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

              Wednesday, May 13, 2020, Vol. 24, No. 133

                            Headlines

1232743 BC: Bank Debt Trades at 42% Discount
A-L PARENT: Bank Debt Trades at 50% Discount
ACTION GYPSUM: Bank Debt Trades at 16% Discount
ADVANTAGE SALES: Bank Debt Trades at 25% Discount
AGROFRESH INC: Bank Debt Trades at 17% Discount

AMERICAN TIRE: Bank Debt Trades at 39% Discount
APC AUTOMOTIVE: Bank Debt Trades at 28% Discount
APPLE LAND: May 20 Plan Confirmation Hearing Set
ARAUCO NORTH AMERICA: Bank Debt Trades at 16% Discount
ARCH COAL: Bank Debt Trades at 16% Discount

BAYSIDE WASTE: July 16 Initial Status Conference
BEASLEY MEZZANINE: Bank Debt Trades at 24% Discount
BEASLEY MEZZANINE: Bank Debt Trades at 24% Discount
BENDON INC: Bank Debt Trades at 40% Discount
BLACKWOOD REDEVELOPMENT: Louis J. Riiff Objects to Disclosures

BLUE SKY: Plan Distributions to Start 120 Days after Effectivity
BRIGGS & STRATTON: Posts $144.6 Million Net Loss in Third Quarter
BULLDOG PURCHASER: Bank Debt Trades at 33% Discount
C & F STURM: July 15 Plan Confirmation Hearing Set
C&S WHOLESALE: S&P Withdraws 'B+' Long-Term Issuer Credit Rating

CBL & ASSOCIATES: Bank Debt Trades at 19% Discount
CEL-SCI CORP: Incurs $9.01 Million Net Loss in Second Quarter
CENGAGE LEARNING: Bank Debt Trades at 28% Discount
CHARLES CANFIELD: Court Confirms Chapter 11 Reorganization Plan
CHESAPEAKE ENERGY: Highest Paid Executives OK Variable Pay Cuts

CHESAPEAKE ENERGY: Widens Net Loss to $8.3 Billion in 1st Quarter
CONFIE SEGUROS: Bank Debt Trades at 37% Discount
CONNACHER OIL: Bank Debt Trades at 38% Discount
CORAL POINTE: May 13 Hearing on Amended Disclosure Statement
COUNTRYSIDE FUNERAL: Cash Collateral Use Extended Through May 30

CYPRESS LAWN: Unsecureds Will get 70% of Their Claims
DANCEL LLC: Ludergnani Has Limited Objection to Amended Disclosures
DANCEL LLC: Unsecureds Will be Paid Prorata From Monies Received
DASA ENTERPRISES: Unsecureds to Get Revenue Share for 3 Years
DAYTON SUPERIOR: Bank Debt Trades at 20% Discount

DELCATH SYSTEMS: Closes Underwritten Offering of Shares & Warrants
DELEK US: S&P Affirms 'BB' ICR on Strong Liquidity Position
DIEBOLD NIXDORF: Bank Debt Trades at 18% Discount
DIEBOLD NIXDORF: Bank Debt Trades at 20% Discount
EDUCATION MANAGEMENT: Bank Debt Trades at 98 % Discount

EDWARD DON: Bank Debt Trades at 34% Discount
ELECTRONICS FOR IMAGING: Bank Debt Trades at 28% Discount
ELEVATE TEXTILES: Bank Debt Trades at 57% Discount
EMPLOYBRIDGE LLC: Bank Debt Trades at 22% Discount
ENCINO ACQUISITION: Bank Debt Trades at 51% Discount

ENERGY ACQUISITION: Bank Debt Trades at 21% Discount
ENERGY ACQUISITION: Bank Debt Trades at 50% Discount
ENVISION HEALTHCARE: Bank Debt Trades at 31% Discount
EPIC CRUDE: Bank Debt Trades at 38% Discount
EXELA INTERMEDIATE: Bank Debt Trades at 77% Discount

EXTENDED STAY: S&P Lowers ICR to 'B+' on Travel Downturn
EYEPOINT PHARMACEUTICALS: Incurs $13.2M Net Loss in First Quarter
FOODFIRST GLOBAL: Gets Interim Nod on DIP Loan, Cash Collateral Use
FOURTEENTH AVENUE: Unsecureds Owed $1.26M to Get $1.13M in Plan
GULFPORT ENERGY: Swings to $517.5 Million Net Loss in 1st Quarter

HERTZ GLOBAL: S&P Downgrades ICR to 'SD' on Delayed Lease Payments
INSPIRED CONCEPTS: Secures PPP Despite SBA Rule, Objection
JB AND COMPANY: Unsecureds to be Paid From Sale of Business
LAMB WESTON: S&P Rates New $400MM Senior Unsecured Notes 'BB+'
LIBBEY INC: $12-Mil. Debt Prepayment Deadline Extended to May 17

LOANCORE CAPITAL: S&P Downgrades ICR to 'B' on Asset Write-Downs
MAXIM CRANE: S&P Downgrades ICR to 'B-'; Outlook Negative
MERIDIAN MARINA: Has Until May 18 to File Second Amended Disclosure
MINNESOTA SCHOOL: U.S. Trustee Says Plan Not Confirmable
MTE HOLDINGS: Ad Hoc Committee Prohibits Cash Collateral Use

MURRAY ENERGY: Funding a Significant Plan Contingency
NATIONAL VISION: Moody's Cuts CFR to B1 & Alters Outlook to Stable
NEIMAN MARCUS: Moody's Cuts PDR to D-PD on Chapter 11 Filing
NPHSS LLC: Taps DiBenedetto & Lapcevic as Litigation Counsel
NTHRIVE INC: S&P Cuts Long-Term ICR to 'CCC+' on Economic Fallout

OLEUM EXPLORATION: Unsecureds get 100% of Their Claims
OLYMPIA LAW: June 4 Hearing on Disclosure Statement
PBF HOLDING: S&P Alters Outlook to Negative, Affirms 'BB' ICR
POLA SUPERMARKET: Plan Has 100 Cents on Dollar for Creditors
PORTER'S BODY: Taps Newman & Newman as Legal Counsel

POWERTEAM SERVICES: S&P Alters Outlook to Stable on MVerge Deal
QUEST GROUP: Unsecured Creditors to Recover 5% in Plan
REALOGY GROUP: S&P Downgrades ICR to 'B'; Outlook Negative
RIOT BLOCKCHAIN: Incurs $4.3 Million Net Loss in First Quarter
SOCAL REO: All Creditors Will be Paid 100% Under Plan

SORENSON MEDIA: June 25 Plan Confirmation Hearing Set
STREBOR SPECIALTIES: Second Interim Cash Collateral Order Approved
SUNPOWER CORP: Incurs $2.1 Million Net Loss in First Quarter
TIMMAJ INC: Has Until June 1 to File Plan & Disclosure Statement
TMS CONTRACTORS: June 2 Hearing on Chapter 11 Plan

TRC FARMS: Plan Filing Deadline Extended to May 23
TWIN PINES: Interim Cash Collateral Use Through June 30 Approved
VIA AIRLINES: IBERIABANK Objects to Plan & Disclosure Statement
WALTER P SAUER: Unsecured Creditors to Have 5% Recovery Under Plan
WOMEN'S CENTER: May 27 Plan & Disclosure Hearing Set

WOMEN'S CENTER: May 27 Plan & Disclosure Hearing Set
[*] 27 Retailers Could File Bankruptcy as Pandemic Havocs Industry

                            *********

1232743 BC: Bank Debt Trades at 42% Discount
--------------------------------------------
Participations in a syndicated loan under which 1232743 BC Ltd is a
borrower were trading in the secondary market around 59
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 66 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $1.93 billion facility is a Term loan.  The loan is scheduled
to mature on February 7, 2027.  

The Company's country of domicile is Canada.



A-L PARENT: Bank Debt Trades at 50% Discount
--------------------------------------------
Participations in a syndicated loan under which A-L Parent LLC is a
borrower were trading in the secondary market around 50
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 60 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $100 million facility is a Term loan.  The loan is scheduled to
mature on November 22, 2024.  About $75 million of the loan remains
outstanding.

The Company's country of domicile is United States.



ACTION GYPSUM: Bank Debt Trades at 16% Discount
-----------------------------------------------
Participations in a syndicated loan under which Action Gypsum
Supply LP is a borrower were trading in the secondary market around
84 cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $15 million facility is a Term loan.  The loan is scheduled to
mature on June 9, 2024.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.





ADVANTAGE SALES: Bank Debt Trades at 25% Discount
-------------------------------------------------
Participations in a syndicated loan under which Advantage Sales &
Marketing Inc is a borrower were trading in the secondary market
around 75 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 80 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $760 million facility is a Term loan.  The loan is scheduled to
mature on July 25, 2022.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



AGROFRESH INC: Bank Debt Trades at 17% Discount
-----------------------------------------------
Participations in a syndicated loan under which AgroFresh Inc is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $425 million facility is a Term loan.  The loan is scheduled to
mature on July 31, 2021.  About $404.78 million of the loan remains
outstanding.

The Company's country of domicile is United States.



AMERICAN TIRE: Bank Debt Trades at 39% Discount
-----------------------------------------------
Participations in a syndicated loan under which American Tire
Distributors Inc is a borrower were trading in the secondary market
around 61 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 69 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $150 million facility is a PIK Term loan.  The loan is
scheduled to mature on September 1, 2023.  The amount is fully
drawn and outstanding.

The Company's country of domicile is United States.



APC AUTOMOTIVE: Bank Debt Trades at 28% Discount
------------------------------------------------
Participations in a syndicated loan under which APC Automotive
Technologies LLC is a borrower were trading in the secondary market
around 72 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 78 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $25 million facility is a PIK Term loan.  The loan is scheduled
to mature on May 10, 2025.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



APPLE LAND: May 20 Plan Confirmation Hearing Set
------------------------------------------------
The hearing to consider confirmation of the Chapter 11 Plan of
Apple Land Sports Supply, Inc. is scheduled for Wednesday, May 20,
2020 at 10:00 a.m. at the U.S. Bankruptcy Court, 120 North Henry
St., Rm. 340, Madison, WI 53703.

Any objection to the Plan must be filed and served on or before May
11, 2020.

A full-text copy of the Amended Disclosure Statement dated April
14, 2020, is available at https://tinyurl.com/y9qxecgg from
PacerMonitor at no charge.

                 About Apple Land Sports Supply

Apple Land Sports Supply Inc., a wholesaler of sporting goods,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Wis. Case No. 19-12609) on Aug. 1, 2019.  At the time of the
filing, Apple Land Sports Supply disclosed assets of between $1
million and $10 million and liabilities of the same range.  The
case has been assigned to Judge Catherine J. Furay.  Apple Land
Sports Supply is represented by Pittman & Pittman Law Offices, LLC.


ARAUCO NORTH AMERICA: Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Arauco North
America Inc is a borrower were trading in the secondary market
around 85 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  

The $300 million facility is a Delay-Draw Term loan.  The loan is
scheduled to mature on April 28, 2024.  The amount is fully drawn
and outstanding.

The Company's country of domicile is United States.




ARCH COAL: Bank Debt Trades at 16% Discount
-------------------------------------------
Participations in a syndicated loan under which Arch Coal Inc is a
borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $298 million facility is a Term loan.  The loan is scheduled to
mature on March 7, 2024.  About $290.13 million of the loan remains
outstanding.

The Company's country of domicile is United States.






BAYSIDE WASTE: July 16 Initial Status Conference
------------------------------------------------
The initial status conference of Bayside Waste Services, LLC, will
be continued from April 16, 2020, until July 16, 2020 at 2:00 p.m.
in Courtroom 8B, Sam M. Gibbons United States Courthouse, 801 N.
Florida Avenue, Tampa, FL 33602 .

If the Debtor fails to file a Plan and Disclosure Statement by the
date of the Continued Status Conference, the Debtor must appear at
the Continued Status Conference and show cause why the case should
not be dismissed or converted to a case under Chapter 7 pursuant to
11 U.S.C. 1112(b).

A full-text copy of the Order dated April 20, 2020, is available at
https://tinyurl.com/yctd6wej from PacerMonitor.com at no charge.

                  About Bayside Waste Services

Bayside Waste Services, LLC, a Tampa, Florida-based provider of
environmental services, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-02359), on March 18,
2020. The petition was signed by Paul J. Simon, its manager.  As of
Feb. 29, 2020, the Debtor had $769,198 in total assets and
$1,376,899 in total liabilities.  The Debtor tapped Stichter Riedel
Blain & Postler, P.A. as its counsel.


BEASLEY MEZZANINE: Bank Debt Trades at 24% Discount
---------------------------------------------------
Participations in a syndicated loan under which Beasley Mezzanine
Holdings LLC is a borrower were trading in the secondary market
around 76 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 83 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $35 million facility is a Delay-Draw Term loan.  The loan is
scheduled to mature on November 1, 2023.  

The Company's country of domicile is United States.



BEASLEY MEZZANINE: Bank Debt Trades at 24% Discount
---------------------------------------------------
Participations in a syndicated loan under which Beasley Mezzanine
Holdings LLC is a borrower were trading in the secondary market
around 76 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  

The $225 million facility is a Term loan.  The loan is scheduled to
mature on November 1, 2023.  About $216.06 million of the loan
remains outstanding.

The Company's country of domicile is United States.



BENDON INC: Bank Debt Trades at 40% Discount
--------------------------------------------
Participations in a syndicated loan under which Bendon Inc is a
borrower were trading in the secondary market around 61
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 72 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $118.5 million facility is a Term loan.  The loan is scheduled
to mature on April 1, 2021.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



BLACKWOOD REDEVELOPMENT: Louis J. Riiff Objects to Disclosures
--------------------------------------------------------------
Louis J. Riiff, a creditor and interested party, objects to the
adequacy of the Disclosure Statement proposed by debtor Blackwood
Redevelopment Co., Inc.

Riiff in its objection points out that:

    * All disputes between L. Riiff on the one hand, and the
defendants raised in the State Court lawsuit, including involving
properties owned by the parties and/or the Debtor and other family
entities were to be resolved only in the State Court lawsuit and
not as part of these proceedings.

    * Contrary to the agreements embodied in the two Consent
Orders, the Disclosure Statement not only falsely, but irrelevantly
includes a description and history of the Debtor’s business which
falsely states that the Debtor was incorporated by Daniel, Joseph
and Louis Riiff as equal interest holders.

    * The Disclosure Statement allocates funds from the sale of the
Property to administrative expenses. That is contrary to the
agreement of the parties, which provides that all funds are to be
paid into escrow for distribution by the State Court after payment
of mortgage debt, broker fees and taxes.

    * The Disclosure Statement incorrectly states that the State
Court action was concluded.

The objector asserts that approval of the Disclosure Statement
should be denied, and the Debtor should be ordered to correct the
Disclosure Statement to conform with these objections and the two
Consent Orders.

A full-text copy of Riiff's objection to disclosure statement dated
April 23, 2020, is available at https://tinyurl.com/y8leodzr from
PacerMonitor at no charge.

Attorneys for Party-in-Interest Louis J. Riif:

          WILENTZ, GOLDMAN & SPITZER, P.A.
          90 Woodbridge Center Drive
          Suite 900, Box 10
          Woodbridge, New Jersey 07095-0958
          DAVID H. STEIN, ESQ.
          JONATHAN J. BART, ESQ.
          DANIEL S. BERNHEIM, 3d, ESQ.
          Tel: (732) 636-8000

                  About Blackwood Redevelopment

Blackwood Redevelopment Co. Inc., based in Blackwood, NJ, filed a
Chapter 11 petition (Bankr. D.N.J. Case No. 19-15937) on March 25,
2019.  In the petition signed by Daniel Riiff, president, the
Debtor disclosed $1,400,000 in assets and $4,342,768 in
liabilities.  Scott H. Marcus, Esq., at Nehmad Perrillo Davis &
Goldstein, PC, serves as bankruptcy counsel to the Debtor.


BLUE SKY: Plan Distributions to Start 120 Days after Effectivity
----------------------------------------------------------------
Blue Sky Thinking LLC filed the Amended Disclosure Statement
describing the Amended Plan.

A confirmation hearing was held on Feb. 12, 2020, and the Debtor's
original plan was confirmed by a written order entered by the
Bankruptcy Court on March 25, 2020.  However, shortly after the
confirmation hearing, a serious and unprecedented event occurred:
the COVID-19 pandemic struck the United States.  As a result
tourism to the Sarasota-Bradenton area came to a complete
standstill.  Further, Florida's Governor, Ron DeSantis, issued an
executive order which required all non-essential businesses to
close.  The Debtor's business, based on tourism, is not considered
an essential business under the executive order.  As a result of
these events, the Debtor's revenues came to a halt and Debtor,
almost overnight, became unable to make the distributions provided
for under the Confirmed Plan.

The Debtor does not intend to pursue any preferences, fraudulent
conveyances, or other avoidance actions.

This Plan provides for one primary modification from the plan
confirmed on March 25, 2020. That modification is the change of the
date of the commencement of distributions to 120 days after the
Effective Date of the Amended Plan due to the impact of COVID-19
pandemic to the economy in the Sarasota/Bradenton area.

A full-text copy of the Amended Disclosure Statement and Amended
Plan dated April 23, 2020, is available at
https://tinyurl.com/y74mh8dm from PacerMonitor.com at no charge.

                     About Blue Sky Thinking

Blue Sky Thinking, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04740) on May 20,
2019.  The petition was signed by Tamara Hauser, managing member.
At the time of the filing, the Debtor was estimated to have assets
of less than $50,000 and liabilities of less than $500,000.  The
Law Offices of Benjamin Martin is the Debtor's counsel.


BRIGGS & STRATTON: Posts $144.6 Million Net Loss in Third Quarter
-----------------------------------------------------------------
Briggs & Stratton Corporation reported a net loss of $144.61
million on $473.53 million of net sales for the three months ended
March 29, 2020, compared to net income of $8.01 million on $580.19
million of net sales for the three months ended March 31, 2019.

For the nine months ended March 29, 2020, the Company reported a
net loss of $193.59 million on $1.22 billion of net sales compared
to a net loss of $35.54 million on $1.36 billion of net sales for
the nine months ended March 31, 2019.

As of March 29, 2020, the Company had $1.59 billion in total
assets, $930.28 million in total current liabilities, $419.77
million in total other liabilities, and $239.34 million in total
shareholders' investment.

The Company said it faces liquidity challenges due to continuing
operating losses and negative cash flows from operations that have
accelerated, and may continue to accelerate, as a result of the
rapid onset of COVID-19 and its effects on the Company's
operations, vendors, and customers, as well as the global economy.
On April 27, 2020, the Company successfully amended its ABL
Facility to obtain access to additional liquidity to help navigate
near-term challenges presented by COVID-19 and to have additional
time to work with its advisors to raise additional capital.  The
Company had $44.4 million of cash and cash equivalents as of March
29, 2020.  The Company had $33.4 million of cash and cash
equivalents as of April 26, 2020.  On April 27, 2020, after the
effectiveness of the Amendment No. 4, the Company and its
subsidiaries had $366.8 million of borrowings and $52.8 million of
letters of credit outstanding under the Credit Agreement against
total borrowing capacity of $502.8 million."

The company withdrew its full-year fiscal 2020 guidance on March
31, 2020, due to the uncertainly caused by the COVID-19 pandemic.

"As we work through these uncertain times, I want to acknowledge
the exemplary efforts of our entire team to ensure the health and
safety of our communities, customers, business partners and
ourselves," said Briggs & Stratton Chairman, President and Chief
Executive Officer Todd J. Teske.  "I could not be prouder of our
employees' dedication and responsiveness to our customers' needs as
we face these challenging times head on."

Teske continued, "Our third quarter performance reflects the
unexpected and rapid impact this pandemic has had across the global
economy.  Our OEM customers and channel partners quickly decreased
business activity in the latter half of March to protect workers
and public health and safety, which impacted our anticipated
shipments.  Combined with actions we are taking as part of our
repositioning plan, we are aggressively working to reduce costs,
better manage working capital, and prioritize cash generation.
These actions resulted in the reduction of inventories by $85
million during the quarter.  Lastly, we recently amended our credit
agreement to enhance our liquidity to better navigate the economic
impact of the pandemic as we continue our work to secure long-term
capital for the business."

Teske concluded, "We remain focused on our strategic priorities,
including the consolidation of our residential engine production
from two facilities to one which will generate up to $14 million in
savings, and the commercialization of our Vanguard commercial
battery system.  We recognized $5 million in cost savings during
the quarter from our Business Optimization Program and improved
operating efficiencies.  We are also focused on the strategic
repositioning plan we announced in early March, which builds on our
foundation as a clear leader in power application.  We also must
continue to address our financial position and liquidity.  We will
continue to assess business conditions and move forward with these
strategic goals in mind."

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                       https://is.gd/K6OWK2

                     About Briggs & Stratton

Briggs & Stratton Corporation (NYSE: BGG), headquartered in
Milwaukee, Wisconsin, is a producer of gasoline engines for outdoor
power equipment, and is a designer, manufacturer and marketer of
power generation, pressure washer, lawn and garden, turf care and
job site products through its Briggs & Stratton, Simplicity,
Snapper, Ferris, Vanguard, Allmand, Billy Goat, Murray, Branco, and
Victa brands.  Briggs & Stratton products are designed,
manufactured, marketed and serviced in over 100 countries on six
continents.  Visit http://www.basco.com/and
http://www.briggsandstratton.com

Briggs & Stratton reported a net loss of $54.08 million for the
year ended June 30, 2019, compared to a net loss of $11.32 million
for the year ended July 1, 2018.  As of Dec. 29, 2019, the Company
had $1.80 billion in total assets, $557.30 million in total current
liabilities, $844.04 million in total other liabilities, and
$399.53 million in total shareholders' investment.

                          *    *    *

As reported by the TCR on Feb. 21, 2020, S&P Global Ratings lowered
its issuer credit rating on U.S.-based manufacturer of small
engines Briggs & Stratton Corp. (BGG) to 'CCC' from 'B-'. S&P
believes the company might not be able to use its asset-based
lending (ABL) revolving credit facility availability to repay the
unsecured notes and maintain enough liquidity to meet the working
capital needs of its highly seasonal business.

As reported by the TCR on April 16, 2020, Moody's Investors Service
downgraded its ratings for Briggs & Stratton Corporation, including
the company's corporate family rating and probability of default
rating (to Caa3 and Ca-PD, from B3 and B3-PD, respectively).  The
downgrades reflect Moody's expectation of an increased likelihood
of default via a pre-emptive debt restructuring due to the
company's perceived inability to refinance its $195 million of
senior unsecured notes due December 2020, as compounded by its high
financial leverage and deemed untenable capital structure.


BULLDOG PURCHASER: Bank Debt Trades at 33% Discount
---------------------------------------------------
Participations in a syndicated loan under which Bulldog Purchaser
Inc is a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $125 million facility is a Term loan.  The loan is scheduled to
mature on September 5, 2026.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



C & F STURM: July 15 Plan Confirmation Hearing Set
--------------------------------------------------
On April 15, 2020, the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, held a hearing to
consider the adequacy of the Amended Disclosure Statement in
support of its Chapter 11 Plan of Liquidation filed by debtor C & F
Sturm, LLC.

On April 23, 2020, Judge Ernest Robles approved the Disclosure
Statement and established the following dates and deadlines:

   * July 15, 2020, at 10:00 a.m. is the hearing on the
confirmation of the Debtor's Amended Plan.

   * May 28, 2020, is fixed as the last day for creditors and
equity security holders to return to Debtor's counsel ballots
containing written acceptances or rejections of the Plan.

   * June 19, 2020, is fixed as the last day on which the Debtor
must file and serve a motion for an order confirming the Plan.

   * July 1, 2020, is fixed as the last day for filing and serving
written objections to confirmation of the Amended Plan.

   * July 8, 2020, is fixed as the last day on which the Debtor may
file and serve a reply to any opposition to the Confirmation
Motion.

A full-text copy of the order dated April 23, 2020, is available at
https://tinyurl.com/ycd2grf8 from PacerMonitor at no charge.

Attorneys for Debtor:

         Stella Havkin
         David Jacob
         Havkin & Shrago Attorneys at Law.
         5950 Canoga Avenue, Suite 400
         Woodland Hills, California 90040
         Telephone: (818) 999-1568
         Facsimile: (818) 305-6040
         E-mail: stella@havkinandshrago.com

                     About C & F Sturm

C & F Sturm LLC classifies its business as single asset real estate
(as defined in 11 U.S.C. Single 101(51B)). It is the 100 percent
owner of property lots 511 and 515 in Las Vegas Blvd., Las Vegas,
with an appraised value of $1.5 million.

C & F Sturm sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 19-21593) on Oct. 1, 2019.  At the
time of the filing, the Debtor disclosed $1,500,500 in assets and
$126,488 in liabilities.  The case is assigned to Judge Ernest M.
Robles.  The Debtor is represented by Stella A. Havkin, Esq., at
Havkin & Shrago Attorneys at Law.


C&S WHOLESALE: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on C&S Wholesale Grocers at the company's request. The rating
outlook was stable at the time of the withdrawal.





CBL & ASSOCIATES: Bank Debt Trades at 19% Discount
--------------------------------------------------
Participations in a syndicated loan under which CBL & Associates LP
is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $500 million facility is a Term loan.  The loan is scheduled to
mature on July 28, 2023.  About $456.25 million of the loan remains
outstanding.

The Company's country of domicile is United States.



CEL-SCI CORP: Incurs $9.01 Million Net Loss in Second Quarter
-------------------------------------------------------------
CEL-SCI Corporation reported a net loss of $9.01 million on
$298,726 of grant income for the three months ended March 31, 2020,
compared to a net loss of $6.45 million on $150,769 of grant income
for the three months ended March 31, 2019.

For the six months ended March 31, 2020, the Company reported a net
loss of $14.49 million on $334,232 of grant income compared to a
net loss of $5.20 million on $277,183 of grant income for the six
months ended March 31, 2019.

As of March 31, 2020, the Company had $34.72 million in total
assets, $22.51 million in total liabilities, and $12.21 million in
total stockholders' equity.

                       Operations and Financing

CEL-SCI said, "The full impact of the COVID-19 outbreak continues
to evolve as of the date of this report.  As such, it is uncertain
as to the full magnitude that the pandemic will have on the
Company's financial condition, liquidity, and future results of
operations.  Management is actively monitoring the impact of the
global situation on its financial condition, liquidity, operations,
suppliers, industry, and workforce.  Given the daily evolution of
the COVID-19 outbreak and the global responses to curb its spread,
the Company is not able to estimate the effects of the COVID-19
outbreak on its results of operations, financial condition, or
liquidity for fiscal year 2020.  Although the Company cannot
estimate the length or gravity of the impact of the COVID-19
outbreak, if the pandemic continues, it may have an adverse effect
on the Company's results of future operations, financial position,
and liquidity in fiscal year 2020."

The Company has incurred significant costs since its inception for
the acquisition of certain patented and unpatented proprietary
technology and know-how relating to the human immunological defense
system, patent applications, research and development,
administrative costs, construction of laboratory facilities, and
clinical trials.  The Company has funded such costs with proceeds
from loans and the public and private sale of its common stock.
The Company will be required to raise additional capital or find
additional long-term financing to continue with its research
efforts.  The ability to raise capital may be dependent upon market
conditions that are outside the control of the Company.  The
Company said its ability to complete the necessary clinical trials
and obtain FDA approval for the sale of products to be developed on
a commercial basis is uncertain.  Ultimately, the Company must
complete the development of its products, obtain the appropriate
regulatory approvals and obtain sufficient revenues to support its
cost structure.  The Company is taking cost-cutting initiatives, as
well as exploring other sources of funding, to finance operations
over the next 12 months.  The Company believes there is a high
likelihood that it will continue to receive funds from private and
public offerings and warrant conversions similar to the way it has
substantially funded operations for the past 12 months.  However,
there can be no assurance that the Company will be able to raise
sufficient capital to support its operations.

The Company is currently in the final stages of its large
multi-national Phase 3 clinical trial for head and neck cancer with
its partners TEVA Pharmaceuticals and Orient Europharma.  To
finance the study beyond the next twelve months, the Company plans
to raise additional capital in the form of corporate partnerships,
warrant exercises, debt issuances and/or equity financings.  The
Company believes that it will be able to obtain additional
financing because it has done so consistently in the past and
because Multikine is a product in the Phase 3 clinical trial stage.
However, there can be no assurance that the Company will be
successful in raising additional funds on a timely basis or that
the funds will be available to the Company on acceptable terms or
at all.  If the Company does not raise the necessary amounts of
money, it may have to curtail its operations until it can raise the
required funding.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                      https://is.gd/gzmWjO

                    About CEL-SCI Corporation

CEL-SCI -- http://www.cel-sci.com/-- is a clinical-stage
biotechnology company focused on finding the best way to activate
the immune system to fight cancer and infectious diseases.  The
Company's lead investigational therapy Multikine is currently in a
pivotal Phase 3 clinical trial involving head and neck cancer, for
which the Company has received Orphan Drug Status from the FDA.
The Company has operations in Vienna, Virginia, and near Baltimore,
Maryland.

CEL-SCI reported a net loss of $22.13 million for the year ended
Sept. 30, 2019, compared to a net loss of $31.84 million for the
year ended Sept. 30, 2018.  As of Dec. 31, 2019, the Company had
$29.51 million in total assets, $22.54 million in total
liabilities, and $6.97 million in total stockholders' equity.

BDO USA, LLP, in Potomac, Maryland, the Company's independent
accounting firm, issued a "going concern" qualification in its
report dated Dec. 16, 2019, citing that the Company has suffered
recurring losses from operations and expects to incur substantial
losses for the forseeable future that raise substantial doubt about
its ability to continue as a going concern.


CENGAGE LEARNING: Bank Debt Trades at 28% Discount
--------------------------------------------------
Participations in a syndicated loan under which Cengage Learning
Inc is a borrower were trading in the secondary market around 72
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 77 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $1.71 billion facility is a Term loan.  The loan is scheduled
to mature on June 7, 2023.  About $1.65 billion of the loan remains
outstanding.

The Company's country of domicile is United States.



CHARLES CANFIELD: Court Confirms Chapter 11 Reorganization Plan
---------------------------------------------------------------
Bankruptcy Judge William T. Thurman issued his findings and
conclusions regarding the confirmation of Debtors Charles and
Laurel Canfield's plan of reorganization dated March 27, 2020.

The Court finds that the Plan establishes seven Classes of Claims.
Class 1 had no Claims. Classes 2, 3, 4, 5, 6, and 7 were impaired
and were entitled to vote on the Plan. Only one creditor, in Class
6, timely returned a ballot voting to accept the Plan. There were
two objections to the Plan, but both objections were withdrawn
prior to the Confirmation Hearing, and there are no objections
outstanding. Under the binding precedent of In re Ruti-Sweetwater,
Inc., 836 F.2d 1263, 1267-68 (10th Cir. 1988), holders of
unimpaired Claims that did not return ballots are deemed to have
accepted the Plan. Creditor UHEAA, in Class 6, is impaired, and has
voted in favor of the Plan. Its vote, and the lack of objections or
negative votes from any other Classes, allows the Court to hold
that Class 6 has accepted the Plan. Those Creditors who are
impaired, but did not vote, are bound by the Class that accepted
the Plan. Accordingly, the Court finds the Debtor meets the voting
requirements under Bankruptcy Code section 1129(a)(8) and (a)(10).

The Plan is also proposed in good faith and not by any means
forbidden by law and, therefore, complies with the requirements of
section 1129(a)(3). In determining that the Plan has been proposed
in good faith, the Court has examined the totality of the
circumstances surrounding the filing of the Bankruptcy Case and the
formulation of the Plan.

The Plan is feasible and complies with section 1129(a)(11) because
confirmation is not likely to be followed by a liquidation or the
need for further financial reorganization of the Debtors. The Court
is satisfied that the Plan offers a reasonable prospect of success
and is workable. As such, the requirements of section 1129(a)(11)
are satisfied.

In addition, the Plan is fair and equitable to unsecured Claims
(Classes 2, 3, 6 and 7) because the Plan satisfies the "Absolute
Priority Rule," in that the Debtors are retaining no property of
value under the Plan, and are paying under the Plan the value of
all such Claims. The Plan is fair and equitable to Secured Claims
(Classes 4 and 5) because the Plan that the holders of such claims
retain the liens securing such Claims, to the extent of the Allowed
amount of such Claims, and that each holder of a Claim of such
Class receive on account of such Claim deferred cash payments
totaling at least the allowed amount of such claim, of a value, as
of the Effective Date, of at least the value of such holder's
interest in the Estate's interest in such property. Accordingly,
the Plan complies with the requirements of section 1129(b).

A full-text copy of the Court's Findings dated April 2, 2020 is
available at https://bit.ly/3eTTlTE from Leagle.com.

George Hofmann -- ghofmann@ck.law -- Jeffrey Trousdale --
jtrousdale@ck.law -- Cohne Kinghorn, P.C., Salt Lake City, UT,
Attorneys for Charles and Laurel Canfield, Debtors.

The bankruptcy case is in re: CHARLES CANFIELD and LAUREL CANFIELD,
Chapter 11 Debtors, Bankruptcy No. 18-25786 (WTT) (Bankr. D. Utah).


CHESAPEAKE ENERGY: Highest Paid Executives OK Variable Pay Cuts
---------------------------------------------------------------
Led by the Board of Directors of Chesapeake Energy Corporation, the
Company has conducted a comprehensive review of its compensation
program for its entire workforce to determine whether it continues
to effectively incentivize and retain its employees in light of the
unprecedented market volatility and historic decline in commodity
prices.  As a result of this review, the Company and its Board of
Directors have modified the Company's compensation program
effective as of May 5, 2020.

Under the revised program, the Company's four highest paid named
executive officers have each agreed to the following reductions in
their target variable compensation relative to their 2019 target
variable compensation (i.e., 2019 Annual Incentive Program target
value and 2019 Long-Term Incentive Program aggregate grant date
target value): 34% for Robert D. Lawler, president and chief
executive officer; 34% for Domenic J. Dell'Osso, executive vice
president and chief financial officer; 33% for Frank J. Patterson,
executive vice president - Exploration and Production; and 28% for
James R. Webb, executive vice president - general counsel and
corporate secretary.  The target variable compensation will remain
the same as 2019 for the Company's fifth named executive officer,
William M. Buergler, senior vice president and chief accounting
officer.

The Board and Compensation Committee, with the advice of their
independent compensation consultant and legal advisors, determined
that the historic compensation structure and performance metrics
would not be effective in motivating and incentivizing the
Company's workforce.  As a result, given the current circumstances,
the Board and the Company implemented the following revised
compensation structure for the Company's senior executives
(including the Company's named executive officers), employees and
non-employee directors.

Senior Executives and Named Executive Officers: The target variable
compensation of certain senior employees, including the Company's
named executive officers and designated vice presidents, will be
prepaid with an obligation to refund up to 100% of the compensation
(on an after-tax basis) if certain conditions are not satisfied.
The total amount paid to these 21 employees will be approximately
$25 million.  The Company's named executive officers' target
compensation will be earned 50% based on their continued employment
for a period of up to 12 months and 50% based on achieving certain
specified incentive metrics.  As a condition to participating in
the revised program, the Company's named executive officers and
vice presidents are required to waive participation in the
Company's 2020 annual bonus plan and waive their rights to all
equity compensation awards with respect to 2020.  All outstanding
equity compensation awards held by the Company's named executive
officers and vice presidents have been cancelled.  Similarly, the
Board waived the remaining portion of the repayment requirement
with respect to the 2018 Cash Retention Awards granted to Messrs.
Lawler, Dell'Osso, Patterson and Webb on July 31, 2018.

Employees: To maintain the stability and continuity of the
Company's workforce and minimize distractions arising from the
uncertainty associated with its compensation program, the Company's
annual incentive plan will be converted into an opportunity for its
employees to receive cash retention payments earned on a quarterly
basis over a 12-month period, subject to their continued
employment.  The Company and the Board believe the revised
compensation program's emphasis on retention is essential to keep
employees engaged and focused on the tasks necessary to achieve the
Company's short- and long-term goals.

Non-Employee Directors: The Board also revised the Company's
non-employee director compensation program.  Under the revised
program, non-employee director compensation was reduced by
approximately 15% on an aggregate basis and all non-employee
director compensation will be paid in cash on a quarterly basis.

                       About Chesapeake

Headquartered in Oklahoma City, Chesapeake Energy Corporation's
(NYSE: CHK) operations are focused on discovering and developing
its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States.

Chesapeake reported a net loss of $308 million for the year ended
Dec. 31, 2019.  As of March 31, 2020, the Company had $7.81 billion
in total assets, $2.26 billion in total current liabilities, $9.47
billion in total long-term liabilities, and a total deficit of
$3.92 billion.

                           *   *   *

As reported by the TCR on April 29, 2020, Moody's Investors Service
downgraded Chesapeake Energy Corporation's Corporate Family Rating
to Ca from Caa1.  The downgrade reflects Chesapeake's eroding
liquidity, the prospect of significant production declines due to
substantially reduced capital investment, a depressed commodity
price environment, very limited access to capital, and the high
likelihood of a restructuring in the near term.


CHESAPEAKE ENERGY: Widens Net Loss to $8.3 Billion in 1st Quarter
-----------------------------------------------------------------
Chesapeake Energy Corporation reported a net loss of $8.31 billion
on $2.52 billion of total revenues for the three months ended March
31, 2020, compared to a net loss of $21 million on $2.16 billion of
total revenues for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $7.81 billion in total
assets, $2.26 billion in total current liabilities, $9.47 billion
in total long-term liabilities, and a total deficit of $3.92
billion.

As of March 31, 2020 and Dec. 31, 2019, the Company had a cash
balance of $82 million and $6 million, respectively.  As of March
31, 2020 and Dec. 31, 2019, the Company had a net working capital
deficit of $442 million and $1.141 billion, respectively.  As of
March 31, 2020 and Dec. 31, 2019, the Company's working capital
deficit included $420 million and $385 million, respectively, of
debt due in the next 12 months.  As of March 31, 2020, the Company
had $1.011 billion of borrowing capacity available under its
revolving credit facility, with outstanding borrowings of $1.900
billion and $89 million utilized for various letters of credit.

Chesapeake said, "We closely monitor the amounts and timing of our
sources and uses of funds, particularly as they affect our ability
to maintain compliance with the financial covenants of our
revolving credit facility.  Furthermore, our ability to generate
operating cash flow in the current commodity price environment,
sell assets, access capital markets or take any other action to
improve our liquidity and manage our debt is subject to the risks
discussed above and the other risks and uncertainties that exist in
our industry, some of which we may not be able to anticipate at
this time or control.

"We currently have no access to capital and other financial
markets.  In response to the lack of new capital and funding, we
are considering strategic alternatives, which may include but are
not limited to additional expense reductions; seeking a
restructuring, amendment or refinancing of existing debt through a
private restructuring; and reorganization under Chapter 11 of the
Bankruptcy Code.  Additionally, our customers and counterparties
are experiencing uncertain economic conditions which may impact
their ability to make payments to us, which could adversely affect
our business, cash flows, liquidity, financial condition and
results of operations.

"We cannot predict the full impact that COVID-19 or the significant
disruption and volatility currently being experienced in the oil
and natural gas markets will have on our business, cash flows,
liquidity, financial condition and results of operations at this
time due to numerous uncertainties.  The ultimate impacts will
depend on future developments, including the ultimate geographic
spread of the virus, the consequences of governmental and other
measures designed to prevent the spread of the virus, the
development of effective treatments, the duration of the outbreak,
actions taken by members of OPEC+ and other foreign, oil-exporting
countries, governmental authorities, customers and other third
parties, workforce availability, and the timing and extent to which
normal economic and operating conditions resume."

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                         https://is.gd/CQTcJm

                      About Chesapeake

Headquartered in Oklahoma City, Chesapeake Energy Corporation's
(NYSE: CHK) operations are focused on discovering and developing
its large and geographically diverse resource base of
unconventional oil and natural gas assets onshore in the United
States.

Chesapeake reported a net loss of $308 million for the year ended
Dec. 31, 2019.  As of Dec. 31, 2019, the Company had $16.19 billion
in total assets, $2.39 billion in total current liabilities, $9.40
billion in total long-term liabilities, and $4.40 billion in total
equity.

                           *   *   *

As reported by the TCR on April 29, 2020, Moody's Investors Service
downgraded Chesapeake Energy Corporation's Corporate Family Rating
to Ca from Caa1.  The downgrade reflects Chesapeake's eroding
liquidity, the prospect of significant production declines due to
substantially reduced capital investment, a depressed commodity
price environment, very limited access to capital, and the high
likelihood of a restructuring in the near term.


CONFIE SEGUROS: Bank Debt Trades at 37% Discount
------------------------------------------------
Participations in a syndicated loan under which Confie Seguros
Holding II Co is a borrower were trading in the secondary market
around 63 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 70 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $220 million facility is a Term loan.  The loan is scheduled to
mature on November 2, 2025.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



CONNACHER OIL: Bank Debt Trades at 38% Discount
-----------------------------------------------
Participations in a syndicated loan under which Connacher Oil and
Gas Ltd is a borrower were trading in the secondary market around
62 cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 77 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $41.84 million facility is a Term loan.  The loan is scheduled
to mature on September 30, 2024.  About $40.79 million of the loan
remains outstanding.

The Company's country of domicile is Canada.



CORAL POINTE: May 13 Hearing on Amended Disclosure Statement
------------------------------------------------------------
Judge Laurel M. Isicoff has ordered the hearing on the Amended
Disclosure Statement and Amended Response filed by Coral Pointe
604, LLC and Motion for Relief from Stay Filed by Creditor U.S.
Bank National Association are continued to May 13, 2020 at 10:30
a.m. the United States Bankruptcy Court C. Clyde Atkins U.S.
Courthouse 301 North Miami Avenue, Courtroom 8, Miami FL 33128.

                     About Coral Pointe 604

Coral Pointe 604, LLC, owns a condo unit at Coral Pointe, at 1690
SW 27 Ae. Unit 604, Miami, Florida, rented for $1,600 per month and
valued at $175,000.

Based in Miami Beach, Florida, Coral Pointe 604, LLC, filed a
voluntary petition under Chapter 11 of the US Bankruptcy Code (S.D.
Fla. Case No. 18-23013) on Oct. 19, 2018, estimating less than $1
million in assets and liabilities.  Joel M. Aresty, Esq., serves as
counsel to the Debtor.

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


COUNTRYSIDE FUNERAL: Cash Collateral Use Extended Through May 30
----------------------------------------------------------------
Judge Robert Nugent of the U.S. Bankruptcy Court for the District
of Kansas extended the April 10, 2020 Final Order authorizing
Countryside Funeral Home, LLC to use cash collateral. The Debtor
may continue using cash collateral through May 30, 2020.

                  About Countryside Funeral Home

Countryside Funeral Home, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Kansas Case No. 20-10330) on
March 16, 2020.  At the time of the filing, the Debtor disclosed
$1,344,900 in assets and $4,118,149 in liabilities.  Judge Robert
E. Nugent oversees the case.  The Debtor is represented by Mark J.
Lazzo, P.A.


CYPRESS LAWN: Unsecureds Will get 70% of Their Claims
-----------------------------------------------------
Cypress Lawn and Landscaping Company, Inc., submitted a
Supplemental Disclosure Statement.

The final approval of the Disclosure Statement and Confirmation
will be considered by the Court at a hearing on June 9, 2020 at
1:00 p.m. (Houston Time), in the courtroom of the Honorable
Christopher M.
Lopez, United States Bankruptcy Judge for the Southern District of
Texas, Houston Division, Courtroom 401, 515 Rusk, Houston, Texas.

Written objections to confirmation of the Plan, if any, must be
filed and served on or before a May 26, 2020 at 12:00 noon (Houston
Time).

The value of the Debtor’s assets is as reflected in the
Debtor’s Schedules of Assets A and B.  As of the filing date
(9/19/2019), Schedule A (Real Property) reflected $0.00, and
Schedule B (Personal Property) reflected a total of $105,290.10,
inclusive of the cash on hand and the Accounts Receivable
referenced below, and all furniture, equipment, and vehicles. The
Debtor had cash on hand and amounts on deposit at the time of
Chapter 11 filing in the total amount of $16,089.33, and a total of
$14,821.77 in accounts receivable.

The Debtor is in the process of arranging to fund the Plan of
Reorganization out of the Debtor’s projected significant,
improvement in overall income over the next few months and years

CLASS 6 (Claims Not Secured by a Lien or Security Interest). Each
creditor holding a Class 6 Claim shall be paid 20% of its Allowed
Claim, paid out in equal monthly installments over 60 months,
commencing on the 20th day of the first month after the Effective
Date or when such claim is allowed or ordered paid by Final Order
of the Court, whichever date is later.  Class 6 claims are
impaired.

CLASS 7 (Allowed, Unsecured Claims of $1,000 or less). Each
creditor holding an Allowed Class 7 Claim shall receive 70% of the
amount of its claim, in cash, on the Effective Date or when such
claim is allowed or ordered paid by Final Order of the Court,
whichever date is later.  Class 7 claims are impaired.

A full-text copy of the Supplemental Disclosure Statement dated
April 20, 2020, is available at https://tinyurl.com/y92vrhu9 from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Matthew Hoffman             
     Alan B. Saweris             
     Hoffman & Saweris, p.c.        
     2777 Allen Parkway, Suite 1000        
     Houston, Texas 77019        
     Tel: (713) 654-9990
     Fax: (713) 654-0038

                       About Cypress Lawn

Cypress Lawn and Landscaping Company, Inc., filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 19-35262) on Sept. 19, 2019.
The Debtor's counsel is Matthew Hoffman, Esq. of HOFFMAN & SAWERIS,
P.C.


DANCEL LLC: Ludergnani Has Limited Objection to Amended Disclosures
-------------------------------------------------------------------
Dancel, L.L.C., filed a First Amended Disclosure Statement.

The Debtor owns no real property.  All personal property known to
the Debtor is described in detail in the Debtor's schedules.  In
summary, this property consists of the following:

   1. Cash on hand in the amount of $800 per store.  
   2. Cash on hand collectively amongst the stores as of August 20,
2019:  $4,315.
   3. Prepetition Bank Accounts: Debtor held several bank accounts
with a total balance of approximately $49,000 at the time of
filing.    
   4. Back office equipment used for restaurants and located at any
given location: $22,000.
   5. Equipment used in the operation of its franchises $300,000.
   7. Safes for each store ($500/each): $3,000.
   8. Buildings and Improvements J1261: $200,000 present value
discount.
   9. Buildings and Improvements J1263: $200,000 present value
discount.
  10. Perishable food inventory: $15,000.
  11. All values ascribed to the assets above are from the Debtor.

  12. Business goodwill $1,000,000.

The Debtor held accounts receivable as of the Order for Relief in
this matter in the approximate amount of $8,336.  The Debtor's
income consists entirely of cash and point-of-sale debit/credit
transactions and there are holdback agreements with merchant
service providers.

Class 2 Secured Claim of Donald C. Lay and Marion J. Lay is
impaired.  Lay will be paid in full satisfaction the allowed amount
of its
secured claim at the non-default rate of interest contemplated by
the note within 30 days of the Effective Date in order of any lien
priority.

Class 3 Secured Claim of Washington Business Bank, with a claim
amount of $263,510, is impaired.  Creditor has an allowed secured
claim in the amount of $150,000.  Washington shall be paid from the
sale proceeds derived from the sale of the Franchises in order of
priority. Washington shall be entitled to a general unsecured
nonpriority claim in the amount of $113,510, and shall participate
in the distribution to the holders of Class 6 claims.

Class 5 Secured Claim of New Mexico Bank & Trust with a claim
amount of $535,002 is impaired.  Creditor has an allowed secured
claim of $300,000.  NMBT will be paid from the sale proceeds
derived from the sale of the Franchises in order of priority.  NMBT
will be entitled to a general unsecured nonpriority claim in the
amount of $235,002, and will participate in the distribution to the
holders of Class 7 claims.   

Class 6 Secured Claim of Enchantment Land Certified Development
Company, with a claim amount of $328,198, is impaired.  Creditor
has a secured claim in the amount of $100,000.  SBA will be paid
from the sale proceeds derived from the sale of the Franchises in
order of priority.  SBA will be entitled to a general unsecured
nonpriority claim in the amount of $228,197.83, and shall
participate in the distribution to the holders of Class 7 claims.

Class 7 General Unsecured Claims are impaired.  The holders of
allowed Class 7 claims will be paid pro rata from the following
sources: (1) the monies received by Debtor from the note executed
by buyer in favor as contemplated by the Agreement, but only after
all secured, administrative, and priority claims are paid in full;
(2) from those monies received in connection with the Mattis
Judgment after Debtor pays any monies necessary to collect upon the
same; (3) receipt of any monies in connection with any other
claim(s) held by the Debtor and preserved pursuant Section 1123.

Class 8 Contingent, Unliquidated, and Disputed Claims will receive
no distribution under the Plan.

Class 9 Debtors' Interest is impaired.  On the Effective Date, all
estate property shall vest in the Debtor.

The Plan will be funded from a variety of sources:

   1. Proceeds from the sale of the Franchises and related assets
of the Debtor contemplated by the Agreement;

   2. Monies from collection on the Mattis Judgment.   

A full-text copy of the First Amended Disclosure Statement dated
April 20, 2020, is available at https://tinyurl.com/ybnxol77 from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     THE LAW OFFICE OF C.R. HYDE, PLC
     ATTORNEY AT LAW
     2810 N. SWAN RD. SUITE 160
     TUCSON, ARIZONA  85712
     TELEPHONE: (520) 270-1110

                      About Dancel L.L.C.

Dancel, L.L.C., owns and operates restaurants with multiple
locations in Bernalillo County, N.M. Dancel filed a voluntary
Chapter 11 petition (Bankr. D. Ariz. Case No. 19-10446) on Aug. 20,
2019.  In the petition signed by Laura Olguin, manager, the Debtor
was estimated to have $500,000 to $1 million in assets and $1
million to $10 million in liabilities.  The case is assigned to
Judge Scott H. Gan. Charles R. Hyde, Esq., at The Law Offices of
C.R. Hyde, PLC, serves as the Debtor's counsel.


DANCEL LLC: Unsecureds Will be Paid Prorata From Monies Received
----------------------------------------------------------------
Dancel, L.L.C., filed a First Amended Disclosure Statement.

The Debtor owns no real property.  All personal property known to
the Debtor is described in detail in the Debtor's schedules.  In
summary, this property consists of the following:

   1. Cash on hand in the amount of $800 per store.  
   2. Cash on hand collectively amongst the stores as of August 20,
2019:  $4,315.
   3. Prepetition Bank Accounts: Debtor held several bank accounts
with a total balance of approximately $49,000 at the time of
filing.    
   4. Back office equipment used for restaurants and located at any
given location: $22,000.
   5. Equipment used in the operation of its franchises $300,000.00

   6. A 1999 Chevy Malibu: $1,000.
   7. Safes for each store ($500/each): $3,000.
   8. Buildings and Improvements J1261: $200,000 present value
discount.
   9. Buildings and Improvements J1263: $200,000 present value
discount.
  10. Perishable food inventory: $15,000.
  11. All values ascribed to the assets above are from the Debtor.

  12. Business goodwill $1,000,000.

The Debtor held accounts receivable as of the Order for Relief in
this matter in the approximate amount of $8,336.  The Debtor's
income consists entirely of cash and point-of-sale debit/credit
transactions and there are holdback agreements with merchant
service providers.

Class 2 Secured Claim of Donald C. Lay and Marion J. Lay is
impaired.  Lay will be paid in full satisfaction the allowed amount
of its
secured claim at the non-default rate of interest contemplated by
the note within 30 days of the Effective Date in order of any lien
priority.

Class 3 Secured Claim of Washington Business Bank, with a claim
amount of $263,510, is impaired.  Creditor has an allowed secured
claim in the amount of $150,000.  Washington shall be paid from the
sale proceeds derived from the sale of the Franchises in order of
priority. Washington shall be entitled to a general unsecured
nonpriority claim in the amount of $113,510, and shall participate
in the distribution to the holders of Class 6 claims.

Class 5 Secured Claim of New Mexico Bank & Trust with a claim
amount of $535,002 is impaired.  Creditor has an allowed secured
claim of $300,000.  NMBT will be paid from the sale proceeds
derived from the sale of the Franchises in order of priority.  NMBT
will be entitled to a general unsecured nonpriority claim in the
amount of $235,002, and will participate in the distribution to the
holders of Class 7 claims.   

Class 6 Secured Claim of Enchantment Land Certified Development
Company, with a claim amount of $328,198, is impaired.  Creditor
has a secured claim in the amount of $100,000.  SBA will be paid
from the sale proceeds derived from the sale of the Franchises in
order of priority.  SBA will be entitled to a general unsecured
nonpriority claim in the amount of $228,197.83, and shall
participate in the distribution to the holders of Class 7 claims.

Class 7 General Unsecured Claims are impaired.  The holders of
allowed Class 7 claims will be paid pro rata from the following
sources: (1) the monies received by Debtor from the note executed
by buyer in favor as contemplated by the Agreement, but only after
all secured, administrative, and priority claims are paid in full;
(2) from those monies received in connection with the Mattis
Judgment after Debtor pays any monies necessary to collect upon the
same; (3) receipt of any monies in connection with any other
claim(s) held by the Debtor and preserved pursuant Section 1123.

Class 8 Contingent, Unliquidated, and Disputed Claims will receive
no distribution under the Plan.

Class 9 Debtors' Interest is impaired.  On the Effective Date, all
estate property shall vest in the Debtor.

The Plan will be funded from a variety of sources:

   1. Proceeds from the sale of the Franchises and related assets
of the Debtor contemplated by the Agreement;

   2. Monies from collection on the Mattis Judgment.   

A full-text copy of the First Amended Disclosure Statement dated
April 20, 2020, is available at https://tinyurl.com/ybnxol77 from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     THE LAW OFFICE OF C.R. HYDE, PLC
     ATTORNEY AT LAW
     2810 N. SWAN RD. SUITE 160
     TUCSON, ARIZONA  85712
     TELEPHONE: (520) 270-1110

                      About Dancel L.L.C.

Dancel, L.L.C., owns and operates restaurants with multiple
locations in Bernalillo County, N.M. Dancel filed a voluntary
Chapter 11 petition (Bankr. D. Ariz. Case No. 19-10446) on August
20, 2019.  In the petition signed by Laura Olguin, manager, the
Debtor was estimated to have $500,000 to $1 million in assets and
$1 million to $10 million in liabilities.  The case is assigned to
Judge Scott H. Gan. Charles R. Hyde, Esq., at The Law Offices of
C.R. Hyde, PLC, serves as the Debtor's counsel.


DASA ENTERPRISES: Unsecureds to Get Revenue Share for 3 Years
-------------------------------------------------------------
DASA Enterprises, Inc., filed a Third Amended Chapter 11 Plan of
Reorganization.

The Plan provides for one class of secured claims; one class of
unsecured deficiency claims; one class of general unsecured claims;
one class of priority claims; one class of unsecured convenience
claims; and one class of the existing interests in the Debtor.  The
Allowed Claim held by the Secured Creditor (Girod Titling Trust)
shall be amortized over 30 years at 5.25% interest, payable in
monthly installments, with a five-year balloon payment.  Class 5
general unsecured creditors holding Allowed Claims will receive pro
rata distributions from Net Revenues, which distributions shall be
subordinate to payment of Class 3 deficiency claim, if any.  Class
3 deficiency claim holder will receive annual installment payments
of $8,000 each for three years.  This Plan also provides for the
payment of Administrative and Priority Claims either in full on the
Effective Date of this Plan or in the manner permitted by the
Bankruptcy Code.

Class 5 Allowed General Unsecured Claims will be paid their
respective pro rata share of Net Revenue for three years after the
Effective Date, payable in three installments beginning on the
anniversary of the Effective Date.  Class 5 payments will be
subordinate to Class 3 Allowed Unsecured Claim of Girod.  This
class is impaired.

Existing Equity Interest Holder Sidney Abusch has agreed to
contribute $40,000 within 14 days of the Effective Date in exchange
for retention of his Equity Interest in the Debtor.  

A full-text copy of the Third Amended Chapter 11 Plan of
Reorganization dated April 20, 2020, is available at
https://tinyurl.com/y73yt8b2 from PacerMonitor.com at no charge.

Counsel for the Debtor:

     Leo D. Congeni
     The Congeni Law Firm, LLC
     650 Poydras Street, Suite 2750
     New Orleans, LA  70130
     Tel: (504) 522-4848
     E-mail: leo@congenilawfirm.com

                    About Dasa Enterprises

Based in New Orleans, LA, DASA Enterprises, Inc., is a single asset
real estate debtor as defined in 11 U.S.C. Section 101(51B).  The
Company previously sought bankruptcy protection on March 18, 2014
(Bankr. E.D. La. Case No. 14-10609).

DASA Enterprises filed a Chapter 11 petition (Bankr. E.D. La. Case
No. 19-11064) on April 22, 2019.  In the petition signed by Sidney
Abusch, president, the Debtor disclosed $1,865,000 in assets and
$2,364,019 in liabilities.  The Hon. Jerry A. Brown oversees the
case.  Leo D. Congeni, Esq., at Congeni Law Firm, LLC, serves as
bankruptcy counsel to the Debtor.  Patrick J. Gros, CPA, APAC,
serves as accountant to the Debtor.


DAYTON SUPERIOR: Bank Debt Trades at 20% Discount
-------------------------------------------------
Participations in a syndicated loan under which Dayton Superior
Corp is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $50 million facility is a Term loan.  The loan is scheduled to
mature on December 4, 2024.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



DELCATH SYSTEMS: Closes Underwritten Offering of Shares & Warrants
------------------------------------------------------------------
Delcath Systems, Inc. consummated on May 5, 2020, an underwritten
public offering of (i) 1,823,000 shares of its common stock, $0.01
par value per share, (ii) pre-funded warrants to purchase up to
377,000 shares of Common Stock and (iii) Series F warrants to
purchase 2,224,900 shares of Common Stock.  After giving effect to
the shares of Common Stock sold in the Offering, the Company had
1,895,773 shares of Common Stock outstanding.

As of May 6, the number of shares of Common Stock had increased by
more than 5% since the last reported number of shares Common Stock
outstanding.  As of May 8, 2020, the Company had 2,623,446 shares
of Common Stock outstanding as a result of (i) conversions of the
Company's Series E Convertible Preferred Stock and Series E-1
Convertible Preferred Stock into an aggregate of 657,414 shares of
Common Stock and (ii) the issuance of an aggregate of 22,963 shares
of unregistered Common Stock to the executive officers of the
Company pursuant to the terms of a Support and Conversion
Agreement, dated March 11, 2020 and amended on
April 8, 2020, among the Company, the Executives and the other
parties thereto entered into in connection with the Offering and
47,296 shares of unregistered Common Stock in relation to certain
advisory services.

An additional 3,487,282 shares of Common Stock are issuable upon
the conversion of the outstanding shares of Preferred Stock and an
additional 1,826,579 shares of Common Stock are issuable upon the
exercise of the Company's Series E Warrants and Series E-1 Warrants
issued in connection with the sale of the Preferred Stock.  The
Preferred Stock and the Warrants were sold by the Company in
private placements consummated in July and August 2019.

                     About Delcath Systems

Headquartered in New York, NY, Delcath Systems, Inc. --
http://www.delcath.com/-- is an interventional oncology company
focused on the treatment of primary and metastatic liver cancers.
The Company's lead product candidate, Melphalan Hydrochloride for
Injection for use with the Delcath Hepatic Delivery System, or
Melphalan/HDS, is designed to administer high-dose chemotherapy to
the liver while controlling systemic exposure and associated side
effects.  In Europe, Melphalan/HDS is approved for sale under the
trade name Delcath CHEMOSAT Hepatic Delivery System for Melphalan.

Delcath Systems reported a net loss of $8.88 million for the year
ended Dec. 31, 2019, compared to a net loss of $19.22 million  for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$14.21 million in total assets, $20.57 million in total
liabilities, and a total stockholders' deficit of $6.36 million.

Marcum LLP, in New York, New York, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
March 25, 2020 citing that the Company has a significant working
capital deficiency, has incurred significant recurring 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.


DELEK US: S&P Affirms 'BB' ICR on Strong Liquidity Position
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on Delek US Holdings Inc. and its 'BB+' issue-level rating on the
company's senior secured term loan. The '2' recovery rating is
unchanged.

Delek had earlier announced an incremental $200 million add-on to
its existing senior secured term loan B due 2025 to bolster its
strong liquidity position. The company intends to use the proceeds
of the offering to fund cash to the balance sheet during the
down-cycle commodity price environment.

S&P views Delek's proposed debt offering as in line with its
financial policy of operating its business with significant cash
and liquidity. S&P expects cash proceeds from the offering to be
used for general corporate purposes and to fund cash on the balance
sheet. The company's large cash position results in its forecast
adjusted net leverage in the 2x area.

"The coronavirus pandemic has caused demand for certain refined
products to drop, but we expect it will recover in 2021 and beyond.
Given the weak economy and refined product demand destruction from
the coronavirus pandemic along with stay-at-home orders, we
forecast lower crack spreads in 2020 compared to prior years," S&P
said.

Since the lockdowns began in the latter part of the first fiscal
quarter, limited travel has depressed demand for jet fuel and
gasoline. Demand for diesel has remained at historical levels. As
regional governments begin lifting stay-at-home orders, S&P expects
the company and its peers to opportunistically increase utilization
at its refineries, and expects an improvement in crack spreads for
2021.

"We view the company's intermediation agreement with J. Aron as
supportive of liquidity because it helped limit the working capital
impact from the sharp decline in crude oil prices earlier this
year," S&P said.

Delek has taken steps to adjust in the down-cycle refining market.
Like its peers, the company is focusing on cost-cutting initiatives
that include reducing capital spending by approximately $75 million
and reducing its overall cost structure by roughly $100 million.

Delek has average size and scale, with four refineries totaling
approximately 302,000 barrels per day (bpd) of capacity, offset by
its limited geographic diversity since these refineries are all
situated in PADD III. The four refineries include the Big Spring,
Texas, refinery (73,000 bpd; 10.5 complexity), the Tyler, Texas,
refinery (75,000 bpd; 8.7 complexity), the El Dorado, Ark.,
refinery (80,000 bpd; 10.2 complexity), and the Krotz Springs, La.,
refinery (74,000 bpd; 8.8 complexity). Some of these refineries
serve niche markets, allowing them to run at higher rates than
industry averages. The Big Spring refinery often generates the
largest percentage of EBITDA of the four, thus any operational
issues there can result in notably weaker credit measures. Delek's
gathering system and its proximity to Midland, Texas serves as a
competitive advantage, allowing Delek to source lower-cost
feedstock from the Permian Basin, which it captures in its gross
margin per barrel. In addition, as differentials widen in the
Permian, this benefits the company and allows it to lower its
feedstock costs.

S&P views the integrated refining model which includes both
midstream and retail business segments as positive for a credit
quality because they help offset the inherent volatility of the
refining cash flows due to their underlying cash flow stability.
Integration across these business segments provides certain
synergies and strengthens Delek's competitive position. The
logistics business allows Delek to gather a significant portion of
its total refining capacity, lowering its feedstock cost and
allowing it to control its crude oil quality. S&P expects the
company's midstream assets to contribute between $210 million and
$220 million of adjusted EBITDA in 2020. The retail business
segment owns or leases approximately 260 convenience store sites in
Central and West Texas and New Mexico. It is also the largest
licensee of 7-Eleven Inc. stores in the U.S. S&P expects the
company to continue rebranding all these stores to the Delek brand
over the next 24 months.

"The stable rating outlook reflects our expectation that despite
the down-cycle refining market, Delek will maintain strong
liquidity and adjusted net leverage in the 1.75x-2x area for the
next two years," S&P said.

A negative rating action could occur if the poor refining market
lasts longer than expected, resulting in operational under
performance or if liquidity deteriorates and leverage remains above
3.5x. This could also occur if the company pursues a more
aggressive financial policy.

Higher ratings are unlikely given current market conditions. It
could, however, occur if the company materially improves its scale
while maintaining consolidated leverage below 2x during mid-cycle
price conditions.



DIEBOLD NIXDORF: Bank Debt Trades at 18% Discount
-------------------------------------------------
Participations in a syndicated loan under which Diebold Nixdorf Inc
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The EUR415 million facility is a Term loan.  The loan is scheduled
to mature on November 6, 2023.  About EUR356.58 million of the loan
remains outstanding.

The Company's country of domicile is United States.



DIEBOLD NIXDORF: Bank Debt Trades at 20% Discount
-------------------------------------------------
Participations in a syndicated loan under which Diebold Nixdorf Inc
is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  

The $374.3 million facility is a Term loan.  The loan is scheduled
to mature on April 30, 2022.  About $370.3 million of the loan
remains outstanding.

The Company's country of domicile is United States.



EDUCATION MANAGEMENT: Bank Debt Trades at 98 % Discount
-------------------------------------------------------
Participations in a syndicated loan under which Education
Management LLC is a borrower were trading in the secondary market
around 2.4 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 78 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $250 million facility is a Term loan.  The loan is scheduled to
mature on July 2, 2020.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.





EDWARD DON: Bank Debt Trades at 34% Discount
--------------------------------------------
Participations in a syndicated loan under which Edward Don & Co is
a borrower were trading in the secondary market around 66
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 82 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $210 million facility is a Term loan.  The loan is scheduled to
mature on July 2, 2025.  About $206.85 million of the loan remains
outstanding.

The Company's country of domicile is United States.




ELECTRONICS FOR IMAGING: Bank Debt Trades at 28% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Electronics For
Imaging Inc is a borrower were trading in the secondary market
around 72 cents-on-the-dollar during the week ended Fri., May 8,
2020, according to Bloomberg's Evaluated Pricing service data.  The
bank debt traded around 77 cents-on-the-dollar during the week
ended Fri., May 1, 2020.

The $225 million facility is a Term loan.  The loan is scheduled to
mature on July 23, 2027.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



ELEVATE TEXTILES: Bank Debt Trades at 57% Discount
--------------------------------------------------
Participations in a syndicated loan under which Elevate Textiles
Inc is a borrower were trading in the secondary market around 43
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 78 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $125 million facility is a Term loan.  The loan is scheduled to
mature on May 1, 2025.  The amount is fully drawn and outstanding.

The Company's country of domicile is United States.




EMPLOYBRIDGE LLC: Bank Debt Trades at 22% Discount
--------------------------------------------------
Participations in a syndicated loan under which Employbridge LLC is
a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 83 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $478.94 million facility is a Term loan.  The loan is scheduled
to mature on April 18, 2025.  About $469.96 million of the loan
remains outstanding.

The Company's country of domicile is United States.



ENCINO ACQUISITION: Bank Debt Trades at 51% Discount
----------------------------------------------------
Participations in a syndicated loan under which Encino Acquisition
Partners Holdings LLC is a borrower were trading in the secondary
market around 49 cents-on-the-dollar during the week ended Fri.,
May 8, 2020, according to Bloomberg's Evaluated Pricing service
data.  The bank debt traded around 78 cents-on-the-dollar during
the week ended Fri., May 1, 2020.

The $550 million facility is a Term loan.  The loan is scheduled to
mature on November 20, 2025.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.




ENERGY ACQUISITION: Bank Debt Trades at 21% Discount
----------------------------------------------------
Participations in a syndicated loan under which Energy Acquisition
Co Inc is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 85 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $583 million facility is a Term loan.  The loan is scheduled to
mature on June 26, 2025.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



ENERGY ACQUISITION: Bank Debt Trades at 50% Discount
----------------------------------------------------
Participations in a syndicated loan under which Energy Acquisition
Co Inc is a borrower were trading in the secondary market around 50
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 82 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $115 million facility is a Term loan.  The loan is scheduled to
mature on June 26, 2026.  The amount is fully drawn and
outstanding.

The Company's country of domicile is United States.



ENVISION HEALTHCARE: Bank Debt Trades at 31% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Envision Healthcare
Corp is a borrower were trading in the secondary market around 69
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 83 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $5.45 billion facility is a Term loan.  The loan is scheduled
to mature on October 10, 2025.  About $5.38 billion of the loan
remains outstanding.

The Company's country of domicile is United States.



EPIC CRUDE: Bank Debt Trades at 38% Discount
--------------------------------------------
Participations in a syndicated loan under which EPIC Crude Services
LP is a borrower were trading in the secondary market around 62
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 80 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $1 billion facility is a Term loan.  The loan is scheduled to
mature on March 1, 2026.  About $990 million of the loan remains
outstanding.

The Company's country of domicile is United States.




EXELA INTERMEDIATE: Bank Debt Trades at 77% Discount
----------------------------------------------------
Participations in a syndicated loan under which Exela Intermediate
LLC is a borrower were trading in the secondary market around 23
cents-on-the-dollar during the week ended Fri., May 8, 2020,
according to Bloomberg's Evaluated Pricing service data.  The bank
debt traded around 81 cents-on-the-dollar during the week ended
Fri., May 1, 2020.

The $373.44 million facility is a Term loan.  The loan is scheduled
to mature on July 12, 2023.  About $352.48 million of the loan
remains outstanding.

The Company's country of domicile is United States.



EXTENDED STAY: S&P Lowers ICR to 'B+' on Travel Downturn
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Extended
Stay America Inc. to 'B+' from 'BB-'. S&P also lowered its
issue-level rating on the company's senior secured debt to 'BB'
from 'BB+', in line with the lowered issuer credit rating. S&P has
affirmed its 'BB-' rating on the unsecured debt.

S&P lowered Extended Stay America Inc.'s issuer credit rating to
'B+' because the rating agency expects leverage to spike in 2020
and remain above its 5x downgrade threshold at the previous 'BB-'
rating through 2021 as U.S. demand for hotel rooms has decreased
significantly.

"As a result of the COVID-19-related travel downturn, we assume
Extended Stay's 2020 revenue per available room (RevPAR) could
decrease about 20%, EBITDA could decline about 30-40%, and leverage
will spike. Our base case assumes that occupancy and RevPAR will
decrease substantially in Q2 and that these metrics could begin to
recover in the second half of 2020. Despite various cost-cutting
measures the company has taken, including reducing executive
compensation, eliminating the grab-and-go breakfasts, and reducing
front desk hours, we expect the significant level of fixed charges
associated with hotel ownership to deteriorate margins and drive a
30-40% reduction in EBITDA compared with 2019," S&P said.

"The negative outlook reflects significant uncertainty and
anticipated stress on the company's revenue and cash flow over the
next several months, as well as the possibility that leverage could
remain above our 6x downgrade threshold. Under our current set of
base case assumptions, it is unlikely that we would lower the
rating. However, due to a high degree of uncertainty and the
potential for a steep recession, there are a wide range of
potential outcomes for occupancy, RevPAR, cash flow and leverage.
Although they have begun to improve modestly in recent weeks,
extended Stay's RevPAR declined significantly in March and April,
and occupancy will probably remain depressed for months. In
addition, we believe the U.S. is currently in a recession, and we
anticipate that leisure and business travel spending could be slow
to recover. If weak operating performance and/or deteriorating
macroeconomic trends cause us to expect that the company will
sustain leverage above 6x, we could lower the rating," S&P said.

S&P believes Extended Stay is outperforming many rated lodging
sector peers during the pandemic. Extended Stay's hotels have
large, residential-like rooms with kitchens that enable longer-term
stays than the typical hotel room. While travel restrictions and
nonessential business closures have led to greatly reduced travel
volumes, construction projects in many states have continued, and
traveling medical staff may require housing near hospital
facilities, requiring an extended-stay-type product in which to
reside. As a result, S&P believes demand at Extended Stay's hotels
has not been reduced to the same extent as upscale full-service
lodging. Extended Stay reported that its RevPAR was down 20% in
March compared to the prior year, which was significantly better
than the industry average. For the 28 days ended April 25, 2020,
STR reported RevPAR at economy hotels was down 41%, with declines
at midscale and higher-priced chains of 60%-90%. While Extended
Stay reported that its RevPAR declined more significantly compared
with the prior year in April than in March, S&P believes that the
company's business has continued to hold up better than most rated
lodging peers.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

The negative outlook reflects the possibility that S&P could
downgrade Extended Stay over the next several months if it no
longer believed hotel and travel demand would recover sufficiently
in the second half of 2020 to enable Extended Stay to sustain
leverage below 6x through 2021. The negative outlook also
incorporates the high degree of uncertainty in S&P's updated
base-case assumptions, which are subject to revision depending on
developments related to the containment of the coronavirus or
updates to the rating agency's economists' GDP forecast.

"We could lower our rating on Extended Stay if some combination of
extended travel restrictions, lingering apprehensions, or a weak
economic recovery following virus containment cause the company to
sustain leverage of more than 6x," S&P said.

"It is unlikely that we would revise our outlook on Extended Stay
to stable for the duration of the global downturn in travel and
economic activity. To revise our outlook, we would need to be
confident that the recovery would be robust enough to enable the
company to maintain leverage of less than 6x and sustain adequate
liquidity," the rating agency said.


EYEPOINT PHARMACEUTICALS: Incurs $13.2M Net Loss in First Quarter
-----------------------------------------------------------------
EyePoint Pharmaceuticals, Inc., reported a net loss of $13.17
million on $7.49 million of total revenues for the three months
ended March 31, 2020, compared to a net loss of $19.24 million on
$2.01 million of total revenues for the three months ended
March 31, 2019.

Operating expenses for the three months ended March 31, 2020
increased to $18.9 million from $16.7 million in the prior year
period, due primarily to increased sales and marketing costs and
research and development costs.  Non-operating expense, net, for
the three months ended March 31, 2020 totaled $1.7 million of net
interest expense.

Cash and cash equivalents at March 31, 2020 totaled $26.3 million
compared to $22.2 million at Dec. 31, 2019.

"We are pleased with product revenue performance in the first
quarter, despite the negative impact on customer demand caused by
COVID-19 pandemic-related closures of customer facilities beginning
in March.  We are encouraged that certain regions across the
country are now starting to reopen for business, allowing us to
begin resupplying physicians and ambulatory surgery centers with
our innovative products," said Nancy Lurker, president and chief
executive officer of EyePoint Pharmaceuticals.  "We believe that
both YUTIQ and DEXYCU are well-positioned to support physicians and
patients in this COVID-19 era, as both products deliver extended
duration therapeutic treatment from a single injection, which may
reduce the frequency of in-person follow-up visits and contact with
the patient's face and eyes."

Ms. Lurker continued, "We remain committed to our mission of
delivering innovative ophthalmic products to patients in need and
continue to advance our lead development asset EYP-1901 toward
clinical trials.  EYP-1901 is an anti-VEGF, tyrosine kinase
inhibitor (TKI) six-month sustained release potential therapy using
our bioerodible Durasert technology initially targeting wet
age-related macular degeneration.  Good laboratory practice (GLP)
toxicology studies were initiated in March and we remain on
schedule to file an Investigational New Drug (IND) application
later this year with a Phase 1 clinical trial to follow."

As of March 31, 2020, the Company had $80.29 million in total
assets, $63.82 million in total liabilities, and $16.47 million in
total stockholders' equity.

The Company has a history of operating losses and has not had
significant recurring cash inflows from revenue.  The Company's
operations have been financed primarily from sales of its equity
securities, issuance of debt and a combination of license fees,
milestone payments, royalty income and other fees received from its
collaboration partners.  In the first quarter of 2019, the Company
commenced the U.S. launch of its first two commercial products,
YUTIQ and DEXYCU.  However, management does not yet have sufficient
historical evidence to assert that it is probable that the Company
will receive sufficient revenues from its product sales to fund
operations. A s of March 31, 2020, the Company has had recurring
operating losses since its inception and has an accumulated deficit
of approximately $478.5 million and working capital of $39.4
million.  The Company had cash and cash equivalents of $26.3
million at March 31, 2020.  Accordingly, the foregoing conditions,
taken together, continue to raise substantial doubt about the
Company's ability to continue as a going concern for one year from
the issuance of these financial statements.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                      https://is.gd/cnxEen

                 About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com/-- headquartered in Watertown, MA,
is a specialty biopharmaceutical company committed to developing
and commercializing innovative ophthalmic products in indications
with high unmet medical need to help improve the lives of patients
with serious eye disorders.  The Company currently has two
commercial products: DEXYCU, the first approved intraocular product
for the treatment of postoperative inflammation, and YUTIQ, a
three-year treatment of chronic non-infectious uveitis affecting
the posterior segment of the eye.

Eyepoint reported a net loss of $56.79 million for the year ended
Dec. 31, 2019.  For the six months ended Dec. 31, 2018, the Company
reported a net loss of $44.72 million. As of Dec. 31, 2019, the
Company had $72.97 million in total assets, $64.64 million in total
liabilities, and $8.33 million in total stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated March 13, 2020, citing that the combination of the
Company's limited currently available cash, cash equivalents and
available borrowings, together with its history of losses, and the
uncertainty in timing of cash receipts from its newly launched
products raise substantial doubt about the Company's ability to
continue as a going concern.


FOODFIRST GLOBAL: Gets Interim Nod on DIP Loan, Cash Collateral Use
-------------------------------------------------------------------
Judge Lori Vaughan of the U.S. Bankruptcy Court for the Middle
District of Florida authorized FoodFirst Global Restaurants, Inc.
and its subsidiaries to to borrow money pursuant to the DIP
Facility in an aggregate principal or face amount not to exceed
$3.0 million subject to the terms and conditions set forth in the
Interim Order.

The Debtors allowed to use advances of credit under the DIP
Facility and use cash collateral in accordance with the approved
budget.

The Debtors have entered into that certain DIP Term Sheet with GPEE
Lender, LLC (as the DIP Lender), as a priming facility to PHL
Holdings, LLC (the Prepetition Agent), as agent for the Prepetition
Secured Parties.

The Interim Order provides further that:

     (A) The interest rate under the DIP Documents will be reduced
to 12% per annum, with a default rate of 1% above such regular
contract rate. The Origination Fee is approved in the amount
$90,000 and is payable upon the initial draw made in accordance
with the DIP Documents.

     (B) In order to secure the DIP Obligations, the DIP Lender, is
hereby granted, continuing, valid, binding, enforceable,
non-avoidable, and automatically and properly perfected
postpetition security interests in and liens on all assets, real
and personal property, of each of the Debtors and their respective
estates.

     (C) Subject to the Carve-Out and any post-petition claims
arising under the PACA trust, the DIP Lender is granted, pursuant
to Section 364(c)(1) of the Bankruptcy Code, allowed superpriority
administrative expense claims in each of the Cases and any
Successor Cases for all DIP Obligations.

     (D) As adequate protection for any diminution in the value of
the Prepetition Collateral, the Prepetition Agent will receive, for
the benefit of the Prepetition Secured Parties: (i) replacement
liens, (ii) a superpriority administrative expense claim, and (iii)
cash payments.

     (E) As adequate protection to Certain PACA Creditors, the
Debtors have agreed to set up a separate account in respect of
potential PACA claims.  The Debtors will deposit, from the first
draw on the DIP Facility, an additional $400,000 (which is in
addition to the prior deposit into the PACA Account of $500,000)
into the PACA Account, for a total of $900,000 being held in the
PACA Account for payment of valid PACA claims, as determined by the
Court, which amount will be increased via further draw on the DIP
Facility if the filed PACA Claims exceed $900,000.

As further condition to the DIP Facility and the use of cash
collateral, the Debtors are ordered to comply with these
milestones

     (a) No later than May 6, 2020, the Debtors will file with the
Court a motion to approve bid procedures and a sale of
substantially all of the Debtors' assets to the Stalking Horse
Purchaser or a replacement purchaser;

     (b) Not later than May 22, 2020, the order approving the DIP
Lender and/or one or more of its affiliates as the Stalking Horse
Purchaser and the Bid Procedures will have been entered by the
Court, which will be in form and substance reasonably acceptable to
the DIP Lender;

     (c) Not later than June 22, 2020, counterbids for the Debtors'
assets will be due under the Bid Procedures;

     (d) Not later than June 23, 2020, if any qualified competing
bids are submitted by any qualified purchasers, the Debtors will
hold an auction for Sale in accordance with the Bid Procedures;

     (e) Not later than June 24, 2020, the Court will hold a
Hearing to approve the Sale, and the Debtors will obtain entry of
an order approving the Sale, which order will provide for the
indefeasible payment in full in cash of the DIP Obligations upon
the closing of the Sale;

     (f) Not later than the date of entry of the Sale Order, the
Court will have entered the Final Order; and

     (g) Not later than June 30, 2020, the closing of the Sale will
occur in accordance with the terms of the Asset Purchase Agreement
(or approved overbid) and the DIP Lender will receive the Payoff
Amount.

The final hearing to consider final approval of the DIP Facility is
scheduled for June 24, 2020, at 10:00 a.m. Written objections are
due no later than  4:00 pm of June 19.

A copy of the Interim Order is available for free at
https://is.gd/6YrX0J from PacerMonitor.com.

             About FoodFirst Global Restaurants

FoodFirst Global Restaurants, Inc., is the parent company for two
of America's Italian restaurant brands: BRIO Tuscan Grille and
BRAVO Cucina Italiana.  It was formed in 2018 by investment firm GP
Investments, Ltd and a group of entrepreneurial investors.  Visit
https://www.foodfirst.com/index.html for more information.

FoodFirst Global Restaurants and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 20-02159) on April 10, 2020.  At the time of the filing, the
Debtors disclosed assets of between $10 million and $50 million and
liabilities of the same range.  Judge Karen Jennemann oversees the
case.  Shuker & Dorris, P.A. is Debtors' legal counsel.

The U.S. Trustee for Region 21 appointed a committee to represent
unsecured creditors in the Chapter 11 cases.


FOURTEENTH AVENUE: Unsecureds Owed $1.26M to Get $1.13M in Plan
---------------------------------------------------------------
Fourteenth Avenue Cartage Company, Inc., filed the First Amended
Combined Plan of Reorganization and Disclosure Statement dated
April 23, 2020.

Class IV Allowed General Unsecured Claims will receive 48 monthly
distributions to the Debtor Trust on behalf of Holders of Allowed
Class IV Claims.  The first three distributions will be of $15,000
each.  The subsequent 45 monthly distributions shall be of $24,000
each.  However, in the event that the non-subordinated Allowed
Class IV Claims exceed $3,375,000, the Reorganized Debtor will make
the subsequent 45 monthly distributions in an amount calculated so
that all 48 distributions together shall equal 1/3 of all
non-subordinated Allowed Class IV Claims.

The distributions set forth in Section 3.4.1 shall commence on the
earlier of (i) the first day of the month following the month that
Reorganized Debtor's revenues equal or exceed the projections set
forth in Debtor's original Combined Plan and Disclosure Statement,
or (ii) Jan. 4, 2021. Each subsequent distribution shall be due on
the first business day of each month until all 48 distributions
have been made.

In addition, Reorganized Debtor will make additional payments to
the Debtor Trust for each full calendar year that Reorganized
Debtor is making payments (Kicker Payments).  Kicker Payments will
be calculated at the end of each calendar year, beginning at the
end of 2021, based on the difference between actual gross sales
generated by Reorganized Debtor minus projected gross sales set
forth in Debtor's disclosure statement.

To secure the Reorganized Debtor's obligations to the Debtor Trust,
the Reorganized Debtor grants a junior security interest to the
Debtor’s Trust on all Reorganized Debtor's assets.  This security
interest is expressly subordinate to Chemical Bank's Class I Claims
and all other Allowed Secured Claims.

A full-text copy of the First Amended Combined Plan and Disclosure
Statement dated April 23, 2020, is available at
https://tinyurl.com/y9rs8d7y from PacerMonitor at no charge.

Attorneys for the Debtor:

     Ryan D. Heilman
     Michael R. Wernette
     WERNETTE HEILMAN PLLC
     40900 Woodward Ave., Suite 111
     Bloomfield Hills, MI 48304
     Tel: (248) 835-4745
     E-mail: ryan@wernetteheilman.com

              About Fourteenth Avenue Cartage Co.

Fourteenth Avenue Cartage Company, Inc.
--http://www.fourteenth.com/-- is a trucking company in Dearborn,
Mich. It provides intermodal, truck load and cross-border
deliveries across Michigan, Ohio, Ontario, Indiana, Illinois and
Wisconsin. Fourteenth Avenue owns and operates a fleet of over 75
tractors and over 500 trailers.

Fourteenth Avenue Cartage Company sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-54128) on
Oct. 3, 2019. In the petition signed by COO James V. Ryan, the
Debtor was estimated to have assets and debt of less than $10
million. Judge Marci B. McIvor oversees the case.  

The Debtor tapped Wernette Heilman, PLLC as its legal counsel, and
Mies and Company, Inc., as its financial advisor.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Oct. 31, 2019. The committee tapped Schafer and
Weiner, PLLC, as its legal counsel.


GULFPORT ENERGY: Swings to $517.5 Million Net Loss in 1st Quarter
-----------------------------------------------------------------
Gulfport Energy Corporation reported a net loss of $517.5 million
on $246.88 million of revenues for the three months ended March 31,
2020, compared to net income of $62.24 million on $320.58 million
of revenues for the three months ended March 31, 2019.  Included in
the loss for the three months ended March 31, 2020 was a $553.3
million non-cash impairment of the Company's oil and natural gas
properties, which was the main driver of the change in its net
(loss) income during the period.  The remaining variance was
related to a $73.7 million decrease in oil and natural gas
revenues, a $15.1 million decrease in income from equity method
investments and a $6.1 million increase in general and
administrative expenses, partially offset by a $40.4 million
decrease in DD&A, a $15.3 million gain on debt extinguishment, a
$12.4 million decrease in midstream gathering and processing
expenses, a $3.8 million decrease in lease operating expenses and a
$3.1 million decrease in production taxes for the three months
ended March 31, 2020 as compared to the three months ended
March 31, 2019.

As of March 31, 2020, the Company had $3.26 billion in total
assets, $2.48 billion in total liabilities, and $784.05 million in
total stockholders' equity.

Chief Executive Officer and President, David M. Wood, commented,
"During these unprecedented times, our focus is on the health and
safety of our employees while continuing to execute on our 2020
capital budget we laid out in February.  We remain committed to
exercising capital discipline, maximizing cash flow generation,
reducing costs and ensuring strong liquidity through the remainder
of 2020."

Mr. Wood continued, "Our continued focus on increasing efficiencies
and reducing costs led to solid progress during the first quarter
of 2020.  As planned, Gulfport's 2020 capital program is heavily
weighted to the first half of 2020 and as a result, we are well
positioned to generate positive free cash flow during the second
half of the year."

As of May 1, 2020, the Company had repurchased $73.3 million
aggregate principal amount of unsecured senior notes for $22.8
million in cash during 2020.  Since initiating the debt repurchase
program in mid-2019, Gulfport had repurchased $263.4 million
aggregate principal amount of unsecured senior notes for $161.6
million cash representing a total discount capture of $101.8
million and an annual cash interest reduction of approximately $11
million.

Gulfport completed its spring borrowing base redetermination
effective May 1, 2020 and the borrowing base was redetermined at
$700 million.  Pro forma for the revised borrowing base, the
Company's liquidity at May 1, 2020 totaled approximately $269.0
million, comprised of the $700 million borrowing base plus
approximately $3.8 million in cash on hand less $326.8 million
outstanding letters of credit and $108.0 million of revolver draw
as of May 1, 2020.  The revised $700 million borrowing base
provides adequate liquidity to finance the Company's projected 2020
capital plan.

For the three-month period ended March 31, 2020, Gulfport's
incurred total capital expenditures were $135.3 million. Gulfport's
incurred total capital expenditures includes approximately $127.3
million of operated drilling and completion capital expenditures,
$3.4 million of non-operated D&C expenditures and $4.6 million of
land capital expenditures.  The Company's 2020 capital program is
heavily weighted in first half of 2020 and the Company expects to
generate positive cash flow during the second half of 2020.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                        https://is.gd/E3uo9e

                           About Gulfport

Gulfport Energy Corporation (NASDAQ: GPOR) --
http://www.gulfportenergy.com/-- is an independent natural gas and
oil company focused on the exploration and development of natural
gas and oil properties in North America and a producer of natural
gas in the contiguous United States.  Headquartered in Oklahoma
City, Gulfport holds significant acreage positions in the Utica
Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer
plays in Oklahoma.  In addition, Gulfport holds non-core assets
that include an approximately 22% equity interest in Mammoth Energy
Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil
Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Gulfport Energy received a letter on April 16, 2020, from the
Listing Qualifications Department of the Nasdaq Stock Market LLC
notifying Gulfport that for a period of 30 consecutive business
days preceding the date of the Notice, the bid price of Gulfport's
common stock had closed below $1.00 per share, the minimum closing
bid price required by the continued listing
requirements of Nasdaq Listing Rule 5450(a)(1).

Gulfport Energy reported net loss of $2.0 billion for the year
ended Dec. 31, 2019 as compared to net income of $430.6 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.88 billion in total assets, $2.57 billion in total liabilities,
and $1.31 billion in total stockholders' equity.

                           *    *    *

As reported by the TCR on March 4, 2020, Moody's Investors Service
downgraded Gulfport Energy Corporation's Corporate Family Rating to
Caa1 from B2.  "The downgrade reflects rising financial risks amid
low natural gas prices and limited hedging protection in place for
Gulfport in 2020.  This required the company to significantly
reduce investment and allow production to fall significantly in
2020 in order to avoid new borrowings," commented Elena Nadtotchi,
Moody's vice president - senior credit officer.


HERTZ GLOBAL: S&P Downgrades ICR to 'SD' on Delayed Lease Payments
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Hertz Global
Holdings Inc. to 'SD' (selective default) from 'CCC-' and affirmed
all of its issue-level ratings on the company.

Hertz generates the majority of its revenue at airports globally
and relies on airline passenger travel, which has declined sharply
due to the coronavirus pandemic, to support its demand. At the same
time, it relies on proceeds from vehicle sales to service its
asset-backed security (ABS) vehicle obligations (unrated). However,
given the substantial weakness in the used car market, Hertz's
liquidity has become severely constrained, which caused it to miss
the lease payments on certain of its (unrated) ABS vehicle
securities that were due on April 27, 2020. On May 4, 2020, it
entered into forbearance on these payments through May 22, 2020. In
a May 5, 2020, 8-K filing, the company indicated that it is seeking
to develop a financing strategy and structure for these
transactions that reflects the current situation. At this time,
Hertz remains current on its non-ABS transactions. However, S&P do
not believe the current situation will improve before the end of
the forbearance period and anticipate that the company will likely
need to pursue some type of restructuring or, if unsuccessful, file
for bankruptcy.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety


INSPIRED CONCEPTS: Secures PPP Despite SBA Rule, Objection
----------------------------------------------------------
Eric Baerren, writing for the Morning Star, reports that Inspired
Concepts LLC, a bankrupt company that owns restaurants, has secured
$1.155 million in federal COVID-19 business assistance, contrary to
current eligibility requirements and over the objection of one of
its creditors.

Inspired Concepts LLC, owner of Pixie, Ponderosa, Bennigan's, Big
Apple Bagel and Noodles & Co., was permitted to take low-interest
Paycheck Protection Program loan worth $1.155 million, funded by
the CARES Act, despite Small Business Administration rules barring
funding to companies going through bankruptcy proceeding.  The
company filed Chapter 11 bankruptcy protection in January 2020.
Recently, it shut down Italian Oven permanently.

The PPP is intended to allow struggling small businesses secure
low-interest loans to assist them in staying afloat during the
COVID-19 crisis.  The loans are forgiven if the company uses most
of the money to pay employees within a small window after being
awarded.

The original rules from the federal Small Business Administrator
forbade companies that in bankruptcy prior to applying for PPP
funds from applying.  The reason, under the SBA's rules, was the
possibility of misuse of those funds by companies in bankruptcy.

Attorneys for Inspired Concepts convinced Judge Daniel Opperman
that those rules might not be legal.

They pointed to a case originating out of Hidalgo County, Texas
where the local EMS service saw a tremendous decline in calls after
that state was locked down.  Hidalgo County EMS argued in a federal
court in Texas that when it applied for PPP funding that it was
involved in a bankruptcy stemming from that, that it would have
difficulty making payroll and that it provides a critical emergency
healthcare service.  They filed a motion to force the SBA to accept
their application based on the SBA having exceeded its authority
allowed under law.

Because of that, attorneys for Inspired said they should also
qualify.

Fifth-Third bank, Inspired's primary creditor, filed a motion
partially objecting to Inspired's use of PPP funding.  They didn't
object to the idea of Inspired qualifying for the federal money,
they objected to the idea that Inspired might spend money to meet
loan forgiveness requirements only to have the SBA determine that
they weren't eligible for the loan to begin with.  In that event,
the SBA could demand the entire amount loaned under the PPP to be
repaid.  That would potentially leave Inspired Concepts unable to
reorganize or submit a plan that could be confirmed.

On April 28, Opperman agreed to allow Inspired to spend $282,405
from the $1.155 million loan, and pending a final order to continue
spending it only on employee-based costs.  He further ordered
Inspired to keep that money in a separate account and use it for
matters only authorized expressly under the CARES Act.

The company is required to file its reorganization with federal
bankruptcy court May 11, but was given a 90-day extension involving
whether it plans to continue in leases necessary to keep the
remaining restaurants open.

According to court documents, Inspired Concepts started bankruptcy
owning 12 restaurants in central and southern Michigan. In addition
to closing Italian Oven, it also closed Smashburger in Rochester
Hills.

                 About Inspired Concepts LLC

Inspired Concepts LLC, a privately held investment and restaurant
management company in Mt. Pleasant, Mich., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
20-20034) on Jan. 10, 2020.  At the time of the filing, the Debtor
had estimated assets of between $500,000 and $1 million and
liabilities of between $1 million and $10 million.  Judge Daniel S.
Opperman oversees the case.  Jeffrey Grasl, Esq., at Grasl, PLC,
was originally the Debtor's legal counsel.  The Debtor later hired
Wernette Heilman PLLC as substitute counsel to Grasl, PLC.


JB AND COMPANY: Unsecureds to be Paid From Sale of Business
-----------------------------------------------------------
JB and Company Chevron, LLC, a New Mexico LLC, submitted a
Disclosure Statement.

The Plan has five classes of classified claims and interests.
Class 1 is the secured claim of New Mexico Taxation & Revenue
Department ("TRD"). Class 2 is the secured claim of Centinel Bank
of Taos ("Centinel Bank"). Class 3 is the secured claim of the
Internal Revenue Service ("IRS"). Class 4 is the unsecured class.
Class 5 is the membership class.

The Debtor proposes paying the Class 1 creditor TRD in full from
the anticipated sale of Debtor's Dispenser's License.

The Debtor proposes paying the Class 2 creditor Centinel Bank any
proceeds remaining from the anticipated sale of Debtor's
Dispenser's License; any balance remaining will be paid from lease
payments from Debtor's anticipated lease of its business operations
to third party Juan Cisneros, and in full from the anticipated
sales proceeds if and when Cisneros exercises his purchase option
in the lease.

The Debtor proposes paying the Class 3 creditor IRS from the sales
proceeds generated when Cisneros exercises his purchase option on
the lease of the Debtor's business.

Class 4 unsecured creditors will be paid after Class 3 is paid in
full.  Allowed Class 4 Claims will be paid, pro rata, from the
sales proceeds of the sale of Debtor's business.  Class 4 will not
receive any interest on their allowed claim.  Depending on the
amount of allowed priority and secured claims, the amount to Class
3 could range from 50% to 100%.

Class 5 members will not be paid anything until all prior creditors
are paid in full.

The Debtor anticipates funding the Plan through the sale of all
assets of the Estate.

A full-text copy of the Disclosure Statement dated April 20, 2020,
is available at https://tinyurl.com/y9z3jjj6 from PacerMonitor.com
at no charge.

Attorneys for Debtor:

     Michael Daniels
     P.O. Box 1640
     Albuquerque NM 87103
     Telephone: (505) 246-9385
     Fax: (505) 246-9104

                 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 was estimated to have
assets of less than $500,000 and liabilities of less than $1
million.  The case is assigned to Judge Robert H. Jacobvitz.
Michael K. Davis, Esq., is counsel to the Debtor.


LAMB WESTON: S&P Rates New $400MM Senior Unsecured Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to Idaho-based food processing company Lamb Weston
Holdings Inc.'s proposed $400 million senior unsecured notes due
2028. The '3' recovery rating indicates S&P's expectation for
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of a payment default. The notes will rank equally with the
company's existing unsecured and senior debt. S&P expects Lamb
Weston to use the proceeds from the proposed notes for general
corporate purposes, including to bolster its liquidity. S&P views
the transaction as leverage neutral because it nets the company's
cash against its debt. Lamb Weston's leverage remained close to
2.5x as of Feb. 23, 2020.

Pro forma for the proposed issuance, the company had about $1.2
billion of cash on its balance sheet as of April 17, 2020,
including a $495 million draw on its $500 million revolving credit
facility and the incremental proceeds from a $325 million farm
credit term loan that closed on April 20, 2020. S&P believes the
company's liquidity sources will provide it with sufficient runway
to cover its operating and corporate expenses, interest, and
expected capital expenditure over the next 12 months amid a subdued
revenue environment.

S&P expects disruptions stemming from the coronavirus pandemic and
the economic downturn to have a modest adverse effect on Lamb
Weston's earnings, particularly in the company's foodservice
segment, which accounts for about one-third of its revenue. S&P
also expects the volumes in the company's global segment to fall as
the traffic at a number of its full-service restaurant customers
continues to decline sharply. Growth in Lamb Weston's Retail
segment, which will benefit from pantry loading and rising
consumption as consumers stay at home under government-mandated
shelter-in-place measures, will somewhat offset these hurdles. S&P
expects the company's global segment to benefit from higher
drive-through, carry out, and delivery volumes at its large
quick-service restaurant (QSR) chain customers in the U.S. and
internationally. The company is currently operating with
historically low leverage levels and has sufficient headroom at the
current rating such that, even though S&P expects volume declines
to temporarily pressure the company's credit metrics, the rating
agency believes the company's leverage will remain below the rating
agency's 3.5x downgrade trigger based on the rating agency's
updated base-case projections.

All of S&P's ratings on the company, including its 'BB+' long-term
issuer credit rating, are unchanged. S&P's ratings on Lamb Weston
reflect its leading position in the global potato processing
industry with nearly $4 billion in annual revenue, the company's
strong supplier and customer relationships, and S&P's expectation
that the company will continue to actively manage its portfolio and
adjust its cost positioning to protect its profitability and cash
flow generation.

S&P acknowledges a high degree of uncertainty about the rate of
spread and peak of the coronavirus outbreak.

"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly," S&P said.


LIBBEY INC: $12-Mil. Debt Prepayment Deadline Extended to May 17
----------------------------------------------------------------
Libbey Inc. entered into Amendment No. 3 to the Senior Secured
Credit Agreement, dated as of April 9, 2014, by and among the
Company, Libbey Glass Inc., as borrower, each of the Loan Parties
and the lenders party thereto, as amended by Amendment No. 1 to the
Credit Agreement on April 9, 2020 and Amendment No. 2 to the Credit
Agreement on April 30, 2020.  Amendment No. 3 provides for an
extension of the date on which the Borrower is required under the
Credit Agreement to make a prepayment of approximately $12 million
from the Borrower's Excess Cash Flow (as defined in the Credit
Agreement) from May 7, 2020 to May 17, 2020, subject to certain
conditions, including the Borrower's provision of certain
financial, operational and liquidity information to the lenders,
and, no later than May 12, 2020, increasing the size of the Board
of Directors of the Company from eight directors to ten directors
and appointing two independent directors to fill the newly created
vacancies.  As previously reported, Amendment No. 1 extended the
Borrower's Excess Cash Flow payment from April 9, 2020 to April 30,
2020, and Amendment No. 2 further extended the Borrower's Excess
Cash Flow payment from April 30, 2020 to May 7, 2020.

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. is a glass tableware
manufacturer.  Libbey operates manufacturing plants in the U.S.,
Mexico, China, Portugal, and the Netherlands.  In existence since
1818, the Company supplies tabletop products to retail, foodservice
and business-to-business customers in over 100 countries.  Libbey's
global brand portfolio, in addition to its namesake brand, includes
Libbey Signature, Master's Reserve, Crisa, Royal Leerdam, World
Tableware, Syracuse China, and Crisal Glass.

The Company reported a net loss of $69.02 million for the year
ended Dec. 31, 2019, compared to a net loss of $7.96 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$706.69 million in total assets, $732.47 million in total
liabilities, and a total shareholders' deficit of $25.79 million.

                          *    *    *

As reported by the TCR on April 21, 2020, S&P Global Ratings
lowered its issuer credit rating on U.S.-based Libbey Inc. to 'SD'
(selective default) from 'CCC'.  "We are lowering our issuer credit
rating on Libbey to 'SD' and the senior secured rating to 'D',
because the company deferred a mandatory excess cash flow sweep
payment on its term loan B on April 9, 2020," S&P said.


LOANCORE CAPITAL: S&P Downgrades ICR to 'B' on Asset Write-Downs
----------------------------------------------------------------
S&P Global Ratings said it lowered its long-term issuer credit
rating on LoanCore Capital Markets LLC (LCM) to 'B' from 'B+', and
lowered its issue ratings on LCM's senior unsecured notes to 'B-'
from 'B'. S&P then placed all ratings on CreditWatch with negative
implications.

COVID-19-related effects on the market and economic stress have led
LCM to take a $160 million loss in March (a majority of which
relates to unrealized losses from asset write-downs), eliminating
all but $4.6 million of its common equity as of March 31, 2020.
During March, the company's owners, CPPIB Credit Investments Inc.
(CPPIB), GIC, and management, contributed an additional $200
million of preferred equity to bolster capital, address margin
calls, and pay off a repurchase facility. The March capital
contribution brings preferred equity to a total of $440 million.

"However, our primary measure of capital, adjusted total equity
(ATE), only includes preferred stock up to 33% of adjusted common
equity, because we view common equity as the highest quality of
capital. Therefore, we only include $1.5 million of the preferred
equity (33% of adjusted common equity) in ATE." Per the company's
March 31, 2020 unaudited balance sheet, GAAP members' equity is
$445 million, which results in a debt to GAAP members' equity ratio
of 1.75x," S&P said.

Before the pandemic, LCM had planned to redeem its $300 million of
senior unsecured notes at par by June 1, 2020, using a combination
of cash from the balance sheet and sale of assets to a third party
and/or an affiliated entity. But due to the company's desire to not
convert its unrealized losses in March into realized losses, LCM is
now exploring financing options.

"Nevertheless, we expect LCM will be able to pay off the $300
million of unsecured notes through the sale of unencumbered assets
and cash on balance sheet even if it does not issue new debt. As of
March 31, 2020, LCM had $128 million in unrestricted cash and $383
million of unencumbered assets. With the support of its owners,
CPPIB and GIC, we believe LCM will successfully complete the
refinancing and/or asset sales required to pay off its notes coming
due in less than a month," S&P said.

The CreditWatch placement on LCM reflects the uncertainty regarding
how the firm will address the maturity of its $300 million senior
unsecured notes maturing on June 1, 2020. LCM's liquidity position
could weaken if it uses substantial amounts of cash on balance
sheet to pay off the notes. Additionally, the firm's debt to ATE
ratio will depend largely on the amount and type of assets sold, as
well as if any new debt is issued.

S&P will resolve the CreditWatch placement once it has more clarity
on the specific asset sales and the potential new debt to be
issued.

S&P could lower the ratings if:

-- After the asset sales and repayment of the notes, S&P expects
debt to ATE to remain above 6x;

-- LCM's liquidity position deteriorates significantly due to
paying off the notes; or

-- Asset valuations weaken further, straining liquidity through
margin calls.

Though unlikely, S&P could also lower the ratings multiple notches
if LCM is not able to execute on the assets sales and/or debt
issuance required to repay the notes by June 1, 2020.

On the other hand, S&P could remove the ratings from CreditWatch
and assign a stable outlook if:

-- After the transaction, S&P expects LCM to maintain debt to ATE
below 6x; and

-- The company maintains sufficient liquidity to cover potential
margin calls arising from the uncertain macroeconomic environment.


MAXIM CRANE: S&P Downgrades ICR to 'B-'; Outlook Negative
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Maxim Crane
Works Holdings Capital LLC to 'B-' from 'B'. At the same time, S&P
lowered its rating on the company's second-lien notes to 'B-' from
'B'. S&P's '4' recovery rating remains unchanged.

S&P expects that a material impact on economic activity amid the
global recession and coronavirus pandemic to weigh on Maxim Crane's
operating performance this year.  It expects that the slowdown in
industrial and non-residential construction and depressed
macroeconomic environment will lead to lower demand for equipment
(crane) rentals and labor activity, and lead to higher leverage for
Maxim Crane in 2020. The company had S&P adjusted leverage of 5.9x
in 2019, mainly due to acquisitions and (to a lesser extent) a
debt-funded dividend. In 2019 the company acquired B&G Crane
Services LLC, Shaughnessy Companies, and Solley Equipment and
Rigging LLC, and issued a $50 million dividend funded by the asset
backed lending (ABL) facility. S&P believes the full run rate of
these acquisitions will help to offset a portion of the revenue
decline that the rating agency expects, but that leverage will
remain high, and forecast it to increase to the high-6x range this
year.

Still, S&P believes Maxim will maintain adequate levels of
liquidity over the next 12 months, supported by its $973 million
ABL facility and the rating agency's expectation for the company to
generate meaningful free operating cash flow. S&P believes the
company has the ability to manage its working capital and capital
expenditures to maintain its positive free cash flow position.

"Maxim Crane serves cyclical end-markets, in our views. Maxim Crane
serves the industrial, non-residential construction and
energy-related end-markets, which are volatile, in our opinion. As
a result, we anticipate that the economic impact from the
coronavirus will lead to lower demand for the company's services,
deferrals in the company's projects, and the potential for
increased cancellations within certain geographic regions. Even as
the shelter-in-place mandates are lifted, we believe that the weak
macroeconomic environment will result in reduced or delayed
construction activity throughout the year," S&P said.

"We anticipate that the lower demand could result in organic
revenue decline in the low-20% area in 2020. The organic revenue
decline is partially offset by contributions from the acquisitions
done in 2019, and we expect total top-line revenue to decline in
the low- to mid-teens percent range in 2020. Additionally, we
expect S&P Global Ratings-adjusted EBITDA margins to remain in the
low-20% area in 2020 supported by the company's high variable cost
structure, as the company is able to decrease capital spending
(capex) and manage working capital during a downturn," the rating
agency said.

The negative outlook reflects the company's current high debt
leverage and the potential for cash flow and leverage metrics to
worsen beyond S&P's base-case expectations if the current economic
downturn is prolonged.

"We could lower our rating on Maxim Crane if conditions in its
construction end-markets deteriorate such that demand for the
company's equipment were to decline more than we anticipate in our
base-case. Specifically, if these conditions led to leverage
sustained above 6.5x and we believed that the company's free
operating cash flow would turn negative, we could lower the
rating," S&P said.

"Although we expect leverage will remain high over the next 12
months, we could revise our outlook to stable if we believe Maxim
Crane's adjusted leverage will not deteriorate materially beyond
our expectations and if we expect the company will continue to
generate positive free cash flow on a consistent basis. Under this
scenario, we would also expect a broad stabilization in the
macroeconomic environment and demand for the company's equipment
and services," the rating agency said.


MERIDIAN MARINA: Has Until May 18 to File Second Amended Disclosure
-------------------------------------------------------------------
On April 21, 2020, the U.S. Bankruptcy Court for the Southern
District of Florida, West Palm Beach Division, held a hearing to
consider approval of the Disclosure Statement filed by debtor
Meridian Marina and Yacht Club of Palm City, LLC.

On April 23, 2020, Judge Mindy A. Mora ordered that:

   * The Debtor will have through and including May 18, 2020, to
file a Second Amended Disclosure Statement with an executed
Purchase and Sale Agreement.  The Debtor is instructed to file a
final version of the Second Amended Disclosure Statement as well as
a separate red-lined version.

   * May 22, 2020, is fixed as the last day for creditors to file
any objections to the Second Amended Disclosure Statement.

   * May 28, 2020, at 1:30 p.m., before this Court at 1515 N.
Flagler Drive, Room 801, Courtroom A, West Palm Beach, FL 33401 is
the hearing to consider approval of the Second Amended Disclosure
Statement.

A full-text copy of the order dated April 23, 2020, is available at
https://tinyurl.com/yay7zfll from PacerMonitor at no charge.

The Debtor is represented by:

          Craig I. Kelley, Esquire
          Kelley, Fulton & Kaplan, P.L.
          1665 Palm Beach Lakes Blvd, Suite 1000
          West Palm Beach, FL 33401
          Tel: (561) 491-1200
          Fax: (561) 684-3773
          E-mail: craig@kelleylawoffice.com

               About Meridian Marina & Yacht Club

Meridian Marina & Yacht Club of Palm City, LLC, based in Palm City,
FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.19-18585)
on June 27, 2019.  In the petition signed by Timothy Mullen, member
and manager, the Debtor disclosed $8,528,155 in assets and
$5,790,533 in liabilities. The Hon. Erik P. Kimball oversees the
case.  Craig I. Kelley, Esq. at Kelley Fulton & Kaplan, P.L.,
serves as bankruptcy counsel to the Debtor.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


MINNESOTA SCHOOL: U.S. Trustee Says Plan Not Confirmable
--------------------------------------------------------
The Acting United States Trustee submitted an objection to the
jointly proposed disclosure statement, and related plan filed by
Minnesota School of Business, Inc. and Globe University, Inc.

The U.S. Trustee objects on the grounds that the proposed
disclosure statement does not contain adequate information.

The U.S. Trustee points out that the plan is not confirmable
because it is not feasible and is not proposed in good faith.  In
addition, the proposed plan and disclosure statement set up
substantial procedural issues which place the court and parties in
a nearly impossible situation where numerous disputed issues will
need to be decided before the plan can be confirmed.

The U.S. Trustee further points out that in the unlikely event that
the aggregate claim amounts can be finally adjudicated in a timely
manner, then the court will need to delve into the details of the
plan.

The U.S. Trustee complains that he plan and disclosure statement
set up substantial procedural issues over voting and appear to
deprive creditors of choosing one plan alternative over the other.

The U.S. Trustee asserts that The objection to those unliquidated
claims by the debtors causes the burden to shift to those creditor
to have their claim allowed for voting purposes.

According to the U.S. Trustee, the “reorganization option”, as
described in the plan and disclosure statement, is  not a true
reorganization, and is contrary to what debtors claimed they would
do in their
responses to the prior motions for conversion to chapter 7.

The U.S. Trustee points out that the plan (p.15, ¶6.6.1) states
that Exhibit 6.6.1 attached comprises the debtors’ (and
subsidiaries) loan agreements with North Star Bank.  No such
documents are attached to the plan or disclosure statement as
exhibits. Notably, nothing in either the plan or disclosure
statement say how much will be borrowed from North Star Bank.

The U.S. Trustee further points out that the plan and disclosure
statement cannot be shown as proposed in good faith because they
prioritize the interests of the Myhre family, including Terry
Myhre, over the general good of all creditors.  That can be seen in
a number of ways.

The U.S. Trustee asserts that the plan provides for third party
injunctions which would protect Terry Myhre under the
reorganization option and provide for a release of the claims
against him.  The provisions are both inappropriate and
unnecessary.

The U.S. Trustee complains that the first sentence of the plan
reads: "Nothing contained in the Debtors’ Joint Plan of
Reorganization is an offer, acceptance or a legally binding
obligation of the debtors or any other party in interest."  In
fact, the plan sets forth the legally binding obligations the
debtors will have if the plan is confirmed, so this sentence is
confusing.

The U.S. Trustee asserts that the plan (p.6) and disclosure
statement (p.13) should provide an estimate of the anticipated
administrative expenses due and payable on the effective date,
including professional fees and claims arising under executory
contracts.

According to the U.S. Trustee, the Plan contains a long explanation
of the Sec. 1145 securities  exemption.  Since that provision
doesn’t apply in this case, it can be deleted.

              About Minnesota School of Business

Minnesota School of Business, Inc., provides specialized training
programs in business, medical, legal, information technology,
massage, vet tech and drafting/design fields.

Minnesota School of Business, Inc., based in Woodbury, MN, filed a
Chapter 11 petition (Bankr. D. Minn. Case No. 19-33629) on Nov. 20,
2019.  In the petition signed by Terry L. Myhre,
chairman/president, the Debtor was estimated to have $10 million to
$50 million in both assets and liabilities.  The Hon. Kathleen H.
Sanberg is the presiding judge.  Clinton E. Cutler, Esq., at
Fredrikson & Byron, P.A., serves as bankruptcy counsel to the
Debtor.


MTE HOLDINGS: Ad Hoc Committee Prohibits Cash Collateral Use
------------------------------------------------------------
The Ad Hoc Committee of Service Providers asked the U.S. Bankruptcy
Court for the District of Delaware to prohibit MTE Holdings LLC and
its affiliates to continue using their cash collateral and direct
the Debtors to escrow all proceeds generated from the Debtors' use
of their collateral.

The Ad Hoc Committee members have perfected statutory liens on
certain of the Debtors' assets, which consists of the material,
machinery and supplies furnished as well as the land, leasehold
wells or pipelines.

The Ad Hoc Committee members' collateral has been diminishing since
the outset of these cases for at least two reasons:

     -- First, the Debtors' continued use (and therefore,
diminishment) of the Ad Hoc Committee members' collateral for their
business operations. The Debtors have continued production by
removing the most valuable property subject to the liens of the Ad
Hoc Committee members without their written consent -- and over
their written objections. Texas law prohibits the removal from the
land or sale of property to which a Chapter 56 lien attaches
without written consent from the lienholders that have equal
ownership rights to the minerals.

     -- Second, "the bottom dropped on the oil markets." Since the
Petition Date, the oil and gas industry and related pricing have
plummeted. This recent industry decline has severely decreased the
value of the Ad Hoc Committee members' collateral.

The Ad Hoc Committee members claim that they are secured creditors
entitled to adequate protection to the extent their liens are
devalued by continued operations and production by the Debtors. The
statutory liens held by the members of the Ad Hoc Committee attach
to all property covered by the liens in Chapter 56 on the inception
date, i.e., the first date under which their work for the Debtors
began.

In that regard, the Ad Hoc Committee members are not adequately
protected for this severe and ongoing diminishment, and the Debtors
have not provided the Ad Hoc Committee members with any periodic
cash payments or such other relief as contemplated by section
361(3).

Accordingly, the Ad Hoc Committee members request that the Court
prohibit any further use of their collateral unless and until the
Debtors provide adequate protection sufficient to protect the
members' interests in their collateral at this time and in the
future, to the extent of continuing decline.

                      About MTE Holdings

MTE Holdings LLC is a privately held company in the oil and gas
extraction business. MTE sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 19-12269) on Oct. 22,
2019.  In the petition signed by its authorized representative,
Mark A. Siffin, the Debtor disclosed assets of less than $50
billion and debts of $500 million.  Judge Karen B. Owens has been
assigned to the case.  The Debtor tapped Kasowitz Benson Torres LLP
as its bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as
its local counsel; and Stretto as its claims and noticing agent.



MURRAY ENERGY: Funding a Significant Plan Contingency
-----------------------------------------------------
Murray Energy Holdings Co., et al., filed a First Amended Joint
Plan.

The Plan will allow the Debtors to be sold as a going concern,
ensuring that the Debtors' assets will continue operating and
providing continued employment to thousands of employees.  A new
entity, Mining Purchaser, Inc. ("Stalking Horse Bidder") was formed
by the Superpriority Agent, at the direction of certain Consenting
Superpriority Lenders, constituting "Requisite Lenders" under the
Superpriority Credit Agreement, to serve as the Debtors' "stalking
horse bidder" to acquire certain of the Debtors' assets (the
"Stalking Horse Bid").  Mining Parent Holdco, Inc. ("Murray NewCo")
will be the indirect owner of 100 percent of the equity interests
of the Stalking Horse Bidder.  The terms of the Stalking Horse Bid
are outlined in the Stalking Horse APA filed on March 16, 2020, and
are consistent with the restructuring term sheet attached as an
exhibit to the restructuring support agreement (the "RSA").  The
RSA continues to have the support of lenders holding more than 83
percent of the claims under the Superpriority Term Loans (the
"Consenting Superpriority Lenders"), noteholders holding more than
52 percent of the 1.5L Notes, and noteholders holding more than 62
percent of the 2L  Notes.  Following a marketing process that
failed to produce any other viable qualified bids by the bid
deadline of March 16, 2020, the Debtors filed a notice cancelling
the auction and designating the Stalking Horse Bidder as the
winning bidder.  The Plan contemplates the sale of substantially
all of the Debtors' assets to the Stalking Horse Bidder pursuant to
the terms of the Stalking Horse APA for a credit bid purchase price
of $1.2 billion of the approximately $1.7 billion in outstanding
Superpriority Term Loans.  Absent any other qualified bids
surfacing in the current distressed coal market and in the wake of
the COVID-19 pandemic, the Stalking Horse Bid provides the Debtors
with the best and only path forward for their estates, which would
otherwise face complete liquidation.

The Plan does not provide for a recovery to holders of the Debtors'
remaining approximately $900 million in junior funded debt or other
general unsecured creditors.  The Plan does, however, contemplate
full recoveries to allowed administrative and priority claims,
which may otherwise not be paid outside of the Plan context.

                         Plan Financing

During the course of these chapter 11 cases, the Debtors' financial
position has been eroded by adverse market conditions, including
lower demand for coal driven by a warm winter temperatures as well
as a global economic decline caused by the COVID-19 pandemic.
These market headwinds have resulted in EBITDA shortfalls of
roughly $100 million relative to recent DIP forecasts.   Moreover,
forecasts indicate that the Debtors' remaining liquidity (including
the DIP Facility) may fall below $50 million by the end of April
2020.  The DIP Term Lenders have asserted that the EBITDA
shortfalls, among other things, have resulted in defaults under the
DIP Credit Agreement, and the Debtors and the DIP Term Lenders are
negotiating a forbearance pursuant to which the DIP Term Lenders
would temporarily agree to abstain from exercising remedies on
account of these alleged defaults.

The Plan is a significant achievement in the current coal
marketplace, but the Plan must be financed.  Specifically, Murray
NewCo needs cash to operate following consummation of the Plan, and
the Plan must provide for adequate funding to satisfy the Debtors'
secured, administrative, and priority claims.  The Debtors and the
Ad Hoc Group are continuing discussions regarding go-forward
business operations, the Debtors' claims pool, and the potential
funding needed for consummation of the Plan.  

The funding needs for the Plan, which present a significant Plan
contingency, will be significantly reduced if the Debtors' DIP Term
Loan Facility and DIP FILO Facility both "roll" into new debt at
Murray NewCo.  If the Debtors and/or Murray NewCo are unable to
"roll" such debt into exit financing or otherwise raise sufficient
funding, consummation of the Plan would be at risk.

The Unsecured Creditors' Committee opposes the Plan.  The Plan
provides no distribution to general unsecured creditors and
contemplates potential releases—for what the Unsecured
Creditors’ Committee believes is no meaningful value—of
potential material claims of the Debtors against their controlling
shareholders and insiders.  The Plan also releases estate claims
regarding the extent and validity of the liens asserted by the
Debtors’ prepetition secured lenders, even though the Unsecured
Creditors’ Committee believes that it has identified flaws in
those purported liens.  The Unsecured Creditors’ Committee
believes that the Plan must provide a distribution to general
unsecured creditors in exchange for releasing these claims or,
alternatively, that the claims should be contributed to a
litigation trust established for the benefit of general unsecured
creditors.  Accordingly, the Unsecured Creditors’ Committee
encourages general unsecured creditors to vote to reject the Plan
and “opt out” of the Third-Party Releases.

               Other Assets and Potential Assets

Insider Claims

As described further in Article V.Q.1, the Unsecured Creditors'
Committee believes that the Debtors may hold valuable potential
claims and causes of action against the Murray Insiders that are
unencumbered by the Debtors’ prepetition indebtedness.  The
Unsecured Creditors' Committee believes that litigating these
claims to judgment or a settlement would materially improve the
Plan distributions available to unsecured creditors.   

Chagrin Loan

On October 13, 2000, Chagrin Executive Offices LLC, an entity owned
by Robert E. Murray, entered into a term loan in the initial
principal amount of $3.8 million (the "Chagrin Loan") from The Ohio
Valley Coal Company Mine Closing Fund to finance the purchase of
property located at 29325 Chagrin Boulevard in Beachwood, Ohio (the
"Beachwood Property").  The Unsecured Creditors' Committee believes
that the Chagrin Loan may be unencumbered by the Debtors'
prepetition indebtedness because The Ohio Valley Coal Company Mine
Closing Fund is not a grantor or guarantor thereunder.  The Chagrin
Loan accrues interest at a fixed rate of 5.8 percent, with interest
payable in kind.  As of the date hereof, the current balance of the
Chagrin Loan is $3.8 million of principal and at least $1.2 million
of accrued but unpaid interest.  The Debtors maintained certain of
their offices at the Beachwood Property prior to the Petition Date.


KEWA Preferred Stock

On May 25, 2018, Debtor MEC acquired 150 shares of Series 2
Preferred Stock (the "KEWA Preferred Stock") in KEWA US Inc. for an
aggregate purchase price equal to $15 million.  KEWA is the parent
company to the Debtors' surety bond provider, Indemnity National
Insurance Company ("INIC"), and the KEWA Preferred Stock serves as
collateral for certain reclamation surety bonds issued by INIC.
The KEWA Preferred Stock is not encumbered by the Debtors'
prepetition secured indebtedness

Unsecured Creditors

On Nov. 7, 2019, the U.S. Trustee filed the Notice of Appointment
of Official Committee of Unsecured Creditors, notifying parties in
interest that the U.S. Trustee had appointed a statutory committee
of unsecured creditors (the "Unsecured Creditors' Committee") in
the Chapter 11 cases.  The Unsecured Creditors' Committee is
currently composed of the following members:  (a) Bank of NY Mellon
Trust Company N.A., (b) CB Mining Inc., (c) Joy Global, (d) RM
Wilson Co., (e) UMWA 1974 Pension Trust, (f) United Mine Workers of
America International Union, and (g) Wheeler Machinery Co.  The
Unsecured Creditors' Committee has retained Morrison & Foerster LLP
and Vorys, Sater, Seymour and Pease LLP as its primary and local
legal counsel, respectively, Moelis & Co. as its investment banker,
and AlixPartners, LLP as its financial advisor.  

Holders of General Unsecured Claims will receive, up to the full
amount of such Holder’s Allowed General Unsecured Claim, its Pro
Rata share (along with Class 4, Class 5, Class 6, Class 7, and
Class 8) of Wind-Down Distributable Consideration, if any.  Class 9
is Impaired under the Plan.  

On and after the Effective Date, the Debtors or the Plan
Administrator, as applicable, will fund the Debtors' distributions
and obligations under the Plan with (i) the New Takeback Debt, if
any (ii) the Exit Facility, if any, (iii) the distribution of New
Interests, (iv) the distribution of any Warrants, (v) Cash proceeds
from the sale of any of the Debtors' assets that are not acquired
by the Stalking Horse Bidder, (vi) the Wind-Down Amount, and (vii)
Cash on hand.  After the Effective Date, to the extent not held in
the Professional Fee Escrow Account, the amounts held by the
Wind-Down Trust shall be held in the Wind-Down Trust Account.
Details concerning the assets and liabilities of the Wind-Down
Trust shall be included in a Wind-Down budget which the Debtors
will file as soon as reasonably practicable as part of the Plan
Supplement 7 days prior to the Voting Deadline.

A full-text copy of the Disclosure Statement dated April 22, 2020,
is available at https://tinyurl.com/ybbxl2zu from PacerMonitor.com
at no charge.

Counsel to the Debtors:

     Kim Martin Lewis
     Alexandra S. Horwitz
     DINSMORE & SHOHL LLP
     255 East Fifth Street, Suite 1900
     Cincinnati, Ohio 45202
     Telephone: (513) 977-8200
     Facsimile: (513) 977-8141

     Nicole L. Greenblatt, P.C.
     Mark McKane, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900

              - and -

     Ross M. Kwasteniet, P.C.
     Joseph M. Graham
     KIRKLAND & ELLIS LLP  
     KIRKLAND & ELLIS INTERNATIONAL LLP  
     300 North LaSalle  
     Chicago, Illinois 60654  
     Telephone: (312) 862-2000  
     Facsimile: (312) 862-2200

               About Murray Energy Holdings Co.

Headquartered in St. Clairsville, Ohio, Murray Energy --
http://murrayenergycorp.com/-- is the largest privately owned coal
company in the United States, producing approximately 76 million
tons of high quality bituminous coal each year, and employing
nearly 7,000 people in the United States, Colombia and South
America.

Murray Energy now operates 15 active mines in five regions in the
United States, plus two mines in Colombia, South America.  It
operates 12 underground longwall mining systems, 42 continuous
mining units, 10 transloading facilities, and five mining equipment
factory and fabrication facilities.

Murray Energy and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on
Oct. 29, 2019.  At the time of the filing, the Debtors disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.

The cases have been assigned to Judge John E. Hoffman Jr.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Dinsmore & Shohl
LLP as local counsel; Evercore Group L.L.C. as investment banker;
Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC
as notice and claims agent.

The U.S. Trustee for Region 9 appointed creditors to serve on the
official committee of unsecured creditors on Nov. 7, 2019.  The
committee tapped Morrison & Foerster LLP as legal counsel;
AlixPartners, LLP as financial advisor; and Vorys, Sater, Seymour
and Pease LLP as local counsel. Moelis & Company LLC, as investment
banker.


NATIONAL VISION: Moody's Cuts CFR to B1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service downgraded National Vision, Inc.'s
corporate family rating to B1 from Ba3 and probability of default
rating to B1-PD from Ba3-PD following the company's announcement
[1] that it has launched an offering of proposed convertible notes
due 2025. Concurrently, Moody's affirmed the Ba3 senior secured
bank credit facility ratings. The speculative grade liquidity
rating remains at SGL-3, and the rating outlook was revised to
stable from negative.

The proposed $350 million (up to $402.5 million) 2.5% convertible
unsecured notes due 2025 (unrated) will be used to repay $75
million of the outstanding term loan A, reduce revolver borrowings
by $264 million, pay for fees and expenses, and for general
corporate purposes.

The CFR and PDR downgrades reflect Moody's projection for steeper
Q2 and Q3 2020 EBITDA losses and cash flow deficits when stores
reopen, and a slower recovery compared to initial expectations.
Moody's projects EBITDA and free cash flow to be negative for 2020,
and EBITDA to recover in 2021 to levels within 10% of 2019. In
addition, while the capital raise and recent credit agreement
amendment improve the company's liquidity position, the transaction
significantly increases the company's long-term debt. Based upon
the combination of higher debt levels and a gradual earnings
recovery, Moody's now anticipates that credit metrics will not
recover to levels in line with a Ba3 rating in 2021.

The affirmation of Ba3 credit facilities rating reflects the
additional junior debt in the capital structure in the form of the
proposed convertible unsecured notes (unrated), which will provide
support to the credit facilities and improve their recovery rate in
an event of default.

The SGL-3 speculative grade liquidity rating reflects Moody's
expectations for adequate liquidity over the next 12-18 months.
Pro-forma for the convertible notes issuance (assuming a $350
million amount), National Vision will have $262 million of cash and
$264 million excess availability under the $300 million revolver.
Moody's expects this liquidity to adequately support the company's
potentially significant cash flow deficits during the next few
quarters. Moody's expects National Vision to return to positive
free cash flow generation as earnings recover in 2021. Moody's
expects the company to have good cushion under the amended
covenants, when covenant tests resume in Q2 2021.

Moody's took the following rating actions for National Vision,
Inc.:

Corporate family rating, downgraded to B1 from Ba3

Probability of default rating, downgraded to B1-PD from Ba3-PD

$300 million senior secured revolving credit facility expiring
2024, affirmed Ba3 (LGD3 from LGD4)

$420 million ($317 million pro-forma outstanding amount) senior
secured term loan A due 2024, affirmed Ba3 (LGD3 from LGD4)

Outlook, revised to stable from negative

RATINGS RATIONALE

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, falling oil prices, and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. The non-food retail sector has been
one of the sectors most significantly affected by the shock given
its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in National Vision's credit profile,
including its exposure to widespread store closures have left it
vulnerable to unprecedented operating disruption. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on National Vision of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

National Vision's B1 CFR is constrained by the company's customer
and supplier concentration and its small scale compared to other
rated retailers. Further, Moody's projects EBITDA losses and
negative free cash flow in 2020 as a result of COVID-19-driven
temporary store closures and a gradual ramp-up of store
productivity and customer traffic once stores re-open. Moody's
expects earnings to recover materially in 2021, due to the
company's low-price points and non-discretionary nature of demand,
leading to Moody's-adjusted debt/EBITDA improvement to 4.6 times
and EBITA/interest expense to 1.5 times. In Moody's view, the
current period of physical store closures is likely to accelerate
the long-term customer shift to e-commerce, which over time will
lead to significantly slower earnings growth than in prior periods,
due to lower volumes, increased pricing pressure and investment
needs. In addition, as a retailer, National Vision needs to make
ongoing investments in its brand and infrastructure, as well as in
social and environmental drivers including responsible sourcing,
product and supply sustainability, privacy and data protection.

At the same time, the credit profile benefits from National
Vision's operations in the stable and growing optical retail
industry and the company's position as a value player, which
further supports the recession-resilient nature of the business.
Prior to the coronavirus pandemic, the company had executed well on
its growth strategy and operations, as demonstrated in its track
record of consistent comparable sales and EBITDA growth. The rating
also incorporates governance considerations, specifically the
company's financial strategy, which balances the use of cash flow
for store expansion with the maintenance of a steady leverage
ratio.

The stable outlook reflects the recession-resilient nature of
value-priced optical retail, National Vision's adequate liquidity
and Moody's expectation that National Vision's revenue and earnings
will recover materially in 2021 following steep declines in 2020.

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

The ratings could be downgraded if operating performance or
liquidity weakens more than anticipated during 2020, or if EBITDA
recovers in 2021 to levels significantly below 2019 as a result of
reduced store productivity, weak traffic, or other factors.
Quantitatively, the ratings could be downgraded if debt/EBITDA is
sustained above 5.5 times and EBITA/interest expense is sustained
below 1.5 times. Shareholder-friendly activities such as
debt-funded acquisitions or shareholder distributions could also
result in a downgrade.

The ratings could be upgraded if revenue and earnings recovery such
that debt/EBITDA is sustained below 4.5 times and EBITA/interest
expense increases above 2 times. An upgrade would also require an
expectation for good liquidity.

National Vision, Inc. (National Vision, NASDAQ: EYE), headquartered
in Duluth, Georgia, is a US optical retailer with a focus on low
price-point eyeglasses and contacts. As of March 28, 2020, the
company operated 1,173 locations, including its own retail chains
of America's Best Contacts and Eyeglasses and Eyeglass World, as
well as at host stores including Wal-Mart, Fred Meyer and US
Military Bases. The company also sells contact lenses online.
Revenues for the twelve months ended March 28, 2020 were
approximately $1.7 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


NEIMAN MARCUS: Moody's Cuts PDR to D-PD on Chapter 11 Filing
------------------------------------------------------------
Moody's Investors Service downgraded Neiman Marcus Group LTD LLC's
probability of default rating to D-PD from Caa3-PD following the
company's announcement [1] that it has commenced voluntary
prearranged Chapter 11 proceedings. All other ratings are unchanged
and the outlook remains stable.

Downgrades:

Issuer: Neiman Marcus Group LTD LLC

Probability of Default Rating, Downgraded to D-PD from Caa3-PD

RATINGS RATIONALE

"Neiman Marcus Group needed to address its capital structure which
left the company with limited free cash flow generation even prior
to the disruption caused by COVID-19" said Vice President,
Christina Boni. " Its prearranged Chapter 11 filing is expected to
reduce existing debt by $4 billion which will enable the company to
compete more effectively as a leader in the luxury apparel market"
Boni added.

Subsequent to its actions, Moody's will withdraw the ratings due to
Neiman's bankruptcy filing.

Neiman Marcus Group is a luxury, multi-branded, omni-channel
fashion retailer conducting integrated store and online operations
under the Neiman Marcus, Bergdorf Goodman, Neiman Marcus Last Call,
and Horchow brand names.

The principal methodology used in this rating was Retail Industry
published in May 2018.

OREGON CLEAN: Moody's Alters Outlook on Ba3 Sec. Rating to Neg.
---------------------------------------------------------------

Moody's affirms Ba3 rating at Oregon Clean Energy (OCE); outlook
revised to negative from stable.
11 May 2020
Approximately $580 million of credit facilities affected
New York, May 11, 2020 --

Moody's Investors Service affirmed the Ba3 rating assigned to
Oregon Clean Energy, LLC's $515.5 million senior secured debt
outstanding. The rating outlook was changed to negative from
stable.

RATINGS RATIONALE

Its rating action, including the outlook change to negative,
reflects significantly weaker than anticipated financial
performance during FY 2019 due to lower spark spreads than
originally forecasted as well as longer than planned maintenance
outages in the second and fourth quarters, and its expectations for
continued weak financial performance in 2020. Although operating
issues appear to have subsided, as demonstrated by strong
availability and capacity factors in the 95% range, March year to
date, financial performance is expected to remain weak in FY 2020
given known lower capacity revenues through May 2021 as well as
continued low commodity prices being further negatively affected by
a mild 2019-2020 winter and by declines in power demand owing to
coronavirus related business shutdowns. A partial rolling spark
swap hedging strategy started in late 2019 has benefitted the
project in the first quarter of 2020 and should provide incremental
operating margin during 2020. In that regard, Moody's expects that
the energy margin in FY 2020 will be slightly above the $50 million
level, supported by the hedges in place and by the revenue put,
which is expected to be triggered in the second quarter of 2020. As
a point of reference, during 2019, the project generated $32
million less cash flows relative to Moody's original expectations,
and debt outstanding was $515 million rather than the $486 million
previously anticipated.

The Ba3 continues to reflect the project's position as a new,
highly efficient and competitive combined cycle gas turbine power
plant, serving as a base load unit in PJM. The credit also
incorporates the known capacity revenues through May 2022 derived
from past PJM base residual auctions as well as some transparency
into future revenues which collectively provide around two years of
some revenue visibility. The existence of a revenue put provides
downside protection to the project from weak energy margins. Also
considered is the cost competitive position of the asset in a
coal-heavy region of PJM, with the potential for sustained high
capacity factors. The credit profile remains tempered by the
project's limited operating history which includes mechanical
failures and equipment replacement in its first year of operation,
additional forced outages in its second year of operations, ongoing
merchant exposure and moderate refinancing risk.

Credit metrics in FY 2019 were weaker than anticipated, at 8.04x
debt to EBITDA, and 4.6% CFO to debt relative to Moody's forecasted
5.02x and 12.5% respectively. Debt service coverage ratio for the
full year was around 1.50x, below original Moody's expectations of
2.35x, assuming full year CFADS of $57 million relative to $90
million previously anticipated. These metrics are expected to
slightly improve in FY 2020 to around 1.61x DSCR and 6% CFO to
debt, supported by a hedging strategy, prior to improving in the
2021-2022 period once known capacity auction revenues will nearly
double in the project's location in the ATSI region of PJM. The
project also entered into incremental interest rate hedging (from
~55% to 95%), reducing the fixed rate from 2.4% to 1.2%, providing
interest savings of around $800k per year.

LIQUIDITY PROFILE

OCE's liquidity is adequate, provided by the revolving credit
facility including a 6-month debt service reserve backed by a L/C
of $19.4 million, with approximately $25 million of remaining
availability

RATING OUTLOOK

The negative outlook considers the expectation of weaker financial
performance in FY 2020 than Moody's original expectations, given
known low capacity revenues, a mild 2019-2020 winter, and low
commodity price expectation being further impacted by demand
decline associated with the coronavirus crisis, partly mitigated by
hedging activity. The outlook assumes adequate operating
performance during the year.

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

FACTORS THAT COULD LEAD TO A UPGRADE

  - Given the negative outlook, the rating is unlikely to move up
in the short term. The outlook could stabilize if the project's
operating performance is adequate in FY 2020, and hedging strategy
in place is able to successfully mitigate the weaker financial
performance anticipated for the year given known lower capacity
revenues and lower spark spreads than previously anticipated.

  - In the event that actual performance is more in line with the
management case of a DSCR that is greater than 2.5x and a CFO/Debt
that is greater than 15%

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - If the project experiences operating issues during the year
which are either not covered by warranty or insurance or lead to
significantly lower than expected cash flow generation and debt
service coverage over the next 12 months

  - If weaker than originally anticipated spark spreads are
expected to continue into FY 2021, straining financial performance
and continuing to result in credit metrics such as cash flow to
debt of 9% and DSCR of 2.0x or lower, despite hedging efforts to
mitigate lower energy margins

PROFILE

OCE is located in Lucas County, City of Oregon, Ohio. The project
is a natural gas fired combined cycle plant consisting of two
Siemens SGT6-8000H CTGs, two NEM HRSGs, and one Siemens STG that
has been in operation since July 1, 2017. The project is capable of
production of approximately 870 MW at average annual conditions
(approximately 50°F) and over 930 MW at extreme winter ambient
conditions (below 0°F), with full duct firing.

The project is indirectly owned 50/50 by affiliates of Ares EIF
Management, LLC and I Squared Capital. Ares EIF is a wholly-owned
subsidiary of publicly traded Ares Management Corporation, with
significant experience in developing power generation projects in
the U.S. ISQ is an independent global infrastructure investment
manager focusing on energy utilities and transportation in various
regions of the globe.

OCE is located in PJM's ATSI capacity zone, and utilizes well known
technology from Siemens consisting of a 2x1 combined-cycle unit
with two Siemens SGT6-8000H combustion turbines and generators, two
heat recovery steam generators and a Siemens steam turbine
generator.

METHODOLOGY

The principal methodology used in these ratings was Power
Generation Projects published in June 2018.


NPHSS LLC: Taps DiBenedetto & Lapcevic as Litigation Counsel
------------------------------------------------------------
NPHSS, LLC received approval from the U.S. Bankruptcy Court for the
Northern District of California to employ DiBenedetto & Lapcevic,
LLP as its litigation counsel.

DiBenedetto will represent Debtor in prosecuting claims against a
seller of real property in Carmel, Calif.  The firm will get 40
percent of the gross amount recovered from the litigation.

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

The firm can be reached through:

      William A. Lapcevic, Esq.
      DiBenedetto & Lapcevic, LLP
      1101 Pacific Ave., Suite 320
      Santa Cruz, CA 95060
      Telephone: (831) 325-2674
      Facsimile: (831) 477-7617
      Email: wal@dl-lawllp.com

                         About NPHSS LLC

NPHSS, LLC is a single asset real estate debtor (as defined in 11
U.S.C. Section 101(51B)) based in Carmel by the Sea, Calif.

NPHSS filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
20-50296) on Feb. 19, 2020.  The petition was signed by Franklin
Davis Loffer, III, Debtor's managing member. At the time of the
filing, Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Stephen L.
Johnson oversees the case. Stanley Zlotoff, Esq., is Debtor's
bankruptcy counsel.


NTHRIVE INC: S&P Cuts Long-Term ICR to 'CCC+' on Economic Fallout
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
nThrive Inc. to 'CCC+' from 'B-' and maintaining a negative
outlook. At the same time, S&P lowered its issue-level ratings on
nThrive's first-lien credit facility to 'CCC+' from 'B-' and the
issue-level rating on the second-lien term loan to 'CCC-' from
'CCC'.

"We expect nThrive to rely on its accounts receivables (AR)
securitization facility and revolver for liquidity over the next 12
months and have decreased confidence it will comply with its
financial covenants.   While nThrive has identified a number of
initiatives to address the anticipated decline in cash inflows, we
expect lower EBITDA, combined with potential working capital
fluctuations, will cause the company to draw on both its accounts
receivable (AR) securitization facility and revolver. Consequently,
we expect there will be little cushion to absorb EBITDA decline,
raising the risk of a violation of its first-lien leverage ratio
covenant," S&P said.

Weak global macroeconomic conditions sparked by the COVID-19
pandemic could freeze credit markets just as the company looks to
refinance its debt.   Given the upcoming revolver maturity in April
2021 at a time when it is an important liquidity source during the
COVID-19 headwinds, and lower-than-expected organic growth due to
hospitals' decreased spending on new projects, S&P believes the
company faces higher refinancing risk. Headwinds from the pandemic
are added to the operational challenges nThrive has already been
facing, including lower back services volume due to changes in the
scope of its contract with certain large clients and
longer-than-expected ramp-up periods for its large bundled deals.

In 2019, certain large clients in the company's services solutions
group (SSG) reduced the scope of their contracts with nThrive,
choosing to insource some of their back office services, such as
claims management. The contract revision with Wake Forest, and its
clients' insourcing of their back office services suggests
nThrive's services are slightly less well positioned competitively
than S&P's previously believed.

"We expect leverage of 10.5x and continued cash outflows in 2020.  
We are projecting any organic revenue growth will be largely offset
by the headwinds from COVID-19 as well as the negative impact of
the company's Wake Forest contract change. We expect nThrive to
sign contracts that should substantially replace the Wake Forest
contract rescoping impact in the second half of 2021. As a result,
leverage will likely remain double-digit in 2020 and cash flows
remain negative, before declining to about 9.0x and reaching
breakeven cash flows in 2021. Our main concern is that the
company's SSG segment could decline materially in 2020 beyond the
adverse impact of previously announced large client scope changes
and insourcing actions, as 75%–80% of services revenue is tied
directly to health care volume, which has declined significantly
this year," S&P said.

Meanwhile, the company's technology solutions group (TSG) segment,
which is not materially affected by a drop in volume, may have to
contend with hospitals that are more hesitant to spend on new
technology contracts as they focus more on their immediate spending
in the wake of COVID-19.

"We expect 2020 growth in the company's TSG segment, stemming from
the implementation of two large high margin contracts, continued
double-digit growth in analytics, reduced attrition in charge
integrity offerings, and an expansion in claims offerings. We
continue to expect some growth from the robotic process automation
initiatives as well as the rollout of the data insights solutions,
which allows nThrive to use its health care data to improve
clinical research activities," S&P said.

Environmental, Social, and Governance(ESG) credit factors for this
rating change:

-- Health and safety

The negative outlook reflects S&P's belief that ongoing cash flow
deficits and weakening liquidity will increase the potential that
the company's debt becomes unsustainable, reducing the chances for
successful debt refinancing in 2021. The outlook also reflects the
risk that the company will have less success in winning new
contracts or face pressure from elevated insourcing, which would
further constrain margins and cash flow.

"We could lower the rating if we are less certain that the company
has the ability to sustain its debt obligations, including
remaining in compliance with its financial covenants and
successfully refinancing its 2021 maturity," S&P said.

"We could revise our outlook on nThrive to stable if the company
remains in compliance with its financial covenants and successfully
refinances its 2021 maturities," the rating agency said.


OLEUM EXPLORATION: Unsecureds get 100% of Their Claims
------------------------------------------------------
Oleum Exploration, LLC and PAPCO, Inc., submitted a Plan and a
Disclosure Statement.

The Plan provides for the merger of the Debtor and Oleum Texas and
the subsequent transfer of the equity securities or the assets of
the Consolidated Entity to a new C corporation to be formed prior
to the Effective Date.  The Plan also contemplates the payment of
pre-petition vendor claims, priority claims, Secured Claims and the
PAPCO Claim, as such Claims may be Allowed, in full.   

The Debtor commenced its Chapter 11 Case with a $250,000 DIP
Facility provided by Roger Paules, which was approved on an interim
basis on Feb. 26, 2019 and on a final basis on March 21, 2019.  In
addition, the Debtor is engaged in discussions concerning an
additional exit facility to fund distributions under the Plan.
However, the Plan, as presently constituted, does not contemplate
the availability of exit funding.   

The Plan contemplates the following distributions to holders of
allowed claims:

  * Allowed Non-Tax Priority Claims and Allowed Secured Claims are
Unimpaired and will be fully paid on or as soon as reasonably
practicable following the Effective Date.   

  * General Unsecured Claims will receive a total of 100 percent of
the allowed amount of such claims, Pro Rata, in Cash equal to 15
percent of such claims on or as soon as reasonably practicable
following the Effective Date and thereafter in monthly until such
claims are fully paid as provided in the Plan.   

  * Insider Loan Claims will receive no distributions under the
Plan.   

  * Other Secured Claims will receive a total of 100 percent of the
allowed amount of such claims, pro rata, in cash equal to 15
percent on or as soon as reasonably practicable after the Effective
Date and the balance in monthly installments until such Claims are
fully paid as provided in the Plan.   

A full-text copy of the Disclosure Statement dated April 22, 2020,
is available at https://tinyurl.com/y9uzkr7e from PacerMonitor.com
at no charge.

Attorneys for the Debtor and Debtor:         

     Jeffrey Kurtzman, Esquire       
     KURTZMAN | STEADY, LLC       
     401 S. 2nd Street, Suite 200       
     Philadelphia, PA 19147       
     Tel: (215) 839-1222       
     E-mail: kurtzman@kurtzmansteady.com

             - and -

Attorneys for PAPCO, Inc.:

     William F. Savino, Esquire       
     Bernard Schenkler, Esquire       
     WOODS OVIATT GILMAN LLP       
     1900 Main Place Tower       
     350 Main Street       
     Buffalo, NY  14202       
     Telephone:  (716) 248-3200       
     E-mail: wsavino@woodsoviatt.com                    
             bschenkler@woodsoviatt.com

                    About Oleum Exploration

Oleum Exploration, LLC, a production and exploration company
operating in Gulf Coast Basin, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-00664) on Feb.
16, 2019.  At the time of the filing, the Debtor disclosed
$2,164,154 in assets and $10,400,625 in liabilities.  The case has
been assigned to Judge Robert N. Opel II.   The Debtor tapped
Kurtzman Stead, LLC as its bankruptcy counsel, and Gray Reed &
McGraw LLP as its special counsel.


OLYMPIA LAW: June 4 Hearing on Disclosure Statement
---------------------------------------------------
A hearing on Disclosure statement filed by Olympia Law, PC, will be
held on June 4, 2020 at 11:00 a.m. in courtroom 1368, Roybal
Federal Building, 255 E. Temple Street, Los Angeles, CA 90012.

Olympia Law, PC, submitted a Disclosure Statement.  The Debtor will
have cash available after payments made on the effective date in
the amount of $90,532. The fair market value of all assets of the
Debtor is equal $236,700 with total liabilities equal $6,652.

Holders of Class 2 #2b General unsecured claims will each be paid
100% of its claim beginning the first relevant date after the
Effective Date.  Over five years, the creditor will received in
equal monthly installments of $818, due on the first day of each
calendar month with interest at the rate of 2% per annum.

A full-text copy of the Disclosure Statement dated April 22, 2020,
is available at https://tinyurl.com/yb9g4gjz from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Roksana D. Moradi-Brovia
     Matthew D. Resnik
     RESNIK HAYES MORADI LLP
     17609 Ventura Blvd., Suite 314
     Encino, CA 91316
     Telephone: (818) 285-0100
     Facsimile: (818) 855-7013
     E-mail: roksana@RHMFirm.com
             matt@RHMFirm.com

                     About Olympia Law PC

Based in Los Angeles, Olympia Law, PC filed its voluntary Chapter
11 petition (Bankr. C.D. Cal. Case No. 19-14080) on April 10, 2019,
listing under $1 million in both assets and liabilities.  Steve S.
Gohari is the Debtor's president and sole owner.  Matthew D.
Resnik, Esq. at Resnik Hayes Moradi LLP, is the Debtor's counsel.  
       


PBF HOLDING: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings affirmed the 'BB' issuer credit and senior
unsecured debt ratings on PBF Holding Co. LLC (Holdings) after the
company took further steps to improve its liquidity position by
issuing $1 billion in senior secured notes due 2025.

The rating agency expects the company to use the proceeds of the
offering for general corporate purposes. This is in addition to
previously announced steps the company has taken to reduce costs
and improve overall liquidity. S&P now expects Holdings' total
adjusted leverage to exceed 4x for 2020 and expect consolidated
adjusted leverage to be elevated in 2020.

Meanwhile, S&P assigned a 'BBB-' issue-level rating to the proposed
secured notes along with a '1' recovery rating and revised its
outlook on Holdings to negative from stable.  It also affirmed the
'BB-' issuer credit and senior unsecured debt ratings on master
limited partnership (MLP), PBF Logistics L.P. (PBFX) and revised
its outlook on the company to negative from stable.

S&P expects the weaker economy and refined product demand
destruction from the coronavirus pandemic along with stay-at-home
orders to result in weaker adjusted credit ratios in 2020. Since
the lockdowns began in the latter part of the first fiscal quarter,
limited travel has depressed demand for jet fuel and gasoline. As
regional governments begin lifting stay-at-home orders, S&P expects
a 'W' shaped recovery in the absence of a vaccine as consumer
confidence and economic sentiment improve. Like most of its peers
in the refining industry, the company has experienced a significant
working capital outflow associated with the decline in crude oil
prices and S&P also expects the company's EBITDA to be negative in
the second quarter, leading to adjusted leverage above 4x in 2020
but improving to below 3x in 2021," S&P said.

In addition to the proposed debt offering, the company announced a
number of strategic actions to improve liquidity and reduce costs.
These include, among other things, the sale of five hydrogen plants
for $530 million, reducing 2020 capital expenditures by
approximately $360 million, reducing corporate overhead expenses by
over $20 million, and suspending Holdings' quarterly dividend.
Given current market conditions, the company is also reducing
utilization rates or idling various units at its refineries to
optimize production as it focuses on the most profitable product
yields.

As a result, S&P expects average utilization in 2020 to be in the
70% area and forecast an improvement in 2021 to the upper 80%
range. This reflects an assumption that refined product demand
improves in 2021 though S&P is not expecting it to fully recover in
2021 to pre-pandemic levels. The company does not have any material
upcoming debt maturities and the secured debt offering results in
higher leverage metrics though this is partially offset by an
improved liquidity position. At the same time, S&P net the
company's forecasted cash position in the rating agency's
calculation of adjusted metrics.

Holdings' business is characterized by its relatively large size
and scale and limited asset diversity. PBF is one of the larger
independent U.S. refiners with total throughput capacity of over
1,000,000 barrels per day (bpd). The recent acquisition of the
Martinez refinery improves its diversity but further concentrates
its position in California, which in S&P's view represents a more
challenging operating environment due to stringent environmental
regulations. Though it has larger scale than similarly rated peers,
its cash flows are more concentrated in refining than those of its
peers generating a larger percentage from logistics and retail cash
flows, which helps offset the inherent cash flow volatility in the
refining sector.

S&P expects leverage metrics above 4x in 2020 and assume midcycle
pricing conditions in 2021, though recognize this is largely
dependent on an improvement in refined product demand. It also
expects the MLP, PBFX to continue paying steady distributions to
its ultimate parent, PBF Energy Inc. PBFX is likely to continue
growing over time through acquisitions or drop-downs from its PBF
affiliate companies and organic growth projects. S&P continues to
assess Holdings as a core subsidiary of PBF Energy (Energy) since
it generates the majority of Energy's cash flows.

"Our view of Energy's creditworthiness does not affect our rating
on Holdings. That said, given our view of higher consolidated
leverage at Energy, we are also revising our outlook on PBFX to
negative from stable as Holdings is PBFX's most significant
customer in terms of revenues and volumes," S&P said.

S&P thinks Energy would support PBFX if it came under stress or
couldn't access the capital markets. As a result, PBFX benefits
from a one-notch uplift from the partnerships 'b+' stand-alone
credit profile (SACP). In the event S&P lowers its rating on
Holdings, PBFX will no longer benefit from this one-notch ratings
uplift unless the rating agency's assessment of its SACP was at
least 'bb-'. Thus, S&P's view of PBFX's credit quality is
constrained by that of Energy on a consolidated basis.

Holdings:  The negative outlook reflects S&P's expectation of 2020
adjusted leverage exceeding 4x given the poor market dynamics of
the refining sector, but believe that net debt to EBITDA could
return to below 3x in 2021 from an improvement in utilization rates
to the mid- to upper-80% range as refined product demand increases.
S&P also expect Holdings to maintain adequate liquidity over the
next 12 months given the dividend suspension and previously
announced asset sales.

S&P could lower the rating if the refining sector remained
challenging for a longer-than-expected period, resulting in total
adjusted debt to EBITDA being sustained above 4x in 2021. This
could also occur if liquidity deteriorated quicker than expected
and the company did not take additional steps to improve its
liquidity position.

S&P could return the outlook to stable if the refining sector
improved quicker than anticipated, resulting in adjusted leverage
below 4x and the company used excess cash to repay outstanding
debt. This could occur if utilization rates return to historical
levels and crack spreads improve to multiyear averages.

PBFX:  The negative outlook reflects the similar rating action
taken on Holdings, as S&P would not rate PBFX higher than Holdings
given that it is its most significant customer. In the event S&P
lowers its rating on Holdings to 'BB-', PBFX will no longer benefit
from the one-notch uplift from its assessment of its
creditworthiness on a stand-alone basis.

On a stand-alone basis, S&P expects PBFX will maintain adjusted
debt to EBITDA in the 3.5x area for 2020 and 2021 along with
adequate liquidity. In addition, S&P expects the partnership's cash
flows to be relatively stable, because they are backed by minimum
volume commitments from its parent.

S&P could lower the rating if it took a similar action on Holdings.
This could occur if the refining sector remained challenging for a
longer period than expected, resulting in Holdings' total adjusted
debt to EBITDA above 4x in 2021.

S&P could also lower the ratings if PBFX's credit measures
deteriorated such that its stand-alone adjusted debt to EBITDA was
sustained above 4x or if liquidity became constrained.

The rating agency could revise the outlook to stable if it took a
similar action on Holdings. This could occur if the refining sector
improved quicker than anticipated, resulting in consolidated
adjusted leverage below 4x.

"Though unlikely, due to the partnerships' limited scale and asset
diversity, we could also revise the outlook to stable or raise the
rating if we felt that the partnerships' credit quality on a
stand-alone basis was commensurate with a 'BB-' rated entity. This
would require maintaining adjusted debt to EBITDA below 3x," S&P
said.


POLA SUPERMARKET: Plan Has 100 Cents on Dollar for Creditors
------------------------------------------------------------
Pola Supermarket Corp., et al., filed a Plan and a Disclosure
Statement.

Because the Plan provides that remaining allowed claims are being
paid in full (100 cents on the dollar) with applicable interest,
the Debtors are not formally required to solicit actual votes on
the Plan, as no classes of claims are unimpaired.

Each holder of an allowed unsecured claim in Class 2 will receive a
dividend on the Effective Date from Net Distributable Cash equal to
the full amount (100%) of the Allowed Unsecured Claim, together
with accrued interest at the federal judgment rate.

The shareholder of the Debtors (Candido DeLeon) in Class 3 will be
entitled to all remaining surplus after payment of all Allowed
Claims, and shall continue to retain his stock and equity interest
in the Debtors.

The Disbursing Agent is already holding the sum of $1,877,941.48 in
escrow representing the net sale proceeds.  On the Effective Date,
the Debtors shall transfer any remaining sums on deposit in their
respective DIP accounts (estimated to be approximately $30,000) to
complete the pool of available funds for distributions.

A full-text copy of the Disclosure Statement dated April 22, 2020,
is available at https://tinyurl.com/yclkbora from PacerMonitor.com
at no charge.

Attorneys for the Debtors:

     Kevin J. Nash, Esq.   
     Goldberg Weprin Finkel Goldstein LLP   
     1501 Broadway, 22nd Floor       
     New York, New York 10036       
     (212) 221-5700

                  About Pola Supermarket Corp.

Pola Supermarket Corp. and its subsidiaries own and operate
supermarkets.  

Pola Supermarket, C&N New York Food Corporation and Melin Food
Corporation filed Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case
No. 19-12971) on Sept. 14, 2019. The petitions were signed by
Candido H. DeLeon, president. The cases are assigned to Judge
Shelley C. Chapman.

At the time of the filing, Pola Supermarket was estimated to have
$1 million to $10 million in both assets and liabilities.  C&N New
York disclosed $2,381,800 in total assets and $802,921 in
liabilities while Melin Food listed $600,000 in assets and $149,907
in liabilities.

The Debtors are represented by J. Ted Donovan, Esq., at Goldberg
Weprin Finkel Goldstein LLP.


PORTER'S BODY: Taps Newman & Newman as Legal Counsel
----------------------------------------------------
Porter's Body Shop, Inc. sought and obtained approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to hire
J. Walter Newman IV of Newman & Newman as attorney and legal
counsel.

The firm will provide these services in connection with the
Debtor's Chapter 11 case:

     (a) advise and consult with the debtor-in-possession regarding
questions arising from certain contract negotiations which will
occur during the operation of business by the
debtor-in-possession;

     (b) evaluate and attack claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of the business;

     (c) appear in, prosecute, or defend suits and proceedings, and
to take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
debtor;

     (d) represent the Debtor in court hearings and to assist in
the preparation of contracts, reports, accounts, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;

     (e) advise and consult with the Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning the Debtor which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and

     (f) perform such other legal services on behalf of the Debtor
as they become necessary in this proceeding.

The hourly rates of the professionals who will render services to
the Debtor in this case are:

     J. Walter Newman IV                            $325
     Legal Assistant                                $110

J. Walter Newman IV, received a retainer of $7,500, less
pre-petition time, from Tim Porter of the law firm of Porter &
Malouf, P.A.  Tim Porter is a creditor to the Debtor and the son
and brother of Ronnie and Patrick Porter, the principals of the
Debtor.

Newman attests in court filings that his firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     J. Walter Newman IV
     NEWMAN & NEWMAN
     587 Highland Colony Parkway
     Ridgeland, MS 39157
     Telephone: (601) 948-0586
     E-mail: wnewman95@msn.com

                    About Porter's Body Shop

Porter's Body Shop, Inc., owns and operates an automotive repair
and maintenance shop in Brookhaven, Mississippi, sought Chapter 11
protection (Bankr. S.D. Miss. Case No. 20-00772) on March 3, 2020.
The petition was signed by Ronnie D. Porter, its authorized
representative. At the time of the filing, the Debtor disclosed
estimated assets of $100,000 to $500,000 and estimated liabilities
of $1 million to $10 million.

The Hon. Katharine M. Samson is the case judge.

J. Walter Newman IV, Esq., at Newman & Newman is the Debtor's legal
counsel.


POWERTEAM SERVICES: S&P Alters Outlook to Stable on MVerge Deal
---------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'B-' issuer credit rating on gas and electric utility
service provider PowerTeam Services LLC following the company's
acquisition of natural gas distribution and transmission pipeline
contractors Miller Pipeline and Minnesota Limited (collectively
known as MVerge) from CenterPoint Energy Inc.

At the same time, S&P assigned a 'B-' rating to the company's $575
million senior secured notes. S&P also affirmed its 'B-' rating on
the company's $260 million revolving credit facility and $595
million first-lien term loan. S&P revised the recovery rating to
'3' from '4', indicating its expectation for meaningful recovery
(50%-70%; rounded estimate: 50%) in the event of a default. In
addition, S&P affirmed its 'CCC' rating on the company's $135
million second-lien term loan.

S&P assumes the company will operate with improved credit metrics
following the acquisition.  Pro forma for the acquisition, S&P
anticipates adjusted debt to EBITDA above 6x in 2020, a significant
improvement from 2019 adjusted debt to EBITDA above 12x. S&P
expects operating performance for the combined company to be driven
by its maintenance, replacement, and other nondiscretionary or
generally recurring work. On a pro forma basis, regulated utility
customers account for 74% of revenue, supported by regulatory
mandates that require continued expenditures. S&P does not assume a
substantial impact to operations as a result of the COVID-19
pandemic, as much of the company's work has continued with minimal
disruptions and no backlog cancellations to date.

S&P anticipates improving free operating cash flow (FOCF) driven by
EBITDA margin expansion.   The combined company should benefit from
the higher profitability levels of the MVerge business. S&P assumes
the company benefits from a variable cost structure, driven by its
direct labor workforce, which provides the ability to adjust cost
structure based on customer demand. Additionally, the company
should be able to reduce capital spending, if necessary, based on
fleet utilization and age, along with customer volumes. Overall,
S&P expects FOCF will remain positive.

The rating on PowerTeam reflects its position in the highly
fragmented and competitive utility services industry.   PowerTeam's
acquisition of MVerge expanded the company's geographic footprint
and coverage network throughout the U.S. However, S&P views the
company's customer and geographic diversity as limited compared
with larger industry peers.

The stable outlook reflects the significant improvement in credit
metrics pro forma for the acquisition and S&P's expectation that
demand for the company's maintenance, repair, and upgrade work to
remain stable over the next 12 months.

"We could lower the ratings within the next 12 months if
weaker-than-expected operating performance results in sustained
negative FOCF or strained liquidity. This could occur if
profitability declines, leading to substantial negative cash flow.
Alternatively, we could lower the ratings if we come to believe
that PowerTeam depends on favorable business, financial, and
economic conditions to meet its financial commitments. We could
also do so if we view the company's financial commitments as
unsustainable in the long term, even though it may not face a
credit or payment crisis within the next 12 months," S&P said.

"We could raise our rating on PowerTeam during the next 12 months
if the company performs above expectations such that its debt
leverage declines below 6x and the company maintains FOCF to total
adjusted debt approaching 5% on a sustained basis. We believe this
could occur if the company integrates the acquisition and maintains
improved EBITDA margins," the rating agency said.


QUEST GROUP: Unsecured Creditors to Recover 5% in Plan
------------------------------------------------------
Quest Group Holdings LLC has proposed Chapter 11 Plan.

The principals of the Debtor will contribute any amounts needed by
the Debtor to fund the initial payment under the Plan.  The Debtor
will fund any other payments due pursuant to the plan from first
the sale of the completed homes.

According to the Disclosure Statement, claims will be treated as
follows:

   (a) Class 1. Secured claim of Ocwen Loan Servicing, LLC as
servicing agent for HSBC Bank USA, National Association.  HSBC
holds a mortgage against real property owned by debtor Quest Group
Holding, LLC. HSBC holds a promissory note and mortgage which the
debtor is attempting to modify with this creditor.  HSBC will
retain is lien and other rights but will not receive it’s claim
in full unless it agrees otherwise.  The unsecured portion of
HSBC’s claim will be paid pro rata with the other unsecured
creditors in Class 2 herein below.

   (b) Class 2. This class is impaired and consists of general
unsecured claims. This class will receive a pro rata distribution
of 5 percent of allowed claims over three years.  The effective
date of the plan will occur 30 days after the date of confirmation
of the Debtor/s Plan of Reorganization.  The creditors in this
class are impaired.

   (c) Class 3. Administrative Convenience Class.  This class is
comprised of unsecured creditors with claims who choose to reduce
their claims to one thousand dollars ($1,000.00).  Creditors in
this class will receive twenty percent (25%) of their allowed
claims to be paid beginning on the effect date of the plan and in
three each payment to be made on the each subsequent ninetieth day
after the effective day of the Plan until paid in full.

(d)  Class 4. Equity Holders.  Partners/equity security holders
will retain their interest with the debtor in their business.

A full-text copy of the Disclosure Statement dated April 22, 2020,
is available at https://tinyurl.com/y8y4gjjq from PacerMonitor.com
at no charge.

Attorney for the Debtor:

         Richard Siegmeister, Esquire
         3850 Bird Road, Floor 10
         Miami, Florida   33146
         Telephone:  305 859-7376
         E-mail: rspa111@att.net   
                 rspalaw@att.net

                  About Quest Group Holding

Quest Group Holding, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-21776) on Sept. 25,
2018.  In the petition signed by Eddrian Burciaga, owner, the
Debtor estimated assets of less than $1 million and liabilities of
$1 million to $10 million.  Judge Jay A. Cristol presides over the
case.  The Debtor tapped Marrero, Chamizo, Marcer, Law, LP as its
legal counsel.


REALOGY GROUP: S&P Downgrades ICR to 'B'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on New
Jersey-based residential real estate franchisor and broker Realogy
Group LLC to 'B' from 'B+'. The outlook is negative.

At the same time, S&P is updating its hypothetical default scenario
to reflect the risk that the Cartus Relocation transaction might
not close, ultimately preventing repayment on the secured debt. As
such, S&P is lowering its issue-level rating on the unsecured debt
to 'CCC+' from 'B'. In addition, S&P is lowering the secured debt
rating to 'BB-' from 'BB'.

As the real estate market enters its peak season, recent trends in
unemployment, mortgage purchase applications, and existing and new
home listings indicate significant declines in transactions are
likely.

S&P expects the COVID-19 pandemic will have an outsized impact on
Realogy's core markets, which include higher-priced metropolitan
areas such as California and New York. For April, Realogy reported
better-than-expected closed volume, down 20%-25% year over year.
However, open transaction volume, which is a leading indicator, is
down 40%-50%. For the same period, across California and New York,
other data providers such as RedFin and the Mortgage Bankers
Association indicate declines of up to 50% year over year in
mortgage purchase applications and closings and a decline of over
70% in new listings. There's still a high degree of uncertainty
about what the trough is and, more importantly, the timing and
extent of a recovery. As such, S&P conservatively models a U-shaped
recovery resulting in 2020 total revenues being down 20%-25%, with
no meaningful recovery until the start of 2021.

Absent $375 million in sale proceeds from the Cartus Relocation
divestment, S&P believes Realogy has adequate liquidity to address
possible cash flow deficits in 2020.

As of March 31, 2020, the company had $628 million in cash, with
about $550 million in additional borrowing capacity under the
revolving credit facility due 2023. In April, Realogy actioned
about $30 million in temporary cost savings (monthly), primarily
through salary reductions, furloughs, layoffs, and the elimination
of its 401k plan match. Despite the company's immediate actions,
S&P believes permanent restructuring initiatives are likely to
support long-term improvements in operating and credit metrics. As
of 2019, Realogy had about 8,000 U.S. employees (excluding Cartus
Relocation) and a sizable office footprint. S&P sees an opportunity
for deeper restructuring initiatives that could meaningfully
improve its cost structure and allow the opportunity for
accelerated EBITDA margin expansion and free cash flow generation
once transaction volumes return in 2021.

Compared with the previous recession, as social distancing measures
are lifted and supportive fiscal and monetary economic policies are
implemented, S&P believes the residential real estate market will
be better positioned for a recovery.

Specifically, the industry has experienced low housing supply,
averaging about three months compared with six months on a
historical basis. Tighter lending standards have improved housing
loan to value ratios, decreasing the likelihood of foreclosures.
However, it remains to be seen what the impact of longer-term
unemployment rates will be on the housing market. In addition,
first-time buyers, which currently make up about one-third of total
sales, are growing due to new millennial households. Combined with
historically low mortgages rates, S&P believes the market is likely
to experience long-term transaction growth and relatively stable
home prices, but the luxury market might underperform relative to
the industry.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about
midyear, and S&P is using this assumption in assessing the economic
and credit implications. S&P believes the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, S&P will update its assumptions and
estimates accordingly.

The negative outlook reflects the weak selling environment,
uncertain timing of a recovery and risk Realogy might not
meaningfully improve leverage and free cash flow generation in
2021.

Over the next 12 months, S&P could lower the ratings if S&P
projected 2021 adjusted debt to EBITDA above 7x and FOCF to debt in
the low-single-digit percent area due to a combination of the
following catalysts:

-- Economic conditions worsen, causing unfavorable shifts in
long-term growth trends, resulting in greater-than-expected
transaction declines in 2020 or weaker recovery prospects in 2021;

-- Loss of market share following a recovery;

-- Risks related to the ability to refinance upcoming debt;

-- Increased reliance on revolver borrowings to fund ongoing
operations; and

-- Inability to sell the Cartus Relocation business under the
previously agreed upon terms.

While unlikely in the near term, S&P could revise the outlook to
stable if the company were to demonstrate positive momentum such
that S&P came to believe that operating and credit metrics would
reverse back to 2019 levels on a sustained basis, primarily due to
a combination of the following factors:

-- Economic conditions support a real estate recovery beginning in
the second half of 2020,

-- Prudent cost and cash flow management, and

-- The successful closing of Cartus Relocation resulting in debt
repayment.


RIOT BLOCKCHAIN: Incurs $4.3 Million Net Loss in First Quarter
--------------------------------------------------------------
Riot Blockchain, Inc. reported a net loss of $4.28 million on $2.39
million of total revenues for the three months ended March 31,
2020, compared to a net loss of $13.75 million on $1.43 million of
total revenues for the three months ended March 31, 2019.  The net
loss included $4.1 million in non-cash items consisting of,
stock-based compensation totaling $1.9 million, impairment to its
cryptocurrencies of $1.0 million, depreciation and amortization
totaling $0.7 million, and amortization of the Company's right of
use assets of $0.6 million, offset by, $0.1 million related to the
gain from the exchange of cryptocurrencies, net of other immaterial
items.

As of March 31, 2020, the Company had $37.07 million in total
assets, $3.84 million in total liabilities, and $33.23 million in
total stockholders' equity.

The Company has experienced recurring losses and negative cash
flows from operations.  At March 31, 2020, the Company had
approximate balances of cash and cash equivalents of $14.0 million,
cryptocurrencies of $5.3 million, working capital of $17.0 million,
total stockholders' equity of $33.2 million and an accumulated
deficit of $221.5 million.  To date, the Company has, in large
part, relied on equity and debt financing to fund its operations.

The Company expects to continue to incur losses from operations for
the near-term and these losses could be significant as the Company
incurs costs and expenses associated with recent and potential
future acquisitions, as well as public company, legal and
administrative related expenses being incurred.  The Company is
closely monitoring its cash balances, cash needs and expense
levels.

Riot Blockchain said, "The impact of the worldwide spread of
COVID-19 has been unprecedented and unpredictable, but based on the
Company's current assessment, the Company does not expect any
material impact on its long-term strategic plans, operations and
its liquidity due to the worldwide spread of COVID-19.  However,
the Company is continuing to assess the effect on its operations by
monitoring the spread of COVID-19 and the actions implemented to
combat the virus throughout the world."

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                      https://is.gd/zAH9E8

                      About Riot Blockchain

Headquartered in Castle Rock, Colorado, Riot Blockchain --
http://www.RiotBlockchain.com/-- specializes in cryptocurrency
mining with a focus on bitcoin.  Riot also holds non-controlling
investments in blockchain technology companies.  Riot is
headquartered in Castle Rock, Colorado, and the Company's mining
facility is located in Oklahoma City.

Riot incurred a net loss of $20.30 million in 2019 compared to a
net loss of $60.21 million in 2018.  As of Dec. 31, 2019, the
Company had $30.38 million in total assets, $4.14 million in total
liabilities, and $26.23 million in total stockholders' equity.


SOCAL REO: All Creditors Will be Paid 100% Under Plan
-----------------------------------------------------
Socal Reo Acquisitions Group LLC submitted a Confirmed Second
Amended Plan of Reorganization.

The Plan contemplates the restructuring of the debts secured by the
Francis property, and the payment through sale (orderly
liquidation) of the Admiralty Cross property.  Unsecured creditors
will also be paid in full.  All creditors will be paid 100%.

The Claim of JPMorgan Chase Bank NA (acquired postpetition by US
Bank NA, Trustee) shall be paid thru ongoing adequate protection
payments of $10943 monthly beginning January 2020 until the
property is sold. Through 2019, Debtor has been paying adequate
protection payments of $7950 monthly. The increase is to cover this
creditor for its payoff of the outstanding property taxes, which
are now escrowed and not covered in the Plan.

The Debtor intends to make the payments required under the Plan
from the following categories as indicated:

   (a) Available Cash. At this point -- December 31, 2019, the date
of the last MOR -- the Debtor had $11,494 in cash on hand.

   (b) Rent Income.  The Debtor receives $10,100 monthly in rent,
and these funds will be paid pursuant to the Plan first to the
creditor(s) secured by each the rental property and then to the
other creditors as indicated.

   (c) Capital contribution.  The Debtor's principal(s) have
contributed monthly in order to maintain operations, and will
continue to do so until the Admiralty property is sold.  The Debtor
calculates the amount necessary to be about $4,400 monthly.

   (d) Retainer.  The Debtor paid a retainer to the Debtor's
counsel of $12000 prepetition. Of that amount, $1,717 was used to
pay the filing fee, leaving $10283.

The Debtor has this admiralty property listed for sale on MLS for
$1.975 million and is taking all necessary steps to procure a
buyer.  The Debtor expects to sell this property quickly –
hopefully near the Effective Date. If the Debtor cannot sell the
property, then the Plan carries a mechanism (release of the stay
9/15/2020) that enables the secured creditors to foreclose without
further litigation.

A full-text copy of the Confirmed Second Amended Plan of
Reorganization dated April 22, 2020, is available at
https://tinyurl.com/yba7nzl3 from PacerMonitor.com at no charge.

Attorneys for the Debtor:

     HENRY D. PALOCI III
     Vokshori Law Group
     1010 Wilshire Blvd. #1104
     Los Angeles, CA 90017
     Telephone: 213.876.4323
     hpaloci@hotmail.com

                 About SoCal REO Acquisitions

SoCal REO Acquisitions Group LLC owns two residential property
assets.  The company owns a single family residence at 10 Admiralty
Cross, Coronado, CA.  It owns another single family residence at
2389 E. Francis Drive, Palm Springs, CA.

Socal Reo Acquisitions Group LLC filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-11375) on April 15, 2019.  The Debtor was estimated to have
assets and liabilities of $1 million to $10 million.  The Hon. Mark
S. Wallace is the case judge.  Henry D. Paloci III at Vokshori Law
Group, is the Debtor's counsel.


SORENSON MEDIA: June 25 Plan Confirmation Hearing Set
-----------------------------------------------------
The court has approved the Amended Disclosure Statement filed by
Sorenson Media, Inc. as containing adequate information.

All persons entitled to vote on the Debtor's Chapter 11 Plan of
Liquidation will deliver their ballots no later than 4:00 p.m.
prevailing Mountain Time, May 28, 2020.

The confirmation hearing is scheduled for June 25, 2020, at 3:00
p.m. Mountain Time, at the United States Bankruptcy Court at 350
South Main Street, Room 376, Salt Lake City, Utah 84101.  

Any objection to Confirmation of the Plan must be filed and served
no later than May 28, 2020.

Attorneys for Sorenson Media:

     George Hofmann
     Patrick E. Johnson
     Cohne Kinghorn, P.C.
     111 East Broadway, 11th Floor
     Salt Lake City, Utah 84111
     Telephone: (801) 363-4300

                     About Sorenson Media

Founded in 1995, Sorenson Media, Inc. --
http://www.sorensonmedia.com/-- provides trusted solutions to the
television industry and is an innovator in driving the future of
television advertising, fusing the power and scale of linear TV
with the data and addressability of digital.

Sorenson Media, Inc., filed a voluntary petition for relief under
chapter 11 of the Bankruptcy Code (Bankr D. Utah Case No.18-27740)
on Oct. 16, 2018.  In the petition signed by CEO Pat Nola, the
Debtor was estimated to have $10 million to $50 million in assets
and $100 million to $500 million in liabilities.

Cohne Kinghorn, P.C., led by George B. Hofmann, is the Debtor's
counsel. The law firm Honigman Miller Schwartz and Cohn LLP is
serving as special corporate, intellectual property, litigation,
and commercial law counsel.


STREBOR SPECIALTIES: Second Interim Cash Collateral Order Approved
------------------------------------------------------------------
Judge Laura Grandy of the U.S. Bankruptcy Court for the Southern
District of Illinois has entered a Second Interim Order authorizing
Strebor Specialties, LLC to use cash collateral.

Strebor's primary secured creditor is Otto Roberts, Sr. As of the
Petition Date, the company owed Roberts the approximate principal
amount of $5,000,000 for monies loaned and $994,602.26 for periodic
advancements, secured by valid, perfected, enforceable, first
priority liens and security interests upon and in, substantially
all of the Strebor's assets.  

Pursuant to the Second Interim Order, Roberts will have a first
priority replacement lien in any pre-petition assets of Strebor's
estate which were subject to the Roberts' lien, and a lien in all
post-petition assets of Strebor from and after the Petition Date to
the same extent, validity, priority, perfection and enforceability
as its interest in any pre-petition assets of the estate.

The replacement liens granted in the Second Interim Order will be
subject only to: (i) the allowed professional fees and expenses of
the Strebor's bankruptcy counsel and financial advisor not to
exceed $30,000 to be paid as ordered by the Bankruptcy Court and
only to the extent so ordered and (ii) the payment of quarterly
fees required to be paid pursuant to 28 U.S.C. section 1930(a)(6).


A copy of the Second Interim Order is available for free at
https://is.gd/c8ehfA from PacerMonitor.com.

                   About Strebor Specialties

Strebor Specialties, LLC, is a Dupo, Illinois-based small to medium
liquid filler with capabilities to do aerosol, liquid, and oil
filling.

Strebor Specialties sought bankruptcy protection (Bankr. S.D. Ill.
Case No. 20-30262) on March 10, 2020.  The petition was signed by
its manager, Otto D. Roberts, Jr.  At the time of the filing, the
Debtor disclosed total assets of $1,031,229 and total liabilities
of $6,285,898.

The Debtor tapped Steven M. Wallace of Silver Lake Group, Ltd., as
its attorney.


SUNPOWER CORP: Incurs $2.1 Million Net Loss in First Quarter
------------------------------------------------------------
SunPower Corporation reported a net loss of $2.14 million on
$449.19 million of revenue for the three months ended March 29,
2020, compared to a net loss of $104.56 million on $348.23 million
of revenue for the three months ended March 31, 2019.

As of March 29, 2020, the Company had $1.99 billion in total
assets, $1.98 billion in total liabilities, and $20.06 million in
total stockholders' equity.

"We had a strong start to the year, exceeding our margin and
adjusted EBITDA guidance driven by strong global DG demand and
outperformance by our U.S. channels business," said Tom Werner,
SunPower CEO and chairman of the board.  "However, we have seen a
material impact across the industry and our business caused by the
COVID-19 virus pandemic during the second quarter.  Our primary
focus during this disruption remains on the safety and well-being
of our employees, working closely with our partners and maintaining
our industry leading customer service levels. Despite the
disruption, our fundamentals remain strong and we believe that our
differentiated business model, rigorous prioritization of cost
containment and continued investment will position the company well
post-pandemic."

"Looking forward, we remain very confident in the significant
longer term growth opportunity in solar and our investment
priorities are consistent with this potential.  These investments
include our next generation Maxeon technology, Equinox and Helix
storage solutions and our digital initiatives.  We have also
instituted a number of programs that we expect to result in cost
and cash savings of up to $100 million in 2020.  Finally, we expect
to complete our planned company split into two, independently
focused, pure-play solar companies by the end of the second quarter
pending closing conditions.  With further investment in our
industry-leading technology and initiatives in place to strengthen
our balance sheet, we remain focused on emerging from the current
disruption in a much stronger competitive position."

SunPower Energy Services (SPES)

"Our channels business had a strong quarter and outperformed on
both revenue and installation volume, with deployments up over 50
percent year over year.  We further expanded our leadership in new
homes with bookings doubling year over year and a growing pipeline
of new opportunities.  We have seen strong support from our
financing partners and remain comfortable with our tax equity and
project debt capacity for the balance of the year. Additionally, we
recently announced that we have joined forces with Technology
Credit Union to fund up to $1 billion in residential solar loans
over the next four years.  However, we are seeing some softness in
the second quarter.  Strategically, we have been moving our
residential business to a robust digital platform for more than a
year.  This put us in a strong position to transition our channel
rapidly and comprehensively to a virtual sales model when the
COVID-19 disruption began.  Our transition to digital included
expanding customer and dealer adoption of our proprietary digital
Design Studio and mySunPower applications that streamline the sales
process and improve customer experience.  As a result of these
efforts, more than 95 percent of our residential sales are now
occurring online with little to no customer contact.  We believe
that our industry leading digital platforms are helping our channel
mitigate demand softness in the second quarter."

"In Commercial Direct, we maintained our leading market share, with
increased year on year installation volume.  We are beginning to
see the benefits of our recent restructuring and expect our
commercial direct business to return to profitability in the second
half of this year.  Our origination teams performed well and we now
have 90 percent of our 2020 forecast in backlog. Demand for our
Helix Storage solution remains strong with a pipeline exceeding
$320 million and attach rates in excess of 30 percent.  In
particular, we are seeing significant traction for storage in
California’s innovative Self-Generation Incentive Program (SGIP),
driven by strong customer interest in resiliency."

SunPower Technologies (SPT)

"SPT, the international portion of which will soon be Maxeon Solar
Technologies, posted a solid quarter, with year on year shipment
growth of 29 percent.  Demand growth in DG markets was particularly
strong, with DG shipments up 60 percent compared to the first
quarter of 2019 and comprising 70 percent of total SPT shipments.
While we were impacted by both supply and demand phases of COVID-19
related disruption during the quarter, our supply chain and
operations teams were able to achieve record volume shipments and
meet our customer's needs.  However, while our first quarter
performance was strong, we are experiencing a material impact in
our results in the second quarter due to the pandemic.  Our
Performance-Series joint venture is now back to full production
with the balance of our manufacturing facilities in operation.  We
expect our remaining facilities to resume production in the coming
weeks and expect to have sufficient existing inventory to meet our
commitments for the second quarter," Werner concluded.

Consolidated Financials

"Our first quarter performance reflected the strength of our DG
market model as well as the early and rapid response to the
COVID-19 disruption, including the implementation of our proactive
cost control initiatives," said Manavendra Sial, SunPower chief
financial officer.  "Also, we continued to reduce the leverage of
the company as we retired approximately $90 million of convertible
debt during the quarter.  Additionally, we have implemented a
number of initiatives that will result in savings of up to $100
million this year, including initiatives to align our cost
structure to the current environment.  We remain confident in our
financial position as we strengthened our balance sheet and have
identified up to $500 million in potential liquidity over the next
12 months, including our $55 million revolver which remains
undrawn.  While current conditions remain difficult, we believe
that with the actions we are taking, we are well positioned for the
future," Sial added.

First quarter fiscal year 2020 non-GAAP results exclude net
adjustments that, in the aggregate, increased non-GAAP loss by
$15.9 million, including $47.9 million related to gain on
mark-to-market gain on equity investments.  This was partially
offset by $10.0 million related to the cost of above-market
polysilicon, $7.8 million related to business reorganization costs
and restructuring charges, $6.9 million related to stock-based
compensation expense, $4.8 million related to construction revenue
on solar services contracts, $1.8 million related to amortization
of intangible assets, and $0.7 million related to other
non-recurring items and tax effects.

Financial Outlook

As previously announced, the company continues to assess the impact
of the COVID-19 crisis on its fiscal year 2020 forecasts. As a
result, the company will not be providing fiscal year 2020 guidance
at this time.

The company's second quarter 2020 GAAP and non-GAAP guidance is as
follows: on a GAAP basis, revenue of $290 million to $330 million,
gross margin of negative 9 percent to negative 3 percent and net
loss of $120 million to $100 million.  On a non-GAAP basis, the
company expects revenue of $290 million to $330 million, gross
margin of 0 percent to 6 percent and megawatt (MW) deployed in the
range of 340 MW to 400 MW.  The company also expects break even to
slightly positive cash generation in the second quarter.

The company expects second quarter 2020 Adjusted EBITDA guidance in
the range of negative $40 million to negative $20 million with SPT
in the range of negative $25 to $15 million and SPES in the range
of negative $10 to $0 million.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                      https://is.gd/bdHoM1

                        About SunPower

Headquartered in San Jose, California, SunPower Corporation --
http://www.sunpower.com/-- is a global energy company that
delivers complete solar solutions to residential, commercial, and
power plant customers worldwide through an array of hardware,
software, and financing options and through solar power solutions,
operations and maintenance services, and "Smart Energy" solutions.
The Company's Smart Energy initiative is designed to add layers of
intelligent control to homes, buildings and grids -- all
personalized through easy-to-use customer interfaces.

SunPower reported a net loss of $7.72 million for the fiscal year
ended Dec. 29, 2019, compared to a net loss of $917.5 million for
the fiscal year ended Dec. 30, 2018.  As of Dec. 29, 2019, the
Company had $2.17 billion in total assets, $2.15 billion in total
liabilities, and total equity of $21.50 million.


TIMMAJ INC: Has Until June 1 to File Plan & Disclosure Statement
----------------------------------------------------------------
Judge Carol A. Doyle of the U.S. Bankruptcy Court for the Northern
District of Illinois, Eastern Division, has entered an order that
the date by which Debtor TIMMAJ, Inc. shall file a plan and
disclosure statement is extended to June 1, 2020.

A full-text copy of the order dated April 23, 2020, is available at
https://tinyurl.com/yc2hvsq9 from PacerMonitor at no charge.

The Debtor is represented by:

          David P. Lloyd
          David P. Lloyd, Ltd.
          615B S. LaGrange Rd.
          LaGrange IL 60525
          Tel: 708-937-1264
          Fax: 708-937-1265

                       About TIMMAJ, Inc.

TIMMAJ, Inc., is a provider of transportation and logistics
services. The Debtor filed Chapter 11 Petition (Bankr. N.D. Ill.
Case No. 19-35634) on Dec. 18, 2019.  At the time of filing, the
Debtor was estimated to have $1 million to $10 million estimated
assets and liabilities.  The Hon. Carol A. Doyle oversees the case.
The Debtor's counsel is David P. Lloyd, Esq. of DAVID P. LLOYD,
LTD.


TMS CONTRACTORS: June 2 Hearing on Chapter 11 Plan
--------------------------------------------------
A hearing on confirmation of TMS Contractors, LLC's Chapter 11 Plan
has been continued to June 2, 2020 at 1:30 p.m. via telephone and
video conference.

Counsel for the Debtor:

         Donald Wyatt
         26418 Oak Ridge Drive
         The Woodlands, Texas 77380
         Tel: (281) 419-8733
         Fax: (281) 419-8703
         E-mail: don.wyatt@wyattpc.com  

                     About TMS Contractors
                      and TMSC Properties

TMS Contractors, LLC -- https://www.tmsbuilds.com/ -- is a general
contractor specializing in residential, commercial, and industrial
buildings. It can supply pre-engineered, conventional or hybrid
steel solutions for all building needs from complete design,
engineered and fabricated building systems to conventional steel
for building structure.  

TMSC Properties, an affiliate of TMS Contractors, is primarily
engaged in leasing real estate properties.

TMS Contractors and TMSC Properties sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-33555 and
19-33556) on June 27, 2019.  At the time of the filing, TMS
Contractors disclosed $6,031,517 in assets and $2,958,214 in
liabilities; and TMSC Properties disclosed $5,559,541 in assets and
$1,783,866 in liabilities.  

The case has been assigned to Judge David R. Jones.

Attorney Donald Wyatt, PC, is the Debtor's bankruptcy counsel.


TRC FARMS: Plan Filing Deadline Extended to May 23
--------------------------------------------------
TRC Farms, Inc., filed a motion for an extension of time within
which to file its Plan and Disclosure Statement by 30 days.

The Debtor was initially given 90 days within which to file its
Chapter 11 Plan to April 22, 2020.

The Debtor is in the process of gathering information regarding the
feasibility of its Chapter 11 Plan and requests an extension of an
additional 30 days, to and including May 22, 2020 within which to
file the same.

Judge Joseph N. Callaway has ordered that the Debtor is allowed an
extension of the time within which to file its Plan and Disclosure
Statement by 30 days, to and including May 22, 2020.

                      About TRC Farms Inc.

TRC Farms, Inc., a privately held company in the livestock farming
industry, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 20-00309) on Jan. 23,
2020.  In the petition signed by Timmy R. Cox, president, the
Debtor disclosed $3,846,275 in assets and $5,412,282 in
liabilities.  Judge Joseph N. Callaway oversees the case.  The
Debtor tapped Ayers & Haidt, PA as its legal counsel, and Carr
Riggs & Ingram, LLC as its accountant.


TWIN PINES: Interim Cash Collateral Use Through June 30 Approved
----------------------------------------------------------------
Judge Robert Jacobvitz of the U.S. Bankruptcy Court for the
District of New Mexico inked his approval to a third interim order
authorizing Twin Pines LLC to use cash collateral in accordance
with the budget through June 30, 2020.

Pursuant to the Third Interim Order, the Debtor may use cash
collateral: (a) to pay actual and necessary post-petition business
and administrative expenses of the Debtor, in the amounts not to
exceed 110% of each line item amount described in the portion of
the Budget; (b) to pay each monthly utility bill in full each
month, regardless of the aggregate variation from the estimated
amount for Utilities on the Budget; and (c) to pay such other
ordinary operating expenses and additional amounts for budgeted
expenses as the Cash Collateral Claimants may, in their discretion,
approve in writing.

First National Bank's objection to Debtor's use of cash collateral
for the Third Interim Period have been resolved by the terms and
conditions set forth in the Third Interim Order:

     (a) The Debtor will make monthly adequate protection payments
to First National Bank of $2,000 per month beginning the first day
of April and the first business day of May and June, as long as the
order is in effect.

     (b) First National Bank and Richard Aguilar may claim liens
against cash collateral. The Bank and Aguilar will continue to have
a security interest upon, and the Debtor's obligations to the Bank
and Aguilar will be secured by, a security interest in all assets
in which they had a lien or security interest as of the Petition
Date, in the same order of priority that existed at that time,
which will be subject to the same defenses and avoidance powers (if
any) as existed on the Petition Date. In addition, the Bank and
Aguilar are granted replacement liens against property of the same
type as the Pre-Petition Collateral acquired by the Debtor
post-petition, to the extent of any reduction or diminution in
value of their respective collateral.

     (c) The replacement liens are deemed valid and perfected as of
the Petition Date, without further filing or recording under any
applicable law, to the same extent as the liens in the Pre-petition
Collateral were valid and perfected at that time and will have the
same priority as their liens and security interests in the
Pre-Petition collateral of the same type.

     (d) The Debtor will: (i) maintain accurate records of
operating revenues and expenses and provide such information to the
Bank and Aguilar upon reasonable written request; (ii) timely pay
all postpetition payroll taxes, unemployment taxes, and New Mexico
CRS taxes incurred postpetition; and (iii) maintain insurance as
required by the U.S. Trustee and as otherwise required by the Bank
and Aguilar.

A copy of the Order is available for free at https://is.gd/tRRETm
from PacerMonitor.com.

                       About Twin Pines

Twin Pines LLC, a New Mexico limited liability company, provides
automotive repair and maintenance services.  Twin Pines owns condos
valued at $523,618, and a commercial property valued at $741,908,
in Ruidoso, New Mexico.

Twin Pines LLC sought Chapter 11 protection (Bankr. D.N.M. Case No.
19-10295) on Feb. 12, 2019, in Albuquerque, N.M.  At the time of
the filing, the Debtor disclosed $1,361,978 in assets and
$1,338,629 in liabilities.  Judge Robert H. Jacobvitz oversees the
case.  William F. Davis & Assoc., P.C. is the Debtor's legal
counsel.


VIA AIRLINES: IBERIABANK Objects to Plan & Disclosure Statement
---------------------------------------------------------------
IBERIABANK, a Louisiana state bank and a secured creditor, filed a
renewed objection to approval of the Disclosure Statement and
confirmation of the Chapter 11 Plan of Reorganization of debtor Via
Airlines, Inc.

IBERIABANK objects to confirmation of the Modified Plan on grounds
that the Modified Plan is not fair and equitable, and is not
feasible.

In its objection, IBERIABANK notes that:

   * The Debtor, as the plan proponent, has the burden of
establishing the feasibility of the proffered plan of
reorganization by a preponderance of the evidence.

   * The Plan was not proposed in good faith and was proposed to
advantage certain claim holders and Wexford Capital, LP (the Plan
Sponsor), and to not treat claim holders fairly in violation of
applicable law and in violation of Sec. 1129(a)(3).

   * The Modified Plan proposes to treat IBERIABANK as a secured
obligation of the Debtor inappropriately and not in compliance with
the Bankruptcy Code. Per the Plan, IBERIABANK has been availed two
options neither of which provides a specific remedy to deal with
the Claim, only conjencture.

   * Claim 40 and Claim 42 are treated as Class 3 claims in the
Modified Plan.  There is nothing about the Modified Plan that is in
the best interests of the Debtor's unsecured creditors and payment
to unsecured claims seems to hinge on whether or not the Litigation
Trust yields any results.  

A full-text copy of IBERIABANK's objection to plan and disclosure
dated April 23, 2020, is available at https://tinyurl.com/yd27qu87
from PacerMonitor at no charge.

Attorneys for IBERIABANK:

         Burr & Forman LLP
         Michael S. Waskiewicz
         50 N. Laura Street, Suite 3000
         Jacksonville, Florida 32202
         Tel: (904)232-7200
         Fax: (904)232-7201
         E-mail: mwaskiewicz@burr.com

                       About Via Airlines

Via Airlines, Inc., is a domestic regional airline offering
scheduled service across the United States.

Via Airlines sought Chapter 11 protection (Bankr. M.D. Fla. Case
No. 19-06589) on Oct. 8, 2019.  The Debtor was estimated to have
$10 million to $50 million in assets and liabilities as of the
bankruptcy filing. Judge Karen S. Jennemann oversees the case.
Latham, Luna, Eden & Beaudine, LLP, is the Debtor's legal counsel.


WALTER P SAUER: Unsecured Creditors to Have 5% Recovery Under Plan
------------------------------------------------------------------
Debtor Walter P. Sauer LLC filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Disclosure Statement for Plan of
Reorganization.

Holders of Class 2 General unsecured claims -- except Danny
Mendelson -- will receive a pro-rata distribution from the $125,000
plan fund, after payment of administrative and priority claims.
The Debtor estimates that $45,000 will be available for
distribution to general unsecured creditors and that they will
receive a 5% distribution.  The net funds from avoidance actions,
after paying the costs and expenses of litigation, shall be
distributed to the unsecured creditors.

Danny Mendelson, holder of the lone Class 3 general unsecured claim
-- has agreed to receive no distribution on the unsecured portion
of his claim.

The Debtor's equity is owned 80% by Anthony Morris and 20% by Nancy
Morris.  Upon the Effective Date, Mr. and Mrs. Morris will retain
their membership interests in the Reorganized Debtors in
consideration of a new value contribution to the reorganization in
the amount of $125,000.  The Debtors believe that the contribution
to the reorganization of capital in the amount of $125,000
satisfies the new value exception to the absolute priority rule.

Payments and distributions under the Plan will be funded by a
$125,000 contribution to be paid by Mr. and Mrs. Morris.  Mr. and
Mrs. Morris represent that they have the funds required and
available to fund the plan contribution.  The plan contribution
will be deposited in escrow with Debtors' counsel Morrison
Tenenbaum PLLC at least seven days prior to the confirmation
hearing.  All other plan payments will be made by the Debtors from
funds generated from operations.  The Debtor's counsel Morrison
Tenenbaum PLLC wil be the disbursing agent under the Plan.

A full-text copy of the Disclosure Statement dated April 23, 2020,
is available at https://tinyurl.com/ybb3q3dq from PacerMonitor at
no charge.

The Debtor is represented by:

         LAWRENCE F. MORRISON
         BRIAN J. HUFNAGEL
         MORRISON TENENBAUM PLLC
         87 Walker Street, Floor 2
         New York, New York 10013
         Telephone: (212) 620-0938
         Facsimile: (646) 390-5095

                 About Walter P. Sauer LLC

Walter P. Sauer LLC is a furniture manufacturer based in Brooklyn,
New York.

Walter P. Sauer LLC filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code () on  July 8, 2019.  In the
petition signed by Anthony Morris, managing member, the Debtor was
estimated to have up to $50,000 in assets and $1 million to $10
million in liabilities.  Lawrence Morrison, Esq., at Morrison
Tenenbaum, PLLC, is the Debtor's counsel.



WOMEN'S CENTER: May 27 Plan & Disclosure Hearing Set
----------------------------------------------------
Debtor Women's Center of Hyde Park, LLC, filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division, a proposed Disclosure Statement and Plan of
Reorganization.

On April 23, 2020, Judge Karen Jennemann conditionally approved the
Disclosure Statement and established the following dates and
deadlines:

   * May 27, 2020, at 2:45 p.m. in Courtroom 6A, 6th Floor, George
C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801
is the hearing to consider and rule on the disclosure statement and
to conduct a confirmation hearing.

   * Creditors and other parties in interest shall file with the
clerk their written acceptances or rejections of the plan (ballots)
no later than seven days before the date of the Confirmation
Hearing.

   * Any party desiring to object to the disclosure statement or to
confirmation shall file its objection no later than seven days
before the date of the Confirmation Hearing.

   * The Debtor will file a ballot tabulation no later than four
days before the date of the Confirmation Hearing.

A copy of the order dated April 23, 2020, is available free of
charge at https://tinyurl.com/ybp8n7jw from PacerMonitor.com.

              About Women's Center of Hyde Park

Based in Orlando, Florida, Women's Center of Hyde Park, LLC, sought
Chapter 11 protection (Bankr. M.D. Fla. Case No. 19-08243) on Dec.
18, 2019, estimating less than $1 million in both assets and
liabilities. BRANSONLAW, PLLC, led by Jeffrey S. Ainsworth, Esq.,
is the Debtor's counsel.


WOMEN'S CENTER: May 27 Plan & Disclosure Hearing Set
----------------------------------------------------
Debtor Women's Center of Ft. Lauderdale, LLC filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division, a proposed Disclosure Statement and Plan of
Reorganization.

On April 23, 2020, Judge Karen Jennemann conditionally approved the
Disclosure Statement and established the following dates and
deadlines:

   * May 27, 2020, at 02:45 PM in Courtroom 6A, 6th Floor, George
C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801
is the hearing to consider and rule on the disclosure statement and
to conduct a confirmation hearing.

   * Creditors and other parties in interest shall file with the
clerk their written acceptances or rejections of the plan (ballots)
no later than seven days before the date of the Confirmation
Hearing.

   * Any party desiring to object to the disclosure statement or to
confirmation shall file its objection no later than seven days
before the date of the Confirmation Hearing.

   * The Debtor will file a ballot tabulation no later than four
days before the date of the Confirmation Hearing.

A copy of the order dated April 23, 2020, is available free of
charge at https://tinyurl.com/y9d4vx3y from PacerMonitor.com.

         About Women's Center of Ft. Lauderdale

Women's Center of Ft. Lauderdale, LLC, operates a clinic offering
surgical and medication abortion procedures.  It filed a Chapter 11
bankruptcy petition (Bankr. M.D. Fla. Case No. 19-08242) on Dec.
18, 2019.  Judge Karen Jennemann is assigned to the case.
Bransonlaw, PLLC, is the Debtor's counsel.


[*] 27 Retailers Could File Bankruptcy as Pandemic Havocs Industry
------------------------------------------------------------------
Retail Dive says 27 U.S. retailers could file for bankruptcy
protection as COVID-19 pandemic continues to wreck the retail
industry.  

Retail Dive's Ben Unglesbee reports that the unprecedented COVID-19
crisis brought new sets of challenges for struggling retailers,
thus paving the way for huge wave of consolidation.  

According to data provided by CreditRiskMonitor, risk scores for 10
retailers have fallen since March 1, 2020, to levels indicating a
high bankruptcy risk.  The FRISK scores calculate the chances of a
company filing for bankruptcy within 12 months.

As of May 1, 11 retail companies had a FRISK score of 1, indicating
the highest risk, with an estimated 10% to 50% chance for filing
for bankruptcy.  J.Crew was removed from the count, after filing
for Chapter 11.  Another 16 retailers had FRISK scores of 2, with a
4% to 10% chance of bankruptcy.

Companies with a FRISK score of 1 or 2, with an elevated risk of
bankruptcy:

     Retailer              FRISK Score
     --------              ------------
     Ascena                     1    
     J. Jill                    1
     RTW RetailWinds            1
     J.C. Penney                1
     Neiman Marcus              1
     Stein Mart                 1
     Rite Aid                   1
     Kirkland's                 1
     GameStop                   1
     GNC                        1
     Party City                 1
     Christopher & Banks        2
     Express                    2
     Francesca's                2
     L.Brands                   2
     Tailored Brands            2
     Children's Pace            2
     Destination XL             2
     Caleres                    2
     At Home                    2
     The Container Store        2
     Tuesday Morning            2
     Wayfair                    2
     Conn's                     2
     Chewy                      2
     Michaels                   2
     iMedia Brands              2

Looking at credit ratings generates more names of those in
distress. C-level ratings indicate the highest risk of default,
which for the ratings agencies can include everything from
bankruptcy to exchanges to a company buying back its own debt at
prices below their face value

Retailers with C-level ratings from Moody's and S&P, thus a high
risk of defaulting on debt are:

  * Moody's:

     Retailer              Ratings     Outlook
     --------              -------     -------
     GNC                     Ca        Negative
     Belk                    Caa1      Negative
     99 Cents Only           Caa1      Rite Aid
     At Home                 Caa1      Negative
     Petco                   Caa1      Negative
     GameStop                Caa1      Negative
     Party City              Caa1      Negative
     Academy Sports+         Caa2      Negative
     Ascena Retail Group     Caa3      Negative
     J. Jill                 Caa3      Negative
     J.C. Penney             Caa3      Negative
     Neiman Marcus Group     Caa3      Stable
     Guitar Center           Caa3      Negative

  * S&P:

     Retailer      
     --------     
     99 Cents Only
     Academy Sports
     Ascena
     At Home
     Bob's Discount Furniture
     GNC
     Guitar Center
     J. Jill
     Joann
     Party City
     Petco
     Rite Aid
     Tailored Brands
     Talbots


                            *********

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,
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Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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The TCR subscription rate is $975 for 6 months delivered via
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                   *** End of Transmission ***