/raid1/www/Hosts/bankrupt/TCR_Public/220321.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, March 21, 2022, Vol. 26, No. 79

                            Headlines

1585 SOUTH: Case Summary & Two Unsecured Creditors
2 SOUTH REALTY CORP: Taps Robert S. Lewis as Bankruptcy Counsel
3235 LLC: Case Summary & Two Unsecured Creditors
920 H LLC: Seeks to Hire Butler Law Group as Bankruptcy Counsel
94 LOGISTICS LLC: Seeks Chapter 7 Bankruptcy Protection

ADVANZEON SOLUTIONS: Plan Solicitation Period Extended to May 7
AGILE THERAPEUTICS: Inks 3rd Amendment to Perceptive Credit Pact
ALTA CUCINA 2: Taps Law Offices of Adrienne Woods as Counsel
ARCHDIOCESE OF NEW ORLEANS: Heller Draper Updates on Apostolates
AVINGER INC: Stockholders Approve Reverse Common Stock Split

BLT RESTAURANT: Case Summary & Three Unsecured Creditors
BONSAI HOLDINGS: Seeks to Hire CAVA Law as Bankruptcy Counsel
BOY SCOUTS: Defense Atty. Surprised by Abuse Claim Numbers
BOY SCOUTS: Plan Releases Vital to Abuse Settlement, Says Witness
BRODIE HOLDINGS: Trustee Taps Black Creek as Asset Manager

BUYK CORP: Case Summary & 20 Largest Unsecured Creditors
CAMBER ENERGY: Has 360.1M Outstanding Common Shares as of March 7
CHERRY MAN: Case Summary & 20 Largest Unsecured Creditors
CIRCOR INTERNATIONAL: S&P Places 'B-' ICR on CreditWatch Negative
CJ HOLDING: 5th Cir. Affirms Denial of Late-Filed Class Claims

CLOSETBOX INC: Seeks Chapter 7 Bankruptcy Protection
CLOUD MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
CLUBHOUSE MEDIA: Extends Maturity of Labrys Note to November 2022
DALTON CRANE: Court Approves Disclosure Statement
DAYMARK REALTY: 11th Cir Affirms Lawyer's Sanctions

DELTA AIR LINES: Fitch Affirms 'BB+' Ratings, Outlook Negative
DIRECTBUY HOLDINGS: Buy Direct Can File 2nd Amended Counterclaim
DLVAM1302 NORTH: May 12 Hearing on Confirmation of the Plan
EDUCATIONAL TECHNICAL: April 20 Plan & Disclosure Hearing Set
ENERFLEX LTD: S&P Assigns 'BB-' ICR on Acquisition of Exterran

FIRST COAST ENERGY: Gets Court OK to Hire Holder Law as Counsel
FORESIGHT ACQUISITIONS: Seeks to Hire NMS Inc. as Accountant
FOUR AND TWENTY: Unsecured Creditors to Get Nothing in Plan
GLEN HOPE HARBOR: Owner of Autumn Grove to Liquidate in Chapter 7
GREENPOINT TACTICAL: May 3 Plan Confirmation Hearing Set

GREIF INC: Moody's Raises CFR to Ba1, Outlook Remains Stable
HELIUS MEDICAL: M. Tyler Won't Stand for Re-Election as Director
HILTON GRAND: S&P Upgrades ICR to 'BB-', Outlook Stable
INDIGO PALMS: Case Summary & Eight Unsecured Creditors
INPIXON: Reports $70.1 Million Net Loss for 2021

J & J CONSULTING: Involuntary Chapter 11 Case Summary
J AND J PURCHASING: Involuntary Chapter 11 Case Summary
JCB TRUCKING: Case Summary & 12 Unsecured Creditors
JEWEL SUNSET: Unsecured Creditors Will Get 1.67% of Claims in Plan
JKM STORAGE: Case Summary & Six Unsecured Creditors

JRX TUNING: Seeks to Hire Cantey Hanger as Bankruptcy Counsel
KR CITRUS: Case Summary & Six Unsecured Creditors
L&N TWINS: Disclosures Inaccurate, Member Maria Says
L.E.E. PROPERTY: Taps David W. Steen P.A. as Bankruptcy  Counsel
LEDGE LLC: Unsecureds Will Not Receive Distribution in Plan

LEGACY JH762: Case Summary & Three Unsecured Creditors
LIMETREE BAY: Chamberlain Represents Telaxe, Sulphur
MATRIX INT'L: Unsecureds to Get Share of Income or 7.5% in Plan
MICHAEL JACQUES JACOBS: Rule 60 Motion re DLJ Stay Relief Denied
MIGRATION PRODUCTIONS: Case Summary & One Unsecured Creditor

MUSCLEPHARM CORP: Secures $3M in Unsecured Note Financing From CEO
NATIONAL FILTERS: Unsecureds Owed $1.7.7M to Get $250K in Plan
NEW AMI I: Fitch Gives First Time 'B' LT IDR, Outlook Stable
NORDIC AVIATION: To Seek Confirmation of $4.3B Plan on April 19
PACIFIC GAS: Memorandum on Castle Rock Deal Due March 25

POLYMER INSTRUMENTATION: Unsecureds' Recovery Uncertain in Plan
QUANTUM CORP: BlackRock Reports 6.6% Equity Stake
RE-PRODECON LLC: Membership Interest or Property Sale to Fund Plan
REAL GRANITE: Taps Sanderford & Carroll as Special Counsel
RED RIVER: Exclusivity Period Extended to April 12

REVENANT DENVER: Asks to Extend Deadline to Confirm Amended Plan
RIVERSTONE RESORT: Says Plan Presently Not Confirmable, Awaits Sale
SEANERGY MARITIME: Swings to $41.3 Million Net Income in 2021
SKILLSOFT FINANCE II: Moody's Alters Outlook on B2 CFR to Positive
STARTING LINEUP: Taps Falcone Law Firm as Bankruptcy Counsel

STORTZ FARM: Gets Court Approval to Hire Benzing Surveying
SWISSBAKERS INC: Case Summary & 20 Largest Unsecured Creditors
TEXAS MADE SPORTS: Case Summary & 20 Largest Unsecured Creditors
TRIUMPH GROUP: Adopts New Tax Benefits Preservation Plan
U.S. TOBACCO: Amends Lewis Settlement Claim Pay Details

UNIVERSAL FIBER: Moody's Withdraws 'Caa1' Corporate Family Rating
WATSONVILLE HOSPITAL: Creditors' Committee Members Disclose Claims
WB BRIDGE HOTEL: Debtor Will Liquidate to Pay Claims
WHISPER LAKE: Creditors to Paid From Proceeds of Sale Plan
WISECARE LLC: Unsecureds Will Get 10% of Claims in 60 Months

WW INT'L: Moody's Cuts CFR to B1 & Alters Outlook to Negative
XENIA HOTELS: S&P Alters Outlook to Positive, Affirms 'B-' ICR
YUM! BRANDS: S&P Upgrades ICR to 'BB+', Outlook Stable
YUNHONG CTI: Falls Short of Nasdaq Bid Price Requirement
ZEBRA TECHNOLOGIES: Matrox Deal No Impact on Moody's 'Ba1' CFR

ZOOMINFO TECHNOLOGIES: S&P Upgrades ICR to 'BB', Outlook Stable
[*] Puerto Rico Bankruptcy Filings Decreased 21% in February 2022
[^] BOND PRICING: For the Week from March 14 to 18, 2022

                            *********

1585 SOUTH: Case Summary & Two Unsecured Creditors
--------------------------------------------------
Debtor: 1585 South Shields Drive, LLC
        1585 S. Shields Dr.
        Waukegan, IL 60085

Business Description: 1585 South Shields Drive is primarily
                      engaged in renting and leasing real estate
                      properties.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 22-03148

Judge: Hon. Donald R. Cassling

Debtor's Counsel: Timothy C. Culbertson, Esq.
                  LAW OFFICE OF T. CULBERTSON
                  P.O. Box 56020
                  Chicago, IL 60656
                  Tel: 847-913-5945
                  E-mail: tcculb@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

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

https://www.pacermonitor.com/view/7TM4XJY/1585_South_Shields_Drive_LLC__ilnbke-22-03148__0001.0.pdf?mcid=tGE4TAMA


2 SOUTH REALTY CORP: Taps Robert S. Lewis as Bankruptcy Counsel
---------------------------------------------------------------
2 South Realty Corp. seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ the Law Offices of
Robert S. Lewis, P.C. to serve as legal counsel in its Chapter 11
case.

The firm's services include:

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

   b. preparing a Chapter plan, pleadings and other legal papers;
and

   c. performing all other necessary legal services for the
Debtor.

The firm will be paid at the rate of $400 per hour and will be
reimbursed for out-of-pocket expenses.

The retainer fee is $5,000.

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

The firm can be reached at:

     Robert S. Lewis, Esq.
     Law Offices of Robert S. Lewis, P.C.
     53 Burd Street
     Nyack, NY 10960
     Tel: (845) 358-7100
     Fax: (845) 353-6943
     Email: robert.lewlaw1@gmail.com

                    About 2 South Realty Corp.

2 South Realty Corp. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22086) on
Feb. 22, 2022, listing as much as $1 million in both assets and
liabilities. Judge Sean H. Lane oversees the case.

The Debtor is represented by the Law Offices of Robert S. Lewis,
P.C.


3235 LLC: Case Summary & Two Unsecured Creditors
------------------------------------------------
Debtor: 3235 LLC
        3235 Belvidere Rd.
        Park City, IL 60085

Business Description: 3235 LLC is primarily engaged in renting and
                      leasing real estate properties.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 22-03154

Judge: Hon. Donald R. Cassling

Debtor's Counsel: Timothy C. Culbertson, Esq.
                  LAW OFFICE OF T. CULBERTSON
                  P.O. Box 56020
                  Chicago, IL 60656
                  Tel: 847-913-5945
                  Email: tcculb@gmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

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

https://www.pacermonitor.com/view/OURTL6Y/3235_LLC__ilnbke-22-03154__0001.0.pdf?mcid=tGE4TAMA


920 H LLC: Seeks to Hire Butler Law Group as Bankruptcy Counsel
---------------------------------------------------------------
920 H, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to employ The Butler Law Group, PLLC to serve
as legal counsel in its Chapter 11 case.

The firm's services include:

   a. representing the Debtor in all aspects of the case, including
settlement negotiations and the filing of bankruptcy schedules,
statements of financial affairs and reports; and

   b. providing advice concerning the administration of the estate,
filing of necessary motions, prosecuting and defending any
contested matters or adversary proceedings involving the Debtor in
the bankruptcy court, and seeking confirmation of the Debtor's
Chapter 11 plan.

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

     Attorneys      $450 to $550 per hour
     Paralegals     $125 per hour

The firm will also receive reimbursement for out-of-pocket expenses
and a retainer in the amount of $5,762.

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

The firm can be reached at:

     Craig A. Butler, Esq.
     The Butler Law Group, PLLC
     1455 Pennsylvania Avenue, NW, Suite 400
     Washington, DC 20004
     Tel: (202) 587-2773
     Email: cbutler@blgnow.com

                           About 920 H LLC

920 H, LLC, a company in Washington, DC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D.C. Case No. 22-00008)
on Jan. 24, 2022, listing up to $10 million in assets and up to
$500,000 in liabilities. Sheikh Khaled J. M. Al Thani, managing
member, signed the petition.

Judge Elizabeth L. Gunn oversees the case.

The Butler Law Group, PLLC, led by Craig A. Butler, Esq., is the
Debtor's legal counsel.


94 LOGISTICS LLC: Seeks Chapter 7 Bankruptcy Protection
-------------------------------------------------------
Clarissa Hawes of Freightwaves reports that Minnesota logistics
company 94 Logistics LLC, recently folded and filed Chapter 7,
owing several truck and trailer leasing businesses and finance
companies millions of dollars.

Eagan, Minnesota-based 94 Logistics LLC filed its petition in the
U.S. Bankruptcy Court for the District of Minnesota on Saturday,
March 12, 2022.

In its filing, 94 Logistics lists assets of up to $500,000 and
liabilities of $1 million to $10 million. The company, which has up
to 49 creditors, maintains that no funds will be available for
distribution to unsecured creditors after administrative fees are
paid.

Todd Frigstad, president of 94 Logistics, did not respond to
FreightWaves' request seeking comment.

The logistics firm, which hauled general freight and specialized in
last-mile delivery services, had 11 power units and 11 drivers,
according to the Federal Motor Carrier Safety Administration's
SAFER website. FMCSA granted 94 Logistics' operating authority in
November 2019. The FMCSA site shows that the company's authority is
still active.

Its trucks had been inspected 35 times and 14 had been placed out
of service in a 24-month period, resulting in a 40% out-of-service
rate. This is nearly double the industry's national average of
around 21%, according to FMCSA data. The drivers were inspected 61
times and two were placed out of service, resulting in a 3.3%
out-of-service rate, which is lower than the national average for
drivers of around 5.8%.

In the petition, the logistics firm lists three creditors with
secured claims, including Receivables Performance Management of
Lynnwood, Washington, owed $156,000; Transport Funding of
Philadelphia, $130,000 for two Kenworth tractors; and the U.S.
Small Business Administration, $91,000.

Among the 20 largest unsecured creditors are the Minnesota
Department of Revenue, owed nearly $137,000; the IRS, owed nearly
$265,000; and the Illinois Department of Revenue, owed nearly
$9,700.

The company also owes Ryder Truck Rental of Alpharetta, Georgia,
nearly $437,000, Penske Truck Leasing of Reading Pennsylvania
$444,000 and Crossroads Trailer of Albert Lea, Minnesota,
$300,000.

In the bankruptcy filing, two judgments have been issued against 94
Logistics in Dakota County Courts in Minnesota, including Allstate
Leasing of Minneapolis, owed nearly $91,000, and Broad Street
Capital LLC of New York, owed more than $435,000.

At the time of its filing, the logistics firm reported gross
revenue of $335,000. The company posted gross revenue of nearly $4
million for 2021 and around $5 million in 2020.

                     About 74 Logistics LLC

94 Logistics LLC is an Eagan, Minnesota-based logistics company. It
hauled general freight and specialized in last-mile delivery
service.

94 Logistics LLC sought Chapter 7 bankruptcy protection (Bankr. D.
Minn. Case No. 22-bk-30353) on March 12, 2022.  In its petition, 94
Logistics LLC listed assets of up to $500,000 and liabilities
between $1 million and $10 million.

The Debtor's counsel:

         John D. Lamey, III
         Lamey Law Firm, P.A.
         Tel: (651) 209-3550
         E-mail: bankrupt@lameylaw.com

The Chapter 7 trustee:

          Mary Jo A Jensen-Carter
          Buckley & Jensen
          1257 Gun Club Road
          White Bear Lake, MN 55110


ADVANZEON SOLUTIONS: Plan Solicitation Period Extended to May 7
---------------------------------------------------------------
Judge Michael Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida extended the exclusivity period for
Advanzeon Solutions, Inc. to solicit acceptances for its proposed
Chapter 11 plan of reorganization to May 7.

                     About Advanzeon Solutions

Based in Tampa, Fla., Advanzeon Solutions, Inc., provides
behavioral health, substance abuse and pharmacy management
services, as well as sleep apnea programs, for employers,
Taft-Hartley health and welfare Funds, and managed care companies
throughout the United States.

Advanzeon Solutions sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-06764) on Sept. 7,
2020, listing up to $1 million in assets and up to $10 million in
liabilities.  Clark A. Marcus, chief executive officer, signed the
petition.

Stichter, Riedel, Blain & Postler, P.A. is the Debtor's legal
counsel.

On Dec. 3, 2021, the Debtor filed its Chapter 11 plan of
reorganization and disclosure statement detailing the plan.


AGILE THERAPEUTICS: Inks 3rd Amendment to Perceptive Credit Pact
----------------------------------------------------------------
Agile Therapeutics, Inc. and Perceptive Credit Holdings III, LP, a
related party, have entered into a third amendment to the
Perceptive Credit Agreement, as amended.  The Third Amendment
waived the Company's obligations to (1) comply with certain
financial covenants relating to minimum revenue requirements
through Sept. 30, 2022, conditioned upon the satisfaction of
certain conditions, including the Company raising additional
capital and prepaying a portion of its outstanding debt by April
30, 2022 and (2) file financial statements along with its Annual
Report on Form 10-K for the fiscal year ended Dec. 31, 2021 that
are not subject to any "going concern" qualification.

As previously disclosed, on Feb. 10, 2020, the Company entered into
a Credit Agreement and Guaranty with Perceptive for a senior
secured term loan credit facility of up to $35.0 million.  A first
tranche of $5.0 million was funded on execution of the Perceptive
Credit Agreement.  A second tranche of $15.0 million was funded as
a result of the approval of Twirla by the FDA.  Another $15.0
million tranche was potentially available to the Company based on
the achievement of a revenue milestone by Dec. 31, 2021.  The
Company did not achieve that milestone and that tranche is no
longer available.  The Perceptive Credit Agreement was subsequently
amended on Feb. 26, 2021 and Jan. 7, 2022.

                     About Agile Therapeutics

Agile Therapeutics, Inc. is a women's healthcare company dedicated
to fulfilling the unmet health needs of today's women.  The
Company's product and product candidates are designed to provide
women with contraceptive options that offer freedom from taking a
daily pill, without committing to a longer-acting method.  Its
initial product, Twirla, (levonorgestrel and ethinyl estradiol), a
transdermal system, is a non-daily prescription contraceptive.

Agile reported a net loss of $51.85 million for the year ended Dec.
31, 2020, compared to a net loss of $18.61 million for the year
ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had $36.68
million in total assets, $26 million in total liabilities, and
$10.68 million in total stockholders' equity.

Iselin, New Jersey-based Ernst & Young LLP issued a "going concern"
qualification in its report dated March 1, 2021, on the
consolidated financial statements for the year ended Dec. 31, 2020,
citing that the Company has generated losses since inception and
has used substantial cash in operations, and that the Company
anticipates it will continue to incur net losses for the
foreseeable future and requires additional capital to fund its
operating needs beyond 2021.


ALTA CUCINA 2: Taps Law Offices of Adrienne Woods as Counsel
------------------------------------------------------------
Alta Cucina 2, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ The Law Offices of
Adrienne Woods, P.C. to serve as legal counsel in its Chapter 11
case.

The firm's services include:

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

   b. preparing and reviewing necessary documents;

   c. representing the Debtor at all meetings with the Office of
the U.S. Trustee and the Subchapter V trustee, and at all hearings
scheduled before the court;

   d. negotiating with all creditors and other parties, preparing a
proposed plan to facilitate the Debtor's reorganization, and
assisting the Debtor in obtaining confirmation of such plan; and

   e. providing other necessary legal services.

The Law Offices of Adrienne Woods will charge $500 per hour, which
is a $50 reduction of its standard hourly billing rate. The firm
will also seek reimbursement for out-of-pocket expenses.

The retainer fee is $15,000.

Adrienne Woods, Esq. a partner at The Law Offices of Adrienne
Woods, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     Adrienne Woods, Esq.
     The Law Offices of Adrienne Woods, P.C.
     105 West 86th Street, Suite 314
     New York, NY 10024
     Tel: (917) 447-4321
     Email: adrienne@woodslawpc.com

                        About Alta Cucina 2
               
Alta Cucina, LLC, formerly known as Alta Cucina, LLC, is part of
the restaurants industry. The company conducts business under the
name Avena Downtown.

Alta Cucina filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-12103) on Dec. 21,
2021, listing up to $1 million in assets and up to $10 million in
liabilities. Giselle Deiaco, director, signed the petition.

Judge Lisa G. Beckerman oversees the case.

Adrienne Woods, Esq., at The Law Offices of Adrienne Woods, P.C. is
the Debtor's legal counsel.


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

The Apostolates consist of 187 church parishes, schools, nursing
homes, senior living facilities, and other community, service
agencies and facilities.

Heller Draper has also been retained to represent Saint Joseph
Abbey and Seminary College.

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

Saint Joseph Abbey and Seminary College is an incorporated legal
entity with its own employees, articles of incorporation, EIN
number and bank accounts.

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

Counsel for the Apostolates and Saint Joseph Abbey and Seminary
College can be reached at:

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

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

                 About The Roman Catholic Church of
                   the Archdiocese of New Orleans

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

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

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

Judge Meredith S. Grabill oversees the case.

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

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


AVINGER INC: Stockholders Approve Reverse Common Stock Split
------------------------------------------------------------
Avinger, Inc. held its previously announced Special Meeting of
Stockholders at which the stockholders:

   (1) approved the amendment to the Company's Amended and Restated
Certificate of Incorporation to effect a reverse stock split of the
Company's outstanding shares of common stock at a ratio not less
than 1-for-5 and not greater than 1-for-20, with the exact ratio to
be set within that range at the discretion of the Company's board
of directors without further approval or authorization of its
stockholders; and

   (2) approved the adjournment of the Annual Meeting, if
necessary, to continue to solicit votes in favor of the foregoing
proposal.

Due to the approval of Proposal 1, there was no need to adjourn the
Special Meeting.  No other matters were considered or voted upon at
the Special Meeting.

                           About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).

Avinger reported a net loss applicable to common stockholders of
$22.87 million for the year ended Dec. 31, 2020, a net loss
applicable to common stockholders of $23.03 million for the year
ended Dec. 31, 2019, and a net loss applicable to common
stockholders of $35.69 million for the year ended Dec. 31, 2018.
As of Sept. 30, 2021, the Company had $33.74 million in total
assets, $22.17 million in total liabilities, and $11.57 million in
total stockholders' equity.


BLT RESTAURANT: Case Summary & Three Unsecured Creditors
--------------------------------------------------------
Debtor: BLT Restaurant Group LLC    
            f/k/a BLT Management LLC
        145 East 57th Street
        11th Floor
        New York, NY 10022

Business Description: BLT Restaurant Group owns and manages the
                      following restaurants: (a) BLT Steak LLC,
                      (b) BLT Steak Waikiki LLC, (c) BLT Prime
                      Lexington LLC, and (d) BLT Steak DC LLC.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 22-10335

Judge: Hon. Lisa G. Beckerman

Debtor's Counsel: Jennifer C. McEntee, Esq.
                  CIARDI CIARDI & ASTIN
                  1905 Spruce Street
                  Philadelphia, PA 19103
                  Tel: 215-557-3550
                  Email: jcranston@ciardilaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Haber, CEO.

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

https://www.pacermonitor.com/view/HJ7LUZY/BLT_Restaurant_Group_LLC_fka_BLT__nysbke-22-10335__0001.2.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/HBXMO7Q/BLT_Restaurant_Group_LLC_fka_BLT__nysbke-22-10335__0001.0.pdf?mcid=tGE4TAMA


BONSAI HOLDINGS: Seeks to Hire CAVA Law as Bankruptcy Counsel
-------------------------------------------------------------
Bonsai Holdings Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ CAVA Law, LLC
to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. advising the Debtor with respect to its duty under the
Bankruptcy Code;

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

   c. preparing adversary proceedings and legal documents;

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

   e. representing the Debtor in negotiations with creditors; and

   f. proposing and seeking confirmation of a plan of
reorganization.

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

     Attorneys    $400 per hour
     Paralegals   $75 to $350 per hour

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

The Debtor paid the firm a $10,238 deposit.

Christina Vilaboa Abel, Esq., a partner at CAVA Law, disclosed in a
court filing that her firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Christina Vilaboa Abel, Esq.
     CAVA Law, LLC
     1390 South Dixie Highway Suite 1107
     Miami, FL 33146
     Tel: (786) 675-6830
     Fax: (786) 384-6909
     Email: eservice@cavalegal.com

                    About Bonsai Holdings Group

Bonsai Holdings Group, LLC filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 22-11645) on Feb. 28, 2022, disclosing
as much as $1 million in both assets and liabilities. Judge Laurel
M. Isicoff oversees the case.

CAVA Law, LLC, led by Christina Vilaboa Abel, Esq., serves as the
Debtor's legal counsel.


BOY SCOUTS: Defense Atty. Surprised by Abuse Claim Numbers
----------------------------------------------------------
Vince Sullivan of Law360 reports that the attorney who coordinated
the national defense strategy of the Boy Scouts of America before
its bankruptcy testified Tuesday, March 15, 2022, in Delaware
bankruptcy court that he was surprised that more than 80,000 sex
abuse claims were filed in the Chapter 11 case when only about 350
lawsuits had been filed prepetition.

During the second day of a virtual confirmation trial, the debtor's
national coordinating counsel, Bruce Griggs of Ogletree Deakins
Nash Smoak & Stewart PC, said he did not anticipate that the number
of abuse claims would increase so dramatically once the Boy Scouts
filed for bankruptcy protection in February 2020.

                   About Boy Scouts of America

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

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

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

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

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


BOY SCOUTS: Plan Releases Vital to Abuse Settlement, Says Witness
-----------------------------------------------------------------
Vince Sullivan of Law360 reports that a witness called by the Boy
Scouts of America during the first day of its Chapter 11 plan
confirmation trial Monday, March 14, 2022, in Delaware said the
$2.7 billion settlement called for in the plan is only possible
with the third-party releases of nondebtor entities in place.

During the videoconference hearing, Boy Scouts of America national
executive committee member Devang Desai said the bankruptcy process
has always hinged on releases of sexual abuse claims against the
nondebtor local scouting councils and charter organizations because
without them, the future of Scouting would be in jeopardy.

                 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.


BRODIE HOLDINGS: Trustee Taps Black Creek as Asset Manager
----------------------------------------------------------
Zvi Guttman, the Chapter 11 trustee for Brodie Holdings, LLC, seeks
approval from the U.S. Bankruptcy Court for the District of
Maryland to employ Black Creek Consulting, Ltd. to manage the
company's real property and related assets.

The firm's services include:

   a. collecting rents and related income;

   b. servicing all work orders;

   c. instituting legal actions or proceedings for the collection
of rent and other income from the properties or the eviction of
tenants as required;

   d. paying from rents all bills, including utilities and
mortgages, as necessary to maintain the properties in the ordinary
course; and

   e. documenting and maintaining all necessary books and records
relating to the management and operation of the properties, and
preparing itemized accounts of receipts and disbursements incurred
in connection with the operation and management of the properties.

The firm will be paid at the rate of $200 per hour and will be
reimbursed for out-of-pocket expenses.

Michael Schuett, a partner at Black Creek, disclosed in a court
filing that his firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Michael L. Schuett
     Black Creek Consulting, Ltd.
     PO Box 422
     Crownsville, MD 21032
     Tel: (410) 987-6882
     Email: blackcreek@receivership.net

                       About Brodie Holdings

Chestertown, Md.-based Brodie Holdings, LLC filed a petition for
Chapter 11 protection (Bankr. D. Md. Case No. 21-16309) on Oct. 5,
2021, listing as much as $10 million in both assets and
liabilities.  Harry Kaiser, managing member, signed the petition.

Judge Thomas J. Catliota oversees the case.

The Debtor tapped Tate M. Russack, Esq., at RLC, PA Lawyers &
Consultants as legal counsel and Larry Strauss, Esq., CPA and
Associates, Inc. as accountant.

On Feb. 22, 2022, the court approved the appointment of Zvi Guttman
as Chapter 11 trustee. Shapiro Sher Guinot & Sandler serves as the
trustee's legal counsel.


BUYK CORP: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: Buyk Corp.
        360 West 31st Street
        Floor 6
        New York, NY 10001

Business Description: Buyk is a food delivery platform that offers
                      food and grocery products.

Chapter 11 Petition Date: March 17, 2022

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 22-10328

Judge: Hon. Michael E. Wiles

Debtor's Counsel: Mark S. Lichtenstein, Esq.
                  AKERMAN LLP
                  1251 Avenue of the Americas
                  37th Floor
                  New York, NY 10020
                  Tel: 212-259-8707
                  Fax: 212-880-8965
                  E-mail: mark.lichtenstein@akerman.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Walker as CEO.

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

https://www.pacermonitor.com/view/5GGZ6RQ/Buyk_Corp__nysbke-22-10328__0001.0.pdf?mcid=tGE4TAMA


CAMBER ENERGY: Has 360.1M Outstanding Common Shares as of March 7
-----------------------------------------------------------------
As of March 7, 2022, Camber Energy, Inc. had outstanding
approximately 360,111,110 shares of common stock.  

Since Feb. 24, 2022, approximately 57,213,612 shares were issued to
an institutional investor in connection with conversions of Series
C Convertible Preferred Stock held by such investor pursuant to the
exemption from registration provided by Section 3(a)(9) of the
Securities Act of 1933, as amended, and Rule 144 promulgated
thereunder.  At Dec. 1, 2021, the Company had outstanding
approximately 3,886 shares of Series C Convertible Preferred Stock,
and as a result of certain redemptions or conversions between such
date and March 7, 2022, the number of shares of Series C
Convertible Preferred Stock outstanding as of March 7, 2022 was
approximately 1,605, a reduction of approximately 59% since Dec. 1,
2021.  

If the Company were to combine its common shares outstanding (i.e.,
perform a reverse split of its common stock) without shareholder
approval, the Company's authorized shares of common stock would
have to be reduced by the same ratio.  The Company is therefore not
considering such a reverse stock split at this time.

                        About Camber Energy

Based in Houston, Texas, Camber Energy -- http://www.camber.energy
-- is primarily engaged in the acquisition, development and sale of
crude oil, natural gas and natural gas liquids from various known
productive geological formations, including from the Hunton
formation in Lincoln, Logan, Payne and Okfuskee Counties, in
central Oklahoma; the Cline shale and upper Wolfberry shale in
Glasscock County, Texas; and Hutchinson County, Texas, in
connection with its Panhandle acquisition which closed in March
2018.

Camber Energy reported a net loss of $8.61 million for the year
ended Dec. 31, 2020, compared to a net loss of $10.79 million for
the year ended Dec. 31, 2019.  As of Sept. 30, 2020, the Company
had $11.79 million in total assets, $32.48 million in total
liabilities, $38 million in temporary equity, and a total
stockholders' deficit of $58.68 million.

Dallas, Texas-based Turner, Stone & Company, L.L.P., issued a
"going concern" qualification in its report dated Nov. 19, 2021,
citing that the Company has incurred significant losses from
operations and had an accumulated deficit as of March 31, 2020 and
2019.  These factors raise substantial doubt about its ability to
continue as a going concern.


CHERRY MAN: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Cherry Man Industries, Inc.
        2100 E. Grand Ave. Suite #600
        El Segundo, CA 90245

Chapter 11 Petition Date: March 17, 2022

Court: United States Bankruptcy Court
       Central District of California

Case No.: 22-11471

Debtor's Counsel: Michael Jay Berger, Esq.
                  LAW OFFICES OF MICHAEL JAY BERGER
                  9454 Wilshire Boulevard, 6th Floor
                  Beverly Hills,CA 90212
                  Tel: (310) 271-6223
                  Fax: (310) 271-9805
                  Email: michael.berger@bankruptcypower.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Frank Lin as president.

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

https://www.pacermonitor.com/view/Y22TFAY/Cherry_Man_Industries_Inc__cacbke-22-11471__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Averit Express                  Trucking Vendor         $17,646
P.O. Box 102197
Atlanta, GA 30368

2. Byrne Electrical               Product Supplier         $20,506
320 Byrne Industrial Drive
Rockford, MI 49341

3. Cathay Bank                      Business Loan      $13,800,000
Business Development
9650 Flair Drive
El Monte, CA 91731

4. City Ocean                          Freight            $577,695
International Inc.                    Forwarder
21700 Copley Dr
Suite 100
Diamond Bar, CA 91765

5. Dandee Pallet &                Pellet Supplier          $17,946
Packaging Inc.
1605 Crowfoot Circle S.
Hoffman Estates, IL 60169

6. Dayton Freight                 Trucking Vendor           $7,262
P.O. Box 340
Vandalia, OH 45377

7. De-Well Group                      Freight             $116,090
5553 Bandini Blvd                    Forwarder
Unit A
Bell Gardens, CA 90201

8. Deka Office                        Product             $156,338
System Co                            Supplier

9. Echo Global                   Trucking Vendor            $7,067
Logistics Inc.
22168 Network Place
Chicago, IL 60673

10. GDS                          Trucking Vendor            $5,350
P.O. Box 444
Duarte, CA 91009

11. Just Pallets and             Pallet Supplier           $35,300
Crates LLC
1400 Veterans
Memorial Highway
Ste 134
Mableton, GA 30126

12. New Penn                     Trucking Vendor           $22,815
24801 Network Place
Chicago, IL 60673

13. Preferred Pallets Inc.        Pallet Vendor            $12,218
P.O. Box 1652
Rancho Cucamonga, CA 91729

14. Prime Trans, Inc.            Trucking Vendor           $31,825
1700 S Wilmington Ave
Compton, CA 90220

15. QX-Oriental International        Product              $949,986
                                    Supplier

16. R & L Carriers                  Trucking               $60,173
P.O. Box 10020                       Vendor
Port William, OH 45164

17. Shanghai Lianying Import        Product               $215,310
                                   Supplier

18. Shanghai Real                   Product                $74,060
Hong Int'l                         Supplier
RM 1908 Dingli Building
No. 235
Changyang Road
Shanghai

19. Zhejiang Runda Kehong           Product                $36,505
                                   Supplier

20. Zhejiang Walsn                  Product               $557,759
Furniture Co                       Supplier


CIRCOR INTERNATIONAL: S&P Places 'B-' ICR on CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings placed all of its ratings on CIRCOR
International Inc., including its 'B-' issuer credit rating and its
'B-' issue-level rating on its revolving credit facility and
first-lien term loan, on CreditWatch with negative implications.

The CreditWatch placement reflects that S&P could lower its ratings
on CIRCOR after it assesses the effects of the forensic review and
delayed filing process on its debt leverage, covenants, and
liquidity.

The CreditWatch placement follows CIRCOR's announcement that it
uncovered accounting irregularities stemming from the Pipeline
Engineering business unit in its Industrial segment. This business
unit accounted for approximately 3% and 2% of the company's total
revenue in 2020 and 2019, respectively. Based on management's
preliminary assessment, the accounting irregularities will reduce
CIRCOR's pre-tax income by approximately $35 million-$45 million on
a cumulative basis over a period of at least five years. S&P said,
"The company also announced a delay in the filing of its 2021
audited annual financial statements and we expect it will restate
its consolidated financial statements for 2019-2021. Because of the
time and resources required to complete its review, we believe
CIRCOR may be unable to file its 2021 audited financial statements
by the deadline stipulated in its credit agreement, which would
require it to obtain a waiver from its lenders. Given our current
lack of visibility into the company's restated financials, we also
believe there is risk that it will be unable to maintain at least a
10% cushion under the financial covenant governing its revolving
facility."

S&P said, "We expect to resolve the CreditWatch placement when
CIRCOR resolves the accounting irregularities and releases its 2021
annual report (and potentially restates its financials for prior
periods) or we receive additional information related to its
forensic review. We could lower our rating on the company over the
next 90 days if we believe its liquidity position or financial
covenant cushion have materially deteriorated or anticipate it will
be unable to meet the reporting requirement stipulated under its
credit agreement due to an inability to obtain a waiver from its
lenders. We could also lower the rating if, based on our assessment
of its restated financials, we believe CIRCOR's debt leverage has
increased to an unsustainable level."

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

-- Risk management, culture, and oversight
-- Transparency and reporting



CJ HOLDING: 5th Cir. Affirms Denial of Late-Filed Class Claims
--------------------------------------------------------------
Sixty-seven creditors of C&J Well Services, Inc., failed to timely
file proofs of claim. After a delay of roughly two years and nine
months, the Claimants filed a motion in the bankruptcy court
seeking leave to file their proofs of claim.

Brandyn Ridgeway and Tim Smith are former employees of Nabors
Completion and Production Services Co., which was an oil and gas
services contractor that performed work in the West Wilmington Oil
Field. In March 2015, Nabors Completion and Production Services Co.
merged with C&J Energy Ltd. to become C&J Well Services.

In April 2015, Ridgeway and Smith filed a putative class action
lawsuit against CJWS in California state court, alleging various
wage-related claims. CJWS removed the action to the United States
District Court for the Central District of California and moved to
compel arbitration pursuant to a company-wide arbitration
agreement, which included a class action waiver. The district court
denied the motion, holding that the arbitration agreement and its
class action waiver were unenforceable. CJWS appealed the district
court's order to the United States Court of Appeals for the Ninth
Circuit.

On July 20, 2016, while the appeal was still pending, CJWS and
several of its affiliates filed voluntary Chapter 11 petitions in
the United States Bankruptcy Court for the Southern District of
Texas. Shortly thereafter, CJWS filed a suggestion of bankruptcy in
the Central District of California and the Ninth Circuit, resulting
in an automatic stay of the wage litigation that was then on
appeal.

On September 25, 2016, the bankruptcy court issued an order setting
the bar date for all non-governmental entities wishing to assert a
claim against the Debtors to file their proofs of claim by November
8, 2016. The Debtors served the bar date notice on all putative
class members and published the same in USA Today. Taking heed of
the bar date order and notice, on November 7, 2016, Ridgeway and
Smith, as the representatives of the putative class, each filed a
proof of claim for $14,029,348.87. In addition, 27 putative class
members filed individual proofs of claim.

On December 16, 2016, the bankruptcy court entered an order
confirming the Debtors' Second Amended Joint Plan of
Reorganization. The Plan also permanently enjoined any party whose
claim had been discharged from later maintaining that claim against
the Debtors.

Also in December 2016, Nabors Corporate Services, Inc., entered
into a settlement agreement with CJWS pursuant to which it agreed
to continue indemnifying CJWS for certain unsecured claims,
including the claims that were part of the California wage
litigation. The agreement also authorized Nabors to object to any
proofs of claim for which it was obligated to indemnify CJWS.

On February 1, 2017, the bankruptcy court entered an agreed order
lifting the automatic stay and granting Ridgeway and Smith, as well
as the putative class members, relief from the Plan injunction so
they could pursue their claims in the California wage litigation
that remained on appeal in the Ninth Circuit. The parties reserved
their rights to challenge "the validity of the purported 'class'
proofs of claim" filed by Ridgeway and Smith.

The following February, the Ninth Circuit reversed the district
court, holding that the arbitration provision, including the class
action waiver, was enforceable. The Ninth Circuit's opinion had the
practical effect of disallowing any class from being certified,
meaning that all claims by the purported "class" members had to be
arbitrated individually. Accordingly, on remand, the district court
dismissed the plaintiffs' individual claims.

In response to the Ninth Circuit's decision, 96 putative class
members initiated individual arbitrations against CJWS regarding
the California wage-related claims. Of those 96, 29 had filed
individual proofs of claim in the bankruptcy proceeding by the bar
date; the remaining 67 -- the Claimants -- had not. On October 1,
2018, Nabors filed an omnibus objection to the proofs of claim
arguing, inter alia, that the Claimants could not rely on class
proofs of claim in light of the Ninth Circuit's decision enforcing
the arbitration clause and class action waiver.

Meanwhile, the parties had agreed to a global mediation of the
California wage-related litigation, which was scheduled to occur on
December 13, 2018. So, the bankruptcy court abated proceedings
related to Nabors' objection to the proofs of claim pending the
outcome of the mediation. Perhaps unsurprisingly, the mediation was
unsuccessful, so the parties returned to bankruptcy court. There,
Ridgeway and Smith, along with the other putative class members,
asked the bankruptcy court to interpret its February 1, 2017 agreed
order lifting the automatic stay and granting relief from the Plan
injunction. On July 16, 2019, the bankruptcy court held a hearing
on that motion, as well as Nabors' objection.

At the conclusion of the hearing, the bankruptcy court sustained
Nabors' objection and disallowed the putative "class" proofs of
claim filed by Ridgeway and Smith. It also ruled that Ridgeway and
Smith, as well as 27 putative class members who had timely filed
individual proofs of claim, could proceed in individual
arbitrations. Finally, the bankruptcy court informed the Claimants
that they could file a motion seeking leave to file late proofs of
claim.

The Claimants did so on August 19, 2019, and the bankruptcy court
held a hearing on that motion on December 18, 2019. At the end, the
bankruptcy court denied the Claimants' motion, holding that the
Claimants had failed to meet their burden of showing excusable
neglect under the factors announced by the Supreme Court in Pioneer
Investment Services Co. v. Brunswick Associates Ltd. Partnership,
507 U.S. 380 (1993).

The bankruptcy court held that granting the Claimants' motion would
prejudice the Debtors, as (a) there was no certainty Nabors would
honor its indemnity obligations, and (b) doing so could open the
floodgates for other claimants to seek leave to file late claims,
which would impose additional costs on the Debtors. The Court also
held that the delay between the bar date and the Claimants' motion
was unreasonably long, was within the Claimants' reasonable
control, and negatively impacted the judicial proceeding. The Court
also found that the Claimants failed to carry their burden of
showing good faith.

The Claimants timely filed a notice of appeal in the United States
District Court for the Southern District of Texas. Following a
hearing, the district court reversed and remanded the case to the
bankruptcy court for further proceedings. It held that every
Pioneer factor weighed in favor of the Claimants. CJWS timely
appealed.

Because the bankruptcy court did not abuse its discretion in
determining that the Claimants failed to meet their burden of
proving excusable neglect, the United States Court of Appeals for
the Fifth Circuit reverses the judgment of the district court and
reinstated the bankruptcy court judgment.

The Fifth Circuit finds that the bankruptcy court erred in finding
for the Debtors as to the danger-of-prejudice factor. However, the
Fifth Circuit also concludes that the bankruptcy court did not err
in finding for the Debtors as to the other three -- the length of
the delay and its potential impact on judicial proceedings, the
reason for the delay, including whether it was within the
reasonable control of the movant, and whether the movant acted in
good faith.

Given the exceptionally deferential standard of review applicable
in the matter, and because the prejudice factor does not outweigh
the other three Pioneer factors, the Fifth Circuit holds that it
cannot say that the bankruptcy court abused its discretion by
denying the Claimants' motion for relief from the bar date.

Citing In re Enron Corp., 419 F.3d at 129, the Fifth Circuit says
it is "particularly reluctant -- absent evident arbitrariness -- to
substitute our judgment for that of the bankruptcy judge who has
presided over the proceedings[] [and] who is most familiar with the
parties and the potential impact of any late-filed claim[.]"

A full-text copy of the March 10, 2022 Opinion penned by Circuit
Judge Edith Brown Clement is available at
https://tinyurl.com/bdbdnath from Leagle.com.

The appeals case is West Wilmington Oil Field Claimants, Appellee,
v. Nabors Corporate Services, Incorporated; Conway MacKenzie
Management Services, L.L.C., as Unsecured Claims Representative;
Reorganized Debtors, Appellants, No. 21-20394 (5th Cir.)

                    About C&J Energy

C&J Energy Services -- http://www.cjenergy.com/-- is a provider of
well construction, well completions, well support and other
complementary oilfield services to oil and gas exploration and
production companies. As one of the largest completion and
production services companies in North America, C&J offers a full,
vertically integrated suite of services involved in the entire life
cycle of the well, including directional drilling, cementing,
hydraulic fracturing, cased-hole wireline, coiled tubing, rig
services, fluids management services and other special well site
services.  C&J operates in most of the major oil and natural gas
producing regions of the continental United States and Western
Canada.

C&J Energy Services Ltd. and 14 of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 16-33590) on July 20, 2016.  The Debtors'
cases were assigned to Judge David R. Jones.

The law firms Loeb & Loeb LLP, and Kirkland & Ellis LLP served as
the Debtors' counsel.  Fried, Frank, Harris, Shriver & Jacobson LLP
served as special corporate and tax counsel to the Debtors.
Investment bank Evercore acted as the Debtors' financial advisor,
and AlixPartners served as the Debtors' restructuring advisor.
Ernst & Young Inc. served as the information officer for the
Canadian proceedings.  Donlin, Recano & Company, Inc., served as
the claims, noticing and balloting agent.

U.S. Trustee Judy A. Robbins appointed five creditors to serve on
the official committee of unsecured creditors in the Chapter 11
case of CJ Holding Co., et al.  The Committee hired Greenberg
Traurig, LLP, as counsel for the Committee, Conway MacKenzie, Inc.,
to serve as its financial advisor, and Carl Marks Advisory Group
LLC as investment banker.


CLOSETBOX INC: Seeks Chapter 7 Bankruptcy Protection
----------------------------------------------------
Tommy Wood of BizWest Media reports that full-service storage
company Closetbox Inc. has filed for Chapter 7 bankruptcy.
According to documents filed Friday with the U.S. Bankruptcy Court
for the District of Colorado, the company has $650,546 in
liabilities and $32,247 in assets.

Closetbox, which was founded in 2014, attempted to set itself apart
in the storage industry as a full-service company that sent
licensed movers to pick up items and deliver them to customers.

Between its founding and January 2018, the company raised $19.8
million in capital, according to documents filed with the U.S.
Securities and Exchange Commission.

Closetbox has two secured creditors. The largest is Roser Ventures
LLC, a Boulder venture-capital firm that is owed $279,976. The
other, California-based Silicon Valley Bank, has a claim of unknown
value.

The company has 946 unsecured creditors listed on the bankruptcy
filing. They range from government entities such as the Colorado
Department of Revenue and Internal Revenue Service, to moving
companies, investment firms, business-service companies and
hundreds of individuals.

Closetbox’s website is no longer functional. Lawyers for
Closetbox have not yet responded to requests for comment.

                        About Closetbox Inc.

Closetbox Inc. is a storage company based in Boulder, Colorado.

Closetbox Inc. sought Chapter 7 bankruptcy protection (Bankr. D.
Colo. Case No. 22-10776) on March 11, 2022.  In its petition, the
company has $650,546 in liabilities and $32,247 in assets.  The
case is handled by Honorable Judge Thomas B Mcnamara.  Theodore J.
Hartl, of Ballard Spahr LLP, is the Debtor's counsel.


CLOUD MOUNTAIN: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Cloud Mountain, Inc., a California corporation
        500 W. Warner Avenue, Suite 200
        Santa Ana, CA 92707

Business Description: Cloud Mountain is a merchant wholesaler of  
                      furniture and home furnishing products.

Chapter 11 Petition Date: March 17, 2022

Court: United States Bankruptcy Court
       Central District of California

Case No.: 22-10442

Judge: Hon. Theodor Albert

Debtor's Counsel: Beth E. Gaschen, Esq.
                  WEILAND GOLDEN GOODRICH LLP
                  650 Town Center Drive
                  Suite 600
                  Costa Mesa, CA 92626
                  Tel: (714) 966-1000
                  E-mail: bgaschen@wgllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Hanbing Shi, chief executive officer.

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

https://www.pacermonitor.com/view/MNEFSCQ/Cloud_Mountain_Inc_a_California__cacbke-22-10442__0001.0.pdf?mcid=tGE4TAMA


CLUBHOUSE MEDIA: Extends Maturity of Labrys Note to November 2022
-----------------------------------------------------------------
Clubhouse Media Group, Inc., and Labrys Fund, LP, entered into
Amendment No. 2 to the Labrys Note, as amended, on March 8, 2022.

As previously disclosed in the Annual Report on Form 10-K filed on
March 15, 2021 with the Securities and Exchange Commission by
Clubhouse Media on March 11, 2021, the Company entered into a
securities purchase agreement with Labrys, pursuant to which the
Company issued a 10% promissory note with a maturity date of March
11, 2022, in the principal sum of $1,000,000.

On March 30, 2021, the Company and Labrys entered into Amendment #1
to the Labrys Note pursuant to which Labrys waived certain rights
under the Labrys Note and the Company agreed to issue 48,076 shares
of common stock to Labrys.

Pursuant to the terms of Amendment No. 2, the maturity date of the
Labrys Note, as amended, was extended to Nov. 11, 2022 and the
principal amount of the Labrys Note, as amended, was increased by
$116,800 to a total of $700,877.67.  In addition, pursuant to
Amendment No. 2, the parties agreed that, to the extent the Labrys
Note, as amended, has not be earlier repaid or converted into
common stock, in the event that the Company completes a firm
commitment underwritten public offering of common stock following
March 8, 2022, that results in the common stock being listed on The
Nasdaq Global Market, the Nasdaq Capital Market, the NYSE or the
NYSE American prior to the maturity date of the Labrys Note, the
Company will repay the Labrys Note, as amended, with the proceeds
of such offering.

                         About Clubhouse Media

Las Vegas, Nevada-based Clubhouse Media Group, Inc. operates a
global network of professionally run content houses, each of which
has its own brand, influencer cohort and production capabilities.
The Company offers management, production and deal-making services
to its handpicked influencers, a management division for individual
influencer clients, and an investment arm for joint ventures and
acquisitions for companies in the social media influencer space.
Its management team consists of successful entrepreneurs with
financial, legal, marketing, and digital content creation
expertise.

Clubhouse Media reported a net loss of $2.58 million for the year
ended Dec. 31, 2020, compared to a net loss of $74,764 for the year
ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company had $1.70
million in total assets, $7.95 million in total liabilities, and
$6.25 million in total stockholders' deficit.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2020, issued a "going concern"
qualification in its report dated March 15, 2021, citing that the
Company has net losses and negative working capital, which raise
substantial doubt about its ability to continue as a going concern.


DALTON CRANE: Court Approves Disclosure Statement
-------------------------------------------------
Judge Eduardo Rodriguez has entered an order approving the
Disclosure Statement explaining the Plan of Dalton Crane, L.C.

On June 6, 2022 at 3:30 a.m. (Central Standard Time) an evidentiary
hearing on confirmation of the Plan will be conducted before the
United States Bankruptcy Court, Bob Casey Federal Building,
Courtroom #401, 515 Rusk Ave., Houston Texas 77002.

May 31, 2022 is the deadline for filing and serving written
objections to confirmation of the Plan.

June 2, 2022 is the deadline for filing ballots accepting or
rejecting the Plan.

                        About Dalton Crane

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

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

Judge Eduardo V. Rodriguez oversees the case.

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

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

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


DAYMARK REALTY: 11th Cir Affirms Lawyer's Sanctions
---------------------------------------------------
Kenneth Catanzarite appeals the denial of relief from a judgment of
the bankruptcy court. The district court affirmed the award of
sanctions against Catanzarite for violating a preliminary
injunction that barred "the commencement of any further actions
under the same or similar facts or circumstances to" lawsuits he
had filed against bankruptcy creditors. The district court also
ruled Catanzarite forfeited his opportunity to object to the amount
of sanctions imposed. The United States Court of Appeals for the
Eleventh Circuit affirms.

In 2018, Daymark Realty Advisors, Incorporated, and its
debtor-affiliates filed separate petitions for bankruptcy under
Chapter 11 of the Bankruptcy Code, which the bankruptcy court
consolidated. Catanzarite, an attorney licensed in California and
admitted to appear pro hac vice in the bankruptcy court, filed
adversary complaints against the Daymark companies for Richard
Carlson and eleven other plaintiffs and for Katherine Looper and
six other plaintiffs. Those plaintiffs complained of breach of
fiduciary duties and other wrongdoing in handling their investments
in several properties, including their interests as
tenants-in-common in the Congress Center, an office tower in
Chicago, Illinois. Later, Catanzarite moved successfully to convert
the bankruptcy petition to an action under Chapter 7 of the
Bankruptcy Code.

Catanzarite also sued Daymark creditors, including Todd Mikles,
Etienne Locoh, GCL, LLC, and other entities related to the Daymark
companies. Catanzarite filed nine putative class action complaints
for the Carlson plaintiffs in California and Utah courts against
various combinations of the Mikles creditors. The complaints
alleged that the creditors were alter egos of and shared common
control of and culpability for the Daymark companies' mishandling
of investments in the Congress Center and other properties.

The Mikles creditors entered an agreement to settle their claims
with the bankruptcy trustee, Chad Paiva, and obtained an injunction
that stayed the nine lawsuits. After a hearing attended by
Catanzarite, the creditors, and the Trustee on August 27, 2019, the
bankruptcy court issued an order that "enjoin[ed] continuation of
the [nine] Subject Lawsuits or the commencement of any further
actions under [the] same or similar facts or circumstances to the
Subject Lawsuits" for 60 days. On the Mikles creditors' motion, and
after a second hearing, the bankruptcy court issued a second
preliminary injunction that extended the stay to December 11,
2019.

On November 7, 2019, Catanzarite, as counsel for Katherine Looper
and nine other plaintiffs, filed in a California court a complaint
alleging that Mikles and GCL assisted the Daymark companies to
defraud investors in connection with the Congress Center and
another property. Catanzarite also filed a notice of lis pendens on
GCL property.

The Mikles creditors moved to enforce the injunction and to impose
sanctions. The bankruptcy court held a hearing on the motion
attended by the creditors, Catanzarite, and the Trustee. The
Trustee testified about Catanzarite's actions, the effect on the
stay, and maintaining control of the property of the estate.

The bankruptcy court granted the motion and sanctioned Catanzarite.
The bankruptcy court ruled that Catanzarite, as counsel for and in
active concert with the Carlson plaintiffs, violated the injunction
by filing a civil action and lis pendens for the Looper plaintiffs
"based upon TIC ownership interests in the Congress Center," which
was the same subject "matter[] explicitly enjoined by the Second
Preliminary Injunction Order." And the bankruptcy court stated that
it earlier had sanctioned Catanzarite for creating a website
containing false and misleading statements about the Daymark
bankruptcy. The bankruptcy court stayed the Looper action and
ordered Catanzarite to reimburse the Mikles creditors and "Trustee
Paiva for any actual attorneys' fees and expenses incurred in
connection with" the Looper action. Although the Trustee was not a
party to the motion, the bankruptcy court found "it appropriate to
compensate the bankruptcy estate . . . in light of the pending
settlement motion in the main bankruptcy case and the intent of the
injunctive relief in this adversary proceeding -- to maintain the
status quo pending the hearing to consider approval of that
settlement . . . ."

As directed by the bankruptcy court, the Mikles creditors and the
Trustee timely filed affidavits for and redacted time records of
the fees and expenses they sought as compensatory sanctions. On
January 29, 2020, the Mikles creditors requested $49,020.50 in
attorneys' fees, and on February 5, 2020, the Trustee requested
$13,333 for similar expenses. On February 25, 2020, almost three
weeks after the expiration of the seven-day deadline imposed by the
bankruptcy court, Catanzarite objected to the affidavits.

The bankruptcy court denied Catanzarite's objection to the
affidavits as untimely. The bankruptcy court found that Catanzarite
"failed to timely object to either affidavit" or "to timely move
for an extension of time to object" and that his notice of late
filing "offered a variety of excuses for missing the deadline, none
of which [rose] to the level of excusable neglect." The bankruptcy
court awarded the full amount of attorneys' fees that the Mikles
creditors requested as "incurred in connection with responding to
the [Looper action] and prosecuting the [motion to enforce], and. .
. not excessive." As to the Trustee, the bankruptcy court found
that "certain time entries include time for both main case issues
as well as the pertinent issues in this adversary proceeding" and,
being "unable to determine which portion of [specific] entries
[were] attributable to the [Looper action] and the [motion to
enforce], . . . [it] exercise[d] its discretion and award[ed] only
50% of the fees billed" on four days in December 2019. The
bankruptcy court awarded the Trustee $11,639.25 in attorneys'
fees.

The district court affirmed the imposition of sanctions and the fee
awards. The district court ruled that, "under the plain language of
Rule 65(d)(2)(B), [Catanzarite], as the attorney for the enjoined
Carlson [plaintiffs], was bound by the Preliminary Injunction" and
violated it by filing an action "based on similar ownership
interests and the same or similar facts or circumstances." The
district court rejected Catanzarite's argument that he could engage
in prohibited conduct for another client. The district court ruled
that Catanzarite's "failure to object to the fee affidavit[s] and
his conclusory and vague challenges to the reasonableness of the
fees . . . [were] fatal to his argument" challenging the accuracy
and veracity of the affidavits. The district court also ruled the
bankruptcy court did not abuse its discretion in determining the
fee awards after carefully reviewing the affidavits and time
records that the Mikles creditors and the Trustee submitted. The
district court rejected as refuted by the record Catanzarite's
argument that awarding sanctions to the Trustee violated his right
to due process.

The Eleventh Circuit reviews the imposition of sanctions for abuse
of discretion and related findings of fact for clear error. Under
the abuse-of-discretion standard, the 11th Circuit says it must
affirm "unless the [bankruptcy] court made a clear error of
judgment, or has applied the wrong legal standard." So the
bankruptcy court enjoys a "a range of choice within which we will
not reverse . . . even if we might have reached a different
decision."

The 11th Circuit finds that the The bankruptcy court did not err in
determining that Catanzarite was bound by the injunction. Federal
Rule of Civil Procedure 65 binds three categories of persons to
comply with an injunction: "the parties; the parties' . . .
attorneys; and other persons who are in active concert or
participation" with persons in the first two categories. The Rule
binds an attorney to an injunction to the same extent as a party.
So, as the bankruptcy court explained, Catanzarite could not
"engag[e] in conduct in which [the parties,] the Carlson
[plaintiffs,] themselves could not engage."

The 11th Circuit also finds that Catanzarite misinterprets Rule
65(d)(2)(B) as prohibiting attorneys only "from engaging in
enjoined conduct on behalf of an enjoined party." Rule 65(d)(2)(B)
plainly bars a party's attorney from engaging in enjoined conduct
regardless of his client's situation. Because Catanzarite was bound
to obey the injunction, the 11th Circuit says it need not address
his argument that the bankruptcy court erred by ruling, in the
alternative, that he was bound to the injunction by acting in
concert with his clients under Rule 65(d)(2)(C).

Catanzarite violated the injunction, the 11th Circuit concludes.
The injunction expressly prohibited "the commencement of any
further actions under same or similar facts or circumstances to the
Subject Lawsuits." Two of the subject lawsuits involved Mikles
creditors mishandling investors' tenancy-in-common interests in the
Congress Center. In the complaint and lis pendens, Catanzarite
repeated many of the facts and legal arguments made in the subject
lawsuits.

The bankruptcy court did not abuse its discretion, the 11th Circuit
further finds. The bankruptcy court sanctioned Catanzarite for the
permissible purpose of compensating the Trustee and the Mikles
creditors for losses caused by Catanzarite's noncompliance. The
Trustee was entitled to compensation even though he did not move to
enforce the injunction or join the Mikles creditors' motion. The
Trustee was a party in the bankruptcy case in which the injunction
issued for the purpose of maintaining the status quo pending the
resolution of a proposed settlement between the estate and the
Mikles creditors. Catanzarite's violation of the injunction
interrupted the progress of the bankruptcy case and required the
Trustee and the Mikles creditors to incur expenses related to the
Looper action and to the enforcement of the injunction.

Catanzarite argues that he was denied due process with respect to
the award to the Trustee, but he was "given fair notice that his
conduct may warrant sanctions and the reasons why" as well as "an
opportunity to respond . . . and to justify his actions." The
motion to enforce outlined Catanzarite's willful disobedience of
the injunction. During the hearing on the motion, the Trustee
testified about the effect that Catanzarite's noncompliance had on
the bankruptcy proceedings, and Catanzarite presented a defense. As
the district court stated, Catanzarite "was on notice that the
bankruptcy court was . . . considering whether and how [his]
actions may have affected the Trustee and the estate and whether
that should give rise to sanctions." And the bankruptcy court
afforded Catanzarite the opportunity to object to the Trustee's
affidavit and time records, but Catanzarite delayed filing a
response. This process was sufficient to satisfy due process, the
11th Circuit holds.

The bankruptcy court also did not abuse its discretion in
determining the fee awards, the 11th Circuit further finds. The
bankruptcy court ensured that its awards were "calibrated to the
damages caused by" Catanzarite's noncompliance by limiting the
award to "cover[ing] the legal bills that the litigation abuse
occasioned." The bankruptcy court "carefully reviewed the
Affidavits and time records" the Trustee and the Mikles creditors
submitted and found that the fees were "incurred in connection with
responding to the [Looper action] and in prosecuting" the motion to
enforce the injunction. The bankruptcy court noticed an inadvertent
duplication of fees by the Trustee and adjusted the amount
requested to account for the error. Catanzarite contests the
amounts of the awards, but he forfeited the opportunity to
challenge those amounts by failing timely to object to the
affidavits, the 11th Circuit concludes.

A full-text copy of the Opinion dated March 9, 2022, is available
at https://tinyurl.com/2ufyutdk from Leagle.com.

The appeals case is KENNETH J. CATANZARITE, Plaintiff-Appellant, v.
GCL, LLC, INFINITY URBANCENTURY, LLC, ETIENNE LOCOH, TODD A.
MIKLES, SOVEREIGN CAPITAL MANAGEMENT GROUP, LLC, et al.,
Defendants-Appellees, No. 21-12766 (11th Cir.).

      About Daymark Realty Advisors/Daymark Properties Realty

Based in Fort Laudersale, Florida, Daymark Realty Advisors Inc. is
a provider of strategic asset management and structured finance
services to private and institutional owners of commercial real
estate.

Daymark Realty and affiliates Daymark Properties Realty Inc. and
Daymark Residential Management Inc. filed a Chapter 11 petition
(Bankr. S.D. Fla. Lead Case No. 18-23750) on November 4, 2018. The
petition was signed by Espen Schiefloe, chief restructuring
officer.  

In its petition, Daymark Realty estimated $207 in assets and
$22,223,304 in liabilities.

The Debtors tapped Edelboim Lieberman Revah Oshinsky PLLC, as
counsel and BMC Group, Inc., as claims, noticing and balloting
agent.


DELTA AIR LINES: Fitch Affirms 'BB+' Ratings, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Delta Air Lines' (Delta) ratings at
'BB+'. The Rating Outlook is Negative.

The Rating Outlook is largely driven by spiking jet fuel prices and
potential knock-on macroeconomic effects. Higher input costs along
with remaining uncertainties around the pace of business and
international travel may make it difficult for Delta to bring
leverage below its negative rating sensitivity in the next 1-2
years. The Negative Outlook also reflects continued risk that
persistently high jet fuel costs may pressure cash flows and
necessitate increased borrowing compared to prior forecasts.

Delta's 'BB+' rating is supported by rebounding passenger traffic,
the company's pre-pandemic track record of generating solid free
cash flows, better than average operating margins, and management
commitment toward maintaining a strong balance sheet.

KEY RATING DRIVERS

Fuel Costs are a Material Headwind: Fitch expects higher fuel costs
to drive lower margins and cash flows in 2022 compared to prior
expectations. The magnitude of the impact on credit will depend on
how long crude oil prices remain volatile. Fitch expects the
industry to adapt more easily to Brent prices in the $100-$120
range, particularly as pent-up demand gives the airlines pricing
power. Fuel and airfare have historically maintained a positive
correlation, and current average fares remain well below peak
levels seen during prior periods of high oil prices.

However, the ability to offset higher costs may be limited if crude
prices are sustained at or above levels seen in prior peaks, as
higher ticket prices and potential macroeconomic effects reduce
demand. In a scenario in which Brent crude prices rise and remain
materially above $120/barrel Fitch would anticipate a potential
multi-year lag in airline profit margins returning to pre-pandemic
levels, pressuring credit profiles across the industry.

Traffic Improving: Fitch expects a continued improvement in
passenger traffic in 2022 driven by pent up demand and progress
towards COVID reaching an endemic stage. Fitch's base expectations
are for North American traffic in 2022 to remain 20% below 2019
levels, though that estimate may prove conservative based on
current TSA passenger counts and reports of strong booking activity
for the summer travel season. Business travel remains more of an
unknown, though with an increasing number of business returning to
the office, Fitch expects a healthy uptick through the second half
of the year.

Domestic and Near-International Remain Bright Spots: Domestic and
near-international leisure travel continue to show the most
strength, providing U.S. airlines with a relative advantage
international competitor who are more reliant on international
travel. Long-haul international remains the most impacted segment
driven by patchwork travel restrictions. Fitch expects
international to improve for the summer season as travel
restrictions ease, particularly in the trans-Atlantic market.

Leverage Remains High: Fitch's base case, which incorporates
moderating crude oil prices in 2023, anticipates adjusted
debt/EBITDAR remaining slightly above Fitch's negative rating
sensitivity through 2023 and trending lower thereafter. A slower
than expected rebound in air traffic combined with higher jet fuel
prices and other inflationary pressures have driven forecasted
metrics to remain modestly outside of Fitch's prior expectations.
Although leverage remains high, Delta's 'BB+' rating remains
supported by management's commitment to reach a net debt balance of
$15 billion by 2024 (from $20.6 billion at YE 2021) and to reach a
leverage target of 2x-3x.

Delta Actively Paying Down Debt: Delta's gross on-balance sheet
debt stood at $27.1 billion at YE 2021, down from $35.1 billion at
its peak in 2020. Delta is taking a more aggressive approach toward
paying down debt, and reducing its high liquidity balance compared
to peers. Fitch expects the company to pay for upcoming aircraft
deliveries with cash and avoid refinancing upcoming maturities.
Delta's approach has a mixed impact on the company's credit
profile. Quickly reducing total debt balances will unencumber
assets and reduce interest costs. However, Fitch views a healthy
liquidity balance as important downside protection.

FCF May Turn Positive in 2023: Fitch expects heavy capital spending
to drive negative FCF in 2022. Recovering passenger traffic and
moderating capital spending should allow FCF to turn positive in
2023, aiding the company's efforts to de-lever its balance sheet.
Fitch expects FCF in the -$2.5-3.5 billion range in 2022 turning to
+$1 billion-$2 billion next year, though Fitch's forecasts are
sensitive to fuel prices. Cash generation this year remains limited
by the ongoing recovery as Fitch expects top line revenue to remain
roughly 15% below 2019 levels. Delta expects capital spending to
reach $6 billion this year as it catches up on aircraft deliveries
that were deferred during the pandemic.

Reduced Pension Risk: Delta's pension plans were 92% funded at YE
2021, and fully funded on a Pension Protection Act basis. Delta has
no required contributions for 2022. Delta's underfunded pension
plan had represented a material overhang in prior years and the
improved funded status removes the drag on the company's cash
flow.

DERIVATION SUMMARY

Delta's 'BB+' rating remains higher than its two major network
competitors, United (B+) and American (B-). The rating differential
is driven in part by Fitch's expectations for Delta to maintain
leverage metrics favorable to its peers in the years following the
pandemic, along with its strong history of margin and FCF
generation relative to its major competitors. Fitch also views
Delta's financial flexibility as materially stronger than
American's but similar to United's based on current liquidity and
remaining unencumbered assets.

KEY ASSUMPTIONS

-- Airline traffic continues to rebound throughout the forecast.
    Domestic traffic is fully recovered to pre-pandemic levels in
    2022, while total airline traffic meets or exceeds 2019 levels
    by 2024.

-- Yields are generally strong, reflecting solid demand levels
    and rising ticket prices to offset higher fuel costs.

-- Brent crude prices remaining around $100/barrel for the
    remainder of 2022 and declining towards $85/barrel through the
    forecast.

-- Jet fuel prices are a primary concern at this time due to the
    Russia/Ukraine conflict. Stress cases incorporate materially
    higher jet fuel prices through 2023.

-- Capital expenditures are in line with company forecasts.

RATING SENSITIVITIES

Factors that could lead to a stabilization of the Outlook:

-- Increasing evidence of a stabilizing operating environment
    including a continued rebound in traffic, increasing
    visibility on the impact of crude oil prices on margins, and
    the related impacts on management of FCF and liquidity;

-- Demonstrated ability to manage RASM ahead of total CASM
    driving EBITDAR margins toward the mid teens.

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

-- FCF margins moving back to the low single digits;

-- EBITDAR margins in the high-teens or better;

-- Sustained commitment to conservative financial policies;

-- Adjusted debt/EBITDAR sustained around or below 2.5x.

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

-- Sustained adjusted debt/EBITDAR above 3.3x or FFO fixed-charge
    coverage falling below 3.5x on a sustained basis;

-- FCF margins declining to neutral on a sustained basis;

-- A deviation of FCF deployment towards debt reduction or
    capital expenditures causing total liquidity to fall below $7
    billion.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: Delta ended FY 2021 with $14.2 billion in
liquidity, consisting of $2.9 billion in availability on their
revolving credit facilities, $3.4 in short-term U.S. government
security investments, and $7.9 billion in cash and cash
equivalents. Liquidity was bolstered throughout 2020 and 2021 by
$8.5 billion in CAREs Act grant funding, and $3.5 billion in
government loans. Fitch expects cash flow to remain negative in
2022, as the airline battles aircraft maintenance costs, as well as
wage and fuel inflation pressures.

ISSUER PROFILE

Delta Air Lines is a U.S.-based network airline and one of the
largest airlines in the world as measured by capacity. The company
maintains a fleet of over 816 mainline aircraft and 349 regional
aircraft with hubs in Atlanta, Detroit, Minneapolis/St. Paul, New
York-JFK, and Salt Lake City, among others.

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.


DIRECTBUY HOLDINGS: Buy Direct Can File 2nd Amended Counterclaim
----------------------------------------------------------------
In 2014, Buy Direct, with Tom Pope and Elona Pope each owning 50%
of the company, entered into a Franchise Agreement and Asset
Purchase Agreement, pursuant to which it acquired a DirectBuy
Club(R) franchise from Old DirectBuy. On August 25, 2015, Old
DirectBuy terminated Buy Direct's Franchise Agreement, and then
filed a Verified Complaint alleging claims against Buy Direct and
the Popes for breach of the Franchise Agreement, breach of the
Asset Purchase Agreement, and breach of the Popes' personal
guaranties executed in connection with those Agreements. Old
DirectBuy also asserted claims for civil and criminal conversion
based on the allegation that, following the termination of Buy
Direct's franchise, Defendants had appropriated property belonging
to DirectBuy Club(R) members.

On November 2, 2016, approximately seven months after discovery
began in the case, the United States District Court for the
Northern District of Indiana, Hammond Division, was notified that
Old DirectBuy had filed a Chapter 11 petition in Delaware
bankruptcy court. As a result of the bankruptcy filing, Magistrate
Judge Cherry enter a stay of the case as to Defendants' First
Amended Counterclaim against Old DirectBuy. He ordered that the
case would remain active and not stayed, however, as to Old
DirectBuy's claims in the Verified Complaint.

Following entry of the court's stay order, on December 13, 2016,
counsel for Old DirectBuy filed a status report in which they
suggested the court stay the entire case, including Old DirectBuy's
claims in the Verified Complaint. As the status report explained,
Old DirectBuy's claims against Defendants were assets of the
bankruptcy estate, and thus Old DirectBuy was not in a position to
decide on its own whether to proceed with its claims or to withdraw
them. The status report therefore suggested that the court
administratively close the case "without prejudice to reopening it
on the motion of any party should circumstances later call for it."
Shortly thereafter, Judge Cherry entered an order staying the
entire case.

No further proceedings were held in the case until January 23,
2019. On that date, Defendants filed a Motion to Resume Proceedings
as to their counterclaims, stating that the bankruptcy proceedings
had been dismissed without any discharge of Old DirectBuy, and that
they therefore were no longer precluded by the automatic bankruptcy
stay from pursuing their counterclaims.

After Defendants filed their motion to reopen, Old DirectBuy's
counsel filed a motion to withdraw from this matter. That motion
stated that, during the pendency of the Chapter 11 proceedings, the
bankruptcy court had authorized the sale of all of Old DirectBuy's
assets. The sale had taken place in February 2017, and the proceeds
did not leave sufficient financial resources for Old DirectBuy to
propose a viable reorganization plan. As a result, the bankruptcy
court dismissed the Chapter 11 proceedings in November 2017. The
motion further stated that "the Indiana Secretary of State had
since dissolved" Old DirectBuy, and that "compan[y] therefore no
longer exit[s]." Counsel stated that they sent a letter in June
2017 to Old DirectBuy's then CEO, informing him of their intent to
withdraw their appearances in this matter, as required by N.D. Ind.
R. 83-8. The motion also argued that good cause existed to dispense
with the notice requirement in the local rule7 because Old
DirectBuy "has been dissolved, its assets liquidated, and it no
longer exists. In sum, there is no client for counsel to represent,
no client to communicate with, and no client to provide advice, to,
and/or receive instruction from regarding future handling of the
matter." The motion identified the last known contact information
for Old DirectBuy as being Dylan Astle, Chief Operating Officer,
8450 Broadway, Merrillville, Indiana.

On February 7, 2019, the Court lifted the stay as to the entire
case. The Court also allowed Old DirectBuy's counsel to withdraw
their appearances. In doing so, however, the Court noted that "a
corporation cannot litigate pro se," and "an attorney appearance
will be required for any future case participation" by Old
DirectBuy.

Following the lifting of the stay, Defendants pursued discovery on
their counterclaims against Old DirectBuy. Those discovery efforts
were largely directed at New DirectBuy, to whom Old DirectBuy had
sold its assets during the bankruptcy proceedings. Defendants
deposed Astle and also obtained relevant business records belonging
to Old DirectBuy. Defendants then filed the Motion to Amend with a
supporting memorandum. The Motion to Amend seeks to assert
additional counterclaims against New DirectBuy under a theory of
successor liability. New DirectBuy opposes the Motion to Amend,
arguing that successor liability is precluded by bankruptcy law and
the terms of the sale by which New DirectBuy acquired Old
DirectBuy's assets.

According to District Judge Joshua P. Kolar, the current record
does not support a per se rule against state common law successor
liability claims following in Section 363(f) sale, which would bar
Defendants' successor liability claims in the proposed amended
counterclaims. Judge Kolar cautions that he has not reached any
firm conclusions on the issues in the case, but is simply not
persuaded by New DirectBuy's treatment of those issues at this
time. Judge Kolar says he is willing to entertain further argument
on the relevant issues on a more fully developed record.

For these reasons, Judge Kolar grants the Motion for Leave to File
Second Amended Counterclaim. The Defendants are directed to file
their Second Amended Counterclaim on or before April 4, 2022, and
are further directed to take immediate steps to comply with the
requirements of Federal Rule of Civil Procedure 4 for serving any
new parties named in the Second Amended Counterclaim. In addition,
Judge Kolar informs the parties that the Verified Complaint will be
dismissed without prejudice if an appearance by counsel is not
entered on behalf of Plaintiff DirectBuy, Inc. on or before March
31, 2022.

A full-text copy of Judge Kolar's Opinion and Order dated March 8,
2022, is available at https://tinyurl.com/326h5n2u from
Leagle.com.

The case is DIRECTBUY, INC., Plaintiff-Counterdefendant, v. BUY
DIRECT, LLC; TOM POPE; and ELONA POPE,
Defendants-Counterplaintiffs, Cause No. 2:15-CV-344-JPK (N.D.
Ind.).

                 About DirectBuy Holdings

DirectBuy Holdings Inc., headquartered in Merrillville, Indiana, is
a membership buying club that operates under a franchise business
model.  DirectBuy Holdings, Inc., United Consumers Club,
Incorporated, DirectBuy, Inc., Beta Finance Company, Inc., UCC
Distribution, Inc., U.C.C. Trading Corporation, National Management
Corporation, and UCC of Canada, Inc., each filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 16-12435) on Nov. 1, 2016.
The petitions were signed by Michael P. Bornhorst, chief executive
officer.

DirectBuy Holdings estimated $100 million to $500 million in assets
and liabilities.  

Judge Christopher S. Sontchi presides over the cases.

Lawyers at Cole Schotz P.C., served as counsel to the Debtors.
Carl Marks & Co. served as the Debtors' financial advisor.  Prime
Clerk LLC acted as the claims and noticing agent.  

The Company's Canadian subsidiaries on Nov. 2, 2016, commenced
proposal proceedings under the Bankruptcy and Insolvency Act to
obtain an Order from the Ontario Superior Court of Justice
approving proposals to be made by the Canadian Subsidiaries to
their respective creditors under Part III of the BIA.

Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed five
creditors of DirectBuy Holdings, Inc., to serve on the official
committee of unsecured creditors.  Saul Ewing LLP has been tapped
as counsel and Emerald Capital Advisors as financial advisors.

An ad hoc committee of prepetition noteholders, which include
Bayside DirectBuy, LLC, was represented by Weil, Gotshal Manges LLP
and Pepper Hamilton LLP.


DLVAM1302 NORTH: May 12 Hearing on Confirmation of the Plan
-----------------------------------------------------------
Judge Catherine Peek McEwen has entered an order conditionally
approving the Disclosure Statement of DLVAM1302 North Shore, LLC
dba DLVAMI 302 North Shore, LLC.

The Court will conduct a hearing on confirmation of the Plan,
including timely filed objections to confirmation, objections to
the Disclosure Statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
May 12, 2022 at 2:30 pm in Tampa, FL − Courtroom 8B, Sam M.
Gibbons United States Courthouse, 801 N. Florida Avenue.

Objections to confirmation must be filed and served no later than 7
days before the date of the Confirmation Hearing.

Parties in interest must submit their written ballot accepting or
rejecting the Plan no later than 8 days before the date of the
Confirmation Hearing.

The Plan Proponent must file a ballot tabulation no later than 96
hours prior to the time set for the Confirmation Hearing.

                  About DLVAM1302 North Shore

Anna Maria, Fla.-based DLVAM1302 North Shore, LLC, filed a petition
for Chapter 11 protection (Bankr. M.D. Fla. Case No. 21-05371) on
Oct. 20, 2021, disclosing $1,988,681 in total assets and $1,585,279
in total liabilities.  Floyd Calhoun, manager, signed the petition.
The Debtor tapped Buddy D. Ford, P.A., as legal counsel.


EDUCATIONAL TECHNICAL: April 20 Plan & Disclosure Hearing Set
-------------------------------------------------------------
On March 10, 2022, debtor Educational Technical College Inc. filed
with the U.S. Bankruptcy Court for the District of Puerto Rico a
Disclosure Statement.

On March 14, 2022, Judge Edward A. Godoy conditionally approved the
Disclosure Statement and ordered that:

     * That acceptances or rejections of the Plan may be filed in
writing by the holders of all claims on/or before 14 days prior to
the date of the hearing on confirmation of the Plan.

     * That any objection to the final approval of the Disclosure
Statement and/or the confirmation of the Plan shall be filed on/or
before 14 days prior to the date of the hearing on confirmation of
the Plan.

     * That the debtor shall file with the Court a statement
setting forth compliance with each requirement in section 1129, the
list of acceptances and rejections and the computation of the same,
within 7 working days before the hearing on confirmation.

     * April 20, 2022 at 1:30 PM via Microsoft Teams is the hearing
for the consideration of the final approval of the Disclosure
Statement and the confirmation of the Plan and of such objections.

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

Attorney for Debtor:

     Carmen D. Conde Torres, Esq.
     Luisa S. Valle Castro, Esq.
     William Alemany Mendez, Esq.
     C. Conde & Assoc.
     254 De San Jose Street, Suite 5
     Old San Juan, PR 00901-1523
     Telephone: (787) 729-2900
     Facsimile: (787) 729-2203
     Email: condecarmen@condelaw.com

             About Educational Technical College

Bayamon, P.R.-based Educational Technical College, Inc. filed a
voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case
No. 21-02392) on Aug. 9, 2021, listing $1,969,503 in assets and
$1,407,201 in liabilities. Emilio E. Huyke, president of
Educational Technical College, signed the petition.

Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres,
Esq., at C. Conde & Assoc., and Dage Consulting CPA's, PSC serve as
the Debtor's legal counsel and accountant, respectively.


ENERFLEX LTD: S&P Assigns 'BB-' ICR on Acquisition of Exterran
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to
Canadian midstream energy company Enerflex Ltd.

The stable outlook reflects S&P's expectation that Enerflex will
successfully close its acquisition of Exterran and integrate the
company while maintaining leverage in the low-3x area.

Enerflex is acquiring U.S.-based Exterran Corp. for $735 million to
become a global provider of natural gas compression, electric power
generation, and related engineering services. S&P expects the
transaction to close in the second or third quarters of 2022.

The proposed transaction will increase Enerflex's scale, extend its
geographic reach, and expand its service offerings.

S&P believes the acquisition will broaden the company's scale and
geographic reach and expand its product lines as it grows its
natural gas production, water treatment, and emerging energy
transition business. Enerflex's combined total compression
horsepower of about 1.6 million ranks among the largest in its
industry, although it is smaller than some of its direct U.S.
peers. The company's global geographic diversity mitigates some of
the cash flow risk stemming from its exposure to the production
economics of any given region, though it also increases its
sovereign and country risk, which could have a more unpredictable
effect on its credit quality.

Enerflex will have a revenue mix that is well-balanced between
North America (about 35%), Latin America (about 25%), the Middle
East (about 33%), and Asia Pacific (about 7%). In addition, it will
derive about 70% of its gross margin from contract compression and
aftermarket services, which tend to feature fairly sticky cash
flows backed by take-or-pay contract arrangements and rental income
derived from aggregate gas production volumes rather than drilling
economics. The engineered systems and product sales that will
account for the rest of Enerflex's consolidated gross margin are
more dependent on production growth and new drilling, which can be
more volatile given the longer-term headwinds facing the oil and
gas industry. This segment is also focused on energy transition
infrastructure, including hydrogen compression, renewable natural
gas, and carbon capture and sequestration, though--in our
opinion--it is not currently a significant factor in determining
the company's credit quality.

S&P expects Enerflex to be conservatively capitalized.

S&P said, "We assess the company's financial risk profile as
significant based on our expectation that it will maintain
conservative credit measures and generate positive free cash flow
by 2023. We also forecast pro forma EBITDA of about $350 million
and S&P Global Ratings-adjusted debt to EBITDA of about 3.3x. We
assume Enerflex is committed to maintaining a strong balance sheet
and will have S&P Global Ratings-adjusted debt to EBITDA in the
3.0x-3.5x range for the next 12-18 months, with a goal of reducing
its leverage below 3.0x.

"We forecast the company will have modest annual maintenance
capital spending of about $20 million, though we assume its growth
capital spending in 2022--for in-flight projects and first-half of
2023 initiatives--will be significant and total about $325 million.
We also project that Enerflex will have a cash flow deficit of
about $225 million after capital spending and a discretionary cash
flow deficit of about $235 million after dividends.

"We believe the company could become free cash flow positive in
2023 based on an improvement in its EBITDA stemming from its
realization of $40 million of operational synergies and modest
revenue growth. Assuming Enerflex's 2023 growth capital spending
decreases by $90 million-$100 million, it may achieve breakeven or
modestly positive free cash flow, which is a key step toward
reaching management's debt to EBITDA target of less than 3x. We do
not expect the company to increase its dividend until its free cash
flow improves beyond the modest levels we forecast in 2023.

"The stable outlook on Enerflex reflects our expectation that it
will successfully integrate Exterran and maintain leverage in the
low-3x area. We also expect the company to have the liquidity and
financial flexibility to expand its business and become free cash
flow positive by 2023."

S&P could lower its rating on Enerflex if its financial risk
increases or its business and competitive position are pressured
such that:

-- Its S&P Global Ratings-adjusted debt to EBITDA rises above 4x;

-- Its counterparties do not renew their contracts or renew them
at lower rates; and

-- Its aftermarket services and product sales lag due to lower
natural gas prices or reduced drilling forecasts.

S&P could upgrade Enerflex if it increases its size and scale,
remains consistently cash flow positive, and maintains a more
conservative financial policy, including a leverage target of about
2.5x.

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

Environmental factors are a slightly negative consideration in
S&P's credit analysis of Enerflex. As a natural gas compression
company operating in the Americas and internationally, Enerflex
faces risks associated with the energy transition, including the
greenhouse gas (GHG) emissions related to its compression business
and climate transition risks that could affect this business and
the aftermarket services and products it provides.



FIRST COAST ENERGY: Gets Court OK to Hire Holder Law as Counsel
---------------------------------------------------------------
First Coast Energy TX, LLC received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Holder Law to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. providing legal advice with respect to the Debtor's powers
and duties in the continued operation of its business and the
management of its property;

   b. taking all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any actions commenced against the
Debtor, negotiations concerning litigation in which the Debtor is
involved, and objections to claims filed against the Debtor's
estate;

   c. preparing legal papers;

   d. assisting the Debtor in preparing a disclosure statement and
plan of reorganization;

   e. performing such legal services as the Debtor may request with
respect to any matter, including, but not limited to, corporate
finance and governance, contracts, antitrust, labor, and tax.

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

     Areya Holder Aurzada   $495 per hour
     Associate Attorney     $300 per hour
     Paralegals             $195 per hour

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

The retainer fee is $22,000.

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

The firm can be reached at:

     Areya Holder Aurzada, Esq.
     Holder Law
     901 Main Street, Suite 5320
     Dallas, TX 75202
     Tel: (972) 438-8800
     Email: areya@holderlawpc.com

                    About First Coast Energy TX

First Coast Energy TX is an owner and operator of gasoline
stations. The company is based in Rio Grande City, Texas.

First Coast filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 22-70030) on Feb. 28,
2022, listing $731,237 in assets and $1,508,028 in liabilities.
Melissa A Haselden serves as the Debtor's Subchapter V trustee.

Judge Eduardo V. Rodriguez oversees the case.

Holder Law, led by Areya Holder Aurzada, Esq., is the Debtor's
legal counsel.


FORESIGHT ACQUISITIONS: Seeks to Hire NMS Inc. as Accountant
------------------------------------------------------------
Foresight Acquisitions, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to employ NMS, Inc. as its
accountant.

The firm's services include general accounting advice, tax
preparation and production of related documents, including
operating reports.

The firm will be paid at hourly rates ranging from $250 to $300 and
will be reimbursed for out-of-pocket expenses.

John Lynagh, a partner at NMS, disclosed in a court filing that his
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     John W. Lynagh
     NMS, Inc.
     121 South Street
     Chardon, OH 44024
     Tel: (440) 510-1959

                    About Foresight Acquisitions

Foresight Acquisitions, LLC is a merchant wholesaler of men's
apparel and accessories in Oakwood Village, Ohio.

Foresight Acquisitions filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
21-51740) on Dec. 23, 2021, listing $2,017,248 in assets and
$2,776,776 in liabilities. Patricia B. Fugee serves as the Debtor's
Subchapter V trustee.

Judge Alan M. Koschik oversees the case.

Frederic P. Schwieg, Esq., at Frederic P. Schwieg Attorney at Law
and NMS, Inc. serve as the Debtor's legal counsel and accountant,
respectively.


FOUR AND TWENTY: Unsecured Creditors to Get Nothing in Plan
-----------------------------------------------------------
Four & Twenty, LLC, d/b/a BML Blackbird Theatrical Services, filed
with the U.S. Bankruptcy Court for the District of New Jersey a
Small Business Plan of Reorganization dated March 14, 2022.

Four & Twenty has been owned by Eric Todd 100% since May 2016 and
was one of two partners since its inception in January 2006. Four
and Twenty is engaged in the stage lighting operation business as a
provider of lighting for live events, ticketed events, and other
events whereby a live audience or view is the driver.

As a result of the financial crisis caused by the pandemic and the
forced closure of entertainment events, Four and Twenty determined
that reorganizing under Subchapter V of Chapter 11 to be its best
option to reorganize and continue operations.

Because the pandemic shut down the entertainment industry, upon
which Four & Twenty is demonstrably dependent, Debtor's Plan is its
best proposal based upon conservative estimates of income and
expenses if the entertainment industry comes back to its
pre-pandemic level. Of course, the industry returning to normal
does not infer that Four & Twenty will follow suit.

Through the date of this Plan, Four & Twenty has mostly collected
accounts receivable which is reflected in the cash balance. These
funds are being depleted by maintaining its staff and operations.
Four & Twenty does not anticipate increased sales until third
quarter 2022.

Because Four & Twenty is not able to crystal ball future jobs, the
Plan pays: 1) administration claims in full on the effective date
unless a different payment is otherwise agreed to by holders of
administrative claims, 2) secured equipment financing creditors
will be paid the value of the collateral over 5 years at 4.5%
interest with the balance of the deemed an unsecured claim and
treated as a Class 2 General Unsecured Creditor, 3) taxes owed to
the Internal Revenue Service and the State of NY shall be paid over
60 months at 4.5% interest and 4) taxes owed to the State of New
Jersey are insignificant and will be paid on the effective date as
a Convenience Class. General Unsecured Creditors will not receive
dividend.

Debtor's Secured Equipment Financing total $526,461.45, while
Unsecured claims total $1,796,378.59 (includes secured creditors'
deficiency claims).

Class 2 consists of General Unsecured Claims. Class 2 creditors
will not receive a distribution.

Equity Interest Holder Eric Todd will not receive a distribution.

Debtor will fund the Plan through its disposable cash. Debtor
anticipates an increase in business as Covid restrictions are
lifted and live events resume.

A full-text copy of the Plan of Reorganization dated March 14,
2022, is available at https://bit.ly/3Ij8rQ9 from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Greenbaum, Rowe, Smith & Davis LLP
     Nancy Isaacson, Esq.
     75 Livingston Avenue
     Roseland, New Jersey 07068
     (973) 535-1600
     nisaacson@greenbaumlaw.com

                  About Four and Twenty LLC

Four and Twenty LLC d/b/a BML Blackbird, Inc. d/b/a BML-Blackbird
Theatrical Services is engaged in the stage lighting operation
business as a provider of lighting for live events, ticketed
events, and other events whereby a live audience or view is the
driver.

The Debtor sought Chapter 11 protection (Banke. D.N.J. Case No.
21-19558) on Dec. 13, 2021.  In the petition signed by Eric Todd,
managing member, the Debtor disclosed $1,858,619 in assets and
$1,732,142 in liabilities. Nancy Isaacson, Esq. of GREENBAUM, ROWE,
SMITH & DAVIS LLP, is the Debtor's counsel.


GLEN HOPE HARBOR: Owner of Autumn Grove to Liquidate in Chapter 7
-----------------------------------------------------------------
Glenn Hope Harbor Inc., a health care business, filed a Chapter 7
petition (Bankr. W.D. Tex. Case No. 22-10146) on March 7, 2022
listing up to $50,000 in assets and up to $50 million in
liabilities. Trey Kitchen, president, signed the petition.

The Company owns Autumn Grove Cottages, a group of senior living
rental housing communities.  The Company has sustained operating
losses since 2019 making it insolvent.

Randolph N. Osherow was appointed Chapter 7 Trustee.  He may be
reached at:

        Randolph N. Osherow
        342 W Woodlawn, Suite 100
        San Antonio, TX 78212

Judge H. Christopher Mott oversees the case.

The Debtor tapped Culhane Meadows PLLC as legal counsel.

          About Glen Hope Harbor Inc.

Glen Hope Harbor Inc. is a Lakeway, Texas-based non-profit
organization that owns a municipal-bond financed portfolio of
assisted living facilities.  Glen Hope filed for Chapter 7
bankruptcy protection (Bankr. W.D. Tex. Case No. 1:22-bk 10146) on
March 7, 2022.  In its petition, Glen Hope estimated assets of $0
to $50,000 and liabilities of roughly $10 million to $50 million.

The Debtor's counsel:

        Lynnette R. Warman
        Culhane Meadows PLLC
        Tel: (214) 693-6525
        E-mail: lwarman@culhanemeadows.com



GREENPOINT TACTICAL: May 3 Plan Confirmation Hearing Set
--------------------------------------------------------
On Feb. 22, 2022, debtors Greenpoint Tactical Income Fund LLC and
GP Rare Earth Trading Account LLC filed with the U.S. Bankruptcy
Court for the Eastern District of Wisconsin a third amended chapter
11 plans of reorganization and a fourth amended consolidated
disclosure statement.

As directed by the court at the March 9, 2022 hearing, the debtors
filed the following amended documents on March 10, 2022: (1)
Greenpoint Tactical Income Fund LLC filed a third amended chapter
11 plan of reorganization (as modified), and (2) Greenpoint
Tactical Income Fund LLC and GP Rare Earth Trading Account LLC
filed a Fourth Amended Consolidated Disclosure Statement (as
modified).

On March 14, 2022, Judge G. Michael Halfenger approved the Fourth
Amended Consolidated Disclosure Statement and ordered that:

     * May 3, 2022, at 10:00 a.m., in room 133 of the U.S.
Courthouse, 517 East Wisconsin Avenue, Milwaukee, Wisconsin is the
hearing on confirmation of third amended chapter 11 plan.

     * April 18, 2022, is fixed as the last day to file and serve
objections to confirmation of the third amended chapter 11 plans.

     * April 18, 2022, is fixed as the last day to file written
acceptances or rejections of the each of the amended plans.

     * April 20, 2022, is fixed as the last day for the debtors to
file a report on balloting.

     * April 25, 2022, is fixed as the last day to file responses
to any objections to confirmation.

A full-text copy of the order dated March 14, 2022, is available at
https://bit.ly/3qeZP6S from PacerMonitor.com at no charge.

Attorney for Debtors:

     Michael P. Richman
     Claire Ann Richman
     STEINHILBER SWANSON LLP
     122 W Washington Ave, Suite 850
     Madison, WI 53703
     TEL: (608) 630-8990/FAX: (608) 630-8991
     Email: mrichman@steinhilberswanson.com
     Email: crichman@steinhilberswanson.com

             About Greenpoint Tactical Income Fund

Madison, Wisc.-based Greenpoint Tactical Income Fund, LLC is a
private investment fund.  Its wholly owned subsidiary, GP Rare
Earth Trading Account LLC, is the entity that holds the gems and
minerals.

Greenpoint and GP Rare Earth sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Wis. Lead Case No. 19-29613) on
Oct. 4, 2019.  Judge G. Michael Halfenger oversees the cases.

At the time of the filing, Greenpoint estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million. GP Rare Earth estimated assets of $100 million to $500
million and liabilities of $10 million to $50 million.

Steinhilber Swanson, LLP and CliftonLarsonAllen, LLP, serve as the
Debtors' bankruptcy counsel and accountant, respectively.  The
Debtors tapped Iavarone Law Firm PC, Landsman Law Firm LLC, Husch
Blackwell LLP, California Appellate Law Group LLP, Braganca Law
LLC, Kopecky Schumacher Rosenburg LLC as special counsels, and NAV
Consulting, Inc. as fund administrator.

On Dec. 5, 2019, the U.S. Trustee for Region 11 appointed an
official committee of equity security holders in the Debtors'
Chapter 11 cases.  Freeborn & Peters, LLP and Phoenix Management
Services, LLC serve as the equity committee's legal counsel and
financial advisor, respectively.


GREIF INC: Moody's Raises CFR to Ba1, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service upgraded Greif, Inc.'s corporate family
rating to Ba1 from Ba2 and Probability of Default Rating to Ba1-PD
from Ba2-PD. The rating outlook is stable.

"The upgrade considers Greif's meaningful deleveraging to 3.0x for
the twelve months to January 2022 from 4.5x in 2019," said Motoki
Yanase, VP - Senior Credit Officer at Moody's.

"We also expect the company to demonstrate conservative financial
policies, including managing total debt and leverage and
maintaining strong liquidity, despite inherent volatility in its
operation with a number of industrial end users," adds Yanase.

Moody's took the following actions:

Upgrades:

Issuer: Greif, Inc.

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Corporate Family Rating, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: Greif, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The upgrade to Ba1 CFR reflects Moody's expectation that Greif will
continue to manage its total debt, which will help ongoing
deleveraging. The company's leverage has steadily improved to 3.0x
for the twelve months that ended January 2022 from the previous
peak of 4.5x in the fiscal year ended in October 2019 (fiscal
2019), after the acquisition of Caraustar Industries, Inc. Further,
Greif has announced its plan to complete the sale of 50% stake in
its flexible packaging joint venture by the end of March 2022 for
$123 million and will use the proceeds to pay down debt.

As a result, Moody's expects Greif will be able to sustain modest
leverage below 3.0x over the next 12-18 months, assuming a similar
level of EBITDA in fiscal 2022 to that of fiscal 2021. Even
assuming close to 20% decline in EBITDA in fiscal 2022 under
Moody's stress case scenario, the company would be able to sustain
leverage less than 3.5x for the next 12-18 months.

Greif's CFR reflects its diversified product portfolio that covers
steel, plastic and fiber packaging and containers; diversified end
users in oil, chemical, food, beverage, agriculture and
construction industries; and its broad geographic coverage. The
rating also reflects the company's modest leverage, supported by
the company's steady free cash flow (FCF) generation and ample
liquidity.

At the same time, the rating also takes into consideration the
company's vulnerability to the cyclicality of its end markets
because it caters predominantly to industrial customers; increasing
raw material costs, including for steel, resin and paper, which
could suppress profit due to time-lag in cost pass-through; and the
risks from foreign-exchange fluctuations originating from the
company's international operations.

Greif's SGL-1 speculative grade liquidity rating indicates a very
good liquidity profile and the expectation that the company will
meet its basic obligation requirement through strong free cash flow
generation and abundant availability under its $800 million
revolving credit facilities. The revolver matures on March 1, 2027.
Greif also maintains a $275 million domestic trade accounts
receivable securitization facility maturing on May 26, 2022 and
trade receivables securitization facilities in Europe (EUR100
million) maturing on April 26, 2022.

The secured credit facilities have maximum leverage and minimum
interest coverage covenants. As of January 31, 2022, the leverage
covenant was 4.0x, allowing a step-up to 4.5x for four quarters
after an acquisition. Interest coverage covenant, measured by
EBITDA/interest expense, is 3.0x. Greif has a sufficient headroom
under these covenants.

The credit facilities are not secured by Greif's timberland
holdings (about 175,000 acres as of January 31, 2022), so the
company has a meaningful source of alternate liquidity (around
$300-325 million of estimated market value).

Greif has an all secured debt capital structure after it redeemed
$500 million senior unsecured notes on March 1, 2022 with proceeds
from refinanced credit facilities. The credit facilities were
extended for additional five years. Moody's does not rate the
senior secured credit facilities but believes their credit quality
is aligned with the company's CFR.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

In terms of governance considerations in the ratings, Greif is
controlled by the founding family. The company's Class A common
stock has no voting rights, while Class B common stock has full
voting rights, which is predominantly owned by the founding family.
Both are listed on the New York Stock Exchange. Concentrated
ownership and voting control are potentially negative influence on
corporate performance and credit outcomes. However, such potential
risk is mitigated by the company's conservative financial policy.

Moody's has also changed the assessment of Organizational
Structure, a part of the governance score, to 2 from 3, to reflect
conservative financial policy under the control of the family,
including not having any related-party transactions, and having
good disclosures and an independent audit committee. The overall
governance issuer profile remains G-3 (moderately negative),
reflecting the concentrated ownership and control by the family.

The stable outlook reflects Moody's expectation that Greif will be
able to transfer high raw material costs onto end prices in a
timely manner, generate sufficient free cash flow to manage debt
levels and maintain moderate leverage.

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

Moody's could upgrade the ratings if the company increases
financial flexibility by having an unsecured debt capital
structure, maintains moderate leverage and commits to a financial
policy that balances interest of creditors and shareholders while
keeping ample liquidity. Specifically, the ratings could be
upgraded if debt/EBITDA is sustained below 3.0x and FCF/debt is
sustained above 12%.

Moody's could downgrade the ratings if there is deterioration in
credit metrics, the competitive, liquidity or operating
environment. Specifically, the rating could be downgraded if
debt/EBITDA remains over 4.0x, EBITDA/interest declines below 5.5x
or FCF/debt falls below 8%.

Headquartered in Delaware, Ohio, Greif, Inc. is one of the leading
global industrial packaging products and services companies with a
diverse product portfolio that includes steel, plastic, fiber, and
corrugated and multi-wall containers for a wide range of
industries. The company generated around $5.5 billion of revenue
for fiscal 2021.

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


HELIUS MEDICAL: M. Tyler Won't Stand for Re-Election as Director
----------------------------------------------------------------
Mitchell Tyler notified the Board of Directors of Helius Medical
Technologies, Inc. of his intention to retire from service on the
Board upon expiration of his current term, and therefore, that he
will not stand for re-election to the Board at the Company's 2022
annual meeting of stockholders.  

Mr. Tyler intends to continue to serve on the Board until
immediately prior to such annual meeting. His decision not to stand
for re-election to the Board is not the result of any disagreement
with the Company, as disclosed in a Form 8-K filed with the
Securities and Exchange Commission.

                       About Helius Medical

Helius Medical Technologies -- http://www.heliusmedical.com-- is a
neurotech company focused on neurological wellness.  Its purpose is
to develop, license or acquire non-invasive technologies targeted
at reducing symptoms of neurological disease or trauma.

Helius Medical reported a net loss of $14.13 million for the year
ended Dec. 31, 2020, compared to a net loss of $9.78 million for
the year ended Dec. 31, 2019.  As of Sept. 30, 2021, the Company
had $7.88 million in total assets, $2.84 million in total
liabilities, and $5.04 million in total stockholders' equity.

Philadelphia, Pennsylvania-based BDO USA, LLP issued a "going
concern" qualification in its report dated March 10, 2021, citing
that the Company has incurred substantial net losses since its
inception, has an accumulated deficit of $118.9 million as of Dec.
31, 2020 and the Company expects to incur further net losses in the
development of its business.  These conditions raise substantial
doubt about its ability to continue as a going concern.



HILTON GRAND: S&P Upgrades ICR to 'BB-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Hilton Grand
Vacations Inc. (HGV)  to 'BB-' from 'B+'. S&P also raised the
senior secured issue-level rating to 'BB+' from 'BB', and the
senior unsecured issue-level rating to 'B' from 'B-'.

The stable outlook reflects improving sales and EBITDA, and S&P's
view that HGV can reduce leverage sufficiently over the coming
quarters to absorb the impact of operating variability due to
potential new COVID-19 variants, the integration of Diamond
Resorts, investments, and capital returns to shareholders.

The upgrade reflects better-than-anticipated results in 2021,
already substantial deleveraging since the Diamond acquisition
closed, and the revision of our base case forecast for
captive-adjusted leverage to be well under 5.5x in 2022. HGV
outperformed our 2021 revenue and EBITDA assumptions due to third-
and fourth- quarter performance, and we assume the recovery in
leisure travel and timeshare contract sales will be sustained in
2022. Based on reported results, we estimate HGV's pro forma
captive-adjusted leverage inclusive of full-year Diamond results
was about 4x in 2021, well below the 5.5x upgrade threshold at the
previous 'B+' rating. HGV's results are being driven by pent-up
demand for the company's timeshare product and HGV's relatively
high mix of low-marketing-cost sales to existing owners, which was
74% of sales in the fourth-quarter 2021 and was the highest among
rated peers, and which will likely continue to drive fairly high
VPG and EBITDA margin in 2022. VPG, a key revenue driver, remained
near record levels in fourth-quarter 2021 because timeshare
companies are focused on high-quality marketing channels and sales
to existing owners, which typically is less costly than acquiring
new customers and has a higher percentage of leads converting to
sales, rather than through off-premises-contact sales channels that
tend to be low-yielding and more exposed to visitation volatility.

Pent-up demand for timeshares will be a material benefit for HGV in
the near-term. Data released by the Department of Transportation in
Hawaii, which accounts for almost 20% of legacy HGV's (excluding
Diamond) timeshare sales, show that domestic passenger count on
flights to the state in early March 2022 was about 100% of
same-period 2019 levels. S&P's base case reflects strong visitation
to regional and some fly-to markets including Florida, Hawaii,
Midwest ski resorts, and Las Vegas. HGV and Diamond also have a
healthy pipeline of new property developments, including in Los
Cabos, Maui, Sesoko, and Waikiki, including deeded products that
are typically at more premium price points, which could attract
strong demand especially among existing owners.

HGV also continued to demonstrate cost efficiencies implemented
during the pandemic. This contributed to HGV's approximately 28%
captive-adjusted EBITDA margin for full-year 2021, which is
significantly higher than the 19.5% in 2019. In addition, 2021 cash
flow temporarily benefited from Diamond's inventory model, which is
more capital-efficient because its points-based inventory is not
tied to specific property developments, and this enables the
consolidated entity to be more flexible on inventory spending in
the short term. S&P assumes EBITDA margin could decrease in 2022
compared to 2021 as the sales mix shifts back toward more new
owners, but the sales and EBITDA recovery would nonetheless
continue HGV's deleveraging path. HGV's high percentage of sales to
existing owners in fourth-quarter 2021 is likely not sustainable,
and it will eventually need to shift the sales mix toward new
owners by activating the company's substantial pipeline of
prospects, which would reduce margin.

S&P said, "The Diamond acquisition entails integration risks. We
assume that Diamond's system will require an investment of about
$225 million by the company to align many of Diamond's resorts to
Hilton's brand standards. Diamond also operates a lower-price,
points-based system, whereas HGV operates a mostly deeded timeshare
system, and we believe HGV will need to make a significant
investment to integrate the two product forms into the same sales
system." In addition, Diamond historically has had a higher
provision for loan losses due to a weaker customer credit profile
and lower satisfaction of its owner base, compared to HGV's
higher-income owner demographic.

HGV and Diamond differ in terms of customer demographics and
product form, and these differences will require management
attention and investment to integrate into the same platform. We
expect Diamond's sales centers will remain separate over the
near-term and be mostly rebranded by the end of 2022. HGV primarily
offers an upper-upscale timeshare product to an owner base with
higher average household income. The product is distributed through
the recognized HGV brand, which has attracted the development of
high-quality real estate in popular resort locations such as
Hawaii, Las Vegas, and New York. HGV's legacy customer base also
has much higher exposure to Japanese customers, which contributes
to the company's focus on premium price points. HGV also has a
track record of lower provisioning for loan losses and loan
portfolio default rates, which we believe reflects its customer
demographics. In comparison, Diamond mostly offers a mix of
destination and regional resort locations to an owner base with
lower average household income. Diamond typically incurs a high
provision for loan losses, which may stem from Diamond's sales
strategy that sometimes uses low down payment and deferred down
payment products. Because the products require little equity from
the customer, they could dampen the motivation for unsatisfied
customers to continue their payments.

In addition, HGV mostly offers a deeded timeshare product, which is
tied to specific resort locations and appeals to buyers who are
willing to pay a premium for availability in high-demand markets.
While they can generate a price premium, deeded timeshare sales can
be volatile from year to year because they are closely tied to the
timing and ramp-up of new property developments. On the other hand,
Diamond offers a points-based product that is less tied to specific
resorts or usage time, which customers could prefer for the
flexibility to access a large resort portfolio. HGV could encounter
risks during the integration of the two sales organizations and
product forms, and it will have to balance talent retention and the
realization of cost synergies underwritten in the acquisition
price.

HGV's updated leverage target range suggests capital allocation
opportunities could arise in the second half of 2022. HGV updated
its financial policy to target the company's measure of leverage in
the range of 2x-3x, which is higher than its previous range of
1.5x-2x. S&P's measure of leverage is typically higher than HGV's
by an estimated 0.5x during normal economic conditions due to our
adjustments primarily related to the captive finance subsidiary.
HGV's updated target leverage range indicates a need for more
flexibility, which likely reflects an openness to acquisitions and
share repurchases potentially in the second half of 2022 if EBITDA
recovery continues, as indicated by management on the
fourth-quarter 2021 earnings call.

Apollo's continued ownership is also a financial risk factor over
the next several years. Financial sponsor Apollo has 25% ownership
and two board seats in the combined entity, which could become a
source of risk if it seeks a negotiated exit from HGV in a way that
results in large share repurchases. HGV in the past has repurchased
shares from a large equity holder, notably in 2018 when it bought
2.5 million shares totaling about $112 million after HNA Tourism
Group Co. Ltd decided to sell 22.25 million of HGV shares. S&P
believes the risk of share repurchases could become more pertinent
as HGV reduces leverage to its target range and if the company's
stock rises, which could motivate Apollo to begin selling its
shares at a favorable price. This risk factor currently limits
ratings upside despite forecast credit metrics that could otherwise
indicate further rating upside.

The combined entity has greater diversity and scale, which
contributes to more certainty about deleveraging. HGV is now the
second largest timeshare system, with a geographically diverse
network of resorts and locations that cater to a wider range of
price points and vacation settings, including ski resorts,
beachfronts, and urban destinations. The greater mix of drive-to
regional locations could translate into a quicker recovery compared
to legacy HGV, which has high sales exposure to destination
locations. S&P expects the combined entity to also generate a
greater share of cash flow from less volatile sources such as
resort management and financing income, which accounted for about
50% of pro forma consolidated EBITDA based on 2019 results.

Furthermore, the merger could result in revenue synergies over the
coming quarters. We believe a key rationale of HGV's acquisition of
Diamond was the acquisition of a substantial points-based timeshare
system for future development activity, which adds development
flexibility beyond the HGV's existing deeded product. Diamond's
points-based product, which typically has lower price points,
expands HGV's price range and helps it market to a wider base of
Hilton Honors members, particularly those who could be attracted to
Diamond's product compared to HGV's primarily upper upscale
product. HGV can also engage owners and leverage offerings to
generate incremental fees related to experiential programming,
which has been popular at Diamond under its Events of a Lifetime
platform.

S&P said, "HGV has good leverage cushion in its captive finance
subsidiary, and we believe the captive's current financial risk is
manageable. HGV ended 2021 with a captive debt-to-equity ratio of
about 1.1x inclusive of Diamond's results, which is a low leverage
level compared to previous years at either company on a stand-alone
basis. In 2021, HGV experienced consumer loan default rate of
8.93%, which is higher than the 6.34% and 5.14% experienced in the
previous two years probably due to the incorporation of Diamond."
If default rates increase materially and pro forma debt to equity
is sustained above 5x, captive financial risk could rise enough to
impair overall financial risk. Higher default rates and financial
risk at the captive could also potentially result in more cash
outlays, to the extent the company chooses to support the credit
quality of securitized loans or opportunistically repurchases
low-cost timeshare inventory underlying any defaults.

S&P said, "Notwithstanding the risk factors, we do not currently
believe the captive would significantly hurt the parent's financial
risk in a manner that would lead to a downgrade. The captive's
debt-to-equity ratio currently has a very high cushion compared to
the 5x downgrade threshold. The company can likely absorb some
deterioration in loan losses without impairing overall financial
risk. Depending on HGV's success at refining Diamond's sales and
underwriting practices, the combined entity can achieve lower
provisioning for loan losses (in the high-teens percent area) and
consumer loan portfolio default rates over time that are closer to
that of peer Travel + Leisure Co. Furthermore, while loan losses
increased because of the pandemic, these losses represent cyclical
performance rather than a fundamental shift in underwriting
standards and therefore would not trigger us to lower the rating
solely based on this risk factor. We also believe default rates
were helped by government stimulus and loan deferral programs. "The
stable outlook reflects improving sales and EBITDA, and our view
that HGV can reduce leverage sufficiently over the coming quarters
to absorb the impact of operating variability due to potential new
COVID-19 variants, the integration of Diamond Resorts, investments,
and capital returns to shareholders.

"We could lower the ratings if VPG, tour flow, resort occupancy, or
its EBITDA margin are weaker than we previously assumed and cause
us to revise our base case for captive-adjusted leverage to be
sustained above 5.5x. We could also lower ratings if risk in
captive finance operations rises enough to impair the parent's
financial risk, which could occur if the captive's adjusted debt to
equity remains above 5x and loan losses in the captive's portfolio
increase materially.

"We could raise the rating if we believe leisure travel demand and
the company's sales recovery are robust enough to enable HGV to
sustain captive-adjusted debt to EBITDA below 4.5x. In considering
rating upside, we would also assess the company's updated financial
policy and the potential for leveraging actions such as
acquisitions and share repurchases."

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

S&P said, "Health and safety factors have improved in our view and
are now a moderately negative consideration in our credit rating
analysis of HGV. As a result, we changed our social credit
indicator to S-3 from S-4. Social factors are reflected in the
unprecedented decline in tour flow during the pandemic. Tour flow
could fully recover in 2022 following a rare and extreme disruption
in which timeshare tour flow and sales were impaired especially in
HGV's destination long-haul travel markets such as Hawaii, which is
meaningfully driven by Japanese visitation and could be hurt by
unforeseen travel restrictions. A partially offsetting factor is
HGV's sole focus on leisure travel, which is likely to recover more
quickly than other forms of travel, its geographically diverse
resort system, and recurring fees from resort management and
consumer financing income. Risks could lessen if pent-up demand for
leisure travel translates into a sustained recovery in credit
metrics."

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

-- Social - Health and safety



INDIGO PALMS: Case Summary & Eight Unsecured Creditors
------------------------------------------------------
Debtor: Indigo Palms Holdings-Daytona, LLC
        570 National Healthcare Drive
        Daytona Beach, FL 32114

Business Description: The Debtor is a fee simple owner of a real
                      property located at 570 National Healthcare
                      Drive, Daytona, FL valued at $2.33 million.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 22-00984

Debtor's Counsel: Jeffrey S. Ainsworth, Esq.
                  BRANSONLAW, PLLC
                  1501 E. Concord Street
                  Orlando, FL 32803
                  Tel: 407-894-6834
                  Fax: 407 894 8559
                  E-mail: jeff@bransonlaw.com

Total Assets: $2,603,184

Total Liabilities: $6,291,542

The petition was signed by Jim S. Purdum, secretary of James River
Acquisition Company, Member.

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

https://www.pacermonitor.com/view/Z23NLCA/Indigo_Palms_Holdings-Daytona__flmbke-22-00984__0001.0.pdf?mcid=tGE4TAMA


INPIXON: Reports $70.1 Million Net Loss for 2021
------------------------------------------------
Inpixon reported a net loss of $70.13 million on $16 million of
revenues for the year ended Dec. 31, 2021, compared to a net loss
of $29.21 million compared to a net loss of $29.21 million on $9.30
million of revenues for the year ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $156.67 million in total
assets, $28.49 million in total liabilities, $44.70 million in
mezzanine equity, and $83.49 million in total stockholders'
equity.

"I'm extremely proud of the progress we've made throughout 2021,"
commented, Nadir Ali, CEO of Inpixon.  "We've continued to execute
on our business growth strategy resulting in a significant increase
in our customer base and a 72% increase in revenue year-over-year.
Over the last four years, Inpixon increased revenue more than
five-fold, from approximately $3 million to $16 million.  We
currently expect to achieve even higher revenue growth in 2022,
with a particular focus on organic growth within the existing
product lines.  Importantly, we have maintained gross margins at
70%, while increasing our recurring revenue as a percentage of
sales.  We improved our operations by completing three
strategically significant acquisitions that complemented and
enhanced our existing Indoor Intelligence platform.  As a result,
we have effectively expanded our technologies, capabilities, and
solutions to address various use cases including the hybrid
workplace, virtual and hybrid events, augmented reality and
Industry 4.0.  To date, we have secured important contracts with
top-tier organizations as well as expanded relationships with
existing customers, thereby increasing our exposure and penetration
within the market.  Given the pace of digital transformation, we
anticipate demand for our solutions to remain strong, as
organizations seek solutions that improve operational efficiency
and enhance the workplace experience.

"Overall, we have industry leading technologies, a well-established
customer base, strong demand for our solutions within numerous
industries including healthcare, corporate enterprises,
manufacturing, and more.  We are a recognized industry leader,
identified by Gartner as a Leader in the 2022 Magic Quadrant for
Indoor Location Services.  We believe we have built a foundation
for continued success, both operationally and financially, and that
we are very well positioned for strong organic growth given the
opportunities within the corporate environment, metaverse, Industry
4.0, and AR markets.  We are encouraged by the outlook of the
business and look forward to providing additional updates
throughout the year," concluded, Mr. Ali.

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

https://www.sec.gov/Archives/edgar/data/1529113/000121390022011738/ea156736ex99-1_inpixon.htm

                            About Inpixon

Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an
indoor data company and specializes in indoor intelligence.  The
Company's indoor location data platform and patented technologies
ingest and integrate data with indoor maps enabling users to
harness the power of indoor data to create actionable
intelligence.

Inpixon reported a net loss of $29.21 million for the year ended
Dec. 31, 2020, a net loss of $33.98 million for the year ended Dec.
31, 2019, and a net loss of $24.56 million for the year ended Dec.
31, 2018.  As of Sept. 30, 2021, the Company had $191.04 million in
total assets, $26.66 million in total liabilities, $39.50 million
in mezzanine equity, and a total stockholders' equity of $124.89
million.


J & J CONSULTING: Involuntary Chapter 11 Case Summary
-----------------------------------------------------
Alleged Debtor:       J & J Consulting Services, Inc.
                      9 Sky Arc Court
                      Henderson, NV 89012

Involuntary Chapter
11 Petition Date:     March 17, 2022

Court:                United States Bankruptcy Court
                      District of Nevada

Case No.:             22-10942

Judge:                Hon. Mike K. Nakagawa

Petitioners' Counsel: Samuel A. Schwartz, Esq.
                      SCHWARTZ LAW, PLLC
                      601 East Bridger Avenue
                      Las Vegas, NV 89101
                      Tel: 702-385-5544
                      Email: saschwartz@nvfirm.com

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

https://www.pacermonitor.com/view/5TOJZKY/J__J_CONSULTING_SERVICES_INC__nvbke-22-10942__0001.0.pdf?mcid=tGE4TAMA

Alleged creditors who signed the petition:

   Petitioner                   Nature of Claim   Claim Amount
   ----------                   ---------------   ------------
Anthony Bonifazio                                     $200,000
15 Holly Tree Court
Henderson, Nevada 89050

Keith Ozawa                                           $210,000
4105 Freel Peak Ct
Las Vegas, NV 89129

Janelle Ozawa                                         $175,000
4105 Freel Peak Ct
Las Vegas, NV  89129

Brian Schumann                                        $600,000
6250 Paseo Elegancia
Calsbad, CA 92009

Darius F. Rafie                                       $639,000
10781 W. Twain Avenue
Las Vegas, Nevada 89135


J AND J PURCHASING: Involuntary Chapter 11 Case Summary
-------------------------------------------------------
Alleged Debtor:       J and J Purchasing, LLC
                      9 Sky Arc Court
                      Henderson, NY 89012

Involuntary Chapter
11 Petition Date:     March 17, 2022

Court:                United States Bankruptcy Court
                      District of Nevada

Case No.:             22-10943

Judge:                Hon. Mike K. Nakagawa

Petitioners' Counsel: Samuel A. Schwartz, Esq.
                      SCHWARTZ LAW, PLLC
                      601 East Bridger Avenue
                      Las Vegas, NV 89101
                      Tel: 702-385-5544
                      Email: saschwartz@nvfirm.com

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

https://www.pacermonitor.com/view/IHKWD6Q/J_AND_J_PURCHASING_LLC__nvbke-22-10943__0001.0.pdf?mcid=tGE4TAMA

Alleged creditors who signed the petition:

      Petitioner               Nature of Claim        Claim Amount
      ----------               ---------------        ------------
Keith Ozawa                                               $320,000
4105 Freel Peak Ct
Las Vegas, NV 89129

Anthony Bonifazio                                         $250,000
15 Holly Treet Court
Henderson, Nevada 89052

Brian Schumann                                            $200,000
6250 Paseo Elegancia
Carlsbad, CA 92009

Darius F. Rafie                                           $160,000
10781 W. Twain Avenue
Las Vegas, Nevada 89135

Martin Keevin Cordova                                     $880,000
9101 Alta Drive #1007
Las Vegas, Nevada 89145


JCB TRUCKING: Case Summary & 12 Unsecured Creditors
---------------------------------------------------
Debtor: JCB Trucking Enterprises LLC
        2341 South 30th Street
        Lafayette, IN 47909

Business Description: JCB Trucking Enterprises is a privately held
                      company in the general freight trucking
                      industry.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Northern District of Indiana

Case No.: 22-40047

Judge: Hon. Robert E. Grant

Debtor's Counsel: Sarah L. Fowler, Esq.
                  OVERTURF FOWLER LLP
                  9102 N. Meridian Street
                  Suite 555
                  Indianapolis, IN 46260
                  Tel: 317-559-3379
                  E-mail: sfowler@ofattorneys.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael C. Bloom, member.

A copy of the Debtor's list of 12 unsecured creditors is available
for free at PacerMonitor.com at:

https://www.pacermonitor.com/view/ZKO7ZMQ/JCB_Trucking_Enterprises_LLC__innbke-22-40047__0002.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/ZN2X3IA/JCB_Trucking_Enterprises_LLC__innbke-22-40047__0001.0.pdf?mcid=tGE4TAMA


JEWEL SUNSET: Unsecured Creditors Will Get 1.67% of Claims in Plan
------------------------------------------------------------------
Jewel Sunset Holdings, LLC filed with the U.S. Bankruptcy Court for
the Western District of Texas a Plan of Reorganization dated March
14, 2022.

The Debtor is a Texas LLC that operates in Llano County, Texas. The
Debtor operates a boat dock lift business that constructs custom
boat lifts for boat docks on Lake LBJ, Lake Marble Falls, and Lake
Austin. All of the Debtor's income is from its business
operations.

The events leading to the filing of its bankruptcy case by the
Debtor were caused by Debtor falling behind on payments on its
secured SBA loan with First National Bank of Pennsylvania, due to
the COVID-19 pandemic and the historic flood of Lake LBJ and Lake
Marble Falls in October 2018.

The collateral for the loan with First National Bank of
Pennsylvania is the Debtor's equipment. In order to continue
business operations and reorganize its debts Debtor filed a Chapter
11, SubChapter V bankruptcy case. By extending the terms of the
repayment terms of the debts owed by Debtor, Debtor believes that
it will be able to successfully reorganize, and pay its Unsecured
Creditors 1.67% of their Allowed Claims.

The Debtor's financial projections show that the Debtor will have
projected disposable income of approximately $600,000 which will be
adequate to pay all Unsecured Creditors 1.67% of their Allowed
Claims.

The final Plan payment is expected to be paid in May, 2027.
Debtor's financial projection provides for payments to Creditors
over a five-year period.

Its Plan of Reorganization under Chapter 11 of the Bankruptcy Code
proposes to pay creditors of the Debtor from cash flow from
operations.

Non-priority unsecured creditors holding Allowed Claims will be
paid 1.67% of their Allowed Claims. Its Plan also provides for the
payment of administrative and priority claims.

Claims and interests shall be treated as follows under its Plan:

     * Class 1 consists of the Allowed Secured Claim of First
National Bank. The Allowed Secured Claim of First National Bank is
secured by valid UCC financing statements and judgment on all
business assets, owned by Debtor. This Creditor's secured claim
will be paid in equal monthly installments. This Creditor shall
retain its lien upon the Debtor's business assets.

     * Class 2 consists of the Allowed Secured Claim of Financial
Pacific. The Allowed Secured Claim of Financial Pacific is a
lease/purchase agreement that is secured by a dredger and its
trailer that the Debtor values at $35,000.00. This Creditor's
secured claim will be paid in equal monthly installments. This
Creditor shall retain its lien upon the Debtor's dredger and its
trailer.

     * Class 3 consists of Non-priority Unsecured Creditors. This
class consists of Allowed Claims of non-priority unsecured
Creditors, specifically including unsecured portions of any debts
and lienholders who are actually unsecured, due to other liens
being higher in priority. Such debts will be paid on a pro rata
basis after the payment of all Allowed Claims higher in priority.
Debtor estimates that over $40,000 will be paid to its class. The
allowed unsecured claims total $2,396,928.00.

     * Class 4 consists of Allowed Claims of Equity Holders. This
class consists of the Allowed Claims of the Equity Holders of the
Debtor, being its principals, Penny Steele and Dennis Steele. Such
Holders shall retain their interests in the Debtor.

The Plan will be funded, in part, by the Debtor paying its
disposable income into the Plan from continued operations of the
Debtor. The Debtor's principals will continue to manage the
Debtor's operations.

A full-text copy of the Plan of Reorganization dated March 14,
2022, is available at https://bit.ly/36nv3lo from PacerMonitor.com
at no charge.

Attorney for Debtor:

     Jerome A. Brown, Esq.
     The Brown Law Firm
     13900 Sawyer Ranch Road
     Dripping Springs, TX 78620
     Phone: (512) 306-0092
     Fax: (512) 521-0711
     Email: jerome@brownbankruptcy.com

                    About Jewel Sunset Holdings

Jewel Sunset Holdings, LLC is a family-owned and operated company
that sells, installs and services a variety of boat lifts and
marine products on the Highland Lakes and surrounding areas.  The
company is based in Llano, Texas.

Jewel Sunset Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 21-10914) on Nov. 29,
2021, listing up to $500,000 in assets and up to $10 million in
liabilities.  Penny Steele, president of Jewel Sunset Holdings,
signed the petition.

Judge Tony M. Davis oversees the case.

Jerome A. Brown, Esq., at The Brown Law Firm serves as the Debtor's
legal counsel.


JKM STORAGE: Case Summary & Six Unsecured Creditors
---------------------------------------------------
Debtor: JKM Storage & Rentals LLC
        2341 South 30th Street
        Lafayette, IN 47909   

Business Description: JKM Storage & Rentals is part of the general
                      warehousing and storage industry.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Northern District of Indiana

Case No.: 22-40048

Judge: Hon. Robert E. Grant

Debtor's Counsel: Sarah L. Fowler, Esq.
                  OVERTURF FOWLER LLP
                  9102 N. Meridian Street
                  Suite 555
                  Indianapolis, IN 46260
                  Tel: 317-559-3379
                  E-mail: sfowler@ofattorneys.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael C. Bloom, member.

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

https://www.pacermonitor.com/view/43NLJ7Y/JKM_Storage__Rentals_LLC__innbke-22-40048__0003.0.pdf?mcid=tGE4TAMA

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

https://www.pacermonitor.com/view/4R6KE5Q/JKM_Storage__Rentals_LLC__innbke-22-40048__0001.0.pdf?mcid=tGE4TAMA


JRX TUNING: Seeks to Hire Cantey Hanger as Bankruptcy Counsel
-------------------------------------------------------------
JRX Tuning & Performance, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Cantey Hanger, LLP to serve as legal counsel in its Chapter 11
case.

The firm's services include:

   a. taking all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on behalf of
the Debtor, the defense of any bankruptcy court action commenced
against the Debtor, the negotiation of disputes in which the Debtor
is involved, and the preparation of objections to claims filed
against the Debtor's estate;

   b. preparing legal papers; and

   c. performing all other necessary legal services for the
Debtor.

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

     Shareholders   $515 per hour
     Paralegals     $90 per hour

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

M. Jermaine Watson, Esq., a partner at Cantey Hanger, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     M. Jermaine Watson, Esq.
     Cantey Hanger, LLP
     600 W. 6th Street, Suite 300
     Forth Worth, TX 76102
     Tel: (817) 877-2800
     Fax: (817) 333-2961
     Email: jwatson@canteyhanger.com

                  About JRX Tuning & Performance

JRX Tuning & Performance, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
22-40404) on Feb. 28, 2022, listing as much as $500,000 in both
assets and liabilities. Katharine B. Clark serves as the Debtor's
Subchapter V trustee.

Judge Mullin oversees the case.

Cantey Hanger, LLP, led by Jermaine Watson, Esq., is the Debtor's
legal counsel.


KR CITRUS: Case Summary & Six Unsecured Creditors
-------------------------------------------------
Debtor: KR Citrus, Inc., a California corporation
        41154 Eagles View Drive
        Three Rivers, CA 93271

Business Description: KR Citrus, Inc. a California corporation is
                      engaged in the fruit and vegetable
                      preserving and specialty food manufacturing
                      business.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Eastern District of California

Case No.: 22-10416

Judge: Hon. Jennifer E. Niemann

Debtor's Counsel: Riley C. Walter, Esq.
                  WANGER JONES HELSLEY
                  265 E. River Park Circle, Ste. 310
                  Fresno, CA 93720-1563
                  Tel: (559) 233-4800
                  Email: rwalter@wjhattorneys.com

Total Assets as of March 18, 2022: $2,002,186

Total Liabilities as of March 18, 2022: $1,590,819

The petition was signed by James Reed, chief executive officer.

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

https://www.pacermonitor.com/view/JKZO4AA/KR_Citrus_Inc_a_California_corporation__caebke-22-10416__0001.0.pdf?mcid=tGE4TAMA


L&N TWINS: Disclosures Inaccurate, Member Maria Says
----------------------------------------------------
Maria Balaj, a creditor and member of L&N Twins, LLC, submitted an
opposition the L&N Twins, LLC's Disclosure Statement.

Maria points out that the Debtor's rendition of the facts is
inaccurate and reflects the opinion of David Balaj who is
conflicted and breached his fiduciary duty to the Debtor while he
operated it. Specifically, Mr. Balaj, who signed the Plan and
Disclosure Statement, engaged in self-dealing and failed to make
proper disclosures. The extent of his breach and the damages caused
to Maria Balaj is a matter to be determined by the Hon. Sean Lane.

Maria further points out that it is noteworthy that the Debtor
failed to communicate with or seek insight from Maria, the largest
creditor and 50% equity holder, regarding the Plan or the
Disclosure Statement. In fact, the Debtor, which is under David's
control, has been unwilling to meaningfully discuss the merits of
Maria Balaj's claims, instead, summarily dismissing them and
referring the matter to David individually. Notably, David has
failed to retain independent counsel to assist him. Rather, he has
attempted to use the Debtor's professionals to achieve his goals of
unfairly minimizing distribution to Maria.

Maria asserts that in addition to failing to disclose facts
regarding Maria's claim, the District Court decision remanded its
expungement, the merits of same, and any investigation (or lack of
investigation) of David and his conduct, the Disclosure Statement
failed to set forth the fact that Maria already filed a Plan.

According to Maria, most importantly in this case, it is in the
interest of the Debtor, Maria and the creditors at this juncture to
put an end to the litigation concerning the disposition of the
funds remaining which would continue for months down the road.

Maria points out that due to the inherent conflict of David (who
does not have independent counsel), it is submitted that an
independent trustee would be in the best interests of all
interested parties. Although such a motion is not before the Court
today, it is submitted that any plan which does not contemplate an
independent disbursing agent or trustee is futile and would not
meet the requirements for confirmation.

Counsel for the Debtor:

     Anne Penachio, Esq.
     PENACHIO MALARA LLP
     245 Main Street – Ste 450
     White Plains, New York 10601
     Tel: (914) 946-2889

                      About L&N Twins Place

L&N Twins Place, LLC, a single asset real estate, as defined in 11
U.S.C. Section 101(51B), owns a multi-family residential building
located at 2-4 Virginia Place, Pleasantville, New York, valued at
$1.27 million.

L&N Twins Place sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 17-22758) on May 23, 2017.  The petition was signed by David
Balaj, managing member.  The Debtor disclosed assets at $1.28
million and liabilities at $650,449.

Judge Robert D. Drain is assigned to the case.  

The Debtor tapped Jeffrey A. Reich, Esq., at Reich Reich & Reich,
P.C., as counsel.


L.E.E. PROPERTY: Taps David W. Steen P.A. as Bankruptcy  Counsel
----------------------------------------------------------------
L.E.E. Property Enterprises, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ David
W. Steen, P.A. to handle its Chapter 11 case.

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

     David Steen, Esq.             $500 per hour
     Associate/Contract Attorney   $325 per hour
     Paralegals                    $200 per hour
     Legal Assistants              $175 per hour

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

The retainer fee is $10,000.

David Steen, Esq., disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached at:

     David W. Steen, Esq.
     David W. Steen, P.A.
     P.O. Box 270394
     Tampa, FL 33688-0394
     Tel: (813) 251-3000
     Email: dwsteen@dsteenpa.com

                 About L.E.E. Property Enterprises

L.E.E. Property Enterprises, LLC filed a Chapter 11 bankruptcy
petition (Bankr. M.D. Fla. Case No. 22-00705) on Feb. 23, 2022,
listing as much as $1 million in both assets and liabilities. The
Debtor is represented by David W. Steen, P.A.


LEDGE LLC: Unsecureds Will Not Receive Distribution in Plan
-----------------------------------------------------------
Judge Sarah A. Hall has entered an order setting a hearing to
consider the approval of the Disclosure Statement of The Ledge,
LLC, for April 20, 2022, at 9:30 o'clock a.m., which hearing will
be conducted telephonically.  April 6, 2022 is fixed as the last
day for filing and serving written objections to the Disclosure
Statement.

                         Chapter 11 Plan

The Ledge, LLC, submitted a Disclosure Statement explaining its
chapter 11 Plan.

The Debtor was in the middle of construction of an apartment
complex in Alva, Woods County, Oklahoma.  Two critical events
happened. The first was the inability to raise additional money to
finish the project at the time; second was the onset of the global
pandemic.

The Debtor continues to actively act as a real estate developer.
The Debtor has undertaken completion of the project by funds
secured by two of the unit holders in the Debtor.  Funds have been
placed in an account to pay all ongoing construction costs and has
been progressing as evidenced in the monthly operating report.

The Plan proposes to reorganize Debtor's principal liabilities.
Revenues to support the Plan and payments to be made under the Plan
will be provided by the Debtor and its continued work as a real
estate developer.

The Class 1 - Secured Claim of BancCentral, National Association,
will be paid prior to the Effective Date $58,737, and, beginning
April 5, 2022, monthly payment of $14,684 ($10,748 regular payment,
$3,937 towards arrearage at 5.1% interest).  Upon completion of the
Debtor's real estate development project, assuming the same cash
flows, the Debtor will either (i) continue to pay the Class 1 Claim
pursuant to the original note and mortgage with all default
provisions in place; (ii) sell the property and pay the Class 1
Claim its outstanding balance; or (iii) refinance the property and
pay the Class 1 Claim its outstanding balance.

Class 2 - Unsecured Claims consist of all nonpriority claims for
which the holder has no security for the repayment thereof or the
portion of an Allowed Secured Claim for which the security held by
the holder of that claim is insufficient to fully satisfy the
Claim.  Class 2 claimants will not receive distribution under the
Plan.  

After confirmation, the Debtor will continue to operate the Estate
by continuing to act as a real estate developer.  The Reorganized
Debtor will make every effort to repay Creditors pursuant to the
terms of the Plan including determining allowed claims, filing tax
returns and distributing funds to creditors.

The Debtor estimates that its earnings from services rendered will
enable it to make the payments to creditors as required in the
Plan, which are estimated to be approximately $14,684 ($10,748
regular payment, $3,937 towards arrearage at 5.1% interest).  The
Reorganized Debtor will be entitled to object to and/or seek
disallowance of Claims, to prosecute any avoidance action and to
litigate or compromise any other right or cause of action.

Attorneys for the Debtor:

     O. Clifton Gooding, Esq.
     Mark B. Toffoli, Esq.
     THE GOODING LAW FIRM
     A Professional Corporation
     204 North Robinson Avenue, Suite 1235
     Oklahoma City, OK 73102
     Tel: (405) 948-1978
     Fax: (405) 948-0864
     E-mail: cgooding@goodingfirm.com
             mtoffoli@goodingfirm.com

A copy of the Order dated March 9, 2022, is available at
https://bit.ly/35HHAQJ from PacerMonitor.com.

A copy of the Disclosure Statement dated March 9, 2022, is
available at https://bit.ly/3I4ayqI from PacerMonitor.com.

                      About The Ledge LLC

The Ledge, LLC is an Oklahoma limited liability company engaged in
real estate development in the state of Oklahoma, primarily in
Woods County, Oklahoma.

The Ledge, LLC, filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Okla. Case No. 21-13058) on Nov. 18, 2021,
listing up to $50,000 in assets and up to $10 million in
liabilities.  Justin Lee Schovanec, managing member of Left Frame,
LLC, signed the petition.  O. Clifton Gooding, Esq., at The Gooding
Law Firm, P.C., is the Debtor's legal counsel.


LEGACY JH762: Case Summary & Three Unsecured Creditors
------------------------------------------------------
Debtor: Legacy JH762 LLC
        5103 Artesa W
        West Palm Beach, FL 33418

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 22-12147

Judge: Hon. Mindy A. Mora

Debtor's Counsel: David Lloyd Merrill, Esq.
                  THE ASSOCIATES
                  2401 PGA Boulevard 280M
                  Palm Beach Gardens, FL 33410
                  Tel: 561-877-1111
                  E-mail: dlm@theassociates.com

Total Assets: $1,526,970

Total Liabilities: $973,557

The petition was signed by Cassandra McCord, managing member.

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

https://www.pacermonitor.com/view/I3QQZ5A/Legacy_JH762_LLC__flsbke-22-12147__0001.0.pdf?mcid=tGE4TAMA


LIMETREE BAY: Chamberlain Represents Telaxe, Sulphur
----------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
in the Chapter 11 cases of Limetree Bay Services, LLC, et al., the
law firm of Chamberlain, Hrdlicka, White, Williams & Aughtry, P.C.
submitted a verified statement to disclose that it is representing
the following parties:

Telaxe Inc. d/b/a Coking.com
c/o Evan Hyde
3901 Kings Row
Reno, NV 89503

Sulphur Experts Inc.
c/o Derek Zaharko
Suite 102 – 12 Manning Close NE
Calgary, Canada, AB
T2E 7N6

Telaxe and Sulphur each hold disclosable economic interests against
Limetree Bay Refining, LLC. Telaxe filed its proof of claim with
BMC Group, Inc. — Debtors' claims, noticing, solicitation, and
administrative agent—in an amount of $151,478.00 on September 17,
2021. Sulphur filed its proof of claim with BMC in an amount of
$117,700.00 on November 8, 2021.

In 2021, Telaxe and Sulphur performed auditing services on behalf
of LBR, pursuant to the United States Environmental Protection
Agency's Clean Air Act Emergency Order CAA–02–2021–1003. The
303 Order directed LBR and Limetree Bay Terminals, LLC to "address
the endangerment posed by frequent incidents at the Refinery that
have endangered public health and welfare . . ." by "retain[ing],
at [LBR and LBT's] expense, independent third party auditors." The
EPA ordered Limetree Bay to pause all operations at its St. Croix,
U.S. Virgin Islands refinery in the meantime due to the imminent
and substantial endangerment to public health or welfare. The 303
Order was augmented and extended by complaint filed by the United
States of America, by the authority of the Attorney General of the
United States, acting at the request of the Administrator of the
EPA, against LBR and LBT. In accordance with the 303 Order, Telaxe
and Sulphur delivered their audit reports to LBR, but were never
reimbursed for services performed. But for the audit reports done
by Telaxe and Sulphur, LBR would not be in compliance with the
requirements of the 303 Order. But for the audit reports done by
Telaxe and Sulphur, LBR would not be able to formulate detailed
plans to ensure that proper repairs are made to the refinery. LBR
continues to enjoy a post–petition benefit from Telaxe and
Sulphur's audit reports while Telaxe and Sulphur receive no just
compensation.

The Clients are jointly monitoring this case. Telaxe and Sulphur
are aware of and have consented to CHWWA's representation of them.
CHWWA holds no interest in the Debtors or its estates. None of
these claims have been assigned subsequent to the commencement of
this case, and have not been solicited for purchase by CHWWA or the
Clients.

Counsel for Telaxe Inc. d/b/a Coking.com and Sulphur Experts Inc.
can be reached at:

              CHAMBERLAIN, HRDLICKA, WHITE, WILLIAMS &
              AUGHTRY, P.C.
              Jarrod B. Martin, Esq.
              Tyler W. Greenwood, Esq.
              1200 Smith Street, Suite 1400
              Houston, TX 77002
              Tel: 713-356-1280
              Fax: 713-658-2553
              E-mail: Jarrod.Martin@chamberlainlaw.com
                      Tyler.Greenwood@chamberlainlaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3u8uOCN

                      About Limetree Bay

Limetree Bay Energy is a large-scale energy complex strategically
located in St. Croix, U.S. Virgin Islands.  The complex consists of
Limetree Bay Refining, a refinery with peak processing capacity of
650 thousand barrels of petroleum feedstock per day, and Limetree
Bay Terminal, a 34-million-barrel crude and petroleum products
storage and marine terminal facility serving the refinery and
third-party customers.

Limetree Bay Refining, LLC, restarted operations in February 2021,
and is capable of processing around 200,000 barrels per day.  Key
restart work at the site began in 2018, including the 62,000
barrels per day modern, delayed Coker unit, extensive
desulfurization capacity, and a reformer unit to produce clean,
low-sulfur transportation fuels. The restart project provided much
needed economic development in the U.S.V.I. and created more than
4,000 construction jobs at its peak.

Limetree Bay Refining, LLC and its affiliates sought Chapter 11
protection on July 12, 2021.  The lead case is In re Limetree Bay
Services, LLC (Bankr. S.D. Texas Case No. 21-32351).  

Limetree Bay Terminals, LLC did not file for bankruptcy.

In the petitions signed by Mark Shapiro, chief restructuring
officer, Limetree Bay Services disclosed up to $10 million in
assets and up to $50,000 in liabilities.  Limetree Bay Refining,
LLC, estimated up to $10 billion in assets and up to $1 billion in
liabilities.

The Debtors tapped Baker & Hostetler LLP as bankruptcy counsel,
Beckstedt & Kuczynski LLP as special counsel, and GlassRatner
Advisory & Capital LLC, doing business as B. Riley Advisory
Services, as restructuring advisor.  Mark Shapiro of GlassRatner is
the Debtors' chief restructuring officer.

The U.S. Trustee for Region 7 appointed an official committee of
unsecured creditors in the Debtors' cases on July 26, 2021.
Pachulski Stang Ziehl & Jones, LLP and Conway MacKenzie, LLC serve
as the committee's legal counsel and financial advisor,
respectively.

405 Sentinel, LLC serves as administrative and collateral agent for
the DIP lenders.


MATRIX INT'L: Unsecureds to Get Share of Income or 7.5% in Plan
---------------------------------------------------------------
Matrix International Textile, Inc., submitted an Amended Plan of
Reorganization.

The Plan is a reorganizing plan.  In other words, Matrix proposes
to restructure its debts through the Plan and accomplish payments
under the Plan with cash on hand in the debtor in possession
account and with income generated through its business operations.

Under the Plan, Class 4 General Unsecured Claims total $14,632,755.
Class 4 Claimants will be paid the greater of: (a) Matrix's
projected disposable income to be received in the 3-year period
from the Effective Date or (b) 7.5% of their allowed claims, on a
monthly basis, commencing on the twelfth full month after Effective
Date, and after the Orient Gate claim has been paid in full.  The
source of the payment will be from cash on hand, and the net
monthly income from operation of Matrix's business. Class 4 is
impaired.

The Plan will be funded by the following: (a) cash on hand
($203,016.13 as of January 31, 2022); and (b) net monthly income,
before debt service, from operation of Matrix's business averaging
no less than $29,870.00 during the term of the Plan.

The hearing during which the Court will determine whether or not to
confirm the Plan will take place on May 12, 2022, at 11:30 a.m., in
courtroom 1639, United States Bankruptcy Court, 255 East Temple
Street, Los Angeles, California 90012.

Objection to confirmation of the Plan must be filed and served by
April 21, 2022.

The ballot must be received by April 21, 2022.

Attorney for the Plan Proponent:

     Raymond H. Aver, Esq.
     LAW OFFICES OF RAYMOND H. AVER, APC
     10801 National Blvd., Suite 100
     Los Angeles, California 90064
     Tel: (310) 571-3511
     E-mail: ray@averlaw.com

A copy of the Plan dated Mar. 9, 2022, is available at
https://bit.ly/3CCAGbd from PacerMonitor.com.

                About Matrix International Textile

Matrix International Textile, Inc., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-11893) on
March 10, 2021. In the petition signed by Kourosh Neman, president,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.  Judge Deborah J. Saltzman oversees the
case.  Raymond H. Aver, Esq., at the Law Offices of Raymond H.
Aver, A Professional Corporation, is the Debtor's legal counsel.


MICHAEL JACQUES JACOBS: Rule 60 Motion re DLJ Stay Relief Denied
----------------------------------------------------------------
Judge Robert H. Jacobvitz of the United States Bankruptcy Court for
the District of New Mexico denies Michael Jacques Jacobs' Rule
60(b) Motion, seeking relief from the Court's Memorandum Opinion
and Order Granting in rem Stay Relief Under 11 U.S.C. Section
362(d)(4) in the matter concerning DLJ Mortgage Capital, Inc.

DLJ Mortgage filed a proof of claim for a secured claim in the
amount of $497,457.45 as of the Petition Date.  This figure
consists of a principal balance of $324,305.93, interest of
$82,162.64, fees and costs of $25,253.40, and an escrow deficiency
for funds advanced in the amount of $47,066.93, and includes
interest on judgment amount entered in a state court action at the
rate of 3.5% per annum from May 7, 2016, through the Petition Date.
The proof of claim says the amount necessary to cure the
prepetition arrearage as of the Petition Date is $239,195.44.

On October 4, 2021, the Court entered an order granting Debtor's
request for mediation over the objection of DLJ Mortgage and
entered a Mediation Order. On December 22, 2021, the
Court-appointed mediator filed a report stating that no settlement
was reached between DLJ Mortgage and Debtor as a result of the
mediation.

According to Judge Jacobvitz, the Debtor's efforts to provide
additional factual information that he could have presented at the
final hearing is an insufficient basis for Rule 60(b) relief. Nor
does the Debtor's attempt to shift blame to his attorney's alleged
ineffective representation and inadvertence entitle Debtor to
relief from the Court's Memorandum Opinion and Stay Relief Order
under Rule 60(b), the judge says.

The Court rendered its decision based on its assessment of the
evidence presented at the final hearing, Judge Jacobvitz explains.
Other than claiming that the Debtor's former counsel provided
ineffective assistance, much of the Debtor's basis for seeking Rule
60(b) relief is based on an attempt to present new evidence or to
make new arguments not made prior to entry of the Stay Relief
Order, the Court notes.

Relief under Rule 60(b) is unavailable when "the reargument merely
advances new arguments or supporting facts which were available for
presentation at the time of the original argument," Judge Jacobvitz
rules, citing Cashner, 98 F.3d at 577. Further, "Rule 60(b) is not
a second opportunity for the losing party to make its strongest
case, to rehash arguments, or to dress up arguments that previously
failed," Judge Jacobvitz, citing Scherer v. Hill, 213 F.R.D. 431,
432 (D. Kan. 2003).

A full-text copy of Judge Jacobvitz's Memorandum Opinion dated
March 8, 2022, is available at https://tinyurl.com/5n6mt559 from
Leagle.com.

The case is In re Jacobs, Case No. 19-12591-j11 (Bankr. D.N.M.).


MIGRATION PRODUCTIONS: Case Summary & One Unsecured Creditor
------------------------------------------------------------
Debtor: Migration Productions I LA, LLC
        3900 W. Alameda Ave.
        32nd Floor
        Burbank, CA 91505

Business Description: The Debtor is in the motion picture and
                      video production business.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Eastern District of Louisiana

Case No.: 22-10288

Judge: Hon. Meredith S. Grabill

Debtor's Counsel: Douglas S. Draper, Esq.
                  HELLER, DRAPER & HORN, LLC
                  650 Poydras Street, Suite 2500
                  New Orleans, LA 70130
                  Tel: (504) 299-3300
                  E-mail: ddraper@hellerdraper.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $100 million to $500 million

The petition was signed by Noah Fogelson, EVP and general counsel.

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

https://www.pacermonitor.com/view/DJSZB5A/Migration_Productions_I_LA_LLC__laebke-22-10288__0001.0.pdf?mcid=tGE4TAMA

Debtor's Unsecured Creditor:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
30WEST VOA, LLC                      Commercial        $8,000,000
900 Broadway, Suite 604, New York,    Contract
NY 10003
Email: shong@30west.com
       dsteinman@30west.com


MUSCLEPHARM CORP: Secures $3M in Unsecured Note Financing From CEO
------------------------------------------------------------------
MusclePharm Corporation entered into an unsecured revolving
promissory note with Ryan Drexler, the chairman of the board of
directors and chief executive officer of the company.  

The company expects to initially borrow approximately $3 million
under the note.  Under the terms of the note, proceeds may be used
solely to finance the production of orders from Costco Wholesale
Corporation or any of its affiliates or subsidiaries.  The note
does not contain a cap on borrowings thereunder.  However, further
advances under the note are at the discretion of the lender.
Outstanding balances under the note accrue interest at the rate of
18% per annum.  Prior to maturity, the company generally may pay
down principal balances and re-borrow under the note, subject to
the discretion of the lender to advance funds under the note.  The
note contains customary events of default and acceleration
provisions.

The note is subordinate to the 14% original issue discount senior
secured notes previously issued by the company.  Under the terms of
the First Amendment to Intercreditor and Subordination Agreement,
dated as of March 8, 2022, between the company, Ryan Drexler and
Empery Tax Efficient, LP, principal but not interest due under the
note generally may be repaid out of payments received by the
company in respect of accounts receivable financed pursuant to the
note.

                           About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation
(OTCQB:MSLP) -- http://www.musclepharm.comand
http://www.musclepharmcorp.com-- is a lifestyle company that
develops, manufactures, markets and distributes branded nutritional
supplements.  The Company offers a broad range of performance
powders, capsules, tablets, gels and on-the-go ready to eat snacks
that satisfy the needs of enthusiasts and professionals alike.

MusclePharm reported net income of $3.18 million for the year ended
Dec. 31, 2020, compared to a net loss of $18.93 million for the
year ended Dec. 31, 2019. As of Sept. 30, 2021, the Company had
$11.31 million in total assets, $41.12 million in total
liabilities, and a total stockholders' deficit of $29.81 million.

Los Angeles, California-based SingerLewak LLP issued a "going
concern" qualification in its report dated March 29, 2021, citing
that the Company has suffered recurring losses from operations, has
an accumulated deficit and its total liabilities exceed its total
assets.  This raises substantial doubt about the Company's ability
to continue as a going concern.


NATIONAL FILTERS: Unsecureds Owed $1.7.7M to Get $250K in Plan
--------------------------------------------------------------
National Filters Inc. submitted a First Amended Plan of
Reorganization.

Postpetition, the Debtor has taken numerous steps to improve its
bottom line.  This was created by a conscious decision to cut costs
and to bid more business.  In addition, the Debtor is in the final
stages of developing a new ammonia filtration system for
agricultural applications which will help diversity and stabilize
Debtor's business on an ongoing basis. These changes have resulted
in the following post-petition profits:

     November 2021    $9,058
     December 2021   $44,418
     January 2022    $54,266

Class 6 Allowed Unsecured Creditors total $17,661,446.  The Class 6
claims of unsecured creditors that consists of general unsecured
creditors listed on Schedule F, the claim of Arnold Lease, the
deficiency claims of Byline Bank and Tri County Bank and the
disputed claim of Lydall and YBHF Real Estate will be paid the sum
total of $250,000 over a 5-year period in quarterly installments of
$12,500 paid to each creditor on a pro rata basis.  The Debtor will
make quarterly disbursements to Class 4 Creditors in the amount of
$12,500 with the first payment due 6 months from confirmation.

The Debtor's financial projections show that the Debtor will have
projected disposable income in an amount sufficient to meet the
requirements of this Plan.  Again, the Debtor submits that should
it be liquidated there would be no distribution to unsecured
creditors.

Respectfully submitted:

     George E. Jacobs, Esq.
     2425 S. Linden Rd., Ste. C
     Flint, MI 48532
     Tel: (810) 720-4333
     E-mail: george@bklawoftice.com

A copy of the Disclosure Statement dated March 9, 2022, is
available at https://bit.ly/3Jgoyiw from PacerMonitor.com.

                     About National Filters

National Filters, Inc., is a Harbor Beach, Mich.-based industrial
filtration manufacturer specializing in hydraulic, lubrication and
marine based air, oil and fuel filters.

National Filters sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 21-21149) on Oct. 26, 2021, listing up to $1 million in
assets and up to $10 million in liabilities.  Judge Daniel S.
Oppermanbaycity oversees the case.  The Debtor tapped George E.
Jacobs, Esq., as legal counsel and Hyzer, Hill, Kuzak Co. P.C. as
accountant.


NEW AMI I: Fitch Gives First Time 'B' LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned New AMI I, LLC (dba Associated
Materials) a 'B' Long-Term Issuer Default Rating (IDR) following
the acquisition of the company by funds managed by Strategic Value
Partners (SVPGlobal). Fitch has also assigned a 'BB'/'RR1' to the
company's $150 million ABL facility and a 'B+'/'RR3' rating to its
$550 million term loan B due 2029. The Rating Outlook is Stable.

KEY RATING DRIVERS

Acquisition of Associated Materials: In January 2022, funds managed
by SVPGlobal signed a definitive agreement to acquire Associated
Materials (AM) for an aggregate purchase price of $950 million or
6.6x multiple based on pro forma adjusted EBITDA of $144 million.
The purchase was funded with a $550 million term loan B and $430
million equity contribution from SVPGlobal.

Modest Leverage: Fitch estimates that Fitch-calculated total debt
to operating EBITDA to be about 4.3x following the close of the
acquisition of the company by SVPGlobal. Fitch expects debt to
EBITDA will fall to 4.0x at the end of 2022 on modest EBITDA growth
and amortization of the term loan. Fitch's forecast for a softer
demand environment in 2023 is expected to result in debt to EBITDA
situating between 4.0x and 4.5x at YE 2023, which would remain
supportive of the 'B' IDR.

Near-Term Stable Earnings Outlook: Fitch expects AM's revenues will
increase high single-digit percentages in 2022, driven primarily by
price increases implemented in 2021 and 1Q22 and slight volume
growth. This is supported by a strong backlog and Fitch's
expectation of slight growth in single-family starts and relatively
stable repair and remodel activity. Fitch forecasts slightly lower
revenues in 2023 across the building products sector, incorporating
Fitch's assumption of a slowdown in residential end-market demand
and some normalization in selling prices.

Fitch expects EBITDA margins to be roughly flat in 2022 as selling
prices and input costs neutralize, and to decline slightly in 2023
due to lower operating leverage. Fitch's base case forecast does
not fully incorporate the benefits that SVPGlobal expects from
operational and cost initiatives. AM's meaningful exposure to the
repair and remodel segment should also somewhat temper revenue and
margin declines in a slowing housing environment.

Volatility of Raw Material Costs: Fitch's base case forecast
assumes that raw material costs inflation eases in 2H22 but remains
at elevated levels. Similarly, Fitch expects supply chain
bottlenecks to improve as the year progresses. AM could report
lower margins if cost inflation and supply chain bottlenecks
accelerate or continue for longer than Fitch's base case forecast.

While the company has historically been able to pass along higher
input costs through selling price increases, this could be more
challenging going forward given the meaningful increases already
implemented in the past 12 months. These factors are risks to
Fitch's forecast and could result in worse margin performance and
higher leverage than Fitch currently anticipates.

End-Market Diversification Tempers Cyclicality: Fitch views AM's
well-diversified end-market exposure positively, with about 70% of
revenues directed to the repair and remodel segment, which is less
cyclical than new construction activity. The remaining 30% of
revenues are directed to the new construction market. This should
allow the company to generate relatively stable revenues and
margins through the cycle. During the great financial recession,
AM's revenues fell 16% between 2006 and 2009 and EBITDA declined
27% from 2006 to 2008, although the company at that time had a
heavier exposure to new construction, with 40% of sales derived
from this market.

Broad Product Offering and Distribution Footprint: AM has a
comprehensive offering of exterior home products, allowing the
company to be a single-source provider of these products.
Manufactured products include windows and a portfolio of cladding
and complementary products. This is supplemented by AM's Outside
Purchased Products and installation services, which provides an
extensive array of exterior building products including roofing,
other cladding products, insulation and other complementary
products.

AM has a broad manufacturing and distribution footprint and a
unique dual-distribution strategy that combines a network of
company-operated supply centers (75% of sales) with a complementary
network of independent distributors and dealers (25%). Fitch
believes this approach is a credit positive as AM has more
operational control through its company-operated supply centers
while also expanding and diversifying its customer base and
geographic reach through its direct sales channel.

However, this approach also results in higher fixed costs for the
company compared with other manufacturers who sell to direct sales
channels, which could pressure margins disproportionately in a weak
operating environment.

Modest Profitability and FCF: AM's EBITDA and FCF margins are
weaker compared with Fitch-rated competitors in the exterior
building products sector. EBITDA margins are somewhat weighed down
by lower margins from its Outside Purchased Products and Other
Services, which have lower contribution margins compared to AM's
manufactured products. AM's Fitch-calculated EBITDA margin of
around 8% is below those of similarly and higher-rated manufacturer
peers, whose EBITDA margins are in the low double-digit to mid-teen
percentages.

Additionally, Fitch-rated building products distributors have
EBITDA margins in the high single-digit to low-teen percentages,
which generally reflect their large scale.

Fitch expects AM will generate FCF (cash flow from operations
[CFFO] less capex and dividends) margin of 0.5% to 1.5% in 2022 and
2023 due to higher working capital needs and elevated growth capex.
Longer term, Fitch expects FCF margins of 2% or higher on more
normalized capex levels. This should allow the company to
strengthen liquidity or modestly pay down debt.

SVPGlobal Ownership: Fitch views the moderate leverage employed by
the sponsor for its acquisition of Associated Materials as an
indication of a more-conservative posture compared with many LBO
transactions in the building products space over the past 24
months, which generally had high initial leverage levels.

Nevertheless, Fitch views the ownership concentration and lack of
board independence as a potential risk to sound capital allocation
strategies. Fitch's base case forecast does not assume dividend
payments to the sponsor during the rating horizon, with CFFO
directed towards growth capex and scheduled debt amortization.

DERIVATION SUMMARY

The 'B' IDR reflects the company's broad product offering of
exterior building products, its extensive manufacturing and
distribution footprint and unique dual-distribution strategy,
meaningful exposure to the less cyclical repair and remodel sector,
adequate liquidity position and modest leverage levels. The
company's market position and competitive pressures in the highly
fragmented windows, cladding and building products distribution
markets are factors that constrain the rating. The company's modest
EBITDA and FCF margins, the volatility of raw material costs, as
well as the cyclicality of the residential construction market are
also factored into the rating.

AM's Fitch-calculated debt to EBITDA is higher compared with MIWD
Holding Company LLC (BB-/Stable). AM and MIWD are relatively
similar in size, but AM has a broader product offering. AM's EBITDA
and FCF margins are lower compared to MIWD but has significantly
greater exposure to the less-cyclical repair and remodel segment
than MIWD.

KEY ASSUMPTIONS

-- Revenues grow 7.5%-8.5% in 2022 and decline slightly in 2023;

-- EBITDA margin of around 8% in 2022 and 7.5%-8.0% in 2023;

-- FCF margin of less than 1% in 2022 and 1%-2% in 2023 on
    elevated capex levels;

-- Debt to EBITDA of 4.0x at YE 2022 and 4.2x at YE 2023.

RECOVERY ANALYSIS ASSUMPTIONS

The recovery analysis assumes that AM would be reorganized as a
going-concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

AM's GC EBITDA of $95 million estimates a post-restructuring
sustainable level of EBITDA. This is about 25% below
Fitch-calculated FY 2021 EBITDA estimate.

The GC EBITDA is based on Fitch's assumption that distress would
arise from weakening in the residential construction market
combined with a loss of a major customer or several smaller
customers. Fitch estimates that annual revenues would be 15% below
FY 2021 levels and Fitch-adjusted EBITDA margins of about 7% would
capture the lower revenue base of the company following the
distress, plus a sustainable margin profile after right-sizing,
which results in Fitch's $95 million GC EBITDA assumption. During
the last cycle, AM's revenues fell 16% peak to trough while its
EBITDA declined about 27%.

Fitch assumed a 5.5x enterprise value (EV) multiple to calculate
the GC EV in a recovery scenario. The company was acquired by funds
managed by SVPGlobal at a 6.6x pro forma adjusted EBITDA multiple
or 7.4x adjusted EBITDA multiple. The 5.5x multiple is similar to
the multiple applied in the analyses of Park River Holdings and
Doman Building Products Group and lower than the EV multiples used
for LBM Acquisition, LLC (6.0x) and Chariot Holdings, LLC (dba
Chamberlain Group; 6.5x).

Fitch assumes that the borrowing base under the company's $150
million ABL would shrink in a recovery scenario as inventory and
receivable balances would likely decline in tandem with revenues
and EBITDA. To determine the ABL amount outstanding at the time of
a potential recovery scenario, Fitch assumes the borrowing base
would be about 70% of total ABL capacity of $150 million. The
current Recovery Ratings contemplate $655 million of total secured
claims, $105 million of which are attributable to the ABL.

The analysis results in a recovery corresponding to an 'RR1' for
the ABL revolver and a recovery corresponding to an 'RR3' for the
term loan B.

RATING SENSITIVITIES

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

-- Fitch's expectation that total debt to operating EBITDA will
    be sustained below 4.0x;

-- EBITDA margins are consistently above 9%;

-- Fitch's expectation that the company will maintain FCF margins
    above 2%;

-- The company increases its scale.

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

-- Fitch's expectation that total debt to operating EBITDA will
    be sustained above 5.5x;

-- EBITDA interest coverage consistently below 2.0x;

-- Fitch's expectation that FCF generation will be sustained at
    neutral or negative levels.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Position: The company has adequate liquidity
upon the closing of the transaction, supported by ample
availability under its $150 million ABL facility that matures in
2027. Fitch estimates that AM has about $50 million borrowed under
the ABL for seasonal working capital following the close of the
transaction, which will be repaid in the latter part of the year
from cash flow.

The company does not have any debt maturities until 2029, and
quarterly amortization of 0.25% of the original principal amount of
the term loan B is manageable given Fitch's expectation of low
single-digit FCF generation during the forecast period.

ISSUER PROFILE

New AMI I, LLC (dba Associated Materials) is a vertically
integrated manufacturer and distributor of exterior building
products in the U.S. and Canada. Manufactured products (72% of
sales) include entry and mid-level vinyl windows and vinyl and
composite cladding and metal coil and cladding. The company also
sells complementary products that are sourced from other
manufacturers, such as roofing materials, cladding materials,
insulation, exterior doors and equipment and tools.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjusts historical reported EBITDA by adding back stock-based
compensation and non-recurring transaction-related and
restructuring costs.


NORDIC AVIATION: To Seek Confirmation of $4.3B Plan on April 19
---------------------------------------------------------------
Nordic Aviation Capital Designated Activity Company, et al., won
approval of the Disclosure Statement explaining their Third Amended
Joint Chapter 11 Plan of Reorganization.

The Debtors will seek confirmation of their Plan on April 19,
2022.

The Plan supplement filing deadline will be on April 5, 2022.  The
voting deadline will be on April 12, 2022, at 5:00 p.m., prevailing
Eastern Time.  The confirmation objection deadline will be on April
12, 2022, at 5:00 p.m., prevailing Eastern Time.  The deadline to
file voting report will be on April 18, 2022.

                    Plan of Reorganization

Nordic Aviation Capital Designated Activity Company, et al.
submitted a  Third Amended Joint Chapter 11 Plan of Reorganization
and a corresponding Disclosure Statement.

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

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

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

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

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

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

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

   * Option E Transactions

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

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

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

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

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

   * NYL Restructuring Transactions: the assumption and assignment
of the NYL Head Leases, subject to certain agreed modifications set
forth in the NYL Term Sheet, together with the settlement of the
outstanding claims arising under the NYL Financing Documents and
certain other amounts: (a) the capitalization of all accrued
scheduled and default interest under the NYL Note Purchase
Agreement up to the Petition Date, and all scheduled (but not
default) interest under the NYL Note Purchase Agreement during the
period from the Petition Date until the Plan Effective Date, (b)
the prepayment of the principal outstanding under the NYL Note
Purchase Agreement in an amount of $30 million (which prepayment
will be funded by an equivalent amount under the amended NYL Head
Leases); and (c) payment of special rent equal to 1.0% of the
initial outstanding amount under the amended NYL Head Leases
(immediately prior to the $30 million prepayment) together with
payment by Reorganized NAC DAC to the Reorganized NYL Debtors equal
to the total amount of the NYL Debtors' usage of cash collateral
between the Petition Date and the Plan Effective Date (which shall
constitute a "Servicer Advance" as defined in the NYL Term Sheet),
subject to item-specific caps set out in the NYL Term Sheet and
excluding any such cash collateral amounts used to fund Chapter 11
Servicing Fees or Lease Reimbursement Costs (each as defined in the
NYL Term Sheet) or any amounts payable under the NYL DIP Facility
during the chapter 11 cases, to the extent that such payments were
made under the cash collateral stipulations (collectively, the "NYL
Restructuring Transactions");

   * ECA Restructuring Transactions

     - ECA Reinstating Transaction: the assumption and assignment
of the ECA Leveraged Aircraft Leases (Non-Garuda) subject to
certain agreed modifications set forth in the ECA Facilities Term
Sheet, including: (a) reinstatement of the outstanding principal
plus all accrued, unpaid interest (including postpetition interest
(excluding default interest) under any of the ECA Leveraged
Aircraft Leases (Non-Garuda) for which the loan to value is less
than one hundred per cent. (100%)) as principal under the amended
ECA Leveraged Aircraft Leases (Non-Garuda), which will be
guaranteed by Reorganized NAC DAC; (b) the creation of a Liquidity
Reserve Account (as defined in the ECA Facilities Term Sheet) into
which, initially, supplemental rent, maintenance reserves, end of
lease compensation payments and security deposits will be paid, and
thereafter all lease receivables will be paid, until a twelve-month
look-forward balance has been met in order to meet upcoming lease
payments (including maintenance costs and security deposits); and
(c) the deletion of all financial covenants in the amended ECA
Leveraged Aircraft Leases (Non-Garuda) (collectively, the "ECA
Reinstating Transaction"); and

     - ECA Exiting Transaction: among other things, the consensual
rejection of the ECA Garuda Leases (as defined herein), through a
motion and order to be filed with the Bankruptcy Court on a date to
be mutually agreed following the Disclosure Statement Hearing,
pursuant to which the Debtors will return the aircraft collateral
subject to such leases to the ECA Lenders (collectively, the "ECA
Exiting Transaction");

   * NYL DIP Facility: the NYL Debtors' entry into a $15 million
superpriority senior secured debtor-in-possession financing
facility provided by the NYL Lenders; and

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

               Claims Against / Interests in NAC DAC

Class C1 NAC DAC Unsecured Funded Debt Claims totaling $6,182.6
million. Each Holder of an Allowed NAC DAC Unsecured Funded Debt
Claim shall receive, at the option of such Holder (unless otherwise
stated in the Plan), its Pro Rata share of the NAC DAC Unsecured
Funded Debt Claims Recovery Pool, either: (i) in Cash; or (ii) as a
Pro Rata share of the NAC DAC Unsecured Funded Debt Claims New
Ordinary Shares Allocation; provided that, notwithstanding the
foregoing option, (x) Option A/D Holders shall receive such Pro
Rata share of the NAC DAC Unsecured Funded Debt Claims Recovery
Pool as a Pro Rata share of the NAC DAC Unsecured Funded Debt
Claims New Ordinary Shares Allocation and for the purposes of the
Plan shall be deemed to have elected to receive such treatment, and
(y) the Moelis/Weil/NRF Consenting Exiting Creditors, and Holders
of NAC 33/34 Loan Claims shall receive such Pro Rata share of the
NAC DAC Unsecured Funded Debt Claims Recovery Pool in Cash;
provided, further, that to the extent the NAC DAC Unsecured Funded
Debt Claims New Ordinary Shares Allocation equals 5.00 percent of
the New Ordinary Shares (prior to consummation of the Rights
Offering (including issuance of the Backstop Shares), payment of
the Rights Offering Premiums, and implementation of the Management
Incentive Plan), any remaining balance6 of the NAC DAC Unsecured
Funded Debt Claims Recovery Pool that is payable to Holders
electing the NAC DAC Unsecured Funded Debt Claims New Ordinary
Shares Allocation shall be paid in Cash to such Holders electing
the NAC DAC Unsecured Funded Debt Claims New Ordinary Shares
Allocation on a Pro Rata basis. Creditors will recover 0.03% of
their claims. Class C1 is impaired.

Class C2 General Unsecured Claims Against NAC DAC total $0. Each
Allowed General Unsecured Claim against NAC DAC shall, at the
option of the applicable Debtor, either (i) be Reinstated or (ii)
its Holder shall receive Cash in an amount equal to such Allowed
General Unsecured Claim on the later of (x) the Plan Effective Date
and (y) the date on which such payment would otherwise be due in
the ordinary course of business in accordance with the terms and
conditions of the particular transaction giving rise to such
Allowed General Unsecured Claim. Creditors will recover 100% of
their claims. Class C2 is unimpaired.

                Claims Against NAC 29 Debtors

Class D2 General Unsecured Claims Against the NAC 29 Debtors
totaling $41,697.34. Each Allowed General Unsecured Claim against
the NAC 29 Debtors shall, at the option of the applicable Debtor,
either: (i) be Reinstated, or (ii) its Holder shall receive Cash in
an amount equal to such Allowed General Unsecured Claim on the
later of (x) the Plan Effective Date and (y) the date on which such
payment would otherwise be due in the ordinary course of business
in accordance with the terms and conditions of the particular
transaction giving rise to such Allowed General Unsecured Claim.
Creditors will recover 100% of their claims. Class D2 is
unimpaired.

                   Claims Against KfW Debtors

Class E2 General Unsecured Claims Against the KfW Debtors total $0.
Each Allowed General Unsecured Claim against the KfW Debtors shall,
at the option of the applicable Debtor, either (i) be Reinstated,
or (ii) its Holder shall receive Cash in an amount equal to such
Allowed General Unsecured Claim on the later of (x) the Plan
Effective Date and (y) the date on which such payment would
otherwise be due in the ordinary course of business in accordance
with the terms and conditions of the particular transaction giving
rise to such Allowed General Unsecured Claim. Creditors will
recover 100% of their claims. Class E2 is unimpaired.

               Claims Against DB Nightjar Debtors

Class F2 General Unsecured Claims Against the DB Nightjar Debtors
totaling $21,921.48. Each Allowed General Unsecured Claim against
the DB Nightjar Debtors shall, at the option of the applicable
Debtor, either (i) be Reinstated, or (ii) its Holder shall receive
Cash in an amount equal to such Allowed General Unsecured Claim on
the later of (x) the Plan Effective Date and (y) the date on which
such payment would otherwise be due in the ordinary course of
business in accordance with the terms and conditions of the
particular transaction giving rise to such Allowed General
Unsecured Claim. Creditors will recover 100% of their claims. Class
F2 is unimpaired.

                   Claims Against SMBC Debtor

Class G2 General Unsecured Claims Against the SMBC Debtor total $0.
Each Allowed General Unsecured Claim against the SMBC Debtor shall,
at the option of the SMBC Debtor, either (i) be Reinstated, or (ii)
its Holder shall receive Cash in an amount equal to such Allowed
General Unsecured Claim on the later of (x) the Plan Effective Date
and (y) the date on which such payment would otherwise be due in
the ordinary course of business in accordance with the terms and
conditions of the particular transaction giving rise to such
Allowed General Unsecured Claim. Creditors will recover 100% of
their claims. Class G2 is unimpaired.

             Claims Against Investec NAC 27 Debtor

Class H2 General Unsecured Claims Against the Investec NAC 27
Debtor total $0. Each Allowed General Unsecured Claim against the
Investec NAC 27 Debtor shall, at the option of the Investec NAC 27
Debtor, either (i) be Reinstated; or (ii) its Holder shall receive
Cash in an amount equal to such Allowed General Unsecured Claim on
the later of (x) the Plan Effective Date and (y) the date on which
such payment would otherwise be due in the ordinary course of
business in accordance with the terms and conditions of the
particular transaction giving rise to such Allowed General
Unsecured Claim. Creditors will recover 100% of their claims. Class
H2 is unimpaired.

                   Claims Against EDC Debtors

Class I3 General Unsecured Claims Against the EDC Debtors total $0.
Each Allowed General Unsecured Claim against the EDC Debtors shall,
at the option of the applicable Debtor, either (i) be Reinstated,
or (ii) its Holder shall receive Cash in an amount equal to such
Allowed General Unsecured Claim on the later of (x) the Plan
Effective Date and (y) the date on which such payment would
otherwise be due in the ordinary course of business in accordance
with the terms and conditions of the particular transaction giving
rise to such Allowed General Unsecured Claim. Creditors will
recover 100% of their claims. Class I3 is unimpaired.

                  Claims Against ECA Debtors

Class J2 General Unsecured Claims Against the ECA Debtors. Each
Allowed General Unsecured Claim against the ECA Debtors shall, at
the option of the applicable Debtor, either (i) be Reinstated, or
(ii) its Holder shall receive Cash in an amount equal to such
Allowed General Unsecured Claim on the later of (x) the Plan
Effective Date and (y) the date on which such payment would
otherwise be due in the ordinary course of business in accordance
with the terms and conditions of the particular transaction giving
rise to such Allowed General Unsecured Claim. Creditors will
recover 100% of their claims. Class J2 is unimpaired.

                Claims Against Other NAC Debtors

Class K General Unsecured Claims Against the Other NAC Debtors
totaling $613,143.53. Each Allowed General Unsecured Claim against
any of the Other NAC Debtors shall, at the option of the applicable
Debtor, either (i) be Reinstated, or (ii) its Holder shall receive
Cash in an amount equal to such Allowed General Unsecured Claim on
the later of (x) the Plan Effective Date and (y) the date on which
such payment would otherwise be due in the ordinary course of
business in accordance with the terms and conditions of the
particular transaction giving rise to such Allowed General
Unsecured Claim. Creditors will recover 100% of their claims. Class
K is unimpaired.

         Claims Against / Interests in DB JOLCO Debtors

Class M3 General Unsecured Claims Against the DB JOLCO Debtors
totaling $4,648.65. Each Holder of an Allowed General Unsecured
Claim against the DB JOLCO Debtors shall receive its Pro Rata share
of the Liquidation Recovery. Creditors will recover 0% of their
claims. Class M3 is impaired.

         Claims Against / Interests in MUFG JOLCO Debtors

Class N3 General Unsecured Claims Against the MUFG JOLCO Debtors
total $0. Each Holder of an Allowed General Unsecured Claim against
the MUFG JOLCO Debtors shall receive its Pro Rata share of the
Liquidation Recovery. Creditors will recover 0% of their claims.
Class N3 is impaired.

       Claims Against / Interests in Investec NAC 8 Debtors

Class O3 General Unsecured Claims Against the Investec NAC 8
Debtors total $0. Each Holder of an Allowed General Unsecured Claim
against any of the Investec NAC 8 Debtors shall receive its Pro
Rata share of the NAC 8 General Unsecured Claims Recovery Pool.
Creditors will recover 0% of their claims. Class O3 is impaired.

         Claims Against / Interests in NAC 33/34 Debtors

Class P4 General Unsecured Claims Against the NAC 33/34 Debtors
totaling $7,964.02. Each Holder of an Allowed General Unsecured
Claim against any of the NAC 33/34 Debtors (which, for the
avoidance of doubt, shall not include any claims in respect of
liabilities owing to any Debtor) shall receive Cash in an amount
equal to its Pro Rata share of the NAC 33/34 General Unsecured
Recovery Cash Pool Amount. Creditors will recover 100% of their
claims. Class P4 is impaired.

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

Co-Counsel to the Debtors:

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

          - and -

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

          - and -

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

A copy of the Disclosure Statement dated March 9, 2022, is
available at https://bit.ly/3pWAsXp from PacerMonitor.com.

                About Nordic Aviation Capital

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

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

Judge Kevin R. Huennekens oversees the cases.

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


PACIFIC GAS: Memorandum on Castle Rock Deal Due March 25
--------------------------------------------------------
Judge Dennis Montali of the United States Bankruptcy Court for the
Northern District of California on March 2, 2022, heard oral
argument regarding California Department of Water Resources' Motion
for Order Determining that The Castle Rock Agreement with PG&E
Cannot be Assumed and that The Department of Water Resources' Claim
No. 78104 be Paid and the Motion of the Reorganized Debtors for
Entry of an Order Modifying Plan Injunction and Compelling
Arbitration of Claim of California Department of Water Resources.

Having considered the matters fully, the court concludes the DWR
Motion should be granted and the Debtors' Motion should be denied.

Long before these bankruptcy cases were filed, the dispute between
these opposing parties was identified and framed, and either side
could have initiated arbitration procedures of the 1984 Cotenancy
Agreement. Neither did, Judge Montali notes. Even after the Chapter
11 petitions were filed on January 29, 2019, that procedure was
available, either by DWR, perhaps after first seeking relief from
stay, or by the Debtors. Again, neither pursued that procedure.

All that changed when the Debtors' Plan of Reorganization was
negotiated, filed, considered and confirmed. As pointed out by DWR,
specific provisions were inserted into the Plan and the Order
Confirming the Plan to deal with and reserve for later resolution
very numerous open issues relating to executory contracts between
the Debtors and many governmental agencies, including DWR.

Among the most relevant of them are Determination of Cure Disputes
and Governmental Performance Obligations.

DWR is adamant that after it gave notice of termination of its
participation in the Agreement on June 30, 2018, effective one year
later, there was nothing left for it to do or for the Debtors to
assume. All that remains is for the Debtors to refund $101,026.75,
now reflected in Proof of Claim No. 78104 that is presumptively
allowed and has not been the subject of an objection.

The Debtors take a contrary view, reflected as early as when the
court was considering confirmation of the Plan. The Debtors filed
their Schedule of Executory Contracts and Unexpired Leases to be
Assumed Pursuant to the Plan and Proposed Cure Amounts attached to
the Plan Supplement as Exhibit B.

That lengthy schedule included the Agreement. Thus, even to the
present date, the Debtors maintain that the Agreement was subject
to assumption because it was not rejected, and the resolution of
the remaining dispute that is the subject of the present motions is
part and parcel of the entire bundle of rights and obligations of
the parties that must be resolved through arbitration.

Given the very specific attention given to matters that plainly
include the present dispute, the court is satisfied the Plan and
the OCP reserving jurisdiction in this court to resolve them
prevail over those relied on by Debtors to require the court to
order arbitration.

In In re Thorpe Insulation Co., 671 F.3d 1011 (9th Cir. 2012), the
court established the principles that guide bankruptcy courts in
dealing with arbitration provisions versus bankruptcy alternatives.
Those principles convince this court to exercise its discretion not
to order arbitration at present, Judge Montali says.

Thorpe involved a very complex reorganization of an asbestos mass
torts case and the implementation of 11 U.S.C. Section 524(g). It
was a dispute of massive proportions and was obviously quite
critical to the outcome of the bankruptcy as a whole.

In contrast, the Debtors would not have been in bankruptcy at all
but for the tragic wildfires of 2015, 2017 and 2018, none of which
have anything to do with the present dispute. It is easy to assume
that had those fires not occurred, no bankruptcy court would have
been called upon to deal with the present dispute with DWR.

The determination of whether the Agreement is an executory contract
that may be assumed, and if so under what circumstances and leading
to what consequences, is clearly a core matter for determination
unless the arbitration option is more appropriate, Judge Montali
rules. The core question is not a dispositive factor, but one that
should be considered. Thorpe taught that"[i]n core proceedings, by
contrast, the bankruptcy court at least when it sees a conflict
with bankruptcy law, has discretion to deny enforcement of an
arbitration agreement."

The Ninth Circuit agreed with other circuit courts that permit
bankruptcy court discretion to decline enforcement or otherwise
applicable arbitration provisions "only if arbitration would
conflict the underlying purposes of the Bankruptcy Code." Had
either party initiated arbitration after DWR gave its notice of
termination in 2018 but before the bankruptcy, there is no doubt
that such course would have to be followed, Judge Montali holds.
Even if either party had sought to do so after bankruptcy, but
before consideration of the Plan, the same result appears likely.

Regardless of what could have happened, the Debtors chose to
reserve the disposition of this dispute as a post-Confirmation
matter. While this court is not unmindful of the tremendous
complexity of the reorganization effort, and even the complexities
encountered apart from the wildfire problems, the Debtors still
made an election of how best to proceed. They could have excluded
the Agreement from the list of matters to be disposed of later but
did not. Thus, the deferral of resolving the issue through the plan
mechanisms was a conscious choice, Judge Montali finds.

The Court finds there was no delay in consideration of the Plan and
its subsequent confirmation and implementation. The Court cannot
ignore that conscious choice of the Debtors to proceed under the
procedures and reservations they established and which DWR and
other governmental agencies responded by their reservation of
rights as noted.

Even though this issue is presented to the Court nearly two years
after the Plan was confirmed, there is still a risk that an outcome
achieved via arbitration, at least on the issues of whether the
Agreement was to the reserved assumption provisions of the Plan at
all, and whether DWR could be required to pay anything after it
gave its notice of termination, would conflict with those policies
articulated by Thorpe and memorialized in the Plan and the OCP,
Judge Montali says.

Under the circumstances presented, and consistent with the
admonitions of Thorpe, the Court prefers to exercise its discretion
and keep that dispute here. If the outcome is as DWR hopes, the
matter is over, subject only to the possibility of appellate
review. If the outcome favors the Debtors, the question of
liquidation of the amount of damages to be paid by DWR may be more
appropriately determined through arbitration, according to Judge
Montali.

There are no material facts in dispute regarding whether DWR should
or should not be ordered to pay its share of the net loss upon
termination of the Agreement. DWR looks to Section 14.5 of the
Agreement to insulate it from such a charge because the other
parties continued to operate under it.  The Debtors rely on Section
14.7 to hold DWR responsible for its share for termination in the
future.

Collateral to that, and of relatively minor importance, is whether
Claim No. 78104 should be paid. So far the Debtors have not
asserted any substantive objection to it, but maintain that if they
prevail on the termination issue that would represent little more
than a minor offset in DWR's favor.

"It is now time to put this dispute to rest," Judge Montali holds,
and gives the Debtors until March 25, 2022, to file a memorandum,
not to exceed twenty pages and limited to the discrete issue, in
support of their position. DWR has until April 8 to file a reply
memorandum, not to exceed 20 pages and similarly limited. After
that the matter will stand submitted unless the court decides to
consider oral argument.

"If the decision is that DWR prevails, then that should be the end
of it, subject only to Debtors paying Claim No. 78104. If Debtors
prevail on that discrete issue, the court will revisit the question
of the amount DWR's future liability upon termination should be
determined through arbitration or via a damages trial in this
court," Judge Montali concludes.

A full-text copy of Judge Montali's Memorandum Decision dated March
8, 2022, is available at https://tinyurl.com/ykj56kfk from
Leagle.com.

                     About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, faced extraordinary challenges relating to a
series of catastrophic wildfires that occurred in Northern
California in 2017 and 2018. The utility faced an estimated $30
billion in potential liability damages from California's deadliest
wildfires of 2017 and 2018.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).  As of Sept.
30, 2018, the Debtors, on a consolidated basis, had reported $71.4
billion in assets on a book value basis and $51.7 billion in
liabilities on a book value basis.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served
as PG&E's legal counsel, Lazard as its investment banker and
AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk
LLC is the claims and noticing agent.

PG&E has appointed James A. Mesterharm, a managing director at
AlixPartners, LLP, and an authorized representative of AP Services,
LLC, to serve as Chief Restructuring Officer. In addition, PG&E
appointed John Boken also a Managing Director at AlixPartners and
an authorized representative of APS, to serve as Deputy Chief
Restructuring Officer.

Morrison & Foerster LLP served as the Debtors' special regulatory
counsel. Munger Tolles & Olson LLP also served as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


POLYMER INSTRUMENTATION: Unsecureds' Recovery Uncertain in Plan
---------------------------------------------------------------
Polymer Instrumentation & Consulting Services, Ltd., submitted a
Chapter 11 Plan of Reorganization and a Disclosure Statement.

The Plan provides that the Debtor will continue to operate unless
and until all of its assets are sold or the final distribution
occurs.  The Debtor believes that until such time as the assets are
sold, that it will generate sufficient funds from its operations,
including collection of receivables to provide for the ongoing
payments of the Debtor, including the monthly interest payments to
Fulton Bank, as well as payment of post-Petition administrative
Claims and following confirmation, all post-Petition costs of
operation.

The Debtor scheduled receivables for approximately $690,000, of
which $250,000 was believed to be collectable.  The Debtor
scheduled Inventory of having a value of $3,000,000.  The Debtor
scheduled miscellaneous office furniture and equipment having a
value of $40,000.  The Debtor provided a detailed list of equipment
which the Debtor states has a value of approximately $879,000.  The
Debtor scheduled three vehicles consisting of a 2011 Acura MDX, a
2006 GMC Truck and a 2008 Toyota Truck, amounting to $34,000.  The
Debtor listed various patents and trade secrets which it holds as
having a value of $1,700,000.  

In addition, the Debtor is, through various affiliates and related
companies, the beneficiary of any funds from the China Litigation,
and the Debtor believes it has a judgment in the amount of
approximately $6,000,000.  After payment of the costs of
collection, as well as various taxes and other charges owed in
China, the Debtor believes it can net approximately $3,000,000 from
such China Litigation.  However, the China Litigation has been
protracted and is still being contested by the Defendant.
Collection is believed to be difficult.

As of the Petition Date, the cash on hand was approximately
$73,000.  The security deposit is less than $5,000.

The Debtor scheduled various unsecured Claims as owed to, for the
most part, suppliers and subcontractors with some additional
parties. The total amount of scheduled unsecured Claims is
$1,936,545.

A few creditors filed Claims which were not listed on the
Bankruptcy schedules.  These are as follows:

   Creditor                                           Claim Amount
   --------                                           ------------
Euler Hermes NA Insurance Co., Agent of ENPOL, LLC       $15,664
J.P. Morgan Chase Bank                                      $543
XPO LTL Freight                                               $0
T Mobile/T-Mobile USA Inc.                                $1,110

Two creditors filed claims which differ from the amount which the
Debtor scheduled.  These are Morgan Lewis and Bockius which filed a
claim in the reduced amount of $19,659 and West Penn Power, which
filed a claim in the amount of $6,451, which is slightly higher
than the amount which was scheduled.

With respect to Class 6 General Unsecured Creditors, the Debtor
cannot guaranty any particular return from the sale of the Debtor's
Assets. The Vehicles appear to be Assets which are unsecured and,
while these Vehicles may bring a small amount of funds, the funds
may be utilized to pay classes 1, 2 and 3.  No certainty as to any
payment exists under the Plan.  The Debtor hopes to be able to
liquidate all of the Assets within six months, however, if not, the
Debtor will extend the period of time for collection. Further, it
is unknown as to whether the China Litigation will bring any
proceeds.  The other causes of action may not bring appreciable
funds to be distributed.

Counsel for the Debtor:

     Robert E. Chernicoff, Esq.
     CUNNINGHAM, CHERNICOFF & WARSHAWSKY P.C.
     2320 North Second Street, P.O. Box 60457
     Harrisburg, PA 17106-0457
     Tel: (717) 238-6570

A copy of the Disclosure Statement dated March 9, 2022, is
available at https://bit.ly/3vYT8tw from PacerMonitor.com.

                 About Polymer Instrumentation
                   & Consulting Services Ltd.

Polymer Instrumentation & Consulting Services, Ltd., a State
College, Pa.-based firm that conducts business under the name
Polymics, filed a Chapter 11 petition (Bankr. M.D. Pa. Case No.
21-01056) on May 10, 2021, listing as much as $10 million in both
assets and liabilities. Tim T. Hsu, president of Polymer, signed
the petition.

Judge Mark J. Conway oversees the case.

The Debtor tapped Robert E. Chernicoff, Esq., at Cunningham
Chernicoff & Warshawsky, P.C. as bankruptcy counsel; Beard Law
Company and Morgan, Lewis & Bockius, LLP as special counsel; Chen &
Fan Accountancy Corp. as accountant; and Strategic Resource as
management and financial advisor.


QUANTUM CORP: BlackRock Reports 6.6% Equity Stake
-------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2021, it
beneficially owns 3,932,343 shares of common stock of Quantum
Corporation, representing 6.6 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available for free at:

https://www.sec.gov/Archives/edgar/data/709283/000083423722009114/us7479065010_031122.txt

                        About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
stores and manages video and video-like data delivering streaming
for video and rich media applications, along with low cost, high
density massive-scale data protection and archive systems. The
Company helps customers capture, create and share digital data and
preserve and protect it for decades.

For the nine months ended Dec. 31, 2021, the Company reported a net
loss of $24.47 million. Quantum reported a net loss of $35.46
million for the year ended March 31, 2021, compared to a net loss
of $5.21 million for the year ended March 31, 2020.  As of Dec. 31,
2021, the Company had $187.64 million in total assets, $310.42
million in total liabilities, and a total stockholders' deficit of
$122.78 million.


RE-PRODECON LLC: Membership Interest or Property Sale to Fund Plan
------------------------------------------------------------------
RE-ProDeCon LLC, filed with the U.S. Bankruptcy Court for the
District of Colorado a Subchapter V Plan of Reorganization dated
March 14, 2022.

The Debtor is a Colorado limited liability company that was formed
in 2016 by Tatjana Twerskoi.  Ms. Twerskoi is the sole member and
manager of the Debtor.

The Debtor is the owner of a membership interest in Melrose Midtown
LLC. Melrose is a joint venture between the Debtor and Talus
Properties, LLC. Melrose owns an apartment complex located at 775
Melrose Street, Memphis, Tennessee.

The Debtor's assets consist of the following: (a) its membership
interest in Melrose, the value of which is currently unknown; (b) a
bank account with a balance of $109.13; and, (c) a potential claim
against Talus for payment of $47,967.00 in unpaid income reported
on a Melrose tax return and for which a K-1 was issued to the
Debtor.

The Plan proposes to pay creditors from (a) distributions received
from Melrose on account of the membership interest in Melrose and
(b) the sale of either the Melrose property or the sale of the
membership interest in Melrose.

The Class of non-priority unsecured creditors holding the Judgment
Claim will receive distributions which the proponent of the Plan
has valued at 100 cents on the dollar. The other Class of non
priority unsecured creditors shall share Pro Rata in any remaining
funds until such creditors are paid in full. The Plan also provides
for the payment of Administrative Claims.

The Plan will treat claims as follows:

     * Class 1 consists of the Judgment Claim. The joint holders of
the Judgment Claim (Talus, Melrose and Chris Robbins) shall be paid
in full from funds in the Creditor Account after payment of
Administrative Claims but prior to any other Claims or Interests.

     * Class 2 consists of the undisputed Claims of Tatjana and
Vladislav Twerskoi, Vlad Twerskoi DDS, and Diana and Victor
Rafailov. Class 2 Claims shall be paid Pro Rata from funds in the
Creditor Account with any Allowed Class 3 Claims after payment of
the Class 1 Claim.

     * Class 3 consists of the disputed unsecured claims of Talus
(Claim Nos. 4 and 5), Chris Robbins (Claim No. 6), and Melrose
(Claim No. 7). The Debtor anticipates that the objections to the
Class 3 Claims will not be resolved prior to confirmation of the
Plan. Class 3 Claims that are allowed after the Effective Date of
the Plan shall be paid Pro Rata from funds in the Creditor Account
with the Class 2 Claims after payment of the Class 1 Claim.

     * Class 4 consists of Tatjana Twerskoi's membership interest
in the Debtor. Upon confirmation of the Plan, Ms. Twerskoi will
retain her ownership Interests in the Debtor.

In connection with confirmation of the Plan, and after completion
of its investigation, the Debtor seeks entry of an Order requiring
the sale of Melrose property pursuant to the Operating Agreement
which plainly states that the filing of bankruptcy by one member of
Melrose requires Melrose to dissolve and commence winding up. If
the Court determines that the Operating Agreement does not require
dissolution, however, depending on the findings from the
investigation, the Debtor may seek judicial dissolution of Melrose
pursuant to applicable Colorado law or sale of the Debtor's
membership interest in Melrose.

Until the Melrose property or the membership interest is sold, 100%
of the distributions received by the Debtor from Melrose will be
used for Plan payments. Upon the sale of the Melrose property or
the membership interest, 100% of the funds received, net of any
sale expenses, will be used for Plan payments.

A full-text copy of the Subchapter V Plan of Reorganization dated
March 14, 2022, is available at https://bit.ly/3q750Wj from
PacerMonitor.com at no charge.

Attorneys for Debtor:

     David V. Wadsworth, Esq.
     Wadsworth Garber Warner Conrardy, PC
     2580 West Main Street, Suite 200
     Littleton, CO 80120
     Telephone: (303) 296-1999
     Facsimile: (303) 296-7600
     Email: dwadsworth@wgwc-law.com

                     About RE-ProDeCon LLC

RE-ProDeCon LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
21-16027) on Dec. 13, 2021, listing $95,981 in assets and
$1,225,263 in liabilities. Tatjana Twerskoi, member, signed the
petition. Judge Elizabeth E. Brown oversees the case. Wadsworth
Garber Warner Conrardy, PC serves as the Debtor's counsel.


REAL GRANITE: Taps Sanderford & Carroll as Special Counsel
----------------------------------------------------------
Real Granite, Inc. received approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ Sanderford & Carroll,
P.C. as special litigation counsel.

The Debtor needs the firm's legal assistance in connection with an
arbitration case styled Real Granite, Inc. d/b/a Alamo Tile & Stone
v. Hunt Construction Group, Inc. (Case No. 01-18-0000-1866) filed
in the American Arbitration Association and Construction Industry
Arbitration Rules.

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

     Attorneys    $225 to $525 per hour
     Paralegals   $95 to $115 per hour

The firm will also be reimbursed for out-of-pocket expenses.

Bethany Beck, Esq., a partner at Sanderford & Carroll, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Bethany Beck, Esq.
     Sanderford & Carroll, P.C.
     1100 N.E. Loop 410, Suite 500
     San Antonio, TX 78209
     Tel: (254) 773-8311

                         About Real Granite

Real Granite, Inc. specializes in commercial tile and stone
installation, residential granite, marble and stone fabrication and
installation. The company is based in San Antonio, Texas.

Real Granite filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 22-50050) on
Jan. 18, 2022, listing $2,596,812 in assets and $2,843,279 in
liabilities.  Roland Martinez, president of Real Granite, signed
the petition.

Judge Craig A. Gargotta presides over the case.

David S. Gragg, Esq., and William R. Davis Jr., Esq., at Langley &
Banack, Inc. are the Debtor's bankruptcy attorneys while Sanderford
& Carroll, P.C. serves as the Debtor's special litigation counsel.


RED RIVER: Exclusivity Period Extended to April 12
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
extended to April 12 the period during which only Red River Waste
Solutions, LP can file a Chapter 11 plan.  

The company can solicit acceptances for the plan until June 14.

Red River filed its Chapter 11 plan on Feb. 9 and will be filing a
disclosure statement, which the company anticipates will be set for
hearing on or around March 31. The proposed plan is a "toggle"
plan, which allows for a possible sale of the company's assets or
recapitalization of its business.

                  About Red River Waste Solutions

Red River Waste Solutions LP is a company in Dripping Springs,
Texas, that provides waste management services. It also offers
solid waste and garbage pickup, recycling, industrial waste
collection, disposal, and landfill management services.

Red River Waste Solutions sought Chapter 11 protection (Bankr. N.D.
Texas Case No. 21-42423) on Oct. 14, 2021, listing up to $50
million in assets and up to $100 million in liabilities.  James
Calandra, chief restructuring officer of Red River Waste Solutions,
signed the petition.

Judge Morris oversees the case.

Marcus Alan Helt, Esq., at McDermott Will & Emery LLP, is the
Debtor's legal counsel. Stretto, Inc. is the claims and noticing
agent.

The Debtor's official committee of unsecured creditors tapped
Womble Bond Dickinson (US) LLP as legal counsel and Rock Creek
Advisors, LLC as financial advisor.


REVENANT DENVER: Asks to Extend Deadline to Confirm Amended Plan
----------------------------------------------------------------
Revenant Denver, Inc., Revenant Durango, Inc., and Revenant Eagle,
Inc., filed a motion to extend through June 30, 2022, the time
under 11 U.S.C. Sec. 1121(e)(3) to confirm their Amended Plan.

On Nov. 30, 2021, the Court approved a sale of substantially all of
Debtors' assets to Vero Broadband LLC f/k/a Denver VoIP, which
included the assumption and assignment of substantially all of
Debtors' executory contracts.   Closing occurred effective as of
January 1, 2022.

The approved sale resulted in, by Debtors’ estimate, sufficient
cash to pay all creditors in full.

On March 8, 2022, Debtors jointly filed their Amended Chapter 11
Plan Proposed by Debtors Dated March 8, 2022.  The Amended Plan
therefore proposes to pay all creditors in full.  The Debtors
continue to maintain sufficient cash to accomplish payment.
Further, as recited by Chief Restructuring Officer Thomas Kim,
Debtors are unaware of any other impediments to confirmation of
their Amended Plan.

Because the Amended Plan is a jointly filed plan with Revenant
Denver, Inc., which is not a small business debtor, Revenant
Denver, Inc. is not subject to the same deadlines.  At the same
time, Revenant Denver, Inc., is not entitled to the expedited
procedure for approval of its disclosure statement that is provided
under Sec. 1125(f) for small business debtors.  Therefore, the
process of approval of the disclosure statement prior to
solicitation of votes necessitates additional time beyond the
45-day period that would normally be sufficient for a small
business debtor.

The Debtors believe the proposed extended deadline will allow a
sufficient time to obtain approval of their disclosure statement,
to solicit acceptances or rejections of the Amended Plan, and to
obtain confirmation of the Plan.

                   About Futurum Communications

Futurum Communications Corporation -- https://forethought.net/ --
is an independent locally owned internet, cloud and communications
service provider with offices in Denver, Grand Junction and
Durango.

Futurum Communications filed a petition for Chapter 11 protection
(Bankr. D. Colo. Case No. 21-11331) on March 21, 2021, listing up
to $50 million in both assets and liabilities.  Affiliates San
Isabel Telecom, Inc. and Brainstorm Internet, Inc. filed their
voluntary Chapter 11 petitions (Bankr. D. Colo. Case Nos. 21-12534
and 21-12549) on May 12, 2021. The cases are jointly administered
under Case No. 21-11331.

Judge Kimberley H. Tyson oversees the cases.

The Debtors tapped Onsager Fletcher Johnson, LLC as bankruptcy
counsel; Lance J.M. Steinhart, PC as special counsel; SL Biggs as
accountant; and r2 advisors llc as restructuring advisor.

Debtor Futurum Communications Corporation's name was changed to
Revenant Denver, Inc., et al., following the closing of the sale of
the Debtors' assets to Vero Broadband LLC.  Debtor Brainstorm
Internet Inc. was renamed Revenant Durango Inc.  San Isabel Telecom
Inc. was renamed to Revenant Eagle Inc.


RIVERSTONE RESORT: Says Plan Presently Not Confirmable, Awaits Sale
-------------------------------------------------------------------
Judge Jeffrey Norman has entered an order granting Riverstone
Resort, LLC's motion to continue the hearing on the Debtor's Plan
and Disclosure Statement.  The hearing is continued to 9:30 a.m. on
June 2, 2022, in Courtroom 403, United States Courthouse, 515 Rusk
St., Houston, Texas.

The Debtor filed its Plan of Reorganization and Disclosure
Statement on January 11, 2022 and its First Amended Plan of
Reorganization and Disclosure Statement on January 28, 2022.

In seeking a delay of the hearing, the Debtor explained that the
Plan is not presently confirmable under 11 U.S.C. Section
1129(a)(10) as no
impaired class has voted for the plan.  In addition, after the
filing of the plan of reorganization an order was entered on
February 16, 2022, Order (I) Modifying the Automatic Stay, (II)
Authorizing Employment of Auctioneer, and (III) Approving Bid
Procedures which provides that the Debtor's real property is to be
sold by public auction on April 21, 2022.  The Debtor believes that
the continuance of the plan confirmation until after the sale date
would be beneficial to creditors as then the amount available for
distribution to creditors would be more fully known.  In the
meantime, the Debtor can amend the plan and disclosure statement to
more fully describe and incorporate the information included in the
Sale Order of February 16, 2022.

Neither Prosperity Bank, the major creditor in this case, and the
Office of the United States Trustee did not oppose the
continuance.

                    About Riverstone Resort

Riverstone Resort, LLC, is the fee simple owner of a real property
located in Sugar Land, Texas, having an appraised value of $9.6
million.

Riverstone Resort filed a petition for Chapter 11 protection
(Bankr. S.D. Texas Case No. 21-33531) on Oct. 29, 2021, disclosing
$9,620,007 in assets and $2,165,951 in liabilities.  Judge Jeffrey
P. Norman oversees the case.

David L. Venable, Esq., a practicing attorney in Houston, Texas,
serves as the Debtor's bankruptcy counsel.  Sanjay R. Chadha Law,
PLLC is the Debtor's special counsel.


SEANERGY MARITIME: Swings to $41.3 Million Net Income in 2021
-------------------------------------------------------------
Seanergy Maritime Holdings Corp. reported net income of $20.64
million on $56.70 million of net vessel revenue for the three
months ended Dec. 31, 2021, compared to a net loss of $2.32 million
on $21.31 million of net vessel revenue for the three months ended
Dec. 31, 2020.

For the 12 months ended Dec. 31, 2021, the Company reported net
income of $41.34 million on $153.11 million of net vessel revenue
compared to a net loss of $18.36 million on $63.35 million of net
vessel revenue for the 12 months ended  ended Dec. 31, 2020.

As of Dec. 31, 2021, the Company had $486.92 million in total
assets, $215.17 million in long-term debt and other financial
liabilities, $7.57 million in convertible notes, $19.70 million in
other liabilities, and $244.47 million in stockholders' equity.

Cash and cash-equivalents, restricted cash, term deposits, as of
Dec. 31, 2021, stood at $47.1 million, compared to $23.7 million as
of Dec. 31, 2020.

Stamatis Tsantanis, the Company's chairman & chief executive
officer, stated:

"Seanergy reported its strongest operational year in 2021, earning
an adjusted net income of $53.3 million, an adjusted EBITDA of
$90.1 million on net revenue of $153.1 million.  In Q4 2021, our
fleet TCE was $36,642 and our estimated TCE for the first quarter
of 2022 is $19,475.  Despite the seasonal softening experienced in
the first months of 2022, for which we were proactively hedged, the
market is already trending higher."

"Consistent with our stated intention to return capital to our
shareholders, our board of directors has initiated a regular
quarterly dividend of $0.025 per share for the fourth quarter of
2021.  In addition, based on the strong financial performance of Q4
2021 we are also declaring a special dividend of $0.025 per share.
As a result, the Company will be paying a dividend of $0.05 per
share for the fourth quarter of 2021 to all shareholders of record
as of March 25, 2022.  The fourth quarter dividend of $8.9 million
and the $26.7 million in buybacks of convertible notes, warrants
and common shares represent an aggregate of $35.6 million in
shareholder-rewarding initiatives that Seanergy's board of
directors undertook over the last 4 months.  While the amount and
timing of any future dividend payments remains subject to the
discretion of our board of directors and will be based on our
results, investment opportunities and overall market conditions, we
remain committed to continue distributing a significant portion of
our earnings to our shareholders."

"In 2021 we successfully executed a substantial fleet growth
program.  Despite the Covid-related hindrance we took delivery of
seven high-quality Japanese Capesize vessels, reducing the average
age of our fleet.  Investment in vessel acquisitions in 2021
totalled approximately $193.2 million."

"Moreover, we have entered into eleven new time-charter agreements
with leading charterers in the Capesize sector and all our fleet
operates under period employment agreements.  We strongly believe
this to be the optimal commercial positioning of our fleet."

"On the buyback front, since the fourth quarter of 2021, we have
completed a total of $21.7 million in buybacks of convertible
notes, warrants and common shares, while an additional prepayment
of $5.0 million of convertible note, was effected on March 10,
2022.  The ultimate effect of our buyback program will be the
prevention of potential dilution by 25.95 million shares.  This
reflects our firm belief that our share price continues to be
significantly undervalued.  As previously announced, in 2021 I
continued my open-market purchases of Seanergy's shares, which
indicates my strong confidence in the Company."

"New financings and refinancings since the beginning of 2021 total
$170.5 million.  All transactions concluded in 2021 and to date
underscore our stated intention to optimize the capital structure
and further reduce our financing expense.  In the fourth quarter of
2021 and in the first quarter to-date, we have concluded three new
financings of approximately $53.15 million.  The new financings
include our first sustainability-linked loan in Greece, as well as
two transactions with prominent lenders in Taiwan and Japan,
strengthening Seanergy's footing in the Asian ship-financing
market. In the same period, we prepaid $50.6 million of our
existing financings, including legacy high-coupon facilities, all
junior loans and a large part of the convertible notes.  The
weighted average interest rate across our indebtedness has seen a
significantly year-over-year reduction of 128 basis points."

"Regarding our ESG initiatives, we primarily continue to execute on
the installation of Energy Saving Devices ("ESDs") on vessels
undergoing scheduled dry-docking.  In most cases the selection of
the ESDs is done in cooperation with the underlying charterers,
following agreement to adjust the index-linked rate to reflect the
improved performance of the vessels.  At the same time, we have
completed biofuel trials in cooperation with two of our closest
charterers.  The Company's first ESG report, analyzing material
actions that Seanergy has successfully completed to date, as well
as the targets set going forward, will be released within 2022."

"Over the past months we have successfully executed on a number of
strategic initiatives, which have resulted in Seanergy's
transformation into one of the leading Capesize players in the U.S.
capital markets."

"Our outlook for the Capesize market is very positive based on the
strong supply-demand fundamentals.  Firstly, the record low
orderbook coupled with the upcoming environmental regulations, will
significantly limit vessel supply.  Secondly, the global energy
supply shortages, as well as the worldwide stimuli and
infrastructure projects will strongly support demand for dry bulk
shipping.  Given Seanergy's significant operating leverage, we are
well positioned to capitalise on the favourable dynamics of our
sector."

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

https://www.sec.gov/Archives/edgar/data/1448397/000114036122009177/brhc10035082_ex99-1.htm

                        About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com-- is the only pure-play Capesize
ship-owner publicly listed in the US.  Seanergy provides marine dry
bulk transportation services through a modern fleet of Capesize
vessels.  The Company's operating fleet consists of 17 Capesize
vessels with an average age of 11.7 years and aggregate cargo
carrying capacity of approximately 3,011,083 dwt.

                             *   *   *

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


SKILLSOFT FINANCE II: Moody's Alters Outlook on B2 CFR to Positive
------------------------------------------------------------------
Moody's Investors Service affirms Skillsoft Finance II, Inc. B2
corporate family rating, B2-PD probability of default rating, and
the B2 rating on the company's senior secured term loan. The
speculative grade liquidity rating of SGL-2 is unchanged.
Concurrently, Moody's assigned a B2 rating to the company's
proposed $160 million incremental first lien senior secured term
loan. The rating outlook is changed to positive from stable.

Proceeds from the proposed incremental term loan along
approximately $217 of Skillsoft stock and $60 million of balance
sheet cash will be used to fund the acquisition of Codecademy, a
prosumer provider of technical e-learning.

The change of outlook to positive reflects the recent improvement
in performance and Moody's expectations for solid organic revenue
growth and improved profitability. Despite the modest increase in
leverage as a result of the acquisition, Moody's expect leverage to
trend towards 4.5x and free cash flow to gross debt to grow to
above 10% over the next 12-18 months as restructuring and one time
charges wind down.

RATINGS RATIONALE

The B2 CFR reflects Skillsoft's relatively high pro forma debt to
EBITDA at closing of the acquisition (over 5x based on trailing
October 31, 2021 results excluding certain one-time expenses and
over 8x including those expenses). Skillsoft's credit profile
benefits from the company's leading position in the e- learning
industry, a growing base of fairly predictable revenues from
contracts, the increasing adoption of Percipio, Skillsoft's
proprietary content delivery platform and a highly diversified
customer base consisting of enterprise and small to medium sized
business.

Skillsoft's credit profile also reflects the highly competitive,
fragmented nature of the human capital management (HCM) and
enterprise e-learning markets, which has low barriers to entry and
a large selection of free content. The rating also considers the
execution risk associated with the integration of multiple recent
acquisitions, as well as ongoing business turnaround efforts after
years of revenue declines. While Moody's expects the company will
focus on de-leveraging, the company is acquisitive which could
delay de-leveraging efforts.

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

Skillsoft's ratings could be upgraded if the company maintains
organic revenue growth and leverage is sustained below 4.5x.

Skillsoft's ratings could be downgraded if performance deteriorates
or if free cash flow generation declines such that liquidity is
materially weakened. Ratings could also face downward pressure if
leverage were expected to be sustained over 6x on other than a
temporary basis.

Skillsoft's SGL-2 rating is supported by cash of $81 million as of
October 31, 2021 and expectations for healthy free cash flow
generation over the next 12 months. The company's unrated $75
million accounts receivable line is expected to be fully drawn at
closing (approximately $11 million drawn as of October 31, 2021).

Skillsoft's ultimate parent is a public company with a
semi-independent board of directors. Moody's expects the company to
maintain moderate financial policies balancing the interests of
shareholders and creditors, as demonstrated by the Codecademy
acquisition which was funded with a combination of debt, cash on
hand and equity.

As a software company, Skillsoft's exposure to environmental risk
is considered low. Social risks are considered low to moderate, in
line with the software sector. Broadly, the main credit risks
stemming from social issues are linked to data security, diversity
in the workforce and access to highly skilled workers.

The following ratings were affected:

Affirmations:

Issuer: Skillsoft Finance II, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Gtd Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD4) from
(LGD3)

Assignments:

Issuer: Skillsoft Finance II, Inc.

Incremental Gtd Senior Secured 1st Lien Term Loan B, Assigned B2
(LGD4)

Outlook Actions:

Issuer: Skillsoft Finance II, Inc.

Outlook, Changed To Positive From Stable

Skillsoft Finance II, Inc. is the debt issuing subsidiary of
Skillsoft Corp. which provides cloud-based e-learning, in person
training, learning management and human capital management software
solutions for enterprises, government, and education customers
through its Skillsoft, SumTotal and Global Knowledge businesses.
The company generated an estimated $698 million of pro forma
revenue in the fiscal year ended January 2022. Skillsoft is
headquartered in Nashua, New Hampshire.

The principal methodology used in these ratings was Software
Industry published in August 2018.


STARTING LINEUP: Taps Falcone Law Firm as Bankruptcy Counsel
------------------------------------------------------------
Starting Lineup, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Georgia to employ Falcone Law Firm,
P.C. to serve as legal counsel in its Chapter 11 case.

The firm's services include:

   a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;

   b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;

   c. assisting in the preparation, negotiation and implementation
of a plan of reorganization;

   d. assisting the Debtor in the sale or disposition of assets of
its bankruptcy estate;

   e. conducting examinations;

   f. providing assistance to the Debtor with regard to the proper
receipt, disbursement and accounting of funds and property of the
estate; and

   g. providing other legal services related to the case.

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

     Attorneys    $400 per hour
     Associates   $250 per hour
     Paralegals   $175 per hour
     Staffs       $75 per hour

Falcone Law Firm will also seek reimbursement for out-of-pocket
expenses.

The firm received from the Debtor a security deposit in the amount
of $13,670.

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

The firm can be reached at:

     Ian M. Falcone, Esq.
     Falcone Law Firm, P.C.
     363 Lawrence Street
     Marietta, GA 30060
     Tel: (770) 426-9359
     Email: Imffalconefirm.com

                       About Starting Lineup

Starting Lineup, LLC filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Ga. Case No. 22-51624) on Feb. 28, 2022, listing as much as $1
million in both assets and liabilities. Falcone Law Firm, P.C., led
by Ian M. Falcone, Esq., serves as the Debtor's legal counsel.


STORTZ FARM: Gets Court Approval to Hire Benzing Surveying
----------------------------------------------------------
Stortz Farm Partnership received approval from the U.S. Bankruptcy
Court for the Northern District of Iowa to employ Benzing
Surveying, LLC, a surveyor based in Waukon, Iowa.

The firm's services include:

   a. surveying the land for the Debtor to sell in three newly
drawn parcels of land in Allamakee County, Iowa, and use proceeds
to pay off creditors;

   b. providing new legal descriptions from the three newly drawn
parcels; and

   c. any other surveying work necessary in the Debtor's Chapter 11
case.

The firm will be paid between $5,700 and $6,900.

Ryland Benzing, president of Benzing Surveying, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Ryland R. Benzing
     Benzing Surveying, LLC
     808 5th Ave SW
     Waukon, IA 52172
     Tel: (563) 568-2136
     Email: rbenzing.benzingsurveying@gmail.com

                   About Stortz Farm Partnership

Waukon, Iowa-based Stortz Farm Partnership filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Iowa
Case No. 22-00069) on Feb. 10, 2022, listing up to $10 million in
both assets and liabilities. Douglas Dean Flugum serves as the
Debtor's Subchapter V trustee.

Judge Thad J. Collins oversees the case.

The Debtor tapped Ag & Business Legal Strategies as legal counsel.


SWISSBAKERS INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Swissbakers, Inc.
        168 Western Avenue
        Allston, MA 02134

Business Description: Swissbakers is a family-owned European
                      bakery.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 22-10357

Debtor's Counsel: Joseph S.U. Bodoff, Esq.
                  RUBIN AND RUDMAN LLP
                  53 State Street
                  Boston, MA 02109
                  Tel: 617-330-7000
                  E-mail: jbodoff@rubinrudman.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nicolas Stohr, chief executive officer.

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

https://www.pacermonitor.com/view/XUT2LJA/Swissbakers_Inc__mabke-22-10357__0001.0.pdf?mcid=tGE4TAMA


TEXAS MADE SPORTS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Texas Made Sports Development, Inc.
           d/b/a Chaparral Ice
        2525 W. Anderson Lane, Ste. 400
        Austin, TX 78757

Business Description: The Debtor owns and operates an ice facility
                      in Austin, Texas, for figure skaters, hockey
                      fans, and kids' camps.

Chapter 11 Petition Date: March 18, 2022

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 22-10172

Debtor's Counsel: Charlie Shelton, Esq.
                  HAYWARD PLLC
                  901 Mopac Expressway
                  Building 1, Suite 300
                  Austin, TX 78746
                  Tel: 737-881-7100
                  Email: cshelton@haywardfirm.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ryan Raya, president.

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

https://www.pacermonitor.com/view/M6CLTHA/Texas_Made_Sports_Development__txwbke-22-10172__0001.0.pdf?mcid=tGE4TAMA

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Bauer Hockey LLC                    Vendor               $6,044
100 Domain Drive
Exeter, NH 03833

2. BB&T                            Line of Credit          $45,168
Attn: Recovery
PO Box 1489
Lumberton, NC 28358

3. Broadcast Music, Inc.               Vendor               $1,590
10 Music Square East
Nashville, TN 37203

4. CCM Hockey U.S., Inc.               Vendor              $13,551
3400 Raymond Lasnier
Ville St. Laurent
Quebec H4R 3LS

5. Cintas                              Vendor                 $938
PO Box 631025
Cincinnati, OH
45263-1025

6. Comfort Systems USA             HVAC Services            $5,103
Mtech-Icon
1720 Royston Lane
Round Rock, TX 78664

7. Double Dave's Pizza                Vendor                $1,510
401 E. Whitestone Blvd.
Cedar Park, TX 78613

8. iSports Cedar Park, Ltd.          Landlord             $794,320
c/o SynerMark
Properties, Inc.
10711 Burnet Road,
Ste. 320
Austin, TX 78758

9. Jackson Ultima                     Vendor                $2,445
Skates, Inc.
505 Thompson Dr.,
Unit 5
Cambridge, Ontario
N1T 2K7
Canada

10. Jani-King of Austin               Vendor                $8,826
2523 South Lakeline Blvd.
Cedar Park, TX 78613

11. Nielsen & Mayer PLLC         Legal Services             $2,143
815-A Brazos Street
Austin, TX 78738

12. Northcross 2019 LP               Landlord             $796,805
100 Congress Ave.,
Ste. 1450
Austin, TX 78701

13. Spectrum                         Vendor                 $5,725
1001 Morehead
Square Dr., Ste. 500
Charlotte, NC 28203

14. Trimbuilt                        Vendor                $20,384
Construction Inc.
PO Box 80169
Austin, TX 78708

15. Truist Bank                  Line of Credit            $47,828
PO Box 580048
Charlotte, NC
28258-0048

16. Truist Bank Visa               Credit Card             $12,123
PO Box 580340
Charlotte, NC
28258-0340

17. Truist Bank Visa               Credit Card              $7,989
PO Box 580340
Charlotte, NC
28258-0340

18. Truist Bank Visa               Credit Card              $3,929
PO Box 580340
Charlotte, NC
28258-0340

19. Truist Bank Visa               Credit Card              $1,238
PO Box 580340
Charlotte, NC
28258-0340

20. Warrior Sports, Inc.             Vendor                 $1,099
16151 Collections
Center Dr.
Chicago, IL 60693


TRIUMPH GROUP: Adopts New Tax Benefits Preservation Plan
--------------------------------------------------------
Triumph Group, Inc. announced that in light of the expiration of
its current rights plan, its Board of Directors has adopted a new
tax benefits preservation plan designed to preserve Triumph's
ability to utilize its net operating loss carryforwards and other
tax attributes.  

The Plan is similar to the tax benefits preservation plan of
Triumph dated as of March 13, 2019 and plans adopted by other
public companies with significant Tax Benefits, and is designed to
continue to preserve the benefit of Triumph's Tax Benefits.  The
Company intends to submit the Plan for stockholder approval at the
Company's next annual meeting of stockholders.

In connection with the expiration of the Expiring Plan, the Company
will take routine steps to delist each right under the Expiring
Plan from trading on the New York Stock Exchange.  These actions
are administrative in nature and will have no effect on the
Company's common stock, which continues to be listed on the New
York Stock Exchange.

Triumph estimates that it will have Tax Benefits, including net
operating losses, capital losses, research tax credits, foreign tax
credits and disallowed business interest expense carryovers,
approximating $326.4 million as of March 31, 2022.  The purpose of
the Plan is to preserve Triumph's ability to use its Tax Benefits,
which would be substantially limited if Triumph experienced an
"ownership change" as defined under Section 382 of the Internal
Revenue Code.  The adoption of the Plan is intended to ensure that
the Company will be able to utilize its Tax Benefits.

                           About Triumph

Headquartered in Berwyn, Pennsylvania, Triumph Group, Inc. --
http://www.triumphgroup.com-- designs, engineers, manufactures,
repairs and overhauls a broad portfolio of aerospace and defense
systems, components and structures.  The company serves the global
aviation industry, including original equipment manufacturers and
the full spectrum of military and commercial aircraft operators.

For the nine months ended Dec. 31, 2021, the Company reported a net
loss of $32.18 million.  Triumph Group reported a net loss of
$450.91 million for the year ended March 31, 2021, a net loss of
$29.43 million for the year ended March 31, 2020, and a net loss of
$327.14 million for the year ended March 31, 2019.

                             *   *   *

As reported by the TCR on Aug. 18, 2021, Moody's Investors Service
upgraded its ratings for Triumph Group, Inc., including the
company's corporate family rating to Caa2 from Caa3 and Probability
of Default Rating to Caa2-PD from Caa3-PD.  The upgrades reflect
Moody's expectations for stronger operating performance that will
result in a gradual improvement in credit metrics through 2023.

In June 2020, S&P Global Ratings lowered its issuer credit rating
on Triumph Group Inc. to 'CCC+' from 'B-'.


U.S. TOBACCO: Amends Lewis Settlement Claim Pay Details
-------------------------------------------------------
U.S. Tobacco Cooperative Inc., and its Affiliated Debtors submitted
a Third Amended Disclosure Statement for the Third Amended Joint
Plan of Reorganization dated March 14, 2022.

One of the Debtors' principal goals has been to resolve the claims
of the Lewis Class in a manner that allows the Debtors to remain in
business, so that they may continue to serve their member growers
for years to come. On January 31, 2022, the Debtors embarked on a
two-day Bankruptcy Court ordered mediation session with the Lewis
Class, and representatives of the Debtors' bank group.

On February 2, 2022, following over thirty hours of mediation, the
parties reached a global settlement, which the Debtors believe will
pave the way for their successful emergence from bankruptcy by the
end of June, 2022. The details of the settlement are embedded in
the Plan, and confirmation of the Plan will lead to the
implementation of the settlement.

Class 5 consists of the Lewis Settlement Class Allowed Claim, and
Allowed Claims (if any) of Original Opt-Outs, and any other
optouts. The Lewis Certified Settlement Class shall receive the
Lewis Settlement Class Consideration pursuant to the terms set out
in the Plan, in full and final satisfaction, release, settlement,
and discharge of the Lewis Settlement Class Allowed Claim, any
Adequate Protection Rights and Superpriority Claims that the Lewis
Certified Settlement Class, and any members thereof, may possess,
the proof of claim filed by the Lewis Class in these Chapter 11
Cases, and any and all other claims and/or Lewis Litigation Claims
that the Lewis Certified Settlement Class, and/or any members
thereof, may possess.

The Reorganized Debtors shall make all Lewis Settlement Class
Distributions to the QSF. The QSF Trustee shall then allocate the
assets of the QSF amongst, and distribute the QSF assets to, the
members of the Lewis Certified Settlement Class pursuant to the QSF
Claims and Distribution Procedures.

If applicable, any Class 5 Claims that may be asserted by Original
Opt-Outs, or any other opt-outs, shall be asserted, if at all,
solely against the QSF pursuant to the QSF Claims and Distribution
Procedures, and shall be subject to all defenses under all
applicable law. To the extent that such Claims become Allowed
pursuant to the QSF Claims and Distribution Procedures, such Claims
shall be afforded treatment under the QSF Claims and Distribution
Procedures identical to the treatment of the claims of Lewis
Settlement Class Members, in full and final satisfaction, release,
settlement, and discharge of such Claims.

Like in the prior iteration of the Plan, Class 4 General Unsecured
Claims totaling $11.5 million will be paid in full, in Cash, on, or
as soon as reasonably practicable after, the Effective Date, or in
accordance with the terms of any agreement between the Debtors and
the Holder of an Allowed General Unsecured Claim or on such other
terms and conditions as are acceptable to the Debtors and the
Holder of an Allowed General Unsecured Claim, or shall be
Reinstated. Creditors will recover 100% of their claims. Class 4 is
unimpaired.

The funds utilized to make Cash payments under the Plan have been
and/or will be generated from, among other things, the Exit
Facility, the sale of the Cooperative's real property located at
608 Wilbon Road and 913 Bridge Street, Fuquay-Varina, North
Carolina, proceeds from the Cooperative's investment account, the
recovery form the Lloyd's Litigation, the potential sale(s) of
other non-core assets, collections from the sale of tobacco leaf,
proceeds of insurance policies, proceeds from pending litigation,
proceeds from duty drawback claims, and Cash on hand.

The Debtors are in the process of soliciting proposals for the Exit
Facility, in an amount up to $130 million, through their investment
banker, SSG Advisors, LLC, and expect to secure a firm proposal for
exit financing on standard terms and conditions, by no later than
the date of the filing of the Plan Supplement.

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

Counsel for the Debtors:

     Mark E. Felger, Esq.
     Simon E. Fraser, Esq.
     COZEN O'CONNOR
     1201 N. Market Street, Suite 1001
     Wilmington, Delaware 19801
     Telephone: (302) 295-2000
     Facsimile: (302) 295-2013
     E- mail: mfelger@cozen.com
              sfraser@cozen.com

          - and -

     David R. Doyle, Esq.
     Christina M. Sanfelippo, Esq.
     123 N. Wacker Drive, Ste. 1800
     Chicago, IL 60606
     Telephone: (312) 474-1648
     Facsimile: (312) 382-8910
     E-mail: daviddoyle@cozen.com
             csanfelippo@cozen.com

          - and -

     Jason L. Hendren, Esq.
     Rebecca F. Redwine, Esq.
     Benjamin E.F.B. Waller, Esq.
     HENDREN, REDWINE & MALONE, PLLC
     4600 Marriott Drive, Suite 150
     Raleigh, NC 27612
     Telephone: (919) 420-7867
     Facsimile: (919) 420-0475
     E-mail: jhendren@hendrenmalone.com
             rredwine@hendrenmalone.com
             bwaller@hendrenmalone.com

                About U.S. Tobacco Cooperative

U.S. Tobacco Cooperative Inc. produces U.S. flue-cured tobacco
grown by more than 500 member growers in Florida, Georgia, South
Carolina, North Carolina, and Virginia.  Member-grown tobacco is
processed and sold as raw materials to cigarette manufacturers
worldwide.

U.S. Tobacco Cooperative and affiliates sought Chapter 11
protection (Bankr. E.D.N.C. Lead Case No. 21-01511) on July 7,
2021.  In the petition signed by Keith H. Merrick, chief financial
officer, U.S. Tobacco Cooperative estimated assets of between $100
million and $500 million and estimated liabilities of between $100
million and $500 million.

Judge Joseph N. Callaway oversees the cases.

The Debtors tapped Hendren, Redwine & Malone, PLLC as bankruptcy
counsel, and McGuireWoods, LLP and Robinson, Bradshaw & Hinson,
P.A., as special counsel.  BDO Consulting Group, LLC, SSG Advisors,
LLC and CliftonLarsonAllen serve as the Debtors' financial advisor,
investment banker and accountant, respectively.


UNIVERSAL FIBER: Moody's Withdraws 'Caa1' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn Universal Fiber Systems,
LLC's Caa1 corporate family rating and its Caa1-PD probability of
default rating, as well as the Caa3 rating of its senior secured
2nd lien term loan due this year. Prior to the withdrawal, the
rating outlook was negative.

Withdrawals:

Issuer: Universal Fiber Systems, LLC

Corporate Family Rating, Withdrawn, previously rated Caa1

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

Senior Secured 2nd Lien Term Loan, Withdrawn, previously rated
Caa3 (LGD6)

Outlook Actions:

Issuer: Universal Fiber Systems, LLC

Outlook, Changed To Rating Withdrawn From Negative

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Universal Fiber Systems, LLC ("Universal") manufactures
solution-dyed and synthetic fibers used primarily in commercial
carpet, automotive, specialty apparel, military and industrial end
markets. The company has facilities in the United States, China,
Thailand, Poland and the United Kingdom. H.I.G. Capital acquired
the company from Sterling Group in 2015.


WATSONVILLE HOSPITAL: Creditors' Committee Members Disclose Claims
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Perkins Coie LLP and Sills Cummis & Gross P.C.
submitted a verified statement to disclose that they are
representing the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Watsonville Hospital Corporation, et al.

On December 22, 2021, the Office of the United States Trustee for
Region 17 appointed seven (7) members to the Committee under
section 1102(a) of the Bankruptcy Code: (1) California Nurses
Association; (2) SEIU United Healthcare Workers - West; (3) Health
Trust Workforce Solutions, LLC; (4) Firm Revenue Cycle Management
Services, Inc.; (5) Heroic Security, LLC; (6) Teamsters 853; and
(7) Medhost Direct, Inc. See Docket No. 97.

As of March 17, 2022, each Committee member and their disclosable
economic interests are:

California Nurses Association
155 Grand Avenue
Oakland, CA 94612

* Claims against all Debtors on a joint and several basis (i) in
  the amount of approximately $100,000 for union members who have
  separated service post-petition but were not paid out their
  full unused paid leave in accordance with the collective
  bargaining agreement and state law, and (ii) for contingent and
  unliquidated claims for wages, benefits and union dues in the
  amount of at least $3 million.

SEIU United Healthcare Workers – West
560 Thomas L. Berkley Way
Oakland, CA 94612

* Claim against Watsonville Hospital Corporation in the amount of
  $1,277,277 for pre- petition paid time off (PTO) that UHW
  members in both bargaining units had accrued as of 12/22/2021
  and are entitled to under their respective collective bargaining
  agreements.

Health Trust Workforce Solutions, LLC
1100 Dr. Martin L. King, Jr. Boulevard
Suite 1100
Nashville, TN 37203

* Claim in the amount of $3,287,426 for prepetition clinical
  staffing services provided to Watsonville Hospital Corporation
  pursuant to Managed Services Program Agreement, effective May
  20, 2020, between HealthTrust Workforce Solutions, LLC, and
  Watsonville Hospital Corporation.

Firm Revenue Cycle Management Services, Inc.
5590 South Fort Apache
Las Vegas, NV 89148

* Claim against Watsonville Hospital Corporation for $631,105.31
  for revenue cycle collection services of aged accounts
  receivable, third party liability and workers' compensation
  accounts.

Heroic Security, LLC
1881 West Traverse Parkway
Suite E, Number 257
Lehi, Utah 84043

* Claim against Watsonville Hospital Corporation in the amount of
  $466,435.75 for IT and cybersecurity services provided to
  Watsonville Hospital Corporation and affiliated entities
  pursuant to the Statement of Work (SOW) and Service Level
  Agreement (SLA) between HEROIC Security, LLC and Watsonville
  Hospital Corporation.

Teamsters 853
22 East 5th Street
Watsonville, CA 9507

* Claim against Watsonville Hospital Corporation in the
  approximate amount of at least $300,000.00 owed on behalf of
  union members/covered employees for unpaid PTO, legacy sick
  leave and/or other claims arising out of the collective
  bargaining agreement.

Medhost Direct, Inc.
6550 Carothers Parkway Suite 160
Franklin, TN 37067

* Claim against Watsonville Hospital Corporation in the amount of
  $361,000 for unpaid invoices issued pursuant to a contract to
  provide healthcare technology services supporting clinical and
  financial operations of the hospital.

Co-Counsel to the Official Committee of Unsecured Creditors can be
reached at:

       Paul S. Jasper, Esq.
       PERKINS COIE LLP
       505 Howard Street, Suite 1000
       San Francisco, CA 94105
       Telephone: 415.344.7000
       Facsimile: 415.344.7050
       E-mail: PJasper@perkinscoie.com

       Eric E. Walker, Esq.
       Kathleen Allare, Esq.
       PERKINS COIE LLP
       110 North Wacker Drive, Suite 3400
       Chicago, IL 60606
       Telephone: 312.324.8659
       Facsimile: 312.324.9659
       E-mail: EWalker@perkinscoie.com
               KAllare@perkinscoie.com

          - and -

       Andrew H. Sherman, Esq.
       Boris I. Mankovetskiy, Esq.
       SILLS CUMMIS & GROSS P.C.
       One Riverfront Plaza
       Newark, NJ 07102
       Telephone: 973.643.7000
       Facsimile: 973.643.6500
       E-mail: ASherman@sillscummis.com
               BMankovetskiy@sillscummis.com

A copy of the Rule 2019 filing is available at
https://bit.ly/3IoFIt2 at no extra charge.

              About Watsonville Hospital Corporation

Watsonville Hospital Corporation and its affiliates operate
Watsonville Community Hospital, a 106-bed acute care facility
located in Watsonville, Cal. The hospital, which is the only acute
care facility in the area, provides emergency, cardiac, pediatric,
surgical, pharmaceutical, laboratory, radiological and other
critical services.

Watsonville Hospital Corporation and its affiliates filed petitions
for Chapter 11 protection (Bankr. N.D. Calif. Lead Case No.
21-51477) on Dec. 5, 2021. Jeremy Rosenthal, chief restructuring
officer, signed the petitions.  In its petition, Watsonville
Hospital Corporation listed as much as $50 million in both assets
and liabilities.

Judge Elaine M. Hammond oversees the cases.

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as bankruptcy
counsel; Hooper, Lundy & Bookman, PC and Bartko Zankel Bunzel &
Miller as special counsels; Cowen and Company, LLC as investment
banker; and Force Ten Partners, LLC as restructuring advisor.
Jeremy Rosenthal of Force Ten Partners serves as the Debtors' chief
restructuring officer.  Bankruptcy Management Solutions, Inc.,
doing business as Stretto, is the Debtors' claims, noticing and
solicitation agent and administrative advisor.

On Dec. 22, 2021, the U.S. Trustee for Region 17 appointed an
official committee of unsecured creditors.  The committee tapped
Perkins Coie LLP and Sills Cummis & Gross PC as its legal counsel.


WB BRIDGE HOTEL: Debtor Will Liquidate to Pay Claims
----------------------------------------------------
159 Broadway 1 LLC submitted a Disclosure Statement of WB Bridge
Hotel LLC and 159 Broadway Member LLC.

The Plan provides for the liquidation of the Debtors by selling the
Debtors' sole asset, the Property, in order to generate proceeds to
pay Allowed Claims of the Debtors' estates.

In the event that the Available Cash on the Effective Date is
insufficient to provide creditors of the Debtors' estates with the
distributions required to be made on the Effective Date, any
shortfall will be funded by the Proponent by either reducing the
distribution to be made on account of the 159 Broadway 1 Secured
Claim in Class 2, or through Cash to be provided by the Proponent
with any such shortfall funding constituting an administrative
claim against the Debtors' estates payable from Available Cash
after the Effective Date.

Under the Plan, Class 5 WB Bridge General Unsecured Claims totaling
$9,333,160.26. Each holder of an Allowed Class 5 WB Bridge General
Unsecured Claim will receive on account of such claim a pro rata
distribution of Available Cash after all payments to Class 1
Claims, the Class 2 Claim, the Class 3 Claim, the Class 4 Claims,
Statutory Fees owed by WB Bridge and Administrative Claims against
WB Bridge, with interest from the Petition Date onwards at the
rates set forth in the applicable Notes as to Claims in Class 2 and
Class 3 and interest from the Petition Date onwards at the Federal
Judgment Rate as to Claims in Class 1 and Class 4, with principal
as to all such Classes being paid in full prior to any payments
being made on account of such interest; provided, however, that if
the Proponent is the Successful Bidder based on a credit bid, the
Proponent will provide a distribution of $300,000 to holders of
Claims in Class 5 other than the 159 Broadway 1 Unsecured Claim,
the Proponent agreeing to waive the right to receive any
distribution from such $300,000 as a member of this Class.
Creditors will recover approximately 3.2% or more of their claims.
Class 5 is impaired.

Class 9 - 159 Member General Unsecured Claims totaling
$8,354,250.14. Each holder of an Allowed Class 9 159 Member General
Unsecured Claim will receive on or about the Effective Date on
account of such claim a distribution from Available Cash up to
payment in full after payment in full on Claims in Class 1, Class
2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 8, Statutory
Fees and Administrative Claims, with interest from the Petition
Date onwards at the rates set forth in the applicable Notes as to
the Claims in Class 2, Class 3 and Class 7, and interest from the
Petition Date onwards at the Federal Judgment Rate as to Claims in
Class 1, Class 4, Class 5, Class 6 and Class 8, with principal as
to all such Classes being paid in full prior to any payments being
made on account of such interest. Class 9 is impaired.

The Plan will be funded by monies made available from the Sale of
the Property; however, the Proponent may advance certain funds if
the Sale proceeds are insufficient to make all payments required
under the Plan.

Attorneys for the 159 Broadway 1 LLC:

     Jerold C. Feuerstein, Esq.
     Daniel N. Zinman, Esq.
     Stuart L. Kossar, Esq.
     KRISS & FEUERSTEIN LLP
     360 Lexington Avenue, Suite 1200
     New York, NY 10017
     Tel: (212) 661-2900

A copy of the Disclosure Statement dated Mar. 9, 2022, is available
at https://bit.ly/3J9M6pp from PacerMonitor.com.

                     About WB Bridge Hotel

WB Bridge Hotel LLC and 159 Broadway Member LLC are the owners of a
hotel and residential tower project in Brooklyn's hip Williamsburg
neighborhood. The project covers a planned 26-story tower at 159
Broadway in Brooklyn, N.Y., that includes apartments and a 235-room
hotel across the street from the legendary Peter Luger Steakhouse.

The Debtors are affiliated with Hollywood, Fla.-based GC Realty
Advisors LLC. They are also affiliated with 85 Flatbush RHO Mezz
LLC, the owner of the Tillary Hotel Brooklyn, located at 85
Flatbush Extension, Brooklyn, N.Y.

WB Bridge Hotel and 159 Broadway Member sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-23288) on Dec. 21,
2020.  The Debtors were each estimated to have $10 million to $50
million in assets and liabilities.

Judge Robert D. Drain oversees the cases.

Robinson Brog Leinwand Greene Genovese & Gluck PC is the Debtors'
legal counsel.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Debtors' Chapter 11 cases.  The
committee tapped SilvermanAcampora, LLP, as its legal counsel.


WHISPER LAKE: Creditors to Paid From Proceeds of Sale Plan
----------------------------------------------------------
Whisper Lake Developments, Inc., submitted a First Amended Plan of
Liquidation and/or Reorganization.

Under the Plan, Class 13 Allowed General Unsecured Claims total
$235,096.  Each Holder of Class 13 Claim will be paid its Pro Rata
portion of the Unsecured Creditors Fund.

Upon the Effective Date, the Debtor will continue its efforts to
market the Property in a manner that is designed to maximize the
value of Division A and, to the extent they are sold together,
Division B, subject to the oversight of the Plan Administrator.

Any proposed sale of the Property shall be subject to Bankruptcy
Court approval after notice and hearing. Any such sale shall be
free and clear of liens pursuant to Bankruptcy Code section 363.
The Net Proceeds of any sale of the Property (the "Property Sale
Proceeds"), after full payment of the Class 1 Claim, full payment
of the Class 2 Claim or funding of the Thor Plaintiffs Reserve,
full payment of the Class 3 Claim, and full payment of the Richter
Post-Petition Loan Claim shall be held by the Plan Administrator to
be used for Estate Post-Confirmation Expenses, as necessary, and
any remaining funds shall be included in the Unsecured Creditors
Fund to be distributed to the Holders of Class 13 Claims.

The Debtor's property is approximately 38.36 acres of real property
located at 7495 Blaine Road, Blaine, Washington.  Division A
comprises the first phase of the Property to be developed
consisting of approximately 37 lots.  Division B comprises the
Property, excluding Division A.

Attorneys for the Debtor:

     Christine M. Tobin-Presser, Esq.
     Thomas A. Buford, Esq.
     BUSH KORNFELD LLP
     601 Union Street, Suite 5000
     Seattle, WA 98101
     Tel: (206) 292-2110
     Fax: (206) 292-2104
     E-mail: ctobin@bskd.com
             tbuford@bskd.com

A copy of the Disclosure Statement dated March 9, 2022, is
available at https://bit.ly/3i08QMB from PacerMonitor.com.

                 About Whisper Lake Developments

Whisper Lake Developments, Inc., is a Ferndale, Wash.-based company
engaged in activities related to real estate.  It is the owner of
five real properties in Washington having a total current value of
$9.53 million.

Whisper Lake Developments sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 21-12060) on Nov. 10,
2021, disclosing $9,666,063 in assets and $5,562,777 in
liabilities.  Judge Timothy W. Dore oversees the case.

Thomas A. Buford, Esq., at Bush Kornfield, LLP and Tousley Brain
Stephens, PLLC, serve as the Debtor's bankruptcy counsel and
special counsel, respectively.  Orse & Co. is the Debtor's
restructuring advisor.


WISECARE LLC: Unsecureds Will Get 10% of Claims in 60 Months
------------------------------------------------------------
WiseCare, LLC ("WiseCare") and Perry Weisman and Maryrose Weisman
(the "Weismans") (the "Debtors"), filed with the U.S. Bankruptcy
Court for the District of Maryland a Joint Chapter 11 Plan under
Subchapter V dated March 14, 2022.

WiseCare is a Maryland limited liability company owned solely by
Dr. Perry Weisman; while Mrs. Weisman, a registered nurse, runs the
day-to-day administration of WiseCare.

WiseCare was formed in 2014 and provides walk-in urgent care
services seven days a week, as well as primary care appointments.
WiseCare currently operates at two locations: (i) 33 Magothy Beach
Road, Suites 102-103, Pasadena, MD 21122 (the "Pasadena Location");
and (ii) Suite 6-O, 7-N of the Northway Shopping Center, 670-672
Old Mill Road, Millersville, MD 21108 (the "Millersville
Location").

On December 14, 2021, Dr. Weisman was forced to commence a Chapter
11 proceeding for WiseCare on an emergency basis due to the
business operating account being seized by its primary secured
creditor, Stearns Bank, thereby leaving the company unable to make
payroll and continue operations without immediate relief.

The Debtors have determined that the best way to repay their
creditors, while allowing the Weismans to retain their home and
obtain personal debt relief, is to complete a reorganization
proceeding for WiseCare, which curiously is the only asset that
stands produce a recovery for the Weismans' creditors and,
nonetheless, is at the same time dependent upon the Weismans'
funding and management to continue operating and complete a
successful reorganization.

This Plan is premised upon the substantive consolidation of the
Debtors' respective bankruptcy estates. The Debtors submit that
their assets and debts are sufficiently intertwined to warrant
substantial consolidation of their estates, which will recognize
the reality of the Debtors' intertwined obligations.

The value of the property to be distributed under the Plan during
the term of the Plan is not less than the Debtors' projected
Disposable Income for that same period. Unsecured creditors holding
allowed claims will receive distributions, which the Debtors have
valued at approximately 10 cents on the dollar. The Plan also
provides for the payment of secured, administrative, and priority
claims in accordance with the Bankruptcy Code.

During the term of this Plan, the Debtors shall submit their
Disposable Income (or value of such Disposable Income) necessary
for the performance of this Plan to the Subchapter V Trustee and
shall pay the Trustee the sums set forth herein.

The term of this Plan begins on the Effective Date and ends on the
sixtieth (60th) month subsequent to that date.

Class XIV consists of Allowed Unsecured Claims, including unsecured
amounts of lienholders. Payment shall be made from Disposable
Income over sixty (60) months. The allowed unsecured claims total
$1,300,00. This Class will receive a distribution of 10% of their
allowed claims.

The source of funds for distributions on all Allowed Claims under
the Plan shall be from the operations of WiseCare and the personal
income of the Weismans.  

A full-text copy of the Joint Chapter 11 Plan dated March 14, 2022,
is available at https://bit.ly/3qaNyQX from PacerMonitor.com at no
charge.

Counsel for Debtors:

     Joseph Selba, Esq.
     Tydings & Rosenberg, LLP
     1 East Pratt Street, Suite 901
     Baltimore, MD 21202
     Telephone: (410) 752-9700
     Email: jselba@tydingslaw.com

                      About WiseCare LLC

WiseCare, LLC offers a variety of diagnostic and treatment services
for the urgent care needs of patients of all ages.  The company is
based in Severn, Md.

WiseCare filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Md. Case No. 21-17794) on Dec.
14, 2021, listing $100,000 to $500,000 in assets and $1 million to
$10 million in liabilities. Perry Weisman, owner, signed the
petition. Joseph Selba, Esq., at Tydings & Rosenberg, LLP serves as
the Debtor's legal counsel.


WW INT'L: Moody's Cuts CFR to B1 & Alters Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service downgraded WW International, Inc.'s
("WW", dba "Weight Watchers") corporate family rating to B1 from
Ba3; its probability of default rating to B1-PD from Ba3-PD; and
the instrument ratings on the weight-management-services provider's
senior secured debt to B1 from Ba3. First-lien debt includes a $175
million revolving credit facility, a $945 million term loan and
$500 million of secured notes. The outlook has been revised to
negative from stable.

WW's SGL-1 speculative grade liquidity rating remains unchanged,
reflecting the company's very good liquidity.

The following ratings/assessments are affected by the action:

Issuer: WW International, Inc.

Corporate Family Rating, Downgraded to B1 from Ba3

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

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B1
(LGD3) from Ba3 (LGD3)

Senior Secured 1st Lien Regular Bond/Debenture, Downgraded to B1
(LGD3) from Ba3 (LGD3)

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of the CFR to B1 from Ba3 reflects Moody's concerns
for another double-digit percentage revenue decline in 2022
following the 12% decline in 2021, pushing WW's Moody's-adjusted
debt-to-EBITDA and free-cash-flow-as-a-percentage-of-debt to about
6.0 times and 6%, respectively, at year end 2022. An anticipated
rebound in studio (or workshop) and digital subscribers in response
to a broad easing of social distancing restrictions has not
materialized. While profitability margins are also expected to
decline, they will remain sound due to prudent cost management
(through, for example, lease cancellations and staff reductions).

The extent to which the COVID pandemic itself is responsible for
WW's operating weakness is hard to determine, given the many
factors affecting the company. Studio subscribers in particular
were negatively impacted by restrictions flowing from the pandemic,
while social distancing and other restrictions helped accelerate
the transition to digital. The much smaller workshop business
appears to be stabilizing, while the digital business has fallen
short of expectations, especially late in 2021. Last year the
company launched a new weight loss program, Personal Points, whose
reception has been moderately successful. Meanwhile, the rapid
transformation to a digital platform, whose subscribers provide
higher margins but lower revenue, continued apace. There is,
additionally, uncertainty with regard to how clearly an overall
"wellness" approach to weight loss resonates with customers.
According to the company, there has been an industry-wide decline
in online searches for weight loss programs. Although WW is a
public company and historically has provided financial targets for
the coming fiscal year, WW has not given revenue and profit
guidance for 2022, adding to the uncertainty. In February of this
year, the company announced that it will be bringing on a new CEO
who has extensive experience in developing an online social
community.

WW's market leading scale and high brand recognition support the
credit ratings. The weight management services industry is
competitive, and Moody's anticipates consumer preferences will
continue to evolve and could drive subscriber and revenue
volatility. Although WW has a history of boom-and-bust cycles, it
has repeatedly adapted to the technological and diet trend changes
it has faced in the past. Given its history of effective marketing,
WW could continue to find ways to drive subscribers. Despite
relatively weak subscriber numbers, subscriber retention is near
all-time highs, at 10.5 months. The total subscriber count at
year-end 2021 was a respectable 4.2 million, down nearly 6% versus
year-end 2020, when subscribers were at 4.4 million, an all-time
year-end high. However, for the last several years fourth-quarter
subscriber counts have been firmly higher than the prior-year-end's
subscriber counts – until 2021, that is, highlighting the
operating weakness. All of the decline stemmed from an
unanticipated loss in digital subscribers, while workshop (studio)
subscribers rose marginally year-over-year. Digital subscriber
revenue constitutes 65% of total sales currently, having risen
steadily over the years (as compared with, for example, 38% at
year-end 2018).

WW's very good liquidity, as reflected in the SGL-1 rating,
continues to support the credit. Cash balances for the last several
quarters have averaged more than $150 million, and stood at $154
million at the end of 2021, even after a $52 million prepayment of
term loan debt in December. Moody's expects free cash flow to be
subdued in 2022, representing mid- to upper-single-digit
percentages of debt, as compared with 7.9% at year-end 2021. Even
with a possibly double-digit decline in 2022 revenues, cost
containment measures should enable the company to continue to build
cash this year, a notable achievement in an uncertain environment.
And as it has in the past, the company may use cash to prepay debt
in an effort to attain its long-term net leverage target of 3.5
times. The company has full availability under its $175 million
revolver, which, given the strong cash balances, Moody's expects
will remain unused. The revolver includes a maximum net-first-lien
leverage covenant of 5.75 times for the final three quarters of
2022 (and additional step-downs thereafter, to 5.0 times in early
2025). The covenant is applicable to the revolver only and only
when at least 35% of the facility is drawn. Moody's does not expect
the covenant to be measured through 2022. The revolver expires in
2026.

The downgrade of the senior secured debt to B1 from Ba3, reflects
the downgrade of the PDR to B1-PD from Ba3-PD and WW's all senior
secured debt capital structure. Given the single class of debt, the
instrument ratings are the same as the company's B1 CFR.

WW's negative outlook reflects Moody's uncertainty regarding
whether WW can sustain margins and hold debt-to-EBITDA leverage
within 6.0 times over the next 12 to 18 months, given another
possibly low-double-digit-percentage revenue decline this year, and
margin pressure is also uncertain, and is highlighted by its choice
not to provide revenue or EBITDA guidance for the year. However,
Moody's expects continued very good liquidity from moderate free
cash flow, sustained high cash balances and a largely available
revolver, affording the company time to address the negative
subscriber and revenue trends. The outlook could be revised to
stable if Moody's anticipates a return to subscriber, revenue and
profit growth and expects debt-to-EBITDA leverage will remain below
6.0 times, while WW sustains good liquidity.

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

Given the negative outlook, an upgrade in the near term is
unlikely. However, over the longer term, a ratings upgrade is
possible if Moody's expects that WW will sustain revenue growth;
Moody's-adjusted debt-to-EBITDA below 5.0 times; and
free-cash-flow-to-debt leverage above 10%.

A downgrade may result if Moody's expects: sustained subscriber,
revenue, or profit declines; Moody's-adjusted leverage above 6.0
times; free cash flow as a percentage of debt below 5% for a
prolonged period (i.e., beyond 2022); or diminished liquidity.

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

Headquartered in New York, NY, WW International, Inc. (aka Weight
Watchers or WW) is a provider of weight management services.
Moody's expects 2022 revenue of roughly $1.1 billion, which would
be a nearly 12% decline relative to 2021. Weight Watchers is
registered on the Nasdaq Stock Market under the symbol WW.


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

S&P said, "The positive outlook reflects the potential for an
upgrade over the next year given our updated forecast that Xenia
will continue to improve RevPAR and EBITDA margin, which we
anticipate will reduce its S&P Global Ratings-adjusted debt to
EBITDA below 7.75x in 2022 absent significant leveraging
transactions.

"The outlook revision reflects our updated and more favorable
assumptions for Xenia's RevPAR, EBITDA, and leverage in 2022 due to
strong leisure demand and the anticipated recovery in business
transient and group bookings. These will likely improve leverage
below 7.75x absent unanticipated leveraging transactions. Based on
fourth-quarter 2021 results, we estimate Xenia's S&P Global
Ratings-adjusted net debt to EBITDA improved to about 9x, which
outperformed our base-case forecast of about 10x. In addition, we
forecast continued EBITDA recovery that leads to leverage in the
6x-6.5x range in 2022, even incorporating the W Nashville
acquisition. Leisure demand has remained resilient despite the
spread of the COVID-19 omicron variant, which enabled Xenia to
achieve same-property RevPAR in the fourth quarter of 2021 that was
18% below 2019 levels. We believe leisure demand will mostly hold
up in the first quarter of 2022 due to ongoing remote work trends
and extended weekend travel.

"We believe Xenia benefits from relatively high exposure to the
U.S. Sun Belt and non-gateway cities, which have outperformed
gateway cities according to our analysis of fourth-quarter 2021 STR
Inc. occupancy and RevPAR data. Xenia's hotels are in geographies
with more leisure and small and medium business travel." This
translated to faster RevPAR recovery in 2021, which will likely
continue in the near term compared to rated lodging REIT peers such
as Host, Park, RLJ, and Ryman.

Xenia's acquisitive appetite could slow deleveraging, and the
timing of an upgrade will depend on how aggressively it uses
incremental leverage to acquire hotels. Xenia announced plans to
acquire the W Nashville for $328.7 million, which will require
substantial liquidity and slow the deleveraging path. The W
Nashville's high price per key of $950,000 and estimated EBITDA
multiple in the high-teens percentage area based on anticipated
2022 results show Xenia's risk appetite and the increasing
competition among hotel companies to favorably position themselves
in Sun Belt states, even markets such as Nashville, Tenn., where
hotel supply is increasing. This demonstrates Xenia's willingness
to undertake a sizable acquisition as its confidence in RevPAR
recovery increases. S&P said, "We do not assume additional
leveraging acquisitions in 2022. Leverage could be higher than our
base case if Xenia makes additional debt-financed hotel purchases.
We revised the outlook to positive despite the acquisition
announcement because we believe RevPAR, EBITDA margin, and the
company's goal to reduce leverage over time will support an
upgrade."

The company's business strengths are meaningful risk mitigants.
Xenia has a high-quality, geographically diverse portfolio of
hotels, notably in several Sun Belt states. The company's focus on
quality assets and its long-term management contracts with
Marriott, Hyatt, and other well-known brands enable it to garner
relatively high average daily rates. Offsetting considerations
include Xenia's smaller scale compared with rated lodging REIT
peers, as well as its modestly lower EBITDA margin. In S&P's view,
competitors Host, Park, and Ryman own some very large and
hard-to-replicate assets in locations typically attractive to
business and group travelers. While the recovery path for these
hotels may be slower than for Xenia's portfolio over the next year
or two, these qualities normally represent competitive advantages
and barriers to entry for competitors in their respective
markets--and may again if business and group travel recovers
sufficiently.

Xenia has a sufficient base of unencumbered assets that could
provide the flexibility to monetize individual hotels, even if the
timing may be disadvantageous. Leverage could remain high in 2022
even under S&P's base-case assumptions for RevPAR recovery. Xenia
may need to pursue solutions to reduce its debt burden over the
long term, including debt repayment, possible equity issuances, or
additional asset sales. To the extent Xenia uses the proceeds from
asset sales to repay debt, S&P likely would view it as credit
positive if the company sells them for a higher multiple than its
leverage. Xenia has already taken actions to opportunistically sell
assets and reduce debt, including two hotel sales in November 2021
and January 2022. The breadth of Xenia's portfolio and its lower
room count per property relative to its peers with larger
properties could facilitate potential sales.

Other business considerations include:

-- The cyclical nature of the lodging industry and the high
revenue and earnings volatility associated with hotel ownership.

-- Xenia's concentration in luxury and upper upscale segments
could lead to greater volatility in its EBITDA over the cycle than
for hotel owners focused on the economy or midscale segments.
Pricing tends to compress during an economic downturn, which has
the greatest effect on the luxury segment and the least severe
effect on the economy segment. As a result, Xenia is more exposed
to EBITDA variability over the cycle than hotel owners in
lower-price, select-service segments, and lodging managers and
franchisers that do not have an owner's fixed cost burden.

-- S&P assumes no additional asset sales in its base-case
forecast, partly because the timing and size of noncore asset sales
are not easily quantifiable.

-- S&P believes Xenia's track record suggests it will reduce
leverage over time. Xenia's measure of leverage was 3.1x-4.2x over
the past few years and 4.1x as of year-end 2019. Based on its track
record, we believe Xenia could reduce leverage to historical levels
over the next several years.

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

-- Social- Health and safety

The positive outlook reflects the potential for an upgrade over the
next year given S&P's updated forecast that Xenia will continue to
improve RevPAR and EBITDA margin. It anticipates this will reduce
S&P Global Ratings-adjusted debt to EBITDA below 7.75x in 2022
absent significant leveraging transactions.

S&P could raise its ratings on the company if it believes it can
sustain:

-- Adjusted debt to EBITDA of less than 7.75x; and

-- EBITDA coverage of interest expense of more than 2x.

This scenario would likely entail a continued business and group
travel recovery.

If S&P believes RevPAR, EBITDA, cash flow, and credit measures
cannot recover sufficiently to warrant an upgrade, or that equity
and hotel transaction markets may not be available for Xenia, S&P
could revise the rating outlook to stable. Although less likely
under the currently anticipated recovery, if S&P views its capital
structure as unsustainable over the long term, it could lower
ratings as a result.

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

Social factors are now a moderately negative consideration in S&P's
credit rating analysis of Xenia, reflecting the company's RevPAR
recovery during recent quarters. This incorporates the
unprecedented decline in RevPAR due to the pandemic. Although this
was a rare and extreme disruption that probably will not recur at
the same magnitude, Xenia is unlikely to recover to 2019 RevPAR
until 2023. Xenia has exposure to densely populated U.S. urban
markets sensitive to health and safety concerns and cater to
business and group travel. It is therefore likely to recover more
slowly than the overall lodging industry. In addition, Xenia's
hotel ownership business model entails high operating leverage and
EBITDA sensitivity to revenue fluctuations. Risk remains around
regional health concerns, a slower recovery among upscale and
luxury hotels, and uncertainty over long-term disruption to group
and business travel.



YUM! BRANDS: S&P Upgrades ICR to 'BB+', Outlook Stable
------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Yum! Brands
Inc. to 'BB+' from 'BB'. At the same time, S&P raised its
issue-level rating on Yum! subsidiaries' senior unsecured notes to
'BB+' from 'BB'. The ratings on the subsidiaries' senior secured
credit facilities are unchanged.

Additionally, S&P raised its issue-level rating on Yum!'s senior
unsecured notes to 'BB' from 'BB-'.

The stable outlook reflects S&P's expectation for steady operating
performance driven by ongoing successful brand-level initiatives
that will contribute to same-store sales growth and good franchisee
restaurant development.

The upgrade reflects Yum!'s good performance across its multibrand,
highly franchised QSR group. Yum!'s total system sales increased
13% during fiscal 2021 to approximately $57 billion (net of foreign
currency impact), driven by 10% same-store sales growth and
accelerating net new unit openings. Same-store sales gains were
broad-based across its brands as the company successfully executed
its menu, marketing and digital initiatives. Profitability also
improved, with the company's S&P Global Ratings-adjusted EBITDA
margin expanding 220 basis points (bps) to 38.7%. Although we
expect some profit margin pressure this year due to higher company
restaurant expenses and increased general and administrative (G&A)
spending, S&P believes margins will increase in 2023 and beyond as
Yum! leverages costs with mid- to high-single-digit percentage
system sales growth.

In our view, Yum! has a solid growth pipeline as its good brand
awareness and improving unit economics drive record development.
The company opened more than 3,000 net new units during 2021,
expanding its restaurant footprint 6% to over 53,000. S&P believes
the company's long-term target of 4%-5% net new unit growth remains
achievable considering its success expanding internationally. Yum!
franchises approximately 98% of its restaurants, collecting sales
royalties and fees that are insulated from rising commodity costs
and wage pressures that weigh on restaurant operators. The
company's asset-light business model relies on franchisees
committing capital to fund restaurant growth. As a result, Yum!'s
low capital expenditure (capex) needs and steady stream of
franchisee payments generate consistently solid FOCF, which
increased to $1.5 billion in fiscal 2021, underpinning its strong
liquidity.

Yum!'s leading brands, global scale, and diversification are key
credit strengths. KFC's system sales increased 16% in fiscal 2021
to $31 billion, with same-store sales increasing 11% (2% on a
two-year basis) and units rising 8%. The successful launch of KFC's
chicken sandwich, a category that has expanded rapidly and which
the company has underindexed relative to its competitors, has aided
in reclaiming market share. Competition remains fierce
domestically, but we believe the chicken QSR segment will
outperform other food categories given consumer taste preferences.
Internationally, KFC dominates the Chinese market, with more than
8,100 locations and strong brand recognition. The recent surge in
COVID-19 cases in China will pressure sales performance at Yum!'s
largest master franchisee. S&P said, "However, we expect the
company will manage these challenges by leveraging its digital and
delivery capabilities. We expect sales will recover gradually as
conditions improve." This market will continue to account for the
largest share of Yum!'s net new unit openings as KFC expands to new
cities and adds density in more developed cities.

Taco Bell's 13% system sales growth in fiscal 2021 was driven by an
11% increase in same-store sales (10% on a two-year basis) and 5%
unit growth. S&P expects Taco Bell's leading menu innovation,
marketing savvy, and loyal customer following will fuel good
operating momentum. Additionally, as consumer mobility improves
this year, we believe the company can further expand its breakfast
business. Its leading market share in the Mexican QSR segment and
healthy profit margins will continue to attract additional
franchisee development.

Pizza Hut's system sales increased 6% last year, due to 7%
same-store sales growth (1% on a two-year basis) and 4% unit
growth. The brand has improved its restaurant base, closing more
than 10% of its underperforming units in the U.S. in 2020. It has
benefited from the growth in off-premises dining. The company
enhanced its digital capabilities and achieved success with its
family meal options. Still, the pizza category remains highly
competitive, increasing with the growth in third-party delivery.

Yum!'s scale, which it leverages through its brands' national
advertising campaigns, delivery partnerships, and purchasing
cooperative among other strategic areas, provides significant
advantages over smaller competitors in a highly fragmented
industry. Nevertheless, Yum!'s franchisees contend with higher
operating costs and will need to balance pricing actions to offset
rising expenses without damaging customer value perception. S&P
said, "Although we recently lowered our outlook for economic growth
this year in part due to higher energy prices, we believe low
unemployment, wage growth, and improving mobility will continue to
support restaurant spending in 2022. However, if economic
conditions deteriorate, we believe Yum!'s focus on value and
convenience will continue to resonate with consumers and support
relatively resilient operating performance."

S&P said, "We forecast Yum! will maintain S&P Global
Ratings-adjusted leverage at 5x. Yum!'s capital allocation
prioritizes investing in the maintenance and growth of its
business, paying a competitive dividend and returning excess cash
to shareholders through buybacks. The company sits below its public
net leverage target of 5x on strong operating results in fiscal
2021. We anticipate leverage will increase this year, approaching
its target, as Yum! utilizes added earnings capacity to issue
incremental debt for share repurchases. We believe Yum! would
curtail buybacks if operating conditions deteriorate meaningfully,
electing to preserve liquidity and prioritize cash flow toward
managing net leverage to around 5x.

"Yum! has relative strengths across its restaurant brands, global
diversification, business performance, cash flow generation, and
credit metrics, which compare favorably to those of other 'BB'
rated entities. Thus, we apply a positive comparable ratings
analysis modifier, which provides a one-notch uplift to our
rating.

"The stable outlook reflects our expectation for ongoing successful
new unit development and modestly positive same-store sales growth
this year across Yum!'s restaurants. It also reflects our view that
Yum! will maintain S&P Global Ratings-adjusted leverage of about 5x
on a sustained basis."

S&P could lower its rating if:

-- Financial performance weakens due to market share loss stemming
from increased competition, changing consumer preferences, or a
material health and safety issue that impairs its brand image; or

-- S&P Global Ratings-adjusted leverage approaches 6x and FOCF
weakens to less than $1 billion.

S&P could raise its rating if Yum!:

-- Adopts a more conservative financial policy that maintains S&P
Global Ratings-adjusted leverage in the low-4x area; and

-- Generates consistent operating performance metrics, including
same-store sales, net new restaurant growth, and EBITDA margins
across its restaurant concepts.

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



YUNHONG CTI: Falls Short of Nasdaq Bid Price Requirement
--------------------------------------------------------
Yunhong CTI Ltd. received written notice from The Nasdaq Capital
Market stating that the Company was not in compliance with Nasdaq
Listing Rule 5550(a)(2) because the Company's common stock failed
to maintain a minimum closing bid price of $1.00 for 30 consecutive
business days.  The Notice has no immediate effect on the Nasdaq
listing or trading of the Company's common stock.

The Notice provides an initial 180 calendar day period, or until
Sept. 5, 2022, in which to regain compliance, pursuant to Listing
Rule 5810(c)(3)(A).  If, at any time before that date the bid price
of the Company's common stock closes at $1.00 per share or more for
a minimum of 10 consecutive business days, Nasdaq will notify the
Company that it has achieved compliance with the Minimum Bid Price
Rule.

As previously reported, on Jan. 12, 2022, the Company received a
letter from the Listing Qualifications Department of Nasdaq
notifying the Company that it did not comply with the annual
meeting requirement for continued listing set forth in Listing
Rules 5620 due to its failure to hold an annual meeting of
stockholders within 12 months of the end of the Company's fiscal
year ending Dec. 31, 2020.  On March 8, 2022, the Company received
a letter from Nasdaq that Nasdaq has determined to grant the
Company an extension until June 17, 2022 to regain compliance with
the Annual Meeting Rule by holding an annual meeting of
shareholders.  Failure to regain compliance with standards for
continued listing would result in the ultimate de-listing of CTI's
common stock, ticker symbol "CTIB", from Nasdaq.

The Company intends to actively monitor the closing bid price of
its common stock and will evaluate available options to regain
compliance with the Minimum Bid Price Rule.  The Company also
intends to hold the annual shareholder meeting by June 17, 2022 to
regain compliance with the Annual Meeting Rule.

                         About Yunhong CTI

Lake Barrington, Illinois-based Yunhong CTI Ltd. --
www.ctiindustries.com -- develops, produces, distributes and sells
a number of consumer products throughout the United States and in
over 30 other countries, and it produces film products for
commercial and industrial uses in the United States.  Many of the
Company's products utilize flexible films and, for a number of
years, it has been a leading developer of innovative products which
employ flexible films including novelty balloons, pouches and films
for commercial packaging applications.

Yunhong CTI reported a net loss of $4.25 million for the 12 months
ended Dec. 31, 2020, compared to a net loss of $8.07 million for
the 12 months ended Dec. 31, 2019.  As of Sept. 30, 2021, the
Company had $24.88 million in total assets, $19.59 million in total
liabilities, and $5.30 million in total shareholders' equity.

New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated April
15, 2021, citing that the Company has suffered recurring losses
from operations and will require additional capital to continue as
a going concern.  In addition, the Company is in violation of
certain covenants agreed to with PNC Bank which if not resolved
could result in PNC Bank initiating liquidation proceedings.  This
raises substantial doubt about the Company's ability to continue as
a going concern.


ZEBRA TECHNOLOGIES: Matrox Deal No Impact on Moody's 'Ba1' CFR
--------------------------------------------------------------
Moody's Investors Service said Zebra Technologies Corporation's
recently announced that it entered into an agreement to acquire
Matrox Electronic Systems Ltd. (Matrox Imaging), a developer of
advanced machine vision components and systems for $875 million in
cash. Zebra anticipates funding the acquisition with a combination
of cash and advances under the company's credit facility. The
transaction is credit negative given reduced liquidity and an
increase in debt to EBITDA to an estimated 1.7x (Moody's adjusted,
gross debt and partial credit for planned synergies) compared to
1.0x as of December 2021, but there is no immediate impact to
ratings. The transaction is subject to regulatory approval and is
expected to close in 2022.

Despite the increase in adjusted leverage to 1.7x, Zebra is solidly
positioned in its Ba1 Corporate Family Rating given Moody's
expectation for continued organic top line gains in the mid-single
digit percentage range and very good free cash flow over the next
year despite the negative impact of supply-chain disruption.
Adjusted leverage will remain well below the 3x downgrade trigger
with adjusted free cash flow to debt of 45% or more over the next
year allowing leverage and free cash flow metrics to return to
pre-acquisition levels in roughly one year. Zebra has a good track
record for returning credit metrics to pre-transaction levels
following debt financed acquisitions. In the second half of 2020,
Zebra funded the $575 million acquisition of Reflexis Systems, Inc.
with a combination of cash and debt, and was able to fully repay
borrowed funds in less than one year.

For the fiscal year ended December 2021, net sales for Zebra
increased 26.5% to a record $5.6 billion reflecting recent
acquisitions plus organic growth across North America, EMEA, APAC,
and Latin America. Despite the negative impact of supply chain
disruptions, top line gains are supported by ongoing solid demand
for mobile computing. EBITDA margins also reached a record high of
22% (Moody's adjusted) as benefits from scale as well as higher
margin service and software revenues offset increasing freight
costs. Zebra was able to partially mitigate the impact of
industry-wide supply chain challenges by accessing new supply
sources and alternate transportation for deliveries. Over at least
the next year, total revenues will continue to grow in the
mid-single digit percentage range driven by solid demand for
technology offerings related to the Internet of Things (IoT),
Enterprise Mobility, Cloud Computing, and Intelligent Automation.

Annual revenues for Matrox Imaging are roughly $100 million,
compared to Zebra's reported net revenues of $5.6 billion for
fiscal December 2021, and pro forma profit margins for Matrox
Imaging are expected to be higher than for Zebra which posted 22%
EBITDA margin (Moody's adjusted) in 2021. Matrox Imaging expands
Zebra's portfolio of machine vision products, software, and
services by enhancing the company's recently launched fixed
industrial scanning and machine vision businesses. Zebra entered
the fixed industrial scanning and machine vision end markets via
organically developed offerings complemented by the acquisition of
Adaptive Vision in May 2021. Moody's expects that Zebra will be
able to leverage its scale and global reach to accelerate revenue
growth for Matrox Imaging particularly in the automotive,
pharmaceutical, electronics, and food & beverage industries.

Zebra has very good liquidity with 99% availability under its $1
billion revolver facility due 2024. Balance sheet cash totaled $332
million as of December 2021, up from $168 million at the end of
2020, and Moody's expects that Zebra will continue to generate good
cash flow with adjusted free cash flow to debt of 45% or more over
the next year, despite the impact of supply chain disruptions.

Based in Lincolnshire, IL, Zebra Technologies Corporation is a
provider of mobile computers, barcode scanners, and specialized
printers serving retail/ecommerce, manufacturing, transportation
and logistics, healthcare, and other industries. Revenues will
likely exceed $6 billion over the next year.


ZOOMINFO TECHNOLOGIES: S&P Upgrades ICR to 'BB', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S. based
ZoomInfo Technologies Inc. to 'BB' from 'BB-'. S&P also raised its
rating on the company's first-lien debt to 'BB+' from 'BB', and
raised its rating on the company's existing senior unsecured notes
to 'B+' from 'B'. The recovery ratings are unchanged at '2' and
'6', respectively.

S&P said, "The stable outlook on ZoomInfo reflects our expectation
that the company will experience healthy organic revenue growth in
the mid-30% area and proportionally expand its EBITDA through
scaling recently acquired businesses, leading to FOCF of $380
million to $390 million over the next year. We also expect the
company will maintain strong EBITDA interest coverage above 6x.

"We expect good growth prospects and solid cash flow generation.
While the prevailing macroeconomic uncertainty could pressure
enterprise information technology spending in 2022, the company's
sales are generated mainly in the U.S. and it has experienced very
strong customer demand for its core software offerings, like its
intelligence platform. The company's estimated annualized customer
growth of 35% in 2021 coupled with its annual net revenue retention
rate of 116%, support our revenue growth expectation of at least
35% over the next year. Moreover, we believe ZoomInfo's main
competitive advantage lies with its data engine (which generates
customer data accuracy rates of 95%) which is important to improved
lead generation and outcomes for sales and marketing campaigns.
Additionally, ZoomInfo's investment in new product development and
ongoing acquisition strategy have helped expand product offerings
in areas like conversational intelligence, sales automation, and
marketing engagement. We believe ZoomInfo has good traction with
its growth strategy as evidenced by the 70% year-over-year increase
in customers with greater than $100,000 in annual contract value.
Over the coming year, we expect the company to increase its revenue
by adding new accounts and transitioning its existing customers to
more comprehensive solutions that will raise its ACV and support
annual free operating cash flow (FOCF) generation of at least $385
million.

"ZoomInfo's credit profile will benefit from an independent public
ownership structure and improved governance. The pre-IPO private
equity owners have reduced their ownership to about 20%. As a
result, we no longer view ZoomInfo as a financial sponsor-owned
company and believe this structure enhances the company's financial
policy framework and reduces the risk for significant re-leveraging
events. Additionally, while ZoomInfo has been acquisitive
historically, we expect the company to uphold its financial
policies, including a publicly stated net leverage target of 3x
(which includes a change in deferred revenue), which equates to
around 4x on an S&P Global Ratings-adjusted basis, which now
incorporates 100% cash netting. We expect the company to maintain a
prudent approach to capital deployment while its strong operating
performance and cash flow generation will provide some flexibility
for the company to assess future growth strategies.' The company
has a track history of acquiring early-stage technology companies
that generate minimal profits but provide promising strategic value
and enhance the company's solution set that support future growth.

In connection with the sponsor ownership sell-down, the company has
incurred a significant tax receivable agreement (TRA) liability of
around $3 billion as of Dec. 31 2021. The TRA requires 85% of the
accumulated tax savings to be shared with pre-IPO owners (TA
Associates and The Carlyle Group). S&P said, "Our inclusion of the
undiscounted TRA obligation raised adjusted leverage to around 15x
compared to 3.3x at Dec. 31. 2021 (excluding the liability). While
we use this treatment to reflect the call on future cash flows, we
expect the company's solid FOCF generation and debt service ability
not to weaken materially as a result. We expect adjusted leverage
of 10x in 2022, which is equivalent to 3x excluding the TRA.
Moreover, any payments that arise from tax benefits are likely to
match the realization of tax offsets from the use of deferred tax
assets totaling $4 billion over a 15-year period. We expect the
cash outflows associated with the TRA will have a minimal impact on
the company's liquidity over the next 12-24 months. More
importantly, we believe the company and the pre-IPO owners will not
renegotiate the TRA, and we view the risk of the company using debt
to settle the TRA--thereby driving up leverage--as low." While the
TRA does contain an acceleration provision for a change in control,
the pre-IPO holders cannot request an acceleration of payment on
demand and are only to be paid as the accumulated deferred tax
assets are used.

S&P said, "The stable outlook on ZoomInfo reflects our expectation
that the company will experience healthy organic revenue growth in
the mid-30% area and proportionally expand its EBITDA through
scaling recently acquired businesses, leading to free operating
cash flow of $380 million to $390 million over the next year. We
also expect the company will maintain strong EBITDA interest
coverage above 6x."

S&P could lower its rating on ZoomInfo if:

-- Its sustains annual FOCF materially below $300 million. This
could occur if heightened competition and diminished product
effectiveness (including data accuracy rates) leads to material
customer losses or declining profitability.

-- S&P believes there is increased probability that the company
will negotiate an agreement with pre-IPO holders to settle the TRA
obligation with debt.

While unlikely over the next 12 months because of the company's
business risk profile relative to higher rated peers. S&P could
consider raising its rating on ZoomInfo if:

-- It further expands its scale while growing its market position
through consistent organic revenue growth while maintaining high
profitability, demonstrating sustainable competitive advantages
that lead us to revise our view of the business risk; and

-- Its adjusted FOCF to debt (including the TRA liability) remains
substantially above, 15%.

ESG Credit Indicators: E-2, S-2, G-2

ESG credit factors have had no material influence on S&P's credit
rating analysis of ZoomInfo Technologies Inc.



[*] Puerto Rico Bankruptcy Filings Decreased 21% in February 2022
-----------------------------------------------------------------
Michelle Kantrow-Vázquez of News Is My Business reports that
bankruptcy filings in Puerto Rico down 21% in February 2022.

The number of bankruptcy petitions filed by companies and
individuals in Puerto Rico during the month of February 2022 were
down 21% when compared to the same month in 2021, according to
information released by research firm Boletín de Puerto Rico.

Last January 2022, a total of 295 cases were filed at the US
Bankruptcy Court, compared to 374 cases on record for February
2021.

During the first two months of 2022, a total of 549 cases have been
filed, representing a 16.6% drop when compared to the prior year.

Of those accrued cases, the report shows that Chapter 13 personal
reorganization cases prevailed, with 346 cases on file under that
category. That represents a 8.7% drop when compared to the 379
cases on record for the same two month-period in 2021.

Meanwhile, Chapter 7 total liquidation cases reached 197 for the
two months, representing a 27.3% year-over-year drop, from the 271
cases on record for 2021, the report shows.

Next came Chapter 11 reorganization filings, with five cases on
record for the two months in 2022, which is down 16.7% when
compared to January-February 2021, when six cases were filed.

In the last category, Chapter 12 -- a category reserved for
agricultural businesses -- there was one case filed in
January-February 2022, down by 50% from the two cases filed during
the first two months of 2021.

There were five petitions filed reporting nearly $13 million in
debt, in the areas of food manufacturing, podiatry, real estate,
hardware stores and restaurants. A total of 38 businesses filed for
some sort of bankruptcy protection during the two-month period.


[^] BOND PRICING: For the Week from March 14 to 18, 2022
--------------------------------------------------------

  Company                    Ticker  Coupon Bid Price    Maturity
  -------                    ------  ------ ---------    --------
Accelerate Diagnostics Inc   AXDX      2.50     73.05   3/15/2023
Assabet Valley Bancorp       AVBANC    5.50     87.39  08/01/2027
Assabet Valley Bancorp       AVBANC    5.50     87.39  08/01/2027
BPZ Resources Inc            BPZR      6.50      3.02  03/01/2049
Basic Energy Services Inc    BASX     10.75      3.04  10/15/2023
Basic Energy Services Inc    BASX     10.75      3.04  10/15/2023
Boston Scientific Corp       BSX       3.85    102.80   5/15/2025
Bristol-Myers Squibb Co      BMY       3.88    100.04   8/15/2025
Buffalo Thunder
  Development Authority      BUFLO    11.00     50.00  12/09/2022
Citigroup Capital XVIII      C         1.14     98.90   6/28/2067
Diamond Sports Group LLC /
  Diamond Sports
  Finance Co                 DSPORT    6.63     21.34   8/15/2027
Diamond Sports Group LLC /
  Diamond Sports
  Finance Co                 DSPORT    6.63     21.85   8/15/2027
EnLink Midstream
  Partners LP                ENLK      6.00     70.00         N/A
Endo Finance LLC /
  Endo Finco Inc             ENDP      5.38     71.00   1/15/2023
Endo Finance LLC /
  Endo Finco Inc             ENDP      5.38     71.00   1/15/2023
Energy Conversion Devices    ENER      3.00      7.88   6/15/2013
Enterprise Products
  Operating LLC              EPD       4.88     84.78   8/16/2077
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT   10.00     66.48   7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT   10.00     66.19   7/15/2023
GTT Communications Inc       GTTN      7.88      9.25  12/31/2024
GTT Communications Inc       GTTN      7.88     10.25  12/31/2024
General Electric Co          GE        4.00     76.96         N/A
Goodman Networks Inc         GOODNT    8.00     75.00  05/11/2022
Lannett Co Inc               LCI       4.50     34.00  10/01/2026
MAI Holdings Inc             MAIHLD    9.50     24.66  06/01/2023
MAI Holdings Inc             MAIHLD    9.50     24.66  06/01/2023
MAI Holdings Inc             MAIHLD    9.50     24.66  06/01/2023
MBIA Insurance Corp          MBI      11.50      9.64   1/15/2033
MBIA Insurance Corp          MBI      11.50      9.64   1/15/2033
Macquarie Infrastructure
  Holdings LLC               MIC       2.00     95.38  10/01/2023
Malvern Bancorp Inc          MLVF      6.13     95.00   2/15/2027
Morgan Stanley               MS        1.80     85.92   8/27/2036
Nine Energy Service Inc      NINE      8.75     58.80  11/01/2023
Nine Energy Service Inc      NINE      8.75     59.31  11/01/2023
Nine Energy Service Inc      NINE      8.75     59.41  11/01/2023
OMX Timber Finance
  Investments II LLC         OMX       5.54      0.84   1/29/2020
Plains All American
  Pipeline LP                PAA       6.13     80.25         N/A
Renco Metals Inc             RENCO    11.50     24.88  07/01/2003
Revlon Consumer Products CorpREV       6.25     34.52  08/01/2024
Ruby Pipeline LLC            RPLLLC    8.00     92.48  04/01/2022
Ruby Pipeline LLC            RPLLLC    8.00     92.44  04/01/2022
Sears Holdings Corp          SHLD      8.00      0.89  12/15/2019
Sears Holdings Corp          SHLD      6.63      0.22  10/15/2018
Sears Holdings Corp          SHLD      6.63      0.76  10/15/2018
Sears Roebuck Acceptance     SHLD      7.50      0.80  10/15/2027
Sears Roebuck Acceptance     SHLD      7.00      1.02  06/01/2032
Sears Roebuck Acceptance     SHLD      6.50      1.02  12/01/2028
Sears Roebuck Acceptance     SHLD      6.75      1.08   1/15/2028
TPC Group Inc                TPCG     10.50     51.78  08/01/2024
TPC Group Inc                TPCG     10.50     53.66  08/01/2024
Talen Energy Supply LLC      TLN       6.50     26.50  06/01/2025
Talen Energy Supply LLC      TLN      10.50     28.13   1/15/2026
Talen Energy Supply LLC      TLN      10.50     29.45   1/15/2026
Talen Energy Supply LLC      TLN       6.50     26.50   9/15/2024
Talen Energy Supply LLC      TLN       9.50     86.27   7/15/2022
Talen Energy Supply LLC      TLN      10.50     30.12   1/15/2026
Talen Energy Supply LLC      TLN       9.50     86.27   7/15/2022
Talen Energy Supply LLC      TLN       6.50     26.50   9/15/2024
TerraVia Holdings Inc        TVIA      5.00      4.64  10/01/2019
Trousdale Issuer LLC         TRSDLE    6.50     33.00  04/01/2025


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
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Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
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than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
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includes links to freely downloadable images of these small-dollar
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Each Friday's edition of the TCR includes a review about a book of
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available at your local bookstore or through Amazon.com.  Go to
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Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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The TCR subscription rate is $975 for 6 months delivered via
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are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***