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

              Thursday, March 2, 2023, Vol. 27, No. 60

                            Headlines

1111 INVESTMENT: Begins Subchapter V Bankruptcy Case
1ST CHOICE REHABILITATION: Seeks Cash Collateral Access
772 & 720 HOLDING: Court OKs Deal on Cash Collateral Access
ABC DENTISTRY: Brewer's Failure to Produce Emails Sanctioned
ADIENT GLOBAL: S&P Rates New $350MM Senior Secured Notes 'BB+'

AGOGIE INC: Court OKs Cash Collateral Access Thru April 1
ALL ABOUT KIDZ: Unsecureds to be Paid in Full in 60 Months
ALL FOR ONE MEDIA: Posts $757K Net Income in First Quarter
ALLEGIANCE COAL: Court OKs Interim Cash Collateral Access
ALTERYX INC: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable

AMERICANAS SA: Bondholders Hire Moelis, Padis Matter for Advice
ANACK TRANSPORTATION: Court OKs Interim Cash Collateral Access
ASP UNIFRAX: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
ATLANTIC ACCEPTANCE: Commences Subchapter V Bankruptcy Case
AURORA COMMERCIAL: 2d Cir. Affirms Order Expunging Pierre's POC

AVAYA INC: $500MM DIP Term Loan from Wilmington OK'd
AYTU BIOPHARMA: To Restate Form 10-Q Over Classification Error
AZURE DEVELOPMENT: Creditor Seeks SARE Designation
BAUSCH HEALTH: S&P Upgrades ICR to 'CCC', Outlook Negative
BAYTEX ENERGY: S&P Affirms 'B+' LT ICR on Ranger Oil Acquisition

BED BATH & BEYOND: Catches Up on Payment of Interest on Notes
BERKTREE LLC: Case Summary & 20 Largest Unsecured Creditors
BESTWALL LLC: Says 10th Circuit's J&J Decision Doesn't Apply
BIG VILLAGE: U.S. Trustee Appoints Creditors' Committee
BLOCKFI INC: Slows Down Efforts to Return Customers' Crypto

BOY SCOUTS: Ohio Lawmakers Revive Bill for Sex Abuse Claims
CANO HEALTH: Lender Group Hires Adviser as Cash Dips
CANO HEALTH: S&P Rates New $150MM First-Lien Term Loan 'B-'
CELSIUS NETWORK: Judge Authorizes Bitmain Coupons Discount Sale
CEN TEX SUPERIOR: Seeks Cash Collateral Access

CORE SCIENTIFIC: Supports Appointment of Equity Committee
DANNY & CORIE: Court OKs Final Cash Collateral Access
DFW BOAT: Court OKs Interim Cash Collateral Access
DIOCESE OF ROCKVILLE CENTRE: Urged to Mediate by Judge Glenn
EASTERDAY RANCHES: Tyson Foods Gets $6.3M from Cody Easterday Cases

EASTGATE WHITEHOUSE: Has Deal on Cash Collateral Access
EDPASS NY: Court OKs Cash Collateral Access Thru March 15
EQUINOX HOLDINGS: S&P Downgrades ICR to 'SD' on Maturity Extension
ESTILL, SC: S&P Lowers 'BB' Rating on Sewer Utility Revenue Debt
FARADAY FUTURE: Targets March 30 to Start FF 91 Futurist Production

FARAJI ENTERPRISE: Wins Cash Collateral Access Thru March 31
GARCIA GRAIN: Wins Cash Collateral Access Thru March 13
GAUCHO GROUP: Grosses $5 Million From Sale of Convertible Notes
GAUCHO GROUP: Signs Exchange Agreement With Noteholders
GEMINI HDPE: S&P Affirms 'BB' Rating on Senior Secured Debt

GOBO LTD: Case Summary & Two Unsecured Creditors
GOLDEN Z LLC: Files for Chapter 11 Bankruptcy Protection
GREEN ENVIRONMENTAL: Files for Chapter 11 Protection
HEAVEN'S LANDING: Court Confirms Fourth Amended Plan
HIGHPOINT LIFEHOPE: Wins Continued Use of Cash Collateral

INNERSCOPE HEARING: Posts $451K Net Loss in Q3 2020
J&B EXPRESS: Wins Interim Cash Collateral Access
K MEDICAL: Case Summary & 20 Largest Unsecured Creditors
KABBAGE INC: PPP Borrowers Fight Bankruptcy Plan
KLX ENERGY: Expects Fourth Quarter Revenue of $221.5M to $223.5M

KOPPERS HOLDINGS: S&P Rates New $400MM Secured Term Loan B 'BB-'
LIFE HOTEL: Public Sale Auction Set for April 21
LTL MANAGEMENT: J&J Must Face Cancer Victims in Court
LTL MANAGEMENT: Legal Groups, US Chamber Favor Ch. 11 Rehearing
MARCH ON HOSPITALITY: Court OKs Cash Collateral Access Thru March 6

MATCON CONSTRUCTION: Wins Cash Collateral Access Thru March 27
MEDFORD LLC: Court OKs Cash Collateral Access Thru March 31
MEHLING ORTHOPEDICS: Court OKs Cash Collateral Access
MOVIA ROBOTICS: Files Emergency Bid to Use Cash Collateral
NAVIENT CORP: Fitch Affirms BB- LongTerm IDR, Outlook Stable

NORTH AMERICAN: DBRS Confirms Pfd-4(high) Rating on Pref. Shares
OLD MAJESTIC BREWING: Court OKs Interim Cash Collateral Access
OT MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative
PANACEA LIFE: Agrees to Pay $385K Convertible Note in Full
PARTY CITY: Holland Township Store Included in Closures

PERFORMANCE POWERSPORTS: $10MM DIP Loan from Tankas Funding OK'd
PROASSURANCE CORP: S&P Alters Outlook to Stable, Affirms 'BB' ICR
RAGSTER INVESTMENT: Court OKs Interim Cash Collateral Access
RANGER OIL: S&P Places 'B' ICR on Watch Positive on Baytex Deal
REMODEL 615: Wins Cash Collateral Access Thru March 9

RESIDENCES AT OVATION: Starts Subchapter V Bankruptcy Case
REVERSE MORTGAGE: $8MM Additional DIP Loan from BNGL OK'd
REVLON INC: Reaches Deal With Holdout Lenders
RISING TIDE: S&P Downgrades ICR to 'SD' on Distressed Exchange
RITCHIE BROS: S&P Assigns Preliminary 'BB+' Rating on Secured Debt

SALEM MEDIA: S&P Lowers Senior Secured Notes Rating to 'B-'
SANOTECH 360: Court OKs Cash Collateral Access Thru March 27
SAS AB: Deugoue's Move to Vacate December 9 Order Denied
SEARS HOLDINGS: Closes Last Retail Store in Ohio
SLM CORP: Fitch Alters Outlook on BB+ LongTerm IDR to Stable

SMARTPAC INC: Lender Seeks to Prohibit Cash Collateral Access
SPEEDBOAT JV: Voluntary Chapter 11 Case Summary
SPIRIPLEX INC: Case Summary & 20 Largest Unsecured Creditors
STEM HOLDINGS: Incurs $3.1 Million Net Loss in First Quarter
SVP WORLDWIDE: Lenders Tap Legal Counsel to Seek Advice

TAAT INTERNATIONAL: Files Subchapter V Case
THB CONSTRUCTION: Commences Subchapter V Case
THUNDERBIRD GLOBAL: Bid to Dismiss Counterclaims Granted in Part
TOMS KING: Court OKs Cash Collateral Access Thru April 7
TRICIDA INC: Kidney Drug Veverimer Bought by Renibus

US ANESTHESIA: S&P Alters Outlook to Negative, Affirms 'B' ICR
VERISTAR LLC: Seeks to Hire EmergeLaw as Bankruptcy Counsel
VOYAGER DIGITAL: FTC, SEC Push Back Sale to Binance Amid Probe
VOYAGER DIGITAL: FTX's SBF Declines to Testify in Voyager Case
W LOFTS DEVELOPMENT: Involuntary Chapter 11 Case Summary

WEWORK INC: Jared DeMatteis Steps Down From All Positions
WHITE RABBIT: Wins Cash Collateral Access Thru March 31
WINESTEAD LLC: Has Deal on Cash Collateral Access
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

1111 INVESTMENT: Begins Subchapter V Bankruptcy Case
----------------------------------------------------
1111 Investment Holdings LLC filed for chapter 11 protection in the
District of Nevada without stating a reason.  The Debtor elected on
its voluntary petition to proceed under Subchapter V of chapter 11
of the Bankruptcy Code.

According to court filings, 1111 Investment estimates between $1
million and $10 million in debt owed to 1 to 49 creditors.  The
petition states that funds will be available to unsecured
creditors.

                 About 1111 Investment Holdings

1111 Investment Holdings LLC is primarily engaged in renting and
leasing real estate properties.

111 Investment Holdings filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 23-10596) on Feb. 20, 2023.  In the petition filed by CEO
Manish Patel, the Debtor reported assets between $500,000 and $1
million and liabilities between $1 million and $10 million.

The case is overseen by Honorable Bankruptcy Judge August B.
Landis.

The Subchapter V trustee appointed in the case:

     Brian Shapiro
     510 S. 8th Street
     Las Vegas, NV 89101
     Phone: (702) 386-8600
     Email: brian@trusteeshapiro.com

The Debtor is represented by:

     Seth D Ballstaedt, Esq.
     FAIR FEE LEGAL SERVICES
     8751 W. Charleston Blvd.
     Suite 220
     Las Vegas, NV 89117
     Tel: (702) 715-0000
     Fax: (702) 666-8215
     Email: help@bkvegas.com


1ST CHOICE REHABILITATION: Seeks Cash Collateral Access
-------------------------------------------------------
1st Choice Rehabilitation & Wellness Center PLLC asks the U.S.
Bankruptcy Court for the District of Maryland, for authority to use
cash collateral to pay ordinary and necessary expenses within the
ordinary course of business.

The Debtor believes Truist Bank and the United States Small
Business Administration assert liens in the cash and accounts
receivable the Debtor has generated in its business and which
constitute the Secured Creditors' cash collateral.

The Debtor believes the sums due to Truist secured by cash
collateral total approximately $10,000 and the sums due to the SBA
total approximately $505,000.

The Secured Creditors hold claims in the total amount of
approximately $515,000 secured by liens on all assets of this
estate with a total value of $162,904.

As adequate protection of the Debtor's use of cash collateral, the
Debtor intends to grant the Secured Creditors a replacement lien in
the Debtor's post-petition cash and accounts receivable of the same
priority as that which the Secured Creditors held in the cash
collateral as of the Petition Date but limited to the extent of the
Debtor's actual use of cash collateral.

The Debtor has greatly improved its post-COVID operations and the
liens of the Secured Creditors will not be eroded due to the use of
cash collateral at this time.

A copy of the motion is available at https://bit.ly/3Ybo9oi from
PacerMonitor.com.

      About 1st Choice Rehabilitation & Wellness Center PLLC

1st Choice Rehabilitation & Wellness Center PLLC is in the business
of owning and operating a chiropractic practice in Washington, DC
under the license of its professional, Dr. Rashida A. Cohen. During
2022, 1st Choice Rehabilitation generated revenues from operations
in the approximate amount of $911,211.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case. No. 23-11243) on February 24,
2023.

In the petition signed by Rashida A. Cohen, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.

Ronald Drescher, Esq., at Drescher & Associates, PA, represents the
Debtor as legal counsel.


772 & 720 HOLDING: Court OKs Deal on Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized 772 & 720 Holding LLC to use cash collateral on an
interim basis in accordance with its agreement with Fairview
Investment Fund V, LPC.

As previously reported by the Troubled Company Reporter, Fairview
holds valid, binding, and perfected liens on and security interests
in all of the Collateral.

Fairview asserted that as of September 9, 2022, the indebtedness
owed under the Loan Documents was $10.347 million, consisting of
principal in the amount $7.286 million, and accrued regular and
default interest totaling $3.061 million, and per diem interest was
continuing to accrue in the amount of $2,834 for each day
thereafter.

The Court said the terms of the Interim Order, including the
recitals, will remain in full force and effect except as modified
by the Second Interim Order.

The Debtor is permitted to use cash collateral in accordance with
the budget, with a 10%.

The final hearing on the matter is set for March 23, 2023 at 10
a.m.

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

                      About 772 & 720 Holding

772 & 720 Holding LLC is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)).

772 & 720 Holding LLC filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42435) on Sept.
30, 2022. In the petition filed by Bao Zhi Liu, as managing member,
the Debtor reported between $10 million and $50 million in both
assets and liabilities.

Judge Jil Mazer-Marino oversees the case.

The Debtor is represented by Kirby Aisner & Curley, LLP.



ABC DENTISTRY: Brewer's Failure to Produce Emails Sanctioned
------------------------------------------------------------
In the adversary proceeding captioned as IN re ABC DENTISTRY, P.A.,
et al., Chapter 11, Debtors. SAEED ROHIFARD, Plaintiff, v. BREWER &
PRICHARD, P.C., et al. Defendants, Case No. 16-34221, Adversary No.
18-3205, (Bankr. S.D. Tex.), Bankruptcy Judge Marvin Isgur grants
in part the motion for sanctions filed by Dr. Saeed Rohi against
his former attorneys.

On June 4, 2018, Dr. Rohi filed suit against his former counsel,
Brewer & Pritchard, P.C., J. Mark Brewer, and A. Blaire Hickman for
breach of fiduciary duty and breach of contract. The Brewer
Defendants moved to reopen ABC Dentistry, P.A.'s bankruptcy case
and remove the malpractice litigation. The Court reopened the case.


On July 17, 2018, Dr. Rohi requested the "entire original client
file" from the Brewer Defendants, including any emails. However,
the Brewer Defendants did not send Dr. Rohi any emails under the
theory that emails are not part of his client file. Notwithstanding
this potential murkiness, Mr. Brewer testified that
"correspondence" is part of a client file.

The Court agrees with Mr. Brewer that a client file includes
"correspondence," but disagrees with Mr. Brewer that emails are not
"correspondence." Common definitions indicate that emails are
"correspondence." The Court finds that Brewer Defendants'
unreasonable refusal to turn over emails in contravention of their
duties was more than mere negligence -- it was bad faith. The Court
concludes that sanction is warranted because the Brewer Defendants
acted in bad faith by knowingly failing to produce the emails.

The Brewer Defendants moved to dismiss the malpractice litigation
because it was barred by res judicata. The Brewer Defendants argued
that "Rohi had actual or imputed awareness at the time of the
attorney fee determination of a real potential for claims against
the Defendants of the same type currently being asserted."

The Court noted that adversity between Dr. Rohi and the Brewer
Defendants was not at issue in the Nov. 7, 2017 hearing in which it
allocated the qui tam proceeds. The Court further noted that
another attorney for the Brewer Defendants clarified that
"common-fund adversity" existed between Dr. Rohi and the Brewer
Defendants at the Nov. 7 hearing.

The Brewer Defendants argued that they had "common-fund adversity"
with Dr. Rohi at the Nov. 7 hearing and subsequently argued that
they were not adverse to Dr. Rohi such that they should have
withdrawn as his representatives. The Court explains that the type
of adversity to a client in the common fund scenario is not the
same as the type of adversity that requires an attorney to
withdraw. Because Dr. Rohi has not shown that the Brewer Defendants
acted in bad faith in making contradictory adversity arguments, the
Court will not impose sanctions for those arguments.

A full-text copy of the Memorandum Opinion dated Feb. 8, 2023, is
available at https://tinyurl.com/3t4p4zkb from Leagle.com.

                     About ABC Dentistry

ABC Dentistry, P.A., ABC Dentistry Old Spanish Trail, P.L.L.C., and
ABC Dentistry West Orem, P.L.L.C., are part of a family of clinics
doing business as ABC Dental in the Houston area.  ABC Dental,
which employs approximately 40 people, provides a variety of dental
and orthodontic services to Medicaid patients.

On Aug. 26, 2016, each of the Debtors filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 16-34221).  The Debtors estimate assets in the range of
$100,000 to $500,000 and liabilities of up to $50 million as of the
bankruptcy filing.  The Hon. Jeff Bohm (16-34221) and Karen K.
Brown (16-34222 and 16-34225) presides over the cases.  The
petitions were signed by Iraj S. Jabbary, D.D.S., director.

The Debtors have hired Baker Botts L.L.P. as their counsel, Stout
Risius Ross, Inc., as financial advisor, BMC Group, Inc., as
noticing agent.

No official committee of unsecured creditors has been appointed in
the case.



ADIENT GLOBAL: S&P Rates New $350MM Senior Secured Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '1'
recovery rating to Adient Global Holdings Ltd.'s proposed $350
million senior secured notes due 2028. The '1' recovery rating
indicates our expectation of very high (90%-100%; rounded estimate:
90%) recovery for the senior secured lenders in the event of a
payment default. S&P also assigned its 'BB-' issue-level rating and
'4' recovery rating to Adient Global Holdings Ltd.'s proposed $500
million senior unsecured notes due 2031. Finally, S&P affirmed all
existing issue and recovery ratings on the company's secured and
unsecured debt.

The company plans to use the proceeds from this issuance along with
$100 million of cash to repay $750 million of their 823 million
euro notes due 2024 and nearly $200 million of their term loan B.

S&P said, "As we net cash against Adient's debt, we view this
transaction as leverage neutral to Adient's credit metrics and we
continue to view the overall reduction of debt positively and
consistent with Adient's strategy to pay down debt and deleverage
its balance sheet.

"We continue to have a positive outlook on Adient given its
leverage is below 3x and we expect free operating cash flow to debt
to improve to around 10% in 2023 and well above 10% by 2024."

Issue Ratings--Recovery Analysis

Key analytical factors

S&P's simulated default scenario anticipates a default in 2027
because of a combination of the following factors in the U.S. auto
industry:

-- A sustained economic downturn that reduces customer demand for
new automobiles,

-- Intense pricing pressure brought about by competitive actions
from other auto suppliers and raw material vendors, and

-- The potential loss of one or more key customers.

S&P said, "We expect these conditions to reduce Adient's volumes,
revenue, gross margins, and net income, reducing liquidity and
operating cash flow. We also assume about $269 million in ongoing
accounts receivable factoring."

Simulated default assumptions

-- Simulated year of default: 2027
-- EBITDA at emergence: $577 million

-- EBITDA multiple: 5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.74
billion

-- Valuation split (obligors/nonobligors): 20%/80%

-- Priority claims: $856 billion

-- Value available to first-lien debt claims
(collateral/noncollateral): $1.3 billion/$60

-- Secured first-lien debt claims: $1.44 billion

    --Recovery expectations: 90%-100% (rounded estimate: 90%)

-- Total value available to unsecured claims: $703 million

-- Total unsecured debt: $1.60 billion

    --Recovery expectations: 30%-50% (rounded estimate: 40%)

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

-- Collateral value equals assets pledged from obligors after
priority claims plus equity pledged from nonobligors after
nonobligor debt.



AGOGIE INC: Court OKs Cash Collateral Access Thru April 1
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Agogie, Inc. to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance, through April 1,
2023.

On an interim basis, the Small Business Administration and Fox
Capital Group, Inc. are granted a lien on post-petition cash
collateral generated by the Debtor in the amount and to the extent
of the cash collateral that the Debtor projects it will use over
the next six weeks as detailed in an Interim Budget.

As previously reported by the Troubled Company Reporter, the Debtor
is a party to two consignment contracts with Kickfurther dated
April 21, 2021 and June 24, 2021, respectively. Kickfurther's
interest in the Debtor's product is perfected through two UCC
Financing Statements Kickfurther filed on May 5, 2021 and July 1,
2021, respectively.

In recent years, the Debtor has incurred several hundred thousand
dollars of liability in merchant cash advance transactions, whereby
the Debtor's accounts have been automatically debited many
thousands of dollars a day/week. And, as a consequence thereof, the
Debtor has been unable to secure new inventory or maintain regular
operating expenses.

In part, the Debtor sought bankruptcy relief in order to stay
further automatic debits of its accounts.

The Debtor's liabilities as of the Petition Date total about $4.5
million.

The Debtor is also obligated to the SBA, which originated through
an EIDL loan the Debtor obtained at the beginning of the COVID-19
pandemic.  As of the Petition Date, the Debtor is indebted to the
SBA in the total amount of approximately $350,000.

As of the Petition Date, the Debtor is indebted to Kickfurther in
the total amount of approximately $92,000 for commissions due to
Kickfurther in connection with certain pre-petition sales of
consigned inventory.

Pursuant to the Court order, the Debtor acknowledges that
KickFurther's UCC filings perfect its interest in all inventory
consigned to the Debtor, and secures the Debtor's obligations
thereto.

Parties-in-interest have until May 10, 2023, to investigate the
validity, priority, perfection, or amount of any lien asserted
against the Debtor. Fox also have until May 10 to assert claims
against the Debtor related to any and all pre-petition transactions
between Fox and the Debtor, including but not limited to claims
arising from or related to the Future Receivables Sale and Purchase
Agreement dated September 9, 2022 and all amendments or
modifications.

A final hearing on the matter is set for March 28 at 3 p.m.

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

The Debtor projects total disbursements, on a weekly basis, as
follows:

      $6,346 for the week ending March 4, 2023;
     $12,699 for the week ending March 11, 2023;
      $8,905 for the week ending March 18, 2023;
     $10,298 for the week ending March 25, 2023; and
     $36,014 for the week ending April 1, 2023.

                        About Agogie, Inc.

Agogie, Inc. is a performance sportswear and athleisure apparel
company. Agogie sells pant and legging products with built-in
resistance bands, the design for which is currently patent pending.
Agogie' sales are made both direct to consumer and retail
distributors.

Agogie sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-10215) on February 17, 2023. In
the petition signed by Aaron J. Mottern, chief executive officer,
the Debtor disclosed up to $100,000 in assets and up to $10 million
in liabilities.

Judge Kate Stickles oversees the case.

Jenny R. Kasen, Esq., at Kasen and Kasen, P.C., represents the
Debtor as legal counsel.


ALL ABOUT KIDZ: Unsecureds to be Paid in Full in 60 Months
----------------------------------------------------------
All About Kidz Learning Dev Center Inc. filed with the U.S.
Bankruptcy Court for the Middle District of Alabama a Plan of
Reorganization under Subchapter V dated February 23, 2023.

The Debtor is a childcare facility with two locations in
Montgomery, Alabama.  The first location has an address of 3305
Harrison Road, Montgomery, Alabama 36109.  The second location has
an address of 3364 Harrison Road, Montgomery, Alabama 36109.

Over the last couple of years, the Debtor has experienced a
financial hardship caused by the COVID-19 Pandemic and the opening
of the second location. In addition, Coolidge Capital, LLC filed a
collection action against the Debtor which, in combination with the
aforesaid situations which resulted in financial hardship, caused
the Debtor to seek protection within this bankruptcy case. The
Debtor seeks to reorganize and/or restructure its debts and
liabilities such that it can continue to serve children within this
area and the surrounding areas.

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income that is sufficient to pay
creditors holding allowed secured, priority unsecured, and
non-priority unsecured claims. The Debtor will pay the claims
within no more than 5 years of confirmation of the Plan.

This Plan proposes to pay certain creditors of the Debtor from cash
flow from future earnings. The Debtor intends to keep all assets as
disclosed within its bankruptcy schedules. The Debtor does not
intend to liquidate or dispose of any property; however, if
disposition or liquidation of property becomes necessary for a
successful reorganization, the Debtor will undertake such necessary
disposition or liquidation.

Class 2 consists of Secured Claims. Each holder of an allowed claim
secured by real and/or personal property shall be paid according to
the terms. The following are the holders of such claims:

     * Cloud Fund, LLC: Upon confirmation of this Plan, the secured
claim will be paid in full at $6,818.00, at a fixed interest rate
of 3.00% per annum, in equal monthly installments of $122.51, for a
period of 60 months, or until the secured claim is paid in full.
Once the secured claim is paid in full, Cloud Fund, LLC shall
release its lien on the aforementioned property and the Debtor will
be released from any and all further liability on the secured
claim.

     * Everest Business Funding, LLC: Upon confirmation of this
Plan, the secured claim will be paid in full at $3,027.15, at a
fixed interest rate of 3.00% per annum, in equal monthly
installments of $54.39, for a period of 60 months, or until the
secured claim is paid in full. Once the secured claim is paid in
full, Everest Business Funding, LLC shall release its lien on the
aforementioned property and the Debtor will be released from any
and all further liability on the secured claim. The unsecured claim
in the amount of $11,972.85 will be paid in the same manner as
other claims in Class 3.

Class 3 consists of non-priority unsecured claims. The allowed
unsecured claims total $73,538.13. Upon confirmation of this Plan,
each non priority unsecured claim will be paid in full at the
aforesaid amount for each respective claim, at a fixed interest
rate of 0.00% per annum, in equal monthly installments as set forth
for each respective claim, for a period of 60 months, or until the
non-priority unsecured claims are paid in full. Once the
non-priority unsecured claims are paid in full, the Debtor will be
released from any and all further liability on each respective
claim.

To the extent that the non-priority unsecured claims of Cloud Fund,
LLC and/or Everest Business Funding, LLC are guaranteed by Sade
Lewis, Cloud Fund, LLC and Everest Business Funding, LLC shall not
pursue collection of said indebtedness from Mrs. Lewis personally
until the expiration of at least 60 months after the Effective Date
of this Plan. Once the non-priority unsecured claims of Cloud Fund,
LLC and Everest Business Funding, LLC are paid in full as provided
herein this Plan, Cloud Fund, LLC and Everest Business Funding, LLC
shall release the Debtor and Ms. Lewis from any and all further
liability on each creditor's respective claim.

The restructuring shall be effective as of the Effective Date, with
payments to begin on the 5th day of the month following the
Effective Date, and with all future payments being due on the 5th
day of each month thereafter, as more so provided for herein this
Plan. The Debtor shall be allowed a 10 day grace period within
which to remit monthly payments. The Debtor can satisfy the debt at
any time without penalty or unaccrued interest.

The Debtor will retain all of its personal property, subject to the
encumbrances and liens, which will allow the Debtor to operate its
business and pay its creditors from the future earnings derived
from such operations. As applicable and necessary, the Debtor will
submit, to the supervision and control of the Trustee, all or such
required portion of its future earnings or other future income as
is necessary to effectuate execution of this Plan. The Debtor's
monthly operating reports demonstrate and support feasibility.

A full-text copy of the Plan of Reorganization dated February 23,
2023 is available at https://bit.ly/3IAqzXS from PacerMonitor.com
at no charge.

           About All About Kidz Learning Dev Center Inc.

All About Kidz Learning Dev Center Inc. operates two childcare
service centers in Montgomery, Alabama.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ala. Case No. 22-32001) on Oct. 19,
2022.  In the petition signed by Sade Lewis, president/owner, the
Debtor disclosed up to $50,000 in assets and up to $100,000 in
liabilities.

Judge Bess M. Parrish Creswell oversees the case.

Anthony B. Bush, Esq., at Bush Law Firm, LLC, is the Debtor's legal
counsel.


ALL FOR ONE MEDIA: Posts $757K Net Income in First Quarter
----------------------------------------------------------
All For One Media Corp. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $757,335 on $2,402 of revenues for the three months ended Dec.
31, 2022, compared to net income of $5.34 million on $2,313 of
revenues for the three months ended Dec. 31, 2021.

As of Dec. 31, 2022, the Company had $21,913 in total assets,
$14.93 million in total liabilities, and a total stockholders'
deficit of $14.91 million.

All For One Media said, "We currently have no external sources of
liquidity, such as arrangements with credit institutions or
off-balance sheet arrangements that will have or are reasonably
likely to have a current or future effect on our financial
condition or immediate access to capital.  We require additional
financing to fund our current operations for fiscal 2023.  There is
no assurance that we will be able to obtain additional financing on
acceptable terms or at all.

"If we are unable to raise the funds required to fund our
operations, we will seek alternative financing through other means,
such as borrowings from institutions or private individuals.  There
can be no assurance that we will be able to raise the capital we
need for our operations from the sale of our securities.  We have
not located any sources for these funds and may not be able to do
so in the future.  We expect that we will seek additional financing
in the future.  However, we may not be able to obtain additional
capital or generate sufficient revenues to fund our operations.  If
we are unsuccessful at raising sufficient funds, for whatever
reason, to fund our operations, we may be forced to cease
operations.  If we fail to raise funds, we expect that we will be
required to seek protection from creditors under applicable
bankruptcy laws."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1286459/000147793223001156/afom_10q.htm

                        About All For One Media

All for One Media Corp., incorporated in the State of Utah on March
2, 2004, is a media and entertainment company focused on creating,
launching and marketing original pop music groups commonly referred
to as "boy bands" and "girl groups."  The Company's former
operations were in the business of acquiring, training, and
reselling horses with an emphasis in the purchase of thoroughbred
weanlings or yearlings that were resold as juveniles.  All For One
is in the business of targeting the lucrative tween demographic
across a multitude of entertainment platforms.  The Company expects
to generate revenues from movie receipts, sales, downloads and
streaming of original recorded music, videos, motion pictures,
music publishing, live performances, licensed merchandise and
corporate sponsorships.

Boca Raton, Florida-based Salberg & Company, P.A., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Dec. 29, 2022, citing that the Company has a net
income and cash used in operations of $1,835,497 and $496,569,
respectively, for the year ended September 30, 2022.  The net
income was primarily the result of a gain from the extinguishment
of debt and gain on debt modification.  Additionally, the Company
had an accumulated deficit, stockholders' deficit and working
capital deficit of $25,708,263, $15,725,345 and $15,587,845 as of
September 30, 2022.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.


ALLEGIANCE COAL: Court OKs Interim Cash Collateral Access
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Allegiance Coal USA Ltd. and its debtor-affiliates to use cash
collateral on an interim basis in accordance with the budget.

The Debtors require the use of cash collateral to, among other
things, fund the orderly continuation of their business, maintain
the confidence of their customers and vendors, pay their operating
expenses, and preserve their going-concern value.

As previously reported by the Troubled Company Reporter, as of the
Petition Date, the majority of the Debtors' liabilities consists of
senior secured funded indebtedness.

On May 24, 2022, the Debtor ACUSA and non-Debtor AHQ entered into
the Convertible Note Agreement with Collins St Convertible Notes
Pty Ltd ACN 657 773 754, as trustee for The Collins St Convertible
Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the
Collins Note Agreement, ACUSA issued to the Prepetition Lender two
tranches of convertible notes: (i) Tranche 1, with a face value of
$30.7 million, and (ii) Tranche 2, with a face value of $12.157
million.

As of the Petition Date, the aggregate principal amount outstanding
under the Collins Notes is approximately A$42.857 million.

On October 26, 2020, NECC entered into the Promissory Note in favor
of Cline Mining Corporation in the amount of $35.120 million. The
Cline Note has a maturity date of July 1, 2030.

As of the Petition Date, the aggregate principal amount outstanding
under the Cline Note was approximately US$26 million.

As adequate protection, the Debtor's prepetition lender is granted
replacement liens on the proceeds of the Debtors' mineral leases
and unencumbered assets, as well as superpriority claims.

The Debtors' right to use cash collateral pursuant to the Interim
Order will terminate upon any of the following:

     a. March 4, 2023 (without prejudice to future or amended
orders granting extensions of such date); or

     b. Any of the following happens in respect of the Debtors'
chapter 11 cases: (i) appointment of a chapter 11 trustee or
examiner, or (ii) conversion of the cases to chapter 7.

A copy of the order is available at https://bit.ly/3Sv7Mlf from
PacerMonitor.com.

                 About Allegiance Coal USA Limited

Allegiance Coal USA Limited is a listed Australian company focused
on seaborne met coal mine development and operations, with
operating mines in southeast Colorado, central Alabama, as well as
a development project in northwest British Columbia.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21,
2023. In the petition signed by Jonathan Romcke, chief executive
officer, the Debtor disclosed up to $100 million in assets and up
to $50 million in liabilities.

Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP,
represents the Debtor as legal counsel.


ALTERYX INC: S&P Assigns 'B-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issuer credit rating to
Alteryx, Inc. (d.b.a. Alteryx), a provider of full-suite
low/no-code business analytic solutions. At the same time, S&P
assigned its 'B' issue-level and '2' recovery ratings to the
company's newly issued $350 million senior unsecured note due
2028.

The stable outlook on Alteryx reflects S&P's view that the company
will maintain the current trajectory of new customer wins and solid
revenue growth such that it is able to expand profitability and
generate positive free operating cash flow (FOCF) over the next
12-24 months.

S&P's assessment of Alteryx incorporates the company's relatively
uneven operating history, significant investments in sales and
marketing over the past two years (which has resulted in weak
profitability), the highly competitive and fragmented landscape,
and what it views as a less-mission-critical platform. These
factors are partially offset by Alteryx's strong growth prospects
over the next 24 months based on large and growing annual recurring
revenues (ARR) base, unique value proposition in a growing market,
as well as its large and diversified customer and end-market base.
The rating also reflects S&P's expectation that Alteryx will
maintain good liquidity via cash and liquid investments on its
balance sheet over the next two years.

Alteryx has differentiated itself in a fiercely competitive and
highly fragmented market environment. The business analytics space
is characterized by industry giants such as Microsoft, Oracle, SAP,
and Salesforce, as well as much smaller point solution providers
like Datarobot, Dataiku, Fivetran, and others. Services offered in
this market also vary widely, ranging from database and data
manipulation resources to visualization solutions and advanced
predictive analytics. Within this space the company has carved out
a unique value proposition as not only an end-to-end analytics
solution provider, but also one that focuses specifically on the
business analyst as opposed to a data scientist or a technical
professional. As a result, Alteryx faces limited direct
competition. Many of the solutions it offers do overlap with those
of other providers, though none offer the same type of code-lite
comprehensive platform as Alteryx. The company's success in
differentiating itself is evidenced by its strong top line growth,
with ARR growth near 31% and revenue growth near 27% on a compound
annual growth rate (CAGR) basis from 2019 to 2022. S&P expects
further top line expansion over next several years given its
significant investment in sales and marketing as well as a rapidly
expanding total addressable market.

S&P said, "The stable outlook on Alteryx reflects our view that
despite its weak near-term credit metrics, it will maintain the
current trajectory of new customer wins and solid revenue growth
such that it expands profitability and generates positive FOCF over
the next 12-24 months.

"We could lower our rating on Alteryx if its investments to grow
the business outpace revenue growth such that we believe it is
unlikely to generate positive FOCF over the next 12-24 months. We
would also consider a lower rating if the company were to engage in
meaningful debt-funded acquisition that further delays its path to
positive FOCF.

"While unlikely over the next 12 months, we could raise our rating
on Alteryx if it is able to drive operating improvement, including
top line and margin expansion, such that we see a clear path to
adjusted leverage approaching 7x and FOCF to debt exceeding 3%."

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

ESG factors are an overall neutral consideration in S&P's credit
rating analysis of Alteryx. The company is publicly owned with no
history of any environmental or social factors that would affect
its credit rating.



AMERICANAS SA: Bondholders Hire Moelis, Padis Matter for Advice
---------------------------------------------------------------
Reshmi Basu and Rachel Butt of Bloomberg News report that a group
of Americanas SA bondholders has tapped financial adviser Moelis &
Co. and Brazilian law firm Padis Mattar Advogados for advice as the
distressed Brazilian retailer prepares to restructure its debt,
according to people with knowledge of the matter.

The ad hoc committee of bondholders is also working with Akin Gump
Strauss Hauer & Feld for assistance, Bloomberg has reported.
Debtwire earlier reported on the Padis Mattar engagement, and Reorg
reported on Moelis.

                      About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust e-commerce,
fintech, and has just entered into the niche food retail.  It is
listed on B3, being indirectly controlled by billionaire Jorge
Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal.  The firm filed for bankruptcy at a court in
Rio de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25,
2023.  White & Case LLP, led by John K. Cunningham, is the U.S.
counsel.


ANACK TRANSPORTATION: Court OKs Interim Cash Collateral Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Tennessee,
Northeastern Division at Greeneville, authorized Anack
Transportation, Inc. to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance.

The Debtor requires immediate use of cash collateral to continue
its business operations without interruption, and avoid immediate
and irreparable harm to the estate pending a final hearing.

The U.S. Small Business Association, the Internal Revenue Service,
Vivian Capital Group LLC, and Liberty Capital Management have been
identified as asserting a lien on the Debtor's cash collateral.

As adequate protection, the Secured Creditors will receive a
replacement security interest in the Debtor's post- petition
property and proceeds thereof, to the same extent and priority as
their purported security interest in the Debtor's pre- petition
property and the proceeds thereof.

The replacement liens and security interests granted will be deemed
perfected upon entry of the Order without the necessity of the
Secured Creditors taking possession of any collateral or filing
financing statements or other documents.

The Debtor is granted a carve-out and authority to use cash
collateral for payment of:

     (i) allowed professional fees and disbursements to
professionals whose employment has been approved by the Court;

    (ii) allowed fees and disbursements, including monies to be
escrowed, to the Subchapter V Trustee appointed in the case; and

   (iii) any fees payable to the Clerk of the Bankruptcy Court.

The final hearing on the matter is set for March 21, 2023 at 2:30
p.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3KA7WGh from PacerMonitor.com.

The Debtor projects $151,484 in total operating revenue and
$124,731 in total operating expenses.

          About Anack Transportation, Inc.

Anack Transportation, Inc. is a provider of trucking services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 23-50158) on February
17, 2023. In the petition signed by Steven J. Hafen, president, the
Debtor disclosed $786,000 in total assets and $1,322,597 in total
liabilities.

Judge Rachel Ralston Mancl oversees the case.

Charles Parks Pope, Esq., at the Pope Firm, PC, represents the
Debtor as legal counsel


ASP UNIFRAX: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed ASP Unifrax Holdings, Inc.'s (a/k/a
Alkegen) Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has
also affirmed the company's existing first-lien revolver, term
loans, senior secured notes at 'BB'/'RR1', and senior unsecured
notes 'CCC+'/'RR6'.

The 'B' rating reflects Alkegen's leading position in thermal
management, specialty filtration, battery materials and emission
control applications, and ESG applications. The rating is also
supported by the company's stable EBITDA margins, attractive end
markets, and expectations that leverage will decline over the
medium-term.

The rating is constrained by the company's acquisitive nature and
its leverage profile, which remains outside the negative
sensitivity.

The Stable Outlook reflects Fitch's confidence in Alkegen's ability
to realize growth from new platform technologies, incrementally
expand margins and continue to execute on cost synergies.

KEY RATING DRIVERS

Global, Diversified Platform: Alkegen's business exhibits strong
diversification by end-market, customer, geographic presence and
raw material spend. The company operates approximately 60 sites
across 12 countries, serving over 4,000 customers in 90 countries,
with the largest customer representing approximately 6% of sales.
Key end markets are balanced across industrial applications,
chemicals and metals, battery applications and transportation. The
company's geographic breadth generates sales balanced across North
America (43% of 2021 revenue), EMEA (28%) and Asia (21%).

The 2021 acquisition of Lydall has provided the company with a
broader range of products for energy conservation and over time
will benefit from further penetration into Alkegen's existing
distribution and products. The combined portfolio provides mission
critical products that play key roles in clean energy and
filtration applications.

Alkegen's 2022 bolt-on investment in Luyang brought the company's
ownership to 53%, and with it greater dividends and board control.
The investment also provides Alkegen the benefit of marketing its
filtration, insulation and battery technologies across Luyang's
platform and expand its presence in Asia.

Promising ESG-Friendly Product Development: Alkegen has positioned
itself as a world leader in Thermal Management and Filtration Media
products. It is one of two global, vertically integrated
manufacturers of high-performance insulating fiber, with almost 40%
of worldwide market share based on production volume. Alkegen uses
its superior product quality and ability to rapidly develop
customized solutions to gain market share and expand into new, high
growth end markets. As regulatory pressures and demand for energy
efficient insulation solutions increase from customers, Alkegen's
product suite is positioned to capitalize on these growth drivers.

The company has a robust innovation pipeline that is accelerated by
specialty filtration capabilities. SiFAB, which is a flexible
nanoporous fiber that causes silicon to expand inward on lithium
batteries rather than outward, is likely to commercialize during
2023. A second product in the pipeline is FlexCat, a flexible media
designed to provide enhanced catalyst effectiveness with increased
yield using fewer raw materials with applications in heavy industry
and refining for emissions reduction. Alkegen also benefits from a
growing opportunity in Lithium Ion battery fire protection.

The company has been awarded some early programs, and is bidding on
over $200 million of programs. Battery fire protection is gaining
increased scrutiny among regulators and represents a growth
opportunity for the company as management estimates that the end
market could reach $1 billion by 2030.

Solid FCF Generation: Fitch's expectation for strong, stable EBITDA
generation, modest capex commitments at around 3%-4% of revenues,
and margin expansion is consistent with a high degree of cash
generation. Fitch believes the company will generate FCF in the
range of $50 million-$100 million per year, with most excess FCF
prioritized to support continued growth. Fitch expects that Alkegen
may boost its growth capex as new product opportunities begin to
commercialize. Fitch expects that EBITDA margins will improve
moderately over time, further supporting cash generation and
deleveraging through EBITDA expansion.

Acquisitive Strategy: In December 2018, Clearlake closed its
acquisition of Unifrax, which it financed with approximately $1.2
billion worth of debt and $600 million cash. This resulted in Fitch
calculated net leverage increasing from 6.6x to 9.3x at close. In
2019, the company acquired Stellar Materials, LLC, a manufacturer
of proprietary specialty chemistries and materials used in the
maintenance and repair of critical infrastructure, and DX Glass
Fiber, a China-based provider of high-performance specialty fibers.
In July 2020, the company then acquired Rex Materials, which
expanded its market leadership in engineered components for high
temperature parts.

These transactions were followed up by the transformative Lydall
acquisition in October 2021 (funded with a combination of debt and
equity), and then the majority control investment in Luyang in 2022
(also funded with a combination of debt and equity). Additional
acquisition activity inevitably creates a tension between the
company's strategy of growth by acquisition and its ability to
reduce indebtedness.

DERIVATION SUMMARY

Relative to its peers, Alkegen's scale is in line with Aruba
Investments (B/Stable), though smaller than SK Mohawk (B/Stable).
The company's margins are well above those of SK Mohawk's, though
notably below Aruba's, which is an outlier for the sector.
Alkegen's capital structure is slightly more levered than both SK
Mohawk and Aruba Investments, reflecting the company's recent
acquisitive appetite.

From an operational perspective, Alkegen benefits from its strong
position in thermal protection and specialty filtration and energy
management solutions. The company's competitive positioning is
stronger than SK Mohawk's position for its intermediates and
additives, though not as strong as Aruba's position as a
sole-source supplier for the majority of its revenue.

KEY ASSUMPTIONS

- A weaker macro environment leads to a modest revenue decline in
2023, with a moderate decline in the base business partially offset
by modest growth at Luyang. Alkegen benefits from a modest recovery
in 2024, then 3.5% growth thereafter;

- EBITDA margins improve to the low 20% range by the end of the
forecast period as Alkegen continues to realize cost synergies from
the Lydall acquisition;

- Fitch forecasts capex of 3.0%-4.5% of revenue over the forecast
period;

- Fitch assumes Alkegen makes "bolt-on" acquisitions in 2024 and
2026.

RATING SENSITIVITIES

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

- EBITDA Leverage durably below 6.0x;

- Operating EBITDA margins above 20%;

- Demonstrated management financial policy oriented towards
deleveraging and positive Free Cash Flow generation.

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

- Continued debt-funded acquisitions and/or integration problems
leading to EBITDA leverage durably sustained above 7.0x;

- EBITDA/Interest approaching 2x;

- Inability to generate Free Cash Flow and tightening liquidity.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity. At Sept. 30, 2022, Alkegen reported over $197
million in cash balances (inclusive of $131 million of cash at
Luyang) and over $187 million of availability under its revolving
credit facility. Upcoming debt maturities through 2024 are
manageable, though the company's term loans do mature in 2025.

ISSUER PROFILE

Alkegen is a global specialty materials platform focused on
providing thermal management, emission control, filtration, and
energy solutions for multiple end markets and applications.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
ASP Unifrax
Holdings, Inc.      LT IDR B    Affirmed                B

   senior
   unsecured        LT     CCC+ Affirmed    RR6      CCC+

   senior secured   LT     BB   Affirmed    RR1        BB


ATLANTIC ACCEPTANCE: Commences Subchapter V Bankruptcy Case
-----------------------------------------------------------
Atlantic Acceptance Corp. filed for chapter 11 protection in the
Southern District of Florida. The Debtor elected on its voluntary
petition to proceed under Subchapter V of chapter 11 of the
Bankruptcy Code.

Based in Palm Beach Gardens, Florida, Atlantic Acceptance brokers
automobiles and provides consumers financing for those transactions
on a local and national level.

The Debtor filed for Chapter 11 due to the financial burden that
has been brought on by defending multiple lawsuits in Florida and
other states.

Gross income was $0 year to date, $4 million for 2022, and $4
million in 2021.

The Debtor doesn't have any secured creditors.  Unsecured creditors
have claims totaling $14,826,373, which includes estimated and
disputed claims.

According to court filings, Atlantic Acceptance estimates between
$10 million and $50 million in total debt owed to 1 to 49
creditors.  The petition states that funds will be available to
unsecured creditors.

                 About Atlantic Acceptance Corp.

Atlantic Acceptance Corp. provides financing exclusively for Lee
Auto Malls Two Used Car.

Atlantic Acceptance Corp. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 23-11339) on Feb. 20, 2023.  In the petition filed by Ryan
Allen Rochefort, as managing member, the Debtor reported assets
between $1 million and $10 million and liabilities between $10
million and $50 million.

The Debtor is represented by:

    Joe M. Grant, Esq.
    LORIUM LAW
    197 S. Federal Highway
    Suite 200
    Boca Raton, FL 33432
    Tel: 561-361-1000
    Email: jgrant@loriumlaw.com


AURORA COMMERCIAL: 2d Cir. Affirms Order Expunging Pierre's POC
---------------------------------------------------------------
In the appealed case IN RE: AURORA COMMERICAL CORP., Debtor, GERARD
M. PIERRE, Appellant, v. AURORA LOAN SERVICES, LLC., Appellee,
AURORA COMMERICAL CORP., Debtor-Appellee, Case No. 21-2321-bk, (2d
Cir.), the U.S. Court of Appeals for the Second Circuit affirms the
judgment of the District Court.

Gerard M. Pierre appeals from an Aug. 13, 2021 judgment of the US
District Court for the Southern District of New York affirming an
order of the Bankruptcy Court for the Southern District of New
York, that disallowed and expunged his proof of claim.

On June 9, 2019, Pierre filed his first proof of claim based on
claims he had previously raised in a 2009 bankruptcy proceeding
against ALS, which was the servicer of a loan secured by a mortgage
on Pierre's former property in Colorado. The First Claim was
disallowed and expunged by the Bankruptcy Court because, among
other things, it was barred by applicable statutes of limitations.
Pierre appealed the decision to the District Court, which affirmed
the Bankruptcy Court. He did not appeal the District Court's order
to this Court.

Before the Bankruptcy Court disallowed Pierre's First Claim, Pierre
filed a second proof of claim which duplicated the First Claim but
sought a larger damages award. After a hearing, the Bankruptcy
Court disallowed the Second Claim, concluding that it "merely
restate[d] the arguments raised" in the First Claim and was
therefore expungable on the same basis. Pierre appealed that
disallowance, and the District Court affirmed. Pierre now appeals
the District Court's affirmance of the disallowance of the Second
Claim.

The Second Circuit concludes that the Bankruptcy Court correctly
dismissed the Second Claim because it was barred by res judicata
or, in the alternative, the law of the case doctrine. Pierre
conceded that the Second Claim arises out of the same facts that
formed the basis of the First Claim; the First Claim was disallowed
and expunged by the Bankruptcy Court in a decision that was
affirmed by the District Court and not appealed to this Court; and
the Second Claim merely attempts to relitigate the same issues,
against the same parties, that were previously considered and
rejected on the merits in the proceedings on the First Claim. Even
if the Court were to excuse the relitigation bar and consider the
merits, the Court independently agrees that the Second Claim fails
because it is barred by applicable statutes of limitations.

Finally, to the extent that Pierre argues that his procedural due
process rights were violated in the bankruptcy proceedings, the
Court is not persuaded. In bankruptcy proceedings, due process
requires "notice reasonably calculated, under all the
circumstances, to apprise interested parties of the pendency of the
action" and an "opportunity to be heard." The Bankruptcy Court
fulfilled these requirements when it granted Pierre a hearing on
his Second Claim and permitted Pierre to be heard before ruling
that the Second Claim was disallowable and expungable on the same
basis as the First Claim.

A full-text copy of the Summary Order dated Feb. 8, 2023, is
available at https://tinyurl.com/eze6x6pn from Leagle.com.

                  About Aurora Commercial Corp.

Aurora Commercial Corp. is a wholly-owned subsidiary of Lehman
Brothers Holdings Inc. that offers banking, loan servicing, and
investor services.

Aurora Commercial and its subsidiary Aurora Loan Services LLC
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 19-10843) on March 24, 2019.  At the time of
the filing, Aurora Commercial estimated assets of $50 million to
$100 million and liabilities of less than $50,000.

The Debtors tapped Togut, Segal & Segal LLP as their legal counsel,
and Prime Clerk, LLC as their claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 13, 2019.  The committee is represented by Pierce
McCoy, PLLC.



AVAYA INC: $500MM DIP Term Loan from Wilmington OK'd
----------------------------------------------------
Avaya, Inc., and its debtor-affiliates won interim approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
obtain senior secured postpetition financing on a superpriority
basis, consisting of a non-amortizing term loan facility in an
aggregate principal amount of up to $500 million from a syndicate
of lenders led by Wilmington Savings Fund Society, FSB, as
administrative agent and collateral agent.

With the entry of the interim court order, Avaya was permitted to
use up to $400 million of the DIP term loan.  The remaining undrawn
portion of the DIP Facility will be made available to the Debtors
upon entry of a final court order.

Avaya, Inc., and Avaya Holdings also obtained authority from the
Court to enter into a DIP-to-Exit ABL Commitment Letter and pay
necessary fees and expenses.

The Court also authorized Debtor Sierra Communications
International LLC to use proceeds of the Initial DIP Loans to fund
an intercompany loan in an amount not to exceed $50 million to
non-Debtor Avaya International Sales Ltd.

Avaya Inc. is also authorized to transfer up to $40 million of
proceeds of the Initial DIP Term Loans to the Foreign Reserve
Account.

The Debtors are also permitted on an interim basis to use cash
collateral of their prepetition secured lenders and grant adequate
protection, subject to a Carve Out, to the extent of any diminution
in value of their respective interests in the Prepetition
Collateral.

The maturity date with respect to the DIP Facility will be the
earliest of:

     (a) six months after the Closing Date (or if such day shall
not be a Business Day, the next succeeding Business Day);

     (b) 45 days after the Petition Date if the Final Order has not
been entered prior to the expiration of such 45-day period, unless
otherwise extended by the Required Lenders;
     (c) the Consummation Date;

     (d) the acceleration of the Loans and the termination of the
Commitments with respect to the Term Facility;

     (e) the consummation of a sale of all or substantially all of
the assets of the Borrower (or the Borrower and the Guarantors)
pursuant to section 363 of the Bankruptcy Code; and

     (f) the termination of the Debtors' Restructuring Support
Agreement with certain lender groups.

The Debtors are required to comply with these milestones:

     (a) The Interim Order will have been entered by no later than
three days after the Petition Date;

     (b) The Escrow Payment will occur no later than the date when
the Interim DIP Order is entered by the Bankruptcy Court;

     (c) The Final Order will have been entered by no later than 45
days after the Petition Date;

     (d) The Rights Offering will have been commenced by no later
than 10 days after the Petition Date;

     (e) The 2023 PBGC Settlement will have been approved by the
Court no later than confirmation of the Plan;

     (f) The order provisionally approving the adequacy of the
Disclosure Statement, in form and substance acceptable to the
Debtors and the Required Lenders, will have been entered no later
than three days after the Petition Date;

     (g) The Plan and Disclosure Statement will have been filed no
later than one day after the Petition Date;

     (h) The order approving the adequacy of the Disclosure
Statement will have been entered no later than 60 days after the
Petition Date;

     (i) The order confirming the Plan will have been entered by no
later than 60 days after the Petition Date;

     (j) The substantial consummation of the Plan will have
occurred no later than 90 days after the Petition Date.

The Debtors are borrowers under these prepetition facilities:

     (a) the Prepetition ABL Facility, dated as of December 15,
2017, with Citibank, N.A., as administrative agent and collateral
agent;

     (b) the Term Loan Credit Facility, dated as of December 15,
2017, with Goldman Sachs Bank USA, as administrative agent and
collateral agent;

     (c) the Legacy Notes, which are 6.125% senior secured first
lien notes issued by Avaya, Inc. pursuant to the Indenture, dated
as of September 25, 2020, with Wilmington Trust, National
Association, as trustee and as notes collateral agent.  The Legacy
Notes mature on September 15, 2028;

     (d) the Secured Exchangeable Notes issued by Avaya Inc.,
pursuant to the Indenture dated July 12, 2022, with Wilmington
Trust, National Association, as trustee. The Secured Exchangeable
Notes mature on December 15, 2027; and

     (e) Convertible Notes issued by Avaya Holdings pursuant to the
Indenture dated June 11, 2018, with The Bank of New York Mellon
Trust Company N.A., as trustee.

Avaya's prepetition capital structure includes approximately $3.4
billion in funded debt as of the Petition Date, consisting of:

     Indebtedness                       Balance Outstanding
     ------------                       -------------------
     Prepetition ABL Facility                   $56,000,000
     B-1 Term Loans                            $800,000,000
     B-2 Term Loans                            $743,000,000
     B-3 Term Loans                            $350,000,000
     Legacy Notes                            $1,000,000,000
     Senior Exchangeable Secured Notes         $250,000,000
     HoldCo Convertible Notes                  $221,000,000
                                        -------------------
          Total                              $3,420,000,000

     Legacy Liabilities                 Balance Outstanding
     ------------------                 -------------------
     US Pension (underfunded
        liability)                             $111,000,000
     International Pension
        (underfunded liability)                $319,000,000
     OPEB (underfunded liability)              $115,000,000
                                        -------------------
          Total                                $545,000,000

The HoldCo Convertible Notes mature on June 15, 2023.

As adequate protection, each of the Prepetition Term Loan Secured
Parties, the Prepetition Legacy Notes Parties and the Prepetition
Secured Exchangeable Notes Parties are granted allowed
superpriority administrative expense claims as provided for in
Bankruptcy Code section 507(b) in the amount of the First Lien
Adequate Protection Claim, which Prepetition First Lien 507(b)
Claims will have recourse to and be payable from all of the DIP
Collateral, including, without limitation, subject to entry of the
Final Order, the Avoidance Proceeds. The Prepetition First Lien
507(b) Claims will be subject and subordinate to the Carve Out and
the DIP Superpriority Claims.

The Prepetition First Lien Agents (for the benefit of the
applicable Prepetition Secured Parties) are granted valid,
perfected replacement security interests in and liens upon all of
the DIP Collateral including, without limitation, subject to entry
of the Final Order, the Avoidance Proceeds, in each case, junior to
the Carve Out, the DIP Liens and any other liens that are senior to
DIP Liens.

A final hearing on the matter is set for March 7, 2023 at 3 p.m.

A copy of the Court's order is available at https://bit.ly/3Y06ekl
from PacerMonitor.com.

                           About Avaya

Morristown, New Jersey-based Avaya offers digital communications
products, solutions  and services for businesses of all sizes.
Avaya delivers its technology predominantly  through software and
services, both on-premise and through the cloud in a diverse range
of industries, including financial services, manufacturing, retail,
transportation, energy, media and communications, healthcare,
education, and government.

Avaya, Inc., and 20 affiliated entities, including Avaya Holdings
Corp., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex.
Lead Case No. 23-90088) on February 14, 2023.  The Hon. David R.
Jones oversees the cases.

Avaya Inc. and 17 affiliates first sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 17-10089) on Jan. 19, 2017.  The
2017 debtors emerged from bankruptcy and their second amended joint
Chapter 11 plan of reorganization was declared effective on Dec.
15, 2017. The 2017 Plan provides holders of first-lien debt with
90.5% of stock in the reorganized company and holders of
second-lien notes with a pro rata share of 4% of stock and warrants
for an additional 5.1% of the shares.  Avaya projected to have
$2.925 billion of funded debt and a $300 million senior secured
asset-based lending facility available following emergence.

The 2023 petitions were signed by Eric Koza as chief restructuring
officer.  The Debtors estimated $1 billion to $10 billion in both
assets and liabilities on a consolidated basis.

Avaya Holdings' most recent financial report filed with the
Securities and Exchange Commission was for the three-month period
end March 31, 2022. In its Form 10-Q report, Holdings disclosed
$5.8 billion in total consolidated assets against $5.2 billion in
total consolidated liabilities.

In the 2023 bankruptcy filing, the Debtors have retained Kirkland &
Ellis LLP and Jackson Walker LLP as bankruptcy co-counsel; Evercore
Group LLC as investment banker; AlixPartners LLP as restructuring
advisor; PricewaterhouseCooopers LLP as auditor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

Counsel to Wilmington Savings Fund Society, FSB, as administrative
agent and collateral agent under the DIP Term Loan is Ropes & Gray
LLP.

A group of lenders are represented by Akin Gump Strauss Hauer &
Feld LLP, Centerview Partners LP and Alvarez & Marsal North
America, LLC.  Counsel to the Akin Ad Hoc Group.

A group of lenders are represented by Paul, Weiss, Rifkind, Wharton
& Garrison LLP, Glenn Agre Bergman & Fuentes LLP, and FTI
Consulting, Inc. Counsel to the PW Ad Hoc Group.

Counsel to Goldman Sachs Bank USA, as administrative agent and
collateral agent under the Prepetition Term Loan, is Davis Polk &
Wardwell LLP.



AYTU BIOPHARMA: To Restate Form 10-Q Over Classification Error
--------------------------------------------------------------
Aytu BioPharma, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Audit Committee of the
Board of Directors of Company, in consultation with Aytu's
management, concluded that Aytu's interim unaudited consolidated
financial statements as of and for the fiscal quarter ended Sept.
30, 2022, should be restated and, accordingly, that such previously
issued financial statements should no longer be relied upon due to
the misclassification of certain of Aytu's outstanding warrants as
components of equity instead of as liabilities.  As a result of the
misclassification, an adjustment to increase total liabilities by
$5.6 million and decrease shareholder's equity by $3.4 million as
well as a reduction of the net loss for the three months ended
Sept. 30, 2022 by approximately $2.2 million as the result of a
gain from the fair value adjustment of the derivative warrant
liabilities.  Aytu concluded that the impact of this
misclassification of outstanding warrants was not material to the
Form 10-Q for the three months ended March 31, 2022 nor to the Form
10-K for the fiscal year ended June 30, 2022.

Aytu's management expects to file an amendment on Form 10-Q/A to
Aytu's Quarterly Report on Form 10-Q for the quarter ended Sept.
30, 2022, to restate the Affected Financial Statements to reflect
the classification of the warrants as liabilities and revise
related information.  Under this approach, Aytu's financial
statements issued before the Affected Financial Statements would
not be amended, but financial statements presented in future
filings would be adjusted to correct the error identified and be
consistent with the presentation for the unaudited interim
financial statements reflected in the Amendment.  Promptly after
the filing of the Amendment, Aytu's management expects to file
Aytu's Form 10-Q for the quarter ended Dec. 31, 2022.

Aytu's management is seeking to file the Amendment and the Second
Quarter Form 10-Q as soon as practicable.  Going forward, unless
Aytu amends the terms of its warrant agreement, Aytu expects to
continue to classify the warrants as liabilities, which would
require Aytu to incur the cost of measuring the fair value of the
warrant liabilities, and which may have an adverse effect on Aytu's
results of operations.  Additionally, as a result of the
identification of this error, Aytu has concluded that a material
weakness exists in its internal control over financial reporting.
Aytu is actively working to remediate the material weakness.

                       About Aytu BioPharma

Englewood, Colorado-based Aytu BioPharma, Inc., formerly known as
Aytu BioScience, Inc. -- http://www.aytubio.com-- is a
pharmaceutical company commercializing a portfolio of commercial
prescription therapeutics and consumer health products.  The
Company's prescription products include Adzenys XR-ODT
(amphetamine) extended-release orally disintegrating tablets and
Cotempla XR-ODT (methylphenidate) extended-release orally
disintegrating tablets for the treatment of attention deficit
hyperactivity disorder (ADHD), as well as Karbinal ER
(carbinoxamine maleate), an extended-release antihistamine
suspension indicated to treat numerous allergic conditions, and
Poly-Vi-Flor and Tri-Vi-Flor, two complementary fluoride-based
prescription vitamin product lines available in various
formulations for infants and children with fluoride deficiency.
Aytu's consumer health segment markets a range of over-the-counter
medicines, personal care products, and dietary supplements
addressing a range of common conditions including diabetes,
allergy, hair regrowth, and gastrointestinal conditions.

Aytu Biopharma reported a net loss of $110.17 million for the year
ended June 30, 2022, compared to a net loss of $58.29 million for
the year ended June 30, 2021. As of Sept. 30, 2022, the Company had
$150 million in total assets, $96.09 million in total
liabilities, and $53.91 million in total stockholders' equity.

Denver, Colorado-based Plante & Moran, PLLC, the Company's
auditorsince 2015, issued a "going concern" qualification in its
report dated Sept. 27, 2022, citing that the Company's operations
have historically consumed cash and are expected to continue to
consume cash, which raises substantial doubt about the Company's
ability to continue as a going concern.


AZURE DEVELOPMENT: Creditor Seeks SARE Designation
--------------------------------------------------
Azure Development Inc. filed for chapter 11 protection in the
District of Puerto Rico.  

According to court filings, Azure Development it has $3,246,910 of
total liabilities owed to 1 to 49 creditors.  The petition states
that funds will be available to unsecured creditors.

Secured creditor Triangle Cayman Asset Company filed a motion for
an order designating the Debtor's bankruptcy proceeding as a single
asset real estate ("SARE") case.

While the Debtor incorrectly filed the case as a small business
bankruptcy case, SARE's are excluded and prohibited from filing as
a small business.  According to Triangle Cayman, the Debtor clearly
is a SARE. First, the Debtor’s only assets are two adjacent
parcels of raw land.  Second, the Debtor derives no income from its
sole assets i.e. the real estate. Third, the Debtor has no other
business other than the real estate it owns. Under this scenario,
the case law is clear and consistently considers entities with
similar assets such as the Debtor as SAREs.

Triangle is a secured creditor with a properly perfected
first-priority lien over the Debtor's real estate, with a fully
secured claim of $2,004,592.

                    About Azure Development

Azure Development Inc. owns properties in Luquillo, Puerto Rico
valued at $3.14 million.

Azure Development Inc. filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-00462) on Feb.
18, 2023.  In the petition filed by Jose Ricardo Martinez, as
vice-presiden, the Debtor reported total assets of $3,142,794 and
total liabilities of $3,246,910.

The Debtor is represented by:

    Charles A. Cuprill, Esq.
    CHARLES A. CUPRILL, PSC LAW OFFICES
    356 Fortaleza Street (2nd Floor)
    San Juan, PR 00901
    Tel: 787-977-0515
    Email: ccuprill@cuprill.com


BAUSCH HEALTH: S&P Upgrades ICR to 'CCC', Outlook Negative
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Bausch Health
Cos. Inc. (BHC) to 'CCC' from 'SD'.

S&P said, "We raised our ratings on the repurchased unsecured notes
to 'CCC-' from 'D'. We lowered our issue-level ratings on BHC's
existing senior secured debt to 'CCC+' from 'B-' and our ratings on
the 14% second-lien notes due 2030 and 9% unsecured notes due 2025
to 'CCC-' from 'CCC'."

The negative outlook reflects the heightened risk that BHC could
complete more distressed exchanges over the next 12 months

S&P said, "We continue to believe the capital structure could be
unsustainable longer term. Our base-case scenario still assumes
Norwich Pharmaceuticals will launch its generic version of Xifaxan
at-risk as early as mid-2024, causing a material decline in
revenues and EBITDA. We do not believe there are sufficient
candidates in the development pipeline to cover lost sales of
Xifaxan. BHC also appears committed to completing the B+L spin off
as soon as possible, which we view as a credit negative for BHC
given our expectation for an increase in leverage and reduction in
scale and diversity pro forma the separation. We believe BHC could
have trouble refinancing its still sizeable debt maturities as they
come due in 2025 and beyond, especially if the spin off is
completed.

"The 'CCC' issuer credit rating reflects the risk that the company
will continue to pursue subpar debt repurchases that we view as
tantamount to a default over the next 12 months. We would likely
view the repurchases as distressed exchanges as we no longer
believe BHC would be viewed as an anonymous buyer, given its
accumulated open market purchases to date. We see heightened risk
that BHC will complete more below par debt repurchases over the
next 12 months, given the price at which the longer dated unsecured
notes continue to trade (between 40 to 50 cents on the dollar). We
believe it is likely that BHC will look to capture this significant
discount as it generates cash to reduce its upcoming large
maturities."

S&P's negative outlook reflects the heightened risk of further
below-par debt repurchases over the next 12 months, which it could
view as distressed exchanges. It also reflects its expectations
for:

-- Material revenue and EBITDA declines from generic competition
to Xifaxan starting in 2024, but sufficient liquidity to cover
fixed costs for at least the next several years.

-- BHC to complete the B+L spin off once adjusted leverage at the
remaining company reaches 6.5x to 6.7x, which we forecast could
occur during 2023.

S&P siad, "We could lower the rating if BHC completes more
distressed exchanges. This could become more likely if BHC
completes the spin off of B+L, which would increase leverage and
potentially make it more difficult for BHC to refinance its
unsecured debt as it starts to come due in 2025.

"We view an upgrade as unlikely over the next 12 months, given the
uncertainty surrounding the spin off and a generic launch of
Xifaxan. We could raise the rating after a positive outcome in the
Xifaxan trial appeal, which could lead us to believe the capital
structure is more sustainable long term."

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of BHC. It has exposure to elevated
interest in drug price reform in the U.S., where prices and
profitability are highest. We are skeptical the company can offset
this pressure by developing innovative drugs that benefit human
health given its focus in competitive therapeutic areas and its
relatively low proportion of spending on R&D as a percentage of
revenue.

"We view governance factors as a moderately negative consideration
in our analysis, as we believe BHC has exhibited a lack of
transparency in its strategic planning process beyond the spin of
B+L."



BAYTEX ENERGY: S&P Affirms 'B+' LT ICR on Ranger Oil Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
rating, 'BB-' senior unsecured debt rating, with a '2' recovery
rating on Baytex Energy Corp.

The stable outlook reflects S&P Global Ratings' expectation that
Baytex's business risk and financial risk profiles, pro forma its
acquisition of Ranger Oil, will continue to support the 'B+' credit
rating. Increased Eagle Ford high-value light oil production will
temper cash flow volatility at lower oil and gas prices,
specifically at S&P Global Ratings' long-term hydrocarbon price
assumptions.

Baytex Energy Corp. has announced its intention to acquire U.S.
exploration and production (E&P) company, Ranger Oil Corp., for
total consideration of about C$3.4 billion. Ranger shareholders
will receive 7.49 Baytex shares and cash consideration of US$13.31
per Ranger share for a total consideration of US$44.36. Debt
funding for the transaction is expected to include US$150 million
of additional capacity on Baytex's existing US$850 million
covenant-based credit facility, a US$250 million second-lien term
loan, and a US$500 million bridge facility. The transaction is
expected to close late in second-quarter 2023.

Projected credit metrics remain strong as incremental cash flow
generation fully offsets increased debt. S&P said, "Our strong oil
and gas price assumptions, in conjunction with meaningful equity
and cash being used to fund Baytex's proposed acquisition of Ranger
Oil, support our projected funds from operations (FFO)-to-debt and
discretionary cash flow (DCF)-to-debt ratios during our 2023-2024
forecast period." Nevertheless, the material debt being added to
Baytex's capital structure has the potential to weaken its
liquidity position, if the company is not able to refinance its
contemplated bridge facility and reduce the drawn amount under its
credit facility. Refinancing the proposed US$500 million bridge
facility would materially reduce the refinancing risk associated
with this short-term debt tranche; however, total debt is projected
to remain elevated, despite S&P Global Ratings estimate of
significant debt reduction by year-end 2024. Assuming Baytex
prioritizes repaying the term loan, the upsized credit facility
would likely remain more than 70% drawn beyond 2024. Although
Baytex's increased cash flow generation would accommodate the
projected increased debt in its capital structure, the persistently
high drawn amount under its credit facility could constrain
liquidity during a protracted industry downturn.

Baytex's business risk profile becomes more closely aligned with
that of rating peers pro forma its acquisition of Ranger Oil. The
acquisition of Ranger Oil will significantly increase the company's
net proven reserves and pro forma 2023 daily average production
relative to Baytex's 2022 exit rate production. At these levels,
Baytex's reserves base and daily average production will be closely
aligned with those of rating peers with the same weak business risk
profile assessment.

The acquisition will increase Baytex's gross proven reserves to 439
million barrels of oil equivalent across four producing regions in
Canada (the Viking, Duvernay, Peace River, and Lloydminster), and
the Eagle Ford shale in the U.S. Based on estimated average
production of 155,000-160,000 boe per day (85% liquids) one year
post closing, S&P Global Ratings estimates the company's net
reserve life index will increase to about six years. With a
reasonable portion of proved developed reserves for both Baytex and
Ranger, S&P believes the company should be able to achieve its
targeted production during our current 2023-2024 forecast period.
Furthermore, the revenue and cash flow volatility associated with
heavy oil production will be tempered by Baytex's increased U.S.
high-value light oil production, as Eagle Ford will contribute
about 45% of the company's pro forma daily average net production.

Baytex's pro forma profitability should remain within the midrange
of the E&P peer group ranking. S&P Global Ratings-calculated
consolidated cash operating costs at Sept. 30, 2022, of US$13.77
per boe and US$14.91 per boe for Baytex and Ranger, respectively,
and EBIT breakeven of US$29.24 per boe and US$32.11 per boe,
respectively, place both companies' stand-alone profitability
profiles in the midrange of the global E&P peer group ranking.
Baytex's ability to maintain its consolidated cost structure
closely aligned with that achieved by each stand-alone company will
be contingent on its ability to consistently operate the acquired
Ranger assets with similar operating efficiency.

The stable outlook reflects S&P Global Ratings' expectation that
Baytex's business risk and financial risk profiles, pro forma its
acquisition of Ranger Oil, will continue to support the 'B+' credit
rating. Increased Eagle Ford high-value light oil production will
temper cash flow volatility at lower oil and gas prices,
specifically at S&P Global Ratings' long-term hydrocarbon price
assumptions. S&P said, "Based on the company's current and
projected product mix during our current financial risk profile
assessment period and beyond, we believe Baytex's credit metrics
would remain consistent with its significant financial risk profile
at our long-term West Texas Intermediate (WTI), Henry Hub, and AECO
price assumptions of US$50, US$2.75, and US$2.25, respectively."

S&P said, "Our current base-case scenario estimates Baytex's cash
flow and leverage ratios should continue to support its current
financial risk profile, even at our long-term oil and gas prices.
"Nevertheless, we would lower the rating, if Baytex's two-year
average FFO-to-debt ratio fell below 30% while oil and gas prices
remained aligned with our 2023-2024 price assumptions, and we
believed credit metrics would not improve during the 12-month
outlook period. We could also lower the rating if the company's
liquidity position weakened materially from our current
assessment." Although S&P projects meaningful cushion in Baytex's
credit ratios during our forecast period, it could lower the
rating, particularly at our long-term oil and gas prices, if:

-- Production and cash flow generation decreased materially due to
an unanticipated and protracted operational disruption;

-- Debt increased substantially without offsetting incremental
cash flow generation; or

-- Baytex's liquidity position weakened materially, if the company
was not able to reduce the Ranger acquisition-related debt being
added to its capital structure.

S&P said, "Although Baytex's cash flow and leverage metrics are
projected to remain strong throughout our forecast period, reducing
the debt incurred to complete the acquisition of Ranger would need
to occur before we considered raising the rating. Assuming Baytex
is able to achieve the debt reduction estimated in our base-case
scenario, we could raise the rating if the company's business risk
profile improved. A stronger business risk profile assessment would
be contingent on Baytex continuing to expand its high netback
generating operations, such that its full-cycle cost profile
ensured strong profitability throughout the hydrocarbon price
cycle. Alternatively, if the company's operating scale and breadth
remained unchanged, we could raise the rating, if Baytex is able to
sustain its FFO-to-debt ratio above 45% at our long-term oil and
gas price assumptions."

ESG Credit Indicators: E-4, S-2, G-2



BED BATH & BEYOND: Catches Up on Payment of Interest on Notes
-------------------------------------------------------------
Bed Bath & Beyond Inc. (Nasdaq: BBBY) on March 1, 2023, announced
the payment of interest due as of February 1, 2023 on the Company's
3.749% Senior Notes due 2024, 4.915% Senior Notes due 2034 and
5.165% Senior Notes due 2044 (collectively, the "Senior Notes").

As previously reported in the TCR, the financially strapped
home-goods retailer failed to make Feb. 1 payments on notes that
total more than $1 billion.  But Bed Bath & Beyond announced Feb.
21, 2023, that it intends to pay on Feb. 28, 2023, the interest due
as of Feb. 1, 2023, for the Senior Notes.  The Company had a 30-day
grace period to make the interest payments.

The Company pre-funded the full amount of the February 1st Interest
to be paid to holders of Senior Notes on the Special Payment Date
with The Bank of New York Mellon, trustee of the Senior Notes.

Sue Gove, President & CEO of Bed Bath & Beyond said Feb. 21, 2023,
"Building on the transformative equity financing we announced
earlier this month, we continue to work on improving our financial
position and optimizing value for all our stakeholders.  Today's
announcement is an important step in resetting our operational and
financial foundation and meeting our commitments.  We remain
focused on utilizing our current and future financing to execute
our turnaround plans and restore our position with customers."

                     About Bed Bath & Beyond

Bed Bath & Beyond Inc., together with its subsidiaries, is an
omnichannel retailer selling a wide assortment of merchandise in
the Home, Baby, Beauty & Wellness markets and operate under the
names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face
Values.  The Company also operates Decorist, an online interior
design platform that provides personalized home design services.

The Company reported a net loss of $559.62 million for the fiscal
year ended Feb. 26, 2022, a net loss of $150.77 million for the
year ended Feb. 27, 2021, and a net loss of $613.82 million for the
year ended Feb. 29, 2020.  As of Nov. 26, 2022, the Company had
$4.40 billion in total assets, $5.20 billion in total liabilities,
and a total shareholders' deficit of $798.64 million.

                           *    *    *

As reported by the TCR on Jan. 11, 2023, S&P Global Ratings raised
its issuer credit rating on Union, N.J.-based specialty home
retailer Bed Bath & Beyond Inc. (BBBY) to 'CC' from 'SD' (selective
default). S&P said, "The 'CC' rating and negative outlook on BBBY
reflects our view that while not actively in default, the company
is highly vulnerable and a distressed transaction or broader
restructuring is a virtual certainty based on its deteriorating
liquidity position, challenging operating conditions, and the
looming maturities of its outstanding 2024 notes."

As reported by the TCR on Nov. 28, 2022, Moody's Investors Service
retained Bed Bath's corporate family rating at Ca and the outlook
remains stable. According to Moody's, Bed Bath & Beyond's Ca
corporate family rating reflects the very high likelihood of
further defaults over the next 12 months.


BERKTREE LLC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Berktree, LLC
        5310 Willow Rock Rd.
        Efland, NC 27243

Business Description: Berktree offers medical, health, rehab,
                      dental, and laboratory supplies.

Chapter 11 Petition Date: February 28, 2023

Court: United States Bankruptcy Court
       Middle District of North Carolina

Case No.: 23-80037

Debtor's Counsel: James C. White, Esq.
                  J.C. WHITE LAW GROUP, PLLC
                  100 Europa Drive
                  Suite 401
                  Chapel Hill, NC 27517
                  Tel: (919) 246-4676
                  Fax: (919) 246-9113
                  Email: jwhite@jcwhitelaw.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Stephen Kovacs as owner/managing
member.

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

https://www.pacermonitor.com/view/SUPHRJQ/Berktree_LLC__ncmbke-23-80037__0001.0.pdf?mcid=tGE4TAMA


BESTWALL LLC: Says 10th Circuit's J&J Decision Doesn't Apply
------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that a Georgia-Pacific LLC
subsidiary pushed back on asbestos claimants' bid to use a recent
Third Circuit decision to dismiss its Chapter 11 case, arguing that
the appellate ruling details involving Johnson & Johnson aren't
applicable.

Bestwall LLC, the subsidiary created to address the paper products
manufacturer's legacy asbestos liabilities, said in a Tuesday
filing that the US Court of Appeals for the Third Circuit's recent
decision to reject a J&J unit's bankruptcy bid "supplies no reason
why Bestwall's case should be dismissed."

Bestwall's bankruptcy was upheld by the US Bankruptcy Court for the
Western District of North Carolina in 2019.

                        About Bestwall LLC

Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities.  Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965.  The former Bestwall
Gypsum entity manufactured joint compounds containing small amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.

Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.

On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims. The
Debtor estimated assets and debt of $500 million to $1 billion. It
has no funded indebtedness.

The Hon. Laura T. Beyer is the case judge.

The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.

On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case.  The
Committee retained Montgomery McCracken Walker & Rhoads LLP as its
legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel, FTI Consulting, Inc., as financial
advisor.

On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in its case.  Mr.
Esserman tapped Young Conaway Stargatt & Taylor, LLP as his legal
counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting
Group, LLC as claims evaluation consultant; and FTI Consulting,
Inc., as financial advisor.


BIG VILLAGE: U.S. Trustee Appoints Creditors' Committee
-------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Big
Village Holding, LLC and its affiliates.

The committee members are:

     1. CPX Interactive LLC
        Attn: Michael Seiman
        1441 Broadway, 18th Floor
        New York, NY 10018
        Phone: 646-863-8309
        Email: mike@digitalremedy.com

     2. Columbia Property Trust, Inc.
        aka Columbia REIT
        Attn: Maria Blake
        315 Park Avenue South
        New York, NY 10010
        Phone: 212-659-8467
        Email: maria.blake@columbia.reit

     3. Samsung Electronics America, Inc.
        Attn: Scott Jenkins
        123 West 18th Street
        New York, NY 10011
        Phone: 945-227-6348
        Email: s1.jenkins@samsung.com

     4. Consumable, Inc.
        Attn: Mark Levin
        680 S. Cache Street, Suite 100
        Box 12679
        Jackson, WY 83001
        Phone: 240-876-5388
        Fax: 443-431-2508
        Email: mark@consumable.com

     5. Philo, Inc.
        Attn: Tanya Bayeva
        225 Green Street
        San Francisco, CA 94111
        Phone: 646-408-5164
        Email: tanya@philo.com

     6. Content IQ, LLC
        Attn: James Van Strander
        One World Trade Center, Suite 71J
        New York, NY 10007
        Phone: 984-298-9318
        Email: jamesv@perion.com

     7. Roku, Inc.
        Attn: Joe Hollinger
        1155 Coleman Avenue
        San Jose, CA 95510
        Phone: 415-572-3121
        Fax: 408-364-1260
        Email: jhollinger@roku.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Big Village Holding

Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia.  They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.

Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.

BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.


BLOCKFI INC: Slows Down Efforts to Return Customers' Crypto
-----------------------------------------------------------
Steven Church of Bloomberg News reports that BlockFi Inc. slowed
down its effort to give certain digital coins back to customers
while the bankrupt company negotiates with creditors over who can
immediately recover their assets.

US Bankruptcy Judge Michael Kaplan agreed to put on hold BlockFi's
request to return cryptoassets held in customer wallets. The
company will try to settle with creditors who have opposing views
on key issues, including whether some crypto in customer wallets
should be seized because the demand to return those assets is
inappropriate bankruptcy claims.

                        About BlockFi Inc.

BlockFi is building a bridge between digital assets and traditional
financial and wealth management products to advance the overall
digital asset ecosystem for individual and institutional
investors.

BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in
its early days had backing from influential Wall Street investors
like Mike Novogratz and, later on, Valar Ventures, a Peter
Thiel-backed venture fund as well as Winklevoss Capital, among
others. BlockFi made waves in 2019 when it began providing
interest-bearing accounts with returns paid in Bitcoin and Ether,
with its program attracting millions of dollars in deposits right
away.

BlockFi grew during the pandemic years and had offices in New York,
New Jersey, Singapore, Poland and Argentina.

BlockFi worked with FTX US after it took an $80 million hit from
the bad debt of crypto hedge fund Three Arrows Capital, which
imploded after the TerraUSD stablecoin wipeout in May 2022.

BlockFi had significant exposure to the companies founded by former
FTX Chief Executive Officer Sam Bankman-Fried.  BlockFi received a
$400 million credit line from FTX US in an agreement that also gave
FTX the option to acquire BlockFi through a bailout orchestrated by
Bankman-Fried over the summer. BlockFi also had collateralized
loans to Alameda Research, the trading firm co-founded by
Bankman-Fried.

BlockFi is the latest crypto firm to seek bankruptcy amid a
prolonged slump in digital asset prices. Lenders Celsius Network
LLC and Voyager Digital Holdings Inc. also filed for court
protection this year. Kirkland & Ellis is also advising Celsius and
Voyager in their separate Chapter 11 cases.

BlockFi Inc. and eight affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on
Nov. 28, 2022. In the petitions signed by their chief executive
officer, Zachary Prince, the Debtors reported $1 billion to $10
billion in both assets and liabilities.

Judge Michael B. Kaplan oversees the cases.

The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as
general bankruptcy counsels; Walkers (Bermuda) Limited as special
Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley
Research Group, LLC as financial advisor; Moelis & Company as
investment banker; and Street Advisory Group, LLC as strategic and
communications advisor.  Kroll Restructuring Administration, LLC is
the notice and claims agent.


BOY SCOUTS: Ohio Lawmakers Revive Bill for Sex Abuse Claims
-----------------------------------------------------------
Haley BeMiller of The Columbus Dispatch reports that Ohio lawmakers
have revived bipartisan legislation that would level the playing
field for Ohioans who were sexually abused by Boy Scout leaders and
want to seek financial relief from the organization.

House Bill 35, introduced by Reps. Bill Seitz, R-Cincinnati, and
Jessica Miranda, D-Forest Park, stems from rules laid out in the
Boy Scouts of America's bankruptcy settlement.  It would scrap
Ohio's civil statute of limitations for child sex abuse in
bankruptcy cases, allowing survivors to recoup the full amount owed
to them.

The House passed the bill late last 2022, but it failed to clear
the Senate during the Legislature's lame-duck session.  That means
Seitz and Miranda are starting from scratch.

Boy Scouts of America filed for bankruptcy in 2020 as it faced
hundreds of lawsuits across the country from former scouts who said
they were molested and raped by leaders and volunteers. Nearly
2,000 abuse claims have been filed in Ohio alone.

The settlement, approved in September, allows survivors to apply
for a $3,500 expedited payout. Alternatively, survivors can pursue
an independent review or see where they fall on a matrix that doles
out money based on the severity and frequency of abuse. For those
two options, the state's statute of limitations is a key factor.

In Ohio, survivors of child sex abuse have until age 30 to file a
lawsuit against the perpetrator or affiliated institution. Per the
settlement rules, Ohio's current law would limit survivors to 30%
to 45% of what they're eligible for under the matrix. They would
not qualify for an independent review.

The new version of the bill includes two new requirements: The law
would sunset after five years, and it would apply only to
organizations with a congressional charter, a type of federal
recognition the Boy Scouts earned in 1916.

"It narrows the scope of the bill, and it doesn't set a precedent
in permanent law," Seitz said. "It mimics instead those states that
have reopened their statutes of limitation for a period of time."

Ohio lawmakers currently have until September to enact changes, but
multiple appeals to the settlement have created some uncertainty.
Depending on the outcome, Seitz said those cases could change the
timeline for the bill's passage or render it moot altogether.

                 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.


CANO HEALTH: Lender Group Hires Adviser as Cash Dips
----------------------------------------------------
Rachel Butt of Bloomberg News reports that a group of lenders to
Cano Health Inc., the healthcare provider backed by billionaire
Barry Sternlicht, is seeking advice from Evercore Inc. as the
company faces a cash squeeze, according to people with knowledge of
the situation.

The lenders are also working with lawyers at Gibson Dunn &
Crutcher, said the people, who asked not to be identified because
the matter is private.

To get more breathing room, Cano has been gauging investor interest
in raising additional financing that could include secured debt,
the people said.
  
                    About Cano Health Inc.

Cano Health, Inc. (NYSE: CANO) -- htt;://www.canohealth.com -- is a
primary care-centric, technology-powered healthcare delivery and
population health management platform.  The Company is one of the
largest independent primary care physician groups in the United
States.  It utilizes its technology-powered, value-based care
delivery platform to provide care for its members.

As of Sept. 30, 2022, the Company had $2.19 billion in total
assets, $1.41 billion in total liabilities, and $783.03 million in
total stockholders' equity.

In October 2022, Moody's Investors Service downgraded Cano's
ratings, including the Corporate Family Rating to Caa1 from B3, and
the Probability of Default Rating to Caa1-PD from B3-PD.
Concurrently, Moody's downgraded the ratings of Cano's First Lien
Senior Secured Credit Facilities to Caa1 from B2 and the ratings of
the Senior Unsecured Notes to Caa3 from Caa2. The rating outlook is
stable.

The ratings downgrade reflects Moody's view that Cano will continue
to have high leverage and is weakly positioned to absorb future
unexpected operating setbacks in light of the company's weak
liquidity and current trend in the company's cash burn and poor
performance.

In November 2022, S&P Global Ratings lowered its issuer credit
rating on Cano to 'B-' from 'B'. The outlook is negative.  S&P also
lowered its issue-level ratings on the company's revolver and term
loan to 'B-' from 'B'. It lowered its issue-level rating on the
company's senior unsecured notes to 'CCC' from 'CCC+'.

S&P said, "The negative outlook primarily reflects our forecast for
very weak credit measures through 2023, including near breakeven
free operating cash flow (FOCF) generation, with little room for
the company to underperform against our assumptions before we could
consider its capital structure unsustainable."


CANO HEALTH: S&P Rates New $150MM First-Lien Term Loan 'B-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Cano Health LLC's proposed $150 million
incremental first-lien term loan due in 2027. The '3' recovery
rating indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a payment default. The
recovery estimate is down from 60% due to the overall increase in
the first-lien term loan outstanding.

S&P said, "We expect Cano to use the proceeds to pay down the
outstanding balance on its revolving credit facility, add to cash
reserves, and pay fees. The term loan has a payment-in-kind option
at 14% for the first two years, reverting to 13% cash interest
thereafter. We view this financing as expensive but importantly
providing more liquidity and financial flexibility.

"All our ratings on Cano are unchanged. Our 'B-' issuer credit
rating reflects the company's operational challenges due to its
rapid expansion, higher-than-anticipated member utilization and
acuity levels, and our forecast of thin operating cash flow. The
negative outlook reflects our forecast for very weak credit
measures through 2023, including near break-even free operating
cash flow generation, with little room for the company to
underperform against our assumptions before we could consider its
capital structure unsustainable. The negative outlook also reflects
more prevalent downside risks to our forecast stemming from Cano's
poor recent operating results and weakened liquidity position."



CELSIUS NETWORK: Judge Authorizes Bitmain Coupons Discount Sale
---------------------------------------------------------------
CoinGeek reports that Celsius Network has received a court ruling
authorizing them to sell, at a substantial discount, coupons for
mining firm Bitmain that they hope will be worth approximately $7.4
million.

In his February 16, 2023 ruling, United States Bankruptcy Judge
Martin Glenn said it was in the "best interests of the Debtors'
estates, their creditors, and other parties" to allow Celsius
debtors to sell their Bitmain coupons but added that they are not
'required' to sell the vouchers.

Celsius' interim bankruptcy CEO Christopher Ferraro requested the
authorization on behalf of the company and its debtors on February
9, stating in his filing that "while $7.4 million is a significant
discount from the Bitmain Coupons' nearly $37 million face-value,
the Debtors believe that such a price is commensurate with the
market and preferable to the Bitmain Coupons expiring worthless in
the Debtors’ possession."

The coupons offer buyers of mining rigs a 10%-30% discount on
future purchases from Bitmain Technologies—maker of the Antminer
range of mining rigs—but in his request to sell the coupons,
Ferraro stated that "I do not foresee the Debtors being interested
in using the Bitmain Coupons to acquire Mining Rigs."

Ferraro also stated that "based on the Debtors' marketing efforts
for the sale of similar assets, the Debtors anticipate that selling
the Bitmain Coupons at a significant discount to their face-value
is required," especially since they will have no value if allowed
to reach the end of their six-month expiry date without use.

                     About Celsius Network

Celsius Network LLC -- http://www.celsius.network/-- is a
financial services company that generates revenue through
cryptocurrency trading, lending, and borrowing, as well as by
engaging in proprietary trading.

Celsius helps over a million customers worldwide to find the path
towards financial independence through a compounding yield service
and instant low-cost loans accessible via a web and mobile app.
Celsius has a blockchain-based fee-free platform where membership
provides access to curated financial services that are not
available through traditional financial institutions.

The Celsius Wallet claims to be one of the only online crypto
wallets designed to allow members to use coins as collateral to get
a loan in dollars, and in the future, to lend their crypto to earn
interest on deposited coins (when they're lent out).

Crypto lenders such as Celsius boomed during the COVID-19 pandemic,
drawing depositors with high interest rates and easy access to
loans rarely offered by traditional banks. But the lenders'
business model came under scrutiny after a sharp sell-off in the
crypto market spurred by the collapse of major tokens terraUSD and
luna in May 2022.

New Jersey-based Celsius froze withdrawals in June 2022, citing
"extreme" market conditions, cutting off access to savings for
individual investors and sending tremors through the crypto
market.

The list of major crypto firms that have filed for bankruptcy
protection in 2022 now includes Celsius Network, Three Arrows
Capital and Voyager Digital.

Celsius Network, LLC and its subsidiaries sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No.22-10964) on July 14, 2022. In the petition filed by CEO Alex
Mashinsky, the Debtors estimated assets and liabilities between $1
billion and $10 billion.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as
special counsel; Centerview Partners, LLC as investment banker; and
Alvarez & Marsal North America, LLC as financial advisor. Stretto
is the claims agent and administrative advisor.

On July 27, 2022, the U.S. Trustee appointed an official committee
of unsecured creditors. The committee tapped White & Case, LLP as
its bankruptcy counsel; Elementus Inc. as its blockchain forensics
advisor; M3 Advisory Partners, LP as its financial advisor; and
Perella Weinberg Partners, LP as its investment banker.

Shoba Pillay, Esq., is the examiner appointed in the Debtors'
Chapter 11 cases. Jenner & Block, LLP and Huron Consulting
Services, LLC serve as the examiner's legal counsel and financial
advisor, respectively.


CEN TEX SUPERIOR: Seeks Cash Collateral Access
----------------------------------------------
Cen Tex Superior Installation LLC asks the U.S. Bankruptcy Court
for the Western District of Texas, Austin Division, for authority
to use cash collateral in accordance with the budget, with a 5%
variance.

The Debtor requires the use of cash collateral for the expenses set
forth in the budget and any other unforeseeable expenses that may
arise and pose a threat to the Debtor's continued operations.

A search in the Texas Secretary of State shows that allegedly
secured positions are held by by Rapid Finance; Fintegra, LLC; GFE
and Pos 4 UCC is unknown.

The Debtor entered into agreements with multiple Merchant Cash
Advance lenders:

  Lender             Amount Advanced       Amount Purchased
  ------             ---------------       ----------------
GreenBox Capital        $109,600                $141,932
Fintegra, LLC           $125,000                $162,500
White Road Capital      $173,000                $242,027
LLC d/b/a
GFE Holdings
Vox Funding              $37,910                 $56,800

The Debtor produces revenue from its Architectural Millwork
Installation business and would use such revenue to pay the
budgeted expenses. Moreover, such revenue will be deposited by
Debtor in its DIP operating account pending entry of an order
allowing use of cash collateral or consent by lien holders.

A copy of the motion is available at https://bit.ly/3IDde0S from
PacerMonitor.com.

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

The Debtor projects $92,000 in cash receipts and $65,203 in cash
disbursements for a 30-day period.

              About Cen Tex Superior Installation LLC

Cen Tex Superior Installation LLC operates an architectural
millwork installation business.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10106) on February
27, 2023. In the petition signed by Bronson Kendall, owner and
president, the Debtor disclosed up to $500,000 in assets and
liabilities.

Robert C Lane, Esq., at The Lane Law Firm, oversees the case.



CORE SCIENTIFIC: Supports Appointment of Equity Committee
---------------------------------------------------------
Core Scientific, Inc. and its affiliates support the appointment of
an official committee that will represent equity security holders
in their Chapter 11 cases.

Alfredo Perez, Esq., at Weil, Gotshal & Manges, LLP, the Debtors'
bankruptcy counsel, said the companies support the appointment on
condition that the scope of the equity committee's services be
limited to valuation and Chapter 11 plan negotiations, and the
budget be limited to $4.75 million.

"The [companies] believe that equity holders are adequately
represented in these cases without an official equity committee but
believe the appointment of an official equity committee is
nonetheless warranted given the totality of the circumstances,"
Perez said in court papers.

Perez pointed out that rising bitcoin prices and lower energy costs
suggest the companies may be solvent and that the principles of
fairness support equity holders receiving representation from
professionals.

The official committee of unsecured creditors echoed the Debtors'
statement, saying it won't oppose the appointment of equity
committee so long as the two conditions set by the Debtors are met.


Meanwhile, a group of noteholders opposed the appointment of equity
committee, arguing there is no "substantive or credible evidence of
solvency" to support it. The noteholders also cited the costs
associated with the equity committee appointment.

The noteholders group consists of beneficial holders and investment
advisors or managers of discretionary accounts that hold secured
convertible notes.

The noteholders group is represented by:

     James T. Grogan III, Esq.
     Paul Hastings, LLP
     600 Travis Street, 58th Floor
     Houston, TX 77002
     Telephone: (713) 860-7300
     Facsimile: (713) 353-3100
     Email: jamesgrogan@paulhastings.com

          - and -

     Kristopher M. Hansen, Esq.
     Sayan Bhattacharyya, Esq.
     Kenneth Pasquale, Esq.
     Erez E. Gilad, Esq.
     Joanne Lau, Esq.
     Paul Hastings, LLP
     200 Park Avenue
     New York, NY 10166
     Telephone: (212) 318-6000
     Facsimile: (212) 319-4090
     Email: krishansen@paulhastings.com
            sayanbhattacharyya@paulhastings.com
            kenpasquale@paulhastings.com
            erezgilad@paulhastings.com
            joannelau@paulhastings.com

                       About Core Scientific

Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power.  Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services.  Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1).  Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.

In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York.   

With low Bitcoin prices depressing mining revenue to a record low,
Core Scientific first warned in October 2022 that it may have to
file for bankruptcy if the company can't find more funding to repay
its debt that amounts to over $1 billion. Core Scientific did not
make payments that came due in late October and early November 2022
with respect to several of its equipment and other financings,
including its two bridge promissory notes.

Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
22-90340) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.

Judge David R. Jones oversees the cases.

The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor.  Stretto is the claims agent.

A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings.

On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee is represented by Willkie Farr &
Gallagher, LLP.


DANNY & CORIE: Court OKs Final Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Danny & Corie Enterprises, Inc. to use
cash collateral on a final basis in accordance with the budget.

The Debtor is permitted to use cash collateral to pay its normal
operating expenses including, but not limited to, payroll,
supplies, payroll taxes, and insurance.  As adequate protection,
the United States, Alarm Connections and FinWise Bank are granted
replacement liens encumbering all property of the Debtor's estate
acquired or generated after the petition date to the same extent,
validity, and priority to which their liens attached before the
petition.

The prepetition liens and the Replacement Liens will be subject and
subordinate to payment of a carve-out. The "Carve-Out" means: (a)
statutory fees required to be paid pursuant to 28 U.S.C. section
1930(a)(6) plus interest at the statutory rate pursuant to 31
U.S.C. section 3717; (b) the reasonable fees and expenses incurred
by a trustee under 11 U.S.C. section 726(b); and (c) the aggregate
amount of any fees and expenses of any estate professionals, but
only to the extent such fees and expenses have been approved by the
Court.

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

The Debtor projects $156,280 in total income and $116,715 in total
expenses for 30 days.

               About Danny & Corie Enterprises, Inc.

Danny & Corie Enterprises, Inc. is a residential and commercial
security company with systems and active monitoring, automation
networking and access control.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30487) on February
10, 2023. In the petition signed by John Daniel Cannon, president,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.

Judge Christopher Lopez oversees the case.

Margaret M. McClure, Esq., at the Law Office of Margaret M.
McClure, is the Debtor's legal counsel.


DFW BOAT: Court OKs Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, authorized DFW Boat Specialists, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance.

The Debtor requires the use of cash collateral to pay expenses
necessary for the continued operation of its business and
reorganization.

Action Credit Enterprises, LLC, Nextgear Capital, Carbucks and XL
Funding may assert liens on, among other things, the inventory and
accounts receivable generated by the Debtor.

As adequate protection, the Secured Creditors are granted
replacement liens on post-petition accounts receivable and cash as
adequate protection, which replacement liens will be held by the
Secured Creditors in the same extent, validity, priority, and value
as they existed prior to the petition date.

The replacement liens will secure an amount equal to the sum of the
aggregate diminution, if any, subsequent to the petition date, in
the value of the claimed cash collateral of the respective Secured
Creditors.

The Debtor will maintain insurance coverage on all inventory and
other property constituting the Secured Creditors' collateral.

The final hearing on the matter is set for March 21, 2023 at 9:30
a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3y1xa8Q  from PacerMonitor.com.

The Debtor projects $80,000 in total income for 30 days.

                  About DFW Boat Specialists, LLC

DFW Boat Specialists, LLC operates a motor vehicle dealership and
repair shop in Denton, Texas. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No.
23-40316) on February 22, 2023. In the petition signed by Richard
Gay, managing member, the Debtor disclosed up to $50,000 in assets
and up to $1 million in liabilities.

Judge Brenda T. Rhoades oversees the case.

Eric A. Liepins, Esq., at Eric A. Liepins PC. represents the Debtor
as legal counsel.



DIOCESE OF ROCKVILLE CENTRE: Urged to Mediate by Judge Glenn
------------------------------------------------------------
James Nani of Bloomberg Law reports that Long Island's Roman
Catholic Diocese of Rockville Centre and its sexual abuse claimants
are far apart in their victim payouts terms in the church's
bankruptcy and should consider a mediation, a New York federal
judge said.

The Diocese's bankruptcy plan proposes a victim payout pool of at
least $185 million to $200 million.  The committee representing
abuse claimants has submitted its own plan, seeking at least $340
million.

According to Law360, the New York bankruptcy judge warned the
Diocese and its unsecured creditors that neither of their proposed
Chapter 11 plans are fit to go to creditors for a vote as they
stand.

"It seems to me that you're all headed into an abyss, spinning your
wheels for the next couple of months with no likelihood of getting
either disclosure statements approved," says Judge Martin Glenn.

As reported in the TCR, the Roman Catholic diocese on Long Island,
New York, and the official committee representing sexual abuse
victims filed competing restructuring proposals.

The Official Committee of Unsecured Creditors filed a Plan that
requires the Diocese to contribute cash and assets to compensate
over 600 survivors of child sexual abuse.  The Committee Plan
provides that unless meaningful compensation from non-debtor
affiliates is provided, the Committee Plan does not grant releases
to them, and, if confirmed, the abuse claimants can pursue their
abuse claims against the Non-Debtor Affiliates liable for such
abuse.

The Diocese filed its own plan without the support of the
Committee.  According to the Committee, the Diocese's Plan has a
minimal financial contribution of $11.1 million from the parishes
and affiliates (totaling more than 300 different entities) who
receive a complete release of liability for 600 abuse sexual abuse
claims and largely relies on the assignment of potential insurance
policy recoveries that the carriers who sold the policies are
actively disputing in four separate lawsuits.

              About The Roman Catholic Diocese
                 of Rockville Centre, New York

The Roman Catholic Diocese of Rockville Centre, New York, is the
seat of the Roman Catholic Church on Long Island.  The Diocese has
been under the leadership of Bishop John O. Barres since February
2017.  The State of New York established the Diocese as a religious
corporation in 1958.  The Diocese is one of eight Catholic dioceses
in New York, including the Archdiocese of New York.  The Diocese's
total Catholic population is approximately 1.4 million, roughly
half of Long Island's total population of 3.0 million.  The Diocese
is the eighth largest diocese in the United States when measured by
the number of baptized Catholics.

The Roman Catholic Diocese of Rockville Centre, New York, filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept.
30, 2020, listing as much as $500 million in both assets and
liabilities.  Judge Martin Glenn oversees the case.

The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal
North America, LLC, as restructuring advisor, and Sitrick and
Company, Inc., as communications consultant.  Epiq Corporate
Restructuring, LLC is the claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the Diocese's Chapter 11 case.  The
committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin
Moscou Faltischek, PC, as its bankruptcy counsel and special real
estate counsel, respectively.

Robert E. Gerber, the legal representative for future claimants of
the Diocese, is represented by the law firm of Joseph Hage
Aaronson, LLC.


EASTERDAY RANCHES: Tyson Foods Gets $6.3M from Cody Easterday Cases
-------------------------------------------------------------------
Arkansas Business reports that Tyson Foods has already received
payments totaling $63.4 million from Cody Easterday fraud cases.

In March 2021, Cody Easterday pleaded guilty to a $244 million
fraud in a ghost cattle scam. He confessed to Tyson officials that
he used the stolen money to cover losses from trading commodity
futures.

A disgraced Washington State cattle rancher has been able to put a
dent in the amount he owes Tyson Foods Inc.

As of January 24, 2023, the Springdale protein producer has
received $63.39 million in payments from Cody Easterday's
companies' bankruptcy cases, according to a filing in federal
court.

Easterday now owes Tyson Foods only $177.1 million.

If you recall, the rancher pleaded guilty in March 2021 to
defrauding Tyson Foods of $233 million and Segale Properties LLC of
Tukwila, Washington, of $11 million.

The crime came to light at the end of 2020, when Tyson Fresh Meats
of Dakota Dunes, South Dakota, made a shocking discovery.
Easterday, a cattle producer and feedlot operator it worked with
for several years, had confessed to submitting invoices for about
200,000 cattle that didn't exist, making it one of the largest
fraud cases in recent memory.

In October 2022, he was sentenced to 11 years in prison for wire
fraud and ordered to pay restitution to the companies. Payments of
$3.5 million have been made to Segale too, the filing last month
said.

Easterday is serving his sentence at a medium-security U.S.
penitentiary in Lompoc, California.

Easterday's two companies, Easterday Ranches Inc. and Easterday
Farms GP, are in bankruptcy court.

Meanwhile, Easterday is not done with Tyson.

Easterday has recently filed two federal lawsuits against Tyson
Fresh Meats in an attempt to reduce the amount he owes the company.


In one of the lawsuits in federal court in Washington, Easterday
accused TFM of breach of contract stemming from a Cody's Beef
venture they had between 2013 and 2020.

Easterday said that he supervised the raising of the cattle by
Easterday Ranches, which were then sold to Tyson for resale to NH
Foods in Japan, according to the lawsuit.

Easterday said in the complaint that he and Tyson agreed to share
the profits, but that didn't happen. Easterday also allowed his
name and photo to be used on the beef label.

Tyson has filed a motion to have that case dismissed.

In another lawsuit filed last month, Easterday accused Tyson Fresh
Meats of wrongdoing in an antitrust and unfair competition case.
Tyson Fresh Meats hadn't filed a response in that case as of
Thursday, February 16, 2023, afternoon. Tyson didn't immediately
respond to an email for comment.

          About Easterday Ranches and Easterday Farms

Easterday Ranches, Inc., is a privately held company in the cattle
ranching and farming business.   

Easterday Ranches sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 21-00141) on Feb. 1,
2021.  Its affiliate, Easterday Farms, a Washington general
partnership, filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Wash. Case No. 21-00176) on Feb. 8, 2021. The cases are jointly
administered under Case No. 21-00141.

At the time of the filing, the Debtors disclosed assets of between
$100 million and $500 million and liabilities of the same range.

Judge Whitman L. Holt oversees the cases.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP as their lead
bankruptcy counsel, Bush Kornfeld LLP as local counsel, and Davis
Wright Tremaine LLP as special counsel. T. Scott Avila and Peter
Richter of Paladin Management Group serve as restructuring
officers.

On Feb. 16, 2021, the Office of the United States Trustee for the
Eastern District of Washington appointed a Ranches Official
Committee of Unsecured Creditors.  The Ranches Committee initially
retained Dentons US LLP as its counsel and B. Riley Advisors as its
financial advisor. The Ranches Committee subsequently retained
Cooley LLP as its counsel, replacing Dentons US LLP.

On Feb. 22, 2021, the U.S. Trustee appointed a Farms Official
Committee of Unsecured Creditors.  The Farms Committee retained
Buchalter, a Professional Corporation as its counsel and Dundon
Advisers LLC as its financial advisor.


EASTGATE WHITEHOUSE: Has Deal on Cash Collateral Access
-------------------------------------------------------
Eastgate Whitehouse, LLC and Barclays PLC advised the U.S.
Bankruptcy Court for the Southern District of New York that they
have reached an agreement regarding the Debtor's use of cash
collateral and now desire to memorialize the terms of this
agreement into an agreed order.

The parties agree that the Debtor may continue using cash
collateral through March 31, 2023.

Wilmington Trust, National Association, as Trustee for the Benefit
of the Registered Holders of Wells Fargo Commercial Mortgage Trust
2018-C46, Commercial Mortgage Pass-Through Certificates, Series
2018-C46, was the Prior Secured Noteholder.  Wilmington Trust
assigned its interest in a loan to Barclays Bank, PLC.

The Debtor's right to use cash collateral will terminate on the
earlier to occur of the following:

     (i) an Event of Default under the Order;

    (ii) entry of a Court order terminating the use of the cash
collateral;

   (iii) the closing of a sale of the Property; or

    (iv) March 31, 2023 at 5 p.m.

The Debtor's right to use cash collateral may be extended beyond
the Termination Date and the Budget may be modified with the
written consent of the Secured Noteholder and without a Court
hearing or further Court order. All provisions of the Order will
apply to any such further usage of the cash collateral. If the
Debtor and the Secured Noteholder are unable to reach an agreement
regarding an extended term, then the Debtor's right to use cash
collateral will cease on the Termination Date.

In addition to the expenses delineated in the Budget, the Debtor is
authorized and directed to use cash collateral for reimbursing: (i)
Barclays Bank PLC or its counsel for mediation fees paid to
National Arbitration Mediation in connection with the Mediation
ordered by the Court; and (ii) 939 First Avenue, LLC for fees and
expenses it has incurred in connection with: (a) the lawsuit
pending before the Supreme Court for the State of New York, New
York County entitled The City of New York v. 939 First Avenue, LLC
and (b) the lawsuit pending before the Supreme Court for the State
of New York, New York County entitled V.C. Drywall & Remodeling,
LLC v. 939 First Avenue, et al.

A copy of the stipulation is available at https://bit.ly/41uZHB5
from PacerMonitor.com.

                    About Eastgate Whitehouse

Rye, N.Y.-based Eastgate Whitehouse, LLC, owns an apartment
building in Manhattan.  Eastgate Whitehouse sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No.
22-22635) on Aug. 19, 2022. In the petition filed by its managing
member, William W. Koeppel, the Debtor reported between $10 million
and $50 million in both assets and liabilities.

Judge Sean H. Lane oversees the case.

The Debtor tapped Joel Shafferman, Esq., at Shafferman & Feldman,
LLP as bankruptcy counsel; the Law Office of Christopher J.
Alvarado, P.C. as special counsel; and Krell & Associates, CPA, PC
as accountant.



EDPASS NY: Court OKs Cash Collateral Access Thru March 15
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Edpass NY Inc. to use cash collateral
on an interim basis through March 15, 2023.

The Debtor is permitted to use cash collateral to pay: (a) amounts
expressly authorized by the Court, including payments to the
Subchapter V Trustee and payroll obligations incurred post-petition
in the ordinary course of business; (b) the current and necessary
expenses set forth in the budget, with a 10% variance; and
additional amounts as may be expressly approved in writing by
Canadaigua National Bank & Trust.

As adequate protection for the use of cash collateral, Canadaigua
is granted perfected post-petition lien against the cash collateral
to the same extent and with the same validity and priority as the
prepetition lien, without the need to file or execute any documents
as may otherwise be required under applicable non-bankruptcy law.

The Debtor will maintain insurance coverage for its property in
accordance with the obligations under all applicable loan and
security documents.

A continued preliminary hearing on the matter is set for March 15
at 11 a.m.

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

The Debtor projects total expenses, on a weekly basis, as follows:

     $7,720 for the week of March 5, 2023;
     $7,720 for the week of March 12, 2023;
     $7,720 for the week of March 19, 2023;
     $7,720 for the week of March 26, 2023;

                      About Edpass NY Inc.

Edpass NY Inc. is a privately owned freight transport company which
provides freight transport and logistics services throughout the
United States for a fee. Edpass NY conducts its operations from a
residential apartment leased by Eduard Pashishniuk, its CEO, at
9938 Grande Lakes Blvd., Apt #2404, Orlando, Florida 32837.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00025) on January 4,
2023. In the petition signed by CEO Pasishuniuk, the Debtor
disclosed up to $100,000 in assets and up to $1 million in
liabilities.

Judge Tiffany P. Geyer oversees the case.

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



EQUINOX HOLDINGS: S&P Downgrades ICR to 'SD' on Maturity Extension
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on New
York-based fitness club operator Equinox Holdings Inc. to 'SD'
(selective default) from 'CCC-'. At the same time, S&P lowered its
issue-level rating on the revolving credit facility to 'D' from
'CCC-'.

Equinox Holdings closed on an amendment to its first-lien credit
agreement that extends the maturity of its fully drawn $76 million
revolving credit facility to November 2023 from March 2023.

The company also paid down $5 million of the facility, transitioned
the interest to a Secured Overnight Financing Rate-based rate from
LIBOR, decreased its required minimum liquidity to $12.5 million
from $17.5 million on its first-lien credit facility.

S&P plans on raising its issuer credit rating on Equinox as soon as
practical, likely in the next several days, to a level that
reflects the ongoing risk of a selective or conventional default.

S&P said, "The downgrade follows Equinox's completion of an
amendment to its first-lien senior secured credit facility that
extends the maturity of its revolving credit facility to November
2023, which we view as tantamount to a default. On Feb. 10, 2023,
Equinox signed an amendment to extend the maturity of its credit
facility. We view this transaction as distressed and tantamount to
a default because of the 'CCC-' issuer credit rating on the
company, its weak liquidity and ongoing cash burn, and the lack of
offsetting compensation for revolving lenders.

"Despite the revolver maturity extension and ongoing support from
Equinox's equity group, we believe liquidity remains weak given
that the revolver is still current and the remainder of the term
loan B will become current in less than a month. We will reassess
our ratings on Equinox and likely raise the issuer rating back to
'CCC-' over the next few business days as soon as is practicable."



ESTILL, SC: S&P Lowers 'BB' Rating on Sewer Utility Revenue Debt
----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB' from 'BB+'
and assigned a developing outlook to Estill, S.C.'s water and sewer
utility revenue debt. S&P Global Ratings then withdrew the rating
due to ongoing deterioration and uncertainty from operations of the
city and lack of nonfinancial information.

"The rating action and withdrawal reflect a lack of timely and
reliable information," said S&P Global Ratings credit analyst Alan
Shabatay. S&P Global Ratings requires routine updates on
operational and financial management practices and policies, which
it has not received.

This rating action and withdrawal follows a rating action on Nov.
23, 2021, that led to a downgrade and developing outlook on
Estill's waterworks and sewer revenue bonds. The downgrade and
developing outlook reflected the destructive effects of a tornado
that struck south of Estill in spring 2020, which S&P believes had
implications on the creditworthiness of the issuer. The damage from
this tornado included significant damage to a nearby Federal
Correctional Institution (FCI Estill), which represented about 63%
of total revenues at fiscal year-end (FYE) 2020. The FYE 2021 audit
and recently released FYE 2022 audit indicate that coverage has
precipitously declined after the severe reduction in water and
sewer usage by FCI Estill, leading to expenditures outpacing
revenues for both years. Unrestricted cash and cash equivalents
have declined to $197,795 as of FYE 2022, compared with $531,997 as
of FYE 2020. Both the coverage and nominal liquidity metrics are
highly vulnerable, in our view. In August 2021, Estill received a
Federal Emergency Management Agency (FEMA) Community Disaster loan
in the amount of $946,371, which is being used to meet essential
functions and disaster-related needs. At this time, it is uncertain
whether this loan will be partially or fully forgiven. This rating
action affects $2.6 million of debt outstanding.



FARADAY FUTURE: Targets March 30 to Start FF 91 Futurist Production
-------------------------------------------------------------------
Faraday Future Intelligent Electric, Inc. announced it is targeting
a start of production (SOP) date for its flagship FF 91 Futurist of
March 30, 2023, assuming timely receipt of funds from the Company's
investors, at the Company's Hanford California manufacturing
facility, "FF ieFactory California."

The Company expects the first vehicles built at its FF ieFactory
California to be coming off the assembly line in early April, with
deliveries to its first users before the end of April, assuming
timely receipt of funds from the Company's investors.

"This SOP will undoubtedly be our most important historic moment
since FF was established.  We would like to express our sincerest
appreciation and respect to all of those who have stood beside us
for their unwavering support," said Chen Xuefeng (XF), Global CEO
of FF.  "The Company now has all of the funding commitments,
assuming timely receipt, and all of the equipment needed to build
the FF 91 Futurist in place while working with numerous world-class
equipment suppliers to keep FF on track to deliver the vehicle in
April of this year."

At the same time, Faraday Future plans to hold the "2023 Faraday
Future Global Supplier Summit" the last week of April, inviting its
global partners to witness the historical milestone of the FF 91
Futurist production and delivery readiness along with sharing in
the common goal and successes of the Company.  The Company will
announce new shared business initiatives including the "FF
Industrial Chain Strategic Alliance" and the "FF Supplier Par" at
the Supplier Summit, sharing the achievements and benefits of FF's
intelligent electric mobility through industrial chain capital
cooperation.

With the introduction and implementation of the "FF Supplier Par"
program, FF will unite more closely with global supplier partners
to co-create the performance + luxury leadership in the era of
intelligent electric mobility, plus create capital value and the
potential to share in the Company'’s joint success.

The full letter addressed to FF suppliers can be seen by following
this link: www.ff.com/us/letter-to-suppliers

                       About Faraday Future

Gardena, CA-based Faraday Future -- www.ff.com -- is a luxury
electric vehicle company. The Company has pioneered numerous
innovations relating to its products, technology, business model,
and user ecosystem since inception in 2014. Faraday Future aims to
perpetually improve the way people move by creating a
forward-thinking mobility ecosystem that integrates clean energy,
AI, the Internet.

Faraday Future reported a net loss of $516.50 million for the year
ended Dec. 31, 2021, compared to a net loss of $147.08 million for
the year ended Dec. 31, 2020.

Los Angeles, California-based PricewaterhouseCoopers LLP, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated May 13, 2022, citing that the
Company has suffered recurring losses from operations and has cash
outflows from operating activities that raise substantial doubt
about its ability to continue as a going concern.


FARAJI ENTERPRISE: Wins Cash Collateral Access Thru March 31
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
authorized Faraji Enterprise, LLC to use cash collateral on an
interim basis in accordance with the budget and its agreement with
Central Savings, F.S.B., through March 31, 2023.

The Debtor asserts that it has an immediate need to use cash
collateral to permit, among other things, the orderly continuation
of the operation of its property, and avoid irreparable harm.

The Debtor and Central Savings, F.S.B. are parties to a term loan
dated March 16, 2017, evidenced by:

     a) a Promissory Note dated March 16, 2017 by and between
Hirsch God Trust No. 469 as borrower and Central Federal FSB as
Lender in the original principal amount of $390,000;

     b) a Mortgage recorded in the Office of the Cook County
Recorder of Deeds on March 24, 2017, as Document No. 1708304073 and
an Assignment of Rents dated March 16, 2017, which a was recorded
in the Office of the Cook County Recorder of Deeds on March 24,
2017 as Document No. 1708304074, each encumbering the real property
and rental income from property commonly known as 469-473 Hirsch
Avenue Calumet City, IL 60409; and

     c) a Guaranty of Payment and Performance of all Loan
obligations by Debtor, Faraji Enterprises, LLC dated March 16,
2017.

As of the Petition Date, the Debtor owed Central Savings, F.S.B.
not less than $408,160 inclusive of interest owed and accrued under
the Loan.

To adequately protect the lender for the Debtor's use of cash
collateral, Central Savings, F.S.B. is granted a replacement lien
on the Debtor's rents, accounts and accounts receivables, wherever
located to secure the Indebtedness to the extent of any diminution
in value of the Pre-Petition Collateral, subject only to valid and
enforceable liens and security interests existing on the Debtor's
property, assets, or rights of the Debtor at the time of the
commencement of the Case.

As further adequate protection, the Debtor will grant Central
Savings, F.S.B., a replacement lien on the Debtor's rents,
accounts, and accounts receivables derived from the Property, which
are of the same type or nature as the Pre-Petition Collateral,
coming into existence or acquired by the Debtor respecting the
Property on or after the Petition Date.

The Post-Petition Liens granted to Central Savings, F.S.B. under
the terms of the Order will be valid and perfected as of the date
of the Order, without the need for the execution or filing of any
further document or instrument otherwise required to be executed or
filed under applicable non-bankruptcy law.

The Debtor's authority to use cash collateral will terminate on the
earlier of:

     (a) the date of entry by the Court of an order modifying or
otherwise altering the effectiveness of the Order;

     (b) an Event of Default; or

     (c) the expiration of the Budget Period.

These events constitute an Event of Default:

     a. Entry of an order converting the Debtor's Chapter 11 case
to a case under Chapter 7 of the Bankruptcy Code, which order is
not stayed within 10 days of the entry of such order;

     b. The entry of an order dismissing the Debtor's Chapter 11
case, which is not stayed within 10  days of the entry of such
order; and

     c. The Debtor's failure to comply with any provision of the
Order.

A further hearing on the matter is set for March 30 at 9:30 a.m.

A copy of the order is available at https://bit.ly/41mKr9H from
PacerMonitor.com.

                      About Faraji Enterprise

Faraji Enterprise, lLLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14998) on
Dec. 30, 2022, with $500,001 to $1 million in assets and $100,001
to $500,000 in liabilities.

Judge Deborah L. Thorne oversees the case.

William E. Jamison, Jr., Esq., at the Law Office William E. Jamison
& Associates represents the Debtor as counsel.



GARCIA GRAIN: Wins Cash Collateral Access Thru March 13
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
McAllen Division, authorized Garcia Grain Trading Corporation to
use cash collateral on an interim basis through March 13.

The Court said the Debtor is permitted to use cash collateral in
accordance with the budget introduced at the hearing on February
24, 2023, as modified by the Court's ruling such that only one half
of the monthly paychecks owed to salaried employees is to be paid
during the interim period, and the Debtor is to establish a
carve-out of $5,000 to be reserved for monthly commissions or other
administrative expenses of the Office of the U.S. Trustee.

The cash the Debtor holds in its prepetition depository accounts
represents the asserted cash collateral or property of StoneX
Commodity Solutions LLC f/k/a FCStone Merchant Services, LLC,
Falcon Bank, Grainchain, Inc. and Vantage Bank Texas will be
transferred by the Debtor into a Debtor-In-Possession account or
accounts at a depository bank on the U.S. Trustee's Office's
approved list of depository bank.

As adequate protection of StoneX, Falcon, Grainchain, and Vantage
interests in the cash collateral or property being used these
secured creditors are granted continuing replacement like kind
liens or ownership positions in all of the Debtor's inventory and
accounts receivable presently owned by or securing the indebtedness
owing to StoneX, Falcon, Grainchain, and Vantage in the same
priority and in the same nature, extent, and validity as such liens
or ownership positions existed prepetition.

A hearing on the continued use of cash collateral is set for March
7 at 2:30 p.m.

A copy of the order is available at https://bit.ly/3Z9hdJT from
PacerMonitor.com.

                 About Garcia Grain Trading Corp.

Garcia Grain Trading Corp.'s line of business includes buying
and/or marketing grain, dry beans, soybeans, and inedible beans.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-70028) on February
17, 2023. In the petition signed by Octavio Garcia, its CEO and
president, the Debtor disclosed up to $50 million in both assets
and liabilities.

Judge Eduardo V. Rodriguez oversees the case.

David R. Langston, Esq., at Mullin Hoard & Brown, LLP, represents
the Debtor as legal counsel.


GAUCHO GROUP: Grosses $5 Million From Sale of Convertible Notes
---------------------------------------------------------------
Gaucho Group Holdings, Inc. announced that on Feb. 21, 2023, the
Company entered into a Securities Purchase Agreement with an
institutional investor, pursuant to which the Company will sell to
the investor a series of senior secured convertible notes of the
Company in the aggregate original principal amount of $5,617,978,
and a series of common stock purchase warrants of the Company,
which warrants shall be exercisable into an aggregate of 3,377,099
shares of common stock of the Company for a term of three years.
The Company received $5,000,000 in proceeds after the original
issue discount of 11% on the principal.

As set forth in its Current Report on Form 8-K as filed with the
SEC, the Company used approximately $905,000 to pay off previous
notes.  The Company also has an option to enter into an additional
note for up to another $5 million in the future, subject to certain
conditions being met.

With the new funds, the Company states it has a mechanism to begin
its growth plans in 2023 and beyond.  This includes infrastructure
and amenity expansion for its luxury vineyard estate development,
Algodon Wine Estates, with the goal of increasing land value and
revenues of its residential villas and commercial elements.  The
funds are also intended for the Company's high end wine products,
Algodon Fine Wines, which includes marketing efforts to further
increase revenues via distribution channels, e-commerce sales and
international markets, such as Argentina's neighbor Brazil, the
world's 3rd largest market for online wine sales.  The Company
intends to continue efforts to scale the growth of its leather
goods and accessories brand, Gaucho – Buenos Aires, which
celebrated its flagship opening last year at the Miami Design
District, located among the likes of widely recognized luxury
retail brands such as Off White, Bottega Veneta, Gucci, and Chanel,
and many others. The Company intends to target e-commerce revenue
growth with an aggressive marketing campaign, as well the
anticipated forthcoming launch of its Resort Collection and a
luggage + travel accessories collection, later this year.
Furthermore, the funds may also be used for strategic investment
under the Company's Gaucho Development Group to increase
stockholder equity.

Mathis previously stated, "In the next 24 to 36 months our
extraordinary real estate project is expected to have a new
destination spa, world class gym facilities, an 18-hole golf course
expansion, and more vineyard casitas as well.  Anticipated for Q4
2023, the restaurant renovation and final touches on the upgrade to
the winery will allow them to now accommodate weddings and
corporate events, and other large gatherings.  In addition, the San
Rafael airport is being expanded and the runway improved for larger
aircraft and more traffic.  These can positively impact our ADRs
and occupancy rates, as well as the value of our residential lots.
Of our two hospitality properties, one of them currently generates
positive cash flow through lease revenues and will be accretive to
the company, and we expect the other to have substantial
development opportunities.  We believe both are in prime areas ripe
for development, and we believe the valuation of the real estate is
positioned to allow for substantial appreciation in the years
ahead. Across all of our companies, we now have the means to up our
game and get our story out to the world as we continue to grow."

                         About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $25.39
million in total assets, $6.86 million in total liabilities, and
$18.53 million in total stockholders' equity.


GAUCHO GROUP: Signs Exchange Agreement With Noteholders
-------------------------------------------------------
Gaucho Group Holdings, Inc., entered into an exchange agreement
with certain investors (Holders) in order to amend certain
provisions of the Existing Note Documents and exchange $100 in
aggregate principal amount of each of the Existing Notes, on the
basis and subject to the terms and conditions set forth in the
Exchange Agreement, for warrants to purchase up to an aggregate of
150,000 shares of the Company's Common Stock at an exercise price
of $1.00 (subject to customary adjustment upon subdivision or
combination of the common stock).

As previously reported on the Company's Current Report on Form 8-K
filed on Nov. 8, 2021, Gaucho Group and certain investors entered
into that Securities Purchase Agreement, dated as of Nov. 3, 2021,
and the Company issued to the Holders certain senior secured
convertible notes.

The Warrants are immediately exercisable and may be exercised at
any time, and from time to time, on or before the second
anniversary of the date of issuance.  The Warrants include a
"blocker" provision that, subject to certain exceptions described
in the Warrants, prevents the Investors from exercising the
Warrants to the extent such exercise would result in the Investors
together with certain affiliates beneficially owning in excess of
4.99% of the Common Stock outstanding immediately after giving
effect to such exercise.

                          About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss of $2.39 million for the year
ended Dec. 31, 2021, a net loss of $5.78 million for the year ended
Dec. 31, 2020, and a net loss of $6.96 million for the year ended
Dec. 31, 2019.  As of Sept. 30, 2022, the Company had $25.39
million in total assets, $6.86 million in total liabilities, and
$18.53 million in total stockholders' equity.

In its Quarterly Report filed on November 18, 2022, Gaucho Group
said it has generated significant losses which have resulted in a
total accumulated deficit of approximately $107.9 million at
September 30, 2022, raising substantial doubt that it will be able
to continue operations as a going concern.


GEMINI HDPE: S&P Affirms 'BB' Rating on Senior Secured Debt
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' rating on Gemini HDPE LLC's
senior secured debt. The outlook is stable. The '3' recovery rating
is unchanged and indicates its expectation of a meaningful
(50%-70%; rounded estimate: 65%) recovery in a hypothetical default
scenario.

Gemini is a high-density polyethylene (HDPE) facility in La Porte,
Texas. Construction was completed in 2017. Gemini produces a wide
array of HDPE products, primarily bimodal-grade HDPE, which has
superior properties allowing it to be used in applications that
command a price premium relative to commodity HDPE grades. The
project mainly sells its HDPE products in the North American
market.

S&P said, "We affirmed the rating on Gemini's senior secured bond
following completion of our review of the issue-level rating on the
project's senior debt under our revised project finance rating
methodology. The outlook is stable. There are no material
deviations in scoring or analytical approach taken to arrive at the
project issue-level rating, which is driven by our view of its
irreplaceable counterparties. Primarily, we derive and cap the
rating on Gemini at the creditworthiness of Ineos GH provided that
the parent fully guarantees the obligations of subsidiaries Ineos
Gemini HDPE Holdco LLC and Ineos Gemini HDPE LLC, which in turn
have a long-term tolling agreement with Gemini. The agreement is
structured to cover Gemini's fixed and variable operating costs and
mandatory debt service (even under force majeure conditions).
Therefore, rating actions on Gemini will move in tandem with rating
actions on Ineos GH.

"The stable outlook reflects the link to Ineos GH, which pays all
debt service components (principal, interests, and financing
costs), as well as variable and fixed manufacturing costs, and
other necessary operating costs. We expect the rating on Gemini to
move in lockstep with any rating change on Ineos GH.

"We could revise the outlook on Gemini's term loan B to negative or
lower the rating should we do the same for Ineos GH.

"We could revise the outlook on Gemini's term loan B to positive or
raise the rating should we do the same for Ineos GH."



GOBO LTD: Case Summary & Two Unsecured Creditors
------------------------------------------------
Debtor: Gobo, Ltd.
        4000 Horizons Dr.
        Columbus, OH 43220

Business Description: Gobo, Ltd. is a Single Asset Real Estate
                      as defined in 11 U.S.C. Section 101(51B).

Chapter 11 Petition Date: March 1, 2023

Court: United States Bankruptcy Court
       Southern District of Ohio

Case No.: 23-50619

Judge: Hon. Mina Nami Khorrami

Debtor's Counsel: Myron N. Terlecky, Esq.
                  STRIP HOPPERS LEITHART MCGRATH &
                  TERLECKY CO., LPA
                  575 S. Third St
                  Columbus, OH 43215
                  Tel: 614-228-6345
                  Fax: 614-228-6369

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Don A. Lee, president.

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/Z4MZEUI/Gobo_Ltd__ohsbke-23-50619__0001.0.pdf?mcid=tGE4TAMA


GOLDEN Z LLC: Files for Chapter 11 Bankruptcy Protection
--------------------------------------------------------
Golden Z LLC filed for chapter 11 protection in the Western
District of Washington.  

Golden Z owns the condo/coop at 213 4th Ct. S., #9, Kirkland, WA
908033-6047j, valued at $2,400,000.  The company disclosed total
liabilities of $1,599,000.

The petition states that funds will be available to unsecured
creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
March 16, 2023, at 12:00 PM at Telephonic Creditors Meeting Chapter
11.

                        About Golden Z LLC

Golden Z LLC is Single Asset Real Estate (as defined in 11 U.S.C.
Section 101(51B)).  The Debtor owns a condo or coop located at 213
4th Ct. S. #9 Kirkland, WA, valued at $2.4 million.

Golden Z LLC filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-10300) on Feb. 17,
2023.  In the petition filed by Zhandos Belbayev as authorized
representative of the Debtor, the Debtor reported assets and
liabilities between $1 million and $10 million.

The case is overseen by Honorable Bankruptcy Judge Timothy W.
Dore.

The Debtor is represented by:

  James E. Dickmeyer, Esq.
  James E. Dickmeyer, PC
  PO Box 2381
  Kirkland, WA 98083-2381


GREEN ENVIRONMENTAL: Files for Chapter 11 Protection
----------------------------------------------------
Green Environmental Processing Inc. filed for chapter 11 protection
in the Middle District of Florida without stating a reason.

The Debtor is a corporation with its primary business as
manufacturing and recycling rubber tires and equipment.

According to court filings, Green Environmental Processing
estimates between $10 million and $50 million in debt owed to 1 to
49 creditors.  The bare-bones petition states that funds will be
available to unsecured creditors.

             About Green Environmental Processing

Green Environmental Processing Inc. filed a petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 23-00558)
on Feb. 18, 2022. In the petition filed by Clifford Garrett, as
president, the Debtor reported assets between $10 million and $50
million and liabilities between $100 million and $500 million.

The Debtor is represented by:

  Preeti Gupta, Esq.
  Preeti (Nita) Gupta, Attorney
  100 West Washington Avenue
  Newtown, IN 47969
  765-918-0125


HEAVEN'S LANDING: Court Confirms Fourth Amended Plan
----------------------------------------------------
Bankruptcy Judge James R. Sacca for the Northern District of
Georgia, on Feb. 9, 2023, issued an order on confirmation of
Heaven's Landing, LLC 's fourth amended plan of reorganization.

This case presents the rare situation where a debtor proposes to
pay all of its creditors in cash in full on the Effective Date of
the Plan -- which in this case is March 3, 2023, about 36 days
after the Confirmation Hearing -- and preserves the equity
interests. JT Funding Inc. was the only party in interest that
filed a written objection to the Plan.

The Court finds that the Plan, as modified, satisfies all of the
requirements of Bankruptcy Code and should be confirmed. JT
Funding's Objections to the Plan have been satisfied either by the
amendments in the Fourth Amended Plan of Reorganization or by the
modifications announced at the Confirmation Hearing and addressed
in this Order or the Court's Oral Ruling and are therefore
overruled.

Section 5.6 of the Plan is modified as follows:

     -- upon payment of the Class 4 Claim in full, the Debtor, as
opposed to the Post-Petition Lender as defined in the Plan, will be
subrogated to the rights of JT Funding under the HLD Loan Documents
with respect to principal, interest, fees, unpaid Profit
Participation, costs and charges;

     -- the rights to which the Debtor will be subrogated will be
those that exist as of the date of payment of JT Funding's claim
against HLD, not as of the petition date.

Section 5.6 of the Plan is clarified as follows: JT Funding's
Profit Participation on the HLD Note will survive and continue to
be paid by the owner of Phase 1 as it comes due and it will remain
secured passu with the Debtor's subrogation rights under the HLD
Loan Documents.

If requested by the New Lender, the Debtor is authorized to assign
its position and subrogation rights on the HLD Loan Documents to
the New Lender and the Debtor is authorized to execute any and all
documents necessary to effectuate such assignment.

Section 5.5 of the Plan is clarified as follows: JT Funding's
Profit Participation on the Debtor Note will survive and continue
to be paid as it comes due and it will remain secured by a first
priority lien on any property it currently has as collateral to
secure payment of the Profit Participation according to the terms
of the applicable loan documents.

Section 5.7 of the Plan is modified as follows: the Class 5
creditors will be paid in cash in full on or before the Effective
Date.

Because neither the Debtor nor Ciochetti have an ownership interest
in the New Lender and the New Lender has acted in good faith, the
credit extended and loans made to the Debtor by the New Lender will
be and hereby are deemed to have been extended in good faith.

The Debtor is directed to file a report with the Court no later
than March 7, 2023, whether the payments under the Plan have been
made, and JT Funding will file a report by March 9, 2023, if the
Property is foreclosed including a report of the sales price and
who the successful bidder was.

A full-text copy of the Order dated Feb. 9, 2023, is available at
https://tinyurl.com/yeyw8kdw from Leagle.com.

                      About Heaven's Landing

Heaven's Landing, LLC -- https://www.heavenslanding.com/ --
operates a mountain estate airpark in Clayton, Ga. It is a 635-acre
gated community surrounded by thousands of acres of National
Forest. The aviation centerpiece of Heaven's Landing is a
5,069-foot paved concrete runway with pilot-controlled lighting and
a GPS approach.  The runway is designed to accommodate most any
private plane but is exclusively used by community members and
guests only.

Heaven's Landing filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-21350) on Oct. 4, 2020, disclosing $1 million to $10 million in
assets and $500,000 to $1 million in liabilities.  Michael J.
Ciochetti, president and general manager, signed the petition.

Judge James R. Sacca oversees the case.

Kelley & Clements, LLP serves as the Debtor's legal counsel.



HIGHPOINT LIFEHOPE: Wins Continued Use of Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, San
Antonio Division, authorized Highpoint Lifehope SPE LLC to continue
using cash collateral on a final basis in accordance with the
Stipulated Final Order dated.

At the Continued Hearing on February 23, 2023, the Debtor and
secured creditor Capital One, National Association announced that
they had reached an agreement with respect to the Debtor's further
limited authority to use cash collateral and related matters under
for a further interim period. Following due and proper notice with
respect to the Stipulated Final Order, the Extended Order and the
Continued Hearing, no objections to the proposed cash collateral
extension have been filed or raised at the Hearing.

The Debtor, as borrower, and Capital One, as administrative agent,
collateral agent, and a lender, are parties to a Loan Agreement
dated as of April 18, 2019. The Loan Agreement provided for Capital
One to make a nonrevolving Loan to the Debtor in advances in an
aggregate principal amount totaling no more than $65 million.

Capital One asserts that, as of the Petition Date, the Indebtedness
owing from the Debtor to Capital One under the Loan Agreement and
the other Loan Documents totals at least $53.766 million, as more
particularly described in the Proof of Claim filed by Capital One
in the Bankruptcy Case.

As provided in the Stipulated Final Order and the Extended Order,
the Debtor will continue to retain MCA Financial Group, Ltd. as a
third party manager for the Debtor's Project to manage and operate
the Project pending disposition of the Project. The Debtor and its
employees will cooperate with the Third Party Manager to allow such
management and operation by the Third Party Manager. At all times,
the Debtor's retention agreement with the Third Party Manager will
be in form and substance acceptable to Capital One.

A continued hearing on the matter is set for April 4 at 10 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3Y5zlCM from PacerMonitor.com.

The Debtor projects total operating cash flow, on a weekly basis,
as follows:

       $11,647 for the week ending March 3, 2023;
       $16,939 for the week ending March 10, 2023;
       $11,534 for the week ending March 17, 2023;
      $125,711 for the week ending March 24, 2023;
      $136,298 for the week ending March 31, 2023; and
      $181,191 for the week ending April 7, 2023.

                   About Highpoint Lifehope SPE

Highpoint Lifehope SPE LLC, also known as Honan Property Management
- Highpoint, is a Single Asset Real Estate (as defined in 11 U.S.C.
Sec. 101(51B)).  

Highpoint Lifehope SPE LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 22-50929) on
August 22, 2022. In the petition filed by Scott C. Honan, as
manager, the Debtor reports estimated assets and liabilities
between $50 million and $100 million each.

Judge Michael M. Parker.

The Debtor is represented by Natalie F. Wilson of Langley & Banack
Inc.



INNERSCOPE HEARING: Posts $451K Net Loss in Q3 2020
---------------------------------------------------
Innerscope Hearing Technologies, Inc. has filed with the Securities
and Exchange Commission its Quarterly Report on Form 10-Q
disclosing a net loss of $451,013 on $47,331 of total revenues for
the three months ended Sept. 30, 2020, compared to a net loss of
$1.47 million on $250,781 of total revenues for the three months
ended Sept. 30, 2019.

For the nine months ended Sept. 30, 2020, the Company reported a
net loss of $4.21 million on $144,318 of total revenues compared to
a net loss of $4.98 million on $656,983 of total revenues for the
nine months ended Sept. 30, 2019.

As of Sept. 30, 2020, the Company had $2.78 million in total
assets, $12.41 million in total liabilities, and a total
stockholders' deficit of $9.62 million.

As of Sept. 30, 2020, the Company had cash of $4,736, an increase
of $277, from $4,459 as of Dec. 31, 2019.  As of Sept. 30, 2020,
the Company had current liabilities of $10,816,207 (including
derivative liabilities of $4,596,530) compared to current assets of
$130,372 which resulted in working capital deficit of $10,685,835.
The current liabilities are comprised of accounts payable, accrued
expenses, notes payable, convertible notes payable, operating lease
liabilities, customer deposits, salaries and taxes payable, and
derivative liabilities.

The Company said, "Our ability to operate over the next twelve
months, is contingent upon continuing to realize sales revenue
sufficient to fund our ongoing expenses.  If we are unable to
sustain our ongoing operations through sales revenue, we intend to
fund operations through debt and/or equity financing arrangements,
which may be insufficient to fund our working capital, or other
cash requirements.  There can be no assurance that such additional
financing will be available to us on acceptable terms, or at all.
We do not have any formal commitments or arrangements for the sales
of stock or the advancement or loan of funds at this time."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1609139/000155479523000044/innd0217form10q.htm

                         About InnerScope

Headquartered in Roseville, Calif., Innerscope Hearing
Technologies, Inc. -- http://www.innd.com/-- is a manufacturer
and
a distributor/retailer of Direct-to-Consumer ("DTC") FDA (Food and
Drug Administration) registered hearing aids, personal sound
amplifier products (PSAPs), hearing-related treatment therapies,
and doctor-formulated dietary hearing supplements.

Innerscope Hearing reported a net loss of $4.95 million for the
year ended Dec. 31, 2020, compared to a net loss of $7.92 million
for the year ended Dec. 31, 2019.  As of Dec. 31, 2020, the Company
had $1.68 million in total assets, $12.04 million in total
liabilities, and a total stockholders' deficit of $10.35 million.

New York-based Paris Kreit & Chiu CPA LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated Sept. 12, 2022, citing that the Company has suffered
recurring losses from operations and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.


J&B EXPRESS: Wins Interim Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
authorized J & B Express L.L.C. to use cash collateral on an
interim basis during the pendency of the Debtor's case or until
further Court order.

As previously reported by the Troubled Company Reporter, the
Debtor's creditors are BMO Harris Bank N.A. and the U.S. Small
Business Administration.

As adequate protection, all creditors with an interest in the cash
collateral are granted replacement liens of the same priority to
the same extent in the cash collateral as existed immediately
before the Petition Date. The Replacement Liens are deemed
automatically perfected upon entry of the interim order without the
necessity of a creditor taking possession, filing financing
statements, mortgages or other documents.

As further adequate protection to BMO, it will receive, without
limitation, the following adequate protection payments from the
Debtors:

The payments total $2,258 and are the amount of interest effective
March 10, 2023, and continuing until the Court orders otherwise,
the Debtors will pay BMO $1,747 and $511 toward the secured amounts
of its allowed claim relating to the line of credit and the term
note, respectively.

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

                    About J & B Express L.L.C.

J & B Express L.L.C. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Wis. Case No. 23-20494) on February 7,
2023. In the petition signed by Mark S. Werner, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.

Judge Rachel M. Blise oversees the case.

Nicholas W. Kerkman, Esq., at Kerkman and Dunn, oversees the case.


K MEDICAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: K Medical Supplies, LLC
          d/b/a Berktree, LLC
          d/b/a Kay Rehab
        5310 Willow Rock Rd.
        Efland, NC 27243

Business Description: The Debtor offers medical, health, rehab,
                      dental, and laboratory supplies.

Chapter 11 Petition Date: February 28, 2023

Court: United States Bankruptcy Court
       Middle District of North Carolina

Case No.: 23-80036

Debtor's Counsel: James C. White, Esq.
                  J.C. WHITE LAW GROUP, PLLC
                  100 Europa Drive
                  Suite 401
                  Chapel Hills, NC 27517
                  Tel: (919) 246-4676
                  Fax: (919) 246-9113
                  Email: jwhite@jcwhitelaw.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Stephen Kovacs, owner/managing member.

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

https://www.pacermonitor.com/view/TSEHJCI/K_Medical_Supplies_LLC__ncmbke-23-80036__0001.0.pdf?mcid=tGE4TAMA


KABBAGE INC: PPP Borrowers Fight Bankruptcy Plan
------------------------------------------------
The lead plaintiffs and putative class members (collectively, the
"Plaintiffs") in the currently stayed action filed as Carr et al.,
v. Kabbage, Inc., Case No. 22-cv-02149 (N.D. Ga. Mar. 30, 2022)
(the "Putative Class Litigation"), filed an objection and
reservation of rights to confirmation of the Amended Joint Chapter
11 Plan of Liquidation of Kabbage, Inc. (d/b/a KServicing) and its
Affiliated Debtors.

On March 30, 2022, the Plaintiffs, individually and on behalf of
all others similarly situated, filed a class action complaint (the
"Class Action Complaint") against Debtor Kabbage, Inc. d/b/a
KServicing in the Georgia District Court, alleging that the
Company, a servicer of thousands of Small Business Association
("SBA") Paycheck Protection Program ("PPP") emergency loans, failed
to timely and competently process loan forgiveness applications on
behalf of borrowers.  The Class Action Complaint sought injunctive
relief directing the Company to review and process loan forgiveness
in accordance with SBA regulations, disgorgement of PPP loan
origination fees on theories of unjust enrichment, and damages in
accordance with state consumer protection statutes.

In their objection to the Plan, the Plaintiffs assert the Plan does
not satisfy the requirements set forth in section 1129(a)(7)(A)(i)
because the Plaintiffs are holders of claims in an impaired class
(i.e., Class 4 under the Plan) and have not accepted Plan.

They add that the Plan also fails to satisfy the requirements set
forth in Section 1129(a)(7)(A)(ii) because the Debtors have not met
their burden of proving that that the Plaintiffs will receive as
much value under the Plan as they would receive under a Chapter 7
liquidation.

Attorney for Lead Plaintiffs and Putative Class Members:

      WHITE AND WILLIAMS LLP
      Rochelle L. Gumapac
      600 N. King Street, Suite 800
      Wilmington, DE 19801
      Telephone: (302) 467-4531
      Facsimile: (302)467-4559
      E-mail: gumapacr@whiteandwilliams.com

               About Kabbage Inc. d/b/a KServicing

Founded in 2010 and headquartered in Atlanta, Ga., Legacy Kabbage,
a predecessor of Kabbage Inc. (doing business as KServicing) --
http://www.kservicing.com/-- was one of the leading fintech
providers of working capital to small businesses for over a decade.
Legacy Kabbage began as a proprietary online lending platform for
small businesses, providing loan services to over 250,000 American
small businesses, many of which were businesses that struggled to
receive adequate funding through traditional banking institutions.
From 2020-2021, the company provided and facilitated necessary
funding to small business owners through PPP loans during the
COVID-19 pandemic. The company's existing technology infrastructure
spearheaded its PPP work, which led to a total of $7 billion in
loans being originated by the company.

The origination and servicing of PPP Loans and small business loans
to eligible borrowers was critical during a time of unprecedented
health and economic uncertainty brought about by the COVID-19
pandemic. On Aug. 16, 2020, much of the company's business was sold
to American Express Travel Related Services Company, Inc. As a
result of the merger, KServicing now operates in a limited capacity
as (i) a servicer and subservicer of PPP Loans, (ii) a software
services provider for lenders of PPP Loans, and (iii) a servicer of
a minor portfolio of non-PPP small business loans.

To implement the wind down of their businesses, on Oct. 3, 2022,
Kabbage, Inc. d/b/a KServicing and certain of its affiliates each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. D. Del. Lead Case No.
22-10951). Judge Craig T. Goldblatt oversees the cases.

Kabbage Inc. estimated $500 million to $1 billion in assets and
debt as of the bankruptcy filing.

The Debtors tapped Weil, Gotshal & Manges, LLP as general counsel;
Richards, Layton & Finger, PA as local counsel; AlixPartners, LLC
as financial advisor; KPMG International Limited as fraud review
services provider; Jones Day, LLP as government investigations
counsel; and Marc Sullivan, managing director at Phoenix Executive
Services, LLC, as chief financial officer. Omni Agent Solutions,
Inc. is the Debtors' claims agent and administrative advisor.

Greenberg Traurig, LLP serves as counsel to the Debtors' board of
directors.


KLX ENERGY: Expects Fourth Quarter Revenue of $221.5M to $223.5M
----------------------------------------------------------------
KLX Energy Services Holdings, Inc. announced preliminary financial
results for the fourth quarter ended Dec. 31, 2022.

Preliminary Fourth Quarter 2022 Financial and Operational
Highlights

   * Estimated Revenue range of $221.5 million to $223.5 million

   * Estimated Net Income range of $12.0 million to $13.5 million

   * Estimated Adjusted EBITDA range of $35.7 million to $37.6
million

   * Estimated Cash balance of $57.4 million, a 39% increase
relative to third quarter

   * Estimated Total Debt decreased by $12.2 million since third
quarter to $283.4 million

   * Estimated Net Debt decreased by $28.2 million since third
quarter to $226.0 million

"In 2022, we were focused on driving price and utilization while
prudently managing our cost structure on the heels of our
successful 2020 merger with QES," stated Chris Baker, president,
chief executive officer and Director of KLX.  "This translated into
a record year relative to other periods post-merger and immediately
pre-merger, and we finished 2022 on a high note with a strong
fourth quarter overcoming typical seasonality impacts in our late
Q4 calendars.  Our strategy of utilizing key performance indicators
to analyze price, asset utilization and discrete district
performance provided the roadmap to our early 2022 strategic asset
realignment and yielded materially improved results throughout
2022.  I'm proud to say that we are largely trending ahead of 2019
levels for revenue and margins when viewed on a second half 2022
annualized basis. Additionally, we have materially improved our
capitalization profile and exited 2022 on a Q4 annualized net
leverage ratio of only 1.5x to 1.6x.

"Looking ahead, we remain excited about 2023 and are focused on our
goals of continued expansion in operating results, prudent capital
spending, free cash flow generation, further deleveraging, and
executing on inorganic growth opportunities," concluded Baker.

Conference Call Information

KLX also announced that it will report actual fourth quarter 2022
financial results prior to the Company's live conference call,
which can be accessed via dial-in or webcast, on Thursday, March 9,
2023 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

What: KLX Energy Services 2022 Fourth Quarter Earnings Conference
Call
When: Thursday, March 9, 2023 at 10:00 a.m. Eastern Time / 9:00
a.m. Central Time
How: Live via phone - By dialing 1-201-389-0867 and asking for the
KLXE call at least 10 minutes prior to the start time, or
Live Webcast – By logging onto the webcast at the address below
Where:
https://investor.klxenergy.com/events-and-presentations/events

For those who cannot listen to the live call, a replay will be
available through March 23, 2023, and may be accessed by dialing
1-201-612-7415 and using passcode 13736099#.  Also, an archive of
the webcast will be available shortly after the call at
https://investor.klxenergy.com/events-and-presentations/events for
90 days.  Please submit any questions for management prior to the
call via email to KLXE@dennardlascar.com.

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

https://www.sec.gov/Archives/edgar/data/1738827/000173882723000005/klxeq42022earningspre-rele.htm

                         About KLX Energy

Headquartered in Wellington, Florida, KLX Energy Services Holdings,
Inc. is a provider of diversified oilfield services to leading
onshore oil and natural gas exploration and production companies
operating in both conventional and unconventional plays in all of
the active major basins throughout the United States.  The Company
delivers mission critical oilfield services focused on drilling,
completion, intervention and production activities for the most
technically demanding wells from over 60 service facilities located
in the United States. KLXE's complementary suite of proprietary
products and specialized services is supported by technically
skilled personnel and a broad portfolio of innovative in-house
research and development, manufacturing, repair and maintenance
apabilities.

KLX Energy reported a net loss of $93.8 million for the 11-month
transition period ended Dec. 31, 2021, compared to a net loss of
$332.2 million for the fiscal year ended Jan. 31, 2021.  As of
Sept. 30, 2022, the Company had $440.1 million in total assets,
$156.5 million in total current liabilities, $295.6 million in
long-term debt, $26 million in long-term operating lease
obligations, $17.5 million in long-term finance lease obligations,
$0.4 million in other non-current liabilities, and a total
stockholders' deficit of $55.9 million.

                          *   *   *

As reported by the TCR on Feb. 23, 2021, Moody's Investors Service
completed a periodic review of the ratings of KLX Energy Services
Holdings, Inc. and other ratings that are associated with the same
analytical unit.  KLX Energy Services Holdings, Inc.'s (KLXE) Caa1
Corporate Family Rating reflects the company's relatively small
scale while providing a range of well completion, intervention,
drilling and production services in a highly cyclical industry.

As reported by the TCR on March 31, 2022, S&P Global Ratings
affirmed its 'CCC+' issuer credit rating on KLX Energy Services
Holdings Inc.  S&P said "Our 'CCC+' rating continues to reflect
KLXE's unsustainable credit metrics."


KOPPERS HOLDINGS: S&P Rates New $400MM Secured Term Loan B 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '2'
recovery rating to Koppers Holdings Inc.'s proposed $400 million
senior secured term loan B due 2030. The '2' recovery rating
indicates its expectation for significant (70%-90%; rounded
estimate: 75%) recovery in the event of a payment default. S&P
expects the company will use the proceeds from the term loan, along
with borrowings from its revolver, to redeem the outstanding $500
million aggregate principal amount of its existing senior unsecured
notes due 2025.

S&P based its rating on the preliminary terms and conditions of the
issuance. S&P's 'B+' issuer credit rating and stable outlook are
unchanged.

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

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P continues to value the company on a going-concern basis
using a 5x multiple of its emergence EBITDA, which is in line with
the multiples it uses for its similarly rated commodity chemical
peers, such as Tronox Ltd.

-- S&P said, "Our simulated default scenario contemplates a
default occurring in 2027 due to a severe recession that sharply
reduces the demand for Koppers' products, as well as a steep
increase in raw material prices that it can't easily pass on to its
customers."

-- In this scenario, S&P would expect its EBITDA margins to shrink
and its EBITDA to decline to levels that are insufficient to cover
its fixed-charge obligations of interest expense, scheduled debt
amortization, and maintenance capital spending.

-- S&P's emergence EBITDA incorporates our assumption that the
company regains some lost revenue through volume and undertakes
cost-cutting efforts during bankruptcy that support its margins and
improve its EBITDA. For example, it assumes the company would
reduce its administrative overhead and regain lost market share.

Simulated default assumptions

-- Year of default: 2027
-- EBITDA at emergence: Approximately $180 million
-- EBITDA multiple: 5x
-- Revolving credit facility: 85% drawn at default

Simplified waterfall

-- Net enterprise value (after 5% administrative expenses): $858
million

-- Collateral value available to secured creditors: $858 million

-- Senior secured debt: $1.092 billion

    --Recovery expectations: 70%-90% (rounded estimate: 75%)

Note: All numbers are approximate and debt amounts include six
months of prepetition interest.



LIFE HOTEL: Public Sale Auction Set for April 21
------------------------------------------------
Auctioneer Matthew D. Mannion of Mannion Auctions LLC will hold a
sale of 100% of the membership interests in Life Hotel One LLC at a
public auction and sold to the highest qualified bidder on April
21, 2023, at 11:00 a.m. (New York Time).

The sale will be conducted virtually via Zoom through
https://bit.ly/LifeHotel (case sensitive); Dial-in: +1 646 558
8656; Meeting ID: 844 0356 1608; and Meeting Password: 700664.

The principal asset of the Company is the hotel located at 19 West
31st Street, New York, NY.

The sale is held to enforce the rights of 1921 West 31st Street
Funding ("secured party") under an amended, restated and
consolidated loan agreement dated July 19, 2017, between the
Company and Deutsche Bank AG, New York Branch, and that certain
pledged and security agreement dated as of Nov. 3, 2017, executed
by Life Hotel PREF in favor of Deutsche Bank Ag, both of which are
currently held by secured party.

Interested parties who would like additional information regarding
the Company, the collateral, property visits, and terms of the
public sale should execute the non-disclosure agreement which can
be reviewed at the website https://tinyurl.com/LifeHotel.  For
questions and inquiries, contact Joanne Au of CBRE Capital Markets
at joanne.au@cbre.com.


LTL MANAGEMENT: J&J Must Face Cancer Victims in Court
-----------------------------------------------------
Georgina Caldwell of Global Cosmetics News reports that a federal
judge has given the go ahead for a 24-year-old cancer sufferer to
proceed with a case which claims that the disease was caused by use
of Johnson & Johnson's baby powder, according to a report published
by Bloomberg.

The ruling is the first of its kind since the US health care
manufacturer's plea to use chapter 11 bankruptcy proceedings to
resolve the 40,000-odd cancer lawsuits it is facing was denied by
an appeals court.

While J&J is appealing the chapter 11 ruling, victims must continue
to seek permission to bring their cases to trial. The manufacturer
of Aveeno and Neutrogena has two further chances to funnel the
multiple lawsuits bought against it through its LTL Management
bankruptcy. If both fail, all cases will go to trial.

                        About LTL Management

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

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

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

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

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


LTL MANAGEMENT: Legal Groups, US Chamber Favor Ch. 11 Rehearing
---------------------------------------------------------------
Vince Sullivan of Law360 reports that groups including the Chamber
of Commerce of the United States and the American Tort Reform
Association filed amicus briefs Tuesday, February 21, 2023, in the
appellate case of Johnson & Johnson's bankrupt talc unit urging the
Third Circuit to revisit its January ruling dismissing the
company's Chapter 11 case and saying en banc review is necessary to
bring clarity to the ruling, which tossed the case on good faith
grounds.

                       About LTL Management

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

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

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

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

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


MARCH ON HOSPITALITY: Court OKs Cash Collateral Access Thru March 6
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized March On Hospitality, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance, through March 6, 2023.

The Debtor requires the use of cash collateral to continue
operating its business and satisfy its payroll and other direct
operating expenses.

The Debtor disputed that Simmons Bank, a successor-in-interest to
Southwest Bank, possesses a valid lien on the Debtor's cash
collateral.

As adequate protection for any secured creditor that holds a valid
unavoidable security interest in prepetition cash or cash
equivalents for the Debtor's use of cash collateral, to the extent
that the Debtor's use of cash collateral results in a diminution in
value of the Lender's interest in the cash collateral, each Lender
is granted a replacement lien in the Debtor's assets that serve as
collateral under each Lender's applicable agreements, in the same
order of priority that existed as of the Petition Date.

As additional partial adequate protection, to the extent of any
diminution in value and a failure of the other adequate protection
provided by the Order, the Lenders will have an allowed
superpriority administrative expense claim in the case and any
successor case as provided in and to the fullest extent allowed by
Sections 503(b) and 507(b) of the Bankruptcy Code.

The Replacement Liens are subject and subordinate to a carve-out of
funds for all fees required to be paid to: (i) the Clerk of the
Bankruptcy Court, (ii) the Office of the United States Trustee
pursuant to Section 1930(a) of Title 28, United States Code, and
(iii) the Subchapter V Trustee.

The Replacement Liens are valid, perfected, enforceable and
effective as of the Petition Date without the need for any further
action by the Debtor or the Lenders, or the necessity of execution
or filing of any instruments or agreements.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3KImT95 from PacerMonitor.com.

The budget provides for total payroll and related expenses, on a
monthly basis, as follows:

     $21,850 for January 2023;
     $21,347 for February 2023; and
     $23,637 for March 2023.

                About March on Hospitality LLC

March on Hospitality LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40140) on
January 17, 2023. In the petition signed by Douglas Whatley, the
Debtor disclosed up to $10 million in both assets and liabilities.

Jude Mark X. Mullin oversees the case.

Suzanne K. Rosen, Esq., at Forshey & Prostok, LLP, represents the
Debtor as legal counsel.


MATCON CONSTRUCTION: Wins Cash Collateral Access Thru March 27
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, authorized Matcon Construction Services, Inc. to use cash
collateral on an interim basis in accordance with the budget,
through March 27, 2023, the date of the final hearing.

The Debtor requires the use of cash collateral to pay operating
expenses.

As previously reported by the Troubled Company Reporter, the
Debtor's primary secured obligations are to Lake Michigan Credit
Union. As of the petition Date, the Debtor owes LMCU approximately
$2.1 million in the form of two different loans, an operating line
of credit in the approximate amount of $1 million and a secured
loan in the approximate amount of $1.1 million, secured by a
blanket lien on all of the Debtor's assets.

The Debtor also has an SBA Economic Injury Disaster Loan with an
approximate balance of $2 million secured by substantially all of
the Debtor's personal property. Based on the Debtor's initial
review of UCC-1 filings, the SBA appears to have a second-position
security interest in the Debtor's assets.

The Debtor believes it owes additional secured debt to other
secured creditors, which assert liens on the Debtor's vehicles and
equipment:

                              Approximate Balance as
     Creditor                    of Petition Date
     --------                 ----------------------
American Indemnity                 $124,623.85
Ford Credit                         $48,259.17
GM Financial                        $64,201.87
Ford Credit                         $36,852.38
Wells Fargo                         $23,401.39
Wells Fargo                         $24,931.50
Balboa Capital                      $19,946.79

In an effort to carry the business through this downturn period,
the Debtor turned to short-term funding sources with high cost of
capital known as "merchant cash advance" funding, with various
companies.

The MCAs furthered the Debtor's economic problems as the MCA
funders presented UCC demands to the Debtor's customers,
effectively cutting off the Debtor's cash flow. The Debtor filed
this case primarily to obtain relief from this financial pressure.

As of the Petition Date, the Debtor owes these amounts to the MCAs,
which the Debtor believe are all wholly unsecured:

                              Approximate Balance
    MCA                       as of Petition Date
    ---                       -------------------
Intrepid Finance                   $465,116
Blue Vine                           $44,297
Libertas Fundi g                   $814,090
Fox Capital                         $37,200
Biz Fund                           $485,400
Proventure Capital                  $55,469
Reserve Capital                    $139,923
City Capital                       $109,672
Finova                              $81,429
Greentree                           $31,936

As additional adequate protection with respect to the MCAs' and
other Lenders' interests in the Cash Collateral, the MCAs and other
Lenders are granted a replacement lien in and upon all of the
categories and types of collateral in which they held a security
interest and lien as of the Petition Date to the same extent,
validity and priority that they held as of the Petition Date,
subject to carve outs and subordination to the administrative
claims set forth in the budget and US Trustee fees.

Turnover of accounts receivable is subject to any purported liens
by MCAs and other Lenders to the same priority, extent and validity
as they existed prepetition, except to the extent of permitted uses
and carve outs for administrative claims set forth in the budget
and US Trustee fees, provided, for the avoidance of doubt, as to
account debtors or Contract Parties that pay any obligations to the
Debtor, those account debtors or Contract Parties will not be
subject to payment to any of the MCAs or other Lenders for such
obligations claimed owing by any of the MCAs or other Lenders or
anyone else claiming to be an assignee under UCC 9-406, Florida
Statute section 679.4061, or other applicable law.

The Debtor will maintain insurance coverage for the collateral in
accordance with the obligations under the loan and security
documents.

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

The Debtor projects total cash disbursements, on a monthly basis,
as follows:

     $553,186 for February 2023; and
     $584,710 for March 2023.

            About Matcon Construction Services, Inc.

Matcon Construction Services, Inc. provides general contracting,
solar solutions and development Services.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00215) on January 20,
2023. In the petition signed by Derek Mateos, president, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.

Judge Roberta A. Colton oversees the case.

Scott Underwood, Esq., at Underwood Murray, P.A., represents the
Debtor as counsel.


MEDFORD LLC: Court OKs Cash Collateral Access Thru March 31
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Oregon authorized
Medford, LLC to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance, through March 31,
2023.

The Debtor requires the use of cash collateral to pay operating
expenses, pay for repairs and maintenance, and preserve the value
of the Debtor's business.

US Bank, Trustee on behalf of the holders of the WaMu Mortgage
Pass-Through Certificates, Series 2007-OA5 and Chase Bank assert
security interest/liens on the cash collateral.

As adequate protection, the Lien Creditors are granted a perfected
lien and security interest on all property, whether now owned or
hereafter acquired by Debtor of the same nature and kind as secured
by the claim of each of the Lien Creditors on the Petition Date.

The Court order provides that the Lien Creditors' interests in the
Replacement Collateral will have the same relative priorities as
the liens held by them as of the Petition Date.

The Replacement Lien on the Replacement Collateral will be
perfected and enforceable upon entry of the Order without regard to
whether such Replacement Lien is perfected under applicable
nonbankruptcy law.

Absent further Court Order, the Debtor's authority to use cash
collateral will terminate at 5:00 pm upon March 31, 2023 or the
occurrence of any of the following: (a) the violation of the any of
the terms of the Order, (b) the entry of an Order converting the
case to a case under Chapter 7 of the Bankruptcy Code, (c) the
termination, lapse, expiration or reduction of insurance coverage
on Lien Creditors' collateral for any reason, or (d) the
appointment of a trustee in the case.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3Y7NVtL from PacerMonitor.com.

The Debtor projects total disbursements, on a monthly basis, as
follows:

     $1,142 for Month 1;
     $3,402 for Month 2;
     $1,242 for Month 3;
     $1,142 for Month 4;
     $1,142 for Month 5;
     $1,142 for Month 6;
     $1,142 for Month 7;
     $1,142 for Month 8; and
     $1,142 for Month 9.

                       About Medford LLC

Medford, LLC filed a petition for relief under Subchapter V of
Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No.
23-30153) on Jan. 25, 2023. In the petition filed by Jerry Reeves,
managing member, the Debtor reported between $1 million and $10
million in both assets and liabilities. Amy E. Mitchell has been
appointed as Subchapter V trustee.

Judge Peter C. McKittrick oversees the case.

The Law Offices of Keith Y. Boyd serves as the Debtor's counsel.



MEHLING ORTHOPEDICS: Court OKs Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Mehling Orthopedics, LLC to use cash collateral on an interim basis
in accordance with the budget, with a 25% variance.

The Debtor may use the cash collateral to meet its ordinary cash
needs and for other purposes as may be approved in writing by its
secured creditors; maintain and preserve its assets; continue
operation of its business, including but not limited to payment for
utilities, payroll, payroll taxes, and insurance expenses as
reflected in the Cash Collateral Budget; and pay administrative
claims in this Chapter 11 proceeding, including professional fees.

As previously reported by the Troubled Company Reporter, the
creditors that assert an interest in the Debtor's cash collateral
are LG Funding LLC, Samson MCA LLC c/o Steven Markowitz, Jr.,
Velocity Capital Group, and Advantage Platform Services, Inc. d/b/a
Advantage Capital Funding.

Between June 2022 and August 2022, the Debtor entered into a number
of agreements with the Secured Creditors and incurred debt totaling
approximately $600,000.

The Debtor owns substantial accounts payable by insurance companies
for work performed in its Medical Practice and other payables due
to the Debtor. The Receivables total roughly $13.865 million as of
November 1, 2022, and consist of: $2.877 million (0-30 Days);
$616,750 (31-45 Days); and $9.060 million (Over 90 Days).

Further, the majority of Secured Creditors took additional
guaranties and other collateral as security in additional to the
Receivables based upon the Agreements annexed to the Shapiro
Certification.

The Secured Creditors allege secured claims against the Debtor in
total amount of $585,185 as of the Petition Date, secured by liens
on all or substantially all the assets of Debtor, including its
Receivables which total approximately $13.865 million as of
November 1, 2022.

As adequate protection for use of cash collateral, the Secured
Creditors are granted a replacement perfected security interest to
the extent that Secured Creditors' cash collateral is used by the
Debtor.

The replacement lien and security interest granted are
automatically deemed perfected upon entry of the Order without the
necessity of Secured Creditors taking possession, filing financing
statements, mortgages, or other documents.

A final hearing on the matter is set for March 9, 2023 at 10 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3EL0W5A from PacerMonitor.com.

The Debtor projects $217,419 in net disposable income and $63,508
in total expenses for one month.

                   About Mehling Orthopedics LLC

Mehling Orthopedics LLC is a health care business; it operates an
orthopedic trauma practice dedicated to creating individualized
treatment plans for traumatic injuries and disabilities including
orthopedic trauma and sports-related injuries from 214 Street,
Suite 101, Hackensack, NJ 07601.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 23-11121) on February 10,
2023. In the petition signed by Brian Mehling, member, the Debtor
disclosed up to $50,000 in both assets and liabilities.

Melinda D. Middlebrooks, Esq., at Middlebrooks Shapiro, P.C.,
represents the Debtor as legal counsel.



MOVIA ROBOTICS: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------
Movia Robotics, Inc. asks the U.S. Bankruptcy Court for the
District of Connecticut, Hartford Division, for authority to use
cash collateral and provide adequate protection, through March 31,
2023.

The Debtor requires the use of cash collateral to operate and
preserve the value of its assets.

As of petition date, the U.S. Small Business Administration, Clean
Feet Investors I, LLC, and Webster Bank, N.A. assert secured claims
against all of the Debtor's assets, including the Debtor's cash and
accounts receivable.

As adequate protection, the Debtor proposes to grant the SBA, Clean
Feet, Webster Bank and J.P. Bolat/The Bolat Group, LLC a
replacement lien in all after acquired cash collateral to the same
extent, priority and validity as existed on the Petition Date,
subject and subordinate to a carve-out of the replacements lien for
amounts payable by the Debtor for (i) fees payable to the United
States Trustee pursuant to 28 U.S.C. section 1930(a)(6); (ii)
accrued and unpaid wages, and (iii) approved fees and expenses of
the Debtor's professionals.

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

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

The Debtor projects $79,388 in total revenue and $104,789 in total
expenses.

                   About Movia Robotics, Inc.

Movia Robotics, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Conn. Case No. 23-20024) on January 18,
2023. In the petition signed by Timothy Gifford, president, the
Debtor disclosed up to $10 million in both assets and liabilities.


Timothy D. Miltenberger, Esq., at Cohn Birnbaum & Shea, P.C.,
represents the Debtor as legal counsel.


NAVIENT CORP: Fitch Affirms BB- LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Navient Corporation's (Navient)
Long-Term Issuer Default Rating (IDR) and senior unsecured debt
rating at 'BB-' and its Short-Term IDR at 'B'. The Rating Outlook
is Stable.

KEY RATING DRIVERS

The ratings affirmation reflects Navient's scale and position as
one of the largest non-government owners and servicers of student
loan assets, its demonstrated track record (including as part of
its predecessor organization) in the student loan
servicing/collection space, the low credit risk and predictable
cash flow nature of its FFELP loan assets and its adequate
liquidity profile.

Rating constraints include Navient's monoline business model with a
concentration on student lending, higher leverage relative to
peers, a reliance on secured, wholesale funding and high levels of
asset encumbrance, long-term strategic uncertainty related to the
success of its growth initiatives, and ongoing regulatory,
legislative and litigation risk related to student lending.

Asset quality within the private student loan (PSL) book moved
in-line with the deterioration observed more broadly in consumer
credit during 2022. Delinquencies of 30 days or more rose to 5.0%
at YE 2022 from 3.2% the year prior, in part driven by the wind
down of pandemic-related forbearance programs. Net charge-offs also
rose during the year, to 1.6% compared with 0.8% in 2021, but
remained in-line with pre-pandemic levels and were adequately
reserved for with a 4.1% loss allowance. Overall asset quality
metrics remain bolstered by the large FFELP portfolio, which has
low credit risk due to the government guarantee, evidenced by just
0.10% of charge-offs in 2022, in-line with historical levels.

Navient's profitability remained stable in 2022, recording a
pre-tax return on average assets (ROAA) of 1.1%, consistent with
the prior year. The four-year average ROAA is slightly lower, at
0.9%, which is just below Fitch's 'bb' category quantitative
benchmark range of 1.0% - 2.5% for balance sheet heavy finance and
leasing companies with an operating environment score in the 'a'
category.

On a core earnings basis, adjusting GAAP results for mark-to-market
gains/losses on derivatives and goodwill/intangible asset
amortization, earnings declined by 16.9% in 2022, driven primarily
by contraction in the portfolio. The net interest margin (NIM)
remained stable for FFELP and fell modestly for PSLs in 2022, to
2.81% for the year compared with 2.92% in 2021.

Core earnings attributable to the Business Processing (BP) segment
fell 59.6% in 2022, following the end of pandemic-related contracts
for services such as contact tracing and vaccine registration.
Still, traditional BPS revenues grew 11% during the year, and the
company was able to leverage its state government relationships
from pandemic services into new traditional contracts.

Navient's leverage, calculated as debt to tangible equity,
excluding debt and capital associated with the guaranteed FFELP
assets and the mark-to-market gains/losses on derivatives, was
11.9x at YE22, compared with 13.1x at YE21. This reflects the
slowdown of refi originations, which are more highly levered than
legacy and in-school PSLs. Management's leverage metric, adjusted
tangible equity (ATE) ratio, ended the year at 7.7%, and the
company has given guidance of 8%-9% for 2023.

Fitch views Navient's leverage as high relative to the risk profile
of private education loans and as compared with similarly rated
finance and leasing companies. While the leverage is somewhat
mitigated by the high seasoning of the legacy PSLs originated prior
to the split with SLM, these loans now represent less than half of
total PSL portfolio and will continue to run-off and be replaced by
new originations.

Navient's proportion of unsecured debt to total funding rose
marginally to 10.4% at YE22, versus 9.1% a year ago, but when
excluding FFELP debt, which is more indicative of the company's
ongoing funding profile, unsecured debt comprised 30% of the mix.
This level is within Fitch's 'bb' category benchmark range of 10%
to 40%.

Fitch expects unsecured funding levels to remain relatively stable
near-term as the growing refi loan portfolio is offset by continued
amortization of the FFELP portfolio. Navient repaid $1 billion of
unsecured debt that matured in January 2023, but $300 million is
due in September 2023 and $1.4 billion is due in 2024.

Fitch expects repayment to be funded by a combination of balance
sheet cash, operating cash flow from the student loan portfolios,
monetization of $1.6 billion of unencumbered assets and/or $5.2
billion of overcollateralization in ABS transactions, and
opportunistic unsecured issuance. Should the company not access the
unsecured markets, the funding profile would likely shift
unfavorably toward secured debt.

At Dec. 31, 2022, Navient had $1.5 billion in unrestricted cash and
$1.7 billion of projected cash flows (before operating expenses,
taxes, unsecured debt paydowns and shareholder distributions) from
its loan portfolio in both 2023 and 2024.

The ongoing enforcement action by the Consumer Financial Protection
Bureau (CFPB) continues to be an overhang, as the potential
monetary restitution to borrowers, fines and the reputational risk,
should there be an adverse judgement, could impact current and
future client relationships, particularly government contracts.
Although Fitch believes a resolution of the CFPB litigation could
occur over the Outlook horizon, the exact timing and financial
impact are not predictable.

The Stable Outlook reflects Fitch's expectation for consistently
solid credit performance, modest but growing earnings contributions
from the BP segment, and relatively stable leverage and funding
over the Outlook horizon.

The senior unsecured debt rating is equalized with Navient's IDR.
The equalization reflects average recovery prospects under a stress
scenario given the availability of unencumbered assets.

RATING SENSITIVITIES

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

- An increase in Navient's debt to tangible equity ratio (excluding
FFELP and the mark to market on floor income hedges) to over 12x on
a sustained basis;

- A decrease in the unsecured debt mix representing less than 10%
of the company's non-FFELP funding;

- Significant deterioration in credit performance of its PSL
portfolio leading to materially weaker operating results;

- An increase in shareholder distributions above Navient's core
earnings;

- An adverse outcome in the pending CFPB actions that significantly
impairs its market position, liquidity and/or future
profitability.

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

- Sustainable growth in core earnings from successful execution on
new loan originations and BP segment revenues;

- Strong credit performance on the private education loan refi
portfolio through periods of economic stress;

- A meaningful reduction in leverage below 8.0x;

- A demonstrated ability to access the unsecured debt market on
economic terms.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured debt rating is equalized with Navient's IDR.
The equalization reflects average recovery prospects under a stress
scenario given the availability of unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The unsecured debt rating is expected to move in tandem with the
IDR, but a meaningful increase in the proportion of secured funding
or reduction of the unencumbered asset pool could result in the
unsecured debt rating being notched below the IDR.

ESG CONSIDERATIONS

Navient has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to its exposure to shift in social or consumer
preferences as a result of an institution's social positions, or
social and/or political disapproval of core activities, which has a
negative impact on the credit profile, and is relevant to the
rating in conjunction with other factors.

Navient has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy, and Data Security due to its exposure to
compliance risks including fair lending practices, debt collection
practices and consumer data protection, which has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

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

   Entity/Debt              Rating         Prior
   -----------              ------         -----
Navient Corporation   LT IDR BB- Affirmed    BB-

                      ST IDR B   Affirmed    B

   senior unsecured   LT     BB- Affirmed    BB-


NORTH AMERICAN: DBRS Confirms Pfd-4(high) Rating on Pref. Shares
----------------------------------------------------------------
DBRS Limited confirmed the rating of the Preferred Shares issued by
North American Financial 15 Split Corp. (the Company) at Pfd-4
(high). The Company invests in a portfolio (the Portfolio)
consisting primarily of common shares of 15 high-quality North
American financial services companies: Bank of America Corporation;
Bank of Montreal; The Bank of Nova Scotia; Canadian Imperial Bank
of Commerce; CI Financial Corp.; Citigroup Inc.; The Goldman Sachs
Group, Inc.; Great-West Lifeco Inc.; JPMorgan Chase & Co.; Manulife
Financial Corporation; National Bank of Canada; Royal Bank of
Canada; Sun Life Financial Inc.; The Toronto-Dominion Bank; and
Wells Fargo & Company. The Company may invest up to 15% of the Net
Asset Value (NAV) in securities of issuers other than the core 15,
and no more than 10% of the NAV may be invested in any single
issuer. As on August 31, 2022, 10.1% of the Portfolio was also
invested in Fifth Third Bancorp, U.S. Bancorp, and Morgan Stanley,
and 16% was held in cash. A portion of the Company's Portfolio is
exposed to currency risk as it includes securities denominated in
U.S. dollars (USD), while the NAV of the Company is expressed in
Canadian dollars. The Company has not entered into currency hedging
contracts for the USD portion of the Portfolio, although the
Company may use derivatives for hedging purposes. As of August 31,
2022, 48.2% of the Portfolio was invested in USD-denominated
assets.

The Company established an at-the-market (ATM) equity program in
January 2021, which was renewed in August 2022 and is currently
effective until September 9, 2024, unless terminated prior to such
date by the Company. The ATM equity program allows the Company to
issue Preferred Shares and Class A Shares to the public from time
to time at the Company's discretion. The maximum gross proceeds
from the issuance of the shares will be $350 million. The Company
also issues Preferred Shares and Class A Shares from time to time
through overnight offerings. During 2022, the Company completed one
overnight offering of Class A and Preferred Shares raising $87.7
million in aggregate gross proceeds.

The Company's termination date is December 1, 2024. At maturity,
the holders of the Preferred Shares will be entitled to the value
of the Company, up to the face amount of the Preferred Shares, in
priority to the holders of the Class A Shares. Holders of the Class
A Shares will receive the remaining value of the Company. The
termination date can be extended for additional terms of five years
at the Company's discretion, but shareholders will be provided with
a special retraction right in connection with such extension.

Holders of the Preferred Shares used to receive cumulative monthly
cash dividends at a rate of 6.75% annually until November 2022.
However, with effect from December 1, 2022, this rate has been
increased to 7.75% annually. The distribution rate is set by the
board of directors annually and subject to a minimum of 5.5% until
2024. Class A shareholders are entitled to receive monthly cash
dividends currently targeted to be $0.11335 per Class A share,
equivalent to 9.0% annually on the issue price of $15.00. The NAV
per unit must remain above the required $15 per unit threshold for
monthly distributions to be declared. On account of NAV breaching
the $15 threshold during May to October 2022, distributions to
Class A shareholders were suspended during that period. Effective
June 1, 2022, Quadravest has discontinued the payment of the
service fee that is currently paid to dealers whose clients hold
shares or units of the companies.

As of January 31, 2023, the downside protection available to
holders of the Preferred Shares was 34.7%. The downside protection
was on a downward trend from February 2022 to September 2022.
However, there has been improvement from October 2022 onwards. The
current Preferred Share dividend coverage ratio is approximately
0.43 times (x). The average grind on the Portfolio is expected to
be 5.3% annually for the next two years. To supplement dividend
income received on the Portfolio, the Company may engage in option
writing.

The confirmation of the rating takes into consideration the current
level of downside protection available to the Preferred Shares, the
dividend coverage ratio below one time, the expected grind on the
Portfolio arising from the current distributions to the Class A
Shares, the exposure to foreign currency risk, and the remaining
term to maturity.

The main constraints to the rating are the following:

(1) The downside protection available to holders of the Preferred
Shares depends on the value of the common shares held in the
Portfolio. The current phase of high inflation and economic
slowdown can continue to drive volatility, of price and changes in
the dividend policies, of the underlying issuers, which may result
in significant reductions in the Preferred Shares dividend coverage
or downside protection from time to time.
(2) Reliance on the manager to generate a high yield, through
methods such as option writing, on the investment portfolio to meet
distributions and other expenses without having to liquidate
portfolio securities.

(3) The monthly cash distributions to holders of the Class A Shares
creating grind on the Portfolio.

(4) The concentration of the Portfolio in one industry.

(5) The unhedged portion of the USD-denominated Portfolio that
exposes the Portfolio to foreign currency risk.

Notes: All figures are in Canadian dollars unless otherwise noted.



OLD MAJESTIC BREWING: Court OKs Interim Cash Collateral Access
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama
authorized Old Majestic Brewing Company, LLC to use cash collateral
on an interim basis in accordance with its agreement with United
Community Bank.

Old Majestic is indebted to UCB pursuant to a promissory note the
Debtor executed in favor of UCB on October 4, 2018, in the original
principal amount of $540,000, which was modified by modification
agreements to increase the loan amount to $682,000.

The Note is secured by a Security Agreement which granted UCB a
security interest in all of the Debtor's business assets.

The Debtor is permitted to use cash collateral to pay the
administrative expense claims of the Subchapter V Trustee appointed
in the case. The payments will be held in trust by the Subchapter V
Trustee, subject to and disbursable only upon an order of the Court
allowing fees and expenses of the Subchapter V Trustee.

As adequate protection, the Lender is granted a post-petition
replacement lien on property of the Debtor pursuant to and in
accordance with 11 U.S.C. sections 361(2) and 552(b) to the extent
of cash collateral actually expended, on the same assets and in the
same order of priority to the extent validly held as of the
Petition Date.

As additional adequate protection for the Lender, the Debtor will
make adequate protection payments to the Lender in the amount of
$1,500 per month commencing on February 15, 2023.

A copy of the order is available at https://bit.ly/3Z7Vimi from
PacerMonitor.com.

                About Old Majestic Brewing Company

Old Majestic Brewing Company, LLC is a craft beer distribution
brewery in Mobile, Ala.

Old Majestic Brewing Company filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala.
Case No. 22-12666) on Dec. 28, 2022, with $108,817 in assets and
$1,170,543 in liabilities. Chad Marchand, manager and member of Old
Majestic Brewing Company, signed the petition.

Judge Henry A. Callaway presides over the case.

The Debtor tapped Marion E. Wynne, Jr., Esq., at Wilkins,
Bankester, Biles & Wynne, P.A. as legal counsel and Carrie K
Montgomery CPA as accountant.



OT MERGER: S&P Downgrades ICR to 'CCC+', Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Portland,
Ore.-based saw chain manufacturer OT Merger Corp. to 'CCC+' from
'B-'.

S&P also lowered its issue-level rating on the company's first-lien
term loan to 'CCC+' from 'B-' and its rating on its senior
unsecured notes to 'CCC' from 'CCC+'. The recovery ratings remain
unchanged.

The negative outlook reflects the potential for another downgrade
and incorporates our expectation that the company's credit metrics
and free operating cash flow (FOCF) will remain weak over the next
12 months amid a challenging operating environment.

Softer demand for saw chains and other products sold to OEM
forestry customers continues to impair OT Merger's earnings. For
the third quarter ended Sept. 30, 2022, the company reported a
sequential decline in its total sales of about 11%, and a 10%
decline in its forestry, lawn, and garden (FLAG) segment year over
year. S&P expects this trend in the FLAG segment could continue for
several quarters as the company's customers rebalance their
inventory levels after nearly a year of supply-chain disruptions.
In addition, macro trends in the company's end markets, especially
in construction and forestry, could further pressure its earnings
in the event of a prolonged downturn. However, growth in OT
Merger's farm, ranch, and agriculture (FRAG) segment remains
robust, supported by a strong backlog and favorable trends in
agriculture, which is expected to partially offset the weakness in
its FLAG business.

S&P said, "We view the company's capital structure as unsustainable
because we forecast minimal FOCF generation and S&P Global
Ratings-adjusted leverage remaining about 11x through 2023.
Contracting top-line revenue and a lower margin profile
significantly impaired OT Merger's credit metrics in the third
quarter. While we anticipate the company will significantly improve
its margins from their low point in the first quarter of 2022 as it
recognizes pricing pass throughs heading into 2023, subdued demand
will likely pressure nominal EBITDA, increasing its leverage beyond
our previous expectations. In addition, a higher benchmark rate on
the company's floating-rate debt, from recent U.S. interest rate
hikes, could increase its interest expense. These factors will
likely pressure FOCF generation in 2023. While we expect OT
Merger's working capital to further improve as it reduces inventory
and collects receivables, we note that this could be delayed if the
company experiences a more prolonged recession or additional
supply-chain disruptions.

"Despite our expectations, OT Merger's liquidity will likely remain
adequate. As of the third quarter ended Sept. 30, 2022, the company
had about $58 million of cash on hand and $100 million of
availability between its asset-based lending (ABL) and revolving
credit facilities. We believe that the company's sources of
liquidity will adequately cover its uses over the next 12 months,
even when taking into account the potential for moderately higher
working capital needs. However, a larger-than expected reduction in
demand, significant delays in working capital improvements, or
higher interest payments could pressure its liquidity.

"The negative outlook reflects the potential for another downgrade
and incorporates our expectation that OT Merger's operating
performance will remain pressured amid difficult operating
conditions, leading to weak credit metrics and thin FOCF."

S&P could lower our rating on OT Merger if its envision a default
scenario in the next 12 months. This could occur if:

-- Demand significantly weakens or the cash flow profile worsens;

-- S&P believes there is an increased likelihood the company will
pursue a distressed exchange or restructuring that it deems
tantamount to a default, cannot comply with its financial
covenants, or elects not to meet its interest obligations; or

-- There is an increased likelihood of a near term liquidity
crisis.

S&P could raise its ratings on OT Merger if:

-- S&P believes it can generate sufficient operating profit to
improve its leverage well below 9x on a sustained basis;

-- Its S&P Global Ratings-adjusted FOCF is not a material deficit;
and

-- Its liquidity remains adequate, and it remains in compliance
with its covenants.
ESG credit indicators:E-2, S-2, G-3

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




PANACEA LIFE: Agrees to Pay $385K Convertible Note in Full
----------------------------------------------------------
Panacea Life Sciences Holdings, Inc. and an institutional investor
have agreed that the Company will repay a senior convertible note
in the principal amount of $385,000 in full pursuant to the terms
of a Note Payoff Agreement, which provide for payments to Investor
of (i) $135,000 on Feb. 13, 2023; (ii) $100,000 on or before June
30, 2023; and conversion of 540,000 shares of the Company's Common
Stock at a fixed conversion price of $0.25 per share.

The payment made on Feb. 13, 2023 was funded under the Company's
line of credit with its chief executive officer.

                          About Panacea

Panacea Life Sciences Holdings, Inc. formerly known as Exactus Inc.
(OTCQB:EXDI) -- http://www.exactusinc.com-- is a seed to sale
cannabinoid and nutraceutical manufacturer and research company
that produces purposeful, natural pharmaceutical alternatives for
consumers and pets.  The Company manufactures and sells softgels,
gummies, tinctures, sublingual tablets, cosmetics, and other
topicals.  The Company operates through its wholly-owned
subsidiary, Panacea Life Sciences, Inc., which the Company acquired
in a reverse merger in June 2021.

Panacea Life reported a net loss of $4.78 million for the year
ended Dec. 31, 2021, compared to a net loss of $5.23 million for
the year ended Dec. 31, 2020.  As of Sept. 30, 2022, the Company
had $19.98 million in total assets, $20.42 million in total
liabilities, and a total stockholders' deficit of $439,907.

Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
March 25, 2022, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.


PARTY CITY: Holland Township Store Included in Closures
-------------------------------------------------------
Cassandra Lybrink of The Holland Sentinel reports that Party City
of Holland Township, in Michigan, is among 22 stores closing after
the company filed for Chapter 11 bankruptcy protection in
mid-January 2023.

The location is part of a second phase of closing sales, according
to documents filed Thursday, February 16, 2023, with stores in
Benton Harbor, Fort Gratiot and Jackson listed under phase one.

Party City struggled during the pandemic -- shortages of helium and
in-person parties played a significant role.

The store in Holland, according to an employee, will remain open
until April 29 or until all inventory is sold. Sales begin
Wednesday at 10-30 percent off.

Party City is adjacent to Bed Bath and Beyond in Felch Street
Plaza. Bed Bath and Beyond employees in Holland Township learned
earlier this month their location would close.

The vacancies will be the most significant in the center since
OfficeMax closed in 2017, filled by PetSmart in late 2018.

                  About Party City Holdco

Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022.  It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.

On Jan. 17, 2023, Party City Holdco and its domestic subsidiaries
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Texas Lead Case No. 23-90005).  Party City Holdco
disclosed total assets of $2,869,248,000 against total debt of
$3,022,960,000 as of Sept. 30, 2022.

Judge David R. Jones oversees the cases.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as legal counsels; Moelis & Company, LLC as
investment banker; A&G Realty Partners as real estate consultant;
and AlixPartners, LLP, as restructuring advisor.  David Orlofsky,
managing director at AlixPartners, serves as the Debtors' chief
restructuring officer. Kroll Restructuring Administration, LLC is
the claims, noticing and solicitation agent.

Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.


PERFORMANCE POWERSPORTS: $10MM DIP Loan from Tankas Funding OK'd
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Performance Powersports Group Investor, LLC and debtor-affiliates
to, among other things, obtain senior and junior secured
superpriority postpetition financing from Tankas Funding VI, LLC,
on an interim basis.

The DIP Lender agreed to make junior lien superpriority
debtor-in-possession term loans in an aggregate principal amount
not to exceed $10 million in "new money" loans to the DIP Borrower,
which DIP Loans will be made available in two separate borrowings:

     (1) $3.5 million under the DIP Credit Facility to be drawn
following entry in the Bankruptcy Cases of the Interim DIP Order
approving the DIP Credit Facility on the Closing Date; and

     (2) the remainder of the DIP Credit Facility to be drawn
following entry of a Final DIP Order upon the Final Closing Date;

provided, the DIP Borrower may elect to draw a portion (not to
exceed $4.7 million) of such Final DIP Loan on one additional
business day after the Final Closing Date that is specified by  the
DIP Borrower.

The Debtor requires the use of cash collateral and DIP Loan to,
among other things, permit the orderly continuation of the
operation of their businesses, minimize the disruption of their
business operations, and preserve and maximize the value of the
assets of the Debtors' Estates to maximize the recovery to all
creditors of the Estates.

As previously reported by the Troubled Company Reporter, the
Debtors are required to achieve these milestones:

     (i) the Interim DIP Order will be entered in the Bankruptcy
Cases by no later than 5 calendar days of the date of commencement
of the Bankruptcy Cases;

    (ii) a final order authorizing the borrowings under the DIP
Credit Facility on terms acceptable to the DIP Lender will be
entered in the Bankruptcy Cases within 30 calendar days of the
Petition Date;

   (iii) the Debtors will file a motion requesting an order from
the Bankruptcy Court approving bid procedures relating to the
solicitation of qualified bids for the sale of substantially all of
the Debtors' assets and businesses, which motion will be in form
and substance satisfactory to the DIP Lender, within two calendar
days of the Petition Date, and the Bankruptcy Court will have
entered an order approving the Bidding Procedures within 30
calendar days after the Petition Date; and

    (iv) within 60 calendar days after the Petition Date, subject
to extension solely on account of the availability of the
Bankruptcy Court, the hearing to consider the approval of the sale
transaction will have occurred and the Bankruptcy Court will have
approved the transaction contemplated by the Bidding Procedures.

The DIP Credit Facility must be repaid in full in cash on the
earliest of these dates:

     (i) March 31, 2023;
    (ii) the consummation of any sale of all or substantially all
of the assets of the Debtors;
   (iii) 30 days after the Petition Date if the Final DIP Order has
not been entered;
    (iv) the acceleration of the DIP Credit Facility;
     (v) the effective date of any plan of reorganization;
    (vi) the filing of an Unapproved Plan;
   (vii) the failure of DIP Borrower or any Guarantor timely to
satisfy any Milestone; and
  (viii) with respect to Events of Default, two business days after
receipt by the DIP Borrower of a written notice from the DIP Lender
of the occurrence of any such Event of Default.

As adequate protection, the Prepetition Lenders are granted, in
each case subject to the Carve Out:

      (i) current payment of all reasonable and documented
out-of-pocket fees, costs and expenses of the Prepetition Agent;
     (ii) replacement liens on the collateral securing the
Prepetition Credit Agreement;
    (iii) superpriority administrative expense claims with respect
to the foregoing and to the extent of any post-petition diminution
in value of the Prepetition Lenders' interest in the collateral
securing the Prepetition Credit Agreement; and
    (iv) access to the Debtors' books and records and such
financial reports as are provided to the DIP Lender.

A final hearing on the matter is set for March 20, 2023 at 10 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3JcadXb from Omni Agent Solutions, the claims
agent.

The Debtor projects total disbursements, on a weekly basis, as
follows:

     $3,348,478 for the week ending March 5, 2023;
     $2,858,722 for the week ending March 12, 2023;
     $2,909,047 for the week ending March 19, 2023; and
     $3,661,375 for the week ending March 26, 2023.

     About Performance Powersports Group Investor, LLC

Performance Powersports Group Investor, LLC and affiliates are in
the business of adventure, selling dirt bikes, go-karts, ATVs, golf
carts, and the like to retailers throughout the US.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10047) on January 16,
2023. In the petition signed by Ken Vanden Berg, chief financial
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.

Judge Laurie Selber Silverstein oversees the case.

Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg LLP,
represents the Debtor as legal counsel.

Tankas Funding VI, LLC, as DIP lender, is represented by Kirkland &
Ellis LLP.


PROASSURANCE CORP: S&P Alters Outlook to Stable, Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on ProAssurance Corp. (PRA)
to stable from negative. At the same time, S&P affirmed its 'BB'
long-term issuer credit rating on PRA.

The rating action reflects a trend of stable underwriting
performance and diminished integration risk associated with PRA's
acquisition of NORCAL. S&P said, "PRA's combined ratio of 105.3%
for 2022 (compared with 105.0% for 2021) was consistent with our
expectations and reflects a trend of meaningful improvement since
2019-2020. It also reinforces our belief that PRA has mostly worked
through the process of integrating NORCAL without disruption to its
operations or performance."

S&P said, "We expect PRA's capital adequacy (diluted by the
acquisition of NORCAL) to remain very modestly redundant at the
'BBB' level for 2022. This is mostly due to the impact of the
devaluation of its fixed-income portfolio because of rapidly rising
interest rates, which is causing a reduction in PRA's shareholders'
equity that we expect to unwind through 2024, given PRA's
investment approach is to hold the vast majority of its securities
to maturity. We expect earnings and cash flow generation to improve
through 2024 amid rising interest rates, and we expect these
developments to sustain capital adequacy at the 'BBB' level and
enhance debt service capacity.

"Our view of PRA's liquidity factors in unregulated resources,
expectations for cash flow generation, and access to its $250
million revolving credit facility set to expire November 2024
(undrawn with a $50 million flex feature) relative to its
obligations coming due in 2023 ($250 million 5.3% senior notes) and
beyond.

"Meanwhile, our view of PRA's business risk is unchanged and
remains supported by PRA's established presence in the specialty
medical professional liability marketplace, which has become more
focused with the company's acquisition of NORCAL. While we believe
this acquisition broadened the company's geographic scope, expanded
product capabilities, and moderately improved its operational
scale, the ratings remain constrained by PRA's concentrated
presence in a niche segment of the property/casualty market that
has been contending with persistent industry headwinds, including
increased severity claims.

"The stable outlook reflects our expectations for stable
underwriting performance, improving cash flow generation, and
improving capital adequacy at the 'BBB' level over the next 24
months. If PRA meets our baseline expectations for revenue and
earnings, we expect capital adequacy to show sustaining redundancy
at the 'BBB' level, with financial leverage and EBITDA interest
coverage of about 25% and 4x-6x, respectively, through 2024.

"We could lower the ratings over the next 24 months if we
negatively reassess PRA's competitive position because of
weaker-than-expected performance, as reflected by a combined ratio
above 110%, which could cause capital adequacy erosion and lead to
EBITDA coverage sustainably below 4.0x.

"We think an upgrade is unlikely over the next one to two years and
would involve a reassessment of PRA's competitive position or a
sustainable improvement in its capital adequacy ('A' redundancy)
via a substantial increase in capital."



RAGSTER INVESTMENT: Court OKs Interim Cash Collateral Access
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized Ragster Investment Group, Inc. to use
cash collateral on an interim basis in accordance with the budget.

The Debtor has an immediate need to use the cash collateral of VFS
US, LLC, Sumitomo Mitsui Finance & Leasing Co., Ltd., BMO Harris
Bank, N.A., and Quantum 222 Trust, the secured creditors claiming
liens on the Debtor's personal property including cash and
accounts.

The Debtor requires the use of cash collateral to pay its direct
operating expenses ad obtain goods and services needed to carry on
its business.

As adequate protection for the diminution in value of the interests
of the Secured Lenders, the Secured Lenders are granted replacement
liens and security interests, in accordance with Bankruptcy Code
Sections 361, 363, 364(c)(2), 364(e), and 552, co-extensive with
their pre-petition liens.

The replacement liens granted to the Secured Lenders are
automatically perfected without the need for filing of a UCC-1
financing statement with the Secretary of State's Office or any
other such act of perfection.

A further hearing on the matter is set for March 30, 2023 at 9:30
a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3SBiC9A from PacerMonitor.com.

The Debtor projects $105,000 in income and $100,617 in total
expenses for one month.

              About Ragster Investment Group, Inc.

Ragster Investment Group, Inc. sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-42825) on
November 22, 2022. In the petition signed by Timothy Ragster, chief
executive officer, the Debtor disclosed up to $10 million in both
assets and liabilities.

Judge Edward L. Morris oversees the case.

Joyce Lindauer, Esq., at JOYCE W. LINDAUER ATTORNEY, PLLC, is the
Debtor's legal counsel.



RANGER OIL: S&P Places 'B' ICR on Watch Positive on Baytex Deal
---------------------------------------------------------------
S&P Global Ratings placed all of its ratings on Houston-based
Ranger Oil Corp., including its 'B' issuer credit rating and 'B+'
issue-level rating, on CreditWatch with positive implications.

Calgary, Alberta-based oil and gas exploration and production
company Baytex Energy Corp. announced it will acquire Houston-based
Ranger Oil Corp. through a cash and stock transaction that values
the company at $2.5 billion, including the assumption of net debt.

S&P said, "The CreditWatch reflects the likelihood that we will
raise our issuer credit rating on the company by one notch to 'B+'
and senior unsecured rating to 'BB-', same as Baytex, following the
close of the transaction, which we expect will occur late in
second-quarter 2023.

"We placed our ratings on Ranger on CreditWatch positive to reflect
the likelihood that we will raise our ratings one notch, to those
of Baytex, following the close of the transaction, given the
combined entity's improved scale and supportive financial measures.
The total consideration values Ranger at approximately $2.5
billion, to be funded through a combination of cash and Baytex
common shares, as well as the assumption of Ranger's existing debt.
Ranger's shareholders will receive approximately 7.49 Baytex shares
and $13.31 in cash per Ranger share, which adds up to a total
consideration of $44.36 to Ranger shareholders. The deal has the
support of Juniper Capital, which owns 54% of Ranger Oil Corp.

"The CreditWatch positive placement reflects the likelihood that we
will raise our issuer credit rating on Ranger by one notch to 'B+'
and senior unsecured debt rating to 'BB-', same as Baytex, when the
deal closes, which we expect will occur late in second quarter
2023, assuming the transaction is completed as proposed and there
are no material changes to the combined entity's expected long-term
capital structure or financial policy."

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



REMODEL 615: Wins Cash Collateral Access Thru March 9
-----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee,
Nashville Division, authorized Remodel 615, LLC to use cash
collateral on an interim basis in accordance  with the budget, with
a 10% variance, and its agreement with Fox Capital Group, Inc.
until a subsequent interim hearing on March 9, 2023 at 1:30 p.m.

The Debtor requires the use of cash collateral to continue its
business without interruption.

The U.S. Small Business Administration; NEWCO Capital Group; IOU
Central, Inc.; Fox Capital Group, Inc., Small Business Financial
Solution, LLC d/b/a Rapid Finance are the only parties believed by
the Debtors to assert a lien on Remodel 615's cash collateral.

As adequate protection, the Secured Parties are granted a
replacement security interest in the Debtor's post- petition
property and proceeds thereof, to the same extent and priority as
their purported security interest in the Debtor's pre-petition
property and the proceeds thereof.

Any replacement lien will be to the same extent and with the same
validity and priority as the secured creditors' pre-petition liens,
without the need to file or execute any document as may otherwise
be required under applicable non-bankruptcy law.

A copy of the order is available at https://bit.ly/3IvI8IJ from
PacerMonitor.com.

                     About Remodel 615, LLC

Remodel 615, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-00435) on February
6, 2023. In the petition signed by Robert Adam Baughman, sales and
marketing director and co-owner, the Debtor disclosed up to
$500,000 in assets and up to $10 million in liabilities.

Judge Randal S. Mashburn oversees the case.

Michael G. Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, is
the Debtor's legal counsel.



RESIDENCES AT OVATION: Starts Subchapter V Bankruptcy Case
----------------------------------------------------------
The Residences at Ovation LLC filed for chapter 11 protection in
the District of Central California. The Debtor elected on its
voluntary petition to proceed under Subchapter V of chapter 11 of
the Bankruptcy Code.

According to court filings, no current balance sheets, statements
of operations, cash-flow statements or tax return exists for the
Debtor.

The Debtor has not received any income since opening the
corporation.

The Residences at Ovation LLC estimates between $1 million and $10
million in total debt owed to 1 to 49 creditors.  The petition
states that funds will be available to unsecured creditors.

                About The Residences at Ovation

The Residences at Ovation LLC filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 23-10602) on February 18, 2023. In the petition filed by
Cliff Sullivan, as managing member, the Debtor reported assets
between $10 million and $50 million and liabilities between $1
million and $10 million.

The Debtor is represented by:

     Summer Shaw, Esq.
     SHAW & HANOVER, PC
     44-901 Village Court, Suite B
     Palm Desert, CA 92260
     Tel: (760) 610-0000
     Fax: (760) 687-2800
     Email: ss@shaw.law


REVERSE MORTGAGE: $8MM Additional DIP Loan from BNGL OK'd
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered a
final order authorizing Reverse Mortgage Investment Trust Inc. and
its debtor-affiliates to use cash collateral and obtain additional
post-petition financing in the aggregate amount up to $8 million on
a junior basis from BNGL Holdings, L.L.C., subject to an Approved
Budget.

The Debtor has lined up these financing facilities:

     (a) up to $25.5 million under the DIP Notes by and among the
Debtors, Leadenhall Capital Partners LLP and certain of its
affiliates, and BNGL Holdings, L.L.C. as Parent;

     (b) not less than $30.7 million of DIP Tail Advances under a
Tail DIP Facility among the Debtors and Texas Capital Bank and a
consortium of Tail Advance DIP Lenders; and

     (c) up to $8 million in incremental advances under the
additional notes by and among the Debtors and BNGL.

The Bankruptcy Court previously authorized the Debtors to borrow,
on an interim basis, pursuant to a secured debtor-in-possession new
money facility in an aggregate amount of no less than $13 million
from BNGL.  The Initial Interim DIP Order and the rights granted
therein are in full force and effect for the period between entry
of the Initial Interim DIP Order and the entry of the Second
Interim DIP Order.  The Second Interim Order amends and restates
the entire Initial Interim DIP Order and governs from and after
entry of the Second Interim Order.

The Debtors have a critical need to obtain post-petition financing
under the DIP Facility and use cash collateral, as applicable, to,
among other things, pay the costs and expenses associated with
administering the Chapter 11 Cases, continue the orderly operation
of the Debtors' business, maximize and preserve the Debtors' going
concern value.

As adequate protection of any diminution in the value of the
interests of the Secured Parties, the Secured Parties are granted:

     a) pursuant to Bankruptcy Code Section 361(2), adequate
protection replacement liens on the DIP Collateral subject to the
Carve-Out, the DIP Liens and the TCB DIP Liens;

     b) a superpriority administrative expense claim as
contemplated by Sections 507(b) and 364(c)(1) of the Bankruptcy
Code, subject to the Carve-Out, the DIP Notes Superpriority Claim,
and the TCB Superpriority Claim; and

     c) as additional adequate protection for Leadenhall, the
assignment to Leadenhall on account of the Existing Leadenhall Loan
of all rights to AAG payments (including, without limitation, any
monthly Premium Recapture Plan component and any AAG Tail GOS
Revenue share payment).

A copy of the order is available at https://bit.ly/3Sx8DlA from
PacerMonitor.com.

           About Reverse Mortgage Investment Trust Inc.

Reverse Mortgage Investment Trust Inc. is an originator and
servicer of reverse mortgage loans.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11225) on November
30, 2022.

In the petition signed by Craig Corn, chief executive officer, the
Debtors disclosed up to $50 billion in both assets and
liabilities.

Judge Mary F. Walrath oversees the case.

The Debtors tapped Sidley Austin LLP as general bankruptcy counsel,
Benesch, Friedlander, Coplan, and Aronoff LLO as local bankruptcy
counsel, FTI Consulting Inc. as financial advisor, and Kroll
Restructuring Administration LLC as noticing and claims agent.

Leadenhall Capital Partners LLP, as agent to the postpetition
secured lenders, is advised by Latham & Watkins LLP and Young,
Conaway Stargatt & Taylor LLP, as counsel; BRG, as financial
advisor; and Moelis as investment banker.

Texas Capital Bank has retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.

Longbridge Financial, LLC has retained Weil, Gotshal & Manges LLP,
Lowenstein Sandler LLP, and Richards, Layton & Finger as counsel;
and Houlihan Lokey, Inc., as financial advisor.



REVLON INC: Reaches Deal With Holdout Lenders
---------------------------------------------
A New York bankruptcy judge Feb. 21, 2023, gave Revlon Inc.
approval to send its Chapter 11 plan out for a creditor vote after
hearing the company had reached a deal with a holdout lender group
that the company says will put it on course to exit bankruptcy by
April 2023.

Judge David S. Jones set a hearing for April 3, 2023, at 10:00
a.m., to consider confirmation of the Debtors' Plan.  The voting
deadline is March 20, 2023, at 4:00 p.m., and the Plan objection
deadline is March 23, 2023, at 4:00 p.m.

The Debtors entered into the Restructuring Support Agreement (the
"RSA") with the Consenting BrandCo Lenders and the Creditors'
Committee on Dec. 19, 2022, and shortly after midnight on Dec. 23,
2022, filed a Plan and Disclosure Statement based on the agreements
embodied in the RSA.  The Debtors and the other RSA parties then
pursued intense and active negotiations with the Debtors; largest
objecting constituency -- the Ad Hoc Group of 2016 Lenders.

Following weeks of negotiations in January and February 2023, the
Debtors, the Ad Hoc Group of BrandCo Lenders, the Ad Hoc Group of
2016 Lenders, and the Creditors' Committee reached an agreement on
the terms of a settlement in principle that provides for a global
resolution of the significant litigation issues in these Chapter 11
Cases.   The parties agreed to a comprehensive global settlement
that would consensually resolve the Chapter 11 cases and all
ongoing disputes and litigation, including a full and complete
settlement of all claims asserted in AIMCO CLO Ltd. v. Revlon,
Inc., Adv. Proc. Case No. 1:22-ap-1167 (Bankr. S.D.N.Y.) and a
complete withdrawal of the Ad Hoc Group of 2016 Term Loan Lenders'
pending objections.

Pursuant to the terms of the 2016 Settlement, members of the Ad Hoc
Group of 2016 Lenders are now party to the RSA, as amended and
restated on February 21, 2023.

Once consummated, the Plan will reduce the Debtors' total debt
burden by $2.7 billion, reduce annual interest expense by
approximately $200 million, provide meaningful recoveries to
secured and unsecured creditors, and capitalize the Reorganized
Debtors with approximately $1.4 billion of new money debt and
equity investments that will put them on a path to financial
success.  The Plan also continues to provide for the assumption of
the Debtors' Qualified Pension Plans and delivers assurance to
employees, vendors, and other key constituents that the company
will continue on a reorganized basis and be able to pay its debts
in the ordinary course of business.

The Plan gives effect to the transactions described in the
Restructuring Support Agreement.  Among other benefits, the Plan:

   * reduces the Company's pro forma indebtedness by $2.7 billion
versus its existing capital structure (including the DIP
Facilities);

   * capitalizes the Company with $1.8 billion of expected debt
financing under the Exit Facilities, which will be used, among
other things, to fund plan distributions;

   * provides for an Equity Rights Offering in the amount of up to
$670 million for the purchase of New Common Stock of the
Reorganized Debtors, which is backstopped by the Equity Commitment
Parties, the proceeds of which will be used, among other things, to
fund plan distributions;

   * provides the Reorganized Debtors with a minimum cash balance
as of the Effective Date of $75 million;

   * provides for the discharge and cancellation of Interests in
Holdings and certain Claims on the Effective Date, and the issuance
of New Common Stock to Holders of applicable Allowed Claims on the
Effective Date;

   * provides substantial cash distributions to Holders of Allowed
General Unsecured Claims and the issuance of New Warrants to
Holders of Allowed Unsecured Notes Claims, in each case, subject to
acceptance of the Plan by the relevant Class or Holders;

   * provides for a global and integrated compromise and settlement
of all disputes, including, without limitation, the Financing
Transactions Litigation Claims, between and among the Debtors, the
Creditors' Committee, the Consenting BrandCo Lenders, the
Consenting 2016 Lenders, and other stakeholders in the Chapter 11
Cases; and

   * has the support of the Creditors' Committee, the Ad Hoc Group
of BrandCo Lenders, and the Ad Hoc Group of 2016 Lenders.

                         About Revlon Inc.

Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; antiperspirant
deodorants; and other beauty care products.  Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.

Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high-quality product
innovation, performance and sophisticated glamour.  In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.

Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.

Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
22-10760) on June 15, 2022.  Fifty affiliates, including Almay,
Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.

Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.

The Hon. David S. Jones is the case judge.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; Mololamken, LLC as special litigation counsel;
PJT Partners, LP as investment banker; KPMG, LLP as tax services
provider; and Alvarez & Marsal North America, LLC as restructuring
advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal
serve as the Debtors' chief restructuring officer and interim chief
financial officer, respectively. Meanwhile, Kroll Restructuring
Administration, LLC is the Debtors' claims agent and administrative
advisor.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on June 24, 2022. Brown Rudnick, LLP, Province,
LLC and Houlihan Lokey Capital, Inc. serve as the committee's legal
counsel, financial advisor and investment banker, respectively.


RISING TIDE: S&P Downgrades ICR to 'SD' on Distressed Exchange
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Florida-based marine aftermarket retailer Rising Tide Holdings Inc.
(d/b/a West Marine) to 'SD' (selective default) from 'CC' and
lowered the issue-level ratings on the term loan facilities to
'D'.

S&P will evaluate the company's revised capital structure and
recent strategic initiatives in the near term and expect to raise
our issuer credit rating to the 'CCC' category and assign ratings
to the new term loan facilities.

S&P said, "We view the negotiated exchange transaction as
distressed in light of very weak operating trends the company
reported over the course of last year. Rising Tide and its
financial sponsor (L Catterton) completed the previously announced
and privately negotiated exchange for both its $400 million
first-lien and $120 million second-lien term loan facilities. We
consider the exchange to be less than the original promise with
cash interest exchanged for pay-in-kind interest and believe the
company's operating prospects remain challenged.

"Our assessment of the offer as distressed also considers the
company's constrained liquidity and limited cash flow to make
interest payments under its onerous capital structure before the
exchange. While the alleviating some of these financial burdens, we
also believe Rising Tide's ability to generate positive near-term
cash flow is highly uncertain because of the weak economy,
persistent inflation and operating missteps. We will evaluate the
company's revised capital structure and its recent strategic
initiatives over the near term and expect to raise our issuer
credit rating to the 'CCC' category and assign ratings to the
exchanged debt tranches."

Rising Tide (d/b/a West Marine) sells recreational and commercial
boating supplies, apparel, and other related merchandise. The
company operates as a specialty retailer in the marine aftermarket,
serving the repair and replacement outfitting needs of active
marine enthusiasts and professional customers. Rising Tide is also
involved in wholesale product distribution to commercial customers
and other retailers through its port supply business line and
stores. The company operates about 230 stores in 38 U.S. states.

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



RITCHIE BROS: S&P Assigns Preliminary 'BB+' Rating on Secured Debt
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB+' issue-level
rating and '3' recovery rating to Ritchie Bros. Auctioneers Inc.'s
(RBA) proposed first-lien secured debt (comprising a $750 million
revolving credit facilities, $1.91 billion term loan A, and $550
million of senior secured notes due 2028). At the same time, S&P
Global Ratings assigned its preliminary 'BB-' issue rating and '6'
recovery rating to the proposed $800 million senior unsecured notes
due 2031, to be issued by RBA's subsidiary Ritchie Bros. Holdings
Inc. The '3' recovery rating on the secured debt indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery for secured debtholders in the event of a default. The '6'
recovery rating on the unsecured notes indicates its expectation
for negligible (0%-10%; rounded estimate: 0%) recovery in the event
of default. S&P expects that all secured debt will rank pari passu.
S&P also expects RBA and its borrowing subsidiaries will guarantee
the notes on completion of the previously announced acquisition of
IAA Inc. (IAA).

S&P said, "We believe RBA intends to use net proceeds from the debt
offering to refinance RBA and IAA's debt outstanding and fund the
cash portion of the IAA acquisition. We expect the proceeds will
remain in escrow accounts until the acquisition closes, which we
anticipate will be in first-quarter 2023. The IAA acquisition
remains subject to regulatory and shareholder approvals. We expect
to finalize the preliminary ratings when the acquisition closes.

"Separately, we consider the company's recently announced $485
million preferred shares issuance as debt in the calculation of our
adjusted credit measures due in part to our expectation that most
of these shares will be held by a single investor.

"Our existing ratings on RBA, including our 'BB+' issuer credit
rating, are unchanged. The negative outlook primarily reflects the
risk that the much higher debt RBA will assume following the IAA
acquisition will lead to elevated leverage during the next couple
of years. We estimate the company's pro forma leverage at just
about 4.0x at year-end 2023, with gradual deleveraging led by free
operating cash flow generation in the following two years."

RECOVERY ANALYSIS

S&P's recovery analysis assumes the acquisition and debt
transactions are completed as proposed.

Key analytical factors

-- S&P has updated its recovery analysis to incorporate the
company's proposed capital structure and corresponding increase in
its estimated enterprise value (from the IAA acquisition) in its
simulated default scenario.

-- RBA's capital structure following the IAA acquisition will
consist of $750 million revolving credit facilities, $1.91 billion
term loan A, $550 million senior secured notes due 2028, and $800
million senior unsecured notes due 2031.

-- S&P values the company on a going-concern basis using a 6.0x
multiple of its projected emergence EBITDA.

-- S&P's emergence EBITDA projection represents a significant
deterioration from the current state of the combined businesses and
incorporates its estimate of the company's fixed charges in
default.

-- The '3' recovery rating on RBA's secured debt indicates S&P's
expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery in the event of default.

-- The '6' recovery rating on the $800 million unsecured notes
indicates S&P's expectation for negligible (0%-10%; rounded
estimate: 0%) recovery in the event of default.

-- S&P also assumes that the company draws down 85% of the $750
million available under its revolving credit facilities.

Simulated default assumptions

-- Simulated year of default: 2028
-- Implied enterprise value multiple: 6.0x
-- EBITDA at emergence: US$326 million

Simplified waterfall

-- Net enterprise value at default (after 5% administrative
costs): $1.86 billion

-- Valuation split % (obligors/non-obligors): 95%/5%

-- Collateral value available to first-lien secured creditors:
$1.83 billion

-- First-lien secured debt: $2.85 billion

    --Recovery expectations: 50%-70% (rounded estimate: 60%)

-- Total value available to unsecured claims: $33 million

-- Senior unsecured debt/pari passu unrecovered secured claims:
$1.86 billion

    --Recovery expectations: 0%-10% (rounded estimate: 0%)

*All debt amounts include six months of prepetition interest.



SALEM MEDIA: S&P Lowers Senior Secured Notes Rating to 'B-'
-----------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Salem Media
Group Inc.'s 7.125% senior secured notes due in 2028 to 'B-' from
'B+'. The downgrade follows the company's plan to draw $44.7
million from its $50 million delayed-draw 2028 notes, bringing the
total amount of 2028 notes to $159.4 million and reducing recovery
prospects. S&P revised the recovery rating to '3' from '1',
indicating its expectation for meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a payment default. The
company plans to use the proceeds from the incremental 2028 notes
to repay the $36.5 million outstanding balance on its 6.75% senior
secured notes due in 2024 (subordinated to the 2028 notes).

S&P's 'B-' issuer credit rating and negative outlook on Salem are
unaffected because the transaction does not materially affect the
company's credit metrics. The negative outlook reflects our
expectation that Salem will generate break-even free operating cash
flow (FOCF) in 2023 and approach 7x leverage, and that FOCF could
remain pressured even beyond 2023 without a robust recovery in
broadcast advertising. The outlook also reflects that if market
conditions worsen, Salem could have difficulty extending its ABL
before it matures in March 2024."

RECOVERY ANALYSIS

Key analytical factors

-- Salem's proposed capital structure consists of a $30 million
unrated ABL facility due in 2024 and $159.4 million of 7.125%
senior secured notes due in 2028.

-- Salem's debt is guaranteed by its subsidiaries and secured by
substantially all the company's assets and those of its guarantors
(with certain exceptions including U.S. Federal Communications
Commission licenses). The ABL facility has a first-priority lien on
Salem's accounts receivable, inventory, deposit and securities
accounts, certain real estate and related assets, and those of its
guarantors.

Simulated default assumptions

-- S&P's simulated default scenario considers a default in 2025
due to competitive pressure from alternative media and a cyclical
downturn in advertising, resulting in sustained client losses.
Eventually, Salem's liquidity becomes strained to the point it
cannot cover its fixed charges (including interest and maintenance
capex).
-- Other default assumptions include a 60% draw on the ABL
facility and all debt includes six months of prepetition interest.

-- S&P values the company on a going-concern basis using a 5.5x
multiple of our projected emergence EBITDA. It lowered the multiple
by 0.5x to reflect its lower revenue expectations for the broadcast
radio industry, which is in secular decline.

Simplified waterfall

-- EBITDA at emergence: $25 million

-- EBITDA multiple: 5.5x

-- Gross recovery value: $136 million

-- Net enterprise value (after 5% administrative costs): $129
million

-- Estimated priority claims: $18 million

-- Value available to senior secured notes: $111 million

-- Estimated senior secured notes: $165 million

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



SANOTECH 360: Court OKs Cash Collateral Access Thru March 27
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, Fort
Worth Division, authorized SanoTech 360, LLC to use cash collateral
on a final basis in accordance with the budget, with a 10%
variance, through March 27, 2023.

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

The Debtor is the borrower pursuant to a Revolving Loan and
Security Agreement dated August 25, 2020 among the Debtor, Texas
Bank and Trust Company, and certain guarantors pursuant to which
Lender provided a revolving credit line to Debtor in an original
principal amount not to exceed $15 million. In connection with the
Revolving Loan and Security Agreement, the Debtor also executed a
Revolving Note payable to Lender dated August 25, 2020, in the
original principal amount of $15 million or such lesser amount as
advanced and outstanding pursuant to the Revolving Loan and
Security Agreement.

The Lender's liens and security interests granted pursuant to the
Loan Agreement are perfected in part by the filing of UCC Financing
Statements with the Texas Secretary of State, including Filing
Number 20-0044878043 on August 25, 2020, and Filing Number
22-0052241442 on October 25, 2020.

As of the Petition Date, the Debtor was indebted to the Lender in
the approximate amount of $8.03 million.

As adequate protection, the Lender is granted a replacement lien
in the Debtor's assets that serve as collateral under the Lender's
applicable agreements, in the same order of priority that existed
as of the Petition Date.

To the extent it has a valid security interest as of the Petition
Date, the Lender will have a post-petition security interest in the
proceeds, products, offspring or profits of any property acquired
by the Debtor after the Petition Date.

The Replacement Liens granted will not prime any senior liens to
the extent the liens exist and are valid, perfected, and
unavoidable, including statutory liens held by any ad valorem tax
authority for prepetition and postpetition taxes.

As additional partial adequate protection for the Debtor's use of
cash collateral, to the extent of any diminution in value and a
failure of the other adequate protection provided by the Order, the
Lenders will have an allowed superpriority administrative expense
claim in the case and any successor case as provided in and to the
fullest extent allowed by Sections 503(b) and 507(b) of the
Bankruptcy Code.

As additional adequate protection in accordance with Section 363(e)
of the Bankruptcy Code, the Debtor is authorized but not obligated
to pay to Lender on or before the 7th day of each month (beginning
March 2023) up to the maximum sum of $53,202.

The Replacement Liens and Superpriority Claim are subject and
subordinate to a carve-out of funds for:

     a. all fees required to be paid to the Clerk of the Bankruptcy
Court,

     b. all fees required to be paid to the Office of the United
States Trustee,  and

     c. all fees and expenses of the Debtor's professionals,
including ordinary course professionals, to the extent such fees
and expenses are provided for in the Budget or any subsequent
budgets and allowed by Order of the Bankruptcy Court .

The Replacement Liens are valid, perfected, enforceable and
effective as of the Petition Date without the need for any further
action by the Debtor or the Lenders, or the necessity of execution
or filing of any instruments or agreements.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3J6IMhr from PacerMonitor.com.

The Debtor projects total disbursements, on a weekly basis, as
follows:

      $67,400 for the week ending March 6, 2023;
      $33,668 for the week ending March 13, 2023;
      $27,400 for the week ending March 20, 2023; and
      $52,769 for the week ending March 27, 2023.

                      About SanoTech 360, LLC

SanoTech 360, LLC manufactures high-quality, advanced electrostatic
sprayers designed to apply disinfectant more efficiently than
conventional methods.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40261) on January 29,
2023. In the petition signed by George R. Robertson, chief
executive officer, the Debtor disclosed up to $50 million in both
assets and liabilities.

J. Robert Forshey, Esq., at Forshey & Prostok, LLP, represents the
Debtor as legal counsel.


SAS AB: Deugoue's Move to Vacate December 9 Order Denied
--------------------------------------------------------
Bankruptcy Judge Michael E. Wiles for the Southern District of New
York denies the motion to vacate the December 9 Order filed by Yves
Deugoue.

On Sept. 29, 2022, Yves Deugoue filed a motion asking the Court to
declare as "non-void" a civil action that he filed against the
Debtors. On December 9, Judge Wiles entered an Order holding that
the filing of the Civil Action violated the automatic stay, and
that the Civil Action therefore "is, and hereby is declared to be,
void ab initio." The December 9 Order further directed Mr. Deugoue
to dismiss the Civil Action without prejudice, and stated that if
Mr. Deugoue wished to assert a claim against the Debtors, he needed
to do so in compliance with the bar date and the ordinary claims
procedures set forth in the Bankruptcy Code and in the applicable
rules.

Now, Mr. Deugoue is asking the Court that the December 9 Order be
vacated. It is unclear whether Mr. Deugoue seeks reconsideration of
the December 9 Order or whether he seeks relief from the order
pursuant to Rule 60(b) of the Federal Rules of Civil Procedure,
made applicable here by Rule 9024 of the Federal Rules of
Bankruptcy Procedure. In either case, Mr. Deugoue's motion is
without merit.

To the extent the Mr. Deugoue's Motion seeks reconsideration, Judge
Wiles notes that it fails to identify any factual or legal matter
or controlling precedent that the Court allegedly overlooked in
making its prior rulings.

Mr. Deugoue asserts that the Court lacked jurisdiction to rule upon
the applicability of the automatic stay to the Civil Action, on the
theory that the case is pending in Texas and therefore that the
courts of the Fifth Circuit allegedly have exclusive jurisdiction
to apply the automatic stay.

Judge Wiles notes that "Mr. Deugoue has not alleged mistake,
inadvertence, surprise or excusable neglect. He has not identified
any new evidence, let alone that such evidence could not have been
discovered earlier. He has not alleged fraud. He has contended that
the December 9 Order should be regarded as void by reason of having
exceeded this Court's jurisdiction, but that contention is premised
on the mistaken notion that my authority to enforce the automatic
stay is somehow limited to the geographical boundaries of this
District."

Judge Wiles points out that "it is plainly within my jurisdiction
to rule upon motions that are filed in this Court that seek rulings
regarding the applicability and effect of the automatic stay. It
was Mr. Deugoue himself who invoked my jurisdiction and who asked
me to rule as to how the automatic stay affected his Civil Action,
and in particular whether or not the Civil Action was "void" at the
outset." Accordingly, Judge Wiles denies the motion to vacate the
December 9 Order.

Mr. Deugoue has also argued that the December 9 Order somehow
forbids him from seeking relief from the automatic stay. Judge
Wiles instructs Mr. Deugoue to file a proper motion if he wishes to
seek relief from the stay for the purpose of filing an action, and
he must obtain such relief before an action may be filed. Judge
Wiles further instructs Mr. Deugoue to file a proof of claim before
the bar date (or obtain relief from the bar date), or his claim
will not be entitled to participate in any distributions in these
cases.

A full-text copy of the Decision and Order dated Feb. 8, 2023, is
available at https://tinyurl.com/4x97j3rp from Leagle.com.

                  About Scandinavian Airlines

SAS SAB, Scandinavia's leading airline, with main hubs in
Copenhagen, Oslo and Stockholm, is flying to destinations in
Europe, USA and Asia. Spurred by a Scandinavian heritage and
sustainable values, SAS aims to be the global leader in sustainable
aviation. The airline will reduce total carbon emissions by 25% by
2025, by using more sustainable aviation fuel and its modern fleet
with fuel-efficient aircraft. In addition to flight operations, SAS
offers ground handling services, technical maintenance and air
cargo services. SAS is a founder member of the Star Alliance, and
together with its partner airlines offers a wide network worldwide.
On the Web: https://www.sasgroup.net

SAS AB and its subsidiaries, including Scandinavian Airlines
Systems Denmark-Norway-Sweden and Scandinavian Airlines of North
America Inc., sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5,
2022. In the petition filed by Erno Hilden, as authorized
representative, SAS AB estimated assets between $10 billion and $50
billion and liabilities between $1 billion and $10 billion.

Judge Michael E Wiles oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as global legal
counsel; Mannheimer Swartling Advokatbyra AB as special counsel;
FTI Consulting, Inc. as financial advisor; and Seabury Securities,
LLC and Skandinaviska Enskilda Banken AB as investment bankers.
Seabury is also serving as restructuring advisor. Kroll
Restructuring Administration, LLC is the claims agent and
administrative advisor.


SEARS HOLDINGS: Closes Last Retail Store in Ohio
------------------------------------------------
Steve Maugeri Cleveland of Spectrum News reports that Sears has
shut down its last retail store in Ohio.

Jim Graves wore every hat at his Sears Hometown store in Norwalk
before the store closed its doors.  ​He was at the store seven
days per week, and for the last few years was the only person
working there.

Jim's store was a Sears Hometown, which is a franchise version of a
large Sears store.  He​ said Sears corporate told him all
merchandise must be sold by the end of the month, as a way to pay
off the company's debt.  Sears declared bankruptcy in 2018. The
Sears Hometown Store brand also declared bankruptcy in December
2022.

"The store owners have gotten the inventory judge left so the
bankruptcy judge says 'OK close it,'" Graves said. "I'm not there
yet, but hopefully by the end of the month, I should be."

Sears shrunk its number of stores over the last decade.

CNN reported that only 15 full-size Sears stores are left in the
country. Sears did not return several requests for comment.

No large Sears stores are left in Ohio. Jim said his franchise
hometown store is the last Sears retail store of any kind in the
state. Customers are saying their last goodbyes.

Jim started up his own franchise in 2009 after retiring from his
other job. He quickly renovated the space on Main Street, and said
he did this just so he had something to do.

"I didn't work for Sears," he said. "I worked for myself and for
the community. I helped the community. I Brought a lot of people
uptown. Last couple of years you google Sears, I'm the only one
that came up."

But he has memories of shopping at Sears stores, and it was
sentimental for him to sell off what's left of the chain's brands,
such as its old tool line: Craftsman.

"Everybody is saying it's sad that Sears is gone. They're all sorry
to see me go," Graves said. "For the store and stuff like because
everyone went to Sears."

For Sears, it's the closing of a store and the end of an era. For
Graves, it's the end of a chapter in his life. He said he may
become a bus driver once this endeavor ends.

"I tell everybody I've been putting up with crybaby customers for
the last 14 years," Graves said. "I can put up with crybaby kids
for a couple of hours."

                   About Sears Holdings Corp.

Sears Holdings Corporation -- http://www.searsholdings.com/--
began as a mail ordering catalog company in 1887 and became the
world's largest retailer in the 1960s.  At its peak, Sears was
present in almost every big mall across the U.S., and sold
everything from toys and auto parts to mail-order homes.  Sears
claims to be a market leader in the appliance, tool, lawn and
garden, fitness equipment, and automotive repair and maintenance
retail sectors.

Sears and Kmart merged to form Sears Holdings in 2005 when they had
3,500 US stores between them. Kmart emerged in 2005 from its own
bankruptcy.

Unable to keep up with online stores and other brick-and-mortar
retailers, a long series of store closings left it with 687 retail
stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands
as of mid-October 2018.  At that time, the Company employed 68,000
individuals.

As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total
assets against $11.33 billion in total liabilities.

Unable to cover a $134 million debt payment due Oct. 15, 2018,
Sears Holdings Corporation and 49 subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15,
2018. The Hon. Robert D. Drain is the case judge.

The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel;
M-III Partners as restructuring advisor; Lazard Freres & Co. LLC as
investment banker; DLA Piper LLP as real estate advisor; and Prime
Clerk as claims and noticing agent.

The U.S. Trustee for Region 2 appointed nine creditors, including
the Pension Benefit Guaranty Corp., and landlord Simon Property
Group, L.P., to serve on the official committee of unsecured
creditors. The committee tapped Akin Gump Strauss Hauer & Feld LLP
as legal counsel; FTI Consulting as financial advisor; and
Houlihan
Lokey Capital, Inc. as investment banker.

The U.S. Trustee for Region 2 on July 9, 2019, appointed five
retirees to serve on the committee representing retirees with life
insurance benefits in the Chapter 11 cases.

In February 2019, Bankruptcy Judge Robert Drain authorized Sears
Holdings approval to sell the business to majority shareholder and
CEO Eddie Lampert for approximately $5.2 billion.  Lampert's ESL
Investments, Inc., won an auction to acquire substantially all of
Sears' assets, including the "Go Forward Stores" on a going-concern
basis.  The proposal allowed 425 stores to remain open and provided
ongoing employment to 45,000 employees.

The new parent is Transform SR Brands LLC, doing business as
Transformco, referred to as "New Sears". Transform is an American
privately held company formed on Feb. 11, 2019, to acquire some of
the assets of Sears Holdings Corporation.  The new company is owned
by Eddie Lampert's ESL Investments.

            About Sears Authorized Hometown Stores

Sears Authorized Hometown Stores, LLC distributes products through
approximately 121 "Sears Hometown Stores," which are locally owned
and operated businesses that offer a selection of the trusted names
in home appliances, lawn and garden equipment, and tools.

Sears Authorized Hometown Stores, LLC and Sears Hometown Stores,
Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. D. Del. Lead Case No. 22-11303) on Dec. 12, 2022.

In the petition signed by Elissa Robertson, CEO, Sears Authorized
Hometown disclosed up to $50 million in assets and up to $100
million in liabilities.

Judge Laurie Selber Silverstein oversees the cases.

Saul Ewing LLP is the Debtors' legal counsel.  The Debtors tapped
Gray & Company, LLC as financial advisor and Stretto as claims and
noticing agent.


SLM CORP: Fitch Alters Outlook on BB+ LongTerm IDR to Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of SLM Corporation (SLM) and Sallie Mae Bank (SLM Bank) at
'BB+'. The Rating Outlook has been revised to Stable from
Positive.

KEY RATING DRIVERS

The affirmation of SLM's ratings reflect its leading market
position in the U.S. private education loan industry, strong
returns and operating performance relative to peer banks, and
sufficient levels of capital and liquidity. SLM's current Viability
Rating (VR) of 'bb+' is one notch below the implied VR of 'bbb-',
reflecting Fitch's 'bb+'-level assessment of the company's business
profile. SLM's monoline business model creates concentration risk
that is a constraint on its rating, particularly as it relates to
political/regulatory risk that has been a persistent source of
uncertainty in the federal student loan programs that can have an
indirect impact on originators and servicers of private student
loans.

The revision of the company's Outlook to Stable from Positive
reflects meaningful deterioration in SLM's credit performance in
2022 that, in addition to idiosyncratic challenges that impacted
enrollments and forbearance practices during the pandemic, resulted
from operational challenges within the company's debt collections
function that led to personnel and organizational changes.
Specifically, the company's charge-off rate on loans in repayment
rose to 3.15% in 4Q22, roughly twice the level of 1.58% in 4Q21 and
above Fitch's rating sensitivity of 3%. In light of these
developments and greater uncertainty of the timeframe over which
credit losses will return to levels consistent with life of loan
expectations, Fitch believes a ratings upgrade is unlikely to occur
over the Outlook horizon.

Aside from the weaker credit trends, SLM's operating performance
was strong in 2022 and continued to be a rating strength. After
experiencing reduced demand for student loans in 2020 and 2021 as a
result of declines in enrollment and an increase in federal aid
provided to schools, SLM's private student loan originations
rebounded 10% in 2022. The company also had 50 bps of net interest
margin (NIM) expansion and was able to execute another $3 billion
of loan sales that produced a gain of over 10%. Although gains were
below those produced in 2021, the ability to execute the
transactions under challenging conditions is viewed favorably.

Net charge-offs on the private student loan portfolio nearly
doubled in 2022 compared to 2021, and were more than 40% higher
than management's initial projections in January 2022. Fitch
estimates charge-offs as a percentage of loans in full principal
and interest repayment were 4.2% in 2022, well above management's
normalized annual charge-off expectation of 1.9%. Management
attributed the credit deterioration in 2022 to three factors: (1)
students that took gap years during 2020 and 2021 and were extended
payment forbearance never returned to school and defaulted at a
higher rate; (2) the implementation of more restrictive forbearance
practices beginning in 2021; and (3) understaffing and operational
issues within its debt collections function. In response, the
company refined its loss reserving methodology and added roughly
$200 million to its loss reserve over the course of 2022, bringing
reserve coverage to 6.5% from 5.6% a year ago.

Management believes it has addressed the operational challenges
including the staffing issues, and that the first two drivers of
the higher credit losses are likely to be non-recurring in nature.
Nonetheless, management is projecting net charge-offs in 2023 that
are relatively flat with 2022 due in part to the expectation for a
weakening U.S. economy and higher unemployment. Given the outsized
credit underperformance relative to expectations and the likelihood
that it will take at least several quarters to determine whether
the issues causing the higher losses have been rectified, Fitch has
revised SLM's 'bbb-' factor score for asset quality to negative
from stable.

SLM Bank's common equity Tier 1 (CET1) ratio of 12.9% and total
risk-based capital ratio of 14.2% at YE 2022 remained well above
regulatory minimums and Fitch's rating sensitivity. However, the
regulatory exemption for the impact of the current expected credit
loss (CECL) accounting change, which stood at $627 million at YE
2022, will continue to phase-in to its regulatory capital ratios in
the first quarter of 2023 through 2025. Fitch estimates SLM's fully
phased-in CET1 at YE 2022 was 10.2%. Because of the outsized impact
of CECL on SLM relative to peer banks, Fitch also considers its
CET1 plus loan loss reserves as a percentage of risk-weighted
assets to be a relevant metric in evaluating SLM's ability to
absorb expected and unexpected losses. Fitch estimates this ratio
was 16% at YE 2022, well above the 13.8% at YE 2019 (before CECL
was adopted).

SLM's liquidity at the bank remains solid relative to its rating,
with cash and liquid securities representing 25% of total assets at
YE 2022. Although cash at the holding company declined to $197
million from $570 million a year ago is sufficient to fund
near-term liquidity needs, with no unsecured debt maturities
occurring until October 2025. A significant portion of SLM's
deposits are brokered (46%), which are more price sensitive than
traditional retail deposits. As such, Fitch views SLM's deposit
franchise as weaker than its peers that have a lower composition of
brokered deposits.

RATING SENSITIVITIES

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

- A decline in SLM Bank's CET1 ratio (fully phased in for CECL)
below 10% and/or total risk-based capital ratio below 11.5% for
multiple quarters without a credible plan to rebuild capital
ratios;

- Meaningful deterioration in portfolio credit quality such that
SLM's net charge-off rate as a percentage of loans in repayment
exceeds 3% for a sustained period;

- Capital distributions that meaningfully exceed gains and loss
reserve releases from loan sales;

- Loan consolidations to third parties that exceed 20% of SLM's
loans in full principal and interest repayment on a sustained
basis;

- An inability to access the student loan ABS market or senior
unsecured debt market for a sustained period;

Longer-term, negative rating momentum could be driven by
legislative actions aimed at reducing demand and/or profitability
for private education loans, or by significant erosion in the
importance of the school financial aid office channel for student
loan originations that could be detrimental to SLM's franchise.

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

- Demonstrate credit performance stability over a sustained period
that is consistent with life of loan loss expectations;

- Consistent execution against management's publicly stated
strategic objectives and financial targets;

- Effectively manage the CECL phase-in impact while remaining above
its capital ratio targets and Fitch's CET1 sensitivity of 10%;

- Maintain market share in the in-school channel as new competitors
emerge and effectively navigate any significant increases in loan
consolidations to third parties;

- Continued reduction in brokered deposits below 45% of total
deposits and overall funding.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SHORT-TERM IDRs

The affirmation of SLM and SLM Bank's Short-Term IDRs at 'B'
corresponds to the Long-Term IDRs of 'BB+' in accordance with
Fitch's Global Bank Rating Criteria and indicates minimal capacity
for timely payment of financial commitments and heightened
vulnerability to near term adverse changes in financial and
economic conditions.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Fitch's 'B+' rating on the series B preferred shares reflect their
linkage to the VR. The notching reflects the subordinated payment
priority and weaker recovery prospects for these instruments, in
accordance with Fitch's "Global Bank Rating Criteria". The series B
preferred shares are rated three notches below the VR, reflecting
the instrument's non-performance (one notch) and relative loss
severity risk profile (two notches) in addition to their
non-cumulative nature.

Although Fitch's baseline notching for banks' preferred stock is
four notches from the VR, the three-notch differential assigned to
SLM's preferred stock is largely driven by Fitch's view that
non-performance risk is lower as SLM's holding company is
unregulated and not subject to a minimum capital requirement.
Moreover, the annual dividend payment is small in relation to
holding company liquidity.

DEPOSIT RATINGS

SLM Bank's uninsured long-term deposit ratings are rated one-notch
higher than SLM's Long-Term IDR and senior unsecured debt because
U.S. uninsured deposits benefit from depositor preference. U.S.
depositor preference gives deposit liabilities superior recovery
prospects in the event of default. SLM Bank's uninsured short-term
deposit rating of 'F3' corresponds with SLM Bank's long-term
deposit rating of 'BBB-' in accordance with Fitch's Global Bank
Rating Criteria.

The Government Support Rating (GSR) for SLM and SLM Bank is 'ns'.
In Fitch's view, the probability of support is unlikely. IDRs and
VRs do not incorporate any support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The preferred stock ratings are sensitive to any changes in SLM's
VR and would be expected to move in tandem.

DEPOSIT RATINGS

The long- and short-term deposit ratings are sensitive to any
change in SLM's Long- and Short-Term IDRs and would be expected to
move in tandem.

SLM and SLM Bank's GSRs are rated 'ns' and there is limited
likelihood that these ratings will change over the foreseeable
future.

SUBSIDIARIES & AFFILIATES: KEY RATING DRIVERS

SLM's IDR and VR are equalized with those of its bank subsidiary,
reflecting its role as the bank's holding company, which is
mandated in the U.S. to act as a source of strength for its bank
subsidiaries. Ratings are also equalized reflecting the very close
correlation between holding company and subsidiary failure and
default probabilities.

SLM's double leverage as calculated by Fitch was 167% as of YE
2022, having risen over the past few years from the company's
significant share repurchase activity. SLM's double leverage is now
significantly above its 120% threshold, which prompts Fitch to
consider notching the holding company's ratings down from the
bank's ratings. Fitch continues to equalize SLM's ratings with SLM
Bank because we believe it maintains sufficient liquidity coverage
of roughly 2x its near-term obligations, and SLM Bank maintains
sufficient capital buffers that should enable it to continue to
upstream dividends to the parent.

SUBSIDIARIES AND AFFILIATES: RATING SENSITIVITIES

To the extent liquidity at the holding company's falls materially
below $200 million and/or the holding company does not either
refinance or hold sufficient liquidity to redeem unsecured debt
maturities well in advance of their maturity, Fitch could notch the
holding company's ratings from the SLM bank.

VR ADJUSTMENTS

The Earnings and Profitability score of 'bbb-' has been assigned
below the 'a' category implied score due to the following
adjustment reasons: Revenue diversity (negative) and Earnings
stability (negative).

The Capitalization and Leverage score of 'bbb' has been assigned
below the 'a' category implied score due to the following
adjustment reasons: Profitability, pay-outs, and growth (negative)
and Concentrations (negative).

The Funding and Liquidity score of 'bb+' has been assigned below
the 'a' category implied score due to the following adjustment
reason: Deposit structure (negative).

ESG CONSIDERATIONS

SLM Corporation has an ESG Relevance Score of '4' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to its
exposure to compliance risks including fair lending practices, debt
collection practices and consumer data protection, which has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

SLM's has an ESG Relevance Score of '4' for Exposure to Social
Impacts due to its exposure to shift in social or consumer
preferences as a result of an institution's social positions, or
social and/or political disapproval of core activities which, in
combination with other factors, impacts the rating.

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.

   Entity/Debt                      Rating            Prior
   -----------                      ------            -----
Sallie Mae Bank   LT IDR             BB+  Affirmed      BB+

                  ST IDR             B    Affirmed      B

                  Viability          bb+  Affirmed      bb+

                  Government Support ns   Affirmed      ns

   long-term
   deposits       LT                 BBB- Affirmed      BBB-

   short-term
   deposits       ST                 F3   Affirmed      F3

SLM Corporation   LT IDR             BB+  Affirmed      BB+

                  ST IDR             B    Affirmed      B

                  Viability          bb+  Affirmed      bb+

                  Government Support ns   Affirmed      ns

   preferred      LT                 B+   Affirmed      B+

   senior
   unsecured      LT                 BB+  Affirmed      BB+


SMARTPAC INC: Lender Seeks to Prohibit Cash Collateral Access
-------------------------------------------------------------
St. Louis Bank asks the U.S. Bankruptcy Court for the Eastern
District of Missouri, Eastern Division, to prohibit Smartpac, Inc.
and Veripac, Inc. from using cash collateral.

The Debtors are indebted to STL Bank in the approximate aggregate
amount of $4 million, secured by valid and perfected first liens in
all assets of each the Debtor.

The Debtors and STL Bank agreed to continue to March 6, 2023, the
hearing on STL Bank's Objection to Use of Cash Collateral Including
After February 26, 2023 and to work on a budget for use of cash
pending the continued hearing, as well as to agree on a process for
sale of each the Debtor's assets.

The bank says the Debtors have failed to provide a budget for the
period from February 27, 2023 to the March 6 continued hearing date
(or for use of cash after March 6) and therefore, the Debtors and
STL Bank have been unable to agree on the use of cash for this
period and each Debtor currently lacks authority to use cash.

A copy of the motion is available at https://bit.ly/3Y8hETq from
PacerMonitor.com.

                        About Smartpac Inc.

Smartpac Inc. is a manufacturer of food and drink packaging in the
foodservice industry. The company is based in Bridgeton, Mo.

Smartpac filed its voluntary petition for Chapter 11 protection
(Bankr. E.D. Mo. Case No. 22-43840) on Dec. 9, 2022, with
$2,854,593 in assets and $6,484,063 in liabilities. Cary Edwards,
owner of Smartpac, signed the petition.

Judge Bonnie L. Clair oversees the case.

David M. Dare, Esq., at Herren Dare & Streett serves as the
Debtor's legal counsel.


SPEEDBOAT JV: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Speedboat JV Partners LLC
        77 Speedboat Ave,
        Kings Beach CA 96143

Chapter 11 Petition Date: February 28, 2023

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 23-30111

Debtor's Counsel: Unspecified

Total Assets: $21,500,000

Total Liabilities: $13,560,585

The petition was signed by Marc Shishido as managing member.

The Debtor stated it has no creditors holding unsecured claims.

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

https://www.pacermonitor.com/view/NDRYSHI/Speedboat_JV_Partners_LLC__canbke-23-30111__0001.0.pdf?mcid=tGE4TAMA


SPIRIPLEX INC: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Spiriplex, Inc.
        100 Tri State International, #100
        Lincolnshire, IL 60069

Business Description: Spiriplex specializes in micro-sample
                      allergenic diagnostics, providing clinical
                      laboratory services throughout the United
                      States.

Chapter 11 Petition Date: March 1, 2023

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 23-02773

Debtor's Counsel: Scott R. Clar, Esq.
                  CRANE, SIMON, CLAR & GOODMAN
                  Suite 3950
                  135 South LaSalle Street
                  Chicago, IL 60603-4297
                  Tel: 312-641-6777
                  Fax: 312-641-7114
                  Email: sclar@cranesimon.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by David C. Fleisner 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/LJQ3U6Y/Spiriplex_Inc__ilnbke-23-02773__0001.0.pdf?mcid=tGE4TAMA


STEM HOLDINGS: Incurs $3.1 Million Net Loss in First Quarter
------------------------------------------------------------
Stem Holdings, Inc. has filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $3.08 million on $4.06 million of revenues for the three months
ended Dec. 31, 2022, compared to a net loss of $4.18 million on
$4.21 million of revenues for the three months ended Dec. 31,
2021.

As of Dec. 31, 2022, the Company had $28.70 million in total
assets, $14.53 million in total liabilities, and $14.18 million in
total shareholders' equity.

On Dec. 31, 2022, the Company had working capital deficit of
approximately $3.1 million, which included cash and cash
equivalents of $0.9 million.  The Company's net cash used in
operating expenses totaled $0.7 million, its cash used in investing
activities was nil and cash flows provided by financing activities
totaled $0.1 million.

Stem Holdings stated, "Management believes that the Company has
access to capital resources through potential public or private
issuances of debt or equity securities.  However, if the Company is
unable to raise additional capital, it may be required to curtail
operations and take additional measures to reduce costs, including
reducing its workforce, eliminating outside consultants, and
reducing legal fees to conserve its cash in amounts sufficient to
sustain operations and meet its obligations.  The Company is also
in the process of seeking the acquisition of entities or to be
acquired by entities directly in the production and sale of
cannabis.  These matters raise substantial doubt about the
Company's ability to continue as a going concern."

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

https://www.sec.gov/ix?doc=/Archives/edgar/data/1697834/000149315223005609/form10-q.htm

                        About Stem Holdings

Headquartered in Boca Raton, Florida, Stem Holdings, Inc. --
http://www.stemholdings.com-- is a multi-state, vertically
integrated, cannabis company that, through its subsidiaries and its
investments, is engaged in the manufacture, possession, use, sale,
distribution or branding of cannabis, and holds licenses in the
adult use and medical cannabis marketplace in the states of Oregon,
Nevada, California, Oklahoma and Massachusetts.

Stem Holdings reported a net loss of $17.53 million for the year
ended Sept. 30, 2022, a net loss of $64.6 million for the year
ended Sept. 30, 2021, and a net loss of $11.5 million for the year
ended Sept. 30, 2020.

Deer Park, IL-based LJ Soldinger Associates, LLC, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated Jan. 13, 2023, citing that the Company had a net loss
of approximately $17.5 million, negative working capital of $0.8
million and an accumulated deficit of $133.1 million as of and for
the year ended Sept. 30, 2022.  In addition, the Company has
commenced operations in the production and sale of cannabis and
related products, an activity that is illegal under United States
Federal law for any purpose, by way of Title II of the
Comprehensive Drug Abuse Prevention and Control Act of 1970,
otherwise known as the Controlled Substances Act of 1970 (the
"ACT").  These facts raise substantial doubt as to the Company's
ability to continue as a going concern. The financial statements do
not include any adjustments that might result from the outcome of
this uncertainty.


SVP WORLDWIDE: Lenders Tap Legal Counsel to Seek Advice
-------------------------------------------------------
Reshmi Basu, Rachel Butt, and Eliza Ronalds-Hannon of Bloomberg
News report that some lenders to SVP Worldwide, a sewing machine
maker backed by Tom Gores's Platinum Equity, have hired legal
counsel as the company faces liquidity constraints, according to
people with knowledge of the situation.

A group of lenders is getting advice from law firm Paul Hastings,
said the people, who asked not to be identified because they aren't
authorized to speak about it.

The hire comes despite a recent new-money investment from Platinum.


                       About SVP Worldwide

SVP Worldwide is an American private company that designs,
manufactures, and distributes consumer sewing machines and
accessories around the world under three brands: Singer, Husqvarna
Viking, and Pfaff.


TAAT INTERNATIONAL: Files Subchapter V Case
-------------------------------------------
TAAT International LLC filed for chapter 11 protection in the
District of Nevada without stating a reason.  The Debtor elected on
its voluntary petition to proceed under Subchapter V of chapter 11
of the Bankruptcy Code.

In the judgment of the Company, its officers, managers, and
members, it is desirable and in the best interests of the Company,
its creditors, employees, and other interested parties that a
petition be filed by the Company seeking relief under the
provisions of Chapter 11 of Title 11 of the United States Code.

According to court filings, TAAT International estimates between
$10 million and $50 million in total debt owed to 1 to 49
creditors.  The petition states that funds will be available to
unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
March 23, 2023.

                   About TAAT International

TAAT International LLC -- https://trytaat.com/ -- develops,
manufactures, and distributes alternative products in categories
such as tobacco and hemp.

TAAT International LLC filed a petition for relief under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
23-10592) on February 18, 2023. In the petition filed by Joseph
Deighan, as authorized representative, the Debtor reported assets
between $1 million and $10 million and liabilities between $10
million and $50 million.

The case is overseen by Honorable Bankruptcy Judge August B
Landis.

The Subchapter V trustee appointed in the case:

    Edward Burr
    10191 E. Shangri La Road
    Scottsdale, AZ 85260
    Phone: (602) 418-2906
    Email: Ted@macrestructuring.com

The Debtor is represented by:

    Ryan A. Andersen, Esq.
    ANDERSEN & BEEDE
    3199 E Warm Springs Road Suite 400
    Las Vegas, NV 89120
    Tel: (702) 522-1992
    Fax: (702) 825-2824
    Email: ryan@aandblaw.com


THB CONSTRUCTION: Commences Subchapter V Case
---------------------------------------------
THB Construction LLC filed for chapter 11 protection in the
Northern District of Texas without stating a reason.  The Debtor
elected on its voluntary petition to proceed under Subchapter V of
chapter 11 of the Bankruptcy Code.

According to court filings, THB Construction estimates between $1
million and $10 million in debt owed to 50 to 99 creditors.  The
bare-bones petition states that funds will be available to
unsecured creditors.

A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
March 29, 2023, at 11:00 AM by TELEPHONE.  Proofs of claim are due
by April 28, 2023.

                    About THB Construction

THB Construction LLC is part of the residential building
construction industry.

THB Construction LLC filed a petition for relief under Subchapter V
of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
23-40460) on Feb. 17, 2023.  In the petition filed by James M.
Boney, as designated corporate representative, the Debtor reported
assets and liabilities between $1 million and $10 million each.

The case is overseen by Honorable Bankruptcy Judge Edward L
Morris.

The Debtor is represented by:

  Joyce W. Lindauer, Esq.
  Joyce W. Lindauer Attorney, PLLC
  PO Box 810194
  Dallas, TX 75381-0194
  Tel: (972) 503-4033
  Email: joyce@joycelindauer.com


THUNDERBIRD GLOBAL: Bid to Dismiss Counterclaims Granted in Part
----------------------------------------------------------------
District Judge Sarah D. Morrison grants in part the motion to
dismiss counterclaim filed by the Plaintiffs in the case titled H.
JOSEPH HAMM, et al., Plaintiffs, v. THUNDERBIRD GLOBAL DEVELOPMENT,
LLC, et al., Defendants, Case No. 2:22-cv-2068, (S.D. Ohio).

In January 2019, Plaintiffs filed suit against Thunderbird Global
Development, LLC and others over the ownership of certain oil and
gas rights in Belmont County, Ohio. A Belmont County jury returned
a $1.3 million verdict against Thunderbird alone. The court awarded
the Plaintiffs an additional $133,038 in attorney fees. Thunderbird
appealed the Belmont Judgments to the Seventh District Court of
Appeals.

Unable to satisfy the Judgments or post bond, Thunderbird filed for
Chapter 11 Bankruptcy. Thunderbird continued to operate its
business while the bankruptcy case was pending. On December 2021,
Thunderbird sold certain oil and gas rights ("Stringer Interest")
to TEXANOUSHA.

Thunderbird's bankruptcy was dismissed effective Feb. 15, 2022.
Before the case was closed, the Bankruptcy Court issued a Payment
Order directing Thunderbird to transfer funds in the amount of
$67,856 to the Plaintiffs -- Thunderbird complied.

On March 30, 2022, Ohio's Seventh District Court of Appeals
reversed the Belmont Judgments. The Belmont County Litigation was
remanded for a new trial. On remand, the parties filed several
motions concerning the appropriate disposition of the Funds. On
June 13, the Belmont County Court of Common Pleas ordered the Funds
to "be paid to the Belmont County Clerk of Courts . . . to be
retained" until the court's further order.

Less than a month before the Reversal Decision issued, Plaintiffs
filed this lawsuit, principally alleging that the December 2021
Stringer Interest transfer was fraudulent. In their counterclaim,
the Defendants allege that the Plaintiffs' failure to return the
Funds after the Reversal Decision constitutes both unjust
enrichment and conversion.

The Court finds that the Funds were paid to the Plaintiffs in
partial satisfaction of the then-valid Belmont Judgments, and
pursuant to an Order of the Bankruptcy Court. Unable to dispute
that the Plaintiffs legally came into possession of the Funds, the
Defendants argue that they became entitled to the Funds' return "at
the time the Reversal Decision was rendered." The Court finds,
however, that the Defendants cannot demonstrate a right to
possession of the Funds at the time of the alleged conversion or
the Plaintiffs' unjust retention of them. The Court notes that
promptly upon receipt of the Reversal Decision, the Plaintiffs
moved the Belmont County court to interplead the Funds or to
appoint a receiver -- which could have denied -- but instead, the
Funds were ordered to be deposited with the Clerk of Courts. That
was perfectly appropriate, given the posture of the Belmont County
Litigation. As such, the Court dismisses the Defendants' claims for
restitution/unjust enrichment.

The Defendants further allege that the Plaintiffs committed slander
of title by refusing to release the Certificates of Judgment when
the Reversal Decision was entered, by maintaining the instant
action, and by sending the Ascent Letter. The Plaintiffs' February
2022 letter to Thunderbird's lessee, Ascent Resources -- Utica,
LLC, containing slanderous and untrue statements regarding
Thunderbird's title" to Ascent's leased interest, and the
Plaintiffs' further failure to inform Ascent of the Reversal
Decision.

The Court finds that the Certificates reflected valid judgments at
the time they were recorded.  Accordingly, they cannot form the
basis of Defendants' claim. However, the Counterclaim alleges that
the Ascent Letter caused Ascent to deposit lease payments in a
suspense account, thereby depriving Thunderbird of access to those
funds. The Court finds and concludes that Defendants' allegation
based on the Ascent Letter is sufficient to survive a motion to
dismiss.

A full-text copy of the Opinion and Order dated Feb. 8, 2023, is
available at https://tinyurl.com/48afm782 from Leagle.com.

                About Thunderbird Global Development

Scottsdale, Ariz.-based Thunderbird Global Development, LLC, filed
its voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 21-03962) on May 20,
2021.  In the petition signed by Christopher E. Banik, managing
member, the Debtor disclosed total assets of up to $50,000 and
total liabilities of up to $10 million.  

Judge Daniel P. Collins oversees the case.  

Hauf Law, PLC and Roetzel & Andress, LPA, serve as the Debtor's
bankruptcy counsel and special counsel, respectively.



TOMS KING: Court OKs Cash Collateral Access Thru April 7
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Ohio,
Eastern Division, authorized TOMS King (Ohio) LLC and its
debtor-affiliates to use cash collateral on an interim basis in
accordance with the budget.

Unless an extension is otherwise agreed to in writing by the
Debtors and the Agent and Pre-Petition Lender, and subject to the
Carve-Out, the Debtors are authorized to use cash collateral
commencing from Petition Date through and including (but not
beyond) the earliest to occur of (i) the date on which a
Termination Event will occur, (ii) any order modifying the Debtors'
authority to use cash collateral not consented to by the Agent and
Pre-Petition Lender and (iii) the close of business on April 7,
2023; provided that the use of cash collateral will be in
accordance with the Budget and to pay Statutory Fees.

The Debtors have a pressing need for the continued use of cash
collateral to continue operating as a going concern -- including
funding their day-to-day operations which includes payroll,
vendors, and the costs of these Chapter 11 Cases -- minimize
disruption, rebut any skepticism regarding the Debtors' ability to
operate as a going concern and stabilize business operations in
response to these Chapter 11 Cases.

Prior to the Petition Date, the Debtors -- other than TOMS King
(Ohio II) LLC and TOMS King III LLC -- entered into a Credit
Agreement, dated as of March 7, 2014, with Bank of America, N.A.,
as administrative agent and lender.  The Credit Agreement was
amended and restated from time to time, including most recently
pursuant to the Fifth Amended and Restated Credit Agreement, dated
as of January 28, 2020, as well as by a forbearance agreement and
deferral agreement.

Pursuant to the terms of the Pre-Petition Credit Agreement, the
Debtors -- other than TOMS King (Ohio II) LLC and TOMS King III LLC
-- incurred (a) a term loan facility in an aggregate amount of $44
million; (b) a revolving credit facility in a principal amount of
up to $2.5 million, and (c) a development loan facility
reestablished in a principal amount of $5 million. The obligations
under the Pre-Petition Credit Agreement have an outside maturity
date of January 28, 2025.

As adequate protection, the Pre-Petition Secured Parties are
granted, replacement security interest in, and lien junior only to
the Carve-Out.

The Replacement Liens will have the same priority, validity, force,
extent, and effect as the liens that they replace, effective as of
the Petition Date without the necessity of Agent taking any further
action, upon the right, title and interest in the following
property of the Debtors.

The Replacement Liens will be deemed automatically valid and
perfected with such priority as provided in the Interim Order,
without any further notice or act by any party that may otherwise
be required under any other law.

The "Carve Out" means the sum of:

      a. with respect to professional fees and disbursements by the
professionals retained by the Debtors, pursuant to Bankruptcy Code
section 327 and/or section 363 (i) professional fees and
disbursements incurred on or prior to the receipt by the Debtors of
written notice of the occurrence of a Termination Event, in an
amount not to exceed the aggregate amounts approved pursuant to the
Budget and allowed by the Court and (ii) professional fees and
disbursements incurred following receipt by the Debtors of written
notice of the occurrence of a Termination Event, in an amount not
to exceed $100,000;

     b. with respect to the professionals retained by the
Committee, if any, pursuant to Bankruptcy Code section 1103(a), the
lesser of (x) $50,000 and (y) an amount not to exceed the aggregate
amounts approved pursuant to the Budget and allowed by the Court
for the period prior to the receipt by the Debtors of written
notice of the occurrence of a Termination Event; and

     c. statutory fees payable to the U.S. Trustee pursuant to 28
U.S.C. section 1930(a)(6), together with the statutory rate of
interest, and any fees payable to the Clerk of the Bankruptcy
Court, which Statutory Fees will not be subject to any budget.

These events constitute a "Termination Event" under the Interim
Order, unless waived in writing by the Pre-Petition Secured
Parties:

     a. Failure of the Debtors to abide by the terms, covenants,
and conditions of the Interim Order or the Budget;

     b. An application is filed by any Debtor for the approval of
(or an order is entered by the Court approving) any claim arising
under Section 507(b) of the Bankruptcy Code or otherwise, or any
lien in any of the Chapter 11 Cases, which is pari passu with or
senior to the Pre-Petition Obligations or the adequate protection
liens granted therein, unless consented to in writing by Bank of
America, N.A. (in its capacity as Agent and Pre-Petition Lender);

     c. The commencement or support of any action by any Debtor or
any other authorized person against Bank of America, N.A. (in its
capacity as Agent and Pre-Petition Lender) to subordinate or avoid
any liens made in connection with the PrePetition Loan Documents or
to avoid any obligations incurred in connection therewith;

     d. The Debtors' failure to comply with any of the milestones
set forth in the Interim Order;

     e. TOMS King Services LLC fails and/or refuses to provide
support to the Debtors' operations and businesses through Closing;

     f. The use of cash collateral for any purpose not authorized
by the Interim Order;

     g. Failure of the Debtors to timely pay undisputed fees of the
U.S. Trustee pursuant to 28 U.S.C. section 1930;

     h. Appointment of a Chapter 11 trustee or the appointment of
an examiner with expanded powers over one or more of the Debtors;

     i. Termination of one or more of the Debtors' franchise
agreements with Burger King Corporation, other than for a store
closed with Pre-Petition Secured Lender's prior written consent;

     j. Conversion of the Chapter 11 Cases to cases under Chapter 7
of the Bankruptcy Code;

     k. The Chapter 11 Cases are dismissed;

     l. The entry of an order by any other Court of competent
jurisdiction (other than the Final Order) reversing, staying,
vacating or otherwise modifying in any material respect the terms
of the Interim Order; or

     m. The Debtors seek to obtain financing that does not satisfy
the Pre-Petition Obligations in full that seeks to prime Agent
and/or Pre-Petition Lender's lien on any of the Collateral not
otherwise entitled to be primed under the Pre-Petition Credit
Agreement.

A final hearing on the matter is set for April 4 at 10 a.m.

A copy of the Court's order and the Debtor's budget is available at
https://bit.ly/3IG7S50 from Omni Agent Solutions, the claims
agent.

The Debtor projects total operating disbursements, on a weekly
basis, as follows:

     $2.738 million for the period ending March 5, 2023;
     $2.673 million for the period ending March 12, 2023;
     $2.110 million for the period ending March 19, 2023; and
     $3.256 million for the period ending March 26, 2023.

                   About TOMS King (Ohio) LLC

TOMS King (Ohio) LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-50001) on January 2,
2023. In the petition filed by Daniel F. Dooley, chief
restructuring officer, the Debtor disclosed up to $50,000 in assets
and up to $50 million in liabilities.

Judge Alan M. Koschik oversees the case.

Richard K. Stovall, Esq., at Allen Stovall Neuman & Ashton LLP, is
the Debtor's legal counsel.


TRICIDA INC: Kidney Drug Veverimer Bought by Renibus
----------------------------------------------------
Leslie A. Pappas of Law360 reports that Texas clinical-stage
biotechnology company Renibus Therapeutics Inc. will take over the
development of Tricida Inc.'s drug candidate for chronic kidney
disease and could eventually pay the bankrupt San Francisco-based
company up to $152.75 million if Renibus is able to successfully
market the drug, Tricida said at a hearing in Delaware on Tuesday,
February 21, 2023.

                        About Tricida Inc.

Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical
company working to turn the tide on metabolic acidosis and
progression of chronic kidney disease. The company is based in
South San Francisco, Calif.

Tricida filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12,
2023.  It disclosed $93,879,000 in total assets against
$229,977,000 in total debt as of Sept. 30, 2022.

The Debtor tapped Sidley Austin, LLP and Young Conaway Stargatt &
Taylor, LLP, as counsels; SerraConstellation Partners, LLC as
financial advisor; and Stifel, Nicolaus & Company, Inc., and Miller
Buckfire, LLC as investment bankers. Kurtzman Carson Consultants,
LLC is the claims agent and administrative advisor.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Womble Bond Dickinson (US) LLP and Rock Creek Advisors, LLC serve
as the committee's legal counsel and financial advisor,
respectively.


US ANESTHESIA: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.
Anesthesia Partners Holdings Inc. (USAP) and revised its rating
outlook to Negative from Stable. Its issue-level ratings on USAP's
revolver, first-lien, and second-lien debt are unchanged.

The negative outlook reflects S&P's expectation that cash flow
generation will remain weak for the rating (below 2.5% of debt) in
2023 and the risk that these pressures may persist into 2024.

USAP experienced significant industry-wide challenges in 2022 that
affected its profitability and free cash flow. In 2022, USAP faced
lower-than-expected volumes due to staffing challenges at health
system facilities that has caused the postponement of surgical
procedures. The company's use of contract labor as well as
physician turnover also increased during the period, resulting in
higher labor costs and margin pressure. In the second quarter of
2022, USAP had to implement a physician compensation restructuring
in Colorado (its third-largest market, representing 10% of
revenue), temporarily increasing the staff costs.

S&P said, "We expect reimbursement pressure to persist in 2023,
including a 2% Medicare Physician Fee Schedule (MPFS) rate cut.
Nonetheless, we understand USAP only generates about 12% of revenue
from Medicare and thus EBITDA loss due to Medicare will be
completely offset by low-single-digit rate increases from
commercial payors (which contribute 80% of revenue). USAP's
variable physician compensation model helps cover about 75% of the
burden from any challenges, providing some degree of insulation and
somewhat protecting margins.

"Nonetheless, we believe anesthesia is an essential and necessary
service, and it is difficult for hospitals to switch providers or
insource anesthesiologists to avoid disruption. As a result, we
believe USAP will focus on negotiating with hospitals to increase
subsidies (currently about 10% of total revenue) as part of its
business strategy. However, we expect it will still take several
quarters to see meaningful improvement in the company's financial
performance.

"We expect the company to remain highly leveraged over the next
several years. We expect adjusted leverage of about 7.8x in 2022.
We assume small tuck-in acquisitions annually of about $80
million-$100 million in our base-case. Due to USAP's variable
compensation model, any impact from operational challenges is
largely absorbed by the physicians. Thus, we assume adjusted
leverage to remain flat in 2023 and 2024. We also expect the
company's financial sponsor to prioritize shareholder returns over
debt reduction, which limits prospects for permanent deleveraging,
even if operations materially improve.

"We expect a free cash flow deficit in 2022, modest improvement in
2023 and estimate free cash flow to debt close to 3% in 2024.We
expect a free cash flow deficit of $18 million-$20 million in 2022
and modest improvement in 2023, reflecting an ongoing delay in
collections from payors and increased clinician and non-clinician
compensation costs, resulting in elevated working capital outflows.
As labor costs moderate, we expect working capital to improve but
remain an outflow in 2023. We estimate FOCF to debt in the 1%-2%
range in 2023. We expect that improvement in volumes and labor
costs in 2024 and better management of working capital will improve
its ability to generate cash flow, resulting in FOCF to debt above
2% for the year. USAP entered an interest rate cap on its
first-lien and second-lien term loan debt in December 2022 at a
3-month secured overnight financing rate (SOFR) of 5.5%, maturing
in March 2025, providing some protection against further interest
rate increases.

"The negative outlook reflects our expectation that cash flow
generation will remain weak for the rating (below 2.5% of debt) in
2023 given slow patient volume recovery, elevated labor costs, and
slow collections. It also reflects the risk that some of these
pressures may persist into 2024 and beyond, causing us to believe
that free operating cash flow may remain weak in the near-term."

S&P could lower its rating on USAP if it does not see a viable path
for the company to consistently generate S&P Global
Ratings'-adjusted free operating cash flow to debt of more than
2.5%. This could occur if:

-- USAP is unable to offset compensation costs with higher
subsidies from hospitals;

-- The company is unable to increase payor rates; and

-- Interest rates continue to increase and remain elevated.

S&P may revise the outlook to stable if we expect USAP's annual
adjusted free operating cash flow to debt will increase and remain
above 2.5%. S&P estimates this could most likely occur due to:

-- Better management of working capital;

-- Declines in interest rates; and

-- Improvements in patient volume, less use of locums, and a
further easing of labor and inflationary challenges leading to a
greater-than-300-bps increase in its margin relative to our
base-case assumption.

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

S&P said, "Governance is a moderately negative consideration. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects the generally finite holding periods and a
focus on maximizing shareholder returns. Social factors are, on
balance, neutral to our ratings analysis for USAP. Although
anesthesia services are subject to the risk of surprise billing
legislation, USAP's out-of-network exposure is quite limited,
providing some insulation against this risk."



VERISTAR LLC: Seeks to Hire EmergeLaw as Bankruptcy Counsel
-----------------------------------------------------------
Veristar, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
EmergeLaw, PLLC as counsel.

The firm's services include:

   a. providing legal advice with respect to the rights, powers and
duties of the Debtors in the management of their property;

   b. investigating and, if necessary, instituting legal action on
behalf of the Debtors to collect and recover assets of the Debtors'
estates;

   c. preparing legal papers;

   d. assisting and counseling the Debtors in the preparation,
presentation and confirmation of their Chapter 11 plan;

   e. representing the Debtors as may be necessary to protect their
interests; and

   f. other legal services that may be necessary and appropriate in
the general administration of the Debtors' estates.

The firm will be paid at these rates:

     Partners                          $475 to $775 per hour
     Associates/Contract Attorneys     $225 to $375 per hour
     Paralegals and Law Clerks         $150 to $190 per hour

In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.

The firm received from the Debtors a retainer of $55,214.

Robert Gonzales, Esq., a partner at EmergeLaw, 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 J. Gonzales, Esq.
     Nancy B. King, Esq.
     EmergeLaw, PLLC
     4235 Hillsboro Pike, Suite 350
     Nashville, TN 37215
     Tel: (615) 815-1535
     Email: robert@emerge.law
            nancy@emerge.law

                        About Veristar LLC

Veristar, LLC provides legal services for a range of practice areas
and industries. It offers discovery, specialized legal staffing and
veralocity services.

Veristar and its affiliates filed their voluntary petitions for
relief under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. M.D. Tenn. Lead Case No. 23-00413) on Feb. 5, 2023. In the
petitions signed by Ben Gardner, chief financial officer, Veristar
listed $1,477,959 in total assets and $3,806,865 in total
liabilities.

Judge Marian F. Harrison oversees the cases.

EmergeLaw, PLLC is the Debtors' legal counsel.


VOYAGER DIGITAL: FTC, SEC Push Back Sale to Binance Amid Probe
--------------------------------------------------------------
Amelia Pollard of Bloomberg Law reports that the US Securities and
Exchange Commission and the US Federal Trade Commission are pushing
back in court against Voyager Digital Ltd.'s plan to sell assets to
Binance.US in a deal previously valued at $1 billion.

On Wednesday, February 22, 2023, the SEC filed a new objection to
the sale, following an initial objection in January. The agency
said there's insufficient explanation regarding how Binance US
would ensure no third parties would have access to customer wallets
or assets.  The plan also doesn't adequately describe the impact of
any potential regulatory actions against Binance US, it said.

                About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application.  Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor.  Stretto, Inc., is
the claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases.  The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.

The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.

On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.

                            *    *    *

Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets.  But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.

After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets.
Binance's bid is valued at $1.022 billion.


VOYAGER DIGITAL: FTX's SBF Declines to Testify in Voyager Case
--------------------------------------------------------------
Joel Rosenblatt of Bloomberg News reports that Sam Bankman-Fried is
resisting efforts to testify in the bankruptcy case of the digital
asset lender Voyager Digital Ltd.

Lawyers for the co-founder of FTX, the cryptocurrency exchange that
collapsed causing billions of dollars in losses, asked a federal
judge in California Tuesday to block a subpoena from lawyers
representing unsecured creditors in the bankruptcy case underway in
New York.

The subpoena calls for Bankman-Fried to appear in person Feb. 23 at
the San Francisco offices of McDermott Will & Emery to answer
questions, and it included 49 separate and wide-ranging document
requests to be turned over by Feb. 20, 2023.

                        About FTX Group

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets.
However, only $900 million of those assets were liquid, leading to
the cash crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor.  Kroll is the claims
agent, maintaining the page
https://cases.ra.kroll.com/FTX/Home-Index

The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.

                About Voyager Digital Holdings

Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application.  Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.

Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider; and
Deloitte & Touche, LLP as accounting advisor.  Stretto, Inc., is
the claims agent.

On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in these Chapter 11
cases.  The committee tapped McDermott Will & Emery, LLP as
bankruptcy counsel; FTI Consulting, Inc. as financial advisor;
Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq
Corporate Restructuring, LLC as noticing and information agent.

The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.

On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.

                            *    *    *

Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets.  But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.

After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets.
Binance's bid is valued at $1.022 billion.


W LOFTS DEVELOPMENT: Involuntary Chapter 11 Case Summary
--------------------------------------------------------
Alleged Debtor: W Lofts Development, LLC
                70 Winter Street
                Worcester MA 01604

Involuntary Chapter
11 Petition Date: March 1, 2023

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 23-40157

Petitioners' Counsel: Neil Kreuzer, Esq.
                      LAW OFFICE OF NEIL KREUZER
                      268 Newbury St. 4th Floor
                      Boston MA 02116
                      Tel: (617) 872-5347
                      Email: nkreuzer@aol.com

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

https://www.pacermonitor.com/view/KKSBX6Y/Unnamed_Debtor__mabke-23-40157__0001.0.pdf?mcid=tGE4TAMA

Alleged creditors who signed the petition:

  Petitioner                        Nature of Claim     Claim
Amount

1. Ocean Development Partners, LLC       Debt            
$2,000,000
177 North Main Street
Providence RI 02903

2. Fiorillo Family Realty                Debt           
$50,000,000
Trust by Nicholas Fiorillo
Trustee
3 Kales Way
Harwich Port MA 02646


WEWORK INC: Jared DeMatteis Steps Down From All Positions
---------------------------------------------------------
Effective as of Feb. 21, 2023, Jared DeMatteis stepped down from
his positions as WeWork Inc.'s chief legal officer, chief
compliance officer and corporate secretary, and Pam Swidler,
currently the Company's senior vice president, Head of Americas &
International, Legal, will be promoted to such positions.

The Company said there is no disagreement between Mr. DeMatteis and
the Company, its chief executive officer, or its board of
directors.

                             About WeWork

New York, NY-based WeWork Inc. (NYSE: WE) -- wework.com -- is a
global flexible workspace provider, serving a membership base of
businesses large and small through its network of 756 locations as
of December 2021.

WeWork reported a net loss of $4.63 billion in 2021, a net loss of
$3.83 billion in 2020, and a net loss of $3.77 billion in 2019.  As
of Sept. 30, 2022, WeWork had $18.33 billion in total assets,
$21.09 billion in total liabilities, and a total deficit of $2.74
billion.


WHITE RABBIT: Wins Cash Collateral Access Thru March 31
-------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington at
Vancouver authorized White Rabbit Ventures, Inc., dba Matrix
Roofing, and Home Solutions dba Matrix Roof+Home to use cash
collateral on a further interim basis in accordance with the budget
through March 31, 2023.

The U.S. Small Business Administration is granted a replacement
lien in the Debtor's postpetition assets, to the same extent,
validity, and priority it had in the Debtor's prepetition assets,
excluding any security interests in avoidance actions pursuant to
Sections 506(c), 544, 545, 547, 548, and 549 of the Bankruptcy
Code, and without prejudice to the ability of the Debtor or its
creditors to contest the amount, validity and priority of the
replacement lien.

A continued telephonic hearing on the matter is scheduled for March
30 at 9 a.m.

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

The Debtor projects $205,474 in cost for March 2023.

                 About White Rabbit Ventures, Inc.

White Rabbit Ventures, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40173) on
February 14, 2022. In the petition signed by Wendy J. Marvin, chief
executive officer, the Debtor disclosed up to $1 million in assets
and up to $10 million in liabilities.

Judge Mary Jo Heston oversees the case.

Geoffrey Groshong, Esq., at Groshong Law PLLC is the Debtor's
counsel.


WINESTEAD LLC: Has Deal on Cash Collateral Access
-------------------------------------------------
Winestead, LLC f/k/a Orange Coast Winery, LLC and First Bank
advised the U.S. Bankruptcy Court for the Central District of
California, Riverside Division, that they have reached an agreement
regarding the Debtor's use of cash collateral and now desire to
memorialize the terms of this agreement into an agreed order.

The Parties agree to the continued use of cash collateral, pursuant
to the terms of the Cash Collateral Stipulation, as approved by the
Second Interim Order, and pursuant to the amounts set forth in the
Updated Budget for the period from March 1, 2023 through April 30,
2023.

The principals of the Debtor, Douglas Wiens and Deborah Israel,
have guaranteed the obligations of the Debtor to First Bank
pursuant to the Unconditional Guarantees executed by the Guarantors
as of September 5, 2017. The obligations arising under the
Unconditional Guarantees are secured by a Deed of Trust executed as
of September 5, 2017 and recorded as Document No. 2017-0374121 on
September 8, 2017 in the Official Records of Riverside County
against the Guarantors’ real property commonly known as 34685
Cameron Drive, Hemet, CA 92544.

The Guarantors are in the process of selling the Property, which
will generate sale proceeds sufficient to pay First Bank's secured
claim under the Unconditional  Guarantees in full. The sale is
anticipated to close on or around March 10, 2023.

The Parties also agree that the Debtor's obligation to make the
adequate protection payment in the amount of $2,500 due on or
before March 5, 2023 is suspended pending the closing of the sale
of the Property and the payment in full of the loan obligation of
the Debtor and the Unconditional Guarantee obligation of the
Guarantors. In the event the sale of the Guarantor's Property does
not close by March 20, 2023, the Debtor's obligations to make
adequate protection payments will resume as of that date with the
March 2023 payment due on March 20, 2023 and each subsequent
payment to be made in accordance with the terms of the Cash
Collateral Stipulation.

A copy of the Stipulation and the Debtor's budget is available at
https://bit.ly/3EL63mi from PacerMonitor.com.

The Debtor projects total cash out, on a monthly basis, as
follows:

     $252,758 for March 2023;
     $261,248 for April 2023;
     $246,723 for May 2023;
     $242,292 for June 2023;
     $255,814 for July 2023; and
     $244,326 for August 2023.

                       About Winestead LLC

Winestead LLC -- https://www.orangecoastwinery.com -- d/b/a Wine
Ranch Grill and Cellars, is a restaurant known for offering great
lunch, dinner and brunch.  Winestead LLC filed a petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 22-14222) on Nov. 8, 2022.  In the petition filed by
Douglas G. Weins, as manager, the Debtor reported assets between
$500,000 and $1 million and liabilities between $1 million and $10
million.

Judge Mark Houle oversees the case.

The Debtor is represented by Robert B Rosenstein, Esq., at
Rosenstein & Associates.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Global Mixed Martial Arts Academy, LLC
   Bankr. N.D. Fla. Case No. 23-10029
      Chapter 11 Petition filed February 21, 2023
         See
https://www.pacermonitor.com/view/NFIDMFY/Global_Mixed_Martial_Arts_Academy__flnbke-23-10029__0001.0.pdf?mcid=tGE4TAMA
         represented by: Lisa C. Cohen, Esq.
                         RUFF & COHEN, P.A.
                         E-mail: lisacohen@bellsouth.net

In re KJ Trade LTD Inc.
   Bankr. N.D. Ga. Case No. 23-51681
      Chapter 11 Petition filed February 21, 2023
         See
https://www.pacermonitor.com/view/JT2JZCQ/KJ_Trade_LTD_Inc__ganbke-23-51681__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re John David Howard
   Bankr. D. Nev. Case No. 23-10613
      Chapter 11 Petition filed February 21, 2023
         represented by: Zachariah Larson, Esq.

In re Joaquin Ramon Caminero Torres and Gisela Perez Cortes
   Bankr. D.P.R. Case No. 23-00471
      Chapter 11 Petition filed February 21, 2022
         represented by: Noemi Landrau Rivera, Esq.

In re Danny Trejo
   Bankr. C.D. Cal. Case No. 23-10219
      Chapter 11 Petition filed February 22, 2023
         represented by: Jeffrey Shinbrot, Esq.

In re Leslie Klein
   Bankr. C.D. Cal. Case No. 23-10990
      Chapter 11 Petition filed February 22, 2023
         represented by: Michael Berger, Esq.
                         ROUNTREE LEITMAN KLEIN & GEER, LLC

In re Aaron Gruver
   Bankr. N.D. Cal. Case No. 23-30100
      Chapter 11 Petition filed February 22, 2023
         represented by: William McLaughlin, Esq.

In re Wesley William Barker
   Bankr. N.D. Ga. Case No. 23-20206
      Chapter 11 Petition filed February 22, 2023
         represented by: Will Geer, Esq.

In re Aurora Hospitality Group LLC
   Bankr. N.D. Ill. Case No. 23-02318
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/KXKOCKI/Aurora_Hospitality_Group_LLC__ilnbke-23-02318__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re The Silly Axe Cafe, LLC
   Bankr. W.D. Ky. Case No. 23-30368
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/VEW6BJI/The_Silly_Axe_Cafe_LLC__kywbke-23-30368__0001.0.pdf?mcid=tGE4TAMA
         represented by: Michael W. McClain, Esq.
                         GOLDBERG SIMPSON LLC
                         E-mail: mmcclain@goldbergsimpson.com;
                               sdaniel-harkins@goldbergsimpson.com

In re Racole Extensions, L C
   Bankr. D. Md. Case No. 23-11165
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/3CARXMI/Racole_Extensions_L_C__mdbke-23-11165__0001.0.pdf?mcid=tGE4TAMA
         represented by: Daniel Staeven, Esq.
                         FROST LAW
                         E-mail: daniel.staeven@frosttaxlaw.com

In re 25 Salem Road Corp
   Bankr. E.D.N.Y. Case No. 23-70606
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/6QMMPNY/25_Salem_Road_Corp__nyebke-23-70606__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Cristy Nursing Home and Care Corp
   Bankr. D.P.R. Case No. 23-00507
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/6WWAP3Y/CRISTY_NURSING_HOME_AND_CARE_CORP__prbke-23-00507__0001.0.pdf?mcid=tGE4TAMA
         represented by: Angel M. Roman-Ongay, Esq.
                         ANGEL MIGUEL ROMAN ONGAY
                         E-mail: mitchroman@hotmail.com

In re Naked River Brewing Company, LLC
   Bankr. E.D. Tenn. Case No. 23-10417
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/H4W2CRA/Naked_River_Brewing_Company_LLC__tnebke-23-10417__0001.0.pdf?mcid=tGE4TAMA
         represented by: Jeffrey W. Maddux, Esq.
                         CHAMBLISS, BAHNER & STOPHEL, P.C.
                         E-mail: jmaddux@chamblisslaw.com

In re Robert Jake Raulston
   Bankr. E.D. Tenn. Case No. 23-10418
      Chapter 11 Petition filed February 22, 2023
         represented by: Jeffrey Maddux, Esq.

In re DFW Boat Specialists LLC
   Bankr. E.D. Tex. Case No. 23-40316
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/NKBUN4I/DFW_Boat_Specialists_LLC__txebke-23-40316__0001.0.pdf?mcid=tGE4TAMA
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re MVG Construction Concepts, L.L.C.
   Bankr. E.D. Va. Case No. 23-70316
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/TTVLWCQ/MVG_Construction_Concepts_LLC__vaebke-23-70316__0001.0.pdf?mcid=tGE4TAMA
         Filed Pro Se

In re Asset Realty LLC
   Bankr. W.D. Wash. Case No. 23-10326
      Chapter 11 Petition filed February 22, 2023
         See
https://www.pacermonitor.com/view/OWVCTCA/Asset_Realty_LLC__wawbke-23-10326__0001.0.pdf?mcid=tGE4TAMA
         represented by: James E. Dickmeyer, Esq.
                         LAW OFFICE OF JAMES E. DICKMEYER, PC
                         E-mail: jim@jdlaw.net

In re Mouroux Family Chiropractic, Inc.
   Bankr. N.D. Cal. Case No. 23-50186
      Chapter 11 Petition filed February 23, 2023
         See
https://www.pacermonitor.com/view/HVYSEMY/Mouroux_Family_Chiropractic_Inc__canbke-23-50186__0001.0.pdf?mcid=tGE4TAMA
         represented by: Steven E. Cowen, Esq.
                         S.E. COWEN LAW
                         E-mail: Cowen.steve@secowenlaw.com

In re Robert Thomas Champagne
   Bankr. E.D. Cal. Case No. 23-10325
      Chapter 11 Petition filed February 23, 2023
         represented by: Peter A. Sauer, Esq.

In re Henderson Logistics 64 LLC
   Bankr. N.D. Ga. Case No. 23-51792
      Chapter 11 Petition filed February 23, 2023
         See
https://www.pacermonitor.com/view/EWMY5EY/Henderson_Logistics_64_LLC__ganbke-23-51792__0001.0.pdf?mcid=tGE4TAMA
         represented by: William Rountree, Esq.
                         ROUNTREE, LEITMAN, KLEIN & GEER, LLC
                         E-mail: wrountree@rlkglaw.com

In re George Cavallero
   Bankr. E.D.N.Y. Case No. 23-70628
      Chapter 11 Petition filed February  23, 2023

In re Home Relief LLC
   Bankr. E.D.N.Y. Case No. 23-40617
      Chapter 11 Petition filed February 23, 2023
         See
https://www.pacermonitor.com/view/3IHH3NI/HOME_RELIEF_LLC__nyebke-23-40617__0001.0.pdf?mcid=tGE4TAMA
         represented by: Vivian Sobers, Esq.
                         SOBERS LAW PLLC
                         E-mail: vsobers@soberslaw.com

In re Catherine Florence Siemer
   Bankr. M.D. Fla. Case No. 23-00396
      Chapter 11 Petition filed February 24, 2023
         represented by: Jeffrey Ainsworth, Esq.

In re Neubert Construction Services, Inc.
   Bankr. M.D. Fla. Case No. 23-00200
      Chapter 11 Petition filed February 24, 2023
         See
https://www.pacermonitor.com/view/TFNYFMQ/Neubert_Construction_Services__flmbke-23-00200__0001.0.pdf?mcid=tGE4TAMA
         represented by: Edward J. Peterson, Esq.
                         STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
                         E-mail: epeterson@srbp.com

In re Herbert George Bliss
   Bankr. W.D. La. Case No. 23-50128
      Chapter 11 Petition filed February 24, 2023
         represented by: David Keating, Esq.

In re Inderjeet Singh and Daljeet Narang
   Bankr. E.D.N.Y. Case No. 23-70647
      Chapter 11 Petition filed February 24, 2023
         represented by: Richard McCord, Esq.

In re Robfredo IX, LLC
   Bankr. E.D.N.Y. Case No. 23-70633
      Chapter 11 Petition filed February 24, 2023
         See
https://www.pacermonitor.com/view/RJ2YEGY/Robfredo_IX_LLC__nyebke-23-70633__0001.0.pdf?mcid=tGE4TAMA
         represented by: Gus Michael Farinella, Esq.
                         LAW OFFICES OF GUS MICHAEL FARINELLA, PC
                         E-mail: gmf@lawgmf.com

In re Frederick Needham and Becky Antonelli
   Bankr. D. Colo. Case No. 23-10658
      Chapter 11 Petition filed February 27, 2023
         represented by: Aaron Garber, Esq.
                         WADSWORTH GARBER WARNER CONRARDY, P.C.

In re Blue Seven, LLC
   Bankr. M.D. Fla. Case No. 23-00401
      Chapter 11 Petition filed February 27, 2023
         See
https://www.pacermonitor.com/view/6KECS6I/Blue_Seven_LLC__flmbke-23-00401__0001.0.pdf?mcid=tGE4TAMA
         represented by: Adina Pollan, Esq.
                         MCGLINCHEY STAFFORD
                         E-mail: apollan@mcglinchey.com

In re Nice View 82, LLC (DE)
   Bankr. S.D. Fla. Case No. 23-11520
      Chapter 11 Petition filed February 27, 2023
         See
https://www.pacermonitor.com/view/4ZDHF4I/Nice_View_82_LLC_DE__flsbke-23-11520__0001.0.pdf?mcid=tGE4TAMA
         represented by: Joel Aresty, Esq.
                         JOEL M. ARESTY PA
                         E-mail: aresty@icloud.com

In re Morris I Ginsberg
   Bankr. E.D.N.Y. Case No. 23-40661
      Chapter 11 Petition filed February 27, 2023
         represented by: Law Office of Gregory Messer, PLLC

In re GAV Rest. Corp
   Bankr. S.D.N.Y. Case No. 23-10275
      Chapter 11 Petition filed February 27, 2023
         See
https://www.pacermonitor.com/view/LIHGVVA/GAV_Rest_Corp__nysbke-23-10275__0001.0.pdf?mcid=tGE4TAMA
         represented by: Lawrence Morrison, Esq.
                         MORRISON-TENENBAUM, PLLC
                         E-mail: LMorrison@m-t-law.com

In re Cen Tex Superior Installation LLC
   Bankr. W.D. Tex. Case No. 23-10106
      Chapter 11 Petition filed February 27, 2023
         See
https://www.pacermonitor.com/view/UBEIR5A/Cen_Tex_Superior_Installation__txwbke-23-10106__0001.0.pdf?mcid=tGE4TAMA
         represented by: Robert C Lane, Esq.
                         THE LANE LAW FIRM
                         E-mail: notifications@lanelaw.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
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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.

                            *********

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