/raid1/www/Hosts/bankrupt/TCR_Public/190704.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, July 4, 2019, Vol. 23, No. 184

                            Headlines

1989 3AVE: Sunny Sycamore Buying All Assets for $22.5 Million
8133 LEESBURG: Selling Vienna Property to Thallium for $30M
AIP MC: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable
ALISAL WATER: Fitch Affirms BB+ LongTerm Issuer Default Rating
AMERICAN HOME: The Louver Buying All Assets for $8M Credit Bid

AMERIQUEST SECURITY: Unsecureds to Get $47,000 Over 5 Years
ARCADIA GROUP: Foreign Reps Propose Inventory Liquidation Sales
ARCHDIOCESE OF SANTA FE: Modrall Represents Three Church Entities
ARIZONA AIRCRAFT: Unsecured Creditors to Get 100% Under Plan
AUCTION SUPPLEMENTAL: July 29 Plan Confirmation Hearing

AVAYA INC: Fitch Affirms B LT IDR, Outlook Stable
BAN NH: Case Summary & 20 Largest Unsecured Creditors
BELLA ROSE: Case Summary & 8 Unsecured Creditors
BOILING POT: Heritage Capital Buying Rock Hill Property for $700K
BORGER ENERGY: Moody's Reviews B1 Sr. Sec. Rating for Upgrade

BULK EXPRESS: Sale of Trucks & Equipment Approved
BURKHALTER RIGGING: Taps Myron Bowling as Auctioneer
CAROLINAS CUSTOM: Selling Rock Hill Property to Heritage for $700K
CHAPARRAL ENERGY: Moody's Affirms B3 CFR, Outlook Stable
COLONIAL OAKS: Park Buying Independence Property for $2.2 Million

CRIDER AVENUE: Klein Buying Moorestown Property for $2.7 Million
CRYPTOPIA LTD: Davis Polk Advises Foreign Representative in Ch.15
D.J. SIMMONS: Trustee Selling Iowa Yard to Wessco for $15.5K
DAK CONSTRUCTION: Taps Muraciov as Accountant
DANIEL PEZZOLA: Shirley Buying Yonkers Property for $700K

DENBURY RESOURCES: S&P Hikes ICR to 'CCC+' Following Debt Exchange
DPW HOLDINGS: Adjourns Annual Meeting Until July 19
DPW HOLDINGS: Sells New $1.25 Million Convertible Note to Investor
DPW HOLDINGS: Swaps Term Note for New $783,031 Convertible Note
DUNN PAPER: Moody's Affirms B2 CFR & Alters Outlook to Negative

ELITE TRANSPORTATION: July 16 Meeting Set to Form Creditors' Panel
EMAN INVESTMENTS: Voluntary Chapter 11 Case Summary
FFBC OPERATIONS: Case Summary & 20 Largest Unsecured Creditors
GMP CAPITAL: DBRS Reviews Pfd-4(high) Preferred Shares Rating
GUADALUPE REGIONAL: S&P Alters Revenue Bond Outlook to Stable

GUAM: Moody's Rates $30MM General Obligation Bonds 'Ba1'
HANNON ARMSTRONG: Fitch Rates $350MM 5.25% Unsec. Notes 'BB+'
HAWAIIAN AIRLINES: Fitch Affirms BB- LongTerm IDR, Outlook Stable
IACCARINO INC: July 24 Plan Confirmation Hearing
INDIGO NATURAL: Moody's Alters Outlook on B2 CFR to Positive

J&M MUSA PROPERTIES: Case Summary & 3 Unsecured Creditors
JB AND COMPANY: Seeks to Hire Bankruptcy Attorney
KEMPLON MARINE: Unsecureds to Get 20% in 60 Monthly Installments
KROG PARTNERS: Voluntary Chapter 11 Case Summary
KUNG PROPERTIES: Case Summary & 6 Unsecured Creditors

MACK-CALI REALTY: Fitch Alters Outlook on BB IDR to Negative
MARCO GENERAL: Seeks Court Approval to Hire Accountant
MATTRESS PAL: Committee Taps Akerman as Local Counsel
MATTRESS PAL: Committee Taps Kelley Drye as Legal Counsel
MATTRESS PAL: Committee Taps Province Inc. as Financial Advisor

MILLERS LANE CENTER: Case Summary & 3 Unsecured Creditors
MISION DIVINA: Voluntary Chapter 11 Case Summary
MONITRONICS INT'L: Moody's Cuts PDR to D-PD Amid Chapter 11 Filing
MONTE IDILIO: Case Summary & 3 Unsecured Creditors
MOUNT JOY BAPTIST: Seeks to Hire TD Emory as Accountant

NATIONAL NETWORK: Unsecureds to Get 25% in Quarterly Installments
NAVITAS MIDSTREAM: Fitch Affirms 'B' IDR & Alters Outlook to Neg.
NAVITAS MIDSTREAM: Moody's Gives B3 Rating to $40MM Term Loan B2
NOMAD BUYER: Fitch Affirms B Issuer Default Rating, Outlook Stable
NORTHERN DYNASTY: Closes $5 Million Bought Deal Offering

NORTHWOODS AUTO: Case Summary & 20 Largest Unsecured Creditors
O'BENCO IV: Committee Seeks to Hire Ritcheson Lauffer as Counsel
OCALA INN: Taps Moody Salzman, APLaw as Special Counsel
OFG BANCORP: S&P Affirms 'B' ICR on Acquisition of Scotiabank PR
ONE ALLIANCE: A.M. Best Affirms B(Fair) FSR & Alters Outlook to Neg

ORANGE COUNTY INSURANCE: Seeks to Hire Maida Clark as Counsel
PERFORMANCE FOOD: S&P Puts 'BB' ICR on CreditWatch Negative
PIER 3 BUILDERS: Seeks to Hire Nickless Phillips as Legal Counsel
PIONEER ENERGY: Appoints Tamara Morytko to its Board of Directors
QUANTUM TRANSPORTATION: Taps Roger L. Kent as Accountant

SANMINA CORP: Moody's Rates $1.75 Billion 1st Lien Loans 'Ba1'
SENIOR CARE: July 23 Hearing on Disclosure Statement
SLAVONIC BENEVOLENT: A.M. Best Affirms B(Fair) Fin. Strength Rating
SOUTHMINSTER INC: Fitch Affirms BB on $86.2MM Revenue Bonds
SPS ENTERPRISES: July 9 Meeting Set to Form Creditors' Panel

STARR PASS: Case Summary & 5 Unsecured Creditors
STARS GROUP: Fitch Affirms B+ Issuer Default Rating, Outlook Stable
STEPHAN A. KOHNEN: Seeks to Hire Margaret M. McClure as Counsel
STERLING MIDCO: Moody's Alters Outlook on B2 CFR to Negative
SYNOVUS FINANCIAL: Fitch Rates Series E $350MM Preferred Stock 'B'

TG LIQUIDATING: Files Chapter 11 Plan of Liquidation
VALENTIA GLOBAL: Aug 8 Hearing on Disclosure Statement
VERNON PARK: Unsecureds to Get $1,867 Monthly for 60 Months
VFH PARENT: Fitch Assigns 'BB-' LongTerm IDR, Outlook Negative
WAGGONER CATTLE: Rabo AgriFinance Objects to Disclosure Statement

WAYNE HEALTHCARE: Fitch Assigns BB+ IDR, Outlook Stable
WEATHERFORD INT'L: Moody's Cuts PDR to D-PD on Chap. 11 Filing
WEATHERFORD INT'L: S&P Lowers ICR to 'D' on Chap. 11 Filing
WIREPATH LLC: Moody's Lowers CFR to B3, Outlook Remains Stable
ZATO INVESTMENTS: Seeks to Hire Bond Law Office as Legal Counsel

ZENITH MANAGEMENT: Vera Judgment Claim Added as Secured Claim
[*] John Storz Joins Stroock's Financial Restructuring Practice
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

1989 3AVE: Sunny Sycamore Buying All Assets for $22.5 Million
-------------------------------------------------------------
1989 3Ave, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of New York to authorize the bidding procedures in
connection with the sale of substantially all assets to Sunny
Sycamore, LLC for $22.5 million, subject to higher and/or better
offers.

The Debtor is a single asset company owning a parcel of real
property located at 1985 and 1987 3 Avenue, New York, New York,
Block 1659, Lots 1 and 2.  The Assets is a development site.  The
Debtor's secured creditor has requested a public auction.

On June 18, 2015, the Debtor entered into a mortgage Contract
borrowing $8 million from Cathay Bank who subsequently sold to the
Secured Lender Third Avenue SPE, LLC.  The amount of the debt to
Third Avenue as of the chapter 11 petition date is $10,321,785.

On April 12, 2019, the Debtor entered into a Contract of Sale with
the Purchaser to sell the Assets for the sum of $22.5 million on
subject to the Court's approval.  The Contract was subsequently
amended on May 8, 2019 by an Amendment of Contract of Sale and
further amended on May 14, 2019 by a Second Amendment of Contract
of Sale.

The Purchaser has deposited a 10% deposit of $2.25 million with the
affiant's IOLA account.  The Contract of Sale does not have any
financing contingency or due diligence contingency.  It further
allows the Debtor to use the contract deposit or portion thereof to
settle with a rent controlled tenant, to pay interests to the
Secured Creditor Third Avenue for post-petition interests.

During the chapter 11 case it became apparent that the greatest
benefit to creditors would result from the Debtor selling its
assets to the highest bidder, which Debtor now desires to
consummate through an auction process overseen by the Bankruptcy
Court.  

The closing of the transactions contemplated by the Contract will
take place no later than 90 days from April 12, 2019, time being of
the Essence against the Purchaser.

By the Motion, the Debtor is asking entry of three orders: (i) the
Sale Procedures Order, (ii) the Sale Approval Order, (iii) the
scheduling of the Hearing on Shortened Notice.

The Sale of the Assets pursuant to the Contract is subject to
higher and/or better offers.  In order to ensure that the highest
and best offer is received for the Debtor, the Debtor has
established the proposed Bidding Procedures to govern the
submission of competing bids at an auction. Accordingly, the Debtor
asks the Court's approval of the Bidding Procedures set forth
in Exhibit B.  

The Bidding Procedures provide that bidders submit initial overbids
in an amount of $23.5 million with each subsequent higher and
better offer being in increments of not less than $100,000 or
subject to the auctioneer's discretion.  In the event that the
Successful Bidder is unable to consummate on the sale of the
Debtor, the next highest and/or best bidder will then be required
to consummate on the sale of the Debtor.  The Bid Deadline is June
28, 2019 at 5:00 p.m.  The good faith deposit will be 10% of the
Competing Bid.  

To notice the Sale and Auction, the Debtor will engage real estate
brokers to email blasts to brokers and principals, who will be made
aware of the Auction specifics.  The Broker will also post the
specifics of the Sale and Auction on its website and on MLS.  The
Broker will also notify all parties that contacted Broker with
inquiries concerning the Assets.

If the Seller receives one or more Qualified Competing Bids in
addition to the Contract, the Seller will conduct the Auction to
select the highest or best bid for the Debtor.  The Auction will be
held at 2:00 p.m. (ET) on July 1, 2019, at the offices of the
Debtor's counsel, Law Office of Xian Feng Zou, 136-20 38 Avenue,
Suite 10D, Flushing, NY 11354, or such other location as will be
agreed by the Debtor and the Purchaser and timely communicated to
all entities entitled to attend the Auction.   Following the
Auction, the Debtor will ask the Court's approval of the sale of
the Debtor's Assets free and clear of all liens, claims, interests,
tenancy and encumbrances to the Successful Bidder.

If no Qualified Competing Bids are received, the Debtor and the
Purchaser intend to ask immediate Court approval of the Contract
without conducting an Auction.

All of the sale proceeds will be held is escrow by the Debtor's
counsel, with all liens, claims, interests, tenancy and
encumbrances, if any, to attach to the proceed, pending further
Order of the Court.  

The estimated claims of the Debtor's estate are as follows:

     a) Administrative expenses (professional fees and expenses) of
approximately $350,000.00 (anticipated through closing), plus the
Broker's fee in the amount of 3% in an amount to be determined to
be paid after application to and approval by the Bankruptcy Court;


     b) Secured claim of Third Avenue in the approximate amount of
$10,321,785;

     c) Priority Tax Claims of New York State Department of Tax &
Finance in the approximate amount of $158.72 and of the NYC
Department of Tax and Finance in the approximate amount of $18,286;
and

     d) General Unsecured Claims in the approximate amount
$14,440,000 dollars.

In light of these claims, the Debtor submits that it is likely that
all administrative and secured claims will be paid in full, there
will be distribution to priority or unsecured creditors.  

In connection with the sale of Assets, the Debtor asks authority,
but not the obligation, to reject the Debtor's interest in certain
leases and executory contracts, including a rent-controlled tenancy
held by a Raymond Tirado.  To enable the Debtor to sell all of the
Assets, the Debtor asks authority to reject the Lease to the
Successful Bidder following the Auction.  The Purchaser is
intending to develop the Property and the Contract provides
conveyance of the Property free and clear of tenancies.

The Purchaser is interested in an immediate acquisition of the
Debtor's Assets and, as such, premised his offer on a prompt sale.
The Contract provides for a closing date within 90 days from April
12, 2019.  In order to take advantage of the minimal time prior to
the closing date, the Debtor is asking consideration of the Sale
Procedures Order on shortened notice.  

A copy of the Contract attached to the Motion is available for free
at:

    http://bankrupt.com/misc/1989_3Ave_70_Sales.pdf

The Purchaser:

          SUNNY SYCAMORE, LLC
          5712 255th Street, 1st Floor
          Little Neck, NY 11362

                      About 1989 3Ave, LLC

Based in Elmhurst, New York, 1989 3Ave, LLC, a privately held
company engaged in activities related to real estate, filed a
voluntary Chapter 11 Petition (Bankr. E.D.N.Y. Case No. 18-47234)
on Dec. 19, 2018.  In the petition signed by Bo Jin Zhu, manager,
the Debtor disclosed assets totaling $23,000,106 and liabilities
totaling $24,761,785.  The case is assigned to Hon. Nancy Hershey
Lord.  The Debtor is represented by William X. Zou, Esq., in
Flushing, New York.


8133 LEESBURG: Selling Vienna Property to Thallium for $30M
-----------------------------------------------------------
8133 Leesburg Pike, LLC filed with the U.S. Bankruptcy Court for
the Eastern District of Virginia a notice that on May 17, 2019,
Cobalt Real Estate Solutions, LLC exercised its right to terminate
the Purchase Agreement between Cobalt with the Debtor for its
purchase of the Debtor's real property at 8133 Leesburg Pike,
Vienna, Virginia, together with the improvements thereon, for $30.4
million.

In light of Cobalt's termination of its Purchase Agreement, the
Debtor will to sell the Property to Thallium, LLC pursuant to the
terms of their Purchase Agreement between Thallium, for $30.25
million.  The Debtor asks authority to sell the Property to
Thallium, with closing to occur prior to June 28, 2019 at 3:00 p.m.
and to be simultaneous with closing on the sale to Tepe & Hisar,
LLC or assigns of the real property of International Place at
Tysons, LLC at 8201 Leesburg Pike, Vienna, Virginia.

                    About 8133 Leesburg Pike

8133 Leesburg Pike, LLC, is the owner of the real property located
at 8133 Leesburg Pike, Vienna, Virginia, improved by a multi-floor,
148,482 square foot, office building built in 1981 and acquired by
the company in December 2002.  It is the Debtor's goal and
expectation in filing its Chapter 11 case to sell the Property at a
price sufficient to pay in full all of the Debtor's secured and
unsecured debt.  

8133 Leesburg Pike, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Va. Case No. 18-10432) on Feb. 6, 2018.  The Debtor
hired Hirschler Fleisher as counsel.  Marcus & Millichap Real
Estate Investment Services, Inc., is the real estate broker.


AIP MC: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on AIP MC
Holdings LLC (Molycop). At the same time, S&P affirmed its 'B'
issue-level rating on the company's $875 million senior secured
notes. The '3' recovery rating remains unchanged.

Medium term (1-3 years) pass-through contracts with customers allow
Molycop to mitigate steel cost volatility and generate stable gross
margins in the range of 18%-20%. Sales of grinding balls and rods
account for approximately 88% of company's volume, with the rest
being rail wheels and other steel products. However, Molycop's
steel making operations (about 35% of volume sold) absorbs most
associated procurement and conversion costs and is a source of
volatility that can affect profits in a continued steel price
decline. S&P said, "We expect the company to stabilize its energy
costs in the next 12 months through hedging activity. Hot-rolled
coil (HRC) steel prices peaked at about $888 per ton in the third
quarter of 2018 and have declined to about $635 per ton in the
second quarter of 2019. We expect HRC prices to be in the range of
$600-$700 in 2020."

S&P said, "The stable outlook reflects our expectation that Molycop
will end the year with adjusted leverage above 6x, driven by raw
materials headwinds in the steel making segment and the
debt-financed SABO acquisition. In 2020, we expect Molycop to
realize the full benefits of the acquisition and that steel making
input costs will subside, enabling the company to lower leverage to
less than 6x.

"We could lower the rating if steel material costs increase further
or the company cannot pass higher costs on to its customers,
causing operating cash flow to reach near breakeven. This could
also happen if grinding media competition from cheaper Chinese
imports intensified, especially in South America and Australia.

"Although unlikely, we could consider an upgrade in the next 12
months if the company's adjusted leverage falls to less than 4x,
and its financial sponsor commits to keeping leverage at that
level. That could happen if realizations per ton shipped increased
40% from our expectations, which would result in adjusted EBITDA of
more than $240 million."


ALISAL WATER: Fitch Affirms BB+ LongTerm Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed Alisal Water Corporation's Long-Term
Issuer Default Rating at 'BB-' and Alco's senior secured bonds at
'BB+'. Additionally, a'RR1' rating has been assigned to the senior
secured bonds and reflects Fitch's expectation for 'Outstanding'
recovery for the debt security in the event of default. The Rating
Outlook is Stable.

KEY RATING DRIVERS

Small Size and Scale: Alco's ratings are restricted by the
utility's small scale of operations. Operating EBITDA and FFO have
been less than $2 million per year and $4 million per year,
respectively over the past few years, making Alco the smallest
stand-alone privately-owned utility rated by Fitch. Small changes
in revenue and/or expenses can have a material impact on financial
metrics, causing the utility to be more vulnerable to external
shocks. Such changes have a downside limit as the regulated rates
include a 50% fixed charge component as well as a power cost
recovery mechanism.

Rate Regulation: The company is regulated by the California Public
Utility Commission (CPUC) and is currently allowed to earn a 10.7%
ROE on a 30% equity thickness. Alco's last rate case was approved
in 2011, and the company was recently granted a power cost
adjustment mechanism, which allows power costs to more directly
pass through to customers. However, revenues are not fully
decoupled as the company is partially exposed to customer usage
patterns. The 10.7% ROE is above average compared to the rest of
Fitch's regulated coverage.

Standalone C-Corp and Ownership: Alco is set up as a privately
owned C-corp and is family owned, a member of which is also the
President and CEO. Alisal Water Corporation is the sole holder of
the water utility assets as well as the issuer of the debt
outstanding, no material operating subsidiaries exist. This legal
structure is different than most of Fitch's rated utility peers as
it is does not receive the benefit of being a part of a larger
utility family and is not subject to private equity ownership.
Fitch considers private equity ownership to present an increased
level of credit risk due to the typically more aggressive dividend
payout policy, weaker financial flexibility, and less transparent
corporate governance compared with a publicly traded company. There
are a series of loans from the owning family to Alco but these
loans are deeply subordinated to the senior secured debt being
rated.

Supportive Credit Metrics: There has been some volatility in the
company's leverage metrics over the past few years; however, Fitch
expects the variability of results to temper and Alco's financial
profile to improve over the forecast period. Given Alco's small
size past swings in relative profitability were not surprising, but
now that the company has the power cost recovery mechanism in
place, dollars spent should be recouped much quicker, reducing some
period to period undulation. Alco's projected leverage metrics are
supportive of the ratings throughout the forecast period. Assuming
normal usage patterns, Fitch expects FFO-adjusted leverage to
improve to 3.6x by 2022, from approximately 4.8x at the end of
2018.

Free Cash Flow Generation: Alco is also somewhat unique among
Fitch's electric and natural gas utility coverage in that the
company collects construction costs related to new development
directly from developers and does so in advance of shovels hitting
the ground. Once new water infrastructure is built, Alco collects
its costs to operate and maintain the system from the new customers
as well as depreciation on the new assets, while returning the
initial capital to developers over an extended period of time.
These new assets do not become part of the rate base earning a ROE
until they are eventually replaced (long into the future). This
externally funded growth affords Alco the opportunity to be
consistently free cash flow positive, while still growing.

DERIVATION SUMMARY

Alco's ratings primarily reflect the utility's small scale of
operations and a less supportive regulatory environment in
California. Alco has a weaker business risk profile compared to
peer Mountaineer Gas Company (MGC; BB+/Stable), largely due to its
notably smaller size. Similarities include rate regulation that
lacks full revenue decoupling and weather normalization features
and both companies have repair and replacement spending
expectations over the forecast period that drive modest rate base
growth. However, MGC serves approximately 220,000 natural gas
customers in West Virginia, compared to 40,000-50,000 water
customers at Alco. Additionally, operating EBITDA of roughly $30
million-$35 million at MGC is significantly larger than the
$1.5million-$2.0 million at Alco.

Alco has a weaker business risk profile than peers The Berkshire
Gas Company (BGC; A-/Stable) and The Southern Connecticut Gas
Company (SCG; A-/Stable), largely due to California's less
favorable regulatory environment. BGC and SCG operate in
more-balanced regulatory environments and benefit from full revenue
decoupling. Alco's ratings have limited upside due to the utility's
small size and scale and geographic concentration. Unlike Alco,
which is a stand-alone utility, BGC and SCG benefit from being
owned by AVANGRID, Inc. (BBB+/Stable), which is a large parent of
eight regulated electric and natural gas distribution utilities.

Alco's credit metrics are weaker than its peers BGC, SCG and MGC
but are expected to improve over the forecast period as free cash
flow generation allows for debt repayment. Assuming normal usage
patterns, Fitch expects FFO-adjusted leverage to improve to 3.6x by
2022, from approximately 4.8x at the end of 2018, higher than peers
BGC and SCG but lower than MGC.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include:

  - Total revenue forecast to increase by nearly 5% in 2019
compared to 2018 due in large part to the implementation of a power
cost adjustment, allowing Alisal to more quickly and directly
recover increasing power costs from customers;

  - Operating EBITDA, as a percentage of total revenue, remains
relatively flat through the forecast period at levels seen over
recent years, as higher power cost recoveries are somewhat offset
by increasing labor, benefits and insurance expenses;

  - Capital expenditures of $550,000-$650,000 annually related to
repair and maintenance work as well as some new service
connections. Fitch notes that the company receives a good portion
of its growth spending from developers ahead of time (before the
water and related infrastructure is built), reducing the need for
Alisal to spend large dollar amounts before it is able to begin to
generate profits;

  - Operating lease expense forecasted to be $208,000 annually over
the forecast period, consistent with recent years;

  - Secured debt repayments according to the amortization schedule
assumed over the forecast period.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - A positive rating action is not likely due to Alco's small
scale of operations; however, Fitch would look to upgrade the
rating if operating EBITDA were to reach $10 million while
FFO-adjusted leverage is maintained below 5.0x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - If Fitch were to expect FFO-adjusted leverage to exceed 6.0x,
on a sustained basis;

  - An adverse regulatory decision that meaningfully reduces the
stability and predictability of earnings and cash flow.

LIQUIDITY AND DEBT STRUCTURE

Weak but sufficient liquidity: Alco ended 2018 with only $87,152 in
available cash and does not have a revolving credit facility of any
kind. The company is required to keep just over $700,000 in
restricted cash to meet funding needs related to the senior secured
bonds, however. The company has been able to live within cash flows
for a number of years and does not anticipate the need for
additional debt over the forecast period. As a backstop, the CEO
and his family (founders of the company in 1932) have shown a
willingness to lend the company funds in extreme circumstances.
Debt repayment of $430,000-$540,000 annually is expected over the
forecast period. The only scheduled debt maturity the company has
is in 2027 when the senior secured bonds come due.


AMERICAN HOME: The Louver Buying All Assets for $8M Credit Bid
--------------------------------------------------------------
American Home Products, LLC, asks the U.S. Bankruptcy Court for the
Northern District of Georgia to authorize the bidding procedures in
connection with the sale of substantially all assets to The Louver
Shop Holdings, LLC for $8 million credit bid, subject to higher and
better offers.

As part of the prepetition marketing process, Aurora Management
Partners assisted the Debtor in: (a) preparing and negotiating
confidentiality agreements for prospective purchasers; (b)
preparing detailed information about the Debtor’s business,
operations and financial condition; (c) identifying and contacting
potential purchasers; (d) establishing a data room for due
diligence to be conducted by prospective purchasers; (e) drafting a
"teaser" describing the transaction; (f) evaluating proposals from
prospective purchasers; and (g) negotiating a stalking horse offer.
  In April 2019, the Debtor received an offer to purchase the
Acquired Assets from the Stalking Horse Bidder.

The offer contemplated that the Stalking Horse Bidder would acquire
the Prepetition Loans from The Huntington National Bank and The
Huntington Capital Investment Company II and credit bid those loans
to acquire the Acquired Assets, subject to higher and better bids,
and provide post-petition financing to supplement the Debtor’s
cash flow in supporting the costs of operations and administration
of the chapter 11 case.  No other offer received would have
provided more value to the Debtor or its creditors.  Should the
Court approve Bid Procedures, the bid of the Staking Horse Bidder
will serve as the floor for all other interested parties for the
Acquired Assets.  

If the Stalking Horse Bidder is the Successful Bidder and closes on
the acquisition of the Acquired Assets, it is contemplated that the
Stalking Horse Bidder will hire substantially all of the Debtor's
current employees (including certain members of the Debtor's
management team) to continue to operate the Debtor's business.

he salient terms of the Asset Purchase Agreement, dated May 29,
2019, are:

     a. Acquired Assets: Section 1(a) of the APA describes the
Acquired Assets, which are comprised of substantially all of the
Debtor's assets.

     b. Assumed Liabilities: The Stalking Horse Bidder will not
assume or have any responsibility with respect to any liability of
the Debtor or the Debtor's customers, other than the Assumed Seller
Liabilities, which will be described in Section 1.1(c) of the APA.


     c.  Purchase Price: $8 million consisting of a credit bid of a
portion of the prepetition secured indebtedness of the Debtor to
the Stalking Horse Bidder, with the right to credit bid any
additional amounts of the Prepetition Loans and any outstanding
portion of the DIP financing to be provided by the Stalking Horse
Bidder as approved by the Court.

     d. Good Faith Deposit: There is no deposit requirement under
the APA because the Stalking Horse Order is also providing the DIP
Loan for the Debtor.

     e. Expense Reimbursement: An expense reimbursement of all
actual reasonable fees and expenses to be paid to the Stalking
Horse Bidder upon the successful completion of a competing
transaction.  Stalking Horse Bidder has not required a break-up fee
in connection with this process.

     f. Business Information: The Debtor has made or will make
available to the Stalking Horse Bidder all books, records,
correspondence, customer lists, and technical and financial
information requested by the Stalking Horse Bidder and relating to
the Acquired Assets as of the date of the Closing.   

     g. Sale Free and Clear of Unexpired Leases: None

     h. Relief from Bankruptcy Rule 6004(h): Under the APA, the
Sale Order should provide that the 14-day stay period under Rule
6004(h) be waived.

After the anticipated approval of the Bid Procedures, Aurora and
the Debtor will conduct a postpetition marketing process to qualify
any additional buyers and sell the Acquired Assets to the highest
and best bidder through a court-approved process as set forth in
the Bid Procedures.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: July 23, 2019 4:00 p.m. (EST)

     b. Initial Bid: Not less than the sum of $8 million, the
estimated Expense Reimbursement, and $100,000

     c. Deposit: 10% of the cash purchase price of such bid

     d. Auction: The Auction will commence at 10:00 a.m. (EST) on
July 25, 2019.  The Acquired Assets will be sold free and clear of
all liens, claims, encumbrances, and interests.

     e. Bid Increments: $50,000

     f. Sale Hearing: July 30, 2019

     g. Closing: No later than Aug. 12, 2019

     h. Credit Bid by Stalking Horse Bidder as Prepetition Secured
Lender: The Stalking Horse Bidder serves as the Debtor's
prepetition secured lender and the post-petition secured lender in
the Bankruptcy Case.  The Stalking Horse Bidder will be entitled to
credit bid up to the full value of its prepetition secured claims
in its capacity as Prepetition Secured Lender and up to the full
value of its postpetition secured claims in its capacity as DIP
Lender, each in the Stalking Horse Bidder's sole discretion.

The Debtor asks authority to assume and assign executory contracts
and leases as may be set forth in any Successful Bidder's asset
purchase agreement.    

The Debtor also asks approval of the APA and approval for the
Debtor to assume the APA, subject to the auction process.  It
further asks that the Court sets the Sale Hearing on July 30, 2019.


Given the Debtor's financial condition and current circumstances,
it reasonably determined that the most effective way to preserve
the value of its assets for the benefit of its stakeholders is
through sale of the Acquired Assets in accordance with the process
proposed.

Finally, the Debtor asks that any Sale Order be effective
immediately by providing that the 14-day stays under Bankruptcy
Rules 6004(h) and 6006(d) are waived.

A copy of the APA and the Bidding Procedures attached to the Motion
is available for free at:

    http://bankrupt.com/misc/American_Home_22_Sales.pdf

                  About American Home Products

American Home Products LLC -- https://www.louvershop.com/ -- is the
holding company for The Louver Shop.  It provides custom interior
plantation shutters, exterior shutters, and window treatments.

American Home Products, based in Gainesville, GA, filed a Chapter
11 petition (Bankr. N.D. Ga. Case No. 19-21054) on May 29, 2019.
In the petition signed by Gregory Bangs, chief financial officer,
the Debtor estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities.

The Hon. James R. Sacca oversees the case.

Sean D. Malloy, Esq., at McDonald Hopkins LLC, serves as bankruptcy
counsel to the Debtor.  Kelley & Clements LLC, serves as
co-counsel.  Wayne Tanner of Aurora Management Partners, Inc., is
the CRO.



AMERIQUEST SECURITY: Unsecureds to Get $47,000 Over 5 Years
-----------------------------------------------------------
Ameriquest Security Service, a California Corporation, filed a
Chapter 11 plan and accompanying disclosure statement.

Class 2 - General Unsecured Claims are impaired. Holders of General
Unsecured Claims will receive their pro-rata share of $795.00 per
month for a total of $47,700 over the five-year period of the
Amended Plan. The payments will start on the first day of the first
month following the month within which the Effective Date occurs.
Based on the proposed payments, the unsecured class will receive
approximately 6% of their claims.

CLASS 1 (A) Celtic Bank Corporation are impaired. Celtic Bank shall
have an allowed secured claim of $13,432 to be paid through
Debtor's Plan, with the first payment due on the first day of the
first month following entry of the order confirming Debtor's Plan,
and continuing on the first day of each month thereafter for a
period of 11 months at which time any and all arrears must be paid
in full: (l) $900 for the first three months and (2) subsequent
monthly payments in the amount of $1, 192.45 for nine months until
the claim is paid in full.

CLASS 1 (B) Honda Lease Trust are impaired. Honda Lease Trust shall
have an allowed non-dischargeable secured claim of $9,911.41, which
amount the Parties agree to settle for $5,500.00. Payment of the
$5,500.00 Settlement Amount must be satisfied through the Debtor's
Plan, which payment shall not exceed five years in length, with the
first payment due on the first (1st) of the month following the
effective date of the Plan. Upon timely payment of the Settlement
Amount, Honda Lease Trust's claim shall be satisfied in full.
Monthly payments needed to satisfy the $5,500 Settlement Amount
within 5 years from the effective date is $91.67.

CLASS 1 (D) Internal Revenue Service are impaired. The $204,543.29
portion of the IRS' secured claim which is entitled to priority
treatment will be paid at monthly amortized payment of $4,635.04
over five (5) years from the petition date of September 25, 2018 at
6% interest rate. The first payment of $4,635.04 will be due on the
Effective Date of the Amended Plan, following by an additional 49
payments, until the priority secured claim is fully satisfied.

The Debtor will fund the Amended Plan from the continued operation
of its security guard company.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/y6b2u58rfrom PacerMonitor.com
at no charge.

Attorney for the Debtor is Michael Jay Berger, Esq., at Law Offices
of Michael Jay Berger, in Beverly Hills, California.

               About Ameriquest Security Service

Ameriquest Security Service is in the security guard service
business based in Culver City, California.  Ameriquest filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 18-21241) on Sept.
25, 2018.  In the petition signed by Akram Gendy, president and
CEO, the Debtor estimated $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.  

The Hon. Julia W. Brand oversees the case.

Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
serves as bankruptcy counsel.


ARCADIA GROUP: Foreign Reps Propose Inventory Liquidation Sales
---------------------------------------------------------------
Daniel Francis Butters and Ian Colin Wormleighton, the duly
authorized joint foreign representatives of Arcadia Group (USA)
Limited, ask the U.S. Bankruptcy Court for the Southern District of
New York (i) to authorize their liquidation of inventory; (ii) to
approve the Letter Agreement Governing Inventory Disposition
entered with Hilco Merchant Resources, LLC; and (iii) approve the
sale guidelines in connection with the inventory liquidation
sales.

Within the United States, the Foreign Debtor operates 11 standalone
Top Shop and 11 standalone Top Man stores through its leasehold
premises in New York, Chicago, Las Vegas, Aventure (Florida),
Atlanta, Houston, San Diego, Glendale (California), Los Angeles,
and
Springfield (Virginia).  Due to the highly challenging retail
market conditions and significant fixed costs to the Company
associated with its above-market leases, the Company has been
continuously generating losses.  

After carefully reviewing the performance, sales and profitability
of the Company’s U.S. operations and considering the lack of
success regarding previous cost-reduction measures, and in
consultation with its professionals, the Foreign Representatives
have made the decision to ask authority to commence liquidation
sales of the saleable inventory located in the Company's Stores
("Inventory").   The Foreign Representatives, in their reasonable
judgment, believe that the immediate commencement of the inventory
liquidation sales is key to realizing the most value to the
Company's creditors while they consider marketing the U.S.
operations to prospective buyers as part of the Administration or,
alternatively, conducting an orderly wind down of the U.S.
operations for the benefit of all stakeholders.  If granted, the
relief requested in this Motion will permit the Foreign
Representatives to advertise and commence the Liquidation at the
Stores employing quick but fair, uniform and efficient procedures.
Indeed, the immediate liquidation sales will lower the Company's
costs, reduce cash burn and generate cash flow, all for the benefit
of the Company's creditors.

To maximize the value of the property of the Foreign Debtor's
estate that is attributable to the Stores, as well as certain of
the associated furniture, fixtures and equipment ("Offered FF&E"),
the Foreign Representatives, in their reasonable business
judgement, believe it is in the Company's best interest to sell the
Offered FF&E as well as the Inventory.  

The Foreign Representatives ask authority to immediately commence
inventory liquidation sales throughout the 11 stores in the United
States in order to enable them to more quickly address the
operations of the U.S. stores, and potentially eliminate the costs
associated with their continued operations.  In furtherance of this
process, the Foreign Representatives also ask the Court's approval
of the Consulting Agreement with Hilco.  As an industry leader in
similar liquidation sales, Hilco is best equipped to advise the
Foreign Representatives on the most effective way to conduct a
seamless and efficient multi-store inventory liquidation process
while monetizing the inventory quickly and increasing the return to
creditors.

The Liquidation will be run by Hilco.  As is customary, Hilco will
employ the Sale Guidelines, which include procedures similar to
those it regularly uses in court-approved liquidation store closing
sales.  The Foreign Representatives ask the Court to uthorize the
transfer and conveyance of the Inventory on a final, "as-is" basis
and free and clear of any such liens, claims and encumbrances
asserted against the Inventory.

The Foreign Debtor leases each of the Stores where the Liquidation
will be conducted.  The Stores are free-standing and not within the
shopping malls.  Nevertheless, the contemplated Liquidation may be
inconsistent with certain provisions of leases or other documents
whether or not filed of record with respect to any of such leased
premises in the land records, including (without limitation)
reciprocal easement agreements, agreements containing covenants,
conditions and restrictions, or other similar documents or
provisions, with respect to the Premises, that are intended to
protect the image of a shopping place or avoid disruption of normal
commerce.

To eliminate the time, delay and expense associated with the
administrative procedures necessary for non-bankruptcy sales, the
Foreign Representatives ask that the Court expressly authorizes the
Foreign Debtor, them and Hilco to conduct the Liquidation without
the necessity of, and the delay associated with, complying with the
Liquidation Sale Laws.  They intend to comply with the state and
local health and safety laws and consumer protection laws in
conducting the Liquidation, and seek waiver of Liquidation Sale
Laws only.   Because the Stores are subject to the Court's
jurisdiction, the Court will be able to supervise the Liquidation
to the extent necessary.

The Foreign Representatives also ask that no other person or entity
be allowed to take any action to prevent, interfere with, or
otherwise hinder consummation of the Liquidation, or the
advertising and promotion of such Liquidation, in the manner set
forth in the Consulting Agreement and Sale Guidelines; and the
Court should retain jurisdiction to resolve any such dispute, and
such parties or persons should take no action against the Foreign
Representatives, the Foreign Debtor, Hilco, the landlords, or the
Liquidation until the Court has resolved such dispute.

Finally, they ask the Court to waive 14-day stay imposed by
Bankruptcy Rule 6004(h).

                     About Arcadia Group (USA)

Arcadia Group (USA) Limited is a London-based operator of a number
of retail stores throughout the United States, selling clothing and
accessories under the brand name Top Shop and Top Man.  Visit
https://www.arcadiagroup.co.uk for more information.

Arcadia Group (USA) Limited sought Chapter 15 protection (Bankr.
S.D.N.Y. Case No. 19-11650) on May 22, 2019, to seek U.S.
recognition of its English law administration proceeding under the
Insolvency Act 1986.  Daniel Francis Butters and Ian C.
Wormleighton, as foreign representatives, signed the petition.

Judge James L. Garrity Jr. is assigned to the U.S. case.

Jamila J. Willis, Esq., Richard A. Chesley, Esq., and Oksana Koltko
Rosaluk, Esq., at DLA Piper LLP, serve as counsel in the U.S. case.


ARCHDIOCESE OF SANTA FE: Modrall Represents Three Church Entities
-----------------------------------------------------------------
In the Chapter 11 cases of Roman Catholic Church of the Archdiocese
of Santa Fe, the law firm Modrall, Sperling, Roehl, Harris & Sisk,
P.A., submitted a verified disclosure of Sons of the Holy Family,
Inc., et al., under Rule 2019 of the Federal Rules of Bankruptcy
Procedure.

As of July 2, 2019, Modrall Law Firm currently represents the
following:

(1) Sons of the Holy Family, Inc.
    410 Randolph Road
    Silver Spring, MD 20904

(2) St. Vincent de Paul Council in Archdiocese of Santa Fe
    P.O. Box 237 Mountainair
    NM 87036

(3) The Catholic Foundation of the Archdiocese of Santa Fe
    4333 Pan American Freeway NE, Suite D
    Albuquerque, NM 87107

The Sons of the Holy Family, Inc., and St. Vincent de Paul Council
filed proofs of claim for indemnity and contribution as Claim No. 3
and 5 respectively.  Their interests are specified in those
filings.  The Archdiocese of Santa Fe Catholic Foundation has been
made the subject of a Motion for a Rule 2004 examination by the
Unsecured Creditors Committee.

The Firm can be reached at:

         Modrall, Sperling, Roehl, Harris & Sisk, P.A.
         Paul M. Fish, Esq.
         P.O. Box 2168
         Albuquerque, New Mexico 87103
         Telephone: (505) 848-1800

A copy of the Rule 2019 filing from PacerMonitor.com is available
at
http://bankrupt.com/misc/Roman_Catholic_197_Rule2019.pdf

                 About the Archdiocese of Santa Fe

The Roman Catholic Church of the Archdiocese of Santa Fe --
https://www.archdiosf.org/ -- is an ecclesiastical territory or
diocese of the southwestern region of the United States in the
state of New Mexico.  At present the Archdiocese of Santa Fe covers
an area of 61,142 square miles.  There are 93 parish seats and 226
active missions throughout this area.

The Roman Catholic Church of the Archdiocese of Santa Fe sought
Chapter 11 protection (Bankr. D. N.M. Case No. 18-13027) on Dec. 3,
2018, to deal with child abuse claims.

The Archdiocese reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.

The Hon. David T. Thuma  is the case judge.

The Archdiocese tapped ELSAESSER ANDERSON, CHTD. and WALKER &
ASSOCIATES, P.C., as bankruptcy counsel; STELZNER, WINTER,
WARBURTON, FLORES, SANCHEZ & DAWES, P.A., as special counsel; and
KING INDUSTRIES CORPORATION as accountant.


ARIZONA AIRCRAFT: Unsecured Creditors to Get 100% Under Plan
------------------------------------------------------------
Arizona Aircraft Painting, LLC, filed a Chapter 11 Plan of
Reorganization and accompanying disclosure statement.

Class 5: This Class shall consist of all Allowed General Unsecured
Claims. Class 5 claims will be paid 100% of the balance owed. This
class is impaired and entitled to vote.

Class 2: This Class shall consist of Wells Fargo’s secured claim
in the amount of $662,734.08, as of June 3, 2019. Wells Fargo holds
a first priority lien and security interest in the Debtor's Real
Property.  The Debtor will pay this claim pursuant to the terms of
the attached Stipulation Regarding Debtor’s Emergency Motion for
Authorization to Use Cash Collateral. The remaining balance owed to
Wells Fargo will be paid in full from the sale proceeds of the Real
Property. Wells Fargo will retain its lien rights as provided in
the attached Stipulation. This Class is impaired and entitled to
vote.

Class 3: This Class shall consist of the Secured Claim of On Deck,
which is Proof of Claim number 2. On Deck will be paid $2,733.10
per month, pursuant to the Order Approving Debtor's Motion for
Authorization to Use Cash Collateral dated June 6, 2019. The
remaining balance owed to On Deck will be paid in full from the
sale proceeds of the Real Property. This Class is impaired and
entitled to vote.

Class 4: This Class shall consist of the Secured Claim of the
Internal Revenue Service ("IRS"), which is Proof of Claim number 4.
The IRS holds a secured claim in the amount of $8,960.77. The IRS
will be paid $300.00 per month, pursuant to the Order Approving
Debtor's Motion for Authorization to Use Cash Collateral dated June
6, 2019. The remaining balance owed to the IRS will be paid in full
from the sale proceeds of the Real Property. This Class is impaired
and entitled to vote.

The Plan will be funded by the sale of the Real Property.

A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/y3uzs5y4from PacerMonitor.com
at no charge.

Attorneys for the Debtor are Ronald J. Ellett, Esq., and Tracy D.
Perez, Esq., at Ellett Law Offices, P.C., in Phoenix, Arizona.

                 About Arizona Aircraft Painting

Arizona Aircraft Painting, LLC, specializes in all aerospace
performance coatings, combined with the latest in spray technology.
The Company has a fully integrated, pressurized, and automatically
climate controlled paint booth, which keeps the temperature and
humidity constant for optimal painting conditions.  The Company
also offers design services, interior refurbishment, vortex
generators, aircraft cleaning & detailing services, and window
replacement services.  Arizona Aircraft Painting operates out of a
10,000 square foot facility in Mesa, Ariz.

Arizona Aircraft Painting filed a Chapter 11 petition (Bankr. D.
Ariz. Case No. 19-05477) on May 3, 2019.  In the petition signed by
Steven Head, member, the Debtor estimated $1 million to $10 million
in assets and $500,000 to $1 million in liabilities.  The Hon.
Daniel P. Collins oversees the case.  Ronald J. Ellett, Esq., at
Ellett Law Offices, P.C., serves as bankruptcy counsel.


AUCTION SUPPLEMENTAL: July 29 Plan Confirmation Hearing
-------------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan filed by
Auction Supplemental Services, Inc., is conditionally approved.

July 29, 2019 at 1:30 p.m. is fixed for the hearing on Confirmation
of the Plan and Final Approval of the Disclosure Statement, in 1100
Commerce Street, 14th Floor, Dallas, Texas.

July 25, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the Plan or the Disclosure
Statement.

Auction Supplemental Services, Inc., filed a Chapter 11 Petition
(Bankr. N.D. Tex. Case No. 19-30142) on January 14, 2019, and is
represented by Eric A. Liepins, Esq.


AVAYA INC: Fitch Affirms B LT IDR, Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed Avaya Inc.'s Long-Term Issuer Default
Rating at 'B'. In addition, Fitch has affirmed the company's senior
secured first lien term loan ($2.9 billion outstanding) at
'BB-'/'RR2'. While operating performance is modestly weaker than
Fitch's previous expectations, the company's credit protection
metrics remained positioned solidly within Fitch's ratings
sensitivities. The Rating Outlook is Stable.

KEY RATING DRIVERS

Considering Strategic Alternatives: On May 9, 2019, Avaya disclosed
that it is considering strategic alternatives, but no further
information has been provided on the timing of the completion of
its evaluation or on the structure of any potential transactions.
Transactions affecting the change of control provisions in the
first lien credit agreement would lead to its repayment. However,
should these provisions not be triggered, and the debt remain
outstanding, Avaya's ratings could be impacted.

Lowered Fiscal 2019 Revenue Expectations: Concurrent with the
announcement, the company reduced expectations for GAAP revenue for
fiscal 2019 by $110 million to $170 million to a range of $2.9
billion to $2.95 billion. The decline was attributed first to
execution issues regarding a product transition expected to be
rectified later in the current quarter, and second, to a news
article published in late March regarding a potential transaction
involving the company that slowed new business and renewals. In
parallel with the revenue guidance revision, adjusted EBITDA (as
calculated by the company) guidance for fiscal 2019 was reduced by
$63 million to $89 million to a range of $700 million to $730
million.

Market Position Evolving: The company's existing Long-Term IDR
reflects its historically strong market position as a top-three
provider in target markets and improved credit profile with
significantly reduced interest expense and pension obligations upon
emergence from Chapter 11 in late 2017. The ratings are limited by
the competitiveness of the unified communications (UC) and contact
center (CC) businesses, including cloud based solutions. The
company's growth potential hinges on the success in the development
and expansion of cloud-based offerings.

Post-Emergence Capital Structure: Avaya Inc. emerged from
bankruptcy on Dec. 15, 2017 with approximately $2.9 billion in
debt, down from approximately $6.1 billion in January 2017, when it
sought protection in the U.S. bankruptcy court under Chapter 11. As
part of the reorganization, the company shed approximately $900
million in liabilities related to certain domestic pensions. In
addition to the pension obligation reduction, the company
eliminated an estimated average of $60 million annually in minimum
required pension contributions through fiscal 2021. The Pension
Benefit Guarantee Corp. received $340 million in cash and a 5.5%
stake in the company in return for assuming the pension
liabilities.

Leverage: At the end of fiscal 2018, leverage was approximately
4.6x with the issuance of $350 million of convertible senior notes
contributing to higher debt at the end of the year. Fitch estimates
leverage will be 4.5x at the end of fiscal 2019, in a range
appropriate for the current rating. Current leverage is well below
the 7.9x at the end of fiscal 2016, the last reported period prior
to the Chapter 11 filing.

Improved FCF Generation: Fitch estimates FCF could exceed $150
million in fiscal 2019, then average $200 million to $300 million
annually beginning in fiscal 2020. Post-emergence FCF has benefited
from the reduction in cash interest expense due to lower debt and
by the reduction in annual minimum required pension contributions.
FCF for fiscal 2018 in the post-emergence period (Dec. 16, 2017 to
Sept. 30, 2018) was $141 million. FCF for the period in fiscal 2018
up to Dec. 15 was affected by the payment to the PBGC and other
items related to the bankruptcy. Following the Chapter 11 through
the time until emergence the company ceased recording cash
interest. FCF in fiscal 2016 was only $17 million, having declined
from $91 million in fiscal 2015. In general, on a pre-petition
basis, Avaya's FCF generation was relatively inconsistent over the
previous four fiscal years.

Unified Communications Products and Services Challenges: From a
revenue perspective, unified communications revenue was pressured
historically by the ongoing decline in revenue from legacy hardware
and endpoints (phones, desksets, etc.), which also affected
maintenance revenue. This pressure is waning as software and
services accounted for approximately 83% of revenue in 2Q fiscal
2019. The relatively stable sales of software partly mitigate the
effects of the legacy revenue declines within the UC segment.

Recurring Revenue from Service Contracts: Avaya generated
approximately 56% of fiscal 2018 sales from services revenues,
while 83% of total revenues were from software and services, with
57% of revenues derived from recurring contracts. Recurring support
services contracts generally have contract tenures of one to five
years; private cloud and managed services contract terms range from
one to seven years.

Broad Distribution Network: Avaya's indirect channel, with
approximately 4,700 active channel partners at the end of fiscal
2018, extends the company's sales reach to more than 180 countries
worldwide. For fiscal 2018 product revenue from indirect sales was
71% of total Products and Solutions segment revenue.

Diversified Revenue Base: Avaya's revenue base is diversified from
a customer, geographic and industry perspective. In fiscal 2018,
Avaya had approximately 130,000 customers, including 90% of the
Fortune 100 companies. Approximately 47% of total revenue was
generated outside the U.S. during fiscal 2018.

DERIVATION SUMMARY

The global unified communications (UC) industry has historically
exhibited moderate concentration with the top three vendors, Cisco
Systems, Inc., Avaya Inc. and Microsoft Corporation (AA+/Stable),
likely having more than a 50% combined market share, while
additional competitors including ALE (Alcatel-Lucent Enterprise,
subsidiary of China Huaxin) and Mitel Networks Corp. maintain
smaller shares. Recent trends such as the entry of cloud-based
competitors as well as hardware product commoditization have
presented significant challenges to these legacy UC vendors. ALE's
parent, China Xuaxin, has put limited resources into ALE since
acquiring the business in 2014 making the long-term uncertain.
Microsoft has largely been insulated from these pressures, having
pursued a differentiated approach that centers on integration of
third-party UC hardware into the company's enterprise software
offerings.

The Contact Center (CC) market has similarly been dominated by the
leading vendors including Avaya, Cisco and Genesys
Telecommunications Laboratories Inc., which maintained a combined
market share of more than 50%. Mitel is a notable smaller vendor.
The CC market has also been disrupted by emerging trends including
closer integration of contact center functionality with CRM
functions, as well as the entry of cloud-based competitors. In
contrast to the UC market, thus far legacy CC vendors have been
able to avoid revenue pressure as enterprise customers have
continued to prefer traditional on-premise solutions. However,
cloud-based offerings have generated strong growth in SMB and
midmarket segments and are gradually beginning to penetrate
enterprise clients as well. The leading vendors have made
acquisitions in the cloud contact center space including Avaya's
acquisition of Spoken, Cisco (Broadsoft) Genesys (Interactive
Intelligence) and Mitel's acquisition of Shoretel. Avaya's
primarily on-premise offerings have allowed the company to maintain
a relatively strong position among large enterprises. The company's
cloud offering is in the early stages of growth; however, the
company's results could be pressured if more seasoned cloud
providers successfully penetrate enterprise segments. The company
is addressing its cloud product portfolio through organic
investment and the acquisition of Spoken Communications in March
2018.

Avaya's ratings reflect the company's historically strong market
position as a top-three provider in target markets in addition to
an improved credit profile with significantly reduced interest
expense and pension obligations upon emergence from Chapter 11. The
ratings are limited by secular challenges, flattish revenues
(albeit relatively stability after prior more rapid revenue
declines) and market share loss in the UC segment, and
uncertainties in the CC segment growth given its developing cloud
strategy.

KEY ASSUMPTIONS

  -- Revenue: $2.95 billion in fiscal 2019, approximating the 1H19
run-rate; a 2% increase in fiscal 2020 driven by stronger execution
in 2H19. Growth increases to 2.5% in 2021 and 2022.

  -- Margins: EBITDA margin range of 23% to 25% driven by increased
investment in cloud offerings leading to reduced gross margins and
increased R&D spend, partially offset by cost reductions;

  -- Capex: Capital intensity of 3% due to investment in
infrastructure for private cloud offerings;

  -- Debt: Cumulative debt repayments of $600 million to $650
million in fiscal years 2019-2022 due to term loan amortization
plus optional debt repayments to manage leverage toward company's
target of 2.5x net leverage.

  -- Recovery: The recovery analysis assumes the enterprise value
of Avaya is maximized in a going-concern scenario versus
liquidation. Fitch contemplates a scenario in which default may be
caused by disappointing sales of the company's on-premise Contact
Center offering along with continued secular pressure in UC. As a
result, Avaya would likely invest in aggressive development and
roll-out of a reinvigorated cloud-based contact center offering.
Fitch believes the renewed strategy would result in a revenue
decline from the transition to subscription software sales as well
as EBITDA margin pressure from increased sales and R&D investments.
Under this scenario, Fitch estimates a going-concern EBITDA of $532
million, which is approximately 25% below Fitch's estimate of $709
million of Fitch-calculated EBITDA for fiscal 2019.

Fitch assumes Avaya will receive a going-concern recovery multiple
of 5x EBITDA under this scenario. The 5x multiple compares with the
bankruptcy exit multiple for Avaya of 8.1x, and the median multiple
of 8.4x for recent transactions for low-to-moderate growth
enterprise communications companies in the 8x-9x range, including
ShoreTel, West Corp., Polycom, and Alcatel Lucent's enterprise
business, among others.

Fitch assumes the $300 million secured ABL is to be fully drawn at
the time of default and a 10% administrative claim through a
restructuring. Fitch-forecasted going-concern EBITDA of $532
million and recovery multiple of 5.0x results in a
post-reorganization enterprise value of $2.39 billion after the
deduction of expected administrative claims and the assumed ABL
drawn amount, resulting in recovery for the $2.88 billion
first-lien senior secured term loan which allows for notching of +2
from the IDR of 'B' to 'RR2'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Improvement in the outlook for revenues for the company
including positive revenue growth, expansion of margins due to
continued cost-reduction efforts and success in newer market areas,
including cloud services.

  -- Strong FCF with FCF margins in the low double digits.

  -- Gross debt leverage sustainable below 4.0x (net FFO adjusted
leverage below 4.8x).

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Continued deterioration in revenue expectations beyond the
forecast horizon, combined with margin pressure.

  -- Gross debt leverage sustained above 5.5x (net FFO adjusted
leverage above 6.3x).

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes Avaya has solid liquidity based
on the $735 million cash balance as of March 31, 2019 ($154 million
was held outside the U.S.). Avaya indicates the amounts in excess
of in-country needs that could be subject to restrictions were not
material). Liquidity is also supported by an undrawn $300 million
ABL facility. Avaya had $142 million of availability on the
facility as determined by the borrowing base, less $46 million of
outstanding LOCs and guarantees. Fitch estimates FCF exceeds $150
million in fiscal 2019, increasing to $200 million to $300 million
in fiscal 2020 and thereafter.

The debt structure, in addition to the ABL facility, includes a
$2.888 billion first-lien term loan ($2.925 original amount) that
matures in December 2024 and amortizes at 1% annually. Near-term
maturities are nominal and consist of the approximately $29 million
of annual amortization on the $2.925 billion first-lien term loan.
The parent also has outstanding $350 million in 2.25% senior
unsecured convertible notes due in June 2023.


BAN NH: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------
Debtor: Ban NH, LLC
        455 East Paces Ferry Road, Suite 302
        Atlanta, GA 30305

Business Description: Ban NH LLC is a privately held company
                      in the health care business.  Its principal
                      assets are located at 1400 South Main Street

                      Grove, OK 74344.

Chapter 11 Petition Date: July 2, 2019

Court: United States Bankruptcy Court
       Northern District of Georgia (Atlanta)

Case No.: 19-60464

Debtor's Counsel: Theodore N. Stapleton, Esq.
                  THEODORE N. STAPLETON, P.C.
                  Suite 100-B
                  2802 Paces Ferry Road
                  Atlanta, GA 30339
                  Tel: (678) 361-6211
                       (770) 436-3334
                  Fax: (404) 935-5344
                  E-mail: tstaple@tstaple.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher F. Brogdon, manager.

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:

           http://bankrupt.com/misc/ganb19-60464.pdf


BELLA ROSE: Case Summary & 8 Unsecured Creditors
------------------------------------------------
Debtor: Bella Rose Center, LLC
        1900 S. LaChance Rd.
        Lake City, MI 49651

Business Description: Bella Rose Center, LLC is a Single Asset
                      Real Estate Debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Western District of Michigan (Grand Rapids)

Case No.: 19-02841

Judge: Hon. James W. Boyd

Debtor's Counsel: Keith A. Schofner, Esq.
                  LAMBERT LESER
                  755 W. Big Beaver Rd., Suite 410
                  Troy, MI 48084
                  Tel: 989-893-3518
                  E-mail: kschofner@lambertleser.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Lindsey Bush, power of attorney for
Esther Nederhood & Joel Nederhood.

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

          http://bankrupt.com/misc/miwb19-02841.pdf


BOILING POT: Heritage Capital Buying Rock Hill Property for $700K
-----------------------------------------------------------------
Boiling Pot Investments, LLC, asks the U.S. Bankruptcy Court for
the District of South Carolina to authorize the private sale of the
real property located at 414, 416, and 422 Pendleton St., Rock
Hill, South Carolina; York County tax map # 627-04-01-021, 022, and
023 with +/- 27,000 sf industrial building on +/- 1.2 acres,
including all equipment, fixtures, and machinery located on or in
the premises, to Heritage Capital Partners, LLC for $700,000,
subject to higher and better offers.

Objections, if any, must be filed within 21 days from the date of
Notice service.

The real estate is owned by the Debtor.  The equipment and
machinery is owned by Carolinas Commercial Clad, Inc., a Chapter 11
DIP in a case filed in the Court as case number 18-O4726-hb.

The Debtors have not obtained formal appraisals on either the real
estate or the machinery and equipment.  Carolinas Custom places an
estimated value of $858,000 on the machinery and equipment.
Boiling Pot places a value of $1 million.

Carolinas Custom has been attempting to sell the machinery and
equipment since filing of the bankruptcy cases on Sept. 7, 2018.
Sales Agent and Auctioneer Timothy S. Garland, Jr. has been
marketing the real estate since before the filing of the case.
Both Debtors believe that the price is a fair value under the
circumstances and considering the marketing efforts to date.

The Buyer, c/o SVN/Southern Real Estate, LLC, 116 E. Main St, Suite
201, Rock Hill, South Carolina 29730.  There are no relationships
between the Buyer and its members, or the Debtors or their members
or shareholders.

Mr. Garland, 901 Dave Gibson Blvd, Fort Mill, SC 29708, Telephone
(803) 325-9990, has agreed to accept a commission of $35,000.  The
Buyer is a real estate agency and has agreed to waive its right to
be paid as buyer's agent.

York County, South Carolina Treasurer - $28,049 and South State
Bank - $671,666 (South Sate Bank debt is secured by both the real
estate and the machinery and equipment.  The amount of the South
State Bank debt is the payoff as of May 9, 2019.  Interest, fees,
and costs will continue to accrue).

The net to estate after costs of sale, including all commissions
and expenses, and payment of liens encumbering property is $0.

The Debtor is informed and believes that it would be in the best
interest of the estate to sell said property by private sale.  It
also believes that the funds to be recovered for the estate from
the sale of said property justify its sale and the filing of the
application.

The Court may consider additional offers at any hearing held on the
Notice and application for sale.  It may order at any hearing that
the property be sold to another party on equivalent or more
favorable terms.

                  About Boiling Pot Investments

Boiling Pot Investments, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.S.C. Case No. 18-04725) on Sept. 17,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $1 million.  The
case is assigned to Judge Helen E. Burris.  The Debtor tapped Bird
and Smith, PA, as its legal counsel.


BORGER ENERGY: Moody's Reviews B1 Sr. Sec. Rating for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed the B1 senior secured rating of
Borger Energy Associates, L.P. on review for upgrade.

On Review for Upgrade:

Issuer: Borger Energy Associates, L.P.

Senior Secured First Mortgage Bonds, Placed on Review for
Upgrade,
currently B1

Outlook Actions:

Issuer: Borger Energy Associates, L.P.

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Borger's review for upgrade considers the project's Steam Sales
Agreement (SSA) renewal with WRB Refining, LP on favorable terms
that should ultimately contribute to higher financial metrics. WRB
Refining, LP is a joint partnership between Phillips 66 (A3 stable)
and Cenovus Energy Inc. (Ba1 stable). Key improvements to the SSA
include increased margin on steam revenue including an increase in
the steam factor and a new monthly payment based on plant
availability.

In addition, the maturity date of the SSA was extended for 5 years
to match the June 2024 maturity of Borger's power purchase
agreement with Southwestern Public Service Company (Baa2 stable).
Moody's views this as credit positive because the extended SSA
enhances cash flow visibility beyond the rated debt's maturity in
December 2022.

During the review period, Moody's will assess Borger's anticipated
financial and operating performance in light of the new SSA terms.
Financial performance that supports debt service coverage in excess
of 1.1 times on a sustained basis may lead to an upgrade of
Borger's senior secured debt. As of December 31, 2018, Borger had a
trailing annual debt service coverage ratio of 0.8 times and had
$16.6 million of outstanding debt.

Borger Energy Associates, L.P. is a limited partnership that owns
and operates a 230-MW, gas-fired cogeneration facility located near
Borger, Texas. The plant consists of two Siemens 501D5A combustion
turbines and two heat recovery steam generators that began
commercial operations in 1999. Borger is indirectly owned by WG
Partners Acquisition, LLC, a joint venture among funds managed by
Harbert Management Group (51%), UBS Infrastructure (32%) and
Northwestern Mutual (17%).


BULK EXPRESS: Sale of Trucks & Equipment Approved
-------------------------------------------------
Judge Christine M. Gravelle of the U.S. Bankruptcy Court for the
District of New Jersey authorized Bulk Express Logistics, Inc.'s
sale of the trucks and equipment identified on Exhibit A to the
parties and for the amounts set forth on said Exhibit A on July 1,
2019.

A hearing on the Motion was held on June 26, 2019 at 2:00 p.m.

The Account No. 5000097635001 of MBFS will be paid in full at
closing in the amount of $48,465, plus a per diem at the contract
interest rate after June 30, 2019, and payment into escrow with the
Debtor's counsel, pending further Order of the Court, of $7,500
against MBFS' claim for attorneys' fees, without prejudice to the
Debtor's rights to dispute the amount of such fees.

                  About Bulk Express Logistics

Headquartered in Monroe Township, New Jersey, Bulk Express
Logistics, Inc. -- http://www.bulkexpressloqistics.com/-- is a
privately held company that provides trucking and warehousing
services.

Bulk Express filed for Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 17-24308) on July 14, 2017, listing $1.97 million
in total assets and $4.51 million in total debts as of July 12.
The petition was signed by Charlene M. Barnett-Lombard, its
president.

Bulk Express sought and obtained joint administration of its case
with the Chapter 11 case of Robert A. Lombard, Jr., and Charlene M.
Barnett-Lombard (Bankr. D.N.J. Case No. 17-23949).

Judge Christine M. Gravelle oversees the Debtors' cases.

Richard Honig, Esq., at Hellring, Lindeman, Goldstein & Siegal LLP,
serves as Bulk Express' bankruptcy counsel.

Gary N. Marks, Esq., at Norris, McLaughlin & Marcus, P.A., serves
as counsel to Charlene M. Barnett-Lombard, and Robert A. Lombard
Jr.


BURKHALTER RIGGING: Taps Myron Bowling as Auctioneer
----------------------------------------------------
Burkhalter Rigging, Inc., received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Myron
Bowling Auctioneers, Inc.

The Debtor tapped the firm as auctioneer to market and sell a Basic
Self-Erecting Tower.  Under the agreement, the BSET will be erected
in Columbus, Miss., for demonstration and an auction will be held
on a date to be determined.   

Myron will get a 15% buyer's premium if it sells to an onsite buyer
and 18% if it sells to an online buyer.  The firm will not charge
the Debtor of work-related expenses and will rebate to the Debtor
one-third of the buyer's premium if the BSET is sold.

Myron is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Myron C. Bowling
     Myron C. Bowling Auctioneers, Inc.
     P.O. Box 369
     Ross, OH 45061
     Phone: 513/738-3311
     Fax: 513/738-0221
     Email: myron@myronbowling.com

                    About Burkhalter Rigging

Burkhalter Rigging, Inc., Burkhalter Transport, Inc., and
Burkhalter Specialized Transport, LLC, each filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Lead Case No. 19-30495) on Jan. 31, 2019.  In the
petition signed by Brooke Burkhalter, president, the Debtor
estimated $10 million to $50 million in assets and $10 million to
$50 million in liabilities.

The case is assigned to Judge Marvin Isgur.  

Marcus Alan Helt, Esq., at Foley & Lardner LLP, is the Debtor's
counsel.  Dacarba LLC is serving as chief restructuring officer.
National Transaction Advisors, Inc., is financial advisor and
investment banker.

Henry Hobbs Jr., acting U.S. trustee, appointed an official
committee of unsecured creditors in the Debtors' cases on Feb. 19,
2019.  The committee tapped Lugenbuhl, Wheaton, Peck, Rankin &
Hubbard as its legal counsel, and Stout Risius Ross, LLC as its
financial advisor.


CAROLINAS CUSTOM: Selling Rock Hill Property to Heritage for $700K
------------------------------------------------------------------
Carolinas Commercial Clad, Inc., asks the U.S. Bankruptcy Court for
the District of South Carolina to authorize the private sale of all
equipment, fixtures, and machinery on or in the premises located at
414, 416, and 422 Pendleton St., Rock Hill, South Carolina; York
County tax map # 627-04-01-021, 022, and 023 with +/- 27,000 sf
industrial building on +/- 1.2 acres, to Heritage Capital Partners,
LLC for $700,000, subject to higher and better offers.

Objections, if any, must be filed within 21 days from the date of
Notice service.

The real estate is owned by Boiling Pot Investments, LLC, a Chapter
11 DIP in the case filed in the Court, as case number 18-04725-hb.
The equipment and machinery is owned by Carolinas Commercial.

The Debtors have not obtained formal appraisals on either the real
estate or the machinery and equipment.  Carolinas Custom places an
estimated value of $858,000 on the machinery and equipment.
Boiling Pot places a value of $1 million.

Carolinas Custom has been attempting to sell the machinery and
equipment since filing of the bankruptcy cases on Sept. 7, 2018.
Sales Agent and Auctioneer Timothy S. Garland, Jr. has been
marketing the real estate since before the filing of the case.
Both Debtors believe that the price is a fair value under the
circumstances and considering the marketing efforts to date.

The Buyer, c/o SVN/Southern Real Estate, LLC, 116 E. Main St, Suite
201, Rock Hill, South Carolina 29730.  There are no relationships
between the Buyer and its members, or the Debtors or their members
or shareholders.

Mr. Garland, 901 Dave Gibson Blvd, Fort Mill, SC 29708, Telephone
(803) 325-9990, has agreed to accept a commission of $35,000.  The
Buyer is a real estate agency and has agreed to waive its right to
be paid as buyer's agent.

York County, South Carolina Treasurer - $28,049 and South State
Bank - $671,666 (South Sate Bank debt is secured by both the real
estate and the machinery and equipment.  The amount of the South
State Bank debt is the payoff as of May 9, 2019.  Interest, fees,
and costs will continue to accrue).

The net to estate after costs of sale, including all commissions
and expenses, and payment of liens encumbering property is $0.

The Debtor is informed and believes that it would be in the best
interest of the estate to sell said property by private sale.  It
also believes that the funds to be recovered for the estate from
the sale of said property justify its sale and the filing of the
application.

The Court may consider additional offers at any hearing held on the
Notice and application for sale.  It may order at any hearing that
the property be sold to another party on equivalent or more
favorable terms.

A hearing on the Motion is set for June 18, 2019 at 10:30 a.m.

                    About Carolinas Custom Clad

Carolinas Custom Clad, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.S.C. Case No. 18-04726) on Sept. 17,
2018.  At the time of the filing, the Debtor estimated assets of
less than $50,000 and liabilities of less than $500,000.  The case
has been assigned to Judge Helen E. Burris.  The Debtor tapped Bird
and Smith, PA, as its legal counsel.


CHAPARRAL ENERGY: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded Chaparral Energy, Inc.'s
Speculative Grade Liquidity Rating to SGL-3 from SGL-2. At the same
time, Moody's affirmed Chaparral's credit ratings including its B3
Corporate Family Rating, its Caa1 unsecured notes rating and its
B3-PD Probability of Default Rating. The outlook remains stable.

The SGL-3 liquidity rating reflects Moody's expectation that
Chaparral will have adequate liquidity into 2020, but that
liquidity will require strict management on the part of the company
given the extent of 2019's projected outspend, which Moody's
estimates could reach $140 million. At March 31, the company had
borrowed $30 million under its $325 million secured borrowing base
revolving credit facility, supplementing the use of balance sheet
cash to fund the first quarter's cash flow deficit. At March 31,
availability under Chaparral's revolver was limited to $154
million, constrained by the facility's 4x Debt/EBITDAX financial
covenant, notwithstanding the modest $30 million level of first
quarter utilization (at May 7, borrowings had increased to $85
million, offset by a $42 million cash balance). However, as
quarterly EBITDAX increases in line with production increases,
Moody's expects that greater amounts of the revolver's borrowing
base will be available to Chaparral, with the constraint easing
under its debt/EBITDAX covenant.

"Notwithstanding its debt funded growth trajectory, Moody's
believes Chaparral will have adequate liquidity for the continuing
development of its STACK asset base without over-leveraging its
balance sheet," commented Andrew Brooks, Moody's Vice President.
"However, while growing scale could further solidify ratings,
achieving cash flow neutrality in 2020 should remain the more
creditworthy objective."

Downgrades:

Issuer: Chaparral Energy, Inc.

  Speculative Grade Liquidity Rating, Downgraded to SGL-3
  from SGL-2

Outlook Actions:

Issuer: Chaparral Energy, Inc.

  Outlook, Remains Stable

Affirmations:

Issuer: Chaparral Energy, Inc.

  Probability of Default Rating, Affirmed B3-PD

  Corporate Family Rating, Affirmed B3

  Senior Unsecured Notes, Affirmed Caa1 (LGD5)

RATINGS RATIONALE

Chaparral's B3 CFR reflects its single basin concentration in
Oklahoma's STACK (Sooner Trend Anadarko Canadian and Kingfisher)
resource play and contiguous Merge, the complexity of the
sub-surface geology characterizing the acreage it operates and its
modest production levels, expected to approximate 25,000 to 27,000
barrels of oil equivalent (Boe) per day in 2019 (about 85%
STACK/Merge). The company expects to incur negative free cash flow
into 2020, with $275 to $300 million of capital spending propelling
2019's production growth. However, having emerged from Chapter 11
in March 2017, Chaparral operates with modest debt levels.

Chaparral's stable outlook reflects the likelihood that the company
achieves high-return production growth with a modest increase in
debt balances. Ratings could be upgraded if Chaparral executes on
its growth objectives, sustaining annual production above 30,000
Boe per day, and if it maintains a 1.5x leveraged full-cycle ratio
with retained cash flow (RCF) to debt over 30%. Ratings could be
downgraded if the company fails to deliver production gains, if
there is a problematic deterioration in the company's liquidity or
should RCF/debt drop below 15%.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Chaparral Energy, Inc. is an independent oil and gas exploration
and production (E&P) company with production operations in
Oklahoma's STACK and Merge, headquartered in Oklahoma City,
Oklahoma.


COLONIAL OAKS: Park Buying Independence Property for $2.2 Million
-----------------------------------------------------------------
Colonial Oaks Mobile Home Park, LLC, asks the U.S. Bankruptcy Court
for the District of Oregon to authorize the sale of the real
property commonly known as 934 S. Main Street, Independence, Polk
County, Oregon, together with the fixtures and the improvements
located thereon, to Park Preservations, LLC for $2.2 million, cash,
subject to overbid.

Said property will be sold free and clear of all liens, claims,
rights, interests, debts, liabilities, and encumbrances.  Other
parties to the transaction and their relationship to the Debtor
will depend on who is the Successful Bidder at the auction to be
held pursuant to the Bid Procedures Order.  Presently there are no
other parties to the transaction.  The final sales price may be
determined at the Auction as set forth in the Bid Procedures Order.


The parties executed their Purchase Agreement, dated Feb. 25, 2019.
The purchase price set forth in Section 1 of the PSA is $2.2
million, cash at Closing.  The PSA does not require the Buyer to
assume any obligations of the Debtor, and the Buyer has not agreed
to assume any such obligations.  The Buyer will not assume any
liabilities and will not pay any claims against Debtor unless
expressly stated the PSA.  The Debtor will file a separate motion
to the reject all leases and tenant rental agreements, as the Buyer
intends to enter into new rental agreements with the Debtor's
tenants.

The sale is a sale of substantially all of the Debtor's assets.
The terms and conditions of sale are set forth in the Bid
Procedures Order.   The sale will be conducted in accordance with
the Bid Procedures Order.

Each bid must be a Qualified Bid and must be at least $75,000
greater than the consideration set forth in the PSA and be on the
same or more favorable terms to the bankruptcy estate.
Additionally, each bid (other than the Stalking Horse Bid) must be
accompanied by a cash deposit of $25,000, which will be sent to the
Counsel for the Debtor, which amount will be deposited in an
interest-bearing account.  All Qualified Bids, and the full amount
of the deposit, must be received on or before 5:00 p.m. (PST) on
June 12, 2019.

As set forth in Section 18.3 of the PSA, the Sale must close by
June 30, 2019.  The obligations of the Debtor and the Buyer under
the PSA are conditioned on approval of the Sale by the Court, and
financing and inspection conditions set forth in Sections 6 and 8
of the PSA, which, with the exception of the Court approval
condition, have been waived by the Buyer.  The obligations of the
Debtor and the Buyer under the PSA are also subject to additional
contingencies, which are set forth in Section I of Addendum "B" to
the PSA.

The following information relates to lien holders:

     a. AMR Investment Group, LLC, c/o Derek T. Rodman, Reg. Agent
1200 Executive Parkway, Ste 245, Eugene, OR 97440 - $650,000
(Disputed)

     b. OBB Partners, LLC, c/o Scott Crawford, Manager P.O. Box
1171, Tualatin, OR 97062 - $430,000 (Disputed)

     c. City of Independence, P.O. Box 7 555 S. Main St.,
Independence, OR 97351 - $10,437    

     d. Kenneth W. Hick, 14086 SE Alta Vista Dr., Happy Valley, OR
97068 - $0 (Disputed)

     e. Brian Leitgeb, as Personal Representative for Estate of
Irwin Leitgeb, c/o Scott L. Jensen, Esq., 1200 SW Main Street,
Portland, OR 97205 - $0 (Disputed)

The liens will attach to the sale proceeds in the same order of
priority they attach to the property.  The Debtor asks authority to
make distribution to the above-listed lien holders at Closing, in
the amounts listed that are undisputed by the Debtor.  The sale
proceeds will be sufficient to pay the undisputed amounts set
forth.  The remainder of the proceeds will be held by the Debtor
pending further order of the Court.

In the event the Buyer is not the Successful Bidder and the Debtor
sells its assets to an alternative buyer, the Buyer is asking
expense reimbursements of up to $25,000, for any costs and fees
actually incurred.

The reason for proposing the sale in advance of approval of a plan
of reorganization is to maximize the value of the Debtor's assets,
and to eliminate the interest accruing on secured debts.

The Notice of the proposed sale will be given to all parties and
creditors in interest, and other parties as set forth in the
certificate of service.  The Debtor will also provide notice of
proposed sale to parties that have expressed interest in the assets
available for sale.

A hearing on the Motion is set for June 18, 2019, at 11:30 a.m.
(PST).  Objections, if any, must be filed within 21 days of the
date the Notice was served.

Finally, the Debtor asks the Court for a relief from Bankruptcy
Rule 6004(h), as it is required by the Buyer, and because it will
make the sale of the assets more attractive to potential bidders.

              About Colonial Oaks Mobile Home Park

Colonial Oaks Mobile Home Park, LLC, a single asset real estate as
defined in 11 U.S.C. Section 101(51B), has principal assets located
at 934 Main St. Independence, Oregon.

Colonial Oaks Mobile Home Park filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No.
18-33183) on Sept. 12, 2018.  In the petition signed by Susan
Daniell, member, the Debtor estimated $1 million to $10 million in
assets and liabilities as of the bankruptcy filing.  The case is
assigned to the Hon. Trish M. Brown.  Nicholas J. Henderson, Esq.,
at Motschenbacher & Blattner, LLP, is the Debtor's counsel.


CRIDER AVENUE: Klein Buying Moorestown Property for $2.7 Million
----------------------------------------------------------------
Crider Avenue Properties, LLC, asks the U.S. Bankruptcy Court for
the District of New Jersey to authorize the sale of the
commercial/industrial building and property used for manufacturing
located at 360 Crider Avenue, Moorestown, Burlington County, New
Jersey to Eli Klein or his designated assignee for $2.65 million,
subject to higher and better offers.

A hearing on the Motion is set for July 9, 2019 at 10:00 a.m.  

The Debtor's counsel certifies that the single asset of the Debtor
is the Property.  The Property is presently leased to NW Sign
Industries, Inc. N.W. Sign Industries, Inc. is a New Jersey
Corporation owned and controlled by Ronald Brodie.  Mr. Brodie is
also the sole member of the Debtor.

On Nov. 8, 2018, prior to the filing of the Chapter 11 Bankruptcy
Petition, Crider Avenue Properties entered an Agreement to sell the
subject real estate with the improvements erected thereon to Eli
Klein or his nominee in consideration of a payment of $2.65
million.  The closing under the Agreement of Sale has been extended
to June 28, 2019.  Eli Klein, or any business entity which he is
associated, has no existing or prior business relationship with the
Debtor, NW Sign Industries, Inc. as the tenant, or Ronald Brodie,
the sole principal of the Debtor.  

Pursuant to the terms of the Agreement of Sale, the Buyer is
intending to lease the subject property to NW Sign Industries, Inc.
upon the closing on the sale of the parcel as such terms are
provided under the Agreement of Sale.  

Prior to the filing of the Petition, the Debtor entered into an
exclusive listing agreement with NAI Mertz Corp., a real estate
sales broker for the subject parcel.  NAI Mertz has procured the
Buyer and it is the intent and request of the Debtor to be
authorized to pay NAI Mertz a real estate sales commission of 6% of
the gross sales price at the closing on the sale of the Property
consistent with the listing agreement and consistent with Local
Bankruptcy Rule 6004-5.  

The sale of the Property is conditioned on the satisfaction of two
separate New Jersey Industrial Site Recovery Act ("ISRA")
clearances being obtained in advance of any closing on the sale of
the property.  Pursuant to Paragraph 4(i) of the Agreement, Alan
Wechsler, a predecessor owner of the Property, has engaged a NJ
Licensed Site Mediation Professional and is obligated to undertake
the requisite sampling, analysis, and clearance to resolve former
potential contamination issues as identified under ISRA Case No.
E921183.

Separately, the Debtor is separately obligated under paragraph 20
of the Agreement to obtain its own ISRA clearance for the
applicable periods in which it was in possession, control, and
ownership of the Property.  Debtor believes each requisite
clearance will be obtained to effectuate the sale of the Property.


The Debtor is an obligor on a Promissory Note dated Sept. 17, 2003
given to Sun National Bank of Vineland, New Jersey in the original
principal amount of $1.2 million.  The subject loan is secured by a
First Mortgage and Security Agreement on the Premises dated
Sept. 17, 2003 and recorded with the Clerk of Burlington County on
Nov. 25, 2003.

On Oct. 26, 2016, the Sun National Bank Loan facility, as it
pertains to the original real estate loan, including the Mortgage
and Security Agreement and an Assignment of Rents and Lease was
transferred, sold, and conveyed to Noble Opportunity Fund II, L.P.
of Lancaster, Pennsylvania.  A formal Assignment of the Mortgage
and Security Agreement was entered on Oct.26, 2016 and recorded
with the Clerk of Burlington County on Nov. 14, 2016; and the
Assignment of the Assignment of Rents and Leases given originally
by the Debtor
to Sun National Bank was entered on Oct. 26, 2016 and recorded on
Nov. 29, 2016.

Noble Opportunity Fund II, L.P. is the holder in due course of the
first mortgage loan obligation originally issued to the Debtor.  As
of the filing of the Chapter 11 bankruptcy the balance due to Noble
totaled $1,504,362.  Additional interests and costs have accrued
since the filing to the date of the closing.  It is anticipated
this balance will be paid in full out of the proceeds of the sale
and the mortgage will be satisfied.

On Aug. 5, 2016, the Debtor gave a mortgage to Super G Funding, LLC
as collateral security for the repayment of a separate loan issued
by or succeeded in interest by Super G Funding, LLC to NW Sign
Industries, Inc.  This mortgage was recorded with the Burlington
County Clerk on August 11, 2016 at Mortgage Book 13235, beginning
on page 5496 and appears as a second lien on the subject property.
It is anticipated the balance of the subject loan will be paid in
full out of the proceeds of the sale and the mortgage will be
satisfied.

The subject real estate is located in the Township of Moorestown,
Burlington County, New Jersey.  There are outstanding real estate
taxes due to the Township of Moorestown which must be paid to
provide free and clear title to the real property.  The Debtor is
intending to pay all outstanding real estate taxes as of date of
the closing.

On Aug. 3, 2018, Corporation Service Co., believed as an authorized
agent for TCJ II, LLC, recorded a UCC Financing Statement with the
Department of Treasury for the State of New Jersey against the
Debtor identifying as further collateral for TCJ II, LLC loan
various items of property.  To the extent the subject Financing
Statement impairs any interest in the Debtor’s real estate or of
rights to the subject real estate, the Debtor asks to sell and
convey all interests in the subject real estate to the Buyer free
and clear of all rights and interests evidence by this financing
statement.  

Prior to the Bankruptcy filing, Noble Opportunity Fund II, LP
obtained a Final Judgment in Mortgage Foreclosure on Nov. 2, 2018.
Separately, on Oct. 26, 2018 Noble Opportunity Fund II, LP obtained
a money Judgment in the amount of $1,504,362 against both the
Debtor and NW Sign Industries, Inc.  The subject Judgment will be
marked satisfied and removed upon closing on the sale of the
property.   

It is anticipated that no party in interest will object to the
proposed sale, as a result the Debtor asks the Court to waive the
14-stay period set out under Bankruptcy Rule 6004(h).  

A copy of the Agreement of Sale for the Real Estate attached to the
Motion is available for free at:

        http://bankrupt.com/misc/Crider_Avenue_26_Sales.pdf

                   About Crider Avenue Properties

Crider Avenue Properties, LLC, a Single Asset Real Estate Debtor,
sought Chapter 11 protection (Bankr. D.N.J. Case No. 19-18343) on
April 25, 2019.  The Debtor estimated assets in the range of $0 to
$50,000, and $1 million to $10 million in debt.  The case is
assigned to Judge Andrew B. Altenburg Jr.  The Debtor tapped Paul
J. Winterhalter, Esq., at Offit Kurman, P.A. as counsel.


CRYPTOPIA LTD: Davis Polk Advises Foreign Representative in Ch.15
-----------------------------------------------------------------
Davis Polk advised the foreign representative of Cryptopia Limited
in obtaining recognition under Chapter 15 of the United States
Bankruptcy Code of Cryptopia's liquidation proceedings in
New Zealand.  On May 24, 2019, the foreign representative filed a
petition for recognition in the United States Bankruptcy Court for
the Southern District of New York.  Together with its petition,
Cryptopia sought emergency relief, including the application of the
automatic stay within the territorial jurisdiction of the United
States.  In particular, Cryptopia required emergency relief to
prevent a contract counterparty in the United States from
terminating a contract and potentially deleting critical data
hosted on its servers which, if lost, would have imperiled the
administration of Cryptopia's liquidation.  At an emergency hearing
on May 24, 2019, Judge Martin Glenn granted the requested relief
through June 7, 2019.  Subsequently, on June 24, 2019, Judge Stuart
M. Bernstein issued an order granting recognition of the foreign
proceeding, allowing the foreign representative to avail itself of
the powers of United States courts.

Cryptopia, a company registered in New Zealand, operated a digital
exchange that allowed its approximately two million users to trade
digital assets, including Bitcoin and Ethereum.  Cryptopia was
placed into liquidation in New Zealand on May 14, 2019.  The
liquidators are focused on collecting and distributing the
Cryptopia's property to the entitled parties.

The Davis Polk restructuring team includes partners Timothy
Graulich and Angela M. Libby and associates Stephen D. Piraino and
Zachary Levine.  The litigation team includes partner James I.
McClammy and associates Trent Thompson, James Paulson and Erika
Vignoli.  Counsel Zachary J. Zweihorn provided law advice on issues
related to digital assets.  Members of the Davis Polk team are
based in the New York and Washington DC offices.


D.J. SIMMONS: Trustee Selling Iowa Yard to Wessco for $15.5K
------------------------------------------------------------
Edward B. Cordes, Chapter 11 Trustee for D.J. Simmons Co., asks the
U.S. Bankruptcy Court for the District of Colorado to authorize the
sale of the Iowa Yard, an undeveloped lot located in Bloomington,
San Juan County, New Mexico, to from Wessco, LLC for $15,500, "as
is, where is," and free and clear of liens, claims, and interests.

The estates own and operate oil and gas interests in New Mexico,
Colorado, Texas, and Utah.  Debtor D.J. Simmons, Inc. is the
operator of wells owned by Debtor D.J. Simmons Limited Partnership
and is the contract operator for wells owned by third parties.

The Trustee has recently closed on the sale of the estates'
interests in wells in New Mexico and Texas to Mustang Energy
Resources, LLC.  The estates currently have approximately 30
remaining wells in Colorado and Utah; 12 are in production.  The
Trustee is negotiating a contract for the sale of these wells,
which the Trustee expects to present to the Court for approval in
the near future.  Upon consummation of that sale, all operating
assets of the estates will have been sold.   

As the liquidation of the estates' assets proceeds, the Debtors'
need for equipment and inventory to repair and maintain producing
wells has declined.   The Trustee has secured authority to sell
excess equipment and inventory for sales prices not to exceed
$20,000, and has continued to liquidate excess personal property in
accordance with that authority.  He has concluded that the estates
no longer need the Iowa Yard, which is the storage site for excess
inventory and equipment.

The Trustee has attempted to locate a realtor willing to list the
Iowa Yard, and other real property of the estates, for sale.  So
far, he has been unable to identify a realtor willing to list the
property for sale on terms acceptable to the Trustee.

The Trustee has received an offer for the Iowa Yard from the
Purchaser, for a sales price of $15,500, "as is, where is."  The
Purchase and Sale Agreement between the Trustee and the Purchaser
has been executed.  The Iowa Yard is littered with excess
equipment, inventory, scrap, and junk.  Removal of the Excess
Property to enhance the marketability of the Iowa Yard would be an
expensive undertaking.  

Under the Purchase and Sale Agreement, the Trustee retains the
right to continue to sell the Excess Property through the closing
date, and will convey title to any unsold items to the Purchaser at
closing.  The Purchaser assumes all responsibility to remove the
Excess Property from the Iowa Yard in accordance with its own needs
and future use of the site.

The Trustee believes the proposed sale of the Iowa Yard, on the
terms set forth, is prudent and in the best interests of the
estates, because the recovery by the estates will be maximized,
with no realtor's commissions or other costs of sale.   No
reorganization plan is contemplated for the estates; the Debtors
voluntarily converted these cases, and the Trustee was only
appointed at the request of the senior secured lender, Bank of
Oklahoma, to assure an orderly and managed liquidation of the
estates' assets.   

The Iowa Yard is unencumbered.  Bank of Oklahoma may assert an
adequate protection lien against its proceeds, based on the claimed
diminution in the value of its collateral during these bankruptcy
cases, but has not as of yet filed such a claim.  To the knowledge
of the Trustee, Bank of Oklahoma is the only creditor that may
assert a lien on these assets.  The assets may be sold free and
clear of liens, claims, and interests.

                        About D.J. Simmons

Farmington, New Mexico-based D.J. Simmons Inc. --
http://www.djsimmons.com/-- is an independent oil and gas
exploration and production company.  D.J. Simmons and its
affiliates have oil and natural gas reserves from approximately 100
wells operated by the company, and 500 wells operated by third
parties in Colorado, New Mexico, Utah, and Texas.  Kimbeto
Resources, LLC, owns 13 wells in Rio Arriba County, New Mexico.
DJS, Inc., also operates the wells owned by Kimbeto. D.J. Simmons
Company Limited Partnership holds most of the oil and gas and other
assets.  Kimbeto holds oil, gas, and other related assets on land
owned by the Jicarilla Apache Tribe.  DJS, Inc, operates the assets
and employs a small administrative staff.

DJS Co. LP, Kimbeto and DJS, Inc. filed Chapter 11 petitions
(Bankr. D. Colo. Case Nos. 16-11763, 16-11765 and 16-11767) on
March 1, 2016.  The cases are jointly administered under Case No.
16-11763.

In the petitions signed by John Byrom, president of DJS, Inc., DJS
Co. LP disclosed $9.94 million in total assets and $12.9 million in
total liabilities; and Kimbeto disclosed $976,190 in total assets
and $9.81 million in total liabilities.

Ethan Birnberg, Esq., at Lindquist & Vennum LLP, serves as the
Debtors' counsel.

No official committee of unsecured creditors has been appointed in
the Debtors' cases.

Edward B. Cordes was appointed as Chapter 11 trustee.  Attorneys
for the Trustee:

         FAIRFIELD AND WOODS, P.C.
         Caroline C. Fuller
         1801 California, Suite 2600
         Denver, Colorado 80202
         Telephone: (303) 830-2400
         E-mail: cfuller@fwlaw.com


DAK CONSTRUCTION: Taps Muraciov as Accountant
---------------------------------------------
DAK Construction Corp. received approval from the U.S. Bankruptcy
Court for the Central District of California to hire Muraciov
Accounting Corp as its accountant.

The services to be provided by the firm include bookkeeping
services and the preparation of monthly operating reports, income
tax returns, and budget.

Christine Muraciov, the firm's accountant who will be providing the
services, will charge an hourly fee of $300.

Muraciov is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Christine Muraciov
     Muraciov Accounting Corp.
     P.O. Box 3730
     Burbank, CA 91508

                 About DAK Construction Corp.

Based in Woodland Hills, Calif., DAK Construction, Inc. filed a
Chapter 11 Petition (Bankr. C.D. Calif. Case No. 18-12717) on Nov.
6, 2018.  In the petition signed by Cheryl Fay Lindhemer, chief
executive officer, the Debtor estimated assets of $0 to $50,000 and
estimated liabilities is $1 million to $10 million.  The case is
assigned to Hon. Martin R. Barash.  The Debtor is represented by
Giovanni Orantes, Esq., at The Orantes Law Firm, A.P.C.


DANIEL PEZZOLA: Shirley Buying Yonkers Property for $700K
---------------------------------------------------------
Daniel Pezzola asks the U.S. Bankruptcy Court for the Southern
District of New York (i) to authorize the sale of the real property
located 157 Amackassin Terrace, Yonkers, New York to Viviene
Shirley for $700,000; and (ii) to fix the value of the mortgage
lien of Deutsche Bank National Trust Co., as Trustee for Holders of
the HSI Asset Securitization Corporation Trust 2006-HE1.

The Debtor owns the Property.  The main purpose of his bankruptcy
filing was to stay the pending foreclosure actions against both the
Property and the Debtor's home.

The Debtor has negotiated and entered into a contract of sale with
respect to the Property for the purchase price of $700,000.  The
sale proceeds will not be sufficient to fully satisfy the mortgage
against the Property held by Deutsche Bank in the approximate
amount of $840,577.  

The sale price represents a realistic market value for the
Property.  The Debtor has determined that a sale is in the best
interest of the Estate.  There were no real estate brokers involved
in the transaction and no commissions are due or payable.  

From the proceeds of sale, the Debtor proposes to pay all usual and
customary costs of sale, including New York transfer tax in the
amount of approximately $2,800 with the balance of the proceeds
distributed to Deutsche Bank on account of their first mortgage
lien.

A copy of the Contract attached to the Motion is available for free
at:

         http://bankrupt.com/misc/Daniel_Pezzola_59_Sales.pdf

The Purchaser:

          Viviene Shirley
          14 Woodland Terrace  
          Yonkers, NY l0707           

Daniel Pezzola sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 17-23087) on July 13, 2017 to stay foreclosure of his property
located 157 Amackassin Terrace, Yonkers, New York.  The Debtor
tapped Nicholas A. Pasalides, Esq., at Reich, Reich & Reich, P.C.
as counsel.


DENBURY RESOURCES: S&P Hikes ICR to 'CCC+' Following Debt Exchange
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S. oil and
gas exploration and production company Denbury Resources Inc. to
'CCC+' from 'SD' (selective default).

S&P also affirmed its 'B' issue-level rating on Denbury's senior
secured revolving credit facility and existing senior secured
second-lien notes. The recovery rating on the credit facility and
these notes is '1', indicating very high (90%-100%; rounded
estimate: 95%) recovery in the event of a payment default.

At the same time, the rating agency assigned a 'B' issue-level
rating to the company's new 2024 senior secured second-lien notes
with a '1' recovery rating, reflecting its expectation of a very
high (90%-100%; rounded estimate: 90%) recovery in the event of a
payment default.  S&P also raised its rating on Denbury's
subordinated debt to 'CCC-' from 'D' and revised the recovery
rating on these notes to '6' from '5', indicating its expectation
of negligible (0%-10%; rounded estimate: 0%) recovery in the event
of a payment default.

The rating actions follow Denbury Resources Inc.'s (Denbury's)
issuance of $532 million of new senior secured second-lien notes
due in 2024, $245.5 million of new senior convertible notes due in
2024 (unrated), and $120 million of cash for a portion of its
existing senior secured second-lien notes due in 2024 and
subordinated notes due in 2021, 2022, and 2023. S&P said, "We view
the subordinated notes transaction as distressed despite the
exchange being at nominal par value. We view the value of the
exchange as less than the original promise under the subordinated
notes because of the maturity extension and the potential for
forced conversion to equity. In addition, we view the exchange as
distressed rather than opportunistic because of the notes' trading
levels."

S&P said, "The negative outlook reflects our view that Denbury will
continue to depend on favorable business and market conditions to
meet its financial commitments.

"We could lower the rating if we envision a specific default
scenario occurring over the next 12 months, including the inability
to refinance or repay debt within a year of maturity. Additionally
we would consider a downgrade if a distressed exchange or potential
restructuring appears likely over the next 12 months. This could
occur if oil prices deteriorate further, making projected
production growth uneconomic.

"We could revise the outlook to stable if Denbury we view the risk
of refinancing upcoming maturities as manageable and the company
has sustained debt to EBITDA below 4.5x,alleviating long-term
covenant pressure in 2021. This would most likely occur if oil
prices rose significantly above our assumptions and the company
achieved a combination of higher production and lower cash costs."


DPW HOLDINGS: Adjourns Annual Meeting Until July 19
---------------------------------------------------
DPW Holdings, Inc., announced partial results and the partial
adjournment of the Company's 2019 Annual Meeting of Stockholders,
which was held at 9:00 a.m. on July 2, 2019 and, at which time, all
director nominees were elected and Proposals 2, 3 and 6, as set
forth in the Company's Definitive Proxy Statement, were approved by
stockholders.  Stockholders voted, on an advisory basis, in favor
of annual votes on executive compensation (Proposal 4).

The Company adjourned the meeting with respect to Proposal 5 (to
approve a reverse stock split of the Company's common stock by a
ratio of not less than 1-for-5 and not more than 1-for-40, with the
exact ratio to be set by the board of directors) and Proposal 7 (to
approve an amendment to its 2018 Stock Incentive Plan, which would,
among other things, increase the number of shares of the Company's
common stock that may be issued thereunder to a total of 7,000,000
shares), in each case for the limited purpose of allowing
additional time for stockholders to vote on the proposal.

While Proposal 5 exceeded 64% approval of the votes cast, approval
of more than 50% of all outstanding shares of the Company's capital
stock is necessary for the proposal to be approved.  While the
votes cast prior to adjournment strongly favored the reverse split
proposal, no more than approximately 43.1% of votes were cast;
approximately 33% of the shares remained unvoted on Proposal 5.

Proposal 7 did not require approval of more than 50% of all
outstanding shares of the Company's capital stock for the proposal
to be approved, no more than approximately 33% of the votes were
cast in favor of Proposal 7, whereas approximately 64% of those
votes were case against Proposal 7.

Based on the total votes cast prior to adjournment in the case of
Proposal 5 and the votes against in the case of Proposal 7, and in
order to simplify these proposals, the board of directors elected
to withdraw Proposals 5 and 7 and adjourn the Annual Meeting until
9:00 a.m. (Pacific Time) on July 19, 2019 for the sole purpose of
allowing additional time for stockholders to vote on Proposals 5
and 7.

"I appreciate the substantial stockholder support for Proposal 5,
as demonstrated by the affirmative vote of over 64% of the votes
cast to date on this matter," said Milton C. Ault, III, chief
executive officer of DPW.  "Over the next few weeks, we will be
reaching out to additional stockholders through various measures to
obtain additional votes on this proposal, as well as to urge
stockholders to vote for Proposal 7."

For questions or assistance, please call the firm assisting DPW
with the solicitation of proxies, Kingsdale Advisors, toll-free at
(866) 851-2638 in North America or (416) 867-2272, or email
Kingsdale Advisors at contactus@kingsdaleadvisors.com.

                         About DPW Holdings

DPW Holdings, Inc., formerly known as Digital Power Corp. --
http://www.DPWHoldings.com-- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies that hold global potential.  Through its wholly owned
subsidiaries and strategic investments, the company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles.  In
addition, the company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW Holdings'
headquarters is located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663.

DPW Holdings incurred a net loss of $32.98 million in 2018,
following a net loss of $10.89 million in 2017.  As of March 31,
2019, the Company had $54.77 million in total assets, $36.74
million in total liabilities, and $18.03 million in total
stockholders' equity.

Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DPW HOLDINGS: Sells New $1.25 Million Convertible Note to Investor
------------------------------------------------------------------
DPW Holdings, Inc. previously reported in a current report on Form
8-K filed on Jan. 24, 2019, that the Company entered into an
exchange agreement dated January, with an institutional investor
pursuant to which the Corporation issued to the Investor a secured
promissory note in the principal amount of $650,973, due and
payable on April 15, 2019.

On July 2, 2019, the Company entered into an exchange agreement
with the Investor pursuant to which, in exchange for the Original
Note, the Company sold to the Investor a new convertible promissory
note in the principal amount of $1,250,000 (subject to adjustments)
with an interest rate of 8% per annum and an maturity date of Dec.
31, 2019.  Subject to the approval by the NYSE American, the New
Note will be convertible into shares of common stock, par value
$0.001 per share, at conversion price equal to the greater of
$0.22.

The New Note will be convertible into such number of shares of
Common Stock issuable determined by dividing the principal amount
of the New Note by the Conversion Price, subject to adjustments.
The New Note contains standard and customary events of default
including, but not limited to, failure to make payments when due
under the New Note, failure to comply with certain covenants
contained in the New Note, or bankruptcy or insolvency of the
Company.

After the occurrence of any Event of Default (as defined in the New
Note) that results in the eventual acceleration of the New Note,
the interest rate on the New Note will accrue at an additional
interest rate equal to the lesser of 18.0% per annum or the maximum
rate permitted under applicable law, will be compounded daily, and
will be due and payable on the first Trading Day of each calendar
month during the continuance of such Event of Default.

The Conversion Shares were offered and sold to the Investor in
reliance upon exemption from the registration requirements under
Section 3(a)(9) under the Securities Act of 1933, as amended.

                       About DPW Holdings

DPW Holdings, Inc., formerly known as Digital Power Corp. --
http://www.DPWHoldings.com/-- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies that hold global potential.  Through its wholly owned
subsidiaries and strategic investments, the company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles.  In
addition, the company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW Holdings'
headquarters is located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663.

DPW Holdings incurred a net loss of $32.98 million in 2018,
following a net loss of $10.89 million in 2017.  As of March 31,
2019, the Company had $54.77 million in total assets, $36.74
million in total liabilities, and $18.03 million in total
stockholders' equity.

Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DPW HOLDINGS: Swaps Term Note for New $783,031 Convertible Note
---------------------------------------------------------------
DPW Holdings, Inc., entered into an exchange agreement with an
institutional investor pursuant to which, in exchange for that
certain term promissory note issued by the Company to the Investor
on Sept. 21, 2018, the Company sold to the Investor a new
convertible promissory note in the principal amount of $783,031
(subject to adjustments) with an interest rate of 12% per annum.
Subject to the approval by the NYSE American, the New Note will be
convertible into shares of common stock, par value $0.001 per
share, commencing on July 15, 2019, at conversion price equal to
the greater of (A) $0.22 or (B) 80% of the lowest daily VWAP in the
three Trading Days prior to the date of conversion.

Pursuant to a registration rights agreement by and between the
Company and the Investor, the Company shall file with the
Securities and Exchange Commission the initial registration
statement on Form S-3 under the Securities Act of 1933, as amended,
relating to the resale by the Investor of all (or such other number
as the SEC will permit) of the Conversion Shares no later than July
10, 2019.

The New Note has a maturity date of Dec. 31, 2019.  Commencing on
July 15, 2019, the New Note shall be convertible into such number
of shares of Common Stock issuable determined by dividing the
principal amount of the New Note, subject to adjustments as
provided in the Exchange Agreement and that certain side letter
agreement made of even date thereof, by the Conversion Price.  The
New Note contains standard and customary events of default
including, but not limited to, failure to make payments when due
under the New Note, failure to comply with certain covenants
contained in the New Note, or bankruptcy or insolvency of the
Company.

After the occurrence of any Event of Default that results in the
eventual acceleration of the New Note, the interest rate on the New
Note will accrue at an additional interest rate equal to the lesser
of 18.0% per annum or the maximum rate permitted under applicable
law, shall be compounded daily, and will be due and payable on the
first Trading Day of each calendar month during the continuance of
such Event of Default.

The Conversion Shares were offered and sold to the Investor in
reliance upon exemption from the registration requirements under
Section 3(a)(9) under the Securities Act of 1933, as amended.

                      About DPW Holdings

DPW Holdings, Inc., formerly known as Digital Power Corp. --
http://www.DPWHoldings.com/-- is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies that hold global potential.  Through its wholly owned
subsidiaries and strategic investments, the company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles.  In
addition, the company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW Holdings'
headquarters is located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663.

DPW Holdings incurred a net loss of $32.98 million in 2018,
following a net loss of $10.89 million in 2017.  As of March 31,
2019, the Company had $54.77 million in total assets, $36.74
million in total liabilities, and $18.03 million in total
stockholders' equity.

Marcum LLP, in New York, the Company's auditor since 2016, issued a
"going concern" qualification in its report dated April 16, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


DUNN PAPER: Moody's Affirms B2 CFR & Alters Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Dunn Paper Holdings, Inc.'s B2
Corporate Family Rating, B2-PD Probability of Default rating, the
B2 Senior Secured 1st lien term loan and Senior Secured revolving
credit facility and Caa1 Senior Secured 2nd lien term loan ratings.
The outlook was changed to negative from stable due to a very
narrow cushion under the covenants, which constrains the company's
liquidity. The negative outlook also reflects underperformance of
both the legacy business and the Ladysmith mill, which was acquired
in August 2018, due to a significant increase in pulp prices.

"Although we expect the company to benefit from lower pulp costs in
2019 and 2020, such a low cushion under the covenants and weak
liquidity leave the company vulnerable to any negative variance in
operational performance," said Anastasija Johnson, senior analyst
at Moody's.

Outlook Actions:

Issuer: Dunn Paper Holdings, Inc.

Outlook, Changed To Negative From Stable

Affirmations:

Issuer: Dunn Paper Holdings, Inc.

  Probability of Default Rating, Affirmed B2-PD

  Corporate Family Rating, Affirmed B2

  Senior Secured Revolving Credit Facility, Affirmed B2 (LGD3)

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

  Senior Secured 2nd Lien Tern Loan, Affirmed Caa1 (LGD5 from
LGD6)

RATINGS RATIONALE

The B2 credit rating reflects the company's small scale, high
leverage and exposure to volatile market pulp prices. Pro forma for
Ladysmith mill acquisition in August 2018, the company's
debt/EBITDA as adjusted by Moody's was 6.5x in the twelve months
ended March 31, 2019 and 6.1x if run rate synergies are included.
The company's performance and credit metrics are weaker than what
Moody's projected at the time of Ladysmith acquisition due to a run
up in pulp prices in 2018, however, pulp prices have started to
decline in early 2019. Moody's expects pulp prices to continue to
decline in 2019 which should support improvement in the company's
EBITDA and leverage by the end of 2019. However, recent
underperformance has resulted in a very tight cushion under the
company's leverage covenant. No headroom under the covenant and
further step downs in covenant levels have prompted the change in
outlook to negative. The company negotiated covenant relief at the
time of Ladysmith acquisition and Moody's would expect it to do so
again in the second quarter if it breaches covenant levels, or
Moody's would expect the sponsor to contribute equity to cure the
violation.

As pulp prices rose, the company has increased the use of secondary
fiber in its mill system, which will reduce its costs going forward
because secondary fiber is cheaper than virgin pulp. Nevertheless,
as a non-integrated producer, Dunn Paper continues to face risks of
volatile pulp prices as its own price increases typically lag
changes in raw materials, which compress margins in an inflationary
raw material environment. Other constraining factors for the rating
include private equity ownership and expectations that the company
will remain acquisitive given its small scale. In addition, the
company is facing potential pricing pressures and increased
competition due to larger paper producers entering the specialty
paper market amid continued secular decline in commodity printing
and writing paper grades and well as supply additions in the tissue
market. Volume weakness in machine glazed paper has also negatively
impacted performance, but the company is in the process of
introducing a new product to support growth. The credit profile
benefits from a relatively stable demand for specialty paper and
tissue products, technological advantages in waxed paper and strong
market positions in certain specialty tissue markets.

The negative outlook reflects limited headroom under the company's
financial covenants and further step downs in covenant levels and
weak liquidity. Moody's could stabilize the outlook if the company
improves its projected cushion under the covenant.

Given the small scale, there is little pressure to upgrade the
rating. Moody's could upgrade the rating if the company increases
its scale, reduces leverage below 4 times on a sustained basis,
maintains EBITDA margins at current levels and generates RCF/Debt
above 10%.

Moody's could downgrade the rating if covenant cushion remains
tight in the next two quarters, and leverage remains above 6 times
on a sustained basis, RCF/Debt declines below 5% and liquidity
deteriorates further. Moody's could also downgrade the rating if
the company pursues a large debt-financed acquisition or a dividend
recapitalization.

Moody's expects Dunn Paper to have weak liquidity supported by its
expectations of modest free cash flow in a declining pulp
environment. The company has minimal amount of cash on hand but is
projected to be free cash flow generative. Moody's expects the
company to use free cash flow to pay down debt in absence of
acquisitions. Dunn does not have any debt maturities until the
revolver expires in August 2021. The company has limited access to
the revolver because of the constraint of the leverage covenant (6
times in June 2019). The covenant steps down to 5.75x in the third
quarter on 2019 and then again in the third quarter of 2020.
Moody's expects the company to address its tight covenant levels in
case of breach. The first lien term loan amortizes at a rate of 1%
per year, but the company does not have to make any scheduled
payments until maturity as it prepaid $17 million of the term loan.
The add-on $55 million term loan to finance Ladysmith acquisition
will amortize at 1% a year. Most of the assets are encumbered by
the secured credit facilities.

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

Headquartered in Alpharetta, GA, Dunn Paper manufactures a broad
range of lightweight food packaging paper as well as absorbency and
specialty issue products. The company operates seven mills, six of
which it acquired from Clearwater Paper Corporation (five in
December 2014 and one in August 2018). The company has annual
capacity of over 270,000 tonnes of specialty paper and tissue
products. The company generated approximately $361 million of sales
for the twelve months ended March 31, 2019. The company is
privately owned (Arbor Investments acquired Dunn Paper in August
2016) and does not publicly disclose financial information.


ELITE TRANSPORTATION: July 16 Meeting Set to Form Creditors' Panel
------------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on July 16, 2019, at 12:00 p.m. in the
bankruptcy case of Elite Transportation of New Jersey Inc. dba
Elite Transport of NJ, et al.

The meeting will be held at:

         United States Trustee's Office
         Mitchell H. Cohen Courthouse
         400 Cooper Street, Room 2200
         Camden, NJ 08102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

                   About Elite Transportation

Elite Transportation of New Jersey Inc. is a New Jersey corporation
that provides transportation services.

Elite Transportation of New Jersey Inc., based in Pennsauken, NJ,
filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No.
19-21734) on June 12, 2019.  In the petition signed by Russel Cook,
president, the Debtor disclosed $1,184,791 in assets and $1,514,232
in liabilities.  The Hon. Jerrold N. Poslusny Jr. oversees the
case.  Donald A. Nogowski, Esq., at Earp Cohn, P.C., serves as
bankruptcy counsel to the Debtor.


EMAN INVESTMENTS: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Eman Investments, LLC
        706 Moss Hammock Way
        Sugar Land, TX 77479

Business Description: Eman Investments, LLC owns and operates a
                      truck stop business in Waller, Texas.

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Case No.: 19-33728

Judge: Hon. Jeffrey P. Norman

Debtor's Counsel: Jessica Lee Hoff, Esq.
                  HOFF LAW OFFICES PC
                  1322 Space Park Drive
                  Houston, TX 77058
                  Tel: 832-975-0366
                  E-mail: jhoff@hofflawoffices.com

Total Assets: $2,800,000

Total Debts: $1,940,000

The petition was signed by Ali Z. Dadwani, vice president.

The Debtor did not file a list of its 20 largest unsecured
creditors together with the petition.

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

         http://bankrupt.com/misc/txsb19-33728.pdf


FFBC OPERATIONS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Two affiliates that simulataneously filed voluntary petitions
seeking relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                         Case No.
      ------                                         --------
     FFBC Operations, LLC                            19-10869
       dba Celis Brewery
       dba Celis Brewery Inc.
     10001 Metric Blvd
     Austin, TX 78758

     FFBC Real Estate, LLC                           19-10870
     10001 Metric Blvd.
     Austin, TX 78758
   
Business Description: FFBC Operations, LLC owns Celis Brewery,
                      a craft brewery focusing on Belgian-style
                      beers.

                      FFBC Real Estate classifies its business as
                      Single Asset Real Estate (as defined in 11
                      U.S.C. Section 101(51B)).

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Western District of Texas (Austin)

Judge: Hon. Tony M. Davis

Debtors' Counsel: Eric J. Taube, Esq.
                  WALLER LANSDEN DORTCH & DAVIS, LLP
                  100 Congress Ave, Suite 1800
                  Austin, TX 78701
                  Tel: (512) 685-6400
                  Fax: (512) 685-6417
                  E-mail: eric.taube@wallerlaw.com

FFBC Operations'
Estimated Assets: $1 million to $10 million

FFBC Operations'
Estimated Liabilities: $1 million to $10 million

FFBC Real Estate's
Estimaed Assets: $1 million to $10 million

FFBC Real Estate's
Estimated Liabilities: $10 million to $50 million

The petitions were signed by Christine Celis, manager of general
partner of member.

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

        http://bankrupt.com/misc/txwb19-10869.pdf

A full-text copy of FFBC Real Estate's petition containing, among
other items, a list of the Debtor's 11 largest unsecured creditors
is available for free at:

        http://bankrupt.com/misc/txwb19-10870.pdf


GMP CAPITAL: DBRS Reviews Pfd-4(high) Preferred Shares Rating
-------------------------------------------------------------
DBRS, Inc. placed GMP Capital Inc.'s Cumulative Preferred Shares
rating of Pfd-4 (high) Under Review with Developing Implications.
The rating action follows the announcement that GMP has agreed to
sell substantially all of its capital markets business to Stifel
Financial Corp. (Stifel).

KEY RATING CONSIDERATIONS

The Under Review with Developing Implications status reflects
uncertainty surrounding the transaction, including shareholder and
regulatory approval that are still required for the transaction to
close as well as other strategic initiatives that are occurring in
tandem. While certain assets and liabilities will transfer to
Stifel with the capital markets business divestiture, the
Cumulative Preferred Shares rated by DBRS will remain with GMP.

The Company also announced that it is in discussions to acquire
100% of Richardson GMP, its wealth management joint venture in
Canada. GMP's divestiture of most of its capital markets business
to Stifel should result in excess working capital to accelerate the
wealth management growth strategy.

The GMP shareholder vote is expected to occur in August 2019 and
the Stifel transaction is expected to close in the second half of
2019 (H2 2019). DBRS expects to conclude the Under Review period in
H2 2019 upon the close of the transaction.

RATING DRIVERS

DBRS will assess GMP's pro-forma structure at the close of the
transaction, including the remaining assets and liabilities as well
as the Company's future strategic direction and management's
ability to execute on this plan. DBRS notes that Harris Fricker,
Chief Executive Officer of GMP, and other key personnel have agreed
to join Stifel.

The rating could be upgraded if GMP's pro-forma financial
post-transaction is deemed to be stronger as a result of shedding
the capital markets business, which has been highly volatile and
loss-making. The rating could be downgraded if GMP's credit
fundamentals post-transaction are deemed to be weaker or if GMP is
not able to acquire majority control of Richardson GMP, limiting
its wealth management growth strategy.


GUADALUPE REGIONAL: S&P Alters Revenue Bond Outlook to Stable
-------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'BB' long-term rating on the Joint Guadalupe
County-City of Seguin Hospital Board of Managers (doing business as
Guadalupe Regional Medical Center), Texas' series 2015 revenue
refunding and improvement bonds.

"The outlook revision reflects our view of GRMC's improved
operating performance in fiscal 2018 and through the interim
period, and our expectation that GRMC's continued focus on
minimizing physician practice losses and preventing out-migration
will lead to longer-term stability," said S&P Global Ratings credit
analyst Ashley Henry.



GUAM: Moody's Rates $30MM General Obligation Bonds 'Ba1'
--------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the
Government of Guam's $30 million General Obligation Bonds, Series
2019. The outlook is stable.

Upon issuance of the Series 2019 bonds, Fitch expects to withdraw
Guam's Ba1 issuer rating. The issuer rating was assigned to serve
as a reference rating for ratings on the revenue bonds of the
territory's enterprise authorities: the Guam Waterworks Authority
(Baa2 stable), the Guam Power Authority (Baa2 stable), the Port
Authority of Guam (Baa2 stable), and the Antonio B. Won Pat
International Airport Authority (Baa2 stable). Going forward, the
general obligation rating will serve as the reference rating for
the enterprise authorities' ratings.

RATINGS RATIONALE

The Ba1 reflects the stabilization of the government's financial
position as a result of actions taken to offset the loss of income
tax revenues triggered by federal tax cuts enacted in December
2017. It also incorporates Guam's small and concentrated economy,
significant accumulated general fund deficits and debt levels
which, while below those of other territories, are significantly
above US state medians. Generally positive economic trends and a
good economic outlook, and a favorable pension funding situation
are also reflected in the rating.

RATING OUTLOOK

The outlook for the Government of Guam is stable, reflecting the
financial discipline demonstrated by the government in recent years
and the expectation that it will continue to improve liquidity and
reduce its accumulated general fund deficit.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - A notable improvement in general fund financial performance,
including the restoration of positive fund balances without the use
of deficit financings

  - Expansion and diversification of the economy

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - A return to recurring operating deficits in the general fund
and/or a weakening of liquidity

  - A return to deficit financings

  - Increase in debt levels

LEGAL SECURITY

The general obligation bonds are secured by the full faith and
credit of the Government of Guam.

USE OF PROCEEDS

Proceeds of the Series 2019 bonds will be used to fund construction
of a new cell at the territory's Layon Landfill, part of a plan to
exit the solid waste enterprise from court receivership and
establish it as a self-supporting enterprise fund.

PROFILE

The Territory of Guam is located in the western Pacific Ocean
approximately 3,800 miles west-southwest of Honolulu, 1,550 miles
south-southeast of Tokyo, and 1,600 miles east of Manila. The land
area is 212 square miles, approximately the same size as the
District of Columbia, and the population is approximately 162,500.
The gross domestic product was $5.9 billion in 2017 and GDP per
capita was $36,055, approximately 60% of the US level.


HANNON ARMSTRONG: Fitch Rates $350MM 5.25% Unsec. Notes 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to the $350 million
5.25%, five-year unsecured notes issued jointly by HAT Holdings I
LLC and HAT Holdings II LLC, which are indirect subsidiaries of
Hannon Armstrong Sustainable Infrastructure Capital (HASI;
Long-Term Issuer Default Rating BB+/Stable). Proceeds from the
issuance will be used to repay a portion of the debt outstanding
under the credit facility to acquire or refinance eligible green
projects and for general corporate purposes. The notes are
guaranteed by HASI.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are the same as the expected rating assigned to the
unsecured notes on June 24, 2019.

KEY RATING DRIVERS

The unsecured notes' rating is equalized with HASI's IDR and its
existing unsecured debt as the new notes rank equally with the
outstanding unsecured convertible notes. The rating also reflects
the availability of an unencumbered asset pool, which suggests
average recovery prospects for debtholders under a stressed
scenario.

With this issuance, Fitch estimates that unsecured debt (at par)
has increased to approximately 36% of total debt outstanding, up
from 12% at 1Q19. Fitch views the increase favorably, as it
enhances the firm's funding flexibility, and expects the firm to be
opportunistic with regard to future issuance. Leverage has
increased modestly on a pro forma basis to 1.65x from 1.52x at
March 31, 2019.

HASI's ratings reflects its established, albeit niche, market
position within the renewable energy financing sector, experienced
management team, diversified investment portfolio, strong credit
track record and a fairly conservative underwriting culture. They
also reflect its adherence to leverage targets that are
commensurate with the risk profile of the portfolio, demonstrated
access to public equity markets, and long-term relationships with
its customers.

Rating constraints include a largely secured wholesale funding
profile that results in a high encumbered asset ratio relative to
peers, modest scale, dependence on access to the capital markets to
fund portfolio growth and a limited ability to retain capital due
to dividend distribution requirements as a REIT. Additionally,
Fitch views HASI's planned opportunistic shift of its portfolio mix
toward higher-risk mezzanine debt and common equity exposures with
caution.

The Stable Outlook reflects Fitch's expectation for broadly
consistent operating performance, the continuation of strong asset
quality trends, management of leverage in a manner consistent with
the risk profile of the portfolio, and an improvement in the
funding profile with the opportunistic issuance of additional
unsecured debt.

RATING SENSITIVITIES

The unsecured debt rating is linked to the IDR and would be
expected to move in tandem. However, a meaningful decline in the
amount of unsecured debt in the capital structure, in favor of
secured borrowings, and/or a meaningful decline in unencumbered
assets could result in the unsecured debt rating being notched down
from the IDR.

Fitch believes upward rating momentum is limited over the near term
until the credit performance of recent mezzanine debt and common
equity investment vintages can be fully assessed. Thereafter,
upward rating momentum could be driven by demonstrated franchise
resilience in an increasingly competitive environment, the
maintenance of fairly low leverage that is consistent with the risk
profile of the portfolio, enhanced liquidity, and further
improvement in funding flexibility, as demonstrated by an increase
in the proportion of unsecured funding. An upgrade would also be
contingent on the maintenance of strong credit performance by the
portfolio as a whole and consistent core operating performance.

Conversely, negative rating actions could be driven by a sustained
increase in leverage above 2.5x and/or a material shift in HASI's
risk profile, including a material increase in mezzanine debt
and/or equity investments without a commensurate decline in
leverage. A spike in non-accrual levels or write-down in equity
investments, weaker funding flexibility, including a decline in the
proportion of unsecured funding, and/or weaker core earnings
coverage of dividends would also be negative for the ratings.


HAWAIIAN AIRLINES: Fitch Affirms BB- LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings for
Hawaiian Airlines, Inc. and its parent company, Hawaiian Holdings,
Inc., at 'BB-'. The Rating Outlook is Stable.

The rating affirmation is supported by credit metrics that remain
appropriate for the 'BB-' rating despite weakening from a year ago.
Hawaiian's operating margins deteriorated over the past year due to
higher fuel prices, heavy competition, and modest increases in
non-fuel costs. Nevertheless, total adjusted debt/EBITDAR at March
31, 2019 was 2.4x, which is healthy for the rating. Leverage
decreased primarily due to new accounting disclosure around
operating leases and Fitch's decision to use a 7x multiple on
aircraft leases versus previously using an 8x multiple. These
changes led to an approximate 0.5x decrease in Fitch's calculated
adjusted debt/EBITDAR.

Fitch's primary concerns revolve around increasing competitive
capacity to the Hawaiian islands, particularly from Southwest
Airlines. Fitch anticipates that increasing capacity to the islands
will pressure yields into 2020 and will keep Hawaiian's margins
well below levels generated between 2015 and 2018. The ratings also
remain constrained by the company's geographic concentration and
its reliance on demand for travel to Hawaii from a relatively small
number of markets. The company's small size compared to its much
larger U.S. peers also remains a limiting factor.

KEY RATING DRIVERS

Credit Metrics Soften but Still Supportive of Rating: Fitch's
current forecast anticipates that leverage and profit metrics will
decline modestly in 2019 primarily due to heavier competition.
Leverage may rise above 3.5x from 2.5x at year-end 2018 before
stabilizing or declining modestly in 2020 and 2021. Hawaiian
maintains a leverage target of 1.5x-2.5x. Leverage may rise above
that target in the near term, but Fitch expects the company to work
back towards that target over the next several years. EBIT Margins
are expected to be much more modest in the coming years marking a
change from the prior few years when Hawaiian generated outsized
margins compared to its peers. Margin softness is driven by
expectations for lower yields driven by competitive capacity moving
in to the market as well as potential near-term cost pressures.

Nevertheless, Fitch projects that Hawaiian's metrics will still
compare well to similarly rated peers. American and United Airlines
had adjusted debt to EBITDAR metrics of roughly 5x and 3x,
respectively, and are both rated in the 'BB' category. Fitch would
expect Hawaiian to maintain stronger credit metrics in order to
achieve comparable ratings to its peers due to the company's
geographic concentration and relatively small size.

Competition is a Watch Item: Additional capacity that Southwest
brings to West Coast markets and to Hawaiian inter-island flying is
likely to pressure yields into 2020. Hawaiian has weathered heavy
competition in the past as when Alaska and United ramped up service
to the islands, and Fitch expects the company to manage through
this period of rising capacity without material degradation to its
credit profile. Nonetheless, Southwest is a particularly tough
competitor with a low cost structure and loyal customer base and
its presence in the market will remain a watch item over the next
1-2 years.

ANA is also increasing service, flying A380s to Honolulu from Tokyo
and Delta was recently granted a slot to fly Honolulu-Tokyo Haneda.
Additional competition in Japan puts pressure on Hawaiian's most
important international market, though the company's new JV with
Japan Airlines will be a meaningful tool to combat that pressure.

Unit Cost Trends to Improve: Hawaiian's non-fuel unit costs have
risen at above industry average rates over the past several years
and are now a key area of focus for management. Cuts to overhead,
process automation, improvements to distribution, and increased
flying on efficient A321 NEOs are elements of the company's goal to
hit $100 million in annual cost savings by 2021. Cost trends
started to improve in 2018 but may be pressured in the near term
depending on the timing of achieving a labor contract with
Hawaiian's flight attendant union. Hawaiian's execution on cost
control will be important as the company deals with competitive
pressures.

Solid Near-term Demand: Fitch believes that risks to demand for
travel to Hawaii have heightened due to macroeconomic concerns and
trade uncertainties, but near-term demand levels remain solid for
now. Per Hawaii's Department of Business, Economic Development &
Tourism, visitor arrivals to the island were up 3.6% through April
of this year, with particular strength in visitors from the U.S.
West Coast, partially due to added service from Southwest. However,
average length of stay and per visitor daily spending decreased
over this time period, representing a cautious signal. Demand for
travel to Hawaii has performed well since the last recession and
should continue to grow (barring major economic disruptions),
although Fitch's outlook has grown more cautious.

Minimal Expected FCF: Fitch expects FCF to be roughly neutral or
modestly negative in 2019 driven by lower CFFO generation based on
weaker margins. Capital spending will be lower than in 2018 but
will remain material as the company plans to take delivery of 6
A321 NEOs in 2019. FCF may improve modestly in 2020 and 2021 as
capex comes down. Hawaiian will take only one A321 NEO in 2020 with
no other deliveries scheduled until its 787-9s start to arrive in
2021. Fitch expects debt levels to remain fairly flat over the
forecast period as Hawaiian should generate sufficient CFFO to fund
most aircraft deliveries with cash if it chooses, though it may
pursue opportunistic financing options.

DERIVATION SUMMARY

Hawaiian's credit metrics are generally in line with or better than
airline peers rated in the 'BB' category. Fitch expects Hawaiian's
adjusted leverage to rise to mid to high 3x range in 2019 and 2020,
which compares with the high 4x to low 5x range at American (BB-)
and around 3x at United (BB). Hawaiian's margin profile has been
strong compared to peers dating back to 2015. Fitch expects
margin's to come down in the near term due to higher competition
but to remain in-line with competitors. Hawaiian's ratings remain
constrained by its geographic concentration in the Hawaiian market.
None of the other North American airlines in Fitch's rated universe
exhibit such a high degree of reliance on a single leisure focused
destination. Free cash flow generation is also a limiting factor.
Fitch expects Hawaiian to generate limited FCF over its forecast
period, while higher rated peers like Delta, Alaska, and Southwest
typically generate sizeable FCF, creating meaningful financial
flexibility.

KEY ASSUMPTIONS

  - Capacity growth at 3% in 2019 followed by high single digit
growth in 2020 partially driven by Hawaiians' new Japanese routes
and low to mid single digit growth thereafter;

  - Modestly declining yields in 2019 and 2020 reflecting
heightened competition followed by low growth thereafter;

  - Jet fuel prices averaging $2.20/gallon in 2019 and rising
modestly thereafter;

  - Ex-fuel CASM growth in 2019 around 3%, at the high end of
management's guidance.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Sustained adjusted debt/EBITDAR below 3.0x;

  - FFO Fixed charge coverage at or above 3x;

  - Expectations for sustained positive FCF generation;

  - EBITDAR margins sustained around or above 20%.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Adjusted debt/EBITDAR rising and remaining at or above 4x;

  - FFO Fixed charge coverage falling below 2x;

  - A notable drop in tourism to Hawaii caused by a natural
disaster or economic downturn;

  - EBITDAR margins falling and remaining below 15%.

LIQUIDITY AND DEBT STRUCTURE

Fitch considers Hawaiian's liquidity position to be supportive of
the rating given the company's manageable maturity schedule and
Fitch's projections for adequate generation of CFFO. Liquidity as
of March 31, 2019 totaled $735.8 million consisting of $268.6
million of unrestricted cash and equivalents, $232.2 million in
short-term investments and full availability under Hawaiian's $235
million secured revolver. Hawaiian renewed and extended its
revolver in December 2018 increasing the size from $225 million to
$235 million and extending the maturity to December 2022. Total
liquidity equated to roughly 27% of LTM revenue. Upcoming
maturities are manageable at $92.9 million in the last nine months
of 2019 and $30 million in 2020. Projected capex is also modest
over the next two years as scheduled aircraft deliveries will slow
down in 2019 and 2020 before Hawaiian starts to receive its new
787-9s in 2021.

Hawaiian's debt structure primarily consists of secured,
aircraft-backed debt. The company tapped the enhanced equipment
trust certificate (EETC) market in 2013, using the proceeds to fund
the purchase of six A330-200s that were delivered in 2013 and 2014.
The EETC makes up just under half of the company's outstanding on
balance sheet debt with the rest consisting of aircraft loan
agreements secured by Boeing 717s, Japanese Yen denominated
aircraft loans and capital leases on aircraft. Debt balances
increased modestly over the past year as Hawaiian financed two new
A321 NEOs with Yen denominated term loans. Roughly 15% of
Hawaiian's revenue comes from Japan, most of which is Yen
denominated, and the Yen term loans act as a natural hedge. The
loans were also advantageous from a cost standpoint, as they
feature fixed interest rates of just over 1%.

Off balance sheet debt primarily consists of aircraft rent. Fitch
capitalizes aircraft rent at 7x; a change from its prior practice
of using an 8x multiple. The change was made to more accurately
capture the average useful life of the assets. In addition, new
disclosure for operating leases allowed for a more granular
approach to lease capitalization such that variable lease expenses
for items like airport gates are not capitalized. These changes had
a combined effect of reducing Fitch's calculated adjusted
debt/EBITDAR metric by around 0.5x.

Hawaiian maintains a leverage target of 1.5x-2.5x, which they have
committed to in public calls. Fitch views management's publicly
stated commitment to this target to be a sign of conservative
management and a credit positive.


IACCARINO INC: July 24 Plan Confirmation Hearing
------------------------------------------------
The Disclosure Statement explaining the Chapter 11 Plan filed by
Iaccarino, Inc., is conditionally approved.

Any creditor or interested party may file an objection in writing
to the Disclosure Statement not later than July 3, 2019.

A combined hearing will be held before the Honorable Jean K.
FitzSimon on Wednesday,  July 24, 2019 at 12:00 noon in Courtroom
#1 Third Floor, United States Bankruptcy Court, The Madison,  400
Washington Street, Reading, Pennsylvania 19601 to consider and rule
upon the adequacy of the inform n contained 1n the Disclosure
Statement, confirmation of the Plan and to consider any other
matters which may properly come before the court at that time.

July 15, 2019 is fixed as the last day for filing and serving
written objections to confirmation of the plan.

July 19, 2019 is fixed as the last day for filing written
acceptances or rejection of the plan.

                     About Iaccarino, Inc.

Iaccarino, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Pa. Case No. 18-16655) on Oct. 4, 2018, disclosing under $1
million in assets and liabilities.  The Law Firm of Case &
DiGiamberardino, P.C., led by name partner John A. DiGiamberardino,
serves as counsel to the Debtor.


INDIGO NATURAL: Moody's Alters Outlook on B2 CFR to Positive
------------------------------------------------------------
Moody's Investors Service affirmed Indigo Natural Resources LLC's
Corporate Family Rating at B2 and its Probability of Default Rating
at B2-PD. Concurrently, Moody's affirmed the rating of Indigo's
senior unsecured notes due 2026 at B3. The outlook was changed to
positive from stable.

The positive outlook for Indigo reflects Moody's expectation of
further improvement in credit metrics through 2020 as the company
grows production while maintaining adequate liquidity and moving
toward positive free cash flow by the first half of 2020. It also
considers the potential for the company to monetize its 50%
interest in a midstream joint venture that could support debt
reduction. Tempering the outlook is the likelihood for strong
supply of natural gas to keep prices muted which pose challenges to
sustainable improvement of the credit profile.

Outlook Actions:

Issuer: Indigo Natural Resources LLC

Outlook, Changed To Positive From Stable

Affirmations:

Issuer: Indigo Natural Resources LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Unsecured Notes, Affirmed B3 (LGD5)

RATINGS RATIONALE

Indigo's B2 CFR reflects regional concentration, a natural gas
focus, and a large amount of proved undeveloped reserves offset by
modest leverage, good retained cash flow to debt, and a sound
hedging program. Indigo's successful combination of three legacy
entities during 2018 provided the company with increased production
and a large reserves base, and by extension additional financial
flexibility across the portfolio. Credit metrics will improve
through 2020 and the company will generate positive free cash flow
by the first half of 2020 as it executes on its development
program, growing production and reserves. Production benefits from
demand growth in the Gulf Coast region and relative proximity to
Henry Hub, which drives low basis differentials. Since the company
is focused on natural gas, a low price environment pose challenges
to sustainable credit improvement. Moody's believes this focus will
tend to result in lower dollar cash margins per boe than for
exploration and production companies that target oil. The company
benefits from its 50% interest in a midstream joint venture which
is a source of asset value beyond its reserves and could support
future leverage reduction if monetized.

Moody's anticipates that Indigo will maintain adequate liquidity
through mid-2020. As of March 31, 2019, the company had $77 million
of cash and $275 million drawn on its $800 million RBL revolver due
2023. In April 2019, the company increased the borrowing base to
$900 million but elected commitments of $800 million. Moody's
expects revolver usage will increase into early 2020 as the company
funds its capital outspend.

Indigo's $650 million of senior unsecured notes due 2026 are rated
B3, one notch below the CFR, reflecting effective subordination to
the company's $800 million RBL revolver due 2023. The company's
$307 million of senior unsecured PIK toggle notes due 2024 (as of
March 31, 2019) rank pari passu with the senior notes due 2026.

The low pricing environment for natural gas poses a key challenge
to sustainable improvement of the credit. Prospective factors that
could lead an upgrade include consistent positive free cash flow
while growing both production and reserves; lower leverage and
retained cash flow (RCF) to debt sustained above 30%; and a
leveraged full cycle ratio above 1.5x.

Factors that could lead to a downgrade include expectation for
declining production; higher leverage or RCF/debt below 15%;
deterioration of liquidity or cash flow outspend that is not
reduced, leading to a significant rise in debt; or higher than
anticipated borrowing for JV investments or debt-funded redemption
of preferred equity.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Indigo, headquartered in Houston, Texas, is a privately owned
independent exploration and production company focused on natural
gas production in North Louisiana, particularly in the
Haynesville/Bossier Shales. Average daily production for the twelve
months ended March 2019 was 821 MMcfe/d.


J&M MUSA PROPERTIES: Case Summary & 3 Unsecured Creditors
---------------------------------------------------------
Debtor: J&M Musa Properties, Inc.
        1915 East West Parkway, Ste 2
        Fleming Island, FL 32003

Business Description: J&M Musa Properties, Inc. owns in fee simple
                      a real property located at 1915 East West
                      Parkway, Ste. 2, Fleming Island, Florida
                      valued by the company at $1.25 million.
                      The Company previously sought bankruptcy
                      protection on Sept. 7, 2011 (Bankr. M.D.
                      Fla. Case No. 11-06634).

Chapter 11 Petition Date: July 2, 2019

Court: United States Bankruptcy Court
       Middle District of Florida (Jacksonville)

Case No.: 19-02484

Judge: Hon. Jerry A. Funk

Debtor's Counsel: Bryan K. Mickler, Esq.
                  LAW OFFICES OF MICKLER & MICKLER, LLP
                  5452 Arlington Expressway
                  Jacksonville, FL 32211
                  Tel: 904-725-0822
                  Fax: 904-725-0855
                  E-mail: court@planlaw.com

Total Assets: $1,260,431

Total Liabilities: $2,080,863

The petition was signed by Dr. Joseph Musa, director.

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

         http://bankrupt.com/misc/flmb19-02484.pdf


JB AND COMPANY: Seeks to Hire Bankruptcy Attorney
-------------------------------------------------
JB and Company Chevron, LLC, seeks approval from the U.S.
Bankruptcy Court for the District of New Mexico to hire an attorney
in connection with its Chapter 11 case.

In an application filed in court, the Debtor proposes to employ
Michael Daniels, Esq., an attorney based in Albuquerque, N.M., to
give advice regarding its duties under the Bankruptcy Code and
provide other legal services related to the case.

The attorney will charge an hourly fee of $250 for his services.

Mr. Daniels does not represent any interest adverse to the Debtor
and its bankruptcy estate, according to court filings.

Mr. Daniels maintains an office at:

     Michael K. Daniels, Esq.
     P.O. Box 1640
     Albuquerque, NM 87103
     Phone: (505) 246-9385
     Fax: (505) 246-9104
     Email: mike@mdanielslaw.com

                   About JB and Company Chevron

JB and Company Chevron, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.M. Case No. 19-11504) on June 24,
2019.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $1 million.  The
case is assigned to Judge Robert H. Jacobvitz.


KEMPLON MARINE: Unsecureds to Get 20% in 60 Monthly Installments
----------------------------------------------------------------
Kemplon Marine Inc. filed a Chapter 11 Plan and accompanying
disclosure statement.

Class 4 - General Unsecured Claims. Allowed General Unsecured Claim
in this Class shall receive a 20% Distribution on their Allowed
Claims. Such Distribution shall be paid in 60 equal monthly
installments without interest commencing Thirty (30) days after the
entry of the Confirmation Order, and continuing on the same day of
each successive month thereafter until the Twenty Percent (20%)
Distribution is paid in full.

Class 1 - CAN Secured Claim are impaired. To the extent that CAN
has an allowed secured claim, the Debtor intends to issue a
promissory note for repayment of the allowed claim amount on a
monthly basis over a period of 10 years without interest.

Class 5 - Equity interest holders. This Class consists of parties
who hold an ownership interest (i.e., equity interest) in the
Debtor. The Plan provides that the current equity interests in the
Debtor will be reinstated. In that regard, this Class is deemed to
have accepted the Plan.

Payments and Distributions under the Plan will be funded by the net
profits from the on-going operation of the Debtor’s business.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/y59j445bfrom PacerMonitor.com
at no charge.

Counsel for the Debtor Michael R. Dal Lago, Esq., at Dal Lago Law,
in Naples, Florida.

                       About Kemplon Marine

Kemplon Marine, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 19-00989) on Feb. 5, 2019, with
estimated assets of $50,001 to $100,000 and estimated liabilities
of $100,001 to $500,000.  The case has been assigned to Judge Caryl
E. Delano.  The Debtor tapped Michael R. Dal Lago, Esq., at Dal
Lago Law as its legal counsel.


KROG PARTNERS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: KROG Partners, LLC
        10930 Switzer Ave. #117
        Dallas, TX 75248

Business Description: KROG Partners, LLC provides well drilling
                      services for oil or gas field operations.

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Northern District of Texas (Dallas)

Case No.: 19-32190

Judge: Hon. Stacey G. Jernigan

Debtor's Counsel: Herman A. Lusky, Esq.
                  LUSKY & ASSOCIATES, P.C.
                  5473 Blair Rd.
                  Dallas, TX 75231
                  Tel: (972) 386-3900
                  Fax: (800) 208-6389
                  E-mail: mail@lusky.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Doviak, manager/president.

The Debtor didn't file a list of its 20 largest unsecured creditors
together with the petition.

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

        http://bankrupt.com/misc/txnb19-32190.pdf


KUNG PROPERTIES: Case Summary & 6 Unsecured Creditors
-----------------------------------------------------
Debtor: Kung Properties, LLC
        12335 Kingsride Ln 403
        Houston, TX 77024

Business Description: Kung Properties LLC is engaged in renting
                      and leasing real estate properties.

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Case No.: 19-33739

Judge: Hon. Eduardo V. Rodriguez

Debtor's Counsel: Jessica Lee Hoff, Esq.
                  HOFF LAW OFFICES, P.C.
                  1322 Space Park Drive
                  Houston, TX 77058
                  Tel: 832-975-0366
                  E-mail: jhoff@hofflawoffices.com

Total Assets: $3,165,000

Total Debts: $2,084,570

The petition was signed by Dacia Ann Kung, managing member.

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

           http://bankrupt.com/misc/txsb19-33739.pdf


MACK-CALI REALTY: Fitch Alters Outlook on BB IDR to Negative
------------------------------------------------------------
Fitch Ratings revised Mack-Cali Realty Corporation's outlook to
negative and affirms the Issuer Default Rating at BB.

Mack-Cali Realty's Issuer Default Rating reflects the company's
high leverage, weak liquidity coverage, aggressive development
program, limited unsecured debt and equity capital access and
moderate complexity from joint venture investments, which also
limits the company's strategic and operational control and lower
financial reporting transparency. The Negative Rating Outlook is
based on Fitch's concern of increasing leverage due to lower
lease-up in CLI's Jersey City waterfront office portfolio than
Fitch had envisioned. Successful stabilization of the rating would
be predicated on more tangible evidence in the lease-up of the
company's Jersey City waterfront office portfolio, which should
lead to lower leverage. CLI finalized the sale of remaining Flex
portfolio assets in second-quarter 2019 and plans to use proceeds,
combined with other dispositions to repay the select term loan
borrowing.

KEY RATING DRIVERS

Speculative Grade Credit Metrics: Fitch expects Mack-Cali's
leverage will remain elevated in the mid to high 9.0x range during
the next two years, which is suitable for a mid-to-low 'BB'
category rated REIT with Mack-Cali's asset profile. A sharp
reduction of the occupancy in the company's office portfolio that
began 2018 due to tenant move outs has not been yet successfully
back-filled, as well as debt funded developments have contributed
to the marked step-up in CLI's near-term leverage. Future
delivering is contingent upon incremental NOI from multifamily
development stabilization, debt repayment from net asset sales
proceeds and leasing success in its Jersey City waterfront office
portfolio.

Over the longer term, Fitch expects CLI to adopt financial policies
that are consistent with a low investment-grade rating, including
leverage sustaining in the mid-to-high 6x range. The company has
publicly discussed a plan delever going forward with the proceeds
from flex office sales and other dispositions; however, this has
been stifled in the nearer term due to the slower than expected
lease-up of the Jersey City office portfolio. Public equity
issuance as another possible avenue for future deleveraging,
assuming successful execution of the company's turnaround plan
narrows the net asset value (NAV) discount for its shares.

Concentrated Portfolio in Secondary Markets: CLI owns a
concentrated portfolio of primarily New Jersey office assets. Fitch
views New Jersey as a secondary office market, with weaker
institutional lender and investor interest than core, 24-hour
gateway CBD office markets, such as New York, Washington, D.C.,
Boston, Chicago and San Francisco. New Jersey office fundamentals
will remain a headwind given the state's inhospitable business
climate that includes high labor and living costs, as well as
regulatory and tax burdens.

New Jersey employment growth has been weak during the past decade,
partly due to telecom and pharma industry consolidation, which has
led to job eliminations and relocations out of state. Positively,
CLI has mostly completed its extensive portfolio repositioning
towards the stronger New Jersey office submarkets, such as the
Jersey City Waterfront, Metro Park and Short Hills. These markets
generally have above-average occupancies and rental rates for Class
A New Jersy office space and mass transit access.

The company's growing multifamily portfolio offers better growth
and liquidity prospects, albeit while elevating development risk.

Aggressive Development Posture: CLI has maintained an aggressive
development program, despite the recent jump in leverage due to
tenant losses and some reduction in planned starts during the next
two years. CLI's frequent use of secured construction loans and
joint venture (JV) equity are risk mitigants relative to its
higher-rated REIT peers that primarily fund developments with the
corporate balance sheet, including through revolver borrowings.

The company's multifamily development focus also lowers the risk
profile relative to office given the availability of competitively
priced GSE capital to permanently refinance construction loans.
Multifamily development is inherently speculative given the
inability to pre-lease; however, its basic need (e.g. shelter)
aspect and ability to re-price quickly given the short term nature
of the leases can help balance development risk.

In the longer term, Fitch views the growing share of residential
NOI as a positive for CLI's credit profile given better inherent
fundamentals than the New Jersey office segment. Multifamily assets
generally have more stable occupancy rates and better rent growth
potential relative to New Jersey office assets and they are less
capital intensive.

Elevated Rental Risk Profile: Challenging New Jersey market
fundamentals, combined with office portfolio market and asset level
concentrations and CLI's growing exposure to shorter lease duration
multifamily assets are key factors contributing to a higher rental
income risk profile for CLI, which will likely result in greater
relative cash flow volatility through the cycle.

Fitch estimates that CLI's six Jersey City Waterfront office assets
comprise roughly one third of the company's operating portfolio
value. Several large, known tenant move outs upon lease expiration
within CLI's Jersey City office portfolio during 2017 and 2018
caused a sharp decline of 10.7% in the company's office portfolio
SSNOI in 2018. Continued softness in backfilling this space results
in the expectation of negative mid-single SSNOI decreases in the
office portfolio for 2019.

Weak Relative Capital Access: CLI has increasingly relied on
secured mortgage debt, unsecured bank term loans, joint venture and
redeemable preferred equity and asset sales proceeds to fund
refinancing its maturing obligations and new investments, in the
context of limited access to attractively priced public equity and
debt capital. Unsecured bank term loans comprised 22% of the
company's debt capital stack at March. 31, 2019, in comparison with
24% and 15% at the end of 2017 and 2016, respectively. The
percentage comprised of unsecured bonds remained relatively stable
in the last year, increasing to 21% from 20% at YE 2017 and down
from 35% at YE 2016.

CLI has only two remaining unsecured public bond issuances
outstanding, which include its $300 million 4.5% senior unsecured
notes due April 2022 and its $275 million 3.125% senior unsecured
notes due May 2023. In its 2017 Form 10K filed with the SEC, CLI
disclosed it is considering the redemption or purchase of its
senior unsecured notes in public tender offers or
privately-negotiated transactions and the issuance of additional,
or exchange of current, unsecured debt of the Operating Partnership
or common and preferred stock of the General Partner, among other
capital raising options.

JVs Add Complexity, Reduce Flexibility: CLI's joint venture
activity and redeemable preferred equity issuance have increased
the company's complexity by decreasing its reporting transparency
and creating contingent liabilities. CLI has increasingly relied on
joint venture equity capital to fund new investments, in the
context of the common stock trading at an approximate 14% discount
to NAV.

In first-quarter 2017, the company secured a $300 million
investment commitment from Rockpoint Group, LLC in its multifamily
Roseland Residential LP (RRLP) subsidiary. The initial $150 million
closed in March 2017 with CLI subsequently taking down the
remaining $150 million commitment.

The investment agreement for this consolidated JV limits RRLP's
flexibility to raise capital through taxable property sales,
although it may engage in tax-deferred like-kind exchanges of
properties or it may proceed in another manner designed to avoid
the recognition of gains for tax purposes.

Beginning March 1, 2022, RRT and/or Rockpoint may cause RRT to
redeem (a put/call event) all, but not less than all, of
Rockpoint's interest in the Rockpoint Units based on a net asset
value of RRLP to be determined by a third party valuation. On a
put/call event, other than the sale of RRLP, Rockpoint can either
demand payment in cash or may elect to convert all, but not less
than all, of its investment to common equity in RRLP. Because the
Rockpoint Units contain a substantive redemption feature that is
outside of the CLI's control, it is classified as mezzanine equity
measured based on the estimated future redemption value as of $327
million at March 31, 2019.

CLI also has two series of redeemable preferred limited partnership
units of its operating partnership related to the acquisition of
its partner's interests in two Jersey City, New Jersey development
sites. The holders can elect cash redemption at the stated $1,000
per unit value ($52 million) after five years from issuance
(approximately February 2022). Fitch includes these obligations in
its CLI REIT leverage calculation.

CLI had approximately $213 million of equity method investments as
of March 31, 2019, with ownership stakes ranging from 20% to 85%.
The company has agreed to guarantee up to $36 million of JV related
debt, of which the balance outstanding was $25 million at March 31,
2019.

Low Liquidity Coverage: CLI's sources of liquidity fall short of
uses by approximately $400 million resulting in 0.7x liquidity
coverage under Fitch's liquidity analysis for the period from April
1, 2019 to Dec. 31, 2020. The company's liquidity coverage improves
to 1.3x assuming it refinances 80% of its secured mortgage
maturities through 2019. The company plans to reduce its line
balance with the proceeds from anticipated asset sales this year.

The size and quality of CLI's unencumbered asset pool has arguably
decreased during the last 2-3 years. The majority of properties CLI
has sold in recent years were unencumbered, including some of the
portfolio's better quality assets located in non-core markets,
including its Manhattan and two Washington, D.C. properties. The
company has acquired new unencumbered assets in core markets, such
as Metropark and Hoboken, New Jersey. CLI's secured debt as a
percent of total debt increased to 57% at March 31, 2019 from 50%
at the end of 2017 and 38% at the end of 2016. Fitch estimates the
company's unencumbered assets cover its net unsecured debt (UA/UD)
by 1.7x based on a direct capitalization approach of unencumbered
NOI using a stressed 9.0% capitalization rate. Fitch usually views
2.0x UA/UD coverage as the standard threshold for investment-grade
REITs.

DERIVATION SUMMARY

CLI owns a concentrated portfolio, primarily consisting of metro
and suburban New Jersey office assets and, to a lesser extent,
multifamily properties. The company's portfolio markets have more
challenging office market demand fundamentals and lower supply
barriers than higher rated peers SL Green (BBB/Stable) and Vornado
(BBB/Stable). The company's operating strategy also entails
elevated development risk exposure, which is partially offset by
related residential property portfolio with better growth and
liquidity elements. CLI has not publicly committed to financial
policy targets, with current metrics consistent with high
speculative-grade REITs. The company has weaker access to unsecured
debt and equity capital, notwithstanding its prior long tenure as a
regular public unsecured bond issuer.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Low/mid-single-digit total occupancy declines in 2019 due to
lag in back filling tenant move outs on the Waterfront followed by
low/mid-single-digit occupancy gains from 2020-2022;

  -- Low double-digit increases in blended GAAP leasing spreads in
2019-2022;

  -- Development spend of approximately $250 million-$300 million
in 2019-2022 with anticipated delivery volumes of approximately
$150 million, $100 million, $125 million and $125 million and
yields in the 6.0% range;

  -- Dispositions of approximately $650 million in 2019 and $100
million-$50 million from 2020-2022 with proceeds going to partially
pay down unsecured notes and term loan debt.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - More tangible evidence of positive momentum in the lease-up of
the Jersey City Waterfront office portfolio that should lead to
lower leverage;

  - Leverage sustaining below-8.0x;

  - Stronger access to public equity and non-bank unsecured debt
capital;

  - More conservative development policies;

  - Fixed Charge Coverage (FCC) sustaining above 2.25x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Lack of progress in lease-up of the Jersey City Waterfront
office portfolio;

  - Leverage (net debt/ recurring operating EBITDA) sustaining
above 10.0x, including higher leverage in the office portfolio;

  - A sustained liquidity shortfall;

  - UA/UD sustaining below 1.5x;

  - FCC sustaining below 1.75x.

LIQUIDITY AND DEBT STRUCTURE

Low Liquidity Coverage: CLI's sources of liquidity fall short of
uses by approximately $400 million resulting in 0.7x liquidity
coverage under Fitch's liquidity analysis for the period from April
1, 2019 to Dec. 31, 2020. The company's liquidity coverage improves
to 1.3x assuming it refinances 80% of its secured mortgage
maturities through 2020. As of March 31, 2019, the company had $5
million outstanding on the revolver, bringing line utilization
close to 0%, down from $117 million as of Dec. 31, 2018.

The size and quality of CLI's unencumbered asset pool has arguably
decreased during the last 2-3 years. The majority of properties CLI
sold during 2016 were unencumbered properties that had encompassed
some of the portfolio's better quality assets located in non-core
markets, including its Manhattan and two Washington, D.C.
properties. The company has acquired new unencumbered assets in
core markets, such as Metropark and Hoboken, New Jersey. CLI's
secured debt as a percent of total debt increased to 57% at March
31, 2019 from 50% at the end of 2017 and 38% at the end of 2016.
Fitch estimates the company's unencumbered assets cover its net
unsecured debt (UA/UD) by 1.8x based on a direct capitalization
approach of unencumbered NOI using a stressed 8.5% capitalization
rate. Fitch usually views 2.0x UA/UD coverage as the standard
threshold for investment-grade REITs

CLI's adjusted funds from operations (AFFO) payout was 71.0% as of
March 31, 2019, which is relatively in-line with the public equity
REIT sector average of approximately 74%. Fitch estimates that the
company was able to retain an estimated $105 million in the past
year, excluding the effects of payments to non-controlling
interests.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- EBITDA excludes non-cash stock compensation;

  -- EBITDA includes recurring cash distributions from
unconsolidated JVs;

  -- Fitch has included CLI's Series A and A1 redeemable preferred
in CLI's debt quantum to calculate leverage.


MARCO GENERAL: Seeks Court Approval to Hire Accountant
------------------------------------------------------
Marco General Construction, Inc., seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire an
accountant.

The Debtor proposes to employ Jennifer Liu, an accountant based in
Beverly Hills, Calif., to prepare its monthly operating reports.
She will be paid an hourly fee of $250.

Ms. Liu disclosed in court filings that she is "disinterested" as
defined in Section 101(14) of the Bankruptcy Code.

Ms. Liu maintains an office at:

     Jennifer M. Liu
     9454 Wilshire Blvd., Suite 628
     Beverly Hills, CA 90212
     Tel: (310) 81-2479

               About Marco General Construction Inc.

Marco General Construction, Inc. sought protection under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-14758) on
April 25, 2019.  At the time of the filing, the Debtor estimated
assets of less than $100,000 and liabilities of less than $1
million.  The case is assigned to Judge Sheri Bluebond.  The Debtor
is represented by the Law Offices of Michael Jay Berger.


MATTRESS PAL: Committee Taps Akerman as Local Counsel
-----------------------------------------------------
The official committee of unsecured creditors of Mattress Pal
Holding, LLC received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Akerman LLP as local
counsel.

The services to be provided by the firm include an investigation of
the Debtor's financial condition and business operation;
negotiations with creditors; analysis of the Debtor's capital
structure and claims of creditors; and the preparation of a
bankruptcy plan.

The firm's hourly rates are:

     Jules Cohen               $720
     Esther McKean             $475
     Legal Assistants      $175 - $275
     Paralegals            $175 - $275

Akerman has agreed that its blended hourly rate for all timekeepers
will be $350 per hour.

Esther McKean, Esq., a partner at Akerman, disclosed in court
filings that the firm's attorneys are "disinterested" as defined in
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Jules S. Cohen, Esq.
     Esther A. McKean, Esq.
     Akerman LLP
     420 South Orange Avenue, Suite 1200
     Orlando,FL 32801
     Tel: +1 407 423 4000 / +1 407 419 8583
     Fax: +1 407 843 6610
     Email: jules.cohen@akerman.com
            esther.mckean@akerman.com

                  About Mattress Pal Holding

Mattress Pal Holding, LLC, is a Florida limited liability company
that operates retail stores that sell mattresses and related
products.  

Mattress Pal Holding sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-02247) on April 7,
2019.  At the time of the filing, the Debtor estimated assets and
liabilities of between $1 million and $10 million.  The case is
assigned to Judge Cynthia C. Jackson.  The Debtor is represented by
Andrew Kamensky, Esq., at Navarro McKown.

The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on May 29, 2019.


MATTRESS PAL: Committee Taps Kelley Drye as Legal Counsel
---------------------------------------------------------
The official committee of unsecured creditors of Mattress Pal
Holding, LLC received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Kelley Drye & Warren LLP as
its legal counsel.

The firm will provide services to the committee in connection with
the Debtor's Chapter 11 case, which include legal advice regarding
its rights, powers and duties under the Bankruptcy Code;
negotiations regarding an exit strategy or plan of reorganization;
consultations with the Debtor; and legal advice regarding asset
sale and financing.

Kelley Drye's hourly rates are:

     Partners                       $760 - $925
     Associates/Special Counsel     $415 - $760
     Paraprofessionals              $275 - $290

Kelley Drye is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Jason R. Adams, Esq.
     Maeghan McLoughlin
     Kelley Drye & Warren LLP
     101 Park Avenue
     New York, NY 10178
     Direct: (212) 808-7911
     Fax: (212) 808-7897
     Email: jadams@kelleydrye.com
            mmcloughlin@kelleydrye.com

                    About Mattress Pal Holding

Mattress Pal Holding, LLC, is a Florida limited liability company
that operates retail stores that sell mattresses and related
products.  

Mattress Pal Holding sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-02247) on April 7,
2019.  At the time of the filing, the Debtor estimated assets and
liabilities of between $1 million and $10 million.  The case is
assigned to Judge Cynthia C. Jackson.  The Debtor is represented by
Andrew Kamensky, Esq., at Navarro McKown.  

The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on May 29, 2019.


MATTRESS PAL: Committee Taps Province Inc. as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors of Mattress Pal
Holding, LLC, received approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Province, Inc. as its
financial advisor.

The firm will provide services in connection with the Debtor's
Chapter 11 case, which include negotiations with the Debtor; an
analysis of its business plan and financial reports; assessment of
its proposed treatment of claims; and analysis of strategic
alternatives available to the Debtor including a plan of
reorganization or liquidation and a sale of its assets.  

The firm's hourly rates are:

     Principal                $800 - $935
     Managing Director        $660 - $720
     Senior Director          $580 - $640
     Director                 $500 - $570
     Senior Associate         $400 - $490
     Associate                $350 - $400
     Analyst                  $230 - $350
     Paraprofessional             $175

Province does not hold an adverse interest that would disqualify
the firm from being employed by the committee, according to court
filings.

The firm can be reached through:

     Carol Cabello
     Province, Inc.
     2360 Corporate Circle, Suite 330
     Henderson, NV 89074
     Email: ccabello@provincefirm.com

                  About Mattress Pal Holding

Mattress Pal Holding, LLC, is a Florida limited liability company
that operates retail stores that sell mattresses and related
products.  Mattress Pal Holding sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-02247) on
April 7, 2019.  At the time of the filing, the Debtor estimated
assets and liabilities of between $1 million and $10 million.

The case has been assigned to Judge Cynthia C. Jackson.  The Debtor
is represented by Andrew Kamensky, Esq., at Navarro McKown.

The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on May 29, 2019.


MILLERS LANE CENTER: Case Summary & 3 Unsecured Creditors
---------------------------------------------------------
Debtor: Millers Lane Center, LLC
        2501 Millers Lane
        Louisville, KY 40216

Business Description: Millers Lane Center LLC is a privately held
                      company in the general rental centers
                      industry.

Chapter 11 Petition Date: July 2, 2019

Court: United States Bankruptcy Court
       Western District of Kentucky (Louisville)

Case No.: 19-32095

Judge: Hon. Joan A. Lloyd

Debtor's Counsel: Charity S. Bird, Esq.
                  KAPLAN JOHNSON ABATE & BIRD LLP
                  710 West Main Street, 4th Floor
                  Louisville, KY 40202
                  Tel: 502-540-8285
                  Fax: 502-540-8282
                  E-mail: cbird@kaplanjohnsonlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Mark S. Brewer, managing member.

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

         http://bankrupt.com/misc/kywb19-32095.pdf


MISION DIVINA: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Mision Divina
           aka Iglesia Mision Divina
           aka Ministerio Mision Divina
        36 Sam Perl Blvd.
        Brownsville, TX 78520

Business Description: Mision Divina owns a real property in
                      Brownsville, Texas having an appraised value
                      of $1.25 million.  The Company also owns a
                      commercial storage rental property valued by

                      the Company at $279,205.

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       Southern District of Texas (Brownsville)

Case No.: 19-10273

Judge: Hon. Eduardo V. Rodriguez

Debtor's Counsel: Christopher Lee Phillippe, Esq.
                  LAW OFFICES OF PHILLIPPE & ASSOCIATES, P.C.
                  104 North Expressway
                  Brownsville, TX 78521
                  Tel: 956-544-6096
                  Fax: 956-982-1921
                  E-mail: clphillippe@cameroncountylawyer.com

Total Assets: $1,588,805

Total Liabilities: $871,888

The petition was signed by Genovevo Izaguirre, president.

The Debtor filed an empty list of its 20 largest unsecured
creditors.

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

          http://bankrupt.com/misc/txsb19-10273.pdf


MONITRONICS INT'L: Moody's Cuts PDR to D-PD Amid Chapter 11 Filing
------------------------------------------------------------------
Moody's Investors Service downgraded Monitronics International,
Inc.'s Probability of Default Rating to D-PD, from Ca-PD/LD due to
the company's June 30, 2019 announcement that it was filing for
protection under Chapter 11 of the US Bankruptcy Code. Moody's
affirmed all of Monitronics' other ratings, including the Ca
Corporate Family Rating, Caa3 senior secured bank credit facility,
and C senior unsecured notes ratings. The outlook has been changed
to stable, from negative.

Shortly following these rating actions, Moody's will withdraw all
of Monitronics' ratings.

Downgrades:

Issuer: Monitronics International, Inc.

  Probability of Default Ratings, Downgraded to D-PD from Ca-PD/LD

Outlook Actions:

Issuer: Monitronics Internatonal, Inc.

  Outlook, Changed to stable, from negative

Affirmations:

Issuer: Monitronics International, Inc.

  Corporate Family Ratings, Affirmed Ca
  Senior secured bank credit facility, Affirmed Caa3 (LGD3)
  Senior unsecured notes ratings, Affirmed C (LGD5)
  Speculative Grade Liquidity Rating, Affirmed SGL-4

RATINGS RATIONALE

The downgrade of the PDR to D-PD from Ca-PD/LD reflects
Monitronics' bankruptcy filing on June 30, 2019. The Ca CFR, Caa3
senior secured bank credit facility, and C senior unsecured notes
rating reflect Moody's view on recovery.

Monitronics' is looking to reduce its heavy debt burden and return
to a more sustainable capital structure through the restructuring
process. The company has entered a restructuring support agreement
(RSA) with the majority of the company's term loan and senior
unsecured noteholders whereby the company will eliminate
approximately $885 million in debt and emerge from Chapter 11
bankruptcy in August 2019. A third-party investor, KKR, has
committed to provide $245 million of debtor-in-possession (DIP)
financing to support the company's operations during the
reorganization that will be converted into a $295 million exit
facility at the completion of the bankruptcy process.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Monitronics International, Inc. provides alarm monitoring services
to more than 900,000, mainly residential customers in the U.S. and
Canada. Monitronics is owned by publicly traded Ascent (ticker:
ASCMA), which has no meaningful assets other than Monitronics.


MONTE IDILIO: Case Summary & 3 Unsecured Creditors
--------------------------------------------------
Debtor: Monte Idilio Inc.
           aka Motel Destiny
           aka Motel Monte Idilio
        PO Box 10
        Hormigueros, PR 00660

Business Description: Monte Idilio Inc. is the 100% owner of
                      Motel Destiny, a 59-room motel located in
                      Arecibo, Puerto Rico.  The property is
                      valued by the Company at $1.3 million.

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Case No.: 19-03828

Judge: Hon. Edward A. Godoy

Debtor's Counsel: Damaris Quinones Vargas, Esq.
                  BUFETE QUINONES VARGAS & ASOC
                  PO Box 429
                  Cabo Rojo, PR 00623
                  Tel: 787-851-7866
                  Fax: 787-851-1717
                  E-mail: damarisqv@bufetequinones.com

                    - and -

                  Jose F. Cardona, Esq.
                  JOSE F. CARDONA
                  PO Box 9023593
                  San Juan, PR 00902-3593
                  Tel: (787) 724-1303
                  E-mail: jf@cardonalaw.com

Total Assets: $1,300,000

Total Liabilities: $2,777,793

The petition was signed by Wilmer Tacoronte Negron, administrator.

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

              http://bankrupt.com/misc/prb19-03828.pdf


MOUNT JOY BAPTIST: Seeks to Hire TD Emory as Accountant
-------------------------------------------------------
Mount Joy Baptist Church of Washington, D.C., seeks approval from
the U.S. Bankruptcy Court for the District of Maryland to hire TD
Emory, CPA & Associates as its accountant.

The services to be provided by the firm include the preparation and
filing of tax returns and monthly operating reports, and general
accounting services.

Troy Emory and Rashid Ansari, the firm's accountants, charge $250
per hour and $200 per hour, respectively.  The retainer fee is
$2,500.   

TD Emory is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Troy Emory
     TD Emory, CPA & Associates
     6301 Ivy Lane, Suite 109
     Greenbelt, MD 20770
     Tel: 301-474-1040
     Fax: 202-318-1143
     Email: clientservices@tdecpa.com

                 About Mount Joy Baptist Church

Mount Joy Baptist Church of Washington, D.C., a baptist church in
Oxon Hill, Md., filed a Chapter 11 petition (Bankr. D.Md. Case No.
19-11707) on Feb. 8, 2019.  In the petition signed by Rev. Bruce
Mitchell, pastor and chief executive officer, the Debtor estimated
$1 million to $10 million in both assets and liabilities.  Craig M.
Palik, Esq., at McNamee Hosea Jernigan Kim Greenan & Lynch, P.A.,
serves as bankruptcy counsel.


NATIONAL NETWORK: Unsecureds to Get 25% in Quarterly Installments
-----------------------------------------------------------------
National Network Communications, Inc., filed a Chapter 11 plan and
accompanying disclosure statement.

Class 3 General Unsecured Class are impaired. The Debtor believes
that Allowed General Unsecured Claims total $868,424.10. The Debtor
proposes to satisfy this class by paying each Allowed General
Unsecured Claim 25% of its claim. Said payments shall be made in
equal quarterly installments of $5,427.65, over ten years, with the
first quarterly installment due on July 1, 2024 and the final
quarterly installment due on April 1, 2034.

Class 1 A Secured claim of Select Bank & Trust are impaired. Select
shall retain a lien in the amount of $13,363.13 until said amount,
with interest is paid in full as proposed hereunder. Upon
Confirmation of this Plan, the Debtor's obligation for payment of
the lien claim held by Select shall be deemed current and all
arrearages cured.

Class 4 Debtor's interest in property of the Estate are impaired.
Title to and ownership of all property of the estate will vest in
the Debtor upon Confirmation of the Plan, subject to all valid
liens of Secured Creditors under the Confirmed Plan. Liens of
bifurcated Claims will be valid only to the extent of the Allowed
Secured Amount of the Claim.

The Debtor expects to receive gross monthly receipts in the amount
of $68,195.00. This amount reflects a net loss of approximately
$5,100.00 per month due to a cancelled contract. The Debtor does
not expect to replace this income going forward. The Debtors
average business expenses since filing have been $61,337.41. This
amount includes the secured Class 1B payment to the IRS herein as
well as the payment of $706.62 to Select Bank for the debt included
in Class IA. The Debtor will further reduce monthly Expenses.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/yyod4k9zfrom PacerMonitor.com
at no charge.

Based in Princeton, North Carolina, National Network
Communications, Inc., a privately held company that owns and
operates an electronics and appliance store, filed a voluntary
Chapter 11 petition (Bankr. E.D.N.C. Case No. 19-00680) on February
15, 2019.

The Debtor's counsel is Danny Bradford, Esq., in Cary, North
Carolina.

At the time of filing, the Debtor had total assets of $199,269 and
total liabilities of $2,551,218.

The petition was signed by Stanley C. Chestnut, president.


NAVITAS MIDSTREAM: Fitch Affirms 'B' IDR & Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed Navitas Midstream Midland Basin, LLC's
Long-Term Issuer Default Rating (IDR) at 'B' and Navitas' Super
Senior Secured Revolver at 'BB'/'RR1.' Additionally, Fitch has
downgraded Navitas' Senior Secured Term Loan to 'BB-'/'RR2' from
'BB'/'RR1', reflective of lower expected recovery in the case of
default, due in part to some Fitch assumptions around lower volumes
and commodity prices potentially weighing on profitability, as well
as the increase in revolver size and incremental term loan
offerings that boosted the gross amount of debt outstanding for
Navitas. The Rating Outlook has been revised to Negative from
Stable.

Navitas' Rating Outlook has been changed to Negative from Stable.
The change in outlook reflects a near-term expectation that 2019
leverage will be well above Fitch's prior negative sensitivity of
6.0x, but reflects a belief that the higher than expected leverage
is largely driven by non-recurring operational issues experienced
at the end of 2018 and into the first half of 2019. Volume growth
has been largely been consistent with prior expectations, but
profitability has been negatively affected by increased costs
associated with offloading gas to other midstream service
providers. Fitch believes that this cost inflation is only
temporary and should improve now that 400MMcf/d of capacity is
either back online or new capacity has been placed into service.
The Outlook change, however, reflects the potential that weaker
commodity prices and capital rationalization by producers could
weigh on volume growth in the next 12 to 18 months and keep
leverage elevated above 6.0x on a sustained basis for 2020. Fitch
would seek to resolve the Outlook based on volume and EBITDA
performance over the next several quarters to make sure leverage is
trending toward and below 6.0x on an annualized basis. The term
loan downgrade reflects lower than expected recovery in a default
scenario, driven in part by the gross increase to term loan
borrowings and revolver capacity.

KEY RATING DRIVERS

Limited Size and Scale: Navitas' size and scale is limited and
generally consistent with a 'B' range Issuer Default Rating. The
lack of operational and geographic diversity and EBITDA of below
$100 million, though growing, in Fitch's view subject Navitas to
outsized event risk and capital market access risks should there be
a slowdown in or longer-term disruption of Midland Basin area
production. Fitch believes this limited size and scale to be offset
in part by Navitas' operational focus within the Midland region of
the Permian basin, which is expected to continue to see significant
production growth in the near to intermediate term. Fitch expects
Midland region production from Navitas' customers to continue to
grow in the near to intermediate term and that Navitas will be a
beneficiary of this growth.

Increased Gross Debt: Navitas increased its gross borrowing through
the issuance of its Term Loan B-2 and an increase of its Super
Priority Revolving credit facility. Proceeds from these borrowings
are expected to go toward general corporate purposes and
expansionary capital spending. Near term, the increased borrowings
help alleviate funding needs and provide liquidity to fund
continued growth, including increased processing capacity needed
sooner than previously expected to support volume growth. Navitas'
sponsor and owners continue to show support, contributing
significant additional equity to Navitas. The debt offerings are in
part designed to maintain debt to total capitalization metrics
consistent with historical 35% measure.

Volumes Continue to Ramp/Sensitivity Remains: Volume growth on
Navitas' system remains healthy, with wellhead volumes currently
exceeding 400 MMcf/d. Navitas currently has an active core customer
base across its dedicated acreage with 32 rigs drilling on acreage
dedicated to Navitas and roughly 161 wells connected year-to-date.
Fitch anticipates volumes to remain growing, though an increased
focus on capital discipline and recent commodity price weakness,
and continued basis differential weakness could negatively affect
near-term production growth.

Competitive Risks: Navitas is located in and around a significant
amount of competing existing infrastructure, which could provide a
significant amount of competition on new opportunities within
Navitas' operating region. The G&P space is and has recently been a
very competitive space with low barriers to entry. Offsetting the
competitive risks is an increase in acres dedicated by producer
counterparties to Navitas' operations. Navitas' dedicated acreage
has increased roughly 24% since November 2017.

Modest Commodity Price Exposure: Navitas' contracts are largely
fee-based; however, a portion of its evergreen and legacy contracts
(for existing production) are structured as percent of proceeds
(POP) contracts where Navitas will hold commodity price exposure.
Additionally, several of Navitas' long-term fee-based contracts
have a floor price, which allows Navitas to retain some upside.
Navitas charges a minimum fee to allow it to generate a minimum
margin amount and retain some of the upside from commodity prices.
Navitas' profitability could be negatively affected if commodity
prices fall below these levels.

Operational Issues: Navitas has experienced some operational issues
associated with a fire at its Newberry Plant's Train 1 (60 MMcf/d
of capacity). In December 2018, Navitas experienced a fire at its
Newberry Plant, and as a result, Navitas has been offloading gas
volumes to competitors in the region. Service to Train 2 at
Newberry (200 MMcf/d) was restored in March 2019, and the Navitas
Taylor Plant (200 MMcf/d) came on line June 1st. This has helped
alleviate Navitas' need to offload a large portion of its volumes
to other midstream service providers and is expected to drive costs
lower and increase gross margin for the growing wellhead volumes
that Navitas is receiving. Additionally, Navitas has added larger
slug catching capability, which is expected to ensure smoother
plant operations.

DERIVATION SUMMARY

Navitas' ratings are limited by the size and scale of its system
and the high initial leverage on the growing gathering and
processing system. With Fitch-expected EBITDA under $100 million on
a last twelve month basis through 2020 and its single-basin focus,
Navitas' credit profile and rating reflect its high leverage,
counterparty credit risk and lack of diversity. Generally, Fitch
views small scale, single basin focused midstream service providers
as being consistent with 'B' category Issuer Default Ratings.

Navitas' leverage metrics remain high, similar to other Permian
focused gas gathering and processing peers, which are all expected
to delever as production in the basin continues to grow. Navitas'
volume growth has been consistent with Fitch's prior expectations;
however, some operational issues have led to continued elevated
leverage expected near term (2019). Fitch expects leverage to
moderate to roughly 5.5x to 6.0 in 2020 as the effects of the plant
fire are behind it, and long haul capacity takeaway for gas comes
online and improves basis differentials.

Navitas' operations are smaller than EagleClaw's (BCP Raptor I;
B+/Negative Outlook) currently, and following expected growth
through 2020, will have lower cash flow and processing capacity.
Leverage between the two entities is similarly currently elevated
with 2019 well above prior estimates though 2020 expected to
normalize closer to 5.5x to 6x. Navitas' counter party exposure is
largely concentrated in Endeavor Energy Resources (not publicly
rated) and SM Energy (B+/Stable) with offsetting exposure to larger
investment grade names like Apache Corp (BBB/Positive) and Encana
Corporation (BBB/Stable), reflecting a modestly riskier, and
slightly greater concentrated counterparty profile than EagleClaw
or Medallion Midland Acquisition, LLC (B+/Stable), the majority of
whose volumes are expected to come from a larger portfolio of 'BB'
or higher rated issuers. Relative to the higher rated 'B+' Lower
Cadence, Lower Cadence is slightly larger in size with greater
acreage dedication and generates more cash flow under fixed fee
contracts compared to Navitas. Fitch projects Lower Cadence to have
a high initial leverage metrics (total debt/adjusted EBITDA) in the
range of 8.7x-8.9x for 2019 and de-lever to approximately 5.5x-5.7x
by YE 2020 with 2019 below Navitas' expected leverage but 2020 in
line between the two entities. Fitch expects Navitas to remain FCF
negative through 2021, as it continues to invest in its system and
connect wells. This FCF negativity is slightly longer than
previously expected.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- First-quarter (1Q) 2019, 2Q 2019 consistent with actual
results and management guidance. Balance of 2019 assumes volumes
averaging slightly below current daily run rate levels;

  -- Taylor Plant online June 2019. New capacity at Trident Plant
assumed by Fitch as placed into service 4Q 2020;

  -- WTI oil price of $55/barrel; Henry Hub gas price of $2.75/mcf;
and NGL composite pricing that trends up from $0.47/gallon for the
balance of 2019 to $0.59/gallon long term;

  -- Cumulative maintenance and growth spending between $750
million-$900 million for the period 2019-2022 funded with a
combination of debt and equity, including term loan offerings;

  -- The recovery analysis assumes that Navitas Midstream Midland
Basin would be considered a going-concern in bankruptcy and that
the company would be reorganized rather than liquidated. Fitch has
assumed a 10% administrative claim.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which Fitch
bases the valuation of the company. The going-concern EBITDA of $70
million-$75 million represents Fitch's estimate for a going concern
emergence EBITDA for Navitas assuming volumes roughly 15% below the
systems current run rate and commodity prices consistent with the
current pricing. The going-concern EBITDA is equal to EBITDA Fitch
would expect for Navitas system assuming no additional growth and
normalized O&M costs. An EV multiple of 6x is used to calculate a
post-reorganization valuation and reflects a mid-cycle multiple.
The estimate considered the following factors.

The historical bankruptcy exit multiple for companies in the
broader Energy sector ranged from 2.5x to 4.2x, with a median of
6.1x. More specifically, there have been a limited number of
bankruptcies and reorganizations within the midstream sector
specifically. Two recent gathering and processing bankruptcies of
companies with a short pre-bankruptcy life indicate that pro forma
exit Enterprise Value over pre-distress EBITDA provide an
approximate range of multiples between 3.5x and 7.0x. Current
EV/EBITDA multiples of publicly traded gathering and processing
companies similar, though larger, to Navitas trade at the 8x-14x
range, private companies have transacted at a higher range of
multiples. More generally historical mid-cycle public midstream
multiples have ranged from 4x-8x (2010 through 2018). The waterfall
results in outstanding recovery corresponding to 'RR1' recovery for
the Super Priority first lien revolver $60 million. The waterfall
also indicates a superior recovery corresponding to 'RR2' for the
$400 million senior secured term loan.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

   - Fitch would likely stabilize the Outlook if and as volumes
maintain at or better than current levels and gross margins improve
as a result of increased plant capacity utilization;

   - Positive FCF (before distribution) generation combined with
leverage (total debt/adjusted EBITDA) at or below 5.0x on a
sustained basis.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

   - Slowdown in volume growth expected across Navitas' acreage, as
evidenced by a decline in rig count or a moderation in daily
volumes through Navitas system;

   - Significant cost overruns on expected growth capex;

   - Meaningful deterioration in counterparty credit quality or a
significant event at a major counterparty that impairs cash flow;

   - Leverage (total debt/adjusted EBITDA) sustained above 6.0x;
Fitch expects 2019 leverage significantly above 6.0x, but to
improve dramatically on a LTM basis starting 2020 to below 6.0x
based on current volume rates and commodity pricing. Should volumes
lag expectations or commodity price weakness accelerate, Fitch
would likely take a negative ratings action;

   - Debt Service Coverage Ratio as calculated in the covenant
calculation of Navitas loan agreements at or below 1.5x. Fitch
forecasts this ratio to be between 1.6x and 2.0x over the next
several quarters inclusive of permitted EBITDA adjustments.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The increase in gross debt from the issuance of
the term loan B-2 and increased revolver borrowings will allow
Navitas to partially fund its capital needs in the near term. Fitch
anticipates Navitas will maintain adequate liquidity and fund its
growth capex needs through 2020 with additional debt borrowing and
equity commitment from its sponsors, Warburg Pincus and its
co-investors (the Sponsors). The sponsors have a committed equity
line of $900 million to support Navitas over time (with $212
million remaining for investment as at March 31, 2019). Fitch
believes that this is more than adequate liquidity for Navitas to
meet liquidity needs even as capital spending continues to ramp
associated with the build out of Navitas' planned Trident
processing complex, which is expected in service in 2020. Following
the in-service of Trident, Fitch expects capital spending to
moderate and funding needs to be limited to well connects, which
should help push Navitas towards a strong FCF position. Navitas'
covenants, which started testing at March 31, 2019 require Navitas
to maintain debt service coverage above 1.1x and super senior
leverage below 1.5x.

Maturities are limited, with the 2022 revolver maturity the nearest
maturity and debt service coverage limited to interest payments and
1% amortization. At March 31, 2019, Navitas was in compliance with
its covenants and Fitch expects Navitas to maintain compliance with
its covenants in the near to intermediate term.


NAVITAS MIDSTREAM: Moody's Gives B3 Rating to $40MM Term Loan B2
----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Navitas Midstream
Midland Basin, LLC's incremental $40 million term loan B2. The
company's other ratings and stable outlook were unchanged.

"The term loan proceeds will help partially cover Navitas' large
projected negative free cash flow in 2019," said Sajjad Alam,
Moody's Senior Analyst.

Issuer: Navitas Midstream Midland Basin, LLC

Rating Assigned:

  Senior Secured Term Loan B2, Assigned B3 (LGD3)

RATINGS RATIONALE

The incremental term loan has identical terms and conditions,
including collateral pledges and maturity date, as the existing
term loan B, and hence were assigned the same B3 rating. The term
loans are rated at the B3 CFR level given there is a relatively
small amount of super-priority claim revolving debt in Navitas'
capital structure.

Navitas' B3 Corporate Family Rating reflects its very high
financial leverage and significant growth and financing risks
through 2020. The rating also reflects Navitas' relatively small
asset and earnings base, short and inconsistent operating history,
and significant ongoing negative free cash flow projected through
2020 as it tries to expand its gathering and processing capacity.
Key factors supporting the company's credit profile include its
large acreage dedications from a diversified group of growing E&P
companies, location in one of the most active and growing
hydrocarbon basins in the US, long-term fee based contracts from
customers that are committed to drilling even in a low oil price
environment, strong equity support from its private equity sponsor
Warburg Pincus, and structural features in the loan agreement such
as cash flow sweeps and a debt service reserve account offering
credit enhancements.

Navitas' stable outlook reflects its view that significant
deleveraging will occur by mid-2020. The ratings could be
downgraded if the company is unable to reduce leverage below 8x or
continues to operate with weak liquidity. An upgrade could be
considered if leverage can be sustained below 4x and the company
can exhibit consistent operating performance over several quarters
while maintaining adequate liquidity.

Navitas Midstream Midland Basin, LLC is a Texas incorporated and
Warburg Pincus backed private natural gas gathering and processing
company with primary operations in the Midland, Martin, Howard,
Glasscock, Reagan and Upton Counties.


NOMAD BUYER: Fitch Affirms B Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the 'B' Long-Term Issuer Default Rating
of Nomad Buyer, Inc. and the 'BB-'/'RR2' rating for its Senior
Secured Credit Facilities.

naviHealth's 'B' IDR reflects its market leadership in the field of
Post-Acute Care (PAC) Medical Benefits Management, with strong
technology capabilities and track record of delivering meaningful
savings for its clients. These strengths are offset by significant
financial leverage, concentration of revenue in a few customers and
relatively modest cash flow over the next 12 months.

KEY RATING DRIVERS

Differentiated Services Model: naviHealth has the largest platform
in PAC Medical Benefits Management (MBM), with strong technology
tools and a track record for delivering savings to its customers.
naviHealth's value proposition of guaranteeing its customers
material savings helps it to achieve a high level of customer
retention.

Attractive and Sustainable Competitive Position: naviHealth
currently manages post-acute care for approximately 3.5 million
Medicare Advantage and Accountable Care Organization members. Its
proprietary technology platform enables it to generate predictable
savings results for customers, which, in turn helps to support
growth. In addition, naviHealth has a robust local operating and
clinical infrastructure, which helps to train PAC staff and to
monitor and track outcomes, which are critical drivers of savings.

The growth of PAC medical benefits management is aligned with the
broader shift to risk-based models and value-based delivery of
care, which offers potential sources of growth.

Increasing Diversification of Customer Base, but Concentration
Still Exists: naviHealth has become increasingly diversified over
time, but it continues to have some customer concentration that
exposes it to cash flow risk either through the loss of one or more
key customer relationships or through the underlying business
cycles of its customers.

Experienced Management Team: naviHealth has a high level of
continuity in its senior leadership team and deep organizational
capabilities. The combination of deep healthcare backgrounds with
analytical training helps to drive the culture of data-driven
process improvement and operational excellence.

Heightened Financial Leverage: Following the investment by Clayton,
Dubilier & Rice, naviHealth is highly levered. Fitch forecasts that
the company will have total adjusted debt/EBITDAR of approximately
5.7x at the end of fiscal Dec. 31, 2019. The firm has modest FCF,
but has the potential to increase FCF significantly with the
realization of earnings from contracted new relationships.
Maintenance of naviHealth's 'B' IDR would be supported by total
adjusted gross debt/EBITDAR in the range of 5.0x-5.5x and a
FCF/debt ratio in the range of 1%-5%.

DERIVATION SUMMARY

naviHealth's 'B' LT IDR reflects its market leadership in the field
of Post-Acute Care (PAC) Medical Benefits Management, with strong
technology capabilities and a track record of delivering meaningful
savings for its clients. The company enjoys a solid competitive
position because of its extensive database of patient encounters
and proprietary technology that together provide patient-specific
treatment plans; in addition, its unique clinical model comprised
of specialized, in-market personnel that oversee and manage
treatment plans, high degree of customer retention, negative
net-working capital and attractive operating margins are credit
positives. naviHealth has experienced good growth in lives under
management since Clayton Dubilier & Rice acquired a 55% interest in
the company in August 2018. The ultimate profitability of this
growth will become more clear over the next 12-18 months. These
strengths are offset by significant financial leverage (forecast to
be approximately 5.7x for the fiscal year ended Dec. 31, 2019),
concentration of revenue in a few customers and relatively modest
cash flow over the next 12 months.

naviHealth competes with two other entities: eviCore, which is part
of Express Scripts, now owned by Cigna Corporation (BBB) and
CareCentrix (not rated). naviHealth benefits from meaningful
in-market operating leverage relative to both competitors and solid
market share in the current BPCI program.

KEY ASSUMPTIONS

  - Net revenues grow at a 20% CAGR over the forecast period
(through 2022) supported principally by growth in health plan
revenues;

  - EBITDA margins are assumed to expand meaningfully; margin
expansion is expected to follow the growth in lives under
management;

  - Working capital is forecast to be relatively unchanged over the
forecast period;

  - Capex is assumed to be allocated between maintenance and growth
expenditures over the forecast period of approximately 3.5% to 7.5%
of revenues;

  - The forecast assumes no acquisitions or dividends to
shareholders;

  - FCF improves significantly over the forecast period as new
health plan business matures.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - An upgrade of the current 'B' IDR would require progress in
reducing total adjusted debt/EBITDAR below 4.5x and FCF/debt
sustainably above 5%.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Uncertainty surrounding the company's capital deployment,
including the possibility for shareholder dividends or significant
debt-funded M&A;

  - Persistent weakness in operating/underwriting trends caused by
adverse selection, customer attrition or difficulty in meeting
client demands in the healthplan segment and the new BPCI-A program
that lead to total adjusted debt/EBITDAR sustained above 5.5x and
negative FCF.

LIQUIDITY AND DEBT STRUCTURE

Simple Capital Structure: naviHealth has a simple capital structure
consisting of a senior secured $425 million term loan B due 2025
and a $100 million cash flow revolver expiring in 2023.
Amortization requirements are relatively modest.

Adequate Liquidity: naviHealth is expected to have adequate
liquidity from cash on hand, an untapped revolver, forecast solid
FCF (with the exception of 2019 due to non-recurring items) and
limited term loan amortization payments of 1% a year.

Key Recovery Rating Assumptions

The recovery analysis for Nomad assumes a going concern approach
and that the company would be reorganized rather than liquidated.
Fitch has assumed a 10% administrative claims cost.

Going Concern Approach

Fitch assumes Nomad's going concern EBITDA based on the assumption
that progress in growing earnings through its national account
expansion is slower than expected and the company loses one or more
of its key customers. These assumptions result in a forecast
operating EBITDAR of approximately $65 million.

An enterprise value (EV) multiple of 6.7x EBITDAR is used to
calculate a post-reorganization valuation. The historical
bankruptcy exit multiple for companies in Healthcare ranged from
3.4x to 13.5x, with a median of 6.7x. Fitch's 'Healthcare, Food,
Beverage and Consumer Bankruptcy Enterprise Values and Credit
Recoveries (22nd Edition)' examined 14 case studies and none of the
issuers managed post-acute benefits. The closest comparison was a
firm in the managed behavioral health benefits sector that emerged
from bankruptcy with a 5.3 multiple of enterprise value to forward
EBITDA.

The resulting going concern valuation adjusted for a 10%
administrative claim results in $391 million being available for
distribution to the senior secured lenders. The senior secured
credit facility including an assumed fully drawn revolver results
in a 'RR2' Recovery Rating, which, in turn, results in the senior
secured debt ratings being notched up two levels from the IDR to
'BB-'.


NORTHERN DYNASTY: Closes $5 Million Bought Deal Offering
--------------------------------------------------------
Northern Dynasty Minerals Ltd. has closed its previously announced
bought deal offering.  A total of 12,200,000 common shares of the
Company were sold at a price of US$0.41 per share for gross
proceeds of approximately US$5.0 million.  The Offering was
completed pursuant to an underwriting agreement dated June 19, 2019
among the Company and Cantor Fitzgerald Canada Corporation, as lead
underwriter and sole book runner, and a syndicate of underwriters
including BMO Capital Markets, H.C. Wainwright & Co., LLC. and TD
Securities Inc.  The Underwriters were paid a 6% cash commission
and received 244,000 non-transferable common share purchase
warrants.  Each Underwriter Warrant entitles the holder to acquire
one common share of the Company at the Offering Price for a period
of 12 months.

The proceeds from the Offering are anticipated to be used for: (i)
operational expenditures, including engineering, environmental,
permitting and evaluation expenses associated with the Pebble
Project and advancement of the U.S. Army Corps of Engineers
Environmental Impact Statement; (ii) ongoing outreach and
engagement with political and regulatory offices in the Alaska
state and U.S. federal governments, Alaska Native partners and
broader regional and state-wide stakeholder groups; and (iii)
general corporate purposes.

The Offering was made by way of a prospectus supplement to the
Company's existing Canadian base shelf prospectus and related U.S.
registration statement on Form F-10 (SEC File No. 333-229262).  The
U.S. form of Base Shelf Prospectus is included in the Registration
Statement.

                 About Northern Dynasty Minerals

Northern Dynasty -- http://www.northerndynastyminerals.com/-- is a
mineral exploration and development company.  Northern Dynasty's
principal asset, owned through its wholly-owned Alaska-based US
subsidiary Pebble Limited Partnership, is a 100% interest in a
contiguous block of 2,402 mineral claims in southwest Alaska,
including the Pebble deposit.  The Company is listed on the Toronto
Stock Exchange under the symbol "NDM" and on the NYSE American
Exchange under the symbol "NAK".  The Company's corporate office is
located at 1040 West Georgia Street, 15th floor, Vancouver, British
Columbia.

Northern Dynasty reported a net loss of C$15.95 million for the
year ended Dec. 31, 2018, compared to a net loss of C$64.86 million
for the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the Company
had C$161.92 million in total assets, C$13.71 million in total
liabilities, and C$148.21 million in total equity.

Deloitte LLP, in Vancouver, Canada, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, stating that the Company incurred
a net loss during the year ended Dec. 31, 2018 and, as of that
date, the Company's consolidated deficit was $487 million.  These
conditions, along with other matters, raise substantial doubt about
its ability to continue as a going concern.


NORTHWOODS AUTO: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Northwoods Auto, Inc.
           dba Northwoods Nissan
        2039 N Susquehanna Trail
        Hummels Wharf, PA 17831

Business Description: Northwoods Auto, Inc. is a Nissan car dealer

                      in Hummels Wharf, Pennsylvania.

Chapter 11 Petition Date: July 2, 2019

Court: United States Bankruptcy Court
       Middle District of Pennsylvania (Harrisburg)

Case No.: 19-02857

Judge: Hon. Henry W. Van Eck

Debtor's Counsel: Robert E. Chernicoff, Esq.
                  CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C.
                  2320 North Second Street
                  Harrisburg, PA 17110
                  Tel: 717 238-6570
                  Fax: 717 238-4809
                  E-mail: rec@cclawpc.com

Estimated Assets: $ million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Timothy J. Slike, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:

      http://bankrupt.com/misc/pamb19-02857_creditors.pdf

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

           http://bankrupt.com/misc/pamb19-02857.pdf


O'BENCO IV: Committee Seeks to Hire Ritcheson Lauffer as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of O'Benco IV, LP
seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Texas to hire Ritcheson, Lauffer & Vincent, PC as its
legal counsel.

The firm will provide services to the committee in connection with
the Debtor's Chapter 11 case, which include legal advice regarding
its rights, powers and duties under the Bankruptcy Code;
consultations with the Debtor and creditors; review of the Debtor's
various agreements; analysis of claims of creditors; and assistance
with respect to any legislative, regulatory and governmental
activities.

The firm's hourly rates are:

         Senior Partners      $350
         Associates           $300
         Legal Assistants     $115

Ritcheson neither holds nor represents any interest adverse to the
committee, creditors and equity security holders, according to
court filings.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Ritcheson disclosed that it has not agreed to a variation of its
standard or customary billing arrangements for its employment with
the Debtor.

Ritcheson also disclosed that no professional at the firm has
varied his rate based on the geographic location of the Debtor's
bankruptcy case, and that the committee has already approved its
proposed hourly rates.

The firm can be reached through:

         Charles E. Lauffer Jr., Esq.
         Ritcheson, Lauffer & Vincent, PC
         821 ESE Loop 323, Suite 530
         Tyler, TX 75701
         Phone: (903) 535-2900
         E-mail: charles@rllawfirm.net

                      About O'Benco IV LP

O'Benco IV, LP -- https://www.obrienenergyco.com/ -- is an
exploration and production company based in Shreveport, La.

O'Benco IV sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Texas Case No. 19-60384) on June 3, 2019.  At the
time of the filing, the Debtor estimated assets of between $100
million and $500 million and liabilities of the same range.  The
Debtor is represented by William A. Wood III, Esq., at Bracewell
LLP.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 12, 2019.


OCALA INN: Taps Moody Salzman, APLaw as Special Counsel
-------------------------------------------------------
Ocala Inn Management Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Moody,
Salzman, Lash & Locigno and APLaw, LLC as its special counsel.

Both firms will provide legal services to the Debtor related to its
dispute with the City of Ocala over a permitting issue.  

On June 6, the City of Ocala shut down the motel operated by the
Debtor.  The shutdown was related to the permitting of a renovation
project required by the city for alleged code violations.  

Moody Salzman will charge these hourly fees for its services:

     Robert Lash        $300/hour
     Leslie Barszczack  $250/hour

Meanwhile, APLaw's hourly rates are:

     Attorney         $300/hour
     Paralegal        $95/hour
     Legal Assistant  $65/hour

Robert Lash, Esq., at Moody Salzman, and Alterraon Phillips, Esq.,
at APLaw, disclosed in court filings that their firms are
"disinterested" as defined in Section 101(14) of the Bankruptcy
Code.

The attorneys can be reached through:

     Robert A. Lash, Esq.
     Moody, Salzman, Lash & Locigno
     2770 NW 43rd Street, Suite A
     Gainesville, FL 32606-7419
     Phone: 352-559-8019
     Fax: 352-377-2861

     Alterraon Phillips, Esq
     APLaw, LLC
     11358 Okeechobee Blvd., Suite 2
     Royal Palm Beach, FL 33411
     Phone: (561) 729-0123
     Fax: (561) 729-0128

                  About Ocala Inn Management

Ocala Inn Management, Inc. owns a hotel located at 3767 NW
Blitchton Road, Ocala, Fla., valued by the company at $1.97
million.  

Ocala Inn Management sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-00875) on March 13,
2019.  The Debtor previously sought bankruptcy protection (Bankr.
M.D. Fla. Case No. 12-02468) on April 12, 2012.  

At the time of the filing, the Debtor disclosed $3,057,592 in
assets and $1,201,280 in liabilities.  The Law Offices of Mickler &
Mickler, LLP, is the Debtor's counsel.


OFG BANCORP: S&P Affirms 'B' ICR on Acquisition of Scotiabank PR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on OFG Bancorp and Oriental
Bank to stable from positive, and affirmed its 'B' long-term issuer
credit rating on OFG Bancorp and its 'BB-' long-term issuer credit
rating on Oriental Bank.

The rating actions follow OFG's announcement of its plans to
acquire Scotiabank's Puerto Rico unit, Scotiabank de Puerto Rico
(Scotiabank PR; not rated) for $550 million in cash and
Scotiabank's U.S. Virgin Islands branch operations for a $10
million deposit premium. The transaction is expected to close
before year-end 2019.

The outlook revision primarily reflects the substantial decline in
pro forma capital ratios and the likely operational risks of
integrating an acquisition of this size. The company expects Tier 1
leverage and Common Equity Tier 1 ratios of approximately 9.5% and
11.5%, respectively, at deal closing compared with reported 14.6%
and 17.1%, respectively, as of March 2019. S&P said, "Given such a
substantial redeployment of excess capital and the deal's all-cash
structure, we expect OFG's dividend payout over the next two years
to remain near current levels. Nevertheless, our affirmation
underscores the strong levels of capital OFG has built over the
past few years, and our expectation for consistent capital
accretion from future earnings. We project that the company's
risk-adjusted capital ratio will remain near the mid-point of the
10% to 15% range through 2020."

S&P said, "The stable outlook reflects our view of a balance
between a near-term depletion in the company's capital ratios with
our expectation for meaningful earnings accretion, better
competitive position in the local market, a more balanced loan mix,
and a deposit mix that could improve (with higher core deposits and
lower brokered funding). The stable outlook also reflects our view
that the rating is less likely to change until OFG integrates the
announced acquisition, which we believe is large and transformative
to the company's existing business.

"We could revise the outlook to positive or raise the rating if OFG
demonstrates material progress to realize the planned benefits from
the acquisition, such as improvements in its funding profile and
deceleration in loan losses without further depleting its capital
ratios. Conversely, we could lower the rating if the acquisition
results in integration challenges, if loan performance deteriorates
from current levels, or if capital ratios trend lower, but we view
this as less likely."


ONE ALLIANCE: A.M. Best Affirms B(Fair) FSR & Alters Outlook to Neg
-------------------------------------------------------------------
A.M. Best has downgraded the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb" from "bb+" and affirmed the Financial
Strength Rating (FSR) of B (Fair) of One Alliance Insurance
Corporation (San Juan, Puerto Rico). The outlook of the Credit
Ratings (rating) has been revised to negative from stable.

The ratings reflect One Alliance's balance sheet strength, which AM
Best categorizes as adequate, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management (ERM).

The rating action is based on the magnitude of Hurricane Maria
losses relative to the premium written in the start-up phase of the
company's development. With continued loss development, ultimate
losses from Hurricane Maria are approaching the company's available
reinsurance protection. Accordingly, AM Best has revised the
assessment of One Alliance's ERM to marginal, as the risk
management capabilities do not align fully with the company's risk
profile. While management is refining and enhancing the company's
overall ERM framework and capabilities, the ultimate effectiveness
of these changes remains uncertain.

Lastly, AM Best also has revised the outlooks to negative from
stable, reflecting the company's elevated gross and ceded
underwriting leverage, which puts pressure on its risk-adjusted
capitalization.  


ORANGE COUNTY INSURANCE: Seeks to Hire Maida Clark as Counsel
-------------------------------------------------------------
Orange County Insurance Brokerage, Inc., seeks approval from the
U.S. Bankruptcy Court for the Eastern District of Texas to hire
Maida Clark Law Firm, P.C., as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm's hourly rates are:

         Frank Maida              $400      
         Tagnia Fontana Clark     $300     
         Paralegal                 $60

The Debtor paid the firm the sum of $2,200 for its pre-bankruptcy
services.

Maida Clark is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.

The firm can be reached through:

     Frank J. Maida, Esq.
     Maida Clark Law Firm, P.C.
     4320 Calder Avenue
     Beaumont, TX 77706-4631
     Tel: (409) 898-8200
     Fax: (409)898-8400
     Email: docs@maidaclarklaw.com
            fjmaida@aol.com

              About Orange County Insurance Brokerage

Orange County Insurance Brokerage, Inc., an insurance agency in
Orange, Texas, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Tex. Case No. 19-10278) on June 19, 2019.  At the
time of the filing, the Debtor disclosed $1,143,220 in assets and
$1,929,624 in liabilities.  The case is assigned to Judge Bill
Parker.  Maida Clark Law Firm, P.C., is the Debtor's legal counsel.


PERFORMANCE FOOD: S&P Puts 'BB' ICR on CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings placed its 'BB' issuer credit rating on
CreditWatch with negative implications, reflecting a likely
one-notch downgrade if U.S.-based Performance Food Group Inc. (PFG)
acquisition of Reinhart Foodservice is completed. S&P also placed
its 'BB-' issue-level rating on the company's senior unsecured
notes on CreditWatch with negative implications.

The CreditWatch negative placement follows PFG's entry into an
agreement to acquire Reinhart Foodservice for $2 billion. PFG
expects to
fund the transaction with cash, debt, and up to $400 million of
equity proceeds.

S&P said, "The CreditWatch placement reflects our estimate that
leverage could increase to the high-4x area, pro forma for the
acquisition, from about 3x currently. While the addition of
Reinhart provides additional scale and geographic reach, it is
unlikely to immediately improve our view of the business risk since
we expect PFG's margins will remain substantially below those of
foodservice peers Sysco and US Foods, and because of integration
risk.

"We expect to resolve the CreditWatch nearer to the transaction
close, which we expect in the fourth quarter of 2019, subject to
regulatory approval. We will focus on PFG's pro forma capital
structure, including the amount of equity proceeds that may be used
to finance the transaction, and our forecast for credit metric
improvement over the next 12-18 months. We will also focus on its
ability to successfully integrate Reinhart, achieve cost synergies,
increase scale, and improve margins. We will likely lower the
issuer credit rating one notch if we forecast the company cannot
deleverage below 4x within 12-18 months of the transaction close."


PIER 3 BUILDERS: Seeks to Hire Nickless Phillips as Legal Counsel
-----------------------------------------------------------------
Pier 3 Builders, LLC, seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to hire Nickless, Phillips and
O'Connor as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm's hourly rates are:

         Attorney       $200 - $375
         Paralegal         $150

David Nickless, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that he and other members of the
firm are "disinterested" as defined in Section 101(14) of the
Bankruptcy Code.

Nickless can be reached through:

     David M. Nickless, Esq.
     Nickless, Phillips and O'Connor
     625 Main Street
     Fitchburg, MA 01420
     Tel: (978) 342-4590
     Fax: (978) 343-6383
     Email: dnickless@npolegal.com

                      About Pier 3 Builders

Pier 3 Builders, LLC, is a privately held company in the
residential building construction business.  The Company offers
construction and remodeling services such as custom home building,
additions, basement remodeling, and more.

Pier 3 Builders sought Chapter 11 protection (Bankr. D. Mass Case
No. 19-41022) on June 24, 2019.  In the petition signed by Brian
Campanale, manager, the Debtor estimated assets and liabilities in
the range of $1 million to $10 million.  

Judge Elizabeth D. Katz is assigned to the case.

The Debtor tapped David M. Nickless, Esq., at Nickless, Phillips
and O'Connor, as counsel.


PIONEER ENERGY: Appoints Tamara Morytko to its Board of Directors
-----------------------------------------------------------------
Tamara Morytko has been appointed as a new independent director to
Pioneer Energy Services Corp.'s Board of Directors.  Ms. Morytko
was appointed as a Class III director, with an initial term
expiring at the Company's 2020 Annual Meeting of Shareholders or
until her successor is duly elected and qualified.  Ms. Morytko has
been determined to be an independent director under the listing
standards of the New York Stock Exchange.

Effective on July 1, 2019, Ms. Morytko also serves on the audit
committee, compensation committee and nominating and corporate
governance committee of the Board.

Ms. Morytko is an accomplished executive leader with significant
experience in the aerospace industry, materials manufacturing
sector and the oilfield services industry.  Ms. Morytko serves as
the chief operating officer and senior vice president of
Administration of Norsk Titanium since February 2018.  Prior to
joining Norsk Titanium, Ms. Morytko held various executive
leadership roles at Baker Hughes Incorporated from 2010 to 2017. At
Baker Hughes, Ms. Morytko had full profit and loss responsibility
for Baker Hughes' Asia Pacific Operations spanning China, Southeast
Asia, Indonesia and Australasia from 2016 to 2017 as well as those
of North America Operations - South earlier in her tenure.  Prior
to those roles, Ms. Morytko held various other senior leadership
roles at Baker Hughes as well as Pratt & Whitney, a United
Technologies Company.

"We are delighted to have Tamara join Pioneer as an independent
director," said Dean A. Burkhardt, chairman of the Board of
Pioneer.  "Tamara's extensive financial, operational and strategic
global experience, along with her industry knowledge, makes her a
valuable addition to the Board, and we look forward to her
contributions to the Board and Pioneer."

Ms. Morytko received an annual retainer in accordance with the
Company's standard compensation policies and practices for its
nonemployee directors (pro-rated based on her start date).
Additionally, Ms. Morytko received a restricted stock award for
81,012 shares of the Company's common stock, which fully vests on
July 1, 2020.  Ms. Morytko will enter into an indemnification
agreement with the Company consistent with the form of the existing
indemnification agreement entered into between the Company and its
other directors.

On July 1, 2019, in connection with the foregoing events, the Board
amended and restated the Company's Amended and Restated Bylaws,
effective immediately, to revise Section 1 of Article III of the
Bylaws to increase the number of directors constituting the entire
Board from five to six directors.

                        About Pioneer Energy

Based in San Antonio, Texas, Pioneer Energy Services --
http://www.pioneeres.com/-- provides well servicing, wireline, and
coiled tubing services to producers in the U.S. Gulf Coast,
Mid-Continent and Rocky Mountain regions through its three
production services business segments.  Pioneer also provides
contract land drilling services to oil and gas operators in Texas,
the Mid-Continent and Appalachian regions and internationally in
Colombia through its two drilling services business segments.

Pioneer Energy reported a net loss of $49.01 million for the year
ended Dec. 31, 2018, compared to a net loss of $75.11 million for
the year ended Dec. 31, 2017.  As of March 31, 2019, the Company
had $737.09 million in total assets, $586.12 million in total
liabilities, and $150.96 million in total shareholders' equity.

                          *     *     *

Moody's Investors Service had upgraded Pioneer Energy Services'
Corporate Family Rating to 'Caa2' from 'Caa3'.  Moody's said that
Pioneer's 'Caa2' CFR reflects the company's elevated debt balance
pro forma for the $175 million senior secured term loan issuance.
Moody's said that while the company's operating cash flow is
expected to improve due to good demand for its drilling rigs and
equipment services, Pioneer Energy Services' leverage metrics are
weak, as reported by the Troubled Company Reporter on Nov. 13,
2017.

In January 2019, S&P Global Ratings lowered the issuer credit
rating on Pioneer Energy Services Corp. to 'CCC+' from 'B-'.  S&P
said, "The downgrade on Pioneer Energy Services Corp. primarily
reflects what we believe to be increasing refinancing risk, as well
as subdued expectations for operating results in 2019.


QUANTUM TRANSPORTATION: Taps Roger L. Kent as Accountant
--------------------------------------------------------
Quantum Transportation, LLC, received approval from the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to hire
Roger L. Kent, Jr., CPA as its accountant.

The services to be provided by RLK include the preparation of tax
returns and financial statements of the company and its
subsidiaries.  The firm will be paid a flat rate of $7,500.

RLK does not represent any interest adverse to the Debtors and
their bankruptcy estates, according to court filings.

The firm can be reached through:

     Roger L. Kent Jr.
     Roger L. Kent, Jr., CPA
     114 Hollie Drive
     Triadelphia, WV 26059
     Phone: (304) 547-4273

                   About Quantum Transportation

Quantum Transportation, LLC is a transportation provider for dry
bulk commodities, liquid chemicals, dump transportation and
truckload deliveries.

Quantum Transportation and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Lead Case No.
19-02063) on May 13, 2019.  At the time of the filing, the Debtor
estimated assets of $1 million and $10 million and liabilities of
between $10 million and $50 million.  The case is assigned to Judge
Henry W. Van Eck.  The Debtor is represented by Cunningham,
Chernicoff & Warshawsky, P.C.


SANMINA CORP: Moody's Rates $1.75 Billion 1st Lien Loans 'Ba1'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba1 instrument rating to
Sanmina Corporation's senior secured 1st lien credit facility
(revolver and term loan). All other ratings remain unchanged.
Proceeds from the $375 million term loan were used to refinance the
senior secured notes that came due in June 2019.

RATINGS RATIONALE

The term loan and advances under the revolver represent the
preponderance of funded long term debt and the assigned Ba1
instrument rating is in line with Sanmina's Ba1 Corporate Family
Rating (CFR). The 1st lien senior secured revolver and term loan
are pari passu and share the same collateral. Individual debt
instrument ratings are based on the probability of default,
reflected in the Ba1-PD rating, as well as the expected loss given
default of the individual debt instrument. Terms of the credit
agreement provide for the release of collateral if debt ratings are
upgraded to investment grade (as defined).

Sanmina's Ba1 CFR reflects its good market position and financial
profile including very good liquidity and adjusted leverage below
3.0x. The company has a global manufacturing footprint with
facilities located in low cost regions and focuses on customer
relationships that require complex engineering and manufacturing
capabilities. Revenues for the six months ending March 2019
increased 25% reflecting good demand in each of Sanmina's end
markets and the obtaining of supply constrained parts to meet
pent-up demand, particularly in communications. This catch up
contributed to good revenue growth and improved operating margins
of 3.3% (Moody's adjusted) for LTM March 2019. Looking forward
Moody's expects revenues to grow in the mid single digit percentage
range over the next 12 months with similar growth in operating
profits supported by management's focus on higher margin
incremental revenue.

Rating Actions:

$700 million, Sr secured, 1st lien revolver -- Assigned Ba1 (LGD4)

$375 million, Sr secured, 1st lien term loan -- Assigned Ba1
(LGD4)

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Based in San Jose, CA, Sanmina Corporation is one of the world's
largest electronics manufacturing services (EMS) companies
providing a full spectrum of integrated, value-added solutions to
original equipment manufacturers (OEMs). The company has operations
in 25 countries, and Moodys' expects revenues to approach $8.5
billion over the next 12 months.


SENIOR CARE: July 23 Hearing on Disclosure Statement
----------------------------------------------------
A hearing will be held on July 23, 2019 at 1:30 p.m. (prevailing
Central Time), approving the Disclosure Statement explaining the
Chapter 11 Plan of Senior Care Centers, LLC, and its debtor
affiliates.  Parties wishing to file any objections or other
responses to the Disclosure Statement Motion must do so before July
22, 2019 at 4:00 p.m. (prevailing Central Time).

Class 4 - General Unsecured Claims are impaired. Each Holder of an
Allowed General Unsecured Claim shall receive, in full and complete
satisfaction, settlement, discharge, and release of, and in
exchange for, its Allowed General Unsecured Claim its Pro Rata
share of the Unsecured Creditor Recovery.

Class 5 - Convenience Class Claims are impaired. Each Holder of an
Allowed Convenience Class Claim shall receive, in full and complete
satisfaction, settlement, discharge, and release of, and in
exchange for, its Allowed Convenience Class Claim, its Pro Rata
share of the Convenience Claim Distribution.

Class 6 - Subordinated Debt Claims are impaired. Holders of
Subordinated Debt Claims will not receive any distribution on
account of such Subordinated Debt Claims, and such Subordinated
Debt Claims shall be discharged, cancelled, releases, and
extinguished as of the Effective Date.

Class 7 - Intercompany Claims are impaired. Holders of Intercompany
Claims will not receive any distribution on account of such
Intercompany Claims, and such Intercompany Claims shall be
discharged, cancelled, releases, and extinguished as of the
Effective Date.

Class 8 - Equity Interests are impaired. Holders of Equity
Interests will not receive any distribution on account of such
Equity Interests, and Equity Interests shall be discharged,
cancelled, releases, and extinguished as of the Effective Date.

All Cash necessary for the Reorganized Debtors to make payments
required pursuant to the Plan will be funded with Cash on hand,
including Cash from operations and the proceeds of the Exit
Facility and the Harden Escrow.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/yxwc564ufrom PacerMonitor.com
at no charge.

Counsel to the Debtors are Trey A. Monsour, Esq., at Polsinelli PC,
in Dallas, Texas; Jeremy R. Johnson, Esq., at Polsinelli PC, in New
York; and Stephen J. Astringer, Esq., at Polsinelli PC, in
Wilmington, Delaware.

                   About Senior Care Centers

Senior Care Centers, LLC -- https://senior-care-centers.com/ -- is
a Dallas-based, skilled nursing and long-term care industry leader
in Texas and Louisiana.  Senior Care Centers operates and manages
more than 100 skilled nursing and assisted/independent living
communities in the states of Texas and Louisiana.

On Dec. 4, 2018, Senior Care Centers and 120 of its subsidiaries
filed voluntary Chapter 11 petitions (Bankr. N.D. Tex. Lead Case
No. 18-33967).

The Debtors tapped Polsinelli PC as bankruptcy counsel; Hunton
Andrews Kurth LLP as conflicts counsel; Sitrik and Company as
communications consultant; and Omni Management Group, Inc. as
claims, noticing, and administrative agent.

On Dec. 14, 2018, the Office of the United States Trustee appointed
an official committee of unsecured creditors in the Chapter 11
cases.  The committee tapped Greenberg Traurig, LLP, as counsel,
and FTI Consulting, Inc., as its financial advisor.


SLAVONIC BENEVOLENT: A.M. Best Affirms B(Fair) Fin. Strength Rating
-------------------------------------------------------------------
AM Best has revised the outlooks to negative from stable and
affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating (Long-Term ICR) of "bb" of SPJST (
Slavonic Benevolent Order of the State of Texas) (Temple, TX).

These Credit Ratings (ratings) reflect SPJST's balance sheet
strength, which AM Best categorizes as adequate, as well as its
marginal operating performance, limited business profile and weak
enterprise risk management (ERM).

The revision of the Long-Term ICR outlook to negative reflects the
challenges for the SPJST to re-establish positive trends in
earnings, as well as both absolute and risk-adjusted
capitalization. These rating actions also reflect the significant
recent decline in SPJST's Best's Capital Adequacy Ratio (BCAR) from
the strong level to adequate, driven largely by statutory net
operating losses over the past two years. Additionally, SPJST's
ratings reflect the Society's relatively narrow business profile,
an ERM framework that is still in the early stages of development
and mixed statutory operating results in recent years.


SOUTHMINSTER INC: Fitch Affirms BB on $86.2MM Revenue Bonds
-----------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on the following Public
Finance Authority bonds issued on behalf of Southminster, Inc.
(SM):

  -- $86,200,000 retirement facilities first mortgage
     revenue bonds (Southminster) series 2018.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a gross revenue pledge, mortgage on the
facility and a debt service reserve fund for the 2018 tax-exempt
bonds.

KEY RATING DRIVERS

CAMPUS REPOSITIONING PROJECT PROGRESSING: SM started filling up the
first phase, Terraces 1, independent living (IL) expansion in May
2019. Construction was slightly behind schedule, which delayed the
start of the apartment fill-up. However, SM is on target to reach
full occupancy by the original timeline date of July, as 28 of the
30 units have been occupied and the last two are sold but waiting
for move in. Despite the construction delays, the project remains
on budget. Construction has started on the skilled nursing building
and the Terraces 2 expansion. The Terraces 2, which will have 36
apartments, is expected to achieve stable occupancy in March 2021,
at which time a draw down bank loan will be fully paid down.

ELEVATED LONG-TERM LIABILITY PROFILE: SM's long-term liabilities
shows maximum annual debt service (MADS) of $9 million equating to
an elevated 31.1% of FY18 (Sept. 30 year end) revenues. Debt to net
available was also elevated at 21.7x at the end ofFY18. Both of
these metrics are expected to moderate starting in 2020 as the
short-term debt is paid down and the IL expansion revenues begin to
positively affect performance. SM will not be tested on the $9
million MADS until 2021. Coverage of actual debt service of $4.8
million was adequate in FY18 at 1.5x and improved to 2.1x in the
six month FY19 interim period.

GOOD IL/AL DEMAND: SM's IL and assisted living (AL) occupancies
have averaged 99% and 92%, respectively, over the last four years.
Occupancy in its skilled nursing facility has been lower at 70%,
but the lower occupancy is less of a concern given SM's good
budgeting, steady operating performance and limited short-term
rehabilitation census as SM does not take Medicare.

SOLID OPERATING METRICS: The strong IL occupancy has driven solid
operating metrics. Over the past four audited years, SM has
averaged a 92.2% operating ratio and a 32.8% net operating margin -
adjusted (NOMA). The operating performance remained stable through
the first six months of FY19.

ASYMMETRIC RISK FACTORS: There are no asymmetric risk factors
affecting this rating determination.

RATING SENSITIVITIES

PROJECT EXECUTION: Construction delays, cost overruns, slow fill up
of the new units, or service disruptions that negatively affects
Southminster, Inc.'s operating and financial profile could put
negative pressure on the rating. Upward rating movement is not
likely during the outlook period, but Fitch would view successful
project completion and pay down of the short-term debt as positive
rating factors.

CREDIT PROFILE

SM is a North Carolina nonprofit corporation organized in 1984 that
owns and operates Southminster, a single site, Type 'B' contract,
senior living community. SM is the only member of the obligated
group. At Sept. 30, 2017, SM had 242 IL units, 25 AL units and 60
skilled nursing beds. Total operating revenues in FY18 were $29.2
million.

SM residents are offered type B modified residency agreements with
three options. Over 80% of residents are on the standard plan,
which amortizes the entrance fee paid at 5% per month for 20 months
and offers no refund. The other residents are divided between a 50%
refundable plan, which amortizes the entrance fee paid at 5% per
month for the first 10 months of occupancy, and a 90% refundable
plan where the plan is amortized at 5% per month for two months
following occupancy.

CAPITAL PROJECT UNDERWAY

SM has begun its two phase 66 IL unit expansion--the Terraces 1 (30
IL units) and the Terraces 2 (36 IL units)--and its health care
facility replacement project. The Terraces 1 opened in May 2019, a
few months behind schedule due to a combination of longer than
expected masonry work and an underground water issue that had to be
addressed. However, the project remains on budget and unit fill-up
occurred rapidly, with 30 of the 32 units occupied. The other two
units should be filled by the end of July, which is consistent with
the original project timeline.

Construction work on the Terraces 2 and the new healthcare facility
have commenced. Initial occupancy for both projects is expected in
2020. All 36 of the Terrace 2 apartments have been pre-sold. After
completing that phase, SM plans to renovate the current healthcare
facility and potentially create 23 new IL apartments.

The project is being funded by the series 2018 bonds--as of March
31, 2019, approximately $65 million of bond proceeds were in the
construction fund--and up to $39 million of short-term bank debt.
Through May 2019, SM has drawn down approximately $15.7 million of
the bank loan and repaid approximately $9.5 million of it with
initial entrance fees. SM expects to receive approximately $15.7
million in initial entrance fees from the Terraces 1. The total
pool of initial entrance fees, including entrance fees from the
Terraces 2, is currently estimated at approximately $37.4 million.

Fitch expects cash flow from the new IL units and skilled nursing,
memory care and assisted living building with enhanced services (SM
is moving to a neighborhood model of care) to be accretive to SM's
financial and operating profiles.

OPERATING PERFORMANCE STABLE

Over the last four fiscal years, SM has averaged a strong 92.2%
operating ratio and 32.8% NOM-adjusted. Performance in the six
month FY19 interim was slightly weaker. The slightly weaker
performance was driven by the delay in the opening of the Terraces
1, so revenue was lower than budgeted. Expenses, however, were
slightly under budget and stronger than usual investment income
kept SM's financial profile stable. Overall, the operating
performance remains good for the rating level.

As expected, SM's liquidity metrics are mixed. SM had 510 days cash
on hand at March 31, 2019; however, cash to debt was low at 19.8%,
reflecting the effect of the 2018 debt issuance and the amount
drawn down on the bank loan. But this remains within Fitch's
expectations and that figure is expected to remain in the 20% to
25% range through the project's construction and fill period.

After stabilization, Fitch expects SM's unrestricted liquidity to
grow as the new project revenues come online and cash flow from
turnover units remains steady. SM showed steady unrestricted
liquidity growth in the four-year period leading up to the project
and after it filled its last expansion.

GOOD DEMAND, MANAGEABLE COMPETITION

SM has consistently demonstrated strong demand for its services,
which is attributed to its longstanding operating history,
favorable reputation and its location in a growing area of south
Charlotte. Over the last four fiscal years, SM's occupancy has
averaged 99% in IL, 92% in its AL and 70% in its skilled nursing
beds.

The lower skilled nursing occupancy is not a concern. SM does not
rely on revenues from the post-acute care short-term service line
to support its performance. Only about 10% to 15% of SM's skilled
nursing census is outside admits and SM's skilled nursing facility
is all private pay, with no Medicare or Medicaid. Fitch views
positively SM's limited financial exposure to government payors and
to the post-acute care space, which has seen reimbursement
headwinds over the last two years.

SM's primary service area remains competitive with five competitors
within 10 miles of SM. Most of them have high IL occupancies, which
indicate good demand and a deep market across the service area.
SM's IL pricing is at the midrange of the market with one close
competitor having higher priced IL units and another close
competitor with lower priced units, which Fitch believes positions
SM well. Demand is further reflected in SM's waitlist of over 500
and SM has added 112 names to that list since the beginning of the
year.

DEBT PROFILE

At March 31, 2019, SM had approximately $166 million of long debt
and that includes the series 2018 bonds, the series 2016 bonds and
the draw down construction loan funds at that date. Fitch expects
this figure to come down as the project progresses and debt
amortizes and the short term bank debt is paid down. SM has no
swaps.


SPS ENTERPRISES: July 9 Meeting Set to Form Creditors' Panel
------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on July 9, 2019, at 11:00 a.m. in the
bankruptcy case of SPS Enterprises, Inc., et al.

The meeting will be held at:

         United States Trustee's Office
         Mitchell H. Cohen Courthouse
         400 Cooper Street, Room 2200
         Camden, NJ 08102

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.

               About SPS Enterprises

SPS Enterprises is a privately held company that operates in the
restaurant industry.

SPS Enterprises and its U.S. subsidiaries sought Chapter 11
protection (Bankr. D.N.J., Lead Case No. 19-21330). The petition
was signed by Eric Salisbury, chief executive
officer/owner. The Hon. Andrew B. Altenburg Jr. oversees the case.

The Company disclosed $1 million to $10 million in assets and $1
million to $10 million in liabilities.

The Debtor is advised in this process by Paul Verner, Esq. as
counsel.


STARR PASS: Case Summary & 5 Unsecured Creditors
------------------------------------------------
Debtor: Starr Pass Resort Developments, LLC
        3645 West Starr Pass Blvd.
        Tucson, AZ 85745

Business Description: Starr Pass Resort Development LLC
                      classifies its business as Single Asset Real
                      Estate (as defined in 11 U.S.C. Section
                      101(51B)).

Chapter 11 Petition Date: July 1, 2019

Court: United States Bankruptcy Court
       District of Arizona (Tucson)

Case No.: 19-08137

Judge: Hon. Paul Sala

Debtor's Counsel: Jody A. Corrales, Esq.
                  DECONCINI MCDONALD YETWIN & LACY P.C.
                  2525 E. Broadway Blvd., Suite 200
                  Tucson, AZ 85716
                  Tel: 520-322-5000
                  Fax: 520-322-5585
                  E-mail: jcorrales@dmyl.com

Total Assets: $0

Total Liabilities: $4,590,120

The petition was signed by Christopher F. Ansley, authorized
representative.

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

            http://bankrupt.com/misc/azb19-08137.pdf


STARS GROUP: Fitch Affirms B+ Issuer Default Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed The Stars Group Inc.'s and its
subsidiaries' Issuer Default Ratings at 'B+', TSG's senior secured
credit facility at 'BB+'/'RR1' and senior unsecured notes at
'B-'/'RR6'. The Rating Outlook is Stable.

TSG's 'B+' IDR reflects the company's dominant position in online
poker, increasing diversification through a successful launch of an
online casino platform and acquisition of sport betting assets, and
a history of using its superior FCF margins to deleverage quickly
after large acquisitions. TSG's 2019 debt/EBITDA is estimated by
Fitch at 5.3x, which is manageable in context of TSG's business mix
and FCF profile.

KEY RATING DRIVERS

Dominant Poker Platform: TSG's PokerStars online poker platform
captures a significant majority of the online poker volume in those
regions where it operates. The dominant position is reinforced by
players gravitating toward more active platforms that can offer
more variety of games and larger tournaments. PokerStars also acts
as a low-cost player acquisition channel for TSG's casino and
sports-betting segments. These segments were launched around 2015
and grew to $503 million in revenue for the LTM ending Mar. 31,
2019, with minimal marketing expenditure.

Sky Bet Acquisition: The 2018 acquisition of Sky Bet & Gaming (Sky
Bet; now referred to as U.K. segment) increases TSG's
diversification across business lines and decreases exposure to
unregulated markets. Pro forma 2018 revenue exposure to poker,
casino and sportsbook is 35%, 30% and 32%, respectively, and 74% is
attributable to regulated markets. The main risk surrounding
unregulated markets is they may develop more stringent regulations,
which can adversely affect TSG margins or may force TSG out of the
market. Sky Bet benefits from a loyal customer base, branding
agreement with Sky Plc and a strong mobile platform.

Clear Path to Deleverage: TSG's strong FCF profile will allow for
fast deleveraging. Fitch forecasts 5.3x debt/EBITDA at YE 2019,
declining to 3.4x by 2021. TSG's track record of quick debt
reduction following the acquisition of PokerStars, the credit
facility's excess cash flow sweep and FCF/debt ratio of 19%-22%
through 2022 provide deleveraging visibility. As of May 15, 2019,
TSG repaid $450 million of debt since the TSG acquisition on top of
the term loan amortization. TSG's liquidity profile is solid,
providing a clear runway and visibility for deleveraging. There are
no maturities until 2025 and no financial covenants on the term
loan. TSG has a $700 million revolver with $626 million available
as of March 31, 2019.

The company is targeting 3.5x leverage by 2021 or 2022, which is
in-line with Fitch's forecast. TSG's targeted leverage is not the
maximum leverage that the company is comfortable with and it is
possible that the company will leverage back up to make another
acquisition with the intention to deleverage again. Fitch does not
expect TSG's debt/EBITDA to increase much above 5x if that were the
case.

Legal Overhang: In 2015, a trial court awarded Kentucky $870
million against TSG relating to PokerStars' operations in the
commonwealth in 2006-2011, a period in which PokerStars operated
illegally in the U.S. TSG appealed the decision and won the appeal
in December 2018 in the Kentucky Court of Appeals. The commonwealth
then filed a motion to have the Kentucky Supreme Court review the
case and, in April 2019, the higher court granted discretionary
review of the appeals court's ruling. If the Kentucky Supreme Court
rules in the commonwealth's favor, TSG will seek to recover the
ultimate damages from the prior owners. There is a seller's escrow
account related to the 2014 PokerStars acquisition with
approximately $300 million contributed at the time of sale.

U.S. Opportunity: TSG plans to enter the U.S. sports betting market
through its partnership with Fox Sports and its access agreements
with Resorts in New Jersey, Mount Airy in Pennsylvania and Eldorado
for 13 different states. Announced in May 2019, the Fox Sports
partnership includes Fox Sports acquiring a 4.99% stake in TSG for
$236 million (used for debt repayment), an ability by Fox Sports to
acquire up 50% of the U.S. sports betting business (U.S. venture
only; to be named Fox Bet), and exclusive commercial terms. Fox
Sports broadcast will integrate Fox Bet content while TSG committed
to a minimum guaranteed marketing spend and to certain affiliate
payments for certain Fox sourced customers. Fox Sports may opt for
a 50/50 ownership agreement upon meeting regulatory requirements,
at which point the commercial terms will cease. The Fox Sports deal
is largely modeled after the relationship Sky Bet has with Sky.
Fitch views the partnership favorably as it provides TSG with a
unique access to engaged sports fans.

DERIVATION SUMMARY

TSG's closest Fitch-rated peer is GVC Holdings plc (GVC), a large
Europe-focused online gaming company, but with land-based retail
operations in U.K. GVC has an IDR of 'BB+'. GVC's pro forma
leverage is around 3x relative to TSG's leverage in the mid-5x
range. Both companies intend to use their strong FCF profiles to
deleverage, with GVC targeting below 2x and TSG using FCF to reduce
debt although it feels more comfortable with higher leverage
longer-term than GVC. Companies are comparable in scale; however,
GVC is more exposed to U.K. and sports betting, while TSG remains
skewed toward poker, which it dominates. Sports betting is more
fragmented and exposed to competition.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - For the International segment, revenues grow by 0% for poker
and 5% for casino. For the sportsbook business, Fitch assumes TSG
builds a 12% market share in U.S., which Fitch estimates grows to a
$3 billion market by 2022. The bulk of the U.S. sports betting ramp
up occurs in 2020 and 2021;

  - For the U.K. sports betting segment, Fitch assumes 10%, 7.5%
and 5% stakes volume growth in 2019, 2020 and 2021, respectively,
and a 8.5% win margin each year. The U.K. casino segment grows at a
comparable rate;

  - Australia revenues are flat at about $250 million per year;

  - EBITDA margin is 35%-36%, consistent with fourth-quarter 2109.
The benefits of the synergies will be offset by regulatory
headwinds and ramp up costs associated with the sports betting
business in the U.S.;

  - FCF of approximately $495 million-$678 million with annual
income tax of $55 million-$65 million through 2021; capex of $130
million and interest expense of $230 million-$300 million. No
dividends or M&A assumed.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Debt/EBITDA below 5x with an expectation that debt/EBITDA will
not increase materially above that threshold if TSG debt funds
another acquisition;

  - Discretionary FCF margin sustaining above 15%.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Debt/EBITDA sustaining above 6x;

  - Discretionary FCF margin declining into the single digit
range;

  - TSG being ultimately liable for the Kentucky claim, with
negative rating action related to this hinging on TSG's financial
profile at the time the award is due and TSG's plan to fund the
award;

  - Sharp decline in operations perhaps related to loss of market
share in the sportsbook or casino business or an acceleration in
the decline of poker's popularity.

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: TSG's solid liquidity profile provides a clear
runway for deleveraging. There are no financial covenants on the
term loan and a $700 million undrawn revolver at closing. TSG's
revolver matures in 2023, term loan B in 2025 and the senior
unsecured notes in 2026.

Key Recovery Rating Assumptions

The recovery analysis for TSG assumes a going concern approach and
that the company would be reorganized. Fitch has assumed a 10%
administrative claims cost.

Going concern EBITDA assumes cyclical, regulatory and competitive
headwinds to the extent TSG is exposed to these pressures. Poker
has been resilient with TSG enjoying a dominant position in that
business. The International segment's casino business is largely
tied to the fortunes of poker, as TSG does not heavily market its
casino business and casino revenues are largely a by-product of
cross selling to its poker players. U.K. and Australian segment's
sports book business is susceptible to competitive pressures as
sports book business is to a considerable extent commoditized.
TSG's sportsbook business does have a valuable Sky brand
affiliation and has a niche position with a more casual, younger
gambler. Due to the migration of sportsbook from retail setting to
online, online sportsbook business does not have a through the
cycle track record. Online poker also does not have a cyclical
downturn yet, but it is arguably a more mature segment now and is
more susceptible to a recession.

Fitch assumed an $800 million going concern EBITDA for TSG's
recovery analysis. This is approximately 20% below TSG's 2019
guidance EBITDA and is lower than $837 million Fitch assumed during
the last review of TSG in 2018. The difference is largely
associated with higher than previously assumed regulatory headwind
pressure and the volatility in sports betting win margin.

Fitch assumed a 6.5x EV/EBITDA multiple for calculating enterprise
value for TSG. The company trades with an implied EV/EBITDA of
approximately 10x and M&A multiples in online gaming and sportbooks
are generally above 10x. Sky Bet and Ladbrokes Coral acquisitions
were both done at about 13x EV/EBITDA. The 6.5x restructuring
multiple used for TSG is in line with what Fitch uses for other
large diversified online gaming and gaming supplier companies. TSG
has better growth prospects and higher FCF margins than some of its
peers.


STEPHAN A. KOHNEN: Seeks to Hire Margaret M. McClure as Counsel
---------------------------------------------------------------
Stephan A. Kohnen, D.M.D., P.A. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire the Law
Office of Margaret M. McClure as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm's hourly rates are:

         Margaret McClure, Esq.     $400
         Paralegal                  $150

The Debtor paid the firm a retainer in the amount of $25,000, which
included the filing fee of $1,717.

Margaret McClure, Esq., disclosed in court filings that she does
not have an interest adverse to the interest of the Debtor's
estate, creditors and equity security holders.

The firm can be reached through:

     Margaret Maxwell McClure, Esq.
     Law Office of Margaret M. McClure
     909 Fannin, Suite 3810
     Houston, TX 77010
     Tel: 713-659-1333
     Fax: 713-658-0334
     Email: margaret@mmmcclurelaw.com

                     About Stephan A. Kohnen

Stephan A. Kohnen, D.M.D., P.A. owns and operates a periodontal
clinic in Houston, which specializes in the treatment of gum
disease and placement of dental implants.

Stephan A. Kohnen sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 19-33348) on June 14,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $500,000 and liabilities of $1 million to $10 million.
The case is assigned to Judge David R. Jones.


STERLING MIDCO: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service changed Sterling Midco Holdings, Inc.'s
outlook to negative from stable and affirmed its B2 Corporate
Family Rating, B2-PD Probability of Default Rating and B2 first
lien credit facility rating (revolver and term loan).

The outlook change to negative from stable reflects the risk that
Sterling will not be able to improve earnings and free cash flow
sufficient to substantially delever its balance sheet over the next
12-18 months. The outlook also incorporates the risks related to
its business repositioning as well as the recent management
turnover. Moody's estimates that Sterling's debt-to-EBITDA (Moody's
adjusted and expensing all capitalized software development cost)
will remain above 7.0 times in 2019. Moody's believes that the
positive industry fundamentals and management's implemented
business initiatives could support a meaningful increase in free
cash flow and an improvement in leverage over the next 12-18
months, but the lack of a consistent track record from the new
management team and competitive industry intensity creates
uncertainty.

The affirmation of the B2 CFR considers Sterling's strong and
stable operating margins relative to its industry peers, promising
new business wins in 2019 and good liquidity. The affirmation is
also supported by Moody's view that ongoing business investments
and restructuring expenses as well capitalized software
expenditures will begin to abate in 2020, leading Moody's to
anticipate free cash flow to debt (Moody's adjusted) above 5%.

Moody's took the following rating actions on Sterling Midco
Holdings, Inc.:

  Corporate Family Rating, affirmed at B2

  Probability of Default Rating, affirmed at B2-PD

  $85 million first lien senior secured revolving credit
  facility due 2022, affirmed at B2 (LGD3)

  $647 million first lien senior secured term loan due
  2024 , affirmed at B2 (LGD3)

Outlook Action:

   Outlook, changed to negative from stable

RATINGS RATIONALE

Sterling's B2 CFR reflects the company's highly leveraged capital
structure, modest scale, narrow product focus, as well as the
highly competitive and fragmented market segment in which the
company operates. The company's revenue concentration in the
screening segment exposes it to a high degree of cyclicality and
changes in labor market conditions. Sterling's operating
performance remained weak for most of 2018 following the loss of
two large customers, a slow ramp of new business in the U.S. and
higher attrition rates resulting from historic instability in the
technology platform and poorer performance in turnaround times.
Moreover, a turnover in senior leadership and changes in the sales
organization have also impacted new revenue growth. In the fourth
quarter of 2018, new management launched a restructuring of all
client facing functions to move the organization to a customer
centric structure as well as implemented tighter cost controls.
Excluding the loss of two large clients, revenue has started to
show positive momentum in 2019 with pick up in new business
bookings and an improvement in customer retention. Moody's expects
growth rates for the global screening and verifications market to
remain modest, in the low-single digit percentages range.

The rating is supported by Sterling's solid position in the
employment and background screening services market with a broad
customer base and services that are deeply embedded into client's
human resource functions and entail high switching costs.
Sterling's highly variable costs structure benefits from the use of
automated service technology and offshore operations in lower-cost
regions, which Moody's expects will provide on-going support of
margins. The rating is further supported by Sterling's good
liquidity.

The ratings could be downgraded if Sterling does not demonstrate a
sequential recovery in operating performance, credit metrics and
liquidity beginning in the third quarter of 2019. Quantitatively,
the ratings could also be downgraded if Moody's believes that the
company is unlikely to reduce and sustain debt-to-EBITDA (Moody's
adjusted and expensing all software development costs) below 6.0
times and free cash flow-to-debt (Moody's adjusted) remains below
5%.

The ratings could be upgraded if Sterling reduces debt-to-EBITDA
leverage (Moody's adjusted and expensing all software development
costs) below 4.0 times and generates free cash flow to debt of at
least 8%, respectively, while maintaining good liquidity with
balanced financial policies.

Sterling, through its operating subsidiary Sterling Infosystems,
Inc., provides pre- and post-employment verification services
including criminal background checks, credential verification and
employee drug testing. Sterling is majority-owned by affiliates of
private equity sponsor Broad Street Principal Investments (a
subsidiary of Goldman Sachs). Moody's expects the company will
generate $475 million in revenue in 2019.


SYNOVUS FINANCIAL: Fitch Rates Series E $350MM Preferred Stock 'B'
------------------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to Synovus Financial
Corp.'s issuance of $350 million of 5.875% Fixed-Rate Reset
Non-Cumulative Perpetual Preferred Stock, Series E.

SNV expects to use the proceeds for general corporate purposes,
including share repurchases.

In May 2019, Fitch affirmed SNV's Long-Term Issuer Default Rating
and Viability Rating at 'BBB-' and 'bbb-', respectively, with a
Positive Outlook.

KEY RATING DRIVERS

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The rating for the new offering is equivalent to the rating on
SNV's existing preferred stock. SNV's preferred stock is notched
five levels below its viability rating (VR), two times for loss
severity and three times for non-performance. These ratings are in
accordance with Fitch's criteria and assessment of the instruments
non-performance and loss severity risk profiles and have thus been
affirmed due to the affirmation of the VR.

RATING SENSITIVITIES

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The ratings for SNV and its operating companies' preferred stock
are sensitive to any change to the VR.

As noted in Fitch's press release dated May 20, 2019, should SNV's
CET1 ratio decline below 9%, there could be negative rating
pressure, absent credible plans to return capital to above that
level in a reasonable time frame.

Fitch has assigned the following rating:

Synovus Financial Corp.

  -- $350 million 5.875% fixed-rate reset non-cumulative perpetual
preferred stock, Series E 'B'.

Fitch currently rates SNV as follows:

Synovus Financial Corp.

  -- Long-term IDR 'BBB-'; Positive Outlook;

  -- Short-term IDR 'F3';

  -- Viability Rating 'bbb-';

  -- Senior unsecured 'BBB-';

  -- Subordinated debt 'BB+';

  -- Preferred stock 'B';

  -- Support '5';

  -- Support Floor at 'NF'.

Synovus Bank

  -- Long-term IDR 'BBB-'; Positive Outlook;

  -- Short-term IDR 'F3';

  -- Viability Rating 'bbb-';

  -- Long-term deposits 'BBB';

  -- Short-term deposits 'F3';

  -- Support '5';

  -- Support Floor 'NF'.


TG LIQUIDATING: Files Chapter 11 Plan of Liquidation
----------------------------------------------------
TG Liquidating Co., f/k/a Tennis & Golf Company, filed a combined
Chapter 11 Plan of Liquidation and accompanying Disclosure
Statement.

Tennis & Golf Company changed its name to TG Liquidating Co.
following the approval of the sale of substantially all of the
Debtor's assets.

Class I: Allowed General Unsecured Claims are impaired. Holders of
Class I Claims will be paid a Pro Rata share of the General
Unsecured Claims Payment. The amount of the General Unsecured
Claims Payment shall be the proceeds of all Debtors assets,
including all Causes of Action, after payment of all
Administrative, and Priority Claims. Debtor makes no guaranty or
representation that there will be sufficient funds to make a
General Unsecured Claims Payment.

Class II: Claims of Interests are impaired. The Interests of this
Class shall be deemed canceled.

Upon the Effective Date, the Reorganized Debtor shall distribute
the Sale Proceeds, as well as the cash currently held in the
Debtors checking account in accordance with this Plan.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/y6jym9kcfrom PacerMonitor.com
at no charge.

Counsel for Debtor is David M. Eisenberg, Esq., and Julie Beth
Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., in
Southfield, Michigan.

                   About The Tennis & Golf Co.

Founded in 1977, The Tennis & Golf Co. is an independent specialty
retailer specializing in sporting goods including golf, running,
fitness apparel, footwear, and equipment.  The Company sells tennis
racquets, apparel, footwear, bags, and accessories, by Wilson,
Babolat, Head, Prince, Nike, adidas, New Balance, K-Swiss, Bolle,
Stella McCartney, and more.  Visit https://www.mytennisandgolf.com
for additional information.

Tennis & Golf Co. sought Chapter 11 protection (Bankr. E.D. Mich.
Case No. 19-43260) on March 7, 2019.  Judge Thomas J. Tucker is
assigned to the case.  In the petition signed by Rita Kozlowski,
general manager, the Debtor disclosed total assets at $948,138 and
total liabilities at $1,344,787.

The Debtor tapped David Eisenberg, Esq., at Maddin, Hauser, Roth &
Heller, P.C., as counsel. It tapped T & S ASSOCIATES, P.C., as
accountant.


VALENTIA GLOBAL: Aug 8 Hearing on Disclosure Statement
------------------------------------------------------
The hearing on approval of the disclosure statement and
confirmation of the plan of Valentia Global, LLC on August 8, 2019
at 1:30 p.m., in United States Bankruptcy Court 301 N. Miami Ave.
Courtroom #4 Miami, FL 33128.

August 5, 2019 is fixed as the last day for filing and serving
written objections to the disclosure statement and confirmation of
the plan.

The last day for filing and serving objections to claims is on July
25, 2019.

                    About Valentia Global

Valentia Global, LLC -- http://www.valentiarestaurant.com/-- is a
privately held company that owns and operates the Valentia
Mediterranean Restaurant.  It offers signature dishes including
Paella Valenciana, Arroz A Banda, Arroz Negro and Paella De
Mariscos.

Valentia Global filed a Chapter 11 petition (Bankr. S.D. Fla. Case
No. 18-25653) on Dec. 17, 2018.  In the petition signed by Ivan
Marzal, authorized member, the Debtor estimated assets of less than
$50,000 and liabilities of between $1 million and $10 million.  

The case has been assigned to Judge Robert A. Mark.  Aaronson
Schantz Beiley P.A. is the Debtor's legal counsel.


VERNON PARK: Unsecureds to Get $1,867 Monthly for 60 Months
-----------------------------------------------------------
Vernon Park Church of God filed a third amended Chapter 11 plan and
accompanying Disclosure Statement proposing that holders of
unsecured creditors will receive payments of $1,867.86 per month
commencing on the First Monthly Disbursement Date and continuing on
the 15th day of each month thereafter for the next 59 months.

Class One Secured Claim held by Happy State Bank are impaired.
Class One will receive payments in the amount of $33,102.78
commencing on the 15th day of the first month after Class Two is
paid in full and continuing on the 15th day of the of each month
thereafter for the next 59 months.

Class Two Disputed Secured Claims held by the holders of
mechanic’s lien are impaired. Class Two Claimants will receive a
Pro-rata distribution of the amount of $1,032,400.00 to be paid to
Class Two and that distribution will be disbursed monthly for 36
months.

Class Three Unsecured Mechanics Lien Claims are impaired. Class
Three Creditors will receive payments of $4672.59 per month
commencing on the First Monthly Disbursement Date and continuing on
the 15th day of each month thereafter for the next 59 months.

Class Five Small Unsecured Claims are impaired. Class Five
Creditors will receive twenty percent (20%) of the Allowed Amount
of their Claims on the Effective Date. Class Five Creditors will
not receive interest on their Claims.

The payments to Creditors under the Plan will be funded by the
Debtor's cash on hand, the Debtor's revenues from tithes and
contributions, and the Debtor's revenues from fundraising.

A full-text copy of the Third Amended Disclosure Statement dated
June 24, 2019, is available at http://tinyurl.com/y2btjbktfrom
PacerMonitor.com at no charge.

               About Vernon Park Church of God
  
Based in Lynwood, Illinois, Vernon Park Church of God --
http://www.vpcog.org/-- is a religious organization.  The Church's
Sunday service is at 10:00 a.m., and Children's Church is held
during Sunday service.

Vernon Park Church of God filed a Chapter 11 petition (Bankr. N.D.
Ill. Case No. 17-35316) on Nov. 28, 2017.  In the petition signed
by Jerald January Sr., pastor, the Debtor estimated assets and
liabilities between $1 million and $10 million.  The case is
assigned to Judge Donald R. Cassling.  The Debtor is represented by
Karen J Porter, Esq., at Porter Law Network.


VFH PARENT: Fitch Assigns 'BB-' LongTerm IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has assigned a senior secured debt rating of
'BB-(EXP)' to the notes co-issued by VFH Parent LLC and Orchestra
Co-Issuer, Inc., which are debt issuing subsidiaries of Virtu
Financial LLC. Fitch has also assigned Orchestra a Long-Term Issuer
Default Rating of 'BB-'. The Rating Outlook is Negative.

Orchestra and VFH expect to co-issue a $525 million, seven-year,
senior secured first lien notes. Proceeds from the issuance are
expected to be used to refinance an existing $500 million senior
secured second lien notes due in 2022 and pay about $27 million in
early redemption costs, making the current transaction largely
leverage-neutral for Virtu.

KEY RATING DRIVERS

IDRs AND SENIOR DEBT

The Long-Term IDR assigned to Orchestra is equalized with Virtu's
Long-Term IDR, reflecting Virtu's full ownership of the entity, and
unconditional guarantee on its outstanding debt.

The expected secured notes ratings assigned to Orchestra and VFH
are equalized with Virtu's Long-Term IDR, based on the
unconditional guarantee. Fitch's expectation for average recovery
prospects for the senior first lien instruments remains unchanged
as a result of the refinancing of second lien notes with an
additional first lien debt issuance. The notes will rank equal in
right of payment with all of the existing senior indebtedness of
Virtu, before giving effect to collateral arrangements.

Virtu's ratings reflect its established market position as a
technology-driven market maker across various venues, geographies
and products, further enhanced by the acquisition of KCG Holdings,
Inc. in July 2017. Virtu also has good historic operating
performance, a scalable business model, an experienced management
team, and demonstrated execution against operational and financial
objectives with respect to the KCG acquisition. Fitch believes that
Virtu's market-neutral trading strategies in highly liquid products
and extremely short holding periods minimize market and liquidity
risks. Fitch also believes the firm's risk controls are robust, as
evidenced by minimal instances of material historical operational
losses.

The Negative Outlook reflects Fitch's view of elevated execution
risk associated with the ITG acquisition in terms of integration,
achievement of envisioned synergies and deleveraging. Fitch
believes these risks could result in leverage remaining above 2.5x
on a gross debt to EBITDA basis, for an extended period of time,
particularly in the event of a sustained market disruption. Fitch
also notes recent financial underperformance and historical
governance deficiencies at ITG, the latter of which resulted in
settlements with the SEC related to events up until late 2016.
These risks associated with the ITG acquisition are partially
balanced against the potentially improved client execution
franchise, reduced earnings volatility and improved geographic
diversification as a result of the transaction.

The current debt refinancing transaction is expected to be largely
leverage-neutral for Virtu, as incremental $25 million increase in
debt is viewed as immaterial by Fitch. Pro forma for run rate ITG
EBITDA, cash flow leverage, as expressed by gross debt to adjusted
EBITDA increased to 3.2x for the trailing 12 months ended March 31,
2019 (TTM 1Q19) from 1.5x for the 12 months ended Dec. 31, 2018,
excluding any potential cost or capital synergies. Virtu expects to
realize $114 million in net cash synergies by the end of 2019 and
$133 million in the 18-24 months after the transaction close.
Including the cost synergies scheduled to be realized by end-2019,
pro forma cash flow leverage would be 2.7x. Virtu has also
indicated it could potentially achieve capital synergies of $125
million, mostly in the form of reduced prudential capital
requirements as a result of optimization of overlapping regulated
broker-dealer subsidiaries. Should capital synergies be used to
repay debt, Fitch estimates leverage would be 2.6x on a gross
debt/adjusted EBITDA basis. Virtu has communicated a long-term
leverage target of 2.00x-2.25x to be achieved by end-2020.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

The expected senior secured notes ratings are primarily sensitive
to changes in Virtu's Long-Term IDR, and secondarily, to changes in
Virtu's capital structure and/or changes in Fitch's assessment of
the recovery prospects for the debt instruments.

Negative rating actions could result from integration or execution
challenges associated with the ITG acquisition, which results in
shortfalls in projected cost and capital synergies, an inability to
reduce leverage towards or below 2.5x on a gross debt/adjusted
EBITDA basis over the next 12-18 months, a material deterioration
of interest coverage, or adverse legal or regulatory actions
against Virtu.

A rating downgrade could also result from material operational or
risk management failures, a failure to maintain Virtu's market
position in the face of evolving market structures and
technologies, and/or a material shift into trading less liquid
products.

Demonstrated progress in de-leveraging towards the company's
publicly-articulated long-term target of 2.0x-2.25x on a gross
debt/adjusted EBITDA basis, successful execution against stated
business and financial objectives associated with the ITG
acquisition, and a demonstrated ability to manage the potential
conflict of interest between proprietary market making and client
execution businesses could lead to the Rating Outlook being revised
to Stable from Negative.

Positive rating action, though likely limited to the 'BB' rating
category, given the significant operational risk inherent in
technology-driven trading, could be driven by consistent operating
performance and minimal operational losses over a longer period of
time while maintaining cash flow leverage consistently at-or-below
2.0x on a gross debt/adjusted EBITDA basis. Increased funding
flexibility, including demonstrated access to third party funding
through market cycles, could also contribute to positive rating
momentum.

SUBSIDIARY AND AFFILIATED COMPANIES

The ratings of Orchestra are expected to remain equalized with
those of Virtu, reflecting the full ownership and unconditional
guarantee on the senior secured debt co-issued by Orchestra and
Virtu's other debt-issuing subsidiaries VFH Parent LLC and Impala
Borrower LLC.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Existing ratings for Virtu are as follows:

Virtu Financial LLC

  -- Long-term IDR 'BB-'.

VFH Parent LLC

  -- Long-term IDR 'BB-';

  -- Senior secured debt rating 'BB-';

  -- Senior second lien notes 'B+'.

Impala Borrower LLC

  -- Long-term IDR 'BB-';

  -- Senior secured debt rating 'BB-';

The Rating Outlook is Negative.


WAGGONER CATTLE: Rabo AgriFinance Objects to Disclosure Statement
-----------------------------------------------------------------
Rabo AgriFinance LLC, f/k/a Rabo Agrifinance, Inc., objects to the
Second Amended Combined Disclosure Statement and Plan of
Reorganization of Waggoner Cattle and its debtor affiliates.

Rabo points out that the Debtors have not provided the Court with a
redline showing the changes between their Debtors' Revised First
Amended Combined Disclosure Statement and Plan of Reorganization
filed on April23, 2019 and the Second Amended Plan filed on June
20, 2019, Rabo understands the changes between the First Amended
Plan and the Second Amendment Plan to be minor.

Rabo complains that the First Amended Plan, is not confirmable for
many reasons, not the least of which is that the Second Amended
Plan continues to violate the absolute priority rule in several
respects.

Rabo asserts that the Debtor proposes cannot be considered "new
value" sufficient to overcome the absolute priority rule problem
the Debtors have for a number of reasons.

According to Rabo, the Second Amended Plan propose no new
contribution of capital, but the only beneficiaries of the S&R
Cattle take-out loan (to the extent that loan otherwise qualifies
as new value) are secured creditors.

Attorneys for Creditor Rabo AgriFinance LLC:

     Thomas C. Riney, Esq.
     W. Heath Henricks, Esq.
     RINEY & MAYFIELD
     320 South Polk Street, Suite 600
     Amarillo, TX 79101
     Tel: (806) 468-3200
     Fax: (806) 376-4509
     Email: triney@rineymayfield.com
            hhendricks@rineymayfield.com

        -- and --

     Michael R. Johnson, Esq.
     RAY QUINNEY & NEBEKER P.C.
     36 South State Street, Suite 1400
     Salt Lake City, UT 84111
     Tel: (801) 532-1500
     Fax: (801) 532-7543
     Email: mjohnson@rqn.com

                     About Waggoner Cattle

Waggoner Cattle, et al., are privately-held companies in Dimmitt,
Texas, engaged in cattle ranching and farming.  Circle W of
Dimmitt, Inc. ("Circle W"), is the operating arm for Waggoner
Cattle, LLC, Bugtusslel Cattle, LLC and Cliff Hanger Cattle, LLC,
and it is managing the financial affairs of those companies.

Waggoner Cattle, Circle W of Dimmitt, Inc., Bugtussle Cattle, LLC,
and Cliff Hanger Cattle, LLC (Bankr. N.D. Tex. Case No. 18-20126 to
18-20129) simultaneously filed voluntary petitions for relief under
Chapter 11 of the Bankruptcy Code on April 9, 2018.  In the
petitions signed by Michael Quint Waggoner, managing member the
Debtors estimated $1 million to $10 million in assets and $10
million to $50 million in liabilities.


WAYNE HEALTHCARE: Fitch Assigns BB+ IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Wayne Healthcare a 'BB+' Issuer Default
Rating. Fitch has also assigned a 'BB+' rating to approximately $25
million of series 2019A fixed rate hospital facilities revenue
bonds to be issued by Darke County, OH on behalf of WH.

The Rating Outlook is Stable.

The series 2019A bonds are expected to be fixed rate and price via
negotiated sale the week of August 19. Proceeds will be used to
fund various capital expenditures at WH including construction of a
new inpatient tower and connector, which will link the new tower to
the existing hospital; fund a debt service reserve fund; pay
capitalized interest during the construction period; and pay costs
of issuance for the bonds.

SECURITY

A pledge of security interest on the gross receipts of the
obligated group, mortgage lien on the hospital, and a debt service
reserve fund.

ANALYTICAL CONCLUSION

The 'BB+' rating reflects WH's leading market position in a
relatively competitive and somewhat weaker service area, mid-range
operating risk assessment, and strong balance sheet as evidenced by
solid net adjusted leverage ratios. The rating also supports WH's
comparatively stronger financial profile in the context of a weak
revenue defensibility and operating profile assessment, but also
considers a smaller, more rural service area that lacks significant
growth opportunities or revenue diversity.

The 'BB+' rating also fully incorporates the risk of a sizeable
construction project, comparatively more limited service area and
footprint, and WH's dependence on a limited number of physicians
for admissions and revenue, which can, and has, resulted in
operational year-over-year variability for WH.

The Stable Outlook reflects Fitch's expectation that WH will
maintain adequate leverage and liquidity metrics through a period
of elevated capital spending, including in the stress case in
Fitch's forward-looking FAST scenario analysis.

KEY RATING DRIVERS

Revenue Defensibility: 'bb'; Competitive Market and Challenging
Payor Mix

WH's revenue defensibility is weak, despite a leading PSA market
position of 26% within Darke County. Competition is present from
several hospitals in the broader service area. There are four
hospitals of similar size and two hospitals with larger bed counts
within 40 miles. WH's revenue source characteristics are very
restrictive as governmental payors account for approximately 78% of
gross revenues, and Medicaid and self-pay total a high 34% of gross
revenues.

Operating Risk: 'bbb'; Elevated Period of Capital Spending

WH's operating risk assessment is mid-range. WH's has seen some
volatility in operating performance over the last five years,
experiencing compression as recently as fiscal 2017. Near-term
strategic capital spending plans will be high but should be
manageable, and is highlighted by the construction of a new
three-story tower at WH's existing campus.

Financial Profile: 'bbb'; Stability through The Cycle

WH's financial position has improved steadily over the last several
years, with consistent operating and non-operating profitability
and a $13 million affiliation contribution from Premier Health
Partners driving liquidity growth. WH will be entering an elevated
period of capital spending that includes a moderate increase in
debt and equity contribution. Fitch expects WH's financial profile
metrics to remain stable and in line with a 'BBB' category
assessment through the period of elevated capital spending, and
through Fitch's forward looking scenario analysis, which applies a
moderate economic stress.

Asymmetric Additional Risk Considerations

No asymmetric risks were factored into the rating assessment.

RATING SENSITIVITIES

CAPITAL PROJECT EXECUTION: Cost overruns, delays in construction,
or operating challenges as WH constructs its new three-story tower
could result in negative rating pressure. The period of capital
project risk should lesson towards the middle of 2021, when the
tower and existing facility renovations are completed.

SUSTAINED IMPROVEMENT TO OPERATING MARGINS: The 'BB+' rating
reflects Fitch's expectation that Wayne Healthcare's operating
performance and financial profile will remain consistent with the
current rating level. Conversely, upon completion of the
construction project, a consistent and sustained improvement in
operating performance coupled with strengthened net-leverage ratios
could result in positive rating action.

CREDIT PROFILE

Wayne Hospital d/b/a as Wayne Healthcare is a 92 licensed bed (62
staffed) acute care hospital located in Greenville, OH, which is
approximately 50 miles northwest of Dayton, Ohio. In fiscal 2018,
WH had total operating revenues of $58.7 million. The obligated
group consists WH and a professional services group, Wayne Hospital
Company Professional Services LLC. Non-obligated affiliates are
included within WH and are not material.

As of April 2017, WH and Premier Health Partners (Premier Health,
rated A/Stable) signed an affiliation agreement for the purposes of
collaboration between the two entities. The intent of the
collaboration is to enhance development of resources for new
facilities and programs, maintain and provide medical services for
the underserved, and to further collaboration and integration
between WH and Premier Health.

As part of the agreement, Premier Health purchased a 33.3%
ownership position in WH for $13 million and has the right to
appoint six of the 18 members on WH's board of directors. Premier
Health does not collect yearly earnings from WH. The affiliation
term runs through April 2024 and allows WH three options at the end
of the term: become part of Premier Health; pursue another
agreement with Premier Health; or terminate the affiliation which
includes a fair market value buyout price to Premier Health.

Fitch is cognizant that a termination by WH of its affiliation
agreement with Premier Health at the end of the current agreement
in 2024 would result in a repayment to Premier Health, but does not
view it at this time as an asymmetric risk. If WH elects to end
their affiliation with Premier Health a buyout price will be
negotiated based on a determined fair market value.

Revenue Defensibility

WH's payor mix is weak, with Medicaid accounting for an elevated
28.5% of the gross payor revenues and another 5.3% classified as
self-pay as of 2018. The payor mix is noted to have heightened
exposure to governmental payors, with approximately 50% attributed
to Medicare, which has remained stable for several years. Over the
last four years Medicaid and self-pay have combined to average 33%
of gross revenues, and Fitch expects WH's combined Medicaid and
self-pay payor mix to remain above 30% for the foreseeable future.

WH participates in the Hospital Care Assurance Program (HCAP) which
provides for additional payments to hospitals that administer a
disproportionate share of uncompensated services to the indigent
and uninsured. Under HCAP, all Ohio not-for-profit hospitals
provide free care at or below the federal poverty guidelines. Net
amounts recorded by WH from HCAP totaled approximately $1.8 million
and $1.9 million for 2018 and 2017, respectively.

WH is the only acute care hospital within Darke County. WH
sustained a leading primary service area (PSA) market position of
26.3% in 2018.The nearest competitor, Miami Valley Hospital (MVH),
maintained a 21.7% market share (MVH is the flagship hospital of
Premier Health). MVH's market share notably increased from 13.5% in
2017 as a result of patient transfers from Good Samaritan Hospital,
which Premier Health closed in the summer of 2018.

Outside of the county, WH faces competition from several hospitals.
There are four hospitals of similar size and two hospitals with
larger bed counts within 40 miles, Upper Valley Medical Center (a
member of Premier Health) and Reid Health (rated A/stable by
Fitch). Outmigration within the county occurs with patients seeking
higher acuity services not provided by WH.

WH's medical staff consists of 137 physicians with 88 maintaining a
presence at WH's campus. Employed physicians total 11 with
specialties of general surgery, OB/GYN, physical therapy, family
medicine, and transitional care nurse practitioners. The top-10
physicians accounted for a high 78% of volume and 47% of revenue in
2018. This degree of physician concentration subjects WH to
utilization and revenue volatility due to a high reliance of
revenues originating from a small number of employed physicians.

In April 2017, WH and Premier Health signed an affiliation
agreement for the purposes of collaboration between the two
entities. As part of the affiliation, Premier Health maintains a
33.3% percent membership interest in WH. The affiliation allows WH
numerous benefits including access to Premier Health's executive
leadership, ability to participate in board meetings and operations
meetings and access to its physician development program.

WH is a member of the Ohio State Health Network. This alliance
consists of 15 rural Ohio healthcare providers and the Ohio State
Medical Center with primary objectives of improving the quality and
efficiency of patient care delivery, enhance operational
efficiencies, expand access to electronic medical records, and
prepare for a value based population health environment focusing on
prevention, early intervention and improving the health status of
communities.

WH's PSA characteristics are somewhat mixed although generally
stable and should continue to support its current payor mix over
time. Darke County is highlighted by stagnant population trends, an
unemployment rate below the state average, and median household
income levels in line with the state of Ohio. Less favorably, the
City of Greenville contains income levels lower than the average of
the state and declining population trends.

Agriculture is a major component of the regional economy.
Manufacturing also plays a significant role as industries located
in Darke County consist of specific specialties pertaining to
household appliances, automotive parts, medical, dental, animal
health equipment, and oil filters.

Operating Risk

WH's operating cost flexibility is assessed as mid-range. While
operating EBITDA and EBITDA margins have averaged a good 9.3% and
16.6%, respectively, over the last five fiscal years, there has
been year to year volatility, highlighting WH's sensitivity to
swings in volume and reimbursement programs. Notably, the operating
EBITDA margin softened to 5.1% in fiscal 2017, primarily attributed
to fewer inpatient admissions and outpatient visits from the prior
year and an unfavorable increase in contractual rate adjustments
from multiple payors. WH also experienced an increase in expense
related to contracted labor within a newly created behavioral
health unit.

Additionally, funding temporarily expired in September 2017 for
three governmentally funded programs: Medicaid Disproportionate
Share (DSH) Hospitals, low-volume Adjustment (LVA) Program, and
Medicare-dependent Hospitals (MDH). In February 2018, a budget bill
was passed and signed into law that restored the DSH program and
extended the LVA and MDH for five years through 2022.

Operating EBITDA and EBITDA margins improved in 2018 to
approximately 9% and 18%, respectively. The improvement can be
attributed to about a 9% increase in revenues as WH utilized new
medical technology at its campus and increased volume from its
orthopedic services department. Additionally, expense savings were
realized as a result of WH's membership in the Ohio State Health
Network, which focuses on cost reduction through group purchasing
options.

Other factors contributing to improved margins in 2018 were due to
cost control and revenue enhancement measures undertaken by WH
including a lean/quality improvement program, which implemented
$1.3 million in savings. Additionally, WH participates in the HIIN
program, which is a quality incentive program with the Ohio
Hospital Association and CMS, as well as continued operational
benefits as a result of partnerships and participation within group
purchasing programs.

Looking forward, WH expects recruiting efforts and operational
improvements to generate additional revenue opportunities by about
$1 million or better annually. Service lines affected will include
behavioral health, obstetrics (OB), and orthopedics. WH corrected
billing and collection issues experienced within its behavioral
health services unit in 2017 and 2018. WH also added a new OB
physician from a nearby facility and has expanded the OB unit,
which WH expects will increase deliveries annually by approximately
14% starting in 2020. Additionally, WH expects an increase in
orthopedic surgical procedures as a result of newly purchased Mako
robot.

WH's capital expenditure requirements are mid-range. The average
age of plant is somewhat high at 14 years as of 2018. Capital
spending needs have been minimal and averaged about 60% of
depreciation the past five fiscal years. Fitch expects WH's capital
spending to be elevated and average about 270% of depreciation over
the next five years, as WH moves forward with a sizeable $60
million capital plan at its campus.

The upcoming capital project is highlighted by the construction of
a new three-story inpatient tower at WH's existing campus to the
east of the hospital and a connector-way from the existing facility
to the new tower that will include storage space for hospital
materials and an off-loading dock. Additionally, WH will make
several renovations to its current facility including medical
records relocation, stress lab and imaging reconfiguration,
physician lounge, respiratory therapy, surgery storage, and
additional parking spaces.

The projects will be funded with $40 million from 2019 debt
issuances and a $21 million equity contribution from WH. New tower
construction began in April 2019 with substantial completion
expected by November 2020 and the first new patient being admitted
in December 2020. WH will begin renovations of its existing
hospital space in January 2021 with total project completion
expected by April 2021.

Financial Profile

WH's leverage profile has improved over the last five years. At
fiscal year-end 2018, cash to adjusted debt improved to
approximately 360% from 236% at fiscal year-end 2014. Further,
unrestricted cash and investments have also increased totaling $92
million at fiscal year-end 2018 from $65 million at fiscal year-end
2014, partly as a result of steady profitability, controlled
capital spending, and due to the $13 million affiliation
contribution in 2017 from Premier Health.

Pro-forma with inclusion of the 2019 bonds and equity contribution
from WH, unrestricted cash and investments decreases to $72 million
and total debt increases to about $65 million. As a result,
pro-forma calculations weaken. Pro-forma cash to adjusted debt
remains good but decreases to about 110%, net adjusted debt to
adjusted EBITDA is also good at negative 0.6x. Fitch utilizes debt
equivalents from the 2018 fiscal-year end, including a de-minimis
$455 thousand for capitalized operating leases (calculated at a
5.0x multiple) and no pension liability as WH does not have a
defined benefit pension plan.

Fitch's base case scenario assumes performance generally in line
with recent historical results, with operating EBITDA margins in
the 10% range throughout the base case. Capital expenditures are
elevated and average about 270% of depreciation as WH moves forward
with its capital spending initiatives. Fitch includes the debt
increase from the 2019 bonds in its base case. Fitch's forward
looking analysis demonstrates that a continuation of more recent
operational trends would allow WH to steadily improve upon its
net-leverage metrics after factoring in the period of elevated
capital spending and increased debt burden.

Fitch's stress case scenario applies Fitch's standard revenue
stress to base case assumptions, resulting in two years where
expense growth modestly outpaces revenue growth. In addition, the
stress case imposes a cyclical investment stress based on Fitch's
FAST model using WH's actual portfolio asset allocation. This
produces a loss around 12% during the most significant stress
event, due to a somewhat aggressive investment portfolio with a
total of 55% in equities. Capital expenditures are reduced by 20%
from the base case in fiscal 2021 reflecting flexibility to reduce
or defer certain capital expenditures during a stress scenario.
WH's balance sheet shows resilience throughout Fitch's stress
scenario as cash to adjusted debt does not fall below approximately
105% and improves to about 120% in the outer year of the scenario.
Net adjusted debt to adjusted EBITDA also improves to a negative
1.4x at the tail-end of the scenario.

Asymmetric Additional Risk Considerations

No asymmetric risks were factored into the rating assessment
Debt Profile

After issuance of the series 2019A, B&C bonds, WH's total long term
bonded debt will equal approximately $64.5 million. Total debt will
include $25 million in fixed rate bonds and $39.5 million in direct
placement bank bonds. WH will refund $24 million in privately
placed series 2010 bonds with the 2019C bank placement bonds. WH
has one swap in place, a fixed to floating rate, with the notional
amount being modified to $15 million to hedge the variable rate
bank portion of the debt issuance. Morgan Stanley is the
counterparty. The swap has a negative termination value of $2.5
million to WH.

At this time, Fitch Ratings understands that the direct placement
bonds will be structured the same as their public debt, with annual
covenants requiring a minimum 1.20x debt service coverage and 75
days cash on hand.


WEATHERFORD INT'L: Moody's Cuts PDR to D-PD on Chap. 11 Filing
--------------------------------------------------------------
Moody's Investors Service downgraded Weatherford International
Ltd.'s (Bermuda) Probability of Default Rating to D-PD from Ca-PD
following the announcement that the company filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code in
the Southern District of Texas. The company's other ratings were
affirmed, including the Ca Corporate Family Rating, and the Ca
senior unsecured notes rating of both Weatherford and Weatherford
International, LLC (Delaware). Weatherford's SGL-4 Speculative
Grade Liquidity Rating was also affirmed. The outlook remains
negative.

Shortly after the actions, Moody's will withdraw all of
Weatherford's ratings.

Downgraded:

Issuer: Weatherford International Ltd. (Bermuda)

  Probability of Default Rating, Downgraded to D-PD from Ca-PD

Affirmed:

Issuer: Weatherford International Ltd. (Bermuda)

  Corporate Family Rating, Affirmed Ca
  Senior Unsecured Notes, Affirmed Ca (LGD4)
  Speculative Grade Liquidity Rating, Affirmed SGL-4
  Senior Unsecured Commercial Paper, Affirmed NP
  Senior Unsecured Shelf, Affirmed (P)Ca
  Subordinate Shelf, Affirmed (P)C
  Preferred Shelf, Affirmed (P)C
  Preference Shelf, Affirmed (P)C

Issuer: Weatherford International, LLC (Delaware)

  Senior Unsecured Notes, Affirmed Ca (LGD4)
  Senior Unsecured Shelf, Affirmed (P)Ca
  Subordinate Shelf, Affirmed (P)C

Outlook actions:

Issuer: Weatherford International Ltd. (Bermuda)

  Outlook, Remains Negative

Issuer: Weatherford International, LLC (Delaware)

  Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of the PDR to D-PD reflects Weatherford's bankruptcy
filing on July 1, 2019. The Ca CFR and Ca senior unsecured notes
rating reflects Moody's view on expected recovery, which Moody's
estimates to be in the 35%-65% for the unsecured noteholders.

Weatherford is trying to accomplish a comprehensive financial
restructuring and reduce roughly $5.85 billion of debt through a
pre-packaged Chapter 11 filing. Prior to its bankruptcy filing,
Weatherford was struggling with a very high debt burden and the
associated interest costs, weak liquidity, including large debt
maturities, and a challenged industry environment. On June 15,
2019, the company also skipped the scheduled interest payments due
on its 7.75% notes due 2021, 8.25% notes due 2023 and 6.80% notes
due 2037.

Weatherford has entered into a restructuring support agreement with
approximately 79% of its senior unsecured note holders. RSA parties
have agreed to provide two Debtor-in-possession facilities for an
aggregated $1.75 billion of liquidity, which the company plans to
use to repay all of its secured funded debt as well as trade
creditors in the ordinary course of business during the
reorganization period. The company plans to emerge from the
Chapter-11 process with roughly $2.5 billion of total debt.

Weatherford International Ltd. (Bermuda) and Weatherford
International, LLC (Delaware) are wholly-owned subsidiaries of
Weatherford International plc, which is headquartered in
Switzerland and is a diversified international company that
provides a wide range of services and equipment to the global oil
and gas industry.


WEATHERFORD INT'L: S&P Lowers ICR to 'D' on Chap. 11 Filing
-----------------------------------------------------------
S&P Global Ratings downgraded Ireland-based oilfield services
provider Weatherford International PLC to 'D' from 'CC'.

S&P said, "At the same time, we are lowering our issue-level rating
on the company's secured term loan to 'D' from 'CCC', our
issue-level rating on its senior unsecured guaranteed revolving
credit facility to 'D' from 'CCC-', and our issue-level rating on
its senior unsecured notes to 'D' from 'C'.

"Our '1' recovery rating on Weatherford's secured term loan remains
unchanged, indicating our expectation for very high (90%-100%;
rounded estimate: 95%) recovery for creditors in the event of a
default. Our '2' recovery rating on the company's senior unsecured
guaranteed revolving credit facility also remains unchanged,
indicating our expectation for substantial (70%-90%; rounded
estimate: 85%) recovery for creditors in the event of a default. In
addition, our '5' recovery rating on the company's senior unsecured
debt remains unchanged, indicating our expectation for modest
(10%-30%; rounded estimate: 20%) recovery for creditors in the
event of a default."

Weatherford International PLC announced that it had voluntarily
filed a prepackaged Chapter 11 bankruptcy plan as part of its
previously announced financial restructuring. S&P expects the
company to file for examinership proceedings in Bermuda and Ireland
in the coming months.

As of June 28, 2019, 79% of Weatherford's senior unsecured
noteholders had agreed to its restructuring plan, under which the
company will exchange its existing unsecured debt ($7.4 billion of
expected claims) for 99% of its equity plus up to $1.25 billion of
new tranche B senior unsecured notes (up to $500 million of which
can be converted to common stock at the holder's option). The
consenting noteholders also agreed to backstop up to $1.25 billion
of new tranche A senior unsecured notes to repay the
debtor-in-possession (DIP) financing at the company's emergence
from bankruptcy. In addition, Weatherford will receive $1.75
billion of DIP financing under the agreement, which will comprise a
$1 billion DIP term loan backstopped by the consenting noteholders
and a $750 million DIP credit facility.

Weatherford will repay its first-lien term loan (expected claims of
$298 million) and 364-day facility (expected claims of $317
million) in full with the proceeds from the proposed DIP facility.
The company will also cash collateralize its letters of credit
andrepay its unsecured revolving credit claims (expected $305
million) at emergence.


WIREPATH LLC: Moody's Lowers CFR to B3, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service downgraded Wirepath LLC's Corporate
Family Rating to B3 from B2 following the company's announcement
that it will increase the size of its senior secured first lien
term loan by $390 million to $683 million. Concurrently, Moody's
downgraded SnapAv's Probability of Default Rating to B3-PD from
B2-PD and downgraded the company's senior secured first lien bank
credit facilities to B3 from B2. The outlook remains stable.

Proceeds from the incremental debt issuance, balance sheet cash,
and $247 million of additional equity from private equity sponsor
Hellman & Friedman will be used to fund SnapAV's acquisition of
Control4. Control4, based in Salt Lake City, sells automation
products for both residential and commercial markets.

The downgrade reflects the meaningful increase in debt-to-EBITDA
leverage and weakening of free cash flow relative to debt as a
result of the acquisition. Moody's took the following rating
actions:

Downgrades:

Issuer: Wirepath LLC

  Corporate Family Rating, Downgraded to B3 from B2

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

  Senior Secured First Lien Revolving Credit Facility,
  Downgraded to B3 (LGD3) from B2 (LGD3)

  Senior Secured First Lien Term Loan (including proposed
  upsize), Downgraded to B3 (LGD3) from B2 (LGD3)

Outlook Actions:

Issuer: Wirepath LLC

  Outlook, Remains Stable

RATINGS RATIONALE

SnapAV's B3 CFR broadly reflects the company's high debt-to-EBITDA
leverage of about 7x and modest free cash flow to debt of about
1.5% based on March 31, 2019 LTM results (pro forma for the
company's acquisition of Control4). Moody's expects that leverage
will moderate to below 6.5x over the next 12-18 months resulting
from mid-to-high-single digit organic revenue growth and the
achievement of approximately $14 million of contemplated cost
synergies as the two companies are combined. The ratings also
reflect the increased level of operational risk associated with the
integration of Control4 and SnapAV as well as the potential for
continued acquisition activity -- potentially funded with
additional debt. Though Moody's expects SnapAV to continue to
realize mid-to-high-single digit organic revenue growth rates with
EBITDA margins in the 15% range, cash flow generation is expected
to be only modest as the company incurs expenses associated with
integrating and restructuring certain functions of the combined
SnapAV and Control4 businesses, as well as incremental interest
expense. The company is owned by funds affiliated with private
equity sponsor Hellman & Friedman and is expected to maintain
aggressive financial policies.

The ratings are supported by SnapAV's strong market presence and
the enhancement of scale, global distribution and market share that
the acquisition of Control4 will provide. SnapAV's
direct-to-integrator sales model is designed to eliminate the risk
of intermediation by lower-cost retail providers by replacing
traditional design, manufacturing, and distribution roles with a
fully integrated platform based on a highly efficient e-commerce
platform. The company's distribution infrastructure allows a degree
of price protection for customers, who are able to realize stronger
margins as a result of being a member of the SnapAV network. While
this model provides for a strong base of repeat business with
professional installers, Moody's believes that the overall market
for high-end home electronics is susceptible to macroeconomic
swings in the form of housing market strength and consumer
discretionary spend. SnapAV also faces competition from other
producers of control systems (such as Crestron and Savant),
electronics OEMs, big-box electronics retailers, the small number
of integrators who are not part of its network, and, to a lesser
extent, technologically inclined homeowners.

The stable outlook reflects Moody's expectations that SnapAV will
continue to realize strong rates of revenue growth, through wallet
share growth in its existing home AV market segment, increased
distribution capabilities and ability to cross sell products from
Control4 into the companies' respective customer bases. With
margins expected to remain relatively stable, EBITDA growth will
reduce debt-to-EBITDA leverage to below 6.5x and improve free cash
flow to debt to above 3% over the next 12-18 months.

The ratings could be downgraded if SnapAV experiences lower than
expected revenue growth, margin deterioration, or if the company
undertakes substantial debt-financed dividend distributions or M&A
activity such that leverage exceeds 7.5x. Ratings could also be
downgraded if the company experienced a material deterioration of
liquidity.

The ratings could be upgraded if the company is able to
successfully integrate SnapAV and Control4 while maintaining strong
levels of revenue and EBITDA growth such that leverage is expected
to be maintained below 6x and free cash flow to debt is maintained
above 5%.

Moody's views SnapAV's liquidity as good, supported by a $50
million revolving credit facility ($28 million drawn at March 31,
2019) which is expected to increase to $60 million in conjunction
with the term loan upsize. Liquidity is also supported by an
expected cash balance of $9 million at the close of the transaction
and expectations for modest but consistently positive free cash
flow generation.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Wirepath LLC is a technology-enabled, value-added wholesale
supplier and distributor of products and services to integrators
in, primarily, the home and small business audio visual equipment
sector. SnapAV, which generated $748 million of revenues (pro forma
for the acquisition of Control4) in the LTM period ended March 31,
2019, is owned by funds affiliated with private equity sponsor
Hellman & Friedman. The company is headquartered in Charlotte, NC.


ZATO INVESTMENTS: Seeks to Hire Bond Law Office as Legal Counsel
----------------------------------------------------------------
Zato Investments Ltd. Co. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Arkansas to hire Bond Law Office
as its legal counsel.

The firm will advise the Debtor of its powers and duties under the
Bankruptcy Code and will provide other legal services in connection
with its Chapter 11 case.

The firm's hourly rates are:

         Stanley Bond, Esq.     $300
         Emily Henson, Esq.     $250   
         Paraprofessional       $100

Bond Law Office received a retainer fee of $10,283, plus $1,717 for
the filing fee.

The Bond Law Office and its attorneys are "disinterested" as
defined in Section 101(14) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Stanley V. Bond, Esq.
     Emily J. Henson, Esq.
     Bond Law Office
     P.O. Box 1893
     Fayetteville, AR 72702-1893
     Fax: 479.235.2827
     Email: attybond@me.com    
            ehenson.attybond@icloud.com  

                  About Zato Investments Ltd. Co.

Zato Investments Ltd. Co. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Ark. Case No. 19-13288) on June 24,
2019.  At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
The case is assigned to Judge Phyllis M. Jones.  Bond Law Office is
the Debtor's counsel.



ZENITH MANAGEMENT: Vera Judgment Claim Added as Secured Claim
-------------------------------------------------------------
Zenith Management I, LLC, filed an amended Chapter 11 Plan and
accompanying Disclosure Statement to add the Vera Judgment (Claim
No. 5) to Class I - Allowed Secured Claims.

Class I claims are secured by liens on the Flushing Property.

Class III- Allowed Unsecured Claims are unimpaired. This Class
consists of all Allowed Unsecured Claims against the Debtor’s
estate, which includes Claim No. 1 filed by Consolidated Edison
Company of New York, Inc. Holders of Allowed Unsecured Claims will
receive payment in full on the Effective Date.

The Plan will be funded from certain proceeds of the Sale of the
Corona Property and the refinancing or Sale of the Flushing
Property.

A full-text copy of the Disclosure Statement dated June 24, 2019,
is available at http://tinyurl.com/y645szn5from PacerMonitor.com
at no charge.

A redlined version of the Disclosure Statement dated June 24, 2019,
is available at https://tinyurl.com/yxg6so78 from PacerMonitor.com
at no charge.

                 About Zenith Management I

Zenith Management I, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 16-43485) on August 3, 2016, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by Gabriel Del Virginia, at the Law Office of Gabriel
Del Virginia.

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


[*] John Storz Joins Stroock's Financial Restructuring Practice
---------------------------------------------------------------
John Storz, a lawyer with wide-ranging corporate and bankruptcy
experience, has joined Stroock's national Financial Restructuring
Group as a partner in the New York office.

"John Storz makes our marquee Financial Restructuring Group even
stronger," said Jeff Keitelman, the firm's co-managing partner.
"He adds significant depth and private equity experience to our
growing Distressed M&A practice, and he brings established client
relationships and a recognized brand, enhancing our reputation for
finding commercial solutions and acting as trusted legal advisors
in every aspect of a transaction."

A seasoned corporate attorney, Mr. Storz has advised clients on
mergers and acquisitions, securities offerings and investment fund
transactions among others.  As an accomplished bankruptcy
practitioner, he also guides creditor committees and distressed
companies through a variety of restructuring scenarios.
Additionally, he advises institutional investors and has worked
across industries as varied as biotechnology and manufacturing.

"I'm thrilled to be joining Stroock's team, which has a reputation
as a destination practice for the most sophisticated matters in
restructuring," Mr. Storz said.  "I believe it will provide an
ideal platform to help my clients achieve their business goals."

Stroock's national Financial Restructuring Group has extensive
experience representing sophisticated financial institutions in
their role as creditors, equity holders and new money
investors/lenders in high-profile and complex bankruptcy matters.
The group routinely plays a part in the nation's largest
restructurings.  In 2018, the firm's lawyers were involved in many
of the largest chapter 11 cases of the year, including Toys "R" Us,
Sears, Avaya, Monitronics/Brinks Home Security, Puerto Rico,
iHeartMedia, Inc., Seadrill and Cenveo, Inc.  This year the group
has been retained as counsel to the lead arranger of a $5.5 billion
DIP loan -- the largest in history -- being given to PG&E in
connection with its chapter 11 cases.

With a reputation as a strong practice that emphasizes getting
deals done, the Financial Restructuring group and its lawyers are
recognized among the nation's leading financial restructuring
teams.  Most recently, Kristopher Hansen, the chair of Stroock's
national Financial Restructuring Group, was inducted as a Fellow in
the American College of Bankruptcy, and partner Jonathan Canfield
was selected for the third consecutive year as Turnarounds &
Workouts "Outstanding Young Restructuring Lawyer."

Stroock -- http://www.stroock.com/-- provides strategic
transactional, regulatory and litigation advice to advance the
business objectives of leading financial institutions,
multinational corporations and entrepreneurial businesses in the
U.S. and globally.  With a rich history dating back 140 years, the
firm has offices in New York, Los Angeles, Miami and Washington,
D.C.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re The Northpointe Group LLC
   Bankr. D. Ariz. Case No. 19-07900
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/azb19-07900.pdf
         represented by: Chris D. Barski, Esq.
                         BARSKI LAW PLC
                         E-mail: cbarski@barskilaw.com

In re Pam K. Grewall
   Bankr. N.D. Cal. Case No. 19-30690
      Chapter 11 Petition filed June 26, 2019
         represented by: Chris D. Kuhner, Esq.
                         KORNFIELD NYBERG BENDES KUHNER & LITTLE
                         E-mail: c.kuhner@kornfieldlaw.com

In re Comfort Dental Studio, Inc.
   Bankr. N.D. Ga. Case No. 19-59879
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/ganb19-59879.pdf
         represented by: Latif Oduola-Owoo, Esq.
                         ARRINGTON | OWOO, P.C.
                         E-mail: latif@aomlaw.com

In re Thomas R. McClayton
   Bankr. N.D. Ill. Case No. 19-18191
      Chapter 11 Petition filed June 26, 2019
         represented by: Abraham Brustein, Esq.
                         DIMONTE & LIZAK, LLC
                         E-mail: abrustein@dimonteandlizak.com

In re C.A.M.E, LLC
   Bankr. D. Md. Case No. 19-18667
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/mdb19-18667.pdf
         represented by: Robert M. Stahl, IV, Esq.
                         LAW OFFICES OF ROBERT M. STAHL
                         E-mail: stahllaw@comcast.net

In re L.A. Green Produce LLC
   Bankr. D.N.J. Case No. 19-22587
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/njb19-22587.pdf
         represented by: Carlos D. Martinez, Esq.
                         SCURA, WIGFIELD, HEYER, STEVENS &
                         CAMMAROTA, LLP
                         E-mail: cmartinez@scura.com
                                 ecfbkfilings@scuramealey.com

In re Forum Diner Corp.
   Bankr. E.D.N.Y. Case No. 19-43952
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/nyeb19-43952.pdf
         represented by: Lawrence Morrison, Esq.
                         MORRISON TENENBAUM, PLLC
                         E-mail: lmorrison@m-t-law.com
                                 info@m-t-law.com

In re Luppino Brothers, Inc.
   Bankr. W.D. Pa. Case No. 19-22525
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/pawb19-22525.pdf
         represented by: Christopher M. Frye, Esq.
                         STEIDL & STEINBERG
                         E-mail: chris.frye@steidl-steinberg.com
                                 kenny.steinberg@steidl
                                 -steinberg.com

In re El Patio BBQ & Grill Inc.
   Bankr. D.P.R. Case No. 19-03639
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/prb19-03639.pdf
         represented by: Jaime Rodriguez Perez, Esq.
                         HATILLO LAW OFFICE
                         E-mail: jrpcourtdocuments@gmail.com
                                 hatillolawoffice@yahoo.com

In re Adventure Fitness Club, Inc.
   Bankr. D.P.R. Case No. 19-03651
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/prb19-03651.pdf
         represented by: Luis D. Flores Gonzalez, Esq.
                         LUIS D FLORES GONZALEZ LAW OFFICE
                         E-mail: ldfglaw@yahoo.com
                                 ldfglaw@coqui.net

In re Bootjack Bar, Inc.
   Bankr. W.D. Tex. Case No. 19-51515
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/txwb19-51515.pdf
         represented by: James Samuel Wilkins, Esq.
                         WILLIS & WILKINS, L.L.P.
                         E-mail: jwilkins@stic.net

In re Lux Intown Property LLC
   Bankr. N.D. Ga. Case No. 19-59989
      Chapter 11 Petition filed June 27, 2019
         Filed Pro Se

In re Joseph Tages and Leticia Tages
   Bankr. N.D. Ill. Case No. 19-18267
      Chapter 11 Petition filed June 27, 2019
         represented by: David P. Lloyd, Esq.
                         DAVID P. LLOYD, LTD.
                         E-mail: courtdocs@davidlloydlaw.com

In re PVB Enterprises LLC
   Bankr. N.D. Ill. Case No. 19-18381
      Chapter 11 Petition filed June 27, 2019
         See http://bankrupt.com/misc/ilnb19-18381.pdf
         represented by: John J. Lynch, Esq.
                         LYNCH LAW OFFICES, P.C.
                         E-mail: jlynch@lynch4law.com

In re N&A Kitchen, LLC
   Bankr. D. Md. Case No. 19-18671
      Chapter 11 Petition filed June 26, 2019
         See http://bankrupt.com/misc/mdb19-18671.pdf
         represented by: James Sweeting, III, Esq.
                         LAW OFFICES OF JAMES SWEETING III, LLC
                         E-mail: james@sweetinglaw.com

In re David Le Meldrum and Mary Colleen Meldrum
   Bankr. D. Nev. Case No. 19-14084
      Chapter 11 Petition filed June 27, 2019
         represented by: Seth D. Ballstaedt, Esq.
                         THE BALLSTAEDT LAW FIRM
                         E-mail: help@bkvegas.com

In re Richard Alan Pierce
   Bankr. D. Nev. Case No. 19-14144
      Chapter 11 Petition filed June 27, 2019
         represented by: Corey B. Beck, Esq.
                         E-mail: becksbk@yahoo.com

In re Gts Real Properties Inc.
   Bankr. E.D.N.Y. Case No. 19-43966
      Chapter 11 Petition filed June 27, 2019
         Filed Pro Se

In re 194-8 Schenck Ave. Corp
   Bankr. E.D.N.Y. Case No. 19-43972
      Chapter 11 Petition filed June 27, 2019
         See http://bankrupt.com/misc/nyeb19-43972.pdf
         represented by: Nigel E. Blackman, Esq.
                         BLACKMAN & MELVILLE, P.C.
                         E-mail: efilenotice@bmlawonline.com

In re 1616 Quentin Road LLC
   Bankr. E.D.N.Y. Case No. 19-43996
      Chapter 11 Petition filed June 27, 2019
         Filed Pro Se

In re One Destiny Productions Inc.
   Bankr. E.D.N.Y. Case No. 19-44020
      Chapter 11 Petition filed June 27, 2019
         See http://bankrupt.com/misc/nyeb19-44020.pdf
         represented by: Lawrence F. Morrison, Esq.   
                         MORRISON TENENBAUM, PLLC
                         E-mail: lmorrison@m-t-law.com
                                 info@m-t-law.com

In re Northeast Construction Development & Realty, LLC
   Bankr. E.D.N.Y. Case No. 19-74657
      Chapter 11 Petition filed June 27, 2019
         Filed Pro Se

In re Patricia B. Casoria
   Bankr. S.D. Fla. Case No. 19-18750
      Chapter 11 Petition filed June 28, 2019
         represented by: Patrick S. Scott, Esq.
                         E-mail: patrick.scott@gray-robinson.com

In re David H. Casoria and Lisa Bellar Casoria
   Bankr. S.D. Fla. Case No. 19-18765
      Chapter 11 Petition filed June 28, 2019
         represented by: Patrick S. Scott, Esq.
                         E-mail: patrick.scott@gray-robinson.com

In re Nelson Wade Management Group LLC
   Bankr. N.D. Ga. Case No. 19-60132
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/ganb19-60132.pdf
         represented by: Latif Oduola-Owoo, Esq.
                         ARRINGTON/OWOO, P.C.
                         E-mail: latif@aomlaw.com

In re GRS Corporation
   Bankr. E.D. Mich. Case No. 19-49597
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/mieb19-49597.pdf
         represented by: Brett A. Border, Esq.
                         BORDER LAW PLLC
                         E-mail: bborder@savedme.com

In re Delta Visions
   Bankr. M.D.N.C. Case No. 19-50678
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/ncmb19-50678.pdf
         represented by: Dirk W. Siegmund, Esq.
                         IVEY, MCCLELLAN, GATTON, & SIEGMUND, LLP
                         E-mail: dws@iveymcclellan.com

In re Pitbull Realty Group Inc.
   Bankr. D.N.H. Case No. 19-10923
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/nhb19-10923.pdf
         represented by: William S. Gannon, Esq.
                         WILLIAM S. GANNON PLLC
                         E-mail: bgannon@gannonlawfirm.com

In re Cervantes, Inc.
   Bankr. D.N.J. Case No. 19-22821
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/njb19-22821.pdf
         represented by: Anthony Sodono, III, Esq.
                         MCMANIMON, SCOTLAND & BAUMAN, LLC
                         E-mail: asodono@msbnj.com

In re Michael T. Doyle
   Bankr. S.D.N.Y. Case No. 19-23231
      Chapter 11 Petition filed June 28, 2019
         represented by: Harvey S. Barr, Esq.
                         BARR LEGAL, PLLC
                         E-mail: info@bplegalteam.com

In re Walkinstown, Inc.
   Bankr. S.D.N.Y. Case No. 19-23232
      Chapter 11 Petition filed June 28, 2019
         See http://bankrupt.com/misc/nysb19-23232.pdf
         represented by: Rosemarie E. Matera, Esq.
                         KURTZMAN MATERA, P.C.
                         E-mail: law@kmpclaw.com

In re Gwendolyn Rowe
   Bankr. N.D. Cal. Case No. 19-41508
      Chapter 11 Petition filed June 30, 2019
         represented by: Marc Voisenat, Esq.
                         LAW OFFICES OF MARC VOISENAT
                         E-mail: marcvoisenatlawoffice@gmail.com

In re John Lee Wiles
   Bankr. E.D.N.C. Case No. 19-02972
      Chapter 11 Petition filed June 28, 2019
         represented by: Kevin L. Sink, Esq.
                         NICHOLLS & CRAMPTON, P.A.
                         E-mail: ksink@nichollscrampton.com

In re Jason J. Byers
   Bankr. D.N.J. Case No. 19-22890
      Chapter 11 Petition filed June 30, 2019
         represented by: Andre L. Kydala, Esq.
                         E-mail: kydalalaw@aim.com

In re George Ventouratos
   Bankr. E.D.N.Y. Case No. 19-44047
      Chapter 11 Petition filed June 28, 2019
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALLA KACHAN, P.C.
                         E-mail: alla@kachanlaw.com

In re IData Medical Documentation, LLC
   Bankr. M.D. Fla. Case No. 19-02474
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/flmb19-02474.pdf
         represented by: Scott W. Spradley, Esq.
                         LAW OFFICES OF SCOTT W. SPRADLEY, P.A.
                         E-mail: scott@flaglerbeachlaw.com
                                scott.spradley@flaglerbeachlaw.com

In re Aveum Investments, LLC
   Bankr. N.D. Ga. Case No. 19-60303
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/ganb19-60303.pdf
         represented by: George M. Geeslin, Esq.
                         GEORGE M. GEESLIN
                         E-mail: George@GMGeeslinLaw.com

In re Barnett Holdings Co
   Bankr. N.D. Ga. Case No. 19-60307
      Chapter 11 Petition filed July 1, 2019
         Filed Pro Se

In re 3114 E. Tremont Ave. Corp.
   Bankr. S.D.N.Y. Case No. 19-12171
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/nysb19-12171.pdf
         represented by: Scott S. Markowitz, Esq.
                         TARTER KRINSKY & DROGIN LLP
                         E-mail: smarkowitz@tarterkrinsky.com

In re 13 LL Square, Inc.
   Bankr. S.D.N.Y. Case No. 19-12173
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/nysb19-12173.pdf
         represented by: Gabriel Del Virginia, Esq.
                         LAW OFFICES OF GABRIEL DEL VIRGINIA
                         E-mail: gabriel.delvirginia@verizon.net

In re W.N.B. Investments, LLC
   Bankr. E.D. Pa. Case No. 19-14221
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/paeb19-14221.pdf
         represented by: Thomas Daniel Bielli, Esq.
                         BIELLI & KLAUDER, LLC
                         E-mail: tbielli@bk-legal.com

In re Wilcare Properties, LLC
   Bankr. N.D. Tex. Case No. 19-32194
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/txnb19-32194.pdf
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS, P.C.
                         E-mail: eric@ealpc.com

In re HSJ Capital, LLC
   Bankr. N.D. Tex. Case No. 19-32199
      Chapter 11 Petition filed July 1, 2019
         Filed Pro Se

In re Daniel A. Hernandez
   Bankr. N.D. Tex. Case No. 19-32221
      Chapter 11 Petition filed July 1, 2019
         represented by: Joyce W. Lindauer, Esq.
                         JOYCE W. LINDAUER ATTORNEY, PLLC
                         E-mail: joyce@joycelindauer.com

In re Hernandez Residential & Commercial HVAC, LLC
   Bankr. N.D. Tex. Case No. 19-32222
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/txnb19-32222.pdf
         represented by: Joyce W. Lindauer, Esq.
                         JOYCE W. LINDAUER ATTORNEY, PLLC
                         E-mail: joyce@joycelindauer.com

In re Golden Jubilee, Inc.
   Bankr. N.D. Tex. Case No. 19-42712
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/txnb19-42712.pdf
         represented by: Marilyn D. Garner, Esq.
                         LAW OFFICES OF MARILYN D. GARNER
                         E-mail: mgarner@marilyndgarner.net

In re SCS Construction Management
   Bankr. S.D. Tex. Case No. 19-33708
      Chapter 11 Petition filed July 1, 2019
         Filed Pro Se

In re Rodriguez Investments, LLC
   Bankr. D. Alaska Case No. 19-00207
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/akb19-00207.pdf
         represented by: Edward Williams, Esq.
                         PEYROT AND ASSOCIATES P.C.
                         E-mail: edward.williams@peyrotlaw.com

In re C & M Investments Incorporated
   Bankr. D. Ariz. Case No. 19-08177
      Chapter 11 Petition filed July 2, 2019
         Filed Pro Se

In re Bernd Schaefers
   Bankr. C.D. Cal. Case No. 19-11163
      Chapter 11 Petition filed July 2, 2019
         Filed Pro Se

In re Chuyun Chang
   Bankr. N.D. Cal. Case No. 19-41510
      Chapter 11 Petition filed July 1, 2019
         represented by: Michael D. Lee, Esq.
                         LEE BANKRUPTCY & RESTRUCTURING COUNSEL
                         E-mail: michael.lee@lee-li.com

In re Brainard McKinley Morgan
   Bankr. M.D. Fla. Case No. 19-06288
      Chapter 11 Petition filed July 2, 2019
         represented by: Sheila D. Norman, Esq.
                         SHEILA NORMAN LAW CHARTERED
                         E-mail: sheila@normanandbullington.com

In re Helen Ehle Barrois
   Bankr. E.D. La. Case No. 19-11795
      Chapter 11 Petition filed July 2, 2019
         represented by: Patrick S. Garrity, Esq.
                         SIMON, PERGAINE, SMITH & REDFEARN, LLP
                         E-mail: patrickg@spsr-law.com

In re Susan E. Uhrich, M.D. A Professional LLC
   Bankr. W.D. La. Case No. 19-50789
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/lawb19-50789.pdf
         represented by: William C. Vidrine, Esq.
                         VIDRINE & VIDRINE, PLLC
                         E-mail: williamv@vidrinelaw.com

In re Amegana L.L.C
   Bankr. D. Md. Case No. 19-19092
      Chapter 11 Petition filed July 2, 2019
         See http://bankrupt.com/misc/mdb19-19092.pdf
         represented by: Richard S. Basile, Esq.
                         RICHARD BASILE, ESQ.
                         E-mail: rearsb@gmail.com

In re Griffin's Security, LLC
   Bankr. D.N.J. Case No. 19-22984
      Chapter 11 Petition filed July 1, 2019
         See http://bankrupt.com/misc/njb19-22984.pdf
         represented by: Brian W. Hofmeister, Esq.
                         LAW FIRM OF BRIAN W. HOFMEISTER, LLC
                         E-mail: bwh@hofmeisterfirm.com

In re Jose Sanchez
   Bankr. D. Nev. Case No. 19-14239
      Chapter 11 Petition filed July 2, 2019
         represented by: Andrew J. Van Ness
                         HUNTER PARKER LLC
                         E-mail: hunterparkerllc@gmail.com

In re Gordon M Wason
   Bankr. E.D.N.Y. Case No. 19-74710
      Chapter 11 Petition filed July 1, 2019
         represented by: Ronald D. Weiss, Esq.
                         E-mail: weiss@ny-bankruptcy.com

In re Foreclosure Consulting Service,Inc.
   Bankr. N.D. Tex. Case No. 19-32228
      Chapter 11 Petition filed July 2, 2019
         Filed Pro Se

In re I & J Properties, LLC
   Bankr. D. Utah Case No. 19-24827
      Chapter 11 Petition filed July 2, 2019
         See http://bankrupt.com/misc/utb19-24827.pdf
         represented by: Jeremy C. Sink, Esq.
                         MCKAY, BURTON & THURMAN, P.C.
                         E-mail: jsink@mbt-law.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***