/raid1/www/Hosts/bankrupt/TCR_Public/220317.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, March 17, 2022, Vol. 26, No. 75

                            Headlines

33 SANDERS: Plan & Disclosures Due Jan. 2, 2023
ABARTA OIL: Cash Collateral Order Requires Exit Plan by April 4
AES CORP: Moody's Puts 'Ba1' CFR Under Review for Upgrade
AGILON ENERGY: Court OKs Cash Collateral Deal Thru March 28
ALLEGHENY TECHNOLOGIES: Egan-Jones Keeps B- Sr. Unsecured Ratings

ALPHA LATAM: Gets Court Approval to Liquidate in Bankruptcy
ALPHA LATAM: Unsecured Bondholders Defend Revised Plan
APPLOVIN CORP: S&P Upgrades ICR to 'BB-' on Reduced Leverage
ARAMARK SERVICES: Moody's Affirms Ba3 CFR, Outlook Remains Stable
ARYA'S VINTAGE: Chapter 11 Filing Blocks Receiver Appointment

ASHLAND LLC: Egan-Jones Keeps BB Senior Unsecured Ratings
ATLANTIC WORLDWIDE: Unsecureds to Get 10% Under 5-Year Plan
AVIS BUDGET: Egan-Jones Hikes Senior Unsecured Ratings to CCC+
B & M REALTY: Requests for 30-Day Extension to File Plan
BASA INVESTMENTS: Taps Cuneo, Reyes & Luna as Bankruptcy Counsel

BEAZER HOMES: Egan-Jones Hikes Senior Unsecured Ratings to B+
BOY SCOUTS: Insurers Fight on Paying Victims in Bankruptcy Plan
BRINKER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
CAESARS ENTERTAINMENT: Egan-Jones Keeps CCC Sr. Unsecured Ratings
CALPLANT I: Seeks $15MM Additional DIP Financing

CARDINAL HEALTH: Egan-Jones Hikes Senior Unsecured Ratings to BB+
CARPENTER TECHNOLOGY: Egan-Jones Keeps BB- Sr. Unsecured Ratings
CENTRAL GARDEN: Egan-Jones Keeps BB Senior Unsecured Ratings
CENTURY CASINOS: S&P Affirms 'B' ICR, Outlook Stable
CHARLESTON ORTHODONTIC: Taps US Dental Transitions as Broker

CIRCOR INT'L: Moody's Puts B3 CFR on Review for Downgrade
CITGO HOLDING: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable
CLEAVER-BROOKS CO: S&P Lowers ICR to 'CCC' on Refinancing Risk
CLEVELAND-CLIFFS INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings

COVIA HOLDINGS: Moody's Hikes CFR & Senior Secured Term Loan to B2
CRESTLLOYD LLC: Seeks More Time to File Bankruptcy Plan
CROWN AMERICAS: Moody's Gives Ba3 Rating to New USD Unsec. Notes
CRYPTO CO: Incurs $786K Net Loss in 2021
CSG SYSTEMS: Egan-Jones Hikes Senior Unsecured Ratings to BB+

CYPRUS MINES, IMERYS TALC: Mediation With Claimants Extended
DAMACA INVESTMENTS: Case Summary & Two Unsecured Creditors
DARIAN L HAMPTON: Case Summary & 10 Unsecured Creditors
DELUXE CORP: Egan-Jones Keeps B Senior Unsecured Ratings
DIAMOND SPORTS: S&P Cuts ICR to 'SD' on Completed Debt Exchange

DIEBOLD NIXDORF: Incurs $78.1 Million Net Loss in 2021
DIOCESE OF BUFFALO: Judge Rejects New Plan to Sell High School
EDGEMERE, TX: Fitch Withdraws 'D' Issuer Default Rating
EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
EFS COGEN: S&P Lowers Sr. Sec. Debt Rating to 'B+', Outlook Stable

GIRARDI & KEESE: Finances Will Take Years to Unravel
GUILDWORKS LLC: Seeks Cash Collateral Access Thru June 25
GUILDWORKS-WORKS: Kenneth Eiler Named as Chapter 11 Trustee
H&R BLOCK: Egan-Jones Hikes Senior Unsecured Ratings to BB+
HANESBRANDS INC: Egan-Jones Keeps B+ Senior Unsecured Ratings

HASBRO INC: Egan-Jones Keeps BB Senior Unsecured Ratings
HILLENBRAND INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
HY BARR: DOJ Watchdog Names Rothschild as Subchapter V Trustee
JACOB 17: Exclusivity Period Extended to May 7
JAR 259 FOOD: Taps White and Williams as Bankruptcy Counsel

JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
JOHNSON & JOHNSON: Urges Judge to Allow Commercial Talc Claims
MAGNOLIA PET: Seeks to Extend Exclusivity Period to Aug. 3
MALACHI GROUP: Case Summary & 19 Unsecured Creditors
MATTEL INC: Moody's Ups CFR to Ba1, On Review for Further Upgrade

MCKESSON CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
MERITOR INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
MICROCHIP TECHNOLOGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB
MONSTER INVESTMENTS: Exclusivity Period Extended to Aug. 15
NATHAN'S FAMOUS: Egan-Jones Hikes Senior Unsecured Ratings to B

NCR CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
NEONODE INC: Incurs $6.5 Million Net Loss in 2021
NEOVASC INC: Incurs $24.9 Million Net Loss in 2021
NEWELL INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
NORTONLIFELOCK INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB

NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
OCEANEERING INT'L: Moody's Alters Outlook on 'B1' CFR to Positive
OLYMPIA SPORTS: Taps McDowell Law as Bankruptcy Counsel
OUTTA CONTROL: Case Summary & Three Unsecured Creditors
PARK SUPPLY: Seeks Cash Collateral Access Thru June 27

PEABODY ENERGY: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
PITNEY BOWES: Egan-Jones Cuts Senior Unsecured Ratings to B-
POST HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
PUERTO RICO: 1st Circuit Won't Delay Plan Despite Teachers' Appeal
PUERTO RICO: Nears Bankruptcy End on Eve of $22 Bil. Debt Swap

RALPH LAUREN: Egan-Jones Hikes Senior Unsecured Ratings to BB+
RAMBUS INC: Egan-Jones Hikes Senior Unsecured Ratings to B-
RIVER STREET: Riverfront Acreage to be Auctioned in April
ROYAL CARIBBEAN: Egan-Jones Keeps B- Senior Unsecured Ratings
RUBY PIPELINE: Fitch Lowers Issuer Default Rating to 'CC'

SABINE STORAGE: Case Summary & 20 Largest Unsecured Creditors
SENSATA TECHNOLOGIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
SHEPHERD REALTY: Case Summary & Six Unsecured Creditors
SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
SM ENERGY: Fitch Raises LT IDR to 'B+', Outlook Positive

SPECTRUM BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
SS&C TECHNOLOGIES: Egan-Jones Keeps BB- Senior Unsecured Ratings
STRATHCONA RESOURCES: Moody's Alters Outlook on B2 CFR to Positive
T-MOBILE US: Egan-Jones Hikes Senior Unsecured Ratings to B+

TENNECO INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
THE CLUB AT MEXICO BEACH: Seeks Chapter 11 Bankruptcy Protection
TRI-WIRE ENGINEERING: Wins Plan Exclusivity Extension Thru April 1
UBER TECHNOLOGIES: Moody's Hikes CFR to B1, Outlook Remains Stable
US TELEPACIFIC: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.

VERMILION ENERGY: Fitch Alters Outlook on 'BB-' LT IDR to Stable
VIASAT INC: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
WILDWOOD VILLAGES: Plan Trustee Taps Winderweedle as Legal Counsel
YELLOW CORP: Egan-Jones Keeps CC LC Senior Unsecured Ratings
ZOHAR III CORP: Taps Reliable Companies as Voting Agent

[*] Colorado Bankruptcy Filings Dropped 25.8% in February Y/Y
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

33 SANDERS: Plan & Disclosures Due Jan. 2, 2023
-----------------------------------------------
The Honorable John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey has scheduled a status conference of 33
Sanders and 686 West Front Street LLC for April 26, 2022 (45-60
days after the Order for Relief), at 10:00 am, in the U.S.
Bankruptcy Court, 50 Walnut St. Newark, NJ 07102, Courtroom 3D.

The debtor's exclusive right to file a Plan expires on September 6,
2022 (180 days after the Order for Relief), unless the time period
is extended under 11 U.S.C. Sec. 1121(e)(3).

A Plan and Disclosure Statement must be filed no later than January
2, 2023 (300 days after the Order for Relief), unless the time
period is shortened by order of this Court or extended under 11
U.S.C. Section 1121(e)(3).

The Plan must be confirmed no later than 45 days after it is filed
unless the time is extended under 11 U.S.C. Sec. 1121(e)(3).

Plainfield, New Jersey-based 33 Sanders and 686 West Front Street
LLC sought Chapter 11 protection (Bankr. D.N.J. Case No. 22-11849)
on March 8, 2022.  The Debtor estimated assets and liabilities of
$0 to $50,000.  The Law Firm of Andre L. Kydala is the Debtor's
counsel.


ABARTA OIL: Cash Collateral Order Requires Exit Plan by April 4
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
ruled that the Final Cash Collateral Order authorizing ABARTA Oil &
Gas Co., LLC to continue using cash collateral is supplemented by
adding these milestones:

     a. On or before April 4, 2022, the Debtor will have filed a
chapter 11 plan with the Bankruptcy Court, on terms acceptable to
the Administrative Agent in all respects, a corresponding
disclosure statement, and (if necessary) either a motion seeking
approval of the Disclosure Statement or a motion seeking a combined
hearing to consider approval of the Disclosure Statement and Plan,
in each case, in form and substance acceptable to the
Administrative Agent.

     b. On or before May 16, 2022, the Debtor will have obtained
entry by the Bankruptcy Court of an order, in form and substance
acceptable to the Administrative Agent, approving either the
Disclosure Statement or the Combined Plan and D/S Process Motion.

     c. On or before June 30, 2022, the hearing to consider
confirmation of the Plan will have occurred.

     d. On or before July 5, 2022, the Debtor will have obtained
entry by the Bankruptcy Court of an order, in form and substance
acceptable to the Administrative Agent, confirming the Plan.

     e. On or before July 29, 2022, the effective date of the Plan
will have occurred.

This provision is also added to the Final Cash Collateral Order:

"Notwithstanding anything contained herein to the contrary, in the
event that the Debtor fails to accomplish a Milestone set forth in
Paragraphs 49(x)-(xiv), the Administrative Agent shall have the
right to send the Debtor a notice of such failure (a "Plan
Milestone Breach Notice"), and within five business days following
such Plan Milestone Breach Notice the Debtor shall indefeasibly pay
to the Administrative Agent all Cash Collateral other than a
reserve equal to (i) the Carve Out plus (ii) a cash amount equal to
a good faith estimate of unpaid expenses incurred prior to the date
of such Plan Milestone Breach Notice that the Debtors would have
been authorized to pay in accordance with the Budget and without
causing an Event of Default under this Final Order (without
duplication of any amounts already reserved as part of the Carve
Out). Unless otherwise agreed by the Administrative Agent in
writing, a Plan Milestone Breach Notice shall also constitute a
Carve Out Trigger Notice under this Final Order."

Except as modified by the Order Granting Motion to Supplement Final
Cash Collateral Order, the Final Cash Collateral Order, as entered,
will be incorporated in the amended by reference and will remain in
full force and effect, and the Administrative Agent expressly
reserves all rights and remedies thereunder.

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

                          About ABARTA Oil

ABARTA Oil & Gas Co., LLC is a Pittsburgh, Pa.-based independent
oil and gas exploration and production company operating under the
name ABARTA Energy.

ABARTA filed a petition for Chapter 11 protection (Bankr. W.D. Pa.
Case No. 21-22406) on Nov. 7, 2021, listing up to $10 million in
assets and up to $50 million in liabilities. James A. Taylor,
president and chief executive officer, signed the petition.

Judge Carlota M. Bohm oversees the case.

The Debtor tapped Campbell & Levine, LLC as legal counsel;
MorrisAnderson & Associates, Ltd. as financial advisor and
restructuring advisor; and Copper Run Capital, LLC as investment
banker.



AES CORP: Moody's Puts 'Ba1' CFR Under Review for Upgrade
---------------------------------------------------------
Moody's Investors Service placed the ratings of The AES Corporation
ratings on review for upgrade, including its Ba1 corporate family
rating, Ba1-PD probability of default rating, and Ba3 preferred
stock rating. AES's SGL-2 speculative grade liquidity rating
remains unchanged.

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

"The review for upgrade will assess AES Corporation's ability to
generate strong and consistent credit metrics including a
consolidated ratio of CFO pre-W/C to net debt above 14%, on a
sustained basis" said Natividad Martel, Vice President -- Senior
Analyst. "The deconsolidation of the Chilean hydroelectric project
Alto Maipo following its pre-negotiated bankruptcy proceeding in
November 2021 contributed to a material improvement in the metrics
of AES in 2021, a key driver of the review" added Martel.

The review will also consider the updated decarbonization strategy
of AES, a key environmental consideration and an important driver
of the organization's credit quality going forward. The review will
assess how the company's plans to fund elevated investments in
renewables, and to a lesser extent natural gas, will impact
consolidated financial performance. The review will also consider
how much these investments will contribute to the growth of its US
operations in terms of both cash flow and EBITDA and the extent to
which this will lower the company's business risk. Moody's will
also evaluate management's recently accelerated goal of fully
exiting all coal-fired generation by year-end 2025 and the impact
this will have on the company's credit profile. Moody's had
previously expected that AES would run some coal-fired generation
beyond 2025.

ESG Considerations

The Credit Impact Score of AES is CIS-3 (moderately negative),
where its ESG attributes are overall considered as having a limited
impact on the current rating. The CIS-3 reflects moderately
negative exposure to environmental and social risks along with
neutral to low governance risks.

AES' moderately negative environmental risks (E-3 issuer profile
score) reflect its still high exposure to coal-fired and natural
gas fired generation which results in high carbon transition risk.
This risk is mitigated by the company's long-term contracted power
generation operations and its accelerated decarbonization strategy
that includes material investments in renewables amid management's
intention to exit of all coal-fired generation activities by
year-end 2025. Another factor that weighs on AES' environmental
risk is the company's exposure to physical climate risk, although
this is offset by the group's geographically diversified operations
with subsidiaries operating in fourteen countries.

Liquidity

The Speculative Grade Liquidity Rating (SGL) of SGL-2 reflects good
liquidity from both strong internal cash flow generation and
external cash sources. At year-end 2021, AES had $837 million
available under its $1.25 billion committed revolving credit
facility scheduled to expire in September 2026. The credit facility
is not subject to any conditionality, including a material adverse
change clause representation for borrowings, a credit positive. The
facility is subject to one financial covenant, namely a maximum
recourse debt to cash flow ratio of not more than 5.75x (both
metrics calculated on a parent only basis). Moody's anticipate that
AES will remain in compliance with substantial headroom.

The SGL-2 also factors in Moody's expectation that AES'
consolidated free cash flow will remain negative as a result of the
group's material investments. However, Moody's analysis also
considers management's expectation that the company will continue
to report positive free cash flow at the parent level. During the
2022-2025 period, AES expects to have access to around $6.3 billion
of discretionary cash that includes nearly $4 billion of parent
free cash flow (dividends received minus parent company costs such
as interest payments) and total net proceeds from asset sales of $1
billion (including $500 million related to not yet announced
sales). AES also updated its planned holding company debt issuance
forecast to around $1.3 billion during the 2022-2025 period
following $1 billion convertible preferred stock issued in March
2021. AES has also disclosed that it plans to use these funds to
make $3.8 billion of equity contributions to its subsidiaries and
to distribute around $2 billion during the 2022-2025 period. AES'
next parent debt maturity consists of $900 million due in 2025.

On Review for Upgrade:

Issuer: AES Corporation, (The)

Corporate Family Rating, Placed on Review for Upgrade, currently
Ba1

Probability of Default Rating, Placed on Review for Upgrade,
currently Ba1-PD

Preferred Stock, Placed on Review for Upgrade, currently Ba3

Senior Unsecured Global Notes, Placed on Review for Upgrade,
currently Ba1 (LGD4)

Outlook Actions:

Issuer: AES Corporation, (The)

Outlook, Changed To Rating Under Review From Positive

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Headquartered in Arlington, AES is a globally diversified power
holding company that holds interests in a large portfolio of
subsidiaries that operate in fourteen countries. These subsidiaries
consist of (i) regulated utility subsidiaries (three) and (ii)
power generation projects and independent power producers (IPPs).
Their total generation capacity exceeds 30,000 MW. AES organizes
these subsidiaries under four Strategic Business Units (SBU),
largely based on the subsidiaries' geographic operations: (i) US
and utilities, (ii) South America, (iii) Mexico, Central America
and the Caribbean (MCAC) and (iv) Eurasia. From a strategic
perspective, the "other not consolidated" segment (not included not
included in any of the aforementioned SBUs), includes Fluence
Energy, LLC, a global energy storage technology and services joint
venture.


AGILON ENERGY: Court OKs Cash Collateral Deal Thru March 28
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, has approved the stipulation and agreed bridge
order that Agilon Energy Holdings II LLC, Victoria Port Power LLC,
and Victoria City Power LLC, entered into with their DIP lenders,
Prudential Insurance Company of America, Prudential Legacy
Insurance Company of New Jersey, and Prudential Retirement
Insurance and Annuity Company.

The parties agree that the Debtors may use cash collateral to pay
critical expenses in accordance with the budget through and
including March 28, 2022, provided that the critical expenses will
not exceed $56,136 for the period from March 14, 2022 through March
28, 2022 and and a total amount of $764,025 when including the
period covered by the First Stipulation.

The Debtors will continue to provide adequate protection to the
Prepetition Secured Parties in accordance with the terms of the DIP
Order during the Interim Period, including without limitation
preservation of all liens, claims, and interests.  

A hearing to consider continued use of cash collateral is scheduled
for March 29 at 3:00 p.m.

A copy of the order and the Debtor's budget through March 27, 2022
is available at https://bit.ly/37nkGhK from PacerMonitor.com.

The Debtor projects $39,019,914 in total receipts and $764,025 in
total disbursements.

                About Agilon Energy Holdings II LLC

Texas-based power producer Agilon Energy Holdings II, LLC and its
affiliates, Victoria Port Power LLC and Victoria City Power LLC,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
21-32156) on June 27, 2021. At the time of the filing, Agilon had
between $100 million and $500 million in both assets and
liabilities.

Judge Marvin Isgur oversees the cases.

The Debtors tapped Locke Lord, LLP as legal counsel, Grant
Thornton, LLP as financial advisor and Hugh Smith Advisors, LLC as
restructuring advisor.  Hugh Smith of Hugh Smith Advisors serves as
the Debtors' chief restructuring officer. Stretto is the claims and
noticing agent.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases on July 30,
2021.

Pachulski Stang Ziehl & Jones, LLP serves as the committee's legal
counsel and Conway MacKenzie, LLC, its financial advisor.


ALLEGHENY TECHNOLOGIES: Egan-Jones Keeps B- Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by Allegheny Technologies, Inc. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Pittsburgh, Pennsylvania, Allegheny Technologies,
Inc. produces specialty materials.



ALPHA LATAM: Gets Court Approval to Liquidate in Bankruptcy
-----------------------------------------------------------
James Nani of Bloomberg Law reports that payroll lender Alpha Latam
Management gets court approval to liquidate in bankruptcy.

Alpha Latam Management LLC, a Colombian payroll-deduction lender,
won bankruptcy court approval of its liquidation plan to shut down
and distribute money from the sale of its loan portfolio.

Unsecured creditors are expected to recover between 7.7% and 12.6%
of their claims, according to the plan U.S. Bankruptcy Judge J.
Kate Stickles preliminarily approved Monday, March 14, 2022.

The plan creates a liquidating trust to pay creditors, funded in
part by proceeds of last 2021's $149.5 million sale of
substantially all of Alpha Latam's Colombian loan portfolio to
consumer financial services provider CFG Partners Colombia SAS.

                    About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc., and The Boston
Consulting Group UK LLP are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker. Prime Clerk, LLC,
is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel for
the ad hoc committee of shareholders.


ALPHA LATAM: Unsecured Bondholders Defend Revised Plan
------------------------------------------------------
The consortium of certain unaffiliated holders of indebtedness
under the 10.000% Senior Notes due 2022 (the "2022 Notes") and/or
the 9.000% Senior Notes due 2025 (the "2025 Notes"), submitted an
omnibus response in support of Alpha Latam Management, LLC, et
al.'s Second Amended Chapter 11 Plan.

The members of the Ad Hoc Consortium hold a blocking position,
representing approximately 60% of the impaired unsecured claims
classified in Class 4 under the Second Amended Plan.  Without the
Ad Hoc Consortium's support, the Debtors almost certainly could not
satisfy the requirement of Section 1129(a)(10) of the Bankruptcy
Code that at least one impaired class consent to the Plan.  The Ad
Hoc Consortium, and its advisors, used the leverage afforded them
by that position to materially benefit the plan process and improve
the outcome for all Class 4 creditors under the Second Amended
Plan.

Initially, substantially all of the members of the Ad Hoc
Consortium voted to reject the Plan.  However, within the last few
days, substantially all of the members of the Ad Hoc Consortium
switched their votes after they were able to conclude negotiations
resulting in certain modifications to the Amended Plan and Plan
Supplements (now captured in the Second Amended Plan). These
modifications will result in enhanced cash recoveries for all Class
4 claimholders. These changes included: (i) a consensual, across
the board reduction by the Debtors and Ad Hoc Consortium of their
respective Professionals Fees, (ii) a partial repayment on the
Intercompany Secured Claim (and the addition of language ensuring
that such payment would be included in the Cash to be transferred
to the Liquidating Trust formed under the Plan for the benefit of
all Class 4 creditors) and (iii) implementation of a claim-review
process in respect to Colombian VAT taxes related to Professional
Fee payments made or to be made in conjunction with these Chapter
11 Cases. At the conclusion of negotiations, the Debtors requested,
and members of the Ad Hoc Consortium confirmed, in a March 4, 2022
email exchange, their agreement that specific members of the Ad Hoc
Consortium and another holder of the Notes (with claims totaling
approximately $420 million) would change their votes to support the
Second Amended Plan in reliance on the Debtors' inclusion of the
negotiated enhanced terms, as is typical of a plan support
agreement.

The revisions to the Second Amended Plan negotiated by the Ad Hoc
Consortium resulted in an enhanced recovery and more favorable
treatment for all Class 4 Creditors, including those in Class 4a
(Other Unsecured Claims) and Class 4b (Funded Debt Claims) and not
just holders of the Notes in Class 4c.  These modifications were
typical of the active and constructive role which the Ad Hoc
Consortium played throughout these cases that benefited all
stakeholders. In addition to negotiating the recent enhancements to
the Plan described above, the Ad Hoc Consortium contributed in the
following ways (among others):

    * Negotiation of the carefully crafted releases in the Plan to
carve out the Preserved Estate Claims to be vested in the
Liquidating Trust for further investigation, potential prosecution,
settlement or other monetization for the benefit of all Class 4
Creditors through the Liquidating Trust Agreement, as well as
preservation of direct, individual claims held not only by
Consenting Noteholders, but Class 4b Funded Debt Holders, the Notes
Indenture Trustee and Non-Consenting Noteholders.

    * Both prior to the approval of the Disclosure Statement and
more recently, working with the Debtors and other constituencies
(including the Notes Indenture Trustee) to ensure that the Second
Amended Plan included several other provisions which shall benefit
all Class 4 Creditors, such as ensuring that the Intercompany
Secured Claim would be vested in the Liquidating Trust and payments
made to AlphaDebit thereon would go to such Trust, even though
AlphaDebit is not otherwise contributing assets to such Trust.

    * In addition, several members of the Ad Hoc Consortium
provided the $45 million DIP Facility without which the Debtors
could not have continued to operate long enough to engage in the
value-maximizing, sale of their Colombian Assets and the ultimate
restructuring and wind-down of the Debtors' businesses and affairs
memorialized in the Second Amended Plan during these Chapter 11
Cases.

In the absence of an official creditors' committee, the Ad Hoc
Consortium has been, and continues to be, the most active creditor
constituency in these Chapter 11 Cases, functioning in many ways as
a de facto committee. Notwithstanding the enhanced recovery
negotiated solely by the Ad Hoc Consortium for the benefit of all
members of Class 4, the Plan Objections contest the Debtors'
agreement to pay the Ad Hoc Consortium's fees and expenses as an
administrative claim as provided for under the Second Amended Plan.
The Ad Hoc Consortium avers that these objections miss the mark
for the following reasons:

    * The UST Objection erroneously contends that the only basis
for approving fee reimbursement to an unsecured creditor
constituency is the successful prosecution of a substantial
contribution claim pursuant to Section 503(b)(4) of the Bankruptcy
Code (a standard which the Ad Hoc Consortium would nonetheless
satisfy). However, the UST objection ignores that bankruptcy courts
in this and other districts "routinely" approve payment of such
fees as part of an overall settlement pursuant to Bankruptcy Code
Section 363(b) where, in deference to the Debtors' reasonable
business judgment, such constituency has made a significant
contribution to the cases and such payment and settlement are
deemed by the Debtors to be in the best interests of the estate.

    * The responsAbility and IDB Objections raise the spectre of
unfair discrimination because their fees are not also being paid
and they do not have the option of contributing their direct,
individual claims to the Alpha Noteholders Claim Trust. That
argument misstates the law which allows for substantially similar
claims to be placed into different classes and receive different
treatment as long as there is a business or practical reason to do
so, rather than simply to gerrymander votes. Moreover, it ignores
the significantly greater role than either of those creditors that
the Ad Hoc Consortium played in these Chapter 11 Cases. The
Objections also ignore the Debtors' business judgment that the
decision to pay such fees and expenses is in the best interest of
the estate, to which deference should be given. Finally, it ignores
the simple math. As the holders of more than 90% of the general
unsecured claims in these Chapter 11 Cases, the Note Claims bear
the lion's share of the burden of paying the Ad Hoc Consortium's
fees and would also bear the burden of paying responsAbility's and
IDB's fees were the Court to require that. Collectively, IDB and
responsAbility bear less than 5.0% of such costs. As a result, if
fees were awarded to responsAbility and IDB, the holders of Note
claims would be discriminated against. And, while the holders of
Funded Debt do not have the option of contributing their direct,
individual Claims to the Alpha Noteholder Claims Trust, such Claims
survive confirmation and may be pursued by them and such Trust is
merely a device by which holders of Note Claims may collectively
pursue their direct, individual Claims involving no assets of the
Estate which would otherwise go to the holders of Funded Debt
Claims.

The UST Objection also raises the issue that the identity of the
Liquidating Trustee and the members of the Liquidating Trust
Oversight Committee and the Alpha Latam Noteholders Claims Trust
Trustee and Oversight Committee were not disclosed until after the
February 25, 2022 original voting deadline. But, that objection
overlooks the practical realities of a fast moving chapter 11 case
where last minute negotiations are occurring. At the same time that
the Ad Hoc Consortium was actively negotiating improved treatment
in the Second Amended Plan for all Class 4 Creditors, it was
conducting a competitive process amongst three (3) highly qualified
firms to serve as Trustee. The Ad Hoc Consortium's competitive
process resulted in a significant reduction in the proposed
compensation for such Trustee. As soon as that process concluded,
the Ad Hoc Consortium informed the Debtors of the results and the
identity and proposed compensation terms of the person designated
as the Liquidating Trustee and the Alpha Latam Noteholders Claim
Trust Trustee, which information was disclosed in the Second
Amended Plan Supplement filed with the Court on March 7, 2022. As
responsAbility and IDB presumably voted to reject the Plan (based
on their filing objections to its confirmation) and their
respective voting deadline as holders of Note Claims was extended
through March 9, 2022, the delay in disclosing such information did
not have any practical impact on the voting and should not delay
confirmation of the Plan or the Debtors' exit from chapter 11.

As such, the Ad Hoc Consortium asserts that the Court should
overrule the outstanding Plan Objections and confirm the Debtors'
Second Amended Plan, including payment of the Ad Hoc Consortium's
fees and expenses as a sound exercise of the Debtors' business
judgment (in connection with a 9019 settlement, as incorporated in
the Second Amended Plan).

Counsel for the Ad Hoc Consortium:

     Andrew P. Strehle, Esq.
     Jeffrey L. Jonas, Esq.
     Jonathan A. Nye, Esq.
     BROWN RUDNICK LLP
     One Financial Center
     Boston, MA 02111
     Telephone: (617) 856-8200
     Facsimile: (617) 856-8201
     Email: astrehle@brownrudnick.com
            jjonas@brownrudnick.com
            jnye@brownrudnick.com

     Uriel Pinelo, Esq.
     Seven Times Square
     New York, NY 10036
     Telephone: (212) 209-4800
     Facsimile: (212) 209-4801
     Email: upinelo@brownrudnick.com

          - and -

     Pauline K. Morgan, Esq.
     M. Blake Cleary, Esq.
     Sean T. Greecher, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square
     1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Email: pmorgan@ycst.com
            mbcleary@ycst.com
            sgreecher@ycst.com

                  About LATAM Airlines Group

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise. It is the largest passenger airline in South
America.

Before the onset of the COVID-19 pandemic, LATAM offered passenger
transport services to 145 different destinations in 26 countries,
including domestic flights in Argentina, Brazil, Chile, Colombia,
Ecuador and Peru, and international services within Latin America
as well as to Europe, the United States, the Caribbean, Oceania,
Asia and Africa.

LATAM and its 28 affiliates sought Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in
Chile, Peru, Colombia, Ecuador and the United States are part of
the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as
bankruptcy counsel, FTI Consulting as restructuring advisor, Lee
Brock Camargo Advogados as local Brazilian litigation counsel, and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  The Boston Consulting Group, Inc., and The Boston
Consulting Group UK LLP are the Debtors' strategic advisors while
PJT Partners LP serve as their investment banker. Prime Clerk, LLC,
is the claims agent.

The official committee of unsecured creditors formed in the case
tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters
Jureller Southard & Stevens, LLP as conflicts counsel, UBS
Securities LLC as investment banker, and Conway MacKenzie, LLC as
financial advisor.  Ferro Castro Neves Daltro & Gomide Advogados is
the committee's Brazilian counsel.

The ad hoc group of LATAM bondholders tapped White & Case LLP as
counsel.

Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew
Glenn and partner Shai Schmidt, has been retained as counsel for
the ad hoc committee of shareholders.


APPLOVIN CORP: S&P Upgrades ICR to 'BB-' on Reduced Leverage
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on AppLovin
Corp. to 'BB-' from 'B+'. At the same time, S&P raised its
issue-level rating on AppLovin's senior secured debt to 'BB-' from
'B+'.

S&P said, "The stable outlook reflects our expectation that
AppLovin's revenue will increase roughly 25%-30% and that leverage
will decline to the mid-2x area in 2022. We expect leverage may
increase due to acquisitions and other shareholder rewarding
activities, but not above 4x.

"We expect AppLovin's financial policy to remain aggressive, but it
will sustain leverage below 4x. AppLovin spent about $1.2 billion
on acquisitions (about half financed with debt and half with cash)
in 2021, almost double the amount spent in 2020. The company's $1
billion MoPub acquisition, which closed in early 2022, was its
highest-priced acquisition to-date and fully debt funded. We
believe the company can now support larger-scale acquisitions
because of its accelerating earnings potential and expect
increasingly higher purchase price considerations as a result.
AppLovin also announced a $430 million acquisition of Wurl on March
1, 2022, which it plans to fund 55% with cash and 45% with equity.
This gives AppLovin exposure to the connected-TV advertising
market. We believe further acquisitions to increase the breadth of
AppLovin's markets is likely. We also believe the use of equity to
be an important tool in the company's acquisition strategy, but do
not believe this signifies a material shift in the company's
financial policy. Further all-cash or debt-financed acquisitions
are still likely. The company has no leverage target, and we
believe it will continue to increase what it spends annually on
acquisitions, which could cause leverage to temporarily spike.
Additionally, the company announced a $750 million share repurchase
authorization, and we believe it will increasingly focus on
potential shareholder rewarding activities. However, even if the
company were to spend all its $1.5 billion cash balance on
acquisitions and share repurchases in 2022, we still believe it
would end 2022 with leverage of about 4x or below. We expect
temporary spikes in leverage are likely as the company aggressively
pursues growth and shareholder returns. The risks of leverage
increasing above 4x will become increasingly unlikely as the
company continues to expand and generate substantial cash flow.

"AppLovin is well positioned in the mobile gaming and advertising
ecosystem. We expect its revenue and cash flow profile to continue
to improve. The company has significantly outperformed market
growth over the past two years, which we expect to continue into
2022. We estimate the market for consumer spending on mobile games
will increase in the mid-20% area annually, with digital
advertising rising 20% in 2022. AppLovin should exceed this growth
as the company's top gaming apps and its mobile app ad exchanges
attract high customer spending. The company is also accelerating
its growth through its acquisition strategy. AppLovin's past
acquisitions have generally been successful, especially regarding
revenue synergies. Still, we believe integration risks with future
acquisitions to be a key risk and future acquisitions may not be
immediately accretive.

"Despite privacy changes taking effect with Apple's identifier for
advertisers (IDFA) change in 2021 and similar rules to take effect
for Android in 2023, we still expect revenue and earnings growth to
continue near term. Several of the company's games rank within the
top-50 charts on app stores (such as Project Makeover and
Wordscapes). We expect continued demand to advertise within the top
apps, especially as more marketing dollars shift to spending in new
media channels from more traditional channels. Additionally,
AppLovin has more first-party data than many other supply-side
programmatic platforms and publishers. We believe its ability to
leverage this with its machine learning technology could give it a
performance advantage against supply-side platforms and publishers
that rely more on third-party data. We expect this to partially
insulate AppLovin from headwinds related to the degradation of user
tracking.

"The stable outlook reflects our expectation that AppLovin will
increase revenue roughly 25%-30% and reduce leverage to the mid-2x
area in 2022. While we expect the company's financial policy will
remain aggressive and leverage could increase due to acquisitions
and other shareholder rewarding activities, we do not expect
leverage to increase above 4x."

S&P could lower the rating if it expects leverage will increase and
remain above 4x. This could occur if:

-- The company uses nearly all its sizable cash balance on
shareholder rewarding activities;

-- It funds large acquisitions only with debt; or

-- Revenue growth stalls due to privacy changes and profitability
declines due to increasing user acquisition costs.

S&P could raise the rating if it believes the company's financial
policies will support leverage remaining below 3x even when
accounting for spikes in leverage related to acquisitions, share
repurchases, and investment spend for new games. This would likely
require the company to establish and commit to a public leverage
target that coincides with our upgrade threshold.

ESG credit indicators: E2, S3, G3

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of AppLovin. While we believe the
company was better positioned than some peers to withstand the
impact of Apple's IDFA change in 2021 given its emphasis on
first-party data, the evolving digital privacy landscape and other
possible future privacy mandates in the mobile industry could
potentially limit AppLovin's advertising revenue growth."
Governance factors are also a moderately negative consideration as
most of the voting power rests with the CEO, chief financial
officer, and financial sponsor KKR, which could lead to
decision-making that prioritizes the interests of controlling
owners.



ARAMARK SERVICES: Moody's Affirms Ba3 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Aramark Services, Inc.'s
corporate family rating at Ba3, probability of default rating at
Ba3-PD, senior secured at Ba2 and senior unsecured at B1. The
Speculative Grade Liquidity ("SGL") rating is maintained at SGL-1.
The outlook remains stable.

RATINGS RATIONALE

"As COVID-19-related disruption to Aramark's businesses continues
to wane, revenue should climb back toward pre-pandemic levels,
thereby fortifying still-weak credit metrics and providing support
to the Ba3 CFR," said Edmond DeForest, Moody's Senior Vice
President.

The affirmation of the Ba3 CFR reflects Moody's expectations for
revenue, profits and free cash flow to continue to recover steadily
and substantially, although slowly, driving debt to EBITDA of 8.0
times as of December 31, 2021 toward 5.0 times by fiscal 2023 (ends
September). Revenue fell by more than 25% peak-to-trough during
FY2020 and 2021. Moody's anticipates revenue will grow by around
that amount over the next 12 to 18 months. Revenue and credit
metrics are expected to remain weak relative to FY2019 levels until
FY2023. Moody's expects adequate cash from operations to cover
capital investments, capital expenditures, the regular shareholder
dividend and required debt amortization. Financial leverage
declines will come from slow EBITDA expansion and some debt
repayment. Moody's also anticipates modest free cash flow metrics
compared to many other business service companies also rated in the
Ba3 rating category over the longer term given the need to invest
in new contracts before revenue is earned.

All financial metrics cited reflect Moody's standard adjustments.

Moody's considers Aramark's business generally stable and
predictable, with long term contracts and fixed asset investments
providing high revenue visibility and meaningful competitive
barriers. Moody's anticipates Aramark will maintain market share
and remain well positioned to rebound as customers resume their
normal operations. Aramark is a leading provider of food and
support services in the United States with operations globally and
is the second largest provider of uniform and career apparel rental
and sales in the United States. The scope of Aramark's operations
in both business lines, featuring thousands of highly recurring
customer contracts, provides strong support for the ratings. Demand
for food and related and uniform services from many of Aramark's
business and entertainment customers has not yet recovered to
pre-pandemic levels, whereas customers in education, healthcare and
those seeking services including sanitization have proven more
resilient. EBITA margins around 3% in the LTM period ended December
31, 2021 are expected to rebound to above 5% in FY2022 and in a 6%
to 7% range in FY2023.

Social risks facing Aramark's food service and uniform and related
services include a diverse set of workplace and food safety and
waste water handling rules and regulations. Aramark has a track
record of complying with applicable laws. Aramark maintains
job-appropriate training of its large almost 250,000 person
employee base and board oversight of its risk management
practices.

As a public company, Aramark provides transparency into its
governance and financial results and goals. The board of directors
is controlled by independent directors. In late 2019, there were 5
director and several executive officer changes, including of the
Chairman, CEO and CFO. Among Aramark's stated near term capital
allocation priorities are net financial leverage reduction,
investing in the business and cash returns to shareholders. Moody's
considers Aramark's financial strategies balanced and transparent.
Aramark's financial leverage remains well in excess of the
company's target range.

The Ba2 rating on the senior secured credit facilities reflects
their priority position in the debt capital structure and a loss
given default ("LGD") assessment of LGD2. The notes are secured by
a first lien pledge of substantially all of the company's domestic
assets (excluding accounts receivable pledged for the
securitization facility) and 65% of the stock of direct foreign
subsidiaries. The Ba2 rating, one notch above the Ba3 CFR, benefits
from loss absorption provided by the junior ranking debt and
non-debt obligations.

The B1 rating on the senior unsecured notes reflects a loss given
default assessment of LGD5. The senior notes are guaranteed by
substantially all of the domestic subsidiaries of the company
(excluding the securitization subsidiaries). The loss given default
assessment reflects effective subordination to all the secured debt
and certain trade claims at default. The B1 rating is one notch
higher than the outcome utilizing Moody's Loss Given Default
methodology, reflecting Moody's expectations for a decrease in the
proportion of secured to total debt once the currently fully drawn
$1 billion revolver and $450 million asset securitization
facilities are repaid.

The SGL-1 speculative grade liquidity rating reflects Aramark's
very good liquidity profile, including from $415 million of cash as
of December 31, 2021 and over $1 billion of available revolver and
securitization commitments. Moody's expects over $200 million of
free cash flow in FY2022. The $1.2 billion revolving credit
facility expires mostly in 2026 ($53.7 million of the revolving
commitments expire in 2023) and there is a $450 million accounts
receivable securitization facility maturing in 2024. The revolving
credit facilities have a net senior secured debt to EBITDA
covenant, as amended. Moody's expects Aramark will maintain a good
cushion with the covenant over the next 12 to 15 months. The fiscal
first quarter is typically a seasonal borrowing peak for Aramark.

The stable outlook reflects Moody's anticipation of strong revenue
growth driving elevated debt to EBITDA down toward 5.0x in FY2023.
The stable outlook also anticipates Aramark will maintain balanced
financial strategies and a very good liquidity profile.

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

The ratings could be upgraded if revenue and profit rates recover
to exceed their pre-pandemic levels and Moody's expects Aramark
will maintain: (1) at least 1% to 2% revenue growth; (2) EBITA
margins around 7%; (3) free cash flow of at least $400 million; and
(4) debt to EBITDA below 4.5 times.

The ratings could be downgraded if: (1) revenue remains pressured
due to an expansion of adverse impacts from COVID-19, a loss of
customers or declines in market share; (2) liquidity weakens; or
(3) debt to EBITDA will be maintained above 5.5 times.

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

The following ratings/assessments are affected by the action:

Issuer: Aramark Services, Inc.

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2 from
LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5)

Outlook, Remains Stable

Issuer: ARAMARK Canada Ltd.

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2 from
LGD3)

Outlook, Remains Stable

Issuer: Aramark International Finance Sarl

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5)

Outlook, Remains Stable

Issuer: Aramark Investments Limited

Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2 from
LGD3)

Outlook, Remains Stable

Aramark (NYSE:ARMK), based in Philadelphia, PA, is a provider of
food and related services to a broad range of institutions and the
second largest provider of uniform and career apparel in the United
States. Moody's expects fiscal 2022 (ends September) revenue of
around $15 billion.


ARYA'S VINTAGE: Chapter 11 Filing Blocks Receiver Appointment
-------------------------------------------------------------
Jeff Montgomery of Law360 reports that a personal bankruptcy filing
by ex-American Apparel CEO Dov A. Charney has blocked for now a
move by hedge fund Standard General LP for appointment of a
California Superior Court receiver to further examine alleged
"alter ego" financial ties between Charney and other ventures.

Los Angeles County Superior Court Judge Monica Bachner issued a
stay late Friday, one day after the personal Chapter 11 bankruptcy
filing by Charney in the U. S. Bankruptcy Court for the Central
District of California. The bankruptcy filing opened a new chapter
and a new front in a long-running multistate and multicourt battle
over liabilities.

                  About Arya's Vintage Closet

Arya's Vintage Closet LLC is a clothing retailer located at 2900
Bristol Street Suite J202 Costa Mesa, CA 92627.

Arya's Vintage Closet LLC sought Chapter 11 bankruptcy protection
(Bankr.  C.D. Cal. Case No. 22-10392) on March 9, 2022.  In the
petition filed by Dov Arieh Charney, as manager, Arya's Vintage
Closet LLC listed estimated total assets between $100,000 and
$500,000 and estimated total liabilities between $100,000 and
$500,000.  William N Lobel, of Theodora Oringher PC, is the
Debtor's counsel.


ASHLAND LLC: Egan-Jones Keeps BB Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on February 17, 2022, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Ashland LLC.

Headquartered in Covington, Kentucky, Ashland LLC operates as a
specialty chemical company.



ATLANTIC WORLDWIDE: Unsecureds to Get 10% Under 5-Year Plan
-----------------------------------------------------------
Atlantic Worldwide Shipping, LLC, submitted a Fourth Amended
Subchapter V Plan of Reorganization.

The Debtor filed a Chapter 11 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.  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 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.  The Debtor also owns a 2020
Freightliner M2-106.

Under the Plan, Class 6 Claimants Allowed Unsecured Claims totaling
$513,211.  All allowed unsecured Creditors will 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 $50,732 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 was filed
in the amount of $200,000, with $12,475 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. 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 9, 2022, is available at
https://bit.ly/3pZpU9V 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.


AVIS BUDGET: Egan-Jones Hikes Senior Unsecured Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company on March 3, 2022, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Avis Budget Group, Inc. to CCC+ from CCC. EJR also upgraded the
rating on commercial paper issued by the Company to B from C.

Headquartered in Parsippany-Troy Hills, New Jersey, Avis Budget
Group, Inc. operates as a vehicle rental and mobility solution
service.



B & M REALTY: Requests for 30-Day Extension to File Plan
--------------------------------------------------------
B & M Realty, LLC, filed a motion to extend by 30 days until March
2, 2022, the time within which to file the Plan and Disclosure
Statement.

By previous motions, the Debtor sought an extension of time to file
the Plan and Disclosure Statement to stabilize its finances, cure
its obligations to the Court and to recover its property that is
necessary to propose a successful plan of reorganization.  Based
upon the Debtor's motions, the Court extended the time to file the
Plan and Disclosure Statement until March 2, 2022.

In the new motion, the Debtor explains that despite their best
efforts, the Debtor and counsel have been unable to file these
documents timely.

The Debtor has been able to stabilize its finances but has had
substantial costs in repairing and maintaining its properties.  The
Debtor has also been able to complete the obligations to the Court
and is now current with these requirements.

However, due to the respondent's failure to comply with the Court's
Order, the Debtor has not been able to recover its property and
will need to do so before proposing a plan and disclosure
statement.

Counsel for the Debtor:

     J.M. Cook, Esq.
     J.M. COOK, P.A.
     5886 Faringdon Place, Suite 100
     Raleigh, NC 27609
     Tel: (919) 675-2411
     Fax: (919) 882-1719
     E-mail: J.M.Cook@jmcookesq.com

                        About B & M Realty

B & M Realty, LLC, filed a petition for Chapter 11 protection
(Bankr. E.D.N.C. Case No. 21-01955) on Sept. 1, 2021, listing up to
$1 million in assets and up to $500,000 in liabilities. Judge David
M. Warren oversees the case.  J.M. Cook, P.A. is the Debtor's legal
counsel.


BASA INVESTMENTS: Taps Cuneo, Reyes & Luna as Bankruptcy Counsel
----------------------------------------------------------------
Basa Investments, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to employ Cuneo, Reyes & Luna,
LLC to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. advising the Debtor regarding its powers and duties and the
continued management of its business operations;

   b. advising the Debtor regarding its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

   c. preparing legal documents;

   d. protecting the interest of the Debtor in all matters pending
before the court; and

   e. representing the Debtor in negotiations with creditors in the
preparation of a Chapter 11 plan.

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

     Attorneys    $450 per hour
     Associates   $325 per hour
     Paralegals   $150 per hour

The firm will also seek reimbursement for out-of-pocket expenses
and a retainer fee in the amount of $15,000.

Laudy Luna, Esq., a partner at Cuneo Reyes & Luna, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Laudy Luna, Esq.
     Cuneo, Reyes & Luna, LLC
     2655 S. Le jeune Rd., Suite 804
     Coral Gables, FL 33134
     Tel: (786) 332-6787
     Fax: (786) 204-0687
     Email: ll@crllawgroup.com

                      About Basa Investments

Basa Investments, LLC is the owner of two real properties and a
commercial property in Florida, having a total current value of
$1.07 million. The company is based in Lake Worth, Fla.

Basa Investments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-10741) on Jan. 31,
2022, listing $1.07 million in assets and $1.50 million in
liabilities. Ariel Banegas, managing member, signed the petition.

Judge Erik P. Kimball oversees the case.

Laudy Luna, Esq., at Cuneo, Reyes & Luna, LLC serves as the
Debtor's legal counsel.


BEAZER HOMES: Egan-Jones Hikes Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company on February 14, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Beazer Homes USA, Inc. to B+ from B.

Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. designs,
builds and sells single-family homes in the Southeast, Southwest,
and South Central regions of the United States.



BOY SCOUTS: Insurers Fight on Paying Victims in Bankruptcy Plan
---------------------------------------------------------------
Steven Church of Bloomberg News reports that a $2.7 billion plan by
the Boy Scouts of America to create the biggest-ever fund in the
U.S. for sexual abuse victims came under court attack Monday, March
14, 2022, by insurance companies, which claim some people will get
paid without providing verifiable proof they were molested.

At the start of a trial that could last weeks, a group of insurers
pressed their argument that the trust fund is unfair because it
allows payouts to people who wouldn't be able to prove they were
abused if they faced a traditional jury trial.

                   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.



BRINKER INTERNATIONAL: Egan-Jones Keeps B Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Brinker International, Inc.

Headquartered in Coppell, Texas, Brinker International, Inc. is a
restaurant operator who owns, operates, or franchises
establishments in the United States and Internationally.



CAESARS ENTERTAINMENT: Egan-Jones Keeps CCC Sr. Unsecured Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company on March 3, 2022, maintained its 'CCC'
foreign currency and local currency senior unsecured ratings on
debt issued by Caesars Entertainment Corporation. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

Headquartered in Las Vegas, Nevada, Caesars Entertainment
Corporation provides entertainment, gaming, and lodging services.



CALPLANT I: Seeks $15MM Additional DIP Financing
------------------------------------------------
CalPlant I Holdco, LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware for authority to,
among other things, use cash collateral and obtain additional
debtor-in-possession financing.

The Debtors require additional liquidity to fund operations and
other costs between now and their anticipated deadline for seeking
bids for their assets. To that end, the DIP Bondholders have agreed
to purchase a $15 million Supplemental DIP Bond pursuant to the
terms of a Second Supplemental Indenture and the Amended Final DIP
Order.

While the original DIP Bonds are not set to mature until October
2022, the original budget anticipated funding sufficient for the
Debtors to operate through early March. The Debtors have been able
to extend this timeline by several additional weeks through cost
savings associated with their limited operations and the delayed
incurrence of estate professionals' fees relating to the sale of
their business and plan confirmation. However, the Debtors will
require access to additional working capital starting as soon as
next month.

The Debtors expect the $15 million of incremental financing to last
until late September 2022 -- the Debtors' anticipated bid deadline.
During that time, the Debtors intend to fine-tune their plant,
operate the business, and market the company. In order to
streamline future incremental DIP requests and to preserve estate
assets, the Debtors are requesting expedited procedures to obtain
future financing, provided that such financings are on materially
similar terms and subject to notice.

Since filing for chapter 11, the Debtors have faced a number of
challenges that have delayed the commencement of their marketing
process. More recently, in mid-February, the Debtors were forced to
shut down one of their two refiners because a major component was
damaged and needed to be rebuilt. For purposes of perspective, the
piece of equipment at issue is almost 40 feet in length, weighs
more than nine tons, and required a crane and specialized truck bed
for removal and transportation. While the repairs have been made,
the equipment reinstalled, and the affected refiner is now up and
running, the Debtors expect that the same repair will need to be
completed on their second refiner in the upcoming weeks.

In light of the foregoing, the Debtors -- in consultation with the
holders of a majority of their Senior Bonds -- made the decision to
further delay their marketing process until after repairs have been
completed on their second refiner, additional operational
improvements have been made, and plant operations have stabilized.
To ensure the Debtors have sufficient liquidity to fund operations
and other costs during this period, the DIP Bondholders have agreed
to purchase an additional $15 million Supplemental DIP Bond on
substantially the same terms as the original DIP Bonds. The Debtors
intend to issue the Supplemental DIP Bond pursuant to the Amended
Final DIP Order and a supplemental indenture.

Under the Final DIP Order, the Debtors obtained $37.4 million DIP
financing, which consisted of two DIP Bonds issued pursuant to an
Indenture, dated as of October 14, 2021 providing for issuance of
the Initial DIP Bond, as supplemented and amended by a First
Supplemental Indenture, dated as of November 2, 2021. The DIP
Facility is secured by valid, binding, enforceable, and perfected
first priority security interests on substantially all of the
Debtors' assets, subject only to the Permitted Liens, the
Carve-Out, and the Wind-Down Budget Expenses (in each case, solely
to the extent set forth in the Final DIP Order). The DIP Facility
will mature on the earliest of October 12, 2022, the effective date
of a confirmed chapter 11 plan for the Debtors, or the occurrence
of an Event of Default.

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

                          About CalPlant

CalPlant I, LLC -- http://www.eurekamdf.com/-- is a Northern
California-based company focused on manufacturing
sustainably-sourced building products, including the creation of
the world's first no-added-formaldehyde, rice straw-based medium
density fiberboard, Eureka MDF.  CalPlant and its predecessor
company, CalAg, LLC, have spent many years researching, developing,
and patenting a process to make high-quality MDF using annually
renewable rice straw as the feedstock, the disposal of which has
posed environmental issues in California for decades.

CalPlant I and CalPlant I Holdco, LLC sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11302) on Oct. 5, 2021. The cases
are handled by Honorable Judge John T. Dorsey.

CalPlant I Holdco listed up to $100 million in assets and up to
$50,000 in liabilities as of the bankruptcy filing while CalPlant I
listed as much as $500 million in both assets and liabilities.

The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel;
Morris James, LLP as local bankruptcy counsel; Paladin Management
Group as financial advisor; and KCoe Isom, LLP as auditor and tax
services provider. Prime Clerk, LLC is the claims, noticing and
administrative agent.



CARDINAL HEALTH: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cardinal Health, Inc. to BB+ from BBB-.

Headquartered in Dublin, Ohio, Cardinal Health, Inc. provides
complementary products and services to healthcare providers and
manufacturers.



CARPENTER TECHNOLOGY: Egan-Jones Keeps BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on February 18, 2022, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Carpenter Technology Corporation.

Headquartered in Philadelphia, Pennsylvania, Carpenter Technology
Corporation manufactures, fabricates, and distributes stainless
steels, titanium, and specialty metal alloys.



CENTRAL GARDEN: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Central Garden & Pet Company.

Headquartered in Walnut Creek, California, Central Garden & Pet
Company manufactures and distributes branded and private label
products.



CENTURY CASINOS: S&P Affirms 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on
Colorado-based gaming operator Century Casinos Inc. At the same
time, S&P assigned its 'BB-' issue-level rating and '1' recovery
rating to the company's proposed $30 million super-priority
revolver and its 'B' issue-level rating and '3' recovery rating to
its proposed $350 million term loan.

S&P said, "The stable outlook reflects our expectation that Century
Casinos will successfully acquire and integrate the operations of
Opco, which--along with continued good operating performance across
its existing portfolio--will support an improvement in its leverage
to the mid- to high-5x area in 2023 (from the high-5x to low-6x
range in 2022), which would provide it with an improved cushion
relative to our 6.5x downgrade threshold.

"The affirmation reflects our expectation that Century Casinos'
leverage will remain about 6x or below through 2023 despite the
leveraging effects of its planned acquisitions and assumption of a
long-term lease.

"We expect the company's pro forma lease-adjusted debt to EBITDA to
increase to the high-5x to low-6x range in 2022 before improving to
the mid- to high-5x range in 2023 on increasing EBITDA and some
debt repayment. Our credit measures are pro forma for the
acquisitions (assuming they closed on Jan. 1, 2022) and include our
estimate of the lease obligation Century Casinos will incur as part
of this transaction. Specifically, the company is acquiring 100% of
the operations of Opco, which it expects to close in 2023, and 50%
of Smooth Bourbon LLC (owner of Opco's real estate; Propco), which
it expects will close early in the second quarter of 2022. Opco
will then enter into a lease agreement with Propco with an initial
term of 15 years, including four five-year renewal options. The
lease will have an initial annual rent of approximately $15
million. We estimate Century Casinos' 50% share of the finance
lease obligation to Propco's other owner will be between $75
million and $105 million and account for about 10%-15% of our
adjusted debt measure. The company will also have a five-year
option to purchase the remaining 50% of Propco for $105 million
plus 2% per annum.

"We anticipate that Century Casinos may pursue additional
acquisitions and development opportunities over time, though we
expect them to be prudent. The company has publicly indicated it
will undertake acquisitions to expand its footprint in the U.S. and
that its goal is to complete one acquisition every 12-18 months.
Therefore, we believe it is likely that Century Casinos will
exercise its option to purchase the remainder of Propco unless
additional investment opportunities arise. That said, we expect its
acquisition of the other 50% of Propco would be leverage neutral
because the incremental debt to fund the purchase would replace the
company's share of the finance obligation. Century Casinos also
intends to invest in its existing assets and plans to convert its
riverboat casino in Caruthersville to a land-based casino and hotel
for an expected cost of $47 million, which it expects to open in
early 2024. The company also plans to build a six-story hotel at
Cape Girardeau for an estimated cost of $26 million, which it
expects to open in 2023. Given Century Casinos' public comments
about its preferred pace of acquisitions and its recent track
record following its transformative 2019 acquisition, we believe
management will most likely concentrate on integrating the Opco and
Propco acquisitions, completing the planned development projects at
two of its existing casinos, and reducing its leverage before
pursuing other acquisitions or leveraging transactions. We also
expect the company's S&P Global Ratings-adjusted EBITDA interest
coverage to be good in the mid-2x area through 2023 and anticipate
it will generate good levels of discretionary cash flow beginning
in 2023, which it could use for debt repayment or to fund other
investments in its business."

Century Casinos' acquisitions will enhance its scale and geographic
diversity, enabling it to support a higher level of leverage. The
company's proposed acquisitions of the gaming operations of Opco
and 50% of the real estate underlying the asset will increase its
scale by adding $100 million of revenue and $33 million of EBITDAR
(based on Opco's 2021 operating performance). This reflects about a
25% increase in Century Casino's revenue and a 33% increase in its
EBITDAR based on its 2021 results. Additionally, the acquisition
will modestly improve the company's geographic diversity because it
will expand its footprint into its fourth state and seventh gaming
market across North America and Poland. Pro forma for the
acquisition, no single property will contribute more than 25% of
Century Casino's EBITDAR. In addition, its EBITDAR concentration in
Missouri will fall to 42% from 54% currently. S&P believes the
company's greater geographic diversity and scale could help
mitigate some of the effects of regional economic weakness, changes
in the competitive landscape, and other event risks in a single
market on its performance amid an otherwise healthy macroeconomic
environment.

Century Casinos will also benefit from $90 million of recent
capital investments at Opco. Furthermore, Reno's gaming revenue has
increased in recent periods, supported by the city's steady
population increases, investments in the area to support job
creation, and proximity to outdoor recreational areas. Based on
these factors, S&P believes the company can support a modestly
higher level of lease-adjusted leverage and have loosened its
downgrade threshold at the 'B' rating to 6.5x from 6.0x.

Despite the benefits of the acquisition, Century remains vulnerable
to competitive pressures. The company's portfolio of gaming assets
primarily comprises properties that are not market leaders in their
respective markets. Century Casinos' existing gaming assets and
Opco operate in markets where the gaming supply is high, which
entails significant competition. For instance, the Reno-Sparks area
is home to 20 locations with slot machines and 24 locations with
tables and the company's operations there face competition not only
from Las Vegas but also from the numerous tribal casinos located
about 125 miles away in northern California, which are much closer
to key feeder markets like Sacramento and San Francisco. This level
of competition can lead to higher promotional spending that hurts
Century's margins. Compared with several of its rated gaming peers,
Century also lacks a strong, consistent brand, a recognized rewards
program, and additional amenities that can drive visitation and
spending across its properties.

S&P said, "The stable outlook reflects our expectation that Century
Casinos will successfully acquire and integrate the operations of
Opco, which--along with a continued good operating performance
across its existing portfolio--will support an improvement in its
leverage to the mid- to high-5x area in 2023 (from the high-5x to
low-6x range in 2022), which would provide it with an improved
cushion compared relative to our 6.5x downgrade threshold.

"We could lower our rating on Century if we believe it will sustain
lease-adjusted debt to EBITDA of more than 6.5x and S&P Global
Ratings-adjusted EBITDA interest coverage of less than 2x. This
could occur due to a weaker-than-anticipated operating performance
stemming from economic or competitive pressures. It could also
occur if the company unexpectedly adopted a more aggressive posture
toward development opportunities in its portfolio or pursued
further materially leveraging acquisitions.

"We could raise our rating on Century Casinos if it outperforms our
forecast such that we expect it to maintain lease-adjusted debt to
EBITDA of less than 5x and funds from operations (FFO) to debt of
more than 12%, even when incorporating potential operating
volatility, growth investments in its portfolio, and
acquisitions."

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



CHARLESTON ORTHODONTIC: Taps US Dental Transitions as Broker
------------------------------------------------------------
Charleston Orthodontic Specialists, LLC received approval from the
U.S. Bankruptcy Court for the District of South Carolina to employ
US Dental Transitions, LLC as broker.

The firm will assist in selling the Debtor's dental practices in
Mt. Pleasant, Summerville and Charleston, S.C.

The firm will be paid a fee of $20,000 upon closing of the
transaction, and a contingency fee of 10 percent of the final
selling price.

Robin Turner, a partner at US Dental Transitions, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Robin Turner
     US Dental Transitions, LLC
     4411 Suwanee Dam Road, Suite 420
     Suwanee, GA 30024
     Tel: (678) 482-7305
     Fax: (678) 482-7306
     Email: info@usdentaltransitions.com

             About Charleston Orthodontic Specialists

Charleston Orthodontic Specialists, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.S.C. Case No. 21-00827) on March 24, 2021, listing up to $10
million in assets and up to $50 million in liabilities. Judge John
E. Waites presides over the case.

Ivan N. Nossokoff, Esq., at Ivan N. Nossokoff, LLC and Kathryn
Abraham, CPA serve as the Debtor's legal counsel and accountant,
respectively.

Creditor, AKF Inc., doing business as FundKite, is represented by
Johnson Law Firm, P.A. and Kaminski Law PLLC. Pinnacle Bank, also a
creditor, is represented by Parker Poe Adams & Bernstein, LLP.


CIRCOR INT'L: Moody's Puts B3 CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service placed the ratings of CIRCOR
International, Inc. on review for downgrade, including the B3
corporate family rating, B3 -PD probability of default rating and
B2 senior secured debt rating. The outlook was also changed to
ratings under review from stable. The SGL-3 speculative grade
liquidity rating remains unchanged at this time.

The rating action follows CIRCOR's announcement that its fiscal
2021 Form 10-K filing with the Securities and Exchange (SEC) will
be delayed due to the emergence of accounting irregularities
related to one of its business units, and financial statements
issued after fiscal 2017 should not be relied upon. As part of the
announcement, the company is also exploring strategic alternatives
for a potential transaction such as a merger or divestiture with
interested parties to maximize shareholder value.

Moody's review reflects heightened governance risk related to the
company's compliance, controls and reporting functions and the
uncertainty around forward-view estimates at this time. CIRCOR
estimates the accounting irregularities will have a cumulative
effect on pre-tax income in the range of $35-$45 million over at
least five years, but this is subject to change. Moody's also
believes the likelihood that a strategic transaction could
potentially favor shareholders over creditors.

On Review for Downgrade:

Issuer: CIRCOR International, Inc.

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Senior Secured 1st Lien Term Loan B, Placed on Review for
Downgrade, currently B2 (LGD3)

Senior Secured 1st Lien Revolving Credit Facility, Placed on
Review for Downgrade, currently B2 (LGD3)

Outlook, Changed to Ratings Under Review from Stable

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

Moody's review will consider: (1) the findings behind the
accounting irregularities, their impact on the financials and any
resulting changes implemented by the company; 2) the timing and
provision of the audited financial statements, including the
availability of financial information (or lack thereof) to assess
the company's financial position while the process is ongoing; 3)
the company's liquidity position, including its ability to make
further draws on its $100 million revolving credit facility, of
which approximately $50 million is currently available; 4) the
strategic and financial policy changes for CIRCOR implied by the
strategic transaction, if it materializes, including capital
structure changes; and 5) the forward prospects for the company's
financial performance.

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

CIRCOR International, Inc. is a provider of mission critical flow
control products and services for the Industrial and Aerospace &
Defense markets. The company provides flow and motion control
precision-engineered pumps, valves, fittings, switches, sensors and
flight components for use in extreme operating environments (e.g.
high pressure, high temperature, caustic fluids, fluids with
abrasives) within the industrial and aerospace & defense markets.


CITGO HOLDING: Moody's Affirms 'Caa1' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed CITGO Holding, Inc.'s ("CITGO
Holding") Caa1 corporate family rating. Simultaneously, Moody's
affirmed CITGO Petroleum Corporation's ("CITGO Petroleum") B3
corporate family rating. The outlook on all rating remains stable.

Affirmations:

Issuer: CITGO Holding, Inc.

Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Senior Secured Bank Credit Facility, Affirmed Caa1 (LGD4)

Senior Secured Regular Bond/Debenture, Affirmed Caa1 (LGD4)

Issuer: CITGO Petroleum Corporation

  Probability of Default Rating, Affirmed B3-PD

Senior Secured Bank Credit Facility, Affirmed B3 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed B3 (LGD3)

Issuer: Gulf Coast Industrial Development Authority

Senior Unsecured Revenue Bonds, Affirmed B3 (LGD3)

Issuer: Illinois Development Finance Authority

Senior Unsecured Revenue Bonds, Affirmed B3 (LGD3)

Outlook Actions:

Issuer: CITGO Holding, Inc.

Outlook, Remains Stable

Issuer: CITGO Petroleum Corporation

Outlook, Remains Stable

RATINGS RATIONALE

CITGO Holding's Caa1 ratings are primarily based on the credit
profile of CITGO Petroleum, its main subsidiary, and consider the
structural subordination of CITGO Holding's debt to that of CITGO
Petroleum. In turn, CITGO Petroleum's B3 ratings primarily reflect
the company's large scale, complex refining system, historic solid
credit metrics for its rating category, and the location of its
assets in the United States of America, Government of (Aaa stable).
Both companies' loans and notes have certain protections to lenders
provided by credit agreements; these protections are in place to
ring-fence the company from its ultimate owner, Petroleos de
Venezuela, S.A. (PDVSA), with clauses for limitations on increase
in debt leverage, payment of dividends, change of control and use
of proceeds from asset sales.

In 2022-23, Moody's expects CITGO Holding to post an annual EBITDA
of around $1.2 billion, fueled by a strong US economy and solid
exports to Latin American countries. However, EBITDA will be below
historic averages of $1.5 billion per year. Moody's expects CITGO
Holding's debt metrics to improve in 2022-23 from weak levels in
2020 and the company to remain in compliance with its financial
covenants. The majority of CITGO Holding's cash flow is generated
at CITGO Petroleum.

CITGO Petroleum's refineries have high conversion capacity that
provides flexibility to adjust crude slate and to optimize
operations based on market dynamics; the company also has
significant export capability that supports sales. However, Moody's
notes that CITGO Holding remains vulnerable to US actions against
Venezuela and the political situation in that country, which could
affect the company's operating and financial activities.

Both CITGO Holding's and CITGO Petroleum's respective liquidity
positions are adequate, and the companies have maintained capital
market access to refinance maturing debt and sustain liquidity.

CITGO Petroleum's ESG Credit Impact Score is 4 (highly negative),
reflecting very highly negative environmental and social risks and
highly negative governance risk, including exposure to hurricanes
in the Gulf of Mexico and the fact that CITGO is owned by PDVSA,
which has been sanctioned by the US since 2017. CITGO Petroleum's
G-4 score also incorporates the fact that the company is based in
the U.S. and that its management maintains a limited administrative
relationship with PDVSA.

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

Both CITGO Holding's and CITGO Petroleum's ratings could be
upgraded if the risk arising from PDVSA's ownership, mostly related
to legal procedures that could result in change of control or asset
sales declines. The companies' ratings could be downgraded if (1)
they lack access to capital markets for refinancing debt, (2) their
margins decline because of lack of access to an optimum mix of
crudes or operating inefficiencies, or if (3) PDVSA exerts negative
influence on management's decisions, increasing the companies'
credit risk, although it should be noted that the current sanctions
by the US have resulted in a severing of financial and operational
ties.

The principal methodology used in these ratings was Refining and
Marketing published in August 2021.

CITGO Holding, based in Delaware, US, is holding company with no
direct operations and no significant assets other than its
ownership of 100% of the capital stock of CITGO Petroleum
Corporation (B3 stable) and 100% of the limited liability company
interests of CITGO Holding Terminals, Southwest Pipeline Holding
and Midwest Pipeline Holding, all operating companies. PDVSA is the
ultimate controlling shareholder of CITGO Holding.

CITGO Petroleum, headquartered in Texas, US, is an independent
refining company with a capacity of 769,000 barrels per day (bpd)
across three large refineries that have good logistical and market
positions in the US Gulf Coast and Upper Midwest markets. The
company is a wholesale refiner that sells a large portion of its
refined products under the CITGO brand through around 4,400
independently owned and operated service stations. CITGO Petroleum
is a wholly owned subsidiary of PDVSA, the state oil company of
Venezuela. As of September 30, 2021 CITGO Petroleum reported assets
and last-twelve-month Moody's-adjusted EBITDA of $8.25 billion and
$535 million, respectively.


CLEAVER-BROOKS CO: S&P Lowers ICR to 'CCC' on Refinancing Risk
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Georgia-based manufacturer of boiler room and burner systems The
Cleaver-Brooks Company Inc. to 'CCC' from 'B-'.

At the same time, S&P lowered its issue-level rating on the
company's senior secured notes to 'CCC' from 'B-' The recovery
rating remains '4', indicating its expectations for average
(30%-50%; rounded estimate: 35%) recovery of principal in the event
of a payment default.

The negative outlook reflects the company's near-term debt
maturities and diminishing liquidity. S&P views the company's
capital structure as unsustainable and believe challenging
macroeconomic conditions could increase the risk of default within
the next 12 months.

Cleaver-Brooks faces mounting refinancing risk and weak liquidity.
The company's undrawn $60 million asset-based lending facility
matures on Dec. 11, 2022, and its $375 million senior secured notes
mature on March 1, 2023. S&P said, "While the company is in talks
with prospective lenders, we believe there is heightened risk of
default or restructuring due to a challenging macroeconomic
backdrop and pressure from continually rising cost inflation. With
minimal cash on hand, we estimate Cleaver Brooks' liquidity sources
will be insufficient to satisfy its uses over the next 12 months,
after accounting for its upcoming debt maturities. As a result, we
view the company's liquidity as constrained. Although we expect
modest free cash flow generation, we believe its diminished
liquidity position could lead to a restructuring or debt exchange
that we view as tantamount to a default."

Despite these pressures, the company continues to benefit from
strong order backlog and improving operating results. S&P Global
Ratings-adjusted LTM margins improved over 200 basis points (bps)
in the third quarter ended Dec. 31, 2021, from their low point in
the previous quarter, primarily due to the roll off of one-time
costs associated with exiting its operations in China in the third
quarter of fiscal 2021. Cleaver-Brooks also began adding surcharges
to customer contracts during the fourth quarter of fiscal 2021 to
counteract the negative impact of extremely high steel prices.
While there was a three- to six-month lag in prices as the company
executed orders included in the backlog before the surcharge, we
believe these price increases will surpass the rate of cost
inflation and be a net benefit to the company beginning in the
fourth quarter of fiscal 2022. In addition, record levels of
surcharge-adjusted backlog should generate a solid demand prospect
for Packaged Boilers and Burners heading into fiscal 2023.

The negative outlook reflects the company's near-term debt
maturities and diminishing liquidity. S&P views the company's
capital structure as unsustainable and believe challenging
macroeconomic conditions could increase the risk of default within
the next 12 months.

S&P could lower its ratings on Cleaver-Brooks if:

-- The company is unable to successfully address its upcoming debt
maturities prior to six months before its senior secured notes are
due; or

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

S&P could raise its ratings on Cleaver-Brooks if:

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



CLEVELAND-CLIFFS INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on March 3, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Cleveland-Cliffs Inc.

Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc.
manufactures custom-made pellets and hot briquetted iron (HBI),
flat-rolled carbon steel, stainless, electrical, plate, tinplate
and long steel products, as well as carbon and stainless steel
tubing, hot and cold stamping and tooling.



CMS ENERGY: Egan-Jones Keeps BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on February 18, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by CMS Energy Corporation.

Headquartered in Jackson, Michigan, CMS Energy Corporation is an
energy company.



COVIA HOLDINGS: Moody's Hikes CFR & Senior Secured Term Loan to B2
------------------------------------------------------------------
Moody's Investors Service upgraded Covia Holdings LLC's Corporate
Family Rating to B2 from B3, Probability of Default Rating to B2-PD
from B3-PD and senior secured term loan to B2 from B3. The outlook
is stable.

The upgrade reflects Covia's earnings recovery and significant
deleveraging in 2021, driven by strong execution and favorable end
markets. Coming out of the 2020 bankruptcy, Covia has also operated
with meaningfully lower operating expenses with aims of
profitability at any point in the cycle.

"There are still medium term risks to earnings from higher input
costs and volatile oil and gas prices," said Moody's Assistant Vice
President Justin Remsen. "However, we expect Covia's credit metrics
and liquidity to remain solid given its improved balance sheet and
focus on the less commodity-like industrial sand business."

Upgrades:

Issuer: Covia Holdings LLC

Corporate Family Rating, Upgraded to B2 from B3

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

Senior Secured Bank Credit Facility, Upgraded to B2 (LGD4) from B3
(LGD4)

Outlook Actions:

Issuer: Covia Holdings LLC

Outlook, Remains Stable

RATINGS RATIONALE

Covia's B2 CFR is constrained by the company's vulnerability to
cyclical end markets and the competitive nature of its frac sand
business. Ratings are also constrained by governance
considerations, including ownership by its former lenders, which
increases the risk of an aggressive financial strategy.

At the same time, the rating is supported by Covia's strong market
position as the leading provider of industrial minerals and frac
sand in North America. Covia's renewed focus on the industrial
segment helps to mitigate earnings volatility associated with the
energy business and provides revenue and cash flow visibility,
supported by contracted volumes.

Moody's expects the company to have very good liquidity over the
next 12-18 months with over $250 million available liquidity
including an undrawn $135 million asset-based revolver, $75 million
in annual free cash flow in 2022 and 2023, and the lack of
near-term debt maturities.

The stable outlook reflects Moody's expectation that Covia will
continue to benefit from strong demand for frac sand and stable
demand for industrial sand. Given the favorable industry
conditions, which are expected to persist at least through the
first half of 2022, Moody's anticipates the company's key financial
strength metrics such as leverage and free cash flow to be strong
in the near term.

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

The ratings could be upgraded if the company demonstrates a
transparent and strong commitment to conservative financial
policies. Quantitatively, the ratings could be upgraded if
debt/EBITDA is maintained near 3.5x and free cash flow to debt is
sustained above 10%.

The ratings could be downgraded if operating performance weakens
materially, financial strategy becomes more aggressive, or
liquidity deteriorates. Quantitatively, the ratings could be
downgraded with expectations that debt/EBITDA will be sustained
above 5.5x or if free cash flow is expected to be negative.

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

Covia Holdings LLC is a leading provider of specialty sands and
minerals serving the energy and industrial end markets. Covia is
majority owned by Angel Island / Golden Gate Capital and Anchorage.



CRESTLLOYD LLC: Seeks More Time to File Bankruptcy Plan
-------------------------------------------------------
Crestlloyd, LLC is seeking continued control of its bankruptcy
while awaiting the outcome of the sale of its residential real
property in Los Angeles.

In its motion, Crestlloyd asked the U.S. Bankruptcy Court for the
Central District of California to extend the exclusivity period to
file a Chapter 11 plan to June 23, and the period to solicit
acceptances for the plan to Aug. 22.

Under U.S. bankruptcy rules, companies in Chapter 11 protection
have the sole right to craft and formally propose turnaround plans
unless a judge strips them of that right.

Crestlloyd's attorney, Todd Arnold, Esq., at Levene, Neale, Bender,
Yoo & Golubchik, LLP said the company's reorganization plan will
depend upon the outcome of the sale, which will largely determine
the pool of funds available to pay creditors.

The Los Angeles property is Crestlloyd's primary asset and is
estimated to be more than $200 million. As of the petition date,
the claims allegedly secured by liens on the property totaled
between $176.6 million and $184.4 million, including a $123 million
claim asserted by Hankey Capital, LLC, the company's secured
lender.

Crestlloyd expects the closing of the sale to occur on March 21. A
court hearing to consider approval of the sale is scheduled for
March 18.

                       About Crestlloyd LLC

Crestlloyd, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-18205) on Oct.
26, 2021, listing as much as $500 million in both assets and
liabilities.

Judge Deborah J. Saltzman presides over the case.

David B. Golubchik, Esq. at Levene, Neale, Bender, Yoo & Golubchik
L.L.P. represents the Debtor as legal counsel.


CROWN AMERICAS: Moody's Gives Ba3 Rating to New USD Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the new senior
US dollar unsecured notes of Crown Americas LLC maturing in 2030.
The Ba2 corporate family rating and Ba2-PD probability of default
rating of Crown Holdings, Inc. ("Crown"), the parent of Crown
Americas LLC and the holding company of the group, remain
unchanged. The rating outlook remains positive.

The proceeds from the new notes will be used for general corporate
purposes. The proposed notes amount to less than 8% of Crown's
total debt (before Moody's adjustments) as of December 31, 2021,
and the issuance does not affect composition of the company's
capital structure or notching of the group's facility ratings.

Moody's took the following actions:

Assignments:

Issuer: Crown Americas LLC

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD5)

RATINGS RATIONALE

The Ba3 rating on the senior notes at Crown Americas reflects their
unsecured status, contractual subordination to the company's first
lien debt, and guarantees that are limited to the US domestic
subsidiaries, all of which result in notching below Crown's Ba2
CFR.

Crown's credit profile reflects the consolidated industry structure
in the can segment, high exposure to stable food and beverage end
markets, and a large base of installed equipment in the transit
packaging segment that drives a high percentage of recurring sales
of consumables. Crown also benefits from geographic diversification
and good liquidity.

On the other hand, Crown's credit profile is constrained by the
company's high customer and product concentration of sales and
exposure to cyclical end markets in the transit packaging segment.
Additionally, the fragmented and competitive industry structure in
the transit packaging segment makes growth and margin expansion
challenging. Crown also has a legacy asbestos liability, which
Moody's adds as a part of total debt.

The positive outlook reflects Crown's lower debt load after it
applied the proceeds from the sale of its European tinplate
business to pay down debt, and Moody's expectation that the company
will focus on managing leverage.

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

Moody's could upgrade the ratings if Crown sustainably improves
credit metrics within the context of a stable competitive
environment and maintains good liquidity. Specifically, the ratings
could be upgraded if total debt/EBITDA is sustained below 4.0x,
free cash flow/debt is over 8.0%, or EBITDA/Interest expense is
over 6.0x.

Moody's could downgrade the ratings if credit metrics, liquidity or
the competitive environment deteriorate. Specifically, the rating
could be downgraded if total debt/EBITDA rises above 4.6x, free
cash flow/debt falls below 6.0%, or EBITDA/Interest expense is
below 5.0x.

The principal methodology used in this rating was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

Headquartered in Yardley, Pennsylvania, Crown Holdings, Inc. (NYSE:
CCK), is a global manufacturer of steel and aluminum containers for
food, beverage, and consumer products. Crown also manufactures
protective packaging products and solutions. For 2021, the company
generated about $9.8 billion in revenue excluding its divested
European tinplate business.


CRYPTO CO: Incurs $786K Net Loss in 2021
----------------------------------------
The Crypto Company filed with the Securities and Exchange
Commission its Annual Report on Form 10-K disclosing a net loss of
$785,630 on $434,552 of revenue for the 12 months ended Dec. 31,
2021, compared to a net loss of $2.82 million on $14,400 of revenue
for the 12 months ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $1.52 million in total assets,
$2.54 million in total liabilities, and a total stockholders'
deficit of $1.02 million.

The Company has incurred, and expects to continue to incur,
significant expenses in the areas of professional fees and
contracting services.

Net cash used in operating activities for the year ended Dec. 31,
2021 was $152,241 compared to net cash used of $302,812 for the
year ended Dec. 31, 2020.  The decrease was primarily due to
improved profitability in 2021, net of non- cash share based
compensation.

Net cash used in investing activities for the year ended Dec. 31,
2021 was $786,1515 compared to net cash provided $209,935 for the
year ended Dec. 31, 2020.

Net cash provided by financing activities for the year ended Dec.
31, 2021 was $987,765, compared to $117,592 for the year ended Dec.
31, 2019.  The increase of $870,173 was primarily the result of an
increase of proceeds from common stock issuance of $825,000 in
2021.

Subsequent to Dec. 31, 2021, the Company raised approximately
$1,307,000 in cash proceeds from various transactions.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1688126/000149315222006549/form10-k.htm

                         About Crypto Company

Malibu, CA-based The Crypto Company -- www.thecryptocompany.com --
is in engaged in the business of providing consulting services and
education for distributed ledger technologies, for the building of
technological infrastructure, and enterprise blockchain technology
solutions.

Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 30, 2021, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.


CSG SYSTEMS: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company on February 16, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CSG Systems International, Inc. to BB+ from BB.

Headquartered in Englewood, Colorado, CSG Systems International,
Inc. provides customer care and billing solutions for cable
television providers, direct broadcast satellite providers, online
services markets, and telephony providers.



CYPRUS MINES, IMERYS TALC: Mediation With Claimants Extended
------------------------------------------------------------
Vince Sullivan of Law360 reports that two bankrupt talc producers
that supplied Johnson & Johnson told a Delaware bankruptcy judge on
Friday, March 11, 2022, that they were extending ongoing mediation
with talc claimants and insurers as they work on a settlement to
address thousands of ovarian cancer and mesothelioma claims.

In a stipulated order, Imerys Talc America Inc. and Cyprus Mines
Corp. said the mediation that has been underway since December will
be stretched until April 8 as the parties continue pursuing a
global deal that can result in a confirmable Chapter 11 plan.

                     About Imerys Talc America

Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.

Imerys Talc America and its subsidiaries, Imerys Talc Vermont,
Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019.  The
Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC, is the claims agent.

The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.

                   About Cyprus Mines Corporation

Cyprus Mines Corporation is a Delaware corporation and a
wholly-owned subsidiary of Cyprus Amax Minerals Co., which is an
indirect subsidiary of Freeport-McMoRan Inc. It currently has
relatively limited business operations, which include the ownership
of various parcels of real property, certain royalty interests that
generate de minimis revenue (e.g., less than $1,500 in each of the
past two calendar years), and the ownership of an operating
subsidiary that conducts marketing activities.

Cyprus Mines is a predecessor in the interest of Imerys Talc
America, Inc. In June 1992, Cyprus Mines sold its talc-related
assets to RTZ America Inc. (later known as Rio Tinto America, Inc.)
through a two-step process. First, Cyprus Mines transferred its
talc-related assets and liabilities (subject to minor exceptions)
to Cyprus Talc Corporation, a newly formed subsidiary of Cyprus
Mines, according to an Agreement of Transfer and Assumption, dated
June 5, 1992.

Second, Cyprus Mines sold the stock of Cyprus Talc Corporation to
RTZ according to a Stock Purchase Agreement, also dated June 5,
1992 (as amended, the "1992 SPA"). The purchase price was
approximately $79.5 million. Cyprus Talc Corporation was later
renamed Imerys Talc America, Inc. Under the 1992 ATA, the entity
now named Imerys expressly and broadly assumed the talc liabilities
of Cyprus Mines and its former subsidiaries that were in the talc
business.

Cyprus Mines filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 21-10398) on Feb. 11, 2021, listing between $10
million and $50 million in assets, and between $1 million and $10
million in liabilities.

The Honorable Laurie Selber Silverstein is the case judge.

The Debtor tapped Reed Smith LLP as bankruptcy counsel, Kasowitz
Benson Torres LLP as special conflicts counsel, and Prime Clerk LLC
as claims agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of tort claimants on March 4, 2021. The tort committee is
represented by Caplin & Drysdale, Chartered, and Campbell & Levine,
LLC. Province, LLC, and Axlor Consulting, LLC serve as the tort
committee's financial advisor and consultant, respectively.

Roger Frankel serves as the legal representative for future
personal injury claimants. The FCR tapped Togut, Segal & Segal,
LLP, Burr & Forman, LLP and Frankel Wyron, LLP as bankruptcy
counsels; Anderson Kill, PC as special insurance counsel; Archer &
Greiner, P.C. as New Jersey counsel; and Province, LLC as financial
advisor. The FCR also tapped the services of economic expert,
Berkeley Research Group, LLC.

On May 11, 2021, the court appointed M. Jacob Renick as the fee
examiner in this Chapter 11 case.  The examiner tapped Godfrey &
Kahn, SC as legal counsel.


DAMACA INVESTMENTS: Case Summary & Two Unsecured Creditors
----------------------------------------------------------
Debtor: Damaca Investments LLC
        5655 La Quinta Ct.
        Lake Worth, FL 33463

Business Description: The Debtor owns in fee simple title two real
                      estate properties located in Palm Beach &
                      Delray Beach, Florida having a total
                      appraised value of $520,000.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-12084

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Laudy Luna, Esq.
                  CUNEO, REYES & LUNA LLC
                  2655 S Le Jeune Rd. Suite 804
                  Coral Gables, FL 33134
                  Tel: (786) 332-6787
                  Email: ll@reyeslunalaw.com

Total Assets: $520,000

Total Liabilities: $1,253,759

The petition was signed by Ariel Banegas as managing member.

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

https://www.pacermonitor.com/view/7FLJGEI/Damaca_Investments_LLC__flsbke-22-12084__0001.0.pdf?mcid=tGE4TAMA


DARIAN L HAMPTON: Case Summary & 10 Unsecured Creditors
-------------------------------------------------------
Debtor: Darian L Hampton DDS PA
        3610 N Josey Lane #104
        Carrollton, TX 75007

Business Description: Darian L Hampton DDS PA is a family
                      dentistry in Carrollton, Texas.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 22-30469

Judge: Hon. Harlin Dewayne Hale

Debtor's Counsel: Robert C. Lane, Esq.
                  THE LANE LAW FIRM
                  6200 Savoy Dr Ste 1150
                  Houston, TX 77036-3369
                  Tel: (713) 595-8200
                  Fax: (713) 595-8201
                  E-mail: notifications@lanelaw.com

Total Assets: $241,406

Total Liabilities: $2,004,490

The petition was signed by Darian L. Hampton, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/2ERCLZQ/Darian_L_Hampton_DDS_PA__txnbke-22-30469__0001.0.pdf?mcid=tGE4TAMA


DELUXE CORP: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Deluxe Corp.  

Headquartered in Shoreview, Minnesota, Deluxe Corp. offers check
printing and related business services.



DIAMOND SPORTS: S&P Cuts ICR to 'SD' on Completed Debt Exchange
---------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Diamond
Sports Group LLC (DSG) to 'SD' (selective default) from 'CC'
because we consider the transactions tantamount to default.

S&P said, "We also lowered the issue-level ratings on the secured
debt subject to the exchange (consisting of a revolving credit
facility, term loan, and notes) to 'D'.

"We plan to raise the issuer credit rating to 'CCC+' on March 16,
reflecting the company's enhanced liquidity profile from the
transactions, and the issue-level ratings on the debt subject to
the exchange to 'CCC+'."

DSG has completed the exchange of its senior secured first-lien
debt for senior secured second-lien debt. At the same time, DSG has
issued a new $635 million first-priority term loan.

S&P said, "The downgrade follows the completion of DSG's exchange
offer. The company exchanged senior secured first-lien debt for
senior secured second-lien debt. We view the transaction as
tantamount to a default because the debt now has a more junior
rank. The proceeds from the new $635 million term loan--along with
management fee deferrals--enhances the company's liquidity profile.
However, we believe they do not solve its long-term capital
structure issues because we expect leverage to remain elevated
above 20x and free operating cash flow to remain negative over the
next few years."



DIEBOLD NIXDORF: Incurs $78.1 Million Net Loss in 2021
------------------------------------------------------
Diebold Nixdorf, Incorporated filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $78.1 million on $3.91 billion of net sales for the year
ended Dec. 31, 2021, compared to a net loss of $267.8 million on
$3.90 billion of net sales for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $3.51 billion in total assets,
$1.75 billion in total current liabilities, $2.25 billion in
long-term debt, $104.2 million in pensions (post-retirement and
other benefits), $103 million in long-term operating lease
liabilities,$105.5 million in deferred income taxes, $36.5 million
in other liabilities, and $837 million in total deficit.

Net cash provided by operating activities was $123.3 million for
the year ended Dec. 31, 2021, compared to $18.0 million net cash
provided by operating activities for the year ended Dec. 31, 2020.

Net cash used by investing activities was $49.2 million for the
year ended Dec. 31, 2021 compared to net cash used by investing
activities of $82.6 million for the year ended Dec. 31, 2020.  The
most significant driver of the $33.4 million reduction in cash
usage was the 2020 usage of $37.0 million in divestiture activity,
compared to $1.1 million proceeds from divestitures in 2021.

Capital expenditures decreased from $27.5 million in 2020 to $20.2
million in 2021 as the Company has reduced its real estate
footprint and focused its non-working capital investments into the
implementation of cloud-based software solutions, which are
reported in operating activities.

The Company anticipates total capital expenditures and capitalized
software development costs of approximately $55.0 million in 2022
to be utilized for improvements to the Company's product line and
investments in its infrastructure.  Currently, the Company finances
these investments primarily with funds provided by income retained
in the business, borrowings under the Company's committed and
uncommitted credit facilities, and operating and capital leasing
arrangements.

Net cash used by financing activities was $3.6 million for the year
ended Dec. 31, 2021 compared to net cash provided by financing
activities of $16.9 million for the year ended 2020, a change of
$20.5 million.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/28823/000002882322000058/dbd-20211231.htm

                          About Diebold Nixdorf

Diebold Nixdorf, Incorporated (NYSE: DBD) automates, digitizes and
transforms the way people bank and shop.  As a partner to the
majority of the world's top 100 financial institutions and top 25
global retailers, the Company's integrated solutions connect
digital and physical channels conveniently, securely and
efficiently for millions of consumers each day.  The company has a
presence in more than 100 countries with approximately 22,000
employees worldwide.  Visit www.DieboldNixdorf.com for more
information.

Diebold reported net losses of $267.8 million in 2020, $344.6
million in 2019, and $528.7 million in 2018.


DIOCESE OF BUFFALO: Judge Rejects New Plan to Sell High School
--------------------------------------------------------------
Jay Tokasz of The Buffalo News reports that the Buffalo Diocese
will have to figure out an alternative plan to sell a Catholic high
school property in Olean.

A federal bankruptcy judge denied the diocese's request to allow it
to auction off the Archbishop Walsh High School campus because the
proposed auction procedures showed "an intent to discourage
competitive bidding" and would have leaned heavily in favor of a
foundation that supports the high school.

It's the second time the foundation's attempt to purchase the
property in bankruptcy court has fallen through.

An Olean building that houses Archbishop Walsh Academy could be
auctioned off to the highest bidder in February 2022, if a federal
bankruptcy judge approves the Buffalo Diocese'a latest plan to sell
the property.

Judge Carl L. Bucki said in a written ruling late Friday that the
diocese may still be able to sell the property, but it must first
adopt procedures for the sale that "promote, rather than dissuade
competitive offers."

The diocese had sought a cash-only auction whereby the Walsh
Foundation, a separate entity that supports the school, would make
a "stalking horse" bid of $300,000 and any other bids would have to
exceed it by at least $65,000 to qualify.

The committee of unsecured creditors, representing sex abuse
victims with more than 900 claims against the diocese, opposed the
request, arguing that the property potentially was worth much more
and needed to be properly marketed to determine its true value. The
committee also said the diocese was trying to give the foundation
an inside deal so the high school could retain the campus.

School sale gives glimpse into value, breadth of Buffalo Diocese
property
Over three dozen properties worth at least $16 million will be eyed
as sources of settlement cash for Child Victims Act lawsuits.

Diocese lawyers said a quick sale was good for creditors and
represented a fleeting opportunity to convert a financial burden
into cash that will support a faster resolution of its Chapter 11
case.

Any sale of the Walsh campus potentially has broad implications for
diocese properties, including five other Catholic school campuses
across the region.

In nixing the diocese's request, Bucki expressed concerns that the
bid process as proposed did not include an adequate amount of
advertising and marketing; would allow the diocese to reject any
sale other than to the Walsh Foundation; and would allow the
diocese to limit the auction to bidders at its "sole discretion."

Bucki said the diocese spelled out sound reasons for proposing a
stalking horse bid auction, as opposed to listing the property with
a broker.

"The problem with the present proposal lies not in the concept but
in the details," he said, adding that the diocese's proposed
procedures "unduly discourage competitive bidding."

                  About The Diocese of Buffalo, N.Y.

The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
in eight counties in Western New York. The territory of the diocese
is co-extensive with the counties of Erie, Niagara, Genesee,
Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York
State, comprising 161 parishes. There are 144 diocesan priests and
84 religious priests who reside in the Diocese.

The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools, and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support;
(c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.

Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Honorable Carl L. Bucki is the case judge.

Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP and Lippes Mathias Wexler
Friedman LLP are its special litigation counsel; and Phoenix
Management Services, LLC is its financial advisor.  Stretto is the
claims agent, maintaining the page:
https://case.stretto.com/dioceseofbuffalo/docket.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 12, 2020.  The committee is represented by
Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese &
Weishaar, PC.


EDGEMERE, TX: Fitch Withdraws 'D' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the 'D' rating on
approximately $109 million of series 2015A, 2015B and 2017 senior
living revenue bonds issued by the Tarrant County Cultural
Education Facilities Finance Corporation on behalf of Edgemere, TX.
Fitch has also affirmed and withdrawn Edgemere's 'D' Issuer Default
Rating (IDR).

Fitch has withdrawn the ratings because Edgemere has defaulted.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Edgemere. The updated rating history is reflected on
Fitch's website at 'www.fitchratings.com'.Fitch is withdrawing the
IDR and ratings of Edgemere as Edgemere has defaulted.

SECURITY

The bonds are secured by a pledge of gross revenues, a lien on the
leasehold interest in Edgemere's property and a debt service
reserve fund. Edgemere defaulted on its ground lease in October of
2021. However, management reported on March 10, 2021 the land lease
has been cured.

ANALYTICAL CONCLUSION

The 'D' rating reflects Edgemere's failure to make debt service
payments to the trustee since October, 2021 and associated failure
by the trustee to make principal and interest payments on
Edgemere's outstanding bonds. Management reported that as of the
week of March 7, 2022, a forbearance agreement has been reached
with the bondholders.

KEY RATING DRIVERS

Revenue Defensibility: 'b'

Operating Risk: 'b'

Financial Profile: 'b'

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

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.

Edgemere (Northwest Senior Living Corporation, dba Edgemere),
located in the Preston Hollow neighborhood of Dallas, provides a
complete continuum of care with 304 independent living units, 68
assisted living units, 45 memory support units and 87 skilled
nursing facility beds. The property was leased through a long-term
ground lease that ran through 2054. Total operating revenues were
approximately $30 million in 2021 based on unaudited figures.

Edgemere offers type-A life care resident agreements for its ILUs.
Most of its contracts are 90% refundable. Entrance fee refunds are
subject to Edgemere receiving sufficient re-sale proceeds after
re-occupancy of the vacated ILU. As of Dec. 31, 2021, Edgemere had
approximately $125 million in entrance fee refund liabilities.

Lifespace Communities, Inc. (Lifespace) is the parent company, sole
corporate member and operator of Edgemere after completing an
affiliation in June 2019 with the previous parent company/sole
corporate member, SQLC.

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.

Fitch has withdrawn Edgemere's Issuer Default Rating (IDR) and bond
ratings. The previous ratings were 'D'. Following the withdrawal of
Edgemere's ratings, Fitch will no longer be providing the
associated ESG Relevance Scores for the issuer.


EDGEWELL PERSONAL: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on March 3, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Edgewell Personal Care Company.

Headquartered in Shelton, Connecticut, Edgewell Personal Care
Company operates as a personal care company.



EFS COGEN: S&P Lowers Sr. Sec. Debt Rating to 'B+', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its rating on EFS Cogen I LLC's (Linden)
senior secured debt to 'B+' from 'BB-' The outlook is stable. The
'2' recovery rating is unchanged, indicating its expectation for
substantial (70%-90%; rounded estimate: 85%) recovery in the event
of default.

The downgrade reflects S&P's expectation of weaker forecast cash
flows from the project in light of our updated capacity price
projections for New York Independent System Operator (NYISO) Zone
J.

The stable outlook reflects S&P's expectation of strong debt
service coverage during the remaining term loan B (TLB) period, as
well as debt service coverage ratios (DSCRs) of about 1.20x-1.25x
during the post-TLB period (2028-2035), based on its refinancing
assumptions, as well as our outlook on the energy and capacity
markets.

EFS Cogen Holdings I LLC is a special-purpose, bankruptcy-remote
entity that owns two gas-fired, combined-cycle cogeneration
facilities at the Phillips 66 Bayway Refinery in Linden, N.J. The
assets are the 809 megawatt (MW) Linden 1-5 facility, completed in
May 1992, and the 165 MW Linden-6 facility, completed in January
2002. Linden 1-5 sells electricity on a merchant basis into the
NYISO market and also sells steam to Infineum USA L.P. and Phillips
66 under long-term contracts that expire in April 2032. Linden-6
provides power for the Bayway Refinery, selling up to 165 MW of
electricity to Philips 66. Any electricity Phillips 66 does not use
is sold on a merchant basis into the PJM market. Linden-6 also
sells 20 MW of electric capacity on a merchant basis into PJM.

Dual-fuel capabilities and access to natural gas via two interstate
pipelines (Transco and Texas Eastern) provide operational
flexibility and optionality.

Generators interconnected to New York City, or NYISO Zone J,
benefit from significant barriers to entry because of high
replacement and development costs, as well as limited technology
choices due to environmental restrictions. This has generally
supported higher energy and capacity pricing compared with that of
other merchant markets.

Contracted revenue stream from steam sales by Linden 1-5, as well
as contracted electricity sales by Linden-6, provide predictable
cash flow and a partial offset against merchant headwinds. S&P
expects cash flows from these activities will represent about
20%-25% of Linden's total gross margin.

Merchant revenues remain the key source of cash flow generation,
representing the majority of total cash flows (including capacity
remuneration). These earnings are exposed to market forces in
NYISO, and in the broader merchant power space.

Although it is not an immediate risk, the project is exposed to
refinancing risk because it will not have sufficient cash flow
available for debt servicing and cash on hand to repay debt
outstanding at TLB maturity (Oct. 1, 2027). Under S&P's current
forecast, it projects a residual TLB balance of about $665 million
at maturity.

S&P expects NYISO Zone J summer 2022 capacity prices will clear at
levels similar to last year's. It has also lowered its long-term
capacity price forecast, which reduces its expectation of the
project's cash flow and DSCRs post-TLB.

On Feb. 15, 2022, S&P Global Ratings revised its capacity price
assumptions for various merchant power markets in the U.S.,
including the NYISO Zone J. The updated forecast incorporates our
current view on Zone J's demand and supply dynamics, as well as our
outlook over the medium- to longer term.

S&P said, "We now anticipate summer 2022 capacity price will clear
at levels similar to last year's, at $4.50/kilowatt (kW)-month,
(previously forecast at $11.50/kW-month), affected significantly by
a lower demand outlook. The 2022 summer peak load forecast for Zone
J, published by NYISO, is almost 400 MW lower (at 10,888 MW) than
the corresponding forecast in the 2021 Gold Book. The 2022 peak
load forecast is also about 3% lower than NYISO's peak load
forecast for 2021, which was 11,199 MW. In addition, the NYISO
2022/2023 installed reserve margin (IRM) value is 19.6%, compared
with 20.7% for 2021/2022. All else remaining equal, a lower IRM
value increases the need to carry capacity in the locality.
Correspondingly, Zone J's locational capacity requirement (LCR)
values have modestly increased, to 81.2% from 80.3%. In our view,
the combined effects of the still-low LCR and demand will keep
summer 2022 prices rangebound in the $5.00/kW-month area, compared
with $18.36/kW-month in summer 2020.

"We also expect Zone J summer capacity prices to recover by the
2023-2024 auction year under the New York State Department of
Environmental Conservation's "Peaker Rule" beginning in May 2023,
along with an additional increase in LCR due to ComEd's series
reactors being brought back online in response to local reliability
issues associated with these retirements. We expect higher prices
($12.00/kW-month-$16.00/kW-month) will prevail until the offshore
wind projects enter service mid-decade, which is when we forecast a
long-term summer price of $12.50/kW-month (versus our previous
expectation of $16.00/kW-month). We escalate prices by 2.5%
annually beyond 2026.

"Capacity payments constitute a large portion of Linden's gross
margin, at about 50%, and therefore we expect the project will
experience the effect of lower capacity prices throughout its life,
particularly from 2026 and beyond, which is when we have reduced
our annualized capacity price assumption by about 20% relative to
previous assumptions. This period also coincides with the project's
TLB maturity, beyond which we model a refinancing scenario for the
residual balance outstanding at the end of the TLB term. Under our
refinancing assumptions, we assume that the remaining TLB debt is
repaid entirely by 2035 via a structure that requires quarterly
principal and interest payments, although these payments are sized
to the strength of the project's cash flows. Under these
parameters, we forecast DSCRs of about 1.20x-1.25x between
2028-2035."

Linden has hedged a large portion of its expected generation for
2022 and 2023.

Energy markets across the U.S., particularly in the Northeast, have
been very strong due to the demand and supply imbalance in the
global natural gas market. Power prices have continued to exhibit
considerable strength since the second half of 2021, and forward
curves have also lifted meaningfully, providing generators with a
window to lock in attractive margins through forward sales and
hedges. Given this dynamic, Linden has also opportunistically
hedged a considerable amount of its expected generation through
spark spread hedges for 2022 and 2023. With another year of
potentially weaker summer capacity pricing, S&P expects stronger
energy margins will absorb some of the cash flow loss from lower
capacity revenues.

Given the magnitude of major maintenance and capital spending, S&P
anticipates weak DSCRs in 2022.

For 2022, Linden is budgeting about $39 million in major
maintenance-related spending, which is tied to inspection of the
three gas turbines and one steam turbine. In addition, the project
is also budgeting a considerable amount in capital expenditures
tied to a hydrogen blending project at Linden-6. Under the
initiative, the existing gas turbine at Linden-6 will be modified
so that refinery-produced fuel gas containing hydrogen, supplied by
Phillips 66's Bayway Oil Refinery adjacent to the power station,
can be co-fired with natural gas. After completion of this
modification in late 2022, Linden-6 will be capable of mixed
combustion with up to 40% hydrogen, reducing carbon dioxide
emissions by as much as approximately 10% of annual Linden-6's
emissions. The initiative will also result in some incremental
contracted cash flow for the project through 2032.

S&P said, "Given the magnitude of expenditures and capital outlays,
combined with potentially weaker capacity-related cash flows during
the year, we expect that trailing 12 month DSCR at the end of 2022
will be weak, at about 1.1x-1.2x. However, we also expect this
situation will be unique to this year, with DSCRs improving to
above 2x under our forecast and through the remaining portion of
the TLB term, as capital spending normalizes, and capacity markets
likely recover starting next year.

"The stable outlook reflects our expectation of strong debt service
coverage during the TLB period, as well as a minimum DSCR of about
1.21x in the refinancing period (2028-2035) based on our
refinancing assumptions, and our forward-looking view of the energy
and capacity markets. Although we anticipate a weaker DSCR for
2022, at about 1.1x-1.2x, we also expect that the ratio will
improve considerably for the remainder of the TLB period, as
capital spending will revert to normal levels, and capacity markets
will likely recover with the anticipated retirement of peakers,
starting in 2023.

"We could consider a negative rating action if we expect the
minimum DSCR will fall below 1.20x during the project's life
(including the refinancing period) on a sustained basis. This could
result from lower-than-expected capacity factors, weaker energy
margins, depressed capacity prices, and operational challenges such
as forced outages and lower plant availability. We could also
consider a negative rating action if the project's cash flow sweeps
were materially lower than we expect, which would increase the
residual debt outstanding at TLB maturity, and potentially weaken
the projected DSCRs in the post-refinancing period, absent any
improvements in market conditions.

"We could consider an upgrade if we envisioned the project
achieving DSCRs above 1.4x throughout debt life, including the
post-refinancing period (2028-2035). This could occur if our
long-term outlook for capacity prices improves, or if the project's
financial performance exceeds our forecast due to any other factors
(such as improved energy margins or higher dispatch), leading to
lower-than-expected debt outstanding at TLB maturity. We could also
consider a positive rating action if we believed that market
conditions for generators in Zone J had improved materially and the
improvement was sustainable over the longer term."



GIRARDI & KEESE: Finances Will Take Years to Unravel
----------------------------------------------------
Brandon Lowrey of Law360 reports that more than a year after at
least $2 million meant for the widows and orphans of plane crash
victims vanished from Girardi Keese's client trust accounts, the
federal judge overseeing the case asked the lawyers what seemed
like a simple question in an effort to figure out whom to hold
accountable:

When did the money leave the firm's bank accounts? It turned out
not to be so simple a question, sparking a bitter fight over what
the jumble of numbers in the law firm's accounting records most
likely means. And this is only one of many cases of fraud and
theft.

                       About Girardi & Keese

Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.

An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.

The petitioners' attorneys:

         Andrew Goodman
         Goodman Law Offices, Apc
         Tel: 818-802-5044
         E-mail: agoodman@andyglaw.com

Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:

         Elissa D. Miller
         333 South Grand Ave., Suite 3400
         Los Angeles, California 90071-1406
         Telephone: (213) 626-2311
         Facsimile: (213) 629-4520
         E-mail: emiller@sulmeyerlaw.com

An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:

         Jason M. Rund
         Email: trustee@srlawyers.com
         840 Apollo Street, Suite 351
         El Segundo, CA  90245
         Telephone: (310) 640-1200


GUILDWORKS LLC: Seeks Cash Collateral Access Thru June 25
---------------------------------------------------------
GUILDWORKS LLC asks the U.S. Bankruptcy Court for the District of
Oregon for authority to use cash collateral and provide adequate
protection.

The Debtor requires the use of cash collateral to pay wages,
salaries and operating expenses.

The Debtor proposes to use cash collateral in the amount of
$1,363,880 for the period from March 14 through June 25, 2022, on
the terms set forth in the proposed Interim Order Authorizing Use
of Cash Collateral.

The entities that may claim a lien in the cash collateral based
upon UCC financing statements on file with the Oregon Secretary of
State are Business Impact NW, the US Small Business Administration,
and Biz Fund, LLC.

As adequate protection for the Debtor's use of cash collateral, the
Debtor proposes to grant the Lien Creditors with a pre-petition
lien or security interest. The replacement liens will have the same
relative priority vis-a-vis one another as existed on the petition
date with respect to the original liens.

The Debtor will timely perform and complete all actions necessary
and appropriate to protect Lien Creditors' collateral against
diminution in value.

A copy of the motion and the Debtor's budget for the period from
March 14 to June 20, 2022 is available for free at
https://bit.ly/3tfC6p1 from PacerMonitor.com.

The Debtor projects $1,510,728 in total cash inflows and $1,363,880
in total operating expenses.

                      About Guildworks LLC

Guildworks LLC is a full service design, specification, fabrication
and installation, enterprise specializing in innovative custom
solutions providing fabric architecture, tension structures, and
fabric-formed environments for any imaginable application.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ore. Case No. 22-30388) on March 14,
2022. In the petition signed by Marc C. Ricketts, member, the
Debtor disclosed up to $500,000 in assets and up to $100 million in
liabilities.

Judge Teresa H. Pearson oversees the case.

Troy G. Sexton, Esq. at Motschenbacher and Blattner, LLP represents
the Debtor as counsel.



GUILDWORKS-WORKS: Kenneth Eiler Named as Chapter 11 Trustee
-----------------------------------------------------------
Gregory M. Garvin, Acting United State Trustee for Region 18, has
appointed Kenneth S. Eiler as the Subchapter V trustee for
Guildworks-Works LLC.

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

Mr. Eiler can be reached at:

     Kenneth S. Eiler
     515 NW Saltzman Rd., PMB 810
     Portland, OR 97201
     Tel: 503-292-6020
     Email: kenneth.eiler7@gmail.com

               About Guildworks-Works LLC

Guildworks-Works LLC filed a petition for Chapter 11 protection
(Bankr. D. Or. Case No. 22-30389) on March 14, 2022, listing up to
$500,000 in assets and up to $100 million in liabilities.  Marc C.
Ricketts, manager, signed the petition.

Judge Teresa H. Pearson oversees the case.

The Debtor tapped Glankler Brown, PLLC as legal counsel.


H&R BLOCK: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company on February 17, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by H&R Block, Inc. to BB+ from BBB-.

Headquartered in Kansas City, Missouri, H&R Block, Inc. provides a
wide range of financial products and services through its
subsidiaries.



HANESBRANDS INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on February 25, 2022, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Hanesbrands, Inc.

Headquartered in Winston-Salem, North Carolina, Hanesbrands, Inc.
manufactures apparel and clothing products.



HASBRO INC: Egan-Jones Keeps BB Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on February 23, 2022, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Hasbro, Inc.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. designs,
manufactures, and markets toys, games, interactive software,
puzzles, and infant products internationally.



HILLENBRAND INC: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Hillenbrand, Inc.  

Headquartered in Batesville, Indiana, Hillenbrand, Inc.
manufactures and sells premium business-to-business products and
services.




HY BARR: DOJ Watchdog Names Rothschild as Subchapter V Trustee
--------------------------------------------------------------
Patrick S. Layng, the United States Trustee, has appointed Brian M.
Rothschild as the Subchapter V Trustee for Hy Barr, Inc.

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

Mr. Rothschild can be reached at:

     Brian M. Rothschild, Esq.
     Parsons Behle & Latimer
     201 South Main Street, Suite 1800
     Salt Lake City, UT 84111
     Tel.: (801) 532-1234
     Email: brothschild@parsonsbehle.com

                      About Hy Barr

Hy Barr, Inc. filed a petition for Chapter 11 protection (Bankr. D.
Utah Case No. 22-20801) on March 12, 2022, listing up to $50,000 in
assets and up to $1 million in liabilities.  Hyrum Barlow,
president and chief executive officer, signed the petition.

Judge William T. Thurman oversees the case.

The Debtor tapped Red Rock Legal Services, PLLC as legal counsel.


JACOB 17: Exclusivity Period Extended to May 7
----------------------------------------------
Jacob 17, LLC has been given more time to file its plan for
emerging from Chapter 11 protection.

Judge Robert Mark of the U.S. Bankruptcy Court for the Southern
District of Florida extended the period during which the company
has the exclusive right to file a Chapter 11 plan to May 7, and to
solicit acceptances for the plan to July 7.

                        About Jacob 17 LLC

Jacob 17, LLC filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 21-17776) on Aug. 10, 2021,
listing up to $500,000 in assets and up to $1 million in
liabilities.  Laurent Benzaquen, manager, signed the petition.

Judge Robert A. Mark oversees the case.

Joel M. Aresty, P.A. serves as the Debtor's legal counsel.


JAR 259 FOOD: Taps White and Williams as Bankruptcy Counsel
-----------------------------------------------------------
Jar 259 Food Corp. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ White and Williams,
LLP to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. taking all necessary actions to protect and preserve the
estate of the Debtor, 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 estate;

   b. preparing legal papers;

   c. preparing a plan of reorganization or liquidation and all
related documents; and

   d. performing all other necessary legal services in connection
with the case.

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

     Partners              $475 to $800 per hour
     Associates/Counsels   $295 to $505 per hour
     Legal Assistants      $150 to $235 per hour

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

Heidi Sorvino, Esq., a partner at White and Williams, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Heidi J. Sorvino, Esq.
     James C. Vandermark, Esq.
     Andrew E. Arthur, Esq.
     White and Williams, LLP
     7 Times Square, Suite 2900
     New York, NY 10036
     Tel: (212) 244-9500
     Email: sorvinoh@whiteandwilliams.com
            vandermarkj@whiteandwilliams.com
            arthura@whiteandwilliams.com

                     About JAR 259 Food Corp.

Jar 259 Food Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-40304) on Feb. 18,
2022, listing $224,996 in assets and $10,400,906 in liabilities.
Amandeep Singh, vice president signed the petition.

Judge Jil Mazer-Marino oversees the case.

White and Williams, LLP is the Debtor's legal counsel.


JETBLUE AIRWAYS: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, maintained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by JetBlue Airways Corporation. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Long Island City, New York, JetBlue Airways
Corporation provides non-stop passenger flight service through its
Airbus A320 aircraft.


JOHNSON & JOHNSON: Urges Judge to Allow Commercial Talc Claims
--------------------------------------------------------------
Jef Feeleya and Steven Church of Bloomberg News report that Johnson
& Johnson might have to defend against thousands of commercial talc
asbestos claims if a bankruptcy judge decides they aren't covered
under the company's temporary shield from baby powder litigation.

The family of a man who made roofing products and allegedly died
because of exposure to J&J talc used in commercial settings is
pushing for his case and thousands like it to move forward,
according to court filings.

Louis Edley's family contends the company engaged in fraud by
hiding from him that the powder he was exposed to contained
asbestos, a cancer-causing material.

The full article is available at
https://news.bloomberglaw.com/bankruptcy-law/j-j-bankruptcy-judge-asked-to-allow-commercial-talc-lawsuits

                       About Johnson & Johnson

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

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

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

                       About LTL Management

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

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

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

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

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


MAGNOLIA PET: Seeks to Extend Exclusivity Period to Aug. 3
----------------------------------------------------------
Magnolia Pet Resort & Spa, LLC and Modo Properties, LLC asked the
U.S. Bankruptcy Court for the Northern District of Georgia to
extend the exclusivity period to file a Chapter 11 plan to Aug. 3,
and the period to solicit acceptances for the plan to Oct. 4.

The exclusivity period refers to the 120-day period during which
only the company can file a plan of reorganization after a
bankruptcy petition.

According to Magnolia Pet Resort, the extension, if granted by the
court, will give the company more time to pursue financing to
complete the construction of its buildings, which it intends to use
as a veterinary hospital.

The construction of the buildings hit a snag allegedly due to the
unscrupulous work of various contractors hired by the companies.
Without the rental income from the operations of the properties,
the loans collateralized by Modo's commercial properties and
guaranteed by Magnolia have gone into default, according to the
companies' attorney, Caitlyn Powers, Esq., at Rountree Leitman &
Klein, LLC.

"As the primary cause of the [companies'] Chapter 11 filings, the
completion and ultimate opening of the animal hospital represents
the crux of these cases, and any plan of reorganization will
ultimately hinge on obtaining funds for its completion," Ms. Powers
said.

The exclusivity motion is on the court's calendar for March 31.
   
                  About Magnolia Pet Resort & Spa

Hampton, Ga.-based Magnolia Pet Resort & Spa, LLC and Modo
Properties, LLC filed voluntary petitions for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 21-59059)
on Dec. 6, 2021.  

At the time of the filing, Magnolia listed up to $500,000 in assets
and up to $10 million in liabilities while Modo listed as much as
$10 million in both assets and liabilities.  

Judge Wendy L. Hagenau oversees the cases.

William A. Rountree, Esq., at Rountree Leitman & Klein, LLC and
Mauldin & Jenkins, LLC serve as the Debtors' legal counsel and
accountant, respectively.


MALACHI GROUP: Case Summary & 19 Unsecured Creditors
----------------------------------------------------
Debtor: Malachi Group Trust
          a/k/a Yaw Group Trust
        808 Caraway Lane
        DeSoto, TX 75115

Type of Debtor: Trust

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 22-30471

Judge: Hon. Stacey G. Jernigan

Debtor's Counsel: Joyce W. Lindauer, Esq.
                  JOYCE W. LINDAUER ATTORNEY, PLLC
                  1412 Main Street, Suite 500
                  Dallas, tX 75202
                  Tel: (972) 503-4033
                  Email: joyce@joycelindauer.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Tederal Jefferson, trustee.

A copy of the Debtor's list of 19 unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/UUVLOLQ/Malachi_Group_Trust__txnbke-22-30471__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/UKQKWGY/Malachi_Group_Trust__txnbke-22-30471__0001.0.pdf?mcid=tGE4TAMA


MATTEL INC: Moody's Ups CFR to Ba1, On Review for Further Upgrade
-----------------------------------------------------------------
Moody's Investors Service upgraded ratings of Mattel, Inc.,
including the Corporate Family Rating and Probability of Default
Rating, which were upgraded to Ba1 and Ba1-PD, respectively, from
Ba2 and Ba2-PD, as well as instrument ratings. All ratings placed
under review for further upgrade. The SGL-1 Speculative Grade
Liquidity rating is not affected.

"The upgrade and review actions recognize the ongoing improvement
in Mattel's operating performance, culminating in key credit
metrics at FYE 2021 that are well-ahead of our forecast, and well
in line with an investment grade profile," stated Moody's VP/Senior
Credit Officer Charlie O'Shea. "At the December 2021 FYE,
debt/EBITDA of 2.9x was significantly reduced from FYE 2020's 4.6x
via a combination of increased EBITDA and $300 million in debt
reduction. Further leverage reductions are possible as there is
meaningful prepayable debt remaining in Mattel's capital structure,
and the company continues to generate significant free cash flow.
Governance factors are improving with the company targeting a
moderate 2.0-2.5x net debt-to-EBITDA leverage level. "

Moody's review will focus on the progress Mattel makes in improving
financial flexibility by eliminating the secured debt in its
capital structure. Moody's will also assess Mattel's prospective
operating performance including the company's ability to sustain or
further reduce leverage while consumer spending normalizes from
pandemic-affected shifts and notwithstanding a challenging
operating environment including cost inflation and supply chain
disruptions. Moody's will also consider the company's long-term
operating strategies and financial policies. A release of the
collateral would also trigger a release of the guarantee on the
senior unsecured notes due 2026, 2027 and 2029 and Moody's will
assess in the review whether such guarantee release would eliminate
the current notching of such notes with the currently unguaranteed
senior unsecured notes due in 2023, 2040 and 2041 .

The following ratings/assessments are affected by the action:

Ratings Upgraded:

Issuer: Mattel, Inc.

Corporate Family Rating, Upgraded to Ba1 from Ba2; Placed Under
Review for further Upgrade

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD;
Placed Under Review for further Upgrade

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 (LGD6)
from B1 (LGD6); Placed Under Review for further Upgrade

GTD Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
(LGD4) from Ba2 (LGD4); Placed Under Review for further Upgrade

Outlook Actions:

Issuer: Mattel, Inc.

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Mattel's Ba1 CFR reflects continued improvements in operating
performance following several years of challenges, culminating in
credit metrics which are now solidly-investment grade. The rating
is supported by the company's status as one of the largest toy
makers in the world, a strong brand portfolio, and good geographic
diversification. Mattel's turnaround has exceeded Moody's
expectations on virtually every front, including financial
strategy, with the dividend suspension initiated in 2017 remaining
intact, resulting in significant free cash flow that has fueled
meaningful debt reduction. This performance is especially
impressive given the myriad coronavirus, raw material, and supply
chain driven challenges that have pervaded. Mattel's credit profile
also reflects its limited segment diversification (toys and games),
concentrated customer base, and exposure to cost increases and
product recalls. Revenue and operating cash flow are highly
seasonal and dependent on continual reinvestment in product
development and marketing to sustain market position. Moody's
believes the operating volatility necessitates toy companies such
as Mattel having somewhat stronger credit metrics than comparably
rated consumer products in more stable product categories.

Environmental risks primarily relate to waste and pollution related
to packaging and use of raw materials such as oil-based plastics
and chemicals used in the manufacturing process. Social factors
include fashion and the overall "fickleness" of toy consumers as
significant risks, making marketing and product development
paramount. Mattel is subject to the creative development activities
of content providers for licensed brands, which can lead to
unpredictable and erratic demand. Mattel has control over content
for its owned brands, but must cost-effectively manage a complex
global supply chain with long lead times that can create challenges
to having products resonate with consumers, particularly given toy
sales are highly seasonal. Brand preservation is critical, and
Mattel takes meaningful steps to preserve its reputation and
therefore its brand.

Governance factors are improving and reflects Mattel's laser focus
on regaining an investment grade rating that includes suspending
the dividend, reducing debt and target net debt-to-EBITDA of
2.0-2.5x (based on the company's calculation; 2.6x as of December
2021).

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

Ratings could be upgraded if Moody's expects Mattel's financial
flexibility to improve through transition to an unsecured debt
structure. Moody's would also need to gain comfort that Mattel can
sustain positive organic revenue growth, low leverage, and strong
free cash flow while protecting operating profits from cost and
supply chain pressures.

Given the review for upgrade, a downgrade is not likely at present.
However, a downgrade could occur if the loss of a meaningful
intellectual property license, market share declines, or cost
pressures weaken earnings and free cash flow. A sustained increase
in leverage or deterioration in liquidity could also lead to a
downgrade.

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

Mattel, Inc., headquartered in El Segundo, California is a
worldwide leader in the design, manufacture, and marketing of toys.
The company's core portfolio is comprised of brands such as Barbie,
Fisher-Price, Hot Wheels, Matchbox, Thomas the Tank Engine, Mega
Brands and American Girl. Mattel also derives a significant portion
of its sales from entertainment properties licensed from Disney,
Warner Bros., and other content owners. Revenues for FYE 2021 were
around $5.5 billion.


MCKESSON CORP: Egan-Jones Keeps BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company on February 25, 2022, maintained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by McKesson Corporation.

Headquartered in Irving, Texas, McKesson Corporation distributes
pharmaceuticals, medical-surgical supplies, and health and beauty
care products throughout North America.



MERITOR INC: Egan-Jones Hikes Senior Unsecured Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company on February 24, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Meritor, Inc. to BB+ from BB.

Headquartered in Troy, Michigan, Meritor, Inc. manufactures
automobile components for military suppliers, trucks, trailers, and
specialty vehicles.



MICROCHIP TECHNOLOGY: Egan-Jones Hikes Sr. Unsecured Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Microchip Technology Incorporated to BB from B+.

Headquartered in Chandler, Arizona, Microchip Technology
Incorporated designs, manufactures, and markets microcontrollers,
related mixed-signal and memory products, and application
development systems for high-volume embedded control applications.



MONSTER INVESTMENTS: Exclusivity Period Extended to Aug. 15
-----------------------------------------------------------
Monster Investments, Inc. has been given more time to file its plan
for emerging from Chapter 11 protection.

Judge Lori Simpson of the U.S. Bankruptcy Court for the District of
Maryland extended the exclusivity period for the company to file
its Chapter 11 plan to Aug. 15, and to obtain confirmation of the
plan to Oct. 14.

                     About Monster Investments

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

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

Judge Lori S. Simpson oversees the case.

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


NATHAN'S FAMOUS: Egan-Jones Hikes Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company on February 14, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nathan's Famous, Inc. to B from B-.

Headquartered in Jericho, New York, Nathan's Famous, Inc. operates,
franchises, and licenses Nathan's Famous, Miami Subs, Kenny Rogers
Roasters, and Arthur Treachers Fish & Chips fast-food restaurants.



NCR CORPORATION: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on March 4, 2022, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by NCR Corporation. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Atlanta, Georgia, NCR Corporation manufactures
financial transaction machines and other products.



NEONODE INC: Incurs $6.5 Million Net Loss in 2021
-------------------------------------------------
Neonode Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 10-K disclosing a net loss attributable to
the company of $6.45 million on $5.84 million of total revenues for
the year ended Dec. 31, 2021, compared to a net loss attributable
to the company of $5.61 million on $5.98 million of total revenues
for the year ended Dec. 31, 2020.  Neonode reported a net loss
attributable to the Company of $5.30 million for the year ended
Dec. 31, 2019.

For 2021, license revenues were $4.8 million, an increase of 3.7%
compared to 2020.  License revenues in the first half of 2020 were
depressed by the general COVID-19 driven economic slow-down.
During the second half of 2020 the Company's license revenues
started to recover, and this trend continued during the first half
of 2021.  For the third quarter of 2021, revenues decreased
primarily due to overall global supply-chain constraints and more
specifically semiconductor component shortages within the printer
and automotive markets combined with renewed pandemic-driven
lock-downs in the Company's key markets.  For the fourth quarter of
2021, license revenues increased by 59.9% over the third quarter
due to a more balanced supply/demand situation in the semiconductor
markets, which allowed for increased product shipments by the
Company's printer and automotive customers.

As of Dec. 31, 2021, the Company had $22.99 million in total
assets, $3.16 million in total liabilities, and $19.84 million in
total stockholders' equity.

Cash and accounts receivable totaled $18.7 million and working
capital was $19.1 million as of Dec. 31, 2021 compared to $12.2
million and $10.4 million as of Dec. 31, 2020, respectively.

THE CEO'S COMMENTS

"2021 was another challenging year where pandemic-driven lock-downs
negatively impacted our financial performance.  The impact of these
lock-downs was exacerbated by global supply chain constraints
affecting several of our customers due to lack of semiconductor and
other key components.  These unprecedented events resulted in a
temporary slowdown in the progress we experienced in the first half
of the year where we saw increasing traction with elevator and
kiosk customers using our Touch Sensor Modules ("TSMs") and stable
license revenues.  During this time of uncertainty, we refined and
improved our product lines, increased marketing and business
development activities, solidified our cash position and as a
result added many new partners and customers.  Customers have
accelerated the adoption TSM-powered retrofit solutions for
contactless touch in self-service kiosks in some large fast-food
restaurants, airports and convenience stores, and in elevators, in
Asia and Europe.  We have also seen increased interest from kiosk
and elevator OEMs to develop and start to sell their own
contactless touch solutions, for retrofit and new equipment.  We
expect these activities to continue to increase over the next few
years, with Asian customers leading the way," said Dr. Urban
Forssell, Neonode's CEO.

"We are more confident than ever that we are in the right place at
the right time with our contactless touch technology and our TSM
products.  We and our partners are all experiencing growing demand
for intuitive, easy to use and safe contactless touch solutions.
We also see a growing wave of interest in our solutions for driver
and in-cabin monitoring, gesture sensing and object detection from
automotive customers and continue to see opportunities to license
our well-proven, high-performance touch technology to customers in
the automotive, military and avionics, medical and industrial
automation segments.  We believe that we are well capitalized to
navigate the current headwinds and continue to grow the company and
increase shareholder value," concluded Dr. Forssell.

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/87050/000121390022011462/f10k2021_neonodeinc.htm

                           About Neonode

Neonode Inc. (NASDAQ:NEON) -- http://www.neonode.com-- develops
user interface and optical interactive touch and gesture solutions.
Its patented technology offers multiple features including the
ability to sense an object's size, depth, velocity, pressure, and
proximity to any type of surface.


NEOVASC INC: Incurs $24.9 Million Net Loss in 2021
--------------------------------------------------
Neovasc Inc. filed with the Securities and Exchange Commission its
Annual Report on Form 20-F disclosing a net loss of $24.89 million
on $2.55 million of revenue for the year ended Dec. 31, 2021,
compared to a net loss of $28.70 million on $1.96 million of
revenue for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $66.22 million in total
assets, $14 million in total liabilities, and $52.23 million in
total equity.

Vancouver, Canada-based Grant Thornton LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated March 9, 2022, citing that the Company incurred a
comprehensive loss of $25.2 million during the year ended Dec. 31,
2021.  These conditions, along with other matters, raise
substantial doubt about the Company's ability to continue as a
going concern as at Dec. 31, 2021.

                Financial Results for the Fourth Quarter

For the three months ended Dec. 31, 2021, revenues increased by 48%
to $759,124, compared to revenues of $514,002 for the same period
in 2020.

The cost of goods sold for the three months ended Dec. 31, 2021 was
$209,355 compared to $96,504 for the same period in 2020.

The overall gross margin for the three months ended Dec. 31, 2021
was 72% compared to 81% gross margin for the same period in 2020 as
a non-material inventory adjustment was booked in the fourth
quarter of 2021.

Total expenses for the three months ended Dec. 31, 2021 were
$5,669,518 compared to $9,602,999 for 2020, representing a decrease
of $3,933,481 or 41%.

The operating losses and comprehensive losses for the three months
ended Dec. 31, 2021 were $5,119,749 and $6,056,348, respectively,
or $0.09 basic and diluted loss per share, as compared with
$9,185,501 operating losses and $4,869,468 comprehensive loss, or
$0.18 basic and diluted loss per share, for the same period in
2020.

As of March 8, 2022, the Company had 67,748,061 common shares
issued and outstanding.  The Company's fully diluted share count as
of March 8, 2022 was 114,518,437.

The Company also announced that it expects to seek shareholder
approval of a reverse stock split at its upcoming annual general
and special meeting on April 12, 2022 in order to meet the Nasdaq
Capital Market's minimum $1.00 bid price requirement.  The Company
does not currently have to meet the $35 million minimum market
capitalization requirement as it currently meets the $2.5 million
shareholders equity requirement instead.

"The record fourth quarter and fiscal year 2021 were both pivotal
for Neovasc," said Fred Colen, president and chief executive
officer.  "We began the year by solidifying our financial footing,
and have continued to make great strides and progress against our
value creation strategies, advancing towards wider adoption and
commercialization of the Reducer for the treatment of refractory
angina and furthering the development of Tiara.  We gained
reimbursement for Reducer in the United States, United Kingdom,
France and Germany, and we began the COSIRA-II clinical trial in
the United States, all of which raised awareness of our often
life-changing technology.  Finally, we added veteran leadership to
the team to prepare for our next phase of growth.  We are gratified
to have finished the year with a strong quarter, and look forward
to continuing this momentum into 2022."

A full-text copy of the Form 20-F is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001399708/000110465922032437/nvcn-20211231x20f.htm

                         About Neovasc Inc.

Neovasc -- www.neovasc.com -- is a specialty medical device company
that develops, manufactures and markets products for the rapidly
growing cardiovascular marketplace.  The Company develops minimally
invasive transcatheter mitral valve replacement technologies, and
minimally invasive devices for the treatment of refractory angina.
Its products include the Neovasc Reducer, for the treatment of
refractory angina, which is not currently commercially available in
the United States (2 U.S. patients have been treated under
Compassionate Use) and has been commercially available in Europe
since 2015, and Tiara, for the transcatheter treatment of mitral
valve disease, which is currently under clinical investigation in
the United States, Canada, Israel and Europe.


NEWELL INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on March 4, 2022, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Newell Brands, Inc.

Headquartered in Atlanta, Georgia, Newell Brands, Inc. retails
consumer products.



NORTONLIFELOCK INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by NortonLifeLock Inc. to BB from BB-.
  
Headquartered in Tempe, Arizona, NortonLifeLock Inc. provides
consumer cyber security solutions.



NOV INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by NOV Inc.  

Headquartered in Houston, Texas, NOV Inc offers equipment and
components used in oil and gas drilling and production operations,
oilfield services, and supply chain integration services to the
upstream oil and gas industry.



OCEANEERING INT'L: Moody's Alters Outlook on 'B1' CFR to Positive
-----------------------------------------------------------------
Moody's Investors Service changed Oceaneering International, Inc.'s
rating outlook to positive from stable. Moody's concurrently
affirmed the company's B1 Corporate Family Rating, B1-PD
Probability of Default Rating, and the B1 rating on the senior
unsecured notes and the senior unsecured revolving credit facility.
The Speculative Grade Liquidity Rating was downgraded to SGL-2 from
SGL-1 reflecting the near term maturity of the revolver.

"The positive outlook reflects Oceaneering's declining gross and
net leverage and improving offshore market conditions for oilfield
services companies driven primarily by rising confidence that oil
prices will remain supportive for offshore development," said
Sajjad Alam, Moody's Vice President.

Issuer: Oceaneering International, Inc.

Outlook Actions:

Outlook, Changed to Positive from Stable

Issuer: Oceaneering International, Inc.

Ratings Affirmed:

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Unsecured Revolving Credit Facility, Affirmed B1 (LGD4)

Senior Unsecured Notes, Affirmed B1 (LGD4)

Issuer: Oceaneering International, Inc.

Ratings Downgraded:

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

RATINGS RATIONALE

The B1 CFR reflects Oceaneering's improving but still high gross
leverage, the high volatility inherent in the oil and gas industry,
and the slowly improving demand conditions for offshore oilfield
services. Moody's believes sustained high oil prices are necessary
to drive higher upstream capital spending in deepwater and
ultra-deepwater markets. The CFR is supported by Oceaneering's
conservative financial policies, including consistent free cash
flow generation and a large cash balance; dominant market position
in the niche offshore remotely operated vehicle segment;
well-diversified customer base comprised of mostly blue-chip
upstream companies; and growing revenue streams from less volatile
non-oil and gas related services and businesses. The company should
be able to increase earnings and produce significant free cash flow
further improving its net debt position in 2022.

The SGL-2 rating reflects Moody's view that Oceaneering will
continue to maintain good liquidity. The company had $538 million
of cash, an undrawn $450 million committed revolving credit
facility and $700 million of balance sheet debt on December 31,
2021. However, the revolver is set to expire on January 25, 2023.
The company is expected to amend and extend the facility well
before maturity, subject to market conditions and potential changes
in terms. The company's $400 million 4.65% notes will mature in
November 2024 and Moody's expects that Oceaneering will use its
large cash balance to repay a significant portion of the 2024
notes. The company should be able to comfortably meet the 55% total
debt to capitalization financial covenant in its revolving credit
agreement through 2023. Moody's estimates that the actual ratio was
around 30% as of December 31, 2021 after allowed adjustments, which
should provide ample compliance cushion until maturity.

Due to the preponderance of a single class of debt in the capital
structure, Oceaneering's notes and revolver are rated B1, the same
level as the Corporate Family Rating. The notes and the credit
facility rank pari-passu and do not have guarantees from
Oceaneering's operating subsidiaries. Moody's believes
Oceaneering's current unsecured revolver could be replaced with a
secured revolving facility based on the company's rating level and
the level of capital market access oilfield services companies. If
the revolver were to become secured, the notes rating will likely
be notched below the CFR.

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

The CFR could be upgraded if Oceaneering can extend the revolver
maturity, sustain the debt/EBITDA ratio below 4x and continue to
generate free cash flow. A downgrade is most likely to occur if the
debt/EBITDA ratio approaches 6x or the cash balance declines
significantly without a corresponding reduction in debt.

The principal methodology used in these ratings was Oilfield
Services published in August 2021.

Oceaneering International, Inc. is a Houston, Texas based globally
diversified OFS company and a leading provider of remotely operated
vehicles to the offshore oil and gas industry.


OLYMPIA SPORTS: Taps McDowell Law as Bankruptcy Counsel
-------------------------------------------------------
Olympia Sports, Inc. seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to employ McDowell Law, PC
to handle its Chapter 11 case.

The firm will be paid at these rates:

     Robert Braverman   $400 per hour
     Ellen McDowell     $400 per hour
     Associates         $300 per hour

The firm will also seek reimbursement for out-of-pocket expenses
and a retainer fee in the amount of $7,500.

Robert Braverman, Esq., a partner at McDowell Law, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Robert Braverman, Esq.
     McDowell Law, PC
     46 West Main Street
     Maple Shade, NJ 08052
     Tel: (856) 482-5544
     Fax: (856) 482-5511
     Email: rbraverman@mcdowelllegal.com

                       About Olympia Sports

Olympia Sports, Inc., owner of a shoes and clothing retail store in
Philadelphia, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Pa. Case No. 22-10535) on March 2, 2022,
disclosing $426,214 in assets and $1,001,666 in liabilities. Jae
Ko, president of Olympia Sports, signed the petition.

Judge Ashely M. Chan oversees the case.

Robert N. Braverman, Esq., at McDowell Law, PC is the Debtor's
legal counsel.


OUTTA CONTROL: Case Summary & Three Unsecured Creditors
-------------------------------------------------------
Debtor: Outta Control Sportfishing, Inc.
        5398 North Ocean Drive
        Hollywood, FL 33019-4401

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-12081

Judge: Hon. Peter D. Russin

Debtor's Counsel: Richard R. Robles, Esq.
                  LAW OFFICES OF RICHARD R. ROBLES, P.A.
                  905 Brickell Bay Drive
                  Suite 228
                  Miami, FL 33131
                  Tel: (305) 755-9200
                  Email: rrobles@roblespa.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ralph W. Hawkins, president.

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

https://www.pacermonitor.com/view/XKMJOMQ/Outta_Control_Sportfishing_Inc__flsbke-22-12081__0001.0.pdf?mcid=tGE4TAMA


PARK SUPPLY: Seeks Cash Collateral Access Thru June 27
------------------------------------------------------
Park Supply of America, Inc., asks the U.S. Bankruptcy Court for
the District of Minnesota for authority to continue using cash
collateral from and after March 28 through June 27, 2022, and
provide adequate protection.

The Debtor's continued use of cash collateral is essential to its
continued business operations and irreparable harm would result if
it were deprived of the ability to use such cash collateral.

Since January 25, 2022, the Debtor has operated with the use of
cash collateral subject to the terms and restrictions imposed by
the Final Cash Collateral Order.

During that time, the Debtor has provided weekly cash flow reports
to its secured creditor, Sunrise Banks.

As adequate protection for Sunrise, the Debtor proposes to grant
replacement liens in Sunrise's collateral; and report and account
for the use of any cash proceeds by the Debtor. The Debtor projects
it can operate profitably in the ordinary course with use of cash
collateral as set forth in the budget submitted with the Motion.

During the pendency of the case, the Debtor has outperformed its
projections and operated profitably leaving Sunrise Banks with an
increased collateral base as compared to the Petition Date.

A telephonic hearing on the matter is scheduled for March 29, 2022
at 1:30 p.m.

A copy of the motion and the Debtor's budget for the period from
April 11 to July 4, 2022 is available for free at
https://bit.ly/3Ii9ksj from PacerMonitor.com.

The budget provides for $1,250,819 in total cash receipts and
$1,333,615 in total disbursements for the period.

               About Park Supply of America, Inc.

Park Supply of America, Inc. is a merchant wholesaler of hardware,
and plumbing and heating equipment and supplies.

Park Supply of America sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 22-40003) on January
3, 2022.

In the petition signed by James Dada, COO/CFO, the Debtor disclosed
$1,706,019 in assets and $2,593,406 in liabilities.

Cameron A. Lallier, Esq. at Foley and Mansfield PLLP is the
Debtor's counsel.


PEABODY ENERGY: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
U.S.-based coal producer Peabody Energy Corp. and revised its
outlook to positive from negative to reflect the potential for a
higher rating, while still reflecting unprecedented volatility in
the market.

S&P said, "Concurrently, we raised the issue-level rating on the
company's senior secured debt to 'CCC+' from 'D' and letter of
credit facility to 'CCC+' from 'CC' to reflect the mitigated risk
of distressed exchanges and improved recovery prospects for
first-lien debt following debt reduction and refinancing of secured
debt with unsecured notes. We also revised the recovery rating to
'3' from '5'.

"We also raised the issue-level rating on the 6% senior unsecured
notes to 'CCC-' from 'D'. The recovery rating remains unchanged at
'0'."

The 'CCC+' issue-level and '3' recovery ratings on the secured debt
issued by subsidiary AU Holdings LLC are unchanged, in line with
the issuer credit rating on Peabody.

The positive outlook reflects the possibility of an upgrade within
the next 12 months if Peabody successfully navigates the
extraordinary volatility in the coal market without a material
deterioration in its liquidity.

Peabody has a more manageable capital structure following
significant debt retirement in 2021 and the refinancing of more
expensive debt with its 3.25% convertible debt offering. The
company reduced funded debt by about $420 million in 2021 through a
series of debt-for-equity swaps and using proceeds from
at-the-market equity offerings to prepay debt. Furthermore, Peabody
recently raised gross proceeds of $320 million through the
convertible bond offering due in March 2028 (unrated). The bond was
upsized 16% as purchasers exercised their options for additional
notes. The proceeds will be used to retire the 8.5% senior secured
notes due in 2024 and the remaining balance plus cash applied to
reduce the outstanding balance on the 6.375% senior secured notes
due in 2025 to $78 million, extending its debt maturity profile.
These transactions and that most of the company's debt is trading
at or above par allay prior concerns about the potential for
distressed exchanges and difficulty in accessing capital markets.
S&P said, "We still expect environmental, social, and governance
(ESG) concerns may still limit access to cheaper sources of capital
in the long run under more normalized market conditions. However,
we expect the company's operations will generate sufficient cash
flows to fund its operations in the near to medium term."

S&P said, "We expect significant margin expansion in 2022 as
Peabody continues to benefit from higher price realizations and
strong demand for coal, partially offset by increased cash costs
due to higher royalties and inflationary pressures. We expect
EBITDA margins to increase to 24%-26% in 2022 from 21.5% in 2021,
driven by a balance of a strong priced-volume commitments in the
Powder River Basin (PRB) and other U.S. thermal mining segments and
exposure to high spot prices in the seaborne thermal export and
metallurgical (met) segments. The company's thermal coal volumes in
the PRB and other U.S. thermal mining are fully committed for 2022
and 55% committed for 2023, providing some stability in revenue. We
expect Peabody to benefit from high spot prices in the seaborne
thermal export and met segments, where it has only 40% and 6%
priced-volume commitments, respectively. However, this exposes
Peabody to significant commodity price volatility. The seaborne met
segment will benefit from cost improvement measures and increased
volumes following the restart of longwall operations at the Shoal
Creek mine. We expect contribution from the mine to ramp up in
volume to about 1.5 million short tons in 2022, compared to 70,000
in 2021. The benefit of higher price realizations is partially
offset by higher fuel costs, sales-linked royalties, and
inflationary pressures. We expect margins to contract to the
low-20% area in 2023 based on our assumption of moderation in
international thermal and met coal prices.

"We project improving operating performance will support higher
cash flow generation over the next 12-24 months. We expect
operating cash flows of $800 million-$870 million, which will be
sufficient to fund capital expenditures (capex) of about $190
million. Peabody plans to spend about $80 million on major projects
and growth initiatives, including the Moorvale South mine
development, final equipment delivery at the Wambo joint venture
project, and additional equipment refurbishments at its U.S.
operations.

"Peabody's coal derivatives contracts remain a key risk in these
peculiar market conditions. We anticipate a near-term strain on
liquidity due to margin requirements under its coal hedge program.
As of March 7, 2022, Peabody had posted an additional $534 million
cash to the margin account due to the steep rise in Newcastle
thermal coal price, which rose to unprecedented highs over $400 per
metric ton. Peabody recently secured a $150 million revolving
facility to reduce the pressure on liquidity in case of additional
calls to satisfy margin requirements. At the same time, the company
announced an at-the-market share offering to raise about $225
million that will be used to pay down revolving facility drawings.
We expect Peabody to replenish its cash reserves as it benefits
from higher-than-expected price realizations on its unpriced
seaborne thermal coal volumes of about 5.5 million–6.5 million
short tons. However, unprecedented daily movements in Newcastle
prices heightens the risk of liquidity deterioration, which could
be exacerbated by operational disruptions at any of the company's
mines."

The positive outlook reflects the potential for an upgrade over the
next 12 months if Peabody sustains its operating performance such
that adjusted leverage remains below 5x while maintaining
sufficient liquidity.

S&P could raise its rating on Peabody if credit metrics develop in
line with our base-case assumptions such that:

-- Adjusted leverage is sustained below 5x; and
-- Free operating cash flow is positive.

S&P could revise its outlook to stable over the next 12 months if
its liquidity deteriorates or market conditions reverse sharply,
leading to weaker-than-expected operating performance and credit
metrics. In such a scenario, S&P would expect:

-- Adjusted leverage to trend toward 6x; and
-- Negative discretionary cash flow.

ESG credit indicators: E-5, S-3, G-2

S&P said, "Environmental factors are a very negative consideration
in our credit rating analysis of Peabody since its U.S. utility
customers are on a steady path to reaching net-zero greenhouse gas
emissions over the next couple of decades. We expect renewable and
natural gas power generation will continue to displace coal-fired
generation in the U.S. in the long run. Peabody operates its most
efficient thermal coal mines in the U.S., including North Antelope
Rochelle mine, and in Australia, including Wambo and Wilpinjong
mines, after closing uneconomical thermal coal assets. In addition,
Peabody is looking for strategic alternatives for some of its met
coal mines, including North Goonyella, which is permanently idled.
It has disposed of other met coal assets to reduce reclamation
liabilities and ongoing holding costs. Peabody's thermal coal
portfolio continues to make up a significant share of its revenue
and EBITDA. We assess the environmental risk for Peabody like that
of other pure thermal coal producers. Peabody could face limited
access to the capital markets because major financial and
investment companies have decreased or committed to divest their
coal investments."

Social factors are a moderately negative consideration since the
company must comply with stringent environmental and safety
regulations and is obligated to satisfy reclamation and other
long-term obligations.



PITNEY BOWES: Egan-Jones Cuts Senior Unsecured Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company on February 16, 2022, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Pitney Bowes Inc. to B- from B. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in Stamford, Connecticut, Pitney Bowes Inc. sells,
finances, rents, and services integrated mail and document
management systems.



POST HOLDINGS: Egan-Jones Keeps B Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on February 28, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Post Holdings, Inc.

Headquartered in St. Louis, Missouri, Post Holdings, Inc. operates
as a holding company.



PUERTO RICO: 1st Circuit Won't Delay Plan Despite Teachers' Appeal
------------------------------------------------------------------
Rick Archer of Law360 reports that the First Circuit has rejected a
request by teachers associations to delay the implementation of
Puerto Rico's debt restructuring plan while they appeal the changes
it will make to public school pensions.

In a one-sentence decision Friday, March 11, 2022, the panel
refused to overturn U. S. District Judge Laura Swain's March 3
denial of a motion by the Federacion de Maestros de Puerto Rico and
two other educational associations asking her to stay the
enforcement of the restructuring plan. In May 2017, a day after
several major creditors sued over bond payments, Puerto Rico sought
a form of bankruptcy protection and court-supervised
restructuring.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.


PUERTO RICO: Nears Bankruptcy End on Eve of $22 Bil. Debt Swap
--------------------------------------------------------------
Michelle Kaske, writing for Bloomberg News, reports that Puerto
Rico is poised to slash $22 billion of debt on Tuesday, begin
repaying bondholders for the first time in almost six years and
start financing a broke pension fund that's on the hook for an
estimated $55 billion.

It's the largest -- and at more than $1 billion in bankruptcy fees,
the most expensive -- restructuring ever in the municipal-bond
market.  It's a major step in resolving the impoverished
commonwealth's nearly five-year-long bankruptcy, after delays
caused by hurricanes, political turmoil and the pandemic.

Shrinking its debt burden allows Puerto Rico to focus on growing
its economy and strengthening its electrical grid, a source of
frustration for residents and businesses paying some of the highest
electricity rates in the nation while enduring chronic outages.

Nearly 44% of the island's roughly 3.3 million residents live in
poverty. Its economy is projected to grow 2.6% this fiscal year,
which ends June 30, and 0.9% in fiscal 2023, before shrinking the
following year, according to estimates released in January by the
commonwealth's federally appointed financial oversight board.

The debt-restructuring plan is the result of years of negotiations
between the board, commonwealth officials, debt holders, bond
insurers and labor groups.  Some of the island's biggest investors
include Aurelius Capital Management, BlackRock Inc., Allianz SE,
Nuveen LLC and Invesco Ltd.

The island defaulted on its general-obligation securities in 2016,
after years of borrowing to cover budget shortfalls, population
decline and economic contraction.

Puerto Rico's Bankruptcy Is Ending. What Comes Next?: QuickTake

Reducing the debt load involves a bond swap where investors receive
new restructured general obligations in exchange for the
commonwealth's existing securities.  Bondholders will receive from
67.7 cents on the dollar to 80.3 cents, depending on the type of
security they hold and when the commonwealth issued the debt.

Still, bondholders may need to rely on the oversight board for
future payments. The panel last month revised Puerto Rico’s
current budget to include principal and interest payments after
island lawmakers failed to approve those allocations.

Here are the details of the debt restructuring:

Pension obligations: Puerto Rico owes an estimated $55 billion to
current and future retirees, with pension payments coming from the
commonwealth's operating budget because the current pension fund is
depleted.

   * Puerto Rico will direct $1.4 billion to a new pension-reserve
trust. The commonwealth will make future yearly allocations to the
fund

   * To reimburse employee contribution payments, Puerto Rico will
pay nearly $1.4 billion to public workers hired on or after Jan. 1,
2000, who have yet to retire

   * Retirement benefits will remain intact, with no cuts to
monthly pensions

                        About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                          *     *     *

The two Title III plans of adjustment have been confirmed to date,
for the Commonwealth and COFINA debtors.


RALPH LAUREN: Egan-Jones Hikes Senior Unsecured Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ralph Lauren Corporation to BB+ from BB.  

Headquartered in New York, New York, Ralph Lauren Corporation
designs, markets, and distributes men's, women's, and children's
apparel, accessories, fragrances, and home furnishings.



RAMBUS INC: Egan-Jones Hikes Senior Unsecured Ratings to B-
-----------------------------------------------------------
Egan-Jones Ratings Company on February 25, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Rambus Inc. to B- from CCC+. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Sunnyvale, California, Rambus Inc. designs,
develops, licenses, and markets high-speed chip-to-chip interface
technology to enhance the performance and cost-effectiveness of
consumer electronics, computer systems, and other electronic
products.



RIVER STREET: Riverfront Acreage to be Auctioned in April
---------------------------------------------------------
Anthony McAuley of nola.com reports that a tract of riverfront
property that was earmarked for a $50 million condominium project
on the west bank will be sold in April 2022 after a bankruptcy
court judge ordered it to be auctioned off to settle debts.

The three undeveloped plots covering about 3.3 acres were owned by
River Street Ventures LLC, which declared bankruptcy in June 2021
after a Miami-based developer's plans to build hundreds of
condominiums and retail outlets on the site were blocked by City
Hall.

The developer, Philip Spiegelman, had fought a long-running battle
for the project, which is located at 1321 Brooklyn Ave. in Algiers
Point, before his main financial backer, Lion Financial, foreclosed
of 2021.

Now, he is looking to reacquire the site and will be a "stalking
horse" bidder at the auction in April 2021 through a company called
RSV Delaware, which will seek to set the first bid somewhere above
the required minimum bid of $4,436,000.

              A (shrinking) riverfront development

The original vision proposed more than four years ago was to build
four eight-story buildings with three large retail spaces on the
ground floors. There were to be more than 350 residential units on
the upper floors, with about 10% of them set aside for people of
lower-than-average incomes.

The project, which is bounded by Brooklyn Avenue and Socrates and
De Armas streets, and the Mississippi River Trail on the riverside,
also would have seen part of Lamarque Street, which terminates in
the middle of the property, converted into a pedestrian walkway.

After facing opposition from several neighborhood interests,
including the Algiers Riverview Association and the Algiers Point
Association, a scaled-back version of the development eventually
won City Council approval in spring 2018. That version proposed 187
residential units and 15,000 square feet of retail space, with 19
of the units earmarked for people with below-average incomes.

After a new City Council took office in 2018, with Kristin Gisleson
Palmer replacing Nadine Ramsey as member for District C, which
incorporates Algiers Point, the council rescinded its approval for
the project.

         River Street Ventures West Bank project Brooklyn Avenue

A 3.3 acre tract of land that was earmarked for a $50 million
mixed-use development is being sold by order of the bankruptcy
court in April 2021. The project had been the center of a legal
dispute between the developer on City Council, which reversed its
initial approval of the plans.

Spiegelman sued and won an initial decision in the New Orleans
District Court, arguing that the city had overstepped its authority
when it reversed its earlier approval. However, that lower court
decision was reversed by the 4th Circuit Court of Appeals in late
2019. Spiegelman's attempt to have the case heard by the Louisiana
Supreme Court was unsuccessful.

He subsequently filed for approval for an even smaller version of
the project, before the firm went into bankruptcy.

                  About River Street Ventures

River Street Ventures LLC is a venture capital firm based in
Memphis, Tennessee.

River Street Ventures sought Chapter 11 bankruptcy protection
(Bankr. E.D. La. Case No. 21-10818) on June 23, 2021.  The case is
handled by Honorable Judge Meredith S. Grabill.  Patrick S.
Garrity, of Simon, Pergaine, Smith & Redfearn, LLP, is the Debtor's
counsel.


ROYAL CARIBBEAN: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on February 25, 2022, maintained its
'B-' foreign currency and local currency senior unsecured ratings
on debt issued by Royal Caribbean Cruises Ltd. EJR also maintained
its 'B' rating on commercial paper issued by the Company.

Headquartered in Miami, Florida, Royal Caribbean Cruises Ltd.
operates as a global cruise company operating a fleet of vessels in
the cruise vacation industries.



RUBY PIPELINE: Fitch Lowers Issuer Default Rating to 'CC'
---------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) of
Ruby Pipeline LLC to 'CC' from 'CCC+'. The long-term rating of the
senior unsecured notes has also been downgraded to 'CC'/'RR4' from
'CCC+'/'RR4'.

The rating downgrades reflects Fitch's expectations that a default
appears probable when the senior unsecured notes come due on April
1, 2022. After the significant contraction of cashflows due to a
large contract cliff in mid-2021, Fitch believes that Ruby will be
unable to repay or refinance the notes. The company does not have a
revolver credit facility. The estimated cash balance of $90 million
at year-end 2021 is not sufficient for note repayment.

Post 2021-cliff, and for the next several years, Fitch expects new
contracts to provide immaterial profits for Ruby. The rating
actions reflect the lack of a plan by management to commit to
infuse equity or additional subordinated debt by April 2022. The
absence of a plan by Ruby's owners to address future financing
needs in a timely manner would result in additional rating
downgrades.

KEY RATING DRIVERS

Cash Balance Provides Some Liquidity: Ruby's liquidity will be
enough to fund ongoing operations and debt service until the April
1, 2022 maturity of the senior notes. The estimated cash balance at
Dec 31, 2021 was $90 million. The cash balance is the primary
source of liquidity, as the company does not have a revolving
credit facility. Outside of the upcoming note maturity, additional
funding needs are limited. The pipeline is relatively new and has
minimal capital needs and the owners stopped taking dividends after
2020 (cash paid in 1Q 2021). Fitch expects approximately $475
million of the senior unsecured notes will remain outstanding upon
maturity.

Management Strategy Unclear: While Ruby's owners acknowledge the
need to reposition the balance sheet given current market
conditions, it remains unclear whether they will ultimately do so
without concessions from all relevant parties. Ruby's debt is
non-recourse to its owners and as the asset remains challenged,
they may choose to walk away from the asset. In that event, Ruby is
facing default as it will be unable to repay its senior notes upon
maturity in April 1, 2022.

Expected Drop in Cash Flows: Given challenging market conditions
and the expiration of approximately two-thirds of contracted
capacity in July of 2021 without any substantive replacement
contracts, Fitch expects a significant contraction of cash flows.
Market conditions have not improved and the challenging supply and
weak demand dynamics at the Opal and Malin hubs remain. Fitch
projects Ruby's EBITDA to decline precipitously to around $60
million in 2022 (Fitch estimate) from $281 million in 2020.

Fitch assumes any future contracts signed with shippers will be at
significantly lower rates and volumes, which is projected to
significantly erode Ruby's profitability. Absent equity support
from Ruby's owners, future cash flows will not support repayment of
the maturing notes in 2022.

Depressed Supply/Demand Outlook: Ruby continues to be negatively
affected by abundant and competitive pressure from Canadian gas. A
collapsed basis differential and weak utilization trends
approximating 40% of total pipeline capacity underscores a
challenging operating environment for Ruby. Seasonal needs drive
current demand, on a short term (less than 12 months) basis.

The proposed LNG plant at Jordon Cove, a major demand driver, was
cancelled by Pembina in 2021 after years of delay in securing local
and federal approvals driven by environmental concerns. These
challenges are further highlighted by the 2021 impairments for the
majority of the pipeline's book value by Ruby's owners.

Challenged Re-Contracting: Re-contracting is challenged as regional
market conditions have not improved. Approximately 65% of Ruby's
contracted capacity rolled off in July 2021. The largest remaining
contract is with Pacific Gas and Electric (BB/Stable), maturing in
2026. PG&E is the anchor shipper, accounting for about 60% of the
pipeline's remaining contracted capacity. However, its contract has
volume step-downs in the last five years, starting this year, at
PG&E's option, potentially reducing contracted capacity and adding
pressure to rates. The remaining capacity is sold under short-term,
seasonal contracts, to energy traders (24%) and natural gas
producers.

Subsequent to the large contract cliff in mid-2021, Fitch expects
that existing contracts will not be renewed and that the contract
with PG&E will account for nearly all of the pipeline's future
earnings and cash flows.

Historically Supportive Ownership: Ruby has a $250 million note
purchase agreement in place with its owners, which Fitch views as a
credit positive. Loans under this agreement are used solely to pay
regularly scheduled principal amortization payments of the senior
term loan. The transaction effectively refinances senior unsecured
debt with a junior subordinate debt tranche held by Ruby's parent
companies. Although not rated, the junior notes qualify for 100%
equity credit which helps to support the balance sheet. Fitch views
potential purchases of additional subordinated debt by Ruby's
owners as being supportive of credit quality, but does not expect
this structure will be used to refinance the April 2022 note
maturity.

DERIVATION SUMMARY

At the present time, no borrower or issuer in Fitch's rated
coverage has such a weak liquidity profile as Ruby. Due to
challenging market conditions and a large contract cliff in July,
Ruby is facing default on its 2022 senior notes absent equity
support from its owners.

KEY ASSUMPTIONS

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

-- Contracts that are currently in effect provide revenue in
    accordance with their terms;

-- No dividends to the owners;

-- Minimal maintenance capex;

-- Junior subordinated notes have been given 100% equity
    treatment.

For the recovery rating, Fitch has assumed that Ruby would be
liquidated in bankruptcy after the PG&E contract expires. Fitch's
corporate recovery analysis assumes that Ruby will be unable to
repay $475 million of maturing senior unsecured notes in April 1,
2022 and that nearly all of the economic value of the pipeline will
be derived from revenues received from its existing contract with
PG&E that expires in October 2026.

For the recovery analysis, Fitch assigns a value of $252 million to
the time period encapsulating the remaining duration of Ruby's
contract with PG&E (April 2022 maturity through the October 2026
contract expiry).

RATING SENSITIVITIES

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

-- Should Ruby's owners provide equity support there could be
    favorable rating actions including a multi-notch upgrade;

-- Under the normal course of business Fitch does not expect a
    positive credit action.

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

-- Inability to fully refinance the notes or repay the notes at
    maturity;

-- Liability management activities that diminish the recovery for
    the unsecured note holders;

-- Lack of equity support by Ruby's owners to reposition the
    balance sheet during the typical natural gas industry
    contracting season of September to March.

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

Insufficient Liquidity: Ruby is approaching a liquidity crisis as
cash flows from operations will be insufficient to pay down $475
million of unsecured debt due April 1, 2022. Following the contract
cliff in July, Fitch projects EBITDA to decline from $281 million
in 2020 to around $45 million in 2022. The company does not have a
dedicated revolving credit facility and will depend on the
estimated $90 million cash balance at year end 2021 for liquidity.
This balance is sufficient to fund interest payments and operations
but not will meet the April 1 maturity.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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

Ruby Pipeline is a Federal Energy Regulatory Commission regulated
interstate natural gas pipeline providing 1.5 billion cubic feet
per day of natural gas delivery capacity from the Opal Hub in
Wyoming to the Malin Hub in Oregon, on the California border.


SABINE STORAGE: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Sabine Storage & Operations, Inc.
        PO Box 79406
        Houston, TX 77270

Business Description: Sabine Storage & Operations is a Houston
                      based engineering company which focuses on
                      the development, maintenance, and operation
                      of underground storage facilities for
                      liquids and gases, and disposal of waste.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Southern District of Texas

Case No.: 22-30670

Judge: Hon. Eduardo V. Rodriguez

Debtor's Counsel: R. J. Shannon, Esq.
                  PARKINS LEE & RUBIO LLP
                  700 Milam Street, Ste 1300         
                  Houston, TX 77002
                  Tel: (713) 715-1660
                  E-mail: rshannon@parkinslee.com

Total Assets: $187,486

Total Liabilities: $6,375,762

The petition was signed by Timothy R. Bauer, senior vice
president.

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

https://www.pacermonitor.com/view/CI5LP7I/Sabine_Storage__Operations_Inc__txsbke-22-30670__0001.0.pdf?mcid=tGE4TAMA


SENSATA TECHNOLOGIES: Egan-Jones Keeps BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on February 14, 2022, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Sensata Technologies Holding N.V.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
Holding N.V. develops, manufactures, and sells sensors and
controls.



SHEPHERD REALTY: Case Summary & Six Unsecured Creditors
-------------------------------------------------------
Debtor: Shepherd Realty Investments, Inc.
        5655 La Quinta Court
        Lake Worth, FL 33463

Business Description: Shepherd Realty is the fee simple owner of
                      two real estate properties located in West
                      Palm Beach, Florida having a total appraised

                      value of $470,000.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-12083

Judge: Hon. Erik P. Kimball

Debtor's Counsel: Laudy Luna, Esq.
                  CUNEO, REYES & LUNA LLC
                  2655 S Le Jeune Rd. Suite 804
                  Coral Gables, FL 33134
                  Tel: (786) 332-6787
                  Email: ll@reyeslunalaw.com

Total Assets: $470,044

Total Liabilities: $1,420,665

The petition was signed by Ariel Banegas as president.

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

https://www.pacermonitor.com/view/XZLBN2I/Shepherd_Realty_Investments_Inc__flsbke-22-12083__0001.0.pdf?mcid=tGE4TAMA


SKYWEST INC: Egan-Jones Keeps B Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company on February 18, 2022, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by SkyWest, Inc.

Headquartered in St. George, Utah, SkyWest, Inc. operates regional
airlines that offer scheduled passenger service to destinations in
the United States, Canada, Mexico, and the Caribbean.



SM ENERGY: Fitch Raises LT IDR to 'B+', Outlook Positive
--------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating
(IDR) of SM Energy Company (SM) to 'B+' from 'B'. Fitch has also
upgraded the issue-level ratings for the company's reserve-based
lending credit facility (RBL) to 'BB+'/'RR1' from 'BB'/'RR1'; the
second-lien secured notes to 'BB'/'RR2' from 'BB-'/'RR2', and the
senior unsecured notes to 'BB-'/'RR3' from 'B/RR4'. The Rating
Outlook is Positive.

SM's rating reflects the strong performance of the company's
Permian assets, ability to consistently generate FCF with proceeds
used to reduce gross debt, strong liquidity profile and solid
hedging program which protects cash flows.

The Positive Outlook reflects Fitch's expectation of meaningful FCF
generation leading to repayment of the company's second-line notes
and incremental gross debt reduction that addresses the maturity
profile. Achievement in meeting positive rating sensitivities
related to these items should bring mid-cycle leverage and gross
debt to 'BB-' levels and could result in positive rating action
over the next six to 12 months.

KEY RATING DRIVERS

Debt Reduction Continues: Gross debt reduction is expected to
continue for SM throughout 2022 as management executes on its plan
to reduce gross debt to approximately $1.0 billion. SM has reduced
debt by approximately $650 million since 2020 through a combination
of debt paydowns, debt repurchases at discount, and a successful
debt exchange offer that was also done at a discount. Debt
reduction is supported by strong FCF generation through the
forecast period, which will also allow management to attain its
target leverage ratio of approximately 1.0x.

Fitch forecasts SM will reach its gross debt target by the end of
2023 at Fitch's base case prices, but recognizes repayment can be
accelerated if strip prices hold. Fitch believes the company will
repay the second-lien notes when they become callable in June 2022
in order to simplify the capital structure and reduce interest
costs, and will then look toward reduction of its 2025 and 2026
notes to manage the maturity profile.

Five Rig Drilling Program; Positive FCF: SM is planning to spend
approximately $750 million on capex in 2022 to fund its five-rig
program, which is expected to slightly increase production to
around 145 Mboepd. Management is allocating approximately 55% of
capex (three rigs) to the Midland basin and 45% (two rigs) to the
South Texas region. Spending in outer years will likely be
maintained between $750 million-$800 million, which allows the
company to maintain low single-digit production growth while
generating FCF at Fitch base case price deck assumptions. Fitch
forecasts $500 million of FCF generation in 2022 at base case
prices with potential for significant increases if current strip
prices hold.

Protection from Hedge Program: SM has hedged approximately 50% of
its expected 2022 oil production at an average price of
approximately $51 per barrel (bbl) and approximately 45% of its
expected natural gas production for 2022 at an average price of
approximately $2.70/mcf. Hedges in 2022 are likely to reduce
revenues, given the hedged oil price is below both the average YTD
and forward Strip price, but the program will allow the company to
lock in returns and generate sufficient FCF to execute on its debt
reduction plan.

Robust Permian Performance: SM's Midland Basin assets continue to
generate strong returns through best-in-class well performance and
new completion designs, which is driving higher EUR and NAV along
with increased capital efficiency. SM's wells are considered among
the best performing wells in the basin exhibited by record-setting
initial well performance in northeast Martin county and significant
improvements in EUR from its Miracle Max wells in eastern Howard
County. The 2022 plan envisions average lateral feet per well of
12,360 with 55 net drilled wells and 40 net completions planned
with three rigs and one completion crew currently operating. The
company estimates that its 2022-2023 drilling program has an
expected breakeven pricing of $16/bbl to $45/bbl.

Focus on Austin Chalk: SM's drilling program in South Texas has
moved from the Eagle Ford to the Austin Chalk, which has a higher
oil cut. For all of South Texas, the company estimates it will
drill 37 net wells and complete 38 with an average lateral feet per
well of 11,000. Management believes the expected breakeven pricing
for Austin Chalk wells is even stronger than the Midland in the
range of $15/bbl to $30/bbl. Fitch expects the increased spending
in the Austin Chalk region will marginally reduce oil mix in 2022.

DERIVATION SUMMARY

SM is among the largest 'B' category rated Permian Basin-focused
exploration and production companies with 2021 full-year average
production of 140.7 Mboepd. This is larger than Matador Resources
Co. (B+/Stable; 86.2 Mboepd), CrownRock, L.P. (BB-/Stable;
approximately 115 Mboepd in 3Q21) and Callon Petroleum Co.
(B/Stable; 95.6 Mboepd). SM's liquids percentage of production at
65% is lower than both CrownRock (81% at 3Q21) and Callon (82%),
but slightly higher than Matador (56%).

SM's Fitch-calculated unhedged half-cycle netback of $35.5/boe is
slightly lower than more oil-weighted Permian peers like CrownRock,
but the company's operating costs per barrel of $11.7 are in-line
with Matador ($11.9) and Callon ($12.1). The company's netback
should improve via continued cost reductions and capital efficiency
along with a reduction in interest expense following repayment of
its second lien notes and with incremental debt repayment
thereafter.

Meaningful FCF generation in 2022 supports management's debt
reduction plan and leverage metrics between 1.0x-1.5x, which is
generally consistent with leverage profiles across the Permian peer
group. At management's $1.0 billion target gross debt level, Fitch
projects leverage will remain at around 1.0x at Fitch's $50/bbl
mid-cycle price.

KEY ASSUMPTIONS

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

-- Base Case West Texas Intermediate (WTI) oil price of $67/bbl
    in 2022, $57/bbl in 2023 and $50/bbl thereafter;

-- Base Case Henry Hub natural gas price of $3.25/mcf in 2022,
    $2.75/mcf in 2023 and $2.50/mcf thereafter;

-- Average production of 145 mboepd in 2022 followed by low-to-
    mid single digit growth thereafter;

-- Capex of $750 million in 2022 with growth-linked spending
    thereafter;

-- Positive FCF through the forecast period with proceeds used to
    reduce debt;

-- No material M&A activity;

-- Measured increases in shareholder returns following
    achievement of gross debt targets.

RATING SENSITIVITIES

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

-- FCF generation with proceeds applied to reduce gross debt
    toward $1.5 billion and proactive management of the maturity
    profile;

-- Redemption of second-lien note issues to reduce complexity of
    the capital structure;

-- Mid-cycle debt/EBITDA sustained below 2.0x.

Per Fitch's Corporates Recovery Rating and Instrument Ratings
Criteria, the unsecured notes rating will be equalized to the IDR
at the 'BB-' rating level.

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

-- Inability to generate FCF or FCF proceeds are not applied to
    debt reduction;

-- Change in financial policy or hedging program that implies a
    more aggressive strategy;

-- Material reduction in liquidity or inability to access debt
    capital markets;

-- Mid-cycle debt/EBITDA sustained above 2.5x.

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

Strong Liquidity: As of Dec. 31, 2021, SM had $333 million of cash
on hand and full availability under the $1.1 billion credit
facility which matures on Sept. 28, 2023. SM's senior secured
credit agreement provides for a maximum loan amount of $2.5 billion
with a borrowing base and elected commitment of $1.1 billion as of
its most recent redetermination in October 2021. The credit
facility has two financial maintenance covenants: A total funded
debt/adjusted EBITDAX ratio that cannot be greater than 4.0x and an
adjusted current ratio that cannot be less than 1.0 to 1.0. Fitch
does not see any covenant pressure in the medium term.

Fitch believes liquidity will remain strong through the rating
horizon given the company's modest capital program, improving cost
structure and solid hedging program which support FCF generation.
Fitch expects SM to fully repay the company's second lien secured
note at its initial call date in June 2022 to simplify the capital
structure and will look toward repayment of its 2025 and 2026 notes
to reach management's $1.0 billion gross debt target.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that SM would be reorganized as a
going-concern in bankruptcy rather than liquidated.

Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

SM's GC EBITDA assumption reflects Fitch's projections under a
stressed case price deck, which assumes WTI oil prices of USD42.00
in 2021, USD32.00 in 2023, USD42.00 in 2024, and USD45.00 in the
long term.

The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation (EV). The GC EBITDA assumption reflects the
2024 base case EBITDA when the larger senior note maturities are
due in the succeeding years.

An EV multiple of 3.25x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

The historical bankruptcy case study exit multiples for peer
companies ranged from 2.8x-7.0x, with an average of 5.6x and a
median of 6.1x.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

Fitch considers valuations such as SEC PV-10 and M&A transactions
for each basin including multiples for production per flowing
barrel, proved reserves valuation, value per acre, and value per
drilling location

The revolver is assumed to be 80% drawn upon default with the
expectation that commitments would be reduced during a
redetermination. The revolver is senior to the second lien notes
and senior unsecured bonds in the waterfall.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR1' recovery for the first lien
revolver, an 'RR2' recovery for the second lien notes and a
recovery corresponding to 'RR3' for the senior unsecured notes.

ISSUER PROFILE

SM Energy Company is an independent Exploration and Production
company that operates in the Midland Basin and South Texas regions
of the Permian Basin. The company averaged 140.7 Mboepd of
production throughout 2021, of which 54% was oil, 11% was NGLs and
35% was natural gas.

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.


SPECTRUM BRANDS: Egan-Jones Keeps B+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on February 15, 2022, maintained its
'B+' local currency senior unsecured ratings on debt issued by
Spectrum Brands Legacy, Inc.

Headquartered in Madison, Wisconsin, Spectrum Brands Legacy, Inc.
provides consumer products.



SPIRIT AIRLINES: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on February 16, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Spirit Airlines, Inc. EJR also maintained its 'B'
rating on commercial paper issued by the Company.

Headquartered in Miramar, Florida, Spirit Airlines, Inc. owns and
operates airlines.



SS&C TECHNOLOGIES: Egan-Jones Keeps BB- Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on March 3, 2022, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by SS&C Technologies Holdings, Inc.

Headquartered in Windsor, Connecticut, SS&C Technologies Holdings,
Inc. develops and markets computer software for financial services
providers.



STRATHCONA RESOURCES: Moody's Alters Outlook on B2 CFR to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Strathcona
Resources Ltd. to positive from stable. Concurrently, Moody's has
affirmed all Strathcona's ratings, including its B2 corporate
family rating, it's B2-PD probability of default rating, and the B3
rating on its senior unsecured notes.

On March 11, 2022, Strathcona amalgamated its previously acquired
interests in Caltex and Tucker assets, and upsized its revolving
credit facility to C$1.5 billion due 2026. Pro forma for the
amalgamation it is anticipated that the revolver will have C$870
million drawn as of March 31, 2022.

"The change in outlook reflects our expectation that Strathcona's
credit metrics will improve over the next 12-18 months while it
repays acquisition debt and continues to develop its operating
track record," said Moody's analyst Paresh Chari.

Affirmations:

Issuer: Strathcona Resources Ltd.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: Strathcona Resources Ltd.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Strathcona's rating benefits from: 1) good credit metrics that
should improve over the next 12-18 months supported by Moody's
expectation that the company will use free cash flow to reduce
debt; 2) majority of production from heavy oil and oil sands assets
that have low decline rates (less than 10%) that requires a low
level of capital to sustain production; and 3) good liquidity. The
company's rating is constrained by: 1) its limited operating
history and rapid growth through acquisitions, which leads to
greater financial and operating uncertainty as well as execution
risks associated with the company's plan to grow production
organically; and 2) its exposure to heavy oil that is benchmarked
to the historically volatile Western Canadian heavy oil price.

The positive outlook is supported by Moody's expectation that
Strathcona's credit metrics will improve and that production will
grow over the next 12-18 month's, while maintaining a good
liquidity profile.

Strathcona's liquidity is good, with sources of around C$750
million over the next four quarters and no debt maturities over the
same period. Sources of liquidity are comprised of around C$600
million available under the company's C$1.5 billion revolving
credit facility (maturing in February 2026) and free cash flow of
around $250 million using Moody's medium term price assumptions and
much higher if current market prices were to persist. Moody's
expect Strathcona will be in compliance with its three financial
covenants over the next four quarters. Alternate liquidity is
limited, as all assets are pledged to the first lien credit
facilities.

Strathcona's unsecured notes are rated B3, one notch below the
company's B2 CFR. Moody's Loss Given Default (LGD) Methodology
suggests that the notes be ranked two notches below Strathcona's B2
CFR due to the size and priority ranking of the company's C$1.5
billion first lien credit facility relative to the unsecured US$500
million notes in the company's capital structure. The credit
facility was enlarged to fund the final payments on the
acquisitions. However, given the positive outlook on Strathcona's
CFR, strong asset coverage and expectations of how the capital
structure mix could evolve, Moody's views the assigned B3 rating as
more appropriate.

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

The ratings could be upgraded if Strathcona is able successfully
operate the acquired assets, organically grow production at
competitive costs while maintaining positive free cash flow, if
retained cash flow (RCF)-to-debt is sustained above 30% (around 50%
expected in 2022), and the LFCR is sustained above 1.5x (around 2x
expected in 2022).

The ratings could be downgraded if RCF-to-debt is below 15%, if the
LFCR is below 1x, or Strathcona's liquidity profile deteriorates
either as a result of sustained negative free cash flow or from
cash distributions to the company's PE owners.

Strathcona Resources Ltd. is an oil and gas producer headquartered
in Calgary Alberta, with producing assets located across Western
Canada. Strathcona is majority owned by private equity firm
Waterous Energy Fund.

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.


T-MOBILE US: Egan-Jones Hikes Senior Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by T-Mobile US, Inc. to B+ from BB-.  

Headquartered in Bellevue, Washington, T-Mobile US, Inc. is a
national wireless carrier in the United States.



TENNECO INC: Egan-Jones Keeps B+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on February 24, 2022, maintained its
'B+' foreign currency and local currency senior unsecured ratings
on debt issued by Tenneco Inc.

Headquartered in Lake Forest, Illinois, Tenneco Inc. designs,
manufactures, and markets emission control and ride control
products and systems for the automotive original equipment market
and the aftermarket.



THE CLUB AT MEXICO BEACH: Seeks Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
The Club at Mexico Beach Home Owners' Association filed for Chapter
11 bankruptcy protection.

The Debtor is a Florida not for profit corporation operating a
condominium
association.  The Debtor's principal address is 1302 Highway 98,
Mexico Beach, Florida 32410.  As a condominium association the
Debtor owns the common areas of a four-story condominium building
consisting of forty-eight units in Mexico Beach, Florida.

Like so many others, the Building sustained catastrophic damage
from Hurricane Michael in October of 2018.

On Nov. 15, 2019, the Debtor filed a Complaint against American
Capital Assurance Corp. thereby initiating Case No. 19004272CA
before the Circuit Court of the Fourteenth Judicial Circuit, in and
for Bay County, Florida, Civil Division.  The Florida Insurance
Guaranty Association ("FIGA"), as statutory successor of the
insolvent ACAC, resolved the Insurance Lawsuit by tendering to the
Debtor $2,900,000.

Contemporaneously, following Hurricane Michael the Debtor retained
Mitnor
Corporation d/b/a Servpro of the Seacoast (“Servpro”) to
perform remediation services to the Building.

However, the Debtor has several concerns with Servpro's work at the
Building including but not limited to the amounts charged, the
quality of the work performed and the completeness of the scope of
the work.

On April 23, 2020, Servpro filed a Complaint (Servpro Doc. No. 1)
against the Debtor thereby initiating Case No.
5:20-cv-00125-TKW-MJF (the "Servpro Lawsuit") before the United
States District Court, Northern District of Florida (the "District
Court").

On July 17, 2020, the Debtor filed its Defendant's Answer (Servpro
Doc. No. 10) and has been vigorously defending the action.  On
February 14, 2022, the District Court entered its Amended Judgment
(Servpro Doc. No. 73) (the “Amended Judgment) adjudicating a
total of $3,788,999.64 in favor of Servpro against the Debtor.

Pursuant to Florida Statute § 55.202(2)(a), Rules 62(a) and
69(a)(1) of the
Federal Rules of Civil Procedure and Rule 1.550(a) of the Florida
Rules of Civil Procedure, the Amended Judgment has not gone final
as of the filing date of the Debtor's bankruptcy.

The Debtor believes very strongly in the quality of life it
provides for its residents and its overall reputation, and, in the
cases brought in the Insurance and Servpro Lawsuits.  However, the
significant amount of energy and time the Debtor has been forced to
spend dealing with the Lawsuits has taken its toll on the Debtor
and therefore
necessitated the instant filing.

he Debtor’s annual gross income for 2020 was $399,512 and the
Debtor's
annual gross income for 2021 was $85,232.  For 2022 to date, the
Debtor's gross income was approximately $85,232.

According to court filings, The Club at Mexico Beach Home Owners'
Association has between between 1 and 49 unsecured creditors,
including Boggs Law Group, Barefoot Billy's and Hiller Fire
Protection, according to its petition.

           About Club at Mexico Beach Home Owners

The Club at Mexico Beach Home Owners' Association LLC is the
condominium
association for a four-story condominium building consisting of
forty-eight units in Mexico Beach, Florida.

The Club at Mexico Beach Home Owners' Association sought Chapter 11
bankruptcy protection (Bankr. N.D. Fla. Case No. 22-50024) on March
14, 2022.  In the petition filed by Jeff Adams, as HOA, the Debtor
estimated total assets and liabilities between $1 million and $10
million.  Daniel Etlinger, of Jennis Morse Etlinger, is the
Debtor's counsel.


TRI-WIRE ENGINEERING: Wins Plan Exclusivity Extension Thru April 1
------------------------------------------------------------------
At the behest of Tri-Wire Engineering Solutions, Inc., Judge
Christopher J. Panos of the U.S. Bankruptcy Court for the District
of Massachusetts, Eastern Division extended the Debtor's exclusive
periods to file and to obtain acceptances of the Chapter 11 plan to
and including April 1, 2022, and July 11, 2022, respectively.  

The Debtor filed the Chapter 11 case to affect a sale of its
business to ITG Communications, LLC according to the parties' Asset
Purchase Agreement dated September 13, 2021 (the “APA”). To
that end, the debtor filed on the Petition Date its Sale Motion,
whereby the Debtor sought authority to sell its business to ITG
under the APA and Section 363 of the Bankruptcy Code (the "Sale").


The Debtor's ability to maintain business operations, consummate
the sale and administer this Chapter 11 case has depended on
post-petition financing provided by the Debtor’s senior secured
lender JPMorgan Chase Bank, N.A. and approved by this Court,
including through:

(i) this Court's entry of orders approving the Debtor's use of
JPM's cash collateral on an interim, final, and extended basis
(the "Cash Collateral Orders"); and

(ii) this Court’s entry of an order authorizing the Debtor to
obtain post-petition secured financing from JPM on a priority basis
under Section 364(d) of the Bankruptcy Code (the "Final Financing
Order").

Beginning in October 2021, the Debtor, JPM, and the Committee have
discussed the appropriate means of wrapping up the Debtor's
business and financial affairs and completing the Debtor's
bankruptcy estate administration. Those discussions have led to:

(i) an understanding that a liquidating plan should be pursued,

(ii) an agreement between JPM and the Committee to resolve
potential Committee claims against JPM and provide the means of
funding a proposed liquidating plan (the "JPM/Committee
Agreement"), and

(iii) JPM's willingness to permit the Debtor's continued use of
cash collateral through April 30, 2022, by a JPM-approved updated
budget covering the nine weeks ending on that date.

The Debtor and the Committee are close to finalizing their
jointly-proposed Chapter 11 plan and expect that the plan, and its
related disclosure statement, will be finalized and filed sometime
in mid-to-late-March 2022.

Remaining matters to be addressed before finalization and filing of
the plan include without limitation:
(i) completion of a claims analysis to identify and assess any
secured and priority claims to be addressed in the plan;

(ii) preparation of a planned budget for plan implementation (i.e.,
an extended cash collateral budget), and obtaining JPM's approval
of such plan implementation budget;

(iii) finalization of the creditor trust agreement to govern the
administration of the creditor trust to be created by the plan; and


(iv) finalizing the disclosure statement to reflect all such
matters.

Less than six months have elapsed since the Debtor filed this case.
The Debtor has completed the sale of its assets, has substantially
completed the wind-down of its business operations, and has made
progress toward the formulation of a liquidating plan to be jointly
proposed with the Committee and that will have the support of JPM.
With this Court's approval of the JPM/ Committee Agreement, the
Debtor has satisfied the essential precondition to its contemplated
plan.

The Debtor expects that these matters will be finalized, and the
plan and disclosure statement ready for filing, within the
additional time granted to the Debtor this time.  

A copy of the Debtor's Motion to extend is available at
https://bit.ly/3sZFX9H from PacerMonitor.com.

A copy of the Court's Extension Order is available at
https://bit.ly/3I704as from PacerMonitor.com.

              About Tri-Wire Engineering Solutions, Inc.

Tri-Wire Engineering Solutions, Inc. -- https://www.triwire.net/ --
provides installation, construction, maintenance, and other
technical support services to cable and telecommunications
companies throughout North America.  Tri-Wire Engineering was
formed in 1999 and is headquartered in Tewksbury, Mass.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 21-11322 on September 13,
2021. In the petition filed by Ruben V. Klein, president, the
Debtor disclosed up to $10 million in assets and up to $50 million
in liabilities.

Judge Christopher J. Panos oversees the case. Casner & Edwards, LLP
is the Debtor's counsel. Gentzler Henrich & Associates LLC is the
financial advisor and turnaround consultant. SSG Advisors, LLC
serves as an investment banker.


UBER TECHNOLOGIES: Moody's Hikes CFR to B1, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service upgraded Uber Technologies, Inc.'s
Corporate Family Rating to B1, from B2, its senior secured term
loan ratings to Ba3, from B1, and its senior unsecured debt ratings
to B2, from B3. The ratings outlook is stable. Uber's Speculative
Grade Rating of SGL-1, which reflects its very good liquidity, is
unchanged.

Upgrades:

Issuer: Uber Technologies, Inc.

Corporate Family Rating, Upgraded to B1 from B2

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

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

Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD4)
from B3 (LGD4)

Outlook Actions:

Issuer: Uber Technologies, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Moody's analyst Raj Joshi said, "The upgrade of the CFR to B1
reflects a significant turnaround in Uber's adjusted EBITDA in the
second half of 2021 and our expectations for rapid and sustained
improvements in profitability and operating cash flow over the next
12 to 24 months." Uber's adjusted EBITDA (as reported by the
company) turned positive in the second half of 2021 driven by
substantial cost reductions undertaken by the company after the
COVID-19 pandemic started, divestitures of many loss-making
businesses, and improving operating efficiencies. By the fourth
quarter of 2021 adjusted EBITDA in both Mobility and Delivery
segments had turned positive, despite ridesharing volumes in the
Mobility segment being significantly weaker than pre-pandemic
levels and increased spending to attract drivers amid constrained
supply. Joshi added, "Management's commitment to maintaining
profitable revenue growth, the growing mix of ridesharing and food
delivery markets with good adjusted EBITDA margins, and high
operating leverage in Uber's businesses underpin our expectations
for increasing profitability in each of Uber's Mobility, Delivery
and Freight segments." The stable ratings outlook reflects Moody's
expectation that Uber's free cash flow will increase from
approximately $300 million in 2022, to more than $1.8 billion in
2023 (>16% of Moody's lease-adjusted total debt). The company
has very good liquidity and its meaningful prospective free cash
flow alleviate the risk of further borrowings that have
historically funded its substantial losses and growth initiatives.

The B1 CFR is additionally supported by Uber's substantial scale
with $103 billion in annualized gross bookings on its commerce
platforms, very good geographic and business diversity, and leading
category positions in several key ridesharing and food delivery
markets globally. Moody's believes that the company has strong
growth prospects over the next 2 to 3 years driven by increasing
penetration of its existing services and expanding use cases of its
transportation platforms. Uber's profitability will continue to
improve as the company leverages its scale to increase consumer
engagement, driver earnings and consumer spending on its
platforms.

At the same time, Uber faces intense competition in all of its
service lines. Its businesses are vulnerable to swings in
profitability due to the low switching costs for independent
drivers as well as consumers, and aggressive competitors that have
access to ample funding. Uber's high regulatory and litigation
risks also constrain its credit profile. The company had $2.2
billion of aggregate liabilities related to legal and regulatory
matters and certain non-income tax disputes.

Moody's rates Uber's senior secured term loans Ba3, or one notch
higher than the CFR, which reflects a security interest in certain
of Uber's intellectual property and the pledge of 64% of stock from
Uber Singapore Technology Pte. Ltd., a subsidiary of Uber, under
which Uber's minority equity interests in Yandex and Didi are
held.

The SGL-1 Speculative Grade Liquidity rating reflects Uber's very
good liquidity primarily comprising $4.3 billion of unrestricted
cash and Moody's expectation for free cash flow increasing from
$300 million in 2022 to more than $1.8 billion in 2023. Uber had
access to about $2 billion of funds under its $2.3 billion of
revolving credit facility. In addition, Uber holds minority equity
interests in multiple on-demand transportation businesses globally
that have substantial value.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Environmental, Social and Governance considerations are material to
Uber's ratings. Governance considerations reflect management's
commitment to improving profitability which was evidenced by Uber's
rapid improvements in adjusted EBITDA during 2021 despite a very
challenging operating environment. Uber's very good liquidity,
increasing profitability, and revenue diversity mitigate its
significant environmental and social risks.

Uber has high exposure to social risk factors. Moody's believes
that Uber, through its on-demand transportation platforms, provides
affordable and convenient services to millions of consumers and an
opportunity to supplement incomes to millions of freelance drivers.
The company and its peers have increased the supply of
transportation services in urban areas that are challenged by
growing population and lack of transportation alternatives. But
these positive societal and demographic trends are more than offset
by the high social risks arising other factors that could
potentially harm Uber's brand reputation and negatively impact its
financial profile. Uber faces high regulatory uncertainties and
litigation risks primarily from its reliance on independent
contractors in the majority of its businesses. Its classification
of drivers as independent contractors and/or whether statutory pay,
benefits and taxes apply in such relationships have been challenged
in several jurisdictions. Moody's also believes that regulations
governing the nature of relationship between businesses that rely
on freelance workers and their workers will evolve over time.
Uber's license to operate in London, which was renewed in November
2020 with certain conditions, is due for renewal by the local
transportation regulator in May 2022.

In the ridesharing business, managing the safety of drivers and
riders is a key challenge for Uber that became paramount during the
COVID-19 pandemic. The company's rapid growth and disruptive
transportation services have significant social impacts that result
in elevated scrutiny from regulators and public concerns. The
displacement of traditional regulated taxi businesses and its
adverse impact on millions of drivers employed in that industry
have resulted in adverse publicity. Uber and its peers also face
allegations of contributing to increasing traffic congestion and a
decline in use of public transportation, and in the delivery
business, of charging high fees for food delivery service to
restaurants. Regulatory actions to address these concerns in
certain markets have increased Uber's costs of providing services
and impacted demand for its services. In addition, Uber's also
faces risk of reputational harm from potential cybersecurity
breaches as the company's information technology systems and those
of its third-party technology services providers store personal
data of millions of its consumers and business partners.

Uber's environmental risk exposure is significant over the long
term, mainly as a result of its high carbon transition risk. Uber's
on-demand transportation platforms facilitated more than 6.3
billion Mobility and Delivery trips globally in 2021, and a growing
number of freight shipments, primarily through fossil-fuel powered
vehicles that are owned by third parties. The company has committed
to zero emissions in its Mobility business by 2030 in the US and
Europe, and in the remaining regions by 2040. As regulatory
policies increasingly target carbon reduction goals, Moody's
believes that the potential for higher costs to the company for
providing its transportation services, increase in investments, or
reduced supply of vehicles and drivers increase Uber's credit risks
in the long-term.

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

Moody's could upgrade Uber's ratings if: (i) the company remains on
a path toward generating free cash flow of more than 15% of total
Moody's adjusted debt, (ii) increasing financial strength leads to
growing flexibility relative to legal and regulatory risks, and,
(iii) the company maintains balanced financial policies.

Although not expected, Moody's could downgrade Uber's ratings if
Moody's expects operating challenges, increase in debt, elevated
regulatory risks or adverse outcome from legal proceedings will
erode Uber's liquidity and it is unlikely to sustain free cash flow
of 5% of total debt (Moody's adjusted).

Uber Technologies, Inc., through its proprietary technology
applications facilitates transportation services by connecting
consumers with drivers in its Mobility and Delivery segments, and
shippers with carriers in its Freight segment.

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


US TELEPACIFIC: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded U.S. Telepacific Corp.'s
("TPx") corporate family rating to Caa1 from B3. Moody's affirmed
TPx's Caa1-PD probability of default rating and appended the PDR
with a limited default (LD) designation to reflect the conclusion
of TPx's amendment to its credit facility agreement which Moody's
views as a distressed exchange. Moody's assigned a Caa1 to TPx's
new amended first lien senior secured term loan and senior secured
revolver. Moody's downgraded the rating on the company's previous
senior secured facilities to Caa1 from B3 and these will be
withdrawn. The outlook was changed to negative from stable.

In February, TPx amended its senior secured facilities agreement to
extend the maturity on its revolver and bank loans by three years
to 2025 and 2026 respectively. The amendment also provided for
interest payment on the term loan to be paid in kind (PIK) for a
period of two years at the sole option of the company. Moody's
views this amendment as amounting to a distressed exchange, which
under Moody's definition is a default.

The downgrade and the change of outlook to negative reflect the
high leverage Moody's expects TPx to operate with for the coming
12-18 months as well as the weak liquidity profile of the company.

Downgrades:

Issuer: U.S. Telepacific Corp.

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa1
(LGD4) from B3 (LGD3)

Assignments:

Issuer: U.S. Telepacific Corp.

Senior Secured 1st Lien Term Loan, Assigned Caa1 (LGD4)

Senior Secured 1st Revolving Credit Facility, Assigned Caa1
(LGD4)

Affirmations:

Issuer: U.S. Telepacific Corp.

Probability of Default Rating, Affirmed Caa1-PD /LD (/LD
appended)

Outlook Actions:

Issuer: U.S. Telepacific Corp.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

TPx's Caa1 CFR reflects the company's high leverage, expected to be
more than 8x by year end 2022 on an adjusted EBITDA basis,
adjusting for one-off costs associated with the transformational
cost rationalization the company is currently undertaking. Moody's
expects leverage to continue being high through 2023 and that
one-off costs will not taper off before the end of 2023.

TPx's Caa1 CFR is supported by the support from sponsor Siris
Capital Group, LLC as recently evidenced by the injection of an
additional $40 million of equity and commitment to inject a further
$30 million over the next two quarters of 2022.

The amendment to the facilities agreement comes at a time when the
company's capital structure became unsustainable with 2022 EBITDA
expected to be materially pressured by the large one-off costs
related to the business transformation. The equity injection by
Siris and the PIK-option allow the company to avoid a liquidity
shortfall and continue operating over the coming two years.

TPx's liquidity is weak as it relies heavily on continued support
by Siris throughout the next five years. The company is expected to
continue to burn cash in every quarter in 2022 as it incurs costs
associated with its transition to an asset-light model. The
company's $25 million revolving credit facility is fully drawn and
cash is expected to be around $10 million at year end 2021. The new
credit facility is governed by a maximum net leverage test which
has been set with a 35% headroom post-closing and a new liquidity
covenant that will require the company to maintain at least $20
million of available liquidity (tested monthly) going forward.
Compliance with the minimum liquidity covenant is uncertain absent
further ad-hoc equity injections by Siris.

The Caa1 (LGD4) rating on the company's credit facilities reflects
the fact they are the only external debt and rank ahead of any
non-debt claim such as lease rejection claims. The instrument
ratings reflect the probability of default of the company, as
reflected in the Caa1- PD/LD probability of default rating (PDR)
and an expected family recovery rate of 50% at default.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects execution risks relating to the
business transformation, continued elevated leverage and very
limited financial flexibility without continued financial support
from the sponsor.

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

Given the weak metrics expected in the coming 12 to 18 months,
positive pressure on the ratings is currently limited. Ultimately
the ratings could be upgraded should the company's business
transformation be successful leading to improvement in performance
such that Moody's adjusted debt to EBTIDA were to trend towards 6x.
An upgrade would also require the company's standalone liquidity to
improve meaningfully.

The ratings could be downgraded further should the company's
business transformation be delayed or yield lower EBITDA growth
than expected such that leverage were to remain exceedingly high
leading to concerns over the sustainability of the capital
structure. Any weakening of TPx's liquidity profile could also lead
to a downgrade.

TPx is a national managed service provider and CLEC serving small
and medium-sized business (SMB) customers in markets across
California, Nevada, Texas and New England. The company delivers
higher bandwidth access connections using ethernet over copper,
fixed wireless and metro fiber. Due to the company's reliance upon
leased copper access facilities, TPx's legacy network has bandwidth
and coverage limitations and cost inefficiencies that result in a
weak competitive position compared to ILECs and cable company
competitors. The company was acquired by the private equity firm
Siris Capital Group, LLC in February 2020. At the time, Siris
contributed $181 million of extra cash funding to TPx and an extra
$37.5 million to fund the purchase of equipment receivables. Growth
in the managed services segment is necessary to offset business
services revenue churn and continued declines in the company's
legacy technologies. TPx is expected to have generated around $570
million of revenue in 2021.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.


VERMILION ENERGY: Fitch Alters Outlook on 'BB-' LT IDR to Stable
----------------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating
(IDR) of Vermilion Energy Inc. (Vermilion) at 'BB-' and the
company's senior unsecured rating at 'BB-'/'RR4'. The Rating
Outlook has been revised to Stable from Negative.

Vermilion's rating reflects the diversification of its asset base,
its exposure to higher priced European oil and gas indices compared
to North American peers, related FCF forecast and a track record of
defending its credit profile. The rating also considers the
remaining relatively higher revolver draw, its smaller production
size for its rating category and lack of scale in most plays
outside of North America.

The Stable Outlook reflects Vermilion's application of FCF to
reduce debt and its increased covenant headroom.

KEY RATING DRIVERS

Reducing Revolver Draw: Vermilion's revolver draw was reduced from
CAD1.555 billion at YE 2020 to CAD1.273 billion at YE 2021 with a
61% utilization rate. Vermilion has historically utilized revolver
borrowings as a larger relative piece of its debt structure than
typical E&P companies seeing it as an inexpensive source of debt.
While Vermilion has some risk mitigation to a higher revolver
balance, including it being a non-borrowing base loan, which
eliminates the risk of redeterminations and the lack of springing
liens, Vermilion's level of revolver reliance is atypical for an
E&P company.

European Pricing Exposure: Pro forma the Corrib acquisition
Vermilion's European price exposure is going to be approximately
27% of total production at the midpoint of 2022 guidance. Price
advantaged oil and gas exposure, including record European natural
gas prices relating to geopolitical turmoil in Europe, support
Vermilion's historically strong cash netbacks that are a credit
differentiator compared to similarly gas-to-oil weighted North
American E&P producers. FCF benefits from current gas price
exposure in Europe should provide Vermilion with an opportunity to
expediate its debt reduction goals.

Trending Up Headroom: Strong EBITDA results during 2021 and the
rolling off of more heavily pandemic impacted results during 2020
have materially improved headroom under both Vermilion's total and
senior debt to EBITDA covenants by over two EBITDA turns for each.
At year end 2021 Vermilion's 4x total debt to EBITDA covenant had
improved to 1.61x from 3.48x at YE 2020, relieving all covenant
tightness. Further leverage reduction is expected through forecast
EBITDA growth and from Vermilion's plans to apply FCF towards debt
reduction with a target of CAD1.2 billion net debt before it makes
any further share buybacks or dividend increases.

Diversified Asset Base: Vermilion has a unique asset profile among
peers given the high level of geographic diversification relative
to its size. Its asset base is focused on three main regions: North
America, Europe and Australia, with 2021 production split between
Canada (61%), France (10%), the Netherlands (9%), Ireland (6%), the
US (6%), Australia (4%), Germany (4%) and the remainder in Central
and Eastern Europe. International weighting is expected to increase
in 2022 supported by the acquisition of an additional 36.5% of
Corrib interest in Ireland that is increasing Vermilion's operating
interest to 56.5%. The USD434 million transaction is effective on
Jan. 1, 2022 but is expected to close in 2H22 and benefit from the
strong FCF results in the interim that effectively reduce the
purchase price.

Vermilion's geographic diversification is linked to the company's
philosophy of seeking out the highest return projects regardless of
location. Geologically, many of the plays tend to be shallow, lower
cost conventional resource plays (France, Netherlands) or lower
cost fracking plays (Williston Basin in Southeast Saskatchewan).

Challenges to Scaling Up: A downside of Vermilion's heavily
diversified portfolio is a limited ability to organically scale up
in most of its plays outside of North America properties. Growth
prospects for its international portfolio vary significantly,
ranging from regions in decline such as Corrib in Ireland to areas
with good geology and well perspectivity but challenging permitting
environments (Germany and Netherlands). 2021 production of
approximately 85Mboepd and 2022 guidance between 83Mboedp -
85Mboepd is at the bottom end of the general 'BB' rating range,
where production typically ranges between 75Mboepd - 175Mboepd.

Hedging Program: Vermilion targets 25% - 50% hedging over a rolling
four quarters with natural gas being more hedged than oil. For 2022
around 55% of European natural gas, 30% of North American natural
gas, and 30% of projected oil production is hedged with
approximately 10% of 2023 projected production also hedged.
Vermilion's hedge program is generally unchanged from prior years,
in contrast to some E&P companies that have reduced hedging
practices. Additionally, current commodity prices are allowing
Vermilion to enter into hedges that lock in meaningful unit
profits.

DERIVATION SUMMARY

Vermilion's positioning against high-yield oil and gas peers is
mixed. In terms of geographic diversification, it is peer-leading
with operations in North America, Europe and Australia. However,
overall production size is on the low end of the 'BB-' level, with
only Vermilion's Canadian operations of 52Mboepd in 2021
contributing to meaningful scale. At a 4Q21 average of 84.4Mboepd,
Vermilion is smaller than 'BB-' rated E&P peer Civitas Resources
(BB-/Stable) at 153.5Mboepd. Vermilion's size is more in line with
Canadian peers Baytex Energy (B/Stable) and MEG Energy (B+/Stable),
which averaged 80.8Mboepd and 100.1Mboepd in 4Q21, respectively.

Vermilion's unit economics position well against Canadian peers,
including those with a higher liquid weighting, due to Vermilion's
exposure to Brent-linked premiums for international oil, as well as
higher international pricing for natural gas. For 2021 Vermilion
had a 55% liquids weighting and generated an unhedged cash netback
of USD32.5/bbl. This compares to Baytex (81% liquids) and MEG (100%
liquids), which had unhedged cash netbacks of USD25.1 and USD23.2,
respectively. Compared to 'B+' rated Matador Resources, Vermilions'
netbacks trail 'B+' rated Matador Resources' USD38.9 due to
Matador's positioning in the oil-weighted Permian.

Vermilion's revolving credit facility usage (61% at YE 2021) is
high for the 'BB' rating category but should improve through FCF
generated debt repayments.

KEY ASSUMPTIONS

-- WTI/bbl oil price USD67 in 2022, USD57 in 2023, USD50 in 2024
    and 2025;

-- Brent/bbl oil price USD70 in 2022, USD60 in 2023, USD53 in
    2024 and 2025;

-- HHUB/mcf natural gas USD3.25 in 2022, USD2.75 in 2023, USD2.50
    in 2024 and 2025;

-- TTF/mcf natural gas of USD8 in 2022, USD5 in 2023, 2024 and
    2025;

-- Estimated YTD March realizations incorporated into TTF
    forecast;

-- Production between 80Mboepd - 90Mboepd through the forecast;

-- Excess cash is applied to revolving credit facility/credit
    facility funds cash requirements;

-- Shareholder dividend increase once debt targets achieved;

-- International operations increase as a percentage of
    production mix;

RATING SENSITIVITIES

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

-- Production approaching 150Mboepd;

-- Increased scale in existing positions, with greater drilling
    inventory, a higher reserve life and the ability to develop
    new inventory while maintaining high margins;

-- Improved financial flexibility;

-- Mid-cycle debt/EBITDA below 2.0x.

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

-- Loss of operational momentum with organic production trending
    below 70Mboepd or materially increasing production costs;

-- Impaired financial flexibility;

-- Mid-cycle debt/EBITDA above 3.0x;

-- Deviation from a financial policy that emphasizes debt
    reduction before Vermilion's stated targets are met.

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

FCF Prioritizing Debt then Distributions: Vermilion reduced its
revolver draw CAD282 million during 2021 to CAD1.273 billion by
year-end. This resulted in CAD827 million in undrawn capacity,
which is the company's primary source of liquidity. Vermilion holds
minimal cash and cash equivalents that totaled approximately CAD6
million at year end 2021. Positive FCF expectations through Fitch's
forecast period position Vermilion to reduce total debt of CAD1.65
billion at YE 2021 to meet its internal CAD1.2 billion net debt
target. Vermilion's credit facility matures in May 2024, and it has
no maturities until the 5.625% notes come due in 2025.

Vermilion has re-introduced a quarterly $0.06/share dividend after
cancelling its dividend in 2020 to conserve liquidity. This
dividend is modest in relation to forecast FCF generation, and
along with potential share buybacks or a special dividends, may be
increased once the company's CAD1.2 billion net debt target is
met.

ISSUER PROFILE

Vermilion Energy Inc. (NYSE/TSE: VET) is a small-to-medium sized
diversified international E&P company with producing properties
primarily in North America, Europe, and Australia. Total production
averaged 85,408 boepd during 2021 with the largest amount of
production in Canada.

ESG CONSIDERATIONS

Vermilion Energy Inc. has an ESG Relevance Score of '4' for
Exposure to Social Impacts due to Vermilion's small-to medium-sized
production profile, offshore production, and operations in Europe
where there exists a more stringent climate-related regulatory
framework and increase social resistance. This has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

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


VIASAT INC: Egan-Jones Keeps CCC+ Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Viasat, Inc. EJR also maintained its 'B' rating
on commercial paper issued by the Company.
  
Headquartered in Carlsbad, California, Viasat, Inc. operates as a
communication company.



WILDWOOD VILLAGES: Plan Trustee Taps Winderweedle as Legal Counsel
------------------------------------------------------------------
Ross Johnston, the official overseeing the liquidating trust
created under Wildwood Villages, LLC's Chapter 11 plan, received
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to employ Winderweedle, Haines, Ward & Woodman, P.A. as his
legal counsel.

Winderweedle will be paid at hourly rates ranging from $195 to $525
and a retainer of $25,000. The firm will also receive reimbursement
for out-of-pocket expenses.

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

The firm can be reached at:

     Ryan E. Davis, Esq.
     Winderweedle, Haines, Ward & Woodman, P.A.
     P.O. Box 880
     Winter Par, FL 32790-0880
     Tel: (407) 423-4246
     Fax: (407) 645-3728
     Email: rdavis@whww.com

                      About Wildwood Villages

Wildwood Villages, LLC is a company engaged in activities related
to real estate. The company is based in Wildwood, Fla.

Wildwood Villages filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-02569) on Aug. 28, 2020, listing $3,150,861 in assets and
$3,428,386 in liabilities. Jonathan Woods, manager, signed the
petition.

Matthew S. Kish, Esq., Esq. at Shapiro Blasi Wasserman & Hermann,
P.A. is the Debtor's legal counsel.

On Feb. 23, 2022, the court confirmed the Debtor's Chapter 11 plan
and approved the selection of Ross Johnston to oversee the
liquidating trust created under the plan. Ryan E. Davis, Esq., at
Winderweedle, Haines, Ward & Woodman, P.A. serves as the plan
trustee's legal counsel.



YELLOW CORP: Egan-Jones Keeps CC LC Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company on February 22, 2022, maintained its
'CC' local currency senior unsecured ratings on debt issued by
Yellow Corp. EJR also maintained its 'C' rating on commercial paper
issued by the Company.

Headquartered in Overland Park, Kansas, Yellow Corp. operates as a
holding company.



ZOHAR III CORP: Taps Reliable Companies as Voting Agent
-------------------------------------------------------
Zohar III, Corp. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Reliable
Companies as voting agent.

The firm's services include:

   a. assisting with, among other things, solicitation, balloting
and tabulation of votes, preparing any related reports in support
of confirmation of any Chapter 11 plan filed by the Debtors in
their Chapter 11 cases, and processing requests for documents; and

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

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

     Analysts                         $30 to $50 per hour
     Consultant/Senor Consultant      $65 to $165 per hour
     Technology Consultants           $65 to $90 per hour
     Directors                        $150 per hour
     Solicitation Consultants         $175 per hour
     Director of Solicitation         $195 per hour

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

Justin Edelson, a partner at Reliable Companies, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Justin Edelson
     Reliable Companies d/b/a Reliable
     1650 Arch Street, Suite 2210
     Philadelphia, PA 19403
     Tel: (215) 563-3363

                       About Zohar III Corp.

Zohar III, Corp., and its affiliates are investment funds
structured as collateralized loan obligations. "Diva of Distressed"
Lynn Tilton, founder of private investment firm Patriarch Partners,
LLC, formed collateralized loan funds -- Zohar I, Zohar II, and
Zohar III –- in 2003 to borrow $2.5 billion to buy distressed
companies.

Tilton has faced an avalanche of lawsuits, including allegations
from the SEC that her Patriarch Partners improperly valued assets
in its Zohar debt funds and extracted about $200 million in excess
fees from investors.

Zohar III, Corp., Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar
II 2005-1, Limited, Zohar II 2005-1 Corp., and Zohar III, Limited
-- Zohar Funds -- sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 18-10512) on March
11, 2018. In the petition signed by Lynn Tilton, director, the
Debtors were estimated to have $1 billion to $10 billion in assets
and $500 million to $1 billion in liabilities.

Judge Karen B. Owens oversees the case.

Young Conaway Stargatt & Taylor, LLP and KPMG, LLP serve as the
Debtors' bankruptcy counsel and tax consultant, respectively.


[*] Colorado Bankruptcy Filings Dropped 25.8% in February Y/Y
-------------------------------------------------------------
Christopher Wood of Loveland Reporter-Herald reports that Colorado
bankruptcy filings dropped 25.8% in February 2022 compared with the
same period a year ago, continuing a pattern of declines seen
throughout 2021 and thus far in 2022.

Filings dropped in Boulder, Larimer and Weld counties, with only
Broomfield recording a single filing more than in February 2021.

That's according to a BizWest analysis of U.S. Bankruptcy Court
data. Numbers cited include all new filings, including open, closed
and dismissed cases. Colorado recorded 336 bankruptcy filings in
February, compared with 453 in February 2021.

Among counties in the Boulder Valley and Northern Colorado:

  * Boulder County recorded 10 bankruptcy filings in February,
compared with 13 in February 2021.

  * Broomfield recorded four bankruptcy filings in February, up
from three in February 2021.

  * Larimer County filings totaled 19 in February, compared with 20
a year ago.

  * Weld County bankruptcy filings totaled 17 in February, down
from 31 recorded a year ago.

Regional bankruptcies included a Chapter 11 filing from Drala
Mountain Center, formerly Shambhala Mountain Center, in Larimer
County.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Nicholas Rothwell Small, Jr.
   Bankr. S.D. Fla. Case No. 22-11853
      Chapter 11 Petition filed March 7, 2022
         represented by: Chad Van Horn, Esq.

In re Ronald Weiss, Sr.
   Bankr. D.N.J. Case No. 22-11799
      Chapter 11 Petition filed March 7, 2022
         represented by: Anthony Sodono, Esq.
                         MCMANIMON, SCOTLAND & BAUMANN, LLC
                         Email: asodono@msbnj.com

In re Shean Bacchus
   Bankr. E.D.N.Y. Case No. 22-40438
      Chapter 11 Petition filed March 7, 2022
         represented by: Douglas Pick, Esq.

In re MJVCC Capital Partners LLC
   Bankr. C.D. Cal. Case No. 22-11243
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/NYOTTNI/MJVCC_CAPITAL_PARTNERS_LLC__cacbke-22-11243__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joel S. Farkas, Esq.
                         E-mail: jojo@licit.us

In re Malcolm L. Grogins
   Bankr. D. Conn. Case No. 22-50107
      Chapter 11 Petition filed March 8, 2022
         represented by: Russell Small, Esq.

In re Maribel C. Algood
   Bankr. M.D. Fla. Case No. 22-00899
      Chapter 11 Petition filed March 8, 2022
         represented by: David Steen, Esq.

In re Brad A. Osterholt and Gloria J. Osterholt
   Bankr. N.D. Ind. Case No. 22-10187
      Chapter 11 Petition filed March 8, 2022
         represented by: Steven L. Diller, Esq.

In re Bruce L. Heard and Catherine M. Heard
   Bankr. D. Nev. Case No. 22-10814
      Chapter 11 Petition filed March 8, 2022
         represented by: Seth Ballstaedt, Esq.

In re Percy Darnell Range
   Bankr. D. Nev. Case No. 22-10794
      Chapter 11 Petition filed March 8, 2022

In re 262 North Walnut, LLC
   Bankr. D.N.J. Case No. 22-11834
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/KRX232Y/262_North_Walnut_LLC__njbke-22-11834__0001.0.pdf?mcid=tGE4TAMA
         represented by: Michael Schwartzberg, Esq.
                         MICHAEL SCHWARTZBERG
                         E-mail: michael@jerseylaws.com

In re James P. Lyons and Margaret A. Lyons
   Bankr. D.N.J. Case No. 22-11823
      Chapter 11 Petition filed March 8, 2022

In re 33 Sanders and 686 West Front Street LLC
   Bankr. D.N.J. Case No. 22-11849
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/3FFQ6PA/33_Sanders_and_686_West_Front__njbke-22-11849__0001.0.pdf?mcid=tGE4TAMA
         represented by: Andre L. Kydala, Esq.
                         LAW FIRM OF ANDRE L. KYDALA
                         E-mail: kydalalaw@aim.com

In re Ceremony Salon, LLC
   Bankr. E.D.N.C. Case No. 22-00492
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/KGL32AI/Ceremony_Salon_LLC__ncebke-22-00492__0001.0.pdf?mcid=tGE4TAMA
         represented by: Travis Sasser, Esq.
                         SASSER LAW FIRM
                         E-mail: travis@sasserbankruptcy.com

In re Grata Cafe, LLC
   Bankr. E.D.N.C. Case No. 22-00494
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/PI5PQEA/Grata_Cafe_LLC__ncebke-22-00494__0001.0.pdf?mcid=tGE4TAMA
         represented by: Travis Sasser, Esq.
                         SASSER LAW FIRM
                         E-mail: travis@sasserbankruptcy.com

In re Paraiso, LLC
   Bankr. S.D. Tex. Case No. 22-60011
      Chapter 11 Petition filed March 8, 2022
         See
https://www.pacermonitor.com/view/U7S4Y2A/Paraiso_LLC__txsbke-22-60011__0001.0.pdf?mcid=tGE4TAMA
         represented by: Nathaniel Peter Holzer, Esq.
                         ATTORNEY AT LAW
                         E-mail: pete@npholzerlaw.com

In re Arya's Vintage Closet LLC
   Bankr. C.D. Cal. Case No. 22-10392
      Chapter 11 Petition filed March 9, 2022
         See
https://www.pacermonitor.com/view/DXVIFDI/Aryas_Vintage_Closet_LLC__cacbke-22-10392__0001.0.pdf?mcid=tGE4TAMA
         represented by: William Lobel, Esq.
                         THEODORA ORINGHER PC
                         E-mail: wlobel@tocounsel.com

In re Atis Holdings LLC
   Bankr. M.D. Fla. Case No. 22-00919
      Chapter 11 Petition filed March 9, 2022
         See
https://www.pacermonitor.com/view/FOFO4DQ/Atis_Holdings_LLC__flmbke-22-00919__0001.0.pdf?mcid=tGE4TAMA
         represented by: James W. Elliott, Esq.
                         MCINTYRE THANASIDES BRINGGOLD ELLIOTT, ET

                         AL.
                         E-mail: James@mcintyrefirm.com

In re Lynn Real Estate LLC
   Bankr. D. Nev. Case No. 22-50121
      Chapter 11 Petition filed March 9, 2022
         See
https://www.pacermonitor.com/view/QN3WZPA/LYNN_REAL_ESTATE_LLC__nvbke-22-50121__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stephen R. Harris, Esq.
                         HARRIS LAW PRACTICE LLC
                         E-mail: steve@harrislawreno.com

In re 968 East 48 LLC
   Bankr. E.D.N.Y. Case No. 22-40457
      Chapter 11 Petition filed March 9, 2022
         See
https://www.pacermonitor.com/view/DHQOAKY/968_East_48_LLC__nyebke-22-40457__0001.0.pdf?mcid=tGE4TAMA
         represented by: Vivian Sobers, Esq.
                         SOBERS LAW, PLLC
                         E-mail: vsobers@soberslaw.com

In re Ronald V. Mejzak, DO
   Bankr. E.D. Va. Case No. 22-70350
      Chapter 11 Petition filed March 9, 2022
         represented by: Kelly Barnhart, Esq.
                         ROUSSOS & BARNHART PLC
                         Email: barnhart@rgblawfirm.com

In re Dov Arieh Charney
   Bankr. C.D. Cal. Case No. 22-11335
      Chapter 11 Petition filed March 10, 2022
         See
https://www.pacermonitor.com/view/NNO7A7I/Dov_Arieh_Charney__cacbke-22-11335__0001.0.pdf?mcid=tGE4TAMA
         represented by: William N. Lobel, Esq.
                         THEODORA ORINGHER PC
                         E-mail: wlobel@tocounsel.com

In re Renaissance Capital Management LLC
   Bankr. N.D. Ga. Case No. 22-51940
      Chapter 11 Petition filed March 10, 2022
         See
https://www.pacermonitor.com/view/37ZW3BY/Renaissance_Capital_Management__ganbke-22-51940__0001.0.pdf?mcid=tGE4TAMA
         represented by: Aaron R. Anglin, Esq.
                         JONES & WALDEN, LLC
                         E-mail: aanglin@joneswalden.com

In re Donald C. Darnell
   Bankr. E.D. Mich. Case No. 22-41803
      Chapter 11 Petition filed March 10, 2022
         represented by: Donald Darnell, Esq.

In re 8952 Col Green, LLC
   Bankr. D. Nev. Case No. 22-10848
      Chapter 11 Petition filed March 10, 2022
         See
https://www.pacermonitor.com/view/JGQOPAI/8952_COL_GREEN_LLC__nvbke-22-10848__0001.0.pdf?mcid=tGE4TAMA
         represented by: Roger P. Croteau, Esq.
                         ROGER P. CROTEAU & ASSOCIATES LTD.
                         E-mail: croteaulaw@croteaulaw.com

In re James D. Posillico and Rowena T. Posillico
   Bankr. E.D.N.Y. Case No. 22-70420
      Chapter 11 Petition filed March 10, 2022

In re KLMKH, Inc.
   Bankr. W.D.N.C. Case No. 22-30102
      Chapter 11 Petition filed March 10, 2022
         See
https://www.pacermonitor.com/view/DH7AQJI/KLMKH_Inc__ncwbke-22-30102__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Eye Innovations LLC
   Bankr. E.D. Pa. Case No. 22-10600
      Chapter 11 Petition filed March 10, 2022
         See
https://www.pacermonitor.com/view/LHEZ5VY/Eye_Innovations_LLC__paebke-22-10600__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel L. Reinganum, Esq.
                         MCDOWELL LAW, PC
                         Email: danielr@mcdowelllegal.com

In re J And M Supply of the Carolinas, LLC
   Bankr. E.D.N.C. Case No. 22-00536
      Chapter 11 Petition filed March 11, 2022
         See
https://www.pacermonitor.com/view/7Q52NWQ/J_And_M_Supply_of_the_Carolinas__ncebke-22-00536__0001.0.pdf?mcid=tGE4TAMA
         represented by: Richard P. Cook, Esq.
                         RICHARD P. COOK PLLC
                         E-mail: CapeFearDebtRelief@gmail.com

In re Dee's Place Glenview, Inc.
   Bankr. N.D. Ill. Case No. 22-02820
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/QT7CIRY/Dees_Place_Glenview_Inc__ilnbke-22-02820__0001.0.pdf?mcid=tGE4TAMA
         represented by: Paul M. Bach, Esq.
                         BACH LAW OFFICES, INC.
                         E-mail: pnbach@bachoffices.com

In re Larson Valley, Inc.
   Bankr. S.D. Iowa Case No. 22-00230
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/CWV6DIY/Larson_Valley_Inc__iasbke-22-00230__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jeffrey D. Goetz, Esq.
                         BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
                         E-mail: goetz.jeffrey@bradshawlaw.com

In re Larson Farms Trucking, Inc.
Bankr. S.D. Iowa Case No. 22-00232
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/DG7WAOY/Larson_Farms_Trucking_Inc__iasbke-22-00232__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jeffrey D. Goetz, Esq.
                         BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
                         E-mail: goetz.jeffrey@bradshawlaw.com

In re Larson Ridge, Inc.
   Bankr. S.D. Iowa Case No. 22-00231
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/C7MTOLY/Larson_Ridge_Inc__iasbke-22-00231__0001.0.pdf?mcid=tGE4TAMA
         represented by: JEFFREY D. GOETZ, Esq.
                         BRADSHAW, FOWLER, PROCTOR & FAIRGRAVE PC
                         E-mail: goetz.jeffrey@bradshawlaw.com

In re 1168 Aspen Cliff, LLC
   Bankr. D. Nev. Case No. 22-10853
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/KEWC7QY/1168_ASPEN_CLIFF_LLC__nvbke-22-10853__0001.0.pdf?mcid=tGE4TAMA
         represented by: Roger P. Croteau, Esq.
                         ROGER P. CROTEAU & ASSOCIATES LTD
                         E-mail: croteaulaw@croteaulaw.com

In re Hy Barr, Inc.
   Bankr. D. Utah Case No. 22-20801
      Chapter 11 Petition filed March 12, 2022
         See
https://www.pacermonitor.com/view/7KH55KI/Hy_Barr_Inc__utbke-22-20801__0001.0.pdf?mcid=tGE4TAMA
         represented by: Geoffrey L. Chesnut, Esq.
                         RED ROCK LEGAL SERVICES, PLLC
                         E-mail: courtmailrr@expresslaw.com

In re Deep Ellum Hostel LLC
   Bankr. N.D. Tex. Case No. 22-30448
      Chapter 11 Petition filed March 13, 2022
         See
https://www.pacermonitor.com/view/3UQYFPQ/Deep_Ellum_Hostel_LLC__txnbke-22-30448__0001.0.pdf?mcid=tGE4TAMA
         represented by: Scott D. Lawrence, Esq.
                         WICK PHILLIPS GOULD & MARTIN, LLP
                         E-mail: scott.lawrence@wickphillips.com

In re EJ Legacy, LLC
   Bankr. M.D. Fla. Case No. 22-00910
      Chapter 11 Petition filed March 14, 2022
         See
https://www.pacermonitor.com/view/WNA773I/EJ_Legacy_LLC__flmbke-22-00910__0001.0.pdf?mcid=tGE4TAMA
         represented by: Christopher Hixson, Esq.
                         CONSUMER LAW ATTORNEYS
                         E-mail: chixson@consumerlawattorneys.com

In re 5 Star Jets, LLC
   Bankr. S.D. Fla. Case No. 22-12009
      Chapter 11 Petition filed March 14, 2022
         See
https://www.pacermonitor.com/view/5FHOVCA/5_Star_Jets_LLC__flsbke-22-12009__0001.0.pdf?mcid=tGE4TAMA
         represented by: Stan Riskin, Esq.
                         ADVANTAGE LAW GROUP, P.A.
                         E-mail: stan.riskin@gmail.com

In re Miguel Cabranes and Daisy Beceiro
   Bankr. S.D. Fla. Case No. 22-12001
      Chapter 11 Petition filed March 14, 2022
         represented by: Jeffrey Bast, Esq.
                         BASTON AMRON LLP
                         Email: jbast@bastamron.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

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

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

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