, N.A. The Master
Servicers are expected to be Wells Fargo Bank, National Association
and National Cooperative Bank, N.A., and the Special Servicers are
expected to be CWCapital Asset Management LLC, and National
Cooperative Bank, N.A.

Fitch reviewed a comprehensive sample of the transaction's
collateral, including site inspections on 33.5% if the loans by
balance, cash flow analysis of 85.2% of the pool and asset summary
reviews on 100% of the pool.

Coronavirus Impact: The ongoing containment effort related to the
coronavirus pandemic may have an adverse impact on near-term
revenue (i.e. bad debt expense and rent relief) and operating
expenses (i.e. sanitation costs) for some properties in the pool.
Per the offering documents, all of the loans are current and are
not subject to any ongoing forbearance requests.

Fitch has withdrawn the expected rating for class X-B because the
class was removed from the final deal structure. The classes above
reflect the final ratings and deal structure.

KEY RATING DRIVERS

Lower Fitch Leverage than Recent Transactions: This transaction's
leverage is lower than that of other multiborrower transactions
recently rated by Fitch. The pool's Fitch debt service coverage
ratio (DSCR) of 1.70x is higher than the 2021 and 2020 averages of
1.38x and 1.32x, respectively. Additionally, the pool's Fitch loan
to value (LTV) ratio of 93.2% is below the 2021 and 2020 averages
of 103.3% and 99.6%, respectively. Excluding the co-operative
(co-op) and the credit opinion loans, the pool's DSCR and LTV are
1.35x and 98.3%, respectively. The 2021 and 2020 averages excluding
credit opinions and co-op loans are 1.30x/110.5% and 1.24x/111.3%,
respectively.

Investment-Grade Credit Opinions and Co-Op Loans: The pool includes
four loans, representing 24.4% of the pool, that received
investment-grade credit opinions; this is above the 2021 average
credit opinion concentration of 13.3% and in-line with the 2020
average of 24.5%. Coliseum Park Cooperative (1.4% of the pool)
received a credit opinion of 'AAAsf*', 333 River Street (4.3% of
the pool) received a credit opinion of 'BBBsf*', and both 601
Lexington (9.4% of the pool) and Journal Square Tower 2 (9.4% of
the pool) received credit opinions of 'BBB-sf*'. The pool contains
a total of 24 loans (including Coliseum Park Cooperative),
representing 7.4% of the pool, that are secured by residential
co-ops and exhibit leverage characteristics significantly lower
than typical conduit loans. The weighted average (WA) Fitch DSCR
and LTV for the co-op loans are 6.11x and 29.7%, respectively.

Higher Pool Concentration: The pool's 10 largest loans represent
60.8% of its cutoff balance, which is above the 2021 and 2020
averages of 51.2% and 56.8%, respectively. The pool's Loan
Concentration Index (LCI) is 485, higher than the 2021 and 2020
averages of 381 and 440, respectively.

Property Type Concentrations. Loans secured by office, multifamily
and retail properties comprise the largest concentrations of the
pool at 36.7%, 34.1% and 16.3%, respectively. The office property
concentration is in-line with the 2021 average of 36.5% and below
the 2020 average of 41.2%. The concentration of loans secured by
multifamily and co-operative properties (34.1%) is significantly
greater than the 2021 and 2020 averages of 17.4% and 16.3%,
respectively. The pool's retail concentration (16.3%) is below 2021
average of 21.8% and in-line with the 2020 average of 16.3%. There
are no hotel loans in the pool.

Limited Amortization: Based on the scheduled loan balances at
maturity, the pool is scheduled to pay down only 3.0%, which is
below the respective 2021 and 2020 averages of 4.8% and 5.3%.
Forty-three loans representing 81.5% of the pool are full-term
interest only, and an additional six loans representing 11.1% of
the pool are partial interest only. The percentage of full-term
interest-only loans is significantly higher than the 2021 and 2020
averages of 70.5% and 67.7%, respectively.

RATING SENSITIVITIES

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

Declining cash flow decreases property value and capacity to meet
its debt service obligations. The table below indicates the model
implied rating sensitivity to changes to the same one variable,
Fitch NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB-
    sf' / 'BB-sf' / 'B-sf';

-- 10% NCF Decline: 'AAAsf' / 'AAsf' / 'A-sf' / 'BBB+sf' / 'BBB-
    sf' / 'BBsf' / 'Bsf';

-- 20% NCF Decline: 'AAsf' / 'Asf' / 'BBBsf' / 'BBB-sf' / 'BB+sf'
    / 'CCCsf' / 'CCCsf'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
Improvement in cash flow increases property value and capacity to
meet its debt service obligations. The table below indicates the
model-implied rating sensitivity to changes in one variable, Fitch
NCF:

-- Original Rating: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB-
    sf' / 'BB-sf' / 'B-sf';

-- 20% NCF Increase: 'AAAsf' / 'AAAsf' / 'AAAsf' / 'AA+sf' / 'AA-
    sf' / 'A-sf' / 'BBBsf'.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte & Touche LLP. The third-party due diligence
described in Form 15E focused on a comparison and re-computation of
certain characteristics with respect to each of the mortgage loans.
Fitch considered this information in its analysis and it did not
have an effect on Fitch's analysis or conclusions.

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.



BAYRIDGE LOK: Updates Plan to Include Insider Claims Pay Details
----------------------------------------------------------------
Bayridge Lok Holdings LLC submitted a First Amended Disclosure
Statement for First Amended Plan of Reorganization dated March 8,
2022.

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 Purchaser has procured a financing commitment from Dwight
Mortgage Trust 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 ("Debtor Note"). The Debtor Note shall
contain the same interest rate as the loan obtained by Purchaser to
finance the 699 Closing under the 699 Contract.

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.

Class 1 consists of Bordeaux Secured Claim. The holder of the
Bordeaux Secured Claim shall receive Cash from the Sale Proceeds in
the amount of the Bordeaux Note plus interest at the rate of 8% per
annum as provided for in the Bordeaux Note, payable at the Sunset
Closing, in full and final satisfaction of the Allowed Bordeaux
Secured Claim. The Allowed Claims total $3,000,000. This Class will
receive a distribution of 100% of their allowed claims.

Class 2 consists of General Unsecured Claims. Each holder of an
Allowed General Unsecured Claim shall receive on the Effective
Date, Cash in the amount of such Allowed General Unsecured Claim
plus interest at the federal judgment rate payable from the Sale
Proceeds at the 699 Closing in full and final satisfaction of such
Allowed General Unsecured Claim. The allowed unsecured claims total
$150,012.76. This Class will receive a distribution of 100% of
their allowed claims.

Class 3 consists of Allowed Insider Claims of the Debtor. Each
holder of an Allowed Insider Claim shall receive on the Effective
Date, Cash in the amount of such Allowed Insider Claim plus
interest at the federal judgment rate payable from the Sale
Proceeds at the 699 Closing in full and final satisfaction of such
Allowed Insider Claim. The Allowed Claims total $42,000. This Class
will receive a distribution of 100% of their allowed claims.

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. At or prior to the Confirmation
Hearing, Purchaser will provide evidence of its ability to fund the
equity component of the 699 Financing. At the 699 Closing,
Purchaser will deliver the Debtor Note.

To the extent there is any Cash shortfall in the amount the Debtor
is required to fund under the Plan, estimates will be approximately
$579,000, such Cash shortfall will be funded by The PJS 2021 Family
Trust Trust.

A full-text copy of the First Amended Disclosure Statement dated
March 8, 2022, is available at https://bit.ly/3pVW1aI from
PacerMonitor.com at no charge.

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

                  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.


BBCMS TRUST 2015-SRCH: Fitch Affirms BB+ Rating on Class E Certs
----------------------------------------------------------------
Fitch Ratings has upgraded three classes and affirmed five classes
of BBCMS Trust 2015-SRCH Mortgage Trust commercial mortgage
pass-through certificates.

    DEBT              RATING           PRIOR
    ----              ------           -----
BBCMS 2015-SRCH

A-1 05547HAA9   LT AAAsf   Affirmed    AAAsf
A-2 05547HAC5   LT AAAsf   Affirmed    AAAsf
B 05547HAJ0     LT AAsf    Upgrade     AA-sf
C 05547HAL5     LT Asf     Upgrade     A-sf
D 05547HAN1     LT BBB-sf  Affirmed    BBB-sf
E 05547HAQ4     LT BB+sf   Affirmed    BB+sf
X-A 05547HAE1   LT AAAsf   Affirmed    AAAsf
X-B 05547HAG6   LT Asf     Upgrade     A-sf

KEY RATING DRIVERS

Stable Performance and Improved Cash Flow: The upgrades to classes
B, C and IO class X-B reflect improved net cash flow (NCF) and
paydown since issuance. Fitch's NCF has increased 6.4% since
issuance primarily due to scheduled rent steps. Overall property
level performance remains in line with issuance expectations. The
most recent servicer-reported NCF debt service coverage ratio
(DSCR) as of September 2021 was reported to be 1.61x.

Amortization: The loan is IO for the first four years and eight
months and then amortizes on a 30-year schedule, resulting in seven
years of amortization. The loan is no longer in the IO period and
began to amortize in August 2020 resulting in 2.5% paydown since
issuance. At maturity, the trust balloon balance is estimated to be
$372.1 million ($395/sf), resulting in an approximate 13.5%
reduction to the initial loan amount.

Superior Collateral Quality in Strong Location: The loan is secured
by the fee simple interest in three newly constructed,
single-tenant office buildings, totaling 943,056 sf, leased to
Google, Inc. in Sunnyvale, CA. The three buildings hold a LEED-Gold
designation are some of the most technologically advanced in the
area and hold a LEED-Gold designation, which has positive impact on
the ESG score for Waste & Hazardous Materials Management;
Ecological Impacts. The complex also includes a 52,500-sf amenities
building (non-collateral) for the sole use of tenants, which
includes fitness and weight equipment, studios for classes, full
locker rooms and an outdoor pool.

Single-Tenant Lease Exposure: The three buildings are leased by
Google through August 2027 (co-terminus with the loan maturity).
Google has no outs in its lease and has invested approximately
$188.6 million ($200 psf) in its buildout. Alphabet Inc., Google's
parent company, is one of the world's largest technology companies
with an estimated market capitalization of $1.73 trillion as of
April 2022. It is also one of the largest landlords and occupiers
of space in the Silicon Valley market. The company has leased three
other office buildings in the development (Phase II).

Reserves: Up-front reserves of approximately $71 million were
funded to address all outstanding landlord obligations, including
tenant improvements, leasing costs and free rent periods. Nearly
all of the reserves have been used, and only a small amount
remains. The loan includes a cash flow sweep to be used to build
reserves to $25 psf during the final two years of the lease term if
Google does not give notice to renew.

BBCMS 2015-SRCH has an ESG Relevance Score of '4' for Environmental
due to the sustainable building practices including Green building
certificate credentials, which has a positive impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

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

-- Fitch rates the classes A-1 and A-2 'AAAsf', therefore,
    upgrades are not possible. Upgrades to classes B through E are
    possible with continued transaction paydown and sustained cash
    flow improvement. The Stable Rating Outlooks for all classes
    reflect the relatively stable performance that is consistent
    with issuance.

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

-- Downgrades are possible with a significant decline in asset
    occupancy and/or a significant deterioration in property cash
    flow.

However, these factors are not expected to materialize due to the
long-term nature of the lease to a creditworthy tenant.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

BBCMS 2015-SRCH has an ESG Relevance Score of '4' [+] for Waste &
Hazardous Materials Management; Ecological Impacts due to the
sustainable building practices including Green building certificate
credentials,which has a positive impact on the credit profile, and
is relevant to the rating[s] in conjunction with other factors.

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



BEAR COMMUNICATIONS: Seeks Cash Collateral Access Thru March 18
---------------------------------------------------------------
Bear Communications, LLC asks the U.S. Bankruptcy Court for the
District of Kansas for authority to use cash collateral through
March 18, 2022, and provide adequate protection.

The Debtor requests permission to use cash collateral in accordance
with the budget, with a 20% variance. During the Interim Period,
the Debtor's expenditures will be limited to those expenditures
specifically authorized in the Budget.

Although its operations are minimal, the Debtor needs to continue
to use cash collateral to pay its remaining employees so it can
complete the asset sales, collect its remaining account
receivables, and provide information to the Bank of the Midwest,
the Creditors' Committee, and other parties-in-interest in
connection with the Case.
    
In exchange for the use of cash collateral, the Debtor proposes to
pay the Bank:

     -- any proceeds from the sale of assets owned by the
non‐debtor affiliate, Big Bear Investments, Inc.;

     -- the $228,641 the Debtor anticipates receiving from its
settlement with Comcast of Arizona, Inc. of the outstanding account
receivable owed to the Debtor; and

     -- the $500,000 the Debtor anticipates receiving from the
settlement it reached with EmKay, Inc. on the contract claim the
Debtor asserted against EmKay.

A copy of the motion is available at https://bit.ly/3MLk5qg from
PacerMonitor.com.

                     About Bear Communications

Lawrence, Kan.-based Bear Communications, LLC --
http://www.bearcommunications.net-- is a communications contractor
offering aerial construction, underground construction, splicing,
subscriber drop placement, residential and commercial
installations, residential and commercial wiring, consulting, and
testing services.

Bear Communications filed its voluntary petition for Chapter 11
protection (Bankr. D. Kan. Case No. 21-10495) on May 28, 2021,
disclosing total assets of up to $50 million and total liabilities
of up to $100 million.  Judge Dale L. Somers presides over the
case.  W. Thomas Gilman, Esq., at Hinkle Law Firm LLC, represents
the Debtor as legal counsel.

The U.S. Trustee for Region 20 appointed an official committee of
unsecured creditors in the Debtor's case on June 29, 2021.  The
committee is represented by Robert Hammeke, Esq., at Dentons US
LLP.



BEAR STEARNS 2005-PWR7: Fitch Affirms 'D' Rating on 9 Tranches
--------------------------------------------------------------
Fitch Ratings has affirmed 13 classes of Bear Stearns Commercial
Mortgage Securities Trust I 2005-PWR7 (BSCMSI 2005-PWR7) commercial
mortgage pass-through certificates.

   DEBT            RATING           PRIOR
   ----            ------           -----
Bear Stearns Commercial Mortgage Securities Trust 2005-PWR7

B 07383F4C9   LT BBsf   Affirmed    BBsf
C 07383F4D7   LT Bsf    Affirmed    Bsf
D 07383F4E5   LT CCCsf  Affirmed    CCCsf
E 07383F4G0   LT Csf    Affirmed    Csf
F 07383F4H8   LT Dsf    Affirmed    Dsf
G 07383F4J4   LT Dsf    Affirmed    Dsf
H 07383F4K1   LT Dsf    Affirmed    Dsf
J 07383F4L9   LT Dsf    Affirmed    Dsf
K 07383F4M7   LT Dsf    Affirmed    Dsf
L 07383F4N5   LT Dsf    Affirmed    Dsf
M 07383F4P0   LT Dsf    Affirmed    Dsf
N 07383F4Q8   LT Dsf    Affirmed    Dsf
P 07383F4R6   LT Dsf    Affirmed    Dsf

KEY RATING DRIVERS

High Loss Expectations; Pool Concentration: The pool is
concentrated, with only three of the original 124 loans/assets
remaining. Fitch's loss expectations on the REO asset, which is
comprises 98% of the pool, remain high.

The REO Shops at Boca Park asset is a 138,152-sf community shopping
center located in Las Vegas, NV. The loan was originally
transferred to special servicing in October 2009 for imminent
default, and the borrower subsequently filed for bankruptcy in June
2010. The loan was assumed and modified in November 2012, reducing
the note rate and extending the loan's maturity through January
2016. The loan transferred back to special servicing in February
2016 after failing to repay at its extended maturity date, and the
asset became REO in September 2018.

The special servicer is currently marketing the property for sale.
The subject is 89% occupied and, per the servicer, potential
tenants have letters of intent on the remaining vacant space. The
largest tenants include Recreation Equipment Inc (REI; 20% of NRA
leased through February 2024), Nevada Fine Wine and Spirits, LLC
(18.9% of NRA leased through May 2024), and The Cheesecake Factory
Restaurant (7.0% of NRA leased through September 2022).

Insufficient Credit Enhancement: The remaining classes are reliant
on the REO asset to pay in full. The ratings reflect the risk given
the distressed value of the asset.

There has been a non-recoverability determination on the REO asset
and the servicer is no longer advancing on this asset. As a result,
the principal received on the two defeased loans in the pool is
being re-directed as a partial interest payment to classes B and to
X-1, while this same principal amount is being incurred as a
realized loss on class F each month. The remaining classes do not
receive any interest payments. Any additional principal or interest
payments including recovery of prior amounts due will be the result
of a sale of the REO asset.

RATING SENSITIVITIES

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

-- Downgrades are possible with increased loss expectations and
    once losses are realized.

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

-- Upgrades to senior classes are not expected, but are possible
    with significantly higher recovery expectations on the REO
    Shops at Boca Park asset.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

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



BETTER 4 YOU: Wins Interim Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, has authorized Better 4 You Breakfast, Inc.
to use cash collateral on an interim basis in accordance with the
budget, with a 10% variance.

The Debtor is permitted to use cash collateral to pay
necessary/absolute necessary expenses to sustain operations. The
necessary/absolute necessary includes the payment of pre-petition
payroll to the extent permitted in the Court's Order granting the
Debtor's payroll motion.

As adequate protection, Bank Leumi USA is granted replacement liens
on all the Debtor's post-petition assets and properties except for
avoidance actions arising under Chapter 5, Subchapter III of the
Bankruptcy Code. The replacement liens will have the same force,
effect, priority and validity as the pre-petition liens on the
Debtor's pre-petition assets and properties. The liens will be
self-implementing and will be enforceable as if Bank Leumi USA has
undertaken all necessary filings and actions to properly perfect
its liens and security interests.

A further hearing on the matter is scheduled for March 22, 2022 at
11 a.m.

A copy of the order is available at https://bit.ly/3i06spd from
PacerMonitor.com.

                About Better 4 You Breakfast, Inc.

Better 4 You Breakfast, Inc. manufactures, packages and distributes
pre-packaged meals on a contract basis for specified periods of
time to approximately 400 clients including schools, residential
care facilities, senior care facilities, rehabilitation facilities
and others in California and Nevada. Those clients distribute the
meals to thousands of low income people including school children,
those in senior care facilities, medical facilities and in other
settings. The meals provided include breakfast, lunch, dinner and
snacks. The meals are manufactured and assembled in Los Angeles
County, California, at the Company's primary headquarters in the
City of Commerce, and distributed through leased warehouses in
several "regions".

Better 4 You Breakfast sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10994) on
February 24, 2022. In the petition signed by Fernando Castillo,
president, the Debtor disclosed up to $50 million in both assets
and liabilities.

Judge Barry Russell oversees the case.

Daniel A. Tilem, Esq., at Law Offices of David A. Tilem is the
Debtor's counsel.



BOY SCOUTS: Jacobs, Searcy Represent Class 8 Abuse Claimants
------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Jacobs & Crumplar, P.A. and Searcy Denney Scarola
Barnhart & Shipley, P.A. submitted a verified statement to disclose
that they are representing the Class 8 Direct Abuse Claimants in
the Chapter 11 cases of Boy Scouts of America and Delaware BSA,
LLC.

The facts and circumstances concerning the representation by Searcy
Denney Scarola Barnhart & Shipley, P.A. of Abuse Survivor
Clients—each client personally and individually contacted the
firm upon the client's initiative to request representation upon
independently becoming aware of the opportunity to assert a claim
arising out of the client's abuse.

The names and contact details of the Clients were redacted from
publicly available filings.

A list of the claim numbers of all claimants represented by the
firm is as follows:

                    Claim No. SA—8122
                    Claim No. SA-8150
                    Claim No. SA-8132

Counsel to Claimants SA-8122; SA—8150 & SA- 8132 can be reached
at:

          JACOBS & CRUMPLAR, P.A.
          Raeann Warner, Esq.
          Thomas C. Crumplar, Esq.
          750 Shipyard Drive, Suite 200
          Wilmington, DE 19801
          Tel: (302) 656-5445
          Fax: (302) 656-5875
          E-mail: Raeann@jcdelaw.com
                  Thomas@jcdelaw.com

             - and -

          SEARCY DENNEY SCAROLA BARNHART & SHIPLEY, P.A.
          John Scarola, Esq.
          2139 Palm Beach Lakes Boulevard
          West Palm Beach, FL 33409
          Tel: (561) 686—6300
          Fax: (561) 383—9451
          E-mail: jsx@searcylaw.com
                  mmccann@searcylaw.com
                  _scar01ateam@searcylaw.corn

A copy of the Rule 2019 filing is available at
https://bit.ly/3CxcbMw at no extra charge.

                    About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Liakos Law Represents Personal Injury Claimants
-----------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Liakos Law, APC, submitted a verified statement to
disclose that it is representing the personal injury claimants in
the Chapter 11 cases of Boy Scouts of America and Delaware BSA,
LLC.

The names and contact details of the Clients were redacted from
publicly available filings.

The Claim Numbers are: 41202
                       57563
                       16194
                       69955
                       58112
                       63249
                       54778
                       32134
                       54818
                       38973
                       40988
                       57380

The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.

The Clients, through their undersigned counsel, reserve the right
to amend or supplement this Verified Statement in accordance with
the requirements of Bankruptcy Rule 2019 at any time in the
future.

The Firm can be reached at:

          LIAKOS LAW, APC
          Jennifer R. Liakos, Esq.
          LIAKOS LAW, APC
          955 Deep Valley Drive
          Suite 3900
          Palos Verdes Peninsula, CA 90274
          Telephone: (310) 961-0066
          E-mail: Jenn@jennliakoslaw.com

A copy of the Rule 2019 filing is available at
https://bit.ly/36f8hfu at no extra charge.

                    About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Michigan AG Nessel Files Criminal Charges
-----------------------------------------------------
Cassidy Johncox on Click on Detroit reports that Michigan's
attorney general on Wednesday, March 9, 2022, announced the first
criminal charges in connection with an investigation into the Boy
Scouts of America after thousands of people filed claims of child
sex abuse against the organization.

Michigan Attorney General Dana Nessel and members from the Michigan
State Police held a news conference to announce the charges and
share an update on their investigative efforts.

This live stream has ended. You can watch the full briefing in the
video player above.

According to Nessel a former Michigan man is facing 10 total
charges for allegedly sexually abusing two victims when they were
children. Mark Chapman, an ex-Boy Scout troop master in Macomb
County and employee at a church, has been charged with first- and
second-degree criminal sex conduct in connection with two victims,
one of which is a family member, officials said.

Chapman has been living in New York since 2007 and is currently
being held at a corrections facility in the state. Officials say
they are working to get him extradited back to the state.

More details: Ex-Macomb County Boy Scout leader charged with
sexually abusing 2 children

Within the Boy Scouts of America's bankruptcy case that was filed
in February 2020, nearly 90,000 claims of sexual abuse were filed.
The BSA is said to have filed for bankruptcy in an effort to block
hundreds, at that time, of lawsuits against them, claiming child
sexual abuse. The number of claimants soared as the case moved
forward.

Last June 2021, AG Nessel said 1,700 of those 90,000 abuse claims
were filed from the state of Michigan, but they believed that
number to actually be closer to 3,000. In partnership with MSP,
Nessel launched an investigation in June 2021 into the sex abuse
claims filed against the Boy Scouts of America.

"My department has proven our commitment to accountability through
similar sex abuse investigations and I believe -- with the public's
help -- we can secure justice for survivors who endured abuse
through Boy Scouts of America," Nessel said last 2021. "We stand
ready to fight for those wronged by people they should have been
able to trust."

In July 2021, the BSA reached an $800 million agreement with
attorneys representing about 60,000 victims of child sex abuse. The
agreement marked one of the largest sums in U.S. history involving
cases of sexual abuse, but still left disagreements between
attorneys representing both sides.

Just in February 2022, the BSA reached a tentative $2.6 billion
deal with a group representing about 80,000 men who had filed sex
abuse claims against the organization. The agreement -- the largest
aggregate sex abuse settlement in U.S. history -- reportedly
includes plans to enhance child protection measures for Boy Scouts,
and establish independent oversight of settlement payment
distribution for eligible abuse claimants.

                      About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: O'Brien & Ford Represents Unsecured Claimants
---------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of O'Brien & Ford, PC submitted a verified statement
to disclose that it is representing the unsecured claimants in the
Chapter 11 cases of Boy Scouts of America and Delaware BSA, LLC.

On February 18, 2020, Boy Scouts of America and Delaware BSA, LLC
filed voluntary petitions for relief under Chapter 11 of Title 11
of the United States Code. The Debtors continue to operate and
manage their businesses as debtors in possession pursuant to
sections 1107 and 1108 of the Bankruptcy Code.

The names and contact details of the Clients were redacted from
publicly available filings.

The Claim Numbers are: 50205
                       82938
                       68193
                       54989
                       89057

The Clients each hold general unsecured claims against BSA, certain
non-debtor Local Councils, or Chartered Organizations arising from
childhood sexual abuse at the time the Clients were Scouts with the
BSA and the applicable Local Councils and Chartered Organizations.

The Clients, through their undersigned counsel, reserve the right
to amend or supplement this Verified Statement in accordance with
the requirements of Bankruptcy Rule 2019 at any time in the
future.

The Firm can be reached at:

          Jennifer R. Liakos, Esq.
          O'BRIEN & FORD, PC
          4549 Main St., Suite 201
          Buffalo, NY 14226
          Telephone: (716) 907-7777
          E-mail: JLiakos@obrienandford.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3tKVtWd at no extra charge.

                    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.


CAMP ENERGY: Unsecured Creditors to Split $1.8M in 60 Months
------------------------------------------------------------
Camp Energy, Ltd., filed with the U.S. Bankruptcy Court for the
Western District of Texas a Chapter 11 Subchapter V Plan dated
March 7, 2022.

Camp Energy, LTD, is a Texas limited partnership governed by the
Agreement of Limited Partnership of Camp Energy, LTD (the
"Partnership Agreement"), dated October 25, 2007.

The Debtor filed this case to preserve and maximize the value of
its assets and provide an appropriate repayment plan for the
benefit of all creditors and stakeholders. In this Plan, the Debtor
proposes to reorganize and pay existing debts from future income
generated by its assets, principally from Ramirena Prospect
production payments.

The Debtor believes the terms of this Plan will maximize
distributions to the creditors of and interest holders in the
Debtor and will allow the Debtor to emerge from bankruptcy with the
ability to meet future ongoing obligations. To the extend the Plan
is opposed, the Debtor is seeking the confirmation of this Plan as
a nonconsensual plan.

Class 1 consists of Priority Non-Tax Claim. Except to the extent
that a Holder of an Allowed Priority Non-Tax Claim against the
Estate agrees to a less favorable treatment, each such Holder will
receive, in full satisfaction of such Claim, payment in full in by
the Debtor or Reorganized Debtor, as applicable, on the later of
(A) the Effective Date or (B) 10 days after such Priority Non-Tax
Claim becomes Allowed. Holders of Priority Non-Tax Claims are
unimpaired, deemed to accept the Plan, and not entitled to vote
thereon. The Debtor believes that, as of the Effective Date, there
will be no claims in Class 1.

Class 2 consists of General Unsecured Claims. Once the Debtor has
fully paid the Administrative Expenses, the Debtor will commence
depositing its disposable income into an Unsecured Creditors Pool
Fund with the Subchapter V Trustee and continue monthly deposits
for 60 months for an estimated total of $1,800,000. Upon payment in
full of all Allowed General Unsecured Claims, the Reorganized
Debtor shall have no further obligation to make additional payments
into the Unsecured Creditor's Pool Fund. General Unsecured Claims
have an Allowed Class 2 Claim in the Unsecured Creditors Pool Fund
for their respective pro-rata portion of all Allowed General
Unsecured Claims. The Subchapter V Trustee will maintain the
Unsecured Creditor's Pool Fund in a separate account for which he
will be the custodian and responsible for making the distributions
provided in the Plan.

The Subchapter V Trustee will begin monthly distributions from the
Unsecured Creditors Pool Fund within 30 days of the receipt from
the Debtor of the initial deposit into the Unsecured Creditors Pool
Fund. If any Claims remain Contested and not Allowed on the date of
the initial distribution, the Subchapter V Trustee will hold an
appropriate amount in reserve pending Allowance of all Contested
Claims, and distribute such reserved amounts once all Contested
Claims have been Allowed. The Indemnification Claims, to the extent
Allowed, will be treated as Class 2 General Unsecured Claims,
unless such Allowed Indemnification Claim is Allowed as a
Subordinated Claim, in which case it will be treated in Class 3.

The Debtor estimates less than $2 million in potential Allowed
General Unsecured Claims, depending principally on the amount of
Allowance, if any, of the Indemnification Claims. Accordingly,
under the Plan Projections, the Debtor estimates Allowed Claims in
Class 2 will be paid in full, or very close to in full, during the
five-year payment period provided under the Plan.

Class 3 consists of Subordinated Claims. Subordinated Claims may be
Allowed by Final Order. However, no Distribution of any kind will
be made on account of such Allowed Subordinated Claims unless and
until all Allowed Administrative Claims, Priority Non-Tax Claims,
Secured Claims, and General Unsecured Claims have been paid and are
fully satisfied in all respects. Upon all Allowed Administrative
Claims, Priority Non-Tax Claims and non subordinated General
Unsecured Claims being paid in full, the Subchapter V Trustee will
distribute any remaining funds in the Unsecured Creditors Pool
Fund, if any, pro rata to all Allowed Subordinated Claims according
to the priority set for such Subordinated Claim in the order
Allowing the Subordinated Claim. Class 3 is Impaired.

Class 4 consists of Interest Holders. Holders of Interests in the
Debtor will retain the same proportional Interests in the Debtor as
stated in the List of Equity Security Holders following the
Effective Date subject to the New Organizational Documents.

On the Effective Date, all Assets of the Debtor will be vested in
the Reorganized Debtor. The Assets will be vested in the
Reorganized Debtor free and clear of all Liens, Claims, rights,
Interests, and charges, except as expressly provided in this Plan.


The obligations under the Plan will be funded by the operation of
the Reorganized Debtor's business.

As shown by the liquidation analysis, the Debtor estimates that
between $670,000 and $740,000 would be available to distribute to
Unsecured Claimants if the Debtor were to undergo a Chapter 7
liquidation. The Debtor estimates that Unsecured Claims will
receive a total of over $1,800,000 under the Plan. Therefore, the
Plan satisfies section 1129(a)(7) of the Bankruptcy Code.

A full-text copy of the Chapter 11 Plan dated March 7, 2022, is
available at https://bit.ly/3MILysH from PacerMonitor.com at no
charge.

Counsel for Debtor:

     Jason M. Rudd, Esq.
     Scott D. Lawrence, Esq.
     Catherine A. Curtis, Esq.
     Wick Phillips Gould & Martin, LLP
     3131 McKinney Avenue, Suite 500
     Dallas, TX 75204
     Telephone: (214) 692-6200
     Facsimile: (214) 692-6255
     Email: jason.rudd@wickphillips.com
            scott.lawrence@wickphillips.com
            catherine.curtis@wickphillips.com

                       About Camp Energy Ltd.

San Antonio, Texas-based Camp Energy, Ltd. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Tex. Case No. 22-50058) on Jan. 22, 2022, listing as much as
$10 million in both assets and liabilities.

The Debtor tapped Catherine A. Curtis, Esq., at Wick Phillips Gould
& Martin, LLP, as its legal counsel and William R. Patterson,
executive vice president of HMP Advisory Holdings, LLC, as its
interim manager.


CARNATION HOME: Wins Cash Collateral Access
-------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York,
Poughkeepsie Division, has authorized Carnation Home Fashions, Inc.
to use cash collateral and pay secured obligations to Lawrence B.
Mayer.

The Debtor and Mayer are parties to a note, as amended on July 15,
2020, and security agreement.  As of the bankruptcy filing date,
the total balance on the obligation to Mayer was approximately
$216,478. The Debtor acknowledges and agrees that this obligation
is collateralized by valid, perfected and enforceable liens on
substantially all of the Debtor's assets including, but not limited
to, accounts, inventory, and accounts receivable.

As of February 1, 2022, the Debtor owed Mayer:

     $147,791 on account of an Inventory Loan Debt; and
      $68,687 on account of a Cash on Hand Loan Debt.

The parties agree that the Mayer obligation will be paid as
follows:

     A. The Inventory Loan Debt, with an outstanding balance of
$147,791, will be re-amortized for a period of 55 months at 5%. The
Debtor will make monthly payments to Mayer in the amount of $3,012.
The final payment on the Inventory Loan Debt will be made in
October 2026.

     B. The Cash on Hand Loan Debt, with an outstanding balance of
$68,687, will be re-amortized for a period of 53 months at 5%. The
Debtor will make monthly payments to Mayer in the amount of $1,451.
The final payment on the Cash on Hand Loan Debt will be made in
August 2026.

The Debtor is permitted to use cash collateral in and for the
ordinary course of business through the confirmation of the Chapter
11 Plan of Reorganization.

As adequate protection, Mayer is granted continuing rollover liens
and security interests in all of the Debtor's Postpetition
Collateral to the same extent, validity and priority as Mayer held
prior to the Petition Date.

The lien and security interest constitute at all times valid,
binding and enforceable lien and security interests upon all of the
Collateral.  The Debtor will not grant a lien or security interest
in the Collateral to any other party without Mayer's prior written
consent.

To the extent its adequate protection replacement liens prove
inadequate, Mayer will be granted an allowed cost and expense of
administration claims under section 507(b) of the Bankruptcy Code,
with priority over every other claim for costs of administration
under section 507(a)(1) and will at all times be senior to the
rights of the Debtor, as Debtor in Possession, or any successor
Trustee in this or any subsequent proceeding under the Bankruptcy
Code.

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

                   About Carnation Home Fashions

Carnation Home Fashions, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 22-35018) on Jan. 18, 2022,
listing up to $500,000 in assets and up to $1 million in
liabilities.  

Judge Cecelia G. Morris oversees the case.  

Genova Malin & Trier, LLP serves as the Debtor's legal counsel.



CARPENTER TECHNOLOGY: Moody's Rates $300MM Unsecured Notes 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Carpenter
Technology Corporation's proposed $300 million senior unsecured
notes due 2030. The proceeds from the note offering plus a small
portion of Carpenter’s cash balance will be used to redeem its
$300 million senior unsecured notes due March 2023 and to pay the
make whole premium and associated fees and expenses. Carpenter’s
B1 Corporate Family Rating, B1-PD Probability of Default rating, B2
senior unsecured notes ratings, (P)B2 senior unsecured shelf rating
and its Speculative Grade Liquidity rating of SGL-3 and its stable
ratings outlook remain unchanged.

Assignments:

Issuer: Carpenter Technology Corporation

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD4)

RATINGS RATIONALE

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

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

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

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

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

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

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

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

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

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

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

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

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

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


CENTRAL GARDEN: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Central Garden & Pet Company's
Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating,
and the B1 rating on Central's senior unsecured notes. The outlook
remains stable and the Speculative Grade Liquidity Rating remains
SGL-2.

Moody's affirmed the Ba3 CFR as Central continues to expand its
scale and earnings base supported by good reinvestment in the
business while generating solid though somewhat volatile free cash
flow. These factors along with good liquidity will allow Central to
manage its highly seasonal business and with leverage that is at
the high end of the range expected for the rating category due to
sizable debt-funded acquisitions over the last 18 months. Rising
raw material, transportation and labor costs are likely to pressure
margins and earnings over the next year, and this could temporarily
increase leverage. Central experienced strong growth in organic
sales and earnings as the coronavirus pandemic has served as a
tailwind with consumers spending more time at home attending to
lawn and garden projects. In addition, the pandemic also
contributed to an increase in pet ownership which will serve as an
ongoing tailwind for Central's pet business. In the next 12 to 18
months Central is likely to exhibit a low single digit organic
increase in revenues, which is much slower than the last few years
because consumers are likely to gradually moderate at home spending
from the elevated levels reached during the pandemic. The
affirmation of Central's credit rating is also a reflection of the
success that the company has had to date in integrating four
companies within the last year and a half into its lawn & garden
segment, which are likely to contribute nearly $150 million in
incremental annual EBITDA.

Rating Affirmations:

Issuer: Central Garden & Pet Company

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Unsecured Notes due 2028, Affirmed B1 (LGD4)

Senior Unsecured Notes due 2030, Affirmed B1 (LGD4)

Senior Unsecured Notes due 2031, Affirmed B1 (LGD4)

Outlook Actions:

Issuer: Central Garden & Pet Company

Outlook, Remains Stable

RATINGS RATIONALE

Central's Ba3 Corporate Family Rating reflects its high leverage
with debt to Moody's adjusted EBITDA of around 3.4x as of December
2021 and good operating performance. The rating is supported by the
company's good market position in pet and lawn & garden, good size
with revenue around $3.4 billion, solid brand recognition among
consumers, and moderate financial policies. Moody's views many of
the company's products as consumer staples, which will provide
earnings resilience during an economic downturn. Central generates
good free cash flow aided by the absence of a dividend, with the
bulk of the free cash flow in recent years along with new debt
being used for investments including acquisitions that continue to
expand the company's scale and market position. The ratings are
constrained by the very high seasonality of earnings and cash
flows, weather dependency, exposure to volatile raw materials
prices, the somewhat discretionary nature of its products, and by
its highly concentrated customer base. The company's long-term
growth plan also incorporates acquisitions to expand its product
offerings. Leverage is currently at the high end of the range
expected for the rating due to the heavy acquisition activity, and
Moody's believes cost pressures could lift leverage higher
temporarily over the next year. Moody's expects price increases,
cost discipline and growth initiatives would reduce leverage in
such a scenario.

The SGL-2 speculative grade liquidity rating reflects Central's
good liquidity highlighted by cash and short-term investments of
about $296 million, a sizable $750 million revolver expiring in
December 2026 that supports highly seasonal cash flow, and
approximately $100 million of projected free cash flow over the
next year.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

As a manufacturer of garden and pet supplies, Central uses
specialty chemicals to produce fertilizers and pesticides. Many of
the products that the company manufactures and distributes are
subject to local, state federal, and foreign laws and regulations
related to environmental matters. The company is also susceptible
to waste and pollution risks that relate to negative effects of the
use of its products on ecosystems, and the use of packaging
materials that are not or cannot be recycled. Water and energy
usage are also a part of the manufacturing process. These risks are
partially mitigated by the company's sustainability programs which
have focused on using recycled materials, solar energy, and water
conservation, to name a few.

Central faces responsible production risks because it must
cost-effectively manage a complex supply chain. Changes in the
availability or price of key ingredients can have a negative effect
on profitability and cash flow. The company is also susceptible to
the health and safety risk of its employees as a manufacturer of
products with toxic materials. Central must invest to ensure its
products align with changing consumer preferences.

Central's financial strategy creates moderately negative governance
risk, considering the company's high financial leverage (target
gross debt to EBITDA of 3-3.5x) and its focus on growth through
debt funded acquisitions. In addition, the company's board
structure and policies are highly negative based on the company's
dual class of stock and 55% total voting power by the Chairman and
founder of the company. The lack of alignment between the
shareholder base and voting control creates governance risk because
most shareholders have limited capability to influence governance
policies since they have proportionately less voting rights.

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

The stable outlook reflects Moody's view that Central will continue
to operate in specialized niche markets and continue its growth
strategy while maintaining disciplined financial policies. Moody's
also assumes in the stable outlook that the company will continue
to successfully integrate its acquisitions and generate free cash
flow of approximately $100 million or more.

The ratings could be downgraded if Central's competitive pressures,
cost pressure or operating challenges weaken earnings, liquidity
deteriorates, or if debt to EBITDA is sustained above 3.5x (outside
of seasonal borrowings).

The ratings could be upgraded if the company is able to steadily
deliver strong organic revenue growth, increase the EBITDA margin
meaningfully, and continue to generate solid free cash flow. Debt
to EBITDA sustained below 2.5x (outside of seasonal borrowings)
would also be necessary for an upgrade.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Headquartered in Walnut Creek, California, Central Garden & Pet
Company manufactures branded products and distributes third-party
products in the lawn and garden and pet supplies industries in the
United States. The company is publicly traded with founder Bill
Brown holding 55% voting control. Sales approximated $3.4 billion
for the twelve months ended December 25, 2021.


CEREMONY SALON: Wins Cash Collateral Access Thru March 24
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized Ceremony Salon, LLC to use
cash collateral for its post-petition necessary and reasonable
operating expenses for the period on an interim basis from March 10
to 24, 2022.

The Debtor presented a 30-day budget for approval. However, a
shorter, 14-day period has instead been set and the following uses
of cash collateral are approved:

     a. Rent: $10,200
     b. Payroll (gross): $22,853.27
     c. Additional officer compensation (gross): $2,169.80
     d. Services products: $300
     e. Cleaning supplies: $300
     f. POS system: $150
     g. Credit card processing: $1,273.98
     h. Unpaid services and utilities for March: $500

As adequate protection, the secured creditors will be granted liens
in after-acquired revenue to the same extent and priority as they
had prior to the filing of the case.

The terms and conditions of the Order provide adequate protection
of the interests, if any, of the Secured Creditors for the Debtor's
interim use of the cash collateral.

A further hearing on the matter is scheduled for March 17, 2022, at
1 PM.

A copy of the order is available at https://bit.ly/3I8wT6D from
PacerMonitor.com.

                   About Ceremony Salon, LLC

Ceremony Salon, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00492-5 on March 8,
2022. In the petition signed by Rachel Lynn Radford,
member-manager, the Debtor disclosed up to $50,000 in assets and up
to $500,000 in liabilities.

Judge Joseph N. Callaway oversees the case.

Travis Sasser, Esq., at Sasser Law Firm, is the Debtor's counsel.



CHARTER COMMUNICATIONS: Moody's Rates New Sr. Secured Notes 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to new Senior
Secured Notes, to be issued at Charter Communications, Inc.'s
(Charter or the Company) wholly owned subsidiaries Charter
Communications Operating, LLC and Charter Communications Operating
Capital Corp. Charter's Ba2 Corporate Family Rating, Ba2-PD
Probability of Default Rating, and all instrument ratings are
unaffected by the proposed Transaction. The stable outlook and
SGL-1 speculative grade liquidity are unchanged.

Assignments:

Issuer: Charter Communications Operating, LLC

Senior Secured 1st Lien Notes, Assigned Ba1 (LGD3)

Moody's expects the terms and conditions of the newly issued
obligation to be materially the same as existing obligations of the
same class. Charter intends to use the net proceeds from the
financing for general corporate purposes, share repurchases, to
repay certain indebtedness, and to pay related fees and expenses.

Moody's believes any incremental leverage (net of repayment) will
not materially change the credit profile or the proportional mix of
secured and unsecured debt, or the resultant creditor claim
priorities in the capital structure.

RATINGS RATIONALE

Charter's credit profile is supported by its substantial scale and
share of the US broadband market, protected by a superior,
high-speed network with limited competitive overlap. Charter is the
second largest cable company in the United States, serving
approximately 32.1 million residential and commercial customers
across 41 states, generating approximately $51.7 billion in revenue
(FY 2021). Strong and sustained broadband demand drives growth and
profitability, providing an operating hedge to the secular decline
in video and wireline voice services. The business model is also
highly predictable, with a largely recurring revenue base.
Liquidity is very good, supported by free cash flows which are
close to $8.6 billion (Moody's adjusted, FY 2021), providing
significant financial flexibility.

The credit profile is constrained by governance risk, including a
financial policy that targets a net leverage ratio of 4.0-4.5x,
managed near the top end of the range (near 4.7x on Moody's
adjusted gross debt basis for FY 2021). Despite the ability to
de-lever, most free cash flow has been used for share repurchases.
The Company generally raises debt to maintain pace with EBITDA
growth, driving already high absolute debt levels (over $93
billion, Moody's adjusted at Q4 2021), ever higher. However,
Moody's expects maturity ladders will continue to be managed
prudently. Charter is exposed to secular pressure in its wireline
voice and video services which are losing customers due to
competition and changes in media consumption, driving penetration
rates lower. Moody's also views broadband wireless technology,
specifically terrestrial 5G, as a potential threat to a portion of
the Company's wireline broadband business over the medium term. To
manage the risk, and participate in the opportunity, Charter is
ramping its own wireless services as a mobile virtual network
operator (MVNO). While the wireless service has experienced rapid
growth and is driving the top-line, steady-state economics at scale
will be less favorable than its existing cable business model
(including data, video and voice combined).

The SGL-1 liquidity rating reflects very good liquidity with strong
free cash flow, a partially drawn $4.75 billion revolving credit
facility, and only incurrence-based financial covenants. Alternate
liquidity is limited with a largely secured capital structure.

Moody's rates the senior secured 1st lien credit facilities and
senior secured 1st lien notes at Charter Communications Operating,
LLC, Time Warner Cable LLC, and Time Warner Cable Enterprises LLC
Ba1 (LGD3), one notch above the Ba2 CFR. Secured lenders benefit
from junior capital provided by the senior unsecured notes issued
at CCO Holdings, LLC and CCO Holdings Capital Corp (which have no
guarantees), the most junior claims and rated B1 (LGD5), with
contractual and structural subordination to all other obligations.


Instrument ratings reflect the Ba2-PD probability of default rating
with a mix of secured and unsecured debt, which Moody's expect will
result in an average rate of recovery of approximately 50% in a
distressed scenario.

The stable outlook reflects Moody's expectation that debt will rise
to over $100 billion and revenues and EBITDA will range between
$56-$57 billion and $22-23 billion, respectively by the end of
2022. Moody's projects EBITDA margins approaching 40%, producing
free cash flows of between $7-$8 billion annually. Key assumptions
include capex to revenue averaging near 15%, and average borrowing
costs of approximately 5%. Moody's expects video and voice
subscribers to fall by low to mid-single digit percent on a
long-term secular basis, and data subscribers to rise by low to
mid-single digit percent. Moody's expects leverage to remain in the
mid to high 4x range (Moody's adjusted gross debt/EBITDA), and free
cash flow to debt to be sustained in the high single-digit percent
range. Moody's expects liquidity to remain very good.

Note: all figures are Moody's adjusted, over the next 12-18 months
unless otherwise noted.

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

Moody's could consider an upgrade if:

Leverage (Moody's adjusted debt/EBITDA) is sustained below 4.25x,
and

Free cash flow-to-debt (Moody's adjusted) is sustained above 5%

An upgrade could also be conditional on maintaining very good
liquidity, a more conservative financial policy, and stable
operating performance.

Moody's could consider a downgrade if:

Leverage (Moody's adjusted debt/EBITDA) is sustained above 4.75x,
or

Free cash flow-to-debt (Moody's adjusted) is sustained below low
single digit percent

Moody's could also consider a negative rating action if liquidity
deteriorated, financial policy implied higher credit risk, or there
were unfavorable and sustained trends in operating performance or
the business model.

Charter Communications, Inc., headquartered in Stamford,
Connecticut, provides video, data, phone, and wireless services.
Across its footprint, which spans 41 states, Charter serves 32.1
million residential and commercial customers under the Spectrum
brand, making it the second-largest U.S. cable operator. Revenue
for the year ended Dec. 31, 2021 was approximately $51.7 billion.
Charter is a public company. The largest shareholders are Liberty
Broadband Corporation and Advance/Newhouse Partnership.

The principal methodology used in this rating was Pay TV published
in October 2021.


CHARTER COMMUNICATIONS: S&P Cuts Unsecured Debt Rating to 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BBB-' issue-level rating and '1'
recovery rating to the proposed senior secured notes issued by
Charter Communications Operating LLC. The '1' recovery rating
indicates its expectation for very high (90%-100%; rounded
estimate: 95%) recovery in a simulated default scenario. The
company plans to use the proceeds from these notes for general
corporate purposes, including to fund share buybacks and repay
debt.

S&P said, "At the same time, we lowered our issue-level rating on
unsecured debt issue at CCO Holdings LLC to 'BB-' from 'BB', with a
'6' recovery rating, indicating our expectation for minimal
recovery (0%-10%; rounded estimate: 0%). The issue-level downgrade
was caused by a recent shift in the funding mix toward secured
debt. As a result, recovery prospects for unsecured lenders have
diminished below 10% under our stressed default scenario because a
greater amount of secured claims leaves less value available to
unsecured creditors in a hypothetical default.

"Our 'BB+' issuer credit rating on parent Charter Communications
Inc. is unaffected by this transaction. We continue to expect the
company to maintain debt to EBITDA at the higher end of its
4.0x-4.5x target range, which is comfortably below our 5x downgrade
threshold. We believe Charter generates sufficient earnings and
free operating cash flow (FOCF) to carefully manage this ratio and
anticipate it will adjust its share repurchases accordingly. The
demand for the company's residential high-speed internet service
remains healthy, and it derives most of its earnings and cash flow
from this high-margin segment. Therefore, we expect it to increase
its EBITDA by 7%-8% in 2022 as it expands its broadband subscriber
base by 3%-4%. Based on these assumptions, which include FOCF of $8
billion-$9 billion in 2022, we currently incorporate about $15
billion of share repurchases in our base case forecast for 2022.

"We do not anticipate any further issue-level rating pressure over
the near term. There is significant cushion in the secured 'BBB-'
issue-level ratings because recovery estimates would need to fall
below 70% for a downgrade (at the current 'BB+' issuer credit
rating), compared with our current estimate of roughly full
recovery. Separately, the unsecured notes are notched at the
maximum of two notches below the issuer credit rating."

RECOVERY ANALYSIS

Key analytical factors

-- Lower earnings as a result of broadband subscriber losses and
pricing pressure from emerging competition from fiber builds and 5G
fixed wireless results in EBITDA contraction of about 45%.

-- LIBOR of 2.5% at the point of default in 2027.

-- Margin rising to 5% on the credit facilities, resulting from
credit deterioration and covenant violations.

-- All debt amounts include six months of prepetition interest.

-- An 85% draw on the revolver.

Simulated default assumptions

-- Default year: 2027
-- EBITDA at emergence: $11.1 billion
-- EBITDA multiple: 7x

Simplified waterfall

-- Net enterprise value (after 5% administrative expenses): $72
billion

-- Secured first-lien claims: $70.6 billion

    --Recovery expectations: 90%-100%; rounded estimate: 95%

-- Total value available to unsecured creditors: $1 billion

-- Unsecured debt claims: $25.7 billion

    --Recovery expectations: 0%-10%; rounded estimate: 0%



CITIGROUP COMMERCIAL 2014-GC23: Fitch Affirms B- Rating on F Certs
------------------------------------------------------------------
Fitch Ratings affirms 13 classes of Citigroup Commercial Mortgage
Trust commercial mortgage pass-through certificates series
2014-GC23 (CGCMT 2014-GC23). The Rating Outlooks for three classes
have been revised to Stable from Negative; the Rating Outlooks for
four classes have been revised to Positive from Stable.

    DEBT              RATING            PRIOR
    ----              ------            -----
CGCMT 2014-GC23

A-3 17322VAS5    LT AAAsf   Affirmed    AAAsf
A-4 17322VAT3    LT AAAsf   Affirmed    AAAsf
A-AB 17322VAU0   LT AAAsf   Affirmed    AAAsf
A-S 17322VAV8    LT AAAsf   Affirmed    AAAsf
B 17322VAW6      LT AAsf    Affirmed    AAsf
C 17322VAX4      LT A-sf    Affirmed    A-sf
D 17322VAE6      LT BBB-sf  Affirmed    BBB-sf
E 17322VAG1      LT BB-sf   Affirmed    BB-sf
F 17322VAJ5      LT B-sf    Affirmed    B-sf
PEZ 17322VBA3    LT A-sf    Affirmed    A-sf
X-A 17322VAY2    LT AAAsf   Affirmed    AAAsf
X-B 17322VAZ9    LT A-sf    Affirmed    A-sf
X-C 17322VAA4    LT BB-sf   Affirmed    BB-sf

KEY RATING DRIVERS

Improved Loss Expectations; Increased Credit Enhancement (CE): The
affirmations reflect the overall stable performance of the
collateral. CE has increased since the prior rating action due to
scheduled amortization and the repayment of four loans since the
prior review. As of the February 2022 remittance report, the pool
has been paid down by 25.5% to $917.9 million from $1.23 billion at
issuance. Of the 83 loans in the transaction at issuance, 61 loans
remain. Seventeen loans have been defeased representing 20.7% of
the transaction. Two loans (25.8%) are full-term IO and 27 loans
(46.2%) are partial-term IO, all of which have begun amortizing. No
remaining loans mature prior to 2024. Class G has realized $1.9
million in losses to date and is currently experiencing interest
shortfalls.

Fitch's current ratings are based on a base case loss expectation
of 3.6%. The Outlook revisions reflect the sufficient CE of the
four classes; reduction in Fitch Loans of Concern (FLOCs; from 18%)
since the last rating action, as well as the continued performance
improvement of properties impacted by the pandemic and progress
toward recovery of loans in special servicing. In addition, the
Outlook revisions to Positive from Stable also reflect class B and
C's seniority of the positions in the capital structure.

Fitch Loans of Concern: There are eight FLOCs (15%), including
three specially serviced loans (6%). The largest driver to losses
is The Centre Properties Portfolio (3.3%), a four-property retail
portfolio in the Indianapolis, IN, which transferred to special
servicing in June 2020 due to imminent monetary default as a result
of pandemic-related stress. As of December 2021, the portfolio was
88% occupied and performing at a 1.22x NOI debt service coverage
ratio (DSCR), an improvement from 84% occupancy and DSCR of 1.13x
as of YE 2020. The servicer is in discussion with the borrower in
bringing the loan current. Fitch applied a stress to recent
appraisal values reflecting a loss severity of 25%.

The second largest contributor to losses is the Chula Vista Center
(7%), a regional mall in the San Diego, CA metro where a
non-collateral Sears closed in February 2020. The mall has also
experienced declining occupancy as in-line tenants have vacated
over the past several years. As of September 2021, total mall and
collateral occupancy was 63.6% and 90.4%, respectively.

As of TTM September, comp inline sales under 10,000 sf have
returned to pre-pandemic levels with sales of $455 psf compared to
$317 psf at YE 2020, $449 psf at YE 2019 and $374 psf at issuance.

Fitch analysis includes a 15% cap rate and 5% stress applied to the
YE 2019 NOI to reflect expected losses of 13.3%. An additional 20%
sensitivity loss was applied to address refinance risk at maturity
in 2024.

Specially Serviced Loans: Doubletree Rochester (1.6%), a 248-key
full-service hotel in Rochester, NY, transferred to special
servicing in June 2020 due to imminent monetary default. The
borrower executed a settlement agreement in December 2021 and the
loan is expected to return to the master servicer by the end of
1Q22. The loan remains current as of January 2022. Fitch expects
minimal losses to cover fees and expenses.

Westgate Commons (1.1%), a 90,558 sf open-air retail center in West
Fargo, ND, transferred to special servicing in October 2020 as a
result of the pandemic. The special servicer has received a
proposal from the borrower in connection with the funding of
leasing costs for a lease with a major retailer. The proposal is
under review and negotiations are in process for a potential
resolution. Fitch stressed YE 2020 NOI to address the property's
year-over-year decline in performance, which resulted in a 26%
expected loss.

Alternative Loss Scenario: Fitch's analysis included an additional
sensitivity scenario of an outsized 20% loss to the maturity
balance of Chula Vista Center to address refinance risk at maturity
in 2024. This additional sensitivity scenario also factors in the
expected paydown of the defeased loans.

RATING SENSITIVITIES

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

-- An increase in pool level losses from underperforming or
    specially serviced loans. Downgrades to the senior classes, A-
    3 through C are not likely due to the position in the capital
    structure and the high CE and defeasance, but may occur at
    'AAAsf' or 'AAsf' should interest shortfalls occur.

-- Downgrades to class D would occur should overall pool losses
    increase or one or more large loans have an outsized loss
    which would erode CE. Downgrades to classes E, F, and X-C
    would occur should loss expectations increase and if
    performance of the FLOCs fail to stabilize or additional loans
    default and/or transfer to the special servicer.

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

-- Stable to improved asset performance coupled with paydown
    and/or defeasance. Upgrades of classes B, C, X-B, and PEZ may
    occur with further improvement in CE or defeasance. An upgrade
    to class D would also take into account these factors, but
    would be limited based on sensitivity to concentrations or the
    potential for future concentration.

-- Classes would not be upgraded above 'Asf' if there is a
    likelihood for interest shortfalls. An upgrade to classes E,
    F, and X-C is not likely unless the specially serviced loans
    stabilize and return to the master servicer, as well as if
    there is sufficient CE to the classes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

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



CREATIVE HAIRDRESSERS: ESRP is Excise Tax Entitled to Priority
--------------------------------------------------------------
The Internal Revenue Service asserts a priority claim against
Creative Hairdressers, Inc. and Ratner Companies, L.C., for the
employer shared responsibility payment under Section 4980H of the
Internal Revenue Code, part of the Patient Protection and
Affordable Care Act. The IRS seeks priority status as an excise tax
under 11 U.S.C. Section 507(a)(8)(E). The Debtors object,
contending the employer shared responsibility payment is not an
excise tax entitled to priority treatment, but is a nonpriority
penalty. The parties also dispute when the "transaction occur[red]"
that gave rise to the employer shared responsibility payment, as
that phrase is used in 11 U.S.C. Section 507(a)(8)(E)(ii).

Judge Thomas J. Catliota of the United States Bankruptcy Court for
the District of Maryland in Greenbelt concludes the employer shared
responsibility payment is an excise tax entitled to priority and
the "transaction occur[red]" at the time an employee enrolls in a
qualified health insurance plan under the Patient Protection and
Affordable Care Act. The Court also concludes the claim against
debtor Ratner Companies, L.C. should be disallowed.

According to Judge Catliota, the rationale of DeRoche v. Ariz.
Indus. Comm'n (In re DeRoche), 287 F.3d 751 (9th Cir. 2002),
applies in the present case. Although an employee does not suffer a
physical injury, the harm to the employee that the ACA seeks to
rectify is not being offered adequate coverage in the workplace,
necessitating the need for the employee to enroll in a qualified
plan. In DeRoche, the employee suffered a single injury and
received compensation at different times over a number of years.
Here, the employee enrolls in a qualified plan and the ESRP is
assessable for any month of noncompliance. While the ESRP is
assessed in monthly increments after an employee enrolls in a
qualified plan, the post-enrollment ESRP assessments nonetheless
relate back to the original transaction -- the date the employee
enrolls in the qualified plan -- just as multiple payments made in
DeRoche related back to the date of injury. Thus, any ESRP
assessment attributed to an employee's enrollment before the
priority date will be unsecured even if the employee's enrollment
in a qualified plan continues beyond the priority date, Judge
Catliota notes. The difference here is that the employer has the
ability to terminate the ESRP by providing adequate coverage. But
while that difference may affect the employer's ultimate liability,
it does not change the result under Section 507(a)(8)(E).

The IRS argues the transaction occurs when it sends the
certification required by the statute because the ESRP does not
arise until the IRS sends the Letter 226-J. Like DeRoche, the Court
rejects any transaction date predicated on action by the taxing
authority. Further, like DeRoche, the final act by the taxing
authority that imposes liability does not control. As the Ninth
Circuit noted, an excise tax requires "an act (or failure to act)
by the taxpayer."

In addition, the IRS's position that the date it sends the
certification is the date the transaction occurs could have
devastating consequence to a bankruptcy case. For 2016, the IRS
issued the certification required by the statute by letter dated
December 19, 2018 -- almost two full years after the tax year. For
2017, the IRS issued the certification by letter dated October 3,
2019, some 22 months after the tax year. According to Judge
Catliota, a determination that the date of the certification is the
date the transaction occurs could grant priority status to claims
that arise from employees enrolling in health plans as much as five
years before the petition date. That result is neither a narrow
reading of a priority provision nor consistent with the three-year
limitation on the priority claim.

In addition, the IRS's view could grant post-petition
administrative claim status under Section 503(b) to claims that
arise from employees enrolling in health plans as much as two years
before the petition date. For example, if the petition had been
filed the day before the IRS sent the December 19, 2018
certification letter, under the IRS's view, the claim for 2016
taxes would be a post-petition claim. These results are not
consistent with either the purpose or spirit of Sections 507(a)(8)
or 503(b), Judge Catliota notes.

The IRS next argues the transaction occurs as of April 15 of the
year following the period in question. It contends that this date
is the date by which employees must file Forms 1040 and is the
final event of claiming the premium tax credit, thereby triggering
the ESRP. The Court disagrees that filing the tax return is the
transaction under Section 507(a)(8).

Employees file tax returns on many dates other than April 15 in a
given year. While using April 15 might ease what is undoubtedly a
substantial burden on the IRS, there is no significance to that
date other than it is often the un-extended deadline for filing
Form 1040, Judge Catliota notes. Moreover, claiming a tax credit on
Form 1040 would not be considered a "transaction" in the usual
sense of that word, any more than reporting income or claiming a
deduction on the form would be the "transaction" that generated the
income or the deduction.

Further, central to the ACA's effort to increase the number of
Americans covered by health insurance and decrease the cost of
health care are the "Exchanges," Judge Catliota says.

Exchanges are governmental agenc[ies] or nonprofit entit[ies] that
serve as both gatekeepers and gateways to health insurance
coverage, the judge notes. Among their many functions as
gatekeepers, Exchanges determine which health plans satisfy federal
and state standards, and they operate websites that allow
individuals and employers to enroll in those that do, the Court
says.

Aside from being a marketplace for the purchase of health
insurance, the Exchanges can determine an individual's eligibility
to obtain advance payment of a health insurance premium tax credit,
Judge Catliota expounds. Under 42 U.S.C. Section 18082, advance
determination of the applicable tax credit is made for individuals
enrolling in qualified health plans. That section further provides
for the Secretary of the Treasury to make advance payments of the
credit to reduce the premiums payable by the individual.
Accordingly, while filing the return may provide verification of
the premium tax credit, the statutory framework is designed to
enable employees to realize the economic benefit of the tax credit
long before the return is filed, at the time of enrollment, the
judge holds. Therefore, filing the return is not the transaction
under Section 507(a)(8)(E), Judge Catliota rules.

Finally, Judge Catliota notes, the Debtors rely on cases that hold
that the individual shared responsibility payment of the ACA is not
an excise tax under Section 507(a)(8)(E) because there is no
transaction -- the employee simply failed to purchase insurance.
But the individual shared responsibility payment is not before the
Court. As established at length above, the ESRP is triggered by a
transaction -- the employee's enrollment in a qualified plan.
Further, as in DeRoche, the Fourth Circuit has held that excise tax
priority can be applicable where a party fails to carry insurance,
Judge Catliota further notes.

In sum, the petition date was April 23, 2020. The three-year period
in Section 507(a)(8)(E) begins on April 23, 2017. Any ESRP amounts
arising from employee enrollments in a qualified plan prior to that
date are excluded from priority, and will be deemed general
unsecured claims, Judge Catliota concludes.

The Debtors also object to the claim to the extent it is asserted
against RC. The IRS's amended claim lists both CHI and RC as
debtors. The IRS did not file a claim in RC's bankruptcy case, only
CHI's. Because 26 U.S.C. Section 4980H imposes ESRP liability on
certain "employers," whether the IRS is entitled to enforce its
claim against RC will turn on whether RC was the applicable
employer. Throughout these proceedings, RC has maintained that it
is not an employer. Instead, the record shows that CHI had over
10,000 full- and part-time employees, operating approximately 800
salons, while RC provided management services to CHI. The IRS has
not advanced any evidence to refute this position. Therefore, the
IRS cannot sustain its claim against RC for ESRP liability and the
objection to claim is sustained as to RC, Judge Catliota holds.

For the reasons stated, Judge Catliota disallows the claim in its
entirety to the extent asserted against RC. Further, the Court will
sustain in part the objection to Claim No. 175-2 and Claim No.
424-1 against CHI. The claim against CHI is entitled to priority
under Section 507(a)(8)(E) only to the extent it asserts an ESRP
claim arising from employee enrollments in qualified plans after
April 23, 2017. Therefore, the claim for 2017 ESRP is allowed as a
priority claim only to the extent it arises from enrollments after
April 23, 2017. The ESRP claim arising from employee enrollments in
qualified plans prior to April 23, 2017, is excluded from priority
and is allowed as a general unsecured claim. Therefore, the claim
for 2016 ESRP is disallowed in its entirety as a priority claim,
and the claim for 2017 ESRP is disallowed as a priority claim to
the extent it arises from enrollments before April 23, 2017.

A full-text copy of Judge Catliota's Memorandum f Decision dated
March 3, 2022, is available at https://tinyurl.com/2p8ytm66 from
Leagle.com.
  
                  About Creative Hairdressers

Creative Hairdressers, Inc. -- http://www.ratnerco.com/-- operates
over 750 salons nationwide under the trade names Hair Cuttery,
BUBBLES, and Salon Cielo. The company began in 1974 to create a
quality whole-family salon where stylists could make a good
living.

Creative Hairdressers and Ratner Companies, L.C. sought Chapter 11
protection (Bankr. D. Md. Lead Case No. 20-14583) on April 23,
2020.  Creative Hairdressers was estimated to have $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

The Debtors tapped Shapiro Sher Guinot & Sandler as legal counsel;
Carl Marks Advisors as strategic financial advisor; A&G Realty
Partners as real estate advisor; and Epiq Bankruptcy Solutions as
claims agent.


DAISEY LLC: Plan Contemplates Property Refinancing
--------------------------------------------------
Daisey, LLC submitted a Chapter 11 Plan of Reorganization and a
Disclosure Statement.

The Daisey is the current owner of residential property located in
Scottsdale, Arizona. The property is approximately 1 acre in size
and is located at 15972 N. 115th Way in Scottsdale, Arizona. It is
comprised of a single family residence and a guest house. The guest
house has a tenant and there is also a tenant w/minor child living
in two of the rooms of the main house. Mr. Anderson also occupies
the property. The two tenants pay rent to Daisey, but Mr. Anderson
does not.

The parcel is encumbered by a first lien in favor JPMorgan Chase
Bank, N.A. ("Chase" or "Lender"). There are no other consensual
liens on the property.

The Debtor has been actively negotiating with Chase to settle the
amount claimed due on the Deed of Trust. In addition, Debtor has
been actively looking for alternative financing in the form of a
"reverse mortgage," through which Chase will be paid and the
property transferred back to Mr. Anderson.

The Debtor's plan envisions the refinance of the property once the
amount due Chase is resolved, either by settlement or litigation
over the amount due under the Proof of Claim filed by Chase.

Class 2: Creditors Holding Secured Claims JP Morgan Chase Bank
("Chase") (real property). Chase holds a consensual lien on the
property. The Debtor believes that the principal amount due Chase
is approximately $1.35 million, and the fair market value of the
property is approximately $2.9 million. There is pre-Petition
interest due and Chase asserts it is entitled to late charges and
various fees and costs, all as set forth in the Proof of Claim
filed by Chase. Debtor is arranging for a "reverse mortgage" to
satisfy the claim of Chase. Chase will be paid through a "reverse
mortgage," refinance, or the net proceeds of a sale.

There are no general unsecured creditors in the Plan.

Attorneys for the Debtor:

     Lawrence D. Hirsch, Esq.
     PARKER SCHWARTZ, PLLC
     7310 North 16th Street, Suite 330
     Phoenix, Arizona 85020
     Tel: (602) 282-0477
     Fax: (602) 282-0478
     E-mail: Lhirsch@Psazlaw.Com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3MubbgI from PacerMonitor.com.

                         About Daisey LLC

Scottsdale, Ariz.-based Daisey, LLC filed its voluntary petition
for Chapter 11 protection (Bankr. D. Ariz. Case No. 21-07517) on
Oct. 5, 2021, listing up to $10 million in assets and up to $1
million in liabilities.  Hugh Anderson, managing member of Daisey,
signed the petition.  Lawrence D. Hirsch, Esq., at Parker Schwartz,
PLLC, represents the Debtor as legal counsel.


DALTON CRANE: Unsecureds Will Recover At Least 37% Under Plan
-------------------------------------------------------------
Dalton Crane, L.C., submitted an Amended Disclosure Statement.

On Feb. 16, 2022 the Court approved and entered that Order (I)
Approving Sale Procedures Relating to Proposed Sale of
Substantially all of the Estate's Assets Free and Clear of Liens
and Encumbrances; (II) Scheduling Objection Deadlines and the
Hearing to Approve the Sale; (III) Approving the Form and Notices;
(IV) Establishing Procedures Relating to Assumption and Assignment
of Certain Contracts, Including Notice of Proposed Cure Amounts;
and (V) Granting Related Relief (the "Sale Procedures Order"),
approving the sale procedures and permitting Dalton to proceed with
a Turnkey Sale process, setting a minimum Turnkey Sale APA
qualified offer of $16,000,000, and setting a hearing to approve
the Turnkey Sale for May 17, 2022 at 2:30 p.m.

Although referred to as a plan of reorganization, a plan may
provide for a restructuring of the debtor's business and
obligations or the liquidation of the debtor's assets. In this
case, Debtor is (i) continuing in business, (ii) generating income
to be paid to creditors, and (iii) providing for payment of all
allowed claims.

Debtor anticipates that sufficient funds will be made available
within the Sale Process to pay all allowed secured, administrative
and priority claims in full. Debtor has filed a Motion to Sell
Substantially all Assets Free and Clear of Liens (the "Motion to
Sale"), and an Application to Employ Tiger Capital Group, LLC
("Tiger") and Great American Global Partners, Inc. ("Global"), as
Broker/Auctioneer (the "Motion to Retain"). Debtor, following Court
approval and in concurrence with the Plan confirmation process,
will with Tiger/Global initiate a sale process to sell as a going
concern through a turnkey sale process all Debtor's substantial
assets are free and clear of all liens, claims and encumbrances
through a stalking horse or qualified bidder for the highest and
best price. The minimum amount for a qualified purchase proposal
within the Turnkey Sale process is $16 Million. Debtor has engaged
Tiger/Global to ensure adequate marketing to solicit prospective
purchasers. In the event no stalking horse buyer/qualified bidder
agrees to purchase all or substantially all of Debtor's assets
through a turnkey process, Debtor will, with Tiger/Global sell all
remaining substantial assets within an auction process.
Tiger/Global has guaranteed minimum gross revenues of $13.1 million
to ensure that a minimum amount of revenue will be received within
the sales process. Secured creditors will be protected through
creditor bid rights to be exercised within the sales process.

Under the Plan, Class 4 Allowed General Unsecured Claims totaling
$892,292. Only three unsecured claims were filed prior to the claim
bar date totaling $360,310.  Each Holder of an Allowed General
Unsecured Claim will receive its Pro Rata share of Distributions of
Class 4 Funds in accordance with the Plan.  Class 3 Funds consist
of all cash proceeds actually received by the Debtor following sale
and liquidation of Debtor's assets, and after satisfaction of all
secured, priority and administrative claims.  An initial
Distribution of Class 3 Funds will be made (i) 120 days after the
Sale Date, and (ii) such time as Class 3 Funds exceed $100,000.
Subsequent Distributions will be made following liquidation of
remaining unencumbered assets that are not sold within the Sales
Process.  Creditors will recover 37%-100% of their claims. Class 4
is impaired.

The Reorganized Debtor shall fund payments under the Plan with Cash
on hand, including Cash from operations and from net sales proceeds
following sales of Debtor's assets within a turnkey or auction sale
process or through subsequent sale disposition of any remaining
Debtor's assets.

Counsel for the Debtor:

     Michael G. Colvard, Esq.
     MARTIN & DROUGHT, P.C.
     Weston Centre, 112 East Pecan Street, Suite 1616
     San Antonio, Texas 78205
     Tel: (210) 227-7591
     Fax: (210) 227-7924
     E-mail: mcolvard@mdtlaw.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3tBh3ft from PacerMonitor.com.

                      About Dalton Crane

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

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

Judge Eduardo V. Rodriguez oversees the case.

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

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

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


DERMATOLOGY INTERMEDIATE III: Moody's Assigns First Time 'B2' CFR
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to
Dermatology Intermediate Holdings III, Inc. (dba Forefront
Dermatology) including a B2 Corporate Family Rating and B2-PD
Probability of Default Rating. At the same time, Moody's assigned
B2 ratings to the company's senior secured first lien credit
facilities, comprised of a $95 million revolving credit facility,
$535 million first lien term loan and $100 million delayed draw
first lien term loan. The rating outlook is stable.

Proceeds from the credit facilities combined with $835 million of
new equity and $100 million of rollover equity will be used to fund
the Partners Group acquisition of Forefront Dermatology, pay
related fees and expenses and for working capital and general
corporate purposes.

ESG factors are material to the ratings assignment. Social risk
considerations include the rising concerns around the access and
affordability of healthcare services. Given its high percentage of
revenue generated from Medicare, Forefront Dermatology is also
exposed to regulatory changes and state budget challenges. Among
governance considerations, the company may employ an aggressive
acquisition strategy to grow its business.

Assignments:

Issuer: Dermatology Intermediate Holdings III, Inc.

Corporate Family Rating, Assigned B2

Probability of Default Rating, Assigned B2-PD

Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)

Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD3)

Senior Secured 1st Lien Delayed Draw Term Loan, Assigned B2
(LGD3)

Outlook Actions:

Issuer: Dermatology Intermediate Holdings III, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

The B2 CFR reflects Moody's expectation that Forefront Dermatology
will operate with moderately high financial leverage of roughly
6.4x pro forma December 31, 2021. The rating also reflects the risk
associated with the company's rapid expansion strategy as it grows,
through a combination of new clinic openings and acquisitions. The
rating is also constrained by the low barriers to entry in the
dermatology space given the highly fragmented market. Capital
expenditures required to open new clinics is very low, and on
average, new clinics break-even by month 3.

The rating is supported by Forefront Dermatology's leading position
in the dermatology industry, with the number one market share in
the majority of its markets. Forefront Dermatology provides a
comprehensive suite of services including medical, surgical,
cosmetic and pediatric dermatology. The rating also considers
Forefront Dermatology's track record of solid organic growth,
strong retention rates among staff and a seasoned executive team.

Moody's anticipates that Forefront Dermatology will maintain very
good liquidity, supported by an undrawn $95 million proposed
committed revolving credit facility and about $15 million of cash
pro forma December 31, 2021. Moody's forecasts that Forefront
Dermatology will generate roughly $50 million in free cash flow in
2022.

The B2 ratings assigned to the proposed senior secured credit
facilities reflect their interest in substantially all assets of
the borrower and the fact that secured debt is the sole financial
debt within the company's capital structure.

In its stable outlook, Moody's expects good near-term growth as
leverage declines through a combination of Forefront Dermatology's
organic and acquisition growth.

ESG considerations are material to Forefront Dermatology's ratings.
Forefront Dermatology faces social risks such as the rising
concerns around the access and affordability of healthcare
services. However, Moody's does not consider Forefront Dermatology
to face the same level of social risk as many other healthcare
providers, like hospitals. From a governance perspective, Moody's
expects Forefront Dermatology's financial policies to remain
moderately aggressive due to its private equity ownership.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. Notable terms include the following:

Incremental debt capacity up to the greater of $95 million and 100%
of LTM EBITDA, plus voluntary prepayments and reallocated general
debt basket capacity, plus unlimited pari indebtedness subject to
0.50x outside closing first lien net leverage. All ratios are
subject to “no worse than” prongs with 100 bps most favored
nation protection with a 6 month sunset, subject to certain
exceptions. Amounts up to the greater of $285 million and 300% LTM
EBITDA, plus any amounts incurred in connection with a permitted
acquisition or investment, plus any permitted debt reallocated from
the available amount or any carve-outs, may be incurred with an
earlier maturity date than the initial term loans. The available
amount and any unused restricted payments carve-outs may be
reallocated to incur debt at 200% of the amounts reallocated. There
are no express "blocker" provisions which prohibit the transfer of
specified assets to unrestricted subsidiaries; such transfers are
permitted subject to carve-out capacity and other conditions.
Non-wholly-owned subsidiaries are not required to provide
guarantees; dividends or transfers resulting in partial ownership
of subsidiary guarantors could jeopardize guarantees, with no
explicit protective provisions limiting such guarantee releases.
There are no express protective provisions prohibiting an
up-tiering transaction.

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

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

The ratings could be downgraded if Forefront Dermatology's
operating performance deteriorates, or if it experiences material
integration related disruptions. Additionally, the ratings could be
downgraded if Moody's expects debt/EBITDA to be sustained above 6.0
times or the company's liquidity erodes. Further, debt-funded
shareholder returns or other aggressive financial policies could
also result in a downgrade.

The ratings could be upgraded if Forefront Dermatology's manages
its growth while continuing to generate solid free cash flow. An
upgrade would also be supported by the company adopting more
conservative financial policies and maintaining debt/EBITDA below
5.0 times.

Forefront Dermatology is the largest dermatology physician practice
in the US with over 200 clinics in 22 states. Partners Group, in
partnership with existing physician owners, will acquire Forefront
Dermatology, with pro forma LTM revenue as of December 31, 2021 of
approximately $518 million.

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


DETROIT, MI: Moody's Ups GOULT Bonds Rating to Ba2, Outlook Pos.
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the City of
Detroit, MI's general obligation unlimited tax (GOULT) bonds to Ba2
from Ba3. The outlook remains positive. The city has about $2
billion of debt outstanding.

RATINGS RATIONALE

The upgrade to Ba2 reflects the city's healthy financial position
supported by strong management that has successfully navigated
challenges, such as weak property tax wealth, volatile revenue
structure and limited revenue raising flexibility. The rating also
incorporates the city's significant leverage from debt and
pensions. Fixed costs are moderate, but will increase because of
rising pension contributions.

RATING OUTLOOK

The positive outlook reflects the likelihood that the rating will
move upward if financial operations and reserves continue to
strengthen, positioning the city well to address growing pension
costs and future revenue downturns.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

Robust revenue growth that makes rising fixed costs easier to
accommodate

Strengthening of full value per capita, median family income and
population trends

Accumulation of additional resources in an irrevocable trust to
reduce budgetary risk of rising pension costs

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

Material growth in leverage, fixed costs or capital needs, or
draws on operating fund balance that leave inadequate reserves to
mitigate challenges

Failure to sustain progress towards meeting future increases in
pension contributions

Decline in the tax base, weakening of labor market trends or an
acceleration of depopulation

LEGAL SECURITY

Outstanding GOULT bonds are full faith and credit general
obligations backed by the city's pledge to levy property taxes
without limitation as to rate or amount as authorized by voters.

PROFILE

According to the 2020 census, the city has a population of just
under 640,000, making it one of the 30 largest cities in the US and
the largest city in Michigan (Aa1 stable). The city emerged from
bankruptcy in 2014.

METHODOLOGY

The principal methodology used in these ratings was US Local
Government General Obligation Debt published in January 2021.


DM LAND: Unsecureds Will Get 100% of Claims in Subchapter V Plan
----------------------------------------------------------------
DM Land, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of New York a First Amended Small Business Plan
of Reorganization under Subchapter V dated March 7, 2022.

The Debtor is a Sub-S corporation with operations located at 33
Laurel St., Johnson City, New York. The Debtor owns 10 parcels of
real estate, including 8 rental units in Johnson City, New York.

After the properties were transferred into the Debtor corporation,
Debtor's principal, Dennis Mitchell and his family members tried to
keep up with the expenses of the properties, including the property
taxes. Mr. Mitchell attempted to get a bank loan against the
properties, but because his income dropped to near zero, and his
credit score dropped below 600, he was unable to borrow the money
needed to pay off the County. As a result, Debtor could not
continue to operate its business without a reorganization.

As of the Petition Date, according to the Petition schedules, the
Debtor owed debts classified as secured debts totaling $123,434.60,
and $375.76 priority or unsecured debts. According to the filed
Proofs of Claim, the Debtor owes $114,550.97 in secured debts,
$675.76 in priority debts and $22,732.57 in unsecured debts. That
includes estimated amounts of $300.00 priority and $14,580 in
unsecured claims filed by The Internal Revenue Service and $375.76
priority and $8,152.57 unsecured to New York State Department of
Taxation and Finance.  

This Plan of Reorganization under Subsection V of Chapter 11 of the
Code proposes to pay creditors of the Debtor from Debtor's cash
flow from operations and future income.

This Plan provides for 1 class of Secured Claims (Class 1), 1 class
of Priority Claims (Class 2), 1 class of Unsecured Claims (Class
3), and 1 class of Equity Interests (Class 4). Creditors in Class 3
will receive distributions which the proponent of this Plan has
valued at approximately 100 cents on the dollar. This Plan also
provides for payment of Administrative Expense and Priority Claims.
Said Claims will be paid in full on or within 90 days of the
Effective date of this Plan, subject to approval of the Court.

Class 3 consists of General Unsecured Claims. Class 3 claims will
be paid in full subsequent to full payment of secured and priority
claims. The allowed unsecured claims total $22,732.57 based on
estimates. This Class will receive a distribution of 100% of their
allowed claims.

Class 4 consists of Equity Security Holder Dennis Mitchell. Equity
Interest holders shall receive 100% of the shareholder interests in
the reorganized Debtor.

The Plan will be implemented by the Debtor remitting payment to
creditors from the Debtor's cash flow derived from income from
rental income.

Upon Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures, and equipment, will revert free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.

The Debtor's financial projections show that the Debtor will have
an aggregate monthly average net cash flow, after paying operating
expenses of $3,867.25 The final Monthly Plan payment is expected to
be paid at the rate of $3,532.76 per month.

A full-text copy of the First Amended Plan dated March 7, 2022, is
available at https://bit.ly/3hXo1WS from PacerMonitor.com at no
charge.

Attorneys for Debtor:

     Peter A. Orville, Esq.
     Orville & McDonald Law, P.C.
     30 Riverside Drive
     Binghamton, NY 13905
     Tel: (607) 770-1007
     Email: peteropc@gmail.com

                         About DM Land Inc.

DM Land, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
N.D.N.Y. Case No. 21-60358) on April 28, 2021.  At the time of the
filing, the Debtor had between $100,001 and $500,000 in both assets
and liabilities.  Orville & McDonald Law, P.C., is the Debtor's
legal counsel.


ELITE TRANSPORTATION: Wins Cash Collateral Access Thru June 30
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Kansas has authorized
Elite Transportation, LLC to use cash collateral on an interim
basis in accordance with the budget through June 30, 2022.

The Debtor requires the use of cash collateral to pay ongoing
expenses related to the operation and preservation of its business
operation.

The Debtor owns accounts receivable valued at approximately $84,900
and bank account deposits of approximately $21,000.

The Internal Revenue Service has a claim in this case exceeding
$600,000 which is secured by a first priority lien in the Debtor's
accounts receivable and bank account deposits.

As adequate protection, the Debtor grants, in favor of the IRS and
as security for all indebtedness that is owed by the Debtor to the
IRS, but only to the extent of the Adequate Protection Obligations,
a first priority postpetition security interest and lien in, to and
against the Debtor's bank account deposits and accounts receivable,
to the same priority, validity and extent that the IRS held a lien
in such assets, which are or have been acquired, generated or
received by the Debtor subsequent to the Petition Date.

A copy of the order and the Debtor's budget for the period from
March to June 2022 is available at https://bit.ly/3J5p03j from
PacerMonitor.com.

The Debtor projects $324,053 in total expenses.

                 About Elite Transportation, LLC

Elite Transportation, LLC owns and runs a trucking operation
headquartered in Wichita, Kansas. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kans. Case
No. 22-10110) on February 25, 2022. In the petition signed by
Crystal McCullough, manager, the Debtor disclosed $439,913 in
assets and $3,844,261 in liabilities.

Judge Mitchell L. Herren oversees the case.

Mark Lazzo, Esq., at Mark J. Lazzo, Attorney at Law, is the
Debtor's counsel.



ENCORE CAPITAL: Moody's Ups CFR to Ba1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody’s Investors Service upgraded Encore Capital Group, Inc.’s
corporate family rating to Ba1 from Ba2 and its guaranteed senior
secured debt rating to Ba2 from Ba3. The issuer outlook has been
changed to stable from positive.

RATINGS RATIONALE

The upgrade of Encore’s corporate family rating to Ba1 from Ba2
reflects the company’s strong and consistent financial
performance, as evidenced by high levels of profitability, moderate
leverage and solid liquidity, with abundant availability under its
credit line and laddered debt maturities. In addition, the Ba1 CFR
reflects Encore's demonstrated resilience of its global franchise,
as evidenced by the company's strong financial performance since
the onset of the coronavirus pandemic. The Ba1 CFR also
incorporates Encore's relatively long track record, with more than
20 years of operating performance, but at the same time takes into
account regulatory risk inherent to the debt collection business,
particularly in the United States (US).

The strength of Encore's performance has been underpinned by
higher-than-expected cash collections in the US in 2020-2021, where
borrowers in distress benefitted from a number of direct stimulus
measures taken by the US government in response to the coronavirus
pandemic. Strong collections activity boosted the company's
profitability, cash flows and capitalisation and resulted in
moderate deleveraging, with Moody's calculated Debt to EBITDA ratio
declining to 2.0x at year-end 2021 from 2.5x at year-end 2020.

At the same time, Moody's expects moderation in Encore's
profitability and cash flow metrics, now that government support
measures in the US and the UK have been phased out. The progressive
recovery of the economy and rebound in consumption and spending
will lead to higher delinquencies and a drop in collections, but
will also increase the supply of non-performing loans available for
investment. Inflationary pressures and higher energy prices will
also lead to a decline in profitability through a reduction in
consumers’ ability to pay. The expected decline in earnings, in
conjunction with increased borrowings to finance larger amounts of
portfolio investments, will result in a moderate weakening of
Encore’s interest coverage and Debt/EBITDA leverage, although
Moody’s anticipates that the company’s key credit metrics will
remain consistent with those of the Ba1 corporate family rating.

The Ba2 rating of Encore's guaranteed senior secured notes is based
on Encore's Ba1 CFR and reflects the application of Moody's Loss
Given Default for Speculative-Grade Companies methodology,
published in December 2015, and the priorities of claims and asset
coverage in Encore's liability structure.

The outlook is stable, reflecting Moody's expectations that despite
the expected moderation, Encore's profitability, interest coverage
and leverage metrics will remain strong, consistent with its
historical performance and with credit metrics of the Ba1 corporate
family rating.

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

Encore's CFR could be upgraded if the company: 1) continues to
demonstrate strong financial performance, with consistently solid
profitability and cash flows; 2) diversifies its geographical mix,
which would reduce its exposure to the regulatory risk in a given
region; 3) diversifies its product offering mix to include revenue
sources from capital-light fee-based businesses; and 4) if Moody's
deems that the operating environment for debt purchasers has
further improved.

Encore's CFR could be downgraded in case of: 1) meaningful and
sustained deterioration in the company's profitability and cash
flows; 2) increase in leverage, on a sustained basis, to above 3x,
measured as Debt/EBITDA; 3) substantial erosion in capitalisation;
4) failure to maintain adequate committed revolving borrowing
availability, or if liquidity otherwise materially weakens; or 5)
regulatory developments in a country to which the company has
significant business exposure that would have significant negative
impact on the company's franchise.

A change in the CFR would lead to a similar upward or downward
change of the guaranteed senior secured debt rating. Further, the
guaranteed senior secured debt rating could be upgraded with
changes to the liability structure that would decrease the amount
of debt considered senior to the notes or increase the amount of
debt considered junior to the notes. The debt rating could be
downgraded if the amount of debt considered senior to the notes
increases.

LIST OF AFFECTED RATINGS

Issuer: Encore Capital Group, Inc.

Upgrades:

Corporate Family Rating, upgraded to Ba1 from Ba2

Backed Senior Secured Regular Bond/Debenture, upgraded to Ba2 from
Ba3

Outlook Action:

Outlook changed to Stable from Positive

PRINCIPAL METHODOLOGY

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


FIRSTENERGY CORP: Executives Must Face Trimmed Bribery Lawsuit
--------------------------------------------------------------
Sarah Jarvis of Law360 reports that an Ohio federal judge has
trimmed a shareholder suit against FirstEnergy Corp. stemming from
an alleged $60 million bribery and racketeering scheme that
implicated Ohio's house speaker, finding the majority of the claims
in the class action against the utility company pass muster.

In a Monday, March 7, 2022 opinion, Chief U.S. District Judge
Algenon L. Marbley largely denied 10 separate motions to dismiss
filed by FirstEnergy and various officers, directors and
underwriters, finding the allegations from lead plaintiff Los
Angeles County Employees Retirement Association, or LACERA, to be
"meritorious and compelling.

                    About FirstEnergy Corp.

Based in Akron, Ohio, FirstEnergy Corp. and its subsidiaries are
principally involved in the generation, transmission, and
distribution of electricity. FirstEnergy's ten utility operating
companies comprise one of the nation's largest investor-owned
electric systems, based on serving six million customers in the
Midwest and Mid-Atlantic regions. FirstEnergy Corp. holds the
outstanding common stock of its principal subsidiaries: Ohio Edison
Company (OE), The Cleveland Electric Illuminating Company (CEI),
The Toledo Edison Company (TE), Pennsylvania Power Company (Penn)
(a wholly owned subsidiary of OE), Jersey Central Power & Light
Company (JCP&L), Metropolitan Edison Company (ME), Pennsylvania
Electric Company  (PN), FirstEnergy Service Company (FESC),
FirstEnergy Solutions Corp. (FES) and its principal subsidiaries
(FirstEnergy Generation, LLC (FG) and FirstEnergy Nuclear
Generation, LLC, (NG)), Allegheny Energy Supply Company, LLC (AE
Supply), Monongahela Power Company (MP), The Potomac Edison Company
(PE), West Penn Power Company (WP), FirstEnergy Transmission, LLC
(FET) and its principal subsidiaries (American Transmission
Systems, Incorporated (ATSI) and Trans-Allegheny Interstate Line
Company (TRAIL), and Allegheny Energy Service Corporation (AESC).
In addition, FE holds all of the outstanding common stock of other
direct subsidiaries including: FirstEnergy Properties, Inc.,
FirstEnergy Ventures Corp. (FEV), FirstEnergy Nuclear Operating
Company (FENOC), FELHC, Inc., GPU Nuclear, Inc., and Allegheny
Ventures, Inc.

On March 31, 2018, FirstEnergy Solutions and 6 affiliates,
including FENOC, each filed a voluntary petition for relief under
Chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Ohio
Lead Case No. 18-50757).  The cases were pending before the
Honorable Judge Alan M. Koschik and their cases be jointly
administered under Case No. 18-50757.

Parent company, First Energy Corp. and its other subsidiaries,
including its regulated subsidiaries, were not part of the Chapter
11 filings.

Bankruptcy Judge Alan M. Koschik on Oct. 16, 2019 confirmed
FirstEnergy's plan that erased $4 billion in debt and that was
supported by more than 93 percent of voting creditors.
FirstEnergy
Solutions exited bankruptcy with a new name, Energy Harbor Corp.,
and ownership obtained by big bondholders Avenue Capital Group and
Nuveen Asset Management LLC.


FLUSHING LANDMARK: Unsecureds to Be Paid in Full or Get $20.3K
--------------------------------------------------------------
Flushing Landmark Realty LLC submitted a Second Amended Disclosure
Statement.

Recoveries projected in the Plan will be from the Debtor's
re-financing of the Real Property or, in the event that the Debtor
fails to close on the proposed re-financing and pay to 4160 the
amounts agreed upon pursuant to the Stipulation (the "4160
Stipulation") entered into by and between the Debtor and 4160 by a
date not later than the date set forth in the 4160 Stipulation, the
sale of the Real Property. The amount generated by the proposed
re-financing of the Real Property shall be used to satisfy the
claim of the Secured Creditor; the payment of any outstanding
statutory fees due and owing the United States Trustee; the payment
of allowed costs of administration of the case (the "Administrative
Claims") and a distribution to the holder of Allowed Claims. In the
event that the Debtor is unable to meet the deadlines imposed, the
Debtor shall conduct an auction sale (the "Auction") of the Real
Property and the proceeds realized by the Auction shall be used to
satisfy the claim of the Secured Creditor; the payment of any
outstanding statutory fees due and owing the United States Trustee;
the payment of allowed costs of administration of the case; and a
distribution to the holders of Allowed Claims.

The Debtor believes that the recoveries provided for in the
proposed Plan exceed any recovery that would otherwise be available
if 4160 were to foreclose on its interest in the Real Property.
Similarly, the Debtor believes that if this chapter 11 case was
converted to one under chapter 7 of the Bankruptcy Code, the
holders of the Allowed Claims would receive less than the amounts
anticipated in the Debtor's Plan due to the additional
administrative expenses that would necessarily be incurred in such
liquidation.

Class 3 Allowed General Unsecured Claims. Class 3 consists of the
Allowed General Unsecured Claims of the Debtor.  The Debtor
believes that the following creditors as holding general unsecured
claims as against the Debtor:

     * Con Edison $27,190.  On Dec. 24, 2020, Consolidated Edison
Company of New York timely filed Claim No. 5 in the amount of
$50,583.  Accordingly, Con Edison shall have an allowed general
unsecured claim in the amount of $50,583.

    * United States Small Business Administration $151,900.  On
Dec. 1, 2020, Small Business Administration timely filed Claim No.
2 in the amount of $152,065.  Accordingly, SBA shall have an
allowed general unsecured claim in the amount of $152,065.

    * Victoria Realty Group LLC $149,808 ("VRG").  VRG is an
insider of the Debtor as that term is defined under the Bankruptcy
Code.  This debt shall not receive a distribution under the Plan
and shall be subordinated to all other allowed general unsecured
claims.  In the event that the general unsecured creditors receive
a distribution that satisfies their respective claims in full, VRG
may be entitled to a distribution.

    * Victoria Realty Group LLC $34,142.  This claim shall receive
the same treatment as VRG's claim in the amount of $149,808.

    * Landmark Portfolio Mezz on December 23, 2020, timely filed
Claim No. 4 in the amount of $23,948,785.  The Debtor has not
included this claim in the Allowed General Unsecured Claims.  This
claim has been addressed in the Wu bankruptcy case.  Landmark
Portfolio shall receive a distribution in the Wu bankruptcy case.

Accordingly, the Debtor estimates that the allowed general
unsecured creditors total $202,648.  The Plan proposes to satisfy
the claims in full by not later than 18 months from the Effective
Date.  However, in the event that the Debtor fails to remit
payments to 4160, and the Real Property is sold at auction
consistent with the terms of the Stipulation entered into by and
between the Debtor and 4160, 4160 has agreed to "carve out" for the
benefit of the allowed general unsecured creditors the amount of
$20,264 upon the closing of the auction sale transaction.  Class 3
is impaired.

The Debtor, along with Lucky Star-Deer Park, LLC, Queen Elizabeth
Realty LLC and Jeffrey Wu in his individual capacity, have entered
into a term sheet (the "Term Sheet") in connection with certain
proposed refinancing of the Debtor's obligations.

In connection with confirmation of the Plan, the Debtor shall seek
Bankruptcy Court approval of the Exit Financing.  The Debtor
currently anticipates that the Exit Financing will be funded in the
gross principal amount of $170,000,000.  The Effective Date of the
Plan is expressly conditioned upon, inter alia, the Closing having
occurred and there being sufficient proceeds allocated from the
Exit Financing to fully fund the Plan.

Attorneys for the Flushing Landmark Realty, LLC:

     Fred S. Kantrow, Esq.
     THE KANTROW LAW GROUP, PLLC
     6901 Jericho Turnpike, Suite 230
     Syosset, New York 11791
     Tel: (516) 703-3672
     E-mail: fkantrow@thekantrowlawgroup.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3sK4mzO from PacerMonitor.com.

                  About Flushing Landmark Realty

Flushing Landmark Realty LLC is primarily engaged in renting and
leasing real estate properties.  The Company is the owner of a fee
simple title to a commercial building located at 41-60 Main Street,
Flushing, New York.

Flushing Landmark Realty LLC filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
20-73302) on Oct. 30, 2020. In the petition signed by Myint J.
Kyaw, principal, the Debtor estimated $353,831 in total assets and
$97,476,811 in total liabilities.  Fred S. Kantrow, Esq., at ROSEN
& KANTROW, PLLC, represents the Debtor.


FROZEN FOODS: Wins Cash Collateral Access Thru March 29
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York has
authorized Frozen Foods Partners, LLC, d/b/a Gourmet Express, LLC,
d/b/a Gourmet Express, to continue using cash collateral on an
interim basis through March 29, 2022, in an aggregate amount not to
exceed, at any time, $3,931,861.

The collateral of the Debtor is subject to the first priority lien
and security interest of Iron Horse Credit LLC, Jeff Lichtenstein,
the Chief Executive Officer of Frozen Foods, told the Court in
February.

According to Lichtenstein, the Debtor has:

     (a) accounts receivable of approximately $2.2 million (with
approximately $1.1 million over 90 days);

     (b) inventory of a value of approximately $3.0 million (of
that amount, in excess of $2.0 million is eligible inventory
according to IHC's borrowing base requirements);

     (c) been making monthly adequate protection/interest payments
of $20,000 to IHC; and

     (d) as an additional measure of adequate protection, been
selling the slow moving inventory and paying down the obligation to
IHC. There has been nearly $643,000 of slow moving orders (of which
over $327,000 (of orders) has been shipped), and $167,059.81 has
been paid to IHC to date to reduce the total obligation to IHC to
approximately $1.832 million. After payment for the remaining
shipped orders, the debt to IHC will be approximately $1.67
million.  After all present open orders are shipped and paid for,
it is expected that the debt owed to IHC will be approximately $1.4
million or lower.

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

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

A further cash collateral hearing is scheduled for March 29 at 3
p.m.

A copy of the order and the Debtor's budget from March 7 to March
28, 2022 is available at https://bit.ly/3hYdmuZ from
PacerMonitor.com.

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

     $193,500 for the week starting March 7, 2022;
     $221,986 for the week starting March 14, 2022;
     $183,203 for the week starting March 21, 2022; and
     $203,650 for the week starting March 28, 2022.

                 About Frozen Foods Partners, LLC

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

Frozen Foods is a privately owned limited liability company.
Genesis Merchant Partners LP and Genesis Merchant Partners II LP
collectively own approximately 72% of the membership equity in
Frozen Foods.  Several Class A Preferred members own 28.6% of
Frozen Foods.

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

Judge Martin Glenn oversees the case.

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



GATEWAY KENSINGTON: Unsecureds to be Paid in Full in 36 Months
--------------------------------------------------------------
Gateway Kensington LLC filed with the U.S. Bankruptcy Court for the
Southern District of New York a Disclosure Statement in connection
with its Chapter 11 Plan of Reorganization dated March 8, 2022.

The Debtor, a New York corporation, was established in 2013 for the
purpose of sponsoring the construction of a luxury condominium
property located at 15 Kensington Road, Bronxville, New York 10708
called BXV Villas Condominium.  The Debtor also owns a commercial
condominium located at 602 5th Avenue South, Unit 101, Naples,
Florida 34102, which is leased to a commercial tenant.

The Debtor has continued to market its property during the course
of this Chapter 11 case by and through its independent real estate
consultant and retained real estate broker, Houlihan Lawrence, Inc.
The result of these marketing efforts is the successful closing of
two sales 208 and 311. The Debtor also closed on the sale of unit
104 which contract was entered into prior the Petition Date. These
sales have enabled the Debtor to satisfy all of its obligations to
Sterling Bank and provide funding for the continued carrying costs
for the Remaining Units pending their sale.

The Plan will treat claims as follows:

     * Class 1 consists of the Allowed Non-Tax Priority Claims.
Priority claims are claims other than an Administrative Claim that
are entitled to priority under section 507 of the Bankruptcy Code.
Holders of Allowed Class 2 Claims consist of security deposits held
by the Debtor for parties to residential lease agreements. The
Debtor has approximately $23,000 in Allowed Class 2 Claims. While
technically only a portion of that amount is entitled to priority,
the entire Claim is classified in Class 2 and will be paid in full
in accordance with the terms of the underlying lease agreement.

     * Class 2 consists of Allowed Unsecured Claims that are less
than $150,000. The Debtor has approximately $155,000 in the
aggregate of Allowed Class 2 Claims which will be paid in full on
the Effective Date. Class 2 Claims are not impaired under the Plan
and are deemed to accept the Plan.

     * Class 3 consists of Allowed General Unsecured Claims not
otherwise included in Class 2. The Allowed Class 3 Claims shall be
paid in full, from the Plan Distribution Fund, over 36 months
following the Effective Date. Payments to holders of Allowed Class
3 Claims shall commence on the Effective Date and shall continue
for 12 quarterly payments thereafter. The Debtor does not
anticipate the quarterly payments being equal as  the Plan
Distribution Fund balance is likely to fluctuate depending on rents
received, Operating Reserve Requirements and the sale of Remaining
Units. Class 3 Claims are not impaired under the Plan and are
deemed to accept the Plan. The allowed unsecured claims total
$565,009.47.

     * Class 4 consists of the holders of the membership interests
of the Debtor. The holders of the Allowed Interests shall retain
their Interests in the Debtor and all rights associated therewith
but are not expected to receive any monetary distributions under
the Plan. Class 4 Interests are not impaired under the Plan and are
deemed to accept the Plan.

The Plan shall be funded with the Plan Distribution Fund which
shall be funded from 3 sources:

     * Net Sale Proceeds: The Debtor shall continue to market the
Remaining Units for sale in the ordinary course of its business.
Upon the closing of the sale of each unit, after the payment of
ordinary closing costs and adjustments, including but not limited
to title fees, brokers' commissions, sponsor obligations to the
condominium, and after the replenishment of the Operating Reserve,
the balance shall be remitted to the Disbursing Agent for
distribution under the Plan.

     * Debtor's Cash On Hand: The Debtor shall contribute all Cash
on hand, which is generated by rental income of the Remaining Units
with tenants and the Naples Property, in excess of the Operating
Reserve, to the Plan Distribution Fund. Given that the Debtor
contemplates the sale of the Remaining Units, the amount necessary
for the Operating Reserve is expected to decline as the carrying
costs of the Debtor's assets are reduced.

     * Fareri Contribution: John Fareri shall contribute the Plan
Distribution Fund in satisfaction of the Deficiency Estimate, by
paying 13 equal quarterly installments of approximately
$565,009.47, commencing on the Effective Date. This contribution to
the Plan is in full and final settlement and release of any and all
claims that the Debtor had, has or may have, whether disputed or
not, liquidated or not, against John Fareri, the Debtor's
Affiliates and Insiders, as of the Effective Date. The release
shall be effective upon the payment in full of all payments due
under the Plan.

In addition to the Fareri Contribution, John Fareri, also agrees to
personally and unconditionally guaranty full and timely payment of
all of the payment of all obligations under the Plan. In the event
that the Deficiency Estimate is less than the amount necessary to
fund this Plan in full, Mr. Fareri shall be required to increase
his monthly contribution payments in order to fund the shortfall
and ensure that the Debtor meets its payment obligations hereunder
on time and in full. In the event that the Deficiency Estimate is
more than the amount necessary to fund this Plan in full, then upon
payment of all Allowed Unclassified and Classified Claims in full,
the Fareri Contribution obligations shall cease and all remaining
proceeds of the Remaining Units shall be returned to him.

A full-text copy of the Disclosure Statement dated March 8, 2022,
is available at https://bit.ly/3I52ZjU from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Erica R. Aisner, Esq.
     KIRBY AISNER & CURLEY LLP
     700 Post Road, Suite 237
     Scarsdale, NY 10583
     Phone: (914) 401-9500
     E-mail: eaisner@kacllp.com

                    About Gateway Kensington

Gateway Kensington, LLC, filed its voluntary petition for Chapter
11 protection (Bankr. S.D.N.Y. Case No. 21-22274) on May 14, 2021,
listing up to $10 million in assets and up to $50 million in
liabilities.  Judge Robert D. Drain presides over the case.  

Erica R. Aisner, Esq., at Kirby Aisner & Curley, LLP and Priolet &
Associates, P.C., serve as the Debtor's bankruptcy counsel and
special real estate counsel, respectively.  

Fred Stevens, the examiner appointed in the Debtor's Chapter 11
case, tapped Klestadt Winters Jureller Southard & Stevens, LLP and
Mintzer Mauch, PLLC as his bankruptcy counsel and special counsel,
respectively.


GOLDEN ENTERTAINMENT: Moody's Upgrades CFR to B1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Golden Entertainment, Inc.'s
Corporate Family Rating to B1 from B2 and Probability of Default
Rating to B1-PD from B2-PD. The company's existing Ba3 rated senior
secured revolving credit facility and first lien term loan were
affirmed, and the company's existing senior unsecured notes due
2026 were upgraded to B3 from Caa1. The company's Speculative Grade
Liquidity rating remains SGL-2 and the outlook is stable.

The upgrade of Golden's CFR to B1 considers the continued
improvement in operating performance since the company's casinos
and taverns (distributed gaming business) have reopened following
the 2020 closures. The company's improved EBITDA margin since
reopening including performance year to date in 2021, strong
positive free cash flow and good liquidity, coupled with debt
reduction, have reduced leverage levels significantly from the
peaks hit during the coronavirus. Moody's expects debt-to-EBITDA
leverage will be sustained below 4x (incorporating Moody's
adjustments) supported by the company's expectation to maintain net
debt to EBITDA below 3.0x (based on the company's calculation).

The following ratings/assessments are affected by the action:

Ratings Upgraded:

Issuer: Golden Entertainment, Inc.

Corporate Family Rating, Upgraded to B1 from B2

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

Senior Unsecured Regular Bond/Debenture, Upgraded to B3 (LGD5)
from Caa1 (LGD5)

Ratings Affirmed:

Issuer: Golden Entertainment, Inc.

Senior Secured 1st Lien Bank Credit Facility (Revolver and Term
Loan), Affirmed Ba3 (LGD3)

Outlook Actions:

Issuer: Golden Entertainment, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Golden's B1 CFR reflects the company's good market position in
multiple properties in Nevada, the diversification provided by the
large number of distributed gaming sites, ability to generate
positive free cash flow during normal operating conditions, and
good liquidity. Golden's strong operating performance and EBITDA
margin improvement as properties and taverns have reopened and
restrictions related to the coronavirus become less of a constraint
reflect good cost discipline and consumer appeal of the company's
properties. Debt reduction and leverage expected to remain below 4x
debt-to-EBITDA also supports the rating. Like other US gaming
companies, Golden remains exposed to longer-term challenges facing
regional gaming companies related to consumer entertainment
preferences that do not necessarily favor traditional casino-style
gaming. The company is reliant on cyclical discretionary consumer
spending, and reinvestment in facilities and marketing is necessary
to maintain market position.

Golden's speculative-grade liquidity rating of SGL-2 reflects good
liquidity, with solid cash levels and positive free cash flow
generation. As of the recent year ended December 31, 2021, Golden
had cash of approximately $221 million, and an undrawn and fully
available $240 million revolving credit facility. Moody's estimates
the company could maintain sufficient internal cash sources after
maintenance capital expenditures to meet required annual term loan
amortization, with minimal finance lease amortization, and interest
requirements over the next twelve-month period. The maturity
profile is good with the revolver and term loan to expire in 2024
and existing notes due 2026. The revolver has a springing 5.85x net
leverage financial covenant if borrowings under the facility exceed
30% of the total revolving commitment. However, there are minimal
borrowings on the revolver and Moody's does not expect the covenant
to be triggered. Golden's net leverage is currently below the
covenant level, with the expectation for increasing cushion. There
are no financial maintenance covenants tied to the term loan. The
company has discrete assets that it can sell to raise cash should
the need arise.

The coronavirus outbreak and the government measures put in place
to contain it continue to disrupt economies and credit markets
across sectors and regions. Although an economic recovery is
underway, the recovery is tenuous, and continuation will be closely
tied to containment of the virus. As a result, a degree of
uncertainty around Moody's forecasts remains. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The gaming sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, Golden remains vulnerable to a
renewed spread of the outbreak. Golden also remains exposed to
discretionary consumer spending that leave it vulnerable to shifts
in market sentiment in these unprecedented operating conditions.

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

Governance risk is considered balanced given public ownership,
absence of a common stock dividend, and $40 million remaining on a
$50 million share repurchase authorization. From a leverage and
financial policy perspective, Golden's leverage is expected to
continue to decline as the business continues to perform and as a
result of debt reduction. The company has indicated it expects to
maintain debt-to-EBITDA leverage below 3.0x on a net basis (based
on the company's calculations; 2.8x as of December 2021).
Longer-term event risk includes potential for debt-funded
acquisitions.

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

The stable outlook considers the recovery in the company's business
and margin improvement exhibited since reopening, and the
expectation that revenue will grow roughly 2% with a less than 200
basis point contraction in EBITDA margin in 2022. The stable
outlook also incorporates the company's good liquidity which
incorporates near $200 million in cash, over $200 million of
available revolver capacity, and for debt-to-EBITDA leverage to be
maintained below 4x. Golden remains vulnerable to travel
disruptions and unfavorable sudden shifts in discretionary consumer
spending and the uncertainty regarding the sustainable EBITDA
margin and the pace at which consumer spending at reopened gaming
properties will continue.

Ratings could be downgraded if there is a decline in EBITDA
performance from factors such as volume pressures or higher
operating costs, liquidity deteriorates, or the company is unable
to sustain debt-to-EBITDA on an LTM basis below 4.5x.

Although unlikely in the near term, ratings could be upgraded if
the company generates consistent and comfortably positive free cash
flow, debt-to-EBITDA is sustained below 3.0x, and the company
adheres to financial policies that maintain low leverage.

The principal methodology used in these ratings was Gaming
published in June 2021.

Golden Entertainment, Inc. owns and operates a portfolio of 10
casino gaming assets, including 9 casinos throughout Nevada and one
casino in Maryland. The company also owns and operates distributed
gaming assets in Las Vegas and Montana. The company conducts its
business through two reportable operating segments: Casinos and
Distributed Gaming. The company is publicly traded with the
Chairman and CEO Blake Sartini holding a roughly 25% stake. Net
revenue for the year ended December 31, 2021 was $1.1 billion.


GPMI CO: Wins Cash Collateral Access Thru March 24
--------------------------------------------------
The U.S. Bankruptcy Court for the District of California has
authorized GPMI, Co. to use cash collateral on an interim basis
through March 24, 2022, the date of the final hearing.

The Debtor is permitted to use cash collateral as set forth in the
budget.

On March 4, 2022, the Official Committee of Unsecured Creditors
timely filed an objection to the Debtor's Emergency Motion For
Entry Of Interim And Final Orders (I) Authorizing Debtor To (A)
Obtain Postpetition Factoring And Financing And (B) Utilize Cash
Collateral, (II) Granting Liens And Superpriority Administrative
Expense Claims, (III) Granting Adequate Protection, (IV) Scheduling
A Final Hearing, And (V) Granting Related Relief.  The Committee
argues the DIP Facility must take into account the interests of
general unsecured creditors. The DIP Facility, as currently
proposed, needlessly prejudices the rights and potential for
recovery by the unsecured creditors in this case. Although the
Committee has no objection in principle to an appropriate DIP
facility, which provides for the funding necessary to fund the
estate's administrative needs, the unsecured creditors should not
bear the brunt of such obligations. The rights of the unsecured
creditors must be preserved so that they can fully benefit from any
unencumbered estate assets, including the right to have an
appropriately active Committee in this case. No other objections to
the Motions were timely interposed.

The Committee complains that, as proposed, the DIP Facility:

     -- grants the DIP Lender a lien upon all previously
unencumbered assets;

     -- fails to provide for any realistic "carve out" to permit
the Debtor to pay the administrative claims in this case, including
the Committee's professionals;

     -- imposes unreasonably high costs upon the $500,000 Inventory
Credit Facility;

     -- imposes limitless fees and expenses upon the bankruptcy
estate; and

     -- requires the Debtor (Borrower) to limit the period of time
during which the Debtor may bring a claim against the Lender to one
year of the claim's accrual, "regardless of the lack of knowledge
of actual knowledge by Borrower of the potential claim."

The post-petition lender, FSW, is a subsidiary of Factors
Southwest, LLC, the prepetition factor of the Debtor's accounts
receivable.

On March 7, 2022, the Debtor filed a status update and reply to the
Motion advising the Court of the Debtor's intention to seek
replacement of the DIP Lender and the DIP Loan and to request a
continuance of the Final Hearing for two weeks. The Debtor, DIP
Lender, the Committee, and the Court have since agreed to
reschedule the Final Hearing for March 24, 2022 at 10:00 a.m., with
the Committee reserving all of the bankruptcy estate's rights with
respect to all issues raised in the Objection, including all fees
and costs imposed by the DIP Lender.

The Court held that except as modified by this Third Addendum to
the Interim Order, the Interim Order as modified by the First and
Second Addendums remain in full force and effect.

A copy of the order is available at https://bit.ly/3I1VZ7d from
PacerMonitor.com.

                          About GPMI Co.

GPMI Company is an Arizona-based company that manufactures wet
wipes of various types for companies that include American
businesses The Clorox Company and Procter & Gamble Company, but
also the Dial brand created by German giant Henkel AG.  Yarron
Bendor, an Israeli entrepreneur, founded GPMI in 1989.

GPMI filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 22-00150) on Jan. 10,
2022, listing as much as $50 million in both assets and
liabilities. Bendor, as president, signed the petition.

Judge Eddward P. Ballinger Jr. oversees the case.

Engelman Berger, PC, led by Steven N. Berger, Esq., serves as the
Debtor's legal counsel while MCA Financial Group, Ltd. serves as
its financial consultant.

The U.S. Trustee for Region 14 appointed an official committee of
unsecured creditors in the Debtor's Chapter 11 case on Feb. 4,
2022.  The committee is represented by Stinson, LLP.  



GRATA CAFE: Wins Cash Collateral Access Thru March 17
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, has authorized Grata Cafe, LLC to use
cash collateral for its post-petition necessary and reasonable
operating expenses, on an interim basis, from March 10 to 17,
2022.

The bankruptcy estate has an interest in revenues from the
operation of Grata Cafe in Carrboro, North Carolina. This revenue
may constitute the cash collateral of certain creditors who have
filed UCC Financing Statements with the NC Secretary of State's
office within the meaning of section 363 of the Bankruptcy Code.

The Debtor presented a 30-day budget for approval. However, a
shorter, seven-day period has instead been set and the following
uses of cash collateral are approved:

     a. Rent: $1,505 ($215/day)
     b. Food: $1,200
     c. Utilities and Other Operating Expense: $1,295
     d. Maximum Non-Officer Payroll (gross): $7,648.34
     e. Officer Payroll (gross): $1,000

As adequate protection for the Debtor's cash collateral access, the
secured creditors are granted liens in after-acquired revenue to
the same extent and priority as they had prior to the filing of the
case.

A further hearing on the matter is scheduled for March 17 at 1 p.m.
Objections are due March 16.

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

                     About Grata Cafe, LLC

Grata Cafe, LLC operates Grata Cafe in Carrboro, North Carolina.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-00494-5 on March 8,
2022. In the petition signed by Jerome Radford, member-manager, the
Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Joseph N. Callaway oversees the case.

Travis Sasser, Esq., at Sasser Law Firm, is the Debtor's counsel.



GUITAR CENTER: Moody's Rates New $200MM Secured Notes Add-on 'B3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior secured rating
to Guitar Center Inc. (NEW)'s proposed $200 million add-on to its
existing 8.5% senior secured notes due 2026. The existing ratings,
including the company's B2 corporate family rating and B2-PD
probability of default rating, remain unchanged. The outlook is
stable.

Proceeds from the proposed $200 million add-on will be used to
fully pay down Guitar Center's existing borrowings under its asset
based revolving credit facility ("ABL"). Subsequent to the add-on
offering, Guitar Center may fully redeem its preferred equity
outstanding using cash on hand together with borrowings under its
ABL.

Assignments:

Issuer: Guitar Center Inc. (NEW)

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4)

RATINGS RATIONALE

Guitar Center's B2 CFR is not impacted by the add-on as pro forma
leverage will remain within Moody's downward rating triggers.
Moody's estimates that, proforma for the $200 million senior
secured note add-on and pro forma for an eventual debt-funded
redemption of its preferred equity, Guitar Center's debt/EBITDA is
3.8x for the LTM period ending October 30, 2021. As Guitar Center
takes market share primarily from independents on the musical
instrument products side and grows on the services side, which
includes high-margin lessons, musical instrument rentals and
repairs, and audio-visual professional services, Moody's expects
EBITDA growth in 2022. Barring any further increases in debt,
EBITDA growth will cause leverage to decline to under 3.5x over the
next 12-18 months.

The lifting of COVID restrictions is positive for Guitar Center
because live music performances are returning, generating demand
for professional instrument and audio-visual equipment products,
and because demand for lessons, concert band equipment, and rental
services is growing as students are back to in-person schooling.

Guitar Center's CFR is supported by the company's good liquidity
over the next 12 months, including positive free cash flow and
minimal use of its $375 million ABL to fund working capital needs
during seasonal peak periods. Guitar Center faces no near term debt
maturities and its ABL expires in December 2025. The rating also
benefits from good interest coverage. As an omni-channel retailer
with a well-recognized brand name, Guitar Center differentiates
itself with a broad product assortment, including a selection of
private label brands, and high margin in-store services. The
company's leading market position and importance to its key vendors
provide credit support.

Guitar Center's CFR is constrained by governance considerations,
including its ownership by private equity sponsors and former
creditors, which increases the risk of debt-financed shareholder
distributions. In addition, the credit profile incorporates the
discretionary nature of demand for musical instruments sales and
rentals, and the intense competition in the category, including
from online players and used instrument marketplaces.

The stable outlook reflects Moody's expectations for good liquidity
and earnings growth over the next 12-18 months.

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

The ratings could be downgraded if liquidity weakens for any
reason, including lower than expected free cash flow. The ratings
could also be downgraded if earnings decline or the company
undertakes aggressive financial strategy actions. Quantitatively,
the ratings could be downgraded if debt/EBITDA is maintained above
5.5x or EBIT/interest expense is maintained below 1.75x.

The ratings could be upgraded if earnings continue to grow and
liquidity improves further, including consistent and solid positive
free cash flow and ample revolver availability. An upgrade would
also require a reduction in private equity ownership and board
representation, and a commitment to a more conservative financial
strategy. Quantitatively, the ratings could be upgraded if
debt/EBITDA is maintained below 4.5x and EBIT/interest expense is
maintained above 2.5x.

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

Guitar Center Inc. is the largest retailer of musical products in
the United States. The company operates stores and websites under
the Guitar Center and Music & Arts brands and has a growing
audio-visual professional services business. Guitar Center is
controlled by funds affiliated with Ares Capital Management,
Brigade Capital Management and The Carlyle Group following its
bankruptcy emergence in December 2020. Revenues for the LTM period
ended October 30, 2021 were approximately $2.6 billion.


GUITAR CENTER: S&P Upgrades ICR to 'B', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Guitar Center
Inc. to 'B' from 'B-' to reflect its expectation that it will
maintain its improved performance and leverage of less than 4x.

S&P said, "We also raised our issue-level rating on Guitar Center's
senior secured debt to 'B' from 'B-'concurrent with the higher
issuer credit rating. The '3' recovery rating remains unchanged,
indicating our expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery in the event of a default.

"The stable outlook reflects our expectation the company will
modestly increase its revenue and EBITDA in fiscal year 2022 such
that its S&P Global Ratings-adjusted leverage remains in the
3x–4x range.

"The upgrade reflects our view that Guitar Center's performance has
rebounded from its weaker results in 2020. It also reflects our
expectation that it will sustain the recent improvements in its
EBITDA and leverage metrics in 2022. Guitar Center reported about a
40% increase in its revenue over the first three quarters of 2021
supported by a double-digit percent increase in the comparable
store sales in its Guitar Center segment. The company's Music &
Arts segment also reported a strong recovery, including an almost
30% increase in its third-quarter sales relative to the same period
in 2020, due to the reopening of in-person schooling and the
resumption of school music programs. We expect that these positive
industry trends will continue into 2022 and support a ongoing
recovery in industry demand. Additionally, the broad return of live
music events will likely provide Guitar Center with further
tailwinds.

"We expect the company will further improve its margins as it
expands its higher-margin businesses, such as services (lessons,
rentals and repairs), and increases its private brand penetration.
This EBITDA improvement should reduce leverage to the high 3x area
allowing for sufficient headroom in its credit metrics to support
the 'B' rating.

"We forecast good free operating cash flow (FOCF) generation in
2022, which alleviates our prior concerns related to the high
payment-in-kind (PIK) interest on its preferred equity. We forecast
Guitar Center will generate at least $70 million of FOCF annually
for the next two years, supported by revenue expectations and
management's good control over its costs. This will translate to an
S&P Global Ratings-adjusted EBITDA margin of 11%-12%. We also
assume modest capital expenditure (capex) of about $50 million.

"The potential repayment of the preferred equity is credit positive
in our view. The company recently communicated to investors that it
plans to repay the preferred equity. We believe Guitar Center's
adequate liquidity and sufficient cash flow will enable the company
to call or refinance its preferred equity. The company issued the
$160 million of preferred equity, which we treat as a debt-like
obligation, in 2020 and will be able to call it in 2023. By that
time, we estimate the liquidation preference on the preferred
equity will have accumulated to roughly $220 million. Repaying this
debt-like instrument provides greater room in credit metrics for
performance swings.

"We anticipate some volatility in Guitar Center's performance over
the next 12 months as inflation and rising shipping, freight, and
labor costs broadly pressure retailers. The musical instrument
industry is governed by a minimum advertising policy (MAP), which
limits retailers from advertising prices and selling below a
certain level. This has largely protected the company from the
effects of cost increases because they have typically been offset
by increases in the MAP. Guitar Center has also benefited from its
strong relationships with suppliers, which have enabled it to
better navigate the supply chain challenges than some of its peers.
Advanced high-quantity purchase orders have also enabled the
company to maintain high in-stock rates. Still, we believe there
could be some volatility in its performance during the year as the
company may not fully pass on cost increases. In addition, the
discretionary nature of Guitar Center's products renders it more
vulnerable to economic downturns.

"Our rating on Guitar Center is constrained by its
financial-sponsor ownership. Our assessment incorporates our view
of the financial policies of most financial sponsor-owned
companies, which focus on generating investment returns over short
time horizons and typically operate with high debt levels. Thus,
while we expect Guitar Center to increase its EBITDA and improve
its cash flow generation over the next two to three years, we
believe further debt-funded acquisitions or distributions could
lead to significant spikes in its leverage.

"The stable outlook on Guitar Center reflects our expectation it
will modestly increase its revenue and EBITDA in fiscal year 2022
such that its S&P Global Ratings-adjusted leverage remains in the
3x–4x range."

S&P could lower its rating on Guitar Center if:

-- S&P expects its leverage to increase above 6x, either due to a
sponsor-led leveraging transaction or a deterioration in its
performance; or

-- S&P believes the company cannot generate FOCF of at least $30
million annually.

S&P would consider upgrading Guitar Center if:

-- S&P believes the risk of it increasing its leverage above 5x is
minimal based on financial sponsors commitment to a more prudent
financial policy; and

-- Its growth initiatives succeed such that S&P believes it is
well positioned to achieve long-term market share gains. This would
be evidenced by positive comparable sales, improved margins, and
the continued expansion of its services and private brand
penetration.

Under this scenario, S&P would likely view the company as having
improved its competitive positioning.

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

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



GULF COAST HEALTH: Court Approves Disclosure Statement
------------------------------------------------------
Judge Karen B. Owens has entered an order approving the Disclosure
Statement of Gulf Coast Health Care, LLC, et al.

The hearing to consider confirmation of the Plan will commence on
April 19, 2022 at 10:00 a.m. (Eastern Time).

The deadline for filing and serving objections to confirmation of
the Plan will be April 8, 2022 at 4:00 p.m. (Eastern Time).

The deadline for filing and serving objections to claims solely for
the purposes of voting on the Plan will be March 11, 2022 at 4:00
p.m. (Eastern Time).

The deadline for filing and serving motions pursuant to Bankruptcy
Rule 3018(a) seeking temporary allowance of claims for the purpose
of accepting or rejecting the Plan will be March 25, 2022 at 4:00
p.m. (Eastern Time).

The Debtors must file any supplements to the Plan on or before
April 1, 2022.

To be counted, Ballots for accepting or rejecting the Plan must be
received by the Voting Agent by 4:00 p.m. (Eastern Time) on April
8, 2022.

The Voting Agent must file its voting certification on or before
April 13, 2022.

Any Ballot that is properly executed and timely received, and that
is cast as either an acceptance or rejection of the Plan, shall be
counted and shall be deemed to be cast as an acceptance or
rejection, as the case may be, of the Plan. The failure of a holder
of a claim in classes 1, 4, 5, 6, 7.A, or 7.B to timely deliver an
executed Ballot shall be deemed to constitute an abstention by such
holder with respect to voting on the Plan, and such abstention
shall not be counted as a vote for or against the Plan.

Notwithstanding Bankruptcy Rule 3018(a), whenever two or more
Ballots are cast voting the same claim(s) prior to the Voting
Deadline, the last valid Ballot received prior to the Voting
Deadline shall be deemed to reflect the voter's intent and thus
supersede any prior Ballots, without prejudice to the Debtors'
right to object to the validity of the later Ballot on any basis
permitted by law, including under Bankruptcy Rule 3018(a), and, if
the objection is sustained, to count the first dated Ballot for all
purposes. Notwithstanding anything to the contrary herein, and
subject in all respects to the Restructuring Support Agreement, the
Omega Entities may change their votes, in their sole discretion, if
the treatment of Holders of Class 4 Omega Unsecured Claims is
modified or changed, except as otherwise set forth in the Plan.

The holders of claims in Class 8 and Class 9 shall be deemed to
have rejected the Plan, and the Debtors are not required to solicit
votes on the Plan from such holders. The holders of interests in
Class 10 shall be deemed to have rejected the Plan, or accepted the
Plan, and the Debtors are not required to solicit votes on the Plan
from such holders.

Delta Health Group, LLC ("Delta"), Cordova Rehab, LLC ("Cordova"),
and Pensacola Health Trust, LLC ("Pensacola" and, collectively with
Delta and Cordova, the "Delta Health Noteholders") have each filed
a proof of claim in the amount of at least $49,412,454.87
(collectively, the "Delta Health Claims") in the Chapter 11 Cases
of Gulf Coast Health Care, LLC, Pensacola Administrative Services,
LLC, Gulf Coast Master Tenant I, LLC, Gulf Coast Master Tenant II,
LLC, HUD Facilities, LLC, Gulf Coast Facilities, LLC, and Florida
Facilities, LLC (collectively, the "Debtor Defendants"). The Delta
Health Claims have been classified in Class 5 (Subordinated Seller
Note Claims) of the Plan. The Delta Health Noteholders have also
filed adversary proceeding No. 22-50061 (KBO) in this Court against
the Debtor Defendants and CSE Pine View LLC, Carnegie Gardens LLC,
Greenbough, LLC, Suwanee, LLC, Skyler Maitland LLC, Panama City
Nursing Center LLC, CSE Marianna Holdings, LLC, Dixie White House
Nursing Home, LLC, Ocean Springs Nursing Home, LLC, Skyler
Boyington, LLC, Skyler Florida, LLC, Pensacola Real Estate Holdings
I, LLC, Pensacola Real Estate Holdings II, LLC, Pensacola Real
Estate Holdings III, LLC, Pensacola Real Estate Holdings IV, LLC,
Pensacola Real Estate Holdings V, LLC, Skyler Pensacola, LLC, OHI
Asset (FL) Lake Placid, LLC, OHI Asset (FL) Eustis, LLC, OHI Asset
(FL) Pensacola-Hillview, LLC, OHI Asset (FL) Pensacola, LLC, OHI
Asset (FL) Melbourne, LLC, OHI Asset (FL) Pensacola-Nine Mile, LLC,
and OHI Asset (FL) Lake City, LLC (collectively, the "Omega
Landlords"), seeking declaratory relief that the Delta Health
Noteholders are entitled to vote and receive distributions on
account of the Delta Health Claims (the "Adversary Proceeding"). By
separate agreed scheduling order, the Delta Health Noteholders, the
Debtor Defendants, and the Omega Landlords have agreed to brief
cross dispositive motions that will be argued and submitted for
decision before the Confirmation Hearing (the "Delta Health
Dispositive Motions").

Notwithstanding anything to the contrary contained in this Order or
pled in the Adversary Proceeding, the Delta Health Noteholders are
authorized to file provisional ballots on account of their Class 5
claims (the "Delta Health Ballots"), which filing shall be without
prejudice to any party's rights, remedies, claims, defenses, and
positions in the Adversary Proceeding. The Debtors will provide a
Solicitation Package and Class 5 ballot to the Delta Health
Noteholders in accordance with Paragraph 16 of this Order. The
Delta Health Claims are allowed as filed solely for purposes of
voting; provided, however, that the Delta Health Ballots are filed
on a provisional basis and without prejudice to any party's rights,
remedies, claims, defenses, and position in the Adversary
Proceeding, above-captioned bankruptcy cases, or under applicable
subordination or intercreditor agreements. The Delta Health
Noteholders' right and entitlement to vote the Delta Health Claims
will be submitted for resolution by the Court as part of the Delta
Health Dispositive Motions.

As set forth in the Restructuring Support Agreement, each of the
Omega Landlords holds an Allowed General Unsecured Claim for
amounts owed under the Omega Master Lease, which Allowed General
Unsecured Claims combine to total $48,996,164 in the aggregate (the
"Omega Allowed Unsecured Claims"). The Omega Allowed Unsecured
Claims have been classified in Class 4 (Omega Unsecured Claim) of
the Plan and remain subject to the challenge rights of the
Committee. The Debtors will provide a Solicitation Package and
Class 4 ballot to each of the 24 Omega Landlords in accordance with
Paragraph 16 of this Order.

DLF No. 3, LLC, JJT No. 1, LLC, REIT Solutions II, LLC (f/k/a REIT
Solutions, Inc.), SJB No. 2, LLC, and Wet One, LLC (collectively,
the "Omega Noteholders") have each filed a proof of claim in the
amount of $180,000 in the Chapter 11 Case of Debtor Gulf Coast
Master Tenant I, LLC (collectively, the "Omega Noteholder Claims").
The Omega Noteholder Claims were filed under a theory of
subrogation. Pursuant to Bankruptcy Code section 509(c), the Omega
Noteholder Claims are subordinated to the Omega Allowed Unsecured
Claims and therefore have been classified in Class 8 (Subordinated
Claims) of the Plan. Accordingly, the Omega Noteholder Claims are
deemed to have rejected the Plan, and the Debtors are not required
to solicit votes on the Plan from such holders.

                  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.


GULF COAST HEALTH: Unsecureds to Recover 17% to 21% in Plan
-----------------------------------------------------------
Gulf Coast Health Care, LLC and 61 of its affiliates submitted a
Disclosure Statement with respect to First Amended Joint Plan of
Liquidation dated March 7, 2022.

The comprehensive settlement embodied in the Plan is the result of
extensive arm's length negotiation efforts following a lengthy
mediation process among the various key stakeholders in the Chapter
11 Cases, including the Official Committee of Unsecured Creditors
(the "Committee"). This mediation and settlement period followed
separate independent investigations by both the Debtors, through
their independent manager, Mr. Scott Vogel, and the Committee, as a
fiduciary of all Holders of General Unsecured Claims, of various
potential claims and causes of action held by the Debtors against
certain non-Debtor affiliates, Equity Sponsors, and other parties.


The Plan seeks to resolve these claims and causes of action, all of
which were thoroughly analyzed by the Debtors, the Committee, and
their respective advisors. These potential causes of action are
highly fact-intensive, the results of which are uncertain, and
which—if left unresolved—would cause extensive delay, cost, and
uncertainty in these Chapter 11 Cases. The Debtors believe that the
compromises contained in the Plan are fair, reasonable, and are in
the best interests of the Debtors' creditors.

Each of the Debtors, the Omega Entities, New Ark, the Service
Providers, and the Equity Sponsors urge all Holders of General
Unsecured Claims and Litigation Claims to vote in favor of the
Plan. In addition, the Committee has included with this Disclosure
Statement the Committee Letter. As set forth in more detail in the
Committee Letter, the Committee supports the Plan, including the
compromises contained therein and urges Holders of General
Unsecured Claims to vote in favor of the Plan.

The Plan provides for substantial consideration being funded into
the Debtors' estates, including: (1) an $11.25 million GUC
Settlement Contribution, funded by one or more of the Contribution
Parties; (2) a $2.0 million Professional Fee Settlement
Contribution, funded by one or more of the Contribution Parties;
(3) an up to $1.0 million Omega Contribution, funded by the DIP
Lender subject to the Omega Terms and Conditions; and (4) the
ability to obtain certain recoveries from Business Interruption
Claims. In addition, the Plan provides for significant redirection
of proceeds by the Omega Entities, New Ark, and the Service
Providers, for the benefit of Holders of Allowed General Unsecured
Claims and Allowed Litigation Claims.

The Plan provides a $10 million aggregate guaranteed minimum
recovery for Holders of General Unsecured Claims and Litigation
Claims, 63% of which will be available to Holders of General
Unsecured Claims and 37% of which will be available to Holders of
Litigation Claims. The Debtors, with the assistance of their
professional advisors, including McDermott Will & Emery LLP and
Ankura Consulting Group, LLC, determined that the 63% / 37%
allocation between Holders of Class 7.A General Unsecured Claims
and Holders of Class 7.B Litigation Claims was appropriate by
conducting a preliminary reconciliation of Class 7.A General
Unsecured Claims and Class 7.B Litigation Claims.

As part of that process, the Debtors looked to historical
valuations of similar tort claims previously brought against the
Debtors in the years leading up to the Petition Date and separated
such claims into various categories based upon certain
characteristics of the claims. Based on the available historical
data, the Debtors then applied estimated valuation amounts for each
filed Class 7.B Litigation Claim and compared the aggregate amount
of such claims to the likely claims pool of Class 7.A General
Unsecured Claims.

The projected recoveries under the Plan on account of Class 7.A
(General Unsecured Claims) is 17% to 21% and Class 7.B (Litigation
Claims) is 15.9% to 20.9%. In the event the Plan is not confirmed
and the Chapter 11 Cases are converted to cases under chapter 7 of
the Bankruptcy Code, no such recovery will be available—indeed,
the Debtors believe that their remaining assets would be aggregated
into a common distribution fund from which Holders of General
Unsecured Claims and Litigation Claims would receive pro rata
recoveries from the distributable value of the Debtors' estates.
While a chapter 7 trustee could prosecute certain causes of action
in chapter 7, the outcome of such litigation is speculative,
uncertain, and unknown and, even if successful, would likely return
a small fraction (or, potentially nothing) to Holders of General
Unsecured Claims and Litigation Claims, as compared to the
guaranteed recoveries under the Plan.

Therefore, in the Debtors' view, the Plan offers Holders of Allowed
General Unsecured Claims and Litigation Claims the best (and likely
only) opportunity for a meaningful financial recovery and is in the
best interests of all creditors. Accordingly, the Debtors urge the
Holders of General Unsecured Claims and Litigation Claims to vote
to accept the Plan.

Class 7.A consists of General Unsecured Claims. Each Holder of a
General Unsecured Claim will receive its Pro Rata Distribution of
the GUC Trust Interests, or such other less favorable treatment as
to which the Debtors or GUC Trust, as applicable, and the Holder of
such Allowed Class 7.A Claim will have agreed upon in writing. This
Class will receive a distribution of 17.0% - 21.0% of their allowed
claims.  

Class 7.B consists of Litigation Claims. The Holder of such Allowed
Class 7.B Litigation Claim will receive, in full and final
satisfaction, compromise, settlement, release, and discharge of,
and in exchange for, such Allowed Class 7.B Litigation Claim, its
Pro Rata Distribution of Litigation Claimants Trust Interests, or
such other less favorable treatment as to which the Debtors or
Litigation Claimants Trust, as applicable, and the Holder of such
Allowed Class 7.B Claim will have agreed upon in writing. This
Class will receive a distribution of 15.1% - 20.9% of their allowed
claims.

Pursuant to the compromises contained in the Plan, the Contribution
Parties have agreed to fund an aggregate contribution to the
Debtors' Estates in the aggregate sum of $13,250,000, comprising
(a) the GUC Settlement Contribution, to be funded on the Effective
Date, and (b) the Professional Fee Settlement Contribution, of
which $1,300,000 will be funded into the Professional Fee Reserve
Account and made available under the New Ark Budget prior to the
Effective Date and the remainder of which will be funded on the
Effective Date.

Pursuant to the compromises contained in the Plan and subject to
the satisfaction of the Omega Terms and Conditions, the DIP Lender
will provide the Omega Contribution, which will not limit the
Debtors' ability prior to the Effective Date to use proceeds of the
DIP Facility, so long as the aggregate indebtedness under the DIP
Facility when combined with the Omega Contribution, does not exceed
$25,000,000, in a manner consistent with, and on the terms and
conditions set forth in, the Final DIP Order and the DIP Budget.
Further, subject to consummation of the Plan, the Omega Entities
agree to the treatment contained in Article III.C.4 of the Plan for
the benefit of Holders of Class 7.A General Unsecured Claims and
Class 7.B Litigation Claims.

The Court has scheduled a hearing to consideration Confirmation of
the Plan for April 19, 2022 at 10:00 a.m. The Court has directed
that objections, if any, to Confirmation of the Plan be filed and
served on or before April 8, 2022, at 4:00 p.m.

Proposed Counsel for Debtors:

     Daniel M. Simon
     Emily C. Keil
     McDERMOTT WILL & EMERY LLP
     444 West Lake Street, Suite 4000
     Chicago, IL 60606
     Telephone: (312) 372-2000
     Facsimile: (312) 984-7700
     E-mail: dmsimon@mwe.com
             ekeil@mwe.com

           - and -

     David R. Hurst
     McDERMOTT WILL & EMERY LLP
     1007 North Orange Street, 10th Floor
     Wilmington, DE 19801
     Telephone: (302) 485-3900
     Facsimile: (302) 351-8711
     E-mail: dhurst@mwe.com

                   About Gulf Coast Health Care

Gulf Coast Health Care 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 their Facilities.

Gulf Coast Health Care, LLC, 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 estimated assets of
between $10 million and $50 million and estimated liabilities of
between $100 million to $500 million.

The cases are handled by Honorable Judge Karen B. Owens.

McDermott Will & Emery LLP is the Debtors' counsel, and Ankura
Consulting Group LLC is the financial advisor.  Epiq is the claims
agent.


GVS TEXAS: WWG, CBRE $588-Mil. Bid Wins Bankruptcy Auction
----------------------------------------------------------
James Nani of Bloomberg Law reports that a joint venture of CBRE
Group Inc. and the William Warren Group won a bankruptcy auction
for GVS Texas Holdings I LLC's assets for $588.3 million, a price
tag about $138 million more than the group's initial bid.

CBRE WWG Storage Partners JV III LLC, the stalking horse bidder,
won the auction for nearly all of self-storage operator GVS Texas's
assets, according to a notice the debtor filed Wednesday, March9,
2022.

Those assets include 64 self-storage facilitates in the Midwest and
Southwest, comprising about 4 million square feet of space, GVS
Texas' attorney, Thomas Califano of Sidley Austin LLP, told
Bloomberg Law.

                  About GVS Texas Holdings I

GVS Texas Holdings I, LLC and its affiliates are primarily engaged
in renting and leasing a wide array of properties functioning
principally as self-storage and parking facilities in 64 locations
in Texas, Colorado, Illinois, Indiana, Mississippi, Missouri,
Nevada, New York, Ohio, and Tennessee. Six of the properties are in
the Dallas-Fort Worth Metroplex, with an additional 28 located
elsewhere in Texas. The properties are managed by Great Value
Storage, LLC.

GVS Texas Holdings I and its affiliates sought Chapter 11
protection (Bankr. N. D. Texas Lead Case No. 21-31121) on June 17,
2021. The parent entity, GVS Portfolio I C, LLC, filed a voluntary
Chapter 11 petition (Bankr. N. D. Texas Case No. 21-31164) on June
23, 2021. GVS Portfolio's case is jointly administered with that of
GVS Texas Holdings I. Judge Michelle V. Larson oversees the cases.

In its petition, GVS Texas Holdings I listed disclosed $100 million
to $500 million in both assets and liabilities.

The Debtors tapped Sidley Austin, LLP as bankruptcy counsel and
Reed Smith, LLP as conflicts counsel.  Houlihan Lokey Capital, Inc.
and HMP Advisory Holdings, LLC, doing business as Harney Partners,
serve as the Debtors' investment banker and financial advisor,
respectively.


GYPSUM: County Commissioner Jones Accused of Deleting Texts
-----------------------------------------------------------
Shea Johnson of the Las Vegas Review-Journal reports that Clark
County Commissioner Justin Jones has been accused of deleting text
messages he sent and received prior to a key vote in 2019 that
effectively delayed a controversial proposed housing project
overlooking Red Rock Canyon.

The texts were sought as evidence by lawyers for developer Gypsum
Resources, LLC, as part of the company's federal Chapter 11
bankruptcy proceedings and ongoing lawsuit against the county and
the county commission, who the developer has blamed for project
delays over the years that it said fueled much of its financial
predicament.

Gypsum Resources's lawyers have been particularly interested in
communications that Jones had with others prior to the April 2019
unanimous vote. But a third-party audit revealed that related text
messages were missing from Jones's personal cell phone, according
to a recent legal filing.

The accusations that Jones destroyed evidence follow the
developer's claim last year that Jones -- one of the proposed
project's biggest opponents -- orchestrated an arrangement in late
2018 tantamount to a "quid pro quo" with Gov. Steve Sisolak, then a
commissioner, to impede the development.

The upshot of the most recent allegations, as spelled out by the
developer’s lawyers in court filings, is that Jones "destroyed
public records in an effort to conceal his improprieties relative
to Gypsum."

In recent court filings, the developer's legal counsel claimed
Jones tried to conceal the destruction of the messages and that the
county took few steps to preserve other evidence. Attorneys for
Jones and the county dismissed the allegations as a far-reaching
attempt by Gypsum Resources to cover holes in its case and divert
attention from self-inflicted failures.

"Gypsum and its lawyers have engaged in a relentless smear campaign
against me since the day that I and my Commission colleagues
unanimously voted to hold Gypsum to its own commitments regarding
its ill-conceived plan to develop thousands of houses in Red Rock
Canyon," Jones said in a statement to the Review-Journal.

"This latest legal filing is just more of the same vindictive
personal attacks designed to bolster its efforts to bankrupt the
county," he added.

A court decision is pending on Gypsum Resources's request to
convene an evidentiary hearing to impose sanctions on Jones and the
county for alleged destruction of evidence. Jones said he was
"confident that the court will see through Gypsum’s smokescreen
and deny the motion."

Email criticized by developer

Jones, a lawyer and former state senator, represented the
environmental nonprofit Save Red Rock in late 2018 as it fought the
proposed housing project on the site of Blue Diamond Hill, a
working gypsum mine. At the time, Jones was a candidate for the
county commission and Sisolak was a commissioner running for
governor.

Last 2021, Gypsum Resources’s lawyers highlighted a pre-election
email in October 2018 from Jones to a Sisolak campaign aide, which
suggested that Sisolak could receive public support from
environmental advocates — and Jones could dismiss Save Red
Rock’s lawsuit against the county — if Sisolak opposed a vote
on the project.

Days later, Sisolak announced his support for delaying any vote
until after the election, when two new commissioners would be
seated — one of whom wound up being Jones. The stance garnered
Sisolak public praise from the Nevada Conservation League and, two
weeks later, Save Red Rock dropped its suit against the county and
Gypsum Resources.

Jones and Sisolak's campaign denied any wrongdoing in June, shortly
after the email was publicized in court.

But the matter resurfaced in a filing last month by Gypsum
Resources's lawyers. They linked the sequence of events to a 6-0
decision by county lawmakers on April 17, 2019 — with Jones newly
seated on the commission — to deny Gypsum Resources's request to
waive a condition needed to move forward with a preliminary plan to
construct 3,000 homes.

That condition — that Gypsum Resources first receive Bureau of
Land Management approval to build a roadway leading to the site —
stemmed from a 2011 concept plan the county had approved.

Searching for texts

Lawyers recently sought more information from Jones, who is a
material witness to their claims against the county and the
commission, although he is not a named party in the lawsuit.

The suit was filed a month after the April 2019 vote. It alleges,
among other things, a government taking, bias and breach of
contract in connection to a settlement agreement between the two
sides from more than a decade ago that resulted in certain
conditions for the proposed project. The county later filed a
counter suit.

Jones was deposed last 2021 and subpoenaed to produce all texts
"relevant" to the case, resulting in six messages from after the
April 2019 vote, according to a court filing on Feb. 7.

In a court filing nearly two weeks later, lawyers for Jones said it
was clear that Jones had produced all of the texts that were
reasonably accessible to him.

But the developer's lawyers said they had received text messages
from others with whom Jones interacted that showed he received and
sent texts prior to the vote. In one late October 2018 text
exchange between Jones and Andy Maggi, the head of the Nevada
Conservation League, Jones remarked: "Well, I'm doing my part. If
Sisolak doesn’t want to play, then it’s going to blow up in his
face tomorrow," according to the Feb. 7, 2022 court filing.

Audit reveals missing messages

In response to a request from Gypsum Resources's lawyers, the
bankruptcy court ordered a forensic imaging of Jones’ cell phone
and iCloud accounts last 2021.

The third-party audit found that all Jones's text messages leading
up to the April 2019 vote were gone and unrecoverable, according to
the court filing. The earliest message on Jones's device was from
roughly six hours after the commission's unanimous decision to deny
the developer’s waiver request.

In a court filing on Feb. 22, 2022 Jones's lawyers said that Gypsum
Resources's request for electronic communications dating back a
decade was not made until May 2021, more than two years after the
vote, and that he had produced "a large number" of documents from
multiple email and social media accounts, as well as multiple
devices.

His lawyers did not dispute the audit's findings, however, that the
earliest text message on his phone was from April 17, 2019. They
did not provide any explanation, either, but they said that Jones
cannot legally face sanctions because he is not a party in the
lawsuit.

'Inconceivable' or irrelevant?

The county argued in a separate filing on Feb. 22, 2022 that any
information that could have been culled from Jones's texts was
irrelevant to the claims argued by Gypsum Resources and could not
be used in court, anyway.

The county also said that it did not know Gypsum Resources would be
suing, at the time of the April 2019 vote, nor did it know of any
messages on Jones's phone, meaning it did not fail in its duty to
preserve evidence. And it said Gypsum Resources failed to safeguard
related information from its own representatives.

Lisa Mayo-DeRiso, a spokeswoman for Gypsum Resources, said the
developer has battled biased legislation, public outcry and
property rights violations in efforts over roughly two decades to
construct homes on Blue Diamond Hill.

"But the destruction of evidence, political maneuvering, and the
use of an over-hyped public issue as a political tool to catapult
an election is inconceivable," she said in a statement.

Mayo-DeRiso was previously involved in Save Red Rock's campaign to
preserve the area and beat back the development, but she said she
switched support after learning of the political undercurrent in
the project's opposition. Notably, she is also assisting the
campaign of county Planning Commissioner Jenna Waltho, who is
running against Jones for county commissioner.

The commission unanimously approved a slimmed-down version of the
developer's plans in August, authorizing the construction of 280
luxury homes across 563 acres.

                 About Gypsum Resources Materials

Based in Las Vegas, Gypsum Resources Materials, LLC, a privately
held company in the gypsum mining business, and its affiliate
Gypsum Resources, LLC filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Lead Case No.
19-14799) on July 26, 2019. The petitions were signed by James M.
Rhodes, president of Truckee Springs Holdings, LLC, manager of
Gypsum Resources, LLC.

At the time of the filing, Gypsum Resources Materials had between
$10 million and $50 million in both assets and liabilities.
Meanwhile, Gypsum Resources, LLC, had between $50 million and $100
million in both assets and liabilities.

The Debtors tapped Fox Rothschild LLP as bankruptcy counsel, Hill
Farrer & Burrill LLP as special counsel, and Conway MacKenzie, Inc.
and Sonoran Capital Advisors, LLC as financial advisors.

The U.S. Trustee for Region 17 appointed an official committee of
unsecured creditors on Aug. 30, 2019. The committee is represented
by Goldstein & McClintoc, LLLP.


HILLMAN GROUP: Moody's Affirms B1 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed The Hillman Group Inc.'s ratings
including its Corporate Family Rating at B1, its Probability of
Default Rating at B1-PD, and the B1 rating on the company's senior
secured first lien credit facility consisting of a $835 million
principal amount first lien term loan due 2028 and a $200 million
delayed draw first lien term loan due 2028. The outlook was changed
to negative from stable, and the company's Speculative Grade
Liquidity rating was downgraded to SGL-2 from SGL-1.

The outlook change to negative reflects the Hillman's high
financial leverage amid elevated input, labor, and freight costs,
and Moody's expectations for continued costs pressures at least
through the first half of fiscal 2022. Hillman reported
year-over-year revenue growth of 4.2% for fiscal year end December
25, 2021, however, management-adjusted EBITDA declined 6.2% over
the same period. Hillman's profitability was negatively impacted
during the second half of fiscal 2021 by rising supply chain and
commodity costs inflation, particularly freight and steel, that
were only partially offset by price increases. In addition, the
company faced these costs pressures during a period in which it
strategically increased inventory to help maintain its high service
levels amid supply chain constraints. Hillman used revolver
borrowings to help fund the investment in inventory, which
increased by about $142 million in fiscal 2021. As a result, the
company's financial leverage is high with debt/EBITDA at 4.9x as of
fiscal year 2021 and reported meaningfully negative free cash flow
of -$161.8 million for the same period. Moody's expects costs
pressures to remain elevated at least through the first half of
2022, and given the current military conflict in Europe these
challenges may persists longer than anticipated.

Moody's affirmed the ratings because Hillman's financial leverage
is expected to improve during the second half of fiscal 2022, as
EBITDA benefits from recent price increases and the company uses
free cash flows to repay revolver borrowings and reduce leverage.
The company recently executed a third round of price increases that
will become effective in March 2022 and expects they will fully
offset costs pressures during the second half of fiscal 2022. In
addition, free cash flows in fiscal 2022 will benefit from a
normalization of working capital investments, particularly given
the healthy inventory levels at fiscal year end 2021. Moody's
anticipates Hillman will use excess free cash flows to repay
revolver borrowings. The company's long term net leverage target of
below 3.0x (company's calculation), should support capital
allocation towards debt repayment. As a result, Moody's projects
Hillman's debt/EBITDA leverage to improve to 4.0x over the next 12
months. However, there is uncertainty around the company's ability
to reduce its financial leverage if it's unable to effectively and
fully offset costs pressures or if demand for its products weakens.
Hillman's high financial leverage provides limited cushion to
absorb prolonged margin compression and necessitates deleveraging
at the B1 CFR.

The downgrade of Hillman's liquidity rating to SGL-2 reflects
Moody's view that Hillman's liquidity is good, however, liquidity
is weaker than previously anticipated given the meaningfully
negative free cash flow generation and lower revolver availability
as of fiscal year end 2021. The SGL-2 reflects Hillman's relatively
low cash balance of $14.6 million and the $93 million of borrowings
on its $250 million asset based lending (ABL) revolver due 2026 as
of 25 December 2021. However, the company's good liquidity is
supported by Moody's expectations of positive free cash flow of at
least $100 million over the next 12 months, as cash flows benefit
from a normalization of working capital investments and earnings
growth during the second half of 2022. In addition, the company had
approximately $124 million available on its ABL revolver as of end
of fiscal 2021, which provides some financial flexibility to fund
business seasonality during the first half of 2022.

Affirmations:

Issuer: Hillman Group Inc. (The)

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured 1st Lien Term Loan B, Affirmed B1 (LGD4)

Senior Secured 1st Lien Delayed Draw Term Loan, Affirmed B1
(LGD4)

Downgrades:

Issuer: Hillman Group Inc. (The)

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

Outlook Actions:

Issuer: Hillman Group Inc. (The)

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Hillman's B1 CFR broadly reflects the relatively stable demand for
Hillman's products as a result of their replenishment nature and
low price points, resulting in modest exposure to cyclical
downturns. The company has long-standing relationships with
well-recognized retailers, good geographic diversification within
the US and Canada, and its expanding product offering through
acquisitions. Hillman benefits from some product diversification
provided by the growing Robotics and Digital Solutions segment, and
the healthy backlog for its key duplicating and knife sharpening
machines. The company's good liquidity reflects Moody's expectation
for positive free cash flows of at least $100 million over the next
12-18 months, and $124 million available under its $250 million
revolver due 2026.

The rating also reflects Hillman's high financial leverage with
debt/EBITDA at 4.9x as of the fiscal year end 2021. The company
faces rising costs pressures that have negatively impacted EBITDA
margins. However, Moody's projects debt/EBITDA will improve to 4.0x
over the next 12, as EBITDA margins benefit from the recent price
increases to offset cost inflation, and from debt reduction using
free cash flows. Hillman has high customer concentration and high
growth capital expenditures that pressures free cash flow, however
the company has the flexibility to pare back growth investments
during periods of weak demand.

Governance factors primarily relate to Hillman's growth through
acquisitions strategy and high ownership concentration with the
company's private equity sponsors combined ownership stake of
approximately 45%, which can influence the company's financial
policies and strategy. Governance considerations also include the
company's going public transaction in July 2021 and its use of
proceeds to reduce funder debt. Hillman's long term net leverage
ratio target of below 3.0x (company's calculation) creates some
financial discipline around capital allocation, however the company
remains above its stated leverage target.

Hillman relies on raw materials primarily metals such as steel,
aluminum and zinc, as well as resins as part of its manufacturing
process. The company is moderately exposed to the carbon transition
and waste and pollution risks related to the very energy intensive
metals production, and the transport, handling and disposal of raw
materials, which could increase input costs. However, costs
increases can generally be passed on to the consumer.

Moody's regards the coronavirus outbreak as a social risk under o
Moody's ESG framework, given the substantial implications for
public health and safety. Although an economic recovery is
underway, its continuation will be closely tied to containment of
the virus. As a result, there is uncertainty around Moody's
forecasts. Social risk factors also consider that Hillman is
moderately exposed to health and safety and responsible production
risks common in a manufacturing environment. Factors such as
responsible sourcing help protect Hillman's strong customer
relationships and market position.

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

The negative outlook reflects the downward ratings pressure if the
company's EBITDA fails to recover towards historical levels, or if
consumer demand for the company's products weakens resulting in
debt/EBITDA leverage remaining above 4.5x or weaker than expected
free cash flow.

The ratings could be upgraded if the company growth its revenue
scale, demonstrates consistent organic revenue growth and EBITDA
margin expansion above historical levels, while debt/EBITDA is
sustained below 3.5x, and EBIT/interest expense is above 3.0x A
ratings upgrade will also require the company to maintain at least
good liquidity, and Moody's expectations of balanced financial
policies that support credit metrics at those levels.

Ratings could be downgraded if the company's operating performance
including EBITDA margin does not improve, resulting in debt/EBITDA
is sustained above 4.5x, or weaker than anticipated free cash flow.
The ratings could also be downgraded if the company completes a
debt-financed acquisition or shareholder distribution that impedes
deleveraging. A deterioration in liquidity for any reason,
including high reliance on the revolver facility could also lead to
a downgrade.

The Hillman Group Inc. headquartered in Cincinnati, OH, is a
product and services provider in the hardware and home improvement
industry. The company sells hardware including fasteners, rods,
keys, tags and signs to retailers in the United States, Canada,
Mexico, Latin America, and the Caribbean, and provides related
services, including installing and maintaining key duplication and
engraving machines. Hillman reported revenue of about $1.4 billion
for the fiscal year ending December 25, 2021. Following the July
2021 going public transaction of Hillman Solutions Corp., private
equity firms CCMP Capital Advisors, L.P. and Oak Hill Capital
Management LLC own approximately 45% of the company. Hillman
Solutions Corp. is the indirect parent of The Hillman Group Inc.,
and its shares are listed on the Nasdaq stock exchange under the
ticker symbol “HLMN”.

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


HK FACILITY: Wins Cash Collateral Access Thru Dec. 15
-----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois has
authorized HK Facility Services, Inc. to use cash collateral to pay
post-petition expenses to third parties until confirmation of the
Debtor's plan, to the extent set forth in the budget, with a 10%
variance.

Fox Capital Group, Inc. asserts it purchased an interest in gross
receipts of the Debtor, and that the receivables are not property
of the bankruptcy estate. As a result, authority to use the
receivables cannot be granted under 11 U.S.C. section 363. Instead
of litigating the issue of whether the receivables are property of
the bankruptcy estate at this time, Fox has agreed to consent to
the Debtor's use of the receivables until confirmation of the
Debtor's plan in exchange for a payment of $2,500 on or before
February 28, 2022.

Both the Debtor and Fox reserve all rights related to the issue of
the nature of the transaction between them and both reserve all
rights with regards to seeking a determination on the issue of
whether the receivables are property of the bankruptcy estate at
any time. Fox will also be granted a replacement lien, to the
extent one is necessary, attaching to the receivables. The Debtor
will also make available to Fox evidence of that which constitutes
the receivables or proceeds when a reasonable request for such
information is made.

As adequate protection for the Debtor's continued use of cash
collateral equivalents, including the Debtor's cash and accounts
receivable, among other collateral, Newco Capital Group VI LLC is
granted:

     a. The Debtor will, upon reasonable request, make available to
Newco evidence of that which purportedly constitutes their
collateral or proceeds;

     b. Newco is granted a replacement lien, attaching to the
collateral, but only to the extent of its prepetition lien, if any,
and attaching to the same assets of the Debtor in which Newco
asserted a prepetition lien; and

     c. By February 2022, the Debtor will pay $2,500 to Newco as
adequate protection payments.

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

The Debtor projects $142,000 in projected gross sales and $139,137
in projected monthly expenses.

                 About HK Facility Services, Inc.

Founded in 2016, HK Facility Services, Inc. provides janitorial
services to businesses and apartment buildings. HK Facility's
business premises are located at 3209 N. Wilke Rd. #112 Arlington
Heights, IL 60004.

HK Facility sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 21-10458) on September
9, 2021. In the petition signed by Hugh McGuirk, president, the
Debtor disclosed up to $50,000 in assets and and up to $500,000 in
liabilities.

Judge Janet S. Baer oversees the case.

Joseph Wrobel, Ltd. is the Debtor's counsel.



INTERSTATE UNDERGROUND: Disclosures Inadequate, Says Reeder
-----------------------------------------------------------
Creditor Wayne Reeder objects to the Interstate Underground
Warehouse and Industrial Park, Inc.'s Disclosure Statement, Chapter
11 Plan, and the First Amended Chapter 11 Plan.

Reeder incorporates the objections raised by the Office of the
United States Trustee in its objection.

Reeder further points out that the Disclosure Statement provides
scant details about the business operations of the Debtor.  The
Disclosure Statement fails to disclose the claims Reeder asserted
in the Circuit Court of Jackson County, Missouri pre-petition
against the Debtor and the Debtor's principals. It also fails to
acknowledge that Reeder was de facto operator of the Debtor from
1993-March 2020, notwithstanding the terms of Reeder's divorce from
Sammy Jo Reeder and Reeder's departure as an official officer and
director. Reeder in his capacity took steps including solicitation
of bids for new infrastructure as well as preparations for income
tax filings for the Debtor for the tax years 2018 and 2019 that
have not been used or incorporated. The Debtor elected not to use
these returns prepared for a CPA that had worked with the Debtor
since the late 1970s.

Reeder further points out that the Disclosure Statement references
a quote for an upgrade of the freezer system and electrical system,
yet fails to identify an amount or any financing terms. Mr. Reeder,
on behalf of the Debtor, obtained a quote for this work in January
2019. At the time, notwithstanding 3 years of further deterioration
and the challenges of finding labor and materials during the
COVID-19 pandemic, the quote for the work, exclusive of freight and
tax, exceeded over $2.6 million, with 30% due on equipment.
However, the costs have increased.  A quote prepared by the same
company for Leslie Reeder in June 2020 (attached) came back at a
higher amount.

          Chapter 11 Plan/First Amended Chapter 11 Plan

According to Reeder, as to class 13 claims including Reeder's, the
treatment in both plans is substantially the same.  Both plans fail
the absolute priority rule and the Debtor has not demonstrated that
class 13 has accepted the plan.

Reeder asserts that the bigger concern lies with 11 U.S.C. Sec.
1129(a)(11).  Even if the Debtor addresses the proof of claim of
the Internal Revenue Service and the Court sets aside the
discrepancies between the Debtor's projected tax liability and the
claimed liability, the Debtor does not have the financial capacity
to survive under its Plan.  The Debtor proposes to refinance
Woodmen within one year of confirmation, yet does not detail any
attempts to do so or provide any specifics.  If that plan fails,
the Debtor simply prepares to maintain the status quo for three
years, deferring the issue. Unfortunately, as it has done by
failing to address its refrigeration and other infrastructure, the
Debtor only puts itself in a worse financial situation by leaving
its financing in question and paying premiums to struggle while
failing to address its critical needs for the future.  The
operators of the Debtor would, under the Plan, maintain their
interests without any apparent contributions of their own, to the
detriment of the unsecured creditors.  This would be true even if
the Debtor had capital (which it does not propose to obtain, either
through capital contributions by its leadership or
debtor-in-possession financing) to provide the upgrades it needs to
secure the refinance. This may explain why the Plan and Disclosure
Statement are extremely vague on details.

Reeder complains that it is simply unreasonable to assume that a
lender, seeing a system that hasn't been retrofitted, a system that
generates approximately 40% of the Debtor's monthly revenue, to
agree to a refinance without a complete overhaul to address the
freon ban and any further concerns. At a Rule 2004 examination,
Leslie Reeder testified regarding the freezer that "The freezer is
50 years old, it's in a state of disrepair. It needs to be replaced
with an ammonia brine system.  It has decades of deferred
maintenance.  It's just a very, very old failing freezer (Rule 2004
exam, P. 75, Lines 13-17).  Unfortunately, the Debtor's plan does
not address this situation, Reeder tells the Court.

Counsel for the Creditor Wayne Reeder:

     Ryan A. Blay, Esq.
     WM LAW
     15095 W. 116th St.
     Olathe, KS 66062
     Tel: (913) 422-0909 /
     Fax: (913) 428-8549
     E-mail: blay@wagonergroup.com
             bankruptcy@wagonergroup.com

           About Interstate Underground Warehouse
                 
Interstate Underground Warehouse and Industrial Park, Inc., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Mo. Case No. 21-40834) on July 1, 2021.  In the petition
signed by Leslie Reeder, chief executive officer, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.

Judge Dennis R. Dow is assigned to the case.

Pamela Putnam, Esq., at Armstrong Teasdale LLP, is the Debtor's
legal counsel.


INTERTAPE POLYMER: Moody's Puts Ba2 CFR Under Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed Intertape Polymer Group Inc.'s Ba2
("IPG") corporate family rating, Ba2-PD probability of default
rating and Ba3 senior unsecured rating under review for downgrade.
IPG's SGL-2 speculative grade liquidity rating remains unchanged.
The rating action follows the announcement of an agreement by which
private equity sponsor Clearlake Capital Group L.P.
(“Clearlake”) will acquire IPG in an all-cash transaction
valued at approximately $2.6 billion, including net debt.

The review for downgrade reflects governance considerations,
including financial policy risks, under Clearlake's ownership.
Moody's believes leverage will increase materially post
transaction, which could result in a multiple notch downgrade.

On Review for Downgrade:

Issuer: Intertape Polymer Group Inc.

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba2-PD

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba3 (LDG5)

Outlook Actions:

Issuer: Intertape Polymer Group Inc.

Outlook, Changed To Rating Under Review From Stable

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

Moody's anticipates gross leverage rising above IPG's existing
downgrade trigger of 3.5x given the likelihood for more aggressive
financial policies under private equity ownership. The rating
review will focus on IPG's post transaction capital structure and
leverage, business and M&A strategies, liquidity management and
governance profile as a private company. The transaction is
expected to close in the third quarter of 2022 and remains subject
to customary closing conditions, including shareholder, regulatory
and court approvals.

Intertape Polymer Group Inc., headquartered in Montreal, Quebec and
Sarasota, Florida, manufactures and sells carton sealing and
industrial and specialty tapes, stretch and shrink films,
protective packaging, woven coated fabrics, and packaging systems
for industrial and retail use across many different markets such as
food and beverage, manufacturing and fulfillment/e-commerce. IPG's
revenue for the last twelve months ending September 30, 2021 was
about $1.5 billion.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.


JBL HOSE: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------
JBL Hose Service, LLC asks the U.S. Bankruptcy Court for the
Northern District of Texas, Dallas Division, for authority to use
cash collateral in accordance with the budget, with a 10%
variance.

An immediate and critical need exists for the Debtor to obtain
funds in order to continue operating, and without the funds, the
Debtor will not be able to pay payroll and other direct operating
expenses and obtain goods and services needed to carry on the
business during this sensitive period in a manner that will avoid
irreparable harm to the Debtor's estate.

Legacy Texas Bank, FC Marketplace LLC, CHTD Company, Rojo Capital,
the U.S. Small Business Administration, and Iruka Capital Group LLC
have each asserted liens and filed UCC financing statements with
respect to the Debtor's accounts receivable, inventory, cash, and
the proceeds and products of both.

As adequate protection, the Debtor proposes to provide the
following adequate protection to any creditor asserting an interest
in cash collateral to the extent of any diminution in the value of
its respective collateral:

     a. superpriority claims, pursuant to sections 361(2),
363(c)(2), 364(d)(1), 503(b)(1), 507(a)(2) and 507(b) of the
Bankruptcy Code with such superpriority claims to be senior to all
other postpetition superpriority claims, subject to a carve-out for
professional fees and fees owed to the United States Trustee as
shown in the budget; and

     b. replacement liens on the Debtor's future accounts
receivable, with such liens to be subordinate only to the liens of
any applicable taxing authority, and subject to a carve-out for
professional fees approved by the Court.

A copy of the motion is available at https://bit.ly/3J4YoiZ from
PacerMonitor.com.

                  About JBL Hose Service, LLC

JBL Hose Service, LLC  is a domestic limited liability company
doing business as Texas Hose Pro. The Company specializes in custom
fabrication of stainless steel metal hose, custom hydraulic system
design, onsite repair of hydraulic systems, hydraulic hose
cleaning, and oil spill services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-30439) on March 10,
2022. In the petition signed by Kevin Kelley, chief financial
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.

Melissa S. Hayward, Esq., at Hayward PLLC, is the Debtor's
counsel.



JBL HOSE: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: JBL Hose Service LLC
           d/b/a Texas Hose Pro
        3131 Irving Blvd., Ste. 600
        Dallas, TX 75247

Business Description: JBL Hose Service LLC is a domestic limited
                      liability company doing business as
                      Texas Hose Pro.  Texas Hose Pro specializes
                      in custom fabrication of stainless steel
                      metal hose, custom hydraulic system design,
                      onsite repair of hydraulic systems,
                      hydraulic hose cleaning, and oil spill
                      services.

Chapter 11 Petition Date: March 10, 2022

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 22-30439

Judge: Hon. Harlin Dewayne Hale

Debtor's Counsel: Melissa S. Hayward, Esq.
                  HAYWARD PLLC
                  10501 N. Central Expressway
                  Suite 106
                  Dallas, TX 75231
                  Tel: 972-755-7100
                  Email: mhayward@haywardfirm.com

Total Assets as of Feb. 28, 2022: $1,702,563

Total Liabilities as of Feb. 28, 2022: $2,528,406

The petition was signed by Kevin Kelly as CFO.

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

https://www.pacermonitor.com/view/HUIJ3BI/JBL_Hose_Service_LLC__txnbke-22-30439__0001.0.pdf?mcid=tGE4TAMA


JRX TUNING: Wins Cash Collateral Access
---------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, has authorized JRX Tuning & Performance, LLC to use
cash collateral in the amount of $21,826 on an interim basis until
the entry of a final court order.

The final hearing on the Debtor's request is scheduled for March
24, 2022 at 11 a.m.

Pursuant to the Court order, as adequate protection for the
Debtor's use of cash collateral, Capytal.com, CFG Merchant
Solutions, LLC, Delta Bridge Funding, LLC, EBF Holdings, LLC, and
Spark Funding, LLC (Merchant Lenders) and Ascentium Capital, LLC
are granted replacement liens to the same extent, validity and
priority as existed on the Petition Date, in cash collateral of
Debtor owned as of the Petition Date.

As additional adequate protection, the Debtor will provide the
Merchant Lenders and Ascentium with written reporting as to the
status of its operations, collections, generation of accounts
receivable, and disbursements in the same or similar format as has
historically been provided by the Debtor.

A copy of the order and the Debtor's budget for the period from
February 28 to May 31, 2022 is available at https://bit.ly/3Cx3oua
from PacerMonitor.com.

The Debtor projects $28,974 in beginning cash and $61,792 in total
collateral for March 2022.

                About JRX Tuning & Performance, LLC

JRX Tuning & Performance, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-40404-11) on
February 28, 2022. In the petition signed by Justin Andrew Ruckman,
its managing member, the Debtor disclosed up to $500,000 in both
assets and liabilities.

Judge Mark X. Mullin oversees the case.

Jermaine Watson, Esq., at Cantey Hanger is the Debtor's counsel.



KC CULINARTE: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed the 'CCC+' issuer credit rating on
U.S.-based KC Culinarte Holdings L.P. and revised its outlook to
positive from negative given the operating improvements and its
expectation for continued deleveraging.

S&P affirmed its 'CCC+' issue-level rating on the senior secured
debt. The recovery rating remains '3', reflecting its expectation
for meaningful recovery (50%-70%; rounded estimate: 50%) in the
event of a default.

The positive outlook reflects the possibility that S&P may raise
the rating over the next 12 months if the company continues to
improve EBITDA, cash flow, and liquidity, despite broader
inflationary and supply chain constraints.

The positive outlook reflects the possibility of an upgrade in the
next year if KC Culinarte continues to improve EBITDA, free
operating cash flow (FOCF), and renews its revolver. Leverage
remains high and cash flow thin for the 12 months ended Dec. 31,
2021, which includes high S&P Global Ratings-adjusted leverage of
about 10.5x and FOCF to debt at less than 2%. However, S&P expects
operating performance to sequentially improve with demand growth
across most of its channels.

A broad-based channel recovery led by foodservice and retail has
improved profitability and FOCF. Sales increased 59% in the fourth
quarter of fiscal 2021 (ended Sept. 30, 2021) and 24% the first
quarter of fiscal 2022 (ended Dec. 31, 2021) from the same
prior-year periods, driven by the recovery in out-of-home eating.
Most major channels expanded during the fourth quarter and into the
first quarter, led by mass and club with continued strong demand
and a rapid recovery in foodservice. Retail also substantially
recovered at key customers, especially demand for hot wells. Higher
prices, volumes, and operating leverage drove margin improvement,
resulting in an S&P Global Ratings-adjusted EBITDA margin of 12.5%
for the 12 months ended Dec. 31, 2021 (exceeding pre-pandemic
levels), compared to 1.8% for the 12 months ended Dec. 31, 2020.
S&P said, "We expect the continuing recovery in demand to drive
sustained positive FOCF and improve credit metrics in fiscal 2022.
We forecast leverage to decline to about 8x (from approximately 12x
in fiscal 2021) and FOCF to debt sustained in the low-single-digit
percentages in fiscal 2022, despite rising input costs and supply
chain disruptions."

S&P said, "Inflationary and supply chain risks remain elevated, but
we expect greater operating leverage and incremental pricing
actions to result in sustainable profitability in fiscal 2022. We
forecast continued sales growth of over 15% in fiscal 2022,
reflecting the broad reopening of restaurants and hot wells and the
growth of sous vide. A broader return to offices and increased
consumer mobility will further strengthen sales of foodservice.
Substantially higher freight and protein costs partially offset
profitability improvements, and we expect inflationary pressure to
continue well into the second half of fiscal 2022. Nevertheless, we
believe margins will be protected through timely incremental
pricing actions. Moreover, ongoing operational improvements,
product mix changes, and a new cold storage facility coming on line
at the Everett facility will provide a margin lift.

"We believe liquidity improvements are sustainable given stronger
cash flow generation, however the revolver matures in August 2023.
KC Culinarte's revolver balance was about $32 million as of Dec.
31, 2021, reflecting a seasonal working capital build. The company
relies heavily on its revolver given the seasonality of its
business. We have maintained our less than adequate assessment of
its liquidity, despite our expectation of improved cash flow,
including funds from operations (FFO) over $30 million. The
company's revolver becomes current in August 2022. We would expect
to see it renewed, which could result in a more favorable liquidity
assessment.

"The positive outlook reflects that we may upgrade KC Culinarte
over the next 12 months if it maintains performance, resulting in
sustained positive FOCF and our view of the capital structure as
sustainable."

S&P could raise the ratings if:

-- The demand environment continues to improve and increases sales
and profitability;

-- The company continues to sustain FOCF comfortably exceeding
debt service requirements; and

-- The upcoming revolver maturity is extended by the end of
calendar 2022.

S&P could lower the ratings if it expects profitability, cash
flows, and liquidity declines that hinder KC Culinarte's ability
meet its fixed costs including debt service and capital spending.
This could result from:

-- Materially lower demand or inflationary pressure leading to
margin erosion;

-- Operational issues due to labor or supply chain disruptions;
and/or

-- Delays extending the upcoming revolver maturity.



KETTNER INVESTMENTS: Court Confirms Reorganization Plan
-------------------------------------------------------
Judge Karen B. Owens has entered an order approving the First
Amended Combined Disclosure Statement of Kettner Investments, LLC.


The Chapter 11 Plan of Reorganization as modified by the
confirmation order is approved and confirmed.

All Objections, responses to, and statements and comments, if any,
in opposition to or inconsistent with the Plan, other than those
withdrawn with prejudice in their entirety prior to, or on the
record at, the Combined Hearing, will be, and are, overruled and
denied in their entirety.

Modification to Exculpation. Article X(A) of the Plan is deleted
and replaced in its entirety with the following: "The Exculpated
Parties are exculpated from any claim, Claim, Cause of Action,
obligation, suit, judgment, damages, debt, right, remedy or
liability to one another or to any Holder of any Claim or Equity
Interest, or any other party-in-interest, for any act or omission
occurring on or after the Petition Date through and including the
Effective Date in connection with, relating to, or arising out of
(i) the Chapter 11 Case, (ii) the negotiation and Filing of this
Combined Disclosure Statement and Plan, (iii) the Filing of the
Chapter 11 Case, (iv) the prosecution or settlement of Claims and
Causes of Action, (v) the performance, assumption, assignment,
termination, or rejection of Executory Contracts, (vi) the pursuit
of confirmation of this Combined Disclosure Statement and Plan,
(vii) the consummation of this Combined Disclosure Statement and
Plan, (viii) the administration of this Combined Disclosure
Statement and Plan or (ix) the distribution of property to be
Distributed under this Combined Disclosure Statement and Plan,
except for (a) any Claims and Causes of Action for actual fraud,
willful misconduct or gross negligence as determined by Final Order
of a court of competent jurisdiction and (b) any obligations that
they have under or in connection with this Combined Disclosure
Statement and Plan or the transactions contemplated in this
Combined Disclosure Statement and Plan. Nothing herein shall
prevent any Exculpated Party from asserting as a defense to any
claim of actual fraud, willful misconduct or gross negligence that
they reasonably relied upon the advice of counsel with respect to
their duties and responsibilities under the Combined Disclosure
Statement and Plan, the terms of the Probate Settlement Agreement,
or otherwise."

Modification to Injunctions to Protect Estate Assets.  

Article X(E) of the Plan is deleted and replaced in its entirety
with the following: "Except as expressly otherwise provided in the
Combined Disclosure Statement and Plan, including Article XIV.B
hereof, or to the extent necessary to enforce the terms and
conditions of the Combined Disclosure Statement and Plan, the
Confirmation Order or a separate Order of the Bankruptcy Court, all
Entities who have held, hold or may hold Claims against or Equity
Interests in the Debtor shall be permanently enjoined from taking
any of the following actions against the Debtor, the Debtor's
Estate, the Reorganized Debtor or any of their property on account
of any such Claims or Equity Interests: (i) commencing or
continuing, in any manner or in any place, any action, Cause of
Action or other proceeding; (ii) enforcing, attaching, collecting,
or recovering in any manner any judgment, award, decree or Order;
(iii) creating, perfecting, or enforcing any Lien; and (iv)
asserting a setoff (except to the extent such setoff was exercised
prior to the Effective Date and, if asserted or exercised after the
Petition Date, Allowed or permitted by the Bankruptcy Court) or
right of subrogation against any debt, liability, or obligation due
to the Debtor."

                       Reorganization Plan

Kettner Investments, LLC, submitted a First Amended Combined
Disclosure Statement and Chapter 11 Plan of Reorganization.

In connection with the Debtor's efforts to implement a financial
restructuring and bring order to the chaos that followed the
untimely death of its former majority owner, on September 16, 2020,
it commenced this Chapter 11 Case. As set forth in the Combined
Disclosure Statement and Plan, the proposed restructuring
contemplates a comprehensive in-court restructuring of Claims
against and Interests in the Debtor that will preserve the value of
the Debtor's business, maximize recoveries available to all
constituents, and provide for an equitable distribution to the
Debtor's stakeholders. Under the Combined Disclosure Statement and
Plan: (i) the MJNA Unsecured Note Claims shall be Reinstated; (ii)
the Debtor's General Unsecured Creditors will be paid in full in
Cash (or entitled to such other treatment to which the Reorganized
Debtor and the Holder of a General Unsecured Claim might agree);
(iii) the existing Equity Interests in the Debtor shall be
reinstated in full in the Reorganized Debtor; and (iv) all of the
Assets of the Debtor—including all Causes of Action—shall be
revested in the Reorganized Debtor free and clear of all Liens,
Claims and interests.

Under the Plan, Class 3 Unsecured Note Claims approximately $4
million. The Unsecured Note Claims shall be Reinstated in
accordance with the provisions of Section 1124(2) of the Bankruptcy
Code. Class 3 is unimpaired.

Class 4 General Unsecured Claims approximately $1.3 million will
receive, on account of and in full and complete settlement, release
and discharge of, and in exchange for its Allowed General Unsecured
Claim, either (i) payment of its Claim in full in Cash, or (ii)
such other treatment to the holder of an Allowed General Unsecured
Claim as to which the Reorganized Debtor and the holder of such
Allowed Other Priority Claim shall have agreed upon in writing.
Class 4 is unimpaired.

Allowed Claims shall be paid by the Reorganized Debtor, subject to
the limitations and qualifications described herein. For the
avoidance of doubt, any funds remaining in the Administrative and
Priority Reserve after payment in full of such claims shall be
available to satisfy any Allowed Claims under this Combined
Disclosure Statement and Plan.

Counsel to the Debtor:

     Neil B. Glassman, Esq.
     Evan T. Miller, Esq.
     Daniel N. Brogan, Esq.
     BAYARD, P.A.
     600 N. King Street, Suite 400
     Wilmington, DE 19801
     Telephone: (302) 655-5000
     Facsimile: (302) 658-6395
     E-mail: nglassman@bayardlaw.com
             emiller@bayardlaw.com
             dbrogan@bayardlaw.com

A copy of the Order dated March 4, 2022, is available at
https://bit.ly/3J1iIkY from PacerMonitor.com.

A copy of the Plan Statement dated March 4, 2022, is available at
https://bit.ly/3HNt074 from PacerMonitor.com.

                    About Kettner Investments

Kettner Investments LLC is a marijuana investment firm based in
Delaware.

Kettner Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-12366) on Sept. 16,
2020. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.

Judge Karen B. Owens oversees the case.  

Bayard, P.A., serves as the Debtor's legal counsel.  Procopio Cory
Hargreaves & Savitch LLP, is special counsel.


KKR REAL ESTATE: S&P Affirms 'BB-' ICR, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit and senior
secured debt ratings on KKR Real Estate Finance Trust Inc. (KREF).
The outlook remains stable.

S&P said, "Our ratings on KREF reflect its exposure to transitional
commercial real estate loans, its relatively high leverage compared
with other rated transitional commercial real estate lenders, and
its relatively concentrated investment portfolio when compared with
peers. At the same time, the company's solid market position, use
of nonrecourse, non-mark-to-market debt, and focus on lending to
large and well-capitalized real estate sponsors are positive rating
factors. During 2021, KREF further diversified its loan portfolio,
which we view positively, while maintaining its focus on high
quality properties in major markets.

"We typically assign no equity content to hybrids issued by a REIT
when the instrument includes a dividend stopper that requires
ordinary dividend payments to be stopped before the hybrid coupon
can be deferred. Therefore, we have revised our treatment of KREF's
perpetual preferred stock, and treat it as debt, rather than
equity, in our leverage ratio. Pro forma for KREF's issuance of
preferred and common stock in the first quarter of 2022, we
estimate debt to adjusted total equity (ATE)to be about 4.15x.
Excluding $330 million of preferred stock from the numerator, we
estimate pro forma debt to ATE of about 3.90x.

"The stable outlook indicates our expectation that, over the next
year, KREF--helped by the rebounding economy--will report mostly
stable asset quality trends while maintaining adequate liquidity
and debt to ATE of 4.0x-4.5x, with preferred stock treated as debt.
Pandemic-related changes and pressures in commercial real estate,
such as in the office market, may still create challenges for the
company and other lenders in the next few years, but we expect it
to work through these challenges over time while maintaining
leverage, funding, and liquidity around current levels.

"We could downgrade the company in the next six to 12 months if
asset quality deteriorates or if it does not maintain adequate
liquidity, in our view. We could also downgrade the company if
leverage approaches 5.0x.

"An upgrade is unlikely over the next six to 12 months. Over time,
we could raise the rating if the company further reduces the risk
in its portfolio, continues to reduce exposure to secured financing
and margin call risk, and maintains sufficient liquidity."



LANAI LAND: May Use Cash Collateral Thru March 24
-------------------------------------------------
Lanai Land Corporation asks the U.S. Bankruptcy Court for the
Southern District of Texas, Corpus Christi Division, for authority
to use cash collateral and provide adequate protection.

Lanai seeks to use cash collateral as working capital in the
operation of its business for the purposes specified in, and at
least for the period defined in, the attached budget.

The day-to-day affairs of Lanai are managed by its president,
Michael Cornish, who has been employed by Lanai since its
inception. Drilling of a well located in Fred, Texas, commenced in
August 2021, however, due to unexpected production issues, the well
did not start producing until January 2022. The delay in production
left Lanai was unable to pay several vendors and royal interest
holders according to the terms of their contracts.

Lanai's bankruptcy filing was precipitated by lawsuits filed by
several of its vendors for nonpayment and seizure of several of its
accounts due to judgment creditors. The Fred Well is now producing
according to preproduction projections, however, Lanai does not
have sufficient funds to become current on all financial
obligations, prompting the Company to seek a financial
reorganization through bankruptcy.

The entities that assert an interest in the Debtor's cash
collateral are Lanai Land Investment Corp. and Shot Gun Greek
Investments LLC.  As adequate protection for the diminution in
value of cash collateral, Lanai will (i) provide monthly adequate
protection payments, (ii) maintain the value of its business as a
going concern, (iii) provide replacement liens upon now owned and
after-acquired cash to the extent any diminution in value of cash
collateral, and (iv) provide superpriority administrative claims to
the extent any diminution of value of cash collateral.

Lanai says it faces immediate and irreparable harm to the estate
absent emergency consideration of the relief requested in the
Motion.

A copy of the motion is available at https://bit.ly/3pW9Nd8 from
PacerMonitor.com.

                           *     *     *

On March 10, Bankruptcy Judge David R. Jones entered an order
granting the Debtor interim authority to use cash collateral of
Shot Gun Creek, LLC and Lanai Land Investment Corp., commencing on
the March 8, 2022 bankruptcy filing date and expiring on March 24.
The Secured Lenders will receive monthly adequate protection
payments as provided in the Debtor's Interim Budget.  A final
hearing on the Cash Collateral request is scheduled for March 24 at
11:00 a.m.

Separately, the Court signed off on a stipulation between the
Debtor and Lanai Land Investment Corp., over the Debtor's access to
cash collateral.  According to the Stipulation, the Debtor is
permitted to use cash collateral through confirmation of the
Debtor's bankruptcy-exit plan solely to pay necessary expenses
contained in the budget.  A copy of the parties' Stipulation,
together with the Debtor's five-month budget, is available at
https://bit.ly/3MLFlw5 from PacerMonitor.com.

Lanai Land's estimated business expenses and reorganization
expenses for the next five months:

   Month   Total Expenses   Reorganization Expenses
   -----   --------------   -----------------------
   March        $21,500              $9,500
   April        $21,500              $3,000
   May          $21,500              $9,500
   June         $21,500              $3,000
   July         $21,500              $9,500

                   About Lanai Land Corporation

Lanai Land Corporation provides utility services to its customers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-20057 on March 8,
2022. In the petition signed by Michael Cornish, president, the
Debtor disclosed up to $10 million in both assets and liabilities.

Susan Tran Adams, Esq. at Tran Singh, LLP is the Debtor's counsel.

Chris Quinn has been appointed as Subchapter V trustee.


LATAM AIRLINES: Unsecureds Call $1.3-Bil. Claim a Fake Loan
-----------------------------------------------------------
Steven Church, writing for Bloomberg News, reports that a panel of
unsecured creditors said of Latam Airlines Group SA said a unit of
Latam should be blocked from collecting $1.3 billion from another
subsidiary of the air carrier because the claim was never a valid
loan and would result in repaying international bondholders more
than they deserve.

The airline began a two-day court fight in New York on Thursday,
March 10, 2022, over a so-called intercompany claim owed by Latam's
Peuco Finance unit to a sister company also owned and controlled by
Latin America's biggest airline.

"This matters," the official committee of unsecured creditors said
in court papers filed March 4, 2022.

                   About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc. and The Boston
Consulting Group UK LLP serve as the Debtors' strategic advisors.
Prime Clerk LLC is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP, as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC, as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel to the
Ad Hoc Committee of Shareholders.


LATAM AIRLINES: White & Case 6th Update on LATAM Bondholders
------------------------------------------------------------
In the Chapter 11 cases of LATAM Airlines Group S.A., et al., the
law firm of White & Case LLP submitted a sixth verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose an updated list of Ad Hoc Group of LATAM Bondholders that
it is representing.

As of March 9, 2022, members of the Ad Hoc Group and their
disclosable economic interests are:

Bardin Hill Investment Partners
299 Park Avenue, 24th Floor
New York, New York 10171

* Holders of $14,200,000 of 2024 Bonds and $9,000,000 of 2026
  Bonds

BICE VIDA Compania de Seguros S.A.
Av. Providencia 1806, Metropolitana
Chile Santiago, Región

* Holder of $750,000 of 2024 Bonds

BNP Paribas
787 Seventh Avenue, 2nd Floor
New York, NY 10019

* Holder of $6,200,000 of 2024 Bonds, and $6,000,000 of 2026 Bonds

Canyon Capital Advisors LLC
2727 N. Harwood Street, 2nd Floor
Dallas, Texas 75201

* Holder of $85,000,000 of 2024 Bonds and $44,450,000 of 2026
  Bonds

Caspian Capital L.P.
10 E. 53rd St.
New York, NY 10022

* Holder of $47,199,000 of 2024 Bonds, $55,936,000 of 2026 Bonds,
  $29,580,506 in Tranche A DIP Commitments, and $19,598,660 in
  Tranche C DIP Commitments

Diameter Capital Partners, LP
24 W 40th Street, 5th Floor
New York, NY 10018

* Holder of $15,000,000 of 2024 Bonds, $12,879,222.73 of Tranche A
  DIP Commitments, $5,611,434.14 of Tranche C DIP Commitments, and
  $2,418,411 of Claims

DSC Meridian Capital LP
888 Seventh Ave.
New York, NY 10016

* Holder of $6,502,000 of 2024 Bonds and $6,395,000 of 2026 Bonds

Glendon Capital Management, L.P.
2425 Olympic Blvd., Suite 500E
Santa Monica, CA 90404

* Holder of $5,500,000 of 2024 Bonds, $10,000,000 of 2026 Bonds,
  $25,250,000 of the Revolving Credit Facility, $14,282,318.58 of
  Tranche A DIP Commitments and $5,763,746.72 of Tranche C DIP
  Commitments

HBK Capital Management
2300 North Field Street, Suite 2200
Dallas, Texas 75201

* Holder of $20,500,000 of 2026 Bonds and $14,289,000 of Claims

Mariner Investment Group, LLC
299 Park Avenue, 12th Floor
New York, NY 10171

* Holder of $5,000,000 of 2024 Bonds, $6,000,000 of 2026 Bonds

Redwood Capital Management, LLC
910 Sylvan Avenue
Englewood Cliffs, NJ 07632

* Holder of $2,275,000 of 2024 Bonds, $6,699,000 of 2026 Bonds,
  $13,469,288 of Tranche A DIP Commitments, and $7,685,551 of
  Tranche C DIP Commitments

Taconic Capital Advisors L.P.
280 Park Avenue, 5th Floor
New York, NY 10017

* Holder of $19,300,000 of 2024 Bonds and $26,911,000 of the 2026
  Bonds

UBS O'Connor LLC
One North Wacker Drive
31st Floor Chicago, IL 60606

* Holder of $8,000,000 of the 2026 Bonds

VR Global Partners, L.P.
300 Park Avenue, 16th Floor
New York, NY 10022

* Holder of $4,127,000 of 2024 Bonds and $5,000,000 of the 2026
  Bonds

On June 15, 2020, the Ad Hoc Group retained Counsel to represent it
in connection with the Debtors' Chapter 11 Cases.

Each member of the Ad Hoc Group has consented to Counsel's
representation.

Counsel for the Ad Hoc Group of LATAM Bondholders can be reached
at:

          White & Case LLP
          John K. Cunningham, Esq.
          Brian D. Peiffer, Esq.
          Gregory Starner, Esq.
          Joshua Weedman, Esq.
          Kathryn Sutherland-Smith, Esq.
          1221 Avenue of the Americas
          New York, NY 10020
          Telephone: (212) 819-8200
          Facsimile: (212) 354-8113
          E-mail: jcunningham@whitecase.com
                  brian.pfeiffer@whitecase.com
                  gstarner@whitecase.com
                  jweedman@whitecase.com
                  kathryn.sutherland.smith@whitecase.com

          Richard S. Kebrdle, Esq.
          Southeast Financial Center, Suite 4900
          200 South Biscayne Boulevard
          Miami, FL 33131
          Telephone: (305) 371-2700
          Facsimile: (305) 358-5744
          Telephone: rkebrdle@whitecase.com
          E-mail: rkebrdle@whitecase.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3KDud2u and https://bit.ly/34zORRQ

                    About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America.  Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020.  Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Prime Clerk LLC is the claims agent.


LATHAN EQUIPMENT: Gets Cash Collateral Access Thru March 21
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York
authorized Lathan Equipment Co., LLC to use cash collateral not to
exceed $14,000 to pay certain expenses for the period from March 4
to 21, 2022.

The Debtor requires the use of cash collateral to maintain its
business operations, pay its employees, pay for necessary services
and do the other things it has done in the ordinary course of
business.

Channel Partners Capital LLC asserts a valid and properly perfected
security interest in inter alia the Debtor's accounts receivable.
As of the filing date, the Debtor's accounts receivable and cash in
bank accounts totaled approximately $77,000.

As adequate protection for use of the cash collateral, the Secured
Creditor will receive a perfected continuing and rollover security
interest (deemed perfected as of the filing date) in and to all of
its collateral, to the extent such secured creditor's cash
collateral and other collateral, is used and to the same extent and
with the same priority in the Debtor's post-petition collateral and
proceeds thereof that the creditor held pre-petition, including but
not limited to all after acquired collateral and the proceeds and
products thereof, retroactive to the filing date.

The preliminary hearing on the matter is scheduled for March 21 at
3 p.m.  The final hearing is scheduled for March 28 at 3 p.m.

A copy of the order and the Debtor's budget is available at
https://bit.ly/3KId082 from PacerMonitor.com.

The Debtor projects $53,665 in total expenses for March 2022.

                  About Lathan Equipment Co., LLC

Lathan Equipment Co., LLC provides tree services, roll-off services
and equipment sales.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 22-10186) on March 4,
2022. In the petition signed by Andrew J. Lathan, sole
member/president, the Debtor disclosed $1,240,890 in assets and
$675,575 in liabilities.

Judge Carl L. Bucki oversees the case.

David H. Ealy, Esq., at Cristo Law Group LLC is the Debtor's
counsel.



LATHAN EQUIPMENT: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------------
New York-based Lathan Equipment Co., LLC, filed for Chapter 11
bankruptcy protection.

The Debtor's business consists of performing tree service, roll-off
service and equipment sales.

According to the court filing, Lathan Equipment Co. has between 50
and 99 unsecured creditors, such as Canandaigua National Bank &
Trust Co., Capital One AJL, and Cogan Wire and Metal Products.
Meanwhile, Lathan has 17 secured creditors, including Channel
Partners, CIT, and Citizens Bank. Funds are available to its
unsecured creditors, according to its petition.

A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
April 6, 2022, at 2:00 p.m. at Buffalo 341 - UST.

                      About Lathan Equipment

Lathan Equipment Co. LLC is a leader in the installation, service,
and sales of industrial and materials handling.

Lathan Equipment sought Chapter 11 bankruptcy protection (Bankr.
W.D.N.Y. Case No. 22-10186) on March 5, 2022.  In the petition
filed by Andres J. Lathan, as president and sole member, Lathan
Equipment listed estimated total assets between $1 million and $10
million and estimated liabilities between $500,000 and $1 million.
David H. Ealy, of Cristo Law Group LLC d/b/a Trevett Cristo , is
the Debtor's counsel.


LIVEWELL ASSISTED: Wins Cash Collateral Access Thru March 31
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized Livewell Assisted Living,
Inc. to use cash collateral on an interim basis in accordance with
the budget, with a 10% variance, through March 31, 2022.

The Debtor has no other source of readily available cash with which
to obtain the funds and supplies necessary to continue its ongoing
operations.

The possible lienholders of the Debtor's cash collateral are:

   Creditor                                       Balance owed
   --------                                       ------------
   U.S. Small Business Administration                 $510,017
   Itria Ventures                                      $54,483
   Forward Financing                                  $114,062
   Vox Funding                                         $80,300
   Delta Bridge Funding                                $33,973
   Wynwood Capital Group                               $44,970
   United Fund USA                                     $24,481
   Seabrook Funding                                    $52,465
   EBF Holdings                                        $66,960
   CFG Merchant Funding                               $117,520
   Green Grass Capital                                 $47,680

The Debtor is permitted to use cash collateral for its
post-petition necessary and reasonable operating expenses.

A further hearing on the matter is scheduled for March 30, 2022 at
10 a.m.

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

                   About Livewell Assisted Living

Livewell Assisted Living, Inc., a part of the continuing care
retirement communities industry, filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.C. Case No. 22-00264) on Feb.
7, 2022, listing up to $500,000 in assets and up to $10 million in
liabilities. Justin Beckett, president, signed the petition.

Judge David M. Warren oversees the case.

Travis Sasser, Esq., at Sasser Law Firm represents the Debtor as
legal counsel.




LOUISIANA CRANE: Unsecureds Will Recover 10% Under Plan
-------------------------------------------------------
Louisiana Crane & Construction, LLC, submitted a Third Amended
Disclosure Statement.

The Plan contemplates payment of all Allowed Claims against the
Debtor utilizing the revenue from the ongoing operation of the
Debtor's business to make the payments.

Under the Plan, holders of Class 15 General Unsecured Claims will
receive their pro-rata share of the Fund which will be funded based
upon an amortization of 5 years.  Creditors in Class 15 will
receive quarterly payments with the first payment 90 days after the
Effective Date of the Plan.  The estimated recovery is 10%.  This
is based upon an assumed Class 15 of $8,000,000 inclusive of
deficiency claims of Classes 3 through 14. Class 15 is impaired.

The cash required to be distributed under the Plan to the holders
of Allowed Administrative Claims and Allowed Claims on the
Effective Date (or on such later date when such Claims become
Allowed Claims) shall be provided by (i) the Cash held by the
Debtor on the Effective Date; (ii) the Reorganized Debtor's
operations; and (iii) the contribution made by the Class 16
Members.

Counsel for the Debtor:

     Douglas S. Draper, Esq.
     Leslie A. Collins, Esq.
     Greta M. Brouphy, Esq.
     HELLER, DRAPER & HORN, L.L.C.
     650 Poydras Street, Suite 2500
     New Orleans, LA 70130
     Tel: (504) 299-3300
     Fax: (504) 299-3399
     E-mail: ddraper@hellerdraper.com
             lcollins@hellerdraper.com
             gbrouphy@hellerdraper.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3hZttc1 from PacerMonitor.com.

                      About Louisiana Crane

Louisiana Crane & Construction, LLC, is a Eunice, La.-based
supplier of traditional crane services and general oilfield
construction, pipeline, plant maintenance, rotating equipment, and
millwright services.

Louisiana Crane & Construction sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April
6, 2021.  At the time of the filing, the Debtor had between $10
million and $50 million in both assets and liabilities.  Judge John
W. Kolwe oversees the case.  Heller, Draper & Horn, LLC is the
Debtor's legal counsel.


LTL MANAGEMENT: J&J Cancer Victims Group Complicate Chapter 11 Case
-------------------------------------------------------------------
Daniel Gill of Bloomberg Law reports that a federal bankruptcy
watchdog’s unusual push to create two asbestos-related cancer
victim groups in a Johnson & Johnson spinoff’s Chapter 11 case
reveals tensions on how they would get paid.

The U.S. Trustee, a Justice Department unit overseeing
bankruptcies, tried to set up one official committee representing
mesothelioma victims' interests and another for ovarian cancer
claimants.

The two types of cancer—allegedly brought on by asbestos in J&J's
baby powder products—are sufficiently different to warrant
separate representation, the U.S. Trustee said. The health care
giant and its spinoff LTL Management LLC oppose having to deal with
two official committees, whose expenses are paid by the debtor.

The drama over committees could affect victims' recovery in the
highly controversial bankruptcy expected to pay out billions. It
also could have ripple effects in other mass tort bankruptcies.

Having two tort committees "will slow down, complicate
negotiations," Greg Gordon, an attorney at Jones Day representing
LTL, said at a hearing in January. It could also "impede efforts to
build a consensus."

It's fairly common in bankruptcy to have more than one committee
representing different types of creditors in matters ranging from
payouts to examining possible wrongdoing by the debtor.

Tort victims in general want their own committee apart from
unsecured creditors because they're often looking to get different
information from the debtor, said Pamela Foohey, a bankruptcy law
professor at Cardozo School of Law.

A negligence claim, for instance, may depend on whether the company
knew a product was faulty before selling it. Unsecured claims from
vendors focus simply on whether they were paid adequately for their
product or service.

Mass tort bankruptcies typically deal with only one official
committee representing tort victims. But the issue of dual tort
committees has surfaced in this case as J&J is dealing with victims
with different diseases. In a court filing, J&J said it was facing
some 430 mesothelioma lawsuits and about 38,000 ovarian cancer
cases.

"Under these circumstances, having these two different
constituencies represented by separate committees is critical to
maintaining fairness," said Jon Ruckdeschel, an attorney who’s
represented mesothelioma claimants in other cases.

Representatives for J&J didn't reply to a request for comment.

                         'Unified Voice'

LTL was spun off from Johnson & Johnson to house liabilities from
J&J's talc products. The new company then filed Chapter 11.

In LTL's bankruptcy case, all mesothelioma and ovarian cancer
victims were initially represented by one tort claimant committee.
But after the U.S. Trustee set up two tort committees, LTL asked
for a judge to have them deemed invalid, arguing that only the
single committee should continue.

The judge granted the motion without prejudice, leaving the door
open for someone to ask for a second committee. Mesothelioma
victims have not filed such a motion yet but have been vocal in
their support for their own committee.

On Monday, March 7, 2022, they asked a judge to allow their tort
committee to exist in order to prosecute their appeal of the
bankruptcy court's decision not to dismiss LTL’s Chapter 11 case.
Cancer victims have called the case an abuse of the bankruptcy
system.

"Both the creditors and this case will be best served by giving
independent voices to the two sets of claimants through the
separate committees that the U.S. Trustee rightly formed," their
lawyer wrote in a filing in January.

Mesothelioma claims are worth "tens of billions of dollars,"
Michael Klein, an attorney at Cooley representing claimants, said
at the January 2022 hearing. J&J "doesn't want mesothelioma victims
to speak with a unified voice."

Costs are also a contentious issue. In addition to paying tort
victims, the bankruptcy estate also has to pay for official
committees' lawyers and financial advisers.

Attorneys for the existing tort committee in LTL's case have
requested more than $2.3 million in fees for the month of January
2021 alone, according to court filings.

"The problem is that every committee that is appointed is a
financial drain on the business, so there's less money for everyone
to go around," Foohey said.

J&J's lawyer Gordon argued that each tort committees' hiring of its
own professionals and experts would lead to a "financial
duplication of effort."

                          Different Interests

LTL's mesothelioma and ovarian cancer claimants say there are
instances where tort victims' interests are sufficiently different
such that more than one tort committee makes sense.

Mesothelioma cases are almost always fatal, and so victims have
more of an interest in getting compensated as quickly as possible
and may be willing to settle if it means a faster payout, he said.
But ovarian cancer patients have up to a 98% five-year survival
rate, Ruckdeschel said, citing the American Cancer Society.

Another key distinction is that the link between asbestos
contamination and mesothelioma is well-known, but there’s still a
significant dispute over whether asbestos-contaminated talc
products cause ovarian cancer, Ruckdeschel said.

The ovarian cancer group therefore may be more focused on discovery
and proving that J&J products caused its members' illnesses, he
said.

Future claimants could also complicate the debate. There's almost
always a tension between current tort victims and future claimants
whose injuries haven't yet manifested, especially in asbestos
cases.

That calls for two separate official tort committees, said Samir
Parikh, a bankruptcy law professor at Lewis & Clark Law School.
Parikh thinks a separate committee should exist to represent future
claimants.

Victims with known injuries want to get paid as much and quickly as
possible, putting them at odds with future victims, he said.

Both groups are compensated by a single trust in the bankruptcy.
Future victims therefore depend on remaining funds once their
injuries become known. And they need assurances that those funds
will be there once others take their share.

Future claimants typically are represented by a court-appointed
future claims representative. But such a representative isn’t
always an adequate substitute for a separate committee, Parikh
said.

                         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.


LUCKY STAR-DEER: Unsecureds to Paid in Full or Get $15K
-------------------------------------------------------
Lucky Star-Deer Park LLC submitted a Second Amended Disclosure
Statement.

Recoveries projected in the Plan shall be from the Debtor's
re-financing of the Real Property or, in the event that the Debtor
fails to close on the proposed re-financing and pay to 4160 the
amounts agreed upon pursuant to the Stipulation (the "4160
Stipulation") entered into by and between the Debtor and 4160 by a
date not later than the date set forth in the 4160 Stipulation, the
sale of the Real Property. The amount generated by the proposed
re-financing of the Real Property shall be used to satisfy the
claim of the Secured Creditor; the payment of any outstanding
statutory fees due and owing the United States Trustee; the payment
of allowed costs of administration of the case (the "Administrative
Claims") and a distribution to the holder of Allowed Claims. In the
event that the Debtor is unable to meet the deadlines imposed, the
Debtor shall conduct an auction sale (the "Auction") of the Real
Property and the proceeds realized by the Auction shall be used to
satisfy the claim of the Secured Creditor; the payment of any
outstanding statutory fees due and owing the United States Trustee;
the payment of allowed costs of administration of the case; and a
distribution to the holders of Allowed Claims.

The Debtor believes that the recoveries provided for in the
proposed Plan exceed any recovery that would otherwise be available
if 4160 were to foreclose on its interest in the Real Property.
Similarly, the Debtor believes that if this chapter 11 case was
converted to one under chapter 7 of the Bankruptcy Code, the
holders of the Allowed Claims would receive less than the amounts
anticipated in the Debtor's Plan due to the additional
administrative expenses that would necessarily be incurred in such
liquidation.

In the event that the Debtor's proposed re-financing is completed,
the current ownership interests in the Debtor shall continue upon
confirmation. In the event that the Debtor's Real Property is
liquidated, the ownership interests in the Debtor shall be
extinguished upon the sale.

Class 3 Allowed General Unsecured Claims. Class 3 consists of the
Allowed General Unsecured Claims of the Debtor. The Debtor believes
that the following creditors as holding general unsecured claims as
against the Debtor:

Cameron Engineering $66,982.00. Accordingly, Cameron Engineering
shall have an allowed general unsecured claim in the amount of
$66,982.00.

United States Small Business Administration $151,900. On December
1, 2020, Small Business Administration ("SBA") timely filed Claim
No. 2 in the amount of $152,465.75. Accordingly, SBA shall have an
allowed general unsecured claim in the amount of $152,465.75.

Landmark Portfolio Mezz ("Landmark Portfolio") on December 23,
2020, timely filed Claim No. 3 in the amount of $23,948,785.05. The
Debtor has not included this claim in the Allowed General Unsecured
Claims. This claim has been addressed in the Wu bankruptcy case.
Landmark Portfolio shall receive a distribution in the Wu
bankruptcy case.

Accordingly, the Debtor estimates that the allowed general
unsecured creditors total $219,447.25. The Plan proposes to satisfy
the claims in full by not later than 18 months from the Effective
Date. However, in the event that the Debtor fails to remit payments
to 4160 as provided for herein, and the Real Property is sold at
auction consistent with the terms of the Stipulation entered into
by and between the Debtor and 4160, 4160 has agreed to "carve out"
for the benefit of the allowed general unsecured creditors the
amount of $15,246.58 upon the closing of the auction sale
transaction. Class 3 is impaired.

The Debtor, along with Flushing Landmark, Queen Elizabeth Realty
LLC and Jeffrey Wu in his individual capacity, have entered into a
term sheet (the "Term Sheet") in connection with certain proposed
refinancing of the Debtor's obligations.

In connection with confirmation of the Plan, the Debtor shall seek
Bankruptcy Court approval of the Exit Financing. The Debtor
currently anticipates that the Exit Financing will be funded in the
gross principal amount of $170,000,000.00. The Effective Date of
the Plan is expressly conditioned upon, inter alia, the Closing
having occurred and there being sufficient proceeds allocated from
the Exit Financing to fully fund the Plan.

Attorneys for the Lucky Star-Deer Park LLC:

     Fred S. Kantrow, Esq.
     THE KANTROW LAW GROUP, PLLC
     6901 Jericho Turnpike, Suite 230
     Syosset, New York 11791
     Tel: (516) 703-3672
     E-mail: fkantrow@thekantrowlawgroup.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3MvvURE from PacerMonitor.com.

                   About Lucky Star-Deer Park

Lucky Star-Deer Park, LLC, is a single asset real estate as defined
in 11 U.S.C. Section 101(51B).  The company is based in Flushing,
N.Y.

Lucky Star-Deer Park and affiliates, Flushing Landmark Realty LLC
and Victoria Towers Development Corp., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case Nos.
20-73301, 20-73302 and 20-73303) on Oct. 30, 2020.  On Nov. 3,
2020, another affiliate, Queen Elizabeth Realty Corp., filed a
Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-73327).  Judge
Robert E. Grossman oversees the cases, which are jointly
administered under Case No. 20-73301.

At the time of the filing, Lucky Star-Deer Park listed up to
$50,000 in assets and up to $500,000 in liabilities.

The Debtors tapped Rosen & Kantrow, PLLC as bankruptcy counsel;
Certilman Balin and The Law Offices of Fred L. Seeman as special
counsels; Joseph A. Broderick, P.C. as accountant; and Miu & Co. as
audit consultant.


MALLETT INC: Unsecureds to Recover 25% in Subchapter V Plan
-----------------------------------------------------------
Mallett Inc. submitted a First Amended Chapter 11 Plan of
Reorganization under Subchapter V.

The Debtor's financial projections show that the Debtor will have
projected disposable income of $3,508,346. The first and only Plan
payment is expected to be paid or escrowed pending claim objections
within 10 days after entry of the order confirming the Plan.

This Plan of Reorganization proposes to pay Creditors of Mallett
Inc. from the $3,508,346 of cash on hand in the Debtor's debtor in
possession bank account.

Non-priority Unsecured Creditors holding Allowed Claims will
receive distributions, which the proponent of this Plan has valued
at approximately 25 cents on the dollar. This Plan also provides
for the payment of Administrative and priority Claims.

Class 1 consists of Priority Claims. Unimpaired by this Plan, and
each holder will be paid in full, in cash, upon the later of the
Effective Date of this Plan, or the date on which such Claim is
Allowed by a final nonappealable order.

Class 2 consists of Non-priority Unsecured Creditors. The Debtor
estimates that after Claim objections, Allowed Claims will total
$14,087,610. Impaired by this Plan, and each holder will be paid
its pro-rata share of the Debtor's Cash after payment of
Administrative Claims, statutory fees, and priority Claims, in
cash, upon the later of the Effective Date of this Plan, or the
date on which such Claim is Allowed. The Debtor estimates an
approximate 25% distribution.

Class 3 Equity security holders of the Debtor will be entitled to
ownership of Interests.

Effective Date payments under the Plan will be paid from the
Debtor's Cash on hand of approximately $3,508,346.

A full-text copy of the First Amended Plan dated March 8, 2022, is
available at https://bit.ly/3J640JO from PacerMonitor.com at no
charge.

Attorneys for the Debtor:

     Mark A. Frankel
     BACKENROTH FRANKEL & KRINSKY, LLP
     800 Third Avenue
     New York, New York 10022
     Telephone: (212) 593-1100
     Facsimile: (212) 644-0544

                      About Mallett Inc.

New York-based Mallett Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-11619) on Sept.
15, 2021, listing $3,665,011 in assets and $13,181,708 in
liabilities. The petition was signed by Graham Shircore as
director.  Judge James L. Garrity Jr. oversees the case. Backenroth
Frankel & Krinsky, LLP is the Debtor's legal counsel.


MALLINCKRODT PLC: Pays $260 Million to Settle Acthar Lawsuits
-------------------------------------------------------------
Paul Schloesser of Endpoints News reports that almost 18 months
after Mallinckrodt filed for Chapter 11 bankruptcy in October 2020,
the company got its reorganization approved -- and is paying out
$260 million right out of the gate in settlements.

Drowning in litigation, Mallinckrodt becomes third opioid producer
to file for bankruptcy.

The US Department of Justice said in a statement on Monday, March
7, 2022, that the Staines-upon-Thames-based company is paying out
$260 million to settle 2 lawsuits against the pharma, which alleged
that Mallinckrodt violated the False Claims Act by underpaying
Medicaid rebates due for its multiple sclerosis drug Acthar Gel,
and using a foundation as a way to pay illegal co-pay subsidies in
violation of anti-kickback laws for that drug.

The settlement required the US Bankruptcy Court for the District of
Delaware to sign off on the deal, which it did on March 2, 2022.

The settlement resolves separate cases brought by the government
following the US entering complaints in 2019 and 2020, both
involving the popular drug used to curb seizures in children.
Mallinckrodt agreed to pay just over $26 million to settle a case
on violating the anti-kickback statute, and $233 million to settle
the case where the company shorted Medicaid close to $600 million.

Boston law firm Whistleblower Law Collaborative issued its own
announcement about how its client, a former Mallinckrodt employee
named James Landolt, got involved.  Long story short, Landolt
learned that Mallinckrodt had been misreporting Acthar Gel's base
average manufacturer rice ("AMP") to the Medicaid Drug Rebate
Program (MDRP), which reduced how much Mallinckrodt had to pay in
rebates to the program.

According to the law firm, Acthar's base AMP should have been
reported using its price in 1990, since it was approved in 1952.
However, Mallinckrodt began reporting data to the MDRP as though
Acthar had been approved in 2010 after some substantial price
hikes.

For context's sake: Acthar Gel used to cost around $50 a vial at
the turn of the century in 2001. In the two decades since then, the
price had increased to around $40,000 a vial.

While CMS told Mallinckrodt in 2016 that it had been reporting an
incorrect base AMP for the gel and directed the company to correct
its data reporting, Mallinckrodt continued to report the high base
AMP, the law firm said.  That shorted the MDRP of more than $600
million in rebates between 2013 and 2020.

The whistleblower left Mallinckrodt in 2017 and filed a qui tam
action on Sept. 20, 2018, according to the settlement.  He alleged
that Mallinckrodt willingly violated federal and state False Claims
Acts, and over a year later, the US joined in on his case.

A federal court then found Mallinckrodt liable for over $600
million in unpaid Medicaid rebates for the gel in March 2020.  In
following court filings, the company said that the ruling
jeopardized its ability to pay off a massive, $1.6 billion bill to
settle a horde of other lawsuits over the company's role in the US
opioid crisis.

The company further warned in June they may "have no option but to
take drastic and painful measures, up to and including the prospect
of bankruptcy." And just four months later, it filed for Chapter 11
bankruptcy.

On the same day the bankruptcy court signed off on Mallinckrodt's
settlement, the bankruptcy court issued an order confirming
Mallinckrodt's reorganization plan. And because of Mallinckrodt's
bankruptcy, federal and state governments were not able to recoup
the full amount of the unpaid rebates.

                    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.


MAUNESHA RIVER: Wins Cash Collateral Access Thru May 23
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Wisconsin has
authorized Maunesha River Dairy, LLC to use cash collateral on a
temporary basis through May 23, 2022, and provide adequate
protection to BMO Harris Bank, Farmers & Merchants union Bank, and
Agri-Max Financial Services, LP.

The Debtor is permitted to use cash collateral for the ongoing
conduct of its business in accordance with the budget.

The Debtor will make interest-only payments to BMO in the amount of
$20,257.24 per month and to FMUB in the amount of $18,656 per month
in 30-day months and $19,278 per month in 31-day months.

The Debtor will continue to make these contractual payments to
secured creditors holding valid and perfected purchase-money
security interests:

     a. $2,855 per month to AGRI-MAX related to the milking parlor
equipment and accessories;

     b. $2,671.52 per month to CNH Industrial Capital America, LLC
(CNH) related to the 280 Magnum Tractor and CASK IH 330 34 Foot
Turbo; and

     c. $4,456.69  per month to Ascentium Capital related to a
manure equipment.

Maunesha will make $1,462 per month interest-only payments (at the
contract rate of interest) to SBA and continue to make lease
payments for all equipment it continues to use, including those due
to Dennis Ballweg, which Manuesha will pay directly to the lender.
Specifically, the Debtor will pay $5,086 per month to Ag-Direct
related to the Mower and Harvester.

As adequate protection, each cash collateral creditor will hold a
post-petition replacement lien on Maunesha's personal property,
including but not limited to, crops, livestock, equipment,
inventory, documents, general intangibles, accounts, and contract
rights, and any proceeds thereof owned by Maunesha, but only to the
extent that each Cash Collateral Creditor had a valid and properly
perfected lien in the collateral Pre-Petition.

A copy of the order and the Debtor's budget for the period from
February 21 to May 16 is available at https://bit.ly/3HWDhOj
PacerMonitor.com.

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

     $61,567 for the week starting February 21, 2022;
    $125,283 for the week starting February 28, 2022;
     $81,686 for the week starting March 7, 2022;
     $57,443 for the week starting March 14, 2022;
    $117,840 for the week starting March 21, 2022;
     $62,900 for the week starting March 28, 2022;
    $102,003 for the week starting April 4, 2022;
     $93,723 for the week starting April 11, 2022;
     $54,593 for the week starting April 18, 2022;
    $126,714 for the week starting April 25, 2022;
    $110,543 for the week starting May 2, 2022;
    $107,483 for the week starting May 9, 2022; and
     $57,843 for the week starting May 16, 2022.

                 About Maunesha River Dairy, LLC

Maunesha River Dairy, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Wis. Case. No. 21-11157) on May
27, 2021. In the petition signed by Dennis E. Ballweg, the member,
the Debtor disclosed up to $10 million in both assets and
liabilities.

Judge Catherine J. Furay oversees the case.  

Jane F. Zimmerman, Esq., at Murphy Desmond S.C. is the Debtor's
counsel.

BMO Harris Bank, as creditor, is represented by, Joseph D. Brydges,
Esq., at Michael Best and Friedrich LLP.



MCCLATCHY CO: Objection to Colt-Sarmiento Claim Overruled
---------------------------------------------------------
On February 13, 2020, JCK Legacy Company, et al., commenced their
bankruptcy cases by filing petitions for relief. On September 25,
2020, the United States Bankruptcy Court for the Southern District
of New York confirmed a chapter 11 plan of reorganization and the
effective date of the Plan was September 30, 2020. A Plan
Administration Trustee then took over the responsibility for the
review and resolution of claims.

Alberto Colt-Sarmiento is an individual who is incarcerated at the
Washington Corrections Center in Shelton, Washington, since 2018.
In March 2018, the Tacoma News Tribune, a newspaper operated by
Tacoma News, Inc. -- which was one of the Debtors -- published an
article regarding Mr. Colt-Sarmiento's sentencing. On April 3,
2020, after the bankruptcy filings, Mr. Colt-Sarmiento filed a
lawsuit in the Superior Court of Pierce County, Washington, against
the Tacoma News Tribune (Case no. 20-2-05809-8), alleging the
newspaper had defamed him in the March 2018 Article. The case was
dismissed in August 2020; the Court is not aware of the
circumstances under which the dismissal occurred. Before and after
that dismissal, however, Mr. Colt-Sarmiento has asserted claims and
made a number of other filings in the bankruptcy cases. The Plan
Administration Trustee and the Pension Benefit Guaranty Corporation
have filed responses to some of those filings.  The Plan
Administration Trustee has argued that Mr. Colt-Sarmiento's claim
was untimely, that it was improper in form, and that in any event
it is not entitled to be treated as a secured claim.

According to Bankruptcy Judge Michael E. Wiles, a review of the
affidavits of service that are on file shows Mr. Colt-Sarmiento was
not included among the creditors to whom notices of the Bar Date
were mailed in May 2020. The Court issued an Order on February 23,
2022, that referred to Mr. Colt-Sarmiento's lawsuit and to the fact
that the lawsuit preceded the issuance of the Bar Date Order, and
that directed the Plan Administration Trustee to address the
question of whether Mr. Colt-Sarmiento was a "known" creditor and
whether he was provided notice of the Bar Date by mail. The Court
expected (among other things) that the Plan Administration Trustee
would respond by advising the Court as to whether the Debtors had
received notice or were otherwise aware of Mr. Colt-Sarmiento's
lawsuit prior to the Bar Date. Instead, the Plan Administration
Trustee's response, filed February 28, 2022, merely states that
"[i]t is the Plan Administration Trustee's understanding that Mr.
Colt-Sarmiento was not a known creditor of the Debtors." No
elaboration was offered, and no explanation was provided as to any
investigation of the underlying facts that had occurred or as to
inquiry that might have been made of the relevant debtor and its
attorneys.

According to Judge Wiles, it is well-settled that reasonable
publication notice is sufficient for creditors whose identities are
not known. However, he points out that it is equally well-settled
that due process requires that "known" creditors be given direct
notice, by mail, of a bar date and of other proceedings relevant to
their claims. The Plan Administration Trustee has not carried that
burden, the judge says. In the absence of any alternative
explanation, or any declaration to the contrary, it appears most
likely that Mr. Colt-Sarmiento's April 2020 lawsuit was known to
the Debtors or their attorneys, and was sufficient to make Mr.
Colt-Sarmiento a "known" creditor for due process purposes. He
therefore was entitled to direct notice, by mail, of the Bar Date.
He did not receive such direct notice.

Mr. Colt-Sarmiento nevertheless somehow learned of the bankruptcy
cases. His Original Proof of Claim is dated July 19, 2020 (only
nine days after the Bar Date) and it was received by the Court and
docketed on August 7, 2020, slightly more than three weeks after
the Bar Date.

Judge Wiles notes Mr. Colt-Sarmiento has not referenced "due
process" cases and has not formally asked to be relieved of the Bar
Date on due process grounds. He also has not cited to Rule 9006 of
the Federal Rules of Bankruptcy Procedure or explicitly asked for
relief under that Rule.

"But there are only so many niceties of legal practice that can
reasonably be expected given Mr. Colt-Sarmiento's position. Mr.
Colt-Sarmiento has clearly and unambiguously asked that his proof
of claim be treated as one that was validly filed, and the Court
will treat Mr. Colt-Sarmiento's many requests that his claim be
allowed to participate in the bankruptcy case as a request, in
part, that his claim be treated as timely notwithstanding the fact
that it was filed a short time after the Bar Date," Judge Wiles
holds.

The factors in Pioneer Inv. Servs. v. Brunswick Assocs., Ltd.
P'ship, 507 U.S. 380 (1993), weigh in favor of treating Mr.
Colt-Sarmiento's claim as timely, Judge Wiles rules. He did not
receive the direct notice to which he was entitled as a matter of
due process. He nevertheless managed to file a claim only a short
time after the Bar Date, notwithstanding the obstacles that his
imprisonment must have imposed. There is no indication that anyone
was prejudiced, or could have been prejudiced, by the short delay
that occurred. The Plan Administration Trustee was not even
appointed until the Plan was confirmed in September 2020 (by which
time Mr. Colt-Sarmiento's claim was already on file), so certainly
the brief delay in the filing of Mr. Colt-Sarmiento's claim did not
prejudice the Plan Administration Trustee in any way. The Court
also understands that distributions to unsecured creditors have not
occurred, as there are litigations that need to be resolved before
it can be determined whether distributions are available. As a
result, there appears to be no prejudice in excusing Mr.
Colt-Sarmiento's delay and in recognizing his claim as timely.

Accordingly, Judge Wiles overrules the Plan Administration
Trustee's objection to Mr. Colt-Sarmiento's claim on timeliness
grounds. The claim will be treated as a timely-filed claim, and the
minor lateness that occurred is excused pursuant to Rule 9006. The
Court emphasizes, however, that this merely means that the claim
was not untimely. It does not necessarily mean that the claim is
valid. The Plan Administration Trustee retains all rights to object
to the claim on its merits.

For these reasons, Judge Wiles rules (a) Mr. Colt-Sarmiento's
papers will be treated as a motion for relief under Rule 9006 and
such relief is granted; (b) Mr. Colt-Sarmiento's proof of claim
shall be treated as a timely filed general unsecured claim (subject
to any objections on the merits that the Plan Administration
Trustee may make), and the Plan Administration Trustee's objection
to the timeliness of the claim is overruled; (c) the Plan
Administration Trustee's request that Mr. Colt-Sarmiento's claim be
disallowed for failure to comply with the official forms is denied;
(d) the Plan Administration Trustee's objection to the alleged
"secured" status of Mr. Colt-Sarmiento's claims is granted, and Mr.
Colt-Sarmiento's claims shall only be treated as general unsecured
claims; and (e) Mr. Colt-Sarmiento's other objections and requests
for relief are overruled and denied.

A full-text copy of Judge Wiles' Decision dated March 3, 2022, is
available at https://tinyurl.com/2p97b47v from Leagle.com.

                         About McClatchy Co.

The McClatchy Co. -- https://www.mcclatchy.com/ -- is an American
publishing company.  On Feb. 13, 2020, The McClatchy Company and 53
affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case
No. 20-10418) with a Plan of Reorganization that will cut $700
million of funded debt in half.  McClatchy was estimated to have
$500 million to $1 billion in assets and debt of at least $1
billion as of the bankruptcy filing.  The Honorable Michael E.
Wiles presided over the cases.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
general bankruptcy counsel; Togut, Segal & Segal LLP as
co-bankruptcy counsel with Skadden; Groom Law Group as special
counsel; FTI Consulting, Inc. as financial advisor; and Evercore
Inc. as investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.

The Debtors won confirmation of their bankruptcy-exit plan on
September 25, 2020.  The case has been renamed In re JCK Legacy
Company et al.



MENAHGA, MN: S&P Affirms 'BB+' Rating on GO Debt, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term rating on the City
of Menahga, Minn.'s general obligation (GO) debt. At the same time,
S&P Global Ratings removed the rating from CreditWatch with
negative implications, where it was placed Dec. 14, 2021. The
outlook is stable.

S&P said, "The CreditWatch removal reflects our conversation with
city officials, which provided a better understanding of the city's
current financial position. "This leads us to believe that the
quality and reliability of the information we have is sufficient
for our information quality standards and prompted the removal of
the CreditWatch placement," said S&P Global Ratings credit analyst
Joseph Vodziak. In addition, Menahga is making efforts to address
internal control deficiencies; if they are successful, we believe
there is a good probability the city's financial profile will
stabilize and the significant deficiencies found in recent audits
will be addressed. We believe the steps the city has taken to
improve internal controls, along with new practices in place to
help improve the accuracy of bookkeeping records, will create
improved governance practices.

"The city accumulated a backlog of deferred capital needs, which we
believe is due to the political discord and leadership turnover in
recent years. In the latest audit (fiscal 2020), the available fund
balance fell to a very low nominal level, primarily because of
capital purchases. The fiscal 2021 budget was amended to address
capital repairs and maintenance. The city is taking steps to
address some of its capital needs with a recently adopted capital
improvement plan (CIP). While this is a positive step, the CIP does
not provide a comprehensive overview of most of the capital assets.
In our opinion, due to governance and financial oversight issues,
the possibility of unforeseen costs arising remains particularly
elevated, given the track record of not incorporating capital costs
into past budgets. The city is working on finalizing financial
records for fiscal 2021 with the help of external parties. Based on
the fiscal 2021 data provided, the city projects 2021 ended close
to breakeven. In our view, the city's capacity to cut spending
remains limited, as we believe most nonessential items have already
been cut from the budget; this will continue to place pressure on
operations in the medium to long term. Although efforts to improve
internal controls are a positive development, we will continue to
monitor that they are followed and effective. Until evidence is
obtained that the actions will be sustained and be effective, we
continue to believe the city lacks relevant skills to manage its
finances, which caps the rating at 'BB+' under our GO criteria.

"As reflected in our vulnerable FMA, Menahga lacks a culture of
risk management and oversight that has led to rapid deterioration
in its finances, reflecting outsize governance risk when compared
with that of peers. If the city's actions to improve internal
controls are effective and maintained, we believe our view of the
elevated governance risk could improve. Although they are not a
driver of the rating action, we also consider social risks
marginally elevated, as the city's stagnant population, with an
above-average age dependency ratio and low incomes, could make
raising additional revenue difficult. Finally, we view Menahga's
environmental risks as being in line with our view of the sector as
a whole."

If the city's internal control improvements are ineffective or
further deterioration of the financial profile occurs, a negative
rating action would be warranted.

If Menahga implements effective internal controls that are
sustained and it can demonstrate that its officials have relevant
skills and information to manage its finances, and its overall
financial profile improves, S&P could raise the rating.



MID ATLANTIC PRINTERS: Expects to Pay Over 40% to Unsecureds
------------------------------------------------------------
Mid Atlantic Printers, Ltd., submitted a Second Amended Plan of
Reorganization dated March 8, 2022.

As of the date of this Plan, the Debtor is current with its post
petition tax filings and payroll tax deposits.  The Debtor is also
current with its post-petition obligations.  It appears that the
Debtor is operating profitably and will be able to fund its Plan of
Reorganization.

Class 6 consists of Ricoh, USA Secured Claim. The secured claim of
Ricoh, USA as a result of its judgment against the Debtor issued in
Campbell County Circuit Court on March 24, 2021 will be treated as
an allowed general unsecured claim under Class 11 of this Plan. The
Ricoh judgment creates a lien on the Debtor's real estate at 503
3rd Street, Altavista, VA, wholly in excess of the value of the
real estate when considering superior liens on the real estate.
Accordingly, the lien may be so modified pursuant to 11 U.S.C. Sec.
1123(b)(5).

Pursuant to 11 U.S.C. Sec. 1123(b)(5) of the Bankruptcy Code, the
Class 6 creditor's claim shall be modified to terminate the
effectiveness of the judgment lien in favor of Ricoh, USA against
the Debtor's real estate which shall automatically be deemed void
and of no continuing effect.  Ricoh, USA has filed a general
unsecured claim in the case in the amount of $56,862.  It shall be
treated as an allowed unsecured claim in that amount for purposes
of treatment and voting in Class 11 claims.

Class 7 consists of De Lage Landen Financial Services, Inc. Secured
Claim.  The secured claim of De Lage Landen Financial Services,
Inc. as a result of its judgment against the Debtor docketed in
Campbell County Circuit Court on Jan. 24, 2020 will be treated as
an allowed unsecured claim under Class 11 of this Plan.  The De
Lage Landen judgment creates a lien on the Debtor's real estate at
503 3rd Street, Altavista, VA, wholly in excess of the value of the
real estate, when considering superior liens on the real estate.
Accordingly, the lien may be so modified pursuant to 11 U.S.C. Sec.
1123(b)(5).

Pursuant to 11 U.S.C. Sec. 1123(b)(5) of the Bankruptcy Code, the
Class 7 creditor's claim shall be modified to terminate the
effectiveness of the judgment lien in favor of De Lage Landen
Financial Services, Inc. against the Debtor's real estate, which
shall automatically be deemed void and of no continuing effect.  De
Lage Landen filed a general unsecured claim in this case in the
amount of $35,985.  It shall be treated as an unsecured claim, for
purposes of treatment and voting in Class 11 claims.

Class 11 consists of General Unsecured Claims.  As a result of a
review of its chapter 11 schedules and the claims that have been
filed in this case as of the claims bar date of January 5, 2022,
the Debtor estimates its general unsecured claims to be
approximately $500,000.  On a quarterly basis commencing June 1,
2022, and for a period of 5 years following or the date that all
class 9 claims are paid in full, whichever is sooner, the Debtor
will commit all of its disposable income to the Mid Atlantic
Printers Reorganization Fund, to be held initially by Debtor's
counsel, and ultimately, as designated by the Debtor. From the Mid
Atlantic Printers Reorganization Fund, the Debtor will make
quarterly pro-rata distributions to allowed General Unsecured
Claims.

The Debtor will fund its obligation to the Mid Atlantic Printer
Reorganization Fund with its aggregate disposal income within 30
days from the end of each quarter. Thus the first payment will be
due October 30, 2022, 30 days from the end of the quarter that ends
September 30, 2022. If the Debtor's revenue and expenses
projections are accurate, Class 9 creditors can expect to receive
over 40% of their claims, even without a recovery from the
insurance claim or preference claims.

Class 12 consists of Executory Contracts and Unexpired Leases. The
only executory contracts to be assumed that have pre-petition
arrearages to be cured those of Fujifilm pursuant to the referenced
Maintenance and Equipment Loan Agreement and Heidelberg pursuant to
its maintenance agreement. The cure amount for Fujifilm is
$67,861.00 per Fujifilm's proof of claim. The Debtor will cure the
Fujifilm arrearage by payments of $1,500.00 per month, commencing
on the Effective Date, and continuing until paid in full. The cure
amount for Heidelberg is $12,970.00 per the Debtor's schedules. The
Debtor will cure the Heidelberg arrearage by payments of $300 per
month, commencing on the Effective Date and continuing until paid
in full.

The Debtor will continue its operations as a commercial printer
servicing its customers in the ordinary course of business. Rob
Poindexter will continue in his role as Chief Operating Office of
the Debtor. His salary will be increased by $2,500.00 per month,
recognizing his greatly expanded role as he continues to serve as
plant manager, and now oversees all operations and financial
aspects of the company as chief operating officer.

A full-text copy of the Second Amended Plan of Reorganization dated
March 8, 2022, is available at https://bit.ly/3CKJhZG from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Andrew S. Goldstein, Esq.
     Magee Goldstein Lasky & Sayers, P.C.
     P.O. Box 404
     Roanoke, VA 24003-0404
     Tel: (540) 343-9800
     Fax: (540) 343-9898
     Email: agoldstein@mglspc.com

                 About Mid Atlantic Printers Ltd.

Mid Atlantic Printers, Ltd., is a full service commercial sheet fed
printer, with two production facilities and multiple sales offices.
The Altavista, Va.-based company offers commercial printing
services.

Mid Atlantic Printers filed a petition for Chapter 11 protection
(Bankr. W.D. Va. Case No. 21-61173) on Oct. 27, 2021, listing up to
$10 million in assets and up to $1 million in liabilities.  Nancy
Edwards, president of Mid Atlantic Printers, signed the petition.

Andrew S. Goldstein, Esq., at Magee Goldstein Lasky & Sayers, P.C.,
serves as the Debtor's legal counsel.


MYCELL TECHNOLOGIES: Court Confirms Second Modified Plan
--------------------------------------------------------
Judge James L. Garrity, Jr., has entered an order confirming the
Second Modified Plan of Liquidation of MyCell Technologies LLC.

As of the Effective Date, any Executory Contracts and / or
unexpired leases not otherwise previously assumed or rejected
during the course of the Debtor's Chapter 11 Case, pursuant to
Section 2.4 of the Plan, shall be deemed rejected pursuant to
sections 365 and 1123 of the Bankruptcy Code.

Except as otherwise provided in this Confirmation Order or the
Plan, the treatment set forth in the Plan shall be in full and
complete satisfaction of the legal, contractual, and equitable
rights that each entity or Person holding a Claim or an Equity
Interest may have in or against the Debtor, its estate, and / or
their respective property.

Other than holders of claims for Administrative Expenses, no Claim
holder (including any Claim holder related to the Trident Action)
or Equity Interest Holder shall receive any distribution from the
Debtor, the Liquidated Debtor, or their estates under the Plan.

On the Effective Date, all persons and entities shall be forever
enjoined from asserting any Claims or interests against the Debtor,
the Liquidated Debtor, their respective estates or their respective
property except as provided under the Plan. Any judgment at any
time obtained in any other court, to the extent that such judgment
is a determination of the liability of the Debtor with respect to
any debt that is discharged under the Plan, is void without further
action required by any parties.

Within 5 business days of the Effective Date of the Plan, the
Debtor shall file a notice of the occurrence of the Effective Date
and substantial consummation of the Plan on the Court's ECF system
giving notice to all holders of claims as well as potential holders
of claims that are subject to Section 2.9 (Administrative Expense
Bar Date) of the Plan of the deadline for the submission of such
claims and of the procedures for doing so. Any claims of a kind
specified in Section 2.9 of the Plan that are not filed on or
before the respective deadlines set forth therein shall not
participate in any distribution under the Plan and shall be forever
barred.

                   About MyCell Technologies

MyCell Technologies LLC is an intellectual property and investment
holding company which specializes in the development of proprietary
liquid formulations of stable, concentrated omega 3s for use in
food, beverage, pet, medical and nutritional products.

MyCell Technologies LLC sought Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 20-12748) on Nov. 25, 2020.  The case is assigned
to Judge James L. Garrity, Jr.

In the petition signed by Glenn R. Langberg, director, the Debtor
disclosed total assets of $10,637 and total debt of $1,412,021.
       
The Debtor tapped Eric H. Horn, Esq., at A.Y. Strauss LLC, as
counsel.


NESV ICE: Court Narrows Claims in Avoidance Suit vs SHS
-------------------------------------------------------
In a five-count complaint, NESV Ice, LLC and its debtor-affiliates
seek (i) entry of a declaratory judgment that the default rate of
interest of 18% per annum provided for by the loans and notes held
by SHS ACK, LLC, is unenforceable and/or may not be collected from
March 1, 2017; (ii) equitable subordination of the debt the Debtors
owe to SHS; and (iii) avoidance and recovery of certain transfers
made by NESV Land East, LLC, to SHS's predecessor in interest,
HarborOne Bank, pursuant to Mass. Gen. Laws. ch. 109A, Sections 5,
6 and 11 U.S.C. Section 548.

SHS moves to dismiss all counts of the Complaint under Fed. R. Civ.
P. 12(b)(6), as made applicable by Fed. R. Bankr. P. 7012(b).

Judge Christopher J. Panos of the United States Bankruptcy Court
for the District of Massachusetts denies, in part, and grants, in
part, SHS's request.  The usury portion of Count I and Counts III-V
are dismissed, with leave to amend.

According to Judge Panos, accepting the allegations of the
Complaint as true, with reasonable inferences taken, and
considering the Loan documents referenced by the Complaint and
provided as Exhibits to the Marks Affidavit, Count I plausibly
states a claim that SHS is not contractually entitled to some or
all of the default interest that it asserts it is owed.

With respect to the Debtor's assertion that, even if SHS had a
contractual claim for default interest accruing as of March 1,
2017, Judge Panos notes HarborOne "agreed" not to demand the
payment of default interest for some or all of the claimed accrual
periods prior to its assignment of the loan to SHS, the text of the
initial default letters sent by HarborOne do not sufficiently
controvert these allegations such that the claims should be
dismissed.

In the April 10, 2019 default letter relating to the Construction
Loan, HarborOne agreed, "as an accommodation to Borrower, not to
demand payment of additional interest at the Default Rate from such
date forward but nevertheless reserve[d] its right to demand
payment of the same and to pursue its remedies related thereto at a
later date as it may determine to be advisable in its sole
discretion." According to Judge Panos, the Lender's reservation of
"its right to demand payment of the same" is not clear as to
whether the Lender was reserving its right to revoke its
accommodation and demand default interest accruing at some future
date or demand payment of amounts the Lender asserted had accrued
from March 1, 2017.

As to the Debtors' assertion that the claimed 18% default interest
rate is unenforceable under applicable law as a penalty, Judge
Panos says the parties appear to agree that under Massachusetts
law, a default interest clause operates as a liquidated damages
provision, "enforceable . . . under the theory that they compensate
the lender for damages it would incur if the borrower defaulted."
In argument and briefing the Debtors state that, considering that
late charges are also provided under the respective promissory
notes, the 18% default interest rate is grossly disproportionate to
any possible estimation of actual damages arising from a default.
In the Complaint, the Debtors allege the "dramatic disparity
between the rates of Default Rate (not less than 18%) and the
non-default interest under the Notes (3.64% as of December 22,
2020) demonstrates that the Default Rate was not a reasonable
forecast of damages, and is instead an unenforceable penalty." SHS
argues "the Debtors fail to allege (plausibly or otherwise) that
the actual damages flowing from a breach of the Loans were easily
ascertained, nor do they provide any allegations articulating a
reasonable estimate of damages from which this Court could conclude
the damages sought were grossly disproportionate." While on notice
of the claim, SHS is correct that the Complaint does not contain
sufficient specific allegations necessary to support of that claim
that the default rate is unenforceable as a liquidated damages
provision, Judge Panos points out. This claim will be dismissed
unless cured by amendment, the judge adds.

Turning to the allegations that the Lender's demand for payment of
default interest was made after assignment of the loans to SHS,
Judge Panos notes SHS has submitted certain allonges to the
Construction and Term Notes that it contends demonstrate that the
Loans were assigned after the demands were made. While the dates
may suggest that conclusion, the documents were not referenced in
the Complaint and there remains a factual dispute that may not be
resolved in the context of a motion to dismiss -- although likely
to be resolved on summary judgment or by agreement, the judge
continues.

Finally, the Debtors assert that the default interest provisions of
the Construction Note and Term Note are not enforceable because
they violate Mass. Gen. Laws ch. 271, Section 49. The Massachusetts
criminal usury statute, Mass. Gen. Laws ch. 271, Section 49,
"prohibits the charging of interest greater than 20% per annum
unless one first informs the attorney general that one intends to
charge such a rate." The 20% allowable cap on interest includes
default interest charges, even though a debtor could avoid such
charges "by discharging their debts in a timely manner."

According to Judge Panos, some courts have held that where interest
may compound on accrued interest, "the nature of compounded
interest sooner or later take the effective rate of interest above
the 20% rate." The Debtors allege "Section 5(a) in each of the
Notes violates the usury statute and is unenforceable because,
among other things, it provides for the accrual of interest on
interest (i.e., compound interest)." Judge Panos says Section 13 of
each of the promissory notes is a savings clause that limits
interest to be charged to the legal limit. The Debtors do not
specifically allege that SHS has actually charged or claimed
interest at a rate that would violate Mass. Gen. Laws ch. 271,
Section 49 -- only that, without addressing the savings clause, the
promissory notes "provide for" interest that through compounding
would exceed the usury rate. This claim, Judge Panos holds, will be
dismissed unless cured by amendment.

Prior to July 24, 2020, the Debtors allege Land East's assets were
unencumbered and that, on or about July 24, 2020, Land East
executed the following agreements referenced in the Complaint: (i)
the Land East Guaranty, (ii) the Land East Mortgage, (iii) the
Assignment of Leases and Rents, (iv) the Environmental Indemnity
Agreement, (v) the First Omnibus Construction Loan Amendment, (vi)
the First Omnibus Term Loan Amendment, and (vii) a UCC-1 to
HarborOne. The Debtors assert the execution of the Land East
Agreements in favor of HarborOne and its successors and assigns
constituted transfers that are avoidable as fraudulent transfers
under Mass. Gen. Laws ch. 109A, Sections 5, 6 and Section 548 of
the Bankruptcy Code, and that Land East may recover the transferred
property under Section 550, for the benefit of its estate pursuant
to Section 551.

The Debtors allege "HarborOne advanced no funds to or for the
benefit of Land East[,]""[t]he Debtors received little or no
consideration in exchange for their agreements to amend Loan
Agreements and provide additional collateral to HarborOne[;]" and
that "[t]he First Omnibus Amendment did not include a waiver of any
defaults or an agreement by HarborOne to forbear from exercising
any of its rights and remedies in connection with the Loans[,]"SHS
contends that the loan documents show that Land East received
consideration in exchange for granting a mortgage to secure the
Construction Note and Term Note because all of the Debtors,
including Land East, received the benefit of additional junior
financing and other concessions.  According to Judge Panos, the
adequacy of non-monetary consideration is a question of fact that
cannot be determined in the context of a motion to dismiss.

SHS contends Section 544(b) would only permit the Debtors to avoid
transfers or transactions of the debtor voidable that would be
avoidable by an actual creditor under applicable law. The same is
true for the underlying state law claims pursuant to which these
transfers may be avoidable through Section 544 -- Mass. Gen. Laws
ch. 109A, Sections 5 & 6, each of which requires a claim in favor
of creditors which arose before or after the transfer (Section 5)
or before the transfer (Section 6). The Complaint does not allege
the identity of any specific creditor of Land East, but contains
allegations that are sufficient and can be tested through
discovery, Judge Panos notes.

The Complaint alleges Land East "was made insolvent" or left with
unreasonably small capital as a result of the mortgage granted to
the Lender. The Complaint, according to the Court, contains no
allegations regarding solvency other than conclusory allegations
tracking the elements of the claims. The Debtors have made no
allegations regarding the value of Land East's assets, debts, or
capital requirements. Because of the conclusory allegations
supporting the solvency element of these claims, Judge Panos says
Counts III, IV, and V are dismissed unless cured by amendment.

A full-text copy of the Court's Memorandum of Decision and Order
dated February 25, 2022, is available at
https://tinyurl.com/2p8kcrwr from Leagle.com.

The adversary proceeding is captioned NESV ICE, LLC, NESV FIELD,
LLC, NESV SWIM, LLC, NESV HOTEL, LLC, NESV LAND, LLC, NESV TENNIS,
LLC and NESV LAND EAST, LLC Plaintiffs, v. SHS ACK, LLC, Defendant,
Jointly Administered, Adv. Pro. No. 21-1093-CJP (Bankr. D. Mass.).

                         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.


NEW RESIDENTIAL: S&P Affirms 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit ratings and 'B-'
senior unsecured debt ratings on New Residential Investment Corp.
(NRZ). The outlook remains stable.

S&P's ratings on NRZ reflect its reliance on recourse repurchase
agreement funding and its highly encumbered balance sheet. The
company's strong profitability and favorable market position as one
of the largest investors in residential mortgage assets are
countervailing strengths.

As of Dec. 31, 2021, leverage increased to 6.02x debt to adjusted
total equity (ATE), from 4.80x at year-end 2020. The rise in
leverage reflects our revised treatment of its perpetual preferred
stock as debt instead of as an intermediate equity content hybrid.
S&P said, "We typically assign no equity content to hybrids issued
by a REIT when the instrument includes a dividend stopper that
requires ordinary dividend payments to be stopped before the hybrid
coupon can be deferred. As a result, our measure of total debt
consists of $20.593 billion in secured debt, $8.645 billion in
secured notes and notes payable, $543 million in unsecured notes,
and $1.262 billion in preferred stock. We expect the leverage ratio
to remain around 5.75x-6.25x over the next year."

Credit positives include the company's scale as one of the largest
investors in residential mortgage assets and strong operating
performance over the years. NRZ's investment portfolio consists of
$8.4 billion of agency securities, which we view as relatively high
quality. As of Dec. 31, 2021, agency securities represented
approximately 21% of NRZ's total assets. In addition, the company
has about $11.2 billion in agency mortgage loans that it originated
and intends to sell. These loans are held on the balance sheet for
a relatively short period of time. Also, NRZ closed its acquisition
of Caliber Homes Inc. in the third quarter of 2021, further
expanding its operating business.

S&P said, "Our stable outlook on NRZ reflects our expectation the
company will continue to generate stable earnings and maintain
adequate liquidity. We expect leverage over the next 12 months will
be approximately 5.75x-6.25x, as measured by debt to ATE.

"We could lower the rating over the next year if the company has
trouble renewing any of its funding facilities or if margin calls
stress liquidity, in our view. We could also lower the rating if
debt to ATE rises above 6.5x on a sustained basis, the company
shifts into riskier assets, or the company increases its use of
repurchase agreements to fund assets other than agency residential
mortgage-backed securities and mortgage originations.

"We are unlikely to raise the rating over the next year. Upside to
the rating would depend on NRZ maintaining adequate liquidity and
access to funding facilities while growing its operating businesses
relative to its real estate portfolio business."



NORDIC AVIATION: Seeks Cash Collateral Access, $15MM DIP Loan
-------------------------------------------------------------
Nordic Aviation Capital Designated Activity Company and its
affiliates ask the U.S. Bankruptcy Court for the Eastern District
of Virginia to, among other things, use cash collateral and obtain
postpetition financing from New York Life Insurance Company and New
York Life Insurance Annuity Corporation.

NAC Aviation 17 Limited and NAC Aviation 20 Limited have a
near-term need for additional funding to continue ordinary-course
operations without disruption, including payment of
customer-related obligations, and bridge to a successful,
value-maximizing financial restructuring. To that end, the NAC
17/20 Debtors seek approval the NYL DIP Facility and consensual use
of the NYL Creditors' cash collateral. The NYL DIP Facility is the
market-tested product of good faith negotiations between the NAC
17/20 Debtors and  SAFE Capital 2015-1 LLC and its economic terms
are competitive.

Under the NYL DIP Facility, the NAC 17/20 Debtors, as borrowers,
will have access to up to $15 million of additional liquidity,
available in an initial draw of up to $4.5 million following entry
of the Interim Order and one or more delayed draws following entry
of the Final Order. Interest on the outstanding principal amount
under the NYL DIP Facility will  accrue at a rate equal to 3M Term
SOFR + 5.00% paid monthly (with a 1.0% floor) on a payment-in-kind
basis. Apart from interest, the NYL DIP Facility does not require
payment of any fees in exchange for the NYL DIP Lenders' funding
commitments and extension of credit thereunder. The NYL DIP
Facility will be jointly and severally guaranteed by the NAC 17/20
Debtors and non-Debtor SAFE Capital 2015-1 LLC, which owns the
aircraft financed under the prepetition NYL Financing Arrangements.


The NAC 17/20 Debtors are party to financing arrangements provided
for under that certain Note Purchase Agreement [SAFE 2015-1], dated
as of March 5, 2015 and related Basic Documents. Under the NYL
Financing Arrangements, SAFE Capital 2015-1 LLC, a non-Debtor
special purpose entity unaffiliated with the Debtors, issued
approximately $164 million of secured notes to finance its
acquisition of aircraft, which it then leased to the NAC 17/20
Debtors pursuant to two head leases.  The NAC 17/20 Debtors, in
turn, sublease the Aircraft to various airlines pursuant to various
operating sub-leases.

The NAC 17/20 Debtors' respective obligations under the Head Leases
are guaranteed by NAC DAC and secured by first priority security
interests in (a) any sub-leases covering the Aircraft (and various
related rights); (b) the proceeds of such sub-leases (including
insurance proceeds) and related rights; (c) bank accounts owned by
the NAC 17/20 Debtors; and (d) the NAC 17/20 Debtors' respective
equity interests. The NAC 17/20 Head Lease Obligations align with
SAFE Capital's payment obligations under the NPA and the Notes with
respect to timing and amount.

As of the Petition Date, the outstanding NAC 17/20 Head Lease
Obligations totaled approximately $91.6 million.

As adequate protection, the Prepetition SAFE Parties will receive
first-priority priming liens on the Prepetition Collateral and all
unencumbered assets of the DIP Borrowers and junior liens on all
other assets of the DIP Borrowers, superpriority administrative
expense claims against the DIP Borrowers, and Payment in full, in
cash and in immediately available funds, all the reasonable and
documented professional and advisory fees, costs and expenses of
the Prepetition SAFE Party Professionals.

The DIP Liens are subject to a "Carve Out" for:

     (a) all fees required to be paid to the Clerk of the Court and
to the Office of the United States Trustee under 28 U.S.C. section
1930(a) plus interest at the statutory rate pursuant to 31 U.S.C.
section 3717;

     (b) all reasonable fees and expenses up to $20,000 incurred by
a trustee under section 726(b) of the Bankruptcy Code;

     (c) to the extent allowed, whether by interim order,
procedural order, or otherwise, all unpaid fees and expenses --
Allowed Professional Fees -- incurred by persons or firms retained
by the DIP Borrowers pursuant to section 327, 328 or 363 of the
Bankruptcy Code and the Committee (if any) pursuant to section 328
or 1103 of the Bankruptcy Code at any time before or on the first
business day following delivery by the DIP Lenders of a Carve Out
Trigger Notice, whether allowed by the Court prior to or after
delivery of a Carve Out Trigger Notice; and

     (d) Allowed Professional Fees of Professional Persons in an
aggregate amount not to exceed $750,000 incurred after the first
business day following delivery by the NYL DIP Lenders of the Carve
Out Trigger Notice, to the extent allowed at any time, whether by
interim order, procedural order, or otherwise.

The DIP Loan matures on the earliest of: (a) nine months from the
Petition Date; (b) consummation of a Chapter 11 plan with respect
to the DIP Borrowers; (c) consummation of sale of all or
substantially all of the DIP Borrowers' assets, and (d)
acceleration of the DIP Loans and termination of commitments under
the NYL DIP Documents.

The Debtors are required to meet these milestones:

     (a) Entry of Final DIP Order no later than 21 days after entry
of Interim Order.

     (b) Entry of an order confirming an Acceptable Plan no later
than 120 days after the Petition Date.

     (c) Occurrence of the effective date of an Acceptable Plan no
later than May 18, 2022

A copy of the motion is available at https://bit.ly/3MBZF3b from
PacerMonitor.com.

                   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.

Akin Gump Strauss Hauer & Feld LLP serves as counsel to the NAC 29
Ad Hoc Noteholder Group.

Linklaters LLP serves as counsel to the NAC 29 Facilities Group.

Weil, Gotshal & Manges LLP and McGuireWoods LLP, act as co-counsel
to the Moelis/Weil/NRF Creditor Group.

Milbank LLP and Hunton Andrews Kurth LLP, act as co-counsel to the
NAC 33/34 Creditor Group.

Milbank LLP and LimNexus LLP, act as co-counsel to the Silver Point
Creditors.

Allen & Overy LLP, is as counsel to PFA Asset Management A/S.  The
firm is also counsel to certain export credit agency lenders.

Freshfields Bruckhaus Deringer LLP, is counsel to certain of the
Debtors' shareholders.


OWENS & MINOR: Moody's Confirms Ba3 CFR & Rates New $1.2BB Loan Ba3
-------------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Owens & Minor,
Inc., including its Ba3 Corporate Family Rating and its Ba3-PD
Probability of Default Rating. At the same time, Moody's downgraded
Owens & Minor's instrument ratings, including its senior secured
rating to Ba3 from Ba2 and its senior unsecured rating to B2 from
B1. Moody's also assigned a Ba3 rating to the proposed $1.2 billion
new first lien term loan. There is no change to the Speculative
Grade Liquidity Rating of SGL-1. The outlook was revised to stable
from rating under review.

This concludes the review initiated on January 12, 2022 following
the announcement that Owens & Minor will acquire Apria, Inc.
(“Apria”) in a transaction with a total enterprise value of
approximately $1.45 billion. The acquisition is expected to close
by the end of June 2022. As part of the transaction, Owens & Minor
seeks to raise $1.7 billion of new debt consisting of a $1.2
billion senior secured first lien term loan. In addition, Owens &
Minor has announced plans to issue $500 million of other funded
debt that Moody's expects to be ranked senior unsecured.

The confirmation of the ratings reflects Moody's expectations that
the acquisition of Apria will strengthen Owens & Minor's product
and service offering. Apria's product offering includes home
respiratory and wound care treatment products, which will
complement Owens & Minor's product offering in diabetes, ostomy and
incontinence. The rating action also reflects Owens & Minor
moderately high financial leverage with adjusted debt/EBITDA of
3.6x pro forma for the planned acquisition. However, Moody's
expects leverage to decrease towards 3x over the next 12-18 months
after closing of the acquisition, underpinned by earnings growth
and positive free cash flow that Moody's expects will support debt
repayment. Integration risks, however, could slow down the pace of
debt reduction. Owens & Minor's has a solid track record of
delivering good revenue and earnings growth. The company will also
benefit from Apria's higher margin home health business.

The one notch instrument ratings downgrades reflect the increase in
the amount of debt within the capital structure.

The outlook is stable. Moody's expects that Owens & Minor's
financial leverage will improve towards 3.0x within 12-18 month of
the completion of the Apria acquisition.

Ratings confirmed:

Issuer: Owens & Minor, Inc.

Corporate Family Rating, confirmed Ba3

Probability of Default Rating, confirmed Ba3-PD

Ratings downgraded:

Issuer: Owens & Minor, Inc.

Senior secured rating to Ba3 (LGD4) from Ba2 (LGD3)

Senior unsecured rating to B2 (LGD5) from B1 (LGD5)

Ratings assigned:

Issuer: Owens & Minor, Inc.

New senior secured first lien term loan, at Ba3 (LGD4)

Outlook action:

Owens & Minor, Inc.

The rating outlook, previously rating on review, is stable

RATINGS RATIONALE

Owens & Minor's Ba3 CFR is supported by the company's track record
of delivering good revenue and earnings growth. It also reflects
Moody's expectation that financial leverage, which will increase to
3.6x pro forma for the Apria acquisition, will improve towards 3x
within 12-18 months of the completion of the acquisition. The
rating is also supported by Owens & Minor's leading position in the
medical and surgical supply distribution business supplemented by a
manufacturing business, which has higher profitability. Owens &
Minor focuses on single-use consumable products which have low
levels of technological obsolescence risk but are essential to the
provision of healthcare in a wide range of settings. Owens & Minor
will benefit from an expanded product range following the
acquisition of Apria with strong position in home respiratory
therapy. Moody's expects that Owens & Minor will maintain
profitability and generate positive free cash flow even when the
pandemic-related tailwind ebbs.

The rating is constrained by Owen's & Minor's modest scale, and low
distribution margins reflecting a highly competitive industry, and
inherent risks related to the integration of Apria.

The Speculative Grade Liquidity Rating of SGL-1 reflects the
company's very good liquidity, including ample headroom under its
financial covenants, positive free cash flow after required debt
amortization and access to external credit facilities. At December
31, 2021, Owens & Minor had unrestricted cash of $56 million. The
company has no maturity until 2024. Liquidity is also supported by
a $300 million revolving credit facility (unused as of December 31,
2021) that will expire in March 2026 and a $450 million asset
receivable securitization facility that matures in March 2024. This
facility had utilization of $197 million as of December 31, 2021.

As proposed, the new credit facilities are expected to provide
covenant flexibility that if utilized could negatively impact
creditors. The credit facility contains incremental debt capacity
up to the greater of $660 million and 100.0% of consolidated
EBITDA, plus unlimited amounts so long as the First Lien Leverage
Ratio does not exceed 0.25 to 1.00 above the First Lien Leverage
Ratio on closing date, or “no worse than” 1.00 above the First
Lien Leverage Ratio if incurred to finance a permitted
acquisition). No portion of the incremental debt may be incurred
with an earlier maturity than the initial first lien term loans.

The credit facilities also include provisions allowing the transfer
of assets to unrestricted subsidiaries, subject to carve-out
capacities, subject to "blocker" provisions which restrict (i) the
designation of a restricted subsidiary as an unrestricted
subsidiary if it owns material intellectual property; and (ii) the
transfer, sale, distribution or contribution of material
intellectual property to an unrestricted subsidiary.

Only wholly-owned subsidiaries are required to act as subsidiary
guarantors. The risk of a release of guarantees is moderated by the
protection language that no guarantor shall be released from its
guarantee as a result of it becoming an "Excluded Subsidiary"
solely as a result of it becoming a non-wholly owned subsidiary.

The credit agreement provides some limitations on up-tiering
transactions, including the requirement that all lenders directly
and adversely affected consent to the subordination of the liens on
the collateral securing the senior facility.

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

ESG considerations are material to Owens & Minor's credit profile.
Social risks considerations include Moody's expectations that Owens
& Minor will be able to grow volumes over the longer term, largely
because of demographic trends including the overall aging of the US
population. However, near-term demand could be adversely affected
by the trajectory of the coronavirus pandemic. In addition, while
Owens & Minor is not exposed to direct reimbursement risk, its
customers, most of which are acute care hospitals, face significant
pressure from public and private payors to lower the overall cost
of healthcare. Pricing pressure from payors will persist for the
foreseeable future and in turn will cause pricing pressure to
persist for suppliers to hospitals. With respect to governance,
Moody's expects Owens & Minor to operate with moderate financial
leverage in line with the company's public leverage target between
2x and 3x.

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

The ratings could be upgraded if the company is able to increase
its scale, improves diversification while maintaining balanced
financial policies. Specifically, if adjusted debt/EBITDA is
expected to be sustained below 2.0x, Moody's could upgrade the
ratings.

The ratings could be downgraded if the company's operating
performance deteriorates, in particular as it integrates Apria, and
if the company fails to reduce leverage through a combination of
earnings growth and debt repayment, or if liquidity deteriorates.
Specifically, if adjusted debt/EBITDA is sustained above 3.0x,
Moody's could downgrade the ratings.

Owens & Minor, headquartered in Mechanicsville, VA, is a nationwide
provider of distribution and logistics services to the healthcare
industry. Owens & Minor operates two divisions: Global Solutions
that includes a comprehensive portfolio of products and services to
healthcare providers and manufacturers, and Global Products that
manufactures and sources medical surgical products. In 2021 Owens &
Minor had revenue of $9.8 billion.

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


PARAMOUNT RESOURCES: S&P Raises ICR to 'B+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Calgary-based
exploration and production company Paramount Resources Ltd. to 'B+'
from 'B'.

The stable outlook reflects S&P's expectation that the company will
generate strong credit measures over the next 12 months, with
adjusted funds from operations (FFO) to debt averaging well above
60% and adjusted debt to EBITDA below 1x.

Favorable oil and natural gas prices, increased production, and
debt repayment should lead to strong credit measures. Oil prices
have remained on an upward trajectory since early 2021 and while
the Russia-Ukraine conflict has spiked prices, S&P believes global
supply and demand fundamentals have strengthened and should support
higher near-term prices. Natural gas prices have also continued
strengthening, benefitting from a robust liquefied natural gas
export market, and reduced associated gas production in the U.S. At
the same time, condensate prices (about 35% of Paramount's
production) have been trending close to West Texas Intermediate
(WTI), benefitting from reduced import volumes and lower domestic
supply, while demand from oil sands producers has remained
relatively stable.

S&P said, "Following the latest revision in our oil and gas price
assumptions, we forecast average FFO to debt of more than 100% with
debt to EBITDA of below 1x. The improvement is also led by absolute
debt reduction (C$427 million repaid under the credit facility
during 2021), and our expectation for production increasing to more
than 100,000 barrels of oil equivalent (boe) by 2023 from 82,000
boe per day in 2021.

"The upgrade also reflects the lower gross debt, which should help
the company better manage commodity price volatility. We project
Paramount to generate materially improved cash flows in 2022 and
2023, with adjusted FFO estimated to average C$850 million-C$900
million. We expect capital spending in the C$500 million per year
area over the next two years as the company aims to increase
production by 25% to above 100,000 boe per day by 2023 from 2021
levels. The spending is primarily focused on drilling and
debottlenecking operations at the company's higher return
liquids-focused properties of Karr and Wapiti, where management
expects to bring close to a total of 40 wells onstream during 2022.
Paramount also expects to develop its Duvernay plays at Kaybob
North and Smoky in 2023 leveraging existing infrastructure. Based
on our projections, the company will generate positive free cash
flows averaging in the low-to-mid C$300 million area. Although the
company has increased dividends (about C$135 million annually), we
believe it will continue to pay down debt in line with its publicly
stated net debt target of C$300 million (assumed to be achieved by
year-end 2022). Beyond that, we have not assumed any further debt
paydowns and believe management is likely to distribute excess cash
to shareholders, and/or invest further in the business.

"In our view, the lower target debt of C$300 million (a more than
50% decline from 2020) and higher production provide sufficient
downside cushion to absorb commodity price volatility. Management
has also hedged 33% of 2022 production to limit downside risk. We
believe the company should be able to maintain the rating even
under our long-term pricing assumptions of WTI at US$50/barrel
(/bbl) and AECO at US$2.25 per million British thermal unit
(mmBtu). Based on our forecasts, all else equal, we project an
FFO-to-debt ratio above 60% even under these pricing assumptions.
Underpinning this is our expectation that management will limit
spending to maintenance levels (estimated to be about C$325 million
in 2023) and fund dividends from internal cash flows such that debt
does not exceed C$300 million.

"We believe Paramount's profitability and proved developed reserves
limit upside to the business risk assessment and rating. Paramount
has good scale and geographic diversification, operating in key
Canadian plays such as Montney formation developments at Karr and
Wapiti, and Duvernay formation developments in its Kaybob region
and at Willesden Green. In addition, it has sizable undeveloped
acreage and vertically integrated midstream assets, including
infrastructure at Kaybob. We also believe it has some degree of
competitive advantage through its ownership of Fox Drilling, which
drills its wells at Karr and Wapiti.

"However, our business risk assessment is constrained by the
company's low PD ratio of 37% of proved reserves and weaker
profitability measures relative to those of peers. Paramount's
large proved undeveloped reserves (PUD) and the associated capital
required to convert the company's sizable PUDs are a significant
factor constraining our assessment of Paramount's business risk
profile. At the same time, the company has weaker profitability
measures than those of peers in the 'B' category. Based on our
five-year profitability assessment, which we calculate on a unit
EBIT per/thousand cubic feet equivalent basis, we estimate the
company's unit EBIT to rank in the bottom quartile of the North
American peer group. Nevertheless, we believe per unit costs should
fall as production increases in the Grande Prairie region where
well economics are more competitive, and the company benefits from
efficiency gains. In addition, the company has competitive finding
and development costs relative to those of peers and has lower
production decline rates primarily driven by Kaybob, resulting in
low sustaining capital requirements relative to those of peers.

"The stable outlook reflects our expectation that favorable
commodity prices, absolute debt repayment, and production growth
should enable Paramount to generate strong credit measures in the
next two years. Specifically, we project the company to generate an
adjusted FFO-to-debt ratio averaging well above 60% over our
two-year forecast period (2022-2023). The outlook also reflects our
expectation that management will continue to lower debt and limit
discretionary spending within internal cash flow generation.

"We could lower the rating if the FFO-to-debt ratio declined to
below 30%, with limited prospects of improvement. We believe this
could occur if commodity prices fall sharply and management fails
to correspondingly reduce discretionary spending, resulting in
material negative free cash flows.

"Although unlikely over the next 12 months, we could raise our
rating on Paramount if it demonstrates improved profitability and
is able to improve its scale and PD reserves ratio to closely align
with those of higher-rated peers. In our view, these business risk
improvements would lessen the impact of an unanticipated
operational event in any of its producing areas or commodity price
volatility on cash flow generation. In this scenario, we would also
expect Paramount to sustain an FFO-to-debt ratio comfortably above
45% under our long-term price deck and continue to spend within
internally generated cash flows."

ESG credit indicators: E-4, S-2, G-2



PIAGGIO AMERICA: Unsecureds to Get Some Recovery in Plan
--------------------------------------------------------
Piaggio America, Inc., submitted a Chapter 11 Plan of Liquidation
and a Disclosure Statement.

The Plan is based upon a transfer of all Claims and Assets,
including Causes of Action, to a liquidating trust of which Holders
of Allowed Claims will be beneficiaries.  The Debtor or the
Liquidation Trustee will conduct an orderly liquidation and an
auction either before confirmation of the Plan or after
confirmation of the Plan, for the sale of all or substantially all
of the Debtor's Assets in order to pay Holders of Allowed Claims
pursuant to the terms of the Plan.  The Debtor believes that
liquidation under a chapter 11 plan will result in greater
distributions being made to holders of Allowed Claims than those
provided for under chapter 7.  Further, if the Case is dismissed,
creditors would be faced with the costs and difficulties of
attempting to collect claims, and holders of Allowed General
Unsecured Claims would likely receive little to no recovery.

Class 3 consists of Allowed General Unsecured Claims, including
Rejection Claims.  Class 3 consists of Allowed General Unsecured
Claims, including any claims for damages resulting from the
Debtor's rejection of executory contracts and unexpired leases.
For the avoidance of doubt, Class 3 excludes the Allowed Unsecured
Priority Claims and Subordinated General Unsecured Claims
separately classified and treated in Classes 2 and 4 of the Plan.
Each holder of Allowed Class 3 Claim shall receive Pro Rata
distributions of the Liquidating Trust Assets in full satisfaction
and release of their respective Allowed Claims. Class 3 is
impaired.

Class 4 Subordinated General Unsecured Claim of National Union
First Insurance Company of Pittsburgh, PA, total $2,095,704.  The
Class 4 Claim of NUFIC is subordinated to the holders of claims in
Classes 1, 2 and 3.  The holder of the Class 4 Claim, NUFIC, will
only be entitled to a distribution to the extent that the holders
of Allowed Claims in Class 3 are paid 100% of the Allowed amounts
of the Class 3 Claims. Class 4 is impaired.

The Plan shall be funded from the Liquidation Trust Assets,
including but not limited to cash held by the Debtor on the
Effective Date and any proceeds from the sale, liquidation or other
disposition of all or substantially all of the Debtor's Assets.

Counsel for the Chapter 11 Debtor:

     Joaquin J. Alemany, Esq.
     Arthur E. Rosenberg, Esq.
     Edward M. Fitzgerald, Esq.
     HOLLAND & KNIGHT LLP
     701 Brickell Avenue, Suite 3300
     Miami, Florida 33131
     Telephone: (305) 789-7763
     Facsimile: (305) 789-7799
     E-mail: joaquin.alemany@hklaw.com
             arthur.rosenberg@hklaw.com
             edward.fitzgerald@hklaw.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3pLvBIr from PacerMonitor.com.

                    About Piaggio America

West Palm Beach, Fla.-based Piaggio America Inc. --
http://www.piaggioaerospace.it/-- is a manufacturer of aerospace
products and parts.  It designs, develops, and supports unmanned
aerial systems, business, special missions, and ISR aircraft and
aero engines.

Piaggio America filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 21
13491) on April 13, 2021.  Paolo Ferreri, chief executive officer,
signed the petition.  In the petition, the Debtor disclosed $1
million to $10 million in assets and $10 million to $50 million in
liabilities.  

Judge Erik P. Kimball presides over the case.

Holland & Knight, LLP and Sonoran Capital Advisors, LLC serve as
the Debtor's legal counsel and financial advisor, respectively.


PROSPECT-WOODWARD HOME: Says Lienholders Objections Resolved
------------------------------------------------------------
The Prospect-Woodward Home, d/b/a Hillside Village, filed an
omnibus reply in support of the Motion of Debtor for Entry of an
Order Approving the Adequacy of the Disclosures in the Combined
Plan and Disclosure Statement.

"The purpose of a disclosure statement is to provide 'adequate
information' to creditors to enable them to decide whether to
accept or reject the proposed plan." In re Ferretti, 128 B.R. 16,
18 (Bankr. D.N.H. 1991). The Disclosure Statement contains
"adequate information" within the meaning of Bankruptcy Code
section 1125, and therefore, should be approved. For the benefit of
the Court and other parties in interest, attached hereto as Exhibit
C with the following link, https://bit.ly/3Mp3V5V, is a chart
detailing the objections filed to the Solicitation Motion and
interim approval of the Disclosure Statement (each individually an
"Objection" and collectively, the "Objections"). The chart
summarizes the substance of each Objection and the Debtor's
responses thereto.

The Debtor has used the time since the January Hearing to negotiate
with parties that were willing to work with the Debtor in good
faith to resolve their Objections and believes that the Plan,
Disclosure Statement, and Proposed Order resolves all outstanding
issues and objections (both formal and informal) from the U.S.
Trustee, the Committee, the Bond Trustee, SBW, and the State. The
only outstanding Objections are from J.N.R. Gutters, Inc. ("JNR"),
Denron Plumbing & HVAC, LLC ("Denron"), Wallace Building Products
Corporation ("Wallace"), and The MacMillin Company, LLC
("MacMillin", and together with JNR, Denron, and Wallace, the
"Objecting Mechanics Lienholders").

After the initial hearing on the Disclosure Statement, the Debtor
reached out to the Objecting Mechanics Lienholders in an attempt to
resolve their objections and they refused to provide (a) any
language that would resolve their alleged issues with adequate
information in the Disclosure Statement; or (b) an escrow amount
sufficient to ensure their clients' interests would be protected.
Instead, they sought a global settlement of their underlying
claims. Their Objections are not asserted in good faith, as
evidenced by their refusal to provide language that would resolve
their concerns as is typical. Instead, they disguise confirmation
objections as adequate information objections despite the fact that
they are the only party impacted by the alleged failure to disclose
certain information.

Consistent with their obstructionist approach to the Disclosure
Statement, every party in interest recognizes that there is a
dispute between the Bond Trustee and the Objecting Mechanics
Lienholders as to the priority of their respective claims. This has
been the issue since this Chapter 11 Case was filed almost six
months ago, but there has been zero progress made on this issue, to
the detriment of the Debtor and its estate. The Debtor is currently
holding over $34 million in cash. There is no doubt that the Bond
Trustee has a first priority lien on over $20 million of that
amount. Instead of agreeing to an interim distribution of the sale
proceeds or agreeing to a plan process that would provide a
distribution of some of the cash, the Objecting Mechanics
Lienholders are providing the Debtor with no path forward.

The Debtors have repeatedly attempted to resolve the concerns of
the Objecting Mechanics Lienholders (both before and after the
January Hearing), but they have refused to provide any language to
the Plan, Disclosure Statement, or Solicitation Motion, including
the appropriate amount of the Mechanics Lienholder Reserve.
Nevertheless, the Debtor has made modifications to the Plan and
Disclosure Statement in a good faith attempt to resolve their
purported concerns. These changes are still unacceptable to the
Objecting Mechanics Lienholders, who simultaneously have offered no
way to make the Plan and Disclosure Statement acceptable to them.

For the reasons set forth herein, the Debtor requests that each of
the Objecting Mechanics Lienholders be overruled and the Debtor be
permitted to solicit acceptance of the Plan.

Counsel to the Debtor:

     Daniel M. Deschenes, Esq.
     Owen R. Graham, Esq.
     HINCKLEY, ALLEN & SNYDER LLP
     650 Elm Street
     Manchester, New Hampshire 03101
     Telephone: (603) 225-4334
     Facsimile: (603) 224-8350
     E-mail: ddeschenes@hinckleyallen.com

          - and -

     Jennifer V. Doran, Esq.
     28 State Street
     Boston, Massachusetts 02109
     Telephone: (617) 345-9000
     Facsimile: (617) 345-9020
     E-mail: jdoran@hinckleyallen.com

          - and -

     Jeremy R. Johnson, Esq.
     Stephen J. Astringer, Esq.
     POLSINELLI PC
     600 Third Avenue, 42nd Floor
     New York, New York 10016
     Telephone: (212) 684-0199
     Facsimile: (212) 684-0197
     E-mail: jeremy.johnson@polsinelli.com
             sastringer@polsinelli.com

                About Prospect-Woodward Homes

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

On Aug. 30, 2021, Prospect-Woodward Home sought Chapter 11
protection (Bankr. D.N.H. Case No. 21-10523), listing up to $50
million in assets and up to $100 million in liabilities.  Judge
Bruce A. Harwood oversees the case.

The Debtor tapped Polsinelli, PC, as bankruptcy counsel; Hinckley,
Allen & Snyder, LLP as special counsel; Silverbloom Consulting, LLC
as financial consultant; and OnePoint Partners, LLC as
restructuring advisor.  Toby B. Shea of OnePoint Partners serves as
the Debtor's chief restructuring officer.  Donlin, Recano &
Company, Inc. is the claims and noticing agent and administrative
agent.

The U.S. Trustee for Region 1 appointed an official committee of
unsecured creditors on Sept. 9, 2021.  Perkins Coie, LLP and McLane
Middleton, Professional Association serve as the committee's lead
bankruptcy counsel and local counsel, respectively.


PURDUE PHARMA: Judge Drain Approves $6-Bil. Opioid Settlement
-------------------------------------------------------------
Jeremy Hill, writing for Bloomberg News, reports that U.S.
Bankruptcy Judge Robert Drain approved a settlement among members
of the Sackler family that own Purdue Pharma LP and a handful of
states that had been fighting its multibillion-dollar opioid deal.

The new agreement, which would boost the Sackler family's
contribution to as much as $6 billion, is contingent on Purdue
Pharma prevailing in an ongoing appeal of its bankruptcy plan.  An
arm of the Justice Department is continuing to fight that plan
because it would give members of the Sackler family broad
protections from future opioid lawsuits.

                  CT Attorney Gen. Statement

Connecticut Attorney General William Tong released the following
statement after U.S. Bankruptcy Judge Robert Drain approved the $6
billion Purdue bankruptcy plan.

"No settlement will ever come close to addressing the magnitude of
suffering and harm caused by Purdue and the Sackler family. But in
reaching this $6 billion settlement we recognized that we could not
stall this process forever for victims and our sister states. I
thank the Bankruptcy Court for its approval, and for its support
for the hearing tomorrow that will give victims and survivors the
opportunity to speak directly to the Sacklers and share the damage
and destruction they have caused. We are not done fighting for
justice against the addiction industry."

Attorney General Tong announced last week that he had negotiated an
agreement that forces Purdue Pharma and the Sackler family to pay
$6 billion to victims, survivors, and states for their role in the
opioid epidemic -- 40 percent more than the previously vacated
settlement appealed by Connecticut.  This is a civil settlement.
This plan does not release the Sacklers from any potential future
criminal liability.

Attorney General Tong has said he intends to use a portion of the
settlement funds to establish an Opioid Survivors Trust to directly
aid survivors and victims of the opioid epidemic.

                    About Purdue Pharma LP

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

Purdue filed its Chapter 11 Plan on March 15, 2021. A 12th amended
Chapter 11 plan was filed on Sept. 2, 2021, which was confirmed on
Sept. 17. Purdue divides the claims against it into several
categories, one of which it calls "PI Claims," consisting of claims
"for alleged opioid-related personal injury." The plan provides for
the creation of the "PI Trust," which will administer all PI
Claims. The trust will be funded with an initial distribution of
300 illion on the effective date of the Chapter 11 plan, followed
by a distribution of $200 million in 2024, and distributions of
$100 million in 2025 and 2026. In sum, "[t]he PI Trust will receive
at least $700 million in value, and may receive an additional $50
million depending on the amount of proceeds received on account of
certain of Purdue's insurance policies."

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


RAM DISTRIBUTION: Court Junks Suit vs. Gunnar Without Prejudice
---------------------------------------------------------------
Ram Distribution Group LLC, d/b/a Tal Depot, commenced an adversary
proceeding against Joseph Gunnar & Co., LLC, asserting claims for
breach of contract and breach of the implied duty of good faith and
fair dealing. According to plaintiff, this dispute stems from a
January 2017 engagement letter between the parties under which
defendant agreed to act as financial advisor to plaintiff in
connection with a proposed initial public offering of plaintiff's
securities. Plaintiff claims wrongful conduct by defendant
precluded plaintiff's completion of the public offering process and
that defendant failed to fulfill its obligations under the
engagement letter.

Defendant filed a motion to dismiss the Complaint pursuant to Rule
12(b)(6) of the Federal Rules of Civil Procedure and made
applicable to the adversary proceeding by Bankruptcy Rule 7012(b).

Judge Louis A. Scarcella of the United States Bankruptcy Court for
the Eastern District of New York grants defendant's motion to
dismiss the Complaint, finding that plaintiff has not provided
sufficient "factual enhancement" to allow the Court to conclude it
has adequately and plausibly alleged defendant acted in bad faith
or that its behavior was grossly negligent.

Plaintiff's claims of bad faith and gross negligence are nothing
more than "a legal conclusion couched as a factual allegation,"
Judge Scarcella says. The Complaint does not adequately and
plausibly support plaintiff's claim that defendant's conduct
approaches the level of "egregious intentional misbehavior evincing
extreme culpability: malice, recklessness, deliberate or callous
indifference to the rights of others, or an extensive pattern of
wanton acts," he points out. As such, plaintiff has not
sufficiently alleged a breach of the engagement letter by reason of
acts of bad faith and gross negligence, the Court rules.

The plaintiff also argues defendant deprived it of the benefit of
the bargain when defendant did not terminate the engagement when
defendant knew it could no longer perform under the contract.
Plaintiff admits -- as defendant argues -- defendant was not
obligated to terminate its participation in the transaction.
However, plaintiff contends that once defendant knew it could not
perform, it acted in bad faith by not terminating the engagement
thus freeing plaintiff to contract with another investment bank to
gain the benefit of an IPO.

Judge Scarcella rules that Plaintiff's argument to the contrary is
unpersuasive. The allegation that defendant breached the implied
covenant of good faith and fair dealing arises from the same facts
as plaintiff's breach of contract claim. In support of its claim
that defendant breached the implied covenant of good faith and fair
dealing, plaintiff again alleged, albeit in conclusory fashion,
that defendant breached the engagement letter "by its gross
negligence and willful misconduct" and that it should have known it
could not meet its performance duties under the engagement letter.
These claims rest on the same factual allegations as plaintiff's
breach of contract claim. Plaintiff also seeks the same damages on
its claims for breach of the implied covenant and fair dealing and
breach of contract. Because the facts upon which both claims are
predicated are identical and both claims seek identical damages,
plaintiff's claim for breach of the implied covenant of good faith
and fair dealing is dismissed as duplicative. "Under New York law,
claims are duplicative when both 'arise from the same facts and
seek the identical damages for each alleged breach.'"

Accordingly, Judge Scarcella granted defendant's motion to dismiss
the Complaint. In its motion, defendant asked that the Complaint be
dismissed with prejudice. The Court declines to do so. Although in
opposing defendant's motion to dismiss the Complaint, plaintiff did
not request leave to amend should the Court find in favor of
defendant, plaintiff may decide that the defects identified by the
Court can be remedied.

A full-text copy of the Memorandum Decision and Order dated
February 25, 2022, is available at https://tinyurl.com/2ta38x98
from Leagle.com.

The adversary proceeding is RAM DISTRIBUTION GROUP LLC dba TAL
DEPOT, Plaintiff, v. JOSEPH GUNNAR & CO., LLC, Defendant, Adv. Pro.
No. 8-20-08081-las (Bankr. E.D.N.Y.).

                 About Ram Distribution Group

Tal Depot owns and operates an e-commerce website at
https://taldepot.com/ that sells snacks, drinks, groceries,
wellness, and home goods products.

Ram Distribution Group, LLC, d/b/a Tal Depot, filed for Chapter 11
bankruptcy protection (Bankr. E.D.N.Y. Case No. 19-72701) on April
12, 2019.  In the petition signed by CEO Jeremy J. Reichmann, the
Debtor was estimated to have $100,000 to $500,000 in assets and $10
million to $50 million in liabilities.  

Btzalel Hirschhorn, Esq., at Shiryak, Bowman, Anderson, Gill &
Kadochnikov LLP is the Debtor's counsel.  Analytic Financial Group,
LLC, d/b/a Corporate Matters, serves as financial advisors to the
Debtor.


RED PROPERTIES: Gets OK to Hire Dentons as Bankruptcy Counsel
-------------------------------------------------------------
Red Properties, LLC received approval from the U.S. Bankruptcy
Court for the District of Maine to employ Dentons Bingham
Greenebaum, LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a) advising the Debtor regarding the requirements of the
bankruptcy court, the Office of the U.S. Trustee and U.S.
bankruptcy law;

     b) advising the Debtor with regard to certain rights and
remedies of the bankruptcy estate and the rights, claims, and
interests of creditors, and bringing such claims as the Debtor, in
its business judgment, pursues;

     c) representing the Debtor in any proceeding or hearing in the
bankruptcy court involving the estate unless it is represented in
such proceeding or hearing by special counsel;

     d) conducting examinations of witnesses, claimants or adverse
parties, and representing the Debtor in any adversary proceeding
(except to the extent that any such adversary proceeding is in an
area outside of Dentons' expertise);

     e) reviewing and analyzing various claims of creditors and
treatment of such claims, and filing objections thereto;

     f) preparing legal papers;

     g) assisting in the negotiation, preparation, and confirmation
of a plan of reorganization;

     h) performing other necessary legal services for the Debtor.

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

     Andrew Helman, Partner                 $415
     Christopher Madden, Senior Associate   $370
     Gina Young, Managing Associate         $310

The firm holds a security retainer in the amount of $15,500.

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

The firm can be reached through:

     Andrew C. Helman, Esq.
     Dentons Bingham Greenebaum, LLP
     254 Commercial Street, Suite 245
     Portland, ME 04101
     Phone: (207) 619-0919
     Email: andrew.helman@dentons.com

                       About Red Properties

Red Properties, LLC, a company in Portland, Maine, filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Maine Case No. 22-20014) on Feb. 2, 2022, listing
as much as $10 million in both assets and liabilities. Edward
Walsh, sole member, signed the petition.  

Judge Michael A. Fagone oversees the case.

Andrew C. Helman, Esq., at Dentons Bingham Greenebaum, LLP
represents the Debtor as legal counsel.


RENAISSANCE HOLDING: Moody's Rates New $475MM Loan Add-on 'B2'
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Renaissance
Holding Corp.'s ("Renaissance Learning") proposed $475 million
first lien term loan add on due 2029.  The incremental first lien
term loan will be used to fund an acquisition (a provider of K-12
assessment and data tools) as well as pay related expenses.  The
proposed debt add-on is credit negative because it will increase
debt and leverage.  However, the transaction has no impact to the
company's B3 Corporate Family Rating, B3-PD Probability of Default
Rating, B2 rating for the existing first lien credit facilities
(revolver and term loan), Caa2 rating on the second lien term loan,
as well as its stable outlook.

The existing ratings are not affected despite the increase in
leverage because Moody’s believes the company will continue to
generate good free cash flow and earnings growth that will lead to
de-leveraging and maintenance of good liquidity. Pro forma for the
$475 million add-on, Moody's adjusted debt-to-EBITDA is increasing
from the mid 8x for the LTM period ended December 31, 2021 to the
mid 9x (after expensing software development cost and not including
change in deferred revenue). This compares to leverage of over 10x
post the debt funded Nearpod acquisition a year ago.

Additionally, the pro forma leverage is similar to the leverage
profile post the LBO transaction in 2018 when the company was much
smaller in scale with much narrower product offerings. Although
Moody’s expects leverage will decline to below 8x over the next
12 to 18 months with earnings growth, leverage is expected to
remain high and range bound over the longer term given its private
equity ownership and a growth strategy that incorporates strategic
debt funded acquisitions that tend to have high acquisition
multiples.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Renaissance Holding Corp.

Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)

LGD Adjustments:

Senior Secured 2nd Lien Term Loan, Adjusted to (LGD6) from (LGD5)

RATINGS RATIONALE

Renaissance Learning’s B3 CFR broadly reflects its consistently
high leverage as the result of an aggressive growth strategy with
debt funded acquisitions. Pro forma for the debt funded
acquisition, Moody’s adjusted debt-to-EBITDA is in the mid 9x
(after expensing software development cost) for the LTM period
ended December 31, 2021. Although Moody’s expect debt-to-EBITDA
leverage will decline to about 8x over the next 12 to 18 months due
to earnings growth, leverage is expected to remain high and range
bound over the longer term given its private equity ownership and a
growth strategy that incorporates strategic debt funded
acquisitions. The rating is also constrained by the competitive
nature of the industry with other participants in the relatively
fragmented K-12 digital learning and assessment market. High
investment needs will consume cash as the company continues to
enhance content and product features to maintain competitiveness.
However, the rating is supported by its established brand name with
a portfolio of well-recognized product offerings in the digital
education market, and solid growth prospects driven by favorable
industry fundamentals such as the transition of educational
services to more digital-oriented delivery. The rating also
benefits from the company’s relatively stable cash generating
capability due to a high level of recurring revenue and good
margins. The rating also acknowledges Renaissance Learning’s good
liquidity.

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

Moody’s views Renaissance Learning's governance risk as high due
to an aggressive financial policy under private equity ownership by
Francisco Partners and Blackstone. Renaissance Learning's board of
directors consists of the management team and representatives from
its sponsors. Financial disclosures are also more limited than for
public companies.

Other social risks include reliance on a specialized workforce to
develop and maintain the educational content and technology
platform necessary to provide the service, as well as reliance on
good customer relationships supported by service quality and
brands. The ongoing costs to maintain a skilled workforce, product
development, and sustain the customer base can weaken margins and
free cash flow.

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

The stable outlook reflects Moody's view that Renaissance
Learning’s leverage will remain high and range bound given its
private equity ownership and growth by acquisition strategy. The
stable outlook reflects Moody’s expectation that the company will
maintain good liquidity with solid free cash flow generation of at
least $50 million over the next year.

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

The ratings could be downgraded if growth is weaker than expected
and leverage is not declining rapidly, market share declines,
EBITA-to-interest expense less than 1.0x, free cash flow to debt is
below 1%, or liquidity deteriorates.

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

Renaissance Learning is a provider of subscription-based
educational practice and assessment software and school improvement
programs for kindergarten through senior high (K-12) schools. The
company is owned by private equity firms Francisco Partners and
Blackstone. Pro forma for the acquisition, the company generated
billings of about $627 million for FY2021 ended December 31, 2021.


REYTECH SERVICES: Seeks to Hire Norred Law as Bankruptcy Counsel
----------------------------------------------------------------
Reytech Services, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire Norred Law, PLLC to
serve as legal counsel in its Chapter 11 case.

The firm's services include:

     a. advising the Debtor of its powers and duties in the
management of its property;

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

     c. assisting the Debtor in the preparation of all
administrative documents required to be filed;

     d. preserving the assets and interests of the estate;

     e. advising the Debtor in connection with any potential sales
of assets;

     f. appearing before the court and the Office of the U.S.
Trustee;

     g. assisting in the formulation of a disclosure statement and
plan of reorganization; and

     h. performing all other necessary legal services for the
Debtor.

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

     Attorneys            $300 to $425
     Paraprofessionals    $90 to $120

The firm received a $21,738 retainer.

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

The firm can be reached through:

     Clayton L. Everett, Esq.
     Norred Law, PLLC
     515 E. Border
     Arlington, TX 76010
     Tel: (817) 704-3984
     Email: clayton@norredlaw.com

                      About Reytech Services

Reytech Services, LLC is a utilities construction company in Grand
Prairie servicing the greater north Texas and surrounding
communities. Its primary business comes from public and municipal
construction projects, which require surety bonds.

Reytech sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Texas Case No. 22-40334) on Feb. 17, 2022, listing as
much as $10 million in both assets and liabilities. Judge Mark X.
Mullin oversees the case.

Clayton L. Everett, Esq., at Norred Law, PLLC is the Debtor's legal
counsel.

FCCI Insurance Company, creditor of Reytech, is represented by the
Law Offices of Robert M. Fitzgerald, PC and Weinstein Radcliff
Pipkin, LLP.


ROCKWORX INC: Wins Cash Collateral Access
-----------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has
authorized Rockworx, Inc. to use cash collateral.

As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral on an interim basis in
accordance with an alternative budget and provide adequate
protection to parties claiming an interest in the Debtor's cash
collateral on a preliminary basis.

The Debtor had considerable financial difficulties in the past few
years and then the impact of COVID-19 hit hard. Beginning in July
2021, the Debtor began changing its business model and business
practices and, as a result, its business operation has been
improving. The Debtor has analyzed its financial and operating
difficulties, identified potential changes to its business model
and intends to make these changes as part of its reorganization.

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

                        About Rockworx Inc.

Rockworx, Inc., an aggregate supplier in Pueblo, Colo., filed its
voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case
No. 21-14527) on Aug. 31, 2021, listing $1,310,706 in assets and
$1,310,706 in liabilities.  Rockworx President Sean Dudley signed
the petition.

Judge Kimberley H. Tyson oversees the case.

The Fox Law Corporation, Inc. and Kutner Brinen Dickey Riley, P.C.
serve as the Debtor's lead bankruptcy counsel and local counsel,
respectively.  Lucove Say & Co. is the Debtor's accountant.



RSP PITTSBURGH: April 6 Hearing on Disclosures and Plan Set
-----------------------------------------------------------
Judge Carlota M. Bohm has entered an order conditionally approving
the Disclosure Statement of RSP Pittsburgh, Inc.

On April 6, 2022, at 10:00 a.m., the final hearing on the
Disclosure Statement and Plan confirmation is scheduled via Zoom
Video Conference Application.

On or before March 25, 2022, all ballots accepting or rejecting the
Plan must be served on the attorney for the Plan Proponent.
Attorney for the Plan Proponent must file a Summary of the
balloting no later than 4 days before the Plan confirmation
hearing.

On or before March 25, 2022, all objections to the Disclosure
Statement and/or objections to Plan confirmation must be filed and
served.

                      About RSP Pittsburgh

RSP Pittsburgh, Inc., filed a petition for Chapter 11 protection
(Bankr. W.D. Pa. Case No. 21-21968) on Sept. 7, 2021, listing as
much as $500,000 in both assets and liabilities.  Judge Carlota M.
Bohm oversees the case.  Dennis J. Spyra, Esq., is the Debtor's
bankruptcy attorney.


RVR GENERAL: Case Summary & Five Unsecured Creditors
----------------------------------------------------
Debtor: RVR General Construction, Inc.
        17666 Randall Ave
        Fontana, CA 92335

Business Description: RVR General Construction is a foundation,
                      structure, and building exterior contractor.

Chapter 11 Petition Date: March 12, 2022

Court: United States Bankruptcy Court
       Central District of California

Case No.: 22-10891
    
Judge: Hon. Magdalena Reyes Bordeaux

Debtor's Counsel: Michael Jones, Esq.
                  M JONES & ASSOCIATES, PC
                  505 N Tustin Ave Ste 105
                  Santa Ana, CA 92705
                  Tel: 714-795-2346
                  E-mail: mike@mjonesoc.com

Total Assets: $1,253,217

Total Liabilities: $4,584,498

The petition was signed by Rafael Rivas as president.

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

https://www.pacermonitor.com/view/YQPV3UI/RVR_General_Construction_Inc__cacbke-22-10891__0001.0.pdf?mcid=tGE4TAMA


SAMARCO MINERACAO: Creditors Postpone Meeting to April 1
--------------------------------------------------------
Cristiane Lucchesi and Mariana Durao of Bloomberg News report that
creditors of Samarco Mineracao SA, an iron-ore producer jointly
owned by Vale SA and BHP Group, voted to halt a meeting and
reschedule it to April 1, hoping to negotiate and reach an
agreement on a debt restructuring plan, said people with direct
knowledge of the matter.

The expectation that an agreement could be reached came after
Samarco presented a new proposal to restructure its 50.5 billion
reais ($10 billion) debt in the creditors meeting Thursday, March
10, 2022, the people said, asking not to be named as discussions
are private.

Reuters reported in late February that Samarco Mineracao presented
a new debt restructuring proposal it hopes can win the support of
creditors at a meeting.  Creditors of the joint venture between
Vale SA (VALE3.SA) and BHP Group (BHP.AX) had been expected to vote
on the latest proposals to restructure some $5 billion in debt.

According to Reuters, federal and state authorities have been in
talks with Samarco since last year on potential reparations related
to a deadly dam burst in 2015. State prosecutors in Minas Gerais
said they expect to begin discussing total amounts by next month.

To address creditor concerns, the new proposal would cap the amount
Samarco would have to pay to Renova Foundation at $2.4 billion,
sources with knowledge of the matter told Reuters.  Any additional
cost would be funded by shareholders Vale and BHP.

The creditors' meeting was scheduled for February but was
rescheduled for March 10.

                   About Samarco Mineracao SA

Samarco Mineracao SA is a Brazilian mining joint venture between
BHP Group and Vale SA. It serves as an iron ore processing company.
The company provides blast furnace, direct reduction, sinter feed,
as well as low and normal silica content pellets.

On April 9, 2021, the Debtor filed a voluntary petition for
judicial reorganization in the 2nd Business State Court for the
Belo Horizonte District of Minas Gerais in Brazil pursuant to
Brazilian Federal Law No. 11,101 of Feb. 9, 2005.

Samarco Mineracao filed for Chapter 15 bankruptcy recognition
(Bankr. S.D.N.Y. Case No. 21-10754) on April 19, 2021, in New York,
to seek U.S. recognition of its Brazilian proceedings.

The Debtor's U.S. counsel is Thomas S. Kessler of Cleary Gottlieb
Steen & Hamilton LLP.


SCHULDNER LLC: Creditors to Get Proceeds From Asset Liquidation
---------------------------------------------------------------
Schuldner, LLC, filed with the U.S. Bankruptcy Court for the
District of Minnesota a Second Modified Subchapter V Small Business
Chapter 11 Plan dated March 8, 2022.

The Debtor is a Minnesota limited liability company which owns 15
rental properties in Duluth, Minnesota.  The Debtor was founded in
September 2015.

The Debtor filed its Chapter 11 Petition under Subchapter V of the
Bankruptcy Code on July 6, 2021. Steven B. Nosek was appointed as
the Subchapter V Trustee by Court Order dated July 7, 2021. On
September 17, 2021, the Debtor was removed from possession and the
Subchapter V Trustee was ordered to carry out the duties,
responsibilities and obligations of the Debtor by Court Order.

The Plan proposes to pay creditors of the Debtor with proceeds of
the liquidations of the assets of the Debtor. The Plan has a total
of: (1) one secured class; (2) one unsecured class; and (3) one
class for membership interests.

Class 1 consists of the secured claim (Claim No. 3-filed on
9/7/2021) of Wilmington Trust, National Association, as Trustee for
the Benefit of the Holders of B2R Mortgage Trust 2016-1 Mortgage
Pass-Through Certificates ("Wilmington") in the amount of
$2,584,840.  The Class 1 Claim, with a balance of $1,972,800, will
be paid with the net proceeds from the sale and liquidation of the
Debtor's assets.  The holder of the Class 1 Claim shall retain its
lien secured by the assets of the Debtor. The Class 1 creditor
shall either provide funds or permit the Debtor to retain funds
from the disposition and sale of assets in the aggregate amount of
$5,000.00, which shall be used toward payment of Class 2 General
Unsecured Claims ("General Unsecured Creditor Fund").

Class 2 consists of the allowed general unsecured claims against
the Debtor. No unsecured claims were scheduled by the Debtor.
However, the Trustee who was appointed to operate the Debtor's
business in this case is aware of 4 unsecured creditors, two of
which filed claims totaling approximately $15,000.00. The unsecured
creditors' claims total approximately $20,000.00. General Unsecured
Claims if any, will be paid (i) the $5,000.00 General Unsecured
Creditor Fund, and (ii) any remaining proceeds after the payment of
the Class 1 Claim. General Unsecured Claims will be paid on a
pro-rata basis.

Class 3 consists of all allowed membership interests of the Debtor.
Equity Membership holders are parties who hold an ownership
interest in the Debtor. The member of Class shall retain their
membership interests in the Debtor on their Effective Date.

On the Effective Date, all of the Debtor's respective rights,
title, and interest in and to all assets shall vest in the Debtor,
and in accordance with Sec. 1141 of the Bankruptcy Code. The Debtor
intends to liquidate all 15 rental properties located in Duluth, MN
within 180 days of the Courts confirmation of this Plan.

On the date that is the earlier of (i) the date the Debtor
liquidates all 15 rental properties; or (ii) 180 days after
confirmation of the Plan, the debtor in possession will be
reinstated pursuant to section 1185(b) of the Bankruptcy Code
("Reinstatement Date"). Until the Reinstatement Date, the Debtor
will remain in the position of being removed from possession of the
estate and the subchapter V trustee will continue to assume and
perform the additional duties.

A full-text copy of the Second Modified Plan dated March 8, 2022,
is available at https://bit.ly/3I5mskg from PacerMonitor.com at no
charge.

                      About Schuldner LLC

Duluth, Minnesota-based Schuldner, LLC is engaged in activities
related to real estate.  The company filed a Chapter 11 petition
(Bankr. D. Minn. Case No. 21-50323) on July 6, 2021.

In the petition signed by Carl Green, chief manager, the Debtor
disclosed $1,150,200 in total assets and $2,530,877 in total
liabilities.  Judge William J. Fisher is assigned to the case.
Joseph W. Dicker, P.A., is the Debtor's counsel.


SCUNGIO BORST: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Scungio Borst & Associates, LLC
        2 Riverside Drive, Suite 500
        Camden, NJ 08103

Business Description: Scungio Borst & Associates is a worldwide
                      construction services firm specializing in
                      general construction, consulting and project

                      management.

Chapter 11 Petition Date: March 11, 2022

Court: United States Bankruptcy Court
       Eastern District of Pennsylvania

Case No.: 22-10609

Judge: Hon. Ashely M. Chan

Debtor's Counsel: Aris J. Karalis, Esq.
                  KARALIS PC
                  1900 Spruce Street
                  Philadelphia, PA 19103
                  Tel: (215) 546-4500
                  E-mail: akaralis@karalislaw.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Scott P. Scungio, managing member of
Scungio & Company, LLC, member.

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

https://www.pacermonitor.com/view/5INGZIQ/Scungio_Borst__Associates_LLC__paebke-22-10609__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Federal Resources                  Term Loan         $3,865,817
Financial Credit Union
520 Route 22 East
Bridgewater, NJ 08807

2. Jersey Construction, Inc.          Trade Debt        $1,029,014
838 Piney Hollow Road
P.O. Box 557
Hammonton, NJ 08037

3. MARX Sheet Metal &                 Trade Debt          $503,247
Mechanical Inc.
373 High Street
Wilkes Barre, PA 18702

4. Louis N. Rothberg &                Trade Debt          $346,760
Son, Inc.
550 Cedar Avenue
Middlesex, NJ 08846

5. Federal Resources                Line of Credit        $278,511
Financial Credit Union
520 Route 22 East
Bridgewater, NJ 08807

6. IT Landes Company                  Trade Debt          $265,753
247 Main Street
Harleysville, PA 19438

7. 2M Electric LLC                    Trade Debt          $255,810
109 Camars Drive
Warwick, PA 18974

8. Philadelphia                       Trade Debt          $245,304
Carpentry Systems
5 N. Columbus
Blvd., Pier 5
Philadelphia, PA
19103

9. William Walter                     Trade Debt          $215,738
Construction Group LLC
1431 N. Tuckahoe Road
Williamstown, NJ 08094

10. Riley Glazing Inc.                Trade Debt          $188,333
200 E. Washington Street
Norristown, PA 19401

11. RDL Construction LLC              Trade Debt          $175,460
1044 Industrial
Drive, Unit 1
West Berlin, NJ 08091

12. 1st Black Hawk LLC                Trade Debt          $172,845
715 East Nields Street
West Chester, PA 19382

13. Fromkin Brothers Inc.             Trade Debt          $153,902
4510 Adam Circle, Unit E
Bensalem, PA 19020

14. Cippco Inc.                       Trade Debt          $151,981
9323 Keystone Street              (Curtis Laswsuit)
Philadelphia, PA
19114

15. Edward B. O'Reilly                Trade Debt          $149,729
& Associates, Inc.
30 West Highland Avenue
Philadelphia, PA 19118

16. Mayfield Site                     Trade Debt/         $148,285
Contractors                          Note Payable
596 Swedeland Road
King of Prussia, PA
19406

17. Portugese                         Trade Debt          $147,818
Structural Steel, Inc.
255 South Street
Newark, NJ 07114

18. Bristol Millwork Inc.             Trade Debt          $146,655
4560 Tacony Street                 (Curtis Lawsuit)
Philadelphia, PA 19124
  
19. VIP Construction                  Trade Debt          $144,535
Services, Inc.
15 Fresh Ponds Road
Monroe Twp., NJ 08831

20. Avon Brothers, Inc.               Trade Debt          $141,157
5021 Industrial Road
Farmingdale, NJ 07727


SEQUA CORP: Fitch Puts 'CCC+' IDR on Watch Positive
---------------------------------------------------
Fitch Ratings has placed Sequa Corp.'s 'CCC+' Issuer Default Rating
(IDR) and its long-term issue ratings on Rating Watch Positive.
This action follows the announcement that Sequa plans to sell its
Precoat Metals business to AZZ Inc. for $1.28 billion, or around
$1.13 billion of net proceeds.

The placement on Positive Watch reflects uncertainty regarding
Sequa's long-term capital structure and strategy following the
divestiture. Fitch expects that the company will use nearly all of
the proceeds from the transaction to reduce its debt balance and
improve its financial profile to a level more commensurate with the
'B' rating category, which would lead to an upgrade of the
company's ratings to at least 'B-'. Sequa's weak credit metrics,
limited financial flexibility and vulnerable FCF have been the main
factors driving the 'CCC+' rating in recent years.

The transaction is anticipated to close by the end of May, at which
point Fitch intends to resolve the Rating Watch.

KEY RATING DRIVERS

Divesting Precoat: Sequa announced on March 7, 2022 that it plans
to sell its Precoat business to AZZ Inc. for $1.28 billion, or
around $1.13 billion of net proceeds. Fitch has historically viewed
Sequa's Precoat business as a positive driver of the rating,
offsetting aerospace aftermarket cyclicality with stable and high
margin revenue, and a strong market position. Fitch believes
materially reducing debt would offset the impact of Sequa losing
its stronger performing segment and will likely lead to a positive
rating action upon completion.

Sub-4x Leverage Forecast Post-Transaction: Fitch expects Sequa will
use nearly all of the proceeds from the transaction to repay debt
and reduce leverage. The agency projects the RemainCo will operate
with between $300 million and $400 million of debt
post-divestiture, leverage below 4x and coverage above 3x, a level
more in line with at least the 'B' category. However, given the
cyclicality of the aerospace market and lower diversification
without Precoat, the company's operational profile is generally
consistent with 'B' category characteristics.

Profitability Improving and Stabilizing: Fitch believes following
the transaction the RemainCo will operate with mid-teen segment
margins and generate neutral-to-positive FCF. The aerospace
recovery is likely to continue through 2024-2025 and should provide
stability to Sequa's operating and financial profiles, which have
been strained over the past few years.

Technology Remains Important: Technology employed by Sequa
subsidiary Chromalloy supports the parent's rating. The company has
made significant progress integrating itself within customers'
workflows to provide bespoke manufacturing solutions. This has
resulted in more sticky relationships than Sequa has historically
maintained. However, the company must continue to work to maintain
these relations, as future innovation by competitors could severely
affect its credit profile.

Weaker Diversification: Fitch views the divestiture of Precoat as
weakening Sequa's diversification and heightening the company's
overall cash flow risk profile. While these concerns are generally
offset by the improving financial profile, Fitch expects Sequa will
be more susceptible to secular and cyclical aviation downturns than
with Precoat. Approximately two-thirds of the overall business
serves the aerospace market, with the majority of that related to
aftermarket sales and services.

DERIVATION SUMMARY

Sequa's credit metrics prior to the divestiture are in line with
Fitch's expectations for a 'CCC+' rating. Leverage is high and
comparable to similarly rated companies; liquidity and financial
flexibility are limited; and the company has generated volatile but
mostly negative FCF on average over the past few years. Fitch
expects the company's metrics could improve marginally over the
next few years depending on the shape of the recovery of the
aerospace market.

Chromalloy faces pressure in the commercial aviation aftermarket
business from OEMs and other like-sized or larger players, despite
its various contract awards over the past few years. Fitch
considers Chromalloy's technology to be supportive of the rating;
however, future innovation by competitors could severely affect the
Sequa's credit profile.

KEY ASSUMPTIONS

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

-- Sequa completes divestiture of Precoat business in May 2022
    and uses nearly all of the proceeds to repay debt and
    refinance capital structure to include between $300 million
    and $400 million of debt;

-- Low-to-mid single digit organic growth throughout the forecast
    for Chromalloy business, supported by new contracts an
    entrenched relationships with customers in tandem with
    recovery from pandemic;

-- EBITDA margins in the mid-teens reflects standalone Chromalloy
    business after the divestiture of Precoat;

-- Declining levels of nominal capex, but remains between 3% and
    4% of revenue;

-- No near-term M&A;

-- Aviation market continues to steadily recover through 2024,
    with widebody potentially lagging into 2025.

Recovery Assumptions:

The recovery analysis assumes that Sequa would be considered a
going concern in bankruptcy and that the company would be
reorganized rather than liquidated. A 10% administrative claim is
assumed in the recovery analysis. The analysis also assumes
recovery prior to the Precoat divestiture, as Fitch's expectation
is the majority of debt would be repaid using the transaction
proceeds.

Fitch assumes Sequa will receive a going-concern recovery multiple
of 5.0x EBITDA under this scenario, which is on the lower end of
the range for the industry. Most of the defaulters observed in the
Industrial & Manufacturing and Aerospace & Defense sectors were
smaller in scale, had less diversified product lines or customer
bases and were operating with leveraged capital structures.

Fitch's recovery assumptions are based on the company's modest
contract exposure, the high degree of competition and pressure in
the commercial aftermarket business, particularly from OEMs, as
well as cyclicality in the company's main end-markets. Fitch also
considered Sequa's competitive advantage at Precoat and the high
degree of technology incorporated into Chromalloy's products.

In Fitch's recovery analysis, potential default is assumed to come
from a combination of one or more of: the inability to refinance
Sequa's outstanding obligations upon maturity; a significantly
prolonged aviation recovery from the coronavirus pandemic, which
exceeds Fitch's forecasted industry recovery by one to two years;
mismanagement of seasonal working capital flows creating a severe
strain on liquidity and limiting the company's ability to cover
cash interest costs or repay term loan amortization; or heightened
competition, particularly by OEMs, or potential technological
advancement by competitors at Chromalloy leads to significant
contract cancellations.

Fitch generally assumes a fully drawn revolver in its recovery
analyses since credit revolvers are tapped as companies are under
distress. As a result, Fitch has assumed full draw of Sequa's $135
million revolver in its analysis, net of outstanding letters of
credit as of September 2021.

The 'B-' rating and Recovery Rating of 'RR3' on the first lien term
loan and revolver are based on Fitch's recovery analysis under a
going concern scenario, which indicates good recovery prospects.
The 'CCC-' rating and 'RR6' on the second lien term loan indicate
poor recovery prospects.

RATING SENSITIVITIES

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

-- Gross leverage (total debt/EBITDA) declines below 7.5x for a
    sustained period;

-- FFO Interest Coverage increases above 1.5x for a sustained
    period;

-- The company consistently generates neutral-to-positive free
    cash flow over a sustained period.

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

-- FFO Interest coverage ratio fell and remained below 1.0x for a
    sustained period;

-- The company loses one or more significant contracts;

-- Company does not generate adequate seasonally adjusted cash to
    support operations;

-- Cash restructuring costs significantly impair the company's
    free cash flow generation.

Fitch could remove Sequa from Rating Watch Positive if the
transaction is not completed.

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

Fitch considers Sequa's liquidity to be adequate to cover working
capital fluctuations, debt servicing and capex over the next few
years. However, Fitch believes the company's liquidity position is
highly sensitive to a prolonged downturn in the aerospace
end-market. The company has enough cash and revolver availability
to manage in the near term but may need to issue either debt or
additional preferred equity to cover cash shortfall in case of a
further prolonged aviation market recovery. Furthermore, Fitch
considers Sequa's financial flexibility to be constrained due to
recent cash usage and approaching term loan and revolver maturities
in 2023 and 2024.

ESG CONSIDERATIONS

Sequa Corp has an ESG Relevance Score of '4' for Financial
Transparency and disclosure risk due to the its private financials
and intermittent reporting which, in combination with other
factors, impacts the rating. Overall, Fitch does not consider this
to be a significant concern in the near to intermediate term, but
could become exacerbated during an extreme stress case scenario.

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

Sequa is a diversified industrial company that delivers engineered
products in the aerospace, industrial gas turbine, and metal
coating industries. The company operates in three primary business
segments: aerospace, metal coating, and other products.



SMYRNA READY: Moody's Ups CFR to Ba3 & Rates New Secured Notes Ba3
------------------------------------------------------------------
Moody's Investors Service upgraded Smyrna Ready Mix Concrete, LLC's
Corporate Family Rating to Ba3 from B1, Probability of Default
Rating to Ba3-PD from B1-PD, and the rating on the company's senior
secured notes to Ba3 from B1. Moody's also assigned a Ba3 rating to
the company's proposed senior secured credit facility. The outlook
remains stable.

The rating upgrades reflect Moody's expectation of the continued
strengthening of Smyrna's credit profile following the successful
integration of several bolt-on acquisitions during 2020 and 2021, a
larger and more geographically diversified revenue base, greater
predictability of free cash flow, and a commitment by the
management team to maintain modest leverage.

The Ba3 rating assigned to the $650 million senior secured term
loan facility maturing in 2029 and to the $1,100 million Senior
Secured Notes maturing in 2028, is on par with the CFR reflecting
their position as the preponderance of debt in Smyrna's capital
structure. The company's senior secured debt is contractually
subordinated to the company's $250 million Asset Based Revolving
Credit Facility expiring in 2026 which is secured by the account
receivable and inventory.

The proceeds from the proposed $650 million offering will be used
primarily to fund pending acquisitions. Pro forma for the proposed
financing and the bolt-on acquisitions, Moody's projects Smyrna's
leverage will be 3.9x at December 31, 2022 (including Moody's
adjustments).

“Over the past three years, Smyrna has materially grown its
profitability (organically and through acquisitions), invested in
the business, and maintained a disciplined approach to balance
sheet management and liquidity." said Emile El Nems, a Moody's
VP-Senior Credit Officer. "Going forward, we expect this management
team to remain focused on execution, pursue additional tuck-in
acquisitions, and remain committed to a conservative financial
policy."

The following rating actions were taken:

Upgrades:

Issuer: Smyrna Ready Mix Concrete, LLC

Corporate Family Rating, Upgraded to Ba3 from B1

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

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

Assignments:

Issuer: Smyrna Ready Mix Concrete, LLC

Gtd Senior Secured Term Loan B, Assigned Ba3 (LGD4)

Outlook Actions:

Issuer: Smyrna Ready Mix Concrete, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Smyrna's Ba3 Corporate Family Rating reflects the company's market
position as one of the leading regional producers of construction
materials in Tennessee, Florida, Georgia, Colorado Kentucky, Texas
and Michigan, increasingly vertically integrated assets and broad
customer base. In addition, Moody's credit rating is supported by
the company's solid EBITDA margins and commitment to maintain
modest leverage and good liquidity. At the same time, Moody's
rating takes into consideration the company's vulnerability to
cyclical end markets, the competitive nature of its ready-mix
concrete business, its acquisitive growth strategy, and material
revenue exposure to Tennessee and Florida.

Moody's expects Smyrna to maintain very good liquidity over the
next 12-18 months. Pro forma for the transaction, Smyrna's
liquidity position is supported by roughly $15 million of cash, a
$250 million asset based revolving credit facility, under which
Moody's expects $210 million will remain available, and Moody's
expectation that the company will generate around $150 million in
free cash flow in 2022. The asset based revolving credit facility,
which expires in 2026, is governed by a springing fixed-charge
coverage ratio of 1.0x, that comes into effect if availability
under the asset based revolving credit facility is less than 15% of
the total revolver availability.

The stable outlook reflects Moody's expectation that Smyrna will
grow revenue organically, maintain good operating performance,
generate solid free cash flow, and remain committed to modest
leverage. This is largely driven by Moody's view that the US
economy will improve sequentially and remain supportive of the
company's underlying growth drivers.

The proposed term loan includes an ability to incur incremental
indebtedness up to either $500 million, or the greater of 100% of
LTM EBITDA so long as the pro forma net leverage ratio does not
exceed 3.85x for first lien debt and 4.35x for junior debt.

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

The ratings could be upgraded if the company improves free cash
flow and maintains a conservative financial strategy such that
debt-to-EBITDA is sustained below 3.5x, adjusted retained cash flow
to net debt is approaching 20%, and EBIT-to-interest expense is
approaching 3.0x.

The ratings could be downgraded if the company's operating
performance and liquidity deteriorates and financial strategy
becomes aggressive such that debt-to-EBITDA is sustained above
4.5x, adjusted retained cash flow to net debt is below 10%, and
EBIT-to-interest expense is sustain below 2.0x.

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

Smyrna Ready Mix Concrete, LLC is a manufacturer and retailer of
ready-mixed concrete in Tennessee, Florida, Kentucky, Ohio,
Indiana, Texas, Georgia, Colorado, Alabama, Arkansas, Michigan,
South Carolina, North Carolina, Mississippi, Wyoming and Virginia.
The company operates within two primary segments: (i) ready-mixed
concrete, which accounts for more than 90% of revenue, and (ii)
aggregates and other construction materials, which accounts for the
remaining % amount.

Smyrna's revenue for the last twelve months ending December 31,
2021, was about $1.5 billion.


SMYRNA READY: S&P Affirms 'B+' Issuer Credit Rating, Outlook Stable
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Tennessee-based Smyrna Ready Mix Concrete (SRM) and revised the
outlook to positive due to growth in EBITDA from the strength in
residential and commercial construction while maintaining EBITDA
margins.

S&P also assigned a 'B+' rating to the proposed $650 million senior
secured term loan B, with a recovery rating of '3' (rounded
estimate: 50%), and simultaneously affirmed the rating on the
existing senior secured notes with a recovery rating of '3'
(rounded estimate: 50%).

The positive outlook on Smyrna Ready Mix reflects at least a
one-in-three likelihood that leverage could decrease to around 4x
through moderate construction cycles, and slight improvement in the
company's competitive positions, assets, and geographic diversity.

S&P said, "We forecast Smyrna's debt will increase to roughly $1.9
billion at year-end 2022, and debt-to-EBITDA will be at or below
4x. Smyrna continues to purse its aggressive acquisition strategy
through the issuance of a proposed $650 million term loan b due in
2029. We expect debt-financed acquisitions to maintain as a key
growth strategy for the company. Despite the elevated leverage, we
expect credit metrics to remain in line with our expectations for
the rating with pro forma debt to EBITDA of around 4x, from 4.2x in
fiscal 2021. We expect EBITDA margins to stay relatively healthy at
roughly 20%, whereas other rated ready-mix concrete companies
typically operate with margins of roughly 15%."

SRM's acquisition strategy has tripled its revenue size, increasing
its ready-mix generation to roughly 12 million cubic yards from 6.8
million annually in 2020. Pro forma of the acquisitions, the
company will operate 402 ready-mix plants, and roughly 17
aggregates quarries, up from 258 and 14, respectively, over the
same period. Additionally, SRM operates three cement terminals that
provide international optionality, six aggregates ports, and one
front-discharge concrete mixer trucker manufacturing plant across
16 states. The company is expanding its regional footprint further
into the high-growth metropolitan areas of North Texas and
Colorado, which we view as a strength to its business.

S&P said, "We forecast SRM to benefit from strong demand stemming
from residential, commercial, and infrastructure construction. SRM
finished 2021 with adjusted debt of roughly $1.26 billion, and
year-end adjusted EBITDA of $298 million, representing an
improvement to 4.24x debt to EBITDA from 4.75x as of year-end 2020.
We then forecast SRM to benefit from strong demand stemming from
residential, commercial, and infrastructure construction, which
will result in SRM maintaining its leverage of about 4x. We do not
incorporate any increased benefit from potential infrastructure
bills, as SRM's infrastructure exposure is currently only 6% of
2021 revenues.

"Although inflationary pressures and supply chain challenges could
persist through 2022, we anticipate SRM's pricing strategy will
mitigate some of these challenges, and this will be a key factor to
improved credit metrics. SRM has kept EBITDA margins steady at
20%-22%, even with rising prices for energy, commodities, labor,
production and delivery inputs. We attribute this to SRM's
leveraged pricing, robust and integrated supply base, and other
cost-reduction strategies. In addition, through its debt-funded
acquisition strategy, SRM has improved end-market reach and has a
faster-expanding revenue base than that of other rated peers.

Although SRM currently has favorable earnings prospects, it will
need to navigate inherent end-market cyclicality risk, its limited
product offering, and competitive fragmented market. SRM is
constrained by a lack of diverse revenue streams and has limited
size and scope of operations compared with that of larger,
better-capitalized building materials peers. SRM operates in a
highly fragmented, highly competitive industry subject to demand
swings and increased price competition in down construction cycles.
These risks are partially offset by SRM's demonstrated success in
improving end-market reach through new acquisitions and profitable
growth with a solid margin profile. S&P generally views the
ready-mix concrete business (about 97% of Smyrna's revenue) as
having volatile revenues and margins due to its exposure to
cyclical residential and commercial construction end markets. These
end markets have been resilient through the COVID-19 pandemic, as
home construction and residential remodeling have rebounded
strongly since the onset of the pandemic, though the overall
end-market exposure is highly cyclical.

S&P said, "The positive outlook assumes that Smyrna can sustain its
recent improvement in credit metrics and marginally improve them.
We expect demand for ready-mix concrete products to remain robust,
meanwhile, our rating continues to reflect the expectation for high
volatility in the company's credit measures. We expect
weighted-average S&P Global Ratings-adjusted debt to EBITDA will
decrease to around 4x and funds from operations (FFO) to debt to
approach 20% on a sustained basis. Currently, our positive outlook
does not account for any additional large debt-funded acquisitions.
If the company's credit metrics improve substantially as a result
of stronger-than-expected earnings or significant debt reduction,
we could consider an upgrade.

"We could revise our outlook on Smyrna to stable over the next 12
months if we expect weighted-average debt to EBITDA to trend toward
5x over the next 12 months. This could occur if we believe sales
and earnings will weaken because of unforeseen disruptions to the
market. We could also revise our outlook if the company pursues
more aggressive financial policies, such as additional large
debt-funded acquisitions."

S&P could raise the rating if the company's assets, geographic
diversity, improvement in its competitive position, while the
company's leverage remains around 4x, and:

-- Smyrna continues to successfully execute its acquisition-driven
growth strategy, including integration of its recent acquisitions
such that enhancement to operations and synergies elevate EBITDA
margins.

-- Further improves its vertical integration into aggregates,
which will further expand operating margins and increase operating
cash flow, without meaningfully increasing debt.



ST. ANNE RETIREMENT: Fitch Gives 'BB+' Rating to $12.5MM Bonds
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to approximately $12.540
million series 2022 revenue bonds that are expected to be issued by
the Lancaster County Hospital Authority on behalf of Saint Anne's
Retirement Community, PA (SARC).

The Rating Outlook is Stable.

Proceeds from the series 2022 bonds will be used to currently
refund SARC's outstanding series 2012 bonds, fund a debt service
reserve fund and pay the costs of issuance. The bonds are expected
to price via negotiation the week of March 28.

SECURITY

The bonds are secured by a pledge of gross revenues of the
obligated group, mortgage interest in certain properties and a
master debt service reserve fund.

ANALYTICAL CONCLUSION

The 'BB+' rating reflects Fitch's expectations for continued fill
of SARC's newly constructed independent living units (ILUs), which
should contribute to improvement in the community's currently slim
financial profile. SARC's Phase II ILUs apartments opened on
schedule in February 2021 and are currently about 80% occupied,
with expectations for additional move ins throughout the balance of
FY22 (year-end June 30). SARC's newly constructed ILU cottages have
stabilized at 90% occupancy.

SARC's business profile attributes are midrange, with 'bbb' revenue
defensibility, characterized by its single site nature and track
record of stable demand, despite operating in a competitive market
area and a heavy reliance on its SNF for net revenues. Fitch also
assesses SARC's operating risk at 'bbb', reflecting its solid core
operating performance as a predominantly fee-for-service life plan
community (LPC), despite a historically high exposure to Medicaid
in its SNF. SARC's debt burden is also elevated as a result of its
robust capital plan that was implemented over the last five fiscal
years.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Solid Occupancy, Moderately Competitive Market Area

SARC is a single site LPC with a track record of solid demand,
operating in a competitive market area of Lancaster County. An
average of approximately 90% of SARC's ILUs were occupied from FY17
to FY21. ILU occupancy dipped to 78% in FY21; however, this was
primarily attributable to the new Phase II units coming online, as
well as the challenges related to the coronavirus pandemic. ILU
occupancy recovered to 89% as of the quarter-ended Sept. 30, 2021
and just under 90% as of year-end 2021.

The Phase II ILUs opened in February 2021 and are currently about
80% occupied. Management has reported favorable marketing results
for the remaining units. SARC's existing ILU cottages are currently
90% occupied, with two additional duplexes to be built in 2022,
which will be 100% presold prior to construction start. SARC has a
waiting list of 169 prospective residents that is updated monthly.

Similar to industry-wide trends, SARC's SNF occupancy has been
pressured by the coronavirus pandemic, although it has not had a
COVID-19 positive resident in the SNF since January 2021. SARC is
limiting external admissions to its SNF to manage to current
staffing pressures, which explains sustained soft occupancy, but
Fitch expects stable to improving SNF occupancy over the next two
years.

With the opening of its new ILUs, SARC is making strides toward
improving its revenue mix to be less reliant on its SNF beds,
although SARC still derives the majority of its net revenues from
its SNF. In FY21, SARC derived approximately 60.4% of its net
revenues from its SNF in 2021, with 16.6% derived from its ALUs and
22.3% from its ILUs, compared with 63.0%, 20.9% and 14.9%,
respectively, in FY20.

SARC's primary market area (PMA) is a 20-mile radius in Lancaster
County, PA, from which it draws the majority of its residents. The
PMA's economic and demographic characteristics are mixed, which
makes its modest entrance fee and rental component affordable and
appealing to a broad base of prospective residents and supportive
of a moderate degree of pricing flexibility. The competitive
landscape in Lancaster County is varied and mature. In addition to
SARC, there are five other longstanding type-C LPCs in the PMA that
provide a full scope of services.

Operating Risk: 'bbb'

Solid Operations, Elevated Debt Burden

As a predominantly fee-for-service LPC, SARC maintains solid core
operations, with five-year average operating ratio of 93.8% and net
operating margin (NOM) of 12.4%. Given the prevalence of rental
contracts in its ILU apartments, SARC's cash flow metrics have
trended weaker, with a five-year average NOM-adjusted of 15.2%, but
this ratio has shown considerable improvement since the opening of
SARC's ILU expansions. SARC's performance in FY20 and FY21 was
supported by about $1.3 million of CARES Act relief funds and a
fully forgiven $2.2 million PPP loan.

SARC's capital spending has been robust over the last five fiscal
years, as it completed a two-phased ILU expansion project that
added a total of 84 new ILUs (54 in Phase I, 30 in Phase II) and
four new ILU cottages (two duplexes), resulting in an improved
average age of plant of 13.5 years in FY21 compared with about 18.0
years in FY17. SARC has plans to build an additional 12 duplexes on
its campus, including the two scheduled for 2022, for a total of 70
cottage units once the project is complete.

SARC's capex has resulted in a somewhat elevated debt burden, with
debt-to-net available and revenue-only MADS coverage that averaged
13.8x and 0.8x, respectively, from FY19 to FY21 and MADS
representing 15.7% of FY21 revenues. However, Fitch expects SARC's
capital-related metrics to moderate as the new ILUs fill and
accrete to revenues.

Fitch considers SARC's historically high exposure to Medicaid as an
asymmetric constraint on its rating. Medicaid averaged 35.5% of
SARC's SNF net revenues from fiscal 2017 to fiscal 2020, well above
Fitch's 25% threshold for a neutral assessment. However, Medicaid
dropped to 21.0% of SARC's SNF net revenues in fiscal 2021. Fitch
attributes this to the limitation of admissions into the SNF, as
well as the construction and fill of its new ILUs, which over time
should help to diversify SARC's SNF payor mix as residents age
through the continuum of care. Fitch will monitor SARC's Medicaid
exposure and would consider stabilized levels of below 25% of SNF
net revenues as no longer having negative implications for the
rating.

Financial Profile: 'bb'

Expected Improvement in Currently Slim Financial Cushion

SARC has a slim financial cushion with 29.5% cash-to-adjusted debt
and 1.4x MADS coverage as of June 30, 2021. However, given Fitch's
midrange assessments of SARC's revenue defensibility and operating
risk and expectations for project performance in Fitch's
forward-looking scenario analysis, Fitch expects SARC's key
leverage metrics to improve from these levels over the next five
years, as the new ILU apartments and cottages fill.
Cash-to-adjusted debt and MADS coverage grow to levels consistent
with a 'BB+' rating in the recovery years of Fitch's stress case
scenario.

Asymmetric Additional Risk Considerations

No asymmetric risk considerations are relevant to the rating.

RATING SENSITIVITIES

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

-- Continued fill of the newly constructed ILUs, resulting in
    improved cash flow metrics and sustained MADS coverage in
    excess of 2.0x;

-- Improvement in cash-to-adjusted debt to sustained levels of
    50% to 55%.

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

-- Fitch expects liquidity to continue to improve, but if days
    cash on hand falls below 200 or cash-to-adjusted debt declines
    to sustained levels below 25%, it would pressure the rating;

-- Stagnated fill of new ILUs that impair SARC's ability to
    sufficiently cover and improve debt service coverage at least
    at 1.2x.

BEST/WORST CASE RATING SCENARIO

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

Credit Profile

SARC is a fee-for-service life plan community (LPC) located outside
of Columbia, PA in the Township of West Hempfield, approximately 35
miles southwest of Harrisburg and 10 miles west of Lancaster. SARC
is sponsored by the Religious Congregation of Sisters of the
Adorers of the Blood of Christ, United States Region (ASC).

SARC consists of 163 ILUs (119 apartments, 44 cottages), 51
assisted living units (ALUs), 51 memory care units and 61 skilled
nursing facility (SNF) beds. SARC offers type-C contracts for its
villas and cottages, with 30% refundable, 60% refundable and fully
amortizing entrance fee plans available. For its ILU apartments,
SARC offers primarily type-D (rental) contracts, which require a
one-time community fee upon entry. Fitch calculates SARC's total
operating revenues at about $21.6 million in FY21 (year-end June
30), including CARES Act relief funds and proceeds from a Paycheck
Protection Program (PPP) loan that was forgiven in FY21.

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.



STANCE AUTOWORKS: Unsecureds to Split $27K in Subchapter V Plan
---------------------------------------------------------------
Stance Autoworks, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Texas a Plan of Reorganization for Small
Business under Subchapter V dated March 7, 2022.

The Debtor is a privately-owned entity, formed on September 7,
2013, and is registered, in good standing, as a "Limited Liability
Company" in the State of Texas. Stance is engaged primarily in the
business of automotive repair and towing; however, Stance does hold
an interest in a property located in 1936 Dolly Wright Street,
Houston, Harris County, Texas 7088 ("Dolly Wright").

Debtor has suffered substantial economic distress directly due to
COVID-19. Additionally, Debtor primarily is engaged in the business
of automobile repairs, purchase, sales, and towing; however, in
2016 Debtor decided to venture into a real estate acquisition;
Debtor was unable to meet the time constraints within the financial
terms set-up in the purchase agreements, due to COVID-19 economic
distress, thus, was faced with a foreclosure on December 7, 2021,
and had to file this present case to protect its real estate asset.


This Plan provides for payment in full to all allowed secured claim
Holders, and allowed unsecured claims filed in this Chapter 11
Subchapter V case, this Plan provides for full distribution to
allowed unsecured creditors.

There was 1 unsecured claim filed in this Chapter 11 Subchapter V
case, and therefore 1 unsecured claim was allowed in this Plan.
Accordingly, this Plan provides for full distribution the allowed
unsecured creditors.

This Plan proposes that the Debtor will retain and sell the
residential property identified as 1936 Dolly Wright Lane, Houston,
Texas 77088 ("Dolly Wright"), to fully pay and satisfy (i) the
outstanding mortgage principal amount due OVE, LLC, plus any
accrued interest and late fees, and (ii) all outstanding ad valorem
taxes due on the property. The Debtor will ensure that property
insurance is paid and maintained on the property, with OVE, LLC.
listed as beneficiary.

Any remaining proceeds from the sale of the property, after
satisfaction of all liens and ad valorem taxes, payment of all
closing costs, all administrative expense claims allowed; escrow a
tax reserve to pay any tax liability incurred due to the sale of
the property and a ten-percent capital reserve (of net proceeds)
for the continued operation and viability of the reorganized
Debtor, would go to the Debtor's Estate for distribution to secured
creditors having an allowed claim on a pro-rata basis.

This plan provides for 8 classes of secured claims; 1 class of
unsecured claims; and 1 class of equity security holders. Unsecured
creditors holding allowed claims will receive distributions, which
the proponent of this Plan has valued at approximately $27,337.93.
This Plan also provides for the payment of administrative and
priority claims.

Class 9 consists of Equity Security Holders. The interests of the
Debtor's property of the estate, and the Class 9 equity interests
of the Debtor are unimpaired under the Plan. The equity security
holder will retain his membership interests in the Debtor and all
of the rights and privileges associated with ownership of those
membership interests.

Class 10 consists of Unsecured Claims. Holders of Allowed General
Unsecured Claims in Class 10 shall receive payment of their Claims
pro rata based on all General Unsecured Claims of this Plan.

Payments and distributions under the Plan will be funded from the
continued operations of Stance and the sale of the 1936 Dolly
Wright property.

This Plan proposes that the Debtor will retain and sell the
residential property identified as Dolly Wright, to fully pay and
satisfy (i) the outstanding principal mortgage amount due OVE, plus
any accrued interest, late fees, and attorney's fees and costs, and
(ii) all outstanding liens and ad valorem taxes due on the
property. The Debtor will ensure that property insurance is paid
and maintained on the property, with OVE listed as beneficiary.

The Dolly Wright property is essential to the Debtor's
reorganization, as the Debtor has substantial equity in the
property. According to the Residential Real Estate Listing
Agreement dated February 14, 2022, the Debtor believes the Dolly
Wright property can be placed on the market and sold for a listing
price of $550,000.00. Any remaining proceeds from the sale of the
property, after satisfaction of all liens and ad valorem taxes
thereon, payment of personal property ad valorem taxes that are due
and owing by the Debtor, payment of all closing costs, all
administrative expense claims allowed; escrow a tax reserve to pay
any tax liability incurred due to the sale of the property and a
ten-percent capital reserve (of net proceeds) for the continued
operation and viability of the reorganized Debtor, would go to the
Debtor's Estate for distribution to secured creditors having an
allowed claim on a pro-rata basis.

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

Attorney for the Debtor:

     Alex Olmedo Acosta, Esq.
     Acosta Law, P.C.
     13831 Northwest Freeway, Suite 400
     Houston TX 77040
     Tel: 713-980-9014
     Fax: 713-583-9554
     Email: alex@theacostalawfirm.com

                    About Stance Autoworks

Stance Autoworks, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 21-33931) on
Dec. 7, 2021, listing under $1 million in both assets and
liabilities. Judge Christopher M. Lopez oversees the case. Alex
Olmedo Acosta, Esq., at Acosta Law, P.C. represents the Debtor as
legal counsel.


STONEWAY CAPITAL: Files Amendment to Disclosure Statement
---------------------------------------------------------
Stoneway Capital Ltd., and its Affiliated Debtors submitted a
Revised Disclosure Statement for a First Amended Joint Chapter 11
Plan dated March 7, 2022.

In order to give effect to the Plan and the Restructuring
Transactions in Canada, the CBCA Applicants commenced the CBCA
Proceedings with the intention of obtaining the Canadian Court's
approval of the CBCA Plan of Arrangement. The CBCA Applicants are
SCC and Stoneway Power, each of which is a Debtor, and Stoneway
Arrangeco, a non-Debtor.

Stoneway Arrangeco, which originally was incorporated under the
CBCA for the purposes of completing the implementation of the
corporate plan of arrangement (the "2020 CBCA Plan of Arrangement")
in the proceedings under the CBCA that previously had been
commenced by SCC and Stoneway Arrangeco in 2020 (the "2020 CBCA
Proceedings"), will be used to complete the current CBCA Plan of
Arrangement. Stoneway Arrangeco has no operations or liabilities
and is a wholly owned subsidiary of Stoneway Power.

In the CBCA Proceedings, the CBCA Applicants, among other things,
are seeking a release and discharge of the guarantees in respect of
the Senior Notes provided by the Argentine Operating Subsidiaries
(the "Argentine Notes Guarantees"). Additionally, in connection
with the implementation of the CBCA Plan of Arrangement and the
Restructuring Transactions, and in accordance with the
Restructuring Steps Plan, on the Effective Date, the Amalgamation
will occur. Prior to completion of the CBCA Plan of Arrangement,
Stoneway Power will change its jurisdiction of incorporation and
continue under the laws of the CBCA.

On March 24, 2022, the Canadian Court held an initial hearing in
the CBCA Proceedings (the "Initial CBCA Hearing"). At the
conclusion of the Initial CBCA Hearing, the Canadian Court granted
an interim order (the "CBCA Interim Order"), which, among other
things, gives effect to the Solicitation and Voting Procedures
appended to this Disclosure Statement, to the extent applicable,
for the purposes of soliciting votes cast for or against, as the
case may be, the resolution authorizing, adopting and approving the
CBCA Plan of Arrangement (the "Arrangement Resolution").

Additionally, the CBCA Interim Order, among other things,
authorizes the Notice and Claims Agent's distribution of the
solicitation packages prepared in connection with the Plan for
purposes of the CBCA Proceedings and the CBCA Plan of Arrangement,
and permits the shareholders of certain of the CBCA Applicants to
pass a resolution to approve the CBCA Plan of Arrangement.

Only Holders of Senior Notes Claims and Term Loan Facility Claims
will be entitled to vote on the CBCA Plan of Arrangement. [Under
the terms of the CBCA Interim Order, the Debtors and the CBCA
Applicants are not conducting a separate vote in respect of the
CBCA Plan of Arrangement. Rather, subject to the terms of the CBCA
Interim Order, votes cast by holders of Senior Notes Claims and
Term Loan Facility Claims in respect of the Plan will also
constitute votes for or against the Arrangement Resolution]. If the
CBCA Plan of Arrangement is approved by the requisite majority of
security holders entitled to vote on each respective plan, then the
CBCA Applicants will seek approval of the CBCA Plan of Arrangement
pursuant to a final order from the Canadian Court that will provide
for, among other things, the discharge of the Argentine Notes
Guarantees (the "CBCA Final Order"). A hearing to consider the CBCA
Final Order is currently scheduled to be heard by the Canadian
Court on May 3, 2022.

In connection with the CBCA Proceedings, WD Capital Markets, Inc.
("WDC"), an independent financial advisor to SCC and Stoneway
Power, has provided an opinion (the "Fairness Opinion") to the
boards of directors of SCC and Stoneway Power. The Fairness Opinion
provides that, subject to the assumptions, qualifications and
limitations, in the opinion of WDC: (i) the CBCA Plan of
Arrangement is fair, from a financial point of view, to SCC and
Stoneway Power; (ii) the Senior Noteholders, Term Loan Lenders and
holders of common shares of SCC and Stoneway Power would be in a
better position, from a financial point of view, under the CBCA
Plan of Arrangement, than if SCC and Stoneway Power, were
liquidated; and (iii) the consideration provided to the Senior
Noteholders and Term Loan Lenders under the CBCA Plan of
Arrangement is fair, from a financial point of view, to the Senior
Noteholders and Term Loan Lenders.

The Plan and the CBCA Plan of Arrangement are intended to be
implemented together. Accordingly, entry of the CBCA Final Order is
a condition precedent to the Effective Date of the Plan, and the
satisfaction of the conditions precedent for occurrence of the
Effective Date of the Plan is a condition precedent to
implementation of the CBCA Plan of Arrangement.

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

     * Class 6 consists of General Unsecured Claims. Each Holder of
an Allowed General Unsecured Claim shall receive payment in full in
Cash within 90 days after the later of (i) the Effective  Date and
(ii) the date such Allowed General Unsecured Claim comes due under
applicable law or in the ordinary course of business in accordance
with the terms and conditions of the particular transaction,
agreement, conduct, or judgment giving rise to such Allowed General
Unsecured Claim. This Class will receive a distribution of 100% of
their allowed claims.

     * Class 7 consists of Parent Group Debtor General Unsecured
Claims. On the Effective Date, each Allowed Parent Group Debtor
General Unsecured Claim will be discharged and released and each
Holder of such Allowed Parent Group Debtor General Unsecured Claims
shall not receive or retain any distribution, property, or other
value on account of its Allowed Parent Group Debtor General
Unsecured Claim.

     * Class 12 consists of Intercompany Interests and GRM
Interests. On the Effective Date, each Allowed Intercompany
Interest and GRM Interests shall be Reinstated. Any Intercompany
Interest not included among the Purchased Assets and any GRM
Interest shall not receive a distribution under the Plan and shall
be cancelled or liquidated pursuant to the Wind Down.

The Sale Transactions are an integral part of the Plan. Through the
Sale Transactions, the Buyer will acquire the business enterprise
of the Debtors in exchange for consideration to be distributed to
the Estates of the Debtors under the Plan.

SCC UK will be the issuer of the New Secured Notes and the New
Preferred Stock. As such, SCC UK will be responsible for satisfying
all of the obligations under the New Secured Notes and the New
Preferred Stock.

All Cash required for the payments to be made under the Plan shall
be obtained solely from (a) Excluded Cash and (b) any proceeds of
the BNYM Reserve Account Balance obtained by the Debtors, and, for
the avoidance of doubt, the Post-Sale Company shall have no
obligations to fund any amounts required to be paid under the Plan.


Counsel to the Debtors:

      Fredric Sosnick, Esq.
      Ned S. Schodek
      Jordan A. Wishnew
      Shearman & Sterling, LLP
      599 Lexington Avenue
      New York, NY 10022
      Tel: (212) 848-4000
      Fax: (646) 848-8174
      E-mail: fsosnick@shearman.com
              ned.schodek@shearman.com
              jordan.wishnew@shearman.com

                    About Stoneway Capital Corp.

Stoneway Capital Corporation is a limited corporation incorporated
in New Brunswick, Canada, formed for the purpose of owning and
operating, through its Argentine subsidiaries, power generation
projects that will provide electricity to the wholesale electricity
markets in Argentina. The Argentine subsidiaries operate four
power-generating plants in Argentina that provide electricity to
the wholesale electricity market in Argentina.

Stoneway is 100% owned by GRM Energy Investment Limited.

On Oct. 8, 2020, the Company commenced proceedings under the Canada
Business Corporations Act (the "CBCA"). The Debtors were well on
the way toward closing the consensual restructuring when on Dec. 4,
2020, the Argentine Supreme Court issued a decision in an ongoing
noise discharge dispute involving one of the Generation Facilities
located in Pilar, Argentina. The Argentine Supreme Court Decision
created significant uncertainty as it overturned a decision of the
federal appeals court in San Martin, Buenos Aires.

As a result of the looming expiration of the informal standstill
arrangement, the Debtors commenced chapter 11 cases in the U.S. in
order to put the automatic stay in place, maintain the status quo
pending resolution of the various issues in Argentina, and ensure
that neither the Indenture Trustee nor the Argentine Trustee takes
any action that could be detrimental or value destructive to the
Company.

Stoneway Capital Ltd. and five related entities, including Stoneway
Capital Corp., sought Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 21-10646) on April 7, 2021.  Stoneway estimated
liabilities of $1 billion to $10 billion and assets of $500 million
to $1 billion.

Judge James L. Garrity, Jr., oversees the cases.

The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel,
Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as
investment banker, and RSM Canada LLP as tax services provider.
Prime Clerk, LLC is the claims agent and administrative advisor.


SUPERIOR ENVIRONMENTAL: Wins Cash Collateral Access Thru March 31
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Michigan has
authorized Superior Environmental Corp. to use cash collateral on
an interim basis and provide adequate protection.

Moreover, the Debtor is authorized to pay pre-petition employee
wages and obligations as set forth in the Debtor's Motion for Entry
of An Order Authorizing Debtor to Pay Employee Obligations and
Continue Employee Benefits Programs using cash collateral.

The Debtor requires the use of cash collateral to preserve the
estate and continue its business.

According to the Court order, all creditors secured against the
Debtor's cash collateral have consented to authorize the Debtor to
use cash collateral to fund the payment of post-petition operating
expenses that arise in its ordinary course of business.

The Debtor's use of cash collateral will be in a manner consistent
with the Forecasted Statement of Income, with an additional
allowance of up to 10% variance for each week.

The Debtor's authority to use cash collateral will cease upon the
occurrence of one of the following: (i) the Debtor fails to comply
with its promises of adequate assurance in any fashion; (ii)
conversion of the Chapter 11 proceeding to a Chapter 7; (iii) the
Chapter 11 proceeding is dismissed without the consent of the
Secured Creditors; or (iv) a material diminution in the amount of
the Debtor's Cash Collateral Assets and, after notice and hearing,
the Court determines that the Cash Collateral Assets are in excess
of any adequate protection provided.

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

A copy of the order is available at https://bit.ly/34ziNh2 from
PacerMonitor.com.

                About Superior Environmental Corp.

Superior Environmental Corp. is a privately held firm that develops
and implements innovative and cost-effective solutions for the
various environmental issues facing its clients in manufacturing,
transportation, petroleum, energy, infrastructure, real estate, as
well as those in state and local governmental units.

Superior Environmental Corp. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 22-00353) on
February 25, 2022. In the petition signed by Jeff Skendrovic, vice
president and chief operating officer, the Debtor disclosed
$1,286,770 in assets and $1,296,499 in liabilities.

Judge Scott W. Dales oversees the case.

Steven M. Bylenga, Esq., at CBH Attorneys & Counselors, PLLC is the
Debtor's counsel.



TEAM HEALTH: Fitch Affirms 'CCC+' LT IDR, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed Team Health Holdings, Inc. (TMH)'s
ratings, including the Long-Term Issuer Default Rating (IDR) at
'CCC+', and assigned a Positive Outlook, following the completion
of its partial amend and extend transaction. TMH extended the
maturity of approximately 57% its term loan B and private term loan
to 2027 in exchange for $168 million of principal repayment at par
and a higher rate. The transaction accelerates the positive
momentum that underpinned the Positive Outlook assigned in
September 2021. Fitch has also assigned a 'B'/RR2 rating to the
extended portion of the term loan, affirmed the existing secured
debt at 'B'/RR2, affirmed the unsecured debt at 'CCC-'/RR6 and
removed the Rating Watch Positive from all ratings including the
IDR.

Fitch expects TMH will be levered (gross debt to operating EBITDA)
between 8.0x-8.5x in 2022 and around 8.0x in 2023 with durably
positive FCF assuming margin maintenance. Refinancing risk is
lessened but not eliminated. Fitch is primarily focused on the
refinancing of the non-extended term loan in 2024 and the unsecured
notes in 2025 assuming the revolving credit facility lenders will
continue to support a company with positive FCF given the
importance of their relationship with TMH's sponsor. The extended
term loan has a springing maturity to 2025.

KEY RATING DRIVERS

Leading Position in Staffing Market: TMH is one of only a handful
of national providers of outsourced health care staffing, providing
scale and scope for contracting with consolidating acute care
hospital systems and commercial health insurers. Leading scale
affords opportunities to grow the number of and size of contracted
relationships, both organic and inorganic in nature. Nearly all of
TMH's revenues are sourced from contracted physician and other
health care services.

However, Fitch assumes growth will be constrained, in part but not
in whole, by their concentration in the emergency department (ED)
staffing services where patient volumes have been soft across the
physician staffing industry since 2017 because of ongoing secular
headwinds to volumes of lower acuity ED visits, including scrutiny
by health insurers, more competition from alternative settings like
urgent care clinics and increased cost sharing for patients with
high deductible health insurance plans.

Coronavirus Impact Normalizing: Pandemic-related business
disruption (i.e. depressed volumes of elective health care
procedures and ED patient visits) are showing signs of
stabilization. Revenues before federal grant monies grew yoy in
2021 but remained below the pre-pandemic run-rate.

Fitch assumes volumes will be more durable going forward than they
were in 2020 as fewer restrictions are imposed on health care
providers and restoration in daily activities are the catalyst for
more normalized emergency volumes. Nonetheless, Fitch's forecasts
assume TMH's revenues will not exceed pre-pandemic levels until
2023, reflecting both lower volumes and the dispute with
UnitedHealth.

Labor Headwinds Threaten Margins: Fitch assumes improvements in
operating margins will stabilize around pre-pandemic levels after
being severely impacted in 2020 by the need to maintain staffing
readiness in the ED despite lower patient volumes, which is
characteristic of the physician staffing business model.

After rebounding in 2021, Fitch has assumed 30bps-40bps of margin
compression in 2022 to reflect labor shortages and inflationary
pressures for health care providers generally, these items could
cause more significant margin compression given staffing companies'
cost structure. Were that to be the case, Fitch believes TMH would
still generate positive FCF but leverage would be elevated compared
to the Ratings Case forecast.

Uncertainties Diminishing: The downside risk to TMH's long-term
profitability and cashflows posed by the dispute with a large,
commercial payor (UnitedHealth) and surprise billing legislation
became clearer over the past year and appear manageable. TMH is now
out-of-network with UnitedHealth after the insurer unilaterally
reduced its reimbursement rates and both parties entered into
litigation. Fitch does not assume the dispute will be resolved
during the forecast period and thus assumes no changes to payor
mix, reduction in litigation expenses or one-time cash
inflows/outflows related to settlements.

Regarding surprise billing, TMH has publicly stated that it does
not balance bill and thus the No Surprises Act should not have a
material direct impact on TMH's billings.

Persistently High Leverage Ahead of Maturities: Fitch assumes TMH's
leverage (gross debt to operating EBITDA) will normalize around
8.0x in 2023 after the $168 million debt repayment in 2022.
Leverage could improve further should TMH outperform Fitch's
expectations as Fitch doesn't assume any voluntary debt repayment
beyond what is offered in the proposed transaction.

Fitch views leverage to be high but manageable ahead of the
revolving credit facility maturity (currently undrawn) in 2023, the
non-extended term loans due 2024 and the unsecured notes due 2025.
The extended term loans have a springing maturity to 2025 and
otherwise mature 2027.

Decent FCF Generation: Cash generation is expected to be decent for
the current rating category, with FFO fixed charge coverage
sustained above 2.0x through the forecast period and more than $150
million of FCF per year before acquisitions. Low working capital
and capital spending requirements and the expectation of no
dividend payments to the private equity owner in the near-term
support this relatively strong FCF.

DERIVATION SUMMARY

TMH's 'CCC+' rating reflects the company's high financial leverage,
secular headwinds to growth in ED patient volumes, and lingering
challenges integrating a large acquisition in the post-acute care
segment that dates back to 2015. TMH's credit profile benefits from
good depth and competitive scale relative to peers Mednax (not
rated) and Envision Healthcare Corp. (not rated) in service lines
where physician staffing companies have a large presence, including
emergency medicine and anesthesia.

The financial profiles of TMH and some of its peers reflect private
equity investment in the physician staffing segment. TMH is owned
by Blackstone following a 2017 leveraged buyout, and Envision
Healthcare Corp. was purchased by KKR & Co. in 2018.

Fitch believes TMH's credit profile benefits from more consistent
and stable FCF generation than health care providers generally due
to lower capex and working capital requirements in the physician
staffing segment. This better FCF generation supports an
expectation that the company has the ability to reduce leverage
through debt pay down without compromising investment in the
business. In addition to the ability to reduce leverage, the rating
also reflects Fitch's view that the company and the private equity
owner have the willingness to use the aforementioned FCF to reduce
debt before they need to refinance the capital stack.

KEY ASSUMPTIONS

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

-- Revenues grow in the low-single digits per year through 2024
    and surpass pre-pandemic levels in 2023;

-- EBITDA margins rebound in 2021 between 8%-9%, compress
    modestly in 2022 and are generally stable thereafter;

-- No material changes to operating cashflows from the dispute
    with UnitedHealth;

-- Acquisitions averaging $100 million per year starting 2022; no
    shareholder returns and no debt repayments beyond required
    term loan amortization and the amounts as part of this
    transaction.

RATING SENSITIVITIES

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

-- Gross debt to EBITDA after dividends to associates and
    minorities sustained below 8.0x;

-- FFO fixed charge coverage sustained above 1.5x;

-- Profit margin stabilization due to effective cost management
    strategies to address soft organic operating trends;

-- At least break-even FCF generation.

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

-- FFO fixed charge coverage sustained below 1.0x;

-- FCF deficit that requires incremental debt funding;

-- Violation of the debt agreement financial maintenance covenant
    and unable to secure relief from lenders;

-- Unable to refinance revolving credit facility due in 2023 or
    secure alternative sources of liquidity.

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 Sources of Liquidity: Sources of liquidity include $344
million of unrestricted cash pro forma for the debt repayment and
an undrawn revolver of $287 million (net of $13 million outstanding
letter of credits) as of Dec. 31, 2021. TMH has historically
generated positive FCF, supported by low working capital and capex
requirements. Fitch expects TMH to deliver more than $150 million
of FCF per year for the 2022-2024 period.

Debt Instrument Notching: The 'B'/'RR2' ratings for TMH's senior
secured revolver and senior secured term loan reflect Fitch's
expectation of recovery of outstanding principal in the 71%-90%
range under a bankruptcy scenario. The 'CCC-'/'RR6' rating on the
senior unsecured notes reflect Fitch's expectation of recovery in
the 0%-10% range. The recovery assumed for the senior unsecured
notes is due to a concession payment by the senior secured
creditors.

Fitch estimates an enterprise value (EV) on a going concern basis
of $2.4 billion for TMH, after a deduction of 10% for
administrative claims. The EV assumption is based on
post-reorganization EBITDA after dividends to associates and
minorities of $374 million and a 7.0x multiple. The
post-reorganization EBITDA estimate is 6% lower than Fitch
calculated 2019 EBITDA for TMH, which is pre-pandemic.

The primary drivers of this estimate are negative implications of
commercial payor contract disputes and assumed ongoing
deterioration in the profitability of the hospitalist business. To
date, Fitch does not believe that the coronavirus pandemic has
changed the longer-term valuation prospects for the health care
services industry and TMH's going-concern EBITDA and multiple
assumptions are unchanged from the last ratings review.

The 7.0x multiple used for TMH reflects a stressed multiple versus
the approximately 11.0x EBITDA Blackstone paid for the company in
2017. More recently, KKR paid about 10.0x EBITDA for TMH's staffing
industry peer, Envision Healthcare Corp. The 7.0x multiple is
closely aligned with historical observations of health care
industry bankruptcy emergence multiples. In a recent study, Fitch
determined that the historical median exit multiple for health care
and pharmaceutical industry bankruptcies was around 6.5x.

The recovery analysis assumes the $300 million revolver is fully
drawn and includes this amount in the senior secured claims. Senior
secured claims of $3 billion also include Fitch's estimate of
to-be-accrued PIK interest pro forma for the debt repayment.

ISSUER PROFILE

Team Health Holdings, Inc. is a U.S.-based national health care
outsourcing company that supports more than 2,700 civilian and
military hospitals, clinics, and physician groups in 46 states by
providing staffing, administrative and consulting services. TMH was
taken private in an LBO sponsored by Blackstone in February 2017.

ESG CONSIDERATIONS

Team Health has an ESG Relevance Score of '4' for Exposure to
Social Impacts due to societal and regulatory pressures to
constrain growth in health care spending in the U.S. This dynamic
has a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors.

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



TILDEN MARCELLUS: Taps Tucker Arensberg as Local Bankruptcy Counsel
-------------------------------------------------------------------
Tilden Marcellus, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to hire Tucker Arensberg,
P.C. as its local bankruptcy counsel.

The firm's services include:

     a) advising the Debtor with respect to its powers and duties
in the continued management and operation of its business and
properties;

     b) preparing legal papers;

     c) attending meetings and negotiating with representatives of
creditors and other parties;

     d) taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the Debtor's estate;

     e) negotiating and preparing a plan of reorganization,
disclosure statement and all related documents, and taking
necessary actions obtain confirmation of the plan;

     f) representing the Debtor in connection with cash collateral
or post petition financing;

     g) advising the Debtor in connection with any sales of its
assets;

     h) appearing before the bankruptcy  court, appellate courts
and the Office of the U.S. Trustee, and attending Section 341
meeting;

     i) consulting with the Debtor regarding non-bankruptcy
disciplines of law such as tax, labor and employment, real estate,
corporate finance, securities, and certain litigation matters; and

     j) performing all other necessary legal services for the
Debtor.  

The firm will be paid as follows:

     Beverly Weiss Manne   $550 per hour
     Other Shareholders    $395 - $700 per hour
     Associates            $225 - $350 per hour
     Paralegals            $135 - $200 per hour

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

The firm can be reached through:

     Beverly Weiss Manne, Esq.
     Maribeth Thomas, Esq.
     Tucker Arensberg, P.C.
     1500 One PPG Place
     Pittsburgh, PA 15222
     Telephone: (412) 566-1212
     Facsimile: (717) 232-6802
     Email: bmanne@tuckerlaw.com
            mthomas@tuckerlaw.com

                       About Tilden Marcellus

Tilden Marcellus, LLC is a Texas limited liability oil and gas
production company, which owns and previously operated certain
working interests in more than 27,000 net leasehold acres within
Potter County and Tioga County, Pa., with over 50 wells previously
in production.

Tilden Marcellus sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Penn. Case No. 22-20212) on Feb. 4,
2022. In the petition signed by Jeffrey T. Varsalone, chief
restructuring officer, the Debtor disclosed up to $50 million in
both assets and liabilities.

Judge Gregory L. Taddonio oversees the case.

Morris, Nichols, Arsht and Tunnel, LLP and Tucker Arensberg, PC
serve as the Debtor's lead bankrupcy counsel and local counsel,
respectively.  Epiq Corporate Restructuring, LLC is the notice,
claims and balloting agent and administrative advisor.

White Oak Global Advisors, LLC, as the DIP agent and the
prepetition agent, is represented by Davis Polk & Wardwell LLP and
Bowles Rice, LLP.


TILDEN MARCELLUS: Wins Cash Collateral Access, DIP Loan
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
has authorized Tilden Marcellus, LLC to, among other things, use
cash collateral on a final basis and obtain postpetition
financing.

The Debtor is permitted to obtain senior secured postpetition
financing on a superpriority basis consisting of a senior secured
superpriority credit facility in the aggregate principal amount of
$13.2 million consisting of (a) $4.4 million in new money term
loan, with $1,300,000 available upon entry of the Interim Order and
the remainder available upon entry of the Final Order; and (b) $8.8
million roll-up of certain of the Prepetition Credit Facility Debt
into loans under the DIP Facility subject to the terms and
conditions of the Interim Order and the Senior Secured
Superpriority Debtor-in-Possession Term Loan Credit Agreement by
and among the Borrower and the other credit parties thereto, White
Oak Global Advisors, LLC, as administrative and collateral agent,
and the lenders party thereto.

The Debtor and Tilden Holdings, LLC are parties to a Loan, Guaranty
and Security Agreement, dated as of February 28, 2019 as borrowers,
with (a) certain guarantors from time to time party thereto, as
guarantors, (b) White Oak Global Advisors, LLC as administrative
agent and (c) several entities from time to time party thereto as
Lenders.

As of the Petition Date, the Prepetition Credit Facility Secured
Parties consisted of White Oak Global Advisors, LLC and certain of
its affiliates.  The Prepetition Credit Facility provided for an
original commitment amount of $32 million with a scheduled maturity
date of February 23, 2023.

As of the Petition Date, the Prepetition Loan Parties were justly
and lawfully indebted and liable to the Prepetition Credit Facility
Secured Parties, in the aggregate principal amount of not less than
$3.3 million.

The Debtor and Holdings were also parties to a 2002 ISDA Master
Agreement, dated as of March 5, 2019, with BP Energy Company under
which the Prepetition Swap Counterparty agreed to enter into one or
more rate swap transactions, credit derivative transactions,
forward rate transactions, commodity swaps and similar transactions
governed by the Prepetition Swap Agreement. BP terminated the
Prepetition Swap Agreement on September 28, 2021 and the Debtor
estimates that BP has a secured claim against it in the amount of
approximately $3.2 million.

As adequate protection, the Prepetition Secured Parties will
receive continuing, valid, binding, enforceable, non-avoidable and
automatically perfected post petition security interests in and
liens on all of the DIP Collateral and Superpriority claims in
favor of the Prepetition Credit Facility Secured Parties and the
Prepetition Swap Counterparty on a pair passu basis as provided for
in sections 507(b) of the Bankruptcy Code that are junior to the
DIP Obligations and the DIP Superpriority Claims.

The Court held that the Final Order will constitute findings of
fact and conclusions of law pursuant to Bankruptcy Rule 7052 and
will take effect and be enforceable nunc pro tunc to the Petition
Date immediately upon execution thereof.

A copy of the Final Order and the Debtor's budget is available at
https://bit.ly/37m4cqj from PacerMonitor.com.

The Debtor projects 7,114,000 in total deposits and $912,000 in
total cash used for the peiod from February 26 to March 28, 2022.

                    About Tilden Marcellus, LLC

Tilden Marcellus, LLC is a Texas limited liability oil and gas
production company which owns and previously operated certain
working interests in more than 27,000 net leasehold acres within
Potter County and Tioga County, Pennsylvania, with over 50 wells
previously in production.

Tilden Marcellus sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-20212) on February 4,
2022. In the petition signed by Jeffrey T. Varsalone, chief
restructuring officer, the Debtor disclosed up to $50 million
inboth assets and liabilities.

Judge Gregory L. Taddonio oversees the case.

Beverly Weiss Manne, Esq., at Tucker Arensberg PC serves as the
debtor's local counsel. Morris, Nichols, Arsht and Tunnel LLP is
the Debtor's bankruptcy counsel. Epiq Corporate Restructuring LLC
serves as the notice, claims and balloting agent and administrative
advisor.

White Oak Global Advisors, LLC, as the DIP Agent and the
Prepetition Agent, is represented by Daren S. Klein, Esq., David
Schiff, Esq. Jarett Erickson, Esq. at Davis Polk & Wardwell LLP.



TON REAL ESTATE: Seeks to Hire Endeavor as Property Manager
-----------------------------------------------------------
Ton Real Estate Investments X, LLC seeks approval from  the U.S.
Bankruptcy Court for the Northern District of Indiana to hire
Endeavor Property Services, Inc. as its property manager.

The Debtor needs the services of the firm to manage its shopping
mall located at 3701 S. Main St., Elkhart, Ind., and identify
potential buyers.

The firm will receive $10,000 as compensation.

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

The firm can be reached through:

     Richard Hernandez
     Endeavor Property Services, LLC
     530 Monument Square
     Racine, WI 53403

                About Ton Real Estate Investments X

Ton Real Estate Investments X, LLC is an Illinois limited liability
company in the business of leasing, and running a retail mall
located at 3701 S. Mail St., Elkhart, Ind.

Ton Real Estate Investments sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ind. Case No. 22-30056) on Jan.
25, 2022. In the petition signed by John Thomas, manager, the
Debtor disclosed up to $50 million in assets and up to $10 million
in liabilities.

Christopher A. Hansen, Esq., at the Law Offices of Chris Hansen and
Endeavor Property Services, Inc. serve as the Debtor's legal
counsel and property manager, respectively.


U.S. TOBACCO: Unsecureds Unimpaired Under Plan
----------------------------------------------
U.S. Tobacco Cooperative Inc., et al., submitted a Second Amended
Disclosure Statement explaining their Chapter 11 Plan.

The Debtors comprise a cooperative owned by over 500 different
tobacco member-growers located in North Carolina, Virginia, South
Carolina, Georgia and Florida. The Debtors purchase leaf tobacco
from their member-growers and process, distribute and sell tobacco
products to both domestic and international markets. The Debtors
filed the Chapter 11 Cases in light of uncertainty caused by
developments in a certain class action lawsuit brought against the
Cooperative in the North Carolina Superior Court, captioned Lewis
et al. v. Flue-Cured Tobacco Cooperative Stabilization Corporation,
Case Nos. 05-CVS-188 and 05- CVS-1938 (the "Lewis Litigation"). As
described in more detail below, the class plaintiffs in the Lewis
Litigation (the "Lewis Class") asserted that the Cooperative should
have distributed the funds in its reserve to its members rather
than saving them for future use, and sought relief from the state
court including an award of hundreds of millions of dollars and a
declaration that the members of the Lewis Class "own" substantially
all of the Debtors' assets. The Lewis Litigation was stayed as a
result of the commencement of these Chapter 11 Cases. The Lewis
Class filed a proof of claim against each Debtor for over $1
billion dollars, and has been actively involved in numerous
contested matters throughout these Chapter 11 Cases.

One of the Debtors' principal goals has been to resolve the claims
of the Lewis Class in a manner that allows the Debtors to remain in
business, so that they may continue to serve their member-growers
for years to come. On January 31, 2022, the Debtors embarked on a
two-day Bankruptcy Court ordered mediation session with the Lewis
Class, and representatives of the Debtors' bank group. In the early
morning hours of February 2, 2022, following over thirty hours of
mediation, the parties reached a global settlement, which the
Debtors believe will pave the way for their successful emergence
from bankruptcy by the end of June, 2022. The details of the
settlement are embedded in the Plan, and confirmation of the Plan
will lead to the implementation of the settlement.

Under the Plan, Class 4 General Unsecured Claims totaling $11.5
million. The legal, equitable and contractual rights of the Holders
of Allowed General Unsecured Claims are unaltered by the Plan. Each
Holder of an Allowed General Unsecured Claim will be paid in full,
in Cash, on, or as soon as reasonably practicable after, the
Effective Date, or in accordance with the terms of any agreement
between the Debtors and the Holder of an Allowed General Unsecured
Claim or on such other terms and conditions as are acceptable to
the Debtors and the Holder of an Allowed General Unsecured Claim,
or shall be Reinstated. Creditors will recover 100% of their
claims. Class 4 is unimpaired.

The funds utilized to make Cash payments under the Plan have been
and/or will be generated from, among other things, the Exit
Facility, the sale of the Cooperative's real property located at
608 Wilbon Road and 913 Bridge Street, Fuquay-Varina, North
Carolina, proceeds from the Cooperative's investment account, the
recovery form the Lloyd's Litigation, the potential sale(s) of
other non-core assets, collections from the sale of tobacco leaf,
proceeds of insurance policies, proceeds from pending litigation,
proceeds from duty drawback claims, and Cash on hand.

Counsel for the Debtors:

     Mark E. Felger, Esq.
     Simon E. Fraser, Esq.
     COZEN O'CONNOR
     1201 N. Market Street, Suite 1001
     Wilmington, Delaware 19801
     Telephone: (302) 295-2000
     Facsimile: (302) 295-2013
     E- mail: mfelger@cozen.com
              sfraser@cozen.com

          - and -

     David R. Doyle, Esq.
     Christina M. Sanfelippo, Esq.
     123 N. Wacker Drive, Ste. 1800
     Chicago, IL 60606
     Telephone: (312) 474-1648
     Facsimile: (312) 382-8910
     E-mail: daviddoyle@cozen.com
             csanfelippo@cozen.com

          - and -

     Jason L. Hendren, Esq.
     Rebecca F. Redwine, Esq.
     Benjamin E.F.B. Waller, Esq.
     HENDREN, REDWINE & MALONE, PLLC
     4600 Marriott Drive, Suite 150
     Raleigh, NC 27612
     Telephone: (919) 420-7867
     Facsimile: (919) 420-0475
     E-mail: jhendren@hendrenmalone.com
             rredwine@hendrenmalone.com
             bwaller@hendrenmalone.com

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

               About U.S. Tobacco Cooperative

U.S. Tobacco Cooperative Inc. produces U.S. flue-cured tobacco
grown by more than 500 member growers in Florida, Georgia, South
Carolina, North Carolina, and Virginia. Member-grown tobacco is
processed and sold as raw materials to cigarette manufacturers
worldwide.

U.S. Tobacco Cooperative and affiliates sought Chapter 11
protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7,
2021.  In the petition signed by Keith H. Merrick, chief financial
officer, U.S. Tobacco Cooperative estimated assets of between $100
million and $500 million and estimated liabilities of between $100
million and $500 million.

Judge Joseph N. Callaway oversees the cases.

The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy
counsel, and McGuireWoods, LLP and Robinson, Bradshaw & Hinson,
P.A., as special counsel.  BDO Consulting Group, LLC, SSG Advisors,
LLC and CliftonLarsonAllen serve as the Debtors' financial advisor,
investment banker and accountant, respectively.


UNITED RENTALS: S&P Raises Senior Unsecured Debt Rating to 'BB+'
----------------------------------------------------------------
S&P Global Ratings raised its issue-level rating on all tranches of
senior unsecured notes issued by United Rentals Inc.'s (URI)
subsidiary United Rentals (North America) Inc. to 'BB+' from 'BB'
and revised its recovery rating on the debt to '4' from '5'. The
'4' recovery rating indicates its expectation for average (30%-50%;
rounded estimate: 35%) recovery of principal in the event of a
payment default.

The company increased its balance sheet assets in 2021, primarily
through its purchases of rental equipment and acquisitions, which
modestly increased our overall valuation. At the same time, URI's
debt load and capital structure as of the end of 2021 remained
relatively unchanged compared with prior year. S&P believes this
supports improved recovery prospects for the unsecured noteholders
in a default scenario.

All of S&P's other ratings, including its 'BB+' issuer credit
ratings and stable outlook on URI and United Rentals (North
America) Inc., are unchanged.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario contemplates an unexpected and
drastic downturn in the nonresidential construction industry that
severely strains the company's equipment usage, rental rates,
revenue, and cash flow.

-- Although S&P believes URI would likely reorganize after a
default, it uses a discrete asset value (DAV) approach to analyze
the recovery prospects of most large general equipment rental
providers.

S&P said, "Our DAV approach starts with the net book value of the
company's assets as of Dec. 31, 2021. We assume balance-sheet
accounts are partially diluted to reflect the estimated loss of
appraised value through additional depreciation or expected
contraction in working capital assets in the period leading up to
the hypothetical default. We then apply realization rates to the
assets, reflecting the friction of selling or discounts potential
buyers or restructurers would apply in distressed circumstances.

"We assume realization rates of 75% for rental equipment, 80% for
unsold accounts receivable (we exclude the assets and liabilities
related to URI's accounts receivable special-purpose entity), 65%
for inventory, and 40% for other property and nonrental
equipment."

Simulated default assumptions

-- Simulated year of default: 2027
-- Jurisdiction: U.S.
-- Asset-based lending (ABL) facility: 60% drawn at default. S&P
assumes the company uses a portion of the incremental draw to
purchase rental equipment.

Simplified waterfall

-- Gross enterprise value: $6.68 billion

-- Net enterprise value (after 5% administrative expenses): $6.35
billion

-- Collateral/noncollateral valuation split: 88%/12%

-- Collateral value available to ABL and first-lien lenders: $6.07
billion

-- ABL estimate (60% utilization): $2.23 billion

    --Recovery expectations: Not applicable (unrated)

-- First-lien secured term loan: $931 million

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Collateral value available to secured noteholders: $2.91
billion

-- Secured second-lien notes: $765 million

    --Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Total value available to unsecured claims: $2.42 billion

-- Senior unsecured debt and pari passu claims: $6.16 billion

    --Recovery expectations: 30%-50% (rounded estimate: 35%)

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



VERNON 4540: Court Confirms Chapter 11 Plan
-------------------------------------------
Judge Robert D. Drain has entered an order approving on a final
basis the Disclosure Statement and confirming the Plan of Vernon
4540 Realty, LLC.

As evidenced by the Ballot Summary, Class 2: General Unsecured
Claims voted to accept the Plan in accordance with Section 1126 of
the Bankruptcy Code. Based on the foregoing, and as evidenced by
the Ballot Summary, an Impaired Class of Claims has voted to accept
the Plan in accordance with the requirements of sections 1124, 1126
and 1129(a)(10) of the Bankruptcy Code.

The Liquidation Analysis reflects, and the Court finds, that each
Holder of a Class 2: General Unsecured Claim and a Class 3:
Interest in the Debtor will receive a distribution on account of
such Claim or Interest under the Plan that is not less than such
Holder would receive or retain if the Debtor were liquidated in a
Chapter 7 case as of the Effective Date. Thus, the Plan satisfies
Section 1129(a)(7) of the Bankruptcy Code.

Class 2 is impaired and has voted to accept the Plan. Specifically,
100% of the votes cast by Class 2 voted to accept the Plan.  Thus,
the Plan satisfies Section 1129(a)(10) of the Bankruptcy Code.

The Plan provides for distributions as follows:

   * First, via the Initial Distribution:

     Initial Distribution: Means the distribution from the Funding
Commitment (after reserving for known Administrative Claims and
Statutory Fees) by the Liquidating Trustee to Holders of Allowed
Claims in Class 1 and Class 2, except the Plan Proponent's Claim
and the Judgment Claim.

   * Next, via the Waterfall:

     Waterfall: The order of priority of distributions in the
Second Distribution and Third Distribution (after the Initial
Distribution):

   * Second Distribution:

      (i) First

          a. to Allowed Administrative Claims, including the
Allowed fees and expenses of the Examiner, to the extent that that
such fees and expenses were not paid, for services rendered through
the Effective Date, and to the Allowed fees and expenses of the
Debtor's Bankruptcy Court approved and retained professionals, to
the extent that that such fees and expenses were not paid, for
services rendered through the Effective Date; and to all Statutory
Fees to the extent that that the Statutory Fees were not paid in
full; then

          b. to all fees and expenses of the Liquidating Trustee
and the Liquidating Trustee's counsel in connection with the
payment of insurance for the Liquidating Trustee—estimated to be
$9,000 (all other fees relating to the Liquidating Trust will be
incurred post-Effective Date and will be paid in accordance with
the Liquidating Trust Agreement); then

          c. to all remaining Allowed General Unsecured Claims
(after applicable bar dates), to the extent such Claims were not
paid in the Initial Distribution, estimated in the amount of $0.00,
apart from Plan Proponent's Claim and the Judgment Claim);

     (ii) Second, reimbursement of 75% of the amounts actually paid
from the Funding Commitment—this is an arbitrary number chosen by
the Plan Proponents to partially repay their Funding Commitment and
to facilitate a partial or full payment for all Allowed Claims upon
the Effective Date without waiting for or taking the risk that
Brownfield Tax Credit will not be realized, it is not an offset,
satisfaction, or deduction from the Allowed Claims of the Plan
Proponents;

    (iii) Third, to the extent the Initial Distribution did not pay
all Allowed Unsecured Claims (other than the Plan Proponent's Claim
and the Judgment Claim) then to Holders of Allowed Unsecured
Claims;

     (iv) Fourth, reimbursement of the remaining 25% of the amounts
actually paid from the Funding Commitment to the Plan Proponent
(for the avoidance of doubt, this payment shall not be an offset,
deduction, or satisfaction of the Allowed Claims of the Plan
Proponents);

      (v) Fifth, payment in full of the Plan Proponent's Claim and
the Judgment Claim;

     (vi) Sixth, if there are any remaining proceeds from the
Brownfield Tax Credit, then interest shall be paid at the Federal
Judgement Rate to all Holders of Allowed Claims; and finally

    (vii) Seventh, after final allowance or disallowance of any
Claims filed after the Effective Date according to the Bar Dates
established under this Amended Plan, and subject to any payments
required to be made under the terms of the Liquidating Trust, any
remaining proceeds shall be distributed 100% to the Holders of
Liquidating Trust Class B Interests.

   * Third Distribution:

   (viii) Eighth, if the Plan Proponent or one of its affiliates
receives the Brownfield Tangible Property Credit Share, then to the
extent that all Allowed Claims have not been paid in full with
interest from the Funding Commitment and the Second Distribution,
then the Plan Proponent or its designee shall pay

          a. first, all Holders of Allowed Claims shall receive
their Pro Rata Share of the proceeds of the Brownfield Tangible
Property Credit Share including interest on their Allowed Claims at
the Federal Judgment Rate, and then

          b. second, the Plan Proponent shall be repaid in full for
the Funding Commitment, and then

          c. third, notwithstanding that the Brownfield Tangible
Property Credit Share is not being included in the Liquidating
Trust Assets, the Plan Proponent shall distribute any surplus as
follows: 85% to the Plan Proponent or its designee, and 15% to the
Holders of Allowed Liquidating Trust Class B Interests.

                     About Vernon 4540 Realty

Vernon 4540 Realty, LLC, filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
20-22919) on Aug. 5, 2020.  Brent Carrier, managing member, signed
the petition.  At the time of the filing, the Debtor had between
$10 million and $50 million in both assets and liabilities.  

Judge Robert D. Drain presides over the case.  Bruce H. Bronson,
Esq., at Bronson Law Office, P.C., serves as the Debtor's legal
counsel in the case.

On March 29, 2021, the court appointed Angela Orlandella as
examiner. The examiner is represented by Barclay Damon, LLP.


VICTORIA TOWERS: Claims to be Paid From Sale of Property
--------------------------------------------------------
Victoria Towers Development Corp. submitted a First Amended
Disclosure Statement.

The Debtor was designated as a single asset real estate debtor as
that term is understood under the Bankruptcy Code.  The Debtor
filed for relief primarily due to the default of its obligations
under a note and mortgage granted in favor of SDF34 Flushing
Sanford LLC ("SD34") and SDF 34 Flushing Sanford II LLC ("SDF34
II") which notes, and mortgages are currently held by Sanford
Avenue Partner, LLC ("Sanford" and collectively with its
predecessors in interest the "Senior Secured Lender") secured by a
first in priority lien against certain of the condominium apartment
units (the "Units") located at the Debtor's real property commonly
known 133-38 Sanford Avenue, Flushing, New York (the "Real
Property") as well as the personal guarantees of Myint J. Kyaw
a/k/a Jeffrey Wu ("Wu"), a debtor before the Bankruptcy Court and
Ioc Heng Ip ("Ip" or "Veronica Wu").

Recoveries projected in the Plan shall be from the Debtor's sale of
the Units located at the Real Property. The proposed sale of the
Units shall be used to satisfy the claim of the secured creditors
pursuant to the order of priority; the payment of any outstanding
statutory fees due and owing the United States Trustee; the payment
of allowed costs of administration of the case (the "Administrative
Claims"); and a distribution to the holders of Allowed Claims.

The Debtor believes that the recoveries provided for in the
proposed Plan exceed any recovery that would otherwise be available
if Sanford were to foreclose on its interest in the Real Property.
Similarly, the Debtor believes that if this chapter 11 case was
converted to one under chapter 7 of the Bankruptcy Code, the
holders of the Allowed Claims would receive less than the amounts
anticipated in the Debtor's Plan due to the additional
administrative expenses that would necessarily be incurred in such
liquidation.

The Plan provides for the sale of the Debtor's interest in the
Units. Accordingly, the Holder of Ownership Interests in the Debtor
shall be extinguished upon the sale of all of the Units available
for sale. The Debtor shall continue to exist until the completion
of the sale of all available Units. Once all available Units have
been liquidated, the Liquidated Debtor shall cease to exist.

Class 6 Allowed General Unsecured Claims are comprised of:

   * W&L Construction, Inc. was scheduled in an unknown amount. On
December 28, 2020, W&L Construction, Inc. ("W&L") filed a proof of
claim in the amount of $8,670,082.19 (Claim No. 13). Claim No. 13
arises out of work performed by W&L for the Debtor and monies
loaned to or for the benefit of the Debtor and is the subject of a
pending litigation styled W &L Construction Group, Inc., v.
Victoria Towers Development Corp., Victoria Realty Group, LLC,
Victoria Development Realty Corp., and Jeffrey Wu, bearing Index
No. 717487/2018 in the Supreme Court of the State of New York,
County of Queens. Provided that the Debtor fully consummates the
agreement with Sanford as part of the Plan, W&L shall not assert a
claim against the Debtor on account of the work performed in
exchange for a full release of any and all claims upon substantial
consummation of the Plan. The portion of Claim No. 13 related to
the loan shall remain as part of the Individual claims discussed
below. The Debtor does not waive any of its rights in connection
with referenced litigation pending in the Supreme Court. In
addition to Claim No. 13, W&L filed a claim in the amount of
$8,445,205.48 against the Jeffrey Wu estate which was assigned
Claim No. 20-1 (the "W&L Wu Claim").

   * Bai was scheduled in an unknown amount. On December 28, 2020,
Bai filed a proof of claim in the amount of $8,347,300.00 (Claim
No. 6), plus costs and expenses as well as damages as of the
Petition Date, related to the settlement agreement described herein
and the purchase of certain units (the "Bai Units") to wit: 8A, 8B,
8C, 8D, 8E, 8F, 8G, 10A, 10C, 10D, 10E and 10F.  In addition to
Claim No. 6 Bai filed a proof of claim in the amount of
$12,378,911.12 in the Wu case.  In connection with the escrow funds
held by Certilman, the amount of $489,340.00 represents funds for
the purchase of the Bai Units, for which transactions had not
closed (the "Bai Escrow Funds"). The Bai Escrow Funds are not
property of the Debtor's bankruptcy estate.

                       Settlement with Bai

The Debtor, Bai and Wu, have reached a global resolution which
resolves Bai's claims in this chapter 11 case and the Wu chapter 11
case. Upon the entry of the Order confirming the Plan, Certilman
shall be directed and shall release the Bai Escrow Funds in the
amount of $489,340 to Kravit Partners LLC, counsel for Bai, via
wire transfer. Upon the entry of the Order confirming the Plan, if
required, the Debtor shall execute and deliver to Certilman any
authorization Certilman may require releasing the Bai Escrow Funds
as provided for herein. In the event that the Debtor fails to
deliver the required release to Certilman, after the Order
confirming the Debtor's Plan becomes a final, non-appealed,
non-appealable order, Certiliman shall release the Bai Escrow Funds
without the need for any further order of the Court.

In the event that the Bai Units are sold and transferred as part of
the confirmed Plan to a party other than Sanford, Bai and any other
occupants occupying the Bai Units shall vacate the Bai Units,
leaving said Bai Units vacant and in broom clean condition, by not
later than fourteen (14) days from the closing of the proposed sale
transaction.

Upon the entry of the Order confirming the Debtor's Plan, the
Debtor shall be deemed to have released Bai in connection with or
related to Claim No. 6 filed in the Debtor's chapter 11 bankruptcy
case. Provided the Plan is confirmed, Bai shall be deemed to have
withdrawn Claim No. 6 and it shall be deemed satisfied. For the
avoidance of doubt, in the event of that the Debtor's Plan is not
confirmed as contemplated, Claim No. 6 shall revert to the full
amount due and owing and shall be paid in order of priority upon
the liquidation of the Debtor's property.

The claims are claims that have been asserted against the Debtor
and were not scheduled by the Debtor:

   * Westchester Fire Insurance Company ("Westchester") on December
15, 2020, timely filed Claim No. 2 in the amount of $1,001,130.06.
This claim is alleged to be in connection with the discharge of a
mechanic's lien, however there are no bona fides provided by the
claimant. By motion dated November 5, 2021, the Debtor objected to
this claim. The Debtor's objection is currently sub judice before
the Court. The Debtor has not included this claim in the Allowed
General Unsecured Claims.

   * Landmark Portfolio Mezz ("Landmark Portfolio") on December 23,
2020, timely filed Claim No. 4 in the amount of $24,876,385.05. The
Debtor has not included this claim in the Allowed General Unsecured
Claims. This claim has been addressed in the Wu bankruptcy case.
Pursuant to a stipulation entered into by and between Wu and
Landmark Portfolio, Landmark Portfolio shall be paid the sum of
$16,500,000.00.

   * Zhen En Lin ("Lin") on December 28, 2020, timely filed Claim
No. 7 in the amount of $453,000 relating to the purchase of a Unit
(the "Lin Residential Purchase Agreement"). Provided that the Plan
is confirmed, and Sanford receives the full amount of the Sanford
Allowed Secured Claim in exchange for a release from the Debtor, Wu
and Ip, Lin has agreed that Claim No. 7 shall not participate in
any distribution from the Carve Out described herein. However, in
the event that the proposed sale of both the Sanford Sale Units
and/or the Chengyi Sale Units generates funds in excess of the
amounts necessary to pay the Sanford Allowed Secured Claim and the
Chengyi Allowed Secured Claim as well as the claim of Leser (Class
5) in its entirety, Claim No. 7 shall receive a pro rata
distribution as to the claim.

   * Xing Mei Ni ("Ni") on December 28, 2020, timely filed Claim
No. 8 in the amount of $453,000 relating to the purchase of a Unit
(the "Ni Residential Purchase Agreement"). Provided that the Plan
is confirmed, and Sanford receives the full amount of the Sanford
Allowed Secured Claim in exchange for a release from the Debtor, Wu
and Ip, Ni has agreed that Claim No. 8 shall not participate in any
distribution from the Carve Out described herein. However, in the
event that the proposed sale of both the Sanford Sale Units and/or
the Chengyi Sale Units generates funds in excess of the amounts
necessary to pay the Sanford Allowed Secured Claim and the Chengyi
Allowed Secured Claim as well as the claim of Leser (Class 5) in
its entirety, Claim No. 8 shall receive a pro rata distribution as
to the claim.

   * Qui Hui Lin ("Qui Lin") on December 28, 2020, timely filed
Claim No. 9 in the amount of $487,200 relating to the purchase of a
Unit (the "Qui Lin Residential Purchase Agreement"). Provided that
the Plan is confirmed, and Sanford receives the full amount of the
Sanford Allowed Secured Claim in exchange for a release from the
Debtor, Wu and Ip, Lin has agreed that Claim No. 9 shall not
participate in any distribution from the Carve Out described
herein. However, in the event that the proposed sale of both the
Sanford Sale Units and/or the Chengyi Sale Units generates funds in
excess of the amounts necessary to pay the Sanford Allowed Secured
Claim and the Chengyi Allowed Secured Claim as well as the claim of
Leser (Class 5) in its entirety, Claim No. 9 shall receive a pro
rata distribution as to the claim.

   * Meng Hua Wang ("Wang") on December 28, 2020, timely filed
Claim No. 10 in the amount of $1,880,080 relating to the purchase
of a Unit (the "Wang Residential Purchase Agreement"). Provided
that the Plan is confirmed, and Sanford receives the full amount of
the Sanford Allowed Secured Claim in exchange for a release from
the Debtor, Wu and Ip, Wang has agreed that Claim No. 7 shall not
participate in any distribution from the Carve Out described
herein. However, in the event that the proposed sale of both the
Sanford Sale Units and/or the Chengyi Sale Units generates funds in
excess of the amounts necessary to pay the Sanford Allowed Secured
Claim and the Chengyi Allowed Secured Claim as well as the claim of
Leser (Class 5) in its entirety, Claim No. 10 shall receive a pro
rata distribution as to the claim.

   * Liang Wen Pan ("Pan") on December 28, 2020, timely filed Claim
No. 11 in the amount of $786,480 relating to the purchase of a Unit
(the "Pan Residential Purchase Agreement"). Provided that the Plan
is confirmed, and Sanford receives the full amount of the Sanford
Allowed Secured Claim in exchange for a release from the Debtor, Wu
and Ip, Pan has agreed that Claim No. 11 shall not participate in
any distribution from the Carve Out described herein. However, in
the event that the proposed sale of both the Sanford Sale Units
and/or the Chengyi Sale Units generates funds in excess of the
amounts necessary to pay the Sanford Allowed Secured Claim and the
Chengyi Allowed Secured Claim as well as the claim of Leser (Class
5) in its entirety, Claim No. 11 shall receive a pro rata
distribution as to the claim.

   * Hui Lin ("Hui Lin") on December 28, 2020, timely filed Claim
No. 12 in the amount of $638,000 relating to the purchase of a Unit
(the "Hui Lin Residential Purchase Agreement"). Provided that the
Plan is confirmed, and Sanford receives the full amount of the
Sanford Allowed Secured Claim in exchange for a release from the
Debtor, Wu and Ip, Lin has agreed that Claim No. 12 shall not
participate in any distribution from the Carve Out described
herein. However, in the event that the proposed sale of both the
Sanford Sale Units and/or the Chengyi Sale Units generates funds in
excess of the amounts necessary to pay the Sanford Allowed Secured
Claim and the Chengyi Allowed Secured Claim as well as the claim of
Leser (Class 5) in its entirety, Claim No. 12 shall receive a pro
rata distribution as to the claim.

The allowed general unsecured creditors total $17,017,382.
However, Claim Nos. 2, 4, 7, 8, 9, 10, 11, 12 and 13 shall not
receive a distribution as described above.  Leser shall receive a
distribution as an allowed general unsecured creditor in an amount
not less than $25,000 from the Carve Out described supra. Class 6
is impaired.

Attorneys for the Victoria Towers Development Corp.:

     Fred S. Kantrow, Esq.
     THE KANTROW LAW GROUP, PLLC
     6901 Jericho Turnpike, Suite 230
     Syosset, New York 11791
     Tel: (516) 703-3672
     E-mail: fkantrow@thekantrowlawgroup.com

A copy of the Disclosure Statement dated March 4, 2022, is
available at https://bit.ly/3HMMclp from PacerMonitor.com.

                  About Victoria Towers Development

Flushing, N.Y.-based Victoria Towers Development Corp. is the owner
of fee simple title to 29 residential condo units located at 133 38
Sanford Avenue, Flushing N.Y., having an appraised value of $33.37
million.

Victoria Towers filed a Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 20-73303) on Oct. 30, 2020.  In its petition, the Debtor
disclosed $33,370,000 in assets and $39,217,115 in liabilities. The
petition was signed by Myint J. Kyaw, president.

The Hon. Robert E. Grossman presides over the case.

Rosen & Kantrow, PLLC, serves as the Debtor's bankruptcy counsel.


VIEQUES FO & G: Gets 60-Day Extension for Plan
----------------------------------------------
Judge Edward A. Godoy has entered an order granting Vieques Fo & G
Inc's urgent motion for extension of time to file Disclosure
Statement and Plan of Reorganization.  A 60-day extension is
granted until May 9, 2022.

                    About Vieques FO & G, Inc.

Vieques FO & G, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 21-01688) on May 28,
2021, listing $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.  Judge Edward A. Godoy oversees the case.
Rafael A. Gonzalez Valiente, Esq., at Godreau & Gonzalez Law, LLC,
represents the Debtor.


WC MANHATTAN: Seeks Cash Collateral Access
------------------------------------------
WC Manhattan Place Property, LLC asks the U.S. Bankruptcy Court for
the Western District of Texas for authority to use cash collateral
in accordance with the budget, with a 10% variance and provide
related relief.

COMM 2014-CR21 Manhattan Boulevard, LLC is the owner and holder of
the promissory note, dated October 16, 2014, executed by the Debtor
and payable to the order of German America Capital Corporation, the
original lender, in the original stated principal amount of
$13,875,000.

The Note is secured by, among other documents, instruments and
things, the Mortgage, Assignment of Leases and Rents and Security
Agreement, dated as of October 16, 2014, executed by the Debtor for
the benefit of Original Lender, and covering the Property. The Loan
is further evidenced and secured by (i) the Assignment of Leases
and Rents, dated on or around October 16, 2014 and (ii) the Loan
Agreement, dated on or around October 16, 2014, executed by
Borrower and Original Lender.

The Loan Documents were transferred and assigned to, and are
currently held by, the Lender.

The Debtor says it has an imminent need to use the cash and cash
generated from the rents of the properties.

As adequate protection for the Debtor's use of cash collateral, the
Debtor proposes to provide the Lender with replacement liens in
such collateral and in the post-petition property of the Debtor of
the same nature and to the same extent and in the same priority it
had in the collateral as of the Petition Date. In addition, the
Lender will receive a claim under section 507(b) as adequate
protection to the extent of the diminution in value of its
perfected interests in the cash collateral.

The Lender will be deemed to have an allowed superpriority adequate
protection claim to the extent the Adequate Protection Liens are
shown to be inadequate to protect Lender against the diminution in
value of the collateral.

As further adequate protection of the Lender's interest in the
Property and other Collateral, the Debtor will remit monthly
adequate protection payments to the Lender as set forth in the
Operating Budget, or upon further Court order.

A copy of the order is available at https://bit.ly/3J4HWit from
PacerMonitor.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. Tex. 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.



WELLS FARGO 2012-CCRE2: Fitch Cuts Class G Certs to 'CC'
--------------------------------------------------------
Fitch Ratings has downgraded three and affirmed 10 classes of
German American Capital Corp.'s Wells Fargo Commercial Mortgage
Trust commercial mortgage pass-through certificates series
2012-CCRE2 (COMM 2012-CCRE2). The Rating Outlook for the affirmed
class D has been revised to Stable from Negative.

    DEBT                  RATING            PRIOR
    ----                  ------            -----
COMM 2012-CCRE2

A-3 12624KAJ5       LT AAAsf   Affirmed     AAAsf
A-4 12624KAD8       LT AAAsf   Affirmed     AAAsf
A-M 12624KAF3       LT AAAsf   Affirmed     AAAsf
A-M-PEZ 12624KAN6   LT AAAsf   Affirmed     AAAsf
B 12624KAG1         LT AAsf    Affirmed     AAsf
B-PEZ 12624KAQ9     LT AAsf    Affirmed     AAsf
C 12624KAH9         LT Asf     Affirmed     Asf
C-PEZ 12624KAU0     LT Asf     Affirmed     Asf
D 12624KAW6         LT BBB+sf  Affirmed     BBB+sf
E 12624KAY2         LT BB-sf   Downgrade    BBB-sf
F 12624KBA3         LT CCCsf   Downgrade    Bsf
G 12624KBC9         LT CCsf    Downgrade    CCCsf
X-A 12624KAE6       LT AAAsf   Affirmed     AAAsf

KEY RATING DRIVERS

Greater Certainty of Losses; Regional Mall Concentration: Despite
relatively stable loan performance for the majority of the pool
since the prior rating action, exposure to regional malls (13.7% of
pool) remains a rating concern.

Fitch performed a paydown scenario assuming that the two regional
malls are the last remaining loans in the pool. This scenario,
along with a greater certainty of losses, particularly from higher
loss expectations on the Chicago Ridge Mall loan, which has an
upcoming August 2022 maturity and has not exhibited notable cash
flow improvement and stabilization following the pandemic,
contributed to the downgrades and Negative Outlook. Class D would
be the most senior class reliant on these malls; this class was
capped at 'BBB+sf'.

Stable Loss Expectations; Expected Paydowns: While overall loss
expectations for the majority of the pool are stable since Fitch's
prior rating action, loss expectations have increased on the
Chicago Ridge Mall and Crossgates Mall loans due to continued
performance and refinance risk concerns.

There are 10 Fitch Loans of Concern (FLOCs; 30.5%). With the
exception of the Crossgates Mall loan (5.9% of pool), which has an
extended maturity date in May 2023, all of the remaining loans
mature between April and August 2022. The Rating Outlook revision
to Stable from Negative on class D reflects increasing defeasance,
as well as expected paydowns from upcoming loan maturities. The
Negative Outlook on class E reflects its reliance on the two
regional mall loans to repay.

The largest contributor to losses is the Chicago Ridge Mall loan
(7.8%), which is secured by a regional mall in Chicago Ridge, IL.
The loan is sponsored by Star-West JV LLC, a joint venture
controlled by Starwood Capital Group. Collateral occupancy improved
to 80% as of September 2021 from 70.2% in December 2020 after
Dick's Sporting Goods (8.8% of collateral NRA) backfilled a portion
of the former Carson's anchor box (154,000 sf; 26.3% of NRA) that
closed in August 2018. Dick's Sporting Goods' lease commenced in
August 2021 and expires in January 2032. Annualized YTD September
2021 NOI remains 2% below YE 2020, which had already declined 30%
from 2019 due to lower rental income during the pandemic.

The largest tenants include a non-collateral Kohl's anchor, Dick's
Sporting Goods, Bed Bath & Beyond, AMC, H&M, Michaels and Aldi. Bed
Bath & Beyond and AMC recently renewed their leases for five years
and Old Navy recently renewed its lease for three years through
January 2026. As of the September 2021 rent roll, upcoming lease
rollover includes 10.1% of the collateral NRA in 2022, 9.5% in 2023
and 11.8% in 2024.

In-line sales for tenants less than 10,000 sf, excluding food court
and restaurant tenants, fell to $387 psf for TTM September 2020
from $492 psf for TTM September 2019 and $487 psf for 2018. AMC
Theatres sales fell to $368,682 per screen for TTM September 2020
from $994,906 for TTM September 2019 and $977,015 for 2018. Updated
sales were requested, but not provided.

Fitch's base case loss of 42% is based on a 15% cap rate and 5%
haircut to the YE 2020 NOI. Fitch's analysis also included an
additional sensitivity scenario that applied a potential outsized
loss of 75%, which implies a cap rate of 36% on the YE 2020 NOI.

The next largest contributor to losses is the Crossgates Mall loan
(5.9%), which is secured by a regional mall in Albany, NY. The
loan's maturity date was extended by one year to May 2023 after
being returned to the master servicer in June 2021 as a corrected
mortgage loan. The loan transferred to special servicing in April
2020 for imminent default and the loan's sponsor, Pyramid Group,
was granted a six-month forbearance in May 2020 with repayment
beginning in January 2021. Further relief was provided through the
maturity extension and the deferred debt service repayment was
deferred until the extended maturity date.

The largest collateral tenants include JCPenney, Regal
Cinemas/IMAX, Dick's Sporting Goods, Burlington Coat Factory and
Forever 21. Collateral occupancy, excluding specialty long-term
tenants, was 85.4% as of December 2021, compared with 86.3% in
December 2020 and 88.2% in December 2019. When including specialty
long-term tenants, occupancy was 94.2%. Upcoming rollover includes
4.4% of the collateral NRA in 2022, 24.6% in 2023 and 10.3% in
2024. The 2023 rollover is mostly concentrated in the expirations
of JCPenney and Forever 21.

In-line sales for tenants occupying less than 10,000 sf were $430
psf excluding Apple for the TTM February 2020 period, compared with
$416 psf for TTM November 2019 and $413 psf in 2018. Updated sales
were requested, but not provided.

Fitch's base case loss of 27% is based on a 15% cap rate and 5%
haircut to the YE 2021 NOI. Fitch's analysis also included an
additional sensitivity scenario that applied a potential outsized
loss of 50%, which implies a cap rate of 23% on the YE 2021 NOI.

Increased Credit Enhancement (CE): As of the February 2022
remittance reporting, the pool's aggregate principal balance has
been paid down by 22.2% to $1.03 billion from $1.32 billion at
issuance. Defeasance increased to 19.5% of the pool (19 loans) from
16.8% (16 loans) at the prior rating action. Three loans (18.5%)
are full-term, interest-only and the remaining 44 loans (81.5%) are
amortizing.

RATING SENSITIVITIES

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

-- An increase in pool-level losses from underperforming or
    specially serviced loans/assets. Downgrades to classes A-3
    through A-M-PEZ and X-A are not likely due to the position in
    the capital structure, but may occur should interest
    shortfalls affect these classes;

-- Downgrades to classes B-PEZ, B, C-PEZ, C and D are not
    expected, but possible should expected losses for the pool
    increase significantly and/or performance of loans expected to
    refinance at maturity deteriorate substantially;

-- A downgrade to class E would occur should loss expectations
    increase from continued performance decline of the FLOCs
    and/or the Chicago Ridge Mall or Crossgates Mall loans
    experience outsized losses;

-- Downgrades to classes F and G would occur as losses are
    realized and/or become more certain.

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

-- Upgrades to classes B-PEZ, B, C-PEZ and C would only occur
    with significant improvement in CE and/or defeasance and
    stable to improved asset performance on the FLOCs. Classes
    would not be upgraded above 'Asf' if there were likelihood of
    interest shortfalls;

-- Upgrades to classes D, E, F and G would only occur with
    significant performance improvement and/or higher recoveries
    than expected on the Chicago Ridge Mall and Crossgates Mall
    loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

ESG CONSIDERATIONS

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



WIRELESS SYSTEMS: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------------
Wireless Systems Solutions LLC asks the U.S. Bankruptcy Court for
the Eastern District of North Carolina, Raleigh Division, for
authority to use cash collateral on an emergency basis.

WSS owes approximately $2 million to the U.S. Small Business
Administration. The SBA holds a first lien on all of the WSS's
tangible and intangible assets. WSS believes the lien of the SBA
was properly perfected with the filing of a financing statement on
August 10, 2020.

CIT Bank holds a second position lien on certain collateral, but
the Debtor believes that most or all of that collateral has been
destroyed pursuant to a court order.

Between 2017 and 2020, WSS entered into a series of agreements with
Smartsky Networks, LLC. A dispute arose between WSS and Smartsky
(along with other parties) and an arbitration award was entered
against WSS and other parties on October 1, 2021.

Smartsky sought to confirm the arbitration award in the U.S.
District Court for the Middle District of North Carolina. WSS
opposed that confirmation, but the award was confirmed on February
7, 2022, and a judgment was entered the same day. WSS Filed a
notice of appeal of the Judgment on March 7, 2022.

In addition to a monetary award in excess of $12 Million, the
Judgment contained an injunction. WSS has complied, and will
continue to comply, with the injunction so long as it remains in
effect. WSS is able to operate profitably while complying with the
injunction and anticipates filing a plan of reorganization which
provides for, but does not rely, on relief from the injunction.

A copy of the motion and the Debtor's 30-day budget is available at
https://bit.ly/3pYdTSe from PacerMonitor.com.

The Debtor projects $141,381 in cash on hand and $118,178 in total
operating expenses.

               About Wireless Systems Solutions LLC

Wireless Systems Solutions LLC is a North Carolina Limited
Liability Company formed in 2015 with a principal offices and
assets in Cary, North Carolina, and Morrisville, North Carolina.
WSS is a designer and developer of multi-standard, frequency band
agnostic, cellular network solutions that leverage its expertise in
cellular and wireless communications technology at large. WSS is
able to offer a portfolio of products and platforms suitable for
multiple markets including defense, first-responders, utilities,
telcos, and general network infrastructure solutions.

WSS sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D.N.C. Case No. 22-00513-5) on March 9, 2022. In the
petition signed by Susan Gross, vice president, the Debtor
disclosed up to $10 million in assets and up to $10 billion in
liabilities.

William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC
is the Debtor's counsel.



XPO LOGISTICS: Planned Divestitures No Impact on Moody's Ba2 CFR
----------------------------------------------------------------
Moody’s Investors Service comments on XPO Logistics, Inc. (Ba2
stable) March 8, 2022 announcement regarding the next step in the
company's strategic review process. The company intends to spin-off
its tech-enabled brokered transportation business into a separate
public company and divest its European business and North American
intermodal operations. Moody’s believes the announcement is
credit positive for XPO because of the opportunity to meaningfully
reduce leverage with proceeds from the planned spin-off and
divestitures. Further, Moody’s expects that the separations will
enable XPO’s less-than-truckload (“LTL) business to have a
better strategic decision-making process on capital allocation and
customer focus. However, at this time, there is no impact on the
company's ratings, including the Ba2 corporate family rating and
stable outlook, since XPO has not entered into any definitive
agreements to divest the businesses or determined a capital
structure for the planned spin-off of the brokerage business. XPO
has indicated that the target completion for the transactions is in
the fourth quarter of 2022.

The planned spin-off and divestitures represents a combined $9.1
billion of revenues for year ended December 31, 2021. Because that
represents about two-thirds of the XPO’s $12.8 billion revenue
for fiscal year 2021, the divestitures will meaningfully alter the
company’s operating profile and could lead to greater volatility
in operating performance.

Following last year’s spin-off of GXO Logistics, Inc. (Ba1
stable), XPO’s focus on LTL will leave a business closely tied to
cyclical industrial activity, which could make it more vulnerable
to economic down cycles. The company will also be smaller in scale
at about $4.1 billion in revenue, potentially have less market
influence, and face more direct competition from other players.
However, the remaining business will be the third largest North
American provider of LTL transportation services in the United
States, with approximately 21,000 employees serve 25,000 accounts.

At this time, it is expected that proceeds from the divestitures
will partially go towards debt repayment but the ultimate amount of
debt reduction remains unclear. However, XPO has indicated it will
pursue a lower debt profile for the company going forward.

XPO Logistics, Inc., headquartered in Greenwich, CT, is a leading
provider of supply chain solutions to a broad set of customers
across multiple industries including industrial/manufacturing,
retail & e-commerce, consumer goods, and food & beverage. Service
offerings include freight brokerage, less-than-truckload, last mile
and intermodal. Revenue for the year ended December 31, 2021 was
$12.8 billion.


[^] BOND PRICING: For the Week from March 7 to 11, 2022
-------------------------------------------------------

  Company                   Ticker    Coupon Bid Price   Maturity
  -------                   ------    ------ ---------   --------
Accelerate Diagnostics      AXDX       2.500    73.050  3/15/2023
Assabet Valley Bancorp      AVBANC     5.500    86.874   8/1/2027
Assabet Valley Bancorp      AVBANC     5.500    86.874   8/1/2027
BPZ Resources Inc           BPZR       6.500     3.017   3/1/2049
Basic Energy Services Inc   BASX      10.750     2.266 10/15/2023
Basic Energy Services Inc   BASX      10.750     2.266 10/15/2023
Bristol-Myers Squibb Co     BMY        3.875   100.070  8/15/2025
Buffalo Thunder
  Development Authority     BUFLO     11.000    50.000  12/9/2022
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT     6.625    22.727  8/15/2027
Diamond Sports Group
  LLC / Diamond Sports
  Finance Co                DSPORT     6.625    22.457  8/15/2027
EnLink Midstream Partners   ENLK       6.000    70.750       N/A
Energy Conversion Devices   ENER       3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC           TXU        1.626     0.072  1/30/2037
Enterprise Products
  Operating LLC             EPD        4.875    84.699  8/16/2077
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT    10.000    66.427  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc         EXLINT    10.000    66.137  7/15/2023
GNC Holdings Inc            GNC        1.500     0.500  8/15/2020
GTT Communications Inc      GTTN       7.875     9.250 12/31/2024
GTT Communications Inc      GTTN       7.875    10.250 12/31/2024
General Electric Co         GE         4.000    79.284       N/A
General Electric Co         GE         5.650    99.828  3/15/2022
GoPro Inc                   GPRO       3.500   101.875  4/15/2022
Goodman Networks Inc        GOODNT     8.000    75.000  5/11/2022
Lannett Co Inc              LCI        4.500    34.000  10/1/2026
MAI Holdings Inc            MAIHLD     9.500    24.718   6/1/2023
MAI Holdings Inc            MAIHLD     9.500    24.718   6/1/2023
MAI Holdings Inc            MAIHLD     9.500    24.718   6/1/2023
MBIA Insurance Corp         MBI       11.501     9.511  1/15/2033
MBIA Insurance Corp         MBI       11.501     9.511  1/15/2033
MGM Resorts International   MGM        7.750    99.814  3/15/2022
Macquarie Infrastructure
  Holdings LLC              MIC        2.000    95.606  10/1/2023
Macy's Retail Holdings LLC  M          6.650   111.067  7/15/2024
Macy's Retail Holdings LLC  M          6.650   111.012  7/15/2024
Macy's Retail Holdings LLC  M          6.650   111.067  7/15/2024
Morgan Stanley              MS         1.800    84.120  8/27/2036
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.600    99.756  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       3.000    99.762  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.350    99.736  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.550    99.702  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.500    99.702  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.500    99.755  3/15/2022
National Rural
  Utilities Cooperative
  Finance Corp              NRUC       2.550    99.753  3/15/2022
NewMarket Corp              NEU        4.100   101.875 12/15/2022
Nine Energy Service Inc     NINE       8.750    58.804  11/1/2023
Nine Energy Service Inc     NINE       8.750    59.306  11/1/2023
Nine Energy Service Inc     NINE       8.750    59.407  11/1/2023
OMX Timber Finance
  Investments II LLC        OMX        5.540     0.836  1/29/2020
Paramount Global            PARA       3.875   100.933   4/1/2024
Plains All American
  Pipeline LP               PAA        6.125    80.550       N/A
Renco Metals Inc            RENCO     11.500    24.875   7/1/2003
Revlon Consumer
  Products Corp             REV        6.250    37.121   8/1/2024
Ruby Pipeline LLC           RPLLLC     8.000    89.868   4/1/2022
Ruby Pipeline LLC           RPLLLC     8.000    89.571   4/1/2022
Sears Holdings Corp         SHLD       8.000     0.878 12/15/2019
Sears Holdings Corp         SHLD       6.625     0.256 10/15/2018
Sears Holdings Corp         SHLD       6.625     0.775 10/15/2018
Sears Roebuck
  Acceptance Corp           SHLD       7.500     0.821 10/15/2027
Sears Roebuck
  Acceptance Corp           SHLD       7.000     1.054   6/1/2032
Sears Roebuck
  Acceptance Corp           SHLD       6.500     1.022  12/1/2028
Sears Roebuck
  Acceptance Corp           SHLD       6.750     1.072  1/15/2028
Southern Co/The             SO         5.500    98.000  3/15/2057
TPC Group Inc               TPCG      10.500    51.781   8/1/2024
TPC Group Inc               TPCG      10.500    53.658   8/1/2024
Talen Energy Supply LLC     TLN        6.500    36.020   6/1/2025
Talen Energy Supply LLC     TLN       10.500    39.575  1/15/2026
Talen Energy Supply LLC     TLN       10.500    40.327  1/15/2026
Talen Energy Supply LLC     TLN        6.500    40.000  9/15/2024
Talen Energy Supply LLC     TLN        9.500    86.341  7/15/2022
Talen Energy Supply LLC     TLN       10.500    40.896  1/15/2026
Talen Energy Supply LLC     TLN        9.500    86.341  7/15/2022
Talen Energy Supply LLC     TLN        6.500    40.000  9/15/2024
TerraVia Holdings Inc       TVIA       5.000     4.644  10/1/2019
Toyota Motor Credit Corp    TOYOTA     0.481    99.801  3/16/2022
Trousdale Issuer LLC        TRSDLE     6.500    33.000   4/1/2025
Verizon Communications Inc  VZ         1.211    99.888  3/16/2022
Xerox Corp                  XRXCRP     4.070    99.807  3/17/2022




                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
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