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

              Friday, March 18, 2022, Vol. 26, No. 76

                            Headlines

25-16 37TH AVE: Files Amended Plan; Confirmation Hearing May 4
6525 BELCREST: Amends Panasia Secured Claim Pay Details
ACETO CORP: Directed to Produce A&M's Notes to Sigmapharm
BED BATH & BEYOND: S&P Alters Outlook to Neg., Affirms 'B+' ICR
BOY SCOUTS: Greensboro Churches Entangled as Abuse Claims Deepen

BRAINY APPS: Unsecureds Will Get 8.66% of Claims in 5 Years
CENTURY CASINOS: Moody's Rates New $350MM 1st Lien Term Loan 'B3'
CLEVELAND IMAGING: Court Finds Sanctions Warranted Against Doctors
DEEP ELLUM: Hostel, Booty's Bar Enter Chapter 11 Bankruptcy
DIAMOND SPORTS: S&P Raises ICR to 'CCC+', Outlook Negative

DIOCESE OF CAMDEN: Insurers Say More Abuse Claims Info Needed
EAGAN AVENATTI: Court Denies Ch. 7 Trustee's Bid to Use Property
ENERFLEX LTD: Fitch Assigns First Time 'BB-' LT IDR, Outlook Stable
FIGUEROA MOUNTAIN: Court OKs Cash Collateral Stipulation
GOGO INC: S&P Alters Outlook to Positive, Affirms 'B' ICR

GRANITE GENERATION: S&P Affirms 'B+' ICR, Off Watch Negative
GUILDWORKS LLC: Hits Chapter 11 Bankruptcy Protection
HLH TIMBER: Unsecureds' Recovery Hiked to 10% in 5 Years
INTEGRATED PLAN: Ends Up in Chapter 11 Bankruptcy Filing
JINZHENG GROUP: Committee Entitled to Discovery From Max Yang

JINZHENG GROUP: Unsecureds to be Paid in Full with Interest in Plan
LA CASA CANAVERAL: Unsecureds to be Paid in Full in Sale Plan
LATAM AIRLINES: Court Approves $700M Fee for Hedge Funds
LATAM AIRLINES: Obtains $3.7 Bil. of Debt to Repay Oaktree, Apollo
LRGH HEALTHCARE: Concord CEO Donovan Resigns 1 Year After Buying Co

MILLER ENERGY: Investors, KPMG Reach $35 Million Deal Over Audit
NEW DAY N CHRIST: Creditors to Get Paid from Loan Proceeds
NEW YORK CLASSIC: Pitches New Plan With Equity Payout
NORWICH ROMAN: Hellman, Jones Walker Represent Parish Group
O-I GLASS: S&P Alters Outlook to Positive, Affirms 'B+' ICR

OLD WORLD TIMBER: Continued Operations to Fund Plan
PLAMEX INVESTMENT: Unsecureds Unimpaired in Liquidating Plan
PROFRAC HOLDINGS II: Moody's Assigns B3 CFR Amid FTSI Transaction
PROSPECT-WOODWARD: Amends SBW & Mechanics Lien Claims Pay Details
PROTONEX LLC: Case Summary & 16 Unsecured Creditors

PUERTO RICO: Plan of Adjustment Now Effective
RADIOLOGY PARTNERS: S&P Affirms 'B-' ICR, Outlook Stable
SCHERTZ AERIAL: Case Summary & Five Unsecured Creditors
SEQUA CORP: Moody's Puts 'Caa2' CFR on Review for Upgrade
SKILLSOFT CORP: S&P Alters Outlook to Stable, Affirms 'B-' ICR

SKY MEDIA: Unsecured Creditors to Split $13K over 32 Months
SOUTH SKY: Wins Cash Collateral Access Thru March 31
SOUTHGATE TOWN: Voluntary Chapter 11 Case Summary
SUDBURY PROPERTY: Gets Cash Collateral Access Thru March 31
TELEGRAPH SQUARE: Case Summary & Five Unsecured Creditors

TENET HEALTHCARE: S&P Upgrades ICR to 'B+', Outlook Stable
TRONOX INC: Court OKs Some Tort Claimants to File Late Claims
ULTRA PETROLEUM: Can Ditch Rockies Contract in Reorganization Plan
YAHWEH CENTER: Tax Penalty Payments Not Recoverable, 4th Cir. Says
[^] BOOK REVIEW: Dangerous Dreamers


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25-16 37TH AVE: Files Amended Plan; Confirmation Hearing May 4
--------------------------------------------------------------
25-16 37th Ave Owners, LLC, submitted a First Amended Disclosure
Statement, as Modified, for First Amended Plan of Liquidation.

Simultaneously with the filing of this Disclosure Statement, the
Debtor filed a motion to Application for Entry of an Order
Authorizing and Approving an Auction Sale for Property, Free and
Clear of all Monetary Liens, Claims and Encumbrances, with such
Monetary Liens, Claims and Encumbrances to Attach to the Proceeds
of Sale; and Approving the Bidding Procedures for the Property (the
"Bid Procedure Motion").

The Bid Procedures Motion provides for a stalking horse bid to
purchase the Property by LIC inclusive of its credit bid of its
secured claim, and a cash contribution (the "LIC Contribution") to
satisfy all Administrative Claims, Priority Claims, New York City
Secured Claims, and $100,000 to general unsecured creditors, to be
used as the initial bid at a public auction sale (the "Auction
Sale"). The proposed Auction Sale will be subject to extensive
marketing and subject to higher and better bids. The Debtor intends
to receive the highest and best price for its primary and most
valuable asset, so that it may maximize return to creditors of its
estate.

The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:

     * Class 6 General Unsecured Claim totaling $5,113,589 will
each receive its pro rata payment of $100,000 from either from the
LIC Contribution or a carve out of the Class 3 LIC Secured Claim,
and the remaining Cash from the Sale Proceeds after payment of
Statutory Fees, Administrative Claims, Professional Fee Claims, Non
Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2
Claims, Class 3 Claims, Class 4 Claims and Class 5 Claims. Class 6
is impaired.

     * On the Effective Date, all Equity Interests Holders shall
retain the value of their Interests that may exist as to any
remaining balance of Cash, if any, after payment in full of all
Allowed Claims and Classes of Claims against the Debtor. Interests
of Equity shall be extinguished, and the Debtor shall remain
responsible for either managing or winding down its own affairs
without interfering with the Disbursing Agent's performance under
the Plan. Class 7 Equity Interests are not receiving any
distribution under the Plan, and Interest Holders are deemed to
reject the Plan.

LIC and the Debtor anticipate no priority claims being filed in
this case. In the event priority claims are filed, LIC reserves the
right to withdraw or modify its bid to purchase the Property. At
such time, LIC and the Debtor may seek a revised order of this
Court modifying the bidding procedures and the Debtor's proposed
Amended Plan and Amended Disclosure Statement accordingly or seek
other relief as appropriate. Payments under the Plan will be paid
from either the Sale Proceeds, Cash of the Debtor, and/or the LIC
Contribution. The Sale Transaction will be implemented pursuant to
the Bid Procedures.

Prior to or on the Effective Date, the Property shall be sold to
the Purchaser, free and clear of all Liens, Claims and encumbrances
(except encumbrances as determined by the Purchaser), with any such
Liens, Claims and encumbrances to attach to the Sale Proceeds and
disbursed in accordance with the provisions of the Plan. LIC shall
have the right, in its sole discretion, but not the obligation, to
provide for an assignment of the LIC Mortgage and an assumption by
Purchaser in connection with the Sale Transaction, such LIC
Mortgage shall be treated as having zero balance due and owing and
no sums advanced and owing and such taxing authority shall not levy
any mortgage recording or stamp tax for such the recordation of
assigned and assumed Mortgages, in amount of $17,580,000, to LIC or
any subsequent assignee.

All distributions to be made on the Effective Date shall be
transferred to the escrow account of the Disbursing Agent at the
closing of the Sale Transaction. Only in the event that LIC or its
assignee, or designee is the Purchaser of the Property by credit
bid (in part or in whole), or if the Sale Proceeds are insufficient
to pay the full amount of the Allowed Administrative Claims,
Professional Fee Claims, Priority Tax Claims, Class 1 Claims, and
Class 2 Claims, LIC shall deliver to the Disbursing Agent for
distribution pursuant to the provisions of the Plan (i) Cash in an
amount sufficient to pay the full amount of the Allowed
Administrative Claims, Professional Fee Claims, Priority Tax
Claims, Class 1 Claims, Class 2 Claims, and (ii) the LIC
Contribution.

The Bankruptcy Court has scheduled a hearing to consider
Confirmation of the Plan, on May 4, 2022. The Bankruptcy Court has
directed that objections, if any, to Confirmation of the Plan be
filed and served on or before April 27, 2022 at 4:00 p.m.

A full-text copy of the First Amended Disclosure Statement dated
March 14, 2022, is available at https://bit.ly/3KNJwGa from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Joel Shafferman, Esq.
     SHAFFERMAN & FELDMAN LLP
     137 Fifth Avenue, 9th Floor
     New York, NY 10010
     Tel: (212) 509-1802

                   About 25-16 37th Ave Owners

Hollywood, Fla.-based 25-16 37th Ave Owners, LLC is a single asset
real estate debtor (as defined in 11 U.S.C. Section 101(51B)).

25-16 37th Ave Owners filed its voluntary petition for Chapter 11
protection (Bankr. E.D.N.Y. Case No. 21-42662) on Oct. 19, 2021,
listing $250,000 in assets and $18,437,803 in liabilities. Judge
Jil Mazer-Marino presides over the case.

Joel M. Shafferman, Esq., at Shafferman & Feldman, LLP, is the
Debtor's legal counsel.


6525 BELCREST: Amends Panasia Secured Claim Pay Details
-------------------------------------------------------
6525 Belcrest Road, LLC, submitted a Second Amended Disclosure
Statement for Second Amended Plan of Reorganization.

The Debtor is the owner of the commercial real property located at
6525 Belcrest Road, Hyattsville, Maryland, (the "Property").  The
Debtor claims that at the time of purchase it acquired certain
rights under a 1970 parking waiver ("Parking Waiver").  The Debtor
leases the Property to a number of commercial tenants, Debtor
claims that the Parking Waiver provides it and its tenants access
to park on approximately 19.9639 acres of real property across the
street on the opposite side of Toledo Road, which at the time of
acquisition was owned by Dewey L.C. ("Dewey") and BE UTC Dewey
Parcel LLC ("Parking Parcel").  However, Dewey disputes the
Debtor's claims.

The Debtor was the ground lessee under a ground lease made as of
March 31, 1998, as amended, by and between Dewey and Dewey's
affiliated prior owner of the Property, which lease was assigned to
and assumed by the Debtor pursuant to an assignment and assumption
agreement (the "Ground Lease") along with a general assumption
agreement. The property that was leased is part of the Parking
Parcel. By order dated October 4, 2021, the Bankruptcy Court
granted the Debtor's motion to reject the Ground Lease.

The Plan provides for a restructuring of the Panasia Secured Claim
with the New Panasia Note, which is due on October 31, 2022 and has
an interest rate of 5.5% per annum. Other Secured Claims and
Unsecured Claims will be paid in full with either Cash from
operations or from funds deposited by the Interest Holder and
presently held in Debtor's counsel's escrow account.

Class 2 consists of the Panasia Secured Claim. In full
satisfaction, release and discharge of the Allowed Panasia Secured
Claim, the Holder of the Allowed Panasia Secured Claim shall
receive the New Panasia Note which shall bear interest at the rate
of 5.5% per annum, payable monthly in arrears with a maturity date
of October 31, 2022, with the option of a one-year extension at
6.0% per annum.

Class 4 consists of Unsecured Claims totaling $2,911,857. Subject
to the provisions of Article 7 of the Plan with respect to Disputed
Claims, in full satisfaction, settlement, release and discharge of
the Class 4 Unsecured Claims, each Holder of an Allowed Class 4
Unsecured Claim against the Debtor shall receive on the Effective
Date the full amount of their Allowed Unsecured Claims with
interest at the federal judgment rate.

The Debtor shall take all necessary steps, and perform all
necessary acts, to consummate the terms and conditions of the Plan.
The Confirmation Order shall contain appropriate provisions,
consistent with section 1142 of the Bankruptcy Code, directing the
Debtor and any other necessary party to, among other things,
execute and deliver the New Panasia Note and New Panasia Security
Documents and perform any act, including the satisfaction of any
Lien, that is necessary for the consummation of the Plan.

Funding for the Plan shall be from available Cash and funds raised
by the Debtor's Interest Holder. The Interest Holder has escrowed
with Debtor's counsel funds sufficient to make all payments under
the Plan for Class 4 Claims.

In a chapter 7 liquidation, there would be insufficient funds to
satisfy the Panasia Secured Claim in full, resulting in no other
funds available to pay any junior classes of claims. Additionally,
under a Plan, Interest Holder raised the funds to allow for payment
of Administrative Claims and the funding of a 100% distribution to
Unsecured Creditors.

A full-text copy of the Second Amended Disclosure Statement dated
March 14, 2022, is available at https://bit.ly/363LseS from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Robert M. Sasloff, Esq.
     Steven B. Eichel, Esq.
     ROBINSON BROG LEINWAND GREENE
     GENOVESE & GLUCK P.C.
     875 Third Avenue
     New York, New York 10022
     Tel: (212) 603-6300

                     About 6525 Belcrest Road

New York-based 6525 Belcrest Road, LLC owns Metro Center III, a
commercial real property in Hyattsville, Md.  6525 Belcrest Road
filed its voluntary petition for Chapter 11 protection (Bankr.
S.D.N.Y. Case No. 21-10968) on May 19, 2021, listing as much as $10
million in both assets and liabilities. Judge Michael E. Wiles
oversees the case.

The Debtor tapped Robinson Brog Leinwand Greene Genovese & Gluck,
PC as its bankruptcy counsel.  Peckar & Abramson, PC and The Law
Office of Michele Rosenfeld, LLC serve as the Debtor's special
counsel.


ACETO CORP: Directed to Produce A&M's Notes to Sigmapharm
---------------------------------------------------------
Sigmapharm Laboratories, LLC, filed a motion against the two
Liquidating Debtors that are Plaintiffs in the adversary proceeding
styled KAVOD PHARMACEUTICALS LLC (f/k/a RISING PHARMACEUTICALS,
LLC, f/k/a RISING PHARMACEUTICALS, INC.) and TRI HARBOR HOLDINGS
CORPORATION (f/k/a ACETO CORPORATION), Plaintiffs, v. SIGMAPHARM
LABORATORIES, LLC, Defendant, Adv. Pro. No. 19-2053 (VFP)(Bankr.
D.N.J.).

On July 18, 2019, the Debtors filed a nine-count Adversary
Proceeding to address their contractual dispute with Sigmapharm
under A June 22, 2006 Master Product and Collaboration Agreement
and Sigmapharm filed various counterclaims. By Opinion entered on
October 5, 2021 and Order entered on October 6, 2021, the Court (i)
granted in part and denied in part the Debtors' motion for summary
judgment; and (ii) denied Sigmapharm's motion for summary judgment.
As part of its ruling, the Court determined that Sigmapharm
unlawfully terminated the June 22, 2006 Agreement by serving the
Debtor with a December 16, 2016 Notice of Breach and a March 23,
2018 Notice of Termination that did not comply with requirements
for notice of breach and termination under the parties' Agreement.
Pursuant to a December 22, 2021 Joint Scheduling Order, expert
discovery ended on March 8, 2022, with a status conference on March
15, 2022.

The Motion seeks to compel the production of certain unredacted
notes taken by Plaintiffs' forensic accounting expert, Alvarez &
Marsal. More specifically, the Motion asks the Court to require
Plaintiffs to produce an unredacted version of 18 pages of A&M
notes that are Bates-stamped RISING_SP_00092538 through
RISING_SP_00092555, including "unredacted native versions of the
notes, with complete metadata."

The Privilege Motion was filed by Sigmapharm on February 14, 2022
with a March 1, 2022 return date, at the same time Plaintiffs filed
a motion to compel Sigmapharm to supplement its response to
Interrogatory No. 7 propounded by Plaintiffs. That Interrogatory
required Sigmapharm to set forth its revenues and profits (gross
and net) generated from Third Party Sales under the June 22, 2006
Master Product and Collaboration Agreement between the parties
after its termination by Sigmapharm. This expedited schedule for
both Motions was set by the Court at the request of the parties so
as to meet the March 8, 2022 deadline for expert discovery under
the parties' December 22, 2021 Fourth Supplemental Joint Order
Scheduling Pretrial Proceedings. For each Motion, the nonmoving
party filed an objection, and the movant, a reply.

Judge Vincent F. Papalia of the United States Bankruptcy Court for
the District of New Jersey believes Sigmapharm somewhat overstates
the exceptions to the protection of expert material under Fed. R.
Civ. P. 26(b)(4)(C) when its argues the "attorney-client privileged
and/or work product doctrine are waived when any material is
considered by the expert in forming her opinions."

According to Judge Papalia, while the disclosure of information to
the expert may result in a waiver of either or both the
attorney-client and work-product privileges, the Court is
nonetheless required to carefully analyze the assertedly privileged
materials to determine whether it is facts or data that is being
considered by the expert or assumptions provided by the party's
attorney and relied upon by the expert (in which cases it is
discoverable), Fed. R. Civ. P. 26(b)(4)(C)(ii) and (iii), or the
attorney's legal impressions, conclusions and opinions, i.e.,
"core" work product (in which case it is generally not) Fed. R.
Civ. P. 26(b)(3)(B).

To make that determination in a manner that will best ensure that
"core" work product is properly protected, the Court said it will
follow the lead of Bogosian v. Gulf Oil Corp., 738 F.2d 587,
589-91, 593-94 (3d Cir. 1984) and In re Cendant Corp. Sec. Litig.,
343 F.3d 658, 663 (3d Cir. 2003) (and other cases) and conduct an
in camera review of the redacted A&M Notes to determine whether
they should be produced as falling within any of the exceptions of
Fed. R. Civ. P. 26(b)(4)(C). Accordingly, at the March 1, 2022
hearing, the Court directed Plaintiffs to immediately provide to
the Court for its in camera review an unredacted version of the A&M
Notes at issue. Those unredacted Notes were quickly provided and
now have been reviewed by the Court.

On the basis of that review and application of legal principles
cited above, Judge Papalia will grant Sigmapharm's motion in part
and deny it in part as to the specific redactions at issue. To the
extent production and "unredaction" are ordered, Plaintiffs must
produce the unredacted version of the Notes in "native" format,
with metadata and any related similar information, within three
business days of entry of this Order, subject to the qualifications
discussed on the record with counsel for both Plaintiffs and
Sigmapharm at the March 1, 2022 hearing.

A full-text copy of Judge Papalia's Opinion and Order dated March
4, 2022, is available at https://tinyurl.com/2wtfnztz from
Leagle.com.


BED BATH & BEYOND: S&P Alters Outlook to Neg., Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed all its ratings on Union, N.J.-based home furnishing
specialty retailer Bed Bath & Beyond Inc. (BBBY), including its
'B+' issuer credit rating.

The negative rating outlook on BBBY reflects our view that ongoing
industrywide headwinds could hinder the progress on its turn-around
initiatives, leading to prolonged operating performance challenges,
sustained elevated leverage, and limited cash generation.

S&P said, "The company's recent operating performance has been
weaker than we anticipated, and the timing of a recovery is
uncertain. Our outlook revision follows the ongoing negative impact
of industrywide supply chain headwinds, which we believe have been
exacerbated by BBBY's lagging inventory and supply chain management
systems. Its supply chain optimization plans have not progressed
quickly enough to respond adequately to the current environment.
This has led to poor in-stock positions relative to peers,
resulting in lost sales, with the company reporting a comparable
store sales decline of 7% and EBITDA margin contraction of about
240 basis points (bps) in the fiscal third quarter (ended Nov. 27,
2021). We believe the sales decline is primarily attributable to
its limited in-store inventory availability. Better-stocked
competitors have taken market share, which we expect will be
difficult for BBBY to recapture. Margin deterioration resulted from
the deleveraging effect of sales, general and administrative
expenses on lower sales while higher freight costs were offset by
managing pricing and promotional activity, as well as higher
private label merchandise penetration.

"We expect supply chain pressures to ease in the second half of
fiscal 2022 (ending Feb. 25, 2023) while the company's strategic
initiatives should also contribute to rebounding profitability.
However, rising commodity prices will likely pose an additional
burden over the next 12 months. We believe its performance recovery
in 2022 has become increasingly uncertain and the company could
underperform our forecast. Specifically, the timing of supply chain
challenges abating, the impact of inflationary pressures on
consumer spending, and BBBY's ability to recapture lost market
share all present downside risks to our forecast."

Its progress on rationalizing store count and its various business
improvement initiatives should drive expanding profitability and
improve its competitive position. Management has made progress on
certain key initiatives to transform the company and adapt to
secular changes within the retail landscape. For example, its
omnichannel investments enabled digital sales penetration of about
35% in the third quarter, compared with about 20% two years ago.
S&P believes digital sales will be sustained at higher levels,
supported by the company's expanding online presence with the
launch of its new digital marketplace and its e-commerce
partnership with Kroger. The company has also reduced its physical
store footprint, operating only about 800+ Bed Bath & Beyond
concept stores as of Nov. 27, 2021, down from 976 in 2019.
Furthermore, recently expanded private label penetration should
lead to improving profitability and has the potential to strengthen
customer retention. The company launched eight new owned brands in
the first three quarters of 2021 and improved its private label
penetration to 25% from only about 10% in 2020.

These initiatives, combined with strengthening its supply chain by
using regional distribution centers and employing a new resource
management program to better manage its inventory, should
contribute to higher profitability in 2022. S&P said, "We forecast
S&P Global Ratings-adjusted EBITDA margin approaching 10% in 2022,
up from the mid-6% area projected in 2021. We anticipate an
improving trend throughout 2022, with notably improved
profitability in the second half. Lower transformation-related
expenses (which we do not add back to our adjusted EBITDA) will
also contribute to the expected margin expansion."

S&P said, "We expect better operating results in 2022 to strengthen
BBBY's S&P Global Ratings-adjusted debt to EBITDA after meaningful
erosion in 2021. We now expect fiscal 2021 S&P Global
Ratings-adjusted debt to EBITDA as high as 6x, up from about 4x in
2020. This reflects a significant deterioration relative to our
earlier forecast for leverage in the mid-3x area. We believe that
progress on its turn-around initiatives, modified pricing and
promotional strategy, and easing supply chain bottlenecks should
lead to deleveraging toward the 4x area in 2022." However,
weakening consumer spending trends amid an increasingly
inflationary economic backdrop could pressure cash flow generation
and the company's ability to support capital investments in store
remodels, information technology infrastructure improvements, and
supply chain enhancements.

S&P said, "In addition to a spike in leverage, we expect the
company to report negative free operating cash flow (FOCF) in 2021,
driven by weak business performance, inventory investments, and
elevated capital spending. We anticipate positive, albeit limited,
levels of FOCF in 2022, further expanding in 2023. We continue to
apply a negative comparable rating modifier to reflect our view of
BBBY's holistic standing in relation to 'B+' and 'BB-' rated peers,
reinforced by the recent increase in leverage and irregular cash
flow generation."

Investor activism could lead to a shift in its turn-around strategy
or possible divestment activity. Activist investment firm RC
Ventures LLC's newly acquired stake of about 10% in BBBY's common
stock does not immediately affect the company's credit risk. RC
Ventures has advocated for the company to change its strategy,
consider asset divestments, or explore selling itself. S&P believes
RC Ventures could guide management to focus on the most impactful
aspects of its turn-around plan or advocate new initiatives to
streamline operations, which may affect the timeline of business
improvement that it currently anticipates. While visibility is
currently limited, a formal exploration of a divestment or sale
would precipitate a review of the rating.

S&P said, "The negative outlook reflects heightened uncertainty in
our forecast for improving profitability in the second half of
fiscal 2022. A prolonged period of elevated leverage and limited
cash flow could result if cost pressures do not ease or if consumer
discretionary spending diminishes amid a high inflation
environment."

S&P could lower the rating if:

-- S&P no longer believed the company's turn-around initiatives
would lead to longer-term profitability and cash flow improvements
that would enable sustained S&P Global Ratings-adjusted EBITDA
margins at least in the low-teens percent area, perhaps due to
market share losses that the company could not recapture; or

-- S&P expected S&P Global Ratings-adjusted leverage to be
sustained at 5x or higher. This could occur if cost pressures
stemming from freight and supply chain challenges did not improve,
if inflationary pressures limited consumer spending, or if
execution setbacks hindered the company's performance, leading to
an EBITDA margin about 200 bps below our forecast.

S&P could revise its outlook to stable or raise the ratings if:

-- S&P expected longer-term improvements to profitability and cash
flow, likely resulting from its business improvement investments,
that enabled sustained S&P Global Ratings-adjusted EBITDA margins
at least in the low-teens percent area; and

-- Improving business trends led to expanding EBITDA on a
sustained basis, moderating leverage relative to 2021, and S&P
expected S&P Global Ratings-adjusted leverage to be maintained
below 5x.

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



BOY SCOUTS: Greensboro Churches Entangled as Abuse Claims Deepen
----------------------------------------------------------------
Nancy McLaughlin of News & Record reports that in July 2021, the
Boy Scouts of America reached a $850 million settlement with
thousands of men who say they were sexually abused as children.

The epic settlement, involving 84,000 people who claimed abuse as
far back as the 1960s, rocked the reputation of the iconic
organization, which was already reeling from Chapter 11
bankruptcy.

But as the Boy Scouts try to put the scandal behind them,
allegations of sexual abuse aren't over.  And for local
organizations that partnered with them with over the years, their
problems are just beginning.

The files in the Guilford County Courthouse tell the stories of
trusting children who claim adults preyed on their nature through
local chapters of the Boy Scouts. Dozens of new lawsuits have been
filed against the 112-year-old organization and these groups as
victims make a claim for compensation.

As more plaintiffs become involved, it further drags down the
beleaguered Boy Scouts and, by association, the local groups
affiliated with them. In many cases, the guilt or innocence of
these groups isn't clear. Neither is their culpability. Most of the
claims are decades old.

One recent suit filed is against the Old North State Council, which
covers Alamance, Davie, Davidson, Caswell, Guilford, Person,
Randolph, and Rockingham counties.

Another suit filed on March 1, 2022 is on behalf of "John Does
1-10" and lists defendants such as: Baptist Children’s Home,
Roman Catholic Diocese of Charlotte (whose churches include parts
of the Triad), the Congregational United Church of Christ and First
Presbyterian Church of Greensboro among others.

Some of the groups allowed the Scouts to meet in their buildings
while others started chapters of their own.

Many of the congregations and groups reached this week had not seen
the lawsuits, which say the alleged abuse did not necessarily take
place on their campuses.

First Presbyterian issued this response after being named: “The
conduct described in the complaint is alleged to have occurred more
than 35 years ago in the mid-1980s. No details or specifics are
provided in the lawsuit other than First Presbyterian serving as a
sponsoring organization and meeting place for a Scout troop. The
church has zero tolerance for abuse of any kind and supports
individuals who have experienced trauma.”

Congregational United Church of Christ shared the news with its
congregation by email on March 3, 2022.

"We had no prior knowledge of a legal action naming our church, and
we have received no information from the court or lawyers
concerning this matter," according to the email. “The allegations
took place 35 years ago. Our church does not tolerate personal
abuse of any kind, and we support any individual who has
experienced such trauma. We have contacted UCC in Cleveland, the
Southern Conference and our insurance agent. We will keep you
apprised."

                 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.


BRAINY APPS: Unsecureds Will Get 8.66% of Claims in 5 Years
-----------------------------------------------------------
Brainy Apps, LLC, filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Combined Disclosure Statement and
Chapter 11 Plan of Reorganization for Small Business (the "CDP")
dated March 14, 2022.

The Debtor is a Florida corporation and is current on all
registrations with the State of Florida. Debtor is in the business
of application design and development which is run remotely by its
officers, John Lakatis – Co-Founder; Deron Wagner – Co-Founder;
and Carmen Lakatis – Director.

On August 17, 2021, Bashar Al-Hussaini obtained final judgment
against the Debtor in Miami-Dade County, Florida Case No. 2021
004620-CA-01, in the amount of $50,372.64. After final judgment was
awarded, Bashar Al-Hussaini began the garnishment of all bank
accounts associated with the Debtor. This directly affected the
Debtor and foreclosed its ability to meet its financial
obligations. Debtor filed in Chapter 11 on October 7, 2021.

Class 1 consists of the Secured claim of Miami-Dade Tax Collector
for 2020 Personal Property Taxes (POC-4) in the amount of $554.03
which shall be paid in lump sum on Plan Effective Date.

Class 2 consists of the secured claim of FC Market Place, LLC in
the amount of $1,311.63. On or about September 13, 2018 Debtor
entered into a loan agreement with Creditor for the principal sum
of $75,000.00. The loan was to be repaid in 48 monthly payments of
$1,909.05. The collateral for the secured loan is all of Debtor's
assets. A UCC-1 secured Creditor's loan. Per Court Order, the total
amount of the secured claim is $1,311.63, and the unsecured claim
is set at $33,667.13. FC Market Place, LLC will receive 100% of its
secured claim through 60 monthly payments of $21.86. This class is
impaired.

Class 3 consists of all allowed unsecured general claims. There are
4 allowed general unsecured claims totaling $173,269.70. Class 3
creditors shall receive a total distribution in the amount of
$15,005.16 or 8.66% of their claims (the "Plan Payments"). The Plan
Payments will be made over 5 years in 20 quarterly payments of
$750.00. The first payment will be made on or before the Effective
Date and continuing every quarter thereafter. This class is
impaired.

Upon the effective date of the Debtor's CDP, John Lakatis, Deron
Wagner and Carmen Lakatis shall remain equity shareholders in the
newly reorganized Debtor in their pre-petition equity amount.

Upon the effective date of the Debtor's CDP, the equity interest
holders shall remain equity shareholders in the newly reorganized
Debtor. In order to assist with funding the Debtor's business
operations under the CDP, the Debtor may retain any cash on hand,
funds in its bank accounts, and amounts received from accounts
receivable to pay accounts payable.

Debtor has started slowly back to profitability. After doing
approximately $2 million in annual sales in 2019, business
plummeted to $1 million in 2021. Debtor has significantly reduced
its overhead by reducing its staff with the business being run from
the homes of each officer. Average gross sales for each of the
three months that Debtor has been in bankruptcy has averaged
$13,000.00 per month. As shown on the MOR History and Projections,
Debtor has the cash flow to make its proposed five-year Plan
feasible. Accordingly, Debtor asserts that it is able to perform
all of its obligations under the CDP, and as such, the CDP
satisfies § 1129(a)(11) of the Code.

A full-text copy of the Combined Disclosure Statement and Plan
dated March 14, 2022, is available at https://bit.ly/3D1k8dr from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     Chad T. Van Horn, Esq.
     Van Horn Law Group, PA
     330 N. Andrews Ave., Suite 450
     Fort Lauderdale, FL 33301
     Telephone: (954) 765-3166
     Email: Chad@cvhlwgroup.com

                      About Brainy Apps LLC

Brainy Apps, LLC sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-19692) on Oct. 7,
2021, listing up to $50,000 in assets and up to $500,000 in
liabilities.  Judge Laurel M. Isicoff presides over the case. Chad
Van Horn, Esq., at Van Horn Law Group, P.A. represents the Debtor
as legal counsel.


CENTURY CASINOS: Moody's Rates New $350MM 1st Lien Term Loan 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Century Casinos,
Inc.'s new $350 million 7-year first lien term loan. A Ba3 was
assigned to the company's new $30 million 5-year senior secured
super priority revolver. Moody's also affirmed Century's B3
Corporate Family Rating, B3-PD Probability of Default Rating, and
B3 rating on Century's existing term loan and revolver. The rating
outlook remains stable. There was no change to Century's SGL-2
Speculative Grade Liquidity rating.

Proceeds from the term loan along with $50 million of Century's
balance sheet cash will be used to: (1) acquire the Nugget Casino
Resort ("OpCo") and 50% of Smooth Bourbon, LLC ("PropCo") from
Marnell Corporation for $195 million; (2) fund $25 million of
development capex associated with the construction of a hotel tower
at Century's Casino Cape Girardeau casino; and (3) refinance
Century's $167 million existing debt. Of the $195 million of
proceeds that will be used to purchase OpCo and PropCo, $100
million will go directly into escrow just in case the OpCo
acquisition does not occur by a certain date. If that happens, the
$100 million in escrow will be used to repay the new term loan. The
$30 million super priority revolver will be undrawn at closing.

The affirmation of Century's B3 Corporate Family Rating considers
that, despite the earnings benefit from the purchase of the PropCo
and construction of a hotel tower, the company's leverage on a pro
forma and projected basis remains above Moody's upward rating
factor of achieving and sustaining debt-to-EBITDA below 5.0x.
Debt-to-EBITDA is 5.5x as of December 2021 and pro forma for the
proposed acquisitions and financing, and not expect expected to
drop to 5.0x within the next 12-18 months.

The B3 rating assigned to the $350 million term loan due 2029
considers that the term loan will comprise a significant portion of
Century's debt capital. The Ba3 assigned to the super priority
revolver considers that, while the revolver ranks pari passu with
the term loan, it has a payment priority over the term loan with
respect to liquidation.

The following ratings/assessments are affected by the action:

New Assignments:

Issuer: Century Casinos, Inc.

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

Senior Secured 1st Lien Super Priority Revolving Credit Facility,
Assigned Ba3 (LGD1)

Ratings Affirmed:

Issuer: Century Casinos, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Bank Credit Facility (Revolver and Term Loan),
Affirmed B3 (LGD4)

Outlook Actions:

Issuer: Century Casinos, Inc.

Outlook, Remains Stable

Moody's will withdraw the B3 (LGD4) rating on Century's existing
term loan and revolver once the transaction closes.

RATINGS RATIONALE

Century's B3 Corporate Family Rating reflects the company's
relatively small scale in terms of revenue -- annual revenue is
only about $490 million pro forma for the Nugget Casino acquisition
-- and high leverage. Additionally, like other US gaming companies,
Century remains exposed to cyclical discretionary consumer spending
trends along with longer-term challenges facing regional gaming
companies related to consumer entertainment preferences that do not
necessarily favor traditional casino-style gaming.

Positive credit consideration is given to Century's geographic
diversification, albeit a modest amount, and benefit to free cash
flow from low capital expenditure requirements going forward. Other
than the Cape Girardeau hotel development that will be funded with
proceeds from the transaction, there are no major expansion
projects on the immediate horizon as Century completed several
growth projects over the past two years.

Century's SGL-2 Speculative Grade Liquidity rating indicates good
liquidity. The SGL-2 considers that Century will generate between
$40 million to $50 million of free cash flow annually, have $58
million of pro forma cash on its balance sheet, and has no
near-term debt maturities. Century's revolver availability will
increase to $30 million from $10 million as a result of the
transaction. The cash sources provide good coverage for planned
capital spending and the $3.5 million required annual term loan
amortization. There are no financial maintenance covenants in new
term loan. However, the new revolver includes a maximum
maintenance-based consolidated first lien net leverage ratio of
5.50:1.00 that is triggered if the amount of revolver outstanding
exceeds 35% of the revolver limit. Moody's does not expect that the
revolver will need to be drawn to support regular operating needs
and that the company will have ample cushion within the covenant if
triggered.

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

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

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

Century is exposed to governance risk due to its high leverage and
concentrated ownership despite being a publicly traded entity.

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

The stable rating outlook considers Moody's expectation that the
company will achieve modest EBITDA growth and generate between $40
million and $50 million of annual free cash flow after all debt
service and capital expenditures during the next two years that it
can use to manage its leverage. The stable outlook also assumes
competition from other forms of entertainment will begin to open
more fully that will put pressure on revenue growth and margins
throughout calendar 2022.

A ratings upgrade requires that Century can achieve and sustain
debt/EBITDA below 5.0x, continue to generate meaningful free cash
flow, and maintain good liquidity including comfortably meeting its
financial covenant requirements. Ratings could be lowered if there
is an increase in competition, operating performance weakens,
liquidity deteriorates, or debt-to-EBITDA rises above 6.0x for any
reason.

The proposed credit facilities allow for a $25 million general debt
basket and a $25 million capital lease basket that are not subject
to maintenance covenants, but can't be accessed if company in
default. Restricted debt payments are allowed to be made in an
unlimited amount subject to no default or event of default
occurring and continuing (or resulting therefrom) and pro forma
compliance with a consolidated total net leverage ratio that is no
greater than 1.00x below the consolidated total net leverage ratio
as of the closing date of the transaction. Additionally, as long as
no default or event of default then exists or would result
therefrom, other restricted debt payments in an aggregate amount
not to exceed $25 million. Incremental debt capacity up to the
greater of (A) 100% of closing date Adjusted EBITDA and (B) an
amount equal to 100% of Consolidated EBITDA of the Borrower
calculated on a pro forma basis as of the most recently completed
four consecutive fiscal quarters plus unlimited amounts subject to
the Consolidated First Lien Net Leverage Ratio (CFLNLR) not
exceeding closing date CFLNLR. No incremental term facility may be
incurred with an earlier maturity date than the initial term loans.
There are no express "blocker" provisions which prohibit the
transfer of specified assets to unrestricted subsidiaries; such
transfers are permitted subject to carve-out capacity and other
conditions. Subsidiary guarantors must provide guarantees whether
or not wholly-owned; dividends or transfers resulting in partial
ownership of subsidiary guarantors could jeopardize guarantees,
with no explicit protective provisions limiting such guarantee
releases. The proposed terms and the final terms of the credit
agreement can be materially different.

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

Century Casinos, Inc. owns and operates Century Casino & Hotels in
Cripple Creek and Central City, Colorado, and in Edmonton, Alberta,
Canada; the Century Casino in Cape Girardeau and Caruthersville,
Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino,
Racetrack & Resort in New Cumberland, West Virginia; and the
Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta,
Canada. Through its Austrian subsidiary, Century Resorts Management
GmbH, the Company holds a 66.6% ownership interest in Casinos
Poland Ltd., the owner and operator of eight casinos throughout
Poland; and a 75% ownership interest in CDR in Calgary, Alberta,
Canada. The company is publicly traded (NASDAQ: CNTY) and generated
consolidated annual net revenues of $389 million for the fiscal
year-ended Dec. 31, 2021 with annual revenue pro forma for the
Nugget Casino acquisition of approximately $490 million.


CLEVELAND IMAGING: Court Finds Sanctions Warranted Against Doctors
------------------------------------------------------------------
In August 2021, more than five years after the United States
Bankruptcy Court for the Southern District of Texas, Houston
Division, confirmed Cleveland Imaging & Surgical Hospital, L.L.C.'s
Chapter 11 Plan, Dr. Camil Kreit and Dr. Samir Kriet moved to
vacate the order authorizing the sale of Cleveland Imaging's assets
and the Court's confirmation of Cleveland Imaging's Plan.

The Doctors allege these orders were procured through a "massive
fraud" on the Court. The Doctors' motion was signed by their
lawyer, Azhar Chaudhary. CISH Acquisition, LLC, Okin Adams LLP, and
The Claro Group, responded to the Doctors' vacatur motion with
motions for sanctions under Bankruptcy Rule 9011.

The Doctors allege Ravi Moparty and Rafael Delaflor, former
directors of Cleveland Imaging, with the aid of the Debtor's and
Acquisition's professionals, perpetrated a "massive fraud" on the
Court. This "massive fraud" was allegedly used to unnecessarily
place Cleveland Imaging into Chapter 11 bankruptcy so the
Bankruptcy Court would approve a sale of Cleveland Imaging's assets
to insiders at a substantially reduced purchase price. According to
the Doctors, the perpetrators carried out their objectives through
three overarching frauds:

     -- The Doctors allege Moparty and Delaflor, with assistance
from Iberia Bank (the holder of a note secured by substantially all
Cleveland Imaging's assets), orchestrated the unnecessary
appointment of a receiver (also allegedly in Moparty's and
Delaflor's pocket), who eventually placed Cleveland Imaging into
bankruptcy.

     -- Moparty and Delaflor, with the aid of Kell Mercer
(Acquisition's attorney), allegedly conducted a "sham" transaction
through which Acquisition (which was owned by Moparty and Delaflor)
made it appear as though it purchased the Iberia Bank Note.
Acquisition then used that Note (despite Acquisition allegedly not
having the right to do so) to purchase Cleveland Imaging's assets
through a credit bid.

     -- The Doctors allege Cleveland Imaging, through its counsel
Okin Adams and at the direction of Moparty and Delaflor, fabricated
a large unsecured claim purportedly held by Aetna to secure
confirmation of Cleveland Imaging's plan.

Along their road to perdition, the Doctors accuse almost every
party and professional involved in this case of fraudulent conduct
aimed at securing what was, essentially, Court-sanctioned theft.

Over the past seven years, the Doctors, through a revolving door of
attorneys, have lodged these claims and accusations numerous times.
The Court has almost invariably rejected the Doctors' accusations.
And, on more than one occasion, the Court sanctioned the Doctors
and their lawyers for their unrelenting attempts to litigate
matters long-settled based on accusations long-since rejected.

Undeterred by the Court's uniform rejection of their claims, the
Doctors repeatedly exercised their right to appeal from the Court's
judgments. But like the Court's record, the appellate records
reflect the Doctors have traveled a path of meritless litigation.

"The Doctors' allegations are extremely serious. So too are the
Movants' allegations that the Doctors and Mr. Chaudhary violated
Rule 9011," Bankruptcy Judge Marvin Isgur holds.

Under Rule 9011, the conduct of a signatory to a pleading or motion
is assessed objectively. A signatory violates Rule 9011(b)(2) by
advancing claims or arguments lacking support in existing law, and
for which no reasonable justification for extension of existing law
is offered. In the Rule 9011 context, claims barred by res judicata
are generally claims that lack support in existing law. These
strictures pose serious problems for Mr. Chaudhary, Judge Isgur
notes.

The Doctors request vacatur of the Court's order confirming
Cleveland Imaging's Plan of Reorganization. On June 29, 2016, the
Bankruptcy Court confirmed Cleveland Imaging's Liquidating Chapter
11 Plan. Under Section 1144 of the Bankruptcy Code, the order
confirming the Plan could not be revoked except for fraud. Even if
fraud occurred, revocation must be sought within 180 days. The
Doctors' motion seeks revocation of the Confirmation Order based on
fraud. It was originally filed on August 17, 2021. That filing
missed the 180-day deadline by 1,695 days, Judge Isgur points out.

Regardless of the alleged validity of the Doctors' allegations,
existing law does not authorize the relief the Doctors seek, Judge
Isgur holds. The Doctors argue that Rule 60(d)(3) affords the Court
power to vacate the Confirmation Order, but the judge points out
that Rule 60(d)(3) provides that Rule 60 "does not limit a court's
power to . . . set aside a judgment for fraud on the court." FED.
R. CIV. P. 60(d)(3). Rule 60 applies in civil cases. It is
incorporated into adversary proceedings by Bankruptcy Rule 9024.
Rule 9024's incorporation of Rule 60 explicitly precludes the use
of Rule 60 in derogation of the time limits imposed by 11 U.S.C.
Section 1144. Specifically, under Rule 9024, Rule 60 may only be
used to "revoke an order confirming a plan . . . within the time
allowed by Section 1144."

According to the Court, Section 1144's 180-day deadline for
revocation of a confirmation order procured by fraud is strictly
enforced. The Doctors' position requires interpreting Rule 60(d) to
override Section 1144. That position is expressly foreclosed by the
text of Rule 9024, the Rules Enabling Act, 28 U.S.C. Section 2072,
and Supreme Court precedent, United States v. Sherwood, 312 U.S.
584, 589-90 (1941) ("[The Enabling Act] gave [this Court] no
authority to modify, abridge or enlarge the substantive rights of
litigants or to enlarge or diminish the jurisdiction of federal
courts."). By arguing that Rule 60(d)(3) provides an independent
basis to revoke the Confirmation Order, the Doctors' motion, signed
by Mr. Chaudhary, contains legal contentions not warranted by
existing law or by nonfrivolous arguments for a change in the law.

Judge Isgur also points out that the Doctors cannot identify a
legally valid mechanism for vacating the Confirmation Order. Judge
Isgur further holds that the Doctors' request for vacatur of the
order authorizing the sale of Cleveland Imaging's assets to
Acquisition runs afoul Rule 9011(b)(2)'s strictures because it is
based on claims previously rejected by the Court.

"Drs. Camil and Samir Kreit persist in their attempts to relitigate
and dislodge rulings this Court made years ago. Mr. Chaudhary
facilitated the Doctors' disregard for this Court's prior rulings.
They must each bear the consequences of their actions. Rule 9011
sanctions are mandated," Judge Isgur rules.

A full-text copy of Judge Isgur's Memorandum Opinion dated March 7,
2022, is available at https://tinyurl.com/3v9ex23n from
Leagle.com.

          About Cleveland Imaging & Surgical Hospital

Headquartered in Houston, Texas, Cleveland Imaging & Surgical
Hospital, L.L.C., a/k/a Doctors Diagnostic Hospital, filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No.
14-34974) on Sept. 4, 2014.  

In the petition signed by Douglas J. Brickley, the receiver, the
Debtor was estimated to have assets at $1 million to $10 million
and its liabilities at $10 million to $50 million.

Judge Jeff Bohm presides over the case.

Christopher Adams, Esq., at Okin Adams & Kilmer LLP, served as the
Hospital's bankruptcy counsel.



DEEP ELLUM: Hostel, Booty's Bar Enter Chapter 11 Bankruptcy
-----------------------------------------------------------
Texas-based Deep Ellum Hostel LLC filed for voluntary Chapter 11
bankruptcy protection, under Subchapter V.

The Debtor is a hostel -- the only hostel in Dallas -- and has a
popular onsite bar and restaurant called Booty's Street Food.  The
hostel opened in 2018 and is located at 2801 Elm Street, Dallas,
Texas 75226, which is in the heart of Deep Ellum and conveniently
located near I-30 and Central Expressway.  The Deep Ellum
neighborhood is known for being the most eclectic, diverse
neighborhood in Dallas that iswalkable and surrounded by live music
venues, bars, restaurants, and artisan shops.

The Property is a historic building, over 100-years-old, that
recently underwent a complete renovation and of fers a mix of
private suites and dorm rooms. The rooms' decor is "modern
industrial" with custom-made bunk beds and storage. The hostel can
accommodate a total of 72 guests.

Booty's offers weekly entertainment, especially on Thursdays for
burlesque bingo and Sundays for drag brunches where multiple drag
queens lip sync so ngs varying from Diana Ross to Britney Spears
while dancing throughout the restaurant and engaging with the
patrons.

Importantly, Booty's is known in the community for being an
LGBTQIA+ allied and inclusive business and is commonly featured on
LGBTQIA+ social media platforms for its welcoming and bustling
social scene.  Historically, the majority of the hostel's guests
are international travelers who contribute unique and important
perspectives to the Dallas community.

In addition to its 15 employees, the hostel hires up to ten
independent performers and musicians for entertainment at Booty's
every week, including DJs, burlesque dancers, drag queen
performers, and karaoke hosts.

The hostel has a 4-star out of a 5-star rating on TripAdvisor1 , a
4.4 out of 5 rating on Google 2 , and an 8.9 out of 10 "fabulous"
rating on hotelworld.com.

The Debtor's recent history has been greatly impacted by the
uncertainty,
unexpected challenges, and ever-changing landscape resulting from
the COVID-19 pandemic.

Specifically, international travel to the U.S. from other countries
has significantly decreased and in many cases was banned entirely
beginning in spring 2020.  Prior to the pandemic, the majority of
the hostel's guests were from other countries where hostel stays
are more common.  While the Debtor's hostel occupancy has not yet
fully recovered from the pandemic and associated travel
restrictions, Booty's food and alcohol sales have improved
significantly in 2022.

The hostel's revenue began to rise after the Omicron spike ended
and continues to improve to date.  However, the decrease in the
Debtor's revenue due to the COVID-19 spikes and restrictions on
operations created a liquidity crisis that caused the Debtor to
fall behind on its rent obligations.

The Debtor originally entered into a Retail Lease agreement on
April 26, 2016 with 42 Deep Ellum, LP as the landlord.  AP Deep
Ellum, LLC subsequently became the successor of 42 Deep Ellum, LP.
The Debtor intends to use this bankruptcy case to accommodate the
Landlord's rights and return its business to full health.

According to court filings, Deep Ellum Hostel LLC has 3 unsecured
creditors, such as AP Deep Ellum LLC, EIDL, and Mitsubishi HC
Capital America Inc.  Funds are available to its unsecured
creditors, according to its petition.

                     About Deep Ellum Hostel

Deep Ellum Hostel LLC is a Dallas, Texas-based company that
provides dorm rooms, private rooms and onsite bar to customers.

Deep Ellum Hostel sought Chapter 11 bankruptcy protection (Bankr.
N.D. Tex. Case No. 22-30448) on March 13, 2022.  In the petition
filed by Collin Ballard, as manager, Deep Ellum Hostel estimated
total assets between $500,000 and $1 million and liabilities
between $500,000 and $1 million. Scott D. Lawrence, of Wick
Phillips Gould & Martin LLP, is the Debtor's counsel.


DIAMOND SPORTS: S&P Raises ICR to 'CCC+', Outlook Negative
----------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on Diamond
Sports Holdings LLC (DSH) to 'CCC+' from 'CCC' and the rating on
subsidiary DSG to 'CCC+' from 'SD'.

S&P said, "At the same time, we raised the issue-level rating on
DSG's now senior secured second-lien debt (consisting of a
revolving credit facility, term loan, and notes) to 'CCC+' from
'D'. We revised the recovery rating to '4' from '3', reflecting the
lower collateral value available to lenders following the new
priority debt issuance.

"We raised the issue-level rating on DSG's senior unsecured debt to
'CCC-' from 'CC'. The '6' recovery rating is unchanged.

"We assigned a 'B' issue-level rating and '1' recovery rating to
DSG's $635 million senior secured first-lien term loan maturing in
2026."

The negative outlook reflects the potential for a lower rating if
growth from the company's planned direct-to-consumer (DTC)
streaming service underperforms our expectations, resulting in
ongoing material cash flow deficits and the risk of a potential
liquidity shortfall or debt restructuring within a year.

Even after the transactions, S&P views DSG's capital structure as
unsustainable.

S&P said, "We expect leverage will exceed 20x for the next few
years and that free operating cash flow (FOCF) will remain
negative. Therefore, we believe DSG remains dependent upon
favorable business, financial, and economic conditions to meet its
financial commitments. While the new $635 million term loan will
bolster the company's liquidity, it will also increase its debt
balance. At the same time, we expect investments in DSG's planned
streaming service, particularly marketing costs to acquire new
subscribers, will weigh on EBITDA until the service can achieve
scale. We believe this will take at least a couple of years, given
the expected launch timeline. The company plans to launch its
streaming service in April in markets where it has secured the DTC
rights for five Major League Baseball (MLB) teams, followed by a
wider launch in the fall with the start of the 2022-2023 National
Basketball Association (NBA) and National Hockey League (NHL)
seasons. We also expect high-single-digit percentage declines in
linear distribution revenue and low-single-digit percentage
increases in sports programming costs will pressure EBITDA over the
next few years."

The new financing gives the company sufficient liquidity through
2023.

S&P said, "We estimate DSG will generate negative cash flow (after
payments to minority shareholders of certain regional sports
networks [RSNs]) through at least 2025 due to declining linear
distribution revenue, rising sports programming costs, and costs to
expand its streaming service. We believe the proceeds from the new
$635 million term loan, combined with the company's cash balance
($479 million as of Dec. 31, 2021) and availability under its
revolving credit facility ($227.5 million), will provide sufficient
liquidity through at least 2023. However, we believe the company's
ability to meet its cash needs beyond 2023 will ultimately depend
on how quickly it can scale its streaming service and renew
existing carriage agreements."

There is high uncertainty regarding S&P's forecast.

S&P said, "We remain uncertain as to how quickly the company can
increase the streaming service's subscriber base, to what extent it
will cannibalize its existing RSN business, and how long it will
take for the streaming service to be profitable. Many other media
companies that have launched streaming services have found it to be
more expensive than they initially planned. We also assume DSG will
renew its contracts coming up for renewal with pay-TV distributors
over the next two years on similar terms. In the near term, the
company disclosed that it had a distribution agreement up for
renewal at the end of February 2022, representing about 28% of its
distribution revenue. While no announcement has been made about
this contract being renewed, there has been no recent change in the
RSNs' carriage.

"The negative outlook reflects the potential for a lower rating if
growth from the company's planned DTC streaming service
underperforms our expectations, resulting in ongoing material cash
flow deficits and the risk of a potential liquidity shortfall or
debt restructuring within a year."

S&P could lower the rating if it believes there is risk of default
over the next year. This could occur if:

-- Growth from the company's planned DTC streaming service
underperforms our expectations, or investments in the service are
more costly than expected, resulting in ongoing material cash flow
deficits and concerns about a potential liquidity shortfall; or

-- S&P expects the company to pursue additional debt
restructuring.

While unlikely over the next year, S&P could revise the outlook to
stable if:

-- Growth from the company's planned DTC streaming service exceeds
our expectations, allowing the company to substantially reduce
leverage and generate positive cash flow (after payments to
minority shareholders of certain RSNs);

-- S&P expects the company will maintain adequate liquidity; and

-- S&P does not believe there is risk of additional debt
restructuring.



DIOCESE OF CAMDEN: Insurers Say More Abuse Claims Info Needed
-------------------------------------------------------------
Rick Archer of Law360 reports that the insurers for a bankrupt New
Jersey Catholic diocese are demanding additional information about
attorneys claiming to represent clergy sexual abuse victims, saying
they have failed to disclose essential information, such as their
retention agreements.

In a filing Monday, March 14, 2022, the five insurance carriers
said federal rules require that they receive more information on
what they called a "flood" of filings by claims aggregators,
including some signed by possibly nonpracticing attorneys and some
that were apparently intended for the Boy Scouts of America's
Chapter 11 case.

                   About The Diocese of Camden

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

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

Judge Jerrold N. Poslusny Jr. oversees the case.

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

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


EAGAN AVENATTI: Court Denies Ch. 7 Trustee's Bid to Use Property
----------------------------------------------------------------
Richard A. Marshack, the Chapter 7 trustee of law firm Eagan
Avenatti LLP bankruptcy estate, filed an emergency motion for an
order seeking authorization to use property of the Estate pursuant
to 11 U.S.C. Section 363.

Mr. Marshack, in his capacity as Chapter 7 Trustee of Debtor's
Estate, has in his possession at least four terabytes of the
Debtor's financial and other data. Mr. Marshack is the recipient of
two subpoenas from the United States District Court for the
Southern District of New York arising in the criminal proceeding,
United States v. Michael Avenatti, Case No. 1:19-cr-00374-JMF.
Both subpoenas demand the Chapter 7 trustee's appearance at trial
and the production of certain data held in the possession of the
bankruptcy Estate.

On an emergency basis, the Trustee sought bankruptcy court
permission to use property of the Estate pursuant to 11 U.S.C.
Section 363, and authorize Force 10 to receive payment from the
SDNY USA Office for the time and expense related to the search for
responsive documents, and to produce all responsive documents to
the Subpoenas.

Bankruptcy Judge Scott C. Clarkson holds that Section 363(b)
requires notice and hearing in order to grant the Trustee approval
to use Estate property, but it does not authorize another forum to
order a trustee's use of Estate property. Because there is
insufficient evidence to find that the Trustee's request is in the
best interests of the Estate, particularly where the subpoenas were
issued without leave of Court as required under Barton v. Barbour,
104 U.S. 126, 136-37 (1881) and its progeny (collectively, the
"Barton Doctrine"), Judge Clarkson denies the Motion.

A full-text copy of Judge Clarkson's Memorandum Decision dated
March 3, 2022, is available at https://tinyurl.com/dfwxjca6 from
Leagle.com.

                     About Eagan Avenatti

Headquartered in Newport Beach, California, Eagan Avenatti LLP
provided legal services specializing in commercial, civil law and
business litigation cases.

Eagan Avenatti filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 17-11878) on May 10, 2017.  The Hon. Catherine E. Bauer
presided over the case.  The Debtor tapped Baker & Hostetler LLP
and Pachulski Stang Ziehl & Jones, LLP, as counsel.

An involuntary case under Chapter 11 was previously filed against
Eagan Avenatti on March 1, 2017 (Bankr. M.D. Fla. Case 17-01329).
That case was transferred to the Santa Ana Division and reassigned
to Bankruptcy Judge Catherine E. Bauer under Case No. 17-11878.

The Office of the U.S. Trustee on June 16, 2017, appointed three
creditors to serve on an official committee of unsecured creditors
in the Chapter 11 case.  The Committee retained Dinsmore & Shohl
LLP, as counsel.

On September 13, 2019, the law firm filed a Chapter 7 bankruptcy
petition (Bankr. C.D. Cal. 19-13560).  Richard A. Marshack was
appointed Chapter 7 trustee of the Estate. The Trustee hired Force
10 Partners, LLC as the Estate's electronic document manager.


ENERFLEX LTD: Fitch Assigns First Time 'BB-' LT IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Rating has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB-' with a Stable Outlook to Enerflex, Ltd.

The IDR reflects Enerflex's pro forma credit quality following
successful acquisition of Exterran, Corp., expected to close in
2Q22 or 3Q22, which will bolster its operating and cash flow
profiles while increasing scale and diversification. The pro forma
company will benefit from stable, recurring revenue streams from
its rentals and aftermarket segments, significantly increased scale
and competitiveness, stronger customer and geographic
diversification, sub-3.0x leverage metrics and a simplified capital
structure.

Credit concerns include expectations for near-term negative FCF
generation given the growth-linked capital program, which is
expected to be funded using a considerable portion of revolver
borrowings. Other considerations include project execution and
construction risks, the company's exposure to countries with
increased transfer and convertibility risks and the company's
limited track record of large-scale acquisitions that increases
overall integration risk.

Failure to close the Exterran transaction or a material change in
transaction funding mix and/or terms could result in negative
rating action.

KEY RATING DRIVERS

Credit Neutral Acquisition: Enerflex's credit quality reflects the
company's increased size and diversification post Exterran
acquisition. The acquisition is credit-friendly given its an
all-share transaction, although Exterran's higher standalone
leverage partially offsets this benefit.

Simple Capital Structure: The company will refinance all existing
debt at both entities post-merger, which would simplify the capital
structure and bode well for its credit quality. The company may do
so with a five-year bridge loan that will also provide financing to
backstop an anticipated issuance of new debt prior to close, help
fund capital expenditures and other capital needs. Enerflex will
have a long maturity runway which provides ample time to optimize
integration benefits that may improve its cost structure and FCF.

Stable, Predictable Cash Flow: Fitch views the pro forma cash flow
profile positively as approximately 70% of the company's gross
margin is generated through stable, recurring revenue streams that
help reduce commodity price linked fluctuations. The company's
contracted asset cash flows are protected by take-or-pay contracts
with five to 10-year terms (approximately 80% contract renewal
rate) while rental asset terms range from three months up to three
years. These segments, in addition to the company's aftermarket
services segment, historically maintained stable revenue and
margins through commodity price downturns and help stabilize
financial performance against the more cyclical manufacturing
segment.

Project Construction Risks: The pro forma company's engineering
systems/product sales segment, comprising approximately 30% of
total gross margin, is exposed to new global natural gas
infrastructure projects and has experienced volatility in recent
commodity price downturns. Costs of projects are typically financed
through customer milestone payments which brings added project,
construction and execution risks.

Exterran has recently experienced start up delays with a sizeable
project in the Middle East which has negatively impacted the
working capital and operating costs. Fitch believes these risks
will remain with the pro forma business going forward, but are
partially offset by the pro forma company's geographic and customer
diversification.

Strong Geographic Diversification: The Exterran acquisition
bolsters the company's customer and geographic diversification
which enables pursuit of a larger, more diverse set of customers
and projects. The pro forma company will operate within 22
countries and exhibit a balanced geographic exposure with the
Middle East, U.S. and Latin America each contributing approximately
25%-30% of total revenues. Exterran is nevertheless exposed to
countries with material transfer and convertibility risk, namely
Argentina.

Supportive Customer Diversification: The combined company's top 10
customers are primarily national oil companies and large, public
E&P's with high credit quality. These customers are forecast to
contribute less than 30% of total revenue with no overlap in the
top 10 customers for each standalone company, which further
minimizes integration and counterparty risks.

Acquisition Improves Competitiveness: The acquisition adds
meaningful size and scale that strengthens Enerflex's competitive
advantage across the globe. Exterran was one of Enerflex's largest
competitors and both companies would often bid on many of the same
projects in overlapping geographies. Overall competitiveness and
bargaining power should improve as both companies will no longer be
competing for the same projects. The fixed asset nature of the
Enerflex's products helps prevent customers from switching
providers and stabilizes cash flows. Customers are averse to
switching providers given the high switching costs and costly
downtime associated with interrupting the natural gas stream.

Near-Term Negative FCF: Fitch forecasts negative FCF of
approximately CAD275 million in 2022, primarily due to four large
growth projects, relatively neutral FCF in 2023 and then positive
FCF approaching CAD200 million in 2024. Fitch forecasts total capex
of approximately CAD400 million in 2022 which decreases thereafter
as growth capex moderates toward mid-cycle levels. The capital
program is forecast to be funded with an approximately CAD250
million draw on the company's revolving credit facility and the
borrowings will be materially reduced with FCF in early 2024.

Sub-3.0x Leverage Metrics: Fitch's base case forecasts pro forma
gross leverage of 3.3x in 2022, but is expected to fall below 3.0x
in 2023 and thereafter as overall utilization rates improve and FCF
is allocated toward gross debt reduction. Management maintains a
long-term net debt target of less than 3.0x, at which point Fitch
expects modest increases in the base dividend and potential share
repurchases.

DERIVATION SUMMARY

Enerflex's operating profile compares similarly to USA Compression
Partners, LP (USAC; BB-/Negative) in that cash flow streams for
both companies are largely protected by long-term take-or-pay
contracts that help eliminate volumetric and commodity-linked
risks. Approximately 70% of Enerflex's pro forma gross margin will
be generated through recurring revenue streams (30% from the
engineering segment) while USAC is almost 100%.

Enerflex's operating profile compares favorably to oilfield
servicer Precision Drilling (B+/Stable) who owns and operates a
fleet of onshore drilling rigs and is more exposed to commodity
price fluctuations, but similarly to midstream processor and
service provider Secure Energy (B+/Stable) who also benefits from
long-term contracts.

In terms of leverage, Enerflex has among the lowest leverage of the
peer group. Fitch forecasts pro forma 2022 leverage of 3.5x, 2023
leverage of 3.2x and decreasing toward 2.5x thereafter. This
compares favorably to both USAC (5.4x in 2021F) and Precision (5.1x
in 2021F) and is similar to Secure Energy (Post-Merger leverage at
3.5x).

KEY ASSUMPTIONS

-- Exterran acquisition successfully closes by 3Q22;

-- Double-digit revenue growth as new projects are completed;

-- Capex spend of CAD400 million in 2022 due to growth projects,
    which moderates toward mid-cycle levels thereafter;

-- Revolver draw of CAD$250 million to fund capex program;

-- Modest dividends of CAD10 million annually and no material M&A
    activity.

RATING SENSITIVITIES

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

-- Successful transaction integration and execution on growth
    projects while maintaining margins and utilization rates;

-- Demonstrated commitment to conservative financial policy and
    repayment of the revolving credit facility;

-- Mid-cycle debt/EBITDA sustained below 3.5x.

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

-- Failure to successfully close the Exterran transaction or a
    material change in transaction funding mix and/or terms;

-- Failure to integrate acquisition and execute on growth
    projects that leads to sustained margin and/or utilization
    rate erosion;

-- Inability to repay revolver borrowings and leads to a weakened
    liquidity profile;

-- Deviation from stated financial policy and/or shift in capital
    allocation toward shareholders;

-- Mid-cycle debt/EBITDA sustained above 4.5x.

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

Adequate Liquidity; Expected Debt Refinance: Enerflex has entered
into a binding agreement with the Royal Bank of Canada to provide a
three-year, USD700 million revolving credit facility and a USD925
million five-year bridge loan. Management believes the bridge loan
is sufficient to fully repay all existing debt at Enerflex and
Exterran and will provide financing to backstop an anticipated
issuance of new debt securities prior to close.

The company is expected to draw approximately CAD250 million on the
revolver to fund its four growth projects throughout 2022 which
will reduce liquidity in the near-term. Fitch expects the company
will transition to positive FCF in 2023 and forecasts borrowings to
be materially reduced in early 2024.

ESG Considerations

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

ISSUER PROFILE

The Exterran acquisition transforms Enerflex into a global supplier
of natural gas infrastructure and energy transitions solutions with
expanded product lines and additional depth and technical expertise
spanning across 22 countries.


FIGUEROA MOUNTAIN: Court OKs Cash Collateral Stipulation
--------------------------------------------------------
Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central
District of California approved a stipulation between Figueroa
Mountain Brewing, LLC, on the one hand, and secured creditors,
White Winston Select Asset Funds, LLC and SCS Acquisition LLC (as
successor in interest to Montecito Bank & Trust), on the other
hand.

Pursuant to the Stipulation and Court order, the Debtor is
authorized to use cash collateral, on a final basis, to pay for the
expenses set forth in the budget, with a 15% variance through the
earlier of (a) June 12, 2022, or (b) the date on which the Debtor's
cash on hand falls below the Cash Floor initially set $698,865.

If the Debtor's cash on hand falls below the Cash Floor, then the
Debtor will: (a) immediately notify counsel for the Secured
Creditors in writing; (b) if unable to reach further agreement with
the Secured Creditors for the continued use of cash collateral,
within 2 court days of sending the Required Notification file an
emergency motion for continued authority to use cash collateral and
request that the Court hear such motion at its earliest
opportunity; (c) be authorized to continue using cash collateral in
accordance with the Thirteenth Stipulation and the Budget until the
hearing on such emergency motion; and (d) the Cash Floor will not
be transferred to a third party, including the Secured Parties or
Creekstone Mountain LLC, other than payments of approved Budget
expenses including in accordance with clause (c) above so long as
they are not payments to the Secured Parties or Creekstone, without
prior Court order entered after a hearing set on regular notice.

If the Debtor's cash on hand falls below the Cash Floor, then John
Carpenter of Openso Consulting will be permitted to perform a
physical inventory and inspection of the Debtor's premises at his
earliest availability during regular business hours, with all
Openso fees for such services and its incurred travel and other
expenses, if any, paid by the Debtor. The Debtor is authorized to
use cash collateral to pay such fees and expenses.

The Secured Creditors will continue to receive replacement liens in
the post-petition collateral, as adequate protection, pursuant to
the terms of the Stipulation.

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

                About Figueroa Mountain Brewing LLC

Founded in 2020, Figueroa Mountain Brewing, LLC --
https://www.figmtnbrew.com/ -- is in the business of manufacturing
beer with principal place of business in Buellton, Calif.

Figueroa Mountain Brewing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11208) on Oct. 5,
2020.  Jaime Dietenhofer, the company's manager, signed the
petition.

At the time of filing, the Debtor had estimated assets of between
$1 million and $10 million and liabilities of the same range.

Judge Martin R. Barash oversees the case.  

Lesnick Prince & Pappas LLP is the Debtor's legal counsel.



GOGO INC: S&P Alters Outlook to Positive, Affirms 'B' ICR
---------------------------------------------------------
S&P Global Ratings affirmed all ratings, including its 'B' issuer
credit rating on Gogo Inc., and revised the outlook to positive
from stable.

The positive outlook reflects greater likelihood that credit
metrics will support a higher rating following the equitization of
the convertible notes and greater clarity around management's
financial targets and capital allocation strategy.

S&P said, "We believe there is a high probability that the
remaining $103 million of convertible notes will be settled in
stock before May 15, providing a clear path to an upgrade. The 2022
convertible notes have a conversion rate that equates to $6 per
share of common stock. Gogo's stock is currently trading at about
$17 per share as of March 16, 2022. In November 2021, Gogo informed
the trustee under the indenture governing the notes that it intends
to settle any conversion of the notes in shares of common stock.
While we don't anticipate that the stock price will drop below $6
over the next three months (the 52-week low is about $9 per share),
the stock is subject to market volatility. In the unlikely event
that the stock price falls out of the money, Gogo could be required
to repay maturities with cash in May 2022, which could delay
deleveraging.

"Further credit metric improvement (beyond the equitization of the
convertible notes) in 2022 will be limited by 5G investments.
Although we expect 13%-15% revenue growth, EBITDA will be weighed
down by higher operating expenses related to 5G, such that we
project 0%-5% earnings growth. More specifically, development and
deployment expenses will increase by about $7 million while
marketing, production, and network costs will increase by about $6
million. Separately, we project about $50 million of one-time
5G-related capital expenditures (capex) such that free operating
cash flow (FOCF) will be modest at about $25 million-$45 million.
Importantly, we believe Gogo's 5G-related investments will be
largely complete by the end of 2022.

"We believe there is significant opportunity to increase earnings
and cash flow in 2023 and beyond. Increasing aircraft online
coupled with rising data usage will likely result in robust revenue
growth for the foreseeable future. Data consumption is up 78% from
2019 levels and flights per day are up 29%, and we expect these
trends to continue. In fact, management has raised its long-term
guidance for revenue to grow at a compound annual rate of 15% from
2021 to 2026, with EBITDA margins approaching 50% in 2026 (from the
low-40% area). This will likely translate into FOCF increasing to
about $125 million in 2023 following the deployment of the 5G
network, increasing to over $200 million by 2025.

"We expect that about two-thirds of growth will come from more
connected aircraft. Gogo finished 2021 with 6,400 connected
aircraft, up 11% from 2020. The company also booked a record number
of new equipment orders in the fourth quarter, resulting in a
backlog of about one year. Longer-term, we believe more medium and
light jets will adopt a connectivity solution and Gogo is the
dominant player in this niche. Currently, the business aviation
connectivity market is about 30% penetrated, with almost 50% of
medium jets and 80% of light jets uncommitted. Therefore, we expect
that Gogo will be able to convert a significant portion of the
roughly 7,500 North American aircraft that are uncommitted today.
Further, we believe overall market penetration will eclipse 50%
over the next five years as passengers become accustomed to
connectivity everywhere.

"Separately, we expect about 20% of revenue growth to come from
increasing average revenue per aircraft (ARPA). There is a
significant opportunity to capitalize on demand for data as
customers migrate to higher-capacity plans enabled by Gogo's AVANCE
platform, which should translate to higher ARPA and margin
expansion across Gogo's installed base."

Management has provided greater clarity on its financial policy,
which should result in S&P Global Ratings-adjusted leverage
sustained below 5x. The company has introduced a maximum net
leverage target of below 4x, which it expects to achieve in the
second quarter of 2022. This ratio was 4.5x at the end of 2021 and
includes $146 million of cash that is netted from debt. However, we
view Gogo's leverage on a gross basis and also include modest
adjustments for operating leases that result in S&P Global
Ratings-adjusted leverage of about 1x higher. Management has also
indicated that its targeted minimum liquidity will be $125 million,
mostly comprising cash.

Once Gogo achieves its targeted level of leverage, it could begin
to engage in share repurchases. Although this could limit further
reduction in debt to EBITDA, we expect the company to employ a
disciplined approach such that leverage is sustained below 5x on an
S&P Global Ratings-adjusted basis.

S&P said, "The positive outlook reflects that we are likely to
raise the rating following the equitization of the remaining
convertible notes due May 2022 now that management has committed to
a maximum leverage target supportive of a higher rating.

"We could raise the rating if Gogo reduced debt to EBITDA to below
5x on a sustained basis, which is likely to occur midyear.

"We could revise the outlook to stable if debt to EBITDA remained
above 5x over the next year, which could occur if there were a
sharp decline in the company's stock price such that convertible
noteholders no longer had an incentive to elect to exchange for
common stock."

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

S&P said, "We have changed the Governance Credit Indicator to G-2
from G-3, indicating that governance factors have no material
influence on our credit rating analysis of Gogo. Governance factors
had been a modestly negative consideration in analysis because of
the potential for aggressive financial policies given the absence
of a clearly defined leverage target. Gogo's recent public
commitment to a maximum net leverage target of 4x significantly
reduces the risk of aggressive shareholder-friendly actions, in our
view. Although private-equity firm GTCR continues to own about 29%
of Gogo's common stock and has a seat on the company's board, it
does not have unilateral control over financial decisions.



GRANITE GENERATION: S&P Affirms 'B+' ICR, Off Watch Negative
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Granite Generation LLC and removed all of its ratings on the
company from CreditWatch, where S&P placed them with negative
implications on Feb. 15, 2022.

The negative outlook reflects S&P's expectation that its leverage
will increase above its 5x downgrade threshold in 2023. S&P
currently forecast year-end S&P Global Ratings-adjusted debt to
EBITDA of 4.9x in 2022 and 5.4x in 2023.

S&P expects the company to experience materially lower capacity
revenue in future periods.

All of Granite's assets are located in PJM. In addition, roughly
85% of its capacity is located either in the regional transmission
organization (RTO) or the Commonwealth Edison zone (ComEd), which
we expect will merge with RTO in future capacity auctions. The
remainder of its capacity is located in the Mid-Atlantic Area
Council (MAAC).

S&P recently lowered its expectations for future PJM capacity
prices across zones. Relative to our previous assumptions, we now
forecast Granite will generate about $200 million less cumulative
capacity revenue through 2025. Because capacity revenue has no
incremental variable cost, this decline flows directly through to
our measure of the company's EBITDA.

Granite's increased energy margin will help offset the expected
drop in its capacity revenue.

S&P said, "Following the disappointing PJM auction results in May
2021, we saw an almost immediate increase in day-ahead power price
bids as generators sought to make-up for their lost capacity
revenue with higher energy margins. As a diversified portfolio,
with both combined-cycle and peaking units, we expect Granite to
generate a higher net energy margin from its open positions in
future periods than we previously forecast.

"That said, through 2023, we do not expect the increase in energy
margin to fully offset the effects of the lower capacity prices for
two reasons. First, Granite had hedges in place, particularly for
2022, before the recent uplift in market spark spreads. As such, it
is relatively less able to capture the upside from higher power
prices than a generator with unhedged positions. In this instance,
the repeated delays in establishing PJM auction parameters, and of
the auctions themselves in recent years, has limited Granite's
ability to match its hedged energy positions with its expected
capacity revenue. Second, the company's portfolio is slightly
tilted toward peaking assets. As recently as 2019, capacity revenue
accounted for about 60% of Granite's total gross margin. We expect
the company to derive over 70% of its net hedged energy margin from
just two assets, Ironwood and Springdale, which together represent
only about 30% of its total capacity. Given Granite's asset mix, we
would not expect an uplift in market sparks to fully offset the
lost capacity revenue.

"We forecast the company's EBITDA will decline in each of the next
two years.

"While Granite has not yet reported its full-year 2021 results, we
assume it generated about $330 million of EBITDA in 2021. Based on
our capacity and energy margin assumptions, we forecast EBITDA of
about $250 million in 2022 and $220 million in 2023. This
translates to 2022 and 2023 leverage of 4.9x and 5.4x,
respectively. While we do not incorporate any assumptions about the
company's 2024 metrics in our forecast, we don't expect its EBITDA
will materially improve from 2023 levels during the year.

"While we forecast leverage about a half turn above our downgrade
threshold in 2023, we are not lowering the rating at this time
because of the uncertainties in our forecast. Chief among these
uncertainties is the outcome of the next PJM Base Residual Auction
for the 2023/2024 delivery year, which--after several delays--we
now expect will occur in June 2022. Because Granite is actively
hedging its 2023 energy margin at current sparks, we believe a
surprise to the upside in the next auction would directly benefit
the company. Additionally, Granite has control over its capital
allocation decisions and could choose to prioritize debt repayment
over distributions. Despite our forecast for declining EBITDA
through 2023, we still expect the company to generate about $160
million of free operating cash flow in 2022, which it could use for
either distributions or voluntary debt repayment.

"We have lowered our expectations for future PJM capacity prices.

"We lowered our RTO capacity price assumption for the 2023/2024
auction by a modest amount to $45 per megawatt day (MW-day). This
is lower than our $90/MW-day assumption for the auction in 2021,
largely because of the narrower definition of the minimum offer
price rule (MOPR), which results in the reentry of nuclear supply,
and also because of the market seller offer cap (MSOC) rule that
limits generators' ability to pass through compliance costs
previously allowed in capacity bids. That said, we do see the
potential that the capacity prices in the 2023/2024 auction may
clear even lower than this level.

"We have also lowered our mean-reverting price for the RTO to
$80/MW-day, though we foresee some near-term pricing pressure
because of the significant revisions to our load forecast. The
significant revision from our previous expectation of $120/MW-day
is because of the narrowly defined MOPR that requires the
mitigation of an asset's influence on prices only if market power
has been identified, as well as the MSOC, which obliges existing
capacity to bid lower. We note that under some reliability
scenarios, we see the potential for RTO prices in the
$50/MW-day-$60/MW-day range for two to three years and could update
our forecasts if the PJM adjusts its future reliability
requirements.

"The $80/MW-day longer-term assumption is somewhat aggressive and
requires that the planned coal-fired retirements occur on schedule.
Our pricing assumption would come under pressure if they are
instead converted to natural gas units.

"Our assumptions for the MAAC include a modest decline in its
clearing price to $80/MW-day for the 2023-2024 auction, relative to
the 2022/2023 auction, before improving to $110/MW-day by the
2025/2026 auction. MAAC fundamentals also raise the prospect that
the price could clear lower at about $70/MW-day for 2023/2024. We
have captured that in our higher downside differential from the
base case.

"The negative outlook on Granite reflects our expectation that its
leverage will increase above our 5x downgrade threshold in 2023. We
currently forecast S&P Global Ratings-adjusted year-end debt to
EBITDA of 4.9x in 2022 and 5.4x in 2023.

"We would consider downgrading Granite if we believe it is highly
likely that it will sustain leverage of more than 5x. This could
occur if our near-term leverage expectations, particularly for
2023, continues to worsen or if the assumptions in our forecast for
2023 resolve unfavorably. PJM capacity prices for the 2023/2024
auction could also clear at or below our current expectations or
Granite may be unable to continue to hedge its energy margin in
2023 at levels that support the current rating.

"We would consider revising our outlook on Granite to stable if we
are increasingly confident it will not sustain leverage of about
5x. The most likely catalysts for such a scenario would be a
favorable result in the next PJM auction combined with market spark
spreads remaining at current levels, or if Granite used cash to
optionally repay debt."



GUILDWORKS LLC: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Oregon-based Guildworks LLC and an affiliate filed for voluntary
Chapter  11 bankruptcy protection.

Guildworks LLC is an Oregon limited liability company.  It is a
design-build architectural and construction firm that specialized
in tension fabric structures for businesses and event venues
throughout the United States and the world.  Guildworks LLC is
owned and operated by its sole member, Marc Rickets.  The Debtor's
primary objective in this Chapter 11 case is to reorganize its
debts and continue to operate to repay creditors after confirmation
of a Plan.

Guildworks-Works LLC also sought bankruptcy protection.  It acts as
the employer of record for all Guildworks LLC’s employees.  It is
solely owned
by Guildworks LLC.

According to court filings, Guildworks LLC has between 1 and 49
unsecured creditors, such as Ace Funding Source LLC, Biz Fund LLC,
and Business Impact NW. Funds are available to its unsecured
creditors, according to its petition.

                      About Guildworks LLC

Guildworks LLC is a Portland, Oregon-based company that engages in
the full-service design, manufacture and installation of temporary
and permanent fabric structures.

Guildworks LLC and affiliate, Guildworks-Works LLC, sought Chapter
11 bankruptcy protection (Bankr. D. Ore. Case No. 22-30388) on
March 14, 2022. In the petition filed by Mark C. Ricketts, as
member, Guildworks LLC estimated total assets between $100,000 and
$500,000 and liabilities between $50 million and $100 million.  The
cases are handled by Honorable Judge Teresa H. Pearson.  Troy
Sexton, of Motschenbacher & Blattner, LLP, is the Debtors' counsel.


HLH TIMBER: Unsecureds' Recovery Hiked to 10% in 5 Years
--------------------------------------------------------
HLH Timber Company, LLC submitted a Second Amended Plan of
Reorganization dated March 14, 2022.

HLH Timber Company started operations in 2012, cutting and hauling
timber to the mills. The company faced a significant decrease in
revenue due to a downturn in mill production. Shortly thereafter,
the COVID-19 pandemic hit and the company lost over half of its
employees.

Taking advantage of the opportunity afforded by bankruptcy
reorganization, HLH Timber Company is offloading unneeded equipment
to reduce operating costs and maintain profitability. HLH Timber
Company plans to continue operating and servicing its customers
while taking advantage of new opportunities to further its growth.

This Plan proposes to pay creditors from future income by
continuing operations and reorganizing its current debts.

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

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

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

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

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

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

Class 6-2 Shelby Savings Bank filed a secured claim (Claim No. 15)
in the amount of $334,176.99. This claim is secured by a 2008
Prentice Log Loader, 2005 Skidder, 2014 Freightliner, 2015 Feller
Buncher, and 110.75-acre tract in Shelby County (owned by Heith
Harper, principal of the Debtor). On March 1, 2022, Shelby Savings
Bank foreclosed on the 110.75-acre tract and received $387,000.00
at auction. There is therefore no deficiency balance and no amounts
owing on this claim, and Shelby Savings Bank no longer has a
security interest in the 2008 Prentice Log Loader, 2005 Skidder,
2014 Freightliner, 2015 Feller Buncher. No payments will be
distributed to Shelby Savings Bank on this claim. Debtor will
retain ownership of the 2008 Prentice Log Loader, 2005 Skidder,
2014 Freightliner, and 2015 Feller Buncher free and clear.

Class 7 consists of General Allowed Unsecured Claims. These claims
are impaired. All allowed unsecured creditors shall receive a pro
rata distribution at zero percent per annum over the next 5 years
with the first monthly payment being due and payable 30 days after
the effective date and continuing every year thereafter for the
additional 4 years remaining on this date. Debtor will distribute
approximately $123,255.35 (American State Bank's unsecured claim is
presently unknown) to the Class 7 General Allowed Unsecured
creditor pool over the 5 year term of the plan. The Debtor's
Allowed Unsecured Claimants will receive 10% of their allowed
claims under this plan.

Class 8 consists of Special Secured Claim. This claim is impaired.
B1 Bank filed a proof of claim in the amount of $1,573,024.04. B1
Bank asserts it is fully secured by Debtor's personal property
including an extensive list of vehicles. Debtor will surrender all
of the equipment in which B1 Bank has a perfected lien, based on
the values of B1 Bank's Appraisal totaling to $760,863.00. The
unsecured amount of $812,161.00 will be paid as a general unsecured
claim pursuant to Class 7 of the Plan.

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

A full-text copy of the Second Amended Plan of Reorganization dated
March 14, 2022, is available at https://bit.ly/3646n1p from
PacerMonitor.com at no charge.

Debtor's Counsel:

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

                     About HLH Timber Company

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


INTEGRATED PLAN: Ends Up in Chapter 11 Bankruptcy Filing
--------------------------------------------------------
New York-based insurance company Integrated Plan Design LLC, filed
for Chapter 11 bankruptcy protection.

According to the court filing, Integrated Plan Design LLC has
between 1 and 49 unsecured creditors, such as Alchemy Capital
Planning LLC, Diamond Capital, and Avison Young Managing Agent.
Meanwhile, the company has 2 secured creditors namely Wendy Gail
Armstrong and Richard Salzer Jr.

A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for
April 14, 2022, at 1:00 p.m. at Office of UST.

                  About Integrated Plan Design

Integrated Plan Design LLC LLC is a domestic non-profit
organization in Floirida.  Integrated Plan Design sought voluntary
Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No.
22-22119) on March 14, 2022. In the petition filed by Anrew A.
Hyman, as manager, Integrated Plan Design LLC listed estimated
total assets between $1 million and $10 million and estimated
liabilities between $1 million and $10 million. The case is handled
by Honorable Judge Sean H. Lane. H. Bruce Bronson, Jr., of Bronson
Law Offices, P.C., is the Debtor's counsel.


JINZHENG GROUP: Committee Entitled to Discovery From Max Yang
-------------------------------------------------------------
Judge Ernest M. Robles of the United States Bankruptcy Court for
the Central District of California, Los Angeles Division, denied
without prejudice the expedited motion filed by Official Committee
of Unsecured Creditors appointed in the Chapter 11 case of Jinzheng
Group (USA) LLC for examination of Max Yang as person most
knowledgeable for the Debtor and compelling the production of
documents Pursuant to Fed. R. Bankr. P. 2004 and LBR 2004-1.

Judge Robles finds that, pursuant to Civil Rule 78(b), LBR
9013-1(j)(3), and LBR 9013-1(p)(3), the matter is suitable for
disposition without oral argument. The Court further finds that the
Committee is entitled to discovery from Max Yang, but the discovery
must proceed under the Federal Rules of Civil Procedure, not under
Bankruptcy Rule 2004, because the information the Committee seeks
to obtain from Max Yang pertains in part to contested matters that
are set for hearing on March 22, 2022.

Judge Robles emphasizes that the Motion is denied only because
Bankruptcy Rule 2004 is not the proper procedural vehicle for the
discovery the Committee seeks. The Court expects Max Yang to
cooperate with requests for discovery by the Committee that are
properly asserted under the Federal Rules of Civil Procedure.

A full-text copy of Judge Yang's Memorandum of Decision dated March
7, 2022, is available at https://tinyurl.com/2p8nsjsn from
Leagle.com.

                    About Jinzheng Group (USA)

Jinzheng Group (USA) LLC, owner of multiple properties in Los
Angeles County, Calif., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-16674) on Aug. 24,
2021, listing up to $50 million in both assets and liabilities.
Judge Ernest M. Robles oversees the case.


JINZHENG GROUP: Unsecureds to be Paid in Full with Interest in Plan
-------------------------------------------------------------------
Jinzheng Group (USA) LLC filed with the U.S. Bankruptcy Court for
the Central District of California a Combined Plan of
Reorganization and Disclosure Statement.

The Debtor is in the business of acquiring and developing real
estate.  Its sole member is Jianqing Yang. Mr. Yang currently
resides in China and has not been to the United States since the
global outbreak of Covid-19.

Beginning in December 2017, Ms. Zheng caused the Debtor to contract
with Betula Lenta, Inc., a real estate consultancy company, to
assist it with the development of the Los Angeles Properties.
Debtor and Betula entered into three contracts (collectively, the
"Betula Agreements").  While the Betula Agreements totaled over
$13,336,903.00 and much of the fees were paid, the Los Angeles
Properties remain unentitled and undeveloped.

This Plan is a reorganizing plan.  In other words, the Debtor seeks
to make payments under the Plan by a new value contribution and new
financing. The Effective Date of the Plan is 14 days after the
Bankruptcy Court enters the Order confirming this Plan.

Class 11A consists of General Unsecured Claims.  This Class has a
total of $4,317,473.97 filed claims.  In full and final
satisfaction of each, any, and allow Class 11A allowed claim will
be paid in full with interest at the federal judgment rate as of
the Petition Date (0.07%), from the Petition Date until paid in
full. The allowance of Class 11A claims will be subject to Debtor's
right to object to such claims as well as the conclusion of related
litigation in which the Debtor asserts offsetting claims against
the holder of the Class 11A claim.

Each Class 11A claim shall be paid in full upon the latter of (i)
three years after the Effective Date, or (ii) upon adjudication by
final, non-appealable order or judgment resolving claim objections
and related litigation.

Class 11B consists of the Subordinated Unsecured Claim of Jianqing
Yang with $43,523,255.42 filed claim.  No payments under the Plan
will be made on behalf of the Class 11B claim.

Class 12 consists of Equity interests in the Debtor with 100% held
by Jianqing Yang. Each Class 12 interest holder will retain its
rights and interests without impairment. Class 12 will not receive
any payments on account of its equity interests during the life of
the Plan.

The Plan will be funded by the following:

     * Cash on hand in the approximate amount of $250,000;

     * Rental income of approximately $42,504/year from Debtor's
expired leases (to holdover tenants) of 2520 and 2526 Lincoln Park,
Los Angeles, CA 9003;1

     * A $4,000,000 capital contribution by Jianqing Yang on the
Effective Date;

     * The sale of the San Marino Property;

     * The sale of the Van Nuys Property;

     * Additional capital contributions by Jianqing Yang to the
extent necessary to fund Debtor's payment obligations during the
term of the Plan.

A full-text copy of the Combined Plan and Disclosure Statement
dated March 14, 2022, is available at https://bit.ly/3IhHXyg from
PacerMonitor.com at no charge.

Counsel for Jinzheng Group:
     
     Gene H. Shioda, Esq.
     Christopher J. Langley, Esq.
     Steven P. Chang, Esq.
     Shioda, Langley & Chang LLP
     1063 E. Las Tunas Dr.
     San Gabriel, CA 91776
     Telephone: (626) 281-1232
     Facsimile: (626) 281-2919
     Email: ghs@slclawoffice.com
            chris@slclawoffce.com
            schang@slclawoffice.com

                   About Jinzheng Group (USA)

Jinzheng Group (USA) LLC, owner of multiple properties in Los
Angeles County, Calif., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-16674) on Aug. 24,
2021, listing up to $50 million in both assets and liabilities.
Judge Ernest M. Robles oversees the case.


LA CASA CANAVERAL: Unsecureds to be Paid in Full in Sale Plan
-------------------------------------------------------------
La Casa Canaveral LLC filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Disclosure Statement describing Plan
of Reorganization dated March 14, 2022.

The Debtor is a Florida Limited Liability Company that was formed
on November 10, 2010. Debtor is a single asset real estate entity
that exists to own approximately 7.7 acres of Real Property located
in Cape Canaveral, Brevard County, Florida (the "Real Property").

Debtor filed for protection under Chapter 11 of the Bankruptcy Code
to satisfy the Secured Claim of its primary creditor, LV Cape
Canaveral, LLC. LV filed Secured Proof of Claim Number 1 in the
amount of $5,095,511.81 on February 19, 2022. The Secured Claim of
LV is guaranteed by Danny Ringdahl.

Debtor filed the Chapter 11 Bankruptcy Case to resolve the Loan and
to make LV whole by selling and transferring the Property by a Sale
Contract and paying LV in full at Closing on the Effective Date.
The value of the Real Property and subsequent sales proceeds are
sufficient to satisfy LV's claim in full.

Debtor obtained an Appraisal in 2019 and the Real Property was
valued at $10,350,000.

The Debtor does not conduct operations and does not have any
income. Since the filing of the Chapter 11 by the Debtor, Debtor
has maintained post-petition general liability insurance on the
Property. The annual premium for the general liability insurance
was paid pre-Petition.

The Plan of Reorganization is in the best interest of creditors.
There is a significant equity cushion in the Real Property that
will allow LV and Unsecured Creditors to be paid in full. Upon the
Effective Date of the Plan, Debtor shall execute and deliver All
Closing Documents required by the Sale Contract on the Real
Property. Debtor's only other Secured Creditor is the Brevard
County Tax Collector.

As of the Petition Date, Debtor owed ad valorem taxes for 2021 on
the Property to Brevard County Tax Collector in the amount of
$15,415.33. The Allowed Secured Claim of Brevard County Tax
Collector will be paid in full by the Debtor at Closing of the Sale
Contract on the Effective Date and is Unimpaired in the Plan.

The Debtor's Unsecured Claims total $931,135 and Allowed Unsecured
Claims shall be paid in full on the Effective Date.  Any Disputed
Claims shall have funds escrowed in the filed Claim amounts until
resolution of the Disputed Claims by the Bankruptcy Court.
Unsecured Claims are Unimpaired in the Plan.

The Plan provides for Distributions to Creditors on the Closing of
the Sale Contract to Purchaser and Transfer of the Real Property on
the Effective Date. No other payments are required based on the
value of the Real Property and feasibility is not a concern.

The Debtor proposes to sell the Property to Purchaser pursuant to
the Sale Contract on Real Property for $14,000,000.00. The Sale
Contract confirms that there is substantial equity in the Real
Property. The Liquidation Analysis shows that there will be funds
available to make distributions to Allowed Secured Claims and
Allowed Unsecured Creditors. Liquidation costs in Chapter 7 Case by
a Trustee would harm the Insider Equity Interest of the Debtor.

A full-text copy of the Disclosure Statement dated March 14, 2022,
is available at https://bit.ly/3JjU8Mm from PacerMonitor.com at no
charge.

Attorney for the Debtor:

     Richard Blackstone Webber, III, Esq.
     Zimmerman, Kiser & Sutcliffe, P.A.
     315 E. Robinson St., Suite 600
     Orlando, FL 32801   
     Phone: +1 407-425-7010
     Email: rwebber@zkslawfirm.com

                      About La Casa Canaveral

La Casa Canaveral LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).  It is based in Cocoa
Beach, Fla.

La Casa Canaveral filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
21-05584) on Dec. 14, 2021, listing as much as $10 million in
assets.  Danny P. Ringdahl, managing member, signed the petition.

Judge Grace E. Robson oversees the case.

Michael A. Saracco, Esq., at Zimmerman, Kiser & Sutcliffe, P.A.,
serves as the Debtor's legal counsel.


LATAM AIRLINES: Court Approves $700M Fee for Hedge Funds
--------------------------------------------------------
Jeremy Hill of Bloomberg News reports that a federal judge has
approved financing arrangements tied to Latam Airlines Group SA's
plan to exit bankruptcy that would hand investment firms including
SVPGlobal, Sculptor Capital Management and Sixth Street Partners a
more than $700 million fee.

U.S. Bankruptcy Judge James Garrity signed off on the so-called
backstop agreements, which are designed to ensure the Chilean
airline gets the financing it needs to exit bankruptcy.  The deals
faced stiff opposition from some creditors because they allow a
group of Latam investors to collect a fee worth nearly a quarter of
the $4 billion the group promised to invest.

                       About LATAM Airlines

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

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

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

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

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

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.


LATAM AIRLINES: Obtains $3.7 Bil. of Debt to Repay Oaktree, Apollo
------------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that Latam Airlines Group
gets $3.7 billion of debt to repay Oaktree, Apollo.

Latam Airlines Group found lenders willing to provide some $3.7
billion to the Chilean air carrier while it navigates bankruptcy,
with JPMorgan Chase & Co. committing to lend just over $2 billion,
according to regulatory and court filings.

The new debtor-in-possession financing will be used in part to
repay funds lent by Oaktree Capital Management and Apollo Global
Management, court papers show JPMorgan and a syndicate arranged by
the bank will provide up to $2.05 billion of the funds, while
certain existing creditors to Latam will lend as much as $1.65
billion, according to regulatory filings.

                         About LATAM Airlines

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

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

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

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

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

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel. Prime Clerk LLC is the claims agent.


LRGH HEALTHCARE: Concord CEO Donovan Resigns 1 Year After Buying Co
-------------------------------------------------------------------
Teddy Rosenbluth of Concord Monitor reports that a year after
purchase by Concord Hospital, head of LRGH stepping down.

A year after Concord Hospital bought Lakes Region General
Healthcare, the head of the Franklin and Laconia hospitals has
announced his departure, effective at the end of the month.

Kevin Donovan was the president and CEO of Lakes Regional General
Hospital since 2016, overseeing two hospital locations that
struggled with a crippling amount of debt. LRGH declared Chapter 11
bankruptcy in 2020 due largely to the costs associated with some
$128 million in debt, allowing Concord Hospital to purchase the
healthcare system for $30 million.

"I leave knowing the communities will be well-served by the Concord
Hospital health system," he said in a statement

Chichester gets a new selectman heading into Saturday meeting.

Since that purchase in 2021, Donovan has served as Chief
Administrative Officer for Concord Hospital- Franklin and Concord
Hospital-Laconia. He will stay on with the hospital until the end
of March, while they search for a replacement. Concord Hospital has
also appointed an interim Chief Administrative Officer for Laconia
and Franklin to help during the transition period.

After leaving Concord Hospital, he will "pursue other professional
opportunities," according to a press release from the hospital.

Throughout the ownership transition, more than 1,300 employees have
kept their jobs. In an interview with the Monitor, Donovan said an
"extremely high percentage" of staff have stayed with the new
ownership.

"Kevin has been instrumental in assuring that affordable,
accessible and quality health care will be available for the region
today and for years to come," Concord Hospital CEO and President
Robert Steigmeyer said in a statement.

As CEO of LRGH, Donovan was paid $511,991 in 2019, the most recent
year records were available, according to the nonprofit’s public
filing with the IRS.

                      About LRGHealthcare

LRGHealthcare -- http://www.lrgh.org/-- was a not-for-profit
healthcare charitable trust operating Lakes Region General Hospital
(LRGH), Franklin Regional Hospital, and numerous other affiliated
medical practices and service programs.

LRGH was a community-based acute care facility with a licensed bed
capacity of 137 beds, and FRH is a 25-bed critical access hospital
with an additional 10-bed inpatient psychiatric unit. In 2002,
Lakes Region Hospital Association and Franklin Regional Hospital
Association merged, with the merged entity renamed LRGHealthcare.
LRGHealthcare offered a wide range of medical, surgical, specialty,
diagnostic, and therapeutic services, wellness education, support
groups, and other community outreach services.

LRGHealthcare filed a Chapter 11 petition (Bankr. D.N.H. Case No.
20-10892) on Oct. 19, 2020. The petition was signed by Kevin W.
Donovan, president and CEO.  At the time of the filing, the Debtor
estimated to have $100 million to $500 million in both assets and
liabilities.

Judge Bruce A. Harwood was assigned to the case before Judge
Michael A. Fagone took over.

The Debtor tapped Nixon Peabody LLP as legal counsel; Baker Newman
Noyes as accountant; and Deloitte Transactions and Business
Analytics, LLP and Kaufman, Hall & Associates, LLC as financial
advisors. Epiq Corporate Restructuring, LLC is the claims,
noticing, solicitation, and administrative agent.

The U.S. Trustee for Region 1 appointed a committee of unsecured
creditors on Oct. 23, 2020. The committee is represented by the law
firms of Sills Cummis & Gross P.C. and Drummond Woodsum.  CBIZ
Accounting, Tax and Advisory of New York, LLC, serves as the
committee's financial advisor.

In December 2020, the U.S. Bankruptcy Court, District of New
Hampshire issued a final order approving Concord Hospital's
acquisition of Lakes Region General Hospital, Franklin Hospital and
their ambulatory sites from LRGHealthcare.  The healthcare system
and its two hospitals were sold to Concord Hospital for $30
million.

On May 5, 2021, the Debtor filed its change of name from
LRGHealthcare to HGRL with the Secretary of State for the State of
New Hampshire and the Laconia Town Clerk.


MILLER ENERGY: Investors, KPMG Reach $35 Million Deal Over Audit
----------------------------------------------------------------
Clark Mindock of Law360 reports that accounting giant KPMG agreed
to pay $35 million to a class of Miller Energy Resources Inc.
investors who said the firm helped the now-defunct company falsify
financials about oil and gas assets, according to a proposed
settlement in Tennessee federal court.

The class asked the court to approve the settlement Monday, arguing
that the agreement follows an extensive, six-year litigation
process that included discovery and lengthy negotiations between
the parties. During that six years, the settling parties thoroughly
briefed three motions by KPMG to dismiss the case, plaintiffs'
class certification motion and others.

                        About Miller Energy

Miller Energy Resources, Inc. --
http://www.millerenergyresources.com/-- is an oil and natural gas
production company focused on Alaska. The Company has a substantial
acreage, reserve, and resource position in the State, significant
midstream and rig infrastructure to support production, and 100%
working interest in and operatorship of most of its assets.

Miller Energy Resources and 10 of its affiliates filed Chapter 11
bankruptcy petitions (Bank. D. Alaska Lead Case No. 15-00236) on
Oct. 1, 2015. Carl F. Giesler, Jr., the CEO, signed the petitions.

Judge Gary Spraker is assigned to the cases.

The Debtors have engaged Andrews Kurth LLP as counsel, David H.
Bundy P.C., as local counsel, Seaport Global Securities as
financial advisor, and Prime Clerk as claims and noticing agent.

On Aug. 6, 2015, Cook Inlet, a wholly-owned by MER, became the
subject of an involuntary Chapter 11 case filed by four creditors
asserting to have an aggregate claim of $2.8 million. The
petitioning creditors were Baker Hughes Oilfield, M-I LLC,
Schlumberger Tech. Corp, and Baker Petrolite, LLC. Judge Spraker
granted an order for relief under Chapter 11 of the Bankruptcy Code
on Oct. 2, 2015.

Cook Inlet disclosed $180 million in assets and $212 million in
liabilities in its schedules.

On Oct. 16, 2015, the U.S. Trustee formed an official committee of
unsecured creditors. The Committee tapped Snow Spence Green LLP as
counsel and Erik LeRoy, P.C, as local counsel. The members of the
Committee are (i) Cruz Construction Inc., (ii) Baker Hughes
Oilfield Operations, Inc., (iii) Cudd Pressure Control, Inc., (iv)
Exxon Mobil Corporation, (v) Inlet Drilling Alaska, Inc., (vi)
National Oilwell Varco LP, and (vii) Schlumberger Technology
Corporation.


NEW DAY N CHRIST: Creditors to Get Paid from Loan Proceeds
----------------------------------------------------------
New Day "N" Christ Deliverance Ministries Inc. filed with the U.S.
Bankruptcy Court for the Southern District of Florida a Disclosure
Statement for Small Business Chapter 11 Plan dated March 14, 2022.

The Debtor is a not for profit corporation.  Since 1994, the Debtor
has been in the business of conducting religious services as a
Church. The Debtor leases the Hibiscus Room at the Betty T.
Ferguson Center, 3000 NW 199 Street Miami Garden, FL for church
services.

Property was in disrepeair with illegal renovations, Miami-Dade
County code violations and permit issues. The property was also in
foreclosure.

The Secured Creditor, U.S. Bank National Association, is classified
in Class 1 and will receive a distribution of 54% of their allowed
claims equivalent to $250,000.00 to be paid on or about May 16,
2022.

This Plan of Reorganization proposes to pay creditors of the Debtor
from loan proceeds.

The Debtor will secure a private loan to pay the secured creditors
on or about May 16, 2022. Once the Creditor has been paid, the
Debtor will seek Discharge.

A full-text copy of the Disclosure Statement dated March 14, 2022,
is available at https://bit.ly/3qcHibj from PacerMonitor.com at no
charge.

               About New Day "N" Christ Deliverance
                          Ministries Inc.

New Day "N" Christ Deliverance Ministries Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-13439) on March 18, 2019.  

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of less than $500,000.  The case has been
assigned to Judge Robert A. Mark.  Henrietta Jo Pace serves as the
Debtor's counsel.


NEW YORK CLASSIC: Pitches New Plan With Equity Payout
-----------------------------------------------------
James Nani of Bloomberg Law reports that the a bankrupt unit of
Classic Car Club Manhattan, a club for that lets members drive its
fleet of luxury vehicles, filed a new Chapter 11 plan that would
grant some unsecured creditors equity in the reorganized company.

New York Classic Motors LLC’s third amended plan, filed Monday,
March 14, 2022, will require a new creditor vote before the debtor
takes another shot at court approval.

But the new version has already gained support from a creditor who
rejected the previous plan, said Erica Aisner of Kirby Aisner &
Curley LLP, the debtor;s attorney, said at a hearing Tuesday, March
15, 2022.

                 About New York Classic Motors

New York Classic Motors LLC, a classic car dealer in New York,
filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 21-10670) on April 9, 2021. At the time of the filing, the
Debtor had between $10 million and $50 million in both assets and
liabilities. The Debtor is represented by Kirby Aisner & Curley,
LLP.

Judge Martin Glenn oversees the case.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 29, 2021. Arent Fox, LLP and CBIZ
Accounting, Tax and Advisory of New York, LLC serve as the
committee's legal counsel and financial advisor, respectively.



NORWICH ROMAN: Hellman, Jones Walker Represent Parish Group
-----------------------------------------------------------
In the Chapter 11 cases of The Norwich Roman Catholic Diocesan
Corporation, the law firms of Jones Walker LLP and Law Offices of
Jeffrey Hellman, LLC submitted an amended report verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose an updated list of members of Parish Group that they are
representing.

This Amended Verified Statement modifies the Verified Statement
filed on November 8, 2021 [ECF No. 347] to clarify the membership
of the Association. The Association consists of 53 entities listed
on the attached Exhibit A. A Second Amended Verified Statement will
be filed if the membership of the Association changes.

As of March 14, 2022, the following are members of the Association
of Parishes of the Roman Catholic Diocese of Norwich, Connecticut:

Saint Mary's Church Portland Connecticut
Rev. John Antonelle
P.O. Box 307
Portland, CT 06480-0307
Telephone: 860-342-2328

The Church of Christ the King
Old Lyme, Incorporated
Rev. Joseph C. Ashe
1 McCurdy Rd.
Old Lyme, CT 06371-1629
Telephone: 860-434-1669

St. Pio Parish
Rev. Grzegorz Brozonowicz
161 Main Street
Old Saybrook, CT 06475-2367
Telephone: 860-388-3787

St. John's Roman Catholic Church
Montville, Connecticut
Rev. Robert F. Buongirno
22 Maple Ave. Uncasville, CT 06382
Telephone: 860-848-1257
E-mail: fatherbobb@hotmail.com

St. Therese of Lisieux
Very Rev. David P. Choquette
P.O. Box 655
Putnam, CT 06260
Telephone: 860-928-6535
E-mail: frdavidchoquette@yahoo.com

The Our Lady of Lourdes Corporation
Very Rev. Brian J. Converse
1650 Route 12
Gales Ferry, CT 06335
Telephone: 860-464-7251

The Sacred Heart Church Corporation
Very Rev. Brian J. Converse
56 Sacred Heart Drive
Groton, CT 06340
Telephone: 860-464-7251

The Saint Mary Church Corporation
Very Rev. Brian J. Converse
69 Groton Long Point Rd.
Groton, CT 06340
Telephone: 860-464-7251
E-mail: office@stmarysgroton.org

St. John's Corporation, of Cromwell Connecticut
Rev. Mark L. Curesky
5 St. John Ct.
Cromwell, CT 06416-2118
Telephone: 860-635-5590

The Saint Pius X Church Corporation
Rev. Martin Curtin
310 Westfield St.
Middletown, CT 06457
Telephone: 860-347-4441

The Roman Catholic Church of St. Peter
Saint Peter Church Corporation
Rev. Joseph F. DeCosta
P.O. Box 707
Higganum, CT 06441-0707
Telephone: 860-663-2576

St. Lawrence Church Corporation of Killingworth
Rev. Joseph F. DeCosta
7 Hemlock Dr.
Killingworth, CT 06419-2227
Telephone: 860-663-2576

St. Patricks Church, East Hampton Connecticut
Rev. Darius Dudzik
47 West High St.
East Hampton, CT 06424
Telephone: 860-267-6644

Our Lady Queen of Peace Parish
Rev. Jonathan Ficara
1600 Main St.
Coventry, CT 06238-0250
Telephone: 860-429-6436

St. Philip's Church Corporation of Warrenville
Rev. Gregory P. Galvin 64 Pompey Hollow Rd.
Ashford, CT 06278-1541
Telephone: 860-429-2860

St. Mary's Society Connecticut
Rev. Michael Giannitelli
54 Grove St.
Clinton, CT 06413-1999
Telephone: 860-669-8512
E-mail: godsquad@stmarysclinton.org

The St. Joseph's Polish Roman Catholic Congregation
Rev. Msgr. Leszek Janik
120 Cliff St.
Norwich, CT 06360-5134
Telephone: 860-887-1030

The Sacred Heart Church of Norwich Connecticut
Rev. Msgr. Leszek Janik
52 West Town St.
Norwich, CT 06360-2296
Telephone: 860-887-1030
sacredheart06360@gmail.com

St. Andre Bessette Parish
Rev. Grzegorz Jednaki
10 Railroad Ave. Plainfield
CT 06374-1215
Telephone: 860-564-3313

The Church of St. Francis of Assisi
Rev. Russell Kennedy
10 Elm St.
Middletown, CT 06457-4427
Telephone: 860-347-4684
E-mail: office@stfrancisct.org

All Saints' Church, of Somersville
Rev. Gerald S. Kirby
P.O. Box M
Somersville, CT 06072-0913
Telephone: 860-749-8625

Corpus Christi Catholic Parish
Very Rev. Laurence A.M. LaPointe
99 Jackson St.
Willimantic, CT 06226
Telephone: 860-423-8439
E-mail: catholicwindham@gmail.com

St. Edward's Catholic Society
Stafford Springs Connecticut
Rev. Peter B. Liszewski
27 Church St.
Stafford Springs, CT 06076
Telephone: 860-684-2705

St. Andrew's Catholic Church
Rev. Marek Masnicki
128 Norwich Ave. Colchester
CT 06415-1269
Telephone: 860-642-6711

The St. Matthias' Church Corporation
Rev. Gregory Mullaney
317 Chesterfield Rd.
East Lyme, CT 06333
Telephone: 860-739-9722

Each Parish is an incorporated legal entity that has its own
employees, articles of incorporation, EIN, bank accounts, and real
property separate from the Debtor.

The Association was formed to address the concerns of the Parishes,
to advance the positions of the Parishes as a group, and as
necessary, to defend the legal interests of the Parishes in this
Chapter 11 Case. The Parishes agreed that it is in the best
interest of the Parishes to retain Jones Walker to represent all
Parishes to save costs and resources and further their interests.
The Parishes intend to participate in this Chapter 11 Case as a
group.

Jones Walker is empowered and authorized to act on behalf of all
Parishes in this Chapter 11 Case.

Counsel for the Association of Parishes of The Roman Catholic
Diocese of Norwich, Connecticut can be reached at:

          Jeffrey Hellman, Esq.
          Law Offices of Jeffrey Hellman, LLC
          195 Church Street, 10th Floor
          New Haven, CT 06510
          Tel: 203-691-8762
          E-mail: jeff@jeffhelmanlaw.com

             - and -

          Mark A. Mintz, Esq.
          Samantha A. Oppenheim, Esq.
          Jones Walker LLP
          201 St. Charles Avenue, 51st Floor
          New Orleans, LA 70170
          Tel: (504) 582-8368
          Fax: (504) 589-8368
          E-mail: mmintz@joneswalker.com
                  soppenheim@joneswalker.com

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

                    About The Norwich Roman Catholic
                       Diocesan Corporation

The Norwich Roman Catholic Diocesan Corporation is a nonprofit
corporation that gives endowments to parishes, schools, and other
organizations in the Diocese of Norwich, a Latin Church
ecclesiastical territory or diocese of the Catholic Church in
Connecticut and a small part of New York.

The Norwich Roman Catholic Diocesan Corporation sought Chapter 11
protection (Bankr. D. Conn. Case No. 21-20687) on July 15, 2021.
The Debtor estimated $10 million to $50 million in assets against
liabilities of more than $50 million.  Judge James J. Tancredi
oversees the case.

The Debtor tapped Ice Miller, LLP, Robinson & Cole, LLP and Gellert
Scali Busenkell & Brown, LLC as bankruptcy counsel, Connecticut
counsel and special counsel, respectively.  Epiq Corporate
Restructuring, LLC is the claims and noticing agent.

On July 29, 2021, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 case.
The committee tapped Zeisler & Zeisler, PC as its legal counsel.


O-I GLASS: S&P Alters Outlook to Positive, Affirms 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised the outlook on O-I Glass Inc. to
positive from stable and affirmed its ratings on the company,
including the 'B+' issuer credit rating.

The positive out reflects the likelihood we could raise the rating
if the company continues to grow topline revenues through both
volume and pricing, resulting in stronger EBITDA and credit
metrics, such that adjusted debt leverage falls to about 5x.

O-I Glass's adjusted debt leverage fell to 5.2x at the end of 2021.
After several years of rising debt leverage due to unfavorable
operating trends, some operational challenges, the COVID-19
pandemic, and a volatile asbestos liability, O-I's performance
through 2021 showed signs of moving past its previous hurdles.
Notably, O-I had been hurt for many years by the declining
mega-beer trend in the North America, but has since diversified its
business such that North American mega-beer now accounts for only
4% of revenues. The company invested in its assets to support
shorter production runs targeting more premium products and has
been highlighting the glass sustainability advantage over other
substrates, including the inert nature of the material and infinite
recyclability. O-I is also on the verge of settling its asbestos
claims for about $610 million, which in the past had been a
persistent liability prone to additional charges.

The company grew revenues by about 4.4% and expanded adjusted
EBITDA margins by about 200 basis points (bps) to 16.7% in 2021.
This was despite inflationary pressures in the industry. Through
contractual and out-of-contract pass throughs, O-I recouped $180
million of $230 million inflationary costs in 2021.

With improved operating performance, the company is well positioned
to strengthen credit measures further in 2022.

S&P said, "We believe OI will continue its topline growth in the
low-single digits through both volume growth and additional pricing
to offset inflation. Our base case projects the company will grow
adjusted EBITDA margins into the 17% area as it improves on its
pricing initiatives from the previous year. Despite our
expectations, we believe there are risks to our forecasts. The
situation in Ukraine adds a layer of unpredictability, and with
about 40% of the business based in Europe, there could be greater
reverberations if the conflict is drawn out. The company has stated
they have hedged energy costs, which should help to offset some
degree of energy cost inflation. However, higher-than-expected cost
increases, or if there is a lack of natural gas availability, could
pose to be greater challenges for the company. Other cost
inflation, including labor, logistics, raw materials continue to be
a burden for the packaging industry, and we continue to view these
as risks for O-I, particularly as other substrates are typically
cheaper alternatives to glass. Still, we believe inventory levels
are tight and demand remains high, which should bode well for the
company this year."

Cash flows will be limited under OI's capital investment plan.

The company has announced it will invest about $1.9 billion over a
three-year period, including about $600 million in 2022, which
compares to a maintenance spend of about $370 million annually. The
investments include additional lines in Canada and Colombia this
year, and in the future additional lines in the U.S., Latin
America, and the UK (including MAGMA lines) to support expected
growth. O-I expects to continue divestment in non-core assets and
deploy proceeds to supplement its free cash flows to support these
investments. Overall, free cash flows will be lower, although S&P
suspects that O-I could cut its growth spending should cash flows
come in more depressed than expected.

S&P said, "The positive outlook reflects the likelihood we could
raise the rating if O-I Glass Inc. continues to increase topline
revenues through both volume and pricing, offsetting inflationary
pressures, resulting in stronger EBITDA and credit metrics, such
that adjusted debt leverage fall and remain about 5x.

"We could revise the outlook to stable if debt leverage rises well
above 5x, which could occur if volume growth does not materialize
as the company expects, inflationary costs become unmanageable, if
energy costs and availability becomes an issue due to the conflict
in Ukraine, and/or if its expansion projects are delayed, pushing
out cash flows from expected new production lines.

"We could upgrade the rating if the company is able to sustain
and/or improve on its credit metrics, including debt leverage of
about 5x, which would likely be as a result of limiting impact of
further inflationary pressures this year while meeting its volume
growth targets while successfully implementing its expansion
capital spending plans."



OLD WORLD TIMBER: Continued Operations to Fund Plan
---------------------------------------------------
Old World Timber, LLC, filed with the U.S. Bankruptcy Court for the
Eastern District of Kentucky a Plan of Reorganization dated March
14, 2022.

The Debtor is a limited liability company organized under the laws
of the Commonwealth of Kentucky in April 2013. Initially the Debtor
operated under the name "Reclaimed American Hardwood LLC, " but
changed its name to Old World Timber, LLC in March 2016.

This Small Business Plan proposes to pay creditors of Old World
Timber, LLC from the future income and cash flow generated by the
Debtor's continued business operations.

This Plan provides for one (1) class of Priority Claims, eight (8)
classes of Secured Claims, three (3) classes of non-priority
Unsecured Claims, and one (1) class of Equity Interests. This Plan
also provides for the payment of Allowed Administrative Claims and
Allowed Priority Claims in full on the Effective Date unless the
holder of such claim has, prior to the Effective Date, agreed in
writing to accept periodic payment on account of its Allowed
Administrative Claim or Allowed Priority Claim.

The Debtor's financial projections suggest that the Debtor will
have projected disposable income of $72,608.00. The final Plan
payment is expected to be paid on or around June 1, 2027.

Class 3-A consists of Non-Priority Unsecured Claims of Non-Insiders
and Not Subject to Dispute. The allowed unsecured claims total
$87,691.03. The Class 3-A Claims are impaired. Beginning on the
date that is 7 months after the Effective Date and continuing semi
annually until the date that is 25 months after the Effective Date,
the Debtor shall distribute cash payments to holders of Class 3-A
Claims equal to their respective pro rata share of $87,691.03.

Class 3-B consists of Non-Priority Unsecured Claims Subject to
Dispute. The allowed amount total $200,000.00. The Class 3-B Claims
are impaired. Beginning on the date that is 7 months after the
Effective Date and continuing semi-annually until the date that is
61 months after the Effective Date, the Debtor shall distribute
cash payments to holders of Class 3-B Claims equal to their
respective pro rata share of the Debtor's disposable income, if
any, based upon the income received and expenditures incurred
during the immediate previous 6 calendar months. The Debtor shall
report the calculation of its disposable income for each applicable
period and proposed distributions to holders of Class 3- B Claims
to the subchapter V trustee within 21 days of the close of each
six-month period.

Class 3-C consists of Non-Priority Unsecured Claims of Insider
Nathan Brown in the amount of $219,978.16. The Class 3-C Claims are
impaired. Holders of Class 3-C Claims shall not have their Claims
subject to Discharge of the Plan but shall not receive any
distributions on account of such Class 3-C Claim until the Debtor
makes all other payments due under the Plan.

Class 4 consists of all pre-petition equity interests in the
Debtor. The equity membership interests in the Debtor are presently
held and controlled by the Debtor's CEO and Manager, Nathan Scott
Brown, and the Debtor's Interim Chief Financial Officer, Fred
Doster. Mr. Brown owns 95% of the equity interests, and Mr. Doster
owns 5% of the equity interests in the Debtor. The Class 4 equity
interests in the Debtor are unimpaired. The holders of Class 4
equity interests shall retain their equity interests in the Debtor
as of the Effective Date.

Following Confirmation, the Debtor will continue to be managed in
accordance with the company's operating agreement by Nathan Scott
Brown, as CEO, member, and manager of the limited liability
company, and Fred Doster of Transact Capital, as Interim Chief
Financial Officer, member, and manager. Additionally, the Debtor
will continue to rely upon the services and expertise of its non
equity officers of the company on an at-will basis, including
Controller Denise Gilliland, Chief Commerce Officer Adam Sloan, and
Chief Operations Officer Andrew Willis. The Debtor's managers and
officers will continue to be paid market-based salary and benefits
packages commensurate with their services to the company and
professional experience. After Confirmation, the Debtor may hire,
fire, and adjust compensation of its managers and officers at the
discretion of the Debtor's managers without application to or
authority from the subchapter V trustee or the Bankruptcy Court.

A full-text copy of the Plan of Reorganization dated March 14,
2022, is available at https://bit.ly/3we8dri from PacerMonitor.com
at no charge.

Counsel for Debtor:

     Charity S. Bird, Esq.
     Tyler R. Yeager, Esq.
     Kaplan Johnson Abate & Bird LLP
     710 W. Main St., 4th Floor
     Louisville, KY 40202
     Telephone: (502) 416-1630
     Email: cbird@kaplanjohnsonlaw.com
            tyeager@kaplanjohnsonlaw.com

                      About Old World Timber

Old World Timber, LLC, a wood product manufacturing business based
in Lexington, Ky., filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Ky. Case No. 21-51160) on Oct. 19, 2021,
listing $1,938,717 in total assets and $1,901,401 in total
liabilities.  Nathan S. Brown, chief executive officer, signed the
petition.  Judge Tracey N. Wise oversees the case.  Kaplan Johnson
Abate & Bird, LLP serves as the Debtor's legal counsel.


PLAMEX INVESTMENT: Unsecureds Unimpaired in Liquidating Plan
------------------------------------------------------------
Plamex Investment, LLC, and 3100 E. Imperial Investment, LLC, on
March 14, 2022, filed with the U.S. Bankruptcy Court for the
Central District of California a Disclosure Statement describing
Joint Chapter 11 Plan of Liquidation dated Jan. 27, 2022.

Plamex is the fee simple owner of Plaza Mexico ("Plaza Mexico" or
the "Property"), a 403,242 square-foot community shopping center
offering specialty retail and dining located in (Lynwood,
California just north of the 105 freeway (approximately 20 minutes
from LAX).

Plamex is wholly owned by its sole member, 3100, one of the Debtors
herein. Other than its membership interests in Plamex, 3100 does
not have any other material assets. 3100 is wholly owned by an
entity called Placo Investment, LLC, and Placo is wholly owned by
ISLT Investment, LLC. Neither Placo nor ISLT has filed its own
bankruptcy case.

            Marketing and Sale Process of Plaza Mexico

Quarry Head, on behalf of itself and any nominee, submitted a
stalking horse bid the SH Bidder to purchase Plaza Mexico for
$162.5 million, subject to an overbid process, and the Debtors
accepted that stalking horse bid. On December 2, 2021, the Court
entered the Bidding Procedures Order, which, approved the proposed
bidding procedures, as well as the forms of the Purchase and Sale
Agreement and various notices, as well as the Plan Support
Agreement.

A bid deadline of April 7, 2022 has been set, and if at least one
qualified bid is submitted, there will be an auction conducted on
April 11, 2022. The minimum overbid will be $162.6 million. The
winning bidder will have the option of consummating its purchase of
the Property through a traditional free and clear asset sale
outside the context of a confirmed plan or through and in
conjunction with a confirmed plan.

The Plan is premised upon the sale of Plamex's primary asset, the
Plaza Mexico Shopping Center, pursuant to a $162.5 million stalking
horse bid, bidding procedures, and a sale process that already have
been approved by the Bankruptcy Court pursuant to an amended
Bidding Procedures Order entered on January 18, 2022.

Based on current claim estimates, and even if no higher and better
offers are received, the consummation of the sale of the Plaza
Mexico Shopping Center for the stalking horse bid is expected to
provide for the payment in full of all Allowed non-insider Claims
against both Debtors.

           Treatment of Claims for Plamex

Class 4 consists of General Unsecured Claims against Plamex other
than any unsecured claim owed by Plamex to any Affiliate. Each such
holder will receive payment in full in Cash in an amount equal to
such Claim, payable on the later of the Effective Date and the date
on which such General Unsecured Claim becomes an Allowed General
Unsecured Claim. For avoidance of doubt, the litigation Claims (the
"Litigation Claims") are presently Disputed and, accordingly, will
not be deemed Allowed pursuant to the Plan. Class 4 is Unimpaired.

Class 5 consists of 3100's 100% equity interest in Plamex. All net
Plan Cash proceeds of Plamex's Assets remaining after payment in
full of all Allowed Claims against Plamex will be deemed
distributed on account of 3100's 100% equity interest in Plamex
subject to Mezz Lender's security interest in and to such equity
interest as and when such Plan Cash proceeds are realized.

All net Plan Cash proceeds of Plamex's Assets remaining after
payment in full of all Allowed Claims against Plamex will be deemed
distributed on account of 3100's 100% equity interest in Plamex
subject to Mezz Lender's security interest in and to such equity
interest as and when such Plan Cash proceeds are realized. On the
Effective Date, all Effective Date Cash that remains after (i) the
payment in full of all Allowed Claims against Plamex as of the
Effective Date, (ii) the establishment and funding of the Senior
Lender Cash Collateral Account, and (iii) the establishment of all
Claim Reserves, will be deemed distributed to 3100 (subject to Mezz
Lender's security interest).

              Treatment of Claims for 3100

Class 4 consists of General Unsecured Claims against 3100. Except
to the extent that a holder of an Allowed General Unsecured Claim
against 3100 agrees to a less favorable treatment of such Claim, in
full and final satisfaction, settlement, and release of such
Allowed General Unsecured Claim, at the sole option of 3100: (i)
each such holder will receive payment in full in Cash in an amount
equal to such Claim, payable on the later of the Effective Date and
the date on which such General Unsecured Claim becomes an Allowed
General Unsecured Claim, or as soon thereafter as is reasonably
practicable; or (ii) such holder will receive such other treatment
so as to render such holder's Allowed General Unsecured Claim
Unimpaired. Other than a $63,582.12 proof of claim filed by Blank
Rome LLP in both Chapter 11 Cases, there are no known Claims in
this Class. Class 4 is Unimpaired.

Class 5 consists of the sole member interest of Placo in 3100.  All
net Plan Cash proceeds of Plamex's Assets that 3100 is entitled to
receive pursuant to the provisions of the Plan that are remaining
after the satisfaction of all Allowed Claims in 3100 Classes 1-4,
as well as any net receivables owing by Placo to Plamex previously
distributed to 3100, will be deemed distributed to Placo on account
of Placo's equity interest in 3 100.

Unless the Purchaser has elected to close the Sale Transaction
independently of the confirmation of the Plan as expressly
permitted pursuant to the Bidding Procedures Order and the Bidding
Procedures and the Sale Transaction has been so fully consummated
prior to such date, on the Effective Date, and in accordance with
the Plan and the Purchase Agreement, and subject to the
satisfaction or waiver of all applicable conditions thereof,
including that the Sale Order and the Confirmation Order will have
been entered and will have become Final Orders, Plamex will sell
the Property to the Purchaser pursuant to the provisions of the
Purchase Agreement.

A full-text copy of the Disclosure Statement dated March 14, 2022,
is available at https://bit.ly/3wd8J8P from PacerMonitor.com at no
charge.

Attorneys for Chapter 11 Debtors:

     Ron Bender, Esq.
     Monica Y. Kim, Esq.
     Juliet Y. Oh, Esq.
     Levene, Neale, Bender, Yoo & Brill LLP
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, CA 90067
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     Email: rb@lnbyb.com
            myk@lnbyb.com
            jyo@lnbyb.com

                    About Plamex Investment

Plamex Investment, LLC, is a privately held company whose principal
assets are located at 3100 E. Imperial Highway Lynwood, Calif.

Plamex Investment and its affiliate, 3100 E. Imperial Investment,
LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Calif. Lead Case No. 21-10958) on April 14, 2021.
Donald Chae, designated officer, signed the petitions.  Judge
Erithe A. Smith oversees the cases.

At the time of the filing, Plamex Investment disclosed assets of
between $100 million and $500 million and liabilities of the same
range. 3100 E. Imperial Investment had between $10 million and $50
million in both assets and liabilities.

Levene, Neale, Bender, Yoo & Brill LLP serves as the Debtors' legal
counsel.


PROFRAC HOLDINGS II: Moody's Assigns B3 CFR Amid FTSI Transaction
-----------------------------------------------------------------
Moody's Investors Service assigned ratings to ProFrac Holdings II,
LLC, including a B3 Corporate Family Rating, a B3-PD Probability of
Default Rating, and a B3 senior secured term loan rating.  The
outlook is stable.  Concurrent to these actions, Moody's withdrew
all ProFrac Services, LLC's ratings including its Caa1 CFR and its
Caa1 term loan rating.  These actions together conclude the ratings
review initiated on December 6, 2021.  The ProFrac ratings
assignment follows the closing of FTSI transaction in March 2022.

ProFrac is a newly formed subsidiary of ProFrac Holdings, LLC, a
privately owned vertically integrated provider of hydraulic
fracturing services to E&P companies in the United States.  The
Wilks Family owns 100% of the company.  ProFrac issued a new $450
million term loan, which combined with equity contributed by the
Wilks Family were used to fund its acquisition of FTS International
Inc.  (FTSI) and to fully repay ProFrac Services, LLC's existing
term loan.

"The acquisition of FTSI and related financings significantly
improved ProFrac's scale, competitive positioning, capital
structure and liquidity, supporting the B3 rating," commented
Sreedhar Kona, Moody's Senior Analyst. "ProFrac's rating is
restrained by the cyclicality of oilfield services (OFS) sector,
strong competitors, and management's limited track record from both
an operating and financial policy perspective."

Assignments:

Issuer: ProFrac Holdings II, LLC

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

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

Withdrawals:

Issuer: ProFrac Services, LLC

Corporate Family Rating, Withdrawn, previously rated Caa1

Probability of Default Rating, Withdrawn, previously rated
Caa1-PD

Gtd. Senior Secured Bank Credit Facility, Withdrawn, previously
rated Caa1 (LGD4)

Outlook Actions:

Issuer: ProFrac Holdings II, LLC

Outlook, Assigned Stable

Outlook Actions:

Issuer: ProFrac Services, LLC

Outlook, Changed To Rating Withdrawn From Rating Under Review

RATINGS RATIONALE

ProFrac's B3 CFR reflects the company's improving financial
performance and potential for substantial improvement in its cash
flow generation in 2022 and the company's low debt leverage. The
FTSI acquisition significantly improved the company's size, market
position and basin diversification. The combined company will also
benefit from a further diversified customer base. The company's
ratings are tempered by the highly cyclical Oilfield Services (OFS)
sector. While the company's financial leverage improved modestly in
2021 and is likely to significantly improve in 2022, the company's
single service line focus continues to make it extremely reliant on
sustained recovery in pressure pumping service demand. The
hydraulic fracturing service within OFS is highly competitive with
some significantly larger companies that have greater financial
resources, and product and service line diversity. ProFrac benefits
from its vertically integrated business model with manufacturing
and distribution capabilities, helping the company somewhat
differentiate itself in its ability to manage the delivery
schedules of its fleet.

Governance considerations in assessing ProFrac's ratings include
the risks arising from the company's private ownership and limited
track record of operating at this scale and maintaining
conservative financial policies with respect to debt leverage and
liquidity management.

ProFrac has adequate liquidity. At the closing of the transaction,
the company had $35 million of cash and $71 million drawn under its
$100 million Asset Based Loan (ABL) facility maturing in March
2027. The company should be able to meet its cash requirements
including interest, maintenance capital expenditures and cash taxes
from operating cash flow. The term loan facility financial
covenants include a maximum net leverage covenant of 2x at the end
of second quarter 2022 and stepping down to 1.25 by the end of
first quarter 2023. The term loan facility also has a minimum
liquidity covenant of $30 million and maximum capital expenditures
covenant greater of $275 million or 50% of the previous four
consecutive fiscal quarters total EBITDA. The ABL facility has a
covenant for the company to maintain a minimum fixed charge
coverage ratio of 1x. Based on improving fundamental conditions and
Moody's forecasts, the company should remain well in compliance
with its covenants, but these tight restrictions don't leave much
room for a downturn in demand and cash flow.

ProFrac's $450 million senior secured term loan due in March 2025
is rated B3, the same as the CFR as it has a first lien on all the
assets of the borrower and guarantors, including the subsidiaries,
except for the ABL collateral. The $100 million ABL revolving
credit facility with March 2027 maturity ($71 million drawn at
closing), has a first lien on all the working capital assets of the
borrower (ABL collateral) and a second lien on all other assets of
the borrower and guarantors. The company also has a $29 million
Main Street Loan due in July 2025 and collateralized only by a
small subset of ProFrac's tractor assets.

ProFrac's stable outlook reflects the expected growth in drilling
activity and the corresponding demand improvement for its
services.

There are no provisions for incremental debt capacity in the term
loan credit agreement. The credit agreement has transfer blockers
to prohibit transfer of specified assets (including material
intellectual property and stock in, debt of, or liens on stock or
assets of any restricted subsidiary, subject to certain exceptions)
to unrestricted subsidiaries. Subsidiary guarantors are not
required to be wholly-owned, eliminating the risk that guarantees
will be released because they cease to be wholly-owned. The credit
agreement provides some limitations on up-tiering transactions .

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

If ProFrac successfully executes on its FTSI integration, meets its
financial forecasts and strengthens its competitive position then
the ratings could be upgraded. The company must generate free cash
flow and reduce debt leverage towards levels in line with the
company's stated financial policy of less than 1x debt leverage.
The company must also sustain or improve its liquidity.

Factors that could lead to a downgrade of ProFrac include
debt/EBITDA above 4x, EBITDA/interest below 3x, or a deterioration
in liquidity.

ProFrac, headquartered in Fort Worth, Texas, is a privately owned
vertically integrated provider of hydraulic fracturing services to
E&P companies in the United States.

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


PROSPECT-WOODWARD: Amends SBW & Mechanics Lien Claims Pay Details
-----------------------------------------------------------------
The Prospect-Woodward Home d/b/a Hillside Village, submitted a
Disclosure Statement for Amended Chapter 11 Plan dated March 14,
2022.

The Plan is a liquidating chapter 11 plan that provides for the
proceeds from the Debtor's assets to be distributed to holders of
Allowed Claims in accordance with the terms of this document and
the Bankruptcy Code. Distributions will occur on the Effective Date
or as soon thereafter as is practicable and at various intervals
thereafter, except as otherwise provided by Order of the Bankruptcy
Court.

The Plan Administrator will dissolve the Debtor, or as otherwise
permitted by applicable law, as soon as practicable on or after the
Effective Date on such terms as the Plan Administrator determines
to be necessary or appropriate to implement the Plan and without
further order of the Bankruptcy Court. The Plan Administrator may
cause the Debtor to execute, deliver, and file any agreement or
document the Plan Administrator determines to be necessary and
appropriate.

As of the Petition Date, the Debtor estimates that general
unsecured creditors are currently owed approximately $4,321,354.32.
This group includes trade creditors and Residents who have
requested a refund of their Entrance Fee Deposits. The Debtor
estimates that as of the Petition Date, approximately $3,160,020
was owed to Residents for pending refund requests and approximately
$1,161,334.32 was owed to other creditors.

On November 22, 2021, the Court entered the Sale Order, which,
among other things, approved the Sale to Covenant under the
Stalking Horse APA for the Purchase Price of $33 million. Pursuant
to the Stalking Horse APA, upon the Sale Closing, Covenant acquired
the Purchased Assets (as defined in the Stalking Horse APA).

On December 30, 2021, the Debtor filed the Interim Distribution
Motion, which sought to make an interim distribution to the Bond
Trustee on account of the Bond Claim in the amount of
$24,737,796.06 from the Net Sales Proceeds. On March 11, 2022, the
Court entered the Interim Distribution Order, which directed the
Debtor to make an interim distribution to the Bond Trustee of $10
million of undisputed Net Sale Proceeds.

Class 3 consists of the SBW Secured Claim. Except to the extent
that the Holder of the Allowed SBW Claim, the Bond Trustee, and the
Debtor agree in writing to a different treatment of its Allowed SBW
Claim, the Holder of the Allowed SBW Claim shall receive, in full
and complete satisfaction, settlement, discharge, and release of,
and in exchange for its Allowed SBW Claim:

     * Payment, in Cash from the SBW Reserve of the amount the
Bankruptcy Court determines that SBW is entitled to on account of
its pari passu interest in the Purchase Price and/or the Excluded
Assets to which its Lien applies; and/or

     * Payment, in Cash, from the SBW Reserve of any other amount a
court of competent jurisdiction determines that SBW may be entitled
to, including any potential claim related to prepetition setoffs by
the Bond Trustee; and/or

     * Treatment as a General Unsecured Claim for the SBW
Deficiency Claim.

Class 4 consists of the Mechanics Lien Claims. Except to the extent
that a Holder of an Allowed Mechanics Lienholder Claim, the Bond
Trustee, and the Debtor agree in writing to less favorable
treatment of its Allowed Mechanics Lienholder Claim, each Holder of
an Allowed Mechanics Lienholder Claim shall receive, in full and
complete satisfaction, settlement, discharge, and release of, and
in exchange for its Allowed Mechanics Lienholder Claim:

     * Payment in full, in Cash, from the Mechanics Lien Reserve if
the Bankruptcy Court determines that the Liens of the Mechanics
Lienholders are superior to that of the Bond Trustee and a Final
Order is entered regarding the actual amount of the Allowed
Mechanics Lienholder Claims is determined by a court of competent
jurisdiction; or

     * Treatment as a General Unsecured Claim if the Bankruptcy
Court determines that the Liens of the Mechanics Lienholders are
not superior to that of the Bond Trustee.

Like in the prior iteration of the Plan, Holders of General
Unsecured Claims shall not receive any distribution on account of
such General Unsecured Claims, and such General Unsecured Claims
shall be discharged, cancelled, released, and extinguished as of
the Effective Date, and shall be of no further force or effect.

The Confirmation Hearing before the Bankruptcy Court has been
scheduled for May 5, 2022 at 9:00 a.m. to consider: (a) final
approval of the Disclosure Statement as providing adequate
information pursuant to Bankruptcy Code section 1125 and (b)
confirmation of the Plan.

Any such objection must be filed by April 14, 2022 at 4:00 p.m.
with the Bankruptcy Court and served on the Debtor's counsel, the
Committee, the Bond Trustee, the U.S. Trustee, and all parties who
have filed a notice of appearance.

Counsel to the Debtor and Debtor in Possession:

     Daniel M. Deschenes, Esq.
     Owen R. Graham, Esq.
     HINCKLEY, ALLEN & SNYDER LLP
     650 Elm Street
     Manchester, New Hampshire 03101
     Telephone: (603) 225-4334
     Facsimile: (603) 224-8350
     E-mail: ddeschenes@hinckleyallen.com

          - and -

     Jennifer V. Doran, Esq.
     28 State Street
     Boston, Massachusetts 02109
     Telephone: (617) 345-9000
     Facsimile: (617) 345-9020
     E-mail: jdoran@hinckleyallen.com

          - and -

     Jeremy R. Johnson, Esq.
     Stephen J. Astringer, Esq.
     POLSINELLI PC
     600 Third Avenue, 42nd Floor
     New York, New York 10016
     Telephone: (212) 684-0199
     Facsimile: (212) 684-0197
     E-mail: jeremy.johnson@polsinelli.com
             sastringer@polsinelli.com

                About Prospect-Woodward Homes

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

On Aug. 30, 2021, Prospect-Woodward Home sought Chapter 11
protection (Bankr. D.N.H. Case No. 21-10523), listing up to $50
million in assets and up to $100 million in liabilities.  Judge
Bruce A. Harwood oversees the case.

The Debtor tapped Polsinelli, PC, as bankruptcy counsel; Hinckley,
Allen & Snyder, LLP as special counsel; Silverbloom Consulting, LLC
as financial consultant; and OnePoint Partners, LLC as
restructuring advisor.  Toby B. Shea of OnePoint Partners serves as
the Debtor's chief restructuring officer.  Donlin, Recano &
Company, Inc. is the claims and noticing agent and administrative
agent.

The U.S. Trustee for Region 1 appointed an official committee of
unsecured creditors on Sept. 9, 2021.  Perkins Coie, LLP and McLane
Middleton, Professional Association serve as the committee's lead
bankruptcy counsel and local counsel, respectively.


PROTONEX LLC: Case Summary & 16 Unsecured Creditors
---------------------------------------------------
Debtor: PROTONEX LLC, a California limited liability company
        2331 Circadian Way
        Santa Rosa, CA 95407

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 22-10106

Debtor's Counsel: Steven M. Olson, Esq.
                  BLUESTONE FAIRCLOTH & OLSON, LLP
                  1825 4th Street
                  Santa Rosa, CA 95404-3202
                  Tel: 707-526-4250
                  Fax: 707-526-0347
                  E-mail: steve@bfolegal.com

Total Assets as of Jan. 31, 2022: $1,422,002

Total Liabilities as of Jan. 31, 2022: $877,938

The petition was signed by Becky Oh as president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/SDBIOFY/PROTONEX_LLC_a_California_limited__canbke-22-10106__0001.0.pdf?mcid=tGE4TAMA


PUERTO RICO: Plan of Adjustment Now Effective
---------------------------------------------
The Financial Oversight and Management Board for Puerto Rico
announced March 15, 2022, that the Plan of Adjustment to reduce the
Commonwealth of Puerto Rico's debt by nearly 80% became effective
today. This marks a historic day for Puerto Rico's future and one
of the
concluding chapters in the largest bankruptcy in the history of the
municipal bond market.  

The Puerto Rico Government completed the exchange of more than $33
billion of existing bonds and other claims into $7 billion of new
bonds. Annual debt service will decrease from a maximum of $3.9
billion before the debt restructuring to a stable, affordable, and
predictable $1.15 billion each year.

The Plan saves the Government of Puerto Rico more than $50 billion
in debt service payments.

The Commonwealth is making more than $10 billion in cash payments
to various creditor groups on the effective date, including
payments to public employees of the Puerto Rico Government and
unsecured creditors, that mostly reside in Puerto Rico, who held
longstanding claims against the
government.  Nearly 20 percent of cash payments are made to
creditors living and working in Puerto Rico.  These cash payments
enable the government to significantly reduce debt service going
forward, making it affordable and vastly lowering the burden on
future generations.

In addition, the effective date implements the Pension Reserve
Trust provisions created in the Plan of Adjustment.  Importantly,
the Pension Reserve Trust is projected to be funded with more than
$10 billion in contributions over the next 10 years, and up to $1.4
billion this year alone, to protect and preserve the ability to pay
retirement benefits to current and future government retirees.  The
Pension Reserve Trust is designed to prevent Puerto Rico from
repeating the mistakes of the past
and in which it ran out of funds to keep the promises made to
public employees.

"The effective date represents a critical step to bring Puerto
Rico's financial crisis to an end" said the Oversight Board's
Chairman David Skeel.  "Today, the Puerto Rico Government formally
moves on PO Box 192018 San Juan, PR 00919-2018;
www.oversightboard.pr.gov; comments@promesa.gov
from fiscal instability and insolvency into a future of opportunity
and growth, making today a truly historic day."

"The Plan of Adjustment opens a path to sustainable economic growth
by removing the dark cloud of bankruptcy that has been felt, in one
way or another, by every resident and every business in Puerto
Rico," Skeel said.

"Executing the debt exchange and cash payments ends this painful
chapter for Puerto Rico's Government, even if the debt of other
institutions still has to be resolved, particularly the debt of the
Puerto Rico Electric Power Authority (PREPA) and the Highway
Transportation Authority (HTA)."

"I want to thank everyone at the Oversight Board and in the
Government for the tremendous effort invested in making today
possible. Completing more than 170 workstreams has enabled us to
achieve a significant reduction of $33 billion in claims, the
creation of the $10 billion pension trust to
preserve and protect pensions, the deposit of $1.5 billion into Act
106-2017 Defined Contribution accounts for Sistema 2000
participants and Act 1/447 retirees, and the finalization of Social
Security and Act 106-2017 Defined Contribution plan enrollment for
teachers and judges to assure they finally receive equivalent
benefits to other government employees," said the Oversight Board's
Executive Director Natalie Jaresko.

The $10 billion cash component of the Plan of Adjustment paid on
the effective date includes $8.3 billion in debt related claims.
Importantly, it also includes $1.8 billion that will be paid to a
multitude of residents of the Island, local creditor groups,
including:

   * $1.5 billion for current and former employee related claims,
including $1.4 billion deposited into Act 106-2017 Defined
Contribution accounts to restore employee contributions made to
Sistema 2000 and $94 million in payments to more than 35,000 Act 1
and Act 447 participants who were affected by the 2013 pension
freeze

   * $200 million paid to the General Unsecured Creditors' reserve

   * The first of three $49 million payments to Puerto Rico medical
centers and $10 million payments to Puerto Rico's dairy producers

   * Nearly $10 million in $1,000 bonuses for AFSCME/SPU
represented employees through a special payroll run. Individuals
are expected to receive check disbursements no later than
mid-April

Not all cash payments authorized under the Plan of Adjustment,
however, will be paid on the effective date. For example, only the
first $200 million installment of the total $575 million payment to
the General Unsecured Creditors, many of whom are Puerto Rico
residents, will be made into a reserve fund for future payments to
those creditors.

Puerto Rico's teachers and judges, meanwhile, will be enrolled in
the Act 106-2017 Defined Contribution Plan and become eligible for
Social Security. Teachers and judges over 45 years of age have
until May 13, 2022 to elect to be covered under Social Security.
Those electing to contribute to PO Box 192018 San Juan, PR
00919-2018; www.oversightboard.pr.gov; comments@promesa.gov

Social Security will contribute 6.2% to Social Security and the
government will make a matching 6.2% contribution to Social
Security.

The Plan of Adjustment also establishes a Debt Management Policy to
prevent Puerto Rico from repeating past practices that led to the
accumulation of its unsustainable debt.  New debt may only be used
to finance capital improvements, not operating deficits.  The
government can only refinance
debt to reduce borrowing costs, not to take on more liabilities.

"Restructuring the debt is only the tip of the iceberg. Puerto Rico
needs to improve financial management, ensuring financial
transparency and accountability, to produce long term growth and
stability," said Jaresko.

"Puerto Rico should never fall back to the financial mismanagement
practices of the past.  The Government will need to redouble its
efforts to manage its resources carefully for the benefit of the
people of Puerto Rico."

                        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.


RADIOLOGY PARTNERS: S&P Affirms 'B-' ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on El
Segundo, Calif.-based Radiology Partners (RP). At the same time,
S&P affirmed its 'B-' issue-level rating on the company's
first-lien debt and 'CCC' issue-level rating on the unsecured debt.
The '3' and '6' recovery ratings, respectively, remain unchanged.

The stable outlook reflects S&P's expectation for enhanced scale
and sizeable revenue growth through the company's aggressive growth
strategy, leading to improved operating leverage, margins, and cash
flow, but still high leverage.

RP has significantly increased its scale aggressively pursuing
debt-financed acquisitions, keeping leverage high.

Volumes have largely returned to pre-pandemic levels. Patient
volume significantly declined in second-quarter 2020 because of the
pandemic but has rebounded and even surpassed pre-pandemic levels
in third-quarter 2021. S&P said, "While we expect some lingering
impact of the pandemic and greater uncertainty this year, we do not
forecast another large variant or another large decline in patient
volume. We believe the industry is better positioned to manage some
modest ongoing level of COVID-19."

The company has benefitted from enhanced scale gained through
acquisitions. RP has used debt-financed acquisitions over the past
five years to increase revenue by more than 13x to over $2 billion
(estimated for 2021) from $176 million in 2016. In addition, RP has
become a consolidator in the fragmented radiology industry. Its
most recent completed acquisitions include the $300 million
acquisition of three practices in fourth-quarter 2021 and the $885
million acquisition of Mednax's Radiology business in 2020.

S&P said, "We believe the increased scale will improve its
geographic footprint and increase density in existing markets.
Also, it will improve RP's operating efficiency, which will lead to
margin improvement and strengthen its negotiating position with
third-party payers.

"We expect EBITDA margins to continue to be pressured with one-time
acquisition-related costs and remain highly leveraged. RP's net
revenue per unit (RVU) for the nine months ended 2021 declined
relative to the same period in 2020 due to lower RVU mix resulting
from the Mednax radiology acquisition (specifically vRad business).
Moreover, over the past several years, very aggressive acquisition
activity has generated significant transaction-related costs that
have also pressured adjusted EBITDA. We believe its larger scale,
more moderate acquisition activity, and the completion of ongoing
integrations will benefit RVU, improving EBITDA margin. RP has been
aggressively acquiring companies over the past several years, and
we expect it will continue to require debt as the major source of
funding for additional acquisitions, keeping it highly leveraged.
As a result, we expect free cash flow to be negative in fiscal
2021, pressured by higher interest expense (due to additional
borrowings for acquisitions), large working capital outflows, and
capital expenditure (capex) investments for new and existing sites
growth."

RP is a physician-owned company, with physicians owning about 33%
and private equity sponsors and others owning the remainder. Like
other physician-owned companies, this enables the company to
maintain margins during stressful periods like during the pandemic
when volumes were significantly low.

S&P said, "The stable outlook reflects our view that RP will
enhance its scale and grow revenue through its aggressive growth
strategy of debt-financed acquisitions. It also reflects our view
that RP has enough liquidity to weather the operational challenges
created by the pandemic.

"We could lower our rating if we think the company cannot generate
positive free cash flows (even when excluding nonrecurring
acquisition-related costs) and consistently generate negative free
cash flow. This could occur if margins decline by more than 200
basis points (bps) from our base case, resulting in unsustainably
high leverage and negative free cash flow that impairs liquidity.

"We could raise our rating if the company improves its margins such
that it consistently generates positive annual free cash flow,
resulting in discretionary cash flow to debt of above 3%, keeping
the acquisition activity moderate. To do so, the company would have
to exceed our base-case margin assumption by about 300 bps or lower
capex and working capital needs."

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

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



SCHERTZ AERIAL: Case Summary & Five Unsecured Creditors
-------------------------------------------------------
Debtor: Schertz Aerial Service, Inc.
          f/d/b/a Crop Pep LLC
        13818 East 2400 North Road
        Hudson, IL 61748

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Central District of Illinois

Case No.: 22-70128

Judge: Hon. Mary P. Gorman

Debtor's Counsel: Robert E. Eggmann, Esq.
                  CARMODY MACDONALD P.C.
                  120 S. Central Ave., Suite 1800
                  Saint Louis, MO 63105
                  Tel: 314-854-8600
                  Fax: 314-854-8660
                  E-mail: ree@carmodymacdonald.com

Total Assets: $10,001,710

Total Liabilities: $5,706,926

The petition was signed by Kimberly Schertz as president.

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

https://www.pacermonitor.com/view/TFUPHEI/Schertz_Aerial_Service_Inc__ilcbke-22-70128__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's Five Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
1. Clifton Larson Allen LLP          Accounting              $433
404 North Hershey
Road, Suite A
Bloomington, IL 61704

2. Compeer Financial               Operating Loan         $660,602
1303 Leslie Dr
BLoomington, IL 61704

3. IPFS Corporation                    Premium             $86,413
3 Hutton Center Drive                 Financing
Suite 630
Santa Anna, CA 92707

4. Kimberly Schertz                   Purchased         $2,898,477
P.O. Box 347                        Former Owners
Hudson, IL 61748                    Claims Against
                                       Company

5. Small Business                   SBA EDIL Loan         $161,000
Administration                        for Covid
14925 Kingsport Road                  assistance
Fort Worth, TX 76155


SEQUA CORP: Moody's Puts 'Caa2' CFR on Review for Upgrade
---------------------------------------------------------
Moody's Investors Service has placed all ratings of Sequa
Corporation ("Sequa" or the "company") on review for upgrade,
including the Caa2 corporate family rating and the Caa2-PD
probability of default rating.  For Sequa Mezzanine Holdings
L.L.C., Moody's placed all ratings on review for upgrade, including
the first lien senior secured credit facilities, comprised of a
revolving credit facility due 2022, a revolving credit facility due
2023, a first lien term loan due 2023, and a first lien term loan
due 2025.  Concurrently, Moody's placed the ratings on review for
upgrade for the company's senior secured second lien term loan due
2024.

The review for upgrade is prompted by Sequa's plan to sell its
Precoat Metals business division ("Precoat") to AZZ, Inc for
approximately $1.3 billion.  The sale is expected to close in the
second quarter of 2022.

The following summarizes the rating actions:

Issuer: Sequa Corporation

Corporate Family Rating, Placed on Review for Upgrade, currently
Caa2

Probability of Default Rating, Placed on Review for Upgrade,
currently Caa2-PD

Outlook: Changed To Rating Under Review From Stable

Issuer: Sequa Mezzanine Holdings L.L.C.

First lien senior secured revolving facility due 2022, Placed on
Review for Upgrade, currently Caa1 (LGD3)

First lien senior secured revolving facility due 2023, Placed on
Review for Upgrade, currently Caa1 (LGD3)

First lien senior secured term loan due 2023, Placed on Review for
Upgrade, currently Caa1 (LGD3)

First lien senior secured term loan due 2025, Placed on Review for
Upgrade, currently Caa1 (LGD3)

Second lien senior secured bank credit facility due 2024, Placed on
Review for Upgrade, currently Caa3 (LGD5)

Outlook: Changed To Rating Under Review From Stable

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

The review reflects Moody's expectations that substantially all of
the net proceeds from the sale of Precoat will be used to pay-down
Sequa's debt. Moody's expects leverage to meaningfully decrease
upon close of the sale. Sequa's adjusted debt-to-EBITDA as of
September 2021 was around 7.5x. Pro forma for the sale, Moody's
believes that debt-to-EBITDA will be meaningfully reduced,
providing a stronger balance sheet and enhanced financial
flexibility. The review also reflects recent improvement in the
company's operating performance leading up to the announcement of
the transaction.

The review for upgrade will assess the operational and financial
profile of Sequa's remaining aerospace business ("Chromalloy").
Aspects of the credit that will be under consideration include:
Chromalloy's pro forma stand-alone financial metrics, cash flows,
liquidity, and capital structure. Future investment requirements
for the Chromalloy business will also be considered. Governance
considerations, including the company's capital allocation policies
and long-term leverage targets will also factor into the review.
The review will also incorporate the company's plans to address
upcoming revolver and term loan maturities in 2022 and 2023.

Sequa Corporation, headquartered in Palm Beach Gardens, Florida, is
a diversified industrial company operating in two business
segments: Aerospace, through Chromalloy Gas Turbine, and metal
coating, through Precoat Metals. Sequa was purchased via a $2.8
billion LBO by affiliates of Carlyle Partners V, L.P. (Carlyle) in
December 2007. Revenues for the twelve months ended September 2021
were $1.4 billion.

The principal methodology used in these ratings was Aerospace and
Defense published in October 2021.


SKILLSOFT CORP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on SkillSoft Corp. to stable
from positive and affirmed its 'B-' issuer credit rating and our
'B-' issue-level rating on its first-lien debt.

S&P said, "The stable outlook on Skillsoft reflects that, despite
the increase in its leverage due to its acquisition of Codecademy,
we believe it will expand its business and improve its
profitability over the next 12 months. Specifically, we expect the
company to generate positive free cash flow during 2022, including
free operating cash flow (FOCF) to debt in the high-single-digit
percent area, due to lower one-time costs."

The acquisition of Codecademy is a leveraging transaction. The
company will issue a $160 million incremental term loan to acquire
the asset, which we believe fits well with its existing portfolio
and is expanding at a faster pace than the industry average (though
from a small scale). Codecademy's bookings have doubled to about
$47 million in calendar 2021 from $23 million in 2019. While we
expect Codecademy to continue to expand at a faster pace than the
overall industry, we note it generated negative S&P adjusted EBITDA
of about $21 million in calendar 2021. The transaction will
increase Skillsoft's S&P Global Ratings-adjusted leverage by about
1.5x to about 5.0x. Nonetheless, pro forma for its acquisition of
Codecademy, the company has current bookings of about $770 million,
which will likely support a good operating performance and
increased revenue in fiscal year 2023.

Skillsoft has improved its performance over the past few years
supported by its new platform, Percipio, which displays much better
retention metrics than its historical platform, Skillport.
Management invested heavily in the development of Percipio,
including about $130 million on development and proprietary content
creation since 2017. While Percipio is intended to serve the same
purpose as Skillsoft's legacy Skillport product (developing and
training corporate employees), Percipio has a more modern user
interface and easier navigation to facilitate learning content
quickly during an employee's workday. While Percipio's proprietary
content comprises only about 30% of its total content available,
this content accounted for up to 90% of its recent customer usage.
This highlights one of the reasons why Percipio's retention metrics
have been strong (Dollar retention rate over 100% in both 2021 and
2022, which compares with 75% for Skillport). Nonetheless, the
company's combined annual recurring revenue (ARR) from its
Percipio, Dual Deployment, and Skillport products has remained flat
for the past two years (from the end of fiscal year 2020 to the end
of fiscal year 2022).

Skillsoft has a good customer base relative to those of other
enterprise learning companies. Of the companies listed in the
Fortune 1000, 75% are long-time Skillsoft customers. Despite its
historical underperformance and bankruptcy filing, the company has
maintained the No. 1 or No. 2 market positions in the critical
employee education markets for leadership/business skills,
technology and development, and compliance. S&P said, "We believe
Skillsoft's further buildout of Percipio's functionality will help
complete a smooth transition to Percipio from Skillport for most
customers in 2022. We believe the enterprise learning market will
continue to expand by the low-teens percent range annually as
companies spend more on solutions to re-tool their workforce, which
will support the company's expected return to revenue growth during
calendar year 2022."

The enterprise learning industry is highly competitive and the
company's business risks will remain elevated as its new management
team attempts to expand its revenue. S&P notes that both Skillsoft
and Global Knowledge have experienced persistent revenue declines
and margin pressure amid the intense competitive pressures over the
past several years. Skillsoft saw some of its customers switch to
"best of breed" solutions in specific niches of the employee
learning space instead of remaining with the company, which offers
broader learning content. There was also an industry shift toward
selling to specific departments within companies instead of working
directly with centralized human resources departments, which
Skillsoft's sales teams were initially slow to capitalize on. Newer
competitors, such as LinkedIn Learning, have also challenged the
company in the leadership and business training space. Furthermore,
other competitors, such as Cornerstone On Demand, have continued to
invest in and expand their offerings. Skillsoft's content business
faced particular obstacles stemming from its high interest costs
during its period of private-equity ownership (2014-2020), which
prevented it from investing in its sales teams and ultimately led
to its Chapter 11 bankruptcy filing in May 2020. Skillsoft's
SumTotal business (about 15% of pro forma annual bookings) also
faced competitive pressures over the past few years while companies
such as SAP, Workday, and Oracle worked to increase their market
share. Global Knowledge's transition to digital learning from
primarily classroom-based learning has also reduced its revenue and
led to rising restructuring costs over the past few years.

S&P said, "We continue to view Skillsoft as a business in
transition. The company performed well in fiscal year 2022 by
increasing its bookings across both of its core segments, Skillsoft
and Global Knowledge. In addition, Skillsoft now derives 88% of its
content ARR from Percipio or Dual Deployment. Furthermore, the
Percipio platform continues to gain traction, the Global Knowledge
business reported a strong 2022 with a double-digit percent
increase in bookings, the share of the company's revenue from its
legacy products continues to decline, and we expect its one-time
restructuring costs will moderate during fiscal year 2023. We are
also seeing signs of business stabilization, especially now that
the business is recovering from the COVID-19 pandemic's negative
effects, which particularly affected its Global Knowledge sales,
disrupted its new SumTotal sales initiatives, and led to an
elevated level of revenue churn in Skillsoft's legacy Skillport
product. Nonetheless, given that the company has completed three
acquisitions in a short period (Global Knowledge, Pluma,
Codecademy), we believe its execution risks remain high.

"The stable outlook on Skillsoft reflects that, despite the
increase in its leverage due to its acquisition of Codecademy, we
believe it will expand its business and improve its profitability
over the next 12 months. Specifically, we expect the company to
generate positive free cash flow during 2022, including FOCF to
debt in the high-single-digit percent area, due to lower one-time
costs.

"We could consider downgrading Skillsoft if the improvement in its
business improvement stalls and it fails to achieve the forecast
increase in its bookings and revenue over the next 12 months such
that we expect its leverage to rise above 7x or its FOCF after debt
service to approach break even. This could occur if mangement's
efforts to migrate and retain its customers stalls or if its
one-time costs, including restructuring costs, persist and offset
the improvement in its revenue.

"We could upgrade Skillsoft if it continues to improve its business
such that it maintains leverage of less than 5x and FOCF to debt of
more than 10% on a sustained basis. Specifically, we could raise
our rating if we see signs of a business improvement, such as an
increase in order intake in the content business (because of
bookings for the company's Percipio software product), sustained
revenue growth in its Global Knowledge business, or improving
profitability in the Codecademy business. We would also view
management's progress toward the full achievement of its targeted
synergies and signs of stable EBITDA margins or growth as positive
considerations."

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

Governance factors are a moderately negative consideration in our
credit rating analysis of Skillsoft. The company has historically
had a poor track record of executing on its strategy to quickly
meet financial expectations, which ultimately led it to file for
Chapter 11 bankruptcy in 2020. S&P believes Skillsoft may continue
to underperform relative to its quickly expanding peers given the
challenging and very competitive conditions in its industry.

S&P said, "Our simulated default scenario contemplates continued
EBITDA declines and weak cash flow prospects that represent a
further deterioration in Skillsoft's performance amid increased
competition. We believe its lenders' recoveries would be maximized
if the company emerged from default as a going concern. Therefore,
we value it by applying a 5.5x multiple to our projected
emergence-level EBITDA.

"Our recovery analysis assumes that in a hypothetical bankruptcy
scenario the term loan lenders' recoveries would benefit from the
security pledge on all of its assets that do not otherwise secure
the accounts receivable facility."

S&P's recovery rating on the first-lien term loan is '3'.

Estimated gross enterprise value (EV) at emergence: $437 million

-- Simulated year of emergence: 2023

-- EBITDA at emergence: $79 million

-- EBITDA multiple: 5.5x

-- Net EV after 5% administrative costs: $416 million

-- Priority claims: $75 million

-- Value available to first-lien creditors: About $332 million

    --Recovery expectations for first-lien facility: 50%-70%
(rounded estimate: 55%)

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



SKY MEDIA: Unsecured Creditors to Split $13K over 32 Months
-----------------------------------------------------------
Sky Media Pay, Inc., submitted an Amended Plan of Reorganization
for Small Business.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $33,000 monthly.

The final Plan payment is expected to be paid on December 2024.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately .02 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 2 consists of the Secured claim of On Deck Capital Claim 10.
Reduce claim to $22,487.00 with 4% interest, payable $742.03 over
32 months.

Class 2 consists of the Secured claim of Swift Financial Claim 4.
Reduce claim to $30,000 payable $714.29 over 32 months.

Class 3 consists of Non-priority unsecured creditors. Class 3
totals $666,77.47, and shall share in a total distribution of
$13,329.55 over 32 months, 416.53 monthly. Payments shall be
distributed pro rata on a monthly basis, commencing on the first of
the month after the Effective Date. The pro rata distribution to
the Class 3 Claimholders shall be in full satisfaction, settlement,
release and discharge of their respective Claims.

A full-text copy of the Amended Plan of Reorganization dated March
14, 2022, is available at https://bit.ly/3wsTI31 from
PacerMonitor.com at no charge.

Attorney for the Plan Proponent:

     Roshawn Banks, Esq.
     The All Law Center, PA
     P.O. Box 25978
     Fort Lauderdale, FL 33320
     Telephone: (954) 747-1843
     Email: RBanks@thealllawcenter.com

                      About Sky Media Pay

Sky Media Pay, Inc., is the fee simple owner of four real
properties in Miami, Fla., having a total current value of $2.52
million.

Sky Media Pay filed a voluntary petition for Chapter 11 protection
(Bankr. S.D. Fla. Case No. 21-20444) on Oct. 29, 2021, listing
$2,521,691 in total assets and $4,503,498 in total liabilities.
Paola Angulo, president, signed the petition.  

Judge Laurel M. Isicoff oversees the case.  

Roshawn Banks, Esq., at The All Law Center, PA, serves as the
Debtor's legal counsel.


SOUTH SKY: Wins Cash Collateral Access Thru March 31
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
Fort Lauderdale Division, has authorized South Sky Aviation
Corporation D/B/A Florida Aviation Academy to continue using cash
collateral in accordance with the budget through March 31, 2022.

The Court held that the Debtor's use of cash collateral during this
interim period will be on the same terms on the same terms and
conditions as set forth in the First Interim Cash Collateral Order,
including any and all adequate protection provided to the Small
Business Administration therein.

The final hearing on the matter is continued to March 28 at 11
a.m.

A copy of the order is available at https://bit.ly/3Jlf9X0 from
PacerMonitor.com.

                About South Sky Aviation Corporation

South Sky Aviation Corporation is an FAA-approved Part 141 flight
school that has been training professional pilots for 21 years.
South Sky Aviation is located in Pompano Beach, Florida, and
situated at a general aviation airport with three runways and an
air traffic control tower.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-11769-SMG) on March
3, 2022. In the petition signed by John Fitzgerald, president and
director, the Debtor disclosed up to $500,000 in assets and up to
$1 million in liabilities.

Judge Scott M. Grossman oversees the case.

Robert P. Charbonneau, Esq., at Agentis PLLC, is the Debtor's
counsel.



SOUTHGATE TOWN: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Southgate Town and Terrace Homes, Inc.
        7543 Franklin Blvd. #1
        Sacramento, CA 95823

Business Description: The Debtor is a limited equity housing
                      cooperative per CA Civil Code Section 817.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Eastern District of California

Case No.: 22-20632

Judge: Hon. Fredrick E. Clement

Debtor's Counsel: Stephen Reynolds, Esq.
                  REYNOLDS LAW CORPORATION
                  424 Second Street Suite A
                  Davis, CA 95616
                  Tel: 530-297-5030
                  E-mail: sreynolds@lf-law.net

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mirza Baig as president.

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

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

https://www.pacermonitor.com/view/U4RMWMQ/Southgate_Town_and_Terrace_Homes__caebke-22-20632__0001.0.pdf?mcid=tGE4TAMA


SUDBURY PROPERTY: Gets Cash Collateral Access Thru March 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts,
Central Division, has authorized Sudbury Property Management, LLC
to use cash collateral on an interim basis in accordance with the
budget through and including March 31, 2022.

As adequate protection for the Debtor's use of cash collateral,
Main Street Bank is granted a replacement lien on the Debtor's
property and the post-petition rent generated by the Property. The
Replacement Liens will maintain the same priority, validity and
enforceability as the Secured Creditor's pre-petition liens. The
Replacement Liens will be recognized only to the extent of the
post-petition diminution in value of Main Street Bank's
pre-petition collateral resulting from the Debtor's use of the cash
collateral.

Commencing on March 20, 2022 and continuing thereafter on the 20th
day of each successive month, the Debtor will provide Main Street
with a copy of the Debtor's monthly operating report filed with the
Court.

A continued hearing on the matter is scheduled for March 29 at 1
p.m.

A copy of the order and the Debtor's three-month budget for the
period from January to March 2022 is available for free at
https://bit.ly/3MXnGBH from PacerMonitor.com.

The Debtor projects $13,730 in starting cash and $2,353 in total
expenses for March 2022.

                 About Sudbury Property Management

Sudbury Property Management, LLC is a privately held company in the
nonresidential building construction industry. The company is
headquartered in Marlborough, Mass.

Sudbury Property Management filed a petition for Chapter 11
protection (Bankr. D. Mass. Case No. 21-40913) on Dec. 14, 2021,
listing as much as $10 million in both assets and liabilities.
Padraig O'Beime, member, signed the petition.

Judge Christopher J. Panos oversees the case.

The Debtor tapped Francis C. Morrissey, Esq., at Morrissey, Wilson
& Zafiropoulos, LLP as legal counsel.


TELEGRAPH SQUARE: Case Summary & Five Unsecured Creditors
---------------------------------------------------------
Debtor: Telegraph Square II, a Condominium Unit Owners Association
        c/o Capitol Management Corporation
        12011 Lee Jackson Highway, Suite 350
        Fairfax, VA 22033

Business Description: The Debtor is engaged in activities related
                      to real estate.

Chapter 11 Petition Date: March 16, 2022

Court: United States Bankruptcy Court
       Eastern District of Virginia

Case No.: 22-10302

Debtor's Counsel: Robert M. Marino, Esq.
                  REDMON PEYTON & BRASWELL, LLP
                  510 King Street
                  Suite 301
                  Alexandria, VA 22314
                  Tel: 703-684-2000
                  Fax: 703-684-5109
                  Email: rmmarino@rpb-law.com

Total Assets: $248,032

Total Liabilities: $1,129,919

The petition was signed by Stephanie Tavares as
secretary/treasurer.

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

https://www.pacermonitor.com/view/ZDWNF7Y/Telegraph_Square_II_a_Condominium__vaebke-22-10302__0001.0.pdf?mcid=tGE4TAMA


TENET HEALTHCARE: S&P Upgrades ICR to 'B+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings raised its ratings including the issuer credit
rating to 'B+' from 'B' on Tenet Healthcare Corp.

S&P said, "We raised our rating on the first-lien senior secured
debt to 'BB-' from 'B+'. The '2' recovery rating indicates our
expectation for substantial (70%-90%; rounded estimate: 75%)
recovery in the event of a payment default. We also raised the
rating on Tenet's second-lien and unsecured debt to 'B-' from
'CCC+'. The '6' recovery rating indicates our expectation for
negligible (0%-10%; rounded estimate: 0%) in the event of a payment
default.

"The stable outlook reflects our belief the company's improved
credit metrics are sustainable despite industry headwinds given its
ongoing growth of its ambulatory segment and prudent investments in
its hospital segment."

Tenet's rapidly growing ambulatory surgery segment is raising the
company's margin and improving its business mix. Tenet has stated
it will continue to increase the portion of its business generated
by its ambulatory surgery segment. S&P expects this segment will
produce nearly 20% of Tenet's total revenue by the of 2023, up from
12% in 2019. Considering this business produces over 30% margins,
versus 15% overall for the company, and has good prospects, it
believes Tenet's margins could continue to expand further. S&P
believes the company's increased focus on ambulatory surgery
centers is a good strategy consistent with the increasing number of
surgical procedures moving to this site of care and reduced
dependence on the hospital segment.

Investments in the hospital segment will limit downside risk as the
impact of the pandemic continues to ease. S&P said, "As the
pandemic continues to recede, we expect patient acuity to decline,
pressuring revenue growth and margins. However, Tenet is investing
heavily to add and/or expand higher acuity services in several of
its facilities. Moreover, we expect further recovery of patient
volume. We believe the result of these factors could help Tenet
generate low single-digit revenue increases in the business on a
same facility basis. Overall, we do expect a very small decline in
the segment because of Tenet's August 2021 sale of its hospitals in
Miami."

S&P said, "We expect margins and cash flow to be sustained at a
higher level. We forecast Tenet's margin to be in the mid-15% area
in 2022. Although that will be only a small increase from 2021, we
don't view that comparison as being relevant due to the impact the
pandemic had on the 2021 results. We believe the comparison to the
12% margin of 2019 is more relevant. We believe further growth in
the ambulatory segment could contribute another 75-100 or so basis
points of further margin expansion in 2023. In fact, Tenet has a
goal for its ambulatory surgery center segment to contribute about
half its EBITDA by the end of 2023. Concurrently with better
margins, cash flow has improved. We expect discretionary cash flow
to debt of 5.5% in 2022, after adjusting for the cash repayment of
the remaining amount from the Accelerated and Advance Payment
program and from deferred payroll taxes as part of the Coronavirus
Aid, Relief, and Economic Security Act, also known as the CARES
Act.

"Increased variables coming out of pandemic. There are currently
more than the usual number of industry variables that raise the
level of uncertainty. As the industry continues to return to more
normal operations as the pandemic recedes, and due to what we
believe will be some permanent changes in patient behavior, patient
volume trends may not return to pre-pandemic levels. We also
believe the greater use of technology may change patient patterns.
Moreover, Tenet will contend with other near-term key risks such as
very significant labor challenges, and inflation.

"The stable outlook reflects our belief the company's improved
credit metrics are sustainable despite industry headwinds as the
pandemic subsides due to the ongoing growth of its ambulatory
segment, and prudent investments in its hospital segment.

"We could lower the rating if leverage increases, and we believe it
will remain above 6x. This could occur if the company struggles to
achieve its strategic investments, there are adverse industry
events related to reimbursement, or the company becomes more
aggressive regarding its acquisition activity and/or financial
policies.

"We could raise our ratings on Tenet if the company can sustainably
reduce leverage below 5x and we believe it will keep its
acquisition and financial policies conservative."

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



TRONOX INC: Court OKs Some Tort Claimants to File Late Claims
-------------------------------------------------------------
On March 10, 2021, the United States Bankruptcy Court for the
Southern District of New York ruled on approximately 4,676 separate
motions that had been filed by tort claimants who sought permission
to file claims against Tronox, Inc., notwithstanding their failure
to do so by the August 12, 2009 claims filing deadline that a
predecessor judge had set in these cases.

The March 2021 Decision was accompanied by tables that described
the rulings as to each separate motion, and separate Orders were
entered that set forth the mechanics for notifying movants of the
Court's rulings. The Court has received motions from some claimants
that seek reconsideration of the Court's prior rulings. In
addition, in its prior rulings the Court permitted supplemental
submissions to be made by certain movants who had alleged they were
minors or were incompetent at the time of the August 12, 2009 bar
date, or that they had been in military service at that time. Some
of those movants did so, but many did not do so.

"Unfortunately, but perhaps understandably," according to
Bankruptcy Judge Michael E. Wiles, many movants appear to believe
the only relevant issues are (a) whether they were injured, and (b)
whether they actually knew of the bankruptcy claims process in
2009. However, the mere fact that a party was injured, or that a
party would have been entitled to assert a claim, is not enough to
justify relief from the bar date, the judge notes. Similarly, for
the reasons explained at length in the Court's March 2021 Decision,
a lack of actual knowledge is not enough to warrant relief from a
bar date; indeed, a bar date could not properly function if that
were the standard. Claimants who seek relief on "excusable neglect"
grounds must show that they made diligent efforts to investigate
and to pursue their legal rights and that despite such efforts they
were unable to learn of the bankruptcy process or to participate in
it until the time when they actually filed their late claims, the
judge holds.

Judge Wiles has reviewed each of the motions for reconsideration
and its decisions and grants some of the motions but solely to the
extent that the claimant may allege a particular condition was not
first diagnosed until after the August 12, 2009 bar date. Judge
Wiles finds that some motions fail to allege any factual matters
that the Court overlooked and fail to identify any legal errors in
the Court's prior decisions.  These motions are denied. Further,
some motions are premature because they seek "reconsideration" as
to a motion that was not addressed in the March 2021 Decision and
accompanying orders and as to which the Court had made no
decision.

A full-text copy of Judge Wiles' Decision dated March 3, 2022, is
available at https://tinyurl.com/e8prfwt2 from Leagle.com.

                       About Tronox Inc.

Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Colin
M. Adams, Esq., at Kirkland & Ellis LLP in New York, represent the
Debtors. The Debtors also tapped Togut, Segal & Segal LLP as
conflicts counsel; Rothschild Inc. as investment bankers; Alvarez &
Marsal North America LLC, as restructuring consultants; and
Kurtzman Carson Consultants serves as notice and claims agent.

An official committee of unsecured creditors and an official
committee of equity security holders were appointed in the cases.
The Creditors Committee retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.

On Nov. 17, 2010, the Bankruptcy Court confirmed the Debtors' First
Amended Joint Plan of Reorganization under Chapter 11 of the
Bankruptcy Code, dated Nov. 5, 2010.  Under the Plan, Tronox
reorganized around its existing operating businesses, including its
facilities at Oklahoma City, Oklahoma; Hamilton, Mississippi;
Henderson, Nevada; Botlek, The Netherlands and Kwinana, Australia.


ULTRA PETROLEUM: Can Ditch Rockies Contract in Reorganization Plan
------------------------------------------------------------------
Morgan Conley of Law360 reports that the Fifth Circuit has affirmed
a Texas bankruptcy court decision that a natural gas producer could
reject a gas transportation contract through its reorganization
plan, standing by its precedent that breaching a pipeline contract
doesn't require Federal Energy Regulatory Commission approval.

In a unanimous published decision penned by U.S. Circuit Judge
Carolyn Dineen King, the Fifth Circuit sided with driller Ultra
Resources Inc. in concluding that FERC approval wasn't needed for
it to reject its natural gas transportation contract with Rockies
Express Pipeline LLC through its Chapter 11 bankruptcy plan.

                       About Ultra Petroleum

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates, including Ultra
Resources, Inc., sought Chapter 11 protection (Bankr. S.D. Tex.
Lead Case No. 20-32631) on May 14, 2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as local bankruptcy counsel; CENTERVIEW
PARTNERS LLC as investment banker; and FTI CONSULTING, INC., as
financial advisor. Prime Clerk LLC is the claims agent.


YAHWEH CENTER: Tax Penalty Payments Not Recoverable, 4th Cir. Says
------------------------------------------------------------------
The Bankruptcy Code and related state fraudulent transfer laws
permit a bankruptcy trustee to void a transaction and reclaim any
property transferred where a debtor incurred an obligation or
transferred property for less than "reasonably equivalent value" of
the obligation or property. Seeking to invoke those provisions,
Richard P. Cook, the plan trustee for Yahweh Center, Inc., sued the
United States to avoid tax penalties incurred by Yahweh Center and
recover tax penalty payments the organization already paid. He
alleged that these penalties and penalty payments were
constructively fraudulent obligations and fraudulent transfers
because Yahweh Center did not receive "reasonably equivalent value"
in exchange for the penalties and penalty payments.

The bankruptcy court granted the government's motion to dismiss. It
first rejected the government's argument that sovereign immunity
principles bar the plan trustee's lawsuit. Instead, it ruled that
Cook's theory of constructive fraud is inapplicable in the context
of tax penalty obligations and payments thereof. After Cook
appealed the bankruptcy court's order to the district court, the
district court affirmed the order for similar reasons as those of
the bankruptcy court. Cook appealed the district court's judgment.

The United States Court of Appeals for the Fourth Circuit concludes
that under the Bankruptcy Code and the applicable state fraudulent
transfer statutes, tax penalty obligations are not voidable, and
relatedly, tax penalty payments are not recoverable. Accordingly,
the Fourth Circuit affirms.

Whether Yahweh Center's tax penalties and tax penalty payments
should be voided is an issue that the Fourth Circuit is yet to
address. But in In re Southeast Waffles, LLC, 702 F.3d 850 (6th
Cir. 2012), the Sixth Circuit rejected the same arguments Cook
advances in the present dispute. There, the bankruptcy trustee
sought to recover the debtor's earlier payments on its tax penalty
obligations and avoid the unpaid tax penalty obligations under 11
U.S.C. Section 548(a)(1)(B), which is the Bankruptcy Code's
fraudulent transfer provision, and the Tennessee Uniform Fraudulent
Transfer Act, which resembles North Carolina's statute.

Southeast Waffles held that tax penalty obligations were not
avoidable under the Bankruptcy Code or the Tennessee fraudulent
transfer statute. It noted that both statutes required an
"exchange" for the obligation. The court agreed with the bankruptcy
court's conclusion that a "non-compensatory tax penalty that is
statutorily required and properly imposed" was not "within the
ambit of the 'exchanges' targeted in the fraudulent transfer laws."
The Sixth Circuit reasoned that "non-compensatory penalties
assessed and collected by the IRS do not fit neatly into the
fraudulent transfer context." According to the Sixth Circuit,
fraudulent transfer laws are designed to level the playing field
among creditors, yet the IRS is "an involuntary creditor" and
"[t]ax penalties arise not through contractual bargaining but by
operation of statute, and no value is or can be given in
exchange."

The Fourth Circuit finds this reasoning persuasive. Tax penalties
do not fit within the obligations contemplated by the Act. Like
Tennessee's statute, North Carolina's Act presumes a voluntary
exchange between the debtor and the creditor. To start, liability
under Section 39-23.5(a) of the Act expressly requires an
"exchange." And under Section 39-23.6(5), an obligation is incurred
"[i]f oral, when it becomes effective between the parties; or . . .
[i]f evidenced by a record, when the record signed by the obligor
is delivered to or for the benefit of the obligee." This provision
suggests that for an obligation to be incurred as contemplated by
the Act, an oral or written agreement must take place.

But none of that takes place with an IRS tax penalty obligation,
the Fourth Circuit points out. Yahweh Center and the IRS did not
orally agree on the tax penalties. Likewise, they did not enter
into a written "record" for such penalties. The Tax Code required
the IRS to impose taxes, tax penalties and interest against Yahweh
Center. The IRS had no choice.

According to the Fourth Circuit, a tax liability is in no sense a
debt for a good or a service the government entrusts to the
taxpayer pending payment. The IRS does not choose whom to entrust
with tax liabilities, nor can it always make an individualized
determination of when to enter into a forbearance agreement with
respect to the payment of those liabilities.

Applying the fraudulent transfer provisions to tax penalties would
be cramming a square peg into a round hole, the Fourth Circuit
notes. Since tax penalties are not obligations incurred as
contemplated by the Act, it cannot be the "applicable law" required
for Cook to bring this action under 11 U.S.C. Section 544(b)(1).
And if there is not applicable law for Cook's Section 544(b)(1)
claim, the claim must be dismissed. Therefore, the Fourth Circuit
affirms the district court's dismissal of Cook's challenge to the
tax penalty obligations.

The Fourth Circuit also affirms the district court's dismissal of
Cook's claim with respect to Yahweh Center's previous payments of
tax penalty obligations. The district court determined that such
payments were not voidable because they resulted in a
dollar-for-dollar reduction in the tax obligation debt and, thus,
constitute "reasonably equivalent value." The Fourth Circuit agrees
that the payment of a legitimate obligation reduces that obligation
dollar for dollar and constitutes "reasonably equivalent value."

Here, the district court appears to confine its discussion about
the significance of a dollar-for-dollar reduction in an obligation
to the overall tax obligations, about which there is no challenge,
as opposed to the tax penalty obligations, about which there is a
challenge. If so, that analysis may comport with the discussion
here, the Fourth Circuit holds. The appeals court, however,
clarifies its conclusion about the tax penalty payments turns on
the legitimacy of the underlying tax penalty obligation; not the
fact that the payments reduced the amount of the tax penalty
obligations dollar for dollar. Since the underlying tax penalty
obligation is not voidable, neither are Yahweh Center's payments on
that obligation, the Fourth Circuit holds.

A full-text copy of the Fourth Circuit's Opinion decided March 8,
2022, is available at https://tinyurl.com/vs564rnn from Leagle.com.
Judge Quattlebaum wrote the opinion, in which Judge Agee and Judge
Thacker joined.

The appeals case is RICHARD P. COOK, Plan Trustee for Yahweh
Center, Inc., Plaintiff-Appellant, v. UNITED STATES OF AMERICA,
Defendant-Appellee, No. 20-1685 (4th Cir.).

ARGUED: Richard Preston Cook, RICHARD P. COOK, PLLC, Wilmington,
North Carolina, for Appellant. Rachel Ida Wollitzer, UNITED STATES
DEPARTMENT OF JUSTICE, Washington, D.C., for Appellee.

ON BRIEF: Richard E. Zuckerman, Principal Deputy Assistant Attorney
General, Ellen Page DelSole, Tax Division, UNITED STATES DEPARTMENT
OF JUSTICE, Washington, D.C.; Robert J. Higdon, Jr. , United States
Attorney, OFFICE OF THE UNITED STATES ATTORNEY, Raleigh, North
Carolina, for Appellee.

                     About Yahweh Center

Headquartered in Wilmington, North Carolina, Yahweh Center, Inc.,
aka Yahweh Center Children's Village filed for Chapter 11
bankruptcy protection (Bankr. E.D.N.C. Case No. 16-04306) on Aug.
17, 2016, listing $1.87 million in total assets and $2.40 million
in total liabilities.  The petition was signed by Carla J. Roberts,
executive director.

Judge Joseph N. Callaway presides over the case.

Trawick H Stubbs, Jr., Esq., at Stubbs & Perdue, P.A., serves as
the Debtor's bankruptcy counsel.


[^] BOOK REVIEW: Dangerous Dreamers
-----------------------------------
The Financial Innovators from Charles Merrill to Michael Milken

Author: Robert Sobel
Publisher: Beard Books
Softcover: 271 pages
List Price: $34.95

Order your own personal copy at
http://www.beardbooks.com/beardbooks/dangerous_dreamers.html

"For the rest of his life, Milken will be accused of crimes for
which he was not charged and to which he did not plead guilty."
Milken is -- as anyone familiar with junk bonds and the scandals
surrounding them in the 1980s knows -- Michael Milken of the Drexel
Burnham banking and investment firm. In this book, noted business
writer Robert Sobel analyzes the Milken criminal case and the many
other phenomena of the period that lay the basis for the modern-day
financial industry. However, the author's perspective is broader
than the sensationalistic excesses and purported crimes of Milken
and his like. Sobel is interested in the individuals and businesses
that introduced and developed financial concepts, vehicles, and
transactions that increased the wealth of millions of average
persons.

Sobel's examination of the byplay between financial chicanery and
economic revitalization extends back to the Gilded Age of the
latter 1800s and early 1900s. This was a time when Jim Fisk, Jay
Gould, and others were making fortunes through skulduggery and
manipulation of the financial markets, while Cornelius Vanderbilt
and others were building the "world's finest railroad system."
Later, in the "Junk Decade of the 1980s," as Ivan Boesky and others
were reaping fortunes from "dubious" transactions, financial firms
such as Forstmann Little and Kohlberg Kravis Roberts "played major
positive roles in the largest restructuring of American industry
since the turn of the century."

While Sobel does not try to defend the excesses and illegalities of
individuals and companies, he basically sees the Milkens of the
world as "vehicles through which the phenomena of junk finance and
leveraged buyouts played themselves out." This was the
"Conglomerate Era." Mergers and acquisitions were at the center of
financial and economic activity, and CEOs at major corporations
were in competition to grow their corporations. Milken, Boesky, and
others provided the means for this end. However, it is important to
note that they did not originate the mergers and acquisition
phenomenon.

At first, Milken et al. were much appreciated by major corporations
and the financial industry. However, when mergers and acquisition
excesses began to bear sour fruit, Milken and his company Drexel
Burnham took the brunt of public indignation. The government's
search for villains then began.

Sobel examines the ripple effects of financial innovators who
became financial pariahs. Milken's journey, for example, cannot be
unraveled from that of a company such as Beatrice. Starting in
1960, the food company Beatrice started making large-scale
acquisitions. CEO Williams Karnes, who "ran a tight, lean ship,
with a small office staff," was succeeded by corporate heads who
brought in corporate jets and limousines, greatly increased staff,
and moved into regal office space. James Dutt of Beatrice is
singled out as symptomatic of the heedless mindset that crept into
corporate America in the 1980s.

Sobol's tale of the complexities and ambivalence of this
transitional period is bolstered by memorable portraits of key
players and companies. In so doing, he demonstrates once more why
he has long been recognized as one of the country's most important
business writers.

About the Author

Robert Sobel was born in 1931 and died in 1999. He was a prolific
historian of American business life, writing or editing more than
50 books and hundreds of articles and corporate profiles. He was a
professor of business at Hofstra University for 43 years and held a
Ph.D. from New York University. Besides producing books, articles,
book reviews, scripts for television and audiotapes, he was a
weekly columnist for Newsday from 1972 to 1988. At the time of his
death he was a contributing editor to Barron's Magazine.


                            *********

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                            *********

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
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Peter A. Chapman, Editors.

Copyright 2022.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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